Document:

EXHIBIT 4.4

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                                                 Form of Performance Accelerated
                                                   Stock Option Agreement (PASO)

                             PERFORMANCE ACCELERATED
                             STOCK OPTION AGREEMENT

         THIS AGREEMENT, dated as of the ____ day of ____, ____ by and between
Orthofix International N.V. (the "Company") and ____________ (the "Optionee").

                                   WITNESSETH:

         WHEREAS, the Optionee is an employee of the Company, and the Company
wishes to grant the Optionee options to purchase shares of the Company's Common
Shares, par value US $0.10 per share ("Stock"), on the terms and conditions set
forth herein.

         NOW, THEREFORE, in consideration of the covenants and agreements herein
contained, the parties hereto hereby agree as follows:

     SECTION 1. Definitions. For the purpose of this Agreement, the following
terms shall have the meanings specified below:

         (a) "Board" means the Board of Directors of the Company.

         (b) "Cause" means termination of the Optionee's employment because of
the Optionee's (i) involvement in fraud, misappropriation or embezzlement
related to the business or property of the Company or (ii) conviction for, or
guilty plea to, a felony or crime of similar gravity in the jurisdiction which
such conviction or guilty plea occurs or (iii) unauthorized disclosure of any
trade secrets or other confidential information relating to the Company's
business and affairs (except to the extent such disclosure is required under the
applicable law).

         (c) "Change in Control" means:

                  (i) the acquisition by any individual, entity or group of
         beneficial ownership (within the meaning of Rule 13d-3 promulgated
         under the United States Securities Exchange Act of 1934, as amended) of
         30% or more of the then outstanding voting securities of the Company
         entitled to vote generally in the election of directors or of equity
         securities having a value equal to 30% or more of the total value of
         all equity securities of the Company, provided, however, that the
         following acquisitions of shares or other securities shall not
         constitute a Change in Control: (I) any acquisition directly from the
         Company, (II) any acquisition by the Company, (III) any acquisition by
         an employee benefit plan (or related trust) sponsored or maintained by
         the Company or any of its affiliates or (IV) any acquisition by any
         individual, entity or group who owned Common Shares as of the date
         prior to the effective date of the Company's registration statement on
         Form F-1 relating to the public offering in the United States of up to
         3,737,500 of the Company's Stock (the "Initial Public Offering"); or

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                  (ii) individuals who as of the effective date of the Initial
         Public Offering constitute the Board (the "Incumbent Board") cease for
         any reason to constitute at least a majority of the Board, except that
         any director whose election or nomination for election was approved by
         the vote of at least a majority of directors then comprising the
         Incumbent Board shall be considered as though such individual were a
         member of the Incumbent Board, but excluding for this purpose any
         individual whose initial assumption of office occurs as the result of
         either an actual or threatened election contest of other actual or
         threatened solicitation of proxies or consents by or on behalf of a
         person other than the Board.

         (d) "Expiration Date" means the date that is the 10 year anniversary of
the Grant Date.

         (e) "Permanent Disability" means termination of the Optionee's
employment as a result of a physical or mental incapacity which substantially
prevents the Optionee from performing his or her duties as an employee of the
Company and that has continued at least 180 days and can reasonably by expected
to continue indefinitely. Any dispute as to whether or not the Optionee is
disabled within the meaning of the preceding sentence shall be resolved by a
physician selected by the Board.

     SECTION 2. Grant of Option. Subject to the terms and conditions set forth
in this Agreement, the Company hereby grants to the Optionee, during the period
commencing on ______________ (the "Grant Date") and ending on the tenth
anniversary of the Grant Date (the "Option Period"), an option to purchase from
the Company ________ shares of Stock at an exercise price of _______ per share,
which equals the price of the Stock on __________, the date on which the
Option was approved by the Company's shareholders (the "Option").

     SECTION 3. Limitations on Exercise of Option. Subject to the terms and
conditions set forth in this Agreement, the Option shall be subject to the
following vesting and exercisability requirements:

         (a) All shares subject to the Option shall vest and become fully
exercisable on the ______ anniversary of the Grant Date and shall be exercisable
thereafter until and including the Expiration Date. Notwithstanding the
foregoing, _____ shares subject to the Option shall be eligible for accelerated
vesting as of the first anniversary of the Grant Date; and an additional ______
shares subject to the Option shall be eligible for accelerated vesting on the
_____________________ anniversaries of the Grant Date, subject to the
attainment of the following stock price targets: each ___ increase in the market
price of the Stock above $__ (each a "Stock Price Target") that is attained
during each one-year period beginning on the Grant Date and ending on each of
the first ____ anniversaries of the Grant Date (each such date a "Grant Date
Anniversary") shall, without duplication for Options vested in prior years,
result in one-eighth of the shares subject to the Option and that are eligible
for accelerated vesting in such year to vest effective as of the applicable
Grant Date Anniversary; provided, however, that no portion of the Option shall
be exercisable prior to __________. As soon as practicable after each Grant
Date Anniversary, the Board shall determine the number of Stock Price Target
increases attained during the one-year period preceding such Grant Date
Anniversary. For purposes of the Stock

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Price Target increase determination, the Board shall assume that the market
price of the Stock was ___ on the first day of each one-year period.

Based on the foregoing, if, on any Grant Date Anniversary, the number of Stock
Price Target increases on such Grant Date Anniversary is equal to or exceeds the
number of Stock Price Target increases attained on the previous Grant Date
Anniversary, then the number of Options vested during the one-year period ending
on such Grant Date Anniversary shall equal (A) less (B), where:

                    (A) equals the product of (x) the shares eligible
                    for accelerated vesting on such Grant Date
                    Anniversary and (y) the product of a fraction,
                    the numerator of which is the total number of
                    Stock Price Targets attained during the one-year
                    period ending on such Grant Date Anniversary
                    (which, for purposes of this calculation, assumes
                    the market price of the Stock was ___ on the
                    first day of such one-year period), and the
                    denominator of which is 8, and

                    (B) equals the total number of Option shares
                    previously vested.

In the circumstance described in the preceding paragraph, the total number of
vested Option shares on any Grant Date Anniversary shall equal the sum of (A)
and (B) (each as determined above) (the "Grant Date Anniversary Vested Shares").

If, on any Grant Date Anniversary, the number of Stock Price Target increases
during the one-year period ending on such Grant Date Anniversary is less than
the number of Stock Price Target increases attained on the previous Grant Date
Anniversary, then the number of vested Option shares during such one-year period
shall equal the product of (x) _______, and (y) the product of a fraction, the
numerator of which is the total number of Stock Price Targets attained during
the one-year period ending on the Grant Date Anniversary (which, for purposes of
this calculation, assumes the market price of the Stock was ___ on the first day
of such one-year period), and the denominator of which is 8. In the circumstance
described in the preceding sentence, the total number of vested Option shares on
any Grant Date Anniversary shall equal the sum of (aa) the Grant Date
Anniversary Vested Shares (as of the preceding Grant Date Anniversary) and, (bb)
the number of vested Option shares determined pursuant to the immediately
preceding sentence.

         EXAMPLE

         o   If during the first year the price of the Stock exceeded ___, then
             2 of the 8 Stock Price Targets would have been met.

         o   By multiplying the total number of Option shares eligible for
             vesting (______ in year one from above) and the number of Stock
             Price Targets met in that year, the number of Option shares
             that would vest would be ______________.

         o   Continuing the example, if during year two the stock price exceeds
             ___, then 4 of 8 Stock Price Targets would have been met. The
             number of Option shares vesting in year two would be ___________,
             less __________ Option

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             shares vested in year one = ______, bringing the total number of
             Option vested Option shares to _________________.

         o   If the number of Stock Price Targets met in any given year is less
             than the number of Stock Price Targets met in any prior year, the
             number of Option shares vesting would be determined by multiplying
             the number of Option shares eligible for vesting in that year by
             the number of Stock Price Targets met in that year. Prior vested
             Option shares are not affected in any way. Continuing the example,
             if in year three, the stock price does not exceed ___, then only 2
             of 8 Stock Price Targets would have been met in that year,
             and thus only ______ additional Option shares will vest, bringing
             the total number of vested Option shares to ______________________.

         (b) The number of Stock Price Targets attained during any one-year
period ending on a Grant Date Anniversary shall be determined based upon the
highest market price attained during such one-year period for at least ten
consecutive trading days on the National Association of Securities Dealers
Automated Quotation Market System ("NASDAQ"), or on the principal securities
exchange on which the Stock is then traded (the "Sustained Trading Period").

         (c) Shares subject to the Option that vest pursuant to Section 3(a)
shall become exercisable on each Grant Date Anniversary and, subject to Section
4, shall remain exercisable until the Expiration Date; provided that no vested
Option shares shall be exercisable prior to _______________.

         (d) If the market price of a share of Stock equals or exceeds ____ for
the Sustained Trading Period at any time on or before ________________, the
Option shall vest pursuant to the requirements of Section 3(a), provided that
all shares subject to the Option shall be fully vested and exercisable on
_________________.

     SECTION 4. Termination of Employment or Change in Control.

         (a) If, prior to the Expiration Date, the Optionee shall cease to be
employed by the Company by reason of a Permanent Disability, the Option shares
shall remain exercisable until the earlier of the Expiration Date or one year
after the date of cessation of employment to the extent the Option shares were
exercisable as of the date of the Optionee's termination of employment by reason
of a Permanent Disability.

         (b) If, prior to the Expiration Date, the Optionee shall enter
retirement (in accordance with any qualified retirement plan maintained by the
Company) from employment or cease to be employed by the Company by reason of
death, or the Optionee shall die while entitled to exercise any of the Options
pursuant to Section 4(a) or the final sentence of Section 4(c), the executor or
administrator of the estate of the Optionee or the person or persons to whom the
Option shares shall have been validly transferred by the executor or
administrator pursuant to will or the laws of descent and distribution shall
have the right, until the earlier of the Expiration Date or one year after the
date of retirement or death, to exercise the Option shares to the extent that
the Optionee was entitled to exercise them on the date of death, subject to any
other limitation contained herein on the exercise of the Option shares in effect
on the date of exercise.

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         (c) If the Optionee voluntarily terminates employment with the Company
for reasons other than death, Permanent Disability, or retirement (a "Voluntary
Termination"), or if the Optionee's employment with the Company is terminated
for Cause, the Option shares, to the extent not exercised prior to such
termination, shall lapse and be canceled. If the Company terminates the
Optionee's employment without Cause, the Option shares, to the extent
exercisable as of the date of Optionee's termination, shall continue to be
exercisable until the earlier of the Expiration Date or 90 days after the date
of such termination.

         (d) Whether employment has been or could have been terminated for the
purposes of this Agreement, and the reasons therefore, shall be determined by
the Board, whose determination shall be final, binding and conclusive.

         (e) After the expiration of any exercise period described in either of
Section 4(a), 4(b) or 4(c) hereof, the Option shares shall terminate together
with all of the Optionee's rights hereunder, to the extent not previously
exercised. Except as set forth herein, all vesting with respect to the Option
shares shall cease upon the Optionee's termination of employment and all Option
shares to the extent unvested as of the Date of Termination shall expire.

         (f) Notwithstanding the vesting and exercise requirements of Section 3,
in the event of a Change in Control, the Option shares shall become fully vested
and exercisable.

     SECTION 5. Method of Exercising Option.

         (a) Upon becoming exercisable pursuant to Section 3 hereof, the Option
shares may be exercised, in whole or in part, by delivery of written notice of
exercise to the Board accompanied by payment of the full exercise price. The
exercise price may be payable in (i) in immediately available funds in United
States dollars or in such other currency as the Company may accept for such
purposes, by certified or bank cashier's check, (ii) by surrender to the Company
of shares of Stock which have been held by the Optionee for at least six months,
(iii) by a combination of cash and shares of Stock, or (iv) by any other means
approved by the Board.

         (b) At the time of exercise, (i) the Company shall have the right to
withhold from the number of shares of Stock to be issued upon exercise or (ii)
at the discretion of the Board, the Optionee shall be obligated to pay to the
Company such amount, as the Company deems necessary to satisfy its obligation to
withhold all applicable taxes incurred by reason of the exercise or the transfer
of shares thereupon.

     SECTION 6. Issuance of Share Certificates. As soon as is reasonably
practical after its receipt of a proper notice of exercise and payment of the
option price for the number of shares with respect to which an Option is
exercised, the Company shall deliver to the Optionee, at the principal office of
the Company or at such other location as may be acceptable to the Company and
the Optionee, one or more stock certificates for the appropriate number of
shares of Stock issued in connection with such exercise. Such shares shall be
fully paid and nonassessable and shall be issued in the name of the Optionee.

     SECTION 7. Optionee. Whenever the word "Optionee" is used in any provision
of this Agreement under circumstances where the provision should logically be
construed to apply to

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the executors, the administrators, or the person or persons to whom the Option
may be transferred by will or by the laws of descent and distribution, the word
"Optionee" shall be deemed to include such person or persons.

     SECTION 8. Non-Transferability. The Option is not transferable by the
Optionee otherwise than by will or the laws of descent and distribution and are
exercisable during the Optionee's lifetime only by Optionee. No assignment or
transfer of the Option, or of the rights represented thereby, whether voluntary
or involuntary, by operation of law or otherwise (except by will or the laws of
descent and distribution), shall vest in the assignee or transferee any interest
or right herein whatsoever, but immediately upon such assignment or transfer the
Option shall terminate and become of no further effect.

     SECTION 9. Rights as Stockholder. No shares of Stock shall be issued in
respect of the exercise of an Option until full payment therefor has been made.
The holder of an Option shall have no rights as a shareholder with respect to
any shares covered by an Option until the date a certificate for such shares is
issued to him or her. Except as otherwise provided herein, no adjustments shall
be made for dividends or distributions of other rights for which the record date
is prior to the date such share certificate is issued.

     SECTION 10. No Restriction on Right to Effect Corporate Changes; No Right
                 to Employment.

         (a) Neither the Plan nor the existence of any Option shall affect in
any way the right or power of the Company or its shareholders to make or
authorize any or all adjustments, recapitalizations, reorganizations or other
changes in the Company's capital structure or its business, or any merger or
consolidation of the Company, or any issue of bonds, debentures, preferred or
prior preference stocks ahead of or convertible into or otherwise affecting the
Stock or the rights thereof, or the dissolution or liquidation of the Company,
or any sale or transfer of all or any part of its assets or business, or any
other corporate act or proceeding, whether of a similar character or otherwise.

         (b) In addition, the existence of any Option shall not be deemed to
limit or restrict the right of the Company to terminate an Optionee's employment
at any time, for any reason, with or without Cause.

     SECTION 11. Adjustment of and Changes in Stock. In the event of any merger,
consolidation, recapitalization, reclassification, stock split, stock dividend,
distribution of property, special cash dividend, or other change in corporate
structure affecting the Stock, the Board shall make such equitable adjustments,
if any, as it deems appropriate in the number and class of shares subject to,
and the exercise price of, outstanding Options granted under the Plan or
available to be granted under the Plan. The foregoing equitable adjustment shall
be determined by the Board in its sole discretion.

     SECTION 12. Compliance with Law. Notwithstanding any of the provisions
hereof, the Optionee hereby agrees that Optionee will not exercise the Option,
and that the Company will not be obligated to issue or transfer any shares to
the Optionee hereunder, if the exercise hereof or the issuance or transfer of
such shares shall constitute a violation by the Optionee or the

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Company of any provisions of any law or regulation of any governmental
authority. Any determination in this connection by the Board shall be final,
binding and conclusive.

     SECTION 13. Tax Withholding.  The Optionee agrees as a condition of this
Agreement, to pay to the Company, or make arrangements satisfactory to the
Company regarding payment to the Company of, the aggregate amount of federal,
state and local income and payroll taxes that the Company is required to
withhold in connection with the exercise of the Option.

     SECTION 14. Notice. Every notice or other communication relating to this
Agreement shall be in writing, and shall be mailed to or delivered to the party
for whom it is intended at such address as may from time to time be designated
by it in a notice mailed or delivered to the other party as herein provided,
provided that, unless and until some other address be so designated, all notices
or communications by the Optionee to the Company shall be mailed or delivered to
the Company at its principal executive office, and all notices or communications
by the Company to the Optionee may be given to the Optionee personally or may be
mailed to Optionee at the Optionee's last known address, as reflected in the
Company's records.

     SECTION 15. Non-Qualified Option. The Option is not an "incentive stock
option" within the meaning of Section 422 of the Internal Revenue Code of 1986,
as amended.

     SECTION 16. Binding Effect. Subject to Section 7 hereof, this Agreement
shall be binding upon the heirs, executors, administrators and successors of the
parties hereto.

     SECTION 17. Governing Law. This Agreement shall be construed and
interpreted in accordance with the laws of the Netherlands Antilles.

     SECTION 18. Signature in Counterparts. This Agreement may be signed in
counterparts, each of which shall be an original, with the same effect as if the
signatures thereto and hereto were upon the same instrument.

                                      * * *

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         IN WITNESS WHEREOF, the parties hereto have executed this Agreement as
of the day and year first above written.

                                    ORTHOFIX INTERNATIONAL N.V.

                                    By:
                                       ---------------------------------
                                       Name:
                                       Title

                                    -------------------------------------
                                    Optionee

                                     - 8 -EXECUTION COPY

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

                        RESIDENTIAL ACCREDIT LOANS, INC.,

                                    Company,

                        RESIDENTIAL FUNDING CORPORATION,

                                Master Servicer,

                                       and

                      DEUTSCHE BANK TRUST COMPANY AMERICAS,

                                     Trustee

                               SERIES SUPPLEMENT,

                          DATED AS OF FEBRUARY 1, 2003,

                                       TO

                                STANDARD TERMS OF
                         POOLING AND SERVICING AGREEMENT
                           dated as of August 1, 2002

                 Mortgage Asset-Backed Pass-Through Certificates

                                 Series 2003-QS3

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

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<TABLE>
<CAPTION>

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

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

        Section 1.02.  Use of Words and Phrases............................................16

        Section 1.03.  Determination of LIBOR..............................................16

Article II   CONVEYANCE OF MORTGAGE LOANS; ORIGINAL

              ISSUANCE OF CERTIFICATES.....................................................18

        Section 2.01.   Conveyance of Mortgage Loans.

                      (See Section 2.01 of the Standard Terms).............................18

            Section 2.02. Acceptance by Trustee. (See Section 2.02 of the Standard
                      Terms)...............................................................18

        Section 2.03.   Representations, Warranties and Covenants of the

                      Master Servicer and the Company......................................18

         Section 2.04. Representations and Warranties of Sellers. (See Section 2.04 of
                      the Standard Terms)..................................................21

        Section 2.05. Execution and Authentication of Certificates/Issuance of
                      Certificates Evidencing Interests in REMIC I Certificates............21

        Section 2.06. Conveyance of Uncertificated REMIC I and REMIC II Regular
                      Interests; Acceptance by the Trustee.................................21

        Section 2.07. Issuance of Certificates Evidencing Interest in REMIC II.............22

        Section 2.08. Purposes and Powers of the Trust (See Section 2.08 of the
                      Standard Terms)......................................................22

Article III  ADMINISTRATION AND SERVICING OF MORTGAGE LOANS................................23

        Section 3.01. Master Servicer to Act as Servicer. (See Section 3.01 of the
                      Standard Terms)......................................................23

        Section 3.02. Subservicing Agreements Between Master Servicer and
                      Subservicers; Enforcement of Subservicers' and Sellers'
                      Obligations. (See Section 3.02 of the Standard Terms)................23

        Section 3.03. Successor Subservicers. (See Section 3.03 of the Standard Terms).....23

        Section 3.04. Liability of the Master Servicer. (See Section 3.04 of the
                      Standard Terms)......................................................23

        Section 3.05. No Contractual Relationship Between Subservicer and Trustee or
                      Certificateholders. (See Section 3.05 of the Standard Terms) ........23

        Section 3.06. Assumption or Termination of Subservicing Agreements by
                      Trustee. (See Section 3.06 of the Standard Terms)....................23

        Section 3.07. Collection of Certain Mortgage Loan Payments;  Deposits to
                      Custodial Account ...................................................23

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        Section 3.08. Subservicing Accounts; Servicing Accounts. (See Section 3.08 of
                      the Standard Terms)..................................................24

        Section 3.09. Access to Certain Documentation and  Information Regarding the
                      Mortgage Loans. (See Section 3.09 of the Standard Terms).............24

        Section 3.10. Permitted Withdrawals from the Custodial Account. (See Section
                      3.10 of the Standard Terms)..........................................24

        Section 3.11. Maintenance of the Primary Insurance  Policies; Collections
                      Thereunder. (See Section 3.11 of the Standard Terms).................25

        Section 3.12. Maintenance of Fire Insurance and  Omissions and Fidelity
                      Coverage. (See Section 3.12 of the Standard Terms)...................25

        Section 3.13. Enforcement of Due-on-Sale Clauses; Assumption and
                      Modification Agreements; Certain Assignments. (See Section 3.13
                      the Standard Terms)..................................................25

        Section 3.14. Realization Upon Defaulted Mortgage Loans. (See Section 3.14 of
                      the Standard Terms)..................................................25

        Section 3.15. Trustee to Cooperate; Release of Mortgage Files. (See Section
                      3.15 of the Standard Terms)..........................................27

        Section 3.16. Servicing and Other Compensation; Compensating Interest. (See
                      Section 3.16 of the Standard Terms)..................................27

        Section 3.17. Reports to the Trustee and the Company. (See Section 3.17 of
                      the Standard Terms)..................................................27

        Section 3.18. Annual Statement as to Compliance....................................27

        Section 3.19. Annual Independent Public Accountants' Servicing Report..............28

        Section 3.20. Rights of the Company in Respect of the Master Servicer. (See
                      Section 3.20 of the Standard Terms)..................................28

        Section 3.21. Administration of Buydown Funds. (See Section 3.21 of the
                      Standard Terms)......................................................29

Article IV  PAYMENTS TO CERTIFICATEHOLDERS.................................................30

        Section 4.01. Certificate Account.  ...............................................30

        Section 4.02. Distributions. ......................................................30

        Section 4.03. Statements to Certificateholders; Exchange Act Reporting.............38

             Section 4.04. Distribution of Reports to the Trustee and the Company;
                      Advances by the Master Servicer. ....................................39

        Section 4.05. Allocation of Realized Losses. ......................................40

         Section 4.06. Reports of Foreclosures and Abandonment of Mortgaged Property.
                      (See Section 4.06 of the Standard Terms).............................41

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        Section 4.07. Optional Purchase of Defaulted Mortgage Loans.  (See Section
                      4.07 of the Standard Terms)..........................................41

        Section 4.08. Surety Bond. (See Section 4.08 of the Standard Terms)................41

        Section 4.09. Reserve Fund.........................................................41

Article V  THE CERTIFICATES................................................................42

        Section 5.01. The Certificates.  (See Section 5.01 of the Standard Terms)..........42

        Section 5.02. Registration of Transfer and Exchange of Certificates................42

        Section 5.03. Mutilated, Destroyed, Lost or Stolen Certificates. (See Section
                      5.03 of the Standard Terms)..........................................42

        Section 5.04. Persons Deemed Owners. (See Section 5.04 of the Standard Terms)......42

        Section 5.05. Appointment of Paying Agent. (See Section 5.05 of the Standard
                      Terms)...............................................................42

Article VI     THE COMPANY AND THE MASTER SERVICER.........................................43

Article VII    DEFAULT.....................................................................44

Article VIII   CONCERNING THE TRUSTEE......................................................45

Article IX     TERMINATION.................................................................46

Article X       REMIC PROVISIONS...........................................................47

        Section 10.01.REMIC Administration.  (See Section 10.01 of the Standard Terms).....47

        Section 10.02.Master Servicer; REMIC Administrator and Trustee
                      Indemnification.  (See Section 10.02 of the Standard Terms)..........47

        Section 10.03.Designation of REMICs................................................47

        Section 10.04.Distributions on the Uncertificated REMIC I and REMIC II
                      Regular Interests....................................................47

        Section 10.05.Compliance with Withholding Requirements.............................49

Article XI   MISCELLANEOUS PROVISIONS......................................................50

        Section 11.01.Amendment.  (See Section 11.01 of the Standard Terms)................50

        Section 11.02.Recordation of Agreement;  Counterparts.  (See Section 11.02 of
                      the Standard Terms)..................................................50

        Section 11.03.Limitation on Rights of Certificateholders.  (See Section 11.03
                      of the Standard Terms)...............................................50

        Section 11.04.Governing Laws.  (See Section 11.04 of the Standard Terms)...........50

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        Section 11.05.Notices..............................................................50

             Section 11.06.Required Notices to Rating Agency and Subservicer. (See
                      Section 11.06 of the Standard Terms).................................51

        Section 11.07.Severability of Provisions. (See Section 11.07 of the Standard
                      Terms)...............................................................51

        Section 11.08.Supplemental Provisions for Resecuritization.  (See Section
                      11.08 of the Standard Terms).........................................51

        Section 11.09.Allocation of Voting Rights..........................................51

        Section 11.10.No Petition..........................................................51
</TABLE>

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                                    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 August 1, 2002
Exhibit Five:         Aggregate Planned Principal Balances and
                      Scheduled Principal Balances
Exhibit Six:          Form of Form 10-K Certification
Exhibit Seven:        Form of Back-Up Certification to Form 10-K Certificate

<PAGE>

        This is a Series  Supplement,  dated as of February 1, 2003 (the "Series
Supplement"), to the Standard Terms of Pooling and Servicing Agreement, dated as
of August 1, 2002 and attached as Exhibit Four hereto (the "Standard Terms" and,
together with this Series Supplement,  the "Pooling and Servicing  Agreement" or
"Agreement"),  among RESIDENTIAL  ACCREDIT LOANS, INC., as the company (together
with its permitted successors and assigns,  the "Company"),  RESIDENTIAL FUNDING
CORPORATION,  as master  servicer  (together  with its permitted  successors and
assigns,  the "Master Servicer"),  and DEUTSCHE BANK TRUST COMPANY AMERICAS,  as
Trustee (together with its permitted successors and assigns, the "Trustee").

                             PRELIMINARY STATEMENT:

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

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

                                       1
<PAGE>

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

                               AGGREGATE
                                INITIAL
                              CERTIFICATE                                           FITCH/
               PASS-THROUGH    PRINCIPAL                             MATURITY     ----------     MINIMUM
 DESIGNATION      RATE          BALANCE       FEATURES1                DATE          S&P      DENOMINATIONS2

Class A-1      Adjustable
<S>                 <C>     <C>                                              <C>               <C>
                Rate3       $66,576,813.00     Senior/Floater/      February 25,   AAA/AAA     $25,000.00
                                                 Adjustable Rate        2018
Class A-2      Adjustable   $30,262,187.00     Senior/ Inverse     February 25,    AAA/AAA     $25,000.00
                  Rate3                       Floater/Adjustable       2018
                                                     Rate
Class A-3      Adjustable            $0.004    Senior/ Interest    February 25,    AAA/AAA    $2,000,000.00
                  Rate3                         Only/ Inverse          2018
                                                   Floater/
                                               Adjustable Rate
Class A-4         5.50%     $37,000,000.00    Senior/Scheduled/    February 25,    AAA/AAA     $25,000.00
                                                  Fixed Rate           2018
Class A-5         3.75%     $39,084,118.00     Senior/PAC/Fixed    February 25,    AAA/AAA     $25,000.00
                                                     Rate              2018
Class A-6         5.50%        $557,000.00    Senior/Companion/    February 25,    AAA/AAA     $25,000.00
                                                  Fixed Rate           2018
Class A-7      Adjustable   $27,358,882.00    Senior/PAC/Floater/  February 25,    AAA/AAA     $25,000.00
                  Rate3                        Adjustable Rate         2018
Class A-8      Adjustable            $0.005    Senior/Interest     February 25,    AAA/AAA    $2,000,000.00
                  Rate3                         Only/ Inverse          2018
                                                   Floater/
                                               Adjustable Rate
Class A-P         0.00%      $2,568,375.61        Principal        February 25,    AAA/AAA     $25,000.00
                                                 Only/Senior           2018
Class A-V       Variable             $0.00         Variable        February 25,    AAA/AAA    7
                 Rate6                            Strip/Interest       2018
                                                 Only/Senior

____________________________

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

2    The 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                                    MAXIMUM
RATES:         INITIAL      FORMULA                               MINIMUM
             -------------- ------------------------- ------------- ------------
--------------------------------------------------------------------------------
Class A-1       1.79%          LIBOR + 0.45%            8.00%          0.45%
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Class A-2       13.552%        16.50% - (2.2 x  LIBOR)  16.50%         0.00%
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Class A-3       0.05%          7.55% - LIBOR            0.05%          0.00%
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Class A-7       1.74%          LIBOR + 0.40%            8.00%          0.40%
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Class A-8       6.26%          7.60% - LIBOR            7.60%          0.00%

4    The Class A-3 Certificates do not have a principal balance. For the purpose
     of calculating  interest  payments,  interest on the Class A-3 Certificates
     will accrue on a notional amount equal to the certificate principal balance
     of the Class A-1 Certificates.

5    The Class A-8 Certificates do not have a principal balance. For the purpose
     of calculating  interest  payments,  interest on the Class A-8 Certificates
     will accrue on a notional amount equal to the certificate principal balance
     of the Class A-7 Certificates.

6    The initial Pass-Through Rate on the Class A-V Certificates is 0.1526%.

                                       2
<PAGE>

                               AGGREGATE
                                INITIAL
                              CERTIFICATE                                           FITCH/
               PASS-THROUGH    PRINCIPAL                             MATURITY     ----------     MINIMUM
 DESIGNATION      RATE          BALANCE       FEATURES1                DATE          S&P      DENOMINATIONS2

Class R-I         5.50%            $100.00    Residual/Senior/FixedFebruary 25,    AAA/AAA          8
                                                     Rate              2018
Class R-II        5.50%            $100.00    Residual/Senior/FixedFebruary 25,    AAA/AAA          8
                                                     Rate              2018
Class M-1         5.50%      $3,125,900.00     Mezzanine/Fixed     February 25,     AA/NA      $25,000.00
                                                     Rate              2018
Class M-2         5.50%        $416,900.00     Mezzanine/Fixed     February 25,      A/NA      $250,000.00
                                                     Rate              2018
Class M-3         5.50%                        Mezzanine/Fixed     February 25,     BBB/NA     $250,000.00
                               $625,300.00             Rate              2018
Class B-1         5.50%                       Subordinate/Fixed    February 25,     BB/NA      $250,000.00
                               $312,700.00             Rate              2018
Class B-2         5.50%                       Subordinate/Fixed    February 25,      B/NA      $208,500.00
                               $208,500.00             Rate              2018
Class B-3         5.50%                       Subordinate/Fixed    February 25,     NA/NA      $250,000.00
                               $312,695.43             Rate              2018

</TABLE>

___________________

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

8    Each  class of the  Class R  Certificates  shall  be  issuable  in  minimum
     denominations  of  not  less  than  a 20%  Percentage  Interest;  provided,
     however,  that one Class R  Certificate  of each Class will be  issuable to
     Residential  Funding as "tax matters person"  pursuant to Section  10.01(c)
     and (e) in a minimum denomination representing a Percentage Interest of not
     less than 0.01%.

        The Mortgage Loans have an aggregate principal balance as of the Cut-off
Date of $208,409,571.04.

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

                                       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-1,  Class A-2, Class
A-3, Class A-7 or Class A-8 Certificates.

        Aggregate  Planned  Principal  Balance:  With  respect  to the Class A-5
Certificates and Class A-7  Certificates  and any Distribution  Date, the amount
set forth in the  applicable  column in the table in Exhibit Five  opposite such
date.

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

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

     (A)  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
          having a Loan-to-Value Ratio (other than Additional  Collateral Loans)
          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  "Deutsche Bank Trust Company  Americas,  as trustee,  in trust for the
registered holders of Residential  Accredit Loans, Inc.,  Mortgage  Asset-Backed
Pass-Through  Certificates,  Series  2003-QS3"  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-8, 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:  February 27, 2003.

        Commission:  The Securities and Exchange Commission.

     Corporate Trust Office: The principal office of the Trustee at which at any
particular  time its corporate  trust  business  with respect to this  Agreement
shall  be  administered,  which  office  at the  date of the  execution  of this
instrument  is  located at 1761 East St.  Andrew  Place,  Santa Ana,  California
92705-4934, Attention: Residential Funding Corporation Series 2003-QS3.

                                       5
<PAGE>

        Cut-off Date:  February 1, 2003.

        Cut-off Date  Principal  Balance:  As to any Mortgage  Loan,  the unpaid
principal  balance  thereof  at the  Cut-off  Date  after  giving  effect to all
installments  of principal  due on or prior  thereto (or due during the month of
the Cut-off Date), whether or not received.

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

        Discount Net Mortgage Rate:  5.50% per annum.

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

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

        Exchange Act:  The Securities and Exchange Act of 1934, as amended.

     Floater  Certificates:  Any one of the Class A-1  Certificates or 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 1.00% 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  and (ii)  provide  a copy of such
written confirmation to the Trustee.

                                       6
<PAGE>

        Initial Monthly Payment Fund:  $488,  representing  scheduled  principal
amortization and interest at the Net Mortgage Rate payable during the March 2003
Due Period,  for those Mortgage Loans for which the Trustee will not be entitled
to receive such payment.

        Initial  Notional  Amount:  With respect to the Class A-3  Certificates,
$66,576,813.  With  respect  to the Class A-8  Certificates,  $27,358,882.  With
respect to the Class A-V  Certificates  or Subclass  thereof issued  pursuant to
Section 5.01(c),  the aggregate  Cut-off Date Principal  Balance of the Mortgage
Loans   corresponding  to  the  Uncertificated   REMIC  I  Regular  Interests  Z
represented by such Class or Subclass on such date.

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

        Class M-1:  1.50%           Class B-1:  0.15%
        Class M-2:  0.20%           Class B-2:  0.10%
        Class M-3:  0.30%           Class B-3:  0.15%

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

        Interest Only Certificates: Any one of the Class A-3, Class A-8 or Class
A-V  Certificates.  The  Interest  Only  Certificates  will have no  Certificate
Principal Balance.

        Inverse  Floater  Certificates:  Any one of the Class A-2,  Class A-3 or
Class A-8 Certificates.

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

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

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

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

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

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

                                       7
<PAGE>

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

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

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

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

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

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

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

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

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

        Notional Amount:  As of any  Distribution  Date, (i) with respect to the
Class A-3 Certificates,  an amount equal to the Certificate Principal Balance of
the Class A-1 Certificates  immediately prior to that date, (ii) with respect to
the Class A-8 Certificates, an amount equal to the Certificate Principal Balance
of the  Class A-7  Certificates  immediately  prior to that date and (iii)  with
respect to any Class A-V  Certificates  or Subclass  thereof issued  pursuant to
Section 5.01(c),  the aggregate  Stated Principal  Balance of the Mortgage Loans
corresponding to the  Uncertificated  REMIC I Regular Interests Z represented by
such Class or Subclass immediately prior to such date.

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

o              With  respect  to the  Class  A-1  Certificates  and the  initial
               Interest Accrual Period,  1.79% per annum, and as to any Interest
               Accrual Period  thereafter,  a per annum rate equal to 0.45% plus
               LIBOR, subject to a maximum rate of 8.00% per annum and a minimum
               rate of 0.45% per annum.

o              With  respect  to the  Class  A-2  Certificates  and the  initial
               Interest  Accrual  Period,  13.552%  per  annum,  and  as to  any
               Interest  Accrual  Period  thereafter,  a per annum rate equal to
               16.50%  minus the  product  of 2.2  multiplied  by LIBOR,  with a
               maximum  rate of 16.50% per annum and a minimum rate of 0.00% per
               annum.

                                       8
<PAGE>

o              With  respect  to the  Class  A-3  Certificates  and the  initial
               Interest Accrual Period,  0.05% per annum, and as to any Interest
               Accrual  Period  thereafter,  will be a per annum  rate  equal to
               7.55% minus  LIBOR,  with a maximum rate of 0.05% per annum and a
               minimum rate of 0.00% per annum.

o              With  respect  to the  Class  A-7  Certificates  and the  initial
               Interest Accrual Period,  1.74% per annum, and as to any Interest
               Accrual  Period  thereafter,  will be a per annum  rate  equal to
               0.40% plus  LIBOR,  with a maximum  rate of 8.00% per annum and a
               minimum rate of 0.40% per annum.

o              With  respect  to the  Class  A-8  Certificates  and the  initial
               Interest Accrual Period,  6.26% per annum, and as to any Interest
               Accrual  Period  thereafter,  will be a per annum  rate  equal to
               7.60% minus  LIBOR,  with a maximum rate of 7.60% 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
0.1526% per annum.  With respect to any Subclass of Class A-V  Certificates  and
any  Distribution  Date,  a rate equal to the weighted  average,  expressed as a
percentage,  of the Pool Strip Rates of all Mortgage Loans  corresponding to the
Uncertificated  REMIC I Regular  Interests Z represented  by such Subclass as of
the Due Date in the related Due Period,  weighted on the basis of the respective
Stated  Principal  Balances  of such  Mortgage  Loans as of the day  immediately
preceding such  Distribution  Date (or with respect to the initial  Distribution
Date,  at the  close of  business  on the  Cut-off  Date).  The  Principal  Only
Certificates  have  no  Pass-Through  Rate  and  are  not  entitled  to  Accrued
Certificate Interest.

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

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

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

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

                      (a) in the case of the Class of  Subordinate  Certificates
               then  outstanding  with the Highest Priority and each other Class
               of  Subordinate  Certificates  for which the  related  Prepayment

                                       9
<PAGE>

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

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

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

                                       10
<PAGE>

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

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

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

               (ii) all  payments  and  collections  in respect of the  Mortgage
                    Loans  due  after  the  Cut-off  Date  (other  than  Monthly
                    Payments  due in the month of the Cut-off  Date) as shall be
                    on deposit in the  Custodial  Account or in the  Certificate
                    Account  (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, 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).

        Reserve  Fund:  Any one or  more  segregated  trust  accounts  that  are
Eligible  Accounts,  which shall be titled  "Reserve  Fund,  Deutsche Bank Trust
Company Americas,  as trustee for the registered holders of Residential Accredit
Loans, Inc., Mortgage Asset-Backed Pass-Through  Certificates,  Series 2003-QS3,
Class A-4."

        Reserve Fund Deposit: $94,775.

        Reserve Fund Withdrawal: As defined in Section 4.09.

        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

                                       11
<PAGE>

Secretary,  any  Trust  Officer  or  Assistant  Trust  Officer  with  particular
responsibility  for  this  transaction,  or any  other  officer  of the  Trustee
customarily  performing functions similar to those performed by any of the above
designated officers to whom, with respect to a particular matter, such matter is
referred.

        Scheduled Principal Balance:  With respect to the Class A-4 Certificates
and any Distribution  Date, the amount set forth in the applicable column in the
table in Exhibit Five opposite such date.

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

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

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

        Senior Underwriter:  Salomon Smith Barney Inc.

        Servicing  Advances:  All  customary,  reasonable  and necessary "out of
pocket" costs and expenses incurred in connection with a default, delinquency or
other  unanticipated  event  by the  Master  Servicer  or a  Subservicer  in the
performance  of its servicing  obligations,  including,  but not limited to, the
cost of (i) the preservation, restoration and protection of a Mortgaged Property
or, with respect to a Cooperative Loan, the related Cooperative Apartment,  (ii)
any enforcement or judicial proceedings,  including foreclosures,  including any
expenses  incurred  in  relation  to any such  proceedings  that result from the
Mortgage Loan being  registered  on the MERS System,  (iii) the  management  and
liquidation of any REO Property,  (iv) any mitigation procedures  implemented in
accordance  with Section 3.07, and (v)  compliance  with the  obligations  under
Sections 3.01, 3.08, 3.11, 3.12(a) and 3.14,  including,  if the Master Servicer
or any Affiliate of the Master Servicer provides services such as appraisals and

                                       12
<PAGE>

brokerage services that are customarily provided by Persons other than servicers
of mortgage loans, reasonable compensation for such services.

        Special Hazard Amount:  As of any Distribution  Date, an amount equal to
$2,084,096  minus the sum of (i) the aggregate  amount of Special  Hazard Losses
allocated  solely to one or more specific  Classes of Certificates in accordance
with Section 4.05 of this Series  Supplement and (ii) the Adjustment  Amount (as
defined below) as most recently calculated.  For each anniversary of the Cut-off
Date, the Adjustment  Amount shall be equal to the amount,  if any, by which the
amount  calculated in accordance  with the preceding  sentence  (without  giving
effect to the deduction of the Adjustment Amount for such  anniversary)  exceeds
the greater of (A) the greatest of (i) twice the outstanding  principal  balance
of the  Mortgage  Loan in the  Trust  Fund  which  has the  largest  outstanding
principal   balance  on  the  Distribution   Date  immediately   preceding  such
anniversary,  (ii) the product of 1.00% multiplied by the outstanding  principal
balance of all Mortgage Loans on the  Distribution  Date  immediately  preceding
such anniversary and (iii) the aggregate  outstanding  principal  balance (as of
the immediately preceding Distribution Date) of the Mortgage Loans in any single
five-digit California zip code area with the largest amount of Mortgage Loans by
aggregate  principal  balance as of such  anniversary and (B) the greater of (i)
the product of 0.50%  multiplied  by the  outstanding  principal  balance of all
Mortgage Loans on the Distribution  Date immediately  preceding such anniversary
multiplied  by a  fraction,  the  numerator  of which is equal to the  aggregate
outstanding  principal  balance (as of the  immediately  preceding  Distribution
Date) of all of the Mortgage  Loans secured by Mortgaged  Properties  located in
the State of California divided by the aggregate  outstanding  principal balance
(as of the  immediately  preceding  Distribution  Date)  of all of the  Mortgage
Loans, expressed as a percentage, and the denominator of which is equal to 31.4%
(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

                                       13
<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.

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

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

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

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

                                       14
<PAGE>

     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          Related Classes of           Pass-Through Rate     Initial Principal
  REMIC I Regular             Certificates                                         Balance
      Interest
--------------------- ------------------------------ ------------------------ -------------------
--------------------- ------------------------------ ------------------------ -------------------
<S>                           <C>        <C>                       <C>           <C>
         T            Class A-1, Class A-3           The lesser of 8.00%         $ 66,576,813.00
                                                     and LIBOR +.050%
--------------------- ------------------------------ ------------------------ -------------------
--------------------- ------------------------------ ------------------------ -------------------
         U            Class A-2                      The greater of 0% and       $ 30,262,187.00
                                                     16.50%- (2.2 x LIBOR)
--------------------- ------------------------------ ------------------------ -------------------
--------------------- ------------------------------ ------------------------ -------------------
         V            Class A-5                      3.75%                       $ 39,084,118.00
--------------------- ------------------------------ ------------------------ -------------------
--------------------- ------------------------------ ------------------------ -------------------
         W            Class A-7, Class A-8           8.00%                       $ 27,358,882.00
--------------------- ------------------------------ ------------------------ -------------------
--------------------- ------------------------------ ------------------------ -------------------
         X            Class A-P                      0.00%                       $  2,568,375.61
--------------------- ------------------------------ ------------------------ -------------------
--------------------- ------------------------------ ------------------------ -------------------
         Y            Class A-4, Class A-6, Class    5.50%                                     $
                      R-II, Class M-1, Class M-2,                                  42,558,995.43
                      Class M-3, Class B-1, Class
                      B-2, Class B-3
--------------------- ------------------------------ ------------------------ -------------------
</TABLE>

        Uncertificated   REMIC  I  Regular   Interests  Z:  Each  of  the  1,273
uncertificated  partial undivided  beneficial  ownership  interests in the Trust
Fund,  numbered  sequentially  from 1 to 1,273,  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.

                                       15
<PAGE>

        Uncertificated   REMIC  II  Regular  Interests  Z:  Each  of  the  1,273
uncertificated  partial  undivided  beneficial  ownership  interests in REMIC II
numbered  sequentially  from 1 through  1,273 each  relating to the  identically
numbered  Uncertificated  REMIC I Regular  Interests Z, each having no principal
balance and bearing  interest at a rate equal to the related  Pool Strip Rate on
the Stated  Principal  Balance of the Mortgage  Loan related to the  identically
numbered   Uncertificated   REMIC  I  Regular   Interests  Z,   comprising  such
Uncertificated  REMIC II  Regular  Interests  Z's pro rata  share of the  amount
distributed pursuant to Sections 10.04(a).

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

     Underwriters:  Salomon Smith Barney Inc. and Residential Funding Securities
Corporation.

Section 1.02.  Use of Words and Phrases.

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

        Section 1.03. Determination of LIBOR.

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

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

                                       16
<PAGE>

will be the arithmetic mean of the quotations rounded up to the next multiple of
1/16%. If on such date fewer than two quotations are provided as requested,  the
rate will be the arithmetic  mean of the rates quoted by one or more major banks
in New York City,  selected by the Trustee  after  consultation  with the Master
Servicer,  as of 11:00 a.m.,  New York City time, on such date for loans in U.S.
Dollars  to  leading  European  banks  for a  period  of one  month  in  amounts
approximately  equal  to the  aggregate  Certificate  Principal  Balance  of the
Adjustable  Rate  Certificates  then  outstanding.  If no such quotations can be
obtained,  the rate will be LIBOR for the prior  Distribution  Date,  or, in the
case of the first LIBOR Rate Adjustment Date, 1.34% per annum; provided however,
if, under the priorities described above, LIBOR for a Distribution Date would be
based on LIBOR for the  previous  Distribution  Date for the  third  consecutive
Distribution  Date,  the  Trustee  shall,  after  consultation  with the  Master
Servicer,  select an alternative comparable index (over which the Trustee has no
control),  used for  determining  one-month  Eurodollar  lending  rates  that is
calculated and published (or otherwise made available) by an independent  party.
"LIBOR Business Day" means any day other than (i) a Saturday or a Sunday or (ii)
a day on which banking institutions in the city of London,  England are required
or authorized by law to be closed.

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

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

                                       17
<PAGE>

                                   ARTICLE II

                          CONVEYANCE OF MORTGAGE LOANS;

                        ORIGINAL ISSUANCE OF CERTIFICATES

Section 2.01.  Conveyance of Mortgage Loans.

(a) The Company,  concurrently  with the  execution  and delivery  hereof,  does
hereby assign to the Trustee without recourse all the right,  title and interest
of the  Company  in and  to the  Mortgage  Loans,  including  all  interest  and
principal  received on or with respect to the  Mortgage  Loans after the Cut-off
Date (other than payments of principal and interest due on the Mortgage Loans in
the month of the Cut-off Date).

        (b) - (h). (See Section 2.01(b) - (h) of the Standard Terms)

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

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

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

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

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

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

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

(iv) To the best of the Company's knowledge,  if a Mortgage Loan is secured by a
     Mortgaged  Property with a Loan-to-Value  Ratio at origination in excess of
     80%, such Mortgage Loan is the subject of a Primary  Insurance  Policy that
     insures (a) at least 30% of the Stated  Principal  Balance of the  Mortgage
     Loan at  origination  if the  Loan-to-Value  Ratio is between  100.00%  and
     95.01%,  (b) at least 25% of the Stated  Principal  Balance of the Mortgage
     Loan at  origination  if the  Loan-to-Value  Ratio is  between  95.00%  and

                                       18
<PAGE>

     90.01%,  (c) at least 12% of such  balance  if the  Loan-to-Value  Ratio is
     between  90.00%  and  85.01%  and (d) at  least 6% 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;

(vi)    No more than 0.5% of the Mortgage  Loans by aggregate  Stated  Principal
        Balance  as of the  Cut-off  Date are  secured by  Mortgaged  Properties
        located in any one zip code area in California  and no more than 0.6% of
        the  Mortgage  Loans by  aggregate  Stated  Principal  Balance as of the
        Cut-off Date are secured by Mortgaged  Properties located in any one zip
        code area 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 65.17% of the Mortgage Loans by aggregate Stated Principal
        Balance as of the Cut-off  Date were  underwritten  under a reduced loan
        documentation  program,  approximately  19.76% 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  2.82%
        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  13.03% 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);

                                       19
<PAGE>

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

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

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

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

(xvii)  One 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,  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

                                       20
<PAGE>

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

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

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

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

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

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

                                       21
<PAGE>

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

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

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

                                       22
<PAGE>

                                  ARTICLE III

                          ADMINISTRATION AND SERVICING

                               OF MORTGAGE LOANS

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

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

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

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

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

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

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

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

                                       23
<PAGE>

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  rates at  which  the  Servicing  Fee and the  Subservicing  Fee with
respect to such Mortgage Loan accrue.  The final  maturity date for any Mortgage
Loan shall not be extended  beyond the Maturity  Date.  In  connection  with any
Curtailment  of a  Mortgage  Loan,  the  Master  Servicer,  to  the  extent  not
inconsistent with the terms of the Mortgage Note and local law and practice, may
permit the  Mortgage  Loan to be  reamortized  such that the Monthly  Payment is
recalculated  as an  amount  that  will  fully  amortize  the  remaining  Stated
Principal  Balance  thereof by the original  Maturity Date based on the original
Mortgage Rate; provided,  that such re-amortization shall not be permitted if it
would  constitute  a  reissuance  of the  Mortgage  Loan for federal  income tax
purposes,  except if such reissuance is described in Treasury Regulation Section
1.860G-2(b)(3).

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

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

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

Section 3.10. Permitted Withdrawals from the Custodial Account.

        (a)(i) (See Section 3.10(a)(i) of the Standard Terms)

                      (ii) to reimburse  itself or the related  Subservicer  for
               previously  unreimbursed  Advances,  Servicing  Advances or other
               expenses made pursuant to Sections  3.01,  3.07(a),  3.08,  3.11,
               3.12(a), 3.14 and 4.04 or otherwise  reimbursable pursuant to the
               terms of this Agreement,  such withdrawal  right being limited to
               amounts  received on 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;

        (a)(iii) -(vi). (See Section 3.10(a)(iii) -(vi) of the Standard Terms)

                      (vii) to reimburse  itself or the related  Subservicer for
               any  Nonrecoverable  Advance or Advances in the manner and to the
               extent  provided  in  subsection  (c) below,  and any  Advance or
               Servicing  Advance made in  connection  with a modified  Mortgage
               Loan  that  is in  default  or,  in the  judgment  of the  Master
               Servicer,  default is reasonably  foreseeable pursuant to Section
               3.07(a),  to the extent the amount of the  Advance 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);

                                       24
<PAGE>

        (a)(viii) -(c). (See Section 3.10(a)(viii) -(c) of the Standard Terms)

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

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

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

Section 3.14. Realization Upon Defaulted Mortgage Loans.

               (a)  The  Master  Servicer  shall  foreclose  upon  or  otherwise
        comparably  convert (which may include an REO Acquisition) the ownership
        of  properties  securing  such of the  Mortgage  Loans as come  into and
        continue in default and as to which no satisfactory  arrangements can be
        made for  collection  of delinquent  payments  pursuant to Section 3.07.
        Alternatively,  the Master Servicer may take other actions in respect of
        a defaulted  Mortgage Loan, which may include (i) accepting a short sale
        (a payoff of the Mortgage  Loan for an amount less than the total amount
        contractually  owed in  order  to  facilitate  a sale  of the  Mortgaged
        Property by the  Mortgagor) or permitting a short  refinancing (a payoff
        of  the  Mortgage  Loan  for  an  amount  less  than  the  total  amount
        contractually  owed in order to facilitate  refinancing  transactions by
        the  Mortgagor not  involving a sale of the  Mortgaged  Property),  (ii)
        arranging for a repayment plan or (iii)  agreeing to a  modification  in
        accordance  with Section 3.07. In connection  with such  foreclosure  or
        other  conversion,  the Master Servicer  shall,  consistent with Section
        3.11, follow such practices and procedures as it shall deem necessary or
        advisable,  as  shall  be  normal  and  usual  in its  general  mortgage
        servicing  activities  and as  shall be  required  or  permitted  by the
        Program Guide;  provided that the Master Servicer shall not be liable in
        any respect  hereunder  if the Master  Servicer is acting in  connection
        with  any  such  foreclosure  or other  conversion  in a manner  that is
        consistent with the provisions of this Agreement.  The Master  Servicer,
        however,  shall not be  required  to expend its own funds or incur other
        reimbursable  charges in connection with any  foreclosure,  or 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

                                       25
<PAGE>

        expenses  or  charges  will be  recoverable  to it  through  Liquidation
        Proceeds, Insurance Proceeds, or REO Proceeds (respecting which it shall
        have priority for purposes of  withdrawals  from the  Custodial  Account
        pursuant to Section  3.10,  whether or not such expenses and charges are
        actually  recoverable  from  related  Liquidation  Proceeds,   Insurance
        Proceeds or REO Proceeds).  In the event of such a determination  by the
        Master Servicer  pursuant to this Section  3.14(a),  the Master Servicer
        shall be entitled to  reimbursement  of such amounts pursuant to Section
        3.10.

               In addition to the foregoing,  the Master  Servicer shall use its
        best  reasonable  efforts to realize upon any Additional  Collateral for
        such of the  Additional  Collateral  Loans as come into and  continue in
        default  and as to which no  satisfactory  arrangements  can be made for
        collection of  delinquent  payments  pursuant to Section 3.07;  provided
        that the Master  Servicer  shall not, on behalf of the  Trustee,  obtain
        title to any such Additional Collateral as a result of or in lieu of the
        disposition  thereof or  otherwise;  and  provided  further that (i) the
        Master  Servicer  shall not  proceed  with  respect  to such  Additional
        Collateral  in any  manner  that  would  impair  the  ability to recover
        against the related  Mortgaged  Property,  and (ii) the Master  Servicer
        shall proceed with any REO  Acquisition  in a manner that  preserves the
        ability to apply the  proceeds  of such  Additional  Collateral  against
        amounts owed under the defaulted  Mortgage Loan.  Any proceeds  realized
        from such  Additional  Collateral  (other than amounts to be released to
        the  Mortgagor or the related  guarantor in accordance  with  procedures
        that the Master  Servicer  would follow in servicing  loans held for its
        own account, subject to the terms and conditions of the related Mortgage
        and  Mortgage  Note and to the  terms  and  conditions  of any  security
        agreement,  guarantee  agreement,  mortgage or other agreement governing
        the disposition of the proceeds of such Additional  Collateral) shall be
        deposited in the Custodial  Account,  subject to withdrawal  pursuant to
        Section  3.10.  Any other  payment  received  by the Master  Servicer in
        respect  of  such  Additional  Collateral  shall  be  deposited  in  the
        Custodial Account subject to withdrawal pursuant to Section 3.10.

               For so long as the Master  Servicer is the Master  Servicer under
        the Credit Support Pledge  Agreement,  the Master Servicer shall perform
        its obligations  under the Credit Support Pledge Agreement in accordance
        with such Agreement and in a manner that is in the best interests of the
        Certificateholders.  Further,  the  Master  Servicer  shall use its best
        reasonable  efforts to realize  upon any Pledged  Assets for such of the
        Pledged Asset Loans as come into and continue in default and as to which
        no  satisfactory  arrangements  can be made for collection of delinquent
        payments  pursuant to Section 3.07;  provided  that the Master  Servicer
        shall not, on behalf of the  Trustee,  obtain  title to any such Pledged
        Assets  as a  result  of  or in  lieu  of  the  disposition  thereof  or
        otherwise;  and provided  further that (i) the Master Servicer shall not
        proceed  with  respect to such  Pledged  Assets in any manner that would
        impair the ability to recover  against the related  Mortgaged  Property,
        and (ii) the Master Servicer shall proceed with any REO Acquisition in a
        manner that  preserves the ability to apply the proceeds of such Pledged
        Assets  against  amounts owed under the  defaulted  Mortgage  Loan.  Any
        proceeds  realized  from such Pledged  Assets  (other than amounts to be
        released to the Mortgagor or the related  guarantor in  accordance  with
        procedures that the Master Servicer would follow in servicing loans held
        for its own account,  subject to the terms and 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

                                       26
<PAGE>

        respect of such  Pledged  Assets  shall be  deposited  in the  Custodial
        Account subject to withdrawal pursuant to Section 3.10.

               Concurrently  with the foregoing,  the Master Servicer may pursue
        any  remedies  that may be available  in  connection  with a breach of a
        representation  and warranty  with respect to any such  Mortgage Loan in
        accordance with Sections 2.03 and 2.04. However,  the Master Servicer is
        not  required  to  continue  to  pursue  both  foreclosure  (or  similar
        remedies)  with respect to the Mortgage Loans and remedies in connection
        with a breach of a  representation  and warranty if the Master  Servicer
        determines  in its  reasonable  discretion  that one such remedy is more
        likely to result in a greater recovery as to the Mortgage Loan. Upon the
        occurrence  of a Cash  Liquidation  or REO  Disposition,  following  the
        deposit in the Custodial Account of all Insurance Proceeds,  Liquidation
        Proceeds and other payments and recoveries referred to in the definition
        of "Cash Liquidation" or "REO Disposition," as applicable,  upon receipt
        by the  Trustee  of written  notification  of such  deposit  signed by a
        Servicing  Officer,  the Trustee or any  Custodian,  as the case may be,
        shall release to the Master  Servicer the related  Mortgage File and the
        Trustee  shall  execute  and  deliver  such  instruments  of transfer or
        assignment  prepared  by the  Master  Servicer,  in  each  case  without
        recourse,  as shall be necessary  to vest in the Master  Servicer or its
        designee,  as the case may be, the related Mortgage Loan, and thereafter
        such Mortgage Loan shall not be part of the Trust Fund.  Notwithstanding
        the foregoing or any other  provision of this  Agreement,  in the Master
        Servicer's sole  discretion with respect to any defaulted  Mortgage Loan
        or REO  Property as to either of the  following  provisions,  (i) a Cash
        Liquidation  or REO  Disposition  may be  deemed  to  have  occurred  if
        substantially all amounts expected by the Master Servicer to be received
        in connection with the related  defaulted  Mortgage Loan or REO Property
        have been received,  and (ii) for purposes of determining  the amount of
        any Liquidation Proceeds,  Insurance Proceeds, REO Proceeds or any other
        unscheduled  collections  or the amount of any Realized Loss, the Master
        Servicer may take into account  minimal  amounts of additional  receipts
        expected to be received or any estimated additional liquidation expenses
        expected  to be  incurred  in  connection  with  the  related  defaulted
        Mortgage Loan or REO Property.

        (b) -(e). (See Section 3.14(b) -(e) of the Standard Terms)

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

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

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

 Section 3.18. Annual Statement as to Compliance.

        The Master  Servicer  will  deliver to the Company and the Trustee on or
before the earlier of (a) March 31 of each year,  beginning with the first March
31 that occurs at least six months after the Cut-off Date or (b) with respect to
any  calendar  year during  which the  Company's  annual  report on Form 10-K is
required  to be filed in  accordance  with the  Exchange  Act and the  rules and

                                       27
<PAGE>

regulations of the Commission,  the date on which the annual report on Form 10-K
is required to be filed in  accordance  with the  Exchange Act and the rules and
regulations of the  Commission,  an Officers'  Certificate  stating,  as to each
signer  thereof,  that (i) a review of the  activities  of the  Master  Servicer
during the preceding  calendar  year related to its servicing of mortgage  loans
and its  performance  under pooling and  servicing  agreements,  including  this
Agreement,  has been made under such officers' supervision,  (ii) to the best of
such officers' knowledge, based on such review, the Master Servicer has complied
in all material respects with the minimum  servicing  standards set forth in the
Uniform Single Attestation Program for Mortgage Bankers and has fulfilled all of
its material  obligations  relating to this  Agreement in all material  respects
throughout  such year,  or, if there has been material  noncompliance  with such
servicing  standards or a default in the fulfillment in all material respects of
any such obligation  relating to this Agreement,  such statement shall include a
description of such noncompliance or specify each such default,  as the case may
be,  known to such  officer  and the nature and status  thereof and (iii) to the
best of such officers' knowledge,  each Subservicer has complied in all material
respects with the minimum  servicing  standards set forth in the Uniform  Single
Attestation  Program for Mortgage  Bankers and has fulfilled all of its material
obligations under its Subservicing Agreement in all material respects throughout
such year,  or, if there has been  material  noncompliance  with such  servicing
standards or a material default in the fulfillment of such obligations  relating
to  this  Agreement,   such  statement  shall  include  a  description  of  such
noncompliance  or specify each such  default,  as the case may be, known to such
officer and the nature and status thereof.

        Section 3.19. Annual Independent Public Accountants' Servicing Report.

        On or before the  earlier of (a) March 31 of each year,  beginning  with
the first March 31 that occurs at least six months  after the Cut-off  Date,  or
(b) with respect to any calendar year during which the  Company's  annual report
on Form 10-K is required to be filed in accordance with the Exchange Act and the
rules and regulations of the Commission,  the date on which the annual report is
required  to be filed in  accordance  with the  Exchange  Act and the  rules and
regulations of the Commission,  the Master Servicer at its expense shall cause a
firm of independent public  accountants,  which shall be members of the American
Institute of Certified  Public  Accountants,  to furnish a report to the Company
and the  Trustee  stating  its  opinion  that,  on the  basis of an  examination
conducted by such firm substantially in accordance with standards established by
the American  Institute of Certified  Public  Accountants,  the assertions  made
pursuant  to  Section  3.18  regarding  compliance  with the  minimum  servicing
standards  set forth in the Uniform  Single  Attestation  Program  for  Mortgage
Bankers  during the  preceding  calendar  year are fairly stated in all material
respects,  subject to such  exceptions  and other  qualifications  that,  in the
opinion of such  firm,  such  accounting  standards  require  it to  report.  In
rendering  such  statement,  such firm may rely,  as to matters  relating to the
direct servicing of mortgage loans by Subservicers,  upon comparable  statements
for examinations  conducted by independent public  accountants  substantially in
accordance  with standards  established  by the American  Institute of Certified
Public Accountants  (rendered within one year of such statement) with respect to
such Subservicers.

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

                                       28
<PAGE>

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

                                       29
<PAGE>

                                   ARTICLE IV
                         PAYMENTS TO CERTIFICATEHOLDERS

Section 4.01...Certificate Account.

        (a) (See Section 4.01(a) of the Standard Terms)

        (b)....The Trustee shall, upon written request from the Master Servicer,
invest or cause the institution  maintaining  the Certificate  Account to invest
the funds in the Certificate Account in Permitted Investments  designated in the
name of the  Trustee  for the  benefit of the  Certificateholders,  which  shall
mature or be payable on demand not later than the  Business  Day next  preceding
the  Distribution  Date next following the date of such investment  (except that
(i) any  investment in the  institution  with which the  Certificate  Account is
maintained may mature or be payable on demand on such Distribution Date and (ii)
any other  investment  may mature or be  payable on demand on such  Distribution
Date  if the  Trustee  shall  advance  funds  on such  Distribution  Date to the
Certificate   Account  in  the  amount  payable  on  such   investment  on  such
Distribution  Date,  pending  receipt  thereof to the extent  necessary  to make
distributions on the Certificates) and shall not be sold or disposed of prior to
maturity. Subject to Section 3.16(e), all income and gain realized from any such
investment  shall be for the benefit of the Master Servicer and shall be subject
to its withdrawal or order from time to time. The amount of any losses  incurred
in respect of any such investments shall be deposited in the Certificate Account
by the Master Servicer out of its own funds  immediately as realized without any
right of  reimbursement.  The Trustee or its Affiliates are permitted to receive
compensation that could be deemed to be in the Trustee's economic  self-interest
for (i) serving as investment  adviser (with respect to investments made through
its  Affiliates),  administrator,  shareholder  servicing  agent,  custodian  or
sub-custodian with respect to certain of the Permitted  Investments,  (ii) using
Affiliates to effect  transactions  in certain  Permitted  Investments and (iii)
effecting transactions in certain Permitted Investments.

Section 4.02...Distributions.

(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

                                       30
<PAGE>

(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,  together with, as
to the Class A-4 Certificates,  any Reserve Fund Withdrawal  pursuant to Section
4.09 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)  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

                                       31
<PAGE>

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

(B)  with respect to each  Mortgage Loan for which a Cash  Liquidation  or a REO
     Disposition  occurred during the preceding calendar month (or was deemed to
     have occurred  during such period in accordance with Section 3.07(b) of the
     Standard  Terms) and did not result in any Excess  Special  Hazard  Losses,
     Excess Fraud Losses,  Excess Bankruptcy Losses or Extraordinary  Losses, an
     amount  equal  to  the  lesser  of  (a)  the  Senior  Percentage  for  such
     Distribution  Date times the Stated Principal Balance of such Mortgage Loan
     (other than the related Discount Fraction of such Stated Principal Balance,
     with respect to each Discount Mortgage Loan) and (b) the Senior Accelerated
     Distribution  Percentage  for such  Distribution  Date  times  the  related
     unscheduled  collections  (including without limitation Insurance Proceeds,
     Liquidation  Proceeds and REO Proceeds) to the extent applied by the Master
     Servicer as recoveries  of principal of the related  Mortgage Loan pursuant
     to Section 3.14 of the Standard  Terms (in each case other than the portion
     of such unscheduled collections,  with respect to a Discount Mortgage Loan,
     included in Section 4.02(b)(i)(C) of this Series Supplement);

(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

                                       32
<PAGE>

        or REO Disposition of such Mortgage Loan or REO Property, minus any such
        Advances that were made with respect to  delinquencies  that  ultimately
        constituted  Excess Special Hazard Losses,  Excess Fraud Losses,  Excess
        Bankruptcy Losses or Extraordinary Losses;

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

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

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

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

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

               (ix) to the  Holders  of the  Class M-3  Certificates,  an amount
        equal to (x) the  Subordinate  Principal  Distribution  Amount  for such
        Class of Certificates for such Distribution Date minus (y) the amount of
        any  Class  A-P  Collection  Shortfalls  for such  Distribution  Date or
        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

                                       33
<PAGE>

        amounts  available  pursuant  to clause (x) of  Sections  4.02(a)(xiii),
        (xiv) and (xv) are  insufficient  therefor,  applied in reduction of the
        Certificate Principal Balance of the Class B-1 Certificates;

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

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

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

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

               (xvi)  to  the  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

                                       34
<PAGE>

outstanding,  the Senior  Certificates,  Accrued  Certificate  Interest  thereon
remaining unpaid from any previous  Distribution Date will be distributable only
to the extent that such unpaid Accrued Certificate  Interest was attributable to
interest  shortfalls  relating to the failure of the Master Servicer to make any
required Advance,  or the determination by the Master Servicer that any proposed
Advance would be a  Nonrecoverable  Advance with respect to the related Mortgage
Loan where such Mortgage Loan has not yet been the subject of a Cash Liquidation
or REO Disposition or the related Liquidation  Proceeds,  Insurance Proceeds and
REO Proceeds have not yet been distributed to the Certificateholders.

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

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

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

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

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

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

                                       35
<PAGE>

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

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

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

     (B)  second,  an  amount  equal  to  the  product  of (1) a  fraction,  the
          numerator of which is the sum of the Certificate Principal Balances of
          the  Class  A-1  Certificates  and  Class  A-2  Certificates  and  the
          denominator of which is the sum of the Certificate  Principal Balances
          of the Senior  Certificates (other than the Class A-P Certificates and
          Residual Certificates) prior to payment for that Distribution Date and
          (2) the amount  described  in Section  4.02(b)(ii)  above after taking
          into account distributions  described in Section 4.02(b)(ii)(A) above,
          concurrently to the Class A-1 Certificates and Class A-2 Certificates,
          on a pro rata  basis in  proportion  to their  respective  Certificate
          Principal Balances, until the aggregate Certificate Principal Balances
          of the Class A-1  Certificates  and  Class A-2  Certificates  has been
          reduced to zero;

     (C)  third,  concurrently,  to the  Class  A-5  Certificates  and Class A-7
          Certificates,  on a pro rata basis in proportion  to their  respective
          Certificate   Principal  Balances  until  the  aggregate   Certificate
          Principal  Balances  of the  Class  A-5  Certificates  and  Class  A-7
          Certificates  have been  reduced to its  Aggregate  Planned  Principal
          Balance;

(D)            fourth,  to the Class  A-4  Certificates  until  the  Certificate
               Principal  Balance of the Class A-4 Certificates has been reduced
               to its Scheduled Principal Balance;

     (E)  fifth, to the Class A-6 Certificates  until its Certificate  Principal
          Balance has been reduced to zero;

     (F)  sixth, to the Class A-4 Certificates,  without regard to its Scheduled
          Principal Balance,  until its Certificate  Principal Balances has been
          reduced to zero; and

     (G)  seventh,  concurrently,  to the Class A-5  Certificates  and Class A-7
          Certificates,  on a pro rata basis in proportion  to their  respective
          Certificate  Principal  Balances and without regard to their Aggregate
          Planned Principal Balance, until the Certificate Principal Balances of
          the  Class A-5  Certificates  and  Class  A-7  Certificates  have been
          reduced to zero; and

                                       36
<PAGE>

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

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

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

(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.

                                       37
<PAGE>

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

Section 4.03.  Statements to Certificateholders; Exchange Act Reporting.

        (a) - (d). (See Section 4.03(a) - (d) of the Standard Terms).

        (e) The Master Servicer shall, on behalf of the Depositor and in respect
of the Trust Fund,  sign and cause to be filed with the  Commission any periodic
reports  required to be filed under the  provisions of the Exchange Act, and the
rules and  regulations  of the  Commission  thereunder.  In connection  with the
preparation  and filing of such  periodic  reports,  the  Trustee  shall  timely
provide to the Master Servicer (I) a list of  Certificateholders as shown on the
Certificate  Register as of the end of each  calendar  year,  (II) copies of all
pleadings,  other legal process and any other documents  relating to any claims,
charges or complaints involving the Trustee, as trustee hereunder,  or the Trust
Fund that are received by the Trustee,  (III) notice of all matters that, to the
actual knowledge of a Responsible Officer of the Trustee, have been submitted to
a vote of the  Certificateholders,  other  than  those  matters  that  have been
submitted to a vote of the Certificateholders at the request of the Depositor or
the Master  Servicer,  and (IV) notice of any failure of the Trustee to make any
distribution  to the  Certificateholders  as  required  pursuant  to this Series
Supplement. Neither the Master Servicer nor the Trustee shall have any liability
with respect to the Master  Servicer's  failure to properly prepare or file such
periodic reports resulting from or relating to the Master  Servicer's  inability
or failure to obtain any  information  not resulting from the Master  Servicer's
own negligence or willful misconduct. Any Form 10-K filed with the Commission in
connection  with this Section 4.03(e) shall include a  certification,  signed by
the senior officer in charge of the servicing  functions of the Master Servicer,
in the form attached as Exhibit Six hereto or such other form as may be required
or permitted by the Commission  (the "Form 10-K  Certification"),  in compliance
with  Rules  13a-14  and  15d-14  under  the  Exchange  Act and  any  additional
directives of the Commission.  In connection  with the Form 10-K  Certification,
the Trustee  shall  provide  the Master  Servicer  with a back-up  certification
substantially in the form attached hereto as Exhibit Seven. This Section 4.03(e)
may be amended in  accordance  with this  Agreement  without  the consent of the
Certificateholders.

                                       38
<PAGE>

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 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 the Reserve Fund and deposited  into the  Certificate
Account on the  immediately  succeeding  Certificate  Account  Deposit Date. The
determination  by the Master  Servicer of such amounts shall,  in the absence of
obvious error, be presumptively  deemed to be correct for all purposes hereunder
and the  Trustee  shall be  protected  in  relying  upon the  same  without  any
independent check or verification.

        (b) On or before  2:00 P.M.  New York time on each  Certificate  Account
Deposit Date, the Master  Servicer  shall either (i) deposit in the  Certificate
Account from its own funds, or funds received therefor from the Subservicers, an
amount equal to the Advances to be made by the Master Servicer in respect of the
related  Distribution  Date,  which shall be in an aggregate amount equal to the
aggregate  amount of  Monthly  Payments  (with  each  interest  portion  thereof
adjusted to the Net  Mortgage  Rate),  less the amount of any related  Servicing
Modifications,  Debt Service  Reductions or reductions in the amount of interest
collectable  from the Mortgagor  pursuant to the  Soldiers'  and Sailors'  Civil
Relief Act of 1940, as amended,  or similar  legislation or regulations  then in
effect,  on the  Outstanding  Mortgage  Loans as of the related Due Date,  which
Monthly Payments were not received as of the close of business as of the related
Determination  Date;  provided  that no  Advance  shall be made if it would be a
Nonrecoverable  Advance,  (ii) withdraw from amounts on deposit in the Custodial
Account  and deposit in the  Certificate  Account all or a portion of the Amount
Held for Future  Distribution  in discharge of any such  Advance,  or (iii) make
advances in the form of any  combination of (i) and (ii)  aggregating the amount
of such Advance.  Any portion of the Amount Held for Future Distribution so used
shall be replaced by the Master Servicer by deposit in the  Certificate  Account
on or before 11:00 A.M. New York time on any future Certificate  Account Deposit
Date to the  extent  that  funds  attributable  to the  Mortgage  Loans that are
available in the  Custodial  Account for deposit in the  Certificate  Account on
such   Certificate   Account  Deposit  Date  shall  be  less  than  payments  to
Certificateholders  required to be made on the following  Distribution Date. The
Master  Servicer  shall be entitled to use any Advance made by a Subservicer  as
described in Section 3.07(b) that has been deposited in the Custodial Account on
or before  such  Distribution  Date as part of the  Advance  made by the  Master
Servicer pursuant to this Section 4.04. The amount of any reimbursement pursuant
to Section 4.02(a) in respect of outstanding  Advances on any Distribution  Date
shall be allocated to specific  Monthly Payments due but delinquent for previous
Due Periods,  which  allocation  shall be made,  to the extent  practicable,  to
Monthly Payments which have been delinquent for the longest period of time. Such
allocations  shall be  conclusive  for purposes of  reimbursement  to the Master
Servicer from recoveries on related Mortgage Loans pursuant to Section 3.10.

        The   determination   by  the  Master   Servicer  that  it  has  made  a
Nonrecoverable Advance or that any proposed Advance, if made, would constitute a
Nonrecoverable  Advance,  shall be evidenced by an Officers'  Certificate of the
Master Servicer delivered to the Company and the Trustee.

                                       39
<PAGE>

        If the Master  Servicer  determines as of the Business Day preceding any
Certificate  Account  Deposit  Date  that it will be unable  to  deposit  in the
Certificate  Account an amount equal to the Advance  required to be made for the
immediately succeeding Distribution Date, it shall give notice to the Trustee of
its inability to advance (such notice may be given by telecopy),  not later than
3:00 P.M.,  New York time, on such Business Day,  specifying the portion of such
amount  that it will be unable to  deposit.  Not later than 3:00 P.M.,  New York
time, on the Certificate Account Deposit Date the Trustee shall, unless by 12:00
Noon, New York time, on such day the Trustee shall have been notified in writing
(by  telecopy)  that the Master  Servicer  shall  have  directly  or  indirectly
deposited in the  Certificate  Account such portion of the amount of the Advance
as to which  the  Master  Servicer  shall  have  given  notice  pursuant  to the
preceding  sentence,  pursuant to Section 7.01,  (a) terminate all of the rights
and  obligations of the Master  Servicer under this Agreement in accordance with
Section 7.01 and (b) assume the rights and  obligations  of the Master  Servicer
hereunder,  including the  obligation to deposit in the  Certificate  Account an
amount equal to the Advance for the immediately succeeding Distribution Date.

        The Trustee shall deposit all funds it receives pursuant to this Section
4.04 into the Certificate Account.

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

                                       40
<PAGE>

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  the  Subordinate  Certificates,  on a  pro  rata  basis,  as
described  below.  The interest  portion of any Excess  Special  Hazard  Losses,
Excess Bankruptcy Losses,  Excess Fraud Losses and Extraordinary  Losses will be
allocated to all the Certificates on a pro rata basis.

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

     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 thirty days  following the Closing Date,  the Trustee will
establish and maintain the Reserve Fund. Promptly following the establishment of
the Reserve Fund by the Trustee,  the Senior  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

                                       41
<PAGE>

into  the  Certificate  Account,  and to pay to the  holders  of the  Class  A-4
Certificates  pursuant to Section  4.02(a),  the amount of any  Realized  Losses
(other than Excess Losses) otherwise allocable to the Class A-4 Certificates, 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 Senior 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,  at the
direction of the Senior Underwriter, shall be invested in Permitted Investments.
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  Senior
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 first
Distribution  Date on which (i) the Certificate  Principal  Balance of the Class
A-4 Certificates is reduced to zero or (ii) the Subordinate  Percentage is equal
to or greater than 5.30% will be distributed  by the Trustee in accordance  with
direction from the Master Servicer to the Senior 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 Senior  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.

                                       42
<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)(i).  (See  Section  5.02(a)  - (e)(i) of the  Standard
Terms)

               (ii) Any  Transferee of a Class M  Certificate  will be deemed to
               have  represented  by virtue of its  purchase  or holding of such
               Certificate (or interest therein) that either (a) such Transferee
               is not a Plan  Investor,  (b) it has acquired and is holding such
               Certificate  in  reliance  on  Prohibited  Transaction  Exemption
               ("PTE") 94-29, 59 Fed. Reg. 14674 (March 29, 1994), as amended by
               PTE 97-34,  62 Fed. Reg. 39021 (July 21, 1997),  PTE 2000-58,  65
               Fed. Reg.  67765  (November 13, 2000),  and PTE 2002-41,  67 Fed.
               Reg. 54487 (August 22, 2002) (the "RFC  Exemption"),  and that it
               understands that there are certain conditions to the availability
               of the RFC  Exemption  including  that such  Certificate  must be
               rated,  at the time of  purchase,  not lower than  "BBB-" (or its
               equivalent)  by  Standard & Poor's,  Fitch or Moody's or (c) such
               Transferee is a Complying Insurance Company.

               (e)(iii) - (h). (See Section  5.02(e)(iii)  - (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)

                                       43
<PAGE>

                                   ARTICLE VI
                       THE COMPANY AND THE MASTER SERVICER

                     (SEE ARTICLE VI OF THE STANDARD TERMS)

                                       44
<PAGE>

                                  ARTICLE VII
                                     DEFAULT

                     (SEE ARTICLE VII OF THE STANDARD TERMS)

                                       45
<PAGE>

                                  ARTICLE VIII
                             CONCERNING THE TRUSTEE

                    (SEE ARTICLE VIII OF THE STANDARD TERMS)

                                       46
<PAGE>

                                   ARTICLE IX
                                   TERMINATION

                     (SEE ARTICLE IX OF THE STANDARD TERMS)

                                       47
<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 subject to this Agreement  (including the Mortgage Loans)
as a REMIC  ("REMIC  I") and will make an  election  to treat the pool of assets
comprised of the  Uncertificated  REMIC I Regular  Interests as a REMIC  ("REMIC
II") for federal income tax purposes.

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

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

                                       48
<PAGE>

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

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

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

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

               (ii) Realized Losses  allocated to the Class A-1 Certificates and
        Class A-3  Certificates  under Section 4.05 shall be deemed allocated to
        Uncertificated REMIC I Regular Interest T;

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

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

               (v) Realized Losses  allocated to the Class A-7  Certificates and
        Class A-8  Certificates  under Section 4.05 shall be deemed allocated to
        Uncertificated REMIC I Regular Interest W;

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

               (vii)  Realized  Losses  allocated  to the Class A-4,  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

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

                                       49
<PAGE>

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

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

Section 10.05. Compliance with Withholding Requirements.

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

                                       50
<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 2003-QS3

                            The Trustee designates its offices located at
                            c/o DTC Transfer  Services,  55 Water Street,
                            Jeanette Street Park Entrance,  New York, New
                            York 10041,  for the purposes of Section 8.12
                            of the Standard Terms

Fitch                       One State Street Plaza
                                 New York, New York 10004

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

                                       51
<PAGE>

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

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

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

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

Section 11.09. Allocation of Voting Rights.

               96% of all of the Voting Rights shall be allocated  among Holders
of  Certificates,  other  than  the  Interest  Only  Certificates  and  Class  R
Certificates, in proportion to the outstanding Certificate Principal Balances of
their respective Certificates;  1% of all Voting Rights shall be allocated among
the Holders of the Class A-3  Certificates,  in accordance with their respective
Percentage  Interests;  1% of all Voting  Rights  shall be  allocated  among the
Holders of the Class A-8  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.

                                       52
<PAGE>

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

                                       RESIDENTIAL ACCREDIT LOANS, INC.
[Seal]

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

Attest: //s// Lisa Lundsten
      Name: Lisa Lundsten
      Title:  Vice President

                                       RESIDENTIAL FUNDING CORPORATION
[Seal]

                                            By:  //s// Lisa Lundsten
                                                 Name: Lisa Lundsten
                                                 Title: Vice President

Attest: //s// Joseph Orning
      Name: Joseph Orning
      Title: Director

                         DEUTSCHE BANK TRUST COMPANY AMERICAS, as Trustee
[Seal]

                                            By:  //s// Ronaldo Reyes
                                                 Name: Ronaldo Reyes
                                                 Title: Associate

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

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

<PAGE>

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

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

                                                       //s// Brian S. Bangerter
                                                          Notary Public

 [Notarial Seal]

<PAGE>

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

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

                                                   //s// Brian S. Bangerter
                                                   Notary Public

 [Notarial Seal]

<PAGE>

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

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

                                                   //s// Brent Wayne Hoyler
                                                   Notary Public

 [Notarial Seal]

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

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

                                                   //s// Brent Wayne Hoyler
                                                   Notary Public

[Notarial Seal]

<PAGE>

                                   EXHIBIT ONE

                             MORTGAGE LOAN SCHEDULE

  RUN ON     : 02/18/03           RFC DISCLOSURE SYSTEM       RFFSDFIX-01
  AT         : 12.29.28           FIXED PASSTHRU REPORT       AMORTIZED BALANCE
  SERIES     : RALI 2003-QS3                                  CUTOFF : 02/01/03
  POOL       : 0004662
             :
             :
  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
  --------------------------------------------------------------------------

      5425887                              .2500
       61,773.97                          .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            5.5000                        1.9200

      5627180                              .2500
      442,208.20                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            5.5000                        1.4200

      7538182                              .2500
      220,979.74                          .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            5.5000                        1.7950

      7666575                              .2500
       55,104.71                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            5.5000                        1.6700

      7741811                              .2500
      106,308.05                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            5.5000                        1.6700

      7748257                              .2500
      281,379.82                          .0800
            6.5000                         .0000
            6.2500                         .0000
            6.1700                         .0000
            5.5000                         .6700
1

      7752579                              .2500
      104,379.92                          .0800
            6.7500                         .0000
            6.5000                         .0000
            6.4200                         .0000
            5.5000                         .9200

      7766021                              .2500
       63,827.64                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            5.5000                        1.6700

      7769669                              .2500
      204,475.68                          .0800
            6.7500                         .0000
            6.5000                         .0000
            6.4200                         .0000
            5.5000                         .9200

      7793527                              .2500
       88,061.22                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            5.5000                        1.6700

      7797083                              .2500
      175,803.66                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            5.5000                        1.1700

      7853119                              .2500
       88,066.51                          .0800
            6.7500                         .0000
            6.5000                         .0000
            6.4200                         .0000
            5.5000                         .9200

      7863689                              .2500
       33,864.99                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            5.5000                        1.6700

      7967611                              .2500
       58,017.58                          .0800
            6.5000                         .0000
            6.2500                         .0000
            6.1700                         .0000
            5.5000                         .6700
1

      7978813                              .2500
      140,691.51                          .0800
            6.1250                         .0000
            5.8750                         .0000
            5.7950                         .0000
            5.5000                         .2950

      7985317                              .2500
      127,789.25                          .0800
            6.2500                         .0000
            6.0000                         .0000
            5.9200                         .0000
            5.5000                         .4200

      8001429                              .2500
      201,402.95                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            5.5000                        1.1700

      8016895                              .2500
       97,349.66                          .0800
            6.5000                         .0000
            6.2500                         .0000
            6.1700                         .0000
            5.5000                         .6700

      8024413                              .2500
       78,667.87                          .0800
            6.5000                         .0000
            6.2500                         .0000
            6.1700                         .0000
            5.5000                         .6700

      8027093                              .2500
      113,789.05                          .0800
            6.0000                         .0000
            5.7500                         .0000
            5.6700                         .0000
            5.5000                         .1700

      8047973                              .2500
      143,943.88                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            5.5000                        1.1700

      8048225                              .2500
       60,756.22                          .0800
            6.2500                         .0000
            6.0000                         .0000
            5.9200                         .0000
            5.5000                         .4200
1

      8055047                              .2500
       98,386.95                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            5.5000                        1.0450

      8055661                              .2500
       93,607.75                          .0300
            5.7500                         .0000
            5.5000                         .0000
            5.4700                         .0000
            5.4700                         .0000

      8060733                              .2500
       68,546.97                          .0800
            6.1250                         .0000
            5.8750                         .0000
            5.7950                         .0000
            5.5000                         .2950

      8065227                              .2500
      111,102.16                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            5.5000                        1.5450

      8069713                              .2500
       84,498.53                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            5.5000                        1.0450

      8085417                              .2500
       88,791.59                          .0800
            6.3750                         .0000
            6.1250                         .0000
            6.0450                         .0000
            5.5000                         .5450

      8117827                              .2500
       98,628.73                          .0800
            6.1250                         .0000
            5.8750                         .0000
            5.7950                         .0000
            5.5000                         .2950

      8124725                              .2500
      197,969.92                          .0800
            6.2500                         .0000
            6.0000                         .0000
            5.9200                         .0000
            5.5000                         .4200
1

      8127491                              .2500
       54,924.62                          .0800
            6.0000                         .0000
            5.7500                         .0000
            5.6700                         .0000
            5.5000                         .1700

      8131541                              .2500
       88,591.56                          .0800
            6.2500                         .0000
            6.0000                         .0000
            5.9200                         .0000
            5.5000                         .4200

      8139435                              .2500
      212,126.70                          .0800
            6.5000                         .0000
            6.2500                         .0000
            6.1700                         .0000
            5.5000                         .6700

      8142763                              .2500
      147,405.79                          .0300
            5.6250                         .0000
            5.3750                         .0000
            5.3450                         .0000
            5.3450                         .0000

      8151093                              .2500
       85,859.97                          .0300
            5.5000                         .0000
            5.2500                         .0000
            5.2200                         .0000
            5.2200                         .0000

      8154395                              .2500
      182,389.07                          .0800
            6.6250                         .0000
            6.3750                         .0000
            6.2950                         .0000
            5.5000                         .7950

      8155833                              .2500
       54,936.65                          .0800
            6.2500                         .0000
            6.0000                         .0000
            5.9200                         .0000
            5.5000                         .4200

      8158099                              .2500
       93,202.66                          .0300
            5.7500                         .0000
            5.5000                         .0000
            5.4700                         .0000
            5.4700                         .0000
1

      8180697                              .2500
      234,167.45                          .0300
            5.6250                         .0000
            5.3750                         .0000
            5.3450                         .0000
            5.3450                         .0000

      8183087                              .2500
       66,416.60                          .0800
            6.2500                         .0000
            6.0000                         .0000
            5.9200                         .0000
            5.5000                         .4200

      8188401                              .2500
       57,943.08                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            5.5000                        1.1700

      8188729                              .2500
      158,305.93                          .0300
            5.7500                         .0000
            5.5000                         .0000
            5.4700                         .0000
            5.4700                         .0000

      8191625                              .2500
      214,860.04                          .0800
            5.8750                         .0000
            5.6250                         .0000
            5.5450                         .0000
            5.5000                         .0450

      8195875                              .2500
       96,204.71                          .0800
            6.5000                         .0000
            6.2500                         .0000
            6.1700                         .0000
            5.5000                         .6700

      8195909                              .2500
       88,067.51                          .0800
            5.8750                         .0000
            5.6250                         .0000
            5.5450                         .0000
            5.5000                         .0450

      8198015                              .2500
       73,628.67                          .0800
            6.0000                         .0000
            5.7500                         .0000
            5.6700                         .0000
            5.5000                         .1700
1

      8198055                              .2500
       76,524.66                          .0800
            6.0000                         .0000
            5.7500                         .0000
            5.6700                         .0000
            5.5000                         .1700

      8202045                              .2500
       89,161.46                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            5.5000                        1.4200

      8205249                              .2500
      112,472.40                          .0800
            6.2500                         .0000
            6.0000                         .0000
            5.9200                         .0000
            5.5000                         .4200

      8205303                              .2500
      163,820.13                          .0800
            6.2500                         .0000
            6.0000                         .0000
            5.9200                         .0000
            5.5000                         .4200

      8207289                              .2500
       53,423.27                          .0800
            5.8750                         .0000
            5.6250                         .0000
            5.5450                         .0000
            5.5000                         .0450

      8207405                              .2500
       81,060.90                          .0800
            6.5000                         .0000
            6.2500                         .0000
            6.1700                         .0000
            5.5000                         .6700

      8208119                              .2500
      290,936.79                          .0300
            5.7500                         .0000
            5.5000                         .0000
            5.4700                         .0000
            5.4700                         .0000

      8208143                              .2500
      152,636.77                          .0800
            6.0000                         .0000
            5.7500                         .0000
            5.6700                         .0000
            5.5000                         .1700
1

      8209439                              .2500
      148,943.74                          .0300
            5.7500                         .0000
            5.5000                         .0000
            5.4700                         .0000
            5.4700                         .0000

      8209451                              .2500
      147,950.79                          .0300
            5.7500                         .0000
            5.5000                         .0000
            5.4700                         .0000
            5.4700                         .0000

      8209701                              .2500
      211,562.25                          .0300
            5.7500                         .0000
            5.5000                         .0000
            5.4700                         .0000
            5.4700                         .0000

      8214587                              .2500
       43,203.27                          .0800
            6.1250                         .0000
            5.8750                         .0000
            5.7950                         .0000
            5.5000                         .2950

      8215363                              .2500
      526,243.52                          .0800
            5.8750                         .0000
            5.6250                         .0000
            5.5450                         .0000
            5.5000                         .0450

      8215787                              .2500
       80,248.83                          .0800
            6.1250                         .0000
            5.8750                         .0000
            5.7950                         .0000
            5.5000                         .2950

      8219291                              .2500
      159,393.46                          .0800
            6.0000                         .0000
            5.7500                         .0000
            5.6700                         .0000
            5.5000                         .1700

      8221781                              .2500
      355,505.57                          .0800
            5.8750                         .0000
            5.6250                         .0000
            5.5450                         .0000
            5.5000                         .0450
1

      8221801                              .2500
      187,669.11                          .0300
            5.7500                         .0000
            5.5000                         .0000
            5.4700                         .0000
            5.4700                         .0000

      8222755                              .2500
      248,397.76                          .0800
            6.0000                         .0000
            5.7500                         .0000
            5.6700                         .0000
            5.5000                         .1700

      8222913                              .2500
       85,026.92                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            5.5000                        1.0450

      8223533                              .2500
      238,835.87                          .0800
            5.8750                         .0000
            5.6250                         .0000
            5.5450                         .0000
            5.5000                         .0450

      8224159                              .2500
       84,426.31                          .0800
            6.2500                         .0000
            6.0000                         .0000
            5.9200                         .0000
            5.5000                         .4200

      8225541                              .2500
      635,680.42                          .0800
            6.2500                         .0000
            6.0000                         .0000
            5.9200                         .0000
            5.5000                         .4200

      8227025                              .2500
      178,684.42                          .0300
            5.6250                         .0000
            5.3750                         .0000
            5.3450                         .0000
            5.3450                         .0000

      8228625                              .2500
       70,500.04                          .0300
            5.7500                         .0000
            5.5000                         .0000
            5.4700                         .0000
            5.4700                         .0000
1

      8228811                              .2500
      154,693.20                          .0800
            6.7500                         .0000
            6.5000                         .0000
            6.4200                         .0000
            5.5000                         .9200

      8230595                              .2500
       72,485.95                          .0300
            5.7500                         .0000
            5.5000                         .0000
            5.4700                         .0000
            5.4700                         .0000

      8231067                              .2500
       35,762.16                          .0800
            6.5000                         .0000
            6.2500                         .0000
            6.1700                         .0000
            5.5000                         .6700

      8234821                              .2500
       91,876.15                          .0300
            5.7500                         .0000
            5.5000                         .0000
            5.4700                         .0000
            5.4700                         .0000

      8237591                              .2500
      182,326.92                          .0300
            5.5000                         .0000
            5.2500                         .0000
            5.2200                         .0000
            5.2200                         .0000

      8240955                              .2500
       80,435.60                          .0800
            5.8750                         .0000
            5.6250                         .0000
            5.5450                         .0000
            5.5000                         .0450

      8241131                              .2500
      172,813.05                          .0800
            6.1250                         .0000
            5.8750                         .0000
            5.7950                         .0000
            5.5000                         .2950

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            5.4700                         .0000
            5.4700                         .0000

      8397901                              .2500
      105,900.00                          .0800
            5.8750                         .0000
            5.6250                         .0000
            5.5450                         .0000
            5.5000                         .0450

      8397929                              .2500
      128,400.00                          .0800
            5.8750                         .0000
            5.6250                         .0000
            5.5450                         .0000
            5.5000                         .0450

      8397953                              .2500
       80,000.00                          .0300
            5.7500                         .0000
            5.5000                         .0000
            5.4700                         .0000
            5.4700                         .0000

      8397969                              .2500
       65,000.00                          .0300
            5.3750                         .0000
            5.1250                         .0000
            5.0950                         .0000
            5.0950                         .0000

      8397993                              .2500
       44,800.00                          .0800
            6.0000                         .0000
            5.7500                         .0000
            5.6700                         .0000
            5.5000                         .1700

      8398063                              .2500
      173,388.84                          .0300
            5.7500                         .0000
            5.5000                         .0000
            5.4700                         .0000
            5.4700                         .0000
1

      8398087                              .2500
      149,000.00                          .0800
            6.0000                         .0000
            5.7500                         .0000
            5.6700                         .0000
            5.5000                         .1700

      8398105                              .2500
      134,400.00                          .0800
            6.0000                         .0000
            5.7500                         .0000
            5.6700                         .0000
            5.5000                         .1700

      8398137                              .2500
       69,000.00                          .0300
            5.5000                         .0000
            5.2500                         .0000
            5.2200                         .0000
            5.2200                         .0000

      8398175                              .2500
      194,000.00                          .0300
            5.3750                         .0000
            5.1250                         .0000
            5.0950                         .0000
            5.0950                         .0000

      8398193                              .2500
      228,900.00                          .0300
            5.5000                         .0000
            5.2500                         .0000
            5.2200                         .0000
            5.2200                         .0000

      8398263                              .2500
      160,000.00                          .0300
            5.7500                         .0000
            5.5000                         .0000
            5.4700                         .0000
            5.4700                         .0000

      8398329                              .2500
       60,000.00                          .0300
            5.7500                         .0000
            5.5000                         .0000
            5.4700                         .0000
            5.4700                         .0000

      8398347                              .2500
      258,000.00                          .0300
            5.6250                         .0000
            5.3750                         .0000
            5.3450                         .0000
            5.3450                         .0000
1

      8398411                              .2500
      112,798.17                          .0300
            5.6250                         .0000
            5.3750                         .0000
            5.3450                         .0000
            5.3450                         .0000

      8398415                              .2500
      290,000.00                          .0300
            5.7500                         .0000
            5.5000                         .0000
            5.4700                         .0000
            5.4700                         .0000

      8398577                              .2500
       92,000.00                          .0300
            5.6250                         .0000
            5.3750                         .0000
            5.3450                         .0000
            5.3450                         .0000

      8398771                              .2500
       45,000.00                          .0800
            6.0000                         .0000
            5.7500                         .0000
            5.6700                         .0000
            5.5000                         .1700

      8399657                              .2500
       66,000.00                          .0800
            5.8750                         .0000
            5.6250                         .0000
            5.5450                         .0000
            5.5000                         .0450

      8400263                              .2500
       65,200.00                          .0800
            5.8750                         .0000
            5.6250                         .0000
            5.5450                         .0000
            5.5000                         .0450

      8400763                              .2500
       61,000.00                          .0800
            5.8750                         .0000
            5.6250                         .0000
            5.5450                         .0000
            5.5000                         .0450

      8401501                              .2500
      430,000.00                          .0300
            5.5000                         .0000
            5.2500                         .0000
            5.2200                         .0000
            5.2200                         .0000
1

      8401765                              .2500
      420,000.00                          .0300
            5.6250                         .0000
            5.3750                         .0000
            5.3450                         .0000
            5.3450                         .0000

      8401809                              .2500
      140,000.00                          .0300
            5.5000                         .0000
            5.2500                         .0000
            5.2200                         .0000
            5.2200                         .0000

      8403685                              .2500
      172,000.00                          .0800
            5.8750                         .0000
            5.6250                         .0000
            5.5450                         .0000
            5.5000                         .0450

      8403699                              .2500
      345,500.00                          .0800
            5.8750                         .0000
            5.6250                         .0000
            5.5450                         .0000
            5.5000                         .0450

      8403763                              .2500
       93,000.00                          .0300
            5.5000                         .0000
            5.2500                         .0000
            5.2200                         .0000
            5.2200                         .0000

      8403859                              .2500
       37,710.00                          .0800
            6.5000                         .0000
            6.2500                         .0000
            6.1700                         .0000
            5.5000                         .6700

      8403879                              .2500
       92,000.00                          .0300
            5.3750                         .0000
            5.1250                         .0000
            5.0950                         .0000
            5.0950                         .0000

      8403905                              .2500
      100,000.00                          .0300
            5.6250                         .0000
            5.3750                         .0000
            5.3450                         .0000
            5.3450                         .0000
1

      8403951                              .2500
      244,000.00                          .0300
            5.7500                         .0000
            5.5000                         .0000
            5.4700                         .0000
            5.4700                         .0000

      8408337                              .2500
      150,000.00                          .0800
            5.8750                         .0000
            5.6250                         .0000
            5.5450                         .0000
            5.5000                         .0450

      8408593                              .2500
      346,000.00                          .0300
            5.6250                         .0000
            5.3750                         .0000
            5.3450                         .0000
            5.3450                         .0000

  TOTAL NUMBER OF LOANS:     1273
  TOTAL BALANCE........:        208,409,571.04

  RUN ON     : 02/18/03            RFC DISCLOSURE SYSTEM      RFFSDFIX-01
  AT         : 12.29.28            INITIAL SECURITY FEES      AMORTIZED BALANCE
  SERIES     : RALI 2003-QS3        FIXED SUMMARY REPORT      CUTOFF : 02/01/03
  POOL       : 0004662
             :
             :
  POOL STATUS: F

                                   WEIGHTED AVERAGES      FROM         TO
  ----------------------------------------------------------------------------
  CURR NOTE RATE                        5.8938            5.0000      7.7500
  RFC NET RATE                          5.6438            4.7500      7.5000
  NET MTG RATE(INVSTR RATE)             5.5848            4.7200      7.4200
  POST STRIP RATE                       5.4322            4.7200      5.5000
  SUB SERV FEE                           .2500             .2500       .2500
  MSTR SERV FEE                          .0590             .0300        .0800
  ALL EXP                                .0000             .0000       .0000
  MISC EXP                               .0000             .0000       .0000
  SPREAD                                 .0000             .0000       .0000
  STRIP                                  .1526             .0000      1.9200

  TOTAL NUMBER OF LOANS:  1273
  TOTAL BALANCE........:     208,409,571.04

                             ***************************
                             *      END OF REPORT      *
                             ***************************
  RUN ON     : 02/18/03           RFC DISCLOSURE SYSTEM       RFFSD177-01
  AT         : 12.29.28          FIXED RATE LOAN LISTING      AMORTIZED BALANCE
  SERIES     : RALI 2003-QS3                                  CUTOFF : 02/01/03
  POOL       : 0004662
             :
             :
  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 #
  ______________________________________________________________________________

    5425887          601/G02             F           65,000.00         ZZ
                                         180         61,773.97          1
                                       7.750            611.83         61
                                       7.500            611.83
    COLORADO SPRING  CO   80915          5            09/06/01         00
    0433223872                           05           11/01/01          0
    60776259                             N            10/01/16
    0

    5627180          623/G02             F          468,000.00         ZZ
                                         180        442,208.20          1
                                       7.250          4,272.20         63
                                       7.000          4,272.20
    LONGWOOD         FL   32779          5            08/16/01         00
    0433221470                           03           10/01/01          0
    5371976                              O            09/01/16
    0

    7538182          E82/G02             F          229,500.00         ZZ
                                         180        220,979.74          4
                                       7.625          2,143.83         90
                                       7.375          2,143.83
    HIALEAH          FL   33010          2            01/25/02         04
    0400565388                           05           03/01/02         12
    0400565388                           N            02/01/17
    0

    7666575          E82/G02             F           56,500.00         ZZ
                                         180         55,104.71          1
                                       7.500            523.76         85
                                       7.250            523.76
    SPARTA           NC   28675          2            04/30/02         04
    0400619987                           05           07/01/02          6
1

    0400619987                           O            06/01/17
    0

    7741811          601/G02             F          109,000.00         ZZ
                                         180        106,308.05          1
                                       7.500          1,010.45         69
                                       7.250          1,010.45
    MAYBELL          CO   81640          2            05/15/02         00
    0434166112                           05           07/01/02          0
    61436945                             O            06/01/17
    0

    7748257          E22/G02             F          290,000.00         ZZ
                                         180        281,379.82          1
                                       6.500          2,526.21         75
                                       6.250          2,526.21
    STERLING HEIGHT  MI   48314          5            05/30/02         00
    0414005876                           05           07/01/02          0
    0414005876                           O            06/01/17
    0

    7752579          601/G02             F          107,200.00         T
                                         180        104,379.92          1
                                       6.750            948.63         80
                                       6.500            948.63
    CHERRY LOG       GA   30522          1            05/13/02         00
    0434109153                           05           07/01/02          0
    64131136140                          O            06/01/17
    0

    7766021          601/G02             F           66,000.00         ZZ
                                         180         63,827.64          1
                                       7.500            611.83         63
                                       7.250            611.83
    NASHVILLE        TN   37207          5            05/23/02         00
    0434131462                           05           07/01/02          0
    6137691                              N            06/01/17
    0

    7769669          477/G02             F          210,000.00         ZZ
                                         180        204,475.68          2
                                       6.750          1,858.31         45
                                       6.500          1,858.31
    SAN JOSE         CA   95116          5            05/14/02         00
    0434137899                           05           07/01/02          0
    232256                               O            06/01/17
    0

1

    7793527          W39/G02             F           90,000.00         ZZ
                                         180         88,061.22          1
                                       7.500            834.32         75
                                       7.250            834.32
    MESQUITE         TX   75149          5            06/14/02         00
    0434418059                           05           08/01/02          0
    PNI01510                             N            07/01/17
    0

    7797083          477/G02             F          180,500.00         ZZ
                                         180        175,803.66          1
                                       7.000          1,622.39         93
                                       6.750          1,622.39
    SOUTH GATE       CA   90280          5            05/24/02         26
    0434211793                           05           07/01/02         30
    232471                               O            06/01/17
    0

    7853119          K39/G02             F           90,350.00         ZZ
                                         180         88,066.51          1
                                       6.750            799.52         78
                                       6.500            799.52
    TUSCALOOSA       AL   35405          5            06/29/02         00
    0434297172                           05           08/05/02          0
    421825984                            O            07/05/17
    0

    7863689          E22/G02             F           34,500.00         ZZ
                                         180         33,864.99          1
                                       7.500            319.82         36
                                       7.250            319.82
    VENICE           FL   34293          5            07/12/02         00
    0414416982                           05           09/01/02          0
    0414416982                           O            08/01/17
    0

    7967611          E82/G02             F           59,000.00         ZZ
                                         180         58,017.58          1
                                       6.500            513.95         70
                                       6.250            513.95
    MIAMI            FL   33176          2            08/15/02         00
    0400666780                           01           10/01/02          0
    4112329                              O            09/01/17
    0

    7978813          E82/G02             F          144,000.00         ZZ
                                         180        140,691.51          1
                                       6.125          1,224.90         56
                                       5.875          1,224.90
1

    SACRAMENTO       CA   95841          2            08/20/02         00
    0400654430                           05           10/01/02          0
    0400654430                           O            09/01/17
    0

    7985317          E82/G02             F          130,000.00         ZZ
                                         180        127,789.25          1
                                       6.250          1,114.65         72
                                       6.000          1,114.65
    RANDOLPH         NJ   07869          2            08/23/02         00
    0400658779                           05           10/01/02          0
    1862209                              O            09/01/17
    0

    8001429          E82/G02             F          204,000.00         ZZ
                                         180        201,402.95          1
                                       7.000          1,833.61         85
                                       6.750          1,833.61
    CORAM            NY   11727          5            08/30/02         04
    0400654505                           05           11/01/02         20
    0400654505                           O            10/01/17
    0

    8016895          601/G02             F           99,000.00         ZZ
                                         180         97,349.66          1
                                       6.500            862.40         50
                                       6.250            862.40
    RICHARDSON       TX   75082          2            08/02/02         00
    0434525101                           05           10/01/02          0
    61720736                             O            09/01/17
    0

    8024413          N67/G02             F           80,000.00         ZZ
                                         180         78,667.87          1
                                       6.500            696.89         73
                                       6.250            696.89
    PHOENIX          AZ   85053          5            08/21/02         00
    0434544755                           05           10/01/02          0
    1781002893A                          O            09/01/17
    0

    8027093          M27/G02             F          115,800.00         ZZ
                                         180        113,789.05          1
                                       6.000            977.19         56
                                       5.750            977.19
    HOLLY SPRINGS    NC   27540          2            08/26/02         00
    0435155403                           05           10/01/02          0
    0100019097                           O            09/01/17
    0
1

    8047973          168/168             F          145,800.00         ZZ
                                         180        143,943.88          2
                                       7.000          1,310.49         90
                                       6.750          1,310.49
    JERSEY CITY      NJ   07306          1            09/12/02         14
    0089436962                           05           11/01/02         12
    0089436962                           O            10/01/17
    0

    8048225          E22/G02             F           61,600.00         ZZ
                                         180         60,756.22          1
                                       6.250            528.17         80
                                       6.000            528.17
    JACKSONVILLE     FL   32246          5            09/13/02         00
    0414885681                           05           11/01/02          0
    0414885681                           O            10/01/17
    0

    8055047          U05/G02             F          100,000.00         ZZ
                                         180         98,386.95          1
                                       6.875            891.85         74
                                       6.625            891.85
    BEDFORD          TX   76021          5            08/26/02         00
    0435115431                           05           10/01/02          0
    3253678                              O            09/01/17
    0

    8055661          L76/G02             F           96,000.00         ZZ
                                         120         93,607.75          1
                                       5.750          1,053.78         83
                                       5.500          1,053.78
    FARIBAULT        MN   55021          5            09/12/02         01
    0434636627                           05           11/01/02          6
    9507101                              O            10/01/12
    0

    8060733          G34/G02             F           69,500.00         ZZ
                                         180         68,546.97          1
                                       6.125            591.18         23
                                       5.875            591.18
    WEATHERFORD      TX   76087          5            09/16/02         00
    0435265327                           05           11/01/02          0
    85206435                             O            10/01/17
    0

    8065227          E82/G02             F          112,500.00         ZZ
                                         180        111,102.16          1
1

                                       7.375          1,034.91         75
                                       7.125          1,034.91
    KISSIMMEE        FL   34746          2            09/27/02         00
    0400684825                           01           11/01/02          0
    0400684825                           N            10/01/17
    0

    8069713          U05/G02             F           85,600.00         ZZ
                                         180         84,498.53          1
                                       6.875            763.43         80
                                       6.625            763.43
    IRVING           TX   75060          5            09/16/02         00
    0435152343                           05           11/01/02          0
    3261825                              O            10/01/17
    0

    8085417          U05/G02             F           90,000.00         ZZ
                                         180         88,791.59          1
                                       6.375            777.83         80
                                       6.125            777.83
    SAN JUAN         TX   78589          5            09/04/02         00
    0435279955                           05           11/01/02          0
    3250928                              N            10/01/17
    0

    8117827          N67/G02             F          100,000.00         ZZ
                                         180         98,628.73          1
                                       6.125            850.62         67
                                       5.875            850.62
    RIO RICO         AZ   85648          1            09/24/02         00
    0434760930                           05           11/01/02          0
    1781003100A                          O            10/01/17
    0

    8124725          U36/G02             F          200,000.00         ZZ
                                         180        197,969.92          1
                                       6.250          1,714.85         80
                                       6.000          1,714.85
    STERLING         VA   20165          1            10/09/02         00
    0434795621                           03           12/01/02          0
    820122002                            O            11/01/17
    0

    8127491          T44/G02             F           55,500.00         ZZ
                                         180         54,924.62          1
                                       6.000            468.34         50
                                       5.750            468.34
    REEDLEY          CA   93654          2            10/11/02         00
    0434789509                           05           12/01/02          0
1

    1053199                              N            11/01/17
    0

    8131541          477/G02             F           89,500.00         ZZ
                                         180         88,591.56          1
                                       6.250            767.39         69
                                       6.000            767.39
    STOCKTON         CA   95205          5            10/04/02         00
    0435150248                           05           12/01/02          0
    234120                               O            11/01/17
    0

    8139435          N47/G02             F          216,800.00         ZZ
                                         180        212,126.70          1
                                       6.500          1,888.56         80
                                       6.250          1,888.56
    SAN DIEGO        CA   92114          5            10/02/02         00
    0434811584                           05           12/01/02          0
    30122764                             O            11/01/17
    0

    8142763          X08/G02             F          149,000.00         ZZ
                                         180        147,405.79          1
                                       5.625          1,227.36         39
                                       5.375          1,227.36
    SALT LAKE CITY   UT   84117          5            10/07/02         00
    0434877957                           05           12/01/02          0
    2800262                              O            11/01/17
    0

    8151093          964/G02             F           86,900.00         ZZ
                                         180         85,859.97          1
                                       5.500            710.05         64
                                       5.250            710.05
    SPLENDORA        TX   77372          2            10/15/02         00
    0434817904                           03           12/01/02          0
    279352                               O            11/01/17
    0

    8154395          E45/G02             F          184,200.00         ZZ
                                         180        182,389.07          1
                                       6.625          1,617.26         67
                                       6.375          1,617.26
    PALMDALE         CA   93552          2            10/02/02         00
    0434844122                           05           12/01/02          0
    267062                               O            11/01/17
    0

1

    8155833          T09/G02             F           55,500.00         ZZ
                                         180         54,936.65          1
                                       6.250            475.87         73
                                       6.000            475.87
    ORANGE COVE      CA   93646          5            10/10/02         00
    0434875977                           05           12/01/02          0
    20021904                             O            11/01/17
    0

    8158099          F89/G02             F           94,300.00         ZZ
                                         180         93,202.66          1
                                       5.750            783.08         56
                                       5.500            783.08
    PACOIMA          CA   91331          2            10/10/02         00
    0434875357                           05           12/01/02          0
    11121445                             O            11/01/17
    0

    8180697          E22/G02             F          236,700.00         T
                                         180        234,167.45          1
                                       5.625          1,949.77         60
                                       5.375          1,949.77
    GALVESTON        TX   77554          2            11/01/02         00
    0415239045                           05           12/01/02          0
    0415239045                           O            11/01/17
    0

    8183087          964/G02             F           67,250.00         ZZ
                                         180         66,416.60          1
                                       6.250            576.62         59
                                       6.000            576.62
    LAS VEGAS        NV   89147          2            10/21/02         00
    0434860342                           05           12/01/02          0
    276800                               N            11/01/17
    0

    8188401          K15/G02             F           58,500.00         ZZ
                                         180         57,943.08          1
                                       7.000            525.81         95
                                       6.750            525.81
    RIVER ROUGE      MI   48218          5            10/25/02         41
    0434911905                           05           12/01/02         25
    035005505177                         O            11/01/17
    0

    8188729          601/G02             F          160,000.00         ZZ
                                         180        158,305.93          1
                                       5.750          1,328.66         62
                                       5.500          1,328.66
1

    WOODDALE         IL   60191          2            10/18/02         00
    0434876736                           05           12/01/02          0
    6192677                              O            11/01/17
    0

    8191625          U05/G02             F          217,500.00         T
                                         180        214,860.04          1
                                       5.875          1,820.73         75
                                       5.625          1,820.73
    CORPUS CHRISTI   TX   78418          5            10/29/02         00
    0435231543                           03           12/01/02          0
    3269605                              O            11/01/17
    0

    8195875          S25/G02             F           97,500.00         ZZ
                                         180         96,204.71          1
                                       6.500            849.33         75
                                       6.250            849.33
    AIKEN            SC   29803          5            10/23/02         00
    0435120639                           05           11/29/02          0
    412247133                            O            10/29/17
    0

    8195909          U05/G02             F           89,000.00         ZZ
                                         180         88,067.51          1
                                       5.875            745.04         85
                                       5.625            745.04
    MAPLE HEIGHTS    OH   44137          5            10/28/02         14
    0434953204                           05           12/01/02          6
    3276859                              O            11/01/17
    0

    8198015          G34/G02             F           74,400.00         ZZ
                                         180         73,628.67          1
                                       6.000            627.83         80
                                       5.750            627.83
    HOUSTON          TX   77088          5            10/28/02         00
    0435172218                           03           12/01/02          0
    85207325                             O            11/01/17
    0

    8198055          S25/G02             F           77,600.00         ZZ
                                         180         76,524.66          1
                                       6.000            654.83         80
                                       5.750            654.83
    LIBERTY          NC   27298          5            10/25/02         00
    0434966909                           05           11/30/02          0
    239024511                            O            10/30/17
    0
1

    8202045          W68/G02             F           90,000.00         ZZ
                                         180         89,161.46          1
                                       7.250            821.58         75
                                       7.000            821.58
    LEWISVILLE       TX   75067          5            10/16/02         00
    0435221445                           05           12/01/02          0
    31098                                O            11/01/17
    0

    8205249          E47/G02             F          119,000.00         ZZ
                                         180        112,472.40          1
                                       6.250          1,020.33         26
                                       6.000          1,020.33
    SAN JOSE         CA   95123          2            10/16/02         00
    0435248562                           05           12/01/02          0
    7359520556                           N            11/01/17
    0

    8205303          E47/G02             F          165,500.00         ZZ
                                         180        163,820.13          1
                                       6.250          1,419.03         68
                                       6.000          1,419.03
    OAKLEY           CA   94561          5            10/16/02         00
    0435112073                           05           12/01/02          0
    7359520557                           N            11/01/17
    0

    8207289          E82/G02             F           54,000.00         ZZ
                                         180         53,423.27          1
                                       5.875            452.04         18
                                       5.625            452.04
    FARMINGVILLE     NY   11738          2            11/07/02         00
    0400718839                           05           01/01/03          0
    0400718839                           O            12/01/17
    0

    8207405          E82/G02             F           81,600.00         ZZ
                                         180         81,060.90          1
                                       6.500            710.82         80
                                       6.250            710.82
    CHESTERFIELD     VA   23832          2            11/15/02         00
    0400726196                           05           01/01/03          0
    4699710                              N            12/01/17
    0

    8208119          N47/G02             F          293,000.00         ZZ
                                         180        290,936.79          1
1

                                       5.750          2,433.10         20
                                       5.500          2,433.10
    SARATOGA         CA   95070          2            11/01/02         00
    0434967410                           05           01/01/03          0
    20500604                             O            12/01/17
    0

    8208143          N47/G02             F          154,000.00         ZZ
                                         180        152,636.77          1
                                       6.000          1,299.54         31
                                       5.750          1,299.54
    SAN RAMON        CA   94583          2            11/01/02         00
    0434993804                           03           01/01/03          0
    20500838                             O            12/01/17
    0

    8209439          X10/G02             F          150,000.00         ZZ
                                         180        148,943.74          1
                                       5.750          1,245.62         50
                                       5.500          1,245.62
    HOUSTON          TX   77079          2            11/07/02         00
    0434988663                           05           01/01/03          0
    6000343                              O            12/01/17
    0

    8209451          X10/G02             F          149,000.00         ZZ
                                         180        147,950.79          1
                                       5.750          1,237.31         66
                                       5.500          1,237.31
    HOUSTON          TX   77079          5            11/06/02         00
    0435112313                           03           01/01/03          0
    60000344                             O            12/01/17
    0

    8209701          N47/G02             F          215,000.00         ZZ
                                         180        211,562.25          1
                                       5.750          1,785.38         23
                                       5.500          1,785.38
    LAFAYETTE        CA   94549          2            11/01/02         00
    0434962346                           05           01/01/03          0
    20500702                             O            12/01/17
    0

    8214587          E82/G02             F           43,500.00         ZZ
                                         180         43,203.27          1
                                       6.125            370.02          9
                                       5.875            370.02
    CENTRAL POINT    OR   97502          2            11/15/02         00
    0400734802                           05           01/01/03          0
1

    4430278                              O            12/01/17
    0

    8215363          E22/G02             F          530,000.00         ZZ
                                         180        526,243.52          1
                                       5.875          4,436.73         73
                                       5.625          4,436.73
    COLTS NECK       NJ   07722          5            11/13/02         00
    0415208180                           05           01/01/03          0
    0415208180                           O            12/01/17
    0

    8215787          E47/G02             F           80,800.00         ZZ
                                         180         80,248.83          2
                                       6.125            687.30         80
                                       5.875            687.30
    SAN ANTONIO      TX   78209          5            11/05/02         00
    0435094461                           05           01/01/03          0
    7362511442                           N            12/01/17
    0

    8219291          M27/G02             F          160,500.00         ZZ
                                         180        159,393.46          1
                                       6.000          1,354.39         28
                                       5.750          1,354.39
    CHAPEL HILL      NC   27516          2            11/05/02         00
    0435112495                           03           01/01/03          0
    0100036042                           O            12/01/17
    0

    8221781          A52/G02             F          358,000.00         ZZ
                                         180        355,505.57          1
                                       5.875          2,996.88         21
                                       5.625          2,996.88
    ATLANTA          GA   30309          2            11/18/02         00
    0434973186                           05           01/01/03          0
    21765                                O            12/01/17
    0

    8221801          X10/G02             F          189,000.00         ZZ
                                         180        187,669.11          1
                                       5.750          1,569.48         59
                                       5.500          1,569.48
    HOUSTON          TX   77084          5            11/15/02         00
    0435141304                           05           01/01/03          0
    60000383                             O            12/01/17
    0

1

    8222755          601/G02             F          251,000.00         ZZ
                                         180        248,397.76          1
                                       6.000          2,118.09         80
                                       5.750          2,118.09
    WAYNE            NJ   07470          2            10/30/02         00
    0434956447                           01           12/01/02          0
    61928024                             O            11/01/17
    0

    8222913          W99/G02             F           85,600.00         ZZ
                                         180         85,026.92          2
                                       6.875            763.43         80
                                       6.625            763.43
    COWPENS          SC   29330          5            11/15/02         00
    0434991055                           05           01/01/03          0
    281024002                            O            12/01/17
    0

    8223533          N47/G02             F          241,000.00         ZZ
                                         180        238,835.87          1
                                       5.875          2,017.46         29
                                       5.625          2,017.46
    BURLINGAME       CA   94010          2            11/05/02         00
    0434970794                           05           01/01/03          0
    20500605                             O            12/01/17
    0

    8224159          E22/G02             F           85,000.00         ZZ
                                         180         84,426.31          1
                                       6.250            728.81         78
                                       6.000            728.81
    PACE             FL   32571          2            11/20/02         00
    0415333194                           05           01/01/03          0
    0415333194                           N            12/01/17
    0

    8225541          W68/G02             F          640,000.00         ZZ
                                         180        635,680.42          1
                                       6.250          5,487.51         72
                                       6.000          5,487.51
    UNIVERSITY PARK  TX   75205          5            11/01/02         00
    0435116876                           05           01/01/03          0
    31497                                O            12/01/17
    0

    8227025          N47/G02             F          180,000.00         ZZ
                                         180        178,684.42          1
                                       5.625          1,482.72         43
                                       5.375          1,482.72
1

    SAN JOSE         CA   95111          2            11/13/02         00
    0435120761                           05           01/01/03          0
    20500881                             O            12/01/17
    0

    8228625          M27/G02             F           71,000.00         ZZ
                                         180         70,500.04          1
                                       5.750            589.59         35
                                       5.500            589.59
    CONCORD          NC   28025          2            11/13/02         00
    0435012265                           05           01/01/03          0
    0100002240                           O            12/01/17
    0

    8228811          K15/G02             F          155,700.00         ZZ
                                         180        154,693.20          1
                                       6.750          1,377.80         90
                                       6.500          1,377.80
    HUDSON           IA   50643          5            11/09/02         41
    0435191440                           05           01/01/03         12
    009905503033                         O            12/01/17
    0

    8230595          E82/G02             F           73,000.00         ZZ
                                         180         72,485.95          1
                                       5.750            606.20         24
                                       5.500            606.20
    ANACORTES        WA   98221          2            11/21/02         00
    0400739413                           05           01/01/03          0
    1524663                              O            12/01/17
    0

    8231067          E22/G02             F           36,000.00         ZZ
                                         180         35,762.16          1
                                       6.500            313.60         75
                                       6.250            313.60
    KANSAS CITY      MO   64130          5            11/22/02         00
    0415343276                           05           01/01/03          0
    0415343276                           N            12/01/17
    0

    8234821          E82/G02             F           92,200.00         T
                                         180         91,876.15          1
                                       5.750            765.64         62
                                       5.500            765.64
    MANAHAWKIN       NJ   08050          2            11/27/02         00
    0400744264                           05           02/01/03          0
    1899092                              O            01/01/18
    0
1

    8237591          286/286             F          185,000.00         ZZ
                                         180        182,326.92          1
                                       5.500          1,511.61         73
                                       5.250          1,511.61
    CUMMING          GA   30040          5            09/25/02         00
    1604147                              05           11/01/02          0
    1604147                              O            10/01/17
    0

    8240955          Q87/G02             F           81,000.00         ZZ
                                         180         80,435.60          1
                                       5.875            678.07         84
                                       5.625            678.07
    VICENT           AL   35178          2            11/25/02         04
    0435048459                           05           01/02/03          6
    LOJO01                               O            12/02/17
    0

    8241131          W39/G02             F          174,000.00         ZZ
                                         180        172,813.05          1
                                       6.125          1,480.09         70
                                       5.875          1,480.09
    JOSHUA           TX   76058          5            11/21/02         00
    0435137575                           05           01/01/03          0
    PNI23890                             O            12/01/17
    0

    8241399          P34/G02             F          217,500.00         ZZ
                                         180        215,367.29          1
                                       6.625          1,909.64         89
                                       6.375          1,909.64
    COLLEGE PARK     MD   20740          5            10/17/02         10
    0435149422                           05           12/01/02         12
    15450                                O            11/01/17
    0

    8241409          F89/G02             F          191,500.00         ZZ
                                         180        190,165.68          1
                                       5.875          1,603.08         51
                                       5.625          1,603.08
    BAKERSFIELD      CA   93312          2            11/19/02         00
    0435065446                           05           01/01/03          0
    25081                                O            12/01/17
    0

    8241495          L76/G02             F           83,000.00         ZZ
                                         180         82,697.71          1
1

                                       5.750            689.24         55
                                       5.500            689.24
    URBANDALE        IA   50322          5            11/26/02         00
    0435065297                           05           02/01/03          0
    9507366                              O            01/01/18
    0

    8241811          N74/G02             F           56,700.00         ZZ
                                         180         56,099.67          1
                                       5.750            470.84         95
                                       5.500            470.84
    NORTH LITTLE RO  AR   72114          2            11/19/02         10
    0435090535                           05           12/25/02         30
    0031160010                           O            11/25/17
    0

    8241991          Q59/G02             F          184,000.00         ZZ
                                         180        182,717.93          1
                                       5.875          1,540.30         80
                                       5.625          1,540.30
    GARDEN GROVE     CA   92840          5            11/08/02         00
    0435112909                           01           01/01/03          0
    0000403435                           O            12/01/17
    0

    8242131          X19/G02             F          190,000.00         ZZ
                                         180        189,346.67          1
                                       6.000          1,603.33         46
                                       5.750          1,603.33
    BEDFORD          NY   10536          5            11/26/02         00
    0435065545                           05           02/01/03          0
    22102202                             O            01/01/18
    0

    8242377          B98/G02             F          153,000.00         ZZ
                                         180        151,922.62          1
                                       5.750          1,270.53         48
                                       5.500          1,270.53
    HOLLISTER        CA   95023          5            11/11/02         00
    0435120548                           05           01/01/03          0
    1                                    O            12/01/17
    0

    8242381          588/G02             F          180,000.00         ZZ
                                         180        177,326.13          1
                                       6.125          1,531.12         77
                                       5.875          1,531.12
    GAITHERSBURG     MD   20879          5            09/05/02         00
    0435186838                           05           11/01/02          0
1

    1073702                              O            10/01/17
    0

    8242539          E22/G02             F          172,000.00         ZZ
                                         180        170,826.71          1
                                       6.125          1,463.07         68
                                       5.875          1,463.07
    LONDONDERRY      NH   03053          5            11/22/02         00
    0414989301                           05           01/01/03          0
    0414989301                           O            12/01/17
    0

    8242785          E22/G02             F          178,000.00         ZZ
                                         180        176,719.92          1
                                       5.500          1,454.41         31
                                       5.250          1,454.41
    GALT             CA   95632          2            11/11/02         00
    0415180678                           05           01/01/03          0
    0415180678                           O            12/01/17
    0

    8243027          E22/G02             F          248,000.00         ZZ
                                         180        246,290.22          3
                                       6.000          2,092.76         80
                                       5.750          2,092.76
    BRONX            NY   10461          2            11/22/02         00
    0415381052                           05           01/01/03          0
    0415381052                           O            12/01/17
    0

    8244187          X64/G02             F          265,000.00         ZZ
                                         180        263,133.94          1
                                       5.750          2,200.59         64
                                       5.500          2,200.59
    WEST BLOOMFIELD  MI   48323          2            11/19/02         00
    0435005996                           05           01/01/03          0
    998762058                            O            12/01/17
    0

    8244237          U05/G02             F           37,500.00         ZZ
                                         180         37,254.89          1
                                       6.625            329.25         45
                                       6.375            329.25
    HIALEAH          FL   33012          5            11/14/02         00
    0435068150                           08           01/01/03          0
    3281060                              O            12/01/17
    0

1

    8246707          E47/G02             F          168,000.00         ZZ
                                         180        166,829.42          1
                                       5.875          1,406.36         80
                                       5.625          1,406.36
    HUNTERSVLLE      NC   28078          1            11/27/02         00
    0435079843                           05           01/01/03          0
    7350510502                           O            12/01/17
    0

    8246773          U42/G02             F          155,000.00         ZZ
                                         180        153,953.84          1
                                       6.250          1,329.01         73
                                       6.000          1,329.01
    FORT WORTH       TX   76109          5            11/12/02         00
    0435141189                           05           01/01/03          0
    24201401                             O            12/01/17
    0

    8246863          G27/G02             F          510,250.00         ZZ
                                         180        505,553.00          1
                                       5.875          4,271.40         65
                                       5.625          4,271.40
    VISALIA          CA   93291          5            11/18/02         00
    0435114715                           05           01/01/03          0
    20502156                             O            12/01/17
    0

    8248493          S27/G02             F           92,000.00         ZZ
                                         180         91,385.63          1
                                       6.375            795.12         55
                                       6.125            795.12
    BRICK            NJ   08724          2            11/20/02         00
    0435051560                           05           01/01/03          0
    1130010915                           O            12/01/17
    0

    8248999          E82/G02             F           64,500.00         ZZ
                                         180         64,282.90          1
                                       6.250            553.04         59
                                       6.000            553.04
    LEHI             UT   84043          2            11/26/02         00
    0400723771                           05           02/01/03          0
    1774137                              O            01/01/18
    0

    8249439          E11/G02             F          169,500.00         ZZ
                                         180        168,306.42          1
                                       5.750          1,407.55         61
                                       5.500          1,407.55
1

    ROGERS           MN   55374          2            11/22/02         00
    0435056924                           05           01/01/03          0
    0002001050807                        O            12/01/17
    0

    8249517          E22/G02             F          205,000.00         T
                                         180        203,674.42          1
                                       6.750          1,814.06         38
                                       6.500          1,814.06
    SOUTH FORK       CO   81154          5            11/25/02         00
    0415393149                           05           01/01/03          0
    0415393149                           O            12/01/17
    0

    8249705          X64/G02             F          272,000.00         ZZ
                                         180        270,084.65          1
                                       5.750          2,258.72         77
                                       5.500          2,258.72
    ROYAL OAK        MI   48067          5            11/15/02         00
    0435127501                           05           01/01/03          0
    MW7020                               O            12/01/17
    0

    8250417          940/G02             F          223,500.00         ZZ
                                         180        221,909.52          1
                                       5.625          1,841.04         76
                                       5.375          1,841.04
    NORTH HILLS ARE  CA   91343          2            11/06/02         00
    0435051099                           05           01/01/03          0
    40020930                             O            12/01/17
    0

    8250493          X62/G02             F          266,500.00         ZZ
                                         180        264,603.50          1
                                       5.625          2,195.25         67
                                       5.375          2,195.25
    SANTA ROSA       CA   95404          2            11/14/02         00
    0435050299                           05           01/01/03          0
    03208024                             O            12/01/17
    0

    8250667          W68/G02             F           65,300.00         ZZ
                                         180         64,758.74          1
                                       6.250            559.90         79
                                       6.000            559.90
    AUSTIN           TX   78722          2            11/01/02         00
    0435112289                           05           01/01/03          0
    32080                                O            12/01/17
    0
1

    8250953          U05/G02             F          166,000.00         ZZ
                                         180        164,831.08          1
                                       5.750          1,378.48         40
                                       5.500          1,378.48
    LOS ANGELES      CA   90028          2            11/11/02         00
    0435116298                           05           01/01/03          0
    3274094                              O            12/01/17
    0

    8250959          642/G02             F           79,950.00         ZZ
                                         180         79,375.04          1
                                       5.500            653.26         50
                                       5.250            653.26
    COLORADO SPRING  CO   80911          5            11/26/02         00
    0435032578                           05           01/01/03          0
    11-1439-02                           O            12/01/17
    0

    8251711          W02/G02             F           58,500.00         ZZ
                                         180         58,088.06          1
                                       5.750            485.79         90
                                       5.500            485.79
    MILTON           FL   32570          5            11/18/02         26
    0435131107                           05           01/01/03         12
    1001734119                           O            12/01/17
    0

    8251821          E47/G02             F           80,000.00         ZZ
                                         120         79,014.63          1
                                       5.875            883.15         80
                                       5.625            883.15
    SAN ANTONIO      TX   78217          5            11/18/02         00
    0435113477                           05           01/01/03          0
    21044                                O            12/01/12
    0

    8253023          E22/G02             F          196,200.00         ZZ
                                         180        194,847.33          1
                                       6.000          1,655.65         90
                                       5.750          1,655.65
    DEERFIELD        WI   53531          2            11/27/02         01
    0414972737                           05           01/01/03         30
    0414972737                           O            12/01/17
    0

    8253903          E22/G02             F          170,000.00         ZZ
                                         180        168,764.58          1
1

                                       5.375          1,377.79         31
                                       5.125          1,377.79
    DALY CITY        CA   94015          2            11/26/02         00
    0415448190                           05           01/01/03          0
    0415448190                           O            12/01/17
    0

    8255613          N74/G02             F          152,800.00         ZZ
                                         180        151,165.13          1
                                       5.625          1,258.66         79
                                       5.375          1,258.66
    MILLER           MO   65707          5            11/22/02         00
    0435060538                           05           12/27/02          0
    0031175010                           O            11/27/17
    0

    8256983          P44/G02             F          152,000.00         ZZ
                                         180        150,940.91          1
                                       5.875          1,272.42         57
                                       5.625          1,272.42
    SHREWSBURY       MA   01545          5            11/15/02         00
    0435072004                           05           01/01/03          0
    025109                               O            12/01/17
    0

    8257285          E84/G02             F          282,000.00         ZZ
                                         180        280,055.79          1
                                       6.000          2,379.68         62
                                       5.750          2,379.68
    PHOENIX          MD   21131          2            11/07/02         00
    0435018247                           05           01/01/03          0
    87020115                             O            12/01/17
    0

    8257371          W39/G02             F           58,900.00         ZZ
                                         180         57,505.45          1
                                       6.500            513.08         95
                                       6.250            513.08
    GREENWOOD        MS   38930          5            11/25/02         01
    0435063813                           05           01/01/03         30
    LA024469                             O            12/01/17
    0

    8257581          X60/G02             F          150,000.00         ZZ
                                         180        148,965.84          1
                                       6.000          1,265.79         63
                                       5.750          1,265.79
    EVERETT          WA   98208          5            11/19/02         00
    0435190285                           05           01/01/03          0
1

    0640620                              O            12/01/17
    0

    8258337          U35/G02             F           41,000.00         ZZ
                                         180         40,737.73          1
                                       6.875            365.66         35
                                       6.625            365.66
    DAVENPORT        IA   52806          5            11/27/02         00
    0435090287                           05           01/01/03          0
    0010185284                           N            12/01/17
    0

    8260404          E22/G02             F           55,000.00         ZZ
                                         180         52,080.24          1
                                       7.500            509.86         52
                                       7.250            509.86
    SALT LAKE CITY   UT   84117          5            02/25/02         00
    0413650466                           01           04/01/02          0
    0413650466                           N            03/01/17
    0

    8262325          E82/G02             F          257,400.00         ZZ
                                         180        256,505.45          1
                                       5.875          2,154.74         51
                                       5.625          2,154.74
    HUNTINGTON BEAC  CA   92646          2            12/03/02         00
    0400724845                           05           02/01/03          0
    1949453                              O            01/01/18
    0

    8262339          E82/G02             F          168,200.00         ZZ
                                         180        167,609.21          1
                                       5.750          1,396.75         70
                                       5.500          1,396.75
    SAN DIEGO        CA   92126          2            11/29/02         00
    0400739181                           05           02/01/03          0
    1760346                              O            01/01/18
    0

    8262363          E82/G02             F          154,400.00         ZZ
                                         180        153,863.41          1
                                       5.875          1,292.51         48
                                       5.625          1,292.51
    OCEANSIDE        NY   11572          2            12/03/02         00
    0400726816                           05           02/01/03          0
    1667303                              O            01/01/18
    0

1

    8262735          E22/G02             F           65,000.00         ZZ
                                         120         64,592.50          1
                                       5.500            705.42         28
                                       5.250            705.42
    AURORA           CO   80014          1            12/05/02         00
    0415552595                           03           02/01/03          0
    0415552595                           O            01/01/13
    0

    8262763          E22/G02             F           62,250.00         T
                                         180         62,040.47          1
                                       6.250            533.75         75
                                       6.000            533.75
    LEON VALLEY      TX   78240          1            12/03/02         00
    0415600253                           05           02/01/03          0
    0415600253                           O            01/01/18
    0

    8262851          F89/G02             F          397,500.00         ZZ
                                         180        394,237.03          1
                                       5.625          3,274.33         81
                                       5.375          3,274.33
    RANCHO CUCAMONG  CA   91737          2            11/27/02         01
    0435068911                           05           01/01/03         12
    12724970                             O            12/01/17
    0

    8262983          Q14/G02             F           38,200.00         ZZ
                                         180         37,882.04          1
                                       6.250            327.54         64
                                       6.000            327.54
    DES MOINES       IA   50317          5            11/23/02         00
    0435077102                           05           01/01/03          0
    0000210381                           O            12/01/17
    0

    8264061          F28/G02             F          416,000.00         ZZ
                                         180        413,101.44          1
                                       5.875          3,482.41         75
                                       5.625          3,482.41
    CHICAGO          IL   60614          5            11/11/02         00
    0435010749                           01           01/01/03          0
    3828770                              O            12/01/17
    0

    8264335          U05/G02             F          487,000.00         ZZ
                                         180        483,606.71          1
                                       5.875          4,076.77         77
                                       5.625          4,076.77
1

    MILLBRAE         CA   94030          5            11/12/02         00
    0435073861                           05           01/01/03          0
    3277292                              O            12/01/17
    0

    8265255          Q30/G02             F           94,000.00         ZZ
                                         120         92,849.95          1
                                       6.000          1,043.59         46
                                       5.750          1,043.59
    HOPWOOD          PA   15445          5            11/22/02         00
    0435112362                           05           01/01/03          0
    21017044                             O            12/01/12
    0

    8266213          U05/G02             F          170,250.00         ZZ
                                         180        169,076.23          1
                                       6.000          1,436.67         75
                                       5.750          1,436.67
    LONG BEACH       CA   90805          5            11/05/02         00
    0435052154                           05           01/01/03          0
    3273512                              N            12/01/17
    0

    8266563          E82/G02             F           74,650.00         ZZ
                                         180         74,390.56          1
                                       5.875            624.91         49
                                       5.625            624.91
    ROCK HILL        NY   12775          2            12/05/02         00
    0400726840                           05           02/01/03          0
    7178618                              O            01/01/18
    0

    8266619          E22/G02             F          600,000.00         ZZ
                                         180        598,023.36          1
                                       6.500          5,226.64         39
                                       6.250          5,226.64
    ROCKPORT         MA   01966          5            12/02/02         00
    0415012723                           05           02/01/03          0
    0415012723                           O            01/01/18
    0

    8266707          E22/G02             F          216,600.00         ZZ
                                         180        215,125.43          1
                                       6.375          1,871.97         76
                                       6.125          1,871.97
    WYLIE            TX   75098          2            12/02/02         00
    0415385848                           05           01/01/03          0
    0415385848                           O            12/01/17
    0
1

    8266839          E22/G02             F          158,500.00         ZZ
                                         180        157,949.16          1
                                       5.875          1,326.83         70
                                       5.625          1,326.83
    HIGHLANDS RANCH  CO   80129          2            12/06/02         00
    0415586106                           05           02/01/03          0
    0415586106                           N            01/01/18
    0

    8266853          E22/G02             F          165,000.00         ZZ
                                         180        163,825.81          1
                                       5.625          1,359.16         33
                                       5.375          1,359.16
    WESTMINSTER      CO   80021          2            11/21/02         00
    0415600717                           05           01/01/03          0
    0415600717                           O            12/01/17
    0

    8268185          N47/G02             F          174,000.00         ZZ
                                         180        172,088.66          1
                                       5.875          1,456.59         37
                                       5.625          1,456.59
    SANTA ROSA       CA   95405          2            11/19/02         00
    0435093620                           05           01/01/03          0
    20501094                             O            12/01/17
    0

    8268331          X51/G02             F          480,000.00         ZZ
                                         180        478,349.49          1
                                       6.000          4,050.51         75
                                       5.750          4,050.51
    CARLSBAD         CA   92009          5            12/02/02         00
    0435093406                           05           02/01/03          0
    R2054330                             O            01/01/18
    0

    8268813          K15/G02             F           82,500.00         ZZ
                                         180         81,925.17          1
                                       5.875            690.62         46
                                       5.625            690.62
    RENO             NV   89503          5            11/04/02         00
    0435058292                           05           01/01/03          0
    022105505142                         O            12/01/17
    0

    8269017          X31/G02             F           74,000.00         ZZ
                                         180         73,500.56          3
1

                                       6.250            634.49         37
                                       6.000            634.49
    LOS ANGELES      CA   90031          2            11/21/02         00
    0435122692                           05           01/01/03          0
    25000295                             N            12/01/17
    0

    8269255          E82/G02             F          279,000.00         ZZ
                                         180        278,030.38          1
                                       5.875          2,335.56         60
                                       5.625          2,335.56
    LAS VEGAS        NV   89141          2            12/06/02         00
    0400725701                           03           02/01/03          0
    0400725701                           O            01/01/18
    0

    8269397          E22/G02             F           39,900.00         ZZ
                                         180         39,772.74          1
                                       6.875            355.85         95
                                       6.625            355.85
    PRICHARD         AL   36610          1            12/09/02         01
    0415511229                           05           02/01/03         25
    0415511229                           O            01/01/18
    0

    8269409          E22/G02             F          469,000.00         ZZ
                                         180        467,370.06          1
                                       5.875          3,926.09         67
                                       5.625          3,926.09
    DALY CITY        CA   94014          2            11/26/02         00
    0414855981                           03           02/01/03          0
    0414855981                           O            01/01/18
    0

    8269623          E22/G02             F          216,000.00         ZZ
                                         180        215,249.32          1
                                       5.875          1,808.18         80
                                       5.625          1,808.18
    FARMINGTON       NM   87401          5            12/04/02         00
    0415415892                           05           02/01/03          0
    0415415892                           O            01/01/18
    0

    8269731          E22/G02             F          170,000.00         ZZ
                                         180        169,158.06          1
                                       6.000          1,434.56         77
                                       5.750          1,434.56
    WICHITA          KS   67206          5            12/03/02         00
    0415446525                           05           02/01/03          0
1

    0415446525                           O            01/01/18
    0

    8269811          E22/G02             F          210,000.00         ZZ
                                         180        208,552.19          1
                                       6.000          1,772.10         57
                                       5.750          1,772.10
    SAN DIEGO        CA   92126          5            11/19/02         00
    0415537109                           05           01/01/03          0
    0415537109                           O            12/01/17
    0

    8269881          E22/G02             F           89,500.00         ZZ
                                         120         88,950.16          1
                                       5.875            988.02         66
                                       5.625            988.02
    LEWISVILLE       TX   75067          5            12/09/02         00
    0415613371                           05           02/01/03          0
    0415613371                           N            01/01/13
    0

    8271809          K15/G02             F          198,000.00         ZZ
                                         180        197,347.71          1
                                       6.500          1,724.79         59
                                       6.250          1,724.79
    BREA             CA   92821          5            11/27/02         00
    0435061130                           01           02/01/03          0
    025005300354                         O            01/01/18
    0

    8272043          G34/G02             F          154,400.00         ZZ
                                         180        153,324.19          1
                                       5.875          1,292.51         80
                                       5.625          1,292.51
    NORTH RICHLAND   TX   76180          5            11/26/02         00
    0435112891                           05           01/01/03          0
    85208924                             O            12/01/17
    0

    8272937          L20/G02             F          220,000.00         ZZ
                                         180        219,235.42          1
                                       5.875          1,841.66         76
                                       5.625          1,841.66
    RENO             NV   89509          1            12/03/02         00
    0435106661                           05           02/01/03          0
    1141090027                           O            01/01/18
    0

1

    8273015          642/G02             F           86,035.00         ZZ
                                         180         85,732.81          1
                                       5.750            714.44         46
                                       5.500            714.44
    DENVER           CO   80229          2            12/05/02         00
    0435089529                           03           02/01/03          0
    11131902                             O            01/01/18
    0

    8273053          601/G02             F          435,000.00         ZZ
                                         180        433,488.22          1
                                       5.875          3,641.47         52
                                       5.625          3,641.47
    RALEIGH          NC   27606          2            11/26/02         00
    0435046636                           05           02/01/03          0
    6219752                              O            01/01/18
    0

    8273081          E22/G02             F          236,800.00         ZZ
                                         180        235,243.88          1
                                       5.875          1,982.30         80
                                       5.625          1,982.30
    SILVER SPRING    MD   20904          5            12/04/02         00
    0415188481                           03           02/01/03          0
    0415188481                           O            01/01/18
    0

    8273143          E22/G02             F           90,950.00         ZZ
                                         180         90,647.13          1
                                       6.375            786.04         85
                                       6.125            786.04
    SHELBYVILLE      KY   40065          2            12/05/02         04
    0415393537                           05           02/01/03         12
    0415393537                           O            01/01/18
    0

    8273179          E22/G02             F           79,200.00         ZZ
                                         180         78,947.40          1
                                       6.875            706.35         88
                                       6.625            706.35
    CALERA           AL   35040          5            12/05/02         04
    0415420108                           05           02/01/03         25
    0415420108                           O            01/01/18
    0

    8273251          E22/G02             F          476,250.00         ZZ
                                         180        474,594.86          1
                                       5.875          3,986.78         75
                                       5.625          3,986.78
1

    SAN LEANDRO      CA   94579          5            11/25/02         00
    0415518208                           03           02/01/03          0
    0415518208                           O            01/01/18
    0

    8273381          E82/G02             F          176,100.00         ZZ
                                         180        175,487.99          1
                                       5.875          1,474.17         68
                                       5.625          1,474.17
    GILBERT          AZ   85296          2            12/06/02         00
    0400717070                           05           02/01/03          0
    1732996                              O            01/01/18
    0

    8273403          E82/G02             F           55,000.00         ZZ
                                         180         54,808.85          1
                                       5.875            460.42         50
                                       5.625            460.42
    WORTH            IL   60482          1            12/02/02         00
    0400747713                           01           02/01/03          0
    7372196                              O            01/01/18
    0

    8273405          E82/G02             F           51,500.00         ZZ
                                         180         51,328.50          2
                                       6.375            445.09         61
                                       6.125            445.09
    YORK             PA   17404          2            12/09/02         00
    0400722369                           05           02/01/03          0
    1719444                              N            01/01/18
    0

    8274139          601/G02             F           82,400.00         ZZ
                                         180         81,849.74          1
                                       6.375            712.15         80
                                       6.125            712.15
    PINELLAS PARK    FL   33781          1            11/19/02         00
    0435046818                           05           01/01/03          0
    62222666                             N            12/01/17
    0

    8274189          601/G02             F          224,000.00         ZZ
                                         180        222,439.23          1
                                       5.875          1,875.15         69
                                       5.625          1,875.15
    PASADENA         MD   21122          5            11/14/02         00
    0435130414                           05           01/01/03          0
    62088349                             O            12/01/17
    0
1

    8274533          601/G02             F          349,000.00         ZZ
                                         180        346,593.86          1
                                       6.000          2,945.07         64
                                       5.750          2,945.07
    GAINESVILLE      GA   30506          2            11/12/02         00
    0435045620                           05           01/01/03          0
    6212872                              O            12/01/17
    0

    8274573          601/G02             F          148,800.00         ZZ
                                         180        147,774.12          1
                                       6.000          1,255.66         80
                                       5.750          1,255.66
    WICHITA          KS   67205          5            11/26/02         04
    0435150735                           05           01/01/03          6
    62000674                             O            12/01/17
    0

    8274615          601/G02             F           61,200.00         ZZ
                                         180         60,808.50          1
                                       6.875            545.82         80
                                       6.625            545.82
    MARIETTA         GA   30060          1            11/15/02         00
    0435048228                           05           01/01/03          0
    6205000                              N            12/01/17
    0

    8274623          S11/G02             F          392,000.00         ZZ
                                         180        389,268.67          1
                                       5.875          3,281.50         79
                                       5.625          3,281.50
    YORBA LINDA      CA   92886          5            11/27/02         00
    0435094560                           05           01/01/03          0
    10209822                             O            12/01/17
    0

    8274669          601/G02             F           50,200.00         ZZ
                                         180         49,878.85          1
                                       6.875            447.72         75
                                       6.625            447.72
    NORMAN           OK   73072          5            11/22/02         00
    0435045489                           01           01/01/03          0
    62102629                             N            12/01/17
    0

    8274703          601/G02             F          157,410.00         ZZ
                                         180        156,313.20          1
1

                                       5.875          1,317.71         90
                                       5.625          1,317.71
    THE COLONY       TX   75056          1            11/07/02         10
    0435074984                           05           01/01/03         12
    62130679                             O            12/01/17
    0

    8274797          N47/G02             F          221,100.00         ZZ
                                         180        219,559.44          1
                                       5.875          1,850.87         45
                                       5.625          1,850.87
    HAYWARD          CA   94545          2            11/12/02         00
    0435113931                           05           01/01/03          0
    30500057                             O            12/01/17
    0

    8274893          P09/G02             F           76,000.00         ZZ
                                         180         75,735.87          1
                                       5.875            636.21         80
                                       5.625            636.21
    BALTIMORE        MD   21222          2            12/04/02         00
    0435197280                           07           02/01/03          0
    R0211167                             O            01/01/18
    0

    8274897          E84/G02             F           80,000.00         ZZ
                                         180         78,380.21          1
                                       6.375            691.40         39
                                       6.125            691.40
    SEATTLE          WA   98116          2            07/15/02         00
    0435108030                           05           09/01/02          0
    61502291                             N            08/01/17
    0

    8275173          E11/G02             F          221,600.00         ZZ
                                         180        220,023.03          1
                                       5.625          1,825.39         80
                                       5.375          1,825.39
    GLENDALE         AZ   85308          1            11/25/02         00
    0435133640                           03           01/01/03          0
    0006001051651                        O            12/01/17
    0

    8275383          952/G02             F           85,000.00         ZZ
                                         180         84,438.44          1
                                       6.500            740.44         74
                                       6.250            740.44
    CAPE CORAL       FL   33914          2            11/20/02         00
    0435126594                           05           01/01/03          0
1

    00620220                             O            12/01/17
    0

    8275453          N74/G02             F           87,300.00         ZZ
                                         180         86,723.24          1
                                       6.500            760.48         90
                                       6.250            760.48
    SPRINGFIELD      MO   65807          5            11/27/02         10
    0435127154                           05           01/03/03         25
    0031225010                           O            12/03/17
    0

    8275573          N74/G02             F           75,750.00         ZZ
                                         180         75,071.46          1
                                       5.875            634.12         59
                                       5.625            634.12
    SCOTTSBURG       VA   24589          2            11/27/02         00
    0435113519                           05           01/03/03          0
    0031233010                           O            12/03/17
    0

    8275623          P09/G02             F           93,700.00         ZZ
                                         180         93,377.81          1
                                       6.000            790.69         75
                                       5.750            790.69
    CROFTON          MD   21114          5            12/06/02         00
    0435102710                           01           02/01/03          0
    02100235                             O            01/01/18
    0

    8275693          642/G02             F           74,000.00         ZZ
                                         180         73,753.58          1
                                       6.375            639.55         61
                                       6.125            639.55
    CASPER           WY   82601          2            12/03/02         00
    0435037296                           05           02/01/03          0
    10276002                             O            01/01/18
    0

    8275747          W39/G02             F           65,500.00         ZZ
                                         180         65,272.37          1
                                       5.875            548.31         80
                                       5.625            548.31
    GRETNA           LA   70056          5            12/09/02         00
    0435137328                           05           02/01/03          0
    LA024520                             O            01/01/18
    0

1

    8276431          K15/G02             F          260,000.00         ZZ
                                         180        258,149.77          1
                                       5.625          2,141.70         80
                                       5.375          2,141.70
    BALDWIN          NY   11510          5            11/23/02         00
    0435077748                           05           01/01/03          0
    021205505905                         O            12/01/17
    0

    8276637          E84/G02             F           81,000.00         ZZ
                                         180         78,269.82          1
                                       7.500            750.88         60
                                       7.250            750.88
    CHICAGO          IL   60611          5            04/29/02         00
    0435272661                           01           06/01/02          0
    11306288                             O            05/01/17
    0

    8276643          A06/G02             F           74,000.00         T
                                         180         73,484.38          1
                                       5.875            619.47         80
                                       5.625            619.47
    HOUGHTON LAKE    MI   48629          1            12/06/02         00
    0435064985                           05           01/01/03          0
    001000010201975                      O            12/01/17
    0

    8277429          E22/G02             F          160,000.00         ZZ
                                         180        159,443.94          1
                                       5.875          1,339.39         79
                                       5.625          1,339.39
    SANGER           TX   76266          5            12/06/02         00
    0415200864                           05           02/01/03          0
    0415200864                           O            01/01/18
    0

    8277445          E22/G02             F          436,000.00         ZZ
                                         180        434,468.58          1
                                       5.750          3,620.59         70
                                       5.500          3,620.59
    HUNTINGTON BEAC  CA   92646          1            11/27/02         00
    0415296417                           29           02/01/03          0
    0415296417                           O            01/01/18
    0

    8277739          U05/G02             F          175,000.00         ZZ
                                         180        173,793.49          1
                                       6.000          1,476.75         72
                                       5.750          1,476.75
1

    LONG BEACH       CA   90813          5            11/21/02         00
    0435121215                           29           01/01/03          0
    3275882                              N            12/01/17
    0

    8277875          Q87/G02             F           70,000.00         ZZ
                                         180         69,512.27          1
                                       5.875            585.98         31
                                       5.625            585.98
    FULKS RUN        VA   22830          5            11/23/02         00
    0435248778                           05           01/01/03          0
    644427                               O            12/01/17
    0

    8277895          N74/G02             F           85,400.00         ZZ
                                         120         84,333.91          1
                                       5.625            932.11         78
                                       5.375            932.11
    ARLINGTON        TX   76015          2            12/05/02         00
    0435182811                           05           01/10/03          0
    0031274010                           O            12/10/12
    0

    8277911          N74/G02             F           55,000.00         ZZ
                                         120         54,343.23          1
                                       6.875            635.06         55
                                       6.625            635.06
    WACO             TX   76708          5            12/05/02         00
    0435117106                           05           01/05/03          0
    0031278010                           N            12/05/12
    0

    8278093          N74/G02             F           78,375.00         ZZ
                                         180         78,099.72          1
                                       5.750            650.83         95
                                       5.500            650.83
    GLENWOOD         AR   71943          2            12/06/02         10
    0435117023                           05           02/01/03         30
    0031294010                           O            01/01/18
    0

    8278419          X64/G02             F          250,000.00         ZZ
                                         180        249,112.55          1
                                       5.625          2,059.33         56
                                       5.375          2,059.33
    BIRMINGHAM       MI   48009          2            12/02/02         00
    0435061585                           05           02/01/03          0
    MW307                                O            01/01/18
    0
1

    8278671          L20/G02             F           85,500.00         ZZ
                                         180         85,202.85          1
                                       5.875            715.74         66
                                       5.625            715.74
    MALAD CITY       ID   83252          2            12/03/02         00
    0435114012                           05           02/01/03          0
    1061030050                           O            01/01/18
    0

    8279055          N74/G02             F           86,000.00         ZZ
                                         180         84,421.51          1
                                       5.625            708.41         71
                                       5.375            708.41
    LYNCHBURG        VA   24502          2            11/27/02         00
    0435144555                           05           01/03/03          0
    0031253010                           O            12/03/17
    0

    8279097          408/G02             F           70,250.00         ZZ
                                         180         69,714.25          1
                                       6.500            611.96         90
                                       6.250            611.96
    KANSAS CITY      MO   64119          1            11/26/02         04
    0435108931                           05           01/01/03         12
    703029939                            N            12/01/17
    0

    8279427          624/G02             F           91,000.00         ZZ
                                         180         90,345.57          1
                                       5.500            743.55         54
                                       5.250            743.55
    LA QUINTA        CA   92253          5            11/20/02         00
    0435077367                           05           01/01/03          0
    1000017912                           O            12/01/17
    0

    8280021          E84/G02             F          177,900.00         ZZ
                                         180        176,660.45          1
                                       5.875          1,489.23         75
                                       5.625          1,489.23
    SHERWOOD         OR   97140          2            11/13/02         00
    0435092747                           05           01/01/03          0
    37021956                             N            12/01/17
    0

    8280263          825/G02             F          148,000.00         ZZ
                                         180        147,469.05          1
1

                                       5.500          1,209.28         51
                                       5.250          1,209.28
    TRACY            CA   95376          5            12/09/02         00
    0435116702                           05           02/01/03          0
    50531                                O            01/01/18
    0

    8281463          W30/G02             F          273,000.00         ZZ
                                         180        271,117.85          2
                                       6.000          2,303.73         63
                                       5.750          2,303.73
    MALDEN           MA   02148          2            12/02/02         00
    0435118930                           05           01/01/03          0
    7358183                              O            12/01/17
    0

    8281973          Q14/G02             F           62,900.00         ZZ
                                         180         62,476.76          1
                                       6.500            547.93         90
                                       6.250            547.93
    COTTONWOOD FALL  KS   66845          5            11/27/02         01
    0435067707                           05           01/01/03         25
    0000209372                           O            12/01/17
    0

    8282487          253/253             F           63,000.00         ZZ
                                         180         62,570.23          1
                                       6.125            535.90         68
                                       5.875            535.90
    ARLINGTON        TX   76018          5            11/26/02         00
    447539                               05           01/01/03          0
    447539                               N            12/01/17
    0

    8282669          E82/G02             F          282,500.00         ZZ
                                         180        281,518.21          1
                                       5.875          2,364.86         65
                                       5.625          2,364.86
    REDWOOD CITY     CA   94061          2            12/06/02         00
    0400740890                           05           02/01/03          0
    1896848                              O            01/01/18
    0

    8283883          642/G02             F           73,000.00         ZZ
                                         180         72,743.59          1
                                       5.750            606.20         72
                                       5.500            606.20
    JASPER           AL   35501          2            12/05/02         00
    0435113451                           05           02/01/03          0
1

    11163702                             O            01/01/18
    0

    8285613          E22/G02             F           68,000.00         ZZ
                                         180         67,768.66          1
                                       6.125            578.42         80
                                       5.875            578.42
    HOUSTON          TX   77053          5            12/09/02         00
    0415534221                           03           02/01/03          0
    0415534221                           O            01/01/18
    0

    8285639          E22/G02             F          150,000.00         ZZ
                                         180        149,461.87          1
                                       5.500          1,225.63         73
                                       5.250          1,225.63
    ALLEN            TX   75013          5            12/09/02         00
    0415557404                           03           02/01/03          0
    0415557404                           O            01/01/18
    0

    8285651          E22/G02             F           50,000.00         ZZ
                                         180         49,824.37          1
                                       5.750            415.21         18
                                       5.500            415.21
    DOUBLE OAK       TX   75077          2            12/09/02         00
    0415562131                           05           02/01/03          0
    0415562131                           O            01/01/18
    0

    8285825          E82/G02             F           68,200.00         ZZ
                                         180         67,962.99          1
                                       5.875            570.91         45
                                       5.625            570.91
    STAMFORD         CT   06902          2            12/06/02         00
    0400743191                           01           02/01/03          0
    1573174                              O            01/01/18
    0

    8285847          E82/G02             F          273,150.00         ZZ
                                         180        272,200.71          1
                                       5.875          2,286.59         48
                                       5.625          2,286.59
    GRANTS PASS      OR   97527          2            12/06/02         00
    0400740858                           05           02/01/03          0
    4579549                              O            01/01/18
    0

1

    8285887          E22/G02             F           82,100.00         ZZ
                                         180         81,811.63          1
                                       5.750            681.77         79
                                       5.500            681.77
    HARBOR BEACH     MI   48441          5            12/09/02         00
    0415461557                           05           02/01/03          0
    0415461557                           O            01/01/18
    0

    8285901          E22/G02             F          245,500.00         ZZ
                                         180        244,646.80          1
                                       5.875          2,055.13         95
                                       5.625          2,055.13
    MIAMI            FL   33175          5            12/09/02         10
    0415465491                           05           02/01/03         25
    0415465491                           O            01/01/18
    0

    8286013          E22/G02             F           67,000.00         ZZ
                                         180         66,779.28          1
                                       6.500            583.64         74
                                       6.250            583.64
    HOUSTON          TX   77083          5            12/09/02         00
    0415383751                           03           02/01/03          0
    0415383751                           O            01/01/18
    0

    8286021          E22/G02             F          150,000.00         ZZ
                                         180        149,478.69          1
                                       5.875          1,255.68         40
                                       5.625          1,255.68
    SOUTHLAKE        TX   76092          5            12/09/02         00
    0415394121                           03           02/01/03          0
    0415394121                           O            01/01/18
    0

    8286507          A21/G02             F          236,000.00         ZZ
                                         180        234,302.82          1
                                       5.500          1,928.32         55
                                       5.250          1,928.32
    PARAMUS          NJ   07652          5            11/18/02         00
    0435122841                           05           01/01/03          0
    0777000426                           O            12/01/17
    0

    8286717          U05/G02             F          353,000.00         ZZ
                                         180        350,591.99          1
                                       6.125          3,002.71         83
                                       5.875          3,002.71
1

    SCOTTSDALE       AZ   85259          2            11/18/02         10
    0435119409                           03           01/01/03          6
    3274603                              O            12/01/17
    0

    8286845          X67/G02             F          232,500.00         ZZ
                                         180        230,897.06          1
                                       6.000          1,961.97         75
                                       5.750          1,961.97
    ROANOKE          TX   76262          2            11/26/02         00
    0435063797                           05           01/01/03          0
    281212                               O            12/01/17
    0

    8287161          A46/G02             F           56,450.00         ZZ
                                         180         56,262.02          3
                                       6.375            487.87         42
                                       6.125            487.87
    ALBUQUERQUE      NM   87110          2            12/04/02         00
    0435158241                           05           02/01/03          0
    0464086                              O            01/01/18
    0

    8287181          X27/G02             F          430,000.00         ZZ
                                         180        428,489.66          1
                                       5.750          3,570.76         80
                                       5.500          3,570.76
    YORBA LINDA      CA   92886          1            12/05/02         00
    0435122858                           05           02/01/03          0
    30000159                             O            01/01/18
    0

    8287193          286/286             F           94,000.00         ZZ
                                         180         92,983.67          1
                                       5.500            768.06         54
                                       5.250            768.06
    NORTH MIAMI BEA  FL   33162          2            10/03/02         00
    1586447                              05           12/01/02          0
    1586447                              O            11/01/17
    0

    8287195          286/286             F           70,000.00         ZZ
                                         180         69,207.29          1
                                       5.750            581.29         78
                                       5.500            581.29
    STUART           FL   34997          5            10/15/02         00
    1648335                              03           12/01/02          0
    1648335                              O            11/01/17
    0
1

    8287199          286/286             F          183,000.00         ZZ
                                         180        180,781.19          1
                                       5.875          1,531.93         67
                                       5.625          1,531.93
    LITTLETON        MA   01460          5            10/10/02         00
    1630044                              05           12/01/02          0
    1630044                              O            11/01/17
    0

    8287203          286/286             F          202,000.00         ZZ
                                         180        199,881.25          1
                                       6.250          1,732.00         57
                                       6.000          1,732.00
    NEW CANAAN       CT   06840          2            10/25/02         00
    1589170                              01           12/01/02          0
    1589170                              O            11/01/17
    0

    8287211          286/286             F           70,800.00         ZZ
                                         180         68,896.71          1
                                       5.875            592.68         46
                                       5.625            592.68
    CHARLOTTE        NC   28213          2            10/17/02         00
    1619000                              05           12/01/02          0
    1619000                              N            11/01/17
    0

    8287213          286/286             F          230,400.00         ZZ
                                         180        227,930.57          1
                                       5.625          1,897.88         37
                                       5.375          1,897.88
    CASTRO VALLEY    CA   94546          2            10/09/02         00
    1602748                              03           12/01/02          0
    1602748                              O            11/01/17
    0

    8287215          286/286             F           89,000.00         ZZ
                                         180         86,959.85          1
                                       5.875            745.04         54
                                       5.625            745.04
    CHARLOTTE        NC   28269          2            10/17/02         00
    1619035                              03           12/01/02          0
    1619035                              N            11/01/17
    0

    8287217          286/286             F          422,000.00         ZZ
                                         180        417,484.83          1
1

                                       5.625          3,476.15         44
                                       5.375          3,476.15
    MADISON          CT   06443          2            10/08/02         00
    1635219                              05           12/01/02          0
    1635219                              O            11/01/17
    0

    8287219          286/286             F           80,000.00         ZZ
                                         180         79,170.59          1
                                       6.000            675.09         80
                                       5.750            675.09
    JUPITER          FL   33458          5            10/03/02         00
    1595728                              01           12/01/02          0
    1595728                              O            11/01/17
    0

    8287223          286/286             F           66,000.00         ZZ
                                         180         65,245.57          1
                                       6.125            561.42         17
                                       5.875            561.42
    MORTON GROVE     IL   60053          5            10/15/02         00
    1529273                              05           12/01/02          0
    1529273                              O            11/01/17
    0

    8287225          286/286             F          400,000.00         ZZ
                                         180        395,809.11          1
                                       5.875          3,348.48         30
                                       5.625          3,348.48
    LOS GATOS        CA   95030          5            10/04/02         00
    1447643                              05           12/01/02          0
    1447643                              O            11/01/17
    0

    8287227          286/286             F          163,500.00         ZZ
                                         180        161,785.66          1
                                       5.875          1,368.69         61
                                       5.625          1,368.69
    DAYTON           OH   45424          2            10/11/02         00
    1593623                              05           12/01/02          0
    1593623                              O            11/01/17
    0

    8287229          286/286             F          207,000.00         ZZ
                                         180        204,785.20          1
                                       5.625          1,705.13         60
                                       5.375          1,705.13
    ANTIOCH          CA   94509          2            10/17/02         00
    1600946                              05           12/01/02          0
1

    1600946                              O            11/01/17
    0

    8287237          286/286             F          260,000.00         ZZ
                                         180        257,247.14          1
                                       5.750          2,159.07         74
                                       5.500          2,159.07
    MONROE           CT   06468          5            10/14/02         00
    1591609                              05           12/01/02          0
    1591609                              O            11/01/17
    0

    8287239          286/286             F          197,500.00         ZZ
                                         180        194,976.95          2
                                       5.875          1,653.31         52
                                       5.625          1,653.31
    EVERETT          MA   02149          2            10/17/02         00
    1669892                              05           12/01/02          0
    1669892                              O            11/01/17
    0

    8287241          286/286             F          158,500.00         ZZ
                                         180        155,130.50          1
                                       6.250          1,359.02         70
                                       6.000          1,359.02
    ALBUQUERQUE      NM   87120          2            10/29/02         00
    1664147                              05           12/01/02          0
    1664147                              N            11/01/17
    0

    8287243          286/286             F           60,000.00         ZZ
                                         180         59,377.91          1
                                       6.000            506.32         38
                                       5.750            506.32
    MIAMI            FL   33165          5            10/16/02         00
    1599859                              05           12/01/02          0
    1599859                              N            11/01/17
    0

    8287245          286/286             F          440,000.00         ZZ
                                         180        432,494.08          1
                                       5.875          3,683.33         80
                                       5.625          3,683.33
    EDISON           NJ   08820          2            10/17/02         00
    1593011                              05           12/01/02          0
    1593011                              O            11/01/17
    0

1

    8287247          286/286             F           97,100.00         ZZ
                                         180         96,103.89          1
                                       6.125            825.96         90
                                       5.875            825.96
    LAWRENCEVILLE    GA   30044          1            10/22/02         21
    1586943                              03           12/01/02         25
    1586943                              N            11/01/17
    0

    8287251          286/286             F           70,000.00         ZZ
                                         180         68,644.90          1
                                       6.250            600.20         34
                                       6.000            600.20
    WEST BABYLON     NY   11704          5            09/27/02         00
    1556516                              05           11/01/02          0
    1556516                              N            10/01/17
    0

    8287255          286/286             F          396,000.00         ZZ
                                         180        391,726.58          1
                                       6.000          3,341.68         60
                                       5.750          3,341.68
    SAN GABRIEL      CA   91775          2            10/10/02         00
    1555823                              05           12/01/02          0
    1555823                              O            11/01/17
    0

    8287259          286/286             F          270,000.00         ZZ
                                         180        267,111.14          1
                                       5.625          2,224.08         30
                                       5.375          2,224.08
    PALOS VERDES ES  CA   90274          2            10/08/02         00
    1600032                              05           12/01/02          0
    1600032                              O            11/01/17
    0

    8287293          286/286             F          400,000.00         ZZ
                                         180        395,764.82          1
                                       5.750          3,321.65         50
                                       5.500          3,321.65
    RIDGEFIELD       CT   06877          2            10/08/02         00
    1568115                              05           12/01/02          0
    1568115                              O            11/01/17
    0

    8287295          286/286             F           62,400.00         ZZ
                                         180         60,889.84          2
                                       6.750            552.19         80
                                       6.500            552.19
1

    PHILADELPHIA     PA   19149          1            10/30/02         00
    1574105                              05           12/01/02          0
    1574105                              N            11/01/17
    0

    8287297          286/286             F          260,000.00         ZZ
                                         180        257,247.14          1
                                       5.750          2,159.07         48
                                       5.500          2,159.07
    RIDGEFIELD       CT   06877          5            10/21/02         00
    1596945                              05           12/01/02          0
    1596945                              O            11/01/17
    0

    8287299          286/286             F           83,200.00         ZZ
                                         180         81,584.49          1
                                       5.875            696.48         80
                                       5.625            696.48
    FAYETTEVILLE     NC   28314          5            09/30/02         00
    1623644                              03           11/01/02          0
    1623644                              O            10/01/17
    0

    8287303          286/286             F          372,100.00         ZZ
                                         180        368,402.47          4
                                       6.500          3,241.40         47
                                       6.250          3,241.40
    SAN CLEMENTE     CA   92672          2            10/25/02         00
    1593291                              05           12/01/02          0
    1593291                              N            11/01/17
    0

    8287307          286/286             F           20,000.00         ZZ
                                         180         19,805.44          1
                                       6.750            176.99         80
                                       6.500            176.99
    AKRON            OH   44310          1            10/24/02         00
    1573405                              05           12/01/02          0
    1573405                              N            11/01/17
    0

    8287309          286/286             F          280,000.00         ZZ
                                         180        277,004.15          1
                                       5.625          2,306.45         45
                                       5.375          2,306.45
    PARSIPPANY-TROY  NJ   07950          5            10/16/02         00
    1602293                              05           12/01/02          0
    1602293                              O            11/01/17
    0
1

    8287311          286/286             F          150,000.00         ZZ
                                         180        148,395.08          1
                                       5.625          1,235.60         38
                                       5.375          1,235.60
    PARSIPPANY TROY  NJ   07054          5            10/15/02         00
    1602299                              05           12/01/02          0
    1602299                              O            11/01/17
    0

    8287315          286/286             F           52,000.00         ZZ
                                         180         51,472.18          2
                                       6.250            445.86         74
                                       6.000            445.86
    MARINETTE        WI   54115          2            10/28/02         00
    1579440                              05           12/01/02          0
    1579440                              N            11/01/17
    0

    8287317          286/286             F          750,000.00         ZZ
                                         180        737,302.04          1
                                       5.750          6,228.08         52
                                       5.500          6,228.08
    PALOS VERDES ES  CA   90274          2            10/14/02         00
    1587343                              05           12/01/02          0
    1587343                              O            11/01/17
    0

    8287319          286/286             F           44,000.00         ZZ
                                         180         43,553.38          1
                                       6.250            377.27         73
                                       6.000            377.27
    CRIVITZ          WI   54114          2            10/28/02         00
    1579441                              05           12/01/02          0
    1579441                              N            11/01/17
    0

    8287325          286/286             F          425,000.00         ZZ
                                         180        420,368.42          1
                                       5.875          3,557.76         57
                                       5.625          3,557.76
    SAN MARINO       CA   91108          2            10/21/02         00
    1607099                              05           12/01/02          0
    1607099                              O            11/01/17
    0

    8287327          286/286             F           54,658.00         ZZ
                                         180         53,901.30          1
1

                                       5.500            446.61         66
                                       5.250            446.61
    CHESAPEAKE       VA   23325          2            10/28/02         00
    1593975                              05           12/01/02          0
    1593975                              N            11/01/17
    0

    8287329          286/286             F          223,000.00         ZZ
                                         180        220,638.89          1
                                       5.750          1,851.82         67
                                       5.500          1,851.82
    WHIPPANY         NJ   07981          2            10/18/02         00
    1579284                              05           12/01/02          0
    1579284                              O            11/01/17
    0

    8287331          286/286             F          185,000.00         ZZ
                                         180        182,230.23          1
                                       5.875          1,548.67         79
                                       5.625          1,548.67
    PITTSBORO        IN   46167          2            10/25/02         00
    1584909                              05           12/01/02          0
    1584909                              O            11/01/17
    0

    8287335          286/286             F          178,000.00         ZZ
                                         180        175,428.08          1
                                       5.500          1,454.41         38
                                       5.250          1,454.41
    GOLDEN           CO   80401          5            09/24/02         00
    1592172                              05           11/01/02          0
    1592172                              O            10/01/17
    0

    8287337          286/286             F           40,880.00         ZZ
                                         180         40,432.44          1
                                       6.875            364.60         80
                                       6.625            364.60
    ALBUQUERQUE      NM   87109          1            10/30/02         00
    1705652                              01           12/01/02          0
    1705652                              N            11/01/17
    0

    8287341          286/286             F           25,600.00         ZZ
                                         180         25,345.63          1
                                       6.500            223.00         80
                                       6.250            223.00
    MILLEDGEVILLE    GA   31061          1            10/11/02         00
    1674823                              05           12/01/02          0
1

    1674823                              N            11/01/17
    0

    8287343          286/286             F          168,000.00         ZZ
                                         180        164,393.29          1
                                       5.875          1,406.36         39
                                       5.625          1,406.36
    PLAINSBORO       NJ   08536          2            10/18/02         00
    1589107                              05           12/01/02          0
    1589107                              O            11/01/17
    0

    8287345          286/286             F           36,400.00         ZZ
                                         180         36,038.31          1
                                       6.500            317.08         80
                                       6.250            317.08
    MILLEGEVILLE     GA   30145          1            10/11/02         00
    1674884                              05           12/01/02          0
    1674884                              N            11/01/17
    0

    8287347          286/286             F           80,000.00         ZZ
                                         180         79,161.82          1
                                       5.875            669.70         69
                                       5.625            669.70
    ROANOKE          VA   24018          2            10/24/02         00
    1648305                              03           12/01/02          0
    1648305                              N            11/01/17
    0

    8287349          286/286             F          205,000.00         ZZ
                                         180        201,804.14          1
                                       5.500          1,675.03         50
                                       5.250          1,675.03
    BONITA           CA   91902          2            10/10/02         00
    1592252                              05           12/01/02          0
    1592252                              O            11/01/17
    0

    8287351          286/286             F          122,000.00         ZZ
                                         180        120,761.65          1
                                       6.250          1,046.06         57
                                       6.000          1,046.06
    TROY             MI   48083          5            10/09/02         00
    1628956                              05           12/01/02          0
    1628956                              O            11/01/17
    0

1

    8287353          286/286             F          295,000.00         ZZ
                                         180        290,911.95          1
                                       6.000          2,489.38         66
                                       5.750          2,489.38
    TALLAHASSEE      FL   32308          2            09/27/02         00
    1543535                              05           11/01/02          0
    1543535                              O            10/01/17
    0

    8287355          286/286             F          153,600.00         ZZ
                                         180        147,942.42          1
                                       5.625          1,265.26         80
                                       5.375          1,265.26
    LOXAHATCHEE      FL   33470          5            10/04/02         00
    1612247                              05           12/01/02          0
    1612247                              O            11/01/17
    0

    8287357          286/286             F          362,200.00         ZZ
                                         180        358,365.06          1
                                       5.750          3,007.75         42
                                       5.500          3,007.75
    SAN FRANCISCO    CA   94118          2            10/08/02         00
    1591272                              05           12/01/02          0
    1591272                              O            11/01/17
    0

    8287359          286/286             F           40,880.00         ZZ
                                         180         40,314.80          1
                                       6.875            364.60         80
                                       6.625            364.60
    ALBUQUERQUE      NM   87109          1            10/30/02         00
    1704476                              01           12/01/02          0
    1704476                              N            11/01/17
    0

    8287361          286/286             F          440,000.00         ZZ
                                         180        435,486.28          1
                                       6.125          3,742.75         80
                                       5.875          3,742.75
    RESTON           VA   20194          5            10/21/02         00
    1375175                              05           12/01/02          0
    1375175                              O            11/01/17
    0

    8287363          286/286             F          163,700.00         ZZ
                                         180        162,124.68          1
                                       6.875          1,459.97         55
                                       6.625          1,459.97
1

    MIAMI BEACH      FL   33141          2            10/25/02         00
    1555195                              01           12/01/02          0
    1555195                              N            11/01/17
    0

    8287365          286/286             F          400,000.00         ZZ
                                         180        395,764.82          1
                                       5.750          3,321.65         55
                                       5.500          3,321.65
    FAIRFIELD        CT   06430          5            10/10/02         00
    1563329                              05           12/01/02          0
    1563329                              O            11/01/17
    0

    8287367          286/286             F          123,500.00         ZZ
                                         180        122,246.42          1
                                       6.250          1,058.92         57
                                       6.000          1,058.92
    MIAMI            FL   33182          5            10/15/02         00
    1603720                              05           12/01/02          0
    1603720                              O            11/01/17
    0

    8287371          286/286             F           64,400.00         ZZ
                                         180         63,760.04          1
                                       6.500            561.00         70
                                       6.250            561.00
    INDIANAPOLIS     IN   46201          5            10/17/02         00
    1573218                              05           12/01/02          0
    1573218                              N            11/01/17
    0

    8287373          286/286             F          214,000.00         ZZ
                                         180        212,370.10          1
                                       5.875          1,791.44         80
                                       5.625          1,791.44
    SANTA FE         NM   87505          5            11/01/02         00
    1726326                              03           01/01/03          0
    1726326                              O            12/01/17
    0

    8287375          286/286             F           64,000.00         ZZ
                                         180         63,577.17          1
                                       6.500            557.51         80
                                       6.250            557.51
    CHATTANOOGA      TN   34715          5            10/31/02         00
    1544893                              05           01/01/03          0
    1544893                              O            12/01/17
    0
1

    8287377          286/286             F           93,650.00         ZZ
                                         180         92,990.54          1
                                       5.750            777.68         26
                                       5.500            777.68
    AUSTIN           TX   78704          2            11/05/02         00
    1667661                              05           01/01/03          0
    1667661                              O            12/01/17
    0

    8287379          286/286             F           53,100.00         ZZ
                                         180         52,560.99          1
                                       6.250            455.30         90
                                       6.000            455.30
    SAN ANTONIO      TX   78239          1            10/09/02         10
    1582459                              05           12/01/02         30
    1582459                              N            11/01/17
    0

    8287381          286/286             F          375,000.00         ZZ
                                         180        371,071.05          1
                                       5.875          3,139.20         54
                                       5.625          3,139.20
    FARMINGTON       CT   06032          2            10/18/02         00
    1648042                              03           12/01/02          0
    1648042                              O            11/01/17
    0

    8287383          286/286             F           60,000.00         ZZ
                                         180         59,358.03          1
                                       5.625            494.24         75
                                       5.375            494.24
    BLOOMINGDALE     GA   31302          5            10/09/02         00
    1587221                              05           12/01/02          0
    1587221                              N            11/01/17
    0

    8287385          286/286             F          219,000.00         ZZ
                                         180        216,421.93          1
                                       5.875          1,833.29         40
                                       5.625          1,833.29
    HOWARD BEACH     NY   11414          2            10/16/02         00
    1577849                              05           12/01/02          0
    1577849                              O            11/01/17
    0

    8287387          286/286             F          178,800.00         ZZ
                                         180        176,946.31          1
1

                                       6.000          1,508.82         53
                                       5.750          1,508.82
    ORLANDO          FL   32828          2            10/22/02         00
    1652740                              03           12/01/02          0
    1652740                              O            11/01/17
    0

    8287389          286/286             F        1,000,000.00         ZZ
                                         180        989,412.11          1
                                       5.750          8,304.11         59
                                       5.500          8,304.11
    TIBURON          CA   94920          1            10/09/02         00
    1596910                              05           12/01/02          0
    1596910                              O            11/01/17
    0

    8287391          286/286             F          126,300.00         ZZ
                                         180        124,990.44          1
                                       6.000          1,065.80         78
                                       5.750          1,065.80
    BATAVIA          OH   45103          2            10/21/02         00
    1627149                              05           12/01/02          0
    1627149                              O            11/01/17
    0

    8287395          286/286             F          340,000.00         ZZ
                                         180        336,437.73          1
                                       5.875          2,846.21         78
                                       5.625          2,846.21
    SOUTH BRUNSWICK  NJ   08852          2            10/04/02         00
    1593016                              03           12/01/02          0
    1593016                              O            11/01/17
    0

    8287397          286/286             F          191,000.00         T
                                         180        188,977.69          1
                                       5.750          1,586.09         58
                                       5.500          1,586.09
    ARNOLD           CA   95223          2            10/17/02         00
    1554937                              03           12/01/02          0
    1554937                              O            11/01/17
    0

    8287399          286/286             F          580,000.00         ZZ
                                         180        573,489.15          1
                                       5.750          4,816.38         38
                                       5.500          4,816.38
    DARIEN           CT   06820          2            10/09/02         00
    1586968                              05           12/01/02          0
1

    1586968                              O            11/01/17
    0

    8287401          286/286             F          162,000.00         ZZ
                                         180        160,266.68          1
                                       5.625          1,334.45         30
                                       5.375          1,334.45
    FAIRFIELD        CT   06430          2            10/16/02         00
    1587002                              05           12/01/02          0
    1587002                              O            11/01/17
    0

    8287403          286/286             F          161,300.00         ZZ
                                         180        158,724.95          1
                                       7.000          1,449.82         95
                                       6.750          1,449.82
    MIAMI LAKES      FL   33016          5            08/28/02         10
    1359914                              03           10/01/02         25
    1359914                              O            09/01/17
    0

    8287405          286/286             F          182,500.00         ZZ
                                         180        180,397.49          1
                                       5.750          1,515.50         72
                                       5.500          1,515.50
    PITTSBURGH       PA   15241          2            10/02/02         00
    1605067                              05           12/01/02          0
    1605067                              O            11/01/17
    0

    8287407          286/286             F          380,000.00         ZZ
                                         180        375,934.18          1
                                       5.625          3,130.19         40
                                       5.375          3,130.19
    CORTE MADERA     CA   94925          2            10/10/02         00
    1575492                              03           12/01/02          0
    1575492                              O            11/01/17
    0

    8287409          286/286             F           73,500.00         ZZ
                                         180         72,706.12          1
                                       5.875            615.29         69
                                       5.625            615.29
    CARROLL          OH   43112          2            10/25/02         00
    1558340                              05           12/01/02          0
    1558340                              O            11/01/17
    0

1

    8287413          286/286             F          130,000.00         ZZ
                                         180        128,637.95          1
                                       5.875          1,088.26         48
                                       5.625          1,088.26
    MARLBORO         MA   01752          2            10/10/02         00
    1598675                              05           12/01/02          0
    1598675                              O            11/01/17
    0

    8287415          286/286             F          300,000.00         ZZ
                                         180        296,658.24          1
                                       5.500          2,451.26         67
                                       5.250          2,451.26
    VISTA            CA   92083          2            10/24/02         00
    1638662                              03           12/01/02          0
    1638662                              O            11/01/17
    0

    8287417          286/286             F           44,000.00         ZZ
                                         180         42,913.70          1
                                       5.875            368.34         42
                                       5.625            368.34
    LITHIA SPRINGS   GA   30122          5            09/27/02         00
    1629658                              05           12/01/02          0
    1629658                              O            11/01/17
    0

    8287419          286/286             F           56,300.00         ZZ
                                         180         55,740.53          1
                                       6.500            490.44         80
                                       6.250            490.44
    INDIANAPOLIS     IN   46235          1            10/16/02         00
    1704410                              05           12/01/02          0
    1704410                              N            11/01/17
    0

    8287421          286/286             F          156,000.00         ZZ
                                         180        154,011.94          1
                                       5.500          1,274.66         78
                                       5.250          1,274.66
    WILMINGTON       DE   19808          2            10/18/02         00
    1593905                              03           12/01/02          0
    1593905                              O            11/01/17
    0

    8287423          286/286             F          385,000.00         ZZ
                                         180        382,345.68          1
                                       6.000          3,248.85         60
                                       5.750          3,248.85
1

    SANTA BARBARA    CA   93105          5            10/29/02         00
    1694012                              05           01/01/03          0
    1694012                              O            12/01/17
    0

    8287431          286/286             F           45,000.00         ZZ
                                         180         44,538.35          1
                                       6.125            382.79         52
                                       5.875            382.79
    SALEM            VA   24153          5            10/28/02         00
    1510710                              05           12/01/02          0
    1510710                              N            11/01/17
    0

    8287435          286/286             F          206,000.00         ZZ
                                         180        203,795.91          1
                                       5.625          1,696.89         50
                                       5.375          1,696.89
    GAITHERSBURG     MD   20878          2            10/23/02         00
    0001252661                           05           12/01/02          0
    0001252661                           O            11/01/17
    0

    8287437          286/286             F           97,000.00         ZZ
                                         180         95,962.15          1
                                       5.625            799.02         29
                                       5.375            799.02
    PLEASANT HILL    CA   94523          2            10/09/02         00
    1602751                              05           12/01/02          0
    1602751                              O            11/01/17
    0

    8287449          286/286             F           95,000.00         ZZ
                                         180         94,015.09          1
                                       6.000            801.67         58
                                       5.750            801.67
    MIAMI            FL   33155          5            10/15/02         00
    1554348                              05           12/01/02          0
    1554348                              O            11/01/17
    0

    8287453          286/286             F          441,000.00         ZZ
                                         180        436,330.75          1
                                       5.750          3,662.11         57
                                       5.500          3,662.11
    LAKE OSWEGO      OR   97034          2            10/11/02         00
    1633872                              05           12/01/02          0
    1633872                              O            11/01/17
    0
1

    8287455          286/286             F          173,000.00         ZZ
                                         180        171,317.25          3
                                       6.750          1,530.90         39
                                       6.500          1,530.90
    CASTRO VALLEY    CA   94546          5            10/10/02         00
    1568875                              05           12/01/02          0
    1568875                              N            11/01/17
    0

    8287459          286/286             F           37,000.00         ZZ
                                         180         36,620.44          1
                                       6.125            314.73         90
                                       5.875            314.73
    RICHMOND         VA   23225          1            10/17/02         11
    0001251118                           05           12/01/02         25
    0001251118                           N            11/01/17
    0

    8287463          286/286             F           89,000.00         ZZ
                                         180         88,037.72          2
                                       5.500            727.21         35
                                       5.250            727.21
    EUGENE           OR   97405          2            10/18/02         00
    1657143                              05           12/01/02          0
    1657143                              O            11/01/17
    0

    8287475          286/286             F          158,000.00         ZZ
                                         180        156,309.48          1
                                       5.625          1,301.50         40
                                       5.375          1,301.50
    GERMANTOWN       MD   20874          2            10/11/02         00
    0001252186                           03           12/01/02          0
    0001252186                           O            11/01/17
    0

    8287483          286/286             F          183,000.00         ZZ
                                         180        181,724.90          1
                                       5.875          1,531.93         40
                                       5.625          1,531.93
    SAN JOSE         CA   95131          2            10/31/02         00
    1719192                              05           01/01/03          0
    1719192                              N            12/01/17
    0

    8287495          286/286             F           93,700.00         ZZ
                                         180         91,912.38          2
1

                                       5.875            784.39         23
                                       5.625            784.39
    SAN DIEGO        CA   92104          2            10/23/02         00
    1636171                              05           12/01/02          0
    1636171                              N            11/01/17
    0

    8287499          286/286             F           95,450.00         ZZ
                                         180         93,644.06          2
                                       5.875            799.03         30
                                       5.625            799.03
    LA MESA          CA   91941          2            10/23/02         00
    1636192                              05           12/01/02          0
    1636192                              N            11/01/17
    0

    8287503          286/286             F           67,500.00         T
                                         180         67,029.67          1
                                       5.875            565.06         90
                                       5.625            565.06
    RENO             NV   89509          1            11/01/02         10
    1743829                              01           01/01/03         25
    1743829                              O            12/01/17
    0

    8288213          U05/G02             F          150,000.00         ZZ
                                         180        148,954.83          1
                                       5.875          1,255.68         75
                                       5.625          1,255.68
    SALEM            OR   97304          5            11/20/02         00
    0435065842                           05           01/01/03          0
    3286652                              O            12/01/17
    0

    8288259          286/286             F          147,375.00         ZZ
                                         180        146,380.31          4
                                       6.250          1,263.63         90
                                       6.000          1,263.63
    IDAHO FALLS      ID   83402          1            11/07/02         11
    1679686                              05           01/01/03         20
    1679686                              N            12/01/17
    0

    8288279          286/286             F          650,000.00         ZZ
                                         180        643,117.86          1
                                       5.750          5,397.67         51
                                       5.500          5,397.67
    FAIRFIELD        CT   06430          5            10/21/02         00
    1607286                              05           12/01/02          0
1

    1607286                              O            11/01/17
    0

    8288285          286/286             F          300,700.00         ZZ
                                         180        297,482.65          1
                                       5.625          2,476.97         19
                                       5.375          2,476.97
    SAN MATEO        CA   94402          2            10/18/02         00
    1607047                              05           12/01/02          0
    1607047                              O            11/01/17
    0

    8288291          286/286             F          397,000.00         ZZ
                                         180        391,839.91          1
                                       5.875          3,323.37         27
                                       5.625          3,323.37
    LAFAYETTE        CA   94549          2            10/21/02         00
    1611539                              05           12/01/02          0
    1611539                              O            11/01/17
    0

    8288295          286/286             F          180,000.00         ZZ
                                         180        178,719.06          2
                                       5.625          1,482.72         44
                                       5.375          1,482.72
    QUINCY           MA   02170          2            11/07/02         00
    1671482                              05           01/01/03          0
    1671482                              O            12/01/17
    0

    8288297          286/286             F           59,500.00         ZZ
                                         180         59,081.00          1
                                       5.750            494.10         51
                                       5.500            494.10
    GARLAND          TX   75040          2            11/11/02         00
    1717477                              05           01/01/03          0
    1717477                              N            12/01/17
    0

    8288303          286/286             F           65,600.00         ZZ
                                         180         64,927.04          1
                                       6.125            558.01         80
                                       5.875            558.01
    MONROE           GA   30655          2            11/01/02         00
    1632670                              05           12/01/02          0
    1632670                              N            11/01/17
    0

1

    8288307          286/286             F           68,000.00         ZZ
                                         180         67,302.41          1
                                       6.125            578.42         78
                                       5.875            578.42
    MONROE           GA   30655          2            11/01/02         00
    1632720                              05           12/01/02          0
    1632720                              N            11/01/17
    0

    8288311          286/286             F          132,000.00         ZZ
                                         180        131,000.36          1
                                       5.625          1,087.33         69
                                       5.375          1,087.33
    AURORA           IL   60506          2            11/01/02         00
    1606272                              05           01/01/03          0
    1606272                              O            12/01/17
    0

    8288371          286/286             F           95,000.00         ZZ
                                         180         93,962.82          1
                                       5.500            776.23         31
                                       5.250            776.23
    HOCKESSIN        DE   19707          5            10/24/02         00
    1594182                              05           12/01/02          0
    1594182                              O            11/01/17
    0

    8288453          286/286             F          112,500.00         ZZ
                                         180        108,908.58          1
                                       5.875            941.76         90
                                       5.625            941.76
    VIRGINIA BEACH   VA   23453          2            10/24/02         12
    1584833                              03           12/01/02         12
    1584833                              O            11/01/17
    0

    8288493          286/286             F          100,800.00         ZZ
                                         180        100,090.18          1
                                       5.750            837.06         80
                                       5.500            837.06
    PITTSBURGH       PA   15239          2            11/06/02         00
    1418215                              05           01/01/03          0
    1418215                              O            12/01/17
    0

    8288501          286/286             F          260,000.00         ZZ
                                         180        257,304.48          1
                                       6.000          2,194.03         80
                                       5.750          2,194.03
1

    BUENA PARK       CA   90620          5            10/09/02         00
    1550937                              05           12/01/02          0
    1550937                              O            11/01/17
    0

    8288505          286/286             F          499,000.00         ZZ
                                         180        493,771.86          1
                                       5.875          4,177.23         42
                                       5.625          4,177.23
    FAIRFIELD        CT   06824          5            10/25/02         00
    1592346                              05           12/01/02          0
    1592346                              O            11/01/17
    0

    8288509          286/286             F          538,000.00         ZZ
                                         180        532,243.69          1
                                       5.625          4,431.68         18
                                       5.375          4,431.68
    NORWALK          CT   06854          2            10/28/02         00
    1611114                              05           12/01/02          0
    1611114                              O            11/01/17
    0

    8288529          286/286             F          248,000.00         ZZ
                                         180        241,773.21          1
                                       5.625          2,042.86         80
                                       5.375          2,042.86
    ALEXANDRIA       VA   22309          1            10/31/02         00
    1708930                              05           12/01/02          0
    1708930                              N            11/01/17
    0

    8288543          286/286             F          198,000.00         ZZ
                                         180        195,857.03          1
                                       5.500          1,617.83         60
                                       5.250          1,617.83
    SAN DIEGO        CA   92126          5            10/17/02         00
    1555585                              05           12/01/02          0
    1555585                              O            11/01/17
    0

    8288547          286/286             F          388,000.00         ZZ
                                         180        383,934.85          1
                                       5.875          3,248.02         58
                                       5.625          3,248.02
    MADISON          CT   06443          2            10/28/02         00
    1596265                              05           12/01/02          0
    1596265                              O            11/01/17
    0
1

    8288581          286/286             F           84,000.00         ZZ
                                         180         83,119.91          1
                                       5.875            703.18         80
                                       5.625            703.18
    ALBUQUERQUE      NM   87123          5            10/25/02         00
    1721453                              05           12/01/02          0
    1721453                              O            11/01/17
    0

    8288589          286/286             F           60,750.00         ZZ
                                         180         60,344.31          4
                                       6.375            525.04         90
                                       6.125            525.04
    PHILADELPHIA     PA   19124          1            11/07/02         12
    1549535                              05           01/01/03         25
    1549535                              N            12/01/17
    0

    8288597          286/286             F           48,000.00         ZZ
                                         180         47,517.90          1
                                       6.375            414.85         80
                                       6.125            414.85
    ALTOONA          PA   16601          1            10/29/02         00
    1612387                              05           12/01/02          0
    1612387                              N            11/01/17
    0

    8288605          286/286             F           68,000.00         ZZ
                                         180         67,295.00          2
                                       6.000            573.83         65
                                       5.750            573.83
    ELKHART          IN   46514          2            10/30/02         00
    1651783                              05           12/01/02          0
    1651783                              N            11/01/17
    0

    8288623          286/286             F           58,480.00         ZZ
                                         180         56,878.55          1
                                       6.250            501.43         80
                                       6.000            501.43
    MARIETTA         GA   30008          1            10/23/02         00
    1659704                              05           12/01/02          0
    1659704                              N            11/01/17
    0

    8288645          286/286             F           43,200.00         ZZ
                                         180         42,908.42          2
1

                                       6.250            370.41         65
                                       6.000            370.41
    TOLEDO           OH   43610          2            11/06/02         00
    1545572                              05           01/01/03          0
    1545572                              N            12/01/17
    0

    8288653          Q87/G02             F           60,500.00         ZZ
                                         180         60,014.42          1
                                       6.875            539.57         79
                                       6.625            539.57
    MOBILE           AL   36618          5            11/26/02         00
    0435168695                           05           01/02/03          0
    EVMA01                               O            12/02/17
    0

    8288657          286/286             F          100,000.00         T
                                         180         98,954.62          1
                                       6.250            857.43         71
                                       6.000            857.43
    CHAMA            NM   87520          5            10/10/02         00
    1661197                              05           12/01/02          0
    1661197                              O            11/01/17
    0

    8288661          286/286             F          455,000.00         ZZ
                                         180        446,582.30          1
                                       5.625          3,747.98         51
                                       5.375          3,747.98
    STAMFORD         CT   06907          2            10/24/02         00
    1605111                              05           12/01/02          0
    1605111                              O            11/01/17
    0

    8288667          286/286             F          260,000.00         ZZ
                                         180        257,188.90          1
                                       5.500          2,124.42         51
                                       5.250          2,124.42
    OAK PARK         IL   60302          2            10/23/02         00
    1663094                              05           12/01/02          0
    1663094                              O            11/01/17
    0

    8288677          286/286             F          161,000.00         ZZ
                                         180        159,035.13          1
                                       5.750          1,336.97         84
                                       5.500          1,336.97
    APPLE VALLEY     MN   55124          2            10/11/02         10
    1586753                              05           12/01/02         20
1

    1586753                              O            11/01/17
    0

    8288683          286/286             F          264,000.00         ZZ
                                         180        262,121.29          1
                                       5.625          2,174.66         76
                                       5.375          2,174.66
    LEOMINSTER       MA   01453          5            11/01/02         00
    1684465                              05           01/01/03          0
    1684465                              O            12/01/17
    0

    8288697          286/286             F           85,000.00         ZZ
                                         180         84,109.42          1
                                       5.875            711.56         36
                                       5.625            711.56
    TUKWILA          WA   98168          5            10/22/02         00
    1698250                              05           12/01/02          0
    1698250                              O            11/01/17
    0

    8288703          286/286             F           74,900.00         ZZ
                                         180         74,236.52          1
                                       5.875            627.01         75
                                       5.625            627.01
    FT MYERS         FL   33907          1            11/12/02         00
    1706364                              05           01/01/03          0
    1706364                              N            12/01/17
    0

    8288709          286/286             F          100,000.00         ZZ
                                         180         98,974.14          2
                                       6.125            850.63         53
                                       5.875            850.63
    BUFFALO          MN   55313          2            10/24/02         00
    1680620                              05           12/01/02          0
    1680620                              N            11/01/17
    0

    8288725          286/286             F           88,000.00         ZZ
                                         180         87,097.26          2
                                       6.125            748.55         47
                                       5.875            748.55
    BUFFALO          MN   55313          2            10/24/02         00
    1680724                              05           12/01/02          0
    1680724                              N            11/01/17
    0

1

    8288731          286/286             F          160,000.00         ZZ
                                         180        158,942.92          1
                                       6.500          1,393.78         26
                                       6.250          1,393.78
    WASHINGTON       DC   20007          5            11/12/02         00
    1579572                              05           01/01/03          0
    1579572                              N            12/01/17
    0

    8288739          286/286             F          127,000.00         ZZ
                                         180        125,669.37          1
                                       5.875          1,063.15         38
                                       5.625          1,063.15
    LAKE ZURICH      IL   60047          2            10/25/02         00
    1630889                              05           12/01/02          0
    1630889                              O            11/01/17
    0

    8288745          286/286             F          330,000.00         ZZ
                                         180        326,469.17          1
                                       5.625          2,718.32         51
                                       5.375          2,718.32
    REDDING          CT   06896          2            10/25/02         00
    1644895                              05           12/01/02          0
    1644895                              O            11/01/17
    0

    8288749          286/286             F          270,000.00         ZZ
                                         180        265,136.81          1
                                       5.875          2,260.22         42
                                       5.625          2,260.22
    VIENNA           VA   22182          2            10/31/02         00
    1671706                              05           12/01/02          0
    1671706                              N            11/01/17
    0

    8288753          286/286             F          104,500.00         ZZ
                                         180        103,282.54          1
                                       6.125            888.91         95
                                       5.875            888.91
    ALBUQUERQUE      NM   87110          5            10/10/02         21
    1582597                              05           12/01/02         25
    1582597                              O            11/01/17
    0

    8288813          286/286             F           58,500.00         ZZ
                                         180         58,088.20          2
                                       6.750            517.68         90
                                       6.500            517.68
1

    DODGE CITY       KS   67801          1            11/06/02         11
    1741682                              05           01/01/03         25
    1741682                              N            12/01/17
    0

    8288863          286/286             F           38,500.00         ZZ
                                         180         38,231.72          1
                                       5.875            322.30         66
                                       5.625            322.30
    BENSON           AZ   85602          1            11/11/02         00
    1418546                              05           01/01/03          0
    1418546                              N            12/01/17
    0

    8288879          286/286             F          380,000.00         ZZ
                                         180        375,976.60          1
                                       5.750          3,155.56         47
                                       5.500          3,155.56
    STAMFORD         CT   06903          5            10/25/02         00
    1587054                              05           12/01/02          0
    1587054                              O            11/01/17
    0

    8288883          286/286             F          606,000.00         ZZ
                                         180        599,650.81          1
                                       5.875          5,072.94         60
                                       5.625          5,072.94
    PLEASANTON       CA   94588          2            10/25/02         00
    1591219                              03           12/01/02          0
    1591219                              O            11/01/17
    0

    8288887          286/286             F          111,200.00         ZZ
                                         180        110,433.35          1
                                       6.000            938.37         80
                                       5.750            938.37
    ALEXANDRIA       IN   46001          5            11/11/02         00
    1605543                              05           01/01/03          0
    1605543                              O            12/01/17
    0

    8288895          286/286             F          399,950.00         ZZ
                                         180        395,504.14          1
                                       5.500          3,267.93         57
                                       5.250          3,267.93
    WESTCHESTER      PA   19382          2            10/28/02         00
    1599962                              05           12/01/02          0
    1599962                              O            11/01/17
    0
1

    8288899          286/286             F          400,000.00         ZZ
                                         180        395,809.11          1
                                       5.875          3,348.48         65
                                       5.625          3,348.48
    NEWTON           MA   02456          1            10/28/02         00
    1599234                              05           12/01/02          0
    1599234                              O            11/01/17
    0

    8288901          286/286             F          147,850.00         ZZ
                                         180        146,797.86          1
                                       5.625          1,217.89         53
                                       5.375          1,217.89
    KATY             TX   77450          2            11/01/02         00
    1679943                              03           01/01/03          0
    1679943                              O            12/01/17
    0

    8288905          286/286             F          136,000.00         ZZ
                                         180        135,042.33          1
                                       5.750          1,129.36         74
                                       5.500          1,129.36
    PLANO            TX   75075          2            11/08/02         00
    1607028                              05           01/01/03          0
    1607028                              O            12/01/17
    0

    8288923          286/286             F          134,200.00         ZZ
                                         180        132,757.18          1
                                       6.250          1,150.67         52
                                       6.000          1,150.67
    SAINT PAUL       MN   55105          5            10/28/02         00
    1674887                              05           12/01/02          0
    1674887                              O            11/01/17
    0

    8288929          286/286             F          120,000.00         ZZ
                                         180        119,154.98          1
                                       5.750            996.50         29
                                       5.500            996.50
    LOS ANGELES      CA   90025          2            11/04/02         00
    1669362                              05           01/01/03          0
    1669362                              N            12/01/17
    0

    8288955          286/286             F          285,000.00         ZZ
                                         180        282,907.07          1
1

                                       5.250          2,291.06         68
                                       5.000          2,291.06
    MEDFORD          NJ   08855          2            11/04/02         00
    1550719                              05           01/01/03          0
    1550719                              O            12/01/17
    0

    8288971          286/286             F          219,000.00         ZZ
                                         180        216,681.26          1
                                       5.750          1,818.60         73
                                       5.500          1,818.60
    TAHLEQUAH        OK   74464          2            10/25/02         00
    1650003                              05           12/01/02          0
    1650003                              O            11/01/17
    0

    8288987          286/286             F           73,200.00         ZZ
                                         180         72,489.45          1
                                       5.875            612.78         57
                                       5.625            612.78
    MURRAY           UT   84107          2            11/06/02         00
    1670012                              05           01/01/03          0
    1670012                              N            12/01/17
    0

    8288993          286/286             F          108,000.00         ZZ
                                         180        107,151.10          1
                                       5.875            904.09         79
                                       5.625            904.09
    HAMMOND          LA   70401          2            11/11/02         00
    1692972                              05           01/01/03          0
    1692972                              O            12/01/17
    0

    8290141          N74/G02             F           81,000.00         ZZ
                                         180         80,727.36          1
                                       6.250            694.51         60
                                       6.000            694.51
    TRINITY          NC   27370          5            12/09/02         00
    0435125299                           05           02/01/03          0
    0031302010                           O            01/01/18
    0

    8290261          E47/G02             F          112,000.00         ZZ
                                         180        111,219.62          2
                                       5.875            937.57         41
                                       5.625            937.57
    GARDENA AREA     CA   90247          2            11/20/02         00
    0435122890                           05           01/01/03          0
1

    7331014628                           N            12/01/17
    0

    8291611          N47/G02             F          165,000.00         ZZ
                                         180        164,414.28          1
                                       5.625          1,359.16         47
                                       5.375          1,359.16
    VENTURA          CA   93004          5            12/03/02         00
    0435176458                           05           02/01/03          0
    30501041                             O            01/01/18
    0

    8291651          Q14/G02             F           73,000.00         ZZ
                                         180         72,356.76          1
                                       6.000            616.02         64
                                       5.750            616.02
    DES MOINES       IA   50310          5            12/07/02         00
    0435112008                           05           02/01/03          0
    0000209879                           O            01/01/18
    0

    8292091          U28/G02             F          346,200.00         ZZ
                                         180        343,762.17          1
                                       5.750          2,874.88         85
                                       5.500          2,874.88
    MARIETTA         GA   30068          2            11/27/02         10
    0435121157                           03           01/01/03         12
    2000006930                           O            12/01/17
    0

    8292139          E82/G02             F           70,000.00         ZZ
                                         180         69,756.73          1
                                       5.875            585.98         70
                                       5.625            585.98
    MONMOUTH         OR   97361          2            12/16/02         00
    0400716932                           05           02/01/03          0
    1671366                              N            01/01/18
    0

    8292141          E82/G02             F           63,700.00         ZZ
                                         180         63,478.62          1
                                       5.875            533.24         66
                                       5.625            533.24
    INDEPENDENCE     OR   97351          2            12/16/02         00
    0400716940                           05           02/01/03          0
    1672659                              N            01/01/18
    0

1

    8292147          E82/G02             F          168,000.00         ZZ
                                         180        166,866.11          1
                                       6.250          1,440.47         80
                                       6.000          1,440.47
    WATKINSVILLE     GA   30677          2            11/29/02         00
    0400739306                           05           01/01/03          0
    1937584                              N            12/01/17
    0

    8292149          E82/G02             F          101,500.00         ZZ
                                         180        101,154.69          1
                                       6.125            863.38         54
                                       5.875            863.38
    MIAMI            FL   33196          2            12/12/02         00
    0400723235                           05           02/01/03          0
    0400723235                           O            01/01/18
    0

    8292161          E82/G02             F           63,800.00         ZZ
                                         180         63,575.91          1
                                       5.750            529.80         73
                                       5.500            529.80
    MUSTANG          OK   73064          2            12/12/02         00
    0400736880                           05           02/01/03          0
    2818503                              O            01/01/18
    0

    8292165          E82/G02             F           78,500.00         ZZ
                                         180         78,227.18          1
                                       5.875            657.14         44
                                       5.625            657.14
    BERLIN           MD   21811          2            12/13/02         00
    0400746434                           05           02/01/03          0
    1602986                              O            01/01/18
    0

    8292167          E82/G02             F           57,000.00         ZZ
                                         180         56,816.23          1
                                       6.750            504.40         73
                                       6.500            504.40
    PETERSBURG       VA   23803          2            12/12/02         00
    0400730511                           05           02/01/03          0
    1811911                              N            01/01/18
    0

    8292199          E82/G02             F          260,000.00         ZZ
                                         180        259,115.46          4
                                       6.125          2,211.62         80
                                       5.875          2,211.62
1

    NORTH HOLLYWOOD  CA   91606          2            12/07/02         00
    0400738613                           05           02/01/03          0
    5176308                              N            01/01/18
    0

    8292219          E82/G02             F          137,700.00         ZZ
                                         180        137,236.52          1
                                       6.250          1,180.67         85
                                       6.000          1,180.67
    BANTAM           CT   06750          5            12/12/02         04
    0400720330                           05           02/01/03         12
    0400720330                           O            01/01/18
    0

    8292231          E82/G02             F          173,000.00         ZZ
                                         180        172,411.44          1
                                       6.125          1,471.58         55
                                       5.875          1,471.58
    SUNRIVER         OR   97707          2            12/09/02         00
    0400716908                           03           02/01/03          0
    1747849                              N            01/01/18
    0

    8292235          369/G02             F           95,550.00         ZZ
                                         180         94,891.24          1
                                       6.000            806.31         73
                                       5.750            806.31
    PHOENIX          AZ   85022          5            11/22/02         00
    0435119979                           05           01/01/03          0
    0074769605                           N            12/01/17
    0

    8292255          369/G02             F           97,100.00         ZZ
                                         180         96,429.94          1
                                       6.000            819.39         75
                                       5.750            819.39
    PEORIA           AZ   85381          5            11/22/02         00
    0435120001                           03           01/01/03          0
    0074744368                           N            12/01/17
    0

    8292259          369/G02             F           95,950.00         ZZ
                                         180         95,288.47          1
                                       6.000            809.69         68
                                       5.750            809.69
    PEORIA           AZ   85381          5            11/22/02         00
    0435120035                           05           01/01/03          0
    0074772054                           N            12/01/17
    0
1

    8292377          E22/G02             F          129,000.00         ZZ
                                         180        128,546.90          1
                                       5.750          1,071.23         79
                                       5.500          1,071.23
    WENATCHEE        WA   98801          2            12/09/02         00
    0415452291                           05           02/01/03          0
    0415452291                           O            01/01/18
    0

    8292467          E22/G02             F          116,000.00         ZZ
                                         180        115,592.55          1
                                       5.750            963.28         80
                                       5.500            963.28
    FERNDALE         WA   98248          5            12/09/02         00
    0415617265                           05           02/01/03          0
    0415617265                           O            01/01/18
    0

    8292481          E22/G02             F          129,200.00         ZZ
                                         180        128,755.74          1
                                       6.000          1,090.26         85
                                       5.750          1,090.26
    TIJERAS          NM   87059          2            12/11/02         04
    0415639228                           05           02/01/03         12
    0415639228                           O            01/01/18
    0

    8292561          E22/G02             F          390,000.00         ZZ
                                         180        388,701.30          1
                                       6.375          3,370.58         75
                                       6.125          3,370.58
    DALLAS           TX   75244          5            12/16/02         00
    0415558402                           05           02/01/03          0
    0415558402                           N            01/01/18
    0

    8292571          A06/G02             F          120,000.00         ZZ
                                         180        119,582.95          1
                                       5.875          1,004.55         80
                                       5.625          1,004.55
    DEARBORN HEIGHT  MI   48125          5            12/07/02         00
    0435127170                           05           02/01/03          0
    0020228144                           O            01/01/18
    0

    8292585          E22/G02             F          165,000.00         ZZ
                                         180        161,426.56          1
1

                                       5.875          1,381.25         57
                                       5.625          1,381.25
    FORT LAUDERDALE  FL   33305          2            12/10/02         00
    0415573344                           05           02/01/03          0
    0415573344                           O            01/01/18
    0

    8292665          E22/G02             F          399,900.00         ZZ
                                         180        398,465.35          1
                                       5.500          3,267.52         69
                                       5.250          3,267.52
    CYPRESS          CA   90630          5            12/06/02         00
    0415364595                           05           02/01/03          0
    0415364595                           O            01/01/18
    0

    8292679          E22/G02             F          115,000.00         ZZ
                                         180        114,625.21          1
                                       6.625          1,009.69         53
                                       6.375          1,009.69
    WIMBERLEY        TX   78676          5            12/11/02         00
    0415400589                           03           02/01/03          0
    0415400589                           O            01/01/18
    0

    8292733          E22/G02             F          234,000.00         ZZ
                                         180        233,186.77          1
                                       5.875          1,958.86         72
                                       5.625          1,958.86
    ARLINGTON        VA   22204          2            12/10/02         00
    0415442532                           05           02/01/03          0
    0415442532                           O            01/01/18
    0

    8292751          E22/G02             F          155,000.00         ZZ
                                         180        154,452.79          1
                                       5.750          1,287.14         71
                                       5.500          1,287.14
    FOREST HILL      MD   21050          5            12/09/02         00
    0415083286                           03           02/01/03          0
    0415083286                           O            01/01/18
    0

    8292819          975/G02             F          199,500.00         ZZ
                                         180        198,814.01          3
                                       6.000          1,683.49         70
                                       5.750          1,683.49
    LOS ANGELES      CA   91606          5            12/01/02         00
    0435113006                           05           02/01/03          0
1

    2025238                              N            01/01/18
    0

    8292937          M12/G02             F          246,400.00         ZZ
                                         180        245,525.33          1
                                       5.625          2,029.67         70
                                       5.375          2,029.67
    HEREFORD         AZ   85615          5            12/06/02         00
    0435158969                           05           02/01/03          0
    R0902                                O            01/01/18
    0

    8293001          K15/G02             F          161,000.00         ZZ
                                         180        160,458.09          1
                                       6.250          1,380.45         90
                                       6.000          1,380.45
    ENON             OH   45323          2            12/06/02         41
    0435122353                           05           02/01/03         12
    028505504502                         O            01/01/18
    0

    8293531          F89/G02             F          176,000.00         ZZ
                                         180        175,388.34          1
                                       5.875          1,473.33         37
                                       5.625          1,473.33
    HACIENDA HEIGHT  CA   91745          1            12/03/02         00
    0435140231                           05           02/01/03          0
    11124956                             O            01/01/18
    0

    8293829          K15/G02             F           92,600.00         ZZ
                                         180         92,304.66          1
                                       6.875            825.86         91
                                       6.625            825.86
    ARDEN            NC   28704          5            12/06/02         41
    0435121785                           05           02/01/03         25
    017505507270                         O            01/01/18
    0

    8293895          K15/G02             F          168,000.00         ZZ
                                         180        167,397.30          1
                                       5.500          1,372.70         75
                                       5.250          1,372.70
    MEDFORD          NY   11763          5            12/10/02         00
    0435136684                           05           02/01/03          0
    020705506677                         N            01/01/18
    0

1

    8293935          K15/G02             F          189,600.00         ZZ
                                         180        187,484.56          1
                                       5.625          1,561.80         55
                                       5.375          1,561.80
    PROVIDENCE       RI   02905          5            12/10/02         00
    0435119227                           05           02/01/03          0
    029705504999                         O            01/01/18
    0

    8294119          A21/G02             F          225,000.00         ZZ
                                         180        223,415.61          2
                                       5.750          1,868.43         74
                                       5.500          1,868.43
    OZONE PARK       NY   11417          5            11/26/02         00
    0435125422                           05           01/01/03          0
    0100133996                           O            12/01/17
    0

    8294189          A21/G02             F          175,000.00         ZZ
                                         180        173,780.64          1
                                       5.875          1,464.96         44
                                       5.625          1,464.96
    BRIARCLIFF MANO  NY   10510          5            11/26/02         00
    0435125646                           05           01/01/03          0
    0100133713                           O            12/01/17
    0

    8294215          X31/G02             F          135,900.00         ZZ
                                         180        134,982.76          1
                                       6.250          1,165.24         80
                                       6.000          1,165.24
    LOS ANGELES      CA   90016          2            11/21/02         00
    0435265061                           05           01/01/03          0
    40105229                             O            12/01/17
    0

    8294221          E82/G02             F          148,700.00         ZZ
                                         180        148,183.21          1
                                       5.875          1,244.80         67
                                       5.625          1,244.80
    VIRGINIA BEACH   VA   23451          2            12/10/02         00
    0400742730                           05           02/01/03          0
    4942378                              O            01/01/18
    0

    8294251          E82/G02             F          110,000.00         ZZ
                                         180        109,613.63          1
                                       5.750            913.45         60
                                       5.500            913.45
1

    NASHUA           NH   03062          2            12/11/02         00
    0400745469                           01           02/01/03          0
    6310922                              O            01/01/18
    0

    8294261          U42/G02             F           66,750.00         ZZ
                                         180         66,309.01          1
                                       6.500            581.46         75
                                       6.250            581.46
    ARLINGTON        TX   76017          5            11/26/02         00
    0435129275                           05           01/01/03          0
    24201522                             N            12/01/17
    0

    8294303          U42/G02             F           74,570.00         ZZ
                                         180         74,077.35          1
                                       6.500            649.58         77
                                       6.250            649.58
    ARLINGTON        TX   76002          2            11/22/02         00
    0435129317                           05           01/01/03          0
    24201525                             N            12/01/17
    0

    8294381          U42/G02             F           50,625.00         ZZ
                                         180         50,290.54          1
                                       6.500            441.00         75
                                       6.250            441.00
    ARLINGTON        TX   76010          5            11/25/02         00
    0435129309                           07           01/01/03          0
    24201515                             N            12/01/17
    0

    8294403          P44/G02             F           68,000.00         ZZ
                                         180         67,773.56          1
                                       6.375            587.69         47
                                       6.125            587.69
    NAPLES           FL   34120          2            12/13/02         00
    0435126230                           05           02/01/03          0
    261984930                            N            01/01/18
    0

    8294451          G34/G02             F           90,000.00         ZZ
                                         180         89,687.21          1
                                       5.875            753.41         48
                                       5.625            753.41
    HENDERSON        NV   89052          1            12/06/02         00
    0435118476                           03           02/01/03          0
    39012537                             O            01/01/18
    0
1

    8295161          N67/G02             F          100,000.00         ZZ
                                         180         99,270.75          1
                                       6.750            884.91         80
                                       6.500            884.91
    POINT ROBERTS    WA   98281          1            11/01/02         00
    0435074356                           05           01/01/03          0
    1781003500                           O            12/01/17
    0

    8295201          N67/G02             F          107,000.00         ZZ
                                         180        105,832.39          1
                                       6.875            954.28         68
                                       6.625            954.28
    TUCSON           AZ   85750          2            10/30/02         00
    0435074786                           03           12/01/02          0
    1781003842                           O            11/01/17
    0

    8295493          998/998             F          388,750.00         ZZ
                                         180        385,895.19          1
                                       5.250          3,125.07         33
                                       5.000          3,125.07
    OAKTON           VA   22124          2            11/13/02         00
    5354559                              05           01/01/03          0
    5354559                              O            12/01/17
    0

    8295497          A21/G02             F          183,700.00         ZZ
                                         180        183,094.81          2
                                       6.500          1,600.23         57
                                       6.250          1,600.23
    FORT LEE         NJ   07024          2            12/05/02         00
    0435171590                           05           02/01/03          0
    0100134022                           N            01/01/18
    0

    8295975          E22/G02             F           89,600.00         ZZ
                                         180         89,288.61          1
                                       5.875            750.06         35
                                       5.625            750.06
    WEST PALM BEACH  FL   33413          2            12/12/02         00
    0415579036                           03           02/01/03          0
    0415579036                           O            01/01/18
    0

    8295987          E22/G02             F          103,500.00         ZZ
                                         180        103,147.88          1
1

                                       6.125            880.40         51
                                       5.875            880.40
    HOUSTON          TX   77057          5            12/12/02         00
    0415598804                           01           02/01/03          0
    0415598804                           O            01/01/18
    0

    8296043          E22/G02             F          330,000.00         ZZ
                                         180        328,828.57          1
                                       5.625          2,718.31         71
                                       5.375          2,718.31
    VALLEJO          CA   94591          5            12/11/02         00
    0415674647                           05           02/01/03          0
    0415674647                           O            01/01/18
    0

    8296081          E22/G02             F          152,240.00         ZZ
                                         180        151,705.26          1
                                       5.750          1,264.22         80
                                       5.500          1,264.22
    YAKIMA           WA   98901          5            12/04/02         00
    0415240308                           05           02/01/03          0
    0415240308                           O            01/01/18
    0

    8296115          E22/G02             F          197,500.00         ZZ
                                         180        196,798.91          1
                                       5.625          1,626.87         73
                                       5.375          1,626.87
    WEST SAINT PAUL  MN   55118          5            12/12/02         00
    0415371988                           05           02/01/03          0
    0415371988                           O            01/01/18
    0

    8296119          E22/G02             F           67,000.00         ZZ
                                         180         66,776.89          1
                                       6.375            579.05         54
                                       6.125            579.05
    BALTIMORE        MD   21207          5            12/11/02         00
    0415386929                           05           02/01/03          0
    0415386929                           O            01/01/18
    0

    8296205          E22/G02             F          240,000.00         ZZ
                                         180        239,165.92          1
                                       5.875          2,009.08         80
                                       5.625          2,009.08
    JUPITER          FL   33458          5            12/09/02         00
    0415450469                           03           02/01/03          0
1

    0415450469                           O            01/01/18
    0

    8296313          E82/G02             F           84,000.00         ZZ
                                         180         83,711.16          1
                                       6.000            708.84         50
                                       5.750            708.84
    BOISE            ID   83709          2            12/13/02         00
    0400730040                           05           02/01/03          0
    0400730040                           O            01/01/18
    0

    8296315          E82/G02             F          610,000.00         ZZ
                                         180        607,924.73          1
                                       6.125          5,188.81         80
                                       5.875          5,188.81
    CLIFTON          VA   20124          5            12/13/02         00
    0400740833                           03           02/01/03          0
    7488275                              O            01/01/18
    0

    8296337          E82/G02             F          100,700.00         ZZ
                                         180        100,350.03          1
                                       5.875            842.98         80
                                       5.625            842.98
    SAN JACINTO      CA   92583          2            12/12/02         00
    0400746012                           05           02/01/03          0
    8175912                              O            01/01/18
    0

    8296345          E82/G02             F          110,800.00         ZZ
                                         180        110,410.83          1
                                       5.750            920.09         57
                                       5.500            920.09
    MINDEN           NV   89423          2            12/13/02         00
    0400744272                           05           02/01/03          0
    1907479                              O            01/01/18
    0

    8296423          144/144             F          120,000.00         ZZ
                                         180        119,172.68          1
                                       6.000          1,012.63         78
                                       5.750          1,012.63
    MONTGOMERY       NY   12549          5            11/27/02         00
    160705556                            05           01/01/03          0
    160705556                            O            12/01/17
    0

1

    8296461          R84/G02             F           75,000.00         ZZ
                                         180         74,736.57          1
                                       5.750            622.81         39
                                       5.500            622.81
    LAS VEGAS        NV   89131          5            12/03/02         00
    0435134986                           03           02/01/03          0
    LVR5175                              O            01/01/18
    0

    8296495          J49/G02             F          265,800.00         ZZ
                                         180        264,914.88          4
                                       6.375          2,297.18         37
                                       6.125          2,297.18
    HUNTINGTON BEAC  CA   92648          2            12/02/02         00
    0435122585                           05           02/01/03          0
    10211322                             N            01/01/18
    0

    8296613          601/G02             F          120,000.00         ZZ
                                         180        119,163.86          1
                                       5.875          1,004.55         80
                                       5.625          1,004.55
    GREELEY          CO   80634          5            11/22/02         00
    0435136577                           05           01/01/03          0
    62165113                             O            12/01/17
    0

    8296629          601/G02             F          106,000.00         ZZ
                                         180        105,068.20          1
                                       6.000            894.49         53
                                       5.750            894.49
    GAITHERSBURG     MD   20886          2            11/26/02         00
    0435136643                           09           01/01/03          0
    62157284                             O            12/01/17
    0

    8296631          601/G02             F          133,000.00         ZZ
                                         180        132,073.29          1
                                       5.875          1,113.37         69
                                       5.625          1,113.37
    GRAPEVINE        TX   76051          2            11/26/02         00
    0435191630                           05           01/01/03          0
    62098959                             O            12/01/17
    0

    8296653          W02/G02             F           40,500.00         ZZ
                                         180         40,217.81          1
                                       5.875            339.03         61
                                       5.625            339.03
1

    JACKSONVILLE     FL   32208          5            11/19/02         00
    0435146352                           05           01/01/03          0
    1001785633                           N            12/01/17
    0

    8296683          601/G02             F          272,000.00         ZZ
                                         180        270,164.17          1
                                       6.250          2,332.20         80
                                       6.000          2,332.20
    JACKSONVILLE     FL   32250          5            11/22/02         00
    0435136692                           05           01/01/03          0
    62003579                             O            12/01/17
    0

    8296691          W02/G02             F          170,000.00         ZZ
                                         180        168,802.90          1
                                       5.750          1,411.70         80
                                       5.500          1,411.70
    MIAMI            FL   33165          5            11/23/02         00
    0435134580                           05           01/01/03          0
    1001759985                           O            12/01/17
    0

    8296703          N74/G02             F           75,000.00         ZZ
                                         180         74,466.27          1
                                       5.625            617.80         56
                                       5.375            617.80
    RICHMOND         VA   23231          5            12/11/02         00
    0435135355                           05           01/16/03          0
    0031318010                           O            12/16/17
    0

    8296865          A21/G02             F          255,500.00         ZZ
                                         180        254,667.29          4
                                       6.625          2,243.28         70
                                       6.375          2,243.28
    FORT LEE         NJ   07024          2            12/05/02         00
    0435170089                           05           02/01/03          0
    0100134027                           N            01/01/18
    0

    8296931          E84/G02             F          262,000.00         ZZ
                                         180        260,212.75          1
                                       6.125          2,228.64         40
                                       5.875          2,228.64
    SAN JOSE         CA   95148          5            11/04/02         00
    0435144969                           05           01/01/03          0
    83020091                             O            12/01/17
    0
1

    8297057          E11/G02             F          190,000.00         ZZ
                                         180        189,332.64          1
                                       5.750          1,577.78         54
                                       5.500          1,577.78
    BROOKLYN PARK    MN   55443          1            12/13/02         00
    0435128137                           03           02/01/03          0
    8001051377                           O            01/01/18
    0

    8297419          X13/G02             F          400,500.00         ZZ
                                         180        399,208.74          1
                                       6.750          3,544.07         75
                                       6.500          3,544.07
    FREDERICK        MD   21701          5            12/03/02         00
    0435128020                           05           02/01/03          0
    0650527                              O            01/01/18
    0

    8297611          A21/A21             F          140,000.00         ZZ
                                         180        139,518.60          1
                                       6.000          1,181.40         79
                                       5.750          1,181.40
    SUFFERN          NY   10901          1            12/13/02         00
    0100133908                           01           02/01/03          0
    0100133908                           N            01/01/18
    0

    8297619          Q30/G02             F          254,000.00         ZZ
                                         180        253,107.84          1
                                       5.750          2,109.24         52
                                       5.500          2,109.24
    PORT WASHINGTON  NY   11050          2            12/16/02         00
    0435131594                           05           02/01/03          0
    21018919                             O            01/01/18
    0

    8297767          642/G02             F          156,250.00         ZZ
                                         180        155,706.97          1
                                       5.875          1,308.00         71
                                       5.625          1,308.00
    PALOS HILLS      IL   60465          2            12/10/02         00
    0435123054                           05           02/01/03          0
    11151002                             O            01/01/18
    0

    8297843          225/G02             F          562,000.00         ZZ
                                         180        558,125.38          1
1

                                       6.000          4,742.48         74
                                       5.750          4,742.48
    KENNETT TOWNSHI  PA   19317          5            11/08/02         00
    0435133939                           05           01/01/03          0
    006851705                            O            12/01/17
    0

    8297925          225/G02             F          600,000.00         ZZ
                                         180        593,512.85          1
                                       5.500          4,902.50         75
                                       5.250          4,902.50
    ROSWELL          GA   30075          5            10/24/02         00
    0435129689                           05           12/01/02          0
    006853762                            O            11/01/17
    0

    8297933          W02/G02             F           59,850.00         ZZ
                                         180         59,657.04          1
                                       6.750            529.62         95
                                       6.500            529.62
    FORT MYERS       FL   33901          5            12/09/02         11
    0435194592                           08           02/01/03         25
    1001799288                           O            01/01/18
    0

    8297983          225/G02             F          493,500.00         ZZ
                                         180        487,047.62          1
                                       5.250          3,967.14         75
                                       5.000          3,967.14
    WENATCHEE        WA   98801          5            10/29/02         00
    0435131768                           05           12/01/02          0
    007414030                            O            11/01/17
    0

    8297991          W02/G02             F           47,200.00         ZZ
                                         180         47,034.22          1
                                       5.750            391.95         79
                                       5.500            391.95
    FORT MYERS       FL   33907          5            12/03/02         00
    0435198700                           01           02/01/03          0
    1001799410                           O            01/01/18
    0

    8298119          225/G02             F          475,000.00         ZZ
                                         180        470,975.22          1
                                       5.375          3,849.72         72
                                       5.125          3,849.72
    SAN DIEGO        CA   92103          5            11/06/02         00
    0435125133                           05           01/01/03          0
1

    007414927                            O            12/01/17
    0

    8298189          W08/G02             F           75,750.00         ZZ
                                         180         75,486.74          1
                                       5.875            634.12         75
                                       5.625            634.12
    MIAMI            FL   33177          5            12/12/02         00
    0435128244                           01           02/01/03          0
    0021436860                           N            01/01/18
    0

    8298319          W08/G02             F           75,750.00         ZZ
                                         180         75,486.74          1
                                       5.875            634.12         75
                                       5.625            634.12
    MIAMI            FL   33177          5            12/12/02         00
    0435128558                           01           02/01/03          0
    022193MG                             N            01/01/18
    0

    8298435          M27/G02             F          110,000.00         ZZ
                                         180        109,613.63          1
                                       5.750            913.45         67
                                       5.500            913.45
    WAKE FOREST      NC   27587          5            12/11/02         00
    0435223284                           05           02/01/03          0
    600858471                            O            01/01/18
    0

    8298599          225/G02             F          630,000.00         ZZ
                                         180        623,117.07          1
                                       5.375          5,105.94         75
                                       5.125          5,105.94
    INDIANAPOLIS     IN   46278          5            10/30/02         00
    0435132550                           05           12/01/02          0
    007410208                            O            11/01/17
    0

    8298719          S27/G02             F          184,000.00         ZZ
                                         180        183,367.30          1
                                       6.000          1,552.70         79
                                       5.750          1,552.70
    MIDDLETOWN       DE   19709          5            12/05/02         00
    0435128475                           03           02/01/03          0
    1020005389                           O            01/01/18
    0

1

    8298751          225/G02             F          451,500.00         ZZ
                                         180        448,253.04          1
                                       5.500          3,689.14         75
                                       5.250          3,689.14
    MARION           IA   52302          5            10/30/02         00
    0435140330                           05           01/01/03          0
    007411762                            O            12/01/17
    0

    8298797          S27/G02             F          127,200.00         ZZ
                                         180        126,780.95          1
                                       6.500          1,108.05         80
                                       6.250          1,108.05
    PORT ORANGE      FL   32128          2            12/05/02         00
    0435128400                           03           02/01/03          0
    1150000772                           O            01/01/18
    0

    8299053          W39/G02             F           69,050.00         ZZ
                                         180         68,822.52          1
                                       6.500            601.50         94
                                       6.250            601.50
    BATON ROUGE      LA   70816          2            12/09/02         01
    0435130380                           01           02/01/03         30
    LA024395                             O            01/01/18
    0

    8300673          E22/G02             F           68,250.00         ZZ
                                         180         67,605.47          1
                                       6.250            585.19         75
                                       6.000            585.19
    NORTH POLE       AK   99705          5            12/11/02         00
    0415607373                           05           02/01/03          0
    0415607373                           N            01/01/18
    0

    8300689          E22/G02             F          547,000.00         ZZ
                                         180        545,119.10          1
                                       6.000          4,615.90         62
                                       5.750          4,615.90
    FISHERVILLE      KY   40023          2            12/13/02         00
    0415609817                           05           02/01/03          0
    0415609817                           O            01/01/18
    0

    8300695          E82/G02             F          118,700.00         ZZ
                                         180        118,313.14          2
                                       6.625          1,042.18         52
                                       6.375          1,042.18
1

    EDGEWATER        NJ   07020          2            12/18/02         00
    0400736435                           05           02/01/03          0
    0400736435                           N            01/01/18
    0

    8300719          E22/G02             F          125,250.00         ZZ
                                         180        124,614.71          1
                                       5.875          1,048.49         31
                                       5.625          1,048.49
    SOUTH KINGSTOWN  RI   02879          5            12/13/02         00
    0415615749                           05           02/01/03          0
    0415615749                           O            01/01/18
    0

    8300725          E22/G02             F          136,500.00         ZZ
                                         180        136,020.55          1
                                       5.750          1,133.51         67
                                       5.500          1,133.51
    SAN MARCOS       TX   78666          2            12/13/02         00
    0415616044                           05           02/01/03          0
    0415616044                           O            01/01/18
    0

    8300733          E22/G02             F          425,600.00         ZZ
                                         180        424,015.15          1
                                       5.875          3,562.78         80
                                       5.625          3,562.78
    SCOTTSDALE       AZ   85250          5            12/11/02         00
    0415626795                           03           02/01/03          0
    0415626795                           O            01/01/18
    0

    8300751          E22/G02             F           11,760.00         ZZ
                                         180         11,722.08          1
                                       6.750            104.07         80
                                       6.500            104.07
    TOLEDO           OH   43605          1            12/18/02         00
    0415640622                           05           02/01/03          0
    0415640622                           N            01/01/18
    0

    8300821          E22/G02             F          154,400.00         ZZ
                                         180        153,368.97          1
                                       6.375          1,334.40         80
                                       6.125          1,334.40
    MIAMI            FL   33165          5            11/20/02         00
    0414832824                           05           01/01/03          0
    0414832824                           O            12/01/17
    0
1

    8300839          E22/G02             F           93,000.00         ZZ
                                         180         92,680.21          1
                                       6.000            784.79         75
                                       5.750            784.79
    PASADENA         TX   77504          5            12/11/02         00
    0415129089                           05           02/01/03          0
    0415129089                           O            01/01/18
    0

    8300855          E22/G02             F          171,000.00         ZZ
                                         180        170,405.72          1
                                       5.875          1,431.47         75
                                       5.625          1,431.47
    JACKSON          MI   49203          2            12/13/02         00
    0415425875                           29           02/01/03          0
    0415425875                           O            01/01/18
    0

    8300863          E22/G02             F           70,400.00         ZZ
                                         180         70,157.92          1
                                       6.000            594.08         80
                                       5.750            594.08
    HOUSTON          TX   77071          5            12/11/02         00
    0415439132                           03           02/01/03          0
    0415439132                           O            01/01/18
    0

    8300899          E22/G02             F           55,000.00         ZZ
                                         180         54,808.85          1
                                       5.875            460.42         29
                                       5.625            460.42
    SACRAMENTO       CA   95822          2            12/11/02         00
    0415550748                           05           02/01/03          0
    0415550748                           N            01/01/18
    0

    8300957          E22/G02             F          185,000.00         ZZ
                                         180        184,370.61          1
                                       6.125          1,573.66         37
                                       5.875          1,573.66
    DANA POINT       CA   92629          5            12/10/02         00
    0415268606                           05           02/01/03          0
    0415268606                           O            01/01/18
    0

    8300985          E22/G02             F          200,000.00         ZZ
                                         180        199,326.82          1
1

                                       6.250          1,714.85         63
                                       6.000          1,714.85
    FALL CITY        WA   98024          2            12/13/02         00
    0415339134                           05           02/01/03          0
    0415339134                           N            01/01/18
    0

    8300999          E22/G02             F          144,000.00         ZZ
                                         180        143,499.55          1
                                       5.875          1,205.45         80
                                       5.625          1,205.45
    MONTROSE         CO   81401          5            12/11/02         00
    0415353648                           05           02/01/03          0
    0415353648                           O            01/01/18
    0

    8301021          E22/G02             F          133,000.00         ZZ
                                         180        132,537.78          1
                                       5.875          1,113.37         45
                                       5.625          1,113.37
    DOWNEY           CA   90240          2            12/10/02         00
    0415405315                           05           02/01/03          0
    0415405315                           O            01/01/18
    0

    8301043          E22/G02             F          170,000.00         ZZ
                                         180        169,409.19          1
                                       5.875          1,423.10         73
                                       5.625          1,423.10
    BELLFLOWER       CA   90706          5            12/04/02         00
    0415507110                           05           02/01/03          0
    0415507110                           O            01/01/18
    0

    8301053          E22/G02             F          170,750.00         ZZ
                                         180        170,137.43          1
                                       5.500          1,395.17         85
                                       5.250          1,395.17
    ARVADA           CO   80003          2            12/07/02         04
    0415523331                           05           02/01/03         12
    0415523331                           O            01/01/18
    0

    8301131          N47/G02             F          106,500.00         ZZ
                                         180        106,117.93          1
                                       5.500            870.19         49
                                       5.250            870.19
    LOS ANGELES      CA   91306          2            12/10/02         00
    0435147186                           05           02/01/03          0
1

    30500694                             N            01/01/18
    0

    8301299          J49/G02             F          267,200.00         ZZ
                                         180        266,310.22          4
                                       6.375          2,309.28         35
                                       6.125          2,309.28
    HUNTINGTON BEAC  CA   92648          2            12/03/02         00
    0435136361                           05           02/01/03          0
    10211272                             N            01/01/18
    0

    8301779          144/144             F          117,000.00         ZZ
                                         180        116,176.13          1
                                       5.750            971.58         44
                                       5.500            971.58
    NEW PALTZ        NY   12561          5            11/25/02         00
    160705327                            05           01/01/03          0
    160705327                            O            12/01/17
    0

    8302425          S64/G02             F           44,000.00         ZZ
                                         180         43,859.66          1
                                       6.875            392.42         74
                                       6.625            392.42
    INDIANAPOLIS     IN   46241          5            12/18/02         00
    0435137278                           05           02/01/03          0
    01210179                             N            01/01/18
    0

    8302479          E47/G02             F          184,000.00         ZZ
                                         180        183,346.83          1
                                       5.625          1,515.67         80
                                       5.375          1,515.67
    CORONA           CA   92883          5            12/06/02         00
    0435155015                           05           02/01/03          0
    7331014711                           O            01/01/18
    0

    8302503          E47/G02             F          175,500.00         ZZ
                                         180        174,915.58          1
                                       6.375          1,516.76         78
                                       6.125          1,516.76
    FRANKFORT        IL   60423          2            12/11/02         00
    0435154984                           05           02/01/03          0
    7360514805                           O            01/01/18
    0

1

    8302695          X78/G02             F           66,750.00         ZZ
                                         180         66,537.11          1
                                       6.875            595.31         75
                                       6.625            595.31
    GAINESVILLE      GA   30504          5            12/18/02         00
    0435149794                           05           02/01/03          0
    990246                               N            01/01/18
    0

    8302815          A21/G02             F          200,000.00         ZZ
                                         180        198,591.64          2
                                       5.750          1,660.83         77
                                       5.500          1,660.83
    JERSEY CITY      NJ   07305          5            11/21/02         00
    0435144126                           05           01/01/03          0
    7770000381                           O            12/01/17
    0

    8302839          W35/G02             F          127,000.00         ZZ
                                         180        126,558.63          1
                                       5.875          1,063.14         61
                                       5.625          1,063.14
    CARMEL           IN   46032          5            12/12/02         00
    0435156955                           05           02/01/03          0
    15817                                O            01/01/18
    0

    8302933          P44/G02             F          204,000.00         ZZ
                                         180        203,291.03          1
                                       5.875          1,707.72         79
                                       5.625          1,707.72
    HARWICH          MA   02645          5            12/12/02         00
    0435133749                           05           02/01/03          0
    02111664                             O            01/01/18
    0

    8303071          R65/G02             F          345,300.00         ZZ
                                         180        344,087.15          1
                                       5.750          2,867.41         61
                                       5.500          2,867.41
    BETHANY BEACH    DE   19930          2            12/03/02         00
    0435130174                           09           02/01/03          0
    413806721441380                      N            01/01/18
    0

    8303371          E82/G02             F          119,500.00         T
                                         180        119,084.69          1
                                       5.875          1,000.36         59
                                       5.625          1,000.36
1

    RIVERSIDE        CA   92509          2            12/18/02         00
    0400743464                           05           02/01/03          0
    7147305                              O            01/01/18
    0

    8303373          E82/G02             F          150,000.00         ZZ
                                         180        149,478.69          1
                                       5.875          1,255.68         63
                                       5.625          1,255.68
    BEAVERTON        OR   97007          2            12/17/02         00
    0400725891                           05           02/01/03          0
    1814848                              O            01/01/18
    0

    8303419          E82/G02             F          270,700.00         ZZ
                                         180        269,788.86          1
                                       6.250          2,321.04         61
                                       6.000          2,321.04
    NEWPORT BEACH    CA   92663          2            12/06/02         00
    0400739892                           05           02/01/03          0
    5656425                              N            01/01/18
    0

    8303451          E82/G02             F           76,100.00         T
                                         180         75,841.10          1
                                       6.125            647.33         30
                                       5.875            647.33
    BIG BEAR LAKE    CA   92315          2            12/04/02         00
    0400716478                           05           02/01/03          0
    1649850                              O            01/01/18
    0

    8303453          E82/G02             F          101,600.00         ZZ
                                         180        101,243.13          1
                                       5.750            843.70         78
                                       5.500            843.70
    MCKINNEY         TX   75069          2            12/17/02         00
    0400736070                           05           02/01/03          0
    0400736070                           O            01/01/18
    0

    8303461          W39/G02             F           51,000.00         ZZ
                                         180         50,837.34          2
                                       6.875            454.85         75
                                       6.625            454.85
    GRETNA           LA   70053          5            12/09/02         00
    0435175849                           05           02/01/03          0
    LA024520                             N            01/01/18
    0
1

    8303555          E22/G02             F           87,500.00         ZZ
                                         180         87,205.48          1
                                       6.250            750.25         80
                                       6.000            750.25
    IVINS            UT   84738          1            12/13/02         00
    0415394055                           05           02/01/03          0
    0415394055                           O            01/01/18
    0

    8303597          E22/G02             F           58,500.00         ZZ
                                         180         58,294.52          1
                                       5.750            485.79         41
                                       5.500            485.79
    AURORA           CO   80010          5            12/13/02         00
    0415691922                           05           02/01/03          0
    0415691922                           O            01/01/18
    0

    8303639          E22/G02             F          291,000.00         ZZ
                                         180        289,944.99          1
                                       5.375          2,358.45         73
                                       5.125          2,358.45
    FT LAUDERDALE    FL   33334          2            12/13/02         00
    0415537299                           05           02/01/03          0
    0415537299                           O            01/01/18
    0

    8303857          X08/G02             F          250,000.00         ZZ
                                         180        249,140.36          1
                                       6.000          2,109.64         69
                                       5.750          2,109.64
    SANDY            UT   84092          5            12/03/02         00
    0435186168                           03           02/01/03          0
    6019281                              O            01/01/18
    0

    8304709          562/G02             F          170,000.00         ZZ
                                         180        168,840.33          1
                                       6.125          1,446.07         52
                                       5.875          1,446.07
    PARAMUS          NJ   07652          5            11/27/02         00
    0435139373                           05           01/01/03          0
    297047707                            O            12/01/17
    0

    8304739          G34/G02             F          152,000.00         ZZ
                                         180        151,499.25          1
1

                                       6.500          1,324.08         80
                                       6.250          1,324.08
    CANYON           TX   79015          5            12/10/02         00
    0435156864                           05           02/01/03          0
    85209960                             O            01/01/18
    0

    8304785          E57/G02             F          169,600.00         ZZ
                                         180        169,016.82          1
                                       6.000          1,431.18         80
                                       5.750          1,431.18
    FONTANA          CA   92337          2            12/03/02         00
    0435150461                           05           02/01/03          0
    06012361                             O            01/01/18
    0

    8304859          W40/G02             F           84,000.00         ZZ
                                         180         83,740.70          1
                                       7.250            766.80         80
                                       7.000            766.80
    HOLLAND          MI   49424          5            12/12/02         00
    0435141155                           05           02/01/03          0
    101015883                            O            01/01/18
    0

    8305135          E82/G02             F          113,600.00         ZZ
                                         180        113,200.98          1
                                       5.750            943.35         57
                                       5.500            943.35
    GARFIELD         NJ   07026          2            12/19/02         00
    0400743829                           05           02/01/03          0
    1663089                              O            01/01/18
    0

    8305173          E82/G02             F           98,000.00         ZZ
                                         180         97,684.04          1
                                       6.750            867.21         45
                                       6.500            867.21
    FORD             NJ   08863          2            12/19/02         00
    0400733234                           05           02/01/03          0
    1705540                              N            01/01/18
    0

    8305177          E82/G02             F           96,200.00         ZZ
                                         180         95,865.67          1
                                       5.875            805.31         76
                                       5.625            805.31
    LAS VEGAS        NV   89113          2            12/23/02         00
    0400745766                           05           02/01/03          0
1

    3895750                              N            01/01/18
    0

    8305181          E82/G02             F           83,900.00         T
                                         180         83,608.42          1
                                       5.875            702.34         35
                                       5.625            702.34
    ISLAMORADA       FL   33070          2            12/02/02         00
    0400714911                           01           02/01/03          0
    1816014                              O            01/01/18
    0

    8305207          E82/G02             F           57,500.00         ZZ
                                         180         57,300.17          1
                                       5.875            481.34         75
                                       5.625            481.34
    LOUDON           TN   37774          2            12/19/02         00
    0400736872                           05           02/01/03          0
    1752421                              O            01/01/18
    0

    8305217          E82/G02             F          100,300.00         ZZ
                                         180         99,943.96          1
                                       5.625            826.20         49
                                       5.375            826.20
    COLORADO SPRING  CO   80919          2            12/19/02         00
    0400747960                           05           02/01/03          0
    5194929                              O            01/01/18
    0

    8305365          E22/G02             F          100,000.00         ZZ
                                         180         99,548.14          1
                                       5.875            837.12         38
                                       5.625            837.12
    HAZLET           NJ   07730          1            12/20/02         00
    0415636927                           05           02/01/03          0
    0415636927                           O            01/01/18
    0

    8305369          E22/G02             F           51,000.00         ZZ
                                         120         50,686.68          1
                                       5.875            563.01         75
                                       5.625            563.01
    OKLAHOMA CITY    OK   73159          5            12/16/02         00
    0415644145                           05           02/01/03          0
    0415644145                           O            01/01/13
    0

1

    8305371          N74/G02             F          102,400.00         ZZ
                                         180        102,040.33          1
                                       5.750            850.34         80
                                       5.500            850.34
    RICHMOND         VA   23236          5            12/17/02         00
    0435130240                           05           02/01/03          0
    0031360010                           O            01/01/18
    0

    8305385          E22/G02             F          256,000.00         ZZ
                                         180        255,110.31          1
                                       5.875          2,143.02         78
                                       5.625          2,143.02
    LOCKPORT         IL   60441          5            12/16/02         00
    0415649441                           05           02/01/03          0
    0415649441                           O            01/01/18
    0

    8305393          E22/G02             F          125,200.00         ZZ
                                         180        124,760.25          1
                                       5.750          1,039.67         80
                                       5.500          1,039.67
    COLLIERVILLE     TN   38017          1            12/20/02         00
    0415657394                           05           02/01/03          0
    0415657394                           O            01/01/18
    0

    8305467          E22/G02             F          404,000.00         ZZ
                                         180        402,610.82          1
                                       6.000          3,409.18         79
                                       5.750          3,409.18
    YAKIMA           WA   98908          2            12/13/02         00
    0415485283                           05           02/01/03          0
    0415485283                           O            01/01/18
    0

    8305469          E22/G02             F           52,000.00         ZZ
                                         180         51,826.84          1
                                       6.375            449.41         80
                                       6.125            449.41
    HIGHLAND SPRING  VA   23075          5            12/19/02         00
    0415490036                           09           02/01/03          0
    0415490036                           N            01/01/18
    0

    8305471          E22/G02             F           59,000.00         ZZ
                                         180         58,675.68          1
                                       6.125            501.87         41
                                       5.875            501.87
1

    MARYSVILLE       WA   98270          2            12/12/02         00
    0415493568                           05           02/01/03          0
    0415493568                           N            01/01/18
    0

    8305509          E22/G02             F          157,500.00         ZZ
                                         180        156,952.63          4
                                       5.875          1,318.46         70
                                       5.625          1,318.46
    AUSTIN           TX   78724          5            12/19/02         00
    0415553866                           05           02/01/03          0
    0415553866                           N            01/01/18
    0

    8305515          E22/G02             F           44,000.00         ZZ
                                         180         43,859.66          2
                                       6.875            392.42         80
                                       6.625            392.42
    INDIANAPOLIS     IN   46201          1            12/20/02         00
    0415570019                           05           02/01/03          0
    0415570019                           N            01/01/18
    0

    8305541          E22/G02             F           96,000.00         ZZ
                                         180         95,673.40          1
                                       6.125            816.60         76
                                       5.875            816.60
    PEORIA           IL   61614          1            12/20/02         00
    0415596725                           05           02/01/03          0
    0415596725                           O            01/01/18
    0

    8305545          E22/G02             F           94,000.00         ZZ
                                         180         93,673.32          1
                                       5.875            786.89         70
                                       5.625            786.89
    WELLSVILLE       KS   66092          5            12/16/02         00
    0415605435                           05           02/01/03          0
    0415605435                           O            01/01/18
    0

    8305557          E22/G02             F          445,000.00         ZZ
                                         180        443,436.97          1
                                       5.750          3,695.32         39
                                       5.500          3,695.32
    FRESNO           CA   93711          5            12/16/02         00
    0414800573                           05           02/01/03          0
    0414800573                           O            01/01/18
    0
1

    8305567          E22/G02             F          145,000.00         ZZ
                                         180        144,537.54          1
                                       6.875          1,293.19         73
                                       6.625          1,293.19
    SILVER SPRING    MD   20903          2            12/20/02         00
    0415187426                           05           02/01/03          0
    0415187426                           N            01/01/18
    0

    8305571          E22/G02             F          157,500.00         ZZ
                                         180        156,958.43          4
                                       6.000          1,329.07         70
                                       5.750          1,329.07
    AUSTIN           TX   78724          5            12/19/02         00
    0415212943                           05           02/01/03          0
    0415212943                           N            01/01/18
    0

    8305611          E22/G02             F          165,000.00         ZZ
                                         180        164,420.45          1
                                       5.750          1,370.18         71
                                       5.500          1,370.18
    LONG BEACH       CA   90805          5            12/06/02         00
    0415409309                           05           02/01/03          0
    0415409309                           O            01/01/18
    0

    8305697          W39/G02             F          300,700.00         ZZ
                                         180        299,676.99          1
                                       6.125          2,557.83         42
                                       5.875          2,557.83
    COLLEYVILLE      TX   76034          5            12/18/02         00
    0435212626                           03           02/01/03          0
    PNI24679                             O            01/01/18
    0

    8305773          P09/G02             F          171,000.00         ZZ
                                         180        170,386.54          1
                                       5.500          1,397.21         64
                                       5.250          1,397.21
    GERMANTOWN       MD   20874          2            12/16/02         00
    0435134408                           09           02/01/03          0
    R0211066                             O            01/01/18
    0

    8305891          758/G02             F           97,450.00         ZZ
                                         180         97,111.33          1
1

                                       5.875            815.77         74
                                       5.625            815.77
    HOUSTON          TX   77083          2            12/06/02         00
    0435154968                           03           02/01/03          0
    302145                               O            01/01/18
    0

    8305935          U42/G02             F           80,000.00         ZZ
                                         180         79,721.98          1
                                       5.875            669.69         76
                                       5.625            669.69
    DAINGERFIELD     TX   75638          5            12/11/02         00
    0435156872                           05           02/01/03          0
    15201744                             O            01/01/18
    0

    8305945          Q30/G02             F          136,000.00         ZZ
                                         180        135,512.09          1
                                       5.500          1,111.24         74
                                       5.250          1,111.24
    HAWLEY           PA   18428          2            12/16/02         00
    0435141031                           03           02/01/03          0
    21018668                             O            01/01/18
    0

    8306113          U05/G02             F          398,000.00         ZZ
                                         180        396,602.05          1
                                       5.750          3,305.03         43
                                       5.500          3,305.03
    LOS ANGELES      CA   90035          2            12/05/02         00
    0435254115                           05           02/01/03          0
    3279589                              O            01/01/18
    0

    8306133          T29/G02             F          223,500.00         ZZ
                                         180        222,723.26          1
                                       5.875          1,870.96         65
                                       5.625          1,870.96
    CAVE CREEK       AZ   85331          2            12/09/02         00
    0435293386                           05           02/01/03          0
    1528642                              O            01/01/18
    0

    8306177          K15/G02             F          177,000.00         ZZ
                                         180        176,378.30          3
                                       5.750          1,469.83         48
                                       5.500          1,469.83
    BROOKLYN         NY   11210          5            12/13/02         00
    0435137336                           05           02/01/03          0
1

    020605507671                         O            01/01/18
    0

    8306401          A06/G02             F          370,000.00         ZZ
                                         180        368,700.40          1
                                       5.750          3,072.52         53
                                       5.500          3,072.52
    MILFORD          MI   48380          5            12/13/02         00
    0435133012                           05           02/01/03          0
    001000010201484                      O            01/01/18
    0

    8306411          F89/G02             F          199,000.00         ZZ
                                         180        198,322.99          4
                                       6.125          1,692.74         79
                                       5.875          1,692.74
    LANCASTER        CA   93535          2            12/16/02         00
    0435143847                           05           02/01/03          0
    1                                    N            01/01/18
    0

    8306437          Q14/G02             F           60,000.00         ZZ
                                         180         59,793.69          1
                                       6.000            506.31         80
                                       5.750            506.31
    DES MOINES       IA   50310          5            12/12/02         00
    0435131370                           05           02/01/03          0
    0000210500                           O            01/01/18
    0

    8306497          R65/G02             F          300,700.00         ZZ
                                         180        299,643.81          1
                                       5.750          2,497.04         69
                                       5.500          2,497.04
    MATAWAN          NJ   07747          5            12/03/02         00
    0435132501                           05           02/01/03          0
    4193897224                           O            01/01/18
    0

    8306533          M12/G02             F           92,900.00         ZZ
                                         180         91,361.22          1
                                       5.500            759.07         78
                                       5.250            759.07
    GREEN VALLEY     AZ   85614          2            12/16/02         00
    0435137351                           09           02/01/03          0
    R0927                                O            01/01/18
    0

1

    8306535          A52/G02             F          115,200.00         ZZ
                                         180        114,803.88          1
                                       6.000            972.12         90
                                       5.750            972.12
    SNELLVILLE       GA   30039          1            12/19/02         11
    0435135843                           05           02/01/03         25
    22662                                N            01/01/18
    0

    8306833          E84/G02             F          264,050.00         ZZ
                                         180        262,775.53          1
                                       6.000          2,228.20         54
                                       5.750          2,228.20
    LAGUNA NIGUEL    CA   92677          2            12/02/02         00
    0435132972                           05           02/01/03          0
    39920117                             O            01/01/18
    0

    8306835          950/G02             F          129,000.00         ZZ
                                         180        128,129.32          1
                                       6.250          1,106.08         76
                                       6.000          1,106.08
    VERADALE         WA   99037          2            11/13/02         00
    0435155726                           05           01/01/03          0
    EW211140                             O            12/01/17
    0

    8306861          E84/G02             F           94,500.00         ZZ
                                         180         94,178.50          1
                                       6.125            803.84         53
                                       5.875            803.84
    LODI             CA   95240          2            12/05/02         00
    0435137658                           05           02/01/03          0
    75524124                             N            01/01/18
    0

    8306893          E84/G02             F           94,000.00         ZZ
                                         180         93,680.20          1
                                       6.125            799.59         45
                                       5.875            799.59
    LODI             CA   95240          5            12/03/02         00
    0435137633                           05           02/01/03          0
    75524125                             N            01/01/18
    0

    8306987          P01/G02             F          124,950.00         ZZ
                                         180        124,529.43          1
                                       6.250          1,071.35         85
                                       6.000          1,071.35
1

    RUTHER GLEN      VA   22546          5            12/17/02         04
    0435136379                           03           02/01/03         12
    02003312                             O            01/01/18
    0

    8307453          E82/G02             F          175,000.00         ZZ
                                         180        174,391.81          1
                                       5.875          1,464.96         47
                                       5.625          1,464.96
    MONSEY           NY   10952          2            12/18/02         00
    0400725768                           05           02/01/03          0
    0400725768                           O            01/01/18
    0

    8307469          E82/G02             F           48,000.00         ZZ
                                         180         47,833.18          1
                                       5.875            401.82         75
                                       5.625            401.82
    SAN ANTONIO      TX   78201          1            12/23/02         00
    0400740866                           05           02/01/03          0
    0400740866                           N            01/01/18
    0

    8307517          E82/G02             F          135,300.00         ZZ
                                         180        134,829.79          1
                                       5.875          1,132.62         74
                                       5.625          1,132.62
    SPRING VALLEY    NY   10977          2            12/16/02         00
    0400736245                           05           02/01/03          0
    1622714                              O            01/01/18
    0

    8307519          E82/G02             F           76,500.00         T
                                         180         76,234.13          1
                                       5.875            640.40         65
                                       5.625            640.40
    COCOA BEACH      FL   32931          2            12/19/02         00
    0400741351                           01           02/01/03          0
    1756987                              O            01/01/18
    0

    8307521          E82/G02             F           88,800.00         ZZ
                                         180         88,174.71          1
                                       5.750            737.40         52
                                       5.500            737.40
    STATEN ISLAND    NY   10303          2            11/26/02         00
    0400721445                           05           01/01/03          0
    1743750                              O            12/01/17
    0
1

    8307523          E82/G02             F          128,500.00         ZZ
                                         180        128,053.41          1
                                       5.875          1,075.70         56
                                       5.625          1,075.70
    SPRING           TX   77379          2            12/09/02         00
    0400733663                           05           02/01/03          0
    1901889                              O            01/01/18
    0

    8307529          E82/G02             F          127,800.00         ZZ
                                         180        127,346.33          1
                                       5.625          1,052.73         60
                                       5.375          1,052.73
    PORT WASHINGTON  NY   11050          2            12/19/02         00
    0400740031                           05           02/01/03          0
    1639763                              O            01/01/18
    0

    8307545          E82/G02             F          147,000.00         ZZ
                                         180        146,510.49          1
                                       6.375          1,270.45         56
                                       6.125          1,270.45
    NEWBURY PARK     CA   91320          2            12/18/02         00
    0400753315                           03           02/01/03          0
    1749167                              O            01/01/18
    0

    8307559          E82/G02             F           52,500.00         ZZ
                                         180         52,317.54          1
                                       5.875            439.49         68
                                       5.625            439.49
    DAYTONA BEACH    FL   32114          2            12/20/02         00
    0400729174                           01           02/01/03          0
    1758016                              O            01/01/18
    0

    8307561          E82/G02             F          141,000.00         ZZ
                                         180        140,504.75          1
                                       5.750          1,170.88         75
                                       5.500          1,170.88
    LINTHICUM        MD   21090          2            12/20/02         00
    0400746103                           05           02/01/03          0
    1852012                              O            01/01/18
    0

    8307573          E82/G02             F           56,700.00         ZZ
                                         180         55,904.56          1
1

                                       5.875            474.65         22
                                       5.625            474.65
    GLEN COVE        NY   11542          2            12/13/02         00
    0400743027                           05           02/01/03          0
    1507133                              O            01/01/18
    0

    8307623          E82/G02             F          127,200.00         ZZ
                                         180        126,757.94          1
                                       5.875          1,064.81         75
                                       5.625          1,064.81
    KETTERING        OH   45440          2            12/16/02         00
    0400747903                           05           02/01/03          0
    1935848                              O            01/01/18
    0

    8307637          E82/G02             F          152,200.00         ZZ
                                         180        151,665.41          1
                                       5.750          1,263.88         25
                                       5.500          1,263.88
    LOS ALAMITOS     CA   90720          2            12/13/02         00
    0400750014                           05           02/01/03          0
    0400750014                           O            01/01/18
    0

    8307659          E82/G02             F          132,000.00         ZZ
                                         180        131,445.35          1
                                       5.750          1,096.14         76
                                       5.500          1,096.14
    COSBY            MO   64436          5            12/16/02         00
    0400742748                           05           02/01/03          0
    0400742748                           O            01/01/18
    0

    8307721          E22/G02             F           50,000.00         ZZ
                                         180         49,826.23          1
                                       5.875            418.56         62
                                       5.625            418.56
    BURLESON         TX   76028          5            12/18/02         00
    0415584598                           05           02/01/03          0
    0415584598                           O            01/01/18
    0

    8307729          E22/G02             F          360,000.00         ZZ
                                         180        358,762.12          1
                                       6.000          3,037.88         66
                                       5.750          3,037.88
    CASTRO VALLEY    CA   94546          5            12/11/02         00
    0414409672                           05           02/01/03          0
1

    0414409672                           O            01/01/18
    0

    8307749          E22/G02             F          181,000.00         ZZ
                                         120        179,888.02          1
                                       5.875          1,998.13         84
                                       5.625          1,998.13
    GREENSBORO       MD   21639          5            12/18/02         01
    0415169622                           05           02/01/03         12
    0415169622                           O            01/01/13
    0

    8307771          E22/G02             F          342,400.00         ZZ
                                         180        341,247.51          1
                                       6.250          2,935.82         80
                                       6.000          2,935.82
    RENO             NV   89509          5            12/13/02         00
    0415311885                           05           02/01/03          0
    0415311885                           O            01/01/18
    0

    8307785          E22/G02             F          650,000.00         ZZ
                                         180        643,045.35          1
                                       5.625          5,354.26         60
                                       5.375          5,354.26
    CORAL GABLES     FL   33146          1            10/31/02         00
    0415378207                           07           12/01/02          0
    0415378207                           O            11/01/17
    0

    8307809          E22/G02             F          160,300.00         ZZ
                                         180        153,893.43          1
                                       5.750          1,331.15         40
                                       5.500          1,331.15
    AUSTIN           TX   78704          5            12/18/02         00
    0415500826                           05           02/01/03          0
    0415500826                           O            01/01/18
    0

    8307823          E22/G02             F          162,300.00         ZZ
                                         180        161,753.71          1
                                       6.250          1,391.60         45
                                       6.000          1,391.60
    POWAY            CA   92064          2            12/13/02         00
    0415509348                           05           02/01/03          0
    0415509348                           N            01/01/18
    0

1

    8307881          E22/G02             F           67,900.00         ZZ
                                         180         67,453.65          1
                                       6.250            582.19         58
                                       6.000            582.19
    KINGSBURG        CA   93631          2            12/13/02         00
    0415621747                           05           02/01/03          0
    0415621747                           N            01/01/18
    0

    8307917          E22/G02             F           78,750.00         ZZ
                                         180         78,479.21          1
                                       6.000            664.54         75
                                       5.750            664.54
    IRVING           TX   75060          5            12/23/02         00
    0415656511                           05           02/01/03          0
    0415656511                           N            01/01/18
    0

    8307933          E22/G02             F          135,000.00         ZZ
                                         180        134,530.83          1
                                       5.875          1,130.11         68
                                       5.625          1,130.11
    MIDDLE ISLAND    NY   11953          5            12/18/02         00
    0415670868                           05           02/01/03          0
    0415670868                           O            01/01/18
    0

    8307991          E22/G02             F          500,000.00         ZZ
                                         180        498,298.96          1
                                       6.125          4,253.12         73
                                       5.875          4,253.12
    GROSSE POINTE S  MI   48236          5            12/18/02         00
    0415519073                           05           02/01/03          0
    0415519073                           O            01/01/18
    0

    8308001          E22/G02             F           84,000.00         ZZ
                                         180         83,708.07          1
                                       5.875            703.18         60
                                       5.625            703.18
    OMAHA            NE   68137          5            12/17/02         00
    0415525351                           05           02/01/03          0
    0415525351                           O            01/01/18
    0

    8308083          E22/G02             F           53,000.00         ZZ
                                         180         52,817.76          1
                                       6.000            447.24         62
                                       5.750            447.24
1

    SAN ANTONIO      TX   78228          5            12/13/02         00
    0415430792                           05           02/01/03          0
    0415430792                           O            01/01/18
    0

    8308293          N47/G02             F          200,000.00         ZZ
                                         180        199,304.93          2
                                       5.875          1,674.24         40
                                       5.625          1,674.24
    SAN JOSE         CA   95148          5            12/17/02         00
    0435240965                           05           02/01/03          0
    20501235                             N            01/01/18
    0

    8308455          N47/G02             F          190,000.00         ZZ
                                         180        189,332.64          2
                                       5.750          1,577.78         59
                                       5.500          1,577.78
    OAKLAND          CA   94601          2            12/13/02         00
    0435182340                           05           02/01/03          0
    20500616                             N            01/01/18
    0

    8308465          U05/G02             F          100,000.00         ZZ
                                         180         99,648.76          1
                                       5.750            830.41         80
                                       5.500            830.41
    MESQUITE         TX   75149          5            12/03/02         00
    0435151733                           05           02/01/03          0
    3279007                              O            01/01/18
    0

    8308517          U05/G02             F          386,000.00         ZZ
                                         180        384,658.51          1
                                       5.875          3,231.28         76
                                       5.625          3,231.28
    HENDERSON        NV   89052          2            12/05/02         00
    0435135413                           03           02/01/03          0
    3277239                              O            01/01/18
    0

    8308905          W68/G02             F           70,500.00         ZZ
                                         180         70,270.23          1
                                       6.625            618.99         73
                                       6.375            618.99
    LEWISVILLE       TX   75067          5            12/05/02         00
    0435166475                           05           02/01/03          0
    33207                                O            01/01/18
    0
1

    8308979          R84/G02             F          115,000.00         ZZ
                                         180        114,596.07          1
                                       5.750            954.97         54
                                       5.500            954.97
    HENDERSON        NV   89052          2            12/10/02         00
    0435152806                           05           02/01/03          0
    LVW5425                              O            01/01/18
    0

    8309173          N47/G02             F          171,000.00         ZZ
                                         180        170,418.24          1
                                       6.125          1,454.57         46
                                       5.875          1,454.57
    SAN DIEGO        CA   92110          2            12/10/02         00
    0435167143                           05           02/01/03          0
    30520686                             N            01/01/18
    0

    8309799          E22/G02             F          110,000.00         ZZ
                                         180        109,613.63          1
                                       5.750            913.45         44
                                       5.500            913.45
    INDIAN HILLS     CO   80454          5            12/19/02         00
    0415682764                           05           02/01/03          0
    0415682764                           O            01/01/18
    0

    8309849          E22/G02             F          138,700.00         ZZ
                                         180        138,223.07          1
                                       6.000          1,170.43         95
                                       5.750          1,170.43
    MIDWEST CITY     OK   73130          2            12/19/02         04
    0415652296                           05           02/01/03         30
    0415652296                           O            01/01/18
    0

    8309869          E22/G02             F           48,750.00         T
                                         180         48,566.44          1
                                       5.500            398.33         75
                                       5.250            398.33
    PENSACOLA        FL   32503          2            12/19/02         00
    0415625086                           01           02/01/03          0
    0415625086                           O            01/01/18
    0

    8309873          E22/G02             F          149,600.00         ZZ
                                         120        148,662.12          2
1

                                       5.500          1,623.55         80
                                       5.250          1,623.55
    CHICAGO          IL   60632          5            12/19/02         00
    0415628627                           05           02/01/03          0
    0415628627                           O            01/01/13
    0

    8309931          E22/G02             F           40,000.00         ZZ
                                         180         39,860.98          1
                                       5.875            334.85         15
                                       5.625            334.85
    HASTINGS         MN   55033          5            12/20/02         00
    0415298694                           05           02/01/03          0
    0415298694                           O            01/01/18
    0

    8310471          975/G02             F          585,000.00         ZZ
                                         180        583,051.95          1
                                       6.375          5,055.86         75
                                       6.125          5,055.86
    ARCADIA          CA   91007          5            12/04/02         00
    0435149778                           05           02/01/03          0
    2025542                              O            01/01/18
    0

    8311303          758/G02             F           56,550.00         ZZ
                                         180         56,351.37          1
                                       5.750            469.60         79
                                       5.500            469.60
    CONROE           TX   77301          2            12/09/02         00
    0435274147                           01           02/01/03          0
    330606                               O            01/01/18
    0

    8311307          830/G02             F          305,500.00         ZZ
                                         156        302,851.21          1
                                       5.750          2,785.08         60
                                       5.500          2,785.08
    ESCONDIDO        CA   92027          2            11/25/02         00
    0435144001                           05           01/01/03          0
    02110055                             O            12/01/15
    0

    8311395          K56/G02             F           58,750.00         ZZ
                                         180         58,547.98          1
                                       6.000            495.77         52
                                       5.750            495.77
    REDMOND          OR   97756          2            12/11/02         00
    0435168810                           05           02/01/03          0
1

    1240590                              N            01/01/18
    0

    8311423          N47/G02             F          297,000.00         ZZ
                                         180        295,945.71          1
                                       5.625          2,446.48         52
                                       5.375          2,446.48
    THOUSAND OAKS    CA   91360          2            12/11/02         00
    0435182167                           03           02/01/03          0
    30500963                             O            01/01/18
    0

    8311553          Q14/G02             F           71,000.00         ZZ
                                         180         70,761.02          1
                                       6.250            608.77         57
                                       6.000            608.77
    DES MOINES       IA   50315          5            12/19/02         00
    0435138755                           05           02/01/03          0
    0000210502                           O            01/01/18
    0

    8311559          U97/G02             F          202,000.00         ZZ
                                         180        199,861.24          1
                                       5.750          1,677.43         68
                                       5.500          1,677.43
    LA HABRA         CA   90631          2            10/28/02         00
    0435141775                           05           12/01/02          0
    7346450                              O            11/01/17
    0

    8311939          738/G02             F          345,600.00         ZZ
                                         180        342,860.65          1
                                       5.750          2,869.90         80
                                       5.500          2,869.90
    BIRMINGHAM       AL   35242          5            11/14/02         00
    0435138664                           03           01/01/03          0
    40718877                             O            12/01/17
    0

    8312171          L20/G02             F           93,600.00         ZZ
                                         180         93,271.24          1
                                       5.750            777.26         80
                                       5.500            777.26
    LOGAN            UT   84341          5            12/13/02         00
    0435144670                           05           02/01/03          0
    1151050007                           O            01/01/18
    0

1

    8312769          E22/G02             F          143,600.00         ZZ
                                         180        143,079.38          1
                                       5.375          1,163.83         53
                                       5.125          1,163.83
    ANNAPOLIS        MD   21401          2            12/20/02         00
    0415296896                           09           02/01/03          0
    0415296896                           O            01/01/18
    0

    8312793          E22/G02             F          171,000.00         ZZ
                                         180        170,418.24          1
                                       6.125          1,454.57         56
                                       5.875          1,454.57
    VALLEJO          CA   94589          2            12/13/02         00
    0415363837                           05           02/01/03          0
    0415363837                           O            01/01/18
    0

    8312801          E22/G02             F          120,350.00         ZZ
                                         180        119,953.52          1
                                       6.500          1,048.38         55
                                       6.250          1,048.38
    GRAND PRAIRIE    TX   75050          5            12/19/02         00
    0415404359                           05           02/01/03          0
    0415404359                           O            01/01/18
    0

    8312885          E22/G02             F          124,800.00         ZZ
                                         180        124,366.28          1
                                       5.875          1,044.72         80
                                       5.625          1,044.72
    HOUSTON          TX   77077          5            12/19/02         00
    0415584002                           03           02/01/03          0
    0415584002                           O            01/01/18
    0

    8312913          E22/G02             F          121,000.00         ZZ
                                         180        120,565.91          1
                                       5.500            988.67         74
                                       5.250            988.67
    BOSQUE           NM   87006          2            12/20/02         00
    0415613090                           05           02/01/03          0
    0415613090                           O            01/01/18
    0

    8312937          E22/G02             F          150,000.00         ZZ
                                         180        149,478.69          1
                                       5.875          1,255.68         75
                                       5.625          1,255.68
1

    FORT MYERS       FL   33912          5            12/20/02         00
    0415632389                           05           02/01/03          0
    0415632389                           O            01/01/18
    0

    8313131          K15/G02             F           54,900.00         ZZ
                                         180         54,724.90          1
                                       6.875            489.63         90
                                       6.625            489.63
    JEANERETTE       LA   70544          5            12/17/02         41
    0435144654                           05           02/01/03         12
    000805507120                         O            01/01/18
    0

    8313141          K15/G02             F          159,400.00         ZZ
                                         180        157,515.11          1
                                       5.750          1,323.67         76
                                       5.500          1,323.67
    DALE CITY        VA   22193          5            12/17/02         00
    0435171277                           05           02/01/03          0
    013405310533                         O            01/01/18
    0

    8313227          U05/G02             F          170,000.00         ZZ
                                         180        169,383.67          1
                                       5.375          1,377.79         36
                                       5.125          1,377.79
    PASADENA         CA   91104          5            12/11/02         00
    0435145131                           05           02/01/03          0
    3284626                              O            01/01/18
    0

    8313245          X67/G02             F          367,800.00         ZZ
                                         180        366,521.77          1
                                       5.875          3,078.92         64
                                       5.625          3,078.92
    SIERRA MADRE     CA   91024          5            12/06/02         00
    0435176284                           05           02/01/03          0
    00270938                             O            01/01/18
    0

    8313313          808/G02             F          243,500.00         ZZ
                                         180        241,891.27          1
                                       6.500          2,121.15         65
                                       6.250          2,121.15
    WATERFORD        CA   95386          5            11/08/02         00
    0435120605                           05           01/01/03          0
    9327247                              O            12/01/17
    0
1

    8313377          G18/G02             F          228,000.00         ZZ
                                         180        227,190.64          1
                                       5.625          1,878.11         75
                                       5.375          1,878.11
    LAKEWOOD         CO   80215          5            12/18/02         00
    0435167937                           05           02/01/03          0
    35ML20200200                         O            01/01/18
    0

    8313387          E11/G02             F           53,500.00         ZZ
                                         180         53,159.88          1
                                       5.875            447.86         31
                                       5.625            447.86
    MINNEAPOLIS      MN   55417          2            12/17/02         00
    0435160304                           05           02/01/03          0
    2001051058                           O            01/01/18
    0

    8313633          U05/G02             F          114,300.00         ZZ
                                         180        113,902.76          1
                                       5.875            956.83         80
                                       5.625            956.83
    HOUSTON          TX   77083          5            12/11/02         00
    0435147004                           03           02/01/03          0
    3290013                              O            01/01/18
    0

    8313779          U05/G02             F          320,000.00         ZZ
                                         180        318,911.33          1
                                       6.125          2,722.00         80
                                       5.875          2,722.00
    SUGAR LAND       TX   77479          5            12/12/02         00
    0435172184                           03           02/01/03          0
    3290707                              O            01/01/18
    0

    8313955          N74/G02             F          209,000.00         ZZ
                                         180        208,273.65          1
                                       5.875          1,749.58         70
                                       5.625          1,749.58
    SHERRILLS FORD   NC   28673          2            12/20/02         00
    0435181615                           05           02/01/03          0
    0031386010                           O            01/01/18
    0

    8313959          U42/G02             F           57,000.00         ZZ
                                         180         56,812.22          1
1

                                       6.500            496.53         75
                                       6.250            496.53
    ARLINGTON        TX   76014          5            12/05/02         00
    0435145586                           05           02/01/03          0
    24201632                             N            01/01/18
    0

    8314143          U35/G02             F          114,000.00         ZZ
                                         180        113,612.17          1
                                       6.125            969.71         39
                                       5.875            969.71
    HOLLISTER        CA   95023          5            12/24/02         00
    0435168331                           05           02/01/03          0
    0007479934                           O            01/01/18
    0

    8314351          E82/G02             F           81,100.00         ZZ
                                         180         80,815.14          1
                                       5.750            673.46         69
                                       5.500            673.46
    METAIRIE         LA   70003          2            12/26/02         00
    0400720090                           05           02/01/03          0
    1791716                              O            01/01/18
    0

    8314355          E82/G02             F           90,000.00         ZZ
                                         180         89,693.82          3
                                       6.125            765.56         50
                                       5.875            765.56
    STRASBURG        PA   17579          2            12/30/02         00
    0400730594                           05           02/01/03          0
    1620063                              N            01/01/18
    0

    8314363          E82/G02             F          100,000.00         ZZ
                                         180         99,656.14          1
                                       6.000            843.86         49
                                       5.750            843.86
    SALEM            OR   97304          5            12/26/02         00
    0400753133                           05           02/01/03          0
    0400753133                           O            01/01/18
    0

    8314371          E82/G02             F           91,000.00         ZZ
                                         180         90,683.74          1
                                       5.875            761.78         58
                                       5.625            761.78
    CHICO            CA   95926          2            12/20/02         00
    0400748331                           05           02/01/03          0
1

    1513679                              O            01/01/18
    0

    8314383          E82/G02             F           83,750.00         ZZ
                                         180         83,471.11          2
                                       6.375            723.81         51
                                       6.125            723.81
    PEEKSKILL        NY   10566          2            12/26/02         00
    0400711503                           05           02/01/03          0
    1688662                              N            01/01/18
    0

    8314419          E82/G02             F          131,500.00         ZZ
                                         180        131,042.99          2
                                       5.875          1,100.81         53
                                       5.625          1,100.81
    SPRINGFIELD GAR  NY   11434          2            12/20/02         00
    0400737789                           05           02/01/03          0
    1654727                              O            01/01/18
    0

    8314503          E82/G02             F          199,000.00         ZZ
                                         180        198,308.40          1
                                       5.875          1,665.87         72
                                       5.625          1,665.87
    CHESTERFIELD     VA   23838          2            12/23/02         00
    0400752283                           05           02/01/03          0
    1721144                              O            01/01/18
    0

    8314515          E82/G02             F           53,000.00         ZZ
                                         180         52,815.81          1
                                       5.875            443.67         87
                                       5.625            443.67
    WILSONVILLE      IL   62093          2            12/23/02         04
    0400743597                           05           02/01/03         12
    3319491                              O            01/01/18
    0

    8314579          E82/G02             F           90,000.00         ZZ
                                         180         89,683.88          1
                                       5.750            747.37         75
                                       5.500            747.37
    FRESNO           CA   93703          2            12/23/02         00
    0400745303                           05           02/01/03          0
    2852755                              O            01/01/18
    0

1

    8314587          E82/G02             F           84,000.00         ZZ
                                         180         83,704.96          1
                                       5.750            697.54         65
                                       5.500            697.54
    PLAINFIELD       IL   60544          2            12/23/02         00
    0400722427                           05           02/01/03          0
    1900071                              O            01/01/18
    0

    8314595          E82/G02             F           92,800.00         ZZ
                                         180         92,474.05          1
                                       5.750            770.62         72
                                       5.500            770.62
    ELLICOTT CITY    MD   21043          2            12/26/02         00
    0400745519                           05           02/01/03          0
    1695910                              O            01/01/18
    0

    8314615          E82/G02             F          114,700.00         ZZ
                                         180        114,301.38          1
                                       5.875            960.17         44
                                       5.625            960.17
    BUENA VISTA      CO   81211          5            12/23/02         00
    0400730123                           05           02/01/03          0
    0400730123                           O            01/01/18
    0

    8314627          E82/G02             F          143,500.00         ZZ
                                         180        142,990.60          1
                                       5.625          1,182.06         50
                                       5.375          1,182.06
    BUENA PARK       CA   90620          2            12/20/02         00
    0400750642                           05           02/01/03          0
    1809208                              O            01/01/18
    0

    8314683          E22/G02             F          208,000.00         ZZ
                                         180        207,277.12          1
                                       5.875          1,741.21         79
                                       5.625          1,741.21
    TEMECULA         CA   92592          5            12/18/02         00
    0415368653                           03           02/01/03          0
    0415368653                           O            01/01/18
    0

    8314707          E22/G02             F          132,750.00         ZZ
                                         180        132,303.18          1
                                       6.250          1,138.23         75
                                       6.000          1,138.23
1

    SHERMAN          TX   75092          5            12/20/02         00
    0415507151                           05           02/01/03          0
    0415507151                           O            01/01/18
    0

    8314725          E22/G02             F          650,000.00         ZZ
                                         180        647,741.02          1
                                       5.875          5,441.27         60
                                       5.625          5,441.27
    CAMARILLO        CA   93012          5            12/17/02         00
    0415559749                           03           02/01/03          0
    0415559749                           O            01/01/18
    0

    8314761          E22/G02             F          130,000.00         ZZ
                                         180        129,548.21          1
                                       5.875          1,088.25         42
                                       5.625          1,088.25
    VISTA            CA   92083          5            12/16/02         00
    0415648583                           05           02/01/03          0
    0415648583                           O            01/01/18
    0

    8314779          E22/G02             F          343,000.00         ZZ
                                         180        341,820.57          1
                                       6.000          2,894.43         90
                                       5.750          2,894.43
    KAYSVILLE        UT   84037          5            12/17/02         10
    0415677392                           05           02/01/03         25
    0415677392                           O            01/01/18
    0

    8314787          E22/G02             F           80,000.00         ZZ
                                         180         79,709.96          1
                                       5.375            648.37         80
                                       5.125            648.37
    DAYTONA BEACH    FL   32118          5            12/27/02         00
    0415691880                           05           02/01/03          0
    0415691880                           N            01/01/18
    0

    8314805          E22/G02             F          417,750.00         ZZ
                                         180        416,298.17          1
                                       5.875          3,497.06         75
                                       5.625          3,497.06
    SANTA ROSA       CA   95404          5            12/17/02         00
    0415716844                           03           02/01/03          0
    0415716844                           O            01/01/18
    0
1

    8315611          Q87/G02             F           60,000.00         ZZ
                                         180         59,793.69          1
                                       6.000            506.31         58
                                       5.750            506.31
    FLORENCE         MS   39073          5            12/17/02         00
    0435172150                           05           02/01/03          0
    THSI01                               O            01/01/18
    0

    8316165          K15/G02             F           88,000.00         ZZ
                                         180         87,430.83          1
                                       5.875            736.66         60
                                       5.625            736.66
    DOVER            NH   03820          2            12/17/02         00
    0435144159                           01           02/01/03          0
    007105507673                         O            01/01/18
    0

    8316337          601/G02             F          197,000.00         ZZ
                                         180        195,641.81          1
                                       6.000          1,662.40         79
                                       5.750          1,662.40
    ALCOA            TN   37701          2            12/05/02         00
    0435260112                           05           01/01/03          0
    62251749                             O            12/01/17
    0

    8316427          K15/G02             F           95,000.00         ZZ
                                         180         94,669.84          1
                                       5.875            795.26         60
                                       5.625            795.26
    CANAAN           NH   03741          5            12/20/02         00
    0435149927                           05           02/01/03          0
    033605507188                         O            01/01/18
    0

    8316435          601/G02             F           60,500.00         ZZ
                                         180         60,287.50          1
                                       5.750            502.40         63
                                       5.500            502.40
    NASHVILLE        TN   37209          5            12/06/02         00
    0435155122                           05           02/01/03          0
    62265657                             O            01/01/18
    0

    8316525          601/G02             F          562,000.00         ZZ
                                         180        560,026.01          1
1

                                       5.750          4,666.91         79
                                       5.500          4,666.91
    BATON ROUGE      LA   70809          2            12/10/02         00
    0435158423                           05           02/01/03          0
    62230644                             O            01/01/18
    0

    8316755          601/G02             F           66,000.00         ZZ
                                         180         65,747.39          1
                                       6.125            561.42         50
                                       5.875            561.42
    PROSPECT HEIGHT  IL   60070          5            12/09/02         00
    0435269139                           01           02/01/03          0
    62020474                             O            01/01/18
    0

    8316839          642/G02             F           87,000.00         ZZ
                                         180         86,697.65          1
                                       5.875            728.29         69
                                       5.625            728.29
    HARRISONBURG     VA   22802          5            12/09/02         00
    0435154026                           05           02/01/03          0
    11220202                             O            01/01/18
    0

    8317117          601/G02             F           70,750.00         ZZ
                                         180         70,501.49          2
                                       5.750            587.52         75
                                       5.500            587.52
    PURVIS           MS   39475          1            12/13/02         00
    0435157383                           05           02/01/03          0
    62208657                             N            01/01/18
    0

    8317211          M27/G02             F          135,500.00         ZZ
                                         180        135,029.09          1
                                       5.875          1,134.30         63
                                       5.625          1,134.30
    TEGA CAY         SC   29708          5            12/18/02         00
    0435192042                           05           02/01/03          0
    0100083149                           O            01/01/18
    0

    8317249          601/G02             F           70,750.00         ZZ
                                         180         70,501.49          2
                                       5.750            587.52         75
                                       5.500            587.52
    PURVIS           MS   39475          1            12/13/02         00
    0435155114                           05           02/01/03          0
1

    62208608                             N            01/01/18
    0

    8317361          601/G02             F           70,750.00         ZZ
                                         180         70,501.49          2
                                       5.750            587.52         75
                                       5.500            587.52
    PURVIS           MS   39475          1            12/13/02         00
    0435155106                           05           02/01/03          0
    62208574                             N            01/01/18
    0

    8318281          Q14/G02             F           66,025.00         ZZ
                                         120         65,640.91          1
                                       6.875            762.36         95
                                       6.625            762.36
    INDEPENDENCE     MO   64052          5            12/17/02         01
    0435155031                           05           02/01/03         25
    0000210431                           O            01/01/13
    0

    8318295          K15/G02             F          110,100.00         ZZ
                                         180        109,748.85          1
                                       6.875            981.93         92
                                       6.625            981.93
    AUBURN           ME   04210          5            12/20/02         41
    0435145545                           05           02/01/03         25
    007705301958                         O            01/01/18
    0

    8318303          K15/G02             F           76,000.00         ZZ
                                         180         75,754.97          1
                                       6.750            672.53         80
                                       6.500            672.53
    SHALLOTTE        NC   28470          5            12/18/02         00
    0435142161                           05           02/01/03          0
    017205507088                         N            01/01/18
    0

    8318331          K15/G02             F          184,000.00         ZZ
                                         180        183,360.53          1
                                       5.875          1,540.30         79
                                       5.625          1,540.30
    YARMOUTH PORT    MA   02675          5            12/17/02         00
    0435146493                           05           02/01/03          0
    024005508134                         O            01/01/18
    0

1

    8318411          S27/G02             F          105,000.00         ZZ
                                         180        104,631.20          1
                                       5.750            871.93         64
                                       5.500            871.93
    PORT SAINT LUCI  FL   34987          2            12/19/02         00
    0435187695                           05           02/01/03          0
    1090000785                           O            01/01/18
    0

    8318461          Q87/G02             F          130,000.00         ZZ
                                         180        129,055.25          1
                                       5.375          1,053.61         67
                                       5.125          1,053.61
    KILLEEN          TX   76542          5            12/18/02         00
    0435132360                           05           01/23/03          0
    KIGA04                               O            12/23/17
    0

    8318495          N74/G02             F           60,000.00         ZZ
                                         180         59,787.01          1
                                       5.625            494.24         34
                                       5.375            494.24
    NORTH RICHLAND   TX   76180          5            12/20/02         00
    0435236187                           05           02/01/03          0
    0031383010                           O            01/01/18
    0

    8318551          H81/G02             F          121,000.00         ZZ
                                         180        120,574.99          1
                                       5.750          1,004.80         68
                                       5.500          1,004.80
    OAK CREEK        WI   53154          2            12/18/02         00
    0435178389                           05           02/01/03          0
    17250                                O            01/01/18
    0

    8318585          G34/G02             F          188,000.00         ZZ
                                         180        187,353.55          1
                                       6.000          1,586.45         32
                                       5.750          1,586.45
    MILPITAS         CA   95035          2            12/06/02         00
    0435157573                           05           02/01/03          0
    48201239                             O            01/01/18
    0

    8318733          S11/G02             F          189,600.00         ZZ
                                         180        188,912.61          1
                                       5.375          1,536.64         80
                                       5.125          1,536.64
1

    MONTEREY PARK    CA   91754          1            12/23/02         00
    0435188552                           05           02/01/03          0
    10210429                             O            01/01/18
    0

    8318825          696/G02             F           98,000.00         ZZ
                                         180         97,659.41          1
                                       5.875            820.38         56
                                       5.625            820.38
    MANASSAS         VA   20110          2            12/18/02         00
    0435166491                           09           02/01/03          0
    25502297                             O            01/01/18
    0

    8318971          738/G02             F          256,000.00         ZZ
                                         180        254,253.69          1
                                       6.125          2,177.60         75
                                       5.875          2,177.60
    PEMBROKE PINES   FL   33027          2            11/25/02         00
    0435162581                           03           01/01/03          0
    40769800                             O            12/01/17
    0

    8319437          M27/G02             F           90,000.00         ZZ
                                         180         89,687.21          1
                                       5.875            753.41         35
                                       5.625            753.41
    ANDERSON         SC   29621          2            12/18/02         00
    0435192034                           05           02/01/03          0
    600861782                            O            01/01/18
    0

    8319451          642/G02             F          201,800.00         ZZ
                                         180        201,098.67          1
                                       5.875          1,689.31         70
                                       5.625          1,689.31
    CORONA           CA   92882          2            12/20/02         00
    0435246442                           05           02/01/03          0
    11144402                             O            01/01/18
    0

    8319533          K15/G02             F           43,000.00         ZZ
                                         180         42,858.34          1
                                       6.500            374.58         47
                                       6.250            374.58
    GULF BREEZE      FL   32563          5            12/26/02         00
    0435171350                           05           02/01/03          0
    009305505081                         O            01/01/18
    0
1

    8319585          P09/G02             F           50,000.00         ZZ
                                         180         49,835.28          1
                                       6.500            435.55         29
                                       6.250            435.55
    EDGEWATER        MD   21037          5            12/20/02         00
    0435173687                           05           02/01/03          0
    DAVISCHA                             O            01/01/18
    0

    8319617          G34/G02             F          108,600.00         ZZ
                                         180        108,226.57          1
                                       6.000            916.43         75
                                       5.750            916.43
    FORT WORTH       TX   76109          5            12/18/02         00
    0435181995                           05           02/01/03          0
    85210227                             O            01/01/18
    0

    8319655          P09/G02             F          130,000.00         ZZ
                                         180        129,551.07          1
                                       5.950          1,093.51         79
                                       5.700          1,093.51
    STAFFORD         VA   22554          5            12/23/02         00
    0435174974                           09           02/01/03          0
    R0210527                             O            01/01/18
    0

    8319657          B39/G02             F           74,500.00         ZZ
                                         180         74,229.90          1
                                       5.375            603.80         47
                                       5.125            603.80
    ST. LOUIS PARK   MN   55416          2            12/26/02         00
    0435135686                           03           02/01/03          0
    20023624F                            O            01/01/18
    0

    8319855          A21/G02             F          128,000.00         ZZ
                                         180        127,559.86          1
                                       6.000          1,080.14         57
                                       5.750          1,080.14
    SOUTH PLAINFIEL  NJ   07080          2            12/11/02         00
    0435153911                           05           02/01/03          0
    0100133932                           O            01/01/18
    0

    8320137          G34/G02             F          152,000.00         ZZ
                                         180        151,454.67          1
1

                                       5.500          1,241.97         80
                                       5.250          1,241.97
    LAS VEGAS        NV   89102          5            12/26/02         00
    0435161740                           09           02/01/03          0
    39012556                             O            01/01/18
    0

    8320599          E22/G02             F          120,000.00         ZZ
                                         180        119,591.75          1
                                       6.125          1,020.75         80
                                       5.875          1,020.75
    AMARILLO         TX   79109          5            12/19/02         00
    0415635101                           05           02/01/03          0
    0415635101                           O            01/01/18
    0

    8320607          E22/G02             F          186,500.00         ZZ
                                         180        185,851.84          1
                                       5.875          1,561.23         45
                                       5.625          1,561.23
    FLORENCE         AL   35634          5            12/23/02         00
    0415636935                           05           02/01/03          0
    0415636935                           O            01/01/18
    0

    8320629          L16/G02             F          376,000.00         ZZ
                                         180        374,720.82          1
                                       6.125          3,198.35         80
                                       5.875          3,198.35
    SALT LAKE CITY   UT   84121          5            12/20/02         00
    0435173026                           05           02/01/03          0
    8043                                 O            01/01/18
    0

    8320669          X51/G02             F          495,000.00         ZZ
                                         180        493,279.70          1
                                       5.875          4,143.74         67
                                       5.625          4,143.74
    LA JOLLA         CA   92037          5            12/26/02         00
    0435146873                           03           02/01/03          0
    R2054422                             O            01/01/18
    0

    8320673          E22/G02             F          144,000.00         ZZ
                                         180        143,504.85          1
                                       6.000          1,215.15         40
                                       5.750          1,215.15
    SAN DIEGO        CA   92111          2            12/19/02         00
    0415686690                           05           02/01/03          0
1

    0415686690                           O            01/01/18
    0

    8320687          E22/G02             F          421,293.60         ZZ
                                         180        419,875.57          1
                                       6.250          3,612.27         80
                                       6.000          3,612.27
    CHESTERFIELD     MO   63017          1            12/30/02         00
    0415692417                           05           02/01/03          0
    0415692417                           O            01/01/18
    0

    8320715          X47/G02             F           82,000.00         ZZ
                                         180         81,705.82          1
                                       5.500            670.01         71
                                       5.250            670.01
    GARLAND          TX   75040          5            12/06/02         00
    0435286794                           05           02/01/03          0
    11420                                O            01/01/18
    0

    8320745          U05/G02             F          163,000.00         ZZ
                                         180        162,427.47          1
                                       5.750          1,353.57         68
                                       5.500          1,353.57
    CITRUS HEIGHTS   CA   95621          2            12/03/02         00
    0435190251                           05           02/01/03          0
    3287390                              O            01/01/18
    0

    8320753          E22/G02             F           73,000.00         ZZ
                                         180         72,740.87          1
                                       5.625            601.32         37
                                       5.375            601.32
    CAPE CORAL       FL   33904          2            12/24/02         00
    0415707660                           05           02/01/03          0
    0415707660                           O            01/01/18
    0

    8320755          E22/G02             F           40,875.00         ZZ
                                         180         40,740.34          1
                                       6.500            356.07         75
                                       6.250            356.07
    MIDFIELD         AL   35228          2            12/30/02         00
    0415710052                           05           02/01/03          0
    0415710052                           N            01/01/18
    0

1

    8320787          E22/G02             F          183,000.00         ZZ
                                         180        182,350.38          1
                                       5.625          1,507.43         63
                                       5.375          1,507.43
    DALLAS           TX   75214          5            12/23/02         00
    0415719871                           05           02/01/03          0
    0415719871                           O            01/01/18
    0

    8320805          E22/G02             F           72,000.00         ZZ
                                         180         71,749.77          1
                                       5.875            602.73         79
                                       5.625            602.73
    HOUSTON          TX   77064          2            12/23/02         00
    0415725845                           03           02/01/03          0
    0415725845                           O            01/01/18
    0

    8320853          E22/G02             F          460,000.00         ZZ
                                         180        458,332.28          1
                                       5.375          3,728.14         75
                                       5.125          3,728.14
    LAKE OSWEGO      OR   97034          5            12/23/02         00
    0415806793                           05           02/01/03          0
    0415806793                           O            01/01/18
    0

    8320877          E22/G02             F           42,000.00         ZZ
                                         180         41,861.63          1
                                       6.500            365.87         67
                                       6.250            365.87
    BIRMINGHAM       AL   35228          2            12/30/02         00
    0415736594                           05           02/01/03          0
    0415736594                           N            01/01/18
    0

    8320879          E22/G02             F           30,000.00         ZZ
                                         180         29,901.17          1
                                       6.500            261.33         67
                                       6.250            261.33
    BESSEMER         AL   35020          2            12/30/02         00
    0415736677                           05           02/01/03          0
    0415736677                           N            01/01/18
    0

    8320891          E22/G02             F           33,300.00         ZZ
                                         180         33,193.79          2
                                       6.875            296.99         88
                                       6.625            296.99
1

    SAGINAW          MI   48601          5            12/24/02         04
    0415738525                           05           02/01/03         25
    0415738525                           O            01/01/18
    0

    8320929          E22/G02             F          126,000.00         ZZ
                                         180        125,562.10          1
                                       5.875          1,054.77         56
                                       5.625          1,054.77
    FORT LAUDERDALE  FL   33326          5            12/23/02         00
    0415757392                           03           02/01/03          0
    0415757392                           O            01/01/18
    0

    8320935          E22/G02             F          173,600.00         ZZ
                                         180        172,990.24          1
                                       5.750          1,441.59         80
                                       5.500          1,441.59
    NEW BRUNSWICK    NJ   08901          2            12/30/02         00
    0415761352                           05           02/01/03          0
    0415761352                           N            01/01/18
    0

    8320953          E22/G02             F           55,000.00         ZZ
                                         180         54,806.81          1
                                       5.750            456.73         46
                                       5.500            456.73
    TUSCUMBIA        AL   35674          5            12/24/02         00
    0415773142                           05           02/01/03          0
    0415773142                           O            01/01/18
    0

    8321033          E22/G02             F          355,000.00         ZZ
                                         180        353,766.25          1
                                       5.875          2,971.77         77
                                       5.625          2,971.77
    SANTA ROSA       CA   95407          5            12/19/02         00
    0415220961                           05           02/01/03          0
    0415220961                           O            01/01/18
    0

    8321043          E22/G02             F          107,000.00         ZZ
                                         180        106,628.13          1
                                       5.875            895.72         80
                                       5.625            895.72
    ALLENTOWN        PA   18103          5            12/23/02         00
    0415244391                           05           02/01/03          0
    0415244391                           O            01/01/18
    0
1

    8321051          E22/G02             F          215,800.00         ZZ
                                         180        215,050.02          1
                                       5.875          1,806.50         79
                                       5.625          1,806.50
    PLANO            TX   75093          5            12/23/02         00
    0415246784                           05           02/01/03          0
    0415246784                           O            01/01/18
    0

    8321081          E22/G02             F          405,000.00         ZZ
                                         180        403,592.48          1
                                       5.875          3,390.33         75
                                       5.625          3,390.33
    SAN GABRIEL      CA   91775          1            12/18/02         00
    0415321843                           05           02/01/03          0
    0415321843                           O            01/01/18
    0

    8321091          E22/G02             F          333,000.00         ZZ
                                         180        331,842.71          1
                                       5.875          2,787.60         48
                                       5.625          2,787.60
    CORAL GABLES     FL   33133          2            11/27/02         00
    0415333657                           05           02/01/03          0
    0415333657                           O            01/01/18
    0

    8321179          E22/G02             F          135,680.00         ZZ
                                         180        135,203.43          1
                                       5.750          1,126.70         80
                                       5.500          1,126.70
    CANDLER          NC   28715          5            12/20/02         00
    0415451095                           05           02/01/03          0
    0415451095                           O            01/01/18
    0

    8321297          E22/G02             F          450,000.00         ZZ
                                         180        448,436.09          1
                                       5.875          3,767.03         60
                                       5.625          3,767.03
    DALLAS           TX   75229          5            12/23/02         00
    0415594860                           05           02/01/03          0
    0415594860                           O            01/01/18
    0

    8321317          E22/G02             F          143,000.00         ZZ
                                         180        142,508.28          1
1

                                       6.000          1,206.72         59
                                       5.750          1,206.72
    PLAINFIELD       IL   60544          5            12/24/02         00
    0415609700                           05           02/01/03          0
    0415609700                           O            01/01/18
    0

    8321327          E22/G02             F           91,000.00         ZZ
                                         180         85,682.90          1
                                       5.875            761.78         79
                                       5.625            761.78
    LINDEN           NJ   07036          2            12/23/02         00
    0415620103                           07           02/01/03          0
    0415620103                           O            01/01/18
    0

    8321407          P01/G02             F           53,000.00         ZZ
                                         180         52,823.51          1
                                       6.375            458.05         41
                                       6.125            458.05
    NORTHVILLE       NY   12134          5            12/13/02         00
    0435134341                           05           02/01/03          0
    02009273                             O            01/01/18
    0

    8321445          K15/G02             F          144,300.00         ZZ
                                         180        143,803.81          2
                                       6.000          1,217.69         51
                                       5.750          1,217.69
    SOUTH GRAFTON    MA   01560          5            12/26/02         00
    0435162359                           05           02/01/03          0
    037905505328                         O            01/01/18
    0

    8321493          E82/G02             F          147,500.00         ZZ
                                         180        146,987.39          1
                                       5.875          1,234.75         77
                                       5.625          1,234.75
    COLORADO SPRING  CO   80915          2            12/17/02         00
    0400749925                           05           02/01/03          0
    1758987                              O            01/01/18
    0

    8321495          E82/G02             F           62,200.00         ZZ
                                         180         61,983.83          1
                                       5.875            520.69         28
                                       5.625            520.69
    CORAL SPRINGS    FL   33065          2            12/18/02         00
    0400705455                           05           02/01/03          0
1

    1905912                              O            01/01/18
    0

    8321559          369/G02             F          100,000.00         ZZ
                                         180         98,919.03          1
                                       6.000            843.86         62
                                       5.750            843.86
    INDIANAPOLIS     IN   46256          1            10/28/02         00
    0435176789                           09           12/01/02          0
    0074591827                           O            11/01/17
    0

    8321751          K15/G02             F           43,000.00         ZZ
                                         180         42,859.86          1
                                       6.625            377.54         67
                                       6.375            377.54
    EAST MOLINE      IL   61244          5            12/26/02         00
    0435166483                           05           02/01/03          0
    029405505594                         O            01/01/18
    0

    8322451          E82/G02             F          175,300.00         ZZ
                                         180        173,917.73          3
                                       6.625          1,539.12         59
                                       6.375          1,539.12
    TURLOCK          CA   95380          2            12/27/02         00
    0400734943                           05           02/01/03          0
    1932676                              N            01/01/18
    0

    8322453          E82/G02             F          172,000.00         ZZ
                                         180        172,000.00          3
                                       6.625          1,510.15         54
                                       6.375          1,510.15
    TURLOCK          CA   95380          2            12/27/02         00
    0400734950                           05           03/01/03          0
    2858668                              N            02/01/18
    0

    8322459          E82/G02             F           67,150.00         T
                                         180         66,921.55          1
                                       6.125            571.19         35
                                       5.875            571.19
    SUGAR GROVE      NC   28679          2            12/31/02         00
    0400738589                           05           02/01/03          0
    1775825                              O            01/01/18
    0

1

    8322465          E82/G02             F           95,400.00         ZZ
                                         180         95,400.00          1
                                       6.125            811.50         71
                                       5.875            811.50
    EUGENE           OR   97405          2            12/31/02         00
    0400744710                           05           03/01/03          0
    1784640                              N            02/01/18
    0

    8322477          E82/G02             F          126,100.00         ZZ
                                         180        125,652.36          1
                                       5.625          1,038.73         46
                                       5.375          1,038.73
    ANAHEIM          CA   92805          2            12/23/02         00
    0400749651                           05           02/01/03          0
    1814257                              O            01/01/18
    0

    8322539          E22/G02             F          340,950.00         ZZ
                                         180        339,765.07          1
                                       5.875          2,854.16         80
                                       5.625          2,854.16
    DALLAS           TX   75287          2            12/26/02         00
    0415671916                           03           02/01/03          0
    0415671916                           O            01/01/18
    0

    8322557          E22/G02             F           74,000.00         ZZ
                                         180         73,742.82          1
                                       5.875            619.47         95
                                       5.625            619.47
    WEAVER           AL   36277          2            12/19/02         10
    0415680636                           05           02/01/03         25
    0415680636                           O            01/01/18
    0

    8322573          E22/G02             F          490,000.00         ZZ
                                         180        488,297.08          1
                                       5.875          4,101.88         78
                                       5.625          4,101.88
    COLLIERVILLE     TN   38017          5            12/26/02         00
    0415692649                           03           02/01/03          0
    0415692649                           O            01/01/18
    0

    8322581          E22/G02             F          225,000.00         ZZ
                                         180        224,234.53          1
                                       6.125          1,913.91         80
                                       5.875          1,913.91
1

    REVERE           MA   02151          5            12/24/02         00
    0415143122                           01           02/01/03          0
    0415143122                           O            01/01/18
    0

    8322623          E22/G02             F           44,925.00         ZZ
                                         180         44,778.58          1
                                       6.625            394.44         75
                                       6.375            394.44
    BALTIMORE        MD   21216          5            12/31/02         00
    0415380179                           07           02/01/03          0
    0415380179                           N            01/01/18
    0

    8322657          E22/G02             F          500,000.00         ZZ
                                         180        498,187.25          1
                                       5.375          4,052.33         76
                                       5.125          4,052.33
    FREDERICK        MD   21701          5            12/30/02         00
    0415435866                           05           02/01/03          0
    0415435866                           O            01/01/18
    0

    8322669          E22/G02             F          260,000.00         ZZ
                                         180        259,096.41          1
                                       5.875          2,176.51         80
                                       5.625          2,176.51
    WESTLAKE         OH   44145          1            12/31/02         00
    0415452275                           05           02/01/03          0
    0415452275                           O            01/01/18
    0

    8322699          E22/G02             F          225,700.00         ZZ
                                         180        224,915.61          1
                                       5.875          1,889.38         72
                                       5.625          1,889.38
    ALAMO            CA   94507          2            12/16/02         00
    0415507565                           01           02/01/03          0
    0415507565                           N            01/01/18
    0

    8322715          E22/G02             F          150,000.00         ZZ
                                         180        149,467.53          1
                                       5.625          1,235.60         77
                                       5.375          1,235.60
    AURORA           CO   80010          5            12/18/02         00
    0415548411                           05           02/01/03          0
    0415548411                           O            01/01/18
    0
1

    8322721          E22/G02             F          110,000.00         ZZ
                                         180        109,327.70          1
                                       5.500            898.79         46
                                       5.250            898.79
    LA VERNE         CA   91750          2            12/26/02         00
    0415561448                           05           02/01/03          0
    0415561448                           O            01/01/18
    0

    8322827          E22/G02             F          207,000.00         ZZ
                                         180        206,288.22          1
                                       6.000          1,746.78         80
                                       5.750          1,746.78
    BALDWIN PARK     CA   91706          2            12/19/02         00
    0415640150                           05           02/01/03          0
    0415640150                           O            01/01/18
    0

    8322847          E22/G02             F          164,500.00         ZZ
                                         180        163,928.30          1
                                       5.875          1,377.06         85
                                       5.625          1,377.06
    CHESTERFIELD TW  MI   48047          2            12/26/02         04
    0415657055                           05           02/01/03         12
    0415657055                           O            01/01/18
    0

    8322879          E22/G02             F           61,200.00         ZZ
                                         180         60,989.56          1
                                       6.000            516.44         90
                                       5.750            516.44
    LULING           LA   70070          2            12/31/02         04
    0415705243                           05           02/01/03         20
    0415705243                           N            01/01/18
    0

    8322893          E22/G02             F           59,500.00         ZZ
                                         180         59,299.73          1
                                       6.250            510.17         80
                                       6.000            510.17
    SUMMERVILLE      SC   29483          5            12/23/02         00
    0415712496                           05           02/01/03          0
    0415712496                           O            01/01/18
    0

    8322901          E22/G02             F          188,500.00         ZZ
                                         180        187,830.86          1
1

                                       5.625          1,552.73         45
                                       5.375          1,552.73
    SIMI VALLEY      CA   93065          2            12/20/02         00
    0415716802                           03           02/01/03          0
    0415716802                           O            01/01/18
    0

    8322959          E22/G02             F          125,000.00         ZZ
                                         180        124,565.58          1
                                       5.875          1,046.40         74
                                       5.625          1,046.40
    FOLSOM           CA   95630          1            12/17/02         00
    0415767292                           07           02/01/03          0
    0415767292                           N            01/01/18
    0

    8322977          E22/G02             F          589,600.00         ZZ
                                         180        587,529.07          1
                                       5.750          4,896.10         80
                                       5.500          4,896.10
    DELRAY BEACH     FL   33483          1            12/31/02         00
    0415793777                           05           02/01/03          0
    0415793777                           O            01/01/18
    0

    8323491          K15/G02             F           71,500.00         ZZ
                                         180         71,261.90          1
                                       6.375            617.94         58
                                       6.125            617.94
    TURLOCK          CA   95380          5            12/20/02         00
    0435164207                           05           02/01/03          0
    026605505136                         O            01/01/18
    0

    8323567          U05/G02             F           48,400.00         ZZ
                                         180         48,231.79          1
                                       5.875            405.17         24
                                       5.625            405.17
    HIALEAH          FL   33014          5            12/09/02         00
    0435154646                           05           02/01/03          0
    3287842                              O            01/01/18
    0

    8323571          U05/G02             F          144,000.00         ZZ
                                         180        143,504.85          1
                                       6.000          1,215.15         78
                                       5.750          1,215.15
    AUSTIN           TX   78757          5            12/16/02         00
    0435156351                           05           02/01/03          0
1

    3291283                              O            01/01/18
    0

    8323709          K15/G02             F           60,100.00         ZZ
                                         180         59,908.32          1
                                       6.875            536.00         71
                                       6.625            536.00
    WOODLAND         MI   48897          5            12/23/02         00
    0435173604                           05           02/01/03          0
    035905507948                         O            01/01/18
    0

    8323891          U05/G02             F          149,500.00         ZZ
                                         180        148,974.89          1
                                       5.750          1,241.46         60
                                       5.500          1,241.46
    GRANTS PASS      OR   97527          5            12/09/02         00
    0435151980                           05           02/01/03          0
    3287308                              O            01/01/18
    0

    8323923          U05/G02             F          272,000.00         ZZ
                                         180        271,064.71          1
                                       6.000          2,295.29         80
                                       5.750          2,295.29
    COPPELL          TX   75019          5            12/12/02         00
    0435156633                           03           02/01/03          0
    3290686                              O            01/01/18
    0

    8324033          950/G02             F          226,000.00         ZZ
                                         180        225,214.57          1
                                       5.875          1,891.89         78
                                       5.625          1,891.89
    SEATTLE          WA   98108          5            12/11/02         00
    0435237151                           05           02/01/03          0
    EW210780                             O            01/01/18
    0

    8324067          S11/G02             F          564,000.00         ZZ
                                         180        562,039.90          1
                                       5.875          4,721.35         80
                                       5.625          4,721.35
    LEONA VALLEY     CA   93551          5            12/03/02         00
    0435188669                           05           02/01/03          0
    10210170                             O            01/01/18
    0

1

    8324301          R84/G02             F          131,750.00         ZZ
                                         180        131,282.31          1
                                       5.625          1,085.27         77
                                       5.375          1,085.27
    RICHMOND         TX   77469          1            12/19/02         00
    0435182449                           05           02/01/03          0
    0652789                              O            01/01/18
    0

    8324433          X44/G02             F          300,000.00         ZZ
                                         180        298,957.39          1
                                       5.875          2,511.36         71
                                       5.625          2,511.36
    EDISON           NJ   08820          5            12/19/02         00
    0435288212                           05           02/01/03          0
    7330                                 O            01/01/18
    0

    8324849          R84/G02             F          452,800.00         ZZ
                                         180        451,226.36          1
                                       5.875          3,790.47         80
                                       5.625          3,790.47
    PUYALLUP         WA   98372          5            12/05/02         00
    0435295654                           05           02/01/03          0
    WA110805                             O            01/01/18
    0

    8324883          T23/G02             F           37,950.00         ZZ
                                         180         37,824.97          1
                                       6.500            330.59         59
                                       6.250            330.59
    NEWARK           OH   43055          5            12/20/02         00
    0435196076                           05           02/01/03          0
    5809                                 O            01/01/18
    0

    8325051          E76/G02             F           52,500.00         ZZ
                                         180         52,153.16          1
                                       6.500            457.33         75
                                       6.250            457.33
    TAMPA            FL   33615          5            11/11/02         00
    0435171244                           01           01/01/03          0
    10018605                             O            12/01/17
    0

    8325759          253/253             F           72,250.00         ZZ
                                         180         72,006.81          1
                                       6.250            619.49         59
                                       6.000            619.49
1

    CEDAR PARK       TX   78613          2            12/20/02         00
    443711                               05           02/01/03          0
    443711                               N            01/01/18
    0

    8325779          253/253             F           44,000.00         ZZ
                                         180         43,847.08          1
                                       5.875            368.34         80
                                       5.625            368.34
    HENRYETTA        OK   74437          5            12/11/02         00
    446689                               05           02/01/03          0
    446689                               O            01/01/18
    0

    8326383          E22/G02             F          399,900.00         ZZ
                                         180        398,495.38          1
                                       5.750          3,320.81         67
                                       5.500          3,320.81
    MIDLOTHIAN       VA   23112          5            12/20/02         00
    0415224518                           05           02/01/03          0
    0415224518                           O            01/01/18
    0

    8326385          E22/G02             F          194,814.00         ZZ
                                         180        194,115.11          1
                                       5.500          1,591.79         80
                                       5.250          1,591.79
    SEVIERVILLE      TN   37862          5            12/27/02         00
    0415245117                           05           02/01/03          0
    0415245117                           O            01/01/18
    0

    8326391          E22/G02             F           94,400.00         ZZ
                                         180         94,064.90          1
                                       5.625            777.60         80
                                       5.375            777.60
    HOUSTON          TX   77080          5            12/27/02         00
    0415311281                           05           02/01/03          0
    0415311281                           O            01/01/18
    0

    8326401          E22/G02             F          108,000.00         ZZ
                                         180        107,659.27          2
                                       7.000            970.73         75
                                       6.750            970.73
    POTTSBORO        TX   75076          5            01/02/03         00
    0415407139                           05           02/01/03          0
    0415407139                           N            01/01/18
    0
1

    8326413          E22/G02             F           52,500.00         ZZ
                                         180         52,330.73          1
                                       6.750            464.58         88
                                       6.500            464.58
    DENMARK          SC   29042          5            12/27/02         01
    0415490333                           05           02/01/03         12
    0415490333                           O            01/01/18
    0

    8326421          E22/G02             F          108,000.00         ZZ
                                         180        107,659.27          2
                                       7.000            970.73         75
                                       6.750            970.73
    POTTSBORO        TX   75076          5            01/02/03         00
    0415500180                           05           02/01/03          0
    0415500180                           N            01/01/18
    0

    8326423          E22/G02             F          221,000.00         ZZ
                                         180        220,215.49          1
                                       5.625          1,820.45         43
                                       5.375          1,820.45
    DENVER           CO   80206          5            12/24/02         00
    0415509512                           09           02/01/03          0
    0415509512                           O            01/01/18
    0

    8326427          E22/G02             F          100,000.00         ZZ
                                         180         99,667.00          1
                                       6.375            864.25         48
                                       6.125            864.25
    SANDY            UT   84092          2            12/19/02         00
    0415529734                           05           02/01/03          0
    0415529734                           N            01/01/18
    0

    8326443          E22/G02             F          135,000.00         ZZ
                                         180        134,530.83          1
                                       5.875          1,130.11         44
                                       5.625          1,130.11
    SANTA FE         NM   87505          5            12/27/02         00
    0415589555                           05           02/01/03          0
    0415589555                           O            01/01/18
    0

    8326451          E22/G02             F          370,000.00         ZZ
                                         180        368,727.73          1
1

                                       6.000          3,122.27         69
                                       5.750          3,122.27
    DALLAS           TX   75230          5            12/23/02         00
    0415605484                           05           02/01/03          0
    0415605484                           O            01/01/18
    0

    8326469          E22/G02             F           75,200.00         ZZ
                                         180         74,938.66          1
                                       5.875            629.51         80
                                       5.625            629.51
    TERRELL          TX   75160          5            12/23/02         00
    0415630441                           05           02/01/03          0
    0415630441                           O            01/01/18
    0

    8326587          E22/G02             F          144,500.00         ZZ
                                         180        144,500.00          1
                                       5.750          1,199.94         84
                                       5.500          1,199.94
    SPARKS           NV   89436          2            12/24/02         04
    0415773050                           03           03/01/03         25
    0415773050                           O            02/01/18
    0

    8326621          E82/G02             F          104,800.00         T
                                         180        104,435.78          1
                                       5.875            877.30         60
                                       5.625            877.30
    YAKIMA           WA   98901          2            12/30/02         00
    0400737144                           05           02/01/03          0
    3985866                              O            01/01/18
    0

    8326625          E82/G02             F           67,800.00         ZZ
                                         180         67,800.00          1
                                       6.375            585.96         80
                                       6.125            585.96
    VALLEY           NE   68064          2            01/03/03         00
    0400740379                           05           03/01/03          0
    1851474                              N            02/01/18
    0

    8326627          E82/G02             F          107,000.00         ZZ
                                         180        107,000.00          1
                                       5.875            895.72         29
                                       5.625            895.72
    MIAMI            FL   33016          2            12/30/02         00
    0400713095                           05           03/01/03          0
1

    1583592                              O            02/01/18
    0

    8326639          E82/G02             F          100,000.00         ZZ
                                         180        100,000.00          1
                                       5.750            830.41         31
                                       5.500            830.41
    TUSTIN           CA   92782          2            12/27/02         00
    0400758116                           03           03/01/03          0
    7759196                              O            02/01/18
    0

    8327923          U05/G02             F          145,000.00         ZZ
                                         180        144,485.28          1
                                       5.625          1,194.41         49
                                       5.375          1,194.41
    VAN NUYS AREA    CA   91406          5            12/16/02         00
    0435153994                           05           02/01/03          0
    3287576                              O            01/01/18
    0

    8327935          X67/G02             F          420,000.00         ZZ
                                         180        418,586.32          1
                                       6.250          3,601.18         74
                                       6.000          3,601.18
    TORRANCE         CA   90505          5            12/11/02         00
    0435187687                           05           02/01/03          0
    00282036                             O            01/01/18
    0

    8328115          W49/G02             F          149,500.00         ZZ
                                         180        148,980.44          1
                                       5.875          1,251.49         84
                                       5.625          1,251.49
    PEORIA           IL   61614          2            12/26/02         14
    0435215819                           05           02/01/03         12
    2002054431                           O            01/01/18
    0

    8328217          X67/G02             F          122,000.00         ZZ
                                         180        121,095.07          1
                                       6.125          1,037.76         68
                                       5.875          1,037.76
    CUDAHY           CA   90201          2            12/13/02         00
    0435197769                           01           02/01/03          0
    00281887                             O            01/01/18
    0

1

    8328519          A21/G02             F          182,000.00         ZZ
                                         180        181,360.73          1
                                       5.750          1,511.35         70
                                       5.500          1,511.35
    BERGENFIELD      NJ   07621          5            12/17/02         00
    0435214101                           05           02/01/03          0
    7770000432                           O            01/01/18
    0

    8329303          E82/G02             F          112,050.00         ZZ
                                         180        112,050.00          1
                                       6.375            968.39         78
                                       6.125            968.39
    GRANTS PASS      OR   97526          2            12/28/02         00
    0400749172                           05           03/01/03          0
    5373852                              O            02/01/18
    0

    8329663          E22/G02             F          144,400.00         ZZ
                                         180        143,939.45          1
                                       6.875          1,287.84         95
                                       6.625          1,287.84
    BAKERSFIELD      CA   93311          5            12/09/02         04
    0415398254                           05           02/01/03         30
    0415398254                           O            01/01/18
    0

    8329665          E22/G02             F           72,000.00         ZZ
                                         180         71,765.34          1
                                       6.625            632.16         75
                                       6.375            632.16
    GRAND RAPIDS     MI   49508          5            12/26/02         00
    0415429901                           05           02/01/03          0
    0415429901                           N            01/01/18
    0

    8329675          E22/G02             F          164,900.00         ZZ
                                         180        164,314.64          1
                                       5.625          1,358.33         80
                                       5.375          1,358.33
    ROCKFORD         MI   49341          1            01/02/03         00
    0415626316                           05           02/01/03          0
    0415626316                           O            01/01/18
    0

    8329679          E22/G02             F           65,250.00         ZZ
                                         180         65,037.34          1
                                       6.625            572.89         75
                                       6.375            572.89
1

    GRAND RAPIDS     MI   49505          5            12/26/02         00
    0415465814                           05           02/01/03          0
    0415465814                           N            01/01/18
    0

    8329683          E22/G02             F           86,250.00         ZZ
                                         180         85,968.90          1
                                       6.625            757.27         75
                                       6.375            757.27
    GRAND RAPIDS     MI   49508          5            01/02/03         00
    0415475169                           05           02/01/03          0
    0415475169                           N            01/01/18
    0

    8329753          E22/G02             F          275,000.00         ZZ
                                         180        274,044.27          1
                                       5.875          2,302.08         25
                                       5.625          2,302.08
    BLAINE COUNTY    ID   83340          2            12/24/02         00
    0415704899                           03           02/01/03          0
    0415704899                           O            01/01/18
    0

    8329769          E82/G02             F           78,000.00         T
                                         180         78,000.00          1
                                       5.875            652.95         49
                                       5.625            652.95
    PORT CLINTON     OH   43452          2            01/03/03         00
    0400758819                           01           03/01/03          0
    7448539                              O            02/01/18
    0

    8329805          E82/G02             F          193,300.00         ZZ
                                         180        193,300.00          1
                                       5.875          1,618.15         62
                                       5.625          1,618.15
    MIAMI            FL   33165          2            12/30/02         00
    0400752291                           05           03/01/03          0
    4963569                              O            02/01/18
    0

    8329843          E82/G02             F           57,500.00         ZZ
                                         180         57,500.00          1
                                       5.875            481.34         62
                                       5.625            481.34
    FINDLAY          OH   45840          2            12/31/02         00
    0400754370                           05           03/01/03          0
    1739064                              O            02/01/18
    0
1

    8330215          U05/G02             F          122,000.00         ZZ
                                         180        121,557.69          1
                                       5.375            988.77         48
                                       5.125            988.77
    NORTHRIDGE       CA   91325          2            12/05/02         00
    0435158563                           05           02/01/03          0
    3273090                              O            01/01/18
    0

    8330225          N74/G02             F           30,000.00         ZZ
                                         180         30,000.00          1
                                       5.875            251.14         66
                                       5.625            251.14
    LITTLE ROCK      AR   72204          5            01/03/03         00
    0435182936                           05           03/01/03          0
    0031472010                           N            02/01/18
    0

    8330233          K15/G02             F          110,100.00         ZZ
                                         180        109,733.37          1
                                       6.375            951.54         67
                                       6.125            951.54
    HENDERSON        NV   89015          2            12/26/02         00
    0435175351                           05           02/01/03          0
    022005508498                         O            01/01/18
    0

    8330257          N74/G02             F           54,200.00         ZZ
                                         180         54,011.63          1
                                       5.875            453.72         90
                                       5.625            453.72
    LENOIR           NC   28645          2            12/31/02         10
    0435227616                           05           02/06/03         25
    0031471010                           O            01/06/18
    0

    8330341          K15/G02             F           97,700.00         ZZ
                                         180         97,364.05          1
                                       6.000            824.45         73
                                       5.750            824.45
    BROOKLYN         CT   06234          2            12/24/02         00
    0435183785                           05           02/01/03          0
    037605505625                         O            01/01/18
    0

    8330457          N74/G02             F          122,000.00         ZZ
                                         180        121,562.33          1
1

                                       5.500            996.84         79
                                       5.250            996.84
    DANVILLE         VA   24541          2            12/31/02         00
    0435180419                           05           02/06/03          0
    0031452010                           O            01/06/18
    0

    8330855          X51/G02             F          440,000.00         ZZ
                                         180        438,438.08          1
                                       5.625          3,624.42         72
                                       5.375          3,624.42
    RANCHO SANTA MA  CA   92688          5            12/13/02         00
    0435181599                           05           02/01/03          0
    1434794C                             O            01/01/18
    0

    8331015          Q14/G02             F           40,000.00         ZZ
                                         180         39,859.51          1
                                       5.750            332.16         35
                                       5.500            332.16
    CEDAR RAPIDS     IA   52402          5            12/30/02         00
    0435177779                           05           02/01/03          0
    0000210621                           O            01/01/18
    0

    8331029          M07/G02             F          251,250.00         ZZ
                                         180        250,431.15          2
                                       6.625          2,205.96         75
                                       6.375          2,205.96
    LOMITA           CA   90717          5            12/18/02         00
    0435273297                           05           02/01/03          0
    02212165                             N            01/01/18
    0

    8331137          P09/G02             F          164,000.00         ZZ
                                         180        163,465.51          1
                                       6.625          1,439.91         80
                                       6.375          1,439.91
    FORT WASHINGTON  MD   20744          5            12/31/02         00
    0435196381                           05           02/01/03          0
    R0211343                             O            01/01/18
    0

    8331143          Q14/G02             F           50,000.00         ZZ
                                         180         49,831.71          1
                                       6.250            428.71         54
                                       6.000            428.71
    MISSOURI CITY    MO   64072          5            12/27/02         00
    0435177837                           05           02/01/03          0
1

    0000210605                           O            01/01/18
    0

    8331237          Q14/G02             F           39,400.00         ZZ
                                         180         39,263.08          1
                                       5.875            329.82         42
                                       5.625            329.82
    KANSAS CITY      KS   66106          2            12/31/02         00
    0435178165                           05           02/01/03          0
    0000210657                           O            01/01/18
    0

    8331307          E45/G02             F          185,250.00         ZZ
                                         180        182,165.31          2
                                       6.500          1,613.73         65
                                       6.250          1,613.73
    MILWAUKEE        WI   53211          5            09/09/02         00
    0435274162                           05           10/01/02          0
    283315                               N            09/01/17
    0

    8331869          P67/G02             F          133,000.00         ZZ
                                         180        133,000.00          1
                                       5.750          1,104.45         64
                                       5.500          1,104.45
    BRIGHTON         MA   02135          2            01/03/03         00
    0435229307                           08           03/01/03          0
    3220                                 N            02/01/18
    0

    8331931          P67/G02             F          136,300.00         ZZ
                                         180        136,300.00          1
                                       5.750          1,131.85         60
                                       5.500          1,131.85
    BRIGHTON         MA   02135          2            01/03/03         00
    0435191754                           08           03/01/03          0
    3220                                 N            02/01/18
    0

    8331951          P67/G02             F          141,000.00         ZZ
                                         180        141,000.00          1
                                       5.750          1,170.88         56
                                       5.500          1,170.88
    BRIGHTON         MA   02135          2            01/03/03         00
    0435194964                           01           03/01/03          0
    3222                                 N            02/01/18
    0

1

    8335585          E82/G02             F           63,200.00         ZZ
                                         180         63,200.00          1
                                       6.000            533.32         69
                                       5.750            533.32
    UKIAH            CA   95482          2            01/03/03         00
    0400753422                           05           03/01/03          0
    1560509                              N            02/01/18
    0

    8335599          E82/G02             F          148,000.00         ZZ
                                         180        148,000.00          1
                                       6.250          1,268.99         46
                                       6.000          1,268.99
    HERMOSA BEACH    CA   90254          2            01/07/03         00
    0400737318                           01           03/01/03          0
    2859080                              N            02/01/18
    0

    8335701          E22/G02             F           30,000.00         ZZ
                                         180         29,891.24          1
                                       5.375            243.14         75
                                       5.125            243.14
    BENTONVILLE      AR   72712          1            01/06/03         00
    0415460443                           05           02/01/03          0
    0415460443                           O            01/01/18
    0

    8335739          E22/G02             F          143,000.00         ZZ
                                         180        142,483.96          1
                                       5.750          1,187.49         74
                                       5.500          1,187.49
    TAMPA            FL   33647          5            12/30/02         00
    0415557230                           05           02/01/03          0
    0415557230                           O            01/01/18
    0

    8335741          E22/G02             F          320,650.00         ZZ
                                         180        320,650.00          1
                                       5.750          2,662.71         78
                                       5.500          2,662.71
    AUBURN           WA   98001          2            12/30/02         00
    0415566256                           03           03/01/03          0
    0415566256                           O            02/01/18
    0

    8335745          E22/G02             F          160,000.00         ZZ
                                         180        159,449.83          1
                                       6.000          1,350.17         67
                                       5.750          1,350.17
1

    LA VERNE         CA   91750          2            12/24/02         00
    0415568419                           05           02/01/03          0
    0415568419                           N            01/01/18
    0

    8335767          E22/G02             F          150,000.00         ZZ
                                         180        149,467.53          1
                                       5.625          1,235.60         60
                                       5.375          1,235.60
    WESTORANGE       NJ   07052          5            12/30/02         00
    0415609031                           05           02/01/03          0
    0415609031                           O            01/01/18
    0

    8335787          E22/G02             F          101,100.00         ZZ
                                         180        100,770.51          1
                                       6.625            887.65         75
                                       6.375            887.65
    ROELAND PARK     KS   66205          5            12/31/02         00
    0415655489                           05           02/01/03          0
    0415655489                           N            01/01/18
    0

    8335801          E22/G02             F           83,000.00         ZZ
                                         180         82,714.60          1
                                       6.000            700.40         80
                                       5.750            700.40
    ORLANDO          FL   32824          5            12/30/02         00
    0415675776                           05           02/01/03          0
    0415675776                           O            01/01/18
    0

    8335839          E22/G02             F           94,500.00         ZZ
                                         180         94,160.98          1
                                       5.500            772.14         90
                                       5.250            772.14
    PUEBLO           CO   81005          5            12/30/02         01
    0415718196                           05           02/01/03         12
    0415718196                           O            01/01/18
    0

    8335991          E22/G02             F          160,000.00         ZZ
                                         180        160,000.00          1
                                       5.750          1,328.66         79
                                       5.500          1,328.66
    PORTLAND         OR   97202          5            12/30/02         00
    0415760867                           05           03/01/03          0
    0415760867                           O            02/01/18
    0
1

    8336017          E22/G02             F          190,000.00         ZZ
                                         180        189,339.68          1
                                       5.875          1,590.53         75
                                       5.625          1,590.53
    CRANSTON         RI   02905          5            12/31/02         00
    0415783844                           05           02/01/03          0
    0415783844                           O            01/01/18
    0

    8336037          E82/G02             F          130,300.00         ZZ
                                         180        130,300.00          1
                                       5.500          1,064.66         48
                                       5.250          1,064.66
    TEMECULA         CA   92592          2            12/27/02         00
    0400752606                           05           03/01/03          0
    1880900                              O            02/01/18
    0

    8336515          U05/G02             F          191,000.00         ZZ
                                         180        190,336.20          1
                                       5.875          1,598.90         80
                                       5.625          1,598.90
    RAMONA           CA   92065          5            12/16/02         00
    0435176359                           05           02/01/03          0
    3284922                              O            01/01/18
    0

    8336937          Q14/G02             F          114,435.00         ZZ
                                         180        114,037.29          1
                                       5.875            957.96         77
                                       5.625            957.96
    BUCKEYE          AZ   85326          2            12/24/02         00
    0435190103                           05           02/01/03          0
    210683                               O            01/01/18
    0

    8337571          X67/G02             F          157,000.00         ZZ
                                         180        156,454.37          1
                                       5.875          1,314.28         90
                                       5.625          1,314.28
    HESPERIA         CA   92345          2            12/23/02         10
    0435197678                           05           02/01/03         25
    00281993                             O            01/01/18
    0

    8337735          U05/G02             F           60,000.00         ZZ
                                         180         59,789.25          1
1

                                       5.750            498.25         52
                                       5.500            498.25
    GRANTS PASS      OR   97527          5            12/10/02         00
    0435209101                           05           02/01/03          0
    3286392                              N            01/01/18
    0

    8337761          A06/G02             F          174,000.00         ZZ
                                         180        173,388.83          1
                                       5.750          1,444.92         71
                                       5.500          1,444.92
    WATERFORD        MI   48327          2            12/31/02         00
    0435205117                           29           02/01/03          0
    021000020221389                      O            01/01/18
    0

    8337795          A06/G02             F          135,000.00         ZZ
                                         180        134,525.82          1
                                       5.750          1,121.06         45
                                       5.500          1,121.06
    FARMINGTON HILL  MI   48334          5            12/31/02         00
    0435203526                           05           02/01/03          0
    001000010201492                      O            01/01/18
    0

    8337805          R84/G02             F          131,000.00         ZZ
                                         180        130,544.72          1
                                       5.875          1,096.63         85
                                       5.625          1,096.63
    TALLADEGA        AL   35160          5            12/19/02         12
    0435272489                           05           02/01/03         20
    WA901064                             O            01/01/18
    0

    8337977          758/G02             F          100,000.00         ZZ
                                         180         99,656.14          1
                                       6.000            843.86         80
                                       5.750            843.86
    CONROE           TX   77302          1            12/20/02         00
    0435208996                           03           02/01/03          0
    330618                               O            01/01/18
    0

    8337999          N47/G02             F          288,000.00         ZZ
                                         180        286,999.10          1
                                       5.875          2,410.90         79
                                       5.625          2,410.90
    OAKLAND          CA   94601          5            12/24/02         00
    0435262589                           05           02/01/03          0
1

    20501656                             O            01/01/18
    0

    8338001          N74/G02             F          173,600.00         ZZ
                                         180        172,996.68          1
                                       5.875          1,453.24         80
                                       5.625          1,453.24
    ROARING RIVER    NC   28669          5            12/31/02         00
    0435183454                           05           02/06/03          0
    0031458010                           O            01/06/18
    0

    8338007          N34/G02             F          147,500.00         ZZ
                                         180        147,500.00          1
                                       5.625          1,215.00         66
                                       5.375          1,215.00
    BENSENVILLE      IL   60106          5            01/02/03         00
    0435225503                           05           03/01/03          0
    655323                               O            02/01/18
    0

    8338658          H22/G02             F          501,000.00         ZZ
                                         180        497,509.18          1
                                       5.875          4,193.96         66
                                       5.625          4,193.96
    OLD WESTBURY     NY   11568          5            11/25/02         00
    0435064019                           05           01/01/03          0
    0209059                              O            12/01/17
    0

    8338730          W98/G02             F           93,700.00         ZZ
                                         180         93,026.16          1
                                       5.500            765.61         51
                                       5.250            765.61
    CENTREVILLE      VA   20121          2            11/27/02         00
    0435073705                           09           01/01/03          0
    WA021112                             O            12/01/17
    0

    8338813          E22/G02             F           77,500.00         ZZ
                                         180         77,227.78          1
                                       5.750            643.57         69
                                       5.500            643.57
    SPOKANE          WA   99223          2            12/05/02         00
    0415475227                           05           02/01/03          0
    0415475227                           O            01/01/18
    0

1

    8338833          E22/G02             F           58,650.00         ZZ
                                         180         58,446.17          1
                                       5.875            490.97         41
                                       5.625            490.97
    AUSTIN           TX   78750          2            12/30/02         00
    0415523695                           05           02/01/03          0
    0415523695                           O            01/01/18
    0

    8338921          E22/G02             F          100,000.00         ZZ
                                         180         99,652.46          1
                                       5.875            837.12         76
                                       5.625            837.12
    HIALEAH GARDENS  FL   33018          5            01/02/03         00
    0415758515                           05           02/01/03          0
    0415758515                           O            01/01/18
    0

    8338931          E22/G02             F          147,100.00         ZZ
                                         180        147,100.00          1
                                       5.750          1,221.53         80
                                       5.500          1,221.53
    WENATCHEE        WA   98801          5            12/31/02         00
    0415766831                           05           03/01/03          0
    0415766831                           O            02/01/18
    0

    8338947          E82/G02             F          134,000.00         ZZ
                                         180        134,000.00          1
                                       5.750          1,112.75         45
                                       5.500          1,112.75
    DEWEY            AZ   86327          2            01/03/03         00
    0400763454                           05           03/01/03          0
    5535058                              O            02/01/18
    0

    8338963          E82/G02             F           71,000.00         T
                                         180         71,000.00          1
                                       6.375            613.62         27
                                       6.125            613.62
    OLYMPIC VALLEY   CA   96146          2            01/03/03         00
    0400720496                           01           03/01/03          0
    1669379                              O            02/01/18
    0

    8338967          E82/G02             F           76,000.00         ZZ
                                         180         76,000.00          4
                                       6.000            641.33         22
                                       5.750            641.33
1

    OAKLAND          CA   94608          2            01/03/03         00
    0400727327                           05           03/01/03          0
    1913481                              N            02/01/18
    0

    8338993          E22/G02             F          270,500.00         ZZ
                                         180        269,549.89          1
                                       5.750          2,246.26         76
                                       5.500          2,246.26
    (CULVER CITY AR  CA   90230          5            12/24/02         00
    0415659150                           05           02/01/03          0
    0415659150                           O            01/01/18
    0

    8339385          E57/G02             F          300,000.00         ZZ
                                         180        298,923.75          1
                                       5.500          2,451.25         75
                                       5.250          2,451.25
    FULLERTON        CA   92835          5            12/23/02         00
    0435271895                           05           02/01/03          0
    06012320                             O            01/01/18
    0

    8339391          N74/G02             F           50,000.00         ZZ
                                         180         49,826.23          1
                                       5.875            418.56         77
                                       5.625            418.56
    PURLEAR          NC   28665          2            12/31/02         00
    0435184015                           05           02/06/03          0
    0031465010                           O            01/06/18
    0

    8339469          U05/G02             F          630,000.00         ZZ
                                         180        627,833.70          1
                                       6.000          5,316.30         75
                                       5.750          5,316.30
    DALLAS           TX   75230          5            12/23/02         00
    0435186663                           05           02/01/03          0
    3292625                              O            01/01/18
    0

    8339531          W40/G02             F          214,000.00         ZZ
                                         180        213,240.34          1
                                       5.625          1,762.79         51
                                       5.375          1,762.79
    BLOOMFIELD HILL  MI   48304          2            12/20/02         00
    0435221106                           05           02/01/03          0
    101015548                            O            01/01/18
    0
1

    8339535          U05/G02             F          160,000.00         ZZ
                                         180        159,455.67          3
                                       6.125          1,361.00         54
                                       5.875          1,361.00
    LOS ANGELES      CA   90019          2            12/20/02         00
    0435190822                           05           02/01/03          0
    3287391                              O            01/01/18
    0

    8339537          E84/G02             F           86,000.00         ZZ
                                         180         85,704.28          1
                                       6.000            725.72         45
                                       5.750            725.72
    SACRAMENTO       CA   95828          5            12/04/02         00
    0435185202                           05           02/01/03          0
    75524455                             O            01/01/18
    0

    8339665          P44/G02             F          125,000.00         ZZ
                                         180        125,000.00          1
                                       6.375          1,080.31         56
                                       6.125          1,080.31
    NASHUA           NH   03060          5            01/03/03         00
    0435183892                           05           03/01/03          0
    001608098                            O            02/01/18
    0

    8339695          E84/G02             F           87,000.00         ZZ
                                         180         86,700.84          1
                                       6.000            734.16         48
                                       5.750            734.16
    SACRAMENTO       CA   95828          2            12/04/02         00
    0435186150                           05           02/01/03          0
    75524457                             N            01/01/18
    0

    8339737          E84/G02             F           87,000.00         ZZ
                                         180         86,700.84          1
                                       6.000            734.16         48
                                       5.750            734.16
    SACRAMENTO       CA   95828          2            12/04/02         00
    0435186259                           05           02/01/03          0
    75524456                             N            01/01/18
    0

    8339879          601/G02             F          120,000.00         ZZ
                                         180        119,587.37          1
1

                                       6.000          1,012.63         80
                                       5.750          1,012.63
    CHESTER GAP      VA   22623          2            12/18/02         00
    0435182357                           05           02/01/03          0
    62265855                             O            01/01/18
    0

    8340051          601/G02             F          105,000.00         ZZ
                                         180        104,276.09          1
                                       6.000            886.05         60
                                       5.750            886.05
    FORT COLLINS     CO   80521          5            11/27/02         00
    0435244165                           05           01/01/03          0
    62177407110                          O            12/01/17
    0

    8340053          E84/G02             F          100,000.00         T
                                         180         99,659.80          1
                                       6.125            850.62         64
                                       5.875            850.62
    SELBYVILLE       DE   19975          5            12/06/02         00
    0435191176                           03           02/01/03          0
    65120702                             O            01/01/18
    0

    8340135          E84/G02             F          187,000.00         ZZ
                                         180        186,363.81          1
                                       6.125          1,590.67         63
                                       5.875          1,590.67
    CARMEL           IN   46032          2            12/06/02         00
    0435186234                           03           02/01/03          0
    11604733                             O            01/01/18
    0

    8340140          E23/G02             F          121,500.00         ZZ
                                         180        120,697.29          1
                                       6.500          1,058.40         47
                                       6.250          1,058.40
    CONCORD          CA   94519          5            11/21/02         00
    0435121660                           05           01/01/03          0
    61008798                             N            12/01/17
    0

    8340162          E23/G02             F           70,000.00         ZZ
                                         180         69,517.40          1
                                       6.000            590.70         49
                                       5.750            590.70
    OCEANSIDE        CA   92056          1            11/27/02         00
    0435252960                           05           01/01/03          0
1

    11015683                             O            12/01/17
    0

    8340436          E23/G02             F           54,000.00         ZZ
                                         180         53,810.33          1
                                       5.750            448.42         34
                                       5.500            448.42
    BOUNTIFUL        UT   84010          2            11/22/02         00
    0435121447                           05           02/01/03          0
    41005271                             O            01/01/18
    0

    8340603          E84/G02             F          400,000.00         ZZ
                                         180        397,183.32          1
                                       5.750          3,321.64         47
                                       5.500          3,321.64
    NORTHBROOK       IL   60062          5            11/18/02         00
    0435186242                           05           01/01/03          0
    11215219                             O            12/01/17
    0

    8341258          Q51/G02             F          560,000.00         ZZ
                                         180        558,053.81          1
                                       5.875          4,687.86         72
                                       5.625          4,687.86
    CASTAIC AREA     CA   91384          5            12/09/02         00
    0435150917                           05           02/01/03          0
    0647416                              O            01/01/18
    0

    8341495          F36/G02             F          208,000.00         ZZ
                                         180        207,277.12          1
                                       5.875          1,741.21         80
                                       5.625          1,741.21
    BELLEVUE         WA   98006          1            12/17/02         00
    0435210661                           01           02/01/03          0
    06405671                             O            01/01/18
    0

    8341595          H93/G02             F          190,000.00         ZZ
                                         180        189,318.37          1
                                       5.500          1,552.46         76
                                       5.250          1,552.46
    SAINT JOSEPH     MO   64504          2            12/24/02         00
    0435217260                           05           02/01/03          0
    2002001992                           O            01/01/18
    0

1

    8342228          F89/G02             F           53,175.00         ZZ
                                         180         52,988.23          1
                                       5.750            441.57         51
                                       5.500            441.57
    LAS VEGAS        NV   89122          2            12/17/02         00
    0435156179                           05           02/01/03          0
    21025967                             N            01/01/18
    0

    8342241          N74/G02             F           45,000.00         ZZ
                                         180         44,841.95          1
                                       5.750            373.68         44
                                       5.500            373.68
    HIGH POINT       NC   27265          5            12/30/02         00
    0435227087                           05           02/06/03          0
    0031459010                           O            01/06/18
    0

    8342276          Q87/G02             F           81,600.00         ZZ
                                         180         81,060.90          1
                                       6.500            710.82         80
                                       6.250            710.82
    STAFFORD         TX   77477          5            12/19/02         00
    0435261128                           03           01/24/03          0
    MIPA01                               O            12/24/17
    0

    8342361          E22/G02             F          153,000.00         ZZ
                                         180        153,000.00          1
                                       5.750          1,270.53         51
                                       5.500          1,270.53
    MILFORD          MA   01757          5            01/03/03         00
    0415373786                           05           03/01/03          0
    0415373786                           O            02/01/18
    0

    8342401          E22/G02             F           57,000.00         ZZ
                                         180         56,593.34          1
                                       5.375            461.97         56
                                       5.125            461.97
    POMPANO BEACH    FL   33060          5            01/03/03         00
    0415535384                           05           02/01/03          0
    0415535384                           O            01/01/18
    0

    8342403          E22/G02             F           64,600.00         ZZ
                                         180         64,600.00          1
                                       5.875            540.78         78
                                       5.625            540.78
1

    CROMWELL         CT   06416          2            01/08/03         00
    0415541457                           01           03/01/03          0
    0415541457                           N            02/01/18
    0

    8342432          E23/G02             F          137,500.00         ZZ
                                         180        137,022.14          1
                                       5.875          1,151.04         48
                                       5.625          1,151.04
    CHINO HILLS      CA   91709          2            12/17/02         00
    0435208434                           05           02/01/03          0
    51023418                             O            01/01/18
    0

    8342443          E22/G02             F           50,000.00         T
                                         180         50,000.00          1
                                       6.500            435.55         55
                                       6.250            435.55
    WINTHROP         WA   98862          5            01/02/03         00
    0415637669                           05           03/01/03          0
    0415637669                           O            02/01/18
    0

    8342445          E22/G02             F           40,000.00         ZZ
                                         180         40,000.00          1
                                       6.250            342.97         49
                                       6.000            342.97
    PUEBLO           CO   81003          5            01/03/03         00
    0415638550                           05           03/01/03          0
    0415638550                           O            02/01/18
    0

    8342447          E22/G02             F           99,000.00         ZZ
                                         180         98,652.27          1
                                       5.750            822.11         58
                                       5.500            822.11
    LAS VEGAS        NV   89123          5            01/02/03         00
    0415639087                           05           02/01/03          0
    0415639087                           O            01/01/18
    0

    8342449          E22/G02             F          176,000.00         ZZ
                                         180        173,968.60          1
                                       5.500          1,438.07         56
                                       5.250          1,438.07
    COLMESNEIL       TX   75938          2            12/27/02         00
    0415640713                           05           02/01/03          0
    0415640713                           O            01/01/18
    0
1

    8342469          E22/G02             F          198,250.00         ZZ
                                         180        198,250.00          1
                                       5.750          1,646.29         65
                                       5.500          1,646.29
    GUNTER           TX   75058          5            01/03/03         00
    0415670033                           03           03/01/03          0
    0415670033                           O            02/01/18
    0

    8342483          E22/G02             F          229,500.00         ZZ
                                         180        229,500.00          1
                                       6.500          1,999.19         90
                                       6.250          1,999.19
    UNION            NJ   07083          1            01/08/03         10
    0415690643                           05           03/01/03         25
    0415690643                           O            02/01/18
    0

    8342523          E22/G02             F           93,575.00         ZZ
                                         180         93,270.03          1
                                       6.625            821.58         95
                                       6.375            821.58
    SHREVEPORT       LA   71105          5            01/03/03         01
    0415730365                           05           02/01/03         30
    0415730365                           O            01/01/18
    0

    8342533          E22/G02             F           57,500.00         ZZ
                                         180         57,500.00          1
                                       5.625            473.65         72
                                       5.375            473.65
    BAY CITY         MI   48706          2            01/03/03         00
    0415742113                           05           03/01/03          0
    0415742113                           O            02/01/18
    0

    8342539          E22/G02             F          162,300.00         ZZ
                                         180        161,735.95          2
                                       5.875          1,358.64         62
                                       5.625          1,358.64
    NEW ORLEANS      LA   70117          5            01/03/03         00
    0415743384                           05           02/01/03          0
    0415743384                           O            01/01/18
    0

    8342589          E22/G02             F           65,000.00         ZZ
                                         180         64,628.17          1
1

                                       6.125            552.91         76
                                       5.875            552.91
    PELL CITY        AL   35128          5            01/03/03         00
    0415778885                           05           02/01/03          0
    0415778885                           O            01/01/18
    0

    8342619          E22/G02             F           95,017.00         ZZ
                                         180         95,017.00          2
                                       6.125            808.24         90
                                       5.875            808.24
    CARTERSVILLE     GA   30120          1            01/08/03         01
    0415811355                           05           03/01/03         25
    0415811355                           N            02/01/18
    0

    8342621          E22/G02             F           95,017.00         ZZ
                                         180         95,017.00          2
                                       6.125            808.24         90
                                       5.875            808.24
    CARTERSVILLE     GA   30120          1            01/08/03         01
    0415811405                           05           03/01/03         25
    0415811405                           N            02/01/18
    0

    8342937          X64/G02             F           66,000.00         ZZ
                                         180         65,770.62          1
                                       5.875            552.50         32
                                       5.625            552.50
    WEST BLOOMFIELD  MI   48324          2            12/23/02         00
    0435195508                           05           02/01/03          0
    0000001172                           N            01/01/18
    0

    8343833          E82/G02             F          194,500.00         ZZ
                                         180        194,500.00          1
                                       5.875          1,628.20         31
                                       5.625          1,628.20
    LAGUNA NIGUEL    CA   92677          5            01/03/03         00
    0400745436                           05           03/01/03          0
    0400745436                           O            02/01/18
    0

    8343965          E82/G02             F          133,000.00         ZZ
                                         180        133,000.00          1
                                       6.000          1,122.33         53
                                       5.750          1,122.33
    MEDFORD          NJ   08055          2            01/03/03         00
    0400738480                           05           03/01/03          0
1

    1713934                              O            02/01/18
    0

    8343969          E82/G02             F           99,000.00         ZZ
                                         180         99,000.00          1
                                       5.875            828.75         78
                                       5.625            828.75
    HENDERSON        NV   89014          2            01/02/03         00
    0400754248                           03           03/01/03          0
    1840011248                           O            02/01/18
    0

    8344165          144/144             F          172,000.00         ZZ
                                         180        167,985.27          1
                                       6.000          1,451.43         58
                                       5.750          1,451.43
    T/STANFORD       NY   12514          2            10/08/02         00
    160700005                            05           12/01/02          0
    160700005                            O            11/01/17
    0

    8344522          W98/G02             F          160,000.00         ZZ
                                         120        160,000.00          1
                                       5.625          1,746.35         58
                                       5.375          1,746.35
    FREDERICKSBURG   VA   22406          5            01/03/03         00
    0435284856                           05           03/01/03          0
    WA0212041234                         O            02/01/13
    0

    8344681          944/G02             F          100,000.00         ZZ
                                         180         99,648.75          1
                                       5.750            830.42         80
                                       5.500            830.42
    ST PETERSBURG    FL   33705          2            12/26/02         00
    0435195953                           05           02/01/03          0
    W02035539                            N            01/01/18
    0

    8344907          M27/G02             F          172,150.00         ZZ
                                         180        172,150.00          1
                                       5.875          1,441.10         62
                                       5.625          1,441.10
    SMYRNA           TN   37167          2            12/31/02         00
    0435217955                           03           03/01/03          0
    1                                    O            02/01/18
    0

1

    8345042          E23/G02             F          425,000.00         ZZ
                                         180        425,000.00          1
                                       5.500          3,472.60         80
                                       5.250          3,472.60
    SAN DIMAS        CA   91773          5            01/07/03         00
    0435244942                           03           03/01/03          0
    61008791                             O            02/01/18
    0

    8345183          Y23/G02             F           70,000.00         ZZ
                                         180         70,000.00          1
                                       5.750            581.29         56
                                       5.500            581.29
    GARLAND          TX   75042          5            12/27/02         00
    0435272166                           05           03/01/03          0
    1000035832                           O            02/01/18
    0

    8345217          Q49/G02             F          117,325.00         ZZ
                                         180        116,925.85          1
                                       6.125            998.00         95
                                       5.875            998.00
    CAPE CORAL       FL   33993          5            12/13/02         11
    0435213145                           05           02/01/03         30
    75500402                             O            01/01/18
    0

    8345236          E23/G02             F          358,000.00         ZZ
                                         180        358,000.00          1
                                       5.625          2,948.96         69
                                       5.375          2,948.96
    ROWLAND HEIGHTS  CA   91748          2            01/10/03         00
    0435264221                           03           03/01/03          0
    51024241                             O            02/01/18
    0

    8345737          E22/G02             F           54,400.00         ZZ
                                         120         54,400.00          1
                                       6.000            603.95         80
                                       5.750            603.95
    LORAIN           OH   44052          5            01/09/03         00
    0415745942                           05           03/01/03          0
    0415745942                           N            02/01/13
    0

    8345753          E22/G02             F           95,017.00         ZZ
                                         180         95,017.00          2
                                       6.125            808.24         90
                                       5.875            808.24
1

    CARTERSVILLE     GA   30120          1            01/08/03         01
    0415811439                           05           03/01/03         25
    0415811439                           N            02/01/18
    0

    8345777          E22/G02             F          225,000.00         ZZ
                                         180        224,250.75          2
                                       6.375          1,944.56         48
                                       6.125          1,944.56
    OAKLAND          CA   94610          5            12/20/02         00
    0415368802                           05           02/01/03          0
    0415368802                           O            01/01/18
    0

    8345861          144/144             F           74,000.00         ZZ
                                         180         73,478.92          3
                                       5.750            614.50         40
                                       5.500            614.50
    POUGHKEEPSIE     NY   12601          2            11/04/02         00
    160702910                            05           01/01/03          0
    160702910                            N            12/01/17
    0

    8345935          U42/G02             F           68,500.00         ZZ
                                         180         68,264.46          1
                                       6.000            578.04         54
                                       5.750            578.04
    KINGSTON         OK   73439          2            12/23/02         00
    0435224126                           05           02/01/03          0
    15201592                             O            01/01/18
    0

    8345947          U42/G02             F           59,750.00         ZZ
                                         180         59,540.13          1
                                       5.750            496.17         48
                                       5.500            496.17
    KINGSTON         OK   73439          2            12/16/02         00
    0435296801                           05           02/01/03          0
    15201503                             O            01/01/18
    0

    8345961          601/G02             F          205,000.00         ZZ
                                         180        204,287.55          1
                                       5.875          1,716.10         79
                                       5.625          1,716.10
    CRETE            IL   60417          2            12/18/02         00
    0435188362                           05           02/01/03          0
    62202114                             O            01/01/18
    0
1

    8346003          W53/G02             F          534,000.00         ZZ
                                         180        532,144.15          1
                                       5.875          4,470.22         75
                                       5.625          4,470.22
    SIMI VALLEY      CA   93063          5            12/13/02         00
    0435196100                           03           02/01/03          0
    1701100196                           O            01/01/18
    0

    8346245          U05/G02             F           94,800.00         ZZ
                                         180         94,487.69          1
                                       6.500            825.81         80
                                       6.250            825.81
    MIAMI            FL   33186          1            12/20/02         00
    0435190897                           09           02/01/03          0
    3291576                              N            01/01/18
    0

    8346275          G51/G02             F          224,500.00         ZZ
                                         180        223,719.77          1
                                       5.875          1,879.34         49
                                       5.625          1,879.34
    SAN DIEGO        CA   92154          2            12/16/02         00
    0435194907                           03           02/01/03          0
    20002913                             O            01/01/18
    0

    8346627          U05/G02             F          205,000.00         ZZ
                                         180        204,287.56          1
                                       5.875          1,716.09         64
                                       5.625          1,716.09
    TUJUNGA          CA   91042          5            12/20/02         00
    0435231642                           05           02/01/03          0
    3293259                              O            01/01/18
    0

    8346701          U05/G02             F          296,000.00         ZZ
                                         180        294,971.30          1
                                       5.875          2,477.87         80
                                       5.625          2,477.87
    KENT             WA   98030          5            12/20/02         00
    0435231709                           05           02/01/03          0
    3288711                              O            01/01/18
    0

    8346705          U05/G02             F          156,000.00         ZZ
                                         180        155,452.06          1
1

                                       5.750          1,295.44         66
                                       5.500          1,295.44
    AUSTIN           TX   78731          2            12/13/02         00
    0435231659                           05           02/01/03          0
    3284400                              N            01/01/18
    0

    8346763          K15/G02             F          206,000.00         ZZ
                                         180        205,260.98          1
                                       5.500          1,683.19         80
                                       5.250          1,683.19
    ST ALBANS        NY   11412          2            12/21/02         00
    0435274550                           05           02/01/03          0
    011205506589                         O            01/01/18
    0

    8347553          W68/G02             F           68,000.00         ZZ
                                         180         67,766.18          1
                                       6.000            573.82         71
                                       5.750            573.82
    HOUSTON          TX   77084          5            12/19/02         00
    0435286141                           03           02/01/03          0
    33526                                O            01/01/18
    0

    8347643          A52/G02             F          400,000.00         ZZ
                                         180        398,609.86          1
                                       5.875          3,348.47         80
                                       5.625          3,348.47
    STONE MOUNTAIN   GA   30087          2            01/02/03         00
    0435196001                           05           02/01/03          0
    19777                                O            01/01/18
    0

    8347731          F36/G02             F          110,500.00         ZZ
                                         180        110,111.88          1
                                       5.750            917.60         40
                                       5.500            917.60
    EATONVILLE       WA   98328          5            12/24/02         00
    0435174180                           05           02/01/03          0
    06505607                             O            01/01/18
    0

    8347803          E82/G02             F           69,800.00         ZZ
                                         180         69,557.42          1
                                       5.875            584.31         76
                                       5.625            584.31
    SPRINGFIELD      MO   65807          2            12/19/02         00
    0400746947                           05           02/01/03          0
1

    1793250                              O            01/01/18
    0

    8348003          477/G02             F          350,000.00         ZZ
                                         180        348,770.64          1
                                       5.750          2,906.44         80
                                       5.500          2,906.44
    CHULA VISTA      CA   91913          5            12/19/02         00
    0435194501                           05           02/01/03          0
    235355                               O            01/01/18
    0

    8349465          N74/G02             F           47,200.00         ZZ
                                         120         46,910.02          1
                                       5.875            521.06         80
                                       5.625            521.06
    ROANOKE          VA   24017          5            01/08/03         00
    0435189642                           05           02/13/03          0
    0031492010                           O            01/13/13
    0

    8349615          253/253             F          270,000.00         ZZ
                                         180        269,051.64          1
                                       5.750          2,242.11         63
                                       5.500          2,242.11
    BROOMFIELD       CO   80021          5            12/20/02         00
    448154                               05           02/01/03          0
    448154                               O            01/01/18
    0

    8349671          F36/G02             F          231,500.00         ZZ
                                         180        230,695.46          1
                                       5.875          1,937.93         47
                                       5.625          1,937.93
    ROY              WA   98580          5            12/16/02         00
    0435195656                           03           02/01/03          0
    06505578                             O            01/01/18
    0

    8350227          E82/G02             F          265,800.00         ZZ
                                         180        265,800.00          1
                                       5.875          2,225.06         72
                                       5.625          2,225.06
    HOUSTON          TX   77005          2            01/08/03         00
    0400736682                           05           03/01/03          0
    5085411                              O            02/01/18
    0

1

    8350411          X21/G02             F          215,000.00         ZZ
                                         180        214,244.82          1
                                       5.750          1,785.39         80
                                       5.500          1,785.39
    ANNAPOLIS        MD   21401          1            12/18/02         00
    0435269196                           01           02/01/03          0
    706046                               O            01/01/18
    0

    8350495          E22/G02             F          139,500.00         ZZ
                                         180        139,500.00          1
                                       6.750          1,234.45         90
                                       6.500          1,234.45
    YUBA CITY        CA   95993          2            01/02/03         01
    0415494905                           05           03/01/03         25
    0415494905                           O            02/01/18
    0

    8350547          E22/G02             F           67,500.00         ZZ
                                         180         67,500.00          1
                                       6.250            578.76         75
                                       6.000            578.76
    SENECA           SC   29670          2            01/10/03         00
    0415641547                           05           03/01/03          0
    0415641547                           N            02/01/18
    0

    8350587          N74/G02             F           96,300.00         ZZ
                                         180         96,300.00          1
                                       5.750            799.68         79
                                       5.500            799.68
    RICHMOND         VA   23233          5            01/08/03         00
    0435233473                           05           03/01/03          0
    0031497010                           O            02/01/18
    0

    8350601          E22/G02             F          135,000.00         ZZ
                                         180        135,000.00          1
                                       6.500          1,175.99         80
                                       6.250          1,175.99
    SAN ANTONIO      TX   78255          5            01/03/03         00
    0415709492                           05           03/01/03          0
    0415709492                           O            02/01/18
    0

    8350667          E22/G02             F          200,000.00         ZZ
                                         180        200,000.00          1
                                       5.375          1,620.93         58
                                       5.125          1,620.93
1

    LEAGUE CITY      TX   77573          2            01/06/03         00
    0415771237                           03           03/01/03          0
    0415771237                           O            02/01/18
    0

    8350705          U42/G02             F           54,100.00         ZZ
                                         180         53,911.98          1
                                       5.875            452.88         42
                                       5.625            452.88
    POTTSBORO        TX   75076          5            12/19/02         00
    0435184445                           05           02/01/03          0
    15201676                             O            01/01/18
    0

    8350737          E22/G02             F           57,600.00         ZZ
                                         180         57,600.00          1
                                       5.875            482.18         80
                                       5.625            482.18
    PUEBLO           CO   81001          2            01/10/03         00
    0415845783                           05           03/01/03          0
    0415845783                           N            02/01/18
    0

    8350781          S43/G02             F           83,000.00         ZZ
                                         180         83,000.00          4
                                       6.875            740.24         62
                                       6.625            740.24
    ALBUQUERQUE      NM   87102          5            01/09/03         00
    0435181326                           05           03/01/03          0
    022155                               N            02/01/18
    0

    8350831          N74/G02             F           52,800.00         ZZ
                                         180         52,612.57          1
                                       5.625            434.93         76
                                       5.375            434.93
    NORTH WILKESBOR  NC   28659          2            01/08/03         00
    0435233390                           05           02/13/03          0
    0031498010                           O            01/13/18
    0

    8350911          X31/G02             F          280,800.00         ZZ
                                         180        280,800.00          1
                                       5.500          2,294.37         80
                                       5.250          2,294.37
    EUGENE           OR   97405          5            01/02/03         00
    0435265582                           05           03/01/03          0
    59000200                             O            02/01/18
    0
1

    8351405          E82/G02             F          131,700.00         ZZ
                                         180        131,700.00          2
                                       6.125          1,120.27         46
                                       5.875          1,120.27
    NEW BRUNSWICK    NJ   08901          2            01/07/03         00
    0400713319                           05           03/01/03          0
    1568537                              N            02/01/18
    0

    8351423          E82/G02             F          126,000.00         ZZ
                                         180        126,000.00          1
                                       5.875          1,054.77         63
                                       5.625          1,054.77
    SCOTCH PLAINS    NJ   07076          2            01/08/03         00
    0400743860                           05           03/01/03          0
    2761293                              O            02/01/18
    0

    8353117          E82/G02             F          109,500.00         ZZ
                                         180        109,500.00          1
                                       5.875            916.64         76
                                       5.625            916.64
    STANARDSVILLE    VA   22973          2            01/08/03         00
    0400743449                           05           03/01/03          0
    1654073                              O            02/01/18
    0

    8353119          E47/G02             F          234,500.00         ZZ
                                         180        233,676.34          1
                                       5.750          1,947.31         81
                                       5.500          1,947.31
    RIVERDALE        MD   20737          2            12/26/02         11
    0435204821                           03           02/01/03         17
    7338511050                           O            01/01/18
    0

    8353139          E82/G02             F          140,000.00         ZZ
                                         180        140,000.00          1
                                       5.625          1,153.22         51
                                       5.375          1,153.22
    DENVER           CO   80206          2            01/07/03         00
    0400749990                           05           03/01/03          0
    1849495                              O            02/01/18
    0

    8353401          E57/G02             F          140,000.00         ZZ
                                         180        140,000.00          1
1

                                       5.875          1,171.97         60
                                       5.625          1,171.97
    CLOVIS           CA   93611          2            01/03/03         00
    0435277777                           05           03/01/03          0
    13004391                             O            02/01/18
    0

    8353479          X31/G02             F          300,700.00         ZZ
                                         180        299,687.88          1
                                       6.250          2,578.27         79
                                       6.000          2,578.27
    DIAMOND BAR      CA   91765          5            12/13/02         00
    0435266226                           05           02/01/03          0
    41000260                             O            01/01/18
    0

    8353509          144/144             F          132,000.00         ZZ
                                         180        131,532.50          1
                                       5.750          1,096.14         54
                                       5.500          1,096.14
    HIGH FALLS       NY   12440          5            12/02/02         00
    160705913                            05           02/01/03          0
    160705913                            O            01/01/18
    0

    8353699          U05/G02             F           65,600.00         ZZ
                                         180         65,372.02          2
                                       5.875            549.15         80
                                       5.625            549.15
    ORONO            ME   04473          1            12/30/02         00
    0435245568                           05           02/01/03          0
    3289023                              N            01/01/18
    0

    8354555          E82/G02             F           81,500.00         ZZ
                                         180         81,500.00          1
                                       5.875            682.25         74
                                       5.625            682.25
    TUCSON           AZ   85710          2            01/10/03         00
    0400749586                           05           03/01/03          0
    2837163                              O            02/01/18
    0

    8354567          E82/G02             F           83,500.00         ZZ
                                         180         83,500.00          1
                                       5.875            698.99         48
                                       5.625            698.99
    HENDERSON        NV   89014          2            01/13/03         00
    0400745246                           05           03/01/03          0
1

    0400745246                           N            02/01/18
    0

    8354579          E82/G02             F           64,500.00         ZZ
                                         180         64,500.00          1
                                       6.125            548.65         40
                                       5.875            548.65
    PENN VALLEY      CA   95946          2            01/08/03         00
    0400727111                           05           03/01/03          0
    16647856                             N            02/01/18
    0

    8354623          E82/G02             F          197,300.00         ZZ
                                         180        197,300.00          4
                                       6.250          1,691.70         78
                                       6.000          1,691.70
    LANSING          IL   60438          2            01/13/03         00
    0400761581                           05           03/01/03          0
    7625738                              N            02/01/18
    0

    8354681          E82/G02             F           72,100.00         ZZ
                                         180         72,100.00          1
                                       6.125            613.30         54
                                       5.875            613.30
    CHAPEL HILL      NC   27514          2            01/10/03         00
    0400751228                           01           03/01/03          0
    1734414                              N            02/01/18
    0

    8354729          E82/G02             F           60,300.00         ZZ
                                         180         60,300.00          1
                                       5.625            496.71         66
                                       5.375            496.71
    DESTIN           FL   32541          2            01/10/03         00
    0400755948                           05           03/01/03          0
    0400755948                           O            02/01/18
    0

    8354737          E82/G02             F           95,400.00         ZZ
                                         180         95,400.00          1
                                       5.875            798.61         44
                                       5.625            798.61
    MANCHESTER       MO   63011          2            01/10/03         00
    0400713830                           05           03/01/03          0
    5043738                              O            02/01/18
    0

1

    8354831          E22/G02             F           44,400.00         ZZ
                                         180         44,400.00          1
                                       6.625            389.83         80
                                       6.375            389.83
    HOUSTON          TX   77003          5            01/07/03         00
    0414825000                           05           03/01/03          0
    0414825000                           O            02/01/18
    0

    8354833          E22/G02             F          200,000.00         ZZ
                                         180        200,000.00          1
                                       5.875          1,674.24         50
                                       5.625          1,674.24
    STERLING HEIGHT  MI   48314          5            01/07/03         00
    0414909473                           05           03/01/03          0
    0414909473                           O            02/01/18
    0

    8354837          E22/G02             F          108,000.00         ZZ
                                         180        108,000.00          1
                                       6.375            933.39         80
                                       6.125            933.39
    FRIENDSWOOD      TX   77546          5            01/03/03         00
    0415233113                           03           03/01/03          0
    0415233113                           O            02/01/18
    0

    8354841          E22/G02             F          144,000.00         ZZ
                                         180        144,000.00          1
                                       5.875          1,205.45         90
                                       5.625          1,205.45
    KANSAS CITY      MO   64132          2            01/06/03         01
    0415276591                           05           03/01/03         30
    0415276591                           O            02/01/18
    0

    8354917          E22/G02             F           93,741.00         ZZ
                                         180         93,741.00          1
                                       5.875            784.72         72
                                       5.625            784.72
    VALLEY VIEW      TX   76272          5            01/07/03         00
    0415536812                           05           03/01/03          0
    0415536812                           O            02/01/18
    0

    8354953          E22/G02             F           90,000.00         ZZ
                                         180         90,000.00          1
                                       6.125            765.56         90
                                       5.875            765.56
1

    LINCOLN          NE   68506          2            01/06/03         04
    0415625334                           05           03/01/03         12
    0415625334                           O            02/01/18
    0

    8354997          E22/G02             F          100,100.00         ZZ
                                         180        100,100.00          1
                                       5.750            831.24         73
                                       5.500            831.24
    MT PLEASANT      SC   29464          5            01/08/03         00
    0415673284                           05           03/01/03          0
    0415673284                           O            02/01/18
    0

    8354999          E22/G02             F          258,000.00         ZZ
                                         180        258,000.00          1
                                       5.750          2,142.46         75
                                       5.500          2,142.46
    SAN JOSE         CA   95128          1            01/03/03         00
    0415674886                           05           03/01/03          0
    0415674886                           N            02/01/18
    0

    8355019          E22/G02             F           92,000.00         ZZ
                                         180         92,000.00          1
                                       6.375            795.11         80
                                       6.125            795.11
    CEDAR HILL       TX   75104          5            01/08/03         00
    0415691591                           05           03/01/03          0
    0415691591                           O            02/01/18
    0

    8355067          E22/G02             F          101,000.00         ZZ
                                         180        101,000.00          1
                                       5.500            825.25         77
                                       5.250            825.25
    CAPE CORAL       FL   33904          5            01/08/03         00
    0415734862                           05           03/01/03          0
    0415734862                           O            02/01/18
    0

    8355077          E22/G02             F          123,000.00         ZZ
                                         180        123,000.00          1
                                       5.750          1,021.40         62
                                       5.500          1,021.40
    BOWLING GREEN    OH   43402          5            01/07/03         00
    0415748698                           05           03/01/03          0
    0415748698                           O            02/01/18
    0
1

    8355087          E22/G02             F          117,500.00         ZZ
                                         180        117,500.00          1
                                       6.250          1,007.47         40
                                       6.000          1,007.47
    WHITMAN          MA   02382          2            01/13/03         00
    0415768126                           05           03/01/03          0
    0415768126                           N            02/01/18
    0

    8355093          E22/G02             F           72,750.00         ZZ
                                         180         72,750.00          1
                                       6.625            638.74         80
                                       6.375            638.74
    TEXAS CITY       TX   77590          5            01/07/03         00
    0415771484                           05           03/01/03          0
    0415771484                           O            02/01/18
    0

    8355095          E22/G02             F          135,300.00         ZZ
                                         180        135,300.00          1
                                       5.875          1,132.62         64
                                       5.625          1,132.62
    DENTON           TX   76205          5            01/08/03         00
    0415773274                           05           03/01/03          0
    0415773274                           O            02/01/18
    0

    8355121          E22/G02             F          102,600.00         ZZ
                                         180        102,600.00          1
                                       5.750            852.00         76
                                       5.500            852.00
    ARLINGTON        TX   76016          2            01/07/03         00
    0415789437                           05           03/01/03          0
    0415789437                           O            02/01/18
    0

    8355125          E22/G02             F          121,500.00         ZZ
                                         180        121,500.00          1
                                       5.875          1,017.10         90
                                       5.625          1,017.10
    TUSCALOOSA       AL   35404          2            01/08/03         10
    0415793074                           05           03/01/03         12
    0415793074                           O            02/01/18
    0

    8355133          E22/G02             F           57,000.00         ZZ
                                         180         57,000.00          1
1

                                       6.250            488.73         95
                                       6.000            488.73
    MOBILE           AL   36617          5            01/07/03         10
    0415800796                           05           03/01/03         25
    0415800796                           O            02/01/18
    0

    8355165          E22/G02             F          290,000.00         ZZ
                                         180        290,000.00          1
                                       5.625          2,388.82         52
                                       5.375          2,388.82
    SAN FRANCISCO    CA   94116          2            01/03/03         00
    0415839158                           05           03/01/03          0
    0415839158                           O            02/01/18
    0

    8356095          P09/G02             F          111,300.00         ZZ
                                         180        111,300.00          1
                                       5.875            931.71         83
                                       5.625            931.71
    WEST HAVEN       CT   06516          5            01/08/03         10
    0435247739                           05           03/01/03         25
    1                                    O            02/01/18
    0

    8356655          P34/G02             F          121,000.00         ZZ
                                         180        120,583.93          2
                                       6.000          1,021.07         70
                                       5.750          1,021.07
    WOONSOCKET       RI   02895          5            12/18/02         00
    0435248323                           05           02/01/03          0
    62140                                O            01/01/18
    0

    8356667          E84/G02             F          172,500.00         ZZ
                                         180        171,894.10          1
                                       5.750          1,432.46         80
                                       5.500          1,432.46
    CENTREVILLE      VA   20121          5            12/17/02         00
    0435234240                           09           02/01/03          0
    87320243                             O            01/01/18
    0

    8356685          W34/G02             F          191,000.00         ZZ
                                         180        191,000.00          1
                                       5.875          1,598.90         47
                                       5.625          1,598.90
    MIAMI            FL   33143          5            01/09/03         00
    0435270822                           05           03/01/03          0
1

    0655975                              O            02/01/18
    0

    8356979          E57/G02             F          153,000.00         ZZ
                                         180        153,000.00          2
                                       6.000          1,291.10         59
                                       5.750          1,291.10
    LONG BEACH       CA   90808          2            01/07/03         00
    0435281621                           05           03/01/03          0
    06012795                             O            02/01/18
    0

    8357265          X44/G02             F          199,750.00         ZZ
                                         180        199,063.15          1
                                       6.000          1,685.60         38
                                       5.750          1,685.60
    BOROUGH OF RUTH  NJ   07070          2            01/02/03         00
    0435247895                           05           02/01/03          0
    10407786                             O            01/01/18
    0

    8357341          X51/G02             F          344,000.00         ZZ
                                         180        344,000.00          1
                                       5.750          2,856.61         80
                                       5.500          2,856.61
    WEST CHICAGO     IL   60185          5            01/08/03         00
    0435212444                           05           03/01/03          0
    1                                    O            02/01/18
    0

    8357349          X51/G02             F          650,000.00         ZZ
                                         180        650,000.00          1
                                       5.875          5,441.27         41
                                       5.625          5,441.27
    MILL VALLEY      CA   94941          5            01/04/03         00
    0435209093                           05           03/01/03          0
    021226107                            O            02/01/18
    0

    8357359          L76/G02             F          124,280.00         ZZ
                                         180        124,280.00          1
                                       5.250            999.06         52
                                       5.000            999.06
    EAGAN            MN   55122          5            01/10/03         00
    0435272927                           05           03/01/03          0
    9507252                              O            02/01/18
    0

1

    8357691          U05/G02             F          344,000.00         ZZ
                                         180        344,000.00          1
                                       5.375          2,788.00         78
                                       5.125          2,788.00
    LONG BEACH       CA   90815          2            01/02/03         00
    0435235890                           05           03/01/03          0
    3300371                              O            02/01/18
    0

    8358367          E82/G02             F           87,500.00         ZZ
                                         180         87,500.00          1
                                       5.875            732.48         49
                                       5.625            732.48
    SANDY            UT   84093          2            01/11/03         00
    0400740999                           05           03/01/03          0
    1750893                              O            02/01/18
    0

    8358441          E82/G02             F           88,600.00         ZZ
                                         180         88,600.00          1
                                       6.000            747.66         58
                                       5.750            747.66
    CHARLOTTE        NC   28205          2            01/14/03         00
    0400748414                           05           03/01/03          0
    1720507                              N            02/01/18
    0

    8358451          E82/G02             F           66,200.00         ZZ
                                         180         66,200.00          1
                                       6.125            563.11         67
                                       5.875            563.11
    CHARLOTTE        NC   28205          2            01/14/03         00
    0400748372                           05           03/01/03          0
    1676134                              N            02/01/18
    0

    8358465          E82/G02             F          257,000.00         ZZ
                                         180        257,000.00          1
                                       5.875          2,151.39         55
                                       5.625          2,151.39
    LOS ANGELES      CA   90041          2            01/09/03         00
    0400741997                           05           03/01/03          0
    1918081                              O            02/01/18
    0

    8358481          E82/G02             F          125,000.00         T
                                         180        125,000.00          1
                                       5.875          1,046.40         40
                                       5.625          1,046.40
1

    INDIAN ROCKS BE  FL   33785          2            01/15/03         00
    0400743001                           06           03/01/03          0
    1675942                              O            02/01/18
    0

    8358671          E22/G02             F          191,000.00         ZZ
                                         180        191,000.00          1
                                       5.875          1,598.90         71
                                       5.625          1,598.90
    SAN DIMAS        CA   91773          5            01/03/03         00
    0415771898                           05           03/01/03          0
    0415771898                           O            02/01/18
    0

    8358693          E22/G02             F          423,000.00         ZZ
                                         180        423,000.00          1
                                       5.750          3,512.63         26
                                       5.500          3,512.63
    SOLVANG          CA   93463          2            01/02/03         00
    0415784271                           05           03/01/03          0
    0415784271                           O            02/01/18
    0

    8358709          E22/G02             F          312,000.00         ZZ
                                         180        312,000.00          1
                                       5.875          2,611.81         80
                                       5.625          2,611.81
    FOLSOM           CA   95630          5            01/06/03         00
    0415804723                           05           03/01/03          0
    0415804723                           O            02/01/18
    0

    8358739          E22/G02             F          127,500.00         ZZ
                                         180        127,500.00          1
                                       5.625          1,050.26         75
                                       5.375          1,050.26
    SPARTANBURG      SC   29301          2            01/14/03         00
    0415822709                           05           03/01/03          0
    0415822709                           N            02/01/18
    0

    8358757          E22/G02             F           72,000.00         ZZ
                                         180         72,000.00          2
                                       6.125            612.45         70
                                       5.875            612.45
    CLEVELAND        OH   44105          2            01/14/03         00
    0415842491                           05           03/01/03          0
    0415842491                           N            02/01/18
    0
1

    8358837          E22/G02             F          142,500.00         ZZ
                                         180        142,500.00          1
                                       5.500          1,164.34         55
                                       5.250          1,164.34
    OXNARD           CA   93033          2            01/03/03         00
    0415357052                           05           03/01/03          0
    0415357052                           O            02/01/18
    0

    8358907          E22/G02             F          568,000.00         ZZ
                                         180        566,004.94          1
                                       5.750          4,716.73         44
                                       5.500          4,716.73
    PACIFIC PALISAD  CA   90272          5            12/18/02         00
    0415664382                           05           02/01/03          0
    0415664382                           O            01/01/18
    0

    8358913          E22/G02             F          120,000.00         ZZ
                                         180        120,000.00          1
                                       6.625          1,053.59         80
                                       6.375          1,053.59
    GALVESTON        TX   77554          5            01/07/03         00
    0415671635                           05           03/01/03          0
    0415671635                           O            02/01/18
    0

    8358921          E22/G02             F           50,000.00         ZZ
                                         180         50,000.00          1
                                       6.375            432.13         80
                                       6.125            432.13
    CAMDEN           AR   71701          5            01/02/03         00
    0415687797                           05           03/01/03          0
    0415687797                           O            02/01/18
    0

    8358935          E22/G02             F           37,000.00         ZZ
                                         180         37,000.00          1
                                       6.875            329.99         75
                                       6.625            329.99
    SAPULPA          OK   74066          5            01/13/03         00
    0415698208                           05           03/01/03          0
    0415698208                           N            02/01/18
    0

    8358949          E22/G02             F           97,537.00         ZZ
                                         180         97,537.00          1
1

                                       6.250            836.30         58
                                       6.000            836.30
    HOUSTON          TX   77095          5            01/09/03         00
    0415720093                           03           03/01/03          0
    0415720093                           O            02/01/18
    0

    8358959          E22/G02             F           73,500.00         ZZ
                                         180         73,500.00          1
                                       5.875            615.28         80
                                       5.625            615.28
    ALBUQUERQUE      NM   87108          2            01/14/03         00
    0415738764                           05           03/01/03          0
    0415738764                           N            02/01/18
    0

    8358971          E22/G02             F           60,200.00         ZZ
                                         180         60,200.00          1
                                       5.875            503.95         30
                                       5.625            503.95
    DURANGO          CO   81301          2            01/09/03         00
    0415753409                           05           03/01/03          0
    0415753409                           O            02/01/18
    0

    8359411          N67/G02             F          332,300.00         ZZ
                                         180        331,132.82          1
                                       5.750          2,759.45         59
                                       5.500          2,759.45
    RENO             NV   89511          5            12/11/02         00
    0435202049                           03           02/01/03          0
    1260005425                           O            01/01/18
    0

    8359539          N67/G02             F           74,000.00         T
                                         180         73,771.56          1
                                       7.250            675.52         80
                                       7.000            675.52
    FOREST PARK      IL   60130          5            12/16/02         00
    0435209978                           01           02/01/03          0
    3262003740                           O            01/01/18
    0

    8359561          N67/G02             F          300,700.00         T
                                         180        299,643.81          1
                                       5.750          2,497.04         71
                                       5.500          2,497.04
    SCOTTSDALE       AZ   85255          2            12/10/02         00
    0435202619                           03           02/01/03          0
1

    1760003362                           O            01/01/18
    0

    8359807          N67/G02             F           78,000.00         ZZ
                                         180         77,748.52          1
                                       6.750            690.23         47
                                       6.500            690.23
    COLUMBUS         OH   43235          5            12/11/02         00
    0435203591                           05           02/01/03          0
    3262003284                           O            01/01/18
    0

    8361065          N67/G02             F          111,200.00         ZZ
                                         180        110,809.41          1
                                       5.750            923.42         46
                                       5.500            923.42
    GRAPEVINE        TX   76051          2            12/17/02         00
    0435213376                           05           02/01/03          0
    1161002811                           O            01/01/18
    0

    8361229          N67/G02             F          175,500.00         ZZ
                                         180        174,877.01          1
                                       5.625          1,445.65         68
                                       5.375          1,445.65
    FONTANA          CA   92336          2            12/19/02         00
    0435213939                           05           02/01/03          0
    1781004229                           O            01/01/18
    0

    8361365          N67/G02             F          350,000.00         ZZ
                                         180        348,717.68          1
                                       5.250          2,813.57         52
                                       5.000          2,813.57
    SCOTTSDALE       AZ   85255          2            12/17/02         00
    0435214549                           03           02/01/03          0
    1760003475                           O            01/01/18
    0

    8361731          W77/G02             F           93,000.00         ZZ
                                         180         93,000.00          1
                                       5.375            753.73         57
                                       5.125            753.73
    ROUND ROCK       TX   78681          2            01/09/03         00
    0435270384                           03           03/01/03          0
    W0301009                             O            02/01/18
    0

1

    8361843          K15/G02             F          120,000.00         ZZ
                                         180        120,000.00          2
                                       5.500            980.50         31
                                       5.250            980.50
    JACKSON HEIGHTS  NY   11372          5            01/03/03         00
    0435283981                           05           03/01/03          0
    011205507133                         O            02/01/18
    0

    8361917          944/G02             F          192,000.00         ZZ
                                         180        192,000.00          1
                                       5.750          1,594.39         77
                                       5.500          1,594.39
    DAVIS            CA   95616          5            01/03/03         00
    0435261607                           05           03/01/03          0
    02037105                             O            02/01/18
    0

    8361985          U36/G02             F          329,000.00         ZZ
                                         180        327,868.71          1
                                       6.000          2,776.29         59
                                       5.750          2,776.29
    ROSWELL          GA   30076          5            12/27/02         00
    0435261821                           05           02/01/03          0
    840112002                            O            01/01/18
    0

    8362019          H93/G02             F           48,000.00         ZZ
                                         180         48,000.00          1
                                       5.500            392.20         57
                                       5.250            392.20
    SAINT JOSEPH     MO   64506          5            01/09/03         00
    0435260435                           05           03/01/03          0
    2002002142                           O            02/01/18
    0

    8363627          U42/G02             F          110,410.00         ZZ
                                         180        110,410.00          1
                                       6.000            931.70         74
                                       5.750            931.70
    ARLINGTON        TX   76016          2            01/13/03         00
    0435272158                           05           03/01/03          0
    24201463                             N            02/01/18
    0

    8363699          G34/G02             F          105,000.00         ZZ
                                         180        104,642.78          1
                                       6.125            893.16         48
                                       5.875            893.16
1

    WHITTIER         CA   90606          5            12/23/02         00
    0435219092                           05           02/01/03          0
    41200311                             N            01/01/18
    0

    8363773          Q14/G02             F           45,000.00         ZZ
                                         180         45,000.00          1
                                       5.625            370.68         71
                                       5.375            370.68
    INDEPENDENCE     MO   64053          2            01/10/03         00
    0435249446                           05           03/01/03          0
    0000210846                           O            02/01/18
    0

    8364741          E82/G02             F          106,000.00         ZZ
                                         180        106,000.00          1
                                       6.125            901.66         63
                                       5.875            901.66
    ATLANTA          GA   30316          2            01/16/03         00
    0400764684                           05           03/01/03          0
    5970660                              N            02/01/18
    0

    8364757          E82/G02             F           52,600.00         ZZ
                                         180         52,600.00          1
                                       6.250            451.00         66
                                       6.000            451.00
    LEBANON          OR   97355          2            01/13/03         00
    0400763595                           05           03/01/03          0
    8364757                              N            02/01/18
    0

    8364759          E82/G02             F           46,900.00         ZZ
                                         180         46,900.00          1
                                       6.000            395.77         24
                                       5.750            395.77
    FREEHOLD         NJ   07728          2            01/13/03         00
    0400764742                           03           03/01/03          0
    1791705                              O            02/01/18
    0

    8364951          E22/G02             F          207,000.00         ZZ
                                         180        207,000.00          1
                                       6.000          1,746.78         82
                                       5.750          1,746.78
    CHEYENNE         WY   82009          5            01/10/03         10
    0415643170                           05           03/01/03          6
    0415643170                           O            02/01/18
    0
1

    8364965          E22/G02             F          225,000.00         ZZ
                                         180        225,000.00          1
                                       5.750          1,868.42         45
                                       5.500          1,868.42
    PASADENA         CA   91104          5            12/30/02         00
    0415664721                           05           03/01/03          0
    0415664721                           O            02/01/18
    0

    8365093          E22/G02             F          129,000.00         ZZ
                                         180        129,000.00          1
                                       5.875          1,079.88         61
                                       5.625          1,079.88
    SOUTH LYON       MI   48178          2            01/10/03         00
    0415778364                           29           03/01/03          0
    0415778364                           O            02/01/18
    0

    8365101          E22/G02             F           96,000.00         ZZ
                                         180         96,000.00          1
                                       6.000            810.10         80
                                       5.750            810.10
    RANCHO CORDOVA   CA   95670          5            12/30/02         00
    0415795129                           09           03/01/03          0
    0415795129                           N            02/01/18
    0

    8365115          E22/G02             F           64,000.00         ZZ
                                         180         64,000.00          1
                                       6.500            557.51         80
                                       6.250            557.51
    FORT WORTH       TX   76123          5            01/15/03         00
    0415803493                           05           03/01/03          0
    0415803493                           N            02/01/18
    0

    8365135          E22/G02             F           52,000.00         ZZ
                                         180         52,000.00          1
                                       6.375            449.41         80
                                       6.125            449.41
    MYSTIC           IA   52574          5            01/10/03         00
    0415822717                           05           03/01/03          0
    0415822717                           O            02/01/18
    0

    8365153          E22/G02             F           80,000.00         ZZ
                                         180         80,000.00          1
1

                                       5.375            648.37         31
                                       5.125            648.37
    ADA              MI   49301          2            01/10/03         00
    0415838887                           05           03/01/03          0
    0415838887                           O            02/01/18
    0

    8365157          E22/G02             F           50,500.00         ZZ
                                         180         50,500.00          1
                                       5.625            415.98         26
                                       5.375            415.98
    LOUISVILLE       KY   40245          2            01/10/03         00
    0415847482                           05           03/01/03          0
    0415847482                           O            02/01/18
    0

    8365189          E22/G02             F          180,000.00         ZZ
                                         180        180,000.00          1
                                       6.125          1,531.12         80
                                       5.875          1,531.12
    SANTA FE         NM   87505          5            01/10/03         00
    0415349331                           05           03/01/03          0
    0415349331                           O            02/01/18
    0

    8365245          E82/G02             F           49,700.00         ZZ
                                         180         49,700.00          1
                                       5.875            416.05         55
                                       5.625            416.05
    JASPER           IN   47546          2            01/09/03         00
    0400746400                           05           03/01/03          0
    1968267                              O            02/01/18
    0

    8365459          K15/G02             F           91,200.00         ZZ
                                         180         90,909.13          1
                                       6.875            813.37         95
                                       6.625            813.37
    KINDERHOOK       NY   12130          2            12/18/02         41
    0435280227                           05           02/01/03         25
    027305507066                         O            01/01/18
    0

    8365625          U05/G02             F          127,000.00         ZZ
                                         180        127,000.00          1
                                       6.125          1,080.29         80
                                       5.875          1,080.29
    IRVING           TX   75060          5            01/03/03         00
    0435232764                           05           03/01/03          0
1

    3297492                              O            02/01/18
    0

    8365697          738/G02             F           74,150.00         ZZ
                                         180         73,910.92          1
                                       6.750            656.17         44
                                       6.500            656.17
    NAVARRE          FL   32566          1            12/12/02         00
    0435216627                           03           02/01/03          0
    40753751                             N            01/01/18
    0

    8365973          144/144             F          130,000.00         ZZ
                                         180        129,024.66          1
                                       5.625          1,070.85         29
                                       5.375          1,070.85
    BOICEVILLE       NY   12412          5            11/19/02         00
    160704700                            05           01/01/03          0
    160704700                            O            12/01/17
    0

    8366375          U42/G02             F           62,000.00         ZZ
                                         180         62,000.00          1
                                       5.750            514.85         73
                                       5.500            514.85
    FORT WORTH       TX   76109          5            01/10/03         00
    0435287693                           05           03/01/03          0
    33201369                             O            02/01/18
    0

    8366469          144/144             F          163,000.00         ZZ
                                         180        162,445.46          2
                                       6.125          1,386.52         46
                                       5.875          1,386.52
    NEW ROCHELLE     NY   10801          2            12/19/02         00
    160708214                            05           02/01/03          0
    160708214                            N            01/01/18
    0

    8366481          U05/G02             F          146,200.00         ZZ
                                         180        146,200.00          1
                                       5.875          1,223.87         78
                                       5.625          1,223.87
    DALLAS           TX   75287          2            01/08/03         00
    0435232657                           05           03/01/03          0
    3282804                              O            02/01/18
    0

1

    8366507          S27/G02             F          183,000.00         ZZ
                                         180        182,377.41          1
                                       6.125          1,556.65         32
                                       5.875          1,556.65
    FLEMINGTON       NJ   08822          5            12/20/02         00
    0435269162                           05           02/01/03          0
    1130011353                           O            01/01/18
    0

    8366531          E47/G02             F          118,000.00         ZZ
                                         180        118,000.00          1
                                       6.250          1,011.76         79
                                       6.000          1,011.76
    ROUND LAKE BEAC  IL   60073          2            01/02/03         00
    0435259627                           05           03/01/03          0
    7360514976                           O            02/01/18
    0

    8366591          L16/G02             F          240,000.00         ZZ
                                         180        239,165.92          1
                                       5.875          2,009.08         59
                                       5.625          2,009.08
    SAN DIEGO        CA   92120          5            12/31/02         00
    0435283288                           05           02/01/03          0
    8244                                 O            01/01/18
    0

    8366661          T29/G02             F          162,000.00         ZZ
                                         180        162,000.00          1
                                       6.000          1,367.05         77
                                       5.750          1,367.05
    SHOW LOW         AZ   85901          5            01/09/03         00
    0435297783                           05           03/01/03          0
    1530288                              O            02/01/18
    0

    8366679          U05/G02             F          227,800.00         ZZ
                                         180        227,008.31          1
                                       5.875          1,906.96         69
                                       5.625          1,906.96
    GLENDALE         AZ   85308          2            12/26/02         00
    0435232590                           03           02/01/03          0
    3296548                              O            01/01/18
    0

    8366843          Q14/G02             F           40,500.00         ZZ
                                         180         40,500.00          1
                                       6.625            355.59         66
                                       6.375            355.59
1

    DAVENPORT        IA   52802          2            01/14/03         00
    0435239330                           05           03/01/03          0
    0000210650                           N            02/01/18
    0

    8367077          X67/G02             F          194,000.00         ZZ
                                         180        194,000.00          1
                                       5.625          1,598.04         75
                                       5.375          1,598.04
    GLENDORA         CA   91740          5            01/03/03         00
    0435277975                           05           03/01/03          0
    00282244                             O            02/01/18
    0

    8367097          P09/G02             F          264,000.00         ZZ
                                         180        264,000.00          1
                                       6.250          2,263.60         80
                                       6.000          2,263.60
    NORTH GRANBY     CT   06060          5            01/09/03         00
    0435263074                           05           03/01/03          0
    R0211192                             O            02/01/18
    0

    8367101          U05/G02             F          232,000.00         ZZ
                                         180        231,193.72          1
                                       5.875          1,942.11         80
                                       5.625          1,942.11
    MODESTO          CA   95355          5            12/20/02         00
    0435235486                           05           02/01/03          0
    3286477                              O            01/01/18
    0

    8367123          X67/G02             F          462,500.00         ZZ
                                         180        460,909.66          1
                                       6.000          3,902.84         47
                                       5.750          3,902.84
    WOODLAND HILLS   CA   91367          2            12/16/02         00
    0435284252                           03           02/01/03          0
    00281281                             O            01/01/18
    0

    8367135          A06/G02             F           54,800.00         ZZ
                                         180         54,800.00          2
                                       6.500            477.37         80
                                       6.250            477.37
    ANDERSON         IN   46012          5            01/15/03         00
    0435252465                           05           03/01/03          0
    021000020231825                      N            02/01/18
    0
1

    8367189          N47/G02             F          198,000.00         ZZ
                                         180        198,000.00          1
                                       5.500          1,617.83         75
                                       5.250          1,617.83
    LOS ANGELES      CA   91606          2            01/03/03         00
    0435289707                           05           03/01/03          0
    30500918                             O            02/01/18
    0

    8367509          U35/G02             F          153,000.00         ZZ
                                         180        153,000.00          1
                                       5.875          1,280.79         85
                                       5.625          1,280.79
    FRESNO           CA   93722          5            01/13/03         01
    0435300199                           05           03/01/03          6
    10553920                             O            02/01/18
    0

    8367593          X07/G02             F           94,300.00         ZZ
                                         180         94,300.00          1
                                       6.125            802.14         76
                                       5.875            802.14
    MILWAUKEE        WI   53207          2            01/10/03         00
    0435259130                           05           03/01/03          0
    6910000862                           O            02/01/18
    0

    8368131          E82/G02             F           34,400.00         ZZ
                                         180         34,400.00          1
                                       6.750            304.41         40
                                       6.500            304.41
    CONYERS          GA   30013          2            01/20/03         00
    0400754644                           05           03/01/03          0
    1736312                              N            02/01/18
    0

    8368141          E82/G02             F           92,700.00         ZZ
                                         180         92,700.00          1
                                       5.750            769.79         55
                                       5.500            769.79
    SEATTLE          WA   98136          2            01/10/03         00
    0400723219                           05           03/01/03          0
    1774315                              O            02/01/18
    0

    8368183          E82/G02             F           77,000.00         ZZ
                                         180         77,000.00          1
1

                                       5.750            639.42         73
                                       5.500            639.42
    WARRINGTON TOWN  PA   18976          2            01/14/03         00
    0400756748                           01           03/01/03          0
    1868804                              O            02/01/18
    0

    8368193          E82/G02             F           84,500.00         ZZ
                                         180         84,500.00          2
                                       5.875            707.37         40
                                       5.625            707.37
    LOS ANGELES      CA   90016          2            01/13/03         00
    0400760674                           05           03/01/03          0
    1850354                              O            02/01/18
    0

    8368199          E82/G02             F           95,000.00         ZZ
                                         180         95,000.00          1
                                       5.750            788.89         80
                                       5.500            788.89
    OWATONNA         MN   55060          2            01/14/03         00
    0400745154                           05           03/01/03          0
    4799578                              O            02/01/18
    0

    8368217          E82/G02             F           50,000.00         ZZ
                                         180         50,000.00          1
                                       6.500            435.55         51
                                       6.250            435.55
    HOLLAND          PA   18966          2            01/21/03         00
    0400753810                           01           03/01/03          0
    1572262                              N            02/01/18
    0

    8368547          E22/G02             F           89,600.00         ZZ
                                         180         89,600.00          1
                                       5.875            750.06         80
                                       5.625            750.06
    SPLENDORA        TX   77372          5            01/08/03         00
    0415501915                           03           03/01/03          0
    0415501915                           O            02/01/18
    0

    8368569          E22/G02             F          100,800.00         ZZ
                                         180        100,800.00          1
                                       6.250            864.28         80
                                       6.000            864.28
    SHASTA LAKE      CA   96019          5            01/07/03         00
    0415639558                           05           03/01/03          0
1

    0415639558                           O            02/01/18
    0

    8368595          E22/G02             F          370,000.00         ZZ
                                         180        370,000.00          1
                                       6.125          3,147.31         65
                                       5.875          3,147.31
    GLEN ROCK        NJ   07452          5            01/09/03         00
    0415701267                           05           03/01/03          0
    0415701267                           O            02/01/18
    0

    8368663          E22/G02             F          452,000.00         ZZ
                                         180        452,000.00          1
                                       5.875          3,783.78         70
                                       5.625          3,783.78
    SAN FRANCISCO    CA   94132          5            01/07/03         00
    0415811660                           07           03/01/03          0
    0415811660                           O            02/01/18
    0

    8368693          E22/G02             F          645,000.00         T
                                         180        645,000.00          1
                                       6.125          5,486.53         75
                                       5.875          5,486.53
    OAKLEY           UT   84055          5            01/09/03         00
    0415869551                           05           03/01/03          0
    0415869551                           O            02/01/18
    0

    8368695          E22/G02             F          128,000.00         ZZ
                                         180        128,000.00          1
                                       5.875          1,071.51         80
                                       5.625          1,071.51
    MOBILE           AL   36693          1            01/16/03         00
    0415873595                           05           03/01/03          0
    0415873595                           O            02/01/18
    0

    8368739          Q14/G02             F           74,400.00         ZZ
                                         180         74,400.00          1
                                       6.000            627.83         80
                                       5.750            627.83
    RAYTOWN          MO   64137          5            01/13/03         00
    0435249149                           05           03/01/03          0
    0000210830                           O            02/01/18
    0

1

    8368745          Q14/G02             F           33,250.00         ZZ
                                         180         33,250.00          1
                                       6.625            291.93         45
                                       6.375            291.93
    DAVENPORT        IA   52806          5            01/14/03         00
    0435245774                           05           03/01/03          0
    000210647                            N            02/01/18
    0

    8368755          Q14/G02             F           44,500.00         ZZ
                                         180         44,500.00          1
                                       6.625            390.71         71
                                       6.375            390.71
    DAVENPORT        IA   52802          2            01/14/03         00
    0435245758                           05           03/01/03          0
    000210818                            N            02/01/18
    0

    8368833          U05/G02             F          111,200.00         ZZ
                                         180        110,809.41          1
                                       5.750            923.42         60
                                       5.500            923.42
    SACRAMENTO       CA   95833          2            12/16/02         00
    0435247481                           09           02/01/03          0
    3287992                              O            01/01/18
    0

    8368935          U05/G02             F          206,000.00         ZZ
                                         180        206,000.00          2
                                       5.875          1,724.46         80
                                       5.625          1,724.46
    SAN DIEGO        CA   92113          2            01/07/03         00
    0435283346                           05           03/01/03          0
    3294686                              O            02/01/18
    0

    8369053          H81/G02             F          100,000.00         ZZ
                                         180        100,000.00          1
                                       5.875            837.12         80
                                       5.625            837.12
    MISHAWAKA        IN   46544          5            01/15/03         00
    0435264056                           05           03/01/03          0
    WH17635                              O            02/01/18
    0

    8369287          W35/G02             F          101,000.00         ZZ
                                         180        101,000.00          1
                                       5.625            831.97         42
                                       5.375            831.97
1

    NORTH BERWICK    ME   03906          5            01/15/03         00
    0435271853                           05           03/01/03          0
    16364                                O            02/01/18
    0

    8369339          W35/G02             F           49,200.00         ZZ
                                         180         49,200.00          1
                                       5.750            408.57         72
                                       5.500            408.57
    HARTFORD CITY    IN   47348          5            01/10/03         00
    0435270012                           05           03/01/03          0
    16533                                O            02/01/18
    0

    8369417          W35/G02             F           39,900.00         ZZ
                                         180         39,900.00          1
                                       5.750            331.34         45
                                       5.500            331.34
    MARKLEVILLE      IN   46056          2            01/13/03         00
    0435274741                           05           03/01/03          0
    16538                                O            02/01/18
    0

    8369543          E47/G02             F          222,000.00         ZZ
                                         180        222,000.00          1
                                       5.375          1,799.23         57
                                       5.125          1,799.23
    SAN JOSE         CA   95112          2            01/02/03         00
    0435280508                           05           03/01/03          0
    7359512587                           O            02/01/18
    0

    8369773          E84/G02             F          165,600.00         ZZ
                                         180        165,018.34          1
                                       5.750          1,375.16         80
                                       5.500          1,375.16
    THE DALLES       OR   97058          5            12/18/02         00
    0435288709                           05           02/01/03          0
    62401255                             O            01/01/18
    0

    8369791          X67/G02             F           88,000.00         ZZ
                                         180         87,694.17          1
                                       5.875            736.66         45
                                       5.625            736.66
    SAN BERNARDINO   CA   92408          2            12/16/02         00
    0435266267                           03           02/01/03          0
    00281776                             O            01/01/18
    0
1

    8369859          624/G02             F          160,000.00         ZZ
                                         180        160,000.00          1
                                       5.750          1,328.66         73
                                       5.500          1,328.66
    SAN BERNARDINO   CA   92405          5            01/10/03         00
    0435274501                           05           03/01/03          0
    1000018242                           O            02/01/18
    0

    8369863          758/G02             F          226,400.00         ZZ
                                         180        225,596.32          1
                                       5.625          1,864.93         80
                                       5.375          1,864.93
    KINGWOOD         TX   77345          5            12/19/02         00
    0435297445                           03           02/01/03          0
    161103                               O            01/01/18
    0

    8370775          P59/G02             F          170,000.00         ZZ
                                         180        167,492.25          1
                                       5.250          1,366.59         57
                                       5.000          1,366.59
    OXNARD           CA   93033          5            09/26/02         00
    0435280805                           05           11/01/02          0
    AT004461                             O            10/01/17
    0

    8370811          S43/G02             F           74,200.00         ZZ
                                         180         74,200.00          2
                                       6.250            636.21         55
                                       6.000            636.21
    ALBUQUERQUE      NM   87102          5            01/09/03         00
    0435264866                           05           03/01/03          0
    022123                               O            02/01/18
    0

    8370931          883/G02             F           75,500.00         ZZ
                                         180         75,500.00          1
                                       5.875            632.02         57
                                       5.625            632.02
    WINTER PARK      FL   32792          2            01/14/03         00
    0435282215                           05           03/01/03          0
    81000072                             N            02/01/18
    0

    8371935          E22/G02             F           79,300.00         ZZ
                                         180         79,300.00          1
1

                                       6.625            696.25         61
                                       6.375            696.25
    STOUGHTON        MA   02072          2            01/17/03         00
    0415183458                           01           03/01/03          0
    0415183458                           N            02/01/18
    0

    8371937          E22/G02             F           77,500.00         ZZ
                                         180         77,500.00          1
                                       6.625            680.45         61
                                       6.375            680.45
    STOUGHTON        MA   02072          2            01/17/03         00
    0415184092                           01           03/01/03          0
    0415184092                           N            02/01/18
    0

    8371955          E22/G02             F          270,000.00         ZZ
                                         180        270,000.00          1
                                       5.750          2,242.11         86
                                       5.500          2,242.11
    MIAMI            FL   33178          5            01/13/03         04
    0415504349                           03           03/01/03         25
    0415504349                           O            02/01/18
    0

    8372071          E22/G02             F          160,000.00         ZZ
                                         180        160,000.00          1
                                       5.875          1,339.39         85
                                       5.625          1,339.39
    MADISON HEIGHTS  MI   48071          2            01/13/03         04
    0415736180                           05           03/01/03         12
    0415736180                           O            02/01/18
    0

    8372117          E22/G02             F          204,500.00         ZZ
                                         180        204,500.00          1
                                       5.625          1,684.53         62
                                       5.375          1,684.53
    PAONIA           CO   81428          2            01/09/03         00
    0415799618                           05           03/01/03          0
    0415799618                           O            02/01/18
    0

    8372153          E22/G02             F          257,100.00         ZZ
                                         180        257,100.00          1
                                       6.125          2,186.96         95
                                       5.875          2,186.96
    MOBILE           AL   36693          2            01/13/03         04
    0415842095                           05           03/01/03         30
1

    0415842095                           O            02/01/18
    0

    8372215          R84/G02             F           68,250.00         ZZ
                                         180         68,250.00          1
                                       6.250            585.19         75
                                       6.000            585.19
    SPRINGFIELD      OR   97477          5            01/09/03         00
    0435283031                           05           03/01/03          0
    WA111960                             N            02/01/18
    0

    8372257          E82/G02             F          220,000.00         ZZ
                                         180        220,000.00          1
                                       5.750          1,826.90         50
                                       5.500          1,826.90
    FAIRFAX          VA   22030          2            01/13/03         00
    0400751459                           03           03/01/03          0
    2657049                              O            02/01/18
    0

    8372297          E82/G02             F           93,600.00         ZZ
                                         180         93,600.00          1
                                       5.875            783.54         75
                                       5.625            783.54
    MOAB             UT   84532          2            01/13/03         00
    0400754818                           05           03/01/03          0
    7831427                              O            02/01/18
    0

    8372311          R84/G02             F          192,000.00         ZZ
                                         180        192,000.00          1
                                       5.625          1,581.56         80
                                       5.375          1,581.56
    EUGENE           OR   97404          2            01/08/03         00
    0435282892                           05           03/01/03          0
    WA111967                             O            02/01/18
    0

    8372375          E84/G02             F          625,000.00         T
                                         180        608,386.12          1
                                       6.625          5,487.46         57
                                       6.375          5,487.46
    BETHANY BEACH    DE   19930          5            05/31/02         00
    0435287974                           05           07/01/02          0
    70403631                             O            06/01/17
    0

1

    8372643          883/G02             F           87,200.00         ZZ
                                         180         87,200.00          1
                                       5.750            724.12         80
                                       5.500            724.12
    LAKELAND         FL   33813          2            01/07/03         00
    0435268917                           01           03/01/03          0
    05019784                             O            02/01/18
    0

    8372709          X67/G02             F           96,000.00         ZZ
                                         180         95,687.13          2
                                       6.625            842.87         80
                                       6.375            842.87
    NASHVILLE        TN   37211          5            01/02/03         00
    0435281167                           05           02/01/03          0
    241458                               N            01/01/18
    0

    8372753          U05/G02             F          195,000.00         ZZ
                                         180        194,307.78          1
                                       5.625          1,606.28         75
                                       5.375          1,606.28
    SALEM            OR   97301          5            12/19/03         00
    0435292164                           05           02/01/03          0
    3294095                              O            01/01/18
    0

    8373331          W02/G02             F           52,500.00         ZZ
                                         180         52,327.04          1
                                       6.500            457.34         75
                                       6.250            457.34
    GREEN COVE SPRI  FL   32043          5            12/31/02         00
    0435291679                           05           02/01/03          0
    1001908340                           N            01/01/18
    0

    8373435          W02/G02             F           48,750.00         ZZ
                                         180         48,589.39          1
                                       6.500            424.67         75
                                       6.250            424.67
    GREEN COVE SPRI  FL   32043          5            12/31/02         00
    0435291620                           05           02/01/03          0
    1001908340                           N            01/01/18
    0

    8373467          624/G02             F          142,000.00         ZZ
                                         180        142,000.00          1
                                       5.750          1,179.18         51
                                       5.500          1,179.18
1

    PASO ROBLES      CA   93446          5            01/06/03         00
    0435292966                           05           03/01/03          0
    1000019926                           O            02/01/18
    0

    8374409          E82/G02             F          100,500.00         ZZ
                                         180        100,500.00          1
                                       5.750            834.56         95
                                       5.500            834.56
    LOGAN            UT   84341          2            01/16/03         04
    0400738704                           05           03/01/03         25
    1966214                              O            02/01/18
    0

    8374535          E82/G02             F           68,400.00         ZZ
                                         180         68,400.00          1
                                       5.875            572.59         57
                                       5.625            572.59
    WOODBRIDGE       NJ   07067          2            01/16/03         00
    0400755427                           05           03/01/03          0
    1874850                              O            02/01/18
    0

    8374547          E82/G02             F          106,000.00         ZZ
                                         180        106,000.00          1
                                       5.875            887.35         35
                                       5.625            887.35
    BABYLON          NY   11702          2            01/21/03         00
    0400724167                           05           03/01/03          0
    1664892                              N            02/01/18
    0

    8374697          742/G02             F          112,955.00         ZZ
                                         180        112,955.00          1
                                       5.500            922.94         65
                                       5.250            922.94
    BIG POOL         MD   21711          2            01/09/03         00
    0435283312                           05           03/01/03          0
    0008234874                           O            02/01/18
    0

    8375291          642/G02             F          183,000.00         ZZ
                                         180        183,000.00          1
                                       5.375          1,483.15         65
                                       5.125          1,483.15
    STAMFORD         CT   06907          5            01/13/03         00
    0435261417                           01           03/01/03          0
    12-2472-02                           O            02/01/18
    0
1

    8375865          964/G02             F          300,000.00         ZZ
                                         180        298,946.27          1
                                       5.750          2,491.23         55
                                       5.500          2,491.23
    SAN JOSE         CA   95121          5            12/06/02         00
    0435291513                           05           02/01/03          0
    284386                               O            01/01/18
    0

    8375867          964/G02             F          275,000.00         ZZ
                                         180        274,002.99          1
                                       5.375          2,228.78         29
                                       5.125          2,228.78
    MUIR BEACH       CA   94965          2            12/16/02         00
    0435289525                           05           02/01/03          0
    308815                               O            01/01/18
    0

    8375875          964/G02             F          300,000.00         ZZ
                                         180        300,000.00          1
                                       5.750          2,491.23         55
                                       5.500          2,491.23
    ROWLAND HEIGHTS  CA   91748          2            01/02/03         00
    0435288410                           03           03/01/03          0
    312651                               O            02/01/18
    0

    8375881          964/G02             F          159,000.00         ZZ
                                         180        159,000.00          1
                                       5.750          1,320.35         24
                                       5.500          1,320.35
    SAN JOSE         CA   95129          2            12/27/02         00
    0435287628                           05           03/01/03          0
    304511                               O            02/01/18
    0

    8375961          964/G02             F          260,000.00         ZZ
                                         180        260,000.00          1
                                       5.750          2,159.07         49
                                       5.500          2,159.07
    SAN FRANCISCO    CA   94132          5            12/27/02         00
    0435288105                           05           03/01/03          0
    300731                               O            02/01/18
    0

    8375963          964/G02             F           55,000.00         ZZ
                                         180         55,000.00          1
1

                                       5.500            449.40         38
                                       5.250            449.40
    EUGENE           OR   97402          5            01/02/03         00
    0435285283                           05           03/01/03          0
    292110                               O            02/01/18
    0

    8375965          964/G02             F          300,000.00         ZZ
                                         180        298,957.39          1
                                       5.875          2,511.36         55
                                       5.625          2,511.36
    SAN FRANCISCO    CA   94116          2            12/20/02         00
    0435287594                           05           02/01/03          0
    304571                               O            01/01/18
    0

    8375973          964/G02             F           81,000.00         ZZ
                                         180         80,709.41          1
                                       5.500            661.84         35
                                       5.250            661.84
    CORONA           CA   92882          2            12/23/02         00
    0435282009                           05           02/01/03          0
    307940                               O            01/01/18
    0

    8375977          964/G02             F          188,500.00         ZZ
                                         180        187,837.91          1
                                       5.750          1,565.32         30
                                       5.500          1,565.32
    WATSONVILLE      CA   95076          5            12/20/02         00
    0435281415                           05           02/01/03          0
    294542                               O            01/01/18
    0

    8375979          964/G02             F          251,600.00         ZZ
                                         180        250,687.83          1
                                       5.375          2,039.13         42
                                       5.125          2,039.13
    CASTRO VALLEY    CA   94552          2            12/26/02         00
    0435285895                           03           02/01/03          0
    308914                               O            01/01/18
    0

    8375981          964/G02             F          175,000.00         ZZ
                                         180        174,365.53          1
                                       5.375          1,418.32         64
                                       5.125          1,418.32
    COVINA(AREA)     CA   91724          5            12/11/02         00
    0435276894                           05           02/01/03          0
1

    287260                               O            01/01/18
    0

    8375983          964/G02             F          355,000.00         ZZ
                                         180        355,000.00          1
                                       5.875          2,971.77         53
                                       5.625          2,971.77
    PENNGROVE        CA   94951          2            01/02/03         00
    0435291042                           05           03/01/03          0
    304605                               O            02/01/18
    0

    8375985          964/G02             F          300,500.00         ZZ
                                         180        299,410.54          1
                                       5.375          2,435.45         57
                                       5.125          2,435.45
    SAN FRANCISCO    CA   94116          5            12/19/02         00
    0435257902                           05           02/01/03          0
    308336                               O            01/01/18
    0

    8375993          964/G02             F          130,000.00         ZZ
                                         180        129,552.99          1
                                       6.000          1,097.01         27
                                       5.750          1,097.01
    SAN FRANCISCO    CA   94124          2            12/19/02         00
    0435289624                           03           02/01/03          0
    313228                               O            01/01/18
    0

    8376013          964/G02             F           93,000.00         ZZ
                                         180         93,000.00          1
                                       5.875            778.52         62
                                       5.625            778.52
    RENO             NV   89503          2            01/03/03         00
    0435287131                           05           03/01/03          0
    302231                               N            02/01/18
    0

    8376015          964/G02             F           37,500.00         ZZ
                                         180         37,500.00          1
                                       6.250            321.53         75
                                       6.000            321.53
    LITTLE ROCK      AR   72114          2            01/02/03         00
    0435276316                           01           03/01/03          0
    300216                               N            02/01/18
    0

1

    8376023          964/G02             F          311,000.00         ZZ
                                         180        309,860.57          1
                                       5.250          2,500.06         75
                                       5.000          2,500.06
    UNINCORPORATED   CA   92570          5            12/23/02         00
    0435290689                           05           02/01/03          0
    319482                               O            01/01/18
    0

    8376025          964/G02             F          194,000.00         ZZ
                                         180        193,318.58          1
                                       5.750          1,611.00         67
                                       5.500          1,611.00
    SANTA FE SPRING  CA   90670          2            12/19/02         00
    0435257514                           05           02/01/03          0
    288254                               O            01/01/18
    0

    8376027          964/G02             F          116,000.00         ZZ
                                         180        115,575.00          1
                                       5.250            932.50         68
                                       5.000            932.50
    PORTLAND         OR   97206          2            12/27/02         00
    0435283429                           05           02/01/03          0
    319964                               O            01/01/18
    0

    8376073          964/G02             F          132,000.00         ZZ
                                         180        131,550.92          1
                                       6.125          1,122.83         80
                                       5.875          1,122.83
    HOOD RIVER       OR   97031          1            12/30/02         00
    0435288493                           05           02/01/03          0
    315698                               N            01/01/18
    0

    8376075          964/G02             F          150,000.00         ZZ
                                         180        149,489.69          1
                                       6.125          1,275.94         57
                                       5.875          1,275.94
    LA MESA          CA   91941          2            12/09/02         00
    0435256722                           05           02/01/03          0
    237993                               O            01/01/18
    0

    8376081          964/G02             F          147,700.00         ZZ
                                         180        147,700.00          1
                                       5.750          1,226.52         80
                                       5.500          1,226.52
1

    PHOENIX          AZ   85037          1            01/02/03         00
    0435253760                           03           03/01/03          0
    314170                               O            02/01/18
    0

    8376085          964/G02             F          197,600.00         ZZ
                                         180        196,913.27          1
                                       5.875          1,654.15         80
                                       5.625          1,654.15
    MESA             AZ   85212          2            12/13/02         00
    0435278247                           03           02/01/03          0
    281600                               O            01/01/18
    0

    8376101          964/G02             F          117,000.00         ZZ
                                         180        116,589.05          1
                                       5.750            971.58         60
                                       5.500            971.58
    IDAHO FALLS      ID   83401          5            12/26/02         00
    0435274956                           05           02/01/03          0
    316570                               O            01/01/18
    0

    8376105          964/G02             F          103,000.00         ZZ
                                         180        102,630.48          1
                                       5.500            841.60         71
                                       5.250            841.60
    SPANISH FORK     UT   84660          5            12/26/02         00
    0435277033                           05           02/01/03          0
    315620                               O            01/01/18
    0

    8376121          964/G02             F           70,000.00         ZZ
                                         180         69,748.87          1
                                       5.500            571.96         35
                                       5.250            571.96
    HENDERSON        NV   89015          2            12/18/02         00
    0435276712                           03           02/01/03          0
    313254                               O            01/01/18
    0

    8376127          964/G02             F          150,000.00         ZZ
                                         180        150,000.00          1
                                       5.875          1,255.68         75
                                       5.625          1,255.68
    PACIFIC          WA   98047          2            01/02/03         00
    0435281571                           05           03/01/03          0
    318136                               O            02/01/18
    0
1

    8376129          964/G02             F          300,000.00         ZZ
                                         180        298,935.05          1
                                       5.625          2,471.20         44
                                       5.375          2,471.20
    SAN FRANCISCO    CA   94122          2            12/20/02         00
    0435277868                           05           02/01/03          0
    307991                               O            01/01/18
    0

    8376157          964/G02             F          180,000.00         ZZ
                                         180        180,000.00          1
                                       5.250          1,446.98         59
                                       5.000          1,446.98
    UNIVERSITY PLAC  WA   98467          1            01/06/03         00
    0435293733                           03           03/01/03          0
    323432                               O            02/01/18
    0

    8376165          964/G02             F          178,000.00         ZZ
                                         180        178,000.00          1
                                       5.625          1,466.24         29
                                       5.375          1,466.24
    CUPERTINO        CA   95014          2            12/27/02         00
    0435286927                           05           03/01/03          0
    317689                               O            02/01/18
    0

    8376169          964/G02             F          185,000.00         ZZ
                                         180        184,329.29          1
                                       5.375          1,499.36         62
                                       5.125          1,499.36
    LOS ANGELES      CA   90012          2            12/30/02         00
    0435286604                           01           02/01/03          0
    304759                               O            01/01/18
    0

    8376173          964/G02             F          100,000.00         ZZ
                                         180         99,645.02          1
                                       5.625            823.73         35
                                       5.375            823.73
    ANTIOCH          CA   94531          2            12/20/02         00
    0435288295                           05           02/01/03          0
    299492                               O            01/01/18
    0

    8376185          964/G02             F          152,000.00         ZZ
                                         180        152,000.00          1
1

                                       5.250          1,221.89         73
                                       5.000          1,221.89
    FEDERAL WAY      WA   98003          2            01/06/03         00
    0435291265                           05           03/01/03          0
    321529                               O            02/01/18
    0

    8376199          964/G02             F          154,000.00         ZZ
                                         180        153,464.80          1
                                       5.875          1,289.16         70
                                       5.625          1,289.16
    OCEANO           CA   93445          2            12/23/02         00
    0435290192                           03           02/01/03          0
    311953                               O            01/01/18
    0

    8376223          964/G02             F          120,000.00         ZZ
                                         180        120,000.00          1
                                       5.875          1,004.54         75
                                       5.625          1,004.54
    FLOWER MOUND     TX   75028          5            01/09/03         00
    0435290515                           05           03/01/03          0
    299520                               N            02/01/18
    0

    8376227          964/G02             F          181,647.00         ZZ
                                         180        181,647.00          1
                                       5.250          1,460.22         60
                                       5.000          1,460.22
    STOCKTON         CA   95212          1            12/31/02         00
    0435291091                           05           03/01/03          0
    314369                               O            02/01/18
    0

    8376249          964/G02             F          171,500.00         ZZ
                                         180        170,871.66          1
                                       5.250          1,378.65         37
                                       5.000          1,378.65
    LA VERNE         CA   91750          2            12/23/02         00
    0435257274                           05           02/01/03          0
    312451                               O            01/01/18
    0

    8376257          964/G02             F          230,000.00         ZZ
                                         180        229,174.88          1
                                       5.500          1,879.29         64
                                       5.250          1,879.29
    SANTA ROSA       CA   95407          2            11/25/02         00
    0435287248                           05           02/01/03          0
1

    295713                               O            01/01/18
    0

    8376269          964/G02             F          160,000.00         ZZ
                                         180        159,443.94          4
                                       5.875          1,339.39         80
                                       5.625          1,339.39
    PORTERVILLE      CA   93257          1            12/18/02         00
    0435264296                           05           02/01/03          0
    293779                               N            01/01/18
    0

    8376271          964/G02             F          157,450.00         ZZ
                                         180        156,908.60          1
                                       6.000          1,328.65         72
                                       5.750          1,328.65
    PHOENIX          AZ   85022          5            12/16/02         00
    0435293774                           05           02/01/03          0
    301951                               O            01/01/18
    0

    8376295          964/G02             F          247,000.00         ZZ
                                         180        246,123.19          1
                                       5.625          2,034.62         50
                                       5.375          2,034.62
    SAN FRANCISCO    CA   94132          2            12/18/02         00
    0435290770                           05           02/01/03          0
    312988                               O            01/01/18
    0

    8376323          964/G02             F          160,000.00         ZZ
                                         180        159,443.94          2
                                       5.875          1,339.39         80
                                       5.625          1,339.39
    PORTERVILLE      CA   93257          1            12/18/02         00
    0435290135                           05           02/01/03          0
    293848                               N            01/01/18
    0

    8376335          964/G02             F          262,750.00         ZZ
                                         180        261,797.40          1
                                       5.375          2,129.50         63
                                       5.125          2,129.50
    PINOLE           CA   94564          2            12/20/02         00
    0435287024                           05           02/01/03          0
    302957                               O            01/01/18
    0

1

    8376357          964/G02             F          174,000.00         ZZ
                                         180        173,369.17          1
                                       5.375          1,410.21         79
                                       5.125          1,410.21
    SPARKS           NV   89436          2            12/24/02         00
    0435251376                           05           02/01/03          0
    267032                               O            01/01/18
    0

    8376369          964/G02             F          160,000.00         ZZ
                                         180        159,443.94          4
                                       5.875          1,339.39         80
                                       5.625          1,339.39
    PORTERVILLE      CA   93257          1            12/18/02         00
    0435255401                           05           02/01/03          0
    293863                               N            01/01/18
    0

    8376411          964/G02             F          300,000.00         ZZ
                                         180        298,923.75          1
                                       5.500          2,451.25         52
                                       5.250          2,451.25
    UNION CITY       CA   94587          5            12/24/02         00
    0435274618                           05           02/01/03          0
    292427                               O            01/01/18
    0

    8376413          964/G02             F          255,000.00         ZZ
                                         180        255,000.00          1
                                       5.625          2,100.52         37
                                       5.375          2,100.52
    NORTHBROOK       IL   60062          2            01/07/03         00
    0435287966                           05           03/01/03          0
    326935                               O            02/01/18
    0

    8376417          964/G02             F          240,000.00         ZZ
                                         180        239,139.00          1
                                       5.500          1,961.00         44
                                       5.250          1,961.00
    UNION CITY       CA   94587          2            12/18/02         00
    0435289780                           05           02/01/03          0
    307780                               O            01/01/18
    0

    8376431          964/G02             F          300,700.00         ZZ
                                         180        299,654.96          1
                                       5.875          2,517.22         43
                                       5.625          2,517.22
1

    LONG BEACH       CA   90803          2            12/26/02         00
    0435289434                           05           02/01/03          0
    311627                               O            01/01/18
    0

    8376435          964/G02             F          215,000.00         ZZ
                                         180        214,244.83          1
                                       5.750          1,785.38         56
                                       5.500          1,785.38
    IONE             CA   95640          5            12/19/02         00
    0435274865                           05           02/01/03          0
    287667                               O            01/01/18
    0

    8376439          964/G02             F           80,000.00         ZZ
                                         180         79,713.00          1
                                       5.500            653.67         42
                                       5.250            653.67
    PHOENIX          AZ   85051          5            12/17/02         00
    0435250816                           05           02/01/03          0
    313054                               O            01/01/18
    0

    8376441          964/G02             F          229,000.00         ZZ
                                         180        228,169.76          1
                                       5.375          1,855.97         68
                                       5.125          1,855.97
    GOLD RIVER       CA   95670          5            12/24/02         00
    0435281639                           03           02/01/03          0
    314983                               O            01/01/18
    0

    8376443          964/G02             F          124,000.00         ZZ
                                         180        123,587.08          1
                                       6.375          1,071.67         39
                                       6.125          1,071.67
    OAKLAND          CA   94606          2            12/19/02         00
    0435277215                           05           02/01/03          0
    314012                               N            01/01/18
    0

    8376447          964/G02             F          207,000.00         ZZ
                                         180        206,225.55          1
                                       5.000          1,636.95         38
                                       4.750          1,636.95
    SACRAMENTO       CA   95829          2            12/23/02         00
    0435257860                           05           02/01/03          0
    267074                               O            01/01/18
    0
1

    8376465          964/G02             F          148,000.00         ZZ
                                         180        148,000.00          1
                                       5.375          1,199.49         39
                                       5.125          1,199.49
    LITTLETON        CO   80124          2            01/08/03         00
    0435291638                           03           03/01/03          0
    319799                               O            02/01/18
    0

    8376467          964/G02             F           81,300.00         ZZ
                                         180         81,002.14          1
                                       5.250            653.55         51
                                       5.000            653.55
    RENO             NV   89511          2            12/17/02         00
    0435276464                           03           02/01/03          0
    294871                               O            01/01/18
    0

    8376473          964/G02             F           85,000.00         ZZ
                                         180         84,704.60          1
                                       5.875            711.55         37
                                       5.625            711.55
    SACRAMENTO       CA   95823          5            12/05/02         00
    0435277322                           05           02/01/03          0
    281945                               O            01/01/18
    0

    8376477          964/G02             F          321,000.00         ZZ
                                         180        319,848.41          1
                                       5.500          2,622.84         61
                                       5.250          2,622.84
    NEWBERG          OR   97132          2            12/09/02         00
    0435257886                           05           02/01/03          0
    236446                               O            01/01/18
    0

    8376479          964/G02             F           84,000.00         ZZ
                                         180         84,000.00          1
                                       5.875            703.18         26
                                       5.625            703.18
    ROCKLIN          CA   95677          5            01/02/03         00
    0435290994                           05           03/01/03          0
    314058                               O            02/01/18
    0

    8376497          964/G02             F          174,000.00         ZZ
                                         180        173,369.17          1
1

                                       5.375          1,410.21         74
                                       5.125          1,410.21
    CHINO HILLS      CA   91709          2            12/26/02         00
    0435248687                           05           02/01/03          0
    307359                               O            01/01/18
    0

    8376499          964/G02             F           86,000.00         ZZ
                                         180         86,000.00          1
                                       5.250            691.34         54
                                       5.000            691.34
    MIAMI BEACH      FL   33140          5            01/06/03         00
    0435283551                           06           03/01/03          0
    313594                               O            02/01/18
    0

    8376505          964/G02             F           60,000.00         ZZ
                                         180         59,791.48          1
                                       5.875            502.27         80
                                       5.625            502.27
    SCOTTSDALE       AZ   85251          1            12/13/02         00
    0435291257                           01           02/01/03          0
    314081                               N            01/01/18
    0

    8376507          964/G02             F          200,000.00         ZZ
                                         180        199,267.24          1
                                       5.250          1,607.76         43
                                       5.000          1,607.76
    SAN JOSE         CA   95116          2            12/20/02         00
    0435278163                           03           02/01/03          0
    300661                               O            01/01/18
    0

    8376511          964/G02             F          180,000.00         ZZ
                                         180        179,367.76          1
                                       5.750          1,494.74         74
                                       5.500          1,494.74
    PEORIA           AZ   85382          2            12/23/02         00
    0435291059                           03           02/01/03          0
    317913                               O            01/01/18
    0

    8376937          E82/G02             F          110,000.00         ZZ
                                         180        110,000.00          1
                                       5.875            920.83         46
                                       5.625            920.83
    SOUTH AMBOY      NJ   08879          2            01/17/03         00
    0400755591                           05           03/01/03          0
1

    1948190                              O            02/01/18
    0

    8376965          E82/G02             F           64,600.00         ZZ
                                         180         64,600.00          1
                                       5.875            540.78         49
                                       5.625            540.78
    RHOME            TX   76078          2            01/16/03         00
    0400755203                           05           03/01/03          0
    3123637                              O            02/01/18
    0

    8377011          E82/G02             F          114,000.00         ZZ
                                         180        114,000.00          1
                                       6.000            962.00         57
                                       5.750            962.00
    PORTLAND         OR   97220          2            01/15/03         00
    0400727558                           05           03/01/03          0
    1816782                              N            02/01/18
    0

    8377045          E82/G02             F          224,000.00         ZZ
                                         180        224,000.00          1
                                       5.875          1,875.15         80
                                       5.625          1,875.15
    WALDORF          MD   20603          2            01/14/03         00
    0400751673                           05           03/01/03          0
    0400751673                           O            02/01/18
    0

    8377059          E82/G02             F           69,700.00         ZZ
                                         180         69,700.00          1
                                       5.875            583.47         41
                                       5.625            583.47
    AURORA           CO   80013          2            01/16/03         00
    0400742854                           03           03/01/03          0
    0400742854                           N            02/01/18
    0

    8377061          E82/G02             F          105,300.00         ZZ
                                         180        105,300.00          4
                                       6.375            910.06         79
                                       6.125            910.06
    ARLINGTON        TX   76010          2            01/22/03         00
    0400755401                           05           03/01/03          0
    5238965                              N            02/01/18
    0

1

    8377063          E82/G02             F           94,700.00         ZZ
                                         180         94,700.00          1
                                       5.875            792.75         76
                                       5.625            792.75
    JACKSONVILLE     FL   32217          2            01/16/03         00
    0400758793                           05           03/01/03          0
    1901968                              O            02/01/18
    0

    8377069          E82/G02             F           70,000.00         ZZ
                                         180         70,000.00          1
                                       5.750            581.29         74
                                       5.500            581.29
    EAST BRUNSWICK   NJ   08816          2            01/17/03         00
    0400760195                           01           03/01/03          0
    4019649                              O            02/01/18
    0

    8377099          E82/G02             F           65,700.00         ZZ
                                         180         65,700.00          1
                                       5.875            549.99         62
                                       5.625            549.99
    WYOMING          MI   49509          2            01/17/03         00
    0400747705                           05           03/01/03          0
    1774301                              O            02/01/18
    0

    8377101          E82/G02             F          163,700.00         ZZ
                                         180        163,700.00          1
                                       5.625          1,348.45         30
                                       5.375          1,348.45
    LONG BEACH TOWN  NJ   08008          2            01/21/03         00
    0400766994                           05           03/01/03          0
    0400766994                           N            02/01/18
    0

    8377107          E82/G02             F           51,300.00         ZZ
                                         180         51,300.00          1
                                       6.625            450.41         71
                                       6.375            450.41
    COLORADO SPRING  CO   80915          2            01/16/03         00
    0400751434                           01           03/01/03          0
    1978365                              N            02/01/18
    0

    8377345          E22/G02             F          208,000.00         ZZ
                                         180        208,000.00          1
                                       5.375          1,685.77         78
                                       5.125          1,685.77
1

    CHICO            TX   76431          5            01/15/03         00
    0415490051                           05           03/01/03          0
    0415490051                           O            02/01/18
    0

    8377375          E22/G02             F          233,000.00         ZZ
                                         180        233,000.00          1
                                       5.625          1,919.29         51
                                       5.375          1,919.29
    SAN FRANCISCO    CA   94112          5            01/08/03         00
    0415535137                           05           03/01/03          0
    0415535137                           O            02/01/18
    0

    8377401          E22/G02             F           46,125.00         ZZ
                                         180         46,125.00          1
                                       6.625            404.97         75
                                       6.375            404.97
    NORMAN           OK   73071          5            01/21/03         00
    0415594761                           05           03/01/03          0
    0415594761                           N            02/01/18
    0

    8377409          E22/G02             F          300,000.00         ZZ
                                         180        298,912.35          1
                                       5.375          2,431.40         30
                                       5.125          2,431.40
    PINECREST        FL   33156          1            12/19/02         00
    0415610161                           05           02/01/03          0
    0415610161                           O            01/01/18
    0

    8377413          E22/G02             F          124,000.00         ZZ
                                         180        124,000.00          1
                                       5.375          1,004.98         80
                                       5.125          1,004.98
    MIAMI            FL   33165          2            01/03/03         00
    0415615863                           03           03/01/03          0
    0415615863                           O            02/01/18
    0

    8377415          E22/G02             F          247,000.00         ZZ
                                         180        247,000.00          1
                                       6.250          2,117.83         95
                                       6.000          2,117.83
    GRETNA           NE   68028          5            01/14/03         04
    0415685601                           05           03/01/03         30
    0415685601                           O            02/01/18
    0
1

    8377429          E22/G02             F          153,000.00         ZZ
                                         180        153,000.00          1
                                       5.750          1,270.53         73
                                       5.500          1,270.53
    DRIPPING SPRING  TX   78620          5            01/15/03         00
    0415700400                           05           03/01/03          0
    0415700400                           O            02/01/18
    0

    8377441          E22/G02             F          105,000.00         ZZ
                                         180        105,000.00          1
                                       6.000            886.05         70
                                       5.750            886.05
    BIRMINGHAM       AL   35244          5            01/15/03         00
    0415709161                           05           03/01/03          0
    0415709161                           O            02/01/18
    0

    8377447          E22/G02             F           75,300.00         ZZ
                                         180         75,300.00          1
                                       5.750            625.30         59
                                       5.500            625.30
    THE COLONY       TX   75056          2            01/14/03         00
    0415714229                           05           03/01/03          0
    0415714229                           O            02/01/18
    0

    8377465          E22/G02             F          106,000.00         ZZ
                                         180        106,000.00          1
                                       5.750            880.23         69
                                       5.500            880.23
    DAVIE            FL   33314          2            01/14/03         00
    0415726603                           03           03/01/03          0
    0415726603                           O            02/01/18
    0

    8377467          E22/G02             F           56,000.00         ZZ
                                         180         56,000.00          1
                                       5.750            465.03         80
                                       5.500            465.03
    HOUSTON          TX   77045          5            01/14/03         00
    0415733286                           03           03/01/03          0
    0415733286                           O            02/01/18
    0

    8377507          E22/G02             F          220,000.00         ZZ
                                         180        220,000.00          1
1

                                       6.125          1,871.37         49
                                       5.875          1,871.37
    HILLSDALE        NJ   07642          5            01/15/03         00
    0415773894                           05           03/01/03          0
    0415773894                           O            02/01/18
    0

    8377545          E22/G02             F          241,000.00         ZZ
                                         180        241,000.00          1
                                       6.125          2,050.01         77
                                       5.875          2,050.01
    CAMARILLO        CA   93010          2            01/14/03         00
    0415805043                           01           03/01/03          0
    0415805043                           N            02/01/18
    0

    8377561          E22/G02             F          498,400.00         ZZ
                                         180        498,400.00          1
                                       5.750          4,138.76         80
                                       5.500          4,138.76
    MIAMI            FL   33157          2            01/08/03         00
    0415646611                           03           03/01/03          0
    0415646611                           O            02/01/18
    0

    8377625          E22/G02             F          160,000.00         ZZ
                                         180        160,000.00          2
                                       6.625          1,404.79         47
                                       6.375          1,404.79
    CLIFTON          NJ   07011          2            01/14/03         00
    0415842145                           05           03/01/03          0
    0415842145                           O            02/01/18
    0

    8377631          E22/G02             F          109,000.00         ZZ
                                         180        109,000.00          1
                                       5.625            897.87         62
                                       5.375            897.87
    MIAMI            FL   33155          5            01/15/03         00
    0415844281                           05           03/01/03          0
    0415844281                           O            02/01/18
    0

    8377633          E22/G02             F          296,000.00         ZZ
                                         180        296,000.00          1
                                       5.375          2,398.98         80
                                       5.125          2,398.98
    METHUEN          MA   01844          5            01/14/03         00
    0415844505                           05           03/01/03          0
1

    0415844505                           O            02/01/18
    0

    8377651          E22/G02             F          200,000.00         ZZ
                                         180        200,000.00          1
                                       5.625          1,647.46         80
                                       5.375          1,647.46
    SUGAR LAND       TX   77479          5            01/15/03         00
    0415823822                           03           03/01/03          0
    0415823822                           O            02/01/18
    0

    8377695          E22/G02             F          220,000.00         ZZ
                                         180        220,000.00          1
                                       5.750          1,826.90         76
                                       5.500          1,826.90
    RIVERTON         UT   84065          5            01/14/03         00
    0415863679                           05           03/01/03          0
    0415863679                           O            02/01/18
    0

    8378111          L76/G02             F          137,000.00         ZZ
                                         180        137,000.00          1
                                       5.375          1,110.34         50
                                       5.125          1,110.34
    BURNSVILLE       MN   55337          5            01/17/03         00
    0435283528                           05           03/01/03          0
    9507429                              O            02/01/18
    0

    8378143          E11/G02             F          153,000.00         ZZ
                                         180        153,000.00          1
                                       5.625          1,260.31         70
                                       5.375          1,260.31
    COON RAPIDS      MN   55433          1            01/15/03         00
    0435283965                           05           03/01/03          0
    0003001050787                        O            02/01/18
    0

    8378563          S43/G02             F          200,000.00         ZZ
                                         180        200,000.00          1
                                       6.125          1,701.25         42
                                       5.875          1,701.25
    ALBUQUERQUE      NM   87122          2            01/14/03         00
    0435284534                           05           03/01/03          0
    022211                               O            02/01/18
    0

1

    8378565          T29/G02             F          185,000.00         ZZ
                                         180        185,000.00          1
                                       5.875          1,548.67         64
                                       5.625          1,548.67
    TAYLOR           AZ   85939          5            01/10/03         00
    0435280979                           05           03/01/03          0
    1210894                              O            02/01/18
    0

    8378811          K15/G02             F          109,600.00         ZZ
                                         180        109,600.00          1
                                       5.875            917.48         78
                                       5.625            917.48
    EUNICE           LA   70535          5            01/16/03         00
    0435282488                           05           03/01/03          0
    000905508459                         O            02/01/18
    0

    8379651          477/G02             F          300,000.00         ZZ
                                         180        300,000.00          1
                                       5.500          2,451.25         58
                                       5.250          2,451.25
    SAN JOSE         CA   95132          5            01/08/03         00
    0435281035                           05           03/01/03          0
    228057                               O            02/01/18
    0

    8379693          975/G02             F          480,000.00         ZZ
                                         180        480,000.00          1
                                       5.375          3,890.23         44
                                       5.125          3,890.23
    ARCADIA          CA   91006          2            01/02/03         00
    0435283122                           05           03/01/03          0
    2025882                              O            02/01/18
    0

    8379971          E82/G02             F          111,000.00         ZZ
                                         180        111,000.00          3
                                       6.375            959.32         64
                                       6.125            959.32
    KENNER           LA   70065          2            01/22/03         00
    0400756581                           05           03/01/03          0
    1649812                              N            02/01/18
    0

    8379981          E82/G02             F           78,750.00         ZZ
                                         180         78,750.00          1
                                       5.750            653.95         69
                                       5.500            653.95
1

    GLENDALE         AZ   85304          2            01/20/03         00
    0400759163                           05           03/01/03          0
    1833134                              O            02/01/18
    0

    8380009          E82/G02             F          150,000.00         T
                                         180        150,000.00          1
                                       5.625          1,235.60         35
                                       5.375          1,235.60
    HEALDSBURG       CA   95448          2            01/23/03         00
    0400772208                           05           03/01/03          0
    6731294                              O            02/01/18
    0

    8380397          E22/G02             F           73,500.00         ZZ
                                         180         73,500.00          1
                                       5.875            615.28         76
                                       5.625            615.28
    CARRIERE         MS   39426          5            01/16/03         00
    0415700137                           05           03/01/03          0
    0415700137                           O            02/01/18
    0

    8380429          E22/G02             F           56,000.00         ZZ
                                         180         56,000.00          1
                                       5.625            461.29         80
                                       5.375            461.29
    MACON            GA   31217          2            01/22/03         00
    0415860907                           05           03/01/03          0
    0415860907                           N            02/01/18
    0

    8380463          E22/G02             F           58,900.00         ZZ
                                         180         58,900.00          1
                                       6.500            513.08         72
                                       6.250            513.08
    COLORADO SPRING  CO   80917          2            01/22/03         00
    0415939842                           01           03/01/03          0
    0415939842                           N            02/01/18
    0

    8380535          E22/G02             F          205,850.00         ZZ
                                         180        205,850.00          1
                                       5.500          1,681.97         78
                                       5.250          1,681.97
    GARDEN GROVE     CA   92843          5            01/15/03         00
    0415824333                           05           03/01/03          0
    0415824333                           O            02/01/18
    0
1

    8380553          U05/G02             F           58,000.00         ZZ
                                         180         58,000.00          1
                                       6.000            489.44         41
                                       5.750            489.44
    RIDGEFIELD       WA   98642          5            01/13/03         00
    0435296835                           05           03/01/03          0
    3298427                              N            02/01/18
    0

    8380567          E47/G02             F          173,700.00         ZZ
                                         180        173,700.00          1
                                       5.250          1,396.34         67
                                       5.000          1,396.34
    HOLLYWOOD PARK   TX   78232          2            01/15/03         00
    0435301692                           05           03/01/03          0
    7362511567                           O            02/01/18
    0

    8380731          562/G02             F          270,000.00         ZZ
                                         180        270,000.00          2
                                       6.625          2,370.59         70
                                       6.375          2,370.59
    NORWALK          CT   06854          2            01/23/03         00
    0435289418                           05           03/01/03          0
    297058258                            N            02/01/18
    0

    8380775          Q87/G02             F           48,800.00         ZZ
                                         180         48,639.23          1
                                       6.500            425.10         80
                                       6.250            425.10
    SCOTTSBORO       AL   35769          5            12/26/02         00
    0435289996                           05           02/01/03          0
    CLRO01                               O            01/01/18
    0

    8380781          Q87/G02             F           50,000.00         ZZ
                                         180         49,835.28          1
                                       6.500            435.55         59
                                       6.250            435.55
    KATY             TX   77449          5            01/15/03         00
    0435296371                           03           02/21/03          0
    RIRO01                               O            01/21/18
    0

    8381291          A21/G02             F          220,000.00         ZZ
                                         180        220,000.00          2
1

                                       5.125          1,754.11         69
                                       4.875          1,754.11
    SECAUCUS         NJ   07094          2            01/17/03         00
    0435286372                           05           03/01/03          0
    7770000418                           O            02/01/18
    0

    8381381          R26/G02             F          255,000.00         ZZ
                                         180        255,000.00          1
                                       5.750          2,117.55         68
                                       5.500          2,117.55
    WEST COVINA      CA   91791          5            01/15/03         00
    0435293956                           05           03/01/03          0
    00035500000                          O            02/01/18
    0

    8381433          H81/G02             F          197,050.00         ZZ
                                         180        197,050.00          1
                                       6.000          1,662.82         71
                                       5.750          1,662.82
    WHITEWATER       WI   53190          2            01/15/03         00
    0435288584                           05           03/01/03          0
    1                                    O            02/01/18
    0

    8381651          P09/G02             F          138,000.00         ZZ
                                         180        138,000.00          1
                                       5.875          1,155.22         50
                                       5.625          1,155.22
    ALEXANDRIA       VA   22303          5            01/20/03         00
    0435289764                           06           03/01/03          0
    LOW                                  O            02/01/18
    0

    8381933          Q14/G02             F           40,500.00         ZZ
                                         180         40,500.00          1
                                       6.625            355.59         75
                                       6.375            355.59
    DAVENPORT        IA   52804          2            01/14/03         00
    0435295555                           05           03/01/03          0
    0000210820                           N            02/01/18
    0

    8382747          E22/G02             F          155,000.00         ZZ
                                         180        155,000.00          1
                                       5.500          1,266.48         77
                                       5.250          1,266.48
    WAIANAE          HI   96792          2            01/13/03         00
    0415448414                           05           03/01/03          0
1

    0415448414                           O            02/01/18
    0

    8382789          E22/G02             F          123,800.00         ZZ
                                         180        123,800.00          1
                                       6.000          1,044.69         41
                                       5.750          1,044.69
    OAKLAND          CA   94619          2            01/14/03         00
    0415816032                           05           03/01/03          0
    0415816032                           N            02/01/18
    0

    8382815          E22/G02             F          220,000.00         ZZ
                                         180        220,000.00          1
                                       6.250          1,886.33         80
                                       6.000          1,886.33
    KATY             TX   77494          5            01/17/03         00
    0415638691                           05           03/01/03          0
    0415638691                           O            02/01/18
    0

    8382833          E22/G02             F           90,000.00         ZZ
                                         180         90,000.00          1
                                       5.875            753.41         49
                                       5.625            753.41
    GUILFORD         NH   03249          5            01/16/03         00
    0415693118                           05           03/01/03          0
    0415693118                           O            02/01/18
    0

    8382861          E22/G02             F           84,000.00         ZZ
                                         180         84,000.00          3
                                       6.000            708.84         70
                                       5.750            708.84
    SALEM            VA   24153          2            01/23/03         00
    0415858083                           05           03/01/03          0
    0415858083                           N            02/01/18
    0

    8382863          E22/G02             F          105,000.00         ZZ
                                         180        105,000.00          1
                                       5.625            864.92         75
                                       5.375            864.92
    SALEM            VA   24153          2            01/23/03         00
    0415860139                           05           03/01/03          0
    0415860139                           N            02/01/18
    0

1

    8382873          E22/G02             F           62,800.00         ZZ
                                         180         62,800.00          2
                                       6.000            529.94         80
                                       5.750            529.94
    SALEM            VA   24153          5            01/23/03         00
    0415876960                           05           03/01/03          0
    0415876960                           N            02/01/18
    0

    8382879          E22/G02             F           84,500.00         ZZ
                                         180         84,500.00          1
                                       5.875            707.37         68
                                       5.625            707.37
    WORCESTER        MA   01606          5            01/17/03         00
    0415883230                           01           03/01/03          0
    0415883230                           O            02/01/18
    0

    8382971          E22/G02             F           36,000.00         ZZ
                                         180         36,000.00          1
                                       6.375            311.13         68
                                       6.125            311.13
    MIDFIELD         AL   35228          2            01/23/03         00
    0415736610                           05           03/01/03          0
    0415736610                           N            02/01/18
    0

    8382977          E22/G02             F          217,000.00         ZZ
                                         180        217,000.00          1
                                       5.625          1,787.50         70
                                       5.375          1,787.50
    SAN ANTONIO      TX   78258          5            01/17/03         00
    0415753334                           03           03/01/03          0
    0415753334                           O            02/01/18
    0

    8383013          E22/G02             F          123,750.00         ZZ
                                         180        123,750.00          1
                                       5.625          1,019.37         75
                                       5.375          1,019.37
    SACRAMENTO       CA   95826          5            01/14/03         00
    0415924893                           05           03/01/03          0
    0415924893                           O            02/01/18
    0

    8383095          E82/G02             F          102,700.00         ZZ
                                         180        102,700.00          1
                                       5.750            852.83         80
                                       5.500            852.83
1

    HOUSTON          TX   77092          2            01/22/03         00
    0400763223                           05           03/01/03          0
    6661310                              O            02/01/18
    0

    8383121          E82/G02             F          113,700.00         ZZ
                                         180        113,700.00          1
                                       5.750            944.18         48
                                       5.500            944.18
    TEMECULA         CA   92592          2            01/17/03         00
    0400761128                           05           03/01/03          0
    1786779                              O            02/01/18
    0

    8383143          E82/G02             F          137,500.00         ZZ
                                         180        137,500.00          1
                                       5.875          1,151.04         36
                                       5.625          1,151.04
    WAYNE            NJ   07470          2            01/17/03         00
    0400749891                           05           03/01/03          0
    2822149                              O            02/01/18
    0

    8383145          E82/G02             F           71,800.00         ZZ
                                         180         71,800.00          1
                                       5.875            601.05         26
                                       5.625            601.05
    HOUSTON          TX   77057          2            01/22/03         00
    0400728176                           03           03/01/03          0
    1507049                              O            02/01/18
    0

    8383193          E82/G02             F          233,000.00         ZZ
                                         180        233,000.00          1
                                       5.875          1,950.49         76
                                       5.625          1,950.49
    LEES SUMMIT      MO   64064          2            01/22/03         00
    0400761730                           03           03/01/03          0
    5194300                              O            02/01/18
    0

    8383857          E47/G02             F          322,700.00         ZZ
                                         180        322,700.00          1
                                       5.500          2,636.73         48
                                       5.250          2,636.73
    CHARLOTTE        NC   28211          5            01/10/03         00
    0435291810                           05           03/01/03          0
    7350510552                           O            02/01/18
    0
1

    8383867          K15/G02             F           82,300.00         ZZ
                                         180         82,300.00          1
                                       6.375            711.28         80
                                       6.125            711.28
    LAKELAND         FL   33813          5            01/17/03         00
    0435288592                           05           03/01/03          0
    009505505321                         O            02/01/18
    0

    8383891          K15/G02             F           98,000.00         ZZ
                                         180         98,000.00          1
                                       6.125            833.61         67
                                       5.875            833.61
    SUDBURY          VT   05733          5            01/17/03         00
    0435288568                           05           03/01/03          0
    037105505554                         O            02/01/18
    0

    8384069          U35/G02             F           68,000.00         ZZ
                                         180         68,000.00          1
                                       5.750            564.68         80
                                       5.500            564.68
    HUNTINGTON       IN   46750          5            01/22/03         00
    0435289459                           05           03/01/03          0
    10616493                             O            02/01/18
    0

    8384221          U05/G02             F          110,200.00         ZZ
                                         180        110,200.00          1
                                       5.875            922.50         75
                                       5.625            922.50
    VANCOUVER        WA   98663          2            01/13/03         00
    0435303383                           05           03/01/03          0
    3298420                              N            02/01/18
    0

    8384269          U05/G02             F          208,800.00         ZZ
                                         180        208,800.00          1
                                       5.500          1,706.07         80
                                       5.250          1,706.07
    DALLAS           TX   75137          5            01/10/03         00
    0435297114                           05           03/01/03          0
    3276393                              O            02/01/18
    0

    8384285          B57/G02             F          400,000.00         ZZ
                                         180        400,000.00          1
1

                                       5.625          3,294.93         80
                                       5.375          3,294.93
    ALISO VIEJO      CA   92656          5            01/08/03         00
    0435286703                           05           03/01/03          0
    35000408                             O            02/01/18
    0

    8384287          X67/G02             F           78,750.00         ZZ
                                         180         78,476.32          1
                                       5.875            659.23         75
                                       5.625            659.23
    OKLAHOMA CITY    OK   73132          5            12/19/02         10
    0435292818                           05           02/01/03         12
    00282011                             O            01/01/18
    0

    8384377          U05/G02             F           95,000.00         ZZ
                                         180         95,000.00          1
                                       5.875            795.26         58
                                       5.625            795.26
    MIAMI            FL   33015          2            01/08/03         00
    0435292941                           03           03/01/03          0
    3294005                              O            02/01/18
    0

    8384455          950/G02             F          109,600.00         ZZ
                                         180        109,223.13          1
                                       6.000            924.87         80
                                       5.750            924.87
    BREMERTON        WA   98310          5            12/19/02         00
    0435292081                           05           02/01/03          0
    E7211176                             O            01/01/18
    0

    8386173          E82/G02             F           95,600.00         ZZ
                                         180         95,600.00          1
                                       5.750            793.87         36
                                       5.500            793.87
    OSSEO            MN   55369          2            01/23/03         00
    0400760963                           05           03/01/03          0
    1797130                              O            02/01/18
    0

    8386229          E82/G02             F           92,000.00         ZZ
                                         180         92,000.00          1
                                       6.375            795.11         62
                                       6.125            795.11
    CONSHOHOCKEN     PA   19428          2            01/24/03         00
    0400746814                           05           03/01/03          0
1

    0400746814                           N            02/01/18
    0

    8386239          E82/G02             F          105,000.00         ZZ
                                         180        105,000.00          1
                                       5.625            864.92         35
                                       5.375            864.92
    WAYNE            NJ   07470          2            01/23/03         00
    0400761458                           05           03/01/03          0
    1916901                              O            02/01/18
    0

    8386247          E82/G02             F           80,800.00         ZZ
                                         180         80,800.00          1
                                       5.875            676.39         50
                                       5.625            676.39
    BURLESON         TX   76028          2            01/22/03         00
    0400753968                           05           03/01/03          0
    1791767                              O            02/01/18
    0

    8386299          E22/G02             F           75,000.00         ZZ
                                         180         75,000.00          1
                                       5.875            627.84         69
                                       5.625            627.84
    RENO             NV   89506          5            01/07/03         00
    0415633262                           07           03/01/03          0
    0415633262                           O            02/01/18
    0

    8386305          E22/G02             F          133,000.00         ZZ
                                         180        133,000.00          1
                                       5.875          1,113.37         61
                                       5.625          1,113.37
    DUARTE           CA   91010          5            01/16/03         00
    0415810241                           05           03/01/03          0
    0415810241                           O            02/01/18
    0

    8386391          E22/G02             F          105,000.00         ZZ
                                         180        105,000.00          1
                                       6.625            921.89         62
                                       6.375            921.89
    ONTARIO          OR   97914          5            01/15/03         00
    0415713809                           05           03/01/03          0
    0415713809                           N            02/01/18
    0

1

    8386399          E22/G02             F           88,000.00         ZZ
                                         180         88,000.00          1
                                       6.500            766.57         65
                                       6.250            766.57
    ORLANDO          FL   32821          5            01/24/03         00
    0415800218                           03           03/01/03          0
    0415800218                           N            02/01/18
    0

    8386411          E22/G02             F           75,500.00         ZZ
                                         180         75,500.00          1
                                       6.500            657.69         72
                                       6.250            657.69
    CHALMETTE        LA   70043          2            01/24/03         00
    0415805027                           05           03/01/03          0
    0415805027                           N            02/01/18
    0

    8386495          E82/G02             F          140,000.00         ZZ
                                         180        140,000.00          1
                                       5.750          1,162.57         79
                                       5.500          1,162.57
    CHLETENHAM TOWN  PA   19027          2            01/20/03         00
    0400751483                           05           03/01/03          0
    1759727                              O            02/01/18
    0

    8387299          P59/G02             F          100,000.00         ZZ
                                         180         99,670.56          1
                                       6.500            871.11         29
                                       6.250            871.11
    TEMPLETON        CA   93465          5            12/16/02         00
    0435304696                           05           02/01/03          0
    AT004865                             N            01/01/18
    0

    8387587          B39/G02             F          245,000.00         ZZ
                                         180        245,000.00          1
                                       5.500          2,001.85         58
                                       5.250          2,001.85
    ST PAUL          MN   55105          5            01/21/03         00
    0435305156                           05           03/01/03          0
    20030216F                            O            02/01/18
    0

    8387943          E44/G02             F          107,900.00         ZZ
                                         180        107,900.00          1
                                       5.625            888.81         79
                                       5.375            888.81
1

    SYRACUSE         UT   84075          2            01/21/03         00
    0435297106                           05           03/01/03          0
    5003002                              N            02/01/18
    0

    8387991          P09/G02             F          128,000.00         ZZ
                                         180        128,000.00          1
                                       5.750          1,062.92         44
                                       5.500          1,062.92
    WALLINGFORD      CT   06492          5            01/17/03         00
    0435293758                           05           03/01/03          0
    02110127                             O            02/01/18
    0

    8392819          E22/G02             F          204,000.00         ZZ
                                         180        204,000.00          1
                                       5.500          1,666.85         80
                                       5.250          1,666.85
    CASSELBERRY      FL   32707          5            01/22/03         00
    0415708221                           05           03/01/03          0
    0415708221                           O            02/01/18
    0

    8392839          E22/G02             F          124,450.00         ZZ
                                         180        124,450.00          1
                                       5.750          1,033.45         95
                                       5.500          1,033.45
    ZANESVILLE       OH   43701          5            01/22/03         04
    0415752096                           05           03/01/03         30
    0415752096                           O            02/01/18
    0

    8392861          E22/G02             F          182,000.00         ZZ
                                         180        182,000.00          1
                                       5.750          1,511.35         65
                                       5.500          1,511.35
    CANTON           MI   48188          2            01/22/03         00
    0415770080                           05           03/01/03          0
    0415770080                           O            02/01/18
    0

    8392895          E22/G02             F          163,000.00         ZZ
                                         180        163,000.00          1
                                       5.375          1,321.06         62
                                       5.125          1,321.06
    BEDFORD          WY   83112          5            01/20/03         00
    0415794049                           05           03/01/03          0
    0415794049                           O            02/01/18
    0
1

    8392897          E22/G02             F          205,000.00         ZZ
                                         180        205,000.00          1
                                       5.625          1,688.65         66
                                       5.375          1,688.65
    DIAMOND SPRINGS  CA   95619          5            01/17/03         00
    0415795061                           05           03/01/03          0
    0415795061                           O            02/01/18
    0

    8392899          E22/G02             F          530,000.00         ZZ
                                         180        530,000.00          1
                                       5.625          4,365.78         80
                                       5.375          4,365.78
    SEAL BEACH       CA   90740          2            01/10/03         00
    0415796325                           03           03/01/03          0
    0415796325                           O            02/01/18
    0

    8392919          E22/G02             F           82,000.00         ZZ
                                         180         82,000.00          1
                                       5.875            686.44         73
                                       5.625            686.44
    PLAINFIELD       IL   60544          5            01/22/03         00
    0415814946                           09           03/01/03          0
    0415814946                           O            02/01/18
    0

    8392925          E22/G02             F          187,000.00         ZZ
                                         180        187,000.00          1
                                       5.750          1,552.87         72
                                       5.500          1,552.87
    CORAL SPRINGS    FL   33076          5            01/22/03         00
    0415816701                           03           03/01/03          0
    0415816701                           O            02/01/18
    0

    8392933          E22/G02             F          350,000.00         ZZ
                                         180        350,000.00          1
                                       6.000          2,953.50         67
                                       5.750          2,953.50
    HOUSTON          TX   77063          5            01/21/03         00
    0415819606                           03           03/01/03          0
    0415819606                           O            02/01/18
    0

    8392937          E22/G02             F          119,200.00         ZZ
                                         180        119,200.00          1
1

                                       6.375          1,030.19         80
                                       6.125          1,030.19
    PORTLAND         OR   97206          1            01/16/03         00
    0415824184                           05           03/01/03          0
    0415824184                           O            02/01/18
    0

    8392963          E22/G02             F           80,000.00         ZZ
                                         180         80,000.00          1
                                       6.125            680.50         89
                                       5.875            680.50
    GREENSBORO       NC   27455          5            01/21/03         10
    0415848100                           05           03/01/03         12
    0415848100                           O            02/01/18
    0

    8393063          E82/G02             F           60,000.00         ZZ
                                         180         60,000.00          1
                                       5.875            502.27         68
                                       5.625            502.27
    SEBRING          FL   33870          2            01/24/03         00
    0400764338                           05           03/01/03          0
    4206052                              O            02/01/18
    0

    8393079          E82/G02             F          135,700.00         ZZ
                                         180        135,700.00          4
                                       6.750          1,200.82         51
                                       6.500          1,200.82
    NEW BRUNSWICK    NJ   08901          2            01/27/03         00
    0400724993                           05           03/01/03          0
    0400724993                           N            02/01/18
    0

    8393123          E82/G02             F          199,500.00         ZZ
                                         180        199,500.00          1
                                       5.875          1,670.05         52
                                       5.625          1,670.05
    BENICIA          CA   94510          5            01/21/03         00
    0400748554                           05           03/01/03          0
    0400748554                           O            02/01/18
    0

    8393135          E82/G02             F           91,800.00         ZZ
                                         180         91,800.00          1
                                       5.750            762.32         61
                                       5.500            762.32
    CHIEFLAND        FL   32626          2            01/24/03         00
    0400764585                           05           03/01/03          0
1

    3371074                              O            02/01/18
    0

    8393169          E82/G02             F          132,500.00         T
                                         180        132,500.00          1
                                       6.250          1,136.09         29
                                       6.000          1,136.09
    KOLOA            HI   96756          2            01/27/03         00
    0400711545                           01           03/01/03          0
    1569960                              O            02/01/18
    0

    8393177          E82/G02             F           95,000.00         ZZ
                                         180         95,000.00          1
                                       5.875            795.26         66
                                       5.625            795.26
    CHULA VISTA      CA   91911          2            01/22/03         00
    0400762704                           05           03/01/03          0
    1728450                              O            02/01/18
    0

    8394101          B98/G02             F          295,000.00         ZZ
                                         180        295,000.00          1
                                       5.625          2,430.01         52
                                       5.375          2,430.01
    SAN MATEO        CA   94403          5            01/08/03         00
    0435297437                           05           03/01/03          0
    564561394                            O            02/01/18
    0

    8394113          U87/G02             F           95,500.00         ZZ
                                         180         95,500.00          1
                                       5.375            773.99         37
                                       5.125            773.99
    ALISO VIEJO      CA   92656          2            01/24/03         00
    0435298385                           01           03/01/03          0
    1960                                 O            02/01/18
    0

    8394415          A21/G02             F           96,000.00         ZZ
                                         180         96,000.00          1
                                       5.500            784.41         55
                                       5.250            784.41
    BELLEVILLE       NJ   07109          2            01/17/03         00
    0435294228                           05           03/01/03          0
    0100134136                           O            02/01/18
    0

1

    8394457          X31/G02             F           70,000.00         ZZ
                                         180         70,000.00          1
                                       5.750            581.29         29
                                       5.500            581.29
    EL MONTE         CA   91733          5            01/15/03         00
    0435305180                           05           03/01/03          0
    41000334                             O            02/01/18
    0

    8395173          E22/G02             F          127,400.00         ZZ
                                         180        127,400.00          1
                                       5.875          1,066.49         70
                                       5.625          1,066.49
    MIAMI            FL   33178          5            01/28/03         00
    0415538727                           01           03/01/03          0
    0415538727                           N            02/01/18
    0

    8395211          E22/G02             F          191,000.00         ZZ
                                         180        191,000.00          1
                                       5.750          1,586.08         62
                                       5.500          1,586.08
    FAIRFIELD        CA   94585          5            01/15/03         00
    0415697507                           05           03/01/03          0
    0415697507                           N            02/01/18
    0

    8395237          E22/G02             F           86,450.00         ZZ
                                         180         86,450.00          1
                                       5.625            712.12         95
                                       5.375            712.12
    FORT WAYNE       IN   46819          5            01/23/03         04
    0415744309                           05           03/01/03         35
    0415744309                           O            02/01/18
    0

    8395293          E22/G02             F          137,600.00         ZZ
                                         180        137,600.00          1
                                       5.750          1,142.64         80
                                       5.500          1,142.64
    CARROLLTON       TX   75007          5            01/23/03         00
    0415818566                           05           03/01/03          0
    0415818566                           O            02/01/18
    0

    8395339          E22/G02             F          166,000.00         ZZ
                                         180        166,000.00          1
                                       5.500          1,356.36         45
                                       5.250          1,356.36
1

    NEVADA CITY      CA   95959          5            01/03/03         00
    0415869593                           05           03/01/03          0
    0415869593                           O            02/01/18
    0

    8395341          E22/G02             F          428,500.00         ZZ
                                         180        428,500.00          1
                                       5.750          3,558.31         78
                                       5.500          3,558.31
    BETHEL           CT   06801          5            01/23/03         00
    0415872274                           05           03/01/03          0
    0415872274                           O            02/01/18
    0

    8395361          E22/G02             F           64,000.00         ZZ
                                         180         64,000.00          4
                                       6.500            557.51         80
                                       6.250            557.51
    COULEE DAM       WA   99116          1            01/10/03         00
    0415889922                           05           03/01/03          0
    0415889922                           N            02/01/18
    0

    8395415          E22/G02             F           88,000.00         ZZ
                                         180         88,000.00          1
                                       6.000            742.59         80
                                       5.750            742.59
    SEATTLE          WA   98106          1            01/24/03         00
    0416030146                           05           03/01/03          0
    0416030146                           N            02/01/18
    0

    8395619          E82/G02             F          142,500.00         ZZ
                                         180        142,500.00          1
                                       5.750          1,183.33         37
                                       5.500          1,183.33
    LAKE FOREST      CA   92630          2            01/24/03         00
    0400758025                           05           03/01/03          0
    1528628                              N            02/01/18
    0

    8395643          E82/G02             F          149,600.00         ZZ
                                         180        149,600.00          1
                                       6.125          1,272.53         37
                                       5.875          1,272.53
    GILROY           CA   95020          2            01/25/03         00
    0400762258                           05           03/01/03          0
    1734020                              N            02/01/18
    0
1

    8397143          E84/G02             F          187,500.00         ZZ
                                         180        186,848.37          1
                                       5.875          1,569.60         46
                                       5.625          1,569.60
    DUBLIN           OH   43017          5            12/27/02         00
    0435308648                           05           02/01/03          0
    58220064                             O            01/01/18
    0

    8397411          T08/G02             F          274,696.00         ZZ
                                         180        271,756.90          1
                                       5.625          2,262.76         50
                                       5.375          2,262.76
    BROOKEVILLE      MD   20833          2            10/17/02         00
    0435285689                           05           12/01/02          0
    132014880                            O            11/01/17
    0

    8397823          E82/G02             F          355,400.00         ZZ
                                         180        355,400.00          1
                                       6.000          2,999.07         45
                                       5.750          2,999.07
    LONG BEACH       CA   90807          2            01/24/03         00
    0400766614                           05           03/01/03          0
    7883215                              O            02/01/18
    0

    8397891          E82/G02             F          161,000.00         ZZ
                                         180        161,000.00          1
                                       5.625          1,326.21         65
                                       5.375          1,326.21
    SAINT CLOUD      FL   34771          2            01/27/03         00
    0400773917                           05           03/01/03          0
    1774826                              O            02/01/18
    0

    8397899          E82/G02             F          130,000.00         ZZ
                                         180        130,000.00          1
                                       5.750          1,079.53         52
                                       5.500          1,079.53
    PRESCOTT         AZ   86301          2            01/27/03         00
    0400754966                           05           03/01/03          0
    1872428                              O            02/01/18
    0

    8397901          E82/G02             F          105,900.00         ZZ
                                         180        105,900.00          1
1

                                       5.875            886.51         65
                                       5.625            886.51
    TULSA            OK   74135          2            01/27/03         00
    0400763249                           05           03/01/03          0
    1951309                              O            02/01/18
    0

    8397929          E82/G02             F          128,400.00         ZZ
                                         180        128,400.00          1
                                       5.875          1,074.86         78
                                       5.625          1,074.86
    MIAMI            FL   33193          5            01/27/03         00
    0400752929                           05           03/01/03          0
    0400752929                           O            02/01/18
    0

    8397953          E82/G02             F           80,000.00         ZZ
                                         180         80,000.00          1
                                       5.750            664.33         41
                                       5.500            664.33
    LIVINGSTON       LA   70754          2            01/27/03         00
    0400756375                           05           03/01/03          0
    1848387                              O            02/01/18
    0

    8397969          E82/G02             F           65,000.00         ZZ
                                         180         65,000.00          1
                                       5.375            526.80         20
                                       5.125            526.80
    OCEANSIDE        CA   92057          2            01/24/03         00
    0400760831                           03           03/01/03          0
    1569179                              O            02/01/18
    0

    8397993          E82/G02             F           44,800.00         ZZ
                                         180         44,800.00          1
                                       6.000            378.05         75
                                       5.750            378.05
    LOVINGTON        NM   88260          2            01/27/03         00
    0400757480                           05           03/01/03          0
    3012175                              O            02/01/18
    0

    8398063          E22/G02             F          174,000.00         ZZ
                                         180        173,388.84          1
                                       5.750          1,444.91         53
                                       5.500          1,444.91
    MIAMI            FL   33143          2            12/12/02         00
    0415548270                           05           02/01/03          0
1

    0415548270                           O            01/01/18
    0

    8398087          E22/G02             F          149,000.00         ZZ
                                         180        149,000.00          1
                                       6.000          1,257.35         53
                                       5.750          1,257.35
    WOLCOTT          CT   06716          5            01/24/03         00
    0415637743                           05           03/01/03          0
    0415637743                           O            02/01/18
    0

    8398105          E22/G02             F          134,400.00         ZZ
                                         180        134,400.00          1
                                       6.000          1,134.14         80
                                       5.750          1,134.14
    BATON ROUGE      LA   70816          5            01/24/03         00
    0415796101                           05           03/01/03          0
    0415796101                           O            02/01/18
    0

    8398137          E22/G02             F           69,000.00         ZZ
                                         180         69,000.00          1
                                       5.500            563.79         56
                                       5.250            563.79
    INDIAN HARBOUR   FL   32937          2            01/29/03         00
    0415828813                           09           03/01/03          0
    0415828813                           N            02/01/18
    0

    8398175          E22/G02             F          194,000.00         ZZ
                                         180        194,000.00          1
                                       5.375          1,572.30         67
                                       5.125          1,572.30
    ROSEVILLE        CA   95678          5            01/10/03         00
    0415892603                           05           03/01/03          0
    0415892603                           O            02/01/18
    0

    8398193          E22/G02             F          228,900.00         ZZ
                                         180        228,900.00          1
                                       5.500          1,870.30         95
                                       5.250          1,870.30
    COVENTRY         RI   02816          5            01/24/03         01
    0415937655                           05           03/01/03         25
    0415937655                           O            02/01/18
    0

1

    8398263          E22/G02             F          160,000.00         ZZ
                                         180        160,000.00          1
                                       5.750          1,328.66         80
                                       5.500          1,328.66
    AUBURN           WA   98092          5            01/21/03         00
    0415195775                           05           03/01/03          0
    0415195775                           O            02/01/18
    0

    8398329          E22/G02             F           60,000.00         ZZ
                                         180         60,000.00          1
                                       5.750            498.25         60
                                       5.500            498.25
    NORWICH          CT   06360          5            01/24/03         00
    0415839042                           05           03/01/03          0
    0415839042                           O            02/01/18
    0

    8398347          E22/G02             F          258,000.00         ZZ
                                         180        258,000.00          1
                                       5.625          2,125.23         63
                                       5.375          2,125.23
    TINTON FALLS     NJ   07712          5            01/24/03         00
    0415851930                           05           03/01/03          0
    0415851930                           O            02/01/18
    0

    8398411          144/144             F          113,200.00         ZZ
                                         180        112,798.17          1
                                       5.625            932.46         80
                                       5.375            932.46
    HURLEY           NY   12443          5            12/26/02         00
    1060708966                           05           02/01/03          0
    1060708966                           O            01/01/18
    0

    8398415          E22/G02             F          290,000.00         ZZ
                                         180        290,000.00          1
                                       5.750          2,408.19         70
                                       5.500          2,408.19
    HERCULES         CA   94547          5            01/23/03         00
    0415997998                           05           03/01/03          0
    0415997998                           O            02/01/18
    0

    8398577          Q14/G02             F           92,000.00         ZZ
                                         180         92,000.00          1
                                       5.625            757.83         90
                                       5.375            757.83
1

    MILLERSBURG      IA   52308          5            01/23/03         01
    0435290747                           05           03/01/03         25
    0000210847                           O            02/01/18
    0

    8398771          Q14/G02             F           45,000.00         ZZ
                                         180         45,000.00          1
                                       6.000            379.74         72
                                       5.750            379.74
    DAVENPORT        IA   52802          2            01/24/03         00
    0435294970                           05           03/01/03          0
    00000210885                          O            02/01/18
    0

    8399657          738/G02             F           66,000.00         ZZ
                                         180         66,000.00          1
                                       5.875            552.50         80
                                       5.625            552.50
    SPARTANBURG      SC   29307          1            01/21/03         00
    0435300405                           05           03/01/03          0
    40817370                             N            02/01/18
    0

    8400263          E82/G02             F           65,200.00         ZZ
                                         180         65,200.00          1
                                       5.875            545.80         41
                                       5.625            545.80
    CARROLLTON       TX   75006          2            01/29/03         00
    0400760856                           05           03/01/03          0
    1534047                              O            02/01/18
    0

    8400763          E22/G02             F           61,000.00         ZZ
                                         180         61,000.00          1
                                       5.875            510.64         73
                                       5.625            510.64
    HUFFMAN          TX   77336          2            01/29/03         00
    0415651694                           03           03/01/03          0
    0415651694                           N            02/01/18
    0

    8401501          X51/G02             F          430,000.00         ZZ
                                         180        430,000.00          1
                                       5.500          3,513.46         80
                                       5.250          3,513.46
    EL SEGUNDO       CA   90245          5            01/23/03         00
    0435303292                           05           03/01/03          0
    030106002                            O            02/01/18
    0
1

    8401765          624/G02             F          420,000.00         ZZ
                                         180        420,000.00          1
                                       5.625          3,459.67         80
                                       5.375          3,459.67
    CHULA VISTA      CA   91910          5            01/15/03         00
    0435306410                           05           03/01/03          0
    1000019878                           O            02/01/18
    0

    8401809          K15/G02             F          140,000.00         ZZ
                                         180        140,000.00          1
                                       5.500          1,143.92         76
                                       5.250          1,143.92
    SACO             ME   04072          5            01/23/03         00
    0435310073                           05           03/01/03          0
    007705508913                         O            02/01/18
    0

    8403685          E22/G02             F          172,000.00         ZZ
                                         180        172,000.00          1
                                       5.875          1,439.84         67
                                       5.625          1,439.84
    LODI             CA   95242          5            01/17/03         00
    0415755248                           05           03/01/03          0
    0415755248                           O            02/01/18
    0

    8403699          E22/G02             F          345,500.00         ZZ
                                         180        345,500.00          1
                                       5.875          2,892.24         73
                                       5.625          2,892.24
    HEATH            TX   75032          2            01/27/03         00
    0415769116                           05           03/01/03          0
    0415769116                           O            02/01/18
    0

    8403763          E22/G02             F           93,000.00         ZZ
                                         180         93,000.00          1
                                       5.500            759.89         28
                                       5.250            759.89
    FALLS CHURCH     VA   22041          2            01/27/03         00
    0415824598                           05           03/01/03          0
    0415824598                           O            02/01/18
    0

    8403859          E22/G02             F           37,710.00         ZZ
                                         180         37,710.00          1
1

                                       6.500            328.49         90
                                       6.250            328.49
    CENTRALIA        IL   62801          1            01/31/03         01
    0415882562                           05           03/01/03         30
    0415882562                           O            02/01/18
    0

    8403879          E22/G02             F           92,000.00         ZZ
                                         180         92,000.00          1
                                       5.375            745.63         53
                                       5.125            745.63
    NORTH PORT       FL   34286          2            01/27/03         00
    0415901636                           05           03/01/03          0
    0415901636                           O            02/01/18
    0

    8403905          E22/G02             F          100,000.00         ZZ
                                         120        100,000.00          1
                                       5.625          1,091.47         25
                                       5.375          1,091.47
    BOCA RATON       FL   33434          5            01/27/03         00
    0415925791                           03           03/01/03          0
    0415925791                           O            02/01/13
    0

    8403951          E22/G02             F          244,000.00         ZZ
                                         180        244,000.00          1
                                       5.750          2,026.20         80
                                       5.500          2,026.20
    CORVALLIS        OR   97333          1            01/24/03         00
    0415960335                           03           03/01/03          0
    0415960335                           O            02/01/18
    0

    8408337          E82/G02             F          150,000.00         ZZ
                                         180        150,000.00          1
                                       5.875          1,255.68         39
                                       5.625          1,255.68
    HUMBLE           TX   77346          2            01/29/03         00
    0400761565                           03           03/01/03          0
    8284764                              O            02/01/18
    0

    8408593          E22/G02             F          346,000.00         ZZ
                                         180        346,000.00          1
                                       5.625          2,850.11         90
                                       5.375          2,850.11
    WOODBRIDGE       VA   22193          5            01/28/03         04
    0415686278                           03           03/01/03         12
1

    0415686278                           O            02/01/18
    0

   TOTAL NUMBER OF LOANS   :      1,273

   TOTAL ORIGINAL BALANCE  :   209,491,812.60

   TOTAL PRINCIPAL BALANCE :   208,409,571.04

   TOTAL ORIGINAL P+I      :     1,760,034.07

   TOTAL CURRENT P+I       :     1,760,034.07

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

<PAGE>

<TABLE>
<CAPTION>

                                   EXHIBIT TWO

                         SCHEDULE OF DISCOUNT FRACTIONS

                               Schedule of Discount Fractions

    Loan Number     Current Balance    Net Mortgage Rate  Discount Fraction   PO Balance
<S>   <C>             <C>                   <C>                <C>              <C>
      8055661         $93,607.75            5.470%             0.5455%          $510.59
      8142763         $147,405.79           5.345%             2.8182%         $4,154.16
      8151093         $85,859.97            5.220%             5.0909%         $4,371.05
      8158099         $93,202.66            5.470%             0.5455%          $508.38
      8180697         $234,167.45           5.345%             2.8182%         $6,599.26
      8188729         $158,305.93           5.470%             0.5455%          $863.49
      8208119         $290,936.79           5.470%             0.5455%         $1,586.93
      8209439         $148,943.74           5.470%             0.5455%          $812.42
      8209451         $147,950.79           5.470%             0.5455%          $807.00
      8209701         $211,562.25           5.470%             0.5455%         $1,153.98
      8221801         $187,669.11           5.470%             0.5455%         $1,023.65
      8227025         $178,684.42           5.345%             2.8182%         $5,035.65
      8228625         $70,500.04            5.470%             0.5455%          $384.55
      8230595         $72,485.95            5.470%             0.5455%          $395.38
      8234821         $91,876.15            5.470%             0.5455%          $501.14
      8237591         $182,326.92           5.220%             5.0909%         $9,282.10
      8241495         $82,697.71            5.470%             0.5455%          $451.08
      8241811         $56,099.67            5.470%             0.5455%          $306.00
      8242377         $151,922.62           5.470%             0.5455%          $828.67
      8242785         $176,719.92           5.220%             5.0909%         $8,996.65
      8244187         $263,133.94           5.470%             0.5455%         $1,435.28
      8249439         $168,306.42           5.470%             0.5455%          $918.04
      8249705         $270,084.65           5.470%             0.5455%         $1,473.19
      8250417         $221,909.52           5.345%             2.8182%         $6,253.81
      8250493         $264,603.50           5.345%             2.8182%         $7,457.01
      8250953         $164,831.08           5.470%             0.5455%          $899.08
      8250959         $79,375.04            5.220%             5.0909%         $4,040.91
      8251711         $58,088.06            5.470%             0.5455%          $316.84
      8253903         $168,764.58           5.095%             7.3636%        $12,427.21
      8255613         $151,165.13           5.345%             2.8182%         $4,260.11
      8262339         $167,609.21           5.470%             0.5455%          $914.23
      8262735         $64,592.50            5.220%             5.0909%         $3,288.35
      8262851         $394,237.03           5.345%             2.8182%        $11,110.32
      8266853         $163,825.81           5.345%             2.8182%         $4,616.91
      8273015         $85,732.81            5.470%             0.5455%          $467.63
      8275173         $220,023.03           5.345%             2.8182%         $6,200.65
      8276431         $258,149.77           5.345%             2.8182%         $7,275.13
      8277445         $434,468.58           5.470%             0.5455%         $2,369.83
      8277895         $84,333.91            5.345%             2.8182%         $2,376.68
      8278093         $78,099.72            5.470%             0.5455%          $426.00
      8278419         $249,112.55           5.345%             2.8182%         $7,020.44
      8279055         $84,421.51            5.345%             2.8182%         $2,379.15
      8279427         $90,345.57            5.220%             5.0909%         $4,599.41
      8280263         $147,469.05           5.220%             5.0909%         $7,507.52
      8283883         $72,743.59            5.470%             0.5455%          $396.78
      8285639         $149,461.87           5.220%             5.0909%         $7,608.97
      8285651         $49,824.37            5.470%             0.5455%          $271.77
      8285887         $81,811.63            5.470%             0.5455%          $446.25
      8286507         $234,302.82           5.220%             5.0909%        $11,928.14
      8287181         $428,489.66           5.470%             0.5455%         $2,337.22
      8287193         $92,983.67            5.220%             5.0909%         $4,733.71
      8287195         $69,207.29            5.470%             0.5455%          $377.49
      8287213         $227,930.57           5.345%             2.8182%         $6,423.50

 Monday, February 17, 2003                                                      Page 1 of 9

      8287217         $417,484.83           5.345%             2.8182%        $11,765.48
      8287229         $204,785.20           5.345%             2.8182%         $5,771.22
      8287237         $257,247.14           5.470%             0.5455%         $1,403.17
      8287259         $267,111.14           5.345%             2.8182%         $7,527.68
      8287293         $395,764.82           5.470%             0.5455%         $2,158.72
      8287297         $257,247.14           5.470%             0.5455%         $1,403.17
      8287309         $277,004.15           5.345%             2.8182%         $7,806.48
      8287311         $148,395.08           5.345%             2.8182%         $4,182.04
      8287317         $737,302.04           5.470%             0.5455%         $4,021.65
      8287327         $53,901.30            5.220%             5.0909%         $2,744.07
      8287329         $220,638.89           5.470%             0.5455%         $1,203.48
      8287335         $175,428.08           5.220%             5.0909%         $8,930.88
      8287349         $201,804.14           5.220%             5.0909%        $10,273.67
      8287355         $147,942.42           5.345%             2.8182%         $4,169.29
      8287357         $358,365.06           5.470%             0.5455%         $1,954.72
      8287365         $395,764.82           5.470%             0.5455%         $2,158.72
      8287377         $92,990.54            5.470%             0.5455%          $507.22
      8287383         $59,358.03            5.345%             2.8182%         $1,672.82
      8287389         $989,412.11           5.470%             0.5455%         $5,396.79
      8287397         $188,977.69           5.470%             0.5455%         $1,030.79
      8287399         $573,489.15           5.470%             0.5455%         $3,128.12
      8287401         $160,266.68           5.345%             2.8182%         $4,516.61
      8287405         $180,397.49           5.470%             0.5455%          $983.99
      8287407         $375,934.18           5.345%             2.8182%        $10,594.51
      8287415         $296,658.24           5.220%             5.0909%        $15,102.60
      8287421         $154,011.94           5.220%             5.0909%         $7,840.61
      8287435         $203,795.91           5.345%             2.8182%         $5,743.34
      8287437         $95,962.15            5.345%             2.8182%         $2,704.39
      8287453         $436,330.75           5.470%             0.5455%         $2,379.99
      8287463         $88,037.72            5.220%             5.0909%         $4,481.92
      8287475         $156,309.48           5.345%             2.8182%         $4,405.09
      8288279         $643,117.86           5.470%             0.5455%         $3,507.92
      8288285         $297,482.65           5.345%             2.8182%         $8,383.60
      8288295         $178,719.06           5.345%             2.8182%         $5,036.63
      8288297         $59,081.00            5.470%             0.5455%          $322.26
      8288311         $131,000.36           5.345%             2.8182%         $3,691.83
      8288371         $93,962.82            5.220%             5.0909%         $4,783.56
      8288493         $100,090.18           5.470%             0.5455%          $545.95
      8288509         $532,243.69           5.345%             2.8182%        $14,999.59
      8288529         $241,773.21           5.345%             2.8182%         $6,813.61
      8288543         $195,857.03           5.220%             5.0909%         $9,970.90
      8288661         $446,582.30           5.345%             2.8182%        $12,585.50
      8288667         $257,188.90           5.220%             5.0909%        $13,093.25
      8288677         $159,035.13           5.470%             0.5455%          $867.46
      8288683         $262,121.29           5.345%             2.8182%         $7,387.05
      8288745         $326,469.17           5.345%             2.8182%         $9,200.49
      8288879         $375,976.60           5.470%             0.5455%         $2,050.78
      8288895         $395,504.14           5.220%             5.0909%        $20,134.76
      8288901         $146,797.86           5.345%             2.8182%         $4,137.03
      8288905         $135,042.33           5.470%             0.5455%          $736.59
      8288929         $119,154.98           5.470%             0.5455%          $649.94
      8288955         $282,907.07           4.970%             9.6364%        $27,261.95
      8288971         $216,681.26           5.470%             0.5455%         $1,181.90
      8291611         $164,414.28           5.345%             2.8182%         $4,633.49
      8292091         $343,762.17           5.470%             0.5455%         $1,875.07
      8292161         $63,575.91            5.470%             0.5455%          $346.78
      8292377         $128,546.90           5.470%             0.5455%          $701.16

 Monday, February 17, 2003                                                      Page 2 of 9

      8292467         $115,592.55           5.470%             0.5455%          $630.50
      8292665         $398,465.35           5.220%             5.0909%        $20,285.51
      8292751         $154,452.79           5.470%             0.5455%          $842.47
      8292937         $245,525.33           5.345%             2.8182%         $6,919.35
      8293895         $167,397.30           5.220%             5.0909%         $8,522.04
      8293935         $187,484.56           5.345%             2.8182%         $5,283.66
      8294119         $223,415.61           5.470%             0.5455%         $1,218.63
      8294251         $109,613.63           5.470%             0.5455%          $597.89
      8295493         $385,895.19           4.970%             9.6364%        $37,186.26
      8296043         $328,828.57           5.345%             2.8182%         $9,266.99
      8296081         $151,705.26           5.470%             0.5455%          $827.48
      8296115         $196,798.91           5.345%             2.8182%         $5,546.15
      8296345         $110,410.83           5.470%             0.5455%          $602.24
      8296461         $74,736.57            5.470%             0.5455%          $407.65
      8296691         $168,802.90           5.470%             0.5455%          $920.74
      8296703         $74,466.27            5.345%             2.8182%         $2,098.59
      8297057         $189,332.64           5.470%             0.5455%         $1,032.72
      8297619         $253,107.84           5.470%             0.5455%         $1,380.59
      8297925         $593,512.85           5.220%             5.0909%        $30,215.20
      8297983         $487,047.62           4.970%             9.6364%        $46,933.68
      8297991         $47,034.22            5.470%             0.5455%          $256.55
      8298119         $470,975.22           5.095%             7.3636%        $34,680.90
      8298435         $109,613.63           5.470%             0.5455%          $597.89
      8298599         $623,117.07           5.095%             7.3636%        $45,884.08
      8298751         $448,253.04           5.220%             5.0909%        $22,820.15
      8300725         $136,020.55           5.470%             0.5455%          $741.93
      8301053         $170,137.43           5.220%             5.0909%         $8,661.54
      8301131         $106,117.93           5.220%             5.0909%         $5,402.37
      8301779         $116,176.13           5.470%             0.5455%          $633.69
      8302479         $183,346.83           5.345%             2.8182%         $5,167.05
      8302815         $198,591.64           5.470%             0.5455%         $1,083.23
      8303071         $344,087.15           5.470%             0.5455%         $1,876.84
      8303453         $101,243.13           5.470%             0.5455%          $552.24
      8303597         $58,294.52            5.470%             0.5455%          $317.97
      8303639         $289,944.99           5.095%             7.3636%        $21,350.49
      8305135         $113,200.98           5.470%             0.5455%          $617.46
      8305217         $99,943.96            5.345%             2.8182%         $2,816.60
      8305371         $102,040.33           5.470%             0.5455%          $556.58
      8305393         $124,760.25           5.470%             0.5455%          $680.51
      8305557         $443,436.97           5.470%             0.5455%         $2,418.75
      8305611         $164,420.45           5.470%             0.5455%          $896.84
      8305773         $170,386.54           5.220%             5.0909%         $8,674.22
      8305945         $135,512.09           5.220%             5.0909%         $6,898.80
      8306113         $396,602.05           5.470%             0.5455%         $2,163.28
      8306177         $176,378.30           5.470%             0.5455%          $962.06
      8306401         $368,700.40           5.470%             0.5455%         $2,011.09
      8306497         $299,643.81           5.470%             0.5455%         $1,634.42
      8306533         $91,361.22            5.220%             5.0909%         $4,651.12
      8307521         $88,174.71            5.470%             0.5455%          $480.95
      8307529         $127,346.33           5.345%             2.8182%         $3,588.85
      8307561         $140,504.75           5.470%             0.5455%          $766.39
      8307637         $151,665.41           5.470%             0.5455%          $827.27
      8307659         $131,445.35           5.470%             0.5455%          $716.97
      8307785         $643,045.35           5.345%             2.8182%        $18,122.19
      8307809         $153,893.43           5.470%             0.5455%          $839.42
      8308455         $189,332.64           5.470%             0.5455%         $1,032.72
      8308465         $99,648.76            5.470%             0.5455%          $543.54

 Monday, February 17, 2003                                                      Page 3 of 9

      8308979         $114,596.07           5.470%             0.5455%          $625.07
      8309799         $109,613.63           5.470%             0.5455%          $597.89
      8309869         $48,566.44            5.220%             5.0909%         $2,472.47
      8309873         $148,662.12           5.220%             5.0909%         $7,568.25
      8311303         $56,351.37            5.470%             0.5455%          $307.37
      8311307         $302,851.21           5.470%             0.5455%         $1,651.92
      8311423         $295,945.71           5.345%             2.8182%         $8,340.29
      8311559         $199,861.24           5.470%             0.5455%         $1,090.15
      8311939         $342,860.65           5.470%             0.5455%         $1,870.15
      8312171         $93,271.24            5.470%             0.5455%          $508.75
      8312769         $143,079.38           5.095%             7.3636%        $10,535.85
      8312913         $120,565.91           5.220%             5.0909%         $6,137.90
      8313141         $157,515.11           5.470%             0.5455%          $859.17
      8313227         $169,383.67           5.095%             7.3636%        $12,472.80
      8313377         $227,190.64           5.345%             2.8182%         $6,402.65
      8314351         $80,815.14            5.470%             0.5455%          $440.81
      8314579         $89,683.88            5.470%             0.5455%          $489.18
      8314587         $83,704.96            5.470%             0.5455%          $456.57
      8314595         $92,474.05            5.470%             0.5455%          $504.40
      8314627         $142,990.60           5.345%             2.8182%         $4,029.74
      8314787         $79,709.96            5.095%             7.3636%         $5,869.55
      8316435         $60,287.50            5.470%             0.5455%          $328.84
      8316525         $560,026.01           5.470%             0.5455%         $3,054.69
      8317117         $70,501.49            5.470%             0.5455%          $384.55
      8317249         $70,501.49            5.470%             0.5455%          $384.55
      8317361         $70,501.49            5.470%             0.5455%          $384.55
      8318411         $104,631.20           5.470%             0.5455%          $570.72
      8318461         $129,055.25           5.095%             7.3636%         $9,503.16
      8318495         $59,787.01            5.345%             2.8182%         $1,684.91
      8318551         $120,574.99           5.470%             0.5455%          $657.68
      8318733         $188,912.61           5.095%             7.3636%        $13,910.84
      8319657         $74,229.90            5.095%             7.3636%         $5,466.02
      8320137         $151,454.67           5.220%             5.0909%         $7,710.42
      8320715         $81,705.82            5.220%             5.0909%         $4,159.57
      8320745         $162,427.47           5.470%             0.5455%          $885.97
      8320753         $72,740.87            5.345%             2.8182%         $2,049.97
      8320787         $182,350.38           5.345%             2.8182%         $5,138.97
      8320853         $458,332.28           5.095%             7.3636%        $33,749.92
      8320935         $172,990.24           5.470%             0.5455%          $943.58
      8320953         $54,806.81            5.470%             0.5455%          $298.95
      8321179         $135,203.43           5.470%             0.5455%          $737.47
      8322477         $125,652.36           5.345%             2.8182%         $3,541.11
      8322657         $498,187.25           5.095%             7.3636%        $36,684.70
      8322715         $149,467.53           5.345%             2.8182%         $4,212.27
      8322721         $109,327.70           5.220%             5.0909%         $5,565.77
      8322901         $187,830.86           5.345%             2.8182%         $5,293.42
      8322977         $587,529.07           5.470%             0.5455%         $3,204.70
      8323891         $148,974.89           5.470%             0.5455%          $812.59
      8324301         $131,282.31           5.345%             2.8182%         $3,699.77
      8326383         $398,495.38           5.470%             0.5455%         $2,173.61
      8326385         $194,115.11           5.220%             5.0909%         $9,882.22
      8326391         $94,064.90            5.345%             2.8182%         $2,650.92
      8326423         $220,215.49           5.345%             2.8182%         $6,206.07
      8326587         $144,500.00           5.470%             0.5455%          $788.18
      8326639         $100,000.00           5.470%             0.5455%          $545.45
      8327923         $144,485.28           5.345%             2.8182%         $4,071.86
      8328519         $181,360.73           5.470%             0.5455%          $989.24

 Monday, February 17, 2003                                                      Page 4 of 9

      8329675         $164,314.64           5.345%             2.8182%         $4,630.69
      8330215         $121,557.69           5.095%             7.3636%         $8,951.07
      8330457         $121,562.33           5.220%             5.0909%         $6,188.63
      8330855         $438,438.08           5.345%             2.8182%        $12,355.98
      8331015         $39,859.51            5.470%             0.5455%          $217.42
      8331869         $133,000.00           5.470%             0.5455%          $725.45
      8331931         $136,300.00           5.470%             0.5455%          $743.45
      8331951         $141,000.00           5.470%             0.5455%          $769.09
      8335701         $29,891.24            5.095%             7.3636%         $2,201.08
      8335739         $142,483.96           5.470%             0.5455%          $777.19
      8335741         $320,650.00           5.470%             0.5455%         $1,749.00
      8335767         $149,467.53           5.345%             2.8182%         $4,212.27
      8335839         $94,160.98            5.220%             5.0909%         $4,793.65
      8335991         $160,000.00           5.470%             0.5455%          $872.73
      8336037         $130,300.00           5.220%             5.0909%         $6,633.45
      8337735         $59,789.25            5.470%             0.5455%          $326.12
      8337761         $173,388.83           5.470%             0.5455%          $945.76
      8337795         $134,525.82           5.470%             0.5455%          $733.78
      8338007         $147,500.00           5.345%             2.8182%         $4,156.82
      8338730         $93,026.16            5.220%             5.0909%         $4,735.88
      8338813         $77,227.78            5.470%             0.5455%          $421.24
      8338931         $147,100.00           5.470%             0.5455%          $802.36
      8338947         $134,000.00           5.470%             0.5455%          $730.91
      8338993         $269,549.89           5.470%             0.5455%         $1,470.27
      8339385         $298,923.75           5.220%             5.0909%        $15,217.94
      8339531         $213,240.34           5.345%             2.8182%         $6,009.50
      8340436         $53,810.33            5.470%             0.5455%          $293.51
      8340603         $397,183.32           5.470%             0.5455%         $2,166.45
      8341595         $189,318.37           5.220%             5.0909%         $9,638.03
      8342228         $52,988.23            5.470%             0.5455%          $289.03
      8342241         $44,841.95            5.470%             0.5455%          $244.59
      8342361         $153,000.00           5.470%             0.5455%          $834.55
      8342401         $56,593.34            5.095%             7.3636%         $4,167.33
      8342447         $98,652.27            5.470%             0.5455%          $538.10
      8342449         $173,968.60           5.220%             5.0909%         $8,856.58
      8342469         $198,250.00           5.470%             0.5455%         $1,081.36
      8342533         $57,500.00            5.345%             2.8182%         $1,620.45
      8344522         $160,000.00           5.345%             2.8182%         $4,509.09
      8344681         $99,648.75            5.470%             0.5455%          $543.54
      8345042         $425,000.00           5.220%             5.0909%        $21,636.36
      8345183         $70,000.00            5.470%             0.5455%          $381.82
      8345236         $358,000.00           5.345%             2.8182%        $10,089.09
      8345861         $73,478.92            5.470%             0.5455%          $400.79
      8345947         $59,540.13            5.470%             0.5455%          $324.76
      8346705         $155,452.06           5.470%             0.5455%          $847.92
      8346763         $205,260.98           5.220%             5.0909%        $10,449.65
      8347731         $110,111.88           5.470%             0.5455%          $600.61
      8348003         $348,770.64           5.470%             0.5455%         $1,902.39
      8349615         $269,051.64           5.470%             0.5455%         $1,467.55
      8350411         $214,244.82           5.470%             0.5455%         $1,168.61
      8350587         $96,300.00            5.470%             0.5455%          $525.27
      8350667         $200,000.00           5.095%             7.3636%        $14,727.27
      8350831         $52,612.57            5.345%             2.8182%         $1,482.72
      8350911         $280,800.00           5.220%             5.0909%        $14,295.27
      8353119         $233,676.34           5.470%             0.5455%         $1,274.60
      8353139         $140,000.00           5.345%             2.8182%         $3,945.45
      8353509         $131,532.50           5.470%             0.5455%          $717.45

 Monday, February 17, 2003                                                      Page 5 of 9

      8354729         $60,300.00            5.345%             2.8182%         $1,699.36
      8354997         $100,100.00           5.470%             0.5455%          $546.00
      8354999         $258,000.00           5.470%             0.5455%         $1,407.27
      8355067         $101,000.00           5.220%             5.0909%         $5,141.82
      8355077         $123,000.00           5.470%             0.5455%          $670.91
      8355121         $102,600.00           5.470%             0.5455%          $559.64
      8355165         $290,000.00           5.345%             2.8182%         $8,172.73
      8356667         $171,894.10           5.470%             0.5455%          $937.60
      8357341         $344,000.00           5.470%             0.5455%         $1,876.36
      8357359         $124,280.00           4.970%             9.6364%        $11,976.07
      8357691         $344,000.00           5.095%             7.3636%        $25,330.91
      8358693         $423,000.00           5.470%             0.5455%         $2,307.27
      8358739         $127,500.00           5.345%             2.8182%         $3,593.18
      8358837         $142,500.00           5.220%             5.0909%         $7,254.55
      8358907         $566,004.94           5.470%             0.5455%         $3,087.30
      8359411         $331,132.82           5.470%             0.5455%         $1,806.18
      8359561         $299,643.81           5.470%             0.5455%         $1,634.42
      8361065         $110,809.41           5.470%             0.5455%          $604.42
      8361229         $174,877.01           5.345%             2.8182%         $4,928.35
      8361365         $348,717.68           4.970%             9.6364%        $33,603.70
      8361731         $93,000.00            5.095%             7.3636%         $6,848.18
      8361843         $120,000.00           5.220%             5.0909%         $6,109.09
      8361917         $192,000.00           5.470%             0.5455%         $1,047.27
      8362019         $48,000.00            5.220%             5.0909%         $2,443.64
      8363773         $45,000.00            5.345%             2.8182%         $1,268.18
      8364965         $225,000.00           5.470%             0.5455%         $1,227.27
      8365153         $80,000.00            5.095%             7.3636%         $5,890.91
      8365157         $50,500.00            5.345%             2.8182%         $1,423.18
      8365973         $129,024.66           5.345%             2.8182%         $3,636.15
      8366375         $62,000.00            5.470%             0.5455%          $338.18
      8367077         $194,000.00           5.345%             2.8182%         $5,467.27
      8367189         $198,000.00           5.220%             5.0909%        $10,080.00
      8368141         $92,700.00            5.470%             0.5455%          $505.64
      8368183         $77,000.00            5.470%             0.5455%          $420.00
      8368199         $95,000.00            5.470%             0.5455%          $518.18
      8368833         $110,809.41           5.470%             0.5455%          $604.42
      8369287         $101,000.00           5.345%             2.8182%         $2,846.36
      8369339         $49,200.00            5.470%             0.5455%          $268.36
      8369417         $39,900.00            5.470%             0.5455%          $217.64
      8369543         $222,000.00           5.095%             7.3636%        $16,347.27
      8369773         $165,018.34           5.470%             0.5455%          $900.10
      8369859         $160,000.00           5.470%             0.5455%          $872.73
      8369863         $225,596.32           5.345%             2.8182%         $6,357.71
      8370775         $167,492.25           4.970%             9.6364%        $16,140.16
      8371955         $270,000.00           5.470%             0.5455%         $1,472.73
      8372117         $204,500.00           5.345%             2.8182%         $5,763.18
      8372257         $220,000.00           5.470%             0.5455%         $1,200.00
      8372311         $192,000.00           5.345%             2.8182%         $5,410.91
      8372643         $87,200.00            5.470%             0.5455%          $475.64
      8372753         $194,307.78           5.345%             2.8182%         $5,475.95
      8373467         $142,000.00           5.470%             0.5455%          $774.55
      8374409         $100,500.00           5.470%             0.5455%          $548.18
      8374697         $112,955.00           5.220%             5.0909%         $5,750.44
      8375291         $183,000.00           5.095%             7.3636%        $13,475.45
      8375865         $298,946.27           5.470%             0.5455%         $1,630.62
      8375867         $274,002.99           5.095%             7.3636%        $20,176.58
      8375875         $300,000.00           5.470%             0.5455%         $1,636.36

 Monday, February 17, 2003                                                      Page 6 of 9

      8375881         $159,000.00           5.470%             0.5455%          $867.27
      8375961         $260,000.00           5.470%             0.5455%         $1,418.18
      8375963         $55,000.00            5.220%             5.0909%         $2,800.00
      8375973         $80,709.41            5.220%             5.0909%         $4,108.84
      8375977         $187,837.91           5.470%             0.5455%         $1,024.57
      8375979         $250,687.83           5.095%             7.3636%        $18,459.74
      8375981         $174,365.53           5.095%             7.3636%        $12,839.64
      8375985         $299,410.54           5.095%             7.3636%        $22,047.50
      8376023         $309,860.57           4.970%             9.6364%        $29,859.29
      8376025         $193,318.58           5.470%             0.5455%         $1,054.47
      8376027         $115,575.00           4.970%             9.6364%        $11,137.23
      8376081         $147,700.00           5.470%             0.5455%          $805.64
      8376101         $116,589.05           5.470%             0.5455%          $635.94
      8376105         $102,630.48           5.220%             5.0909%         $5,224.82
      8376121         $69,748.87            5.220%             5.0909%         $3,550.85
      8376129         $298,935.05           5.345%             2.8182%         $8,424.53
      8376157         $180,000.00           4.970%             9.6364%        $17,345.45
      8376165         $178,000.00           5.345%             2.8182%         $5,016.36
      8376169         $184,329.29           5.095%             7.3636%        $13,573.34
      8376173         $99,645.02            5.345%             2.8182%         $2,808.18
      8376185         $152,000.00           4.970%             9.6364%        $14,647.27
      8376227         $181,647.00           4.970%             9.6364%        $17,504.17
      8376249         $170,871.66           4.970%             9.6364%        $16,465.81
      8376257         $229,174.88           5.220%             5.0909%        $11,667.08
      8376295         $246,123.19           5.345%             2.8182%         $6,936.20
      8376335         $261,797.40           5.095%             7.3636%        $19,277.81
      8376357         $173,369.17           5.095%             7.3636%        $12,766.28
      8376411         $298,923.75           5.220%             5.0909%        $15,217.94
      8376413         $255,000.00           5.345%             2.8182%         $7,186.36
      8376417         $239,139.00           5.220%             5.0909%        $12,174.35
      8376435         $214,244.83           5.470%             0.5455%         $1,168.61
      8376439         $79,713.00            5.220%             5.0909%         $4,058.12
      8376441         $228,169.76           5.095%             7.3636%        $16,801.59
      8376447         $206,225.55           4.720%            14.1818%        $29,246.53
      8376465         $148,000.00           5.095%             7.3636%        $10,898.18
      8376467         $81,002.14            4.970%             9.6364%         $7,805.66
      8376477         $319,848.41           5.220%             5.0909%        $16,283.19
      8376497         $173,369.17           5.095%             7.3636%        $12,766.28
      8376499         $86,000.00            4.970%             9.6364%         $8,287.27
      8376507         $199,267.24           4.970%             9.6364%        $19,202.12
      8376511         $179,367.76           5.470%             0.5455%          $978.37
      8377069         $70,000.00            5.470%             0.5455%          $381.82
      8377101         $163,700.00           5.345%             2.8182%         $4,613.36
      8377345         $208,000.00           5.095%             7.3636%        $15,316.36
      8377375         $233,000.00           5.345%             2.8182%         $6,566.36
      8377409         $298,912.35           5.095%             7.3636%        $22,010.82
      8377413         $124,000.00           5.095%             7.3636%         $9,130.91
      8377429         $153,000.00           5.470%             0.5455%          $834.55
      8377447         $75,300.00            5.470%             0.5455%          $410.73
      8377465         $106,000.00           5.470%             0.5455%          $578.18
      8377467         $56,000.00            5.470%             0.5455%          $305.45
      8377561         $498,400.00           5.470%             0.5455%         $2,718.55
      8377631         $109,000.00           5.345%             2.8182%         $3,071.82
      8377633         $296,000.00           5.095%             7.3636%        $21,796.36
      8377651         $200,000.00           5.345%             2.8182%         $5,636.36
      8377695         $220,000.00           5.470%             0.5455%         $1,200.00
      8378111         $137,000.00           5.095%             7.3636%        $10,088.18

 Monday, February 17, 2003                                                      Page 7 of 9

      8378143         $153,000.00           5.345%             2.8182%         $4,311.82
      8379651         $300,000.00           5.220%             5.0909%        $15,272.73
      8379693         $480,000.00           5.095%             7.3636%        $35,345.45
      8379981         $78,750.00            5.470%             0.5455%          $429.55
      8380009         $150,000.00           5.345%             2.8182%         $4,227.27
      8380429         $56,000.00            5.345%             2.8182%         $1,578.18
      8380535         $205,850.00           5.220%             5.0909%        $10,479.64
      8380567         $173,700.00           4.970%             9.6364%        $16,738.36
      8381291         $220,000.00           4.845%            11.9091%        $26,200.00
      8381381         $255,000.00           5.470%             0.5455%         $1,390.91
      8382747         $155,000.00           5.220%             5.0909%         $7,890.91
      8382863         $105,000.00           5.345%             2.8182%         $2,959.09
      8382977         $217,000.00           5.345%             2.8182%         $6,115.45
      8383013         $123,750.00           5.345%             2.8182%         $3,487.50
      8383095         $102,700.00           5.470%             0.5455%          $560.18
      8383121         $113,700.00           5.470%             0.5455%          $620.18
      8383857         $322,700.00           5.220%             5.0909%        $16,428.36
      8384069         $68,000.00            5.470%             0.5455%          $370.91
      8384269         $208,800.00           5.220%             5.0909%        $10,629.82
      8384285         $400,000.00           5.345%             2.8182%        $11,272.73
      8386173         $95,600.00            5.470%             0.5455%          $521.45
      8386239         $105,000.00           5.345%             2.8182%         $2,959.09
      8386495         $140,000.00           5.470%             0.5455%          $763.64
      8387587         $245,000.00           5.220%             5.0909%        $12,472.73
      8387943         $107,900.00           5.345%             2.8182%         $3,040.82
      8387991         $128,000.00           5.470%             0.5455%          $698.18
      8392819         $204,000.00           5.220%             5.0909%        $10,385.45
      8392839         $124,450.00           5.470%             0.5455%          $678.82
      8392861         $182,000.00           5.470%             0.5455%          $992.73
      8392895         $163,000.00           5.095%             7.3636%        $12,002.73
      8392897         $205,000.00           5.345%             2.8182%         $5,777.27
      8392899         $530,000.00           5.345%             2.8182%        $14,936.36
      8392925         $187,000.00           5.470%             0.5455%         $1,020.00
      8393135         $91,800.00            5.470%             0.5455%          $500.73
      8394101         $295,000.00           5.345%             2.8182%         $8,313.64
      8394113         $95,500.00            5.095%             7.3636%         $7,032.27
      8394415         $96,000.00            5.220%             5.0909%         $4,887.27
      8394457         $70,000.00            5.470%             0.5455%          $381.82
      8395211         $191,000.00           5.470%             0.5455%         $1,041.82
      8395237         $86,450.00            5.345%             2.8182%         $2,436.32
      8395293         $137,600.00           5.470%             0.5455%          $750.55
      8395339         $166,000.00           5.220%             5.0909%         $8,450.91
      8395341         $428,500.00           5.470%             0.5455%         $2,337.27
      8395619         $142,500.00           5.470%             0.5455%          $777.27
      8397411         $271,756.90           5.345%             2.8182%         $7,658.60
      8397891         $161,000.00           5.345%             2.8182%         $4,537.27
      8397899         $130,000.00           5.470%             0.5455%          $709.09
      8397953         $80,000.00            5.470%             0.5455%          $436.36
      8397969         $65,000.00            5.095%             7.3636%         $4,786.36
      8398063         $173,388.84           5.470%             0.5455%          $945.76
      8398137         $69,000.00            5.220%             5.0909%         $3,512.73
      8398175         $194,000.00           5.095%             7.3636%        $14,285.45
      8398193         $228,900.00           5.220%             5.0909%        $11,653.09
      8398263         $160,000.00           5.470%             0.5455%          $872.73
      8398329         $60,000.00            5.470%             0.5455%          $327.27
      8398347         $258,000.00           5.345%             2.8182%         $7,270.91
      8398411         $112,798.17           5.345%             2.8182%         $3,178.86

 Monday, February 17, 2003                                                      Page 8 of 9

      8398415         $290,000.00           5.470%             0.5455%         $1,581.82
      8398577         $92,000.00            5.345%             2.8182%         $2,592.73
      8401501         $430,000.00           5.220%             5.0909%        $21,890.91
      8401765         $420,000.00           5.345%             2.8182%        $11,836.36
      8401809         $140,000.00           5.220%             5.0909%         $7,127.27
      8403763         $93,000.00            5.220%             5.0909%         $4,734.55
      8403879         $92,000.00            5.095%             7.3636%         $6,774.55
      8403905         $100,000.00           5.345%             2.8182%         $2,818.18
      8403951         $244,000.00           5.470%             0.5455%         $1,330.91
      8408593         $346,000.00           5.345%             2.8182%         $9,750.91

 Monday, February 17, 2003                                                      Page 9 of 9

</TABLE>

<PAGE>

                                  EXHIBIT THREE

                          INFORMATION TO BE INCLUDED IN
                       MONTHLY DISTRIBUTION DATE STATEMENT

(i) (a) the amount of such distribution to the  Certificateholders of such Class
applied  to  reduce  the  Certificate  Principal  Balance  thereof,  and (b) the
aggregate amount included therein representing Principal Prepayments;

(ii) the amount of such  distribution  to Holders of such Class of  Certificates
allocable to interest;

(iii) if the  distribution  to the Holders of such Class of Certificates is less
than the full amount that would be  distributable  to such Holders if there were
sufficient funds available therefor, the amount of the shortfall;

(iv) the amount of any Advance by the Master Servicer pursuant to Section 4.04;

(v) the number and Pool Stated  Principal  Balance of the  Mortgage  Loans after
giving effect to the distribution of principal on such Distribution Date;

(vi) the aggregate  Certificate  Principal Balance of each Class of Certificates
and each of the Senior Percentage and Subordinate Class Percentage, after giving
effect  to  the  amounts  distributed  on  such  Distribution  Date,  separately
identifying any reduction  thereof due to Realized Losses other than pursuant to
an actual distribution of principal;

(vii) the  related  Subordinate  Principal  Distribution  Amount and  Prepayment
Distribution Percentage, if applicable;

(viii) on the basis of the most recent reports furnished to it by Sub-Servicers,
the  number  and  aggregate  principal  balances  of  Mortgage  Loans  that  are
Delinquent (A) 30-59 days, (B) 60-89 days and (C) 90 or more days and the number
and aggregate principal balance of Mortgage Loans that are in foreclosure;

(ix)  the  number,  aggregate  principal  balance  and  book  value  of any  REO
Properties;

(x) the aggregate  Accrued  Certificate  Interest  remaining unpaid, if any, for
each Class of Certificates, after giving effect to the distribution made on such
Distribution Date;

(xi) the Special  Hazard Amount,  Fraud Loss Amount and Bankruptcy  Amount as of
the close of business on such  Distribution Date and a description of any change
in the calculation of such amounts;

(xii) the weighted  average Pool Strip Rate for such  Distribution  Date and the
Pass-Through  Rate with respect to the Class A-V Certificates and each Subclass,
if any, thereof;

(xiii) the  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; and

(xxii) the Reserve Fund Withdrawal for such Distribution Date.

        In the case of  information  furnished  pursuant to clauses (i) and (ii)
above,  the amounts shall be expressed as a dollar amount per Certificate with a
$1,000 denomination.

        The Trustee's internet website, and assistance in using the website, can
be  obtained  by  calling  the  Trustee's  Shareholder  Relations  desk at (800)
735-7777.  To receive this statement via first class mail, telephone the Trustee
at (800) 735-7777.

<PAGE>

                                  EXHIBIT FOUR

                     STANDARD TERMS OF POOLING AND SERVICING
                      AGREEMENT DATED AS OF AUGUST 1, 2002
                                 EXECUTION COPY

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

                                STANDARD TERMS OF
                         POOLING AND SERVICING AGREEMENT

                           Dated as of August 1, 2002

                        Residential Accredit Loans, Inc.
                 Mortgage Asset-Backed Pass-Through Certificates

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

<PAGE>
<TABLE>
<CAPTION>

                                TABLE OF CONTENTS

                                                                                            PAGE

                                                -i-

<S>                                                                                        <C>
Article I         DEFINITIONS...............................................................2

        Section 1.01. Definitions...........................................................2

        Section 1.02. Use of Words and Phrases.............................................31

Article II        CONVEYANCE OF MORTGAGE LOANS; ORIGINAL ISSUANCE OF CERTIFICATES..........32

        Section 2.01. Conveyance of Mortgage Loans.........................................32

        Section 2.02. Acceptance by Trustee................................................38

        Section 2.03. Representations, Warranties and Covenants of the Master Servicer
               and the Company.............................................................39

        Section 2.04. Representations and Warranties of Sellers............................41

        Section 2.05. Execution and Authentication of Certificates/Issuance of Certificates
               Evidencing Interests in REMIC I Certificates................................43

        Section 2.06. Conveyance of Uncertificated REMIC I and REMIC II Regular Interests;
               Acceptance by the Trustee...................................................43

        Section 2.07. Issuance of Certificates Evidencing Interests in REMIC II............43

        Section 2.08. Purposes and Powers of the Trust.....................................43

Article III       ADMINISTRATION AND SERVICING OF MORTGAGE LOANS...........................44

        Section 3.01. Master Servicer to Act as Servicer...................................44

        Section 3.02. Subservicing Agreements Between Master Servicer and Subservicers; Enforcement
               of Subservicers' and Sellers' Obligations...................................45

        Section 3.03. Successor Subservicers...............................................46

        Section 3.04. Liability of the Master Servicer.....................................47

        Section 3.05. No Contractual Relationship Between Subservicer and Trustee or
               Certificateholders..........................................................47

        Section 3.06. Assumption or Termination of Subservicing Agreements by Trustee..... 47

        Section 3.07. Collection of Certain Mortgage Loan Payments;  Deposits to Custodial Account
               48

        Section 3.08. Subservicing Accounts; Servicing Accounts............................50

        Section 3.09. Access to Certain Documentation and  Information Regarding the
                        Mortgage Loans ....................................................52

        Section 3.10. Permitted Withdrawals from the Custodial Account.....................52

<PAGE>

        Section 3.11. Maintenance of the Primary Insurance  Policies; Collections Thereunder54

        Section 3.12. Maintenance of Fire Insurance and  Omissions and Fidelity Coverage...55

        Section 3.13. Enforcement of Due-on-Sale Clauses; Assumption and  Modification Agreements;
               Certain Assignments.........................................................56

        Section 3.14. Realization Upon Defaulted Mortgage Loans............................58

        Section 3.15. Trustee to Cooperate; Release of Mortgage Files......................61

        Section 3.16. Servicing and Other Compensation; Compensating Interest..............63

        Section 3.17. Reports to the Trustee and the Company...............................64

        Section 3.18. Annual Statement as to Compliance....................................64

        Section 3.19. Annual Independent Public Accountants' Servicing Report..............64

        Section 3.20. Rights of the Company in Respect of the Master Servicer..............65

        Section 3.21. Administration of Buydown Funds......................................65

Article IV        PAYMENTS TO CERTIFICATEHOLDERS...........................................67

        Section 4.01. Certificate Account..................................................67

        Section 4.02. Distributions........................................................67

        Section 4.03. Statements to Certificateholders.....................................67

        Section 4.04. Distribution of Reports to the Trustee and  the Company; Advances by the
               Master Servicer.............................................................68

        Section 4.05. Allocation of Realized Losses........................................70

        Section 4.06. Reports of Foreclosures and Abandonment of Mortgaged Property........70

        Section 4.07. Optional Purchase of Defaulted Mortgage Loans........................70

        Section 4.08. Surety Bond..........................................................70

Article V         THE CERTIFICATES.........................................................72

        Section 5.01. The Certificates.....................................................72

        Section 5.02. Registration of Transfer and Exchange of Certificates................74

        Section 5.03. Mutilated, Destroyed, Lost or Stolen Certificates....................79

        Section 5.04. Persons Deemed Owners................................................80

        Section 5.05. Appointment of Paying Agent..........................................80
<PAGE>

Article VI        THE COMPANY AND THE MASTER SERVICER......................................81

        Section 6.01. Respective Liabilities of the Company and the Master Servicer........81

        Section 6.02. Merger or Consolidation of the Company or the Master Servicer; Assignment of
               Rights and Delegation of Duties by Master Servicer..........................81

        Section 6.03. Limitation on Liability of the Company,  the Master Servicer and Others 82

        Section 6.04. Company and Master Servicer Not to Resign............................83

Article VII       DEFAULT..................................................................84

        Section 7.01. Events of Default....................................................84

        Section 7.02. Trustee or Company to Act; Appointment of Successor..................86

        Section 7.03. Notification to Certificateholders...................................87

        Section 7.04. Waiver of Events of Default..........................................87

Article VIII      CONCERNING THE TRUSTEE...................................................88

        Section 8.01. Duties of Trustee....................................................88

        Section 8.02. Certain Matters Affecting the Trustee................................89

        Section 8.03. Trustee Not Liable for Certificates or Mortgage Loans................91

        Section 8.04. Trustee May Own Certificates.........................................91

        Section 8.05. Master Servicer to Pay Trustee's Fees  and Expenses; Indemnification.91

        Section 8.06. Eligibility Requirements for Trustee.................................92

        Section 8.07. Resignation and Removal of the Trustee...............................93

        Section 8.08. Successor Trustee....................................................93

        Section 8.09. Merger or Consolidation of Trustee...................................94

        Section 8.10. Appointment of Co-Trustee or Separate Trustee........................94

        Section 8.11. Appointment of Custodians............................................95

        Section 8.12. Appointment of Office or Agency......................................96

Article IX        TERMINATION OR OPTIONAL PURCHASE OF ALL CERTIFICATES.....................97

        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...97
<PAGE>

        Section 9.02. Additional Termination Requirements.................................100

        Section 9.03. Termination of Multiple REMICs......................................101

Article X         REMIC PROVISIONS........................................................102

        Section 10.01.REMIC Administration................................................102

        Section 10.02.Master Servicer, REMIC Administrator and Trustee Indemnification....105

        Section 10.03.Designation of REMIC(s).............................................106

Article XI        MISCELLANEOUS PROVISIONS................................................107

        Section 11.01.Amendment...........................................................107

        Section 11.02.Recordation of Agreement; Counterparts..............................109

        Section 11.03.Limitation on Rights of Certificateholders..........................110

        Section 11.04.Governing Law.......................................................110

        Section 11.05.Notices.............................................................111

        Section 11.06.Required Notices to Rating Agency and Subservicer...................111

        Section 11.07.Severability of Provisions..........................................111

        Section 11.08.Supplemental Provisions for Resecuritization........................112

        Section 11.09.Allocation of Voting Rights.........................................112

        Section 11.10.No Petition.........................................................112

<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>

<PAGE>

        This is the Standard Terms of Pooling and Servicing Agreement,  dated as
of August 1, 2002 (the "Standard Terms", and as incorporated by reference into a
Series  Supplement  dated as of the Cut-off  Date,  the "Pooling  and  Servicing
Agreement" or  "Agreement"),  among  RESIDENTIAL  ACCREDIT  LOANS,  INC., as the
company  (together with its permitted  successors and assigns,  the  "Company"),
RESIDENTIAL FUNDING CORPORATION, as master servicer (together with its permitted
successors  and assigns,  the "Master  Servicer"),  and the trustee named in the
applicable  Series  Supplement  (together  with  its  permitted  successors  and
assigns, the "Trustee").

                             PRELIMINARY STATEMENT:

        The Company intends to sell certain mortgage  asset-backed  pass-through
certificates  (collectively,  the  "Certificates"),   to  be  issued  under  the
Agreement in multiple  classes,  which in the aggregate will evidence the entire
beneficial ownership interest in the Mortgage Loans.

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

<PAGE>

                                   ARTICLE I

                                   DEFINITIONS

Section 1.01.  Definitions.

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

        Accretion Termination Date:  As defined in the Series Supplement.

        Accrual Certificates:  As defined in the Series Supplement.

        Accrued Certificate Interest: With respect to each Distribution Date, as
to any  Class  or  Subclass  of  Certificates  (other  than any  Principal  Only
Certificates),  interest  accrued during the related  Interest Accrual Period at
the related  Pass-Through Rate on the Certificate  Principal Balance or Notional
Amount thereof  immediately prior to such Distribution Date. Accrued Certificate
Interest will be calculated on the basis of a 360-day year, consisting of twelve
30-day  months.  In each  case  Accrued  Certificate  Interest  on any  Class or
Subclass of Certificates will be reduced by the amount of:

        (i)    Prepayment  Interest  Shortfalls on all Mortgage Loans or, if the
               Mortgage  Pool is comprised  of two or more Loan  Groups,  on the
               Mortgage  Loans in the  related  Loan  Group (to the  extent  not
               offset by the  Master  Servicer  with a payment  of  Compensating
               Interest as provided in Section 4.01),

         (ii)  the interest  portion  (adjusted to the Net Mortgage Rate (or the
               Modified  Net  Mortgage  Rate in the case of a Modified  Mortgage
               Loan))  of  Realized  Losses  on all  Mortgage  Loans  or, if the
               Mortgage  Pool is comprised  of two or more Loan  Groups,  on the
               Mortgage  Loans  in the  related  Loan  Group  (including  Excess
               Special Hazard  Losses,  Excess Fraud Losses,  Excess  Bankruptcy
               Losses and  Extraordinary  Losses) not allocated solely to one or
               more specific Classes of Certificates pursuant to Section 4.05,

         (iii) the interest  portion of Advances that were (A)  previously  made
               with  respect to a Mortgage  Loan or REO Property on all Mortgage
               Loans or, if the  Mortgage  Pool is comprised of two or more Loan
               Groups,  on the Mortgage  Loans in the related Loan Group,  which
               remained  unreimbursed  following  the  Cash  Liquidation  or REO
               Disposition  of such  Mortgage  Loan or REO Property and (B) made
               with respect to delinquencies that were ultimately  determined to
               be Excess  Special  Hazard  Losses,  Excess Fraud Losses,  Excess
               Bankruptcy Losses or Extraordinary Losses, and

        (iv)   any other interest  shortfalls  not covered by the  subordination
               provided by the Class M  Certificates  and Class B  Certificates,
               including  interest  that is not  collectible  from the Mortgagor
               pursuant to the Soldiers' and Sailors'  Civil Relief Act of 1940,
               as amended,  or similar  legislation  or regulations as in effect
               from time to time,

                                       2
<PAGE>

with  all  such  reductions  allocated  (A)  among  all of the  Certificates  in
proportion to their respective amounts of Accrued  Certificate  Interest payable
on such  Distribution Date absent such reductions or (B) if the Mortgage Pool is
comprised  of two or more Loan Groups,  the related  Senior  Percentage  of such
reductions among the related Senior Certificates in proportion to the amounts of
Accrued  Certificate  Interest  payable  from  the  related  Loan  Group on such
Distribution Date absent such reductions,  with the remainder of such reductions
allocated among the holders of the Class M Certificates and Class B Certificates
in  proportion  to their  respective  amounts  of Accrued  Certificate  Interest
payable on such  Distribution  Date absent such reductions.  In addition to that
portion of the reductions described in the preceding sentence that are allocated
to any  Class  of Class B  Certificates  or any  Class of Class M  Certificates,
Accrued Certificate Interest on such Class of Class B Certificates or such Class
of Class M Certificates will be reduced by the interest portion (adjusted to the
Net Mortgage Rate) of Realized Losses that are allocated solely to such Class of
Class B Certificates  or such Class of Class M Certificates  pursuant to Section
4.05.

     Addendum and Assignment  Agreement:  The Addendum and Assignment Agreement,
dated as of January 31, 1995, between MLCC and the Master Servicer.

        Additional  Collateral:  Any of the  following  held, in addition to the
related  Mortgaged  Property,  as security for a Mortgage  Loan:  (i) all money,
securities,  security  entitlements,   accounts,  general  intangibles,  payment
rights,  instruments,  documents,  deposit  accounts,  certificates  of deposit,
commodities  contracts  and other  investment  property  and other  property  of
whatever kind or description now existing or hereafter acquired which is pledged
as  security  for  the  repayment  of  such  Mortgage  Loan,  (ii)   third-party
guarantees,  and (A) all money,  securities,  security  entitlements,  accounts,
general intangibles,  payment rights, instruments,  documents, deposit accounts,
certificates of deposit, commodities contracts and other investment property and
other  property of  whatever  kind or  description  now  existing  or  hereafter
acquired  which is pledged as collateral for such guarantee or (B) any mortgaged
property  securing  the  performance  of such  guarantee,  or (iii)  such  other
collateral as may be set forth in the Series Supplement.

     Additional  Collateral  Loan:  Each  Mortgage  Loan  that is  supported  by
Additional Collateral.

        Adjusted  Mortgage Rate:  With respect to any Mortgage Loan and any date
of determination, the Mortgage Rate borne by the related Mortgage Note, less the
rate at which the related Subservicing Fee accrues.

     Advance:  As to any Mortgage Loan, any advance made by the Master Servicer,
pursuant to Section 4.04.

        Affiliate:  With respect to any Person,  any other  Person  controlling,
controlled by or under common  control with such first Person.  For the purposes
of this  definition,  "control"  means the power to direct  the  management  and
policies of such Person,  directly or indirectly,  whether through the ownership
of voting securities,  by contract or otherwise; and the terms "controlling" and
"controlled" have meanings correlative to the foregoing.

                                       3
<PAGE>

     Ambac:  Ambac  Assurance  Corporation  (formerly  known as AMBAC  Indemnity
Corporation).

        Amount Held for Future  Distribution:  As to any Distribution  Date and,
with respect to any Mortgage  Pool that is comprised of two or more Loan Groups,
each Loan Group,  the total of the amounts held in the Custodial  Account at the
close  of  business  on the  preceding  Determination  Date  on  account  of (i)
Liquidation Proceeds, Subsequent Recoveries,  Insurance Proceeds,  Curtailments,
Mortgage Loan  purchases made pursuant to Section 2.02,  2.03,  2.04 or 4.07 and
Mortgage  Loan  substitutions  made pursuant to Section 2.03 or 2.04 received or
made in the  month  of such  Distribution  Date  (other  than  such  Liquidation
Proceeds,  Insurance  Proceeds and  purchases of Mortgage  Loans that the Master
Servicer has deemed to have been received in the  preceding  month in accordance
with Section 3.07(b)),  and Principal Prepayments in Full made after the related
Prepayment  Period, and (ii) payments which represent early receipt of scheduled
payments of  principal  and interest  due on a date or dates  subsequent  to the
related Due Date.

        Appraised  Value:  As to any Mortgaged  Property,  the lesser of (i) the
appraised value of such Mortgaged  Property based upon the appraisal made at the
time of the  origination of the related  Mortgage Loan, and (ii) the sales price
of the Mortgaged  Property at such time of origination,  except in the case of a
Mortgaged  Property  securing a refinanced or modified Mortgage Loan as to which
it is  either  the  appraised  value  determined  above or the  appraised  value
determined in an appraisal at the time of  refinancing or  modification,  as the
case may be.

        Assigned  Contracts:  With respect to any Pledged Asset Loan: the Credit
Support Pledge Agreement; the Funding and Pledge Agreement,  among GMAC Mortgage
Corporation,  National Financial Services Corporation and the Mortgagor or other
person pledging the related Pledged Assets; the Additional Collateral Agreement,
between GMAC Mortgage Corporation and the Mortgagor or other person pledging the
related  Pledged  Assets;  or such  other  contracts  as may be set forth in the
Series Supplement.

        Assignment:  An  assignment  of the  Mortgage,  notice  of  transfer  or
equivalent  instrument,  in recordable  form,  sufficient  under the laws of the
jurisdiction  wherein  the related  Mortgaged  Property is located to reflect of
record  the  sale  of the  Mortgage  Loan to the  Trustee  for  the  benefit  of
Certificateholders,   which   assignment,   notice  of  transfer  or  equivalent
instrument  may be in the  form  of one or  more  blanket  assignments  covering
Mortgages  secured  by  Mortgaged  Properties  located  in the same  county,  if
permitted by law and accompanied by an Opinion of Counsel to that effect.

        Assignment Agreement: The Assignment and Assumption Agreement, dated the
Closing  Date,  between  Residential  Funding  and the  Company  relating to the
transfer and assignment of the Mortgage Loans.

        Assignment of Proprietary Lease: With respect to a Cooperative Loan, the
assignment of the related Cooperative Lease from the Mortgagor to the originator
of the Cooperative Loan.

        Available  Distribution  Amount:  As to any Distribution  Date and, with
respect to any Mortgage  Pool  comprised  of two or more Loan Groups,  each Loan
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, including any Subsequent  Recoveries,
and  amounts   deposited  in  the  Custodial  Account  in  connection  with  the
substitution  of Qualified  Substitute  Mortgage  Loans,  (ii) the amount of any
Advance made on the  immediately  preceding  Certificate  Account  Deposit Date,
(iii) any amount deposited in the Certificate Account on the related Certificate
Account Deposit Date pursuant to the second paragraph of Section  3.12(a),  (iv)
any amount  deposited in the Certificate  Account  pursuant to Section 4.07, (v)
any amount  that the Master  Servicer  is not  permitted  to  withdraw  from the
Custodial Account or the Certificate  Account pursuant to Section 3.16(e),  (vi)
any amount  received  by the  Trustee  pursuant to the Surety Bond in respect of
such  Distribution Date and (vii) the proceeds of any Pledged Assets received by
the Master  Servicer,  reduced by (b) the sum as of the close of business on the
immediately  preceding  Determination Date of (w) aggregate Foreclosure Profits,
(x) the Amount Held for Future  Distribution,  and (y) amounts  permitted  to be
withdrawn by the Master  Servicer from the  Custodial  Account in respect of the
Mortgage Loans pursuant to clauses (ii)-(x), inclusive, of Section 3.10(a). Such
amount shall be determined  separately for each Loan Group.  Additionally,  with
respect to any Mortgage Pool that is comprised of two or more Loan Groups, if on
any Distribution  Date  Compensating  Interest provided pursuant to this Section
3.16(e) is less than  Prepayment  Interest  Shortfalls  incurred on the Mortgage
Loans in connection with Principal  Prepayments in Full and Curtailments made in
the prior calendar month, such Compensating  Interest shall be allocated on such
Distribution Date to the Available  Distribution Amount for each Loan Group on a
pro rata basis in  accordance  with the  respective  amounts of such  Prepayment
Interest Shortfalls incurred on the Mortgage Loans in such Loan Group in respect
of such Distribution Date.

        Bankruptcy Code:  The Bankruptcy Code of 1978, as amended.
        ---------------

        Bankruptcy  Loss:  With  respect  to  any  Mortgage  Loan,  a  Deficient
Valuation or Debt Service Reduction; provided, however, that neither a Deficient
Valuation  nor a Debt  Service  Reduction  shall  be  deemed a  Bankruptcy  Loss
hereunder  so long as the Master  Servicer  has  notified the Trustee in writing
that the Master  Servicer is diligently  pursuing any remedies that may exist in
connection  with the  representations  and warranties made regarding the related
Mortgage  Loan and either (A) the related  Mortgage  Loan is not in default with
regard to payments due  thereunder or (B)  delinquent  payments of principal and
interest  under the related  Mortgage  Loan and any  premiums on any  applicable
primary hazard  insurance  policy and any related escrow  payments in respect of
such Mortgage Loan are being advanced on a current basis by the Master  Servicer
or a  Subservicer,  in either case  without  giving  effect to any Debt  Service
Reduction.

        Book-Entry  Certificate:  Any Certificate  registered in the name of the
Depository or its nominee,  and designated as such in the Preliminary  Statement
to the Series Supplement.

        Business  Day:  Any day other than (i) a Saturday  or a Sunday or (ii) a
day on which  banking  institutions  in the  State  of New  York,  the  State of
Michigan, the State of California or the State of Illinois (and such other state
or states in which the Custodial  Account or the Certificate  Account are at the
time located) are required or authorized by law or executive order to be closed.

                                       5
<PAGE>

        Buydown  Funds:  Any amount  contributed  by the  seller of a  Mortgaged
Property, the Company or other source in order to enable the Mortgagor to reduce
the payments  required to be made from the Mortgagor's  funds in the early years
of a  Mortgage  Loan.  Buydown  Funds  are not part of the Trust  Fund  prior to
deposit into the Custodial or Certificate Account.

        Buydown  Mortgage Loan: Any Mortgage Loan as to which a specified amount
of interest is paid out of related  Buydown Funds in  accordance  with a related
buydown agreement.

        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

     (ii) any Subsequent  Recoveries added to the Certificate  Principal Balance
          of such Certificate pursuant to Section 4.02, plus

                                       6
<PAGE>

     (iii)in the  case of each  Accrual  Certificate,  an  amount  equal  to the
          aggregate  Accrued  Certificate  Interest  added  to  the  Certificate
          Principal Balance thereof prior to such date of determination, minus

     (iv) the sum of (x) the  aggregate  of all amounts  previously  distributed
          with respect to such Certificate (or any predecessor  Certificate) and
          applied to reduce the Certificate  Principal  Balance thereof pursuant
          to  Section  4.02(a)  and  (y)  the  aggregate  of all  reductions  in
          Certificate  Principal  Balance  deemed to have occurred in connection
          with  Realized  Losses  which  were   previously   allocated  to  such
          Certificate (or any predecessor Certificate) pursuant to Section 4.05;

provided,  that the  Certificate  Principal  Balance of each  Certificate of the
Class of  Subordinate  Certificates  with the Lowest  Priority at any given time
shall  be  further  reduced  by an  amount  equal  to  the  Percentage  Interest
represented  by such  Certificate  multiplied by the excess,  if any, of (A) the
then aggregate Certificate Principal Balance of all Classes of Certificates then
outstanding over (B) the then aggregate Stated Principal Balance of the Mortgage
Loans.

     Certificate Register and Certificate Registrar: The register maintained and
the registrar appointed pursuant to Section 5.02.

        Class:   Collectively,   all  of  the  Certificates   bearing  the  same
designation.  The initial Class A-V Certificates and any Subclass thereof issued
pursuant  to  Section  5.01(c)  shall be a single  Class  for  purposes  of this
Agreement.

     Class A-P Certificate:  Any one of the  Certificates  designated as a Class
A-P Certificate.

        Class A-P Collection Shortfall:  With respect to the Cash Liquidation or
REO  Disposition  of a Discount  Mortgage Loan and any  Distribution  Date,  the
excess of the  amount  described  in  Section  4.02(b)(i)(C)(1)  over the amount
described in Section 4.02(b)(i)(C)(2).

        Class A-P Principal Distribution Amount:  As defined in Section 4.02.

     Class A-V Certificate:  Any one of the  Certificates  designated as a Class
A-V Certificate, including any Subclass thereof.

        Class B Certificate:  Any one of the Certificates  designated as a Class
B-1 Certificate, Class B-2 Certificate or Class B-3 Certificate.

        Class M Certificate:  Any one of the Certificates  designated as a Class
M-1 Certificate, Class M-2 Certificate or Class M-3 Certificate.

        Closing Date:  As defined in the Series Supplement.

        Code:  The Internal Revenue Code of 1986.

     Combined  Collateral  LLC:  Combined  Collateral  LLC, a  Delaware  limited
liability company.

                                       7
<PAGE>

        Compensating Interest:  With respect to any Distribution Date, an amount
equal to Prepayment Interest Shortfalls resulting from Principal  Prepayments in
Full  during the related  Prepayment  Period and  Curtailments  during the prior
calendar  month and  included  in the  Available  Distribution  Amount  for such
Distribution  Date, but not more than the lesser of (a) one-twelfth of 0.125% of
the Stated Principal  Balance of the Mortgage Loans  immediately  preceding such
Distribution  Date and (b) the sum of the  Servicing Fee and all income and gain
on amounts held in the Custodial Account and the Certificate Account and payable
to the Certificateholders  with respect to such Distribution Date; provided that
for  purposes of this  definition  the amount of the  Servicing  Fee will not be
reduced pursuant to Section 7.02 except as may be required  pursuant to the last
sentence of such Section.

        Cooperative:  A private,  cooperative  housing corporation which owns or
leases land and all or part of a building or  buildings,  including  apartments,
spaces used for commercial  purposes and common areas therein and whose board of
directors authorizes, among other things, the sale of Cooperative Stock.

        Cooperative  Apartment:  A dwelling  unit in a  multi-dwelling  building
owned or leased by a  Cooperative,  which unit the  Mortgagor  has an  exclusive
right to  occupy  pursuant  to the  terms of a  proprietary  lease or  occupancy
agreement.

        Cooperative  Lease:  With respect to a Cooperative Loan, the proprietary
lease or occupancy agreement with respect to the Cooperative  Apartment occupied
by the Mortgagor and relating to the related  Cooperative  Stock, which lease or
agreement  confers an exclusive right to the holder of such Cooperative Stock to
occupy such apartment.

        Cooperative  Loans:  Any of the  Mortgage  Loans  made in  respect  of a
Cooperative  Apartment,  evidenced  by a  Mortgage  Note  and  secured  by (i) a
Security  Agreement,  (ii) the related  Cooperative Stock Certificate,  (iii) an
assignment of the Cooperative  Lease, (iv) financing  statements and (v) a stock
power (or other  similar  instrument),  and  ancillary  thereto,  a  recognition
agreement  between the Cooperative  and the originator of the Cooperative  Loan,
each of which was  transferred  and assigned to the Trustee  pursuant to Section
2.01 and are from time to time held as part of the Trust Fund.

     Cooperative   Stock:  With  respect  to  a  Cooperative  Loan,  the  single
outstanding class of stock,  partnership  interest or other ownership instrument
in the related Cooperative.

     Cooperative  Stock  Certificate:  With respect to a Cooperative  Loan,  the
stock certificate or other instrument evidencing the related Cooperative Stock.

        Credit Support Depletion Date: The first  Distribution Date on which the
Certificate Principal Balances of the Subordinate Certificates have been reduced
to zero.

        Credit Support Pledge  Agreement:  The Credit Support Pledge  Agreement,
dated as of  November  24,  1998,  among  the  Master  Servicer,  GMAC  Mortgage
Corporation, Combined Collateral LLC and The First National Bank of Chicago (now
known as Bank One, National Association), as custodian.

        Cumulative Insurance Payments:  As defined in the Series Supplement.

                                       8
<PAGE>

     Curtailment:  Any Principal  Prepayment  made by a Mortgagor which is not a
Principal Prepayment in Full.

        Custodial  Account:  The  custodial  account  or  accounts  created  and
maintained pursuant to Section 3.07 in the name of a depository institution,  as
custodian for the holders of the Certificates,  for the holders of certain other
interests in mortgage loans serviced or sold by the Master  Servicer and for the
Master  Servicer,  into which the  amounts  set forth in  Section  3.07 shall be
deposited directly. Any such account or accounts shall be an Eligible Account.

        Custodial  Agreement:  An  agreement  that may be entered into among the
Company, the Master Servicer,  the Trustee and a Custodian pursuant to which the
Custodian will hold certain  documents  relating to the Mortgage Loans on behalf
of the Trustee.

        Custodian:  A custodian appointed pursuant to a Custodial Agreement.

        Cut-off Date  Principal  Balance:  As to any Mortgage  Loan,  the unpaid
principal  balance  thereof  at the  Cut-off  Date  after  giving  effect to all
installments of principal due on or prior thereto, whether or not received.

        Debt Service  Reduction:  With respect to any Mortgage Loan, a reduction
in the scheduled  Monthly Payment for such Mortgage Loan by a court of competent
jurisdiction in a proceeding under the Bankruptcy Code,  except such a reduction
constituting a Deficient  Valuation or any reduction that results in a permanent
forgiveness of principal.

        Deficient Valuation: With respect to any Mortgage Loan, a valuation by a
court of competent jurisdiction of the Mortgaged Property in an amount less than
the then outstanding  indebtedness  under the Mortgage Loan, or any reduction in
the amount of  principal to be paid in  connection  with any  scheduled  Monthly
Payment that constitutes a permanent  forgiveness of principal,  which valuation
or reduction results from a proceeding under the Bankruptcy Code.

     Definitive   Certificate:   Any   Certificate   other  than  a   Book-Entry
Certificate.

     Deleted  Mortgage  Loan: A Mortgage  Loan replaced or to be replaced with a
Qualified Substitute Mortgage Loan.

        Delinquent:  As used herein, a Mortgage Loan is considered to be: "30 to
59 days" or "30 or more days" delinquent when a payment due on any scheduled due
date  remains  unpaid  as of the  close of  business  on the last  business  day
immediately  prior to the next following  monthly  scheduled due date; "60 to 89
days" or "60 or more days"  delinquent  when a payment due on any  scheduled due
date  remains  unpaid  as of the  close of  business  on the last  business  day
immediately prior to the second following monthly scheduled due date; and so on.
The  determination  as to whether a Mortgage Loan falls into these categories is
made as of the close of business  on the last  business  day of each month.  For
example, a Mortgage Loan with a payment due on July 1 that remained unpaid as of
the close of  business on July 31 would then be  considered  to be 30 to 59 days
delinquent.  Delinquency  information  as of the Cut-off Date is determined  and
prepared as of the close of business on the last business day immediately  prior
to the Cut-off Date.

                                       9
<PAGE>

        Depository:  The Depository Trust Company,  or any successor  Depository
hereafter  named.  The  nominee  of  the  initial  Depository  for  purposes  of
registering those Certificates that are to be Book-Entry  Certificates is Cede &
Co. The Depository shall at all times be a "clearing  corporation" as defined in
Section  8-102(a)(5) of the Uniform Commercial Code of the State of New York and
a "clearing agency" registered  pursuant to the provisions of Section 17A of the
Securities Exchange Act of 1934, as amended.

        Depository  Participant:  A  broker,  dealer,  bank or  other  financial
institution  or other  Person  for whom from time to time a  Depository  effects
book-entry transfers and pledges of securities deposited with the Depository.

     Destroyed  Mortgage  Note:  A  Mortgage  Note the  original  of  which  was
permanently lost or destroyed and has not been replaced.

        Determination Date: As defined in the Series Supplement.

        Discount  Fraction:  With respect to each Discount  Mortgage  Loan,  the
fraction  expressed as a percentage,  the numerator of which is the Discount Net
Mortgage Rate minus the Net Mortgage Rate (or the initial Net Mortgage Rate with
respect to any Discount Mortgage Loans as to which the Mortgage Rate is modified
pursuant to 3.07(a)) for such Mortgage Loan and the  denominator of which is the
Discount Net Mortgage Rate. The Discount  Fraction with respect to each Discount
Mortgage Loan is set forth as an exhibit attached to the Series Supplement.

        Discount Mortgage Loan: Any Mortgage Loan having a Net Mortgage Rate (or
the initial Net Mortgage  Rate) of less than the Discount Net Mortgage  Rate per
annum and any Mortgage  Loan deemed to be a Discount  Mortgage  Loan pursuant to
the definition of Qualified Substitute Mortgage Loan.

        Discount Net Mortgage Rate:  As defined in the Series Supplement.

        Disqualified  Organization:  Any organization defined as a "disqualified
organization"  under  Section  860E(e)(5)  of the  Code,  and  if not  otherwise
included,  any of the following:  (i) the United States,  any State or political
subdivision  thereof,  any  possession  of the United  States,  or any agency or
instrumentality of any of the foregoing (other than an instrumentality  which is
a corporation if all of its  activities  are subject to tax and,  except for the
Freddie  Mac, a  majority  of its board of  directors  is not  selected  by such
governmental unit), (ii) a foreign government,  any international  organization,
or any agency or instrumentality of any of the foregoing, (iii) any organization
(other than certain farmers' cooperatives  described in Section 521 of the Code)
which is exempt from the tax imposed by Chapter 1 of the Code (including the tax
imposed by Section 511 of the Code on unrelated  business taxable income),  (iv)
rural electric and telephone  cooperatives described in Section 1381(a)(2)(C) of
the Code, (v) any "electing large  partnership," as defined in Section 775(a) of
the Code and (vi) any other Person so  designated  by the Trustee  based upon an
Opinion  of  Counsel  that the  holding of an  Ownership  Interest  in a Class R
Certificate  by such  Person may cause the Trust  Fund or any  Person  having an
Ownership  Interest in any Class of  Certificates  (other  than such  Person) to
incur a liability  for any  federal  tax  imposed  under the Code that would not
otherwise be imposed but for the Transfer of an Ownership  Interest in a Class R
Certificate   to  such  Person.   The  terms   "United   States",   "State"  and
"international  organization"  shall have the meanings set forth in Section 7701
of the Code or successor provisions.

                                       10
<PAGE>

        Distribution  Date:  The 25th day of any  month  beginning  in the month
immediately  following the month of the initial issuance of the Certificates or,
if such 25th day is not a Business Day, the Business Day  immediately  following
such 25th day.

     Due Date: With respect to any Distribution  Date and any Mortgage Loan, the
day during the related Due Period on which the Monthly Payment is due.

     Due Period: With respect to any Distribution Date, the one-month period set
forth in the Series Supplement.

        Eligible  Account:  An  account  that  is  any  of  the  following:  (i)
maintained with a depository institution the debt obligations of which have been
rated by each Rating Agency in its highest rating available,  or (ii) an account
or accounts in a depository institution in which such accounts are fully insured
to the limits established by the FDIC, provided that any deposits not so insured
shall, to the extent  acceptable to each Rating Agency, as evidenced in writing,
be maintained such that (as evidenced by an Opinion of Counsel  delivered to the
Trustee and each Rating Agency) the registered  Holders of  Certificates  have a
claim with  respect to the funds in such account or a perfected  first  security
interest   against  any   collateral   (which  shall  be  limited  to  Permitted
Investments)  securing  such  funds  that is  superior  to  claims  of any other
depositors or creditors of the depository institution with which such account is
maintained,  or (iii) in the case of the Custodial  Account,  a trust account or
accounts  maintained in the  corporate  trust  department of Bank One,  National
Association,  or (iv) in the case of the Certificate Account, a trust account or
accounts  maintained in the corporate  trust division of the Trustee,  or (v) an
account or accounts of a depository institution acceptable to each Rating Agency
(as  evidenced in writing by each Rating  Agency that use of any such account as
the  Custodial  Account or the  Certificate  Account  will not reduce the rating
assigned to any Class of  Certificates  by such Rating Agency below the lower of
the  then-current  rating or the rating assigned to such  Certificates as of the
Closing Date by such Rating Agency).

        Event of Default:  As defined in Section 7.01.

     Excess  Bankruptcy  Loss: Any Bankruptcy  Loss, or portion  thereof,  which
exceeds the then applicable Bankruptcy Amount.

     Excess Fraud Loss:  Any Fraud Loss, or portion  thereof,  which exceeds the
then applicable Fraud Loss Amount.

     Excess Special  Hazard Loss:  Any Special Hazard Loss, or portion  thereof,
that exceeds the then applicable Special Hazard Amount.

        Excess  Subordinate  Principal Amount:  With respect to any Distribution
Date on which  the  aggregate  Certificate  Principal  Balance  of the  Class of
Subordinate  Certificates  then  outstanding  with the Lowest  Priority is to be
reduced to zero and on which  Realized  Losses are to be allocated to such class
or classes,  the  excess,  if any,  of (i) the amount  that would  otherwise  be
distributable  in respect of principal on such class or classes of  Certificates
on such  Distribution  Date  over  (ii) the  excess,  if any,  of the  aggregate
Certificate   Principal  Balance  of  such  class  or  classes  of  Certificates

                                       11
<PAGE>

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 Ratings or its successor in interest.

        Foreclosure   Profits:   As  to  any   Distribution   Date  or   related
Determination  Date and any Mortgage  Loan,  the excess,  if any, of Liquidation
Proceeds,  Insurance Proceeds and REO Proceeds (net of all amounts  reimbursable
therefrom  pursuant to Section  3.10(a)(ii)) in respect of each Mortgage Loan or
REO Property for which a Cash  Liquidation  or REO  Disposition  occurred in the
related  Prepayment  Period over the sum of the unpaid principal balance of such
Mortgage Loan or REO Property (determined, in the case of an REO Disposition, in
accordance  with Section 3.14) plus accrued and unpaid  interest at the Mortgage
Rate on such unpaid  principal  balance from the Due Date to which  interest was
last paid by the Mortgagor to the first day of the month  following the month in
which such Cash Liquidation or REO Disposition occurred.

     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 a Certificate  Principal Balance
greater than zero, with the earliest  priority for payments  pursuant to Section
4.02(a),  in the following  order:  Class M-1,  Class M-2, Class M-3, Class B-1,
Class B-2 and Class B-3 Certificates.

        Independent:  When used with respect to any specified Person, means such
a Person who (i) is in fact independent of the Company,  the Master Servicer and
the Trustee,  or any Affiliate thereof,  (ii) does not have any direct financial
interest or any material indirect financial interest in the Company,  the Master
Servicer or the Trustee or in an Affiliate  thereof,  and (iii) is not connected
with the Company,  the Master  Servicer or the Trustee as an officer,  employee,
promoter,  underwriter,  trustee, partner, director or person performing similar
functions.

        Initial  Certificate  Principal  Balance:  With respect to each Class of
Certificates, the Certificate Principal Balance of such Class of Certificates as
of the Cut-off Date, as set forth in the Series Supplement.

        Initial Monthly Payment Fund: An amount representing scheduled principal
amortization and interest at the Net Mortgage Rate for the Due Date in the first
Due Period  commencing  subsequent to the Cut-off Date for those  Mortgage Loans
for which the Trustee will not be entitled to receive such payment,  and as more
specifically defined in the Series Supplement.

                                       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
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.

                                       14
<PAGE>

        Loan Group:  Any group of Mortgage  Loans  designated as a separate loan
group in the Series  Supplement.  The  Certificates  relating to each Loan Group
will be designated in the Series Supplement.

        Loan-to-Value  Ratio:  As of any  date,  the  fraction,  expressed  as a
percentage,  the  numerator  of which is the  current  principal  balance of the
related Mortgage Loan at the date of determination  and the denominator of which
is the Appraised Value of the related Mortgaged Property.

        Lower  Priority:  As of any  date  of  determination  and any  Class  of
Subordinate  Certificates,  any other  Class of  Subordinate  Certificates  then
outstanding with a later priority for payments pursuant to Section 4.02 (a).

        Lowest  Priority:  As  of  any  date  of  determination,  the  Class  of
Subordinate  Certificates then outstanding with a Certificate  Principal Balance
greater than zero,  with the latest  priority  for payments  pursuant to Section
4.02(a),  in the following  order:  Class B-3,  Class B-2, Class B-1, Class M-3,
Class M-2 and Class M-1 Certificates.

        Maturity Date: The latest possible maturity date, solely for purposes of
Section   1.860G-1(a)(4)(iii)   of  the  Treasury  regulations,   by  which  the
Certificate  Principal  Balance of each Class of  Certificates  (other  than the
Interest Only Certificates which have no Certificate Principal Balance) and each
Uncertificated REMIC Regular Interest would be reduced to zero, as designated in
the Series Supplement.

     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
pursuant to the  definition  of "Pool Strip Rate" is greater than the Pool Strip
Rate of the related Deleted Mortgage Loan

                                       21
<PAGE>

        (i)    the Pool Strip Rate of such  Qualified  Substitute  Mortgage Loan
               shall  be equal to the Pool  Strip  Rate of the  related  Deleted
               Mortgage Loan for purposes of calculating the  Pass-Through  Rate
               on the Class A-V Certificates and

        (ii)   the excess of the Pool Strip  Rate on such  Qualified  Substitute
               Mortgage Loan as calculated  pursuant to the  definition of "Pool
               Strip  Rate"  over the Pool  Strip  Rate on the  related  Deleted
               Mortgage  Loan  shall  be  payable  to the  Class R  Certificates
               pursuant to Section 4.02 hereof.

        Rating Agency:  Each of the statistical credit rating agencies specified
in the  Preliminary  Statement  of the  Series  Supplement.  If any  agency or a
successor is no longer in existence,  "Rating Agency" shall be such  statistical
credit rating agency,  or other  comparable  Person,  designated by the Company,
notice  of  which  designation  shall be given  to the  Trustee  and the  Master
Servicer.

        Realized Loss:  With respect to each Mortgage Loan (or REO Property):

          (a)  as to which a Cash  Liquidation or REO  Disposition has occurred,
               an amount (not less than zero) equal to (i) the Stated  Principal
               Balance of the Mortgage  Loan (or REO Property) as of the date of
               Cash Liquidation or REO Disposition,  plus (ii) interest (and REO
               Imputed  Interest,  if any) at the Net Mortgage Rate from the Due
               Date  as  to  which   interest  was  last  paid  or  advanced  to
               Certificateholders  up to the Due Date in the Due Period  related
               to the  Distribution  Date on which  such  Realized  Loss will be
               allocated  pursuant  to  Section  4.05  on the  Stated  Principal
               Balance  of such  Mortgage  Loan  (or REO  Property)  outstanding
               during  each  Due  Period  that  such  interest  was not  paid or
               advanced,  minus (iii) the proceeds,  if any, received during the
               month  in  which  such  Cash  Liquidation  (or  REO  Disposition)
               occurred,  to the extent applied as recoveries of interest at the
               Net Mortgage Rate and to principal of the Mortgage  Loan,  net of
               the portion  thereof  reimbursable  to the Master Servicer or any
               Subservicer  with  respect to related  Advances or expenses as to
               which  the  Master   Servicer  or   Subservicer  is  entitled  to
               reimbursement  thereunder  but  which  have not  been  previously
               reimbursed,

        (b)    which is the subject of a Servicing Modification,  (i) the amount
               by  which  the  interest  portion  of a  Monthly  Payment  or the
               principal balance of such Mortgage Loan was reduced, and (ii) any
               such amount with  respect to a Monthly  Payment that was or would
               have been due in the  month  immediately  following  the month in
               which  a  Principal  Prepayment  or the  Purchase  Price  of such
               Mortgage Loan is received or is deemed to have been received,

        (c)    which has  become  the  subject  of a  Deficient  Valuation,  the
               difference  between the  principal  balance of the Mortgage  Loan
               outstanding immediately prior to such Deficient Valuation and the
               principal  balance  of  the  Mortgage  Loan  as  reduced  by  the
               Deficient Valuation, or

                                       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.

To the extent the Master Servicer receives Subsequent Recoveries with respect to
any Mortgage Loan, the amount of the Realized Loss with respect to that Mortgage
Loan will be reduced to the extent  such  recoveries  are  applied to reduce the
Certificate  Principal  Balance of any Class of Certificates on any Distribution
Date.

        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.

                                       23
<PAGE>

        REO Imputed Interest: As to any REO Property,  for any period, an amount
equivalent to interest (at the Net Mortgage Rate that would have been applicable
to the related  Mortgage Loan had it been  outstanding) on the unpaid  principal
balance of the  Mortgage  Loan as of the date of  acquisition  thereof  for such
period.

        REO Proceeds:  Proceeds, net of expenses, received in respect of any REO
Property (including, without limitation, proceeds from the rental of the related
Mortgaged  Property  or,  with  respect  to  a  Cooperative  Loan,  the  related
Cooperative  Apartment)  which  proceeds are  required to be deposited  into the
Custodial Account only upon the related REO Disposition.

        REO  Property:  A Mortgaged  Property  acquired  by the Master  Servicer
through  foreclosure  or  deed  in  lieu of  foreclosure  in  connection  with a
defaulted Mortgage Loan.

        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.

                                       24
<PAGE>

        Seller's  Agreement:  An  agreement  for  the  origination  and  sale of
Mortgage  Loans  generally  in the form of the Seller  Contract  referred  to or
contained in the Program  Guide,  or in such other form as has been  approved by
the  Master  Servicer  and the  Company,  each  containing  representations  and
warranties in respect of one or more Mortgage  Loans  consistent in all material
respects with those set forth in the Program Guide.

        Senior  Accelerated  Distribution   Percentage:   With  respect  to  any
Distribution  Date occurring on or prior to the 60th Distribution Date and, with
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

                                       25
<PAGE>

        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

        (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, 3.11, 3.12(a) and 3.14,  including,  if the Master Servicer
or any Affiliate of the Master Servicer provides services such as appraisals and
brokerage services that are customarily provided by Persons other than servicers
of mortgage loans, reasonable compensation for such services.

                                       26
<PAGE>

        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.

        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).

                                       27
<PAGE>

        Subordinate Certificate:  Any one of the Class M Certificates or Class B
Certificates,  executed  by the  Trustee and  authenticated  by the  Certificate
Registrar  substantially  in the form annexed hereto as Exhibit B and Exhibit C,
respectively.

        Subordinate Class Percentage:  With respect to any Distribution Date and
any Class of Subordinate  Certificates,  a fraction,  expressed as a percentage,
the numerator of which is the aggregate  Certificate  Principal  Balance of such
Class  of  Subordinate  Certificates  immediately  prior  to such  date  and the
denominator  of which is the aggregate  Stated  Principal  Balance of all of the
Mortgage  Loans (or related  REO  Properties)  (other than the related  Discount
Fraction of each Discount  Mortgage Loan) immediately prior to such Distribution
Date.

        Subordinate Percentage: As of any Distribution Date and, with respect to
any Mortgage  Pool  comprised of two or more Loan Groups,  any Loan Group,  100%
minus the related Senior Percentage as of such Distribution Date.

        Subsequent Recoveries:  As of any Distribution Date, amounts received by
the Master  Servicer  (net of any related  expenses  permitted to be  reimbursed
pursuant  to Section  3.10) or surplus  amounts  held by the Master  Servicer to
cover estimated expenses  (including,  but not limited to, recoveries in respect
of the representations and warranties made by the related Seller pursuant to the
applicable  Seller's  Agreement and assigned to the Trustee  pursuant to Section
2.04)  specifically  related to a Mortgage  Loan that was the  subject of a Cash
Liquidation or an REO Disposition  prior to the related  Prepayment  Period that
resulted in a Realized Loss.

     Subserviced Mortgage Loan: Any Mortgage Loan that, at the time of reference
thereto, is subject to a Subservicing Agreement.

        Subservicer: Any Person with whom the Master Servicer has entered into a
Subservicing Agreement and who generally satisfied the requirements set forth in
the Program Guide in respect of the  qualification  of a  Subservicer  as of the
date of its approval as a Subservicer by the Master Servicer.

        Subservicer  Advance:  Any  delinquent   installment  of  principal  and
interest on a Mortgage Loan which is advanced by the related Subservicer (net of
its Subservicing Fee) pursuant to the Subservicing Agreement.

     Subservicing Account: An account established by a Subservicer in accordance
with Section 3.08.

        Subservicing Agreement: The written contract between the Master Servicer
and any Subservicer relating to servicing and administration of certain Mortgage
Loans as  provided  in  Section  3.02,  generally  in the  form of the  servicer
contract  referred to or contained in the Program Guide or in such other form as
has been  approved  by the Master  Servicer  and the  Company.  With  respect to
Additional  Collateral  Loans  subserviced by MLCC, the  Subservicing  Agreement
shall also include the Addendum and  Assignment  Agreement and the Pledged Asset
Mortgage Servicing Agreement. With respect to any Pledged Asset Loan subserviced
by GMAC Mortgage Corporation, the Addendum and Assignment Agreement, dated as of
November 24, 1998, between the Master Servicer and GMAC Mortgage Corporation, as
such agreement may be amended from time to time.

                                       28
<PAGE>

        Subservicing  Fee: As to any Mortgage Loan,  the fee payable  monthly to
the related  Subservicer (or, in the case of a Nonsubserviced  Mortgage Loan, to
the Master  Servicer) in respect of  subservicing  and other  compensation  that
accrues at an annual rate equal to the excess of the Mortgage  Rate borne by the
related  Mortgage  Note over the rate per annum  designated on the Mortgage Loan
Schedule as the "CURR NET" for such Mortgage Loan.

     Surety:  Ambac, or its successors in interest,  or such other surety as may
be identified in the Series Supplement.

        Surety Bond:  The Limited  Purpose  Surety Bond  (Policy No.  AB0039BE),
dated February 28, 1996 in respect to Mortgage Loans  originated by MLCC, or the
Surety Bond (Policy No.  AB0240BE),  dated March 17, 1999 in respect to Mortgage
Loans  originated by Novus Financial  Corporation,  in each case issued by Ambac
for the benefit of certain beneficiaries,  including the Trustee for the benefit
of the Holders of the Certificates, but only to the extent that such Surety Bond
covers any  Additional  Collateral  Loans,  or such other  Surety Bond as may be
identified in the Series Supplement.

        Tax Returns:  The federal income tax return on Internal  Revenue Service
Form 1066,  U.S.  Real Estate  Mortgage  Investment  Conduit  Income Tax Return,
including  Schedule Q thereto,  Quarterly Notice to Residual Interest Holders of
REMIC Taxable Income or Net Loss Allocation, or any successor forms, to be filed
on behalf of any REMIC  formed under the Series  Supplement  and under the REMIC
Provisions, together with any and all other information, reports or returns that
may be  required to be  furnished  to the  Certificateholders  or filed with the
Internal  Revenue Service or any other  governmental  taxing authority under any
applicable provisions of federal, state or local tax laws.

     Transfer: Any direct or indirect transfer,  sale, pledge,  hypothecation or
other form of assignment of any Ownership Interest in a Certificate.

     Transferee:  Any Person who is acquiring by Transfer any Ownership Interest
in a Certificate.

     Transferor:  Any Person  who is  disposing  by  Transfer  of any  Ownership
Interest in a Certificate.

        Trust Fund:  The  segregated  pool of assets  related to a Series,  with
respect to which one or more REMIC  elections  are to be made  pursuant  to this
Agreement, consisting of:

(i)  the Mortgage Loans and the related  Mortgage Files and collateral  securing
     such Mortgage Loans,

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

                                       29
<PAGE>

(iii)   property that secured a Mortgage Loan and that has been acquired for the
        benefit  of the  Certificateholders  by  foreclosure  or deed in lieu of
        foreclosure,

(iv)    the hazard insurance  policies and Primary Insurance  Policies,  if any,
        the Pledged  Assets with  respect to each  Pledged  Asset Loan,  and the
        interest  in the Surety  Bond  transferred  to the  Trustee  pursuant to
        Section 2.01, and

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

        Uniform Single  Attestation  Program for Mortgage  Bankers:  The Uniform
Single  Attestation  Program for Mortgage Bankers,  as published by the Mortgage
Bankers  Association  of America and  effective  with respect to fiscal  periods
ending on or after December 15, 1995.

        Uninsured  Cause:  Any cause of damage to property subject to a Mortgage
such that the complete restoration of such property is not fully reimbursable by
the hazard insurance policies.

        United  States Person or U.S.  Person:  (i) A citizen or resident of the
United  States,  (ii) a  corporation,  partnership  or other entity treated as a
corporation  or  partnership  for United  States  federal  income  tax  purposes
organized in or under the laws of the United  States or any state thereof or the
District of Columbia (unless, in the case of a partnership, Treasury regulations
provide  otherwise),  provided that, for purposes solely of the  restrictions on
the transfer of residual interests,  no partnership or other entity treated as a
partnership  for United States federal income tax purposes shall be treated as a
United States  Person or U.S.  Person unless all persons that own an interest in
such partnership  either directly or indirectly through any chain of entities no
one of which is a corporation  for United States federal income tax purposes are
required by the  applicable  operating  agreement to be United  States  Persons,
(iii) an estate the  income of which is  includible  in gross  income for United
States tax purposes, regardless of its source, or (iv) a trust if a court within
the  United   States  is  able  to  exercise   primary   supervision   over  the
administration of the trust and one or more United States persons have authority
to control all substantial decisions of the trust. Notwithstanding the preceding
sentence,  to the extent  provided in Treasury  regulations,  certain  Trusts in
existence on August 20, 1996, and treated as United States persons prior to such
date, that elect to continue to be treated as United States persons will also be
a U.S. Person.

     Voting Rights:  The portion of the voting rights of all of the Certificates
which is allocated  to any  Certificate,  and more  specifically  designated  in
Article XI of the Series Supplement.

Section 1.02.  Use of Words and Phrases.

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

                                       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
in the name of the Trustee in conjunction with the Interim  Certification issued
by the Custodian, as contemplated by Section 2.02.

                                       33
<PAGE>

        Any of the items set forth in Sections  2.01(b)(I)(ii),  (iii), (iv) and
(v) and  (II)(vi)  and (vii) and that may be delivered as a copy rather than the
original may be delivered to the Trustee or the Custodian.

        In connection with the assignment of any Mortgage Loan registered on the
MERS(R) System,  the Company further agrees that it will cause, at the Company's
own expense,  within 30 Business Days after the Closing Date, the MERS(R) System
to indicate  that such  Mortgage  Loans have been assigned by the Company to the
Trustee   in   accordance   with  this   Agreement   for  the   benefit  of  the
Certificateholders  by including  (or  deleting,  in the case of Mortgage  Loans
which are  repurchased in accordance with this Agreement) in such computer files
(a) the code in the field which identifies the specific Trustee and (b) the code
in the field "Pool Field" which identifies the series of the Certificates issued
in connection with such Mortgage Loans.  The Company further agrees that it will
not, and will not permit the Master  Servicer to, and the Master Servicer agrees
that it will not,  alter the codes  referenced in this paragraph with respect to
any  Mortgage  Loan  during  the term of this  Agreement  unless  and until such
Mortgage Loan is repurchased in accordance with the terms of this Agreement.

(e) Residential  Funding hereby assigns to the Trustee its security  interest in
and to any Additional Collateral or Pledged Assets, its right to receive amounts
due or to become due in respect of any  Additional  Collateral or Pledged Assets
pursuant to the related  Subservicing  Agreement  and its rights as  beneficiary
under the Surety  Bond in  respect  of any  Additional  Collateral  Loans.  With
respect to any  Additional  Collateral  Loan or Pledged Asset Loan,  Residential
Funding  shall  cause to be filed in the  appropriate  recording  office a UCC-3
statement  giving notice of the assignment of the related  security  interest to
the Trust Fund and shall  thereafter  cause the timely  filing of all  necessary
continuation statements with regard to such financing statements.

(f) It is  intended  that the  conveyance  by the  Company to the Trustee of the
Mortgage  Loans as provided for in this  Section 2.01 be and the  Uncertificated
REMIC Regular Interests,  if any (as provided for in Section 2.06), be construed
as a  sale  by the  Company  to  the  Trustee  of the  Mortgage  Loans  and  any
Uncertificated    REMIC    Regular    Interests   for   the   benefit   of   the
Certificateholders.  Further,  it is not intended that such conveyance be deemed
to be a pledge  of the  Mortgage  Loans  and any  Uncertificated  REMIC  Regular
Interests by the Company to the Trustee to secure a debt or other  obligation of
the Company.  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,
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

                                       34
<PAGE>

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

                                       36
<PAGE>

the duly appointed agent of the Trustee) of the documents referred to in Section
2.01(b)(i)  above  (except  that for  purposes of such  acknowledgement  only, a
Mortgage  Note may be endorsed in blank) and declares that it, or a Custodian as
its  agent,  holds  and  will  hold  such  documents  and  the  other  documents
constituting a part of the Mortgage Files delivered to it, or a Custodian as its
agent, and the rights of Residential Funding with respect to any Pledged Assets,
Additional  Collateral  and the Surety Bond assigned to the Trustee  pursuant to
Section  2.01,  in trust  for the use and  benefit  of all  present  and  future
Certificateholders.  The Trustee or Custodian (such Custodian being so obligated
under a Custodial Agreement) agrees, for the benefit of  Certificateholders,  to
review each Mortgage File delivered to it pursuant to Section  2.01(b) within 45
days  after  the  Closing  Date  to  ascertain   that  all  required   documents
(specifically as set forth in Section 2.01(b)), have been executed and received,
and that such documents  relate to the Mortgage Loans identified on the Mortgage
Loan Schedule, as supplemented, that have been conveyed to it, and to deliver to
the Trustee a certificate (the "Interim  Certification")  to the effect that all
documents  required to be delivered  pursuant to Section 2.01(b) above have been
executed  and  received and that such  documents  relate to the  Mortgage  Loans
identified on the Mortgage Loan Schedule,  except for any  exceptions  listed on
Schedule A attached to such Interim Certification. Upon delivery of the Mortgage
Files by the  Company or the Master  Servicer,  the  Trustee  shall  acknowledge
receipt (or, with respect to Mortgage  Loans  subject to a Custodial  Agreement,
and based  solely upon a receipt or  certification  executed  by the  Custodian,
receipt by the respective  Custodian as the duly appointed agent of the Trustee)
of the documents referred to in Section 2.01(c) above.

        If  the  Custodian,  as the  Trustee's  agent,  finds  any  document  or
documents constituting a part of a Mortgage File to be missing or defective, the
Trustee shall promptly so notify the Master  Servicer and the Company.  Pursuant
to Section 2.3 of the Custodial Agreement,  the Custodian will notify the Master
Servicer, the Company and the Trustee of any such omission or defect found by it
in respect of any Mortgage  File held by it in respect of the items  reviewed by
it pursuant to the Custodial  Agreement.  If such omission or defect  materially
and  adversely  affects  the  interests  of the  Certificateholders,  the Master
Servicer  shall  promptly  notify  the  related  Subservicer  or  Seller of such
omission or defect and request that such  Subservicer  or Seller correct or cure
such  omission or defect  within 60 days from the date the Master  Servicer  was
notified of such omission or defect and, if such  Subservicer or Seller does not
correct  or  cure  such  omission  or  defect  within  such  period,  that  such
Subservicer  or Seller  purchase  such  Mortgage Loan from the Trust Fund at its
Purchase  Price, in either case within 90 days from the date the Master Servicer
was notified of such omission or defect; provided that if the omission or defect
would cause the Mortgage Loan to be other than a "qualified mortgage" as defined
in Section 860G(a)(3) of the Code, any such cure or repurchase must occur within
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
Trustee. Upon such substitution, the Qualified Substitute Mortgage Loan or Loans
shall be subject to the terms of this  Agreement  and the  related  Subservicing

                                       40
<PAGE>

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

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

        It is  understood  and  agreed  that the  obligation  of the  Seller  or
Residential  Funding, as the case may be, to cure such breach or purchase (or in
the case of  Residential  Funding to  substitute  for) such  Mortgage Loan as to
which such a breach has occurred and is  continuing  shall  constitute  the sole
remedy respecting such breach available to the Certificateholders or the Trustee
on behalf of Certificateholders.  If the Master Servicer is Residential Funding,
then the Trustee shall also have the right to give the  notification and require
the purchase or substitution  provided for in the second preceding  paragraph in
the event of such a breach of a  representation  or warranty made by Residential
Funding in the  Assignment  Agreement.  In  connection  with the  purchase of or
substitution  for any such Mortgage  Loan by  Residential  Funding,  the Trustee
shall  assign to  Residential  Funding  all of the  Trustee's  right,  title and
interest  in respect of the  Seller's  Agreement  and the  Assignment  Agreement
applicable to such Mortgage Loan.

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

               As provided in Section 2.05 of the Series Supplement.

                                       41
<PAGE>

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

               As provided in Section 2.06 of the Series Supplement.

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

               As provided in Section 2.07 of the Series Supplement.

Section 2.08.  Purposes and Powers of the Trust.

        The  purpose of the trust,  as  created  hereunder,  is to engage in the
following activities:

(a) to sell the Certificates to the Company in exchange for the Mortgage Loans;

(b)     to enter into and perform its obligations under this Agreement;

(c) to engage in those activities that are necessary,  suitable or convenient to
accomplish the foregoing or are incidental thereto or connected therewith; and

(d)  subject  to  compliance  with  this  Agreement,  to  engage  in such  other
activities as may be required in connection with  conservation of the Trust Fund
and the making of distributions to the Certificateholders.

               The  trust  is  hereby  authorized  to  engage  in the  foregoing
activities. Notwithstanding the provisions of Section 11.01, the trust shall not
engage in any activity other than in connection with the foregoing or other than
as required or authorized by the terms of this Agreement  while any  Certificate
is outstanding, and this Section 2.08 may not be amended, without the consent of
the  Certificateholders  evidencing a majority of the aggregate Voting Rights of
the Certificates.

                                       42
<PAGE>

                                  ARTICLE III

                          ADMINISTRATION AND SERVICING

                                OF MORTGAGE LOANS

Section 3.01.  Master Servicer to Act as Servicer.

(a) The Master  Servicer  shall  service and  administer  the Mortgage  Loans in
accordance  with the terms of this Agreement and the  respective  Mortgage Loans
and shall have full power and authority, acting alone or through Subservicers as
provided in Section 3.02,  to do any and all things which it may deem  necessary
or desirable in  connection  with such  servicing  and  administration.  Without
limiting the generality of the foregoing, the Master Servicer in its own name or
in the name of a Subservicer  is hereby  authorized and empowered by the Trustee
when the Master  Servicer or the  Subservicer,  as the case may be,  believes it
appropriate  in its best  judgment,  to execute  and  deliver,  on behalf of the
Certificateholders  and the Trustee or any of them,  any and all  instruments of
satisfaction or cancellation,  or of partial or full release or discharge, or of
consent to assumption or modification in connection with a proposed  conveyance,
or of  assignment  of any  Mortgage  and Mortgage  Note in  connection  with the
repurchase  of a Mortgage  Loan and all other  comparable  instruments,  or with
respect to the  modification  or  re-recording  of a Mortgage for the purpose of
correcting the Mortgage,  the subordination of the lien of the Mortgage in favor
of a public utility company or government  agency or unit with powers of eminent
domain,  the  taking  of a  deed  in  lieu  of  foreclosure,  the  commencement,
prosecution  or  completion  of  judicial  or  non-judicial   foreclosure,   the
conveyance of a Mortgaged  Property to the related  Insurer,  the acquisition of
any property  acquired by  foreclosure  or deed in lieu of  foreclosure,  or the
management,  marketing and conveyance of any property acquired by foreclosure or
deed in lieu of foreclosure  with respect to the Mortgage Loans and with respect
to the Mortgaged  Properties.  The Master  Servicer  further is  authorized  and
empowered by the Trustee, on behalf of the  Certificateholders  and the Trustee,
in its own name or in the name of the  Subservicer,  when the Master Servicer or
the  Subservicer,  as the  case  may be,  believes  it  appropriate  in its best
judgment to register  any  Mortgage  Loan on the  MERS(R)  System,  or cause the
removal from the  registration  of any Mortgage Loan on the MERS(R)  System,  to
execute and deliver, on behalf of the Trustee and the  Certificateholders or any
of them, any and all instruments of assignment and other comparable  instruments
with respect to such  assignment  or  re-recording  of a Mortgage in the name of
MERS,  solely as nominee for the Trustee and its  successors  and  assigns.  Any
expenses  incurred in  connection  with the actions  described in the  preceding
sentence  shall be borne by the  Master  Servicer  in  accordance  with  Section
3.16(c), with no right of reimbursement;  provided, that if, as a result of MERS
discontinuing  or becoming unable to continue  operations in connection with the
MERS System,  it becomes necessary to remove any Mortgage Loan from registration
on the MERS System and to arrange for the assignment of the related Mortgages to
the  Trustee,  then any related  expenses  shall be  reimbursable  to the Master
Servicer.  Notwithstanding the foregoing, subject to Section 3.07(a), the Master
Servicer  shall not permit any  modification  with respect to any Mortgage  Loan
that would both  constitute a sale or exchange of such  Mortgage Loan within the
meaning  of  Section  1001 of the  Code  and any  proposed,  temporary  or final
regulations  promulgated  thereunder  (other than in connection  with a proposed
conveyance  or  assumption  of such Mortgage Loan that is treated as a Principal
Prepayment  in Full  pursuant  to Section  3.13(d)  hereof)  and cause any REMIC
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

                                       43
<PAGE>

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

                                       44
<PAGE>

Agreement as Exhibit E. With the approval of the Master Servicer,  a Subservicer
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,  Subsequent Recoveries and Liquidation Proceeds (net of
     any related expenses of the Subservicer);

(iv)    All proceeds of any Mortgage Loans  purchased  pursuant to Section 2.02,
        2.03,  2.04  or  4.07  and  all  amounts  required  to be  deposited  in
        connection with the substitution of a Qualified Substitute Mortgage Loan
        pursuant to Section 2.03 or 2.04;

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

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

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

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

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

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

                                       48
<PAGE>

(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.

                                       49
<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

                                       50
<PAGE>

Supervision,  such access being afforded without charge but only upon reasonable
request and during normal business hours at the offices designated by the Master
Servicer. The Master Servicer shall permit such representatives to photocopy any
such  documentation  and shall  provide  equipment  for that purpose at a charge
reasonably approximating the cost of such photocopying to the Master Servicer.

Section 3.10.  Permitted Withdrawals from the Custodial Account.

(a) The  Master  Servicer  may,  from  time to time  as  provided  herein,  make
withdrawals from the Custodial Account of amounts on deposit therein pursuant to
Section  3.07 that are  attributable  to the  Mortgage  Loans for the  following
purposes:

(i)  to make  deposits  into the  Certificate  Account in the amounts and in the
     manner provided for in Section 4.01;

(ii) to reimburse itself or the related Subservicer for previously  unreimbursed
     advances 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;

                                       53
<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.

                                       54
<PAGE>

(b) The Master Servicer shall obtain and maintain at its own expense and keep in
full force and effect  throughout the term of this Agreement a blanket  fidelity
bond and an errors and omissions insurance policy covering the Master Servicer's
officers and employees and other persons acting on behalf of the Master Servicer
in connection with its activities  under this Agreement.  The amount of coverage
shall be at least equal to the coverage  that would be required by Fannie Mae or
Freddie Mac,  whichever is greater,  with respect to the Master  Servicer if the
Master Servicer were servicing and  administering  the Mortgage Loans for Fannie
Mae or Freddie  Mac.  In the event that any such bond or policy  ceases to be in
effect, the Master Servicer shall obtain a comparable replacement bond or policy
from an issuer or insurer, as the case may be, meeting the requirements, if any,
of the  Program  Guide and  acceptable  to the  Company.  Coverage of the Master
Servicer under a policy or bond obtained by an Affiliate of the Master  Servicer
and  providing the coverage  required by this Section  3.12(b) shall satisfy the
requirements of this Section 3.12(b).

Section 3.13.  Enforcement of Due-on-Sale Clauses; Assumption and
                      Modification Agreements; Certain Assignments.
                      ---------------------------------------------

(a) When any  Mortgaged  Property  is  conveyed  by the  Mortgagor,  the  Master
Servicer or  Subservicer,  to the extent it has  knowledge  of such  conveyance,
shall enforce any due-on-sale clause contained in any Mortgage Note or Mortgage,
to the extent permitted under applicable law and governmental  regulations,  but
only to the extent that such enforcement will not adversely affect or jeopardize
coverage under any Required Insurance Policy. Notwithstanding the foregoing:

(i)     the  Master  Servicer  shall not be deemed to be in  default  under this
        Section 3.13(a) by reason of any transfer or assumption which the Master
        Servicer is restricted by law from preventing; and

(ii)    if the Master Servicer  determines that it is reasonably likely that any
        Mortgagor will bring,  or if any Mortgagor  does bring,  legal action to
        declare invalid or otherwise avoid  enforcement of a due-on-sale  clause
        contained in any Mortgage Note or Mortgage,  the Master  Servicer  shall
        not be  required to enforce the  due-on-sale  clause or to contest  such
        action.

(b) Subject to the Master  Servicer's duty to enforce any due-on-sale  clause to
the  extent  set  forth in  Section  3.13(a),  in any case in which a  Mortgaged
Property  is to be conveyed  to a Person by a  Mortgagor,  and such Person is to
enter into an assumption or modification agreement or supplement to the Mortgage
Note  or  Mortgage  which  requires  the  signature  of  the  Trustee,  or if an
instrument of release signed by the Trustee is required  releasing the Mortgagor
from liability on the Mortgage Loan, the Master Servicer is authorized,  subject
to the requirements of the sentence next following,  to execute and deliver,  on
behalf of the  Trustee,  the  assumption  agreement  with the Person to whom the
Mortgaged  Property  is  to be  conveyed  and  such  modification  agreement  or
supplement  to the  Mortgage  Note  or  Mortgage  or  other  instruments  as are
reasonable  or necessary to carry out the terms of the Mortgage Note or Mortgage
or otherwise to comply with any  applicable  laws  regarding  assumptions or the
transfer of the Mortgaged Property to such Person;  provided,  however,  none of
such terms and requirements  shall either (i) both (A) constitute a "significant
modification"  effecting an exchange or  reissuance  of such Mortgage Loan under
the REMIC  Provisions  and (B) cause any portion of any REMIC  formed  under the
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

                                       55
<PAGE>

the unpaid  balance and interest on the  Mortgage  Loan to be  uncollectible  in
whole or in part,  (ii) any  required  consents of insurers  under any  Required
Insurance Policies have been obtained and (iii) subsequent to the closing of the
transaction  involving  the  assumption  or transfer (A) the Mortgage  Loan will
continue  to be secured by a first  mortgage  lien  pursuant to the terms of the
Mortgage,  (B) such transaction will not adversely affect the coverage under any
Required Insurance Policies,  (C) the Mortgage Loan will fully amortize over the
remaining term thereof, (D) no material term of the Mortgage Loan (including the
interest  rate on the  Mortgage  Loan) will be altered  nor will the term of the
Mortgage  Loan be  changed  and (E) if the  seller/transferor  of the  Mortgaged
Property is to be released  from  liability on the Mortgage  Loan,  such release
will  not  (based  on  the  Master   Servicer's  or  Subservicer's   good  faith
determination)  adversely affect the  collectability  of the Mortgage Loan. Upon
receipt of appropriate  instructions from the Master Servicer in accordance with
the  foregoing,  the Trustee shall execute any  necessary  instruments  for such
assumption  or  substitution  of  liability as directed in writing by the Master
Servicer.  Upon the closing of the transactions  contemplated by such documents,
the Master  Servicer shall cause the originals or true and correct copies of the
assumption agreement, the release (if any), or the modification or supplement to
the Mortgage  Note or Mortgage to be  delivered to the Trustee or the  Custodian
and deposited  with the Mortgage File for such Mortgage  Loan. Any fee collected
by the  Master  Servicer  or  such  related  Subservicer  for  entering  into an
assumption or substitution of liability agreement will be retained by the Master
Servicer or such Subservicer as additional servicing compensation.

(c) The Master Servicer or the related Subservicer, as the case may be, shall be
entitled  to approve a request  from a  Mortgagor  for a partial  release of the
related  Mortgaged  Property,  the  granting of an easement  thereon in favor of
another Person,  any alteration or demolition of the related Mortgaged  Property
(or,  with respect to a Cooperative  Loan,  the related  Cooperative  Apartment)
without  any  right  of  reimbursement  or  other  similar  matters  if  it  has
determined, exercising its good faith business judgment in the same manner as it
would if it were the owner of the related  Mortgage Loan, that the security for,
and the timely  and full  collectability  of,  such  Mortgage  Loan would not be
adversely  affected  thereby and that any portion of any REMIC  formed under the
Series  Supplement  would not fail to  continue  to qualify as a REMIC under the
Code as a result  thereof  and  (subject  to  Section  10.01(f))  that no tax on
"prohibited  transactions"  or  "contributions"  after the  startup day would be
imposed on any such REMIC as a result  thereof.  Any fee collected by the Master
Servicer  or the  related  Subservicer  for  processing  such a request  will be
retained by the Master  Servicer or such  Subservicer  as  additional  servicing
compensation.

(d) Subject to any other applicable terms and conditions of this Agreement,  the
Trustee and Master  Servicer  shall be entitled to approve an assignment in lieu
of  satisfaction  with respect to any Mortgage  Loan,  provided the obligee with
respect to such Mortgage Loan  following such proposed  assignment  provides the
Trustee and Master  Servicer  with a "Lender  Certification  for  Assignment  of
Mortgage  Loan" in the form attached  hereto as Exhibit M, in form and substance
satisfactory to the Trustee and Master  Servicer,  providing the following:  (i)
that the substance of the assignment is, and is intended to be, a refinancing of

                                       56
<PAGE>

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

                                       57
<PAGE>

accordance  with  procedures  that the Master Servicer would follow in servicing
loans  held for its own  account,  subject  to the terms and  conditions  of the
related  Mortgage  and  Mortgage  Note and to the  terms and  conditions  of any
security agreement,  guarantee agreement,  mortgage or other agreement governing
the  disposition  of the  proceeds  of  such  Additional  Collateral)  shall  be
deposited in the Custodial  Account,  subject to withdrawal  pursuant to Section
3.10.  Any other  payment  received  by the Master  Servicer  in respect of such
Additional  Collateral  shall be deposited in the Custodial  Account  subject to
withdrawal pursuant to Section 3.10.

               For so long as the Master  Servicer is the Master  Servicer under
the Credit  Support  Pledge  Agreement,  the Master  Servicer  shall perform its
obligations  under the Credit Support Pledge  Agreement in accordance  with such
Agreement   and  in  a   manner   that  is  in  the   best   interests   of  the
Certificateholders.  Further,  the Master Servicer shall use its best reasonable
efforts to realize upon any Pledged  Assets for such of the Pledged  Asset Loans
as  come  into  and  continue  in  default  and  as  to  which  no  satisfactory
arrangements  can be made for  collection  of  delinquent  payments  pursuant to
Section  3.07;  provided  that the Master  Servicer  shall not, on behalf of the
Trustee,  obtain title to any such  Pledged  Assets as a result of or in lieu of
the disposition  thereof or otherwise;  and provided further that (i) the Master
Servicer  shall not proceed with  respect to such  Pledged  Assets in any manner
that would impair the ability to recover against the related Mortgaged Property,
and (ii) the Master  Servicer shall proceed with any REO Acquisition in a manner
that  preserves the ability to apply the proceeds of such Pledged Assets against
amounts owed under the defaulted  Mortgage Loan. Any proceeds realized from such
Pledged  Assets  (other  than  amounts to be released  to the  Mortgagor  or the
related  guarantor in accordance  with procedures that the Master Servicer would
follow in  servicing  loans held for its own  account,  subject to the terms and
conditions  of the  related  Mortgage  and  Mortgage  Note and to the  terms and
conditions of any security  agreement,  guarantee  agreement,  mortgage or other
agreement  governing  the  disposition  of the proceeds of such Pledged  Assets)
shall be deposited in the Custodial Account,  subject to withdrawal  pursuant to
Section 3.10.  Any other payment  received by the Master  Servicer in respect of
such  Pledged  Assets shall be deposited  in the  Custodial  Account  subject to
withdrawal pursuant to Section 3.10.

               Concurrently  with the foregoing,  the Master Servicer may pursue
any  remedies  that  may  be  available  in  connection   with  a  breach  of  a
representation and warranty with respect to any such Mortgage Loan in accordance
with Sections  2.03 and 2.04.  However,  the Master  Servicer is not required to
continue to pursue both  foreclosure  (or similar  remedies) with respect to the
Mortgage Loans and remedies in connection with a breach of a representation  and
warranty if the Master Servicer determines in its reasonable discretion that one
such  remedy is more likely to result in a greater  recovery as to the  Mortgage
Loan. Upon the occurrence of a Cash  Liquidation or REO  Disposition,  following
the deposit in the  Custodial  Account of all  Insurance  Proceeds,  Liquidation
Proceeds and other  payments and  recoveries  referred to in the  definition  of
"Cash  Liquidation"  or "REO  Disposition,"  as applicable,  upon receipt by the
Trustee of written  notification of such deposit signed by a Servicing  Officer,
the Trustee or any  Custodian,  as the case may be, shall  release to the Master
Servicer the related  Mortgage  File and the Trustee  shall  execute and deliver
such instruments of transfer or assignment  prepared by the Master Servicer,  in
each case without recourse, as shall be necessary to vest in the Master Servicer
or its designee,  as the case may be, the related  Mortgage Loan, and thereafter
such  Mortgage  Loan shall not be part of the Trust  Fund.  Notwithstanding  the
foregoing or any other  provision of this  Agreement,  in the Master  Servicer's
sole discretion  with respect to any defaulted  Mortgage Loan or REO Property as

                                       58
<PAGE>

to either of the following provisions, (i) a Cash Liquidation or REO Disposition
may be deemed to have  occurred if  substantially  all  amounts  expected by the
Master Servicer to be received in connection with the related defaulted Mortgage
Loan or REO Property have been  received,  and (ii) for purposes of  determining
the amount of any Liquidation Proceeds,  Insurance Proceeds, REO Proceeds or any
other  unscheduled  collections  or the amount of any Realized  Loss, the Master
Servicer may take into account minimal amounts of additional  receipts  expected
to be received or any estimated  additional  liquidation expenses expected to be
incurred in connection with the related defaulted Mortgage Loan or REO Property.

(b) If title to any  Mortgaged  Property is acquired by the Trust Fund as an REO
Property  by  foreclosure  or by  deed  in  lieu  of  foreclosure,  the  deed or
certificate  of sale shall be issued to the  Trustee or to its nominee on behalf
of  Certificateholders.  Notwithstanding  any  such  acquisition  of  title  and
cancellation  of the related  Mortgage Loan,  such REO Property shall (except as
otherwise expressly provided herein) be considered to be an Outstanding Mortgage
Loan held in the Trust Fund until such time as the REO  Property  shall be sold.
Consistent with the foregoing for purposes of all calculations hereunder so long
as such REO Property shall be considered to be an  Outstanding  Mortgage Loan it
shall be assumed that,  notwithstanding  that the indebtedness  evidenced by the
related  Mortgage  Note shall have been  discharged,  such Mortgage Note and the
related  amortization  schedule in effect at the time of any such acquisition of
title  (after  giving  effect  to  any  previous  Curtailments  and  before  any
adjustment  thereto by reason of any  bankruptcy  or similar  proceeding  or any
moratorium or similar waiver or grace period) remain in effect.

(c) If the Trust Fund  acquires  any REO  Property as  aforesaid or otherwise in
connection  with a default or imminent  default on a Mortgage  Loan,  the Master
Servicer on behalf of the Trust Fund shall  dispose of such REO Property as soon
as   practicable,   giving   due   consideration   to  the   interests   of  the
Certificateholders,  but in all cases  within three full years after the taxable
year of its acquisition by the Trust Fund for purposes of Section  860G(a)(8) of
the Code (or such shorter  period as may be  necessary  under  applicable  state
(including  any state in which such  property  is located)  law to maintain  the
status of any portion of any REMIC formed under the Series Supplement as a REMIC
under  applicable state law and avoid taxes resulting from such property failing
to be foreclosure property under applicable state law) or, at the expense of the
Trust Fund, request, more than 60 days before the day on which such grace period
would  otherwise  expire,  an extension  of such grace period  unless the Master
Servicer  (subject  to Section  10.01(f))  obtains for the Trustee an Opinion of
Counsel,  addressed to the Trustee and the Master  Servicer,  to the effect that
the  holding by the Trust Fund of such REO  Property  subsequent  to such period
will not  result in the  imposition  of taxes on  "prohibited  transactions"  as
defined in Section  860F of the Code or cause any REMIC  formed under the Series
Supplement to fail to qualify as a REMIC (for federal (or any  applicable  State
or  local)  income  tax  purposes)  at  any  time  that  any   Certificates  are
outstanding, in which case the Trust Fund may continue to hold such REO Property
(subject to any  conditions  contained in such  Opinion of Counsel).  The Master
Servicer shall be entitled to be reimbursed  from the Custodial  Account for any
costs  incurred in  obtaining  such  Opinion of Counsel,  as provided in Section
3.10.  Notwithstanding  any other provision of this  Agreement,  no REO Property

                                       59
<PAGE>

acquired by the Trust Fund shall be rented (or allowed to continue to be rented)
or otherwise used by or on behalf of the Trust Fund in such a manner or pursuant
to any terms  that  would (i) cause  such REO  Property  to fail to  qualify  as
"foreclosure  property" within the meaning of Section  860G(a)(8) of the Code or
(ii) subject the Trust Fund to the imposition of any federal income taxes on the
income earned from such REO  Property,  including any taxes imposed by reason of
Section 860G(c) of the Code,  unless the Master Servicer has agreed to indemnify
and hold  harmless  the Trust Fund with  respect to the  imposition  of any such
taxes.

(d) The  proceeds  of any Cash  Liquidation,  REO  Disposition  or  purchase  or
repurchase of any Mortgage Loan pursuant to the terms of this Agreement, as well
as any recovery resulting from a collection of Liquidation  Proceeds,  Insurance
Proceeds or REO Proceeds,  will be applied in the  following  order of priority:
first, to reimburse the Master Servicer or the related Subservicer in accordance
with Section  3.10(a)(ii);  second, to the  Certificateholders  to the extent of
accrued and unpaid  interest on the Mortgage  Loan,  and any related REO Imputed
Interest,  at the Net Mortgage  Rate (or the  Modified Net Mortgage  Rate in the
case of a Modified Mortgage Loan) to the Due Date prior to the Distribution Date
on which such amounts are to be distributed; third, to the Certificateholders as
a recovery of principal on the Mortgage Loan (or REO Property);  fourth,  to all
Servicing Fees and Subservicing  Fees payable therefrom (and the Master Servicer
and the Subservicer  shall have no claims for any  deficiencies  with respect to
such fees which result from the foregoing allocation); and fifth, to Foreclosure
Profits.

(e) In the event of a default on a Mortgage  Loan one or more of whose  obligors
is not a United States Person, in connection with any foreclosure or acquisition
of a deed in lieu of foreclosure  (together,  "foreclosure")  in respect of such
Mortgage Loan, the Master Servicer will cause  compliance with the provisions of
Treasury Regulation Section  1.1445-2(d)(3) (or any successor thereto) necessary
to assure that no withholding tax obligation arises with respect to the proceeds
of such  foreclosure  except  to the  extent,  if  any,  that  proceeds  of such
foreclosure are required to be remitted to the obligors on such Mortgage Loan.

Section 3.15.  Trustee to Cooperate; Release of Mortgage Files.
               -----------------------------------------------

(a) Upon becoming aware of the payment in full of any Mortgage Loan, or upon the
receipt by the Master  Servicer of a  notification  that payment in full will be
escrowed in a manner  customary  for such  purposes,  the Master  Servicer  will
immediately  notify the Trustee (if it holds the related  Mortgage  File) or the
Custodian by a certification of a Servicing Officer (which  certification  shall
include a statement to the effect that all amounts received or to be received in
connection with such payment which are required to be deposited in the Custodial
Account   pursuant  to  Section  3.07  have  been  or  will  be  so  deposited),
substantially  in one of the forms attached hereto as Exhibit F, or, in the case
of the Custodian,  an electronic  request in a form acceptable to the Custodian,
requesting  delivery to it of the Mortgage  File.  Within two  Business  Days of
receipt of such certification and request,  the Trustee shall release,  or cause
the Custodian to release, the related Mortgage File to the Master Servicer.  The
Master  Servicer  is  authorized  to execute and  deliver to the  Mortgagor  the
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

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<PAGE>

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.

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

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<PAGE>

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).

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

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<PAGE>

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
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.

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<PAGE>

Section 3.20.  Rights of the Company in Respect of the Master Servicer.
               --------------------------------------------------------

        The Master Servicer shall afford the Company,  upon  reasonable  notice,
during  normal  business  hours access to all records  maintained  by the Master
Servicer  in  respect  of its rights  and  obligations  hereunder  and access to
officers of the Master Servicer responsible for such obligations.  Upon request,
the Master  Servicer  shall  furnish the Company with its most recent  financial
statements and such other information as the Master Servicer possesses regarding
its business,  affairs,  property and  condition,  financial or  otherwise.  The
Master   Servicer  shall  also  cooperate  with  all  reasonable   requests  for
information  including,  but not limited to, notices, tapes and copies of files,
regarding  itself,  the Mortgage  Loans or the  Certificates  from any Person or
Persons identified by the Company or Residential  Funding.  The Company may, but
is not obligated to, enforce the  obligations of the Master  Servicer  hereunder
and may, but is not obligated to, perform,  or cause a designee to perform,  any
defaulted  obligation of the Master Servicer hereunder or exercise the rights of
the Master  Servicer  hereunder;  provided that the Master Servicer shall not be
relieved of any of its  obligations  hereunder by virtue of such  performance by
the Company or its designee.  The Company shall not have any  responsibility  or
liability  for any action or failure  to act by the Master  Servicer  and is not
obligated  to  supervise  the  performance  of the  Master  Servicer  under this
Agreement or otherwise.

Section 3.21.  Administration of Buydown Funds

(a) With respect to any Buydown  Mortgage  Loan, the  Subservicer  has deposited
Buydown Funds in an account that satisfies the  requirements  for a Subservicing
Account  (the  "Buydown   Account").   The  Master   Servicer  shall  cause  the
Subservicing  Agreement to require  that upon receipt from the  Mortgagor of the
amount due on a Due Date for each Buydown  Mortgage Loan, the  Subservicer  will
withdraw from the Buydown Account the  predetermined  amount that, when added to
the amount due on such date from the Mortgagor,  equals the full Monthly Payment
and  transmit  that  amount in  accordance  with the  terms of the  Subservicing
Agreement to the Master  Servicer  together with the related payment made by the
Mortgagor or advanced by the Subservicer.

(b) If the  Mortgagor  on a  Buydown  Mortgage  Loan  prepays  such  loan in its
entirety  during  the period  (the  "Buydown  Period")  when  Buydown  Funds are
required to be applied to such Buydown  Mortgage Loan, the Subservicer  shall be
required to  withdraw  from the  Buydown  Account  and remit any  Buydown  Funds
remaining  in the  Buydown  Account  in  accordance  with  the  related  buydown
agreement.  The amount of Buydown Funds which may be remitted in accordance with
the related  buydown  agreement may reduce the amount required to be paid by the
Mortgagor  to fully  prepay the related  Mortgage  Loan.  If the  Mortgagor on a
Buydown  Mortgage Loan defaults on such Mortgage Loan during the Buydown  Period
and the property  securing such Buydown Mortgage Loan is sold in the liquidation
thereof  (either by the Master Servicer or the insurer under any related Primary
Insurance  Policy),  the  Subservicer  shall be required  to  withdraw  from the
Buydown  Account the Buydown Funds for such Buydown  Mortgage Loan still held in
the Buydown Account and remit the same to the Master Servicer in accordance with
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

                                      64
<PAGE>

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.

                                       65
<PAGE>

                                   ARTICLE IV

                         PAYMENTS TO CERTIFICATEHOLDERS

Section 4.01.  Certificate Account.
               -------------------

(a) The Master  Servicer on behalf of the Trustee shall establish and maintain a
Certificate  Account in which the Master Servicer shall cause to be deposited on
behalf of the Trustee on or before 2:00 P.M.  New York time on each  Certificate
Account  Deposit Date by wire transfer of immediately  available funds an amount
equal to the sum of (i) any Advance for the immediately succeeding  Distribution
Date,  (ii) any amount  required  to be  deposited  in the  Certificate  Account
pursuant to Section  3.12(a),  (iii) any amount  required to be deposited in the
Certificate Account pursuant to Section 3.16(e) or Section 4.07, (iv) any amount
required  to be  paid  pursuant  to  Section  9.01  and (v)  all  other  amounts
constituting the Available  Distribution  Amount for the immediately  succeeding
Distribution Date.

(b) The Trustee shall, upon written request from the Master Servicer,  invest or
cause the institution maintaining the Certificate Account to invest the funds in
the Certificate Account in Permitted  Investments  designated in the name of the
Trustee for the  benefit of the  Certificateholders,  which  shall  mature or be
payable  on  demand  not  later  than  the  Business  Day  next   preceding  the
Distribution  Date next following the date of such  investment  (except that (i)
any  investment  in the  institution  with  which  the  Certificate  Account  is
maintained may mature or be payable on demand on such Distribution Date and (ii)
any other  investment  may mature or be  payable on demand on such  Distribution
Date  if the  Trustee  shall  advance  funds  on such  Distribution  Date to the
Certificate   Account  in  the  amount  payable  on  such   investment  on  such
Distribution  Date,  pending  receipt  thereof to the extent  necessary  to make
distributions on the Certificates) and shall not be sold or disposed of prior to
maturity. Subject to Section 3.16(e), all income and gain realized from any such
investment  shall be for the benefit of the Master Servicer and shall be subject
to its withdrawal or order from time to time. The amount of any losses  incurred
in respect of any such investments shall be deposited in the Certificate Account
by the Master Servicer out of its own funds  immediately as realized without any
right of reimbursement.

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

                      As provided in Section 4.02 of the Series Supplement.

Section 4.03.  Statements to Certificateholders.
               --------------------------------

     (a) Concurrently with each distribution  charged to the Certificate Account
and with respect to each  Distribution Date the Master Servicer shall forward to
the Trustee and the Trustee  shall either  forward by mail or make  available to
each Holder and the Company,  via the Trustee's  internet  website,  a statement
(and at its option,  any additional  files containing the same information in an
alternative  format) setting forth information as to each Class of Certificates,
the  Mortgage  Pool and, if the  Mortgage  Pool is comprised of two or more Loan
Groups,  each Loan Group, to the extent applicable.  This statement will include
the information set forth in an exhibit to the Series  Supplement.  Such exhibit
shall set forth the Trustee's  internet  website  address  together with a phone
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

                                       66
<PAGE>

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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<PAGE>

(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

                                       68
<PAGE>

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
Master  Servicer shall upon request assist the Trustee in completing such notice
and shall  provide  any  information  requested  by the  Trustee  in  connection
therewith.

                                       69
<PAGE>

(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.

                                       70
<PAGE>

                                   ARTICLE V

                                THE CERTIFICATES

Section 5.01.  The Certificates.
               ----------------

(a) The Senior, Class M, Class B and Class R Certificates shall be substantially
in the forms set forth in Exhibits A, B, C and D,  respectively,  and shall,  on
original  issue,  be executed and  delivered  by the Trustee to the  Certificate
Registrar  for  authentication  and delivery to or upon the order of the Company
upon receipt by the Trustee or one or more Custodians of the documents specified
in Section 2.01. The Certificates shall be issuable in the minimum denominations
designated in the Preliminary Statement to the Series Supplement.

        The Certificates  shall be executed by manual or facsimile  signature on
behalf of an authorized officer of the Trustee.  Certificates bearing the manual
or facsimile  signatures of individuals who were at any time the proper officers
of the Trustee shall bind the Trustee,  notwithstanding that such individuals or
any of them have ceased to hold such  offices  prior to the  authentication  and
delivery of such  Certificate  or did not hold such  offices at the date of such
Certificates.  No  Certificate  shall be  entitled  to any  benefit  under  this
Agreement, or be valid for any purpose, unless there appears on such Certificate
a certificate of  authentication  substantially  in the form provided for herein
executed by the Certificate Registrar by manual signature,  and such certificate
upon any Certificate shall be conclusive evidence,  and the only evidence,  that
such  Certificate  has been duly  authenticated  and  delivered  hereunder.  All
Certificates shall be dated the date of their authentication.

(b) Except as provided below, registration of Book-Entry Certificates may not be
transferred by the Trustee except to another Depository that agrees to hold such
Certificates  for the respective  Certificate  Owners with  Ownership  Interests
therein. The Holders of the Book-Entry  Certificates shall hold their respective
Ownership  Interests in and to each of such Certificates  through the book-entry
facilities  of the  Depository  and,  except  as  provided  below,  shall not be
entitled to Definitive Certificates in respect of such Ownership Interests.  All
transfers by Certificate Owners of their respective  Ownership  Interests in the
Book-Entry  Certificates  shall  be  made  in  accordance  with  the  procedures
established by the Depository  Participant or brokerage firm  representing  such
Certificate  Owner.  Each  Depository  Participant  shall transfer the Ownership
Interests  only  in  the  Book-Entry   Certificates  of  Certificate  Owners  it
represents or of brokerage  firms for which it acts as agent in accordance  with
the Depository's normal procedures.

        The  Trustee,  the Master  Servicer and the Company may for all purposes
(including  the making of payments due on the  respective  Classes of Book-Entry
Certificates)  deal with the Depository as the authorized  representative of the
Certificate  Owners  with  respect  to  the  respective  Classes  of  Book-Entry
Certificates  for the purposes of  exercising  the rights of  Certificateholders
hereunder.  The rights of  Certificate  Owners  with  respect to the  respective
Classes of Book-Entry  Certificates shall be limited to those established by law
and agreements between such Certificate  Owners and the Depository  Participants
and brokerage firms representing such Certificate Owners.  Multiple requests and

                                       71
<PAGE>

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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<PAGE>

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

(a) The  Trustee  shall cause to be kept at one of the offices or agencies to be
appointed by the Trustee in  accordance  with the  provisions  of Section 8.12 a
Certificate Register in which, subject to such reasonable  regulations as it may
prescribe, the Trustee shall provide for the registration of Certificates and of
transfers  and  exchanges of  Certificates  as herein  provided.  The Trustee is
initially  appointed  Certificate  Registrar  for  the  purpose  of  registering
Certificates and transfers and exchanges of Certificates as herein provided. The
Certificate Registrar,  or the Trustee, shall provide the Master Servicer with a
certified list of Certificateholders as of each Record Date prior to the related
Determination Date.

(b) Upon surrender for registration of transfer of any Certificate at any office
or agency of the Trustee  maintained  for such purpose  pursuant to Section 8.12
and,  in the  case  of any  Class  M,  Class  B or  Class  R  Certificate,  upon
satisfaction  of the conditions  set forth below,  the Trustee shall execute and
the Certificate  Registrar shall  authenticate  and deliver,  in the name of the
designated  transferee or  transferees,  one or more new  Certificates of a like
Class (or Subclass) and aggregate Percentage Interest.

(c) At the option of the  Certificateholders,  Certificates may be exchanged for
other Certificates of authorized denominations of a like Class (or Subclass) and
aggregate  Percentage  Interest,  upon  surrender  of  the  Certificates  to  be
exchanged  at any such  office  or  agency.  Whenever  any  Certificates  are so
surrendered for exchange the Trustee shall execute and the Certificate Registrar
shall  authenticate  and  deliver  the  Certificates  of such  Class  which  the
Certificateholder  making the exchange is entitled to receive. Every Certificate
presented or  surrendered  for transfer or exchange shall (if so required by the
Trustee or the Certificate  Registrar) be duly endorsed by, or be accompanied by
a written  instrument  of transfer in form  satisfactory  to the Trustee and the
Certificate  Registrar duly executed by, the Holder thereof or his attorney duly
authorized in writing.

(d) No transfer,  sale,  pledge or other  disposition  of a Class B  Certificate
shall be made unless such transfer,  sale, pledge or other disposition is exempt
from the  registration  requirements  of the Securities Act of 1933, as amended,
and any applicable  state securities laws or is made in accordance with said Act
and laws.  In the event that a transfer of a Class B  Certificate  is to be made
either (i)(A) the Trustee shall require a written Opinion of Counsel  acceptable
to and in form and  substance  satisfactory  to the Trustee and the Company that
such transfer may be made pursuant to an exemption,  describing  the  applicable
exemption  and the  basis  therefor,  from  said Act and  laws or is being  made
pursuant to said Act and laws,  which Opinion of Counsel shall not be an expense
of the  Trustee,  the  Company  or the Master  Servicer  (except  that,  if such
transfer is made by the Company or the Master Servicer or any Affiliate thereof,
the Company or the Master  Servicer  shall  provide  such  Opinion of Counsel at
their own  expense);  provided that such Opinion of Counsel will not be required
in connection with the initial  transfer of any such  Certificate by the Company
or any  Affiliate  thereof to the Company or an Affiliate of the Company and (B)
the Trustee shall require the  transferee  to execute a  representation  letter,
substantially in the form of Exhibit H hereto, and the Trustee shall require the
transferor  to execute a  representation  letter,  substantially  in the form of
Exhibit I hereto,  each acceptable to and in form and substance  satisfactory to
the Company and the Trustee  certifying to the Company and the Trustee the facts
surrounding such transfer,  which representation letters shall not be an expense
of the Trustee, the Company or the Master Servicer; provided, however, that such
representation  letters will not be 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

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<PAGE>

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

                                       74
<PAGE>

     account" (as defined in U.S.  Department  of Labor  Prohibited  Transaction
     Class  Exemption  ("PTCE")  95-60,  and (iii) the  conditions  set forth in
     Sections I and III of PTCE  95-60 have been  satisfied  (each  entity  that
     satisfies this clause (b), a "Complying Insurance Company").

               (ii) Any  Transferee of a Class M  Certificate  will be deemed to
               have  represented  by virtue of its  purchase  or holding of such
               Certificate (or interest therein) that either (a) such Transferee
               is not a Plan  Investor,  (b) it has acquired and is holding such
               Certificate  in  reliance  on  Prohibited  Transaction  Exemption
               ("PTE") 94-29, 59 Fed. Reg. 14674 (March 29, 1994), as amended by
               PTE 97-34,  62 Fed. Reg. 39021 (July 21, 1997),  and PTE 2000-58,
               65 Fed. Reg. 67765 (November 13, 2000) (the "RFC Exemption"), and
               that it  understands  that there are  certain  conditions  to the
               availability of the RFC Exemption including that such Certificate
               must be rated, at the time of purchase, not lower than "BBB-" (or
               its  equivalent)  by  Standard & Poor's,  Fitch or Moody's or (c)
               such Transferee is a Complying Insurance Company.

               (iii) (A) If any Class M Certificate (or any interest therein) is
               acquired  or  held  by any  Person  that  does  not  satisfy  the
               conditions  described  in  paragraph  (ii)  above,  then the last
               preceding Transferee that either (i) is not a Plan Investor, (ii)
               acquired such  Certificate in compliance  with the RFC Exemption,
               or (iii) is a Complying  Insurance Company shall be restored,  to
               the extent  permitted  by law, to all rights and  obligations  as
               Certificate  Owner  thereof  retroactive  to  the  date  of  such
               Transfer of such Class M Certificate.  The Trustee shall be under
               no  liability  to any Person for making any  payments due on such
               Certificate to such preceding Transferee.

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

(f) (i) Each Person who has or who acquires any Ownership  Interest in a Class R
Certificate  shall be deemed by the  acceptance or acquisition of such Ownership
Interest  to have  agreed to be bound by the  following  provisions  and to have
irrevocably  authorized the Trustee or its designee under clause  (iii)(A) below
to deliver  payments  to a Person  other than such Person and to  negotiate  the
terms of any  mandatory  sale under  clause  (iii)(B)  below and to execute  all
instruments of transfer and to do all other things  necessary in connection with
any such sale. The rights of each Person  acquiring any Ownership  Interest in a
Class R Certificate are expressly subject to the following provisions:

(A)  Each  Person  holding or  acquiring  any  Ownership  Interest  in a Class R
     Certificate  shall be a Permitted  Transferee and shall promptly notify the
     Trustee of any  change or  impending  change in its  status as a  Permitted
     Transferee.

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<PAGE>

(B)  In connection  with any proposed  Transfer of any  Ownership  Interest in a
     Class R  Certificate,  the Trustee shall require  delivery to it, and shall
     not register the Transfer of any Class R Certificate  until its receipt of,
     (I) an affidavit and agreement (a "Transfer  Affidavit and  Agreement,"  in
     the form attached hereto as Exhibit G-1) from the proposed  Transferee,  in
     form and substance  satisfactory to the Master  Servicer,  representing and
     warranting,  among other things, that it is a Permitted Transferee, that it
     is not acquiring its Ownership  Interest in the Class R Certificate that is
     the subject of the proposed Transfer as a nominee, trustee or agent for any
     Person who is not a  Permitted  Transferee,  that for so long as it retains
     its Ownership Interest in a Class R Certificate, it will endeavor to remain
     a Permitted  Transferee,  and that it has reviewed the  provisions  of this
     Section 5.02(f) and agrees to be bound by them, and (II) a certificate,  in
     the form  attached  hereto as  Exhibit  G-2,  from the  Holder  wishing  to
     transfer the Class R Certificate, in form and substance satisfactory to the
     Master Servicer,  representing and warranting,  among other things, that no
     purpose of the proposed  Transfer is to impede the assessment or collection
     of tax.

(C)  Notwithstanding  the delivery of a Transfer  Affidavit  and  Agreement by a
     proposed Transferee under clause (B) above, if a Responsible Officer of the
     Trustee who is assigned to this  Agreement  has actual  knowledge  that the
     proposed  Transferee  is not a  Permitted  Transferee,  no  Transfer  of an
     Ownership  Interest in a Class R Certificate  to such  proposed  Transferee
     shall be effected.

(D)  Each  Person  holding or  acquiring  any  Ownership  Interest  in a Class R
     Certificate  shall agree (x) to require a Transfer  Affidavit and Agreement
     from any  other  Person  to whom  such  Person  attempts  to  transfer  its
     Ownership  Interest in a Class R  Certificate  and (y) not to transfer  its
     Ownership  Interest  unless it provides a certificate to the Trustee in the
     form attached hereto as Exhibit G-2.

(E)  Each  Person  holding  or  acquiring  an  Ownership  Interest  in a Class R
     Certificate,  by  purchasing  an  Ownership  Interest in such  Certificate,
     agrees  to give  the  Trustee  written  notice  that it is a  "pass-through
     interest  holder"  within the  meaning of  Temporary  Treasury  Regulations
     Section   1.67-3T(a)(2)(i)(A)   immediately  upon  acquiring  an  Ownership
     Interest  in a Class R  Certificate,  if it is, or is holding an  Ownership
     Interest in a Class R Certificate  on behalf of, a  "pass-through  interest
     holder."

(ii)    The Trustee will register the Transfer of any Class R  Certificate  only
        if it shall have  received  the  Transfer  Affidavit  and  Agreement,  a
        certificate of the Holder  requesting such transfer in the form attached
        hereto as Exhibit G-2 and all of such other documents as shall have been
        reasonably  required by the Trustee as a condition to such registration.
        Transfers of the Class R Certificates  to Non-United  States Persons and
        Disqualified  Organizations  (as  defined in Section  860E(e)(5)  of the
        Code) are prohibited.

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<PAGE>

(iii)(A) If any  Disqualified  Organization  shall  become a holder of a Class R
     Certificate,   then  the  last  preceding  Permitted  Transferee  shall  be
     restored,  to the extent permitted by law, to all rights and obligations as
     Holder thereof  retroactive to the date of registration of such Transfer of
     such Class R  Certificate.  If a  Non-United  States  Person shall become a
     holder of a Class R  Certificate,  then the last  preceding  United  States
     Person shall be restored, to the extent permitted by law, to all rights and
     obligations as Holder thereof  retroactive to the date of  registration  of
     such  Transfer  of such Class R  Certificate.  If a  transfer  of a Class R
     Certificate  is   disregarded   pursuant  to  the  provisions  of  Treasury
     Regulations  Section 1.860E-1 or Section 1.860G-3,  then the last preceding
     Permitted Transferee shall be restored,  to the extent permitted by law, to
     all rights and  obligations  as Holder  thereof  retroactive to the date of
     registration  of such  Transfer  of such Class R  Certificate.  The Trustee
     shall be under no liability to any Person for any  registration of Transfer
     of a Class R  Certificate  that is in fact not  permitted  by this  Section
     5.02(f) or for making any  payments due on such  Certificate  to the holder
     thereof or for taking any other  action with  respect to such holder  under
     the provisions of this Agreement.

     (B)  If any  purported  Transferee  shall  become  a  Holder  of a  Class R
          Certificate in violation of the  restrictions  in this Section 5.02(f)
          and to the extent that the  retroactive  restoration  of the rights of
          the Holder of such Class R Certificate as described in clause (iii)(A)
          above  shall be  invalid,  illegal or  unenforceable,  then the Master
          Servicer  shall  have the right,  without  notice to the holder or any
          prior  holder  of such  Class R  Certificate,  to  sell  such  Class R
          Certificate  to a purchaser  selected  by the Master  Servicer on such
          terms as the Master  Servicer may choose.  Such  purported  Transferee
          shall  promptly  endorse  and  deliver  each  Class R  Certificate  in
          accordance  with  the  instructions  of  the  Master  Servicer.   Such
          purchaser  may be the Master  Servicer  itself or any Affiliate of the
          Master  Servicer.  The proceeds of such sale,  net of the  commissions
          (which may include  commissions  payable to the Master Servicer or its
          Affiliates),  expenses and taxes due, if any,  will be remitted by the
          Master Servicer to such purported Transferee. The terms and conditions
          of any sale under this clause (iii)(B) shall be determined in the sole
          discretion of the Master  Servicer,  and the Master Servicer shall not
          be liable to any  Person  having an  Ownership  Interest  in a Class R
          Certificate as a result of its exercise of such discretion.

(iv) The Master Servicer, on behalf of the Trustee,  shall make available,  upon
     written request from the Trustee, all information  necessary to compute any
     tax imposed (A) as a result of the Transfer of an  Ownership  Interest in a
     Class R  Certificate  to any  Person  who is a  Disqualified  Organization,
     including the  information  regarding  "excess  inclusions" of such Class R
     Certificates  required to be provided to the Internal  Revenue  Service and
     certain   Persons   as   described   in   Treasury   Regulations   Sections
     1.860D-1(b)(5)  and  1.860E-2(a)(5),  and (B) as a result of any  regulated
     investment  company,  real  estate  investment  trust,  common  trust fund,
     partnership, trust, estate or organization described in Section 1381 of the
     Code that holds an Ownership  Interest in a Class R  Certificate  having as
     among its  record  holders  at any time any  Person  who is a  Disqualified
     Organization. Reasonable compensation for providing such information may be
     required by the Master Servicer from such Person.

                                       77
<PAGE>

(v)     The  provisions  of this Section  5.02(f) set forth prior to this clause
        (v) may be modified,  added to or eliminated,  provided that there shall
        have been delivered to the Trustee the following:

     (A)  written  notification  from each Rating  Agency to the effect that the
          modification,  addition to or elimination of such  provisions will not
          cause such Rating Agency to downgrade  its  then-current  ratings,  if
          any, of any Class of the Senior, Class M or Class B Certificates below
          the lower of the  then-current  rating or the rating  assigned to such
          Certificates as of the Closing Date by such Rating Agency; and

     (B)  subject to Section  10.01(f),  an Officers'  Certificate of the Master
          Servicer  stating that the Master  Servicer has received an Opinion of
          Counsel, in form and substance satisfactory to the Master Servicer, to
          the  effect  that such  modification,  addition  to or absence of such
          provisions  will not cause any portion of any REMIC  formed  under the
          Series  Supplement  to cease to  qualify as a REMIC and will not cause
          (x) any portion of any REMIC formed under the Series  Supplement to be
          subject to an  entity-level  tax caused by the Transfer of any Class R
          Certificate to a Person that is a Disqualified  Organization  or (y) a
          Certificateholder  or another Person to be subject to a  REMIC-related
          tax caused by the Transfer of a Class R  Certificate  to a Person that
          is not a Permitted Transferee.

     (g) No  service  charge  shall  be made for any  transfer  or  exchange  of
Certificates  of any  Class,  but  the  Trustee  may  require  payment  of a sum
sufficient  to cover  any tax or  governmental  charge  that may be  imposed  in
connection with any transfer or exchange of Certificates.

     (h) All  Certificates  surrendered  for  transfer  and  exchange  shall  be
destroyed by the Certificate Registrar.

Section 5.03.  Mutilated, Destroyed, Lost or Stolen Certificates.
               --------------------------------------------------

        If (i) any  mutilated  Certificate  is  surrendered  to the  Certificate
Registrar,  or the Trustee and the  Certificate  Registrar  receive  evidence to
their  satisfaction of the destruction,  loss or theft of any  Certificate,  and
(ii) there is  delivered  to the  Trustee  and the  Certificate  Registrar  such
security or indemnity as may be required by them to save each of them  harmless,
then, in the absence of notice to the Trustee or the Certificate  Registrar that
such  Certificate has been acquired by a bona fide purchaser,  the Trustee shall
execute  and the  Certificate  Registrar  shall  authenticate  and  deliver,  in
exchange  for or in lieu  of any  such  mutilated,  destroyed,  lost  or  stolen
Certificate,  a new Certificate of like tenor, Class and Percentage Interest but
bearing a number not contemporaneously outstanding. Upon the issuance of any new
Certificate  under this  Section,  the  Trustee may require the payment of a sum

                                       78
<PAGE>

sufficient to cover any tax or other governmental  charge that may be imposed in
relation thereto and any other expenses  (including the fees and expenses of the
Trustee  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.

                                       79
<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

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<PAGE>

rating of the Classes of Certificates that have been rated in effect immediately
prior to such  assignment  and  delegation  will not be  qualified,  reduced  or
withdrawn  as a result of such  assignment  and  delegation  (as  evidenced by a
letter  to such  effect  from  each  Rating  Agency).  In the  case of any  such
assignment  and  delegation,  the Master  Servicer  shall be  released  from its
obligations  under this Agreement,  except that the Master Servicer shall remain
liable for all  liabilities  and  obligations  incurred by it as Master Servicer
hereunder  prior to the  satisfaction  of the conditions to such  assignment and
delegation set forth in the next preceding sentence.

Section 6.03.  Limitation on Liability of the Company,
                      the Master Servicer and Others.

        Neither  the  Company,  the Master  Servicer  nor any of the  directors,
officers,  employees  or agents of the Company or the Master  Servicer  shall be
under any liability to the Trust Fund or the  Certificateholders  for any action
taken or for refraining  from the taking of any action in good faith pursuant to
this  Agreement,  or for  errors  in  judgment;  provided,  however,  that  this
provision shall not protect the Company,  the Master Servicer or any such Person
against any breach of warranties or representations made herein or any liability
which would otherwise be imposed by reason of willful misfeasance,  bad faith or
gross negligence in the performance of duties or by reason of reckless disregard
of obligations and duties  hereunder.  The Company,  the Master Servicer and any
director,  officer,  employee or agent of the Company or the Master Servicer may
rely in good faith on any document of any kind prima facie properly executed and
submitted by any Person respecting any matters arising  hereunder.  The Company,
the Master Servicer and any director,  officer, employee or agent of the Company
or the Master  Servicer shall be indemnified by the Trust Fund and held harmless
against any loss,  liability or expense  incurred in  connection  with any legal
action  relating to this  Agreement  or the  Certificates,  other than any loss,
liability or expense  related to any specific  Mortgage  Loan or Mortgage  Loans
(except as any such loss,  liability or expense shall be otherwise  reimbursable
pursuant  to this  Agreement)  and any loss,  liability  or expense  incurred by
reason of willful misfeasance,  bad faith or gross negligence in the performance
of duties hereunder or by reason of reckless disregard of obligations and duties
hereunder.

        Neither  the  Company  nor  the  Master  Servicer  shall  be  under  any
obligation to appear in, prosecute or defend any legal or administrative action,
proceeding,  hearing or  examination  that is not  incidental to its  respective
duties  under this  Agreement  and which in its  opinion  may  involve it in any
expense or liability; provided, however, that the Company or the Master Servicer
may  in its  discretion  undertake  any  such  action,  proceeding,  hearing  or
examination that it may deem necessary or desirable in respect to this Agreement
and the  rights  and  duties of the  parties  hereto  and the  interests  of the
Certificateholders  hereunder.  In such event,  the legal  expenses and costs of
such action,  proceeding,  hearing or  examination  and any liability  resulting
therefrom  shall be expenses,  costs and  liabilities of the Trust Fund, and the
Company and the Master Servicer shall be entitled to be reimbursed  therefor out
of amounts  attributable  to the  Mortgage  Loans on  deposit  in the  Custodial
Account as provided by Section 3.10 and, on the Distribution  Date(s)  following
such reimbursement,  the aggregate of such expenses and costs shall be allocated
in reduction of the Accrued Certificate  Interest on each Class entitled thereto
in the same  manner as if such  expenses  and  costs  constituted  a  Prepayment
Interest Shortfall.

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<PAGE>

Section 6.04.  Company and Master Servicer Not to Resign.
               -----------------------------------------

        Subject to the  provisions of Section 6.02,  neither the Company nor the
Master  Servicer shall resign from its respective  obligations and duties hereby
imposed on it except upon  determination that its duties hereunder are no longer
permissible  under  applicable  law.  Any  such  determination   permitting  the
resignation  of the  Company or the Master  Servicer  shall be  evidenced  by an
Opinion of Counsel to such effect delivered to the Trustee.  No such resignation
by the Master  Servicer shall become  effective until the Trustee or a successor
servicer  shall  have  assumed  the  Master  Servicer's   responsibilities   and
obligations in accordance with Section 7.02.

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ARTICLE VII

<PAGE>

                                     DEFAULT

Section 7.01.  Events of Default.
               -----------------

        Event of Default,  wherever used herein,  means any one of the following
events  (whatever  reason  for such  Event of  Default  and  whether it shall be
voluntary or  involuntary  or be effected by operation of law or pursuant to any
judgment,  decree or order of any court or any order,  rule or regulation of any
administrative or governmental body):

(i)     the Master  Servicer shall fail to distribute or cause to be distributed
        to the Holders of Certificates of any Class any distribution required to
        be made  under  the  terms of the  Certificates  of such  Class and this
        Agreement and, in either case,  such failure shall  continue  unremedied
        for a period of 5 days after the date upon which written  notice of such
        failure, requiring such failure to be remedied, shall have been given to
        the  Master  Servicer  by the  Trustee  or the  Company or to the Master
        Servicer,  the Company and the Trustee by the Holders of Certificates of
        such Class  evidencing  Percentage  Interests  aggregating not less than
        25%; or

(ii) the Master  Servicer  shall  fail to  observe  or  perform in any  material
     respect any other of the  covenants or agreements on the part of the Master
     Servicer  contained in the  Certificates  of any Class or in this Agreement
     and such failure shall continue  unremedied for a period of 30 days (except
     that such  number of days  shall be 15 in the case of a failure  to pay the
     premium for any Required  Insurance Policy) after the date on which written
     notice of such failure,  requiring the same to be remedied, shall have been
     given to the  Master  Servicer  by the  Trustee or the  Company,  or to the
     Master Servicer, the Company and the Trustee by the Holders of Certificates
     of  any  Class  evidencing,  in the  case  of any  such  Class,  Percentage
     Interests aggregating not less than 25%; or

(iii)   a decree or order of a court or agency or supervisory  authority  having
        jurisdiction in the premises in an involuntary case under any present or
        future  federal  or  state  bankruptcy,  insolvency  or  similar  law or
        appointing a conservator  or receiver or  liquidator in any  insolvency,
        readjustment  of debt,  marshalling of assets and liabilities or similar
        proceedings,  or for the winding-up or liquidation of its affairs, shall
        have been entered  against the Master  Servicer and such decree or order
        shall have remained in force undischarged or unstayed for a period of 60
        days; or

(iv)    the Master Servicer shall consent to the appointment of a conservator or
        receiver  or  liquidator  in  any  insolvency,   readjustment  of  debt,
        marshalling of assets and  liabilities,  or similar  proceedings  of, or
        relating  to,  the  Master  Servicer  or  of,  or  relating  to,  all or
        substantially all of the property of the Master Servicer; or

(v)     the Master  Servicer  shall  admit in writing its  inability  to pay its
        debts  generally as they become due,  file a petition to take  advantage
        of, or commence a voluntary  case under,  any  applicable  insolvency or
        reorganization  statute,  make  an  assignment  for the  benefit  of its
        creditors, or voluntarily suspend payment of its obligations; or

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<PAGE>

(vi)    the Master Servicer shall notify the Trustee pursuant to Section 4.04(b)
        that it is unable to deposit in the Certificate  Account an amount equal
        to the Advance.

        If an Event of  Default  described  in clauses  (i)-(v) of this  Section
shall  occur,  then,  and in each and every such case,  so long as such Event of
Default shall not have been remedied, either the Company or the Trustee may, and
at the  direction  of Holders of  Certificates  entitled  to at least 51% of the
Voting Rights,  the Trustee shall,  by notice in writing to the Master  Servicer
(and to the  Company if given by the  Trustee or to the  Trustee if given by the
Company),  terminate all of the rights and  obligations  of the Master  Servicer
under this Agreement and in and to the Mortgage Loans and the proceeds  thereof,
other than its rights as a Certificateholder  hereunder.  If an Event of Default
described in clause (vi) hereof shall occur, the Trustee shall, by notice to the
Master  Servicer and the Company,  immediately  terminate  all of the rights and
obligations  of the  Master  Servicer  under  this  Agreement  and in and to the
Mortgage  Loans  and  the  proceeds   thereof,   other  than  its  rights  as  a
Certificateholder  hereunder  as  provided in Section  4.04(b).  On or after the
receipt by the Master Servicer of such written  notice,  all authority and power
of the  Master  Servicer  under  this  Agreement,  whether  with  respect to the
Certificates  (other  than  as a  Holder  thereof)  or  the  Mortgage  Loans  or
otherwise, shall subject to Section 7.02 pass to and be vested in the Trustee or
the  Trustee's  designee  appointed  pursuant  to  Section  7.02;  and,  without
limitation,  the  Trustee is hereby  authorized  and  empowered  to execute  and
deliver, on behalf of the Master Servicer, as attorney-in-fact or otherwise, any
and all documents and other instruments,  and to do or accomplish all other acts
or things  necessary  or  appropriate  to effect the  purposes of such notice of
termination,  whether to complete the transfer and  endorsement or assignment of
the Mortgage  Loans and related  documents,  or otherwise.  The Master  Servicer
agrees to cooperate with the Trustee in effecting the  termination of the Master
Servicer's responsibilities and rights hereunder, including, without limitation,
the transfer to the Trustee or its designee for administration by it of all cash
amounts  which  shall at the time be credited  to the  Custodial  Account or the
Certificate  Account or  thereafter  be received  with  respect to the  Mortgage
Loans. No such  termination  shall release the Master Servicer for any liability
that it would  otherwise  have  hereunder  for any act or omission  prior to the
effective time of such termination.

        Notwithstanding any termination of the activities of Residential Funding
in its  capacity as Master  Servicer  hereunder,  Residential  Funding  shall be
entitled  to  receive,  out of any late  collection  of a Monthly  Payment  on a
Mortgage  Loan  which  was  due  prior  to the  notice  terminating  Residential
Funding's rights and obligations as Master Servicer hereunder and received after
such notice,  that portion to which Residential Funding would have been entitled
pursuant to Sections 3.10(a)(ii), (vi) and (vii) as well as its Servicing Fee in
respect thereof,  and any other amounts payable to Residential Funding hereunder
the  entitlement  to which  arose  prior to the  termination  of its  activities
hereunder.  Upon the  termination  of  Residential  Funding  as Master  Servicer
hereunder the Company shall deliver to the Trustee a copy of the Program Guide.

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<PAGE>

Section 7.02.  Trustee or Company to Act; Appointment of Successor.
               ----------------------------------------------------

(a) On and after the time the Master  Servicer  receives a notice of termination
pursuant to Section 7.01 or resigns in accordance with Section 6.04, the Trustee
or, upon notice to the Company and with the Company's  consent  (which shall not
be unreasonably withheld) a designee (which meets the standards set forth below)
of the Trustee, shall be the successor in all respects to the Master Servicer in
its capacity as servicer under this Agreement and the  transactions set forth or
provided for herein and shall be subject to all the responsibilities, duties and
liabilities  relating  thereto  placed on the Master  Servicer  (except  for the
responsibilities, duties and liabilities contained in Sections 2.02 and 2.03(a),
excluding  the duty to notify  related  Subservicers  or Sellers as set forth in
such  Sections,  and its  obligations  to  deposit  amounts in respect of losses
incurred  prior to such notice or  termination on the investment of funds in the
Custodial  Account or the Certificate  Account  pursuant to Sections 3.07(c) and
4.01(b) by the terms and provisions hereof); provided, however, that any failure
to  perform  such  duties or  responsibilities  caused by the  preceding  Master
Servicer's failure to provide information  required by Section 4.04 shall not be
considered a default by the Trustee  hereunder.  As compensation  therefor,  the
Trustee shall be entitled to all funds  relating to the Mortgage Loans which the
Master  Servicer would have been entitled to charge to the Custodial  Account or
the  Certificate  Account if the Master  Servicer had continued to act hereunder
and, in addition, shall be entitled to the income from any Permitted Investments
made with  amounts  attributable  to the  Mortgage  Loans held in the  Custodial
Account or the Certificate  Account.  If the Trustee has become the successor to
the Master  Servicer in  accordance  with  Section  6.04 or Section  7.01,  then
notwithstanding  the above, the Trustee may, if it shall be unwilling to so act,
or shall, if it is unable to so act,  appoint,  or petition a court of competent
jurisdiction to appoint,  any established housing and home finance  institution,
which  is  also  a  Fannie  Mae-  or  Freddie  Mac-approved  mortgage  servicing
institution, having a net worth of not less than $10,000,000 as the successor to
the  Master  Servicer  hereunder  in the  assumption  of all or any  part of the
responsibilities,  duties  or  liabilities  of the  Master  Servicer  hereunder.
Pending appointment of a successor to the Master Servicer hereunder, the Trustee
shall become  successor to the Master Servicer and shall act in such capacity as
hereinabove  provided.  In connection with such appointment and assumption,  the
Trustee may make such arrangements for the compensation of such successor out of
payments on  Mortgage  Loans as it and such  successor  shall  agree;  provided,
however,  that no such  compensation  shall be in excess of that  permitted  the
initial Master Servicer hereunder.  The Company,  the Trustee, the Custodian and
such successor shall take such action,  consistent with this Agreement, as shall
be  necessary to  effectuate  any such  succession.  The  Servicing  Fee for any
successor  Master  Servicer  appointed  pursuant  to this  Section  7.02 will be
lowered with respect to those Mortgage Loans, if any, where the Subservicing Fee
accrues at a rate of less than  0.20% per annum in the event that the  successor
Master  Servicer  is  not  servicing  such  Mortgage  Loans  directly  and it is
necessary to raise the related  Subservicing Fee to a rate of 0.20% per annum in
order to hire a Subservicer with respect to such Mortgage Loans.

        (b) In connection  with the  termination  or  resignation  of the Master
Servicer  hereunder,  either (i) the successor  Master  Servicer,  including the
Trustee if the Trustee is acting as successor Master  Servicer,  shall represent
and  warrant  that it is a member of MERS in good  standing  and shall  agree to
comply  in all  material  respects  with the  rules  and  procedures  of MERS in
connection  with the servicing of the Mortgage  Loans that are  registered  with
MERS, in which case the  predecessor  Master  Servicer shall  cooperate with the
successor  Master  Servicer in causing MERS to revise its records to reflect the
transfer of servicing to the successor  Master Servicer as necessary under MERS'
rules and regulations,  or (ii) the predecessor  Master Servicer shall cooperate
with the  successor  Master  Servicer in causing  MERS to execute and deliver an

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<PAGE>

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.

                                       86
<PAGE>

                                  ARTICLE VIII

                             CONCERNING THE TRUSTEE

Section 8.01.  Duties of Trustee.
               -----------------

(a) The Trustee,  prior to the  occurrence  of an Event of Default and after the
curing or waiver of all Events of Default which may have occurred, undertakes to
perform such duties and only such duties as are  specifically  set forth in this
Agreement. In case an Event of Default has occurred (which has not been cured or
waived),  the Trustee shall  exercise such of the rights and powers vested in it
by this  Agreement,  and use the same degree of care and skill in their exercise
as a prudent  investor  would  exercise  or use under the  circumstances  in the
conduct of such investor's own affairs.

(b) The Trustee,  upon  receipt of all  resolutions,  certificates,  statements,
opinions,  reports,  documents,  orders or other  instruments  furnished  to the
Trustee  which  are  specifically  required  to be  furnished  pursuant  to  any
provision  of this  Agreement,  shall  examine  them to  determine  whether they
conform to the  requirements  of this  Agreement.  The Trustee  shall notify the
Certificateholders  of any such documents which do not materially conform to the
requirements  of  this  Agreement  in the  event  that  the  Trustee,  after  so
requesting, does not receive satisfactorily corrected documents.

        The Trustee shall  forward or cause to be forwarded in a timely  fashion
the  notices,  reports and  statements  required to be  forwarded by the Trustee
pursuant to Sections 4.03,  4.06, 7.03 and 10.01. The Trustee shall furnish in a
timely fashion to the Master  Servicer such  information as the Master  Servicer
may reasonably  request from time to time for the Master Servicer to fulfill its
duties as set forth in this Agreement.  The Trustee covenants and agrees that it
shall perform its obligations hereunder in a manner so as to maintain the status
of any portion of any REMIC formed under the Series  Supplement as a REMIC under
the REMIC Provisions and (subject to Section 10.01(f)) to prevent the imposition
of any federal, state or local income,  prohibited transaction,  contribution or
other tax on the Trust  Fund to the  extent  that  maintaining  such  status and
avoiding  such taxes are  reasonably  within the  control of the Trustee and are
reasonably within the scope of its duties under this Agreement.

(c) No  provision  of this  Agreement  shall be construed to relieve the Trustee
from liability for its own negligent action, its own negligent failure to act or
its own willful misconduct; provided, however, that:

(i)  Prior to the  occurrence  of an Event of  Default,  and after the curing or
     waiver of all such Events of Default  which may have  occurred,  the duties
     and  obligations  of the Trustee shall be determined  solely by the express
     provisions  of this  Agreement,  the Trustee shall not be liable except for
     the  performance  of such duties and  obligations as are  specifically  set
     forth in this Agreement,  no implied covenants or obligations shall be read
     into this Agreement against the Trustee and, in the absence of bad faith on
     the part of the Trustee, the Trustee may conclusively rely, as to the truth
     of the statements and the  correctness of the opinions  expressed  therein,
     upon any  certificates or opinions  furnished to the Trustee by the Company
     or the Master  Servicer  and which on their  face,  do not  contradict  the
     requirements of this Agreement;

                                       87
<PAGE>

(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;

                                       88
<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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<PAGE>

(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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<PAGE>

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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<PAGE>

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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<PAGE>

(b) In the case of any appointment of a co-trustee or separate  trustee pursuant
to this Section 8.10 all rights,  powers,  duties and  obligations  conferred or
imposed upon the Trustee  shall be  conferred  or imposed upon and  exercised or
performed by the  Trustee,  and such  separate  trustee or  co-trustee  jointly,
except  to the  extent  that  under  any law of any  jurisdiction  in which  any
particular act or acts are to be performed  (whether as Trustee  hereunder or as
successor to the Master Servicer hereunder), the Trustee shall be incompetent or
unqualified  to perform such act or acts,  in which event such  rights,  powers,
duties and obligations  (including the holding of title to the Trust Fund or any
portion  thereof in any such  jurisdiction)  shall be exercised and performed by
such separate trustee or co-trustee at the direction of the Trustee.

(c) Any notice, request or other writing given to the Trustee shall be deemed to
have  been  given to each of the then  separate  trustees  and  co-trustees,  as
effectively  as if  given  to each of  them.  Every  instrument  appointing  any
separate  trustee or co-trustee shall refer to this Agreement and the conditions
of this Article VIII. Each separate trustee and co-trustee,  upon its acceptance
of the trusts conferred,  shall be vested with the estates or property specified
in its instrument of appointment, either jointly with the Trustee or separately,
as may be provided  therein,  subject to all the  provisions of this  Agreement,
specifically including every provision of this Agreement relating to the conduct
of, affecting the liability of, or affording  protection to, the Trustee.  Every
such instrument shall be filed with the Trustee.

(d) Any separate trustee or co-trustee may, at any time, constitute the Trustee,
its agent or attorney-in-fact,  with full power and authority, to the extent not
prohibited by law, to do any lawful act under or in respect of this Agreement on
its behalf and in its name.  If any separate  trustee or  co-trustee  shall die,
become  incapable  of  acting,  resign  or  be  removed,  all  of  its  estates,
properties,  rights,  remedies  and trusts shall vest in and be exercised by the
Trustee,  to the extent  permitted by law,  without the  appointment of a new or
successor trustee.

Section 8.11.  Appointment of Custodians.
               -------------------------

        The  Trustee  may,  with the  consent  of the  Master  Servicer  and the
Company,  appoint one or more  Custodians who are not Affiliates of the Company,
the Master Servicer or any Seller to hold all or a portion of the Mortgage Files
as agent for the Trustee,  by entering  into a Custodial  Agreement.  Subject to
Article  VIII,  the Trustee  agrees to comply  with the terms of each  Custodial
Agreement and to enforce the terms and provisions  thereof against the Custodian
for the benefit of the Certificateholders.  Each Custodian shall be a depository
institution  subject to supervision by federal or state authority,  shall have a
combined  capital and surplus of at least  $15,000,000 and shall be qualified to
do  business  in the  jurisdiction  in which it holds any  Mortgage  File.  Each
Custodial  Agreement  may be amended  only as  provided  in Section  11.01.  The
Trustee shall notify the  Certificateholders of the appointment of any Custodian
(other than the  Custodian  appointed as of the Closing  Date)  pursuant to this
Section 8.11.

Section 8.12.  Appointment of Office or Agency.
               -------------------------------

        The Trustee will maintain an office or agency in the City of New York at
the  address  designated  in  Section  11.05  of  the  Series  Supplement  where

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<PAGE>

Certificates  may be surrendered for  registration of transfer or exchange.  The
Trustee will  maintain an office at the address  stated in Section  11.05 of the
Series Supplement where notices and demands to or upon the Trustee in respect of
this Agreement may be served.

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<PAGE>

                                   ARTICLE IX

              TERMINATION OR OPTIONAL PURCHASE OF ALL CERTIFICATES

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

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

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

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

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

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

                                       96
<PAGE>

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

(b) The Master  Servicer  shall give the  Trustee  not less than 60 days'  prior
notice of the  Distribution  Date on which the Master Servicer  anticipates that
the final distribution will be made to  Certificateholders  (whether as a result
of the  exercise by the Master  Servicer of its right to purchase  the assets of
the Trust Fund or otherwise) or on which the Master  Servicer  anticipates  that
the  Certificates  will be purchased  (as a result of the exercise by the Master
Servicer to purchase the  outstanding  Certificates).  Notice of any termination
specifying the anticipated  Final  Distribution Date (which shall be a date that
would otherwise be a Distribution  Date) upon which the  Certificateholders  may
surrender their Certificates to the Trustee (if so required by the terms hereof)
for payment of the final distribution and cancellation or notice of any purchase
of the outstanding Certificates, specifying the Distribution Date upon which the
Holders may surrender their  Certificates  to the Trustee for payment,  shall be
given promptly by the Master Servicer (if it is exercising its right to purchase
the assets of the Trust Fund or to purchase the outstanding Certificates), or by
the Trustee (in any other case) by letter to the  Certificateholders  mailed not
earlier  than the 15th day and not  later  than the 25th day of the  month  next
preceding the month of such final distribution specifying:

(i)     the anticipated Final  Distribution Date upon which final payment of the
        Certificates is anticipated to be made upon  presentation  and surrender
        of  Certificates  at  the  office  or  agency  of  the  Trustee  therein
        designated where required  pursuant to this Agreement or, in the case of
        the purchase by the Master Servicer of the outstanding Certificates, the
        Distribution Date on which such purchase is to be made,

(ii)    the amount of any such final payment,  or in the case of the purchase of
        the  outstanding  Certificates,  the purchase  price, in either case, if
        known, and

(iii)   that the Record Date otherwise  applicable to such  Distribution Date is
        not applicable,  and in the case of the Senior  Certificates,  or in the
        case of all of the  Certificates  in connection with the exercise by the
        Master Servicer of its right to purchase the Certificates,  that payment
        will be made only upon presentation and surrender of the Certificates at
        the office or agency of the Trustee therein specified.

If the Master  Servicer is  obligated  to give notice to  Certificateholders  as
aforesaid,  it shall give such notice to the  Certificate  Registrar at the time
such  notice is given to  Certificateholders  and,  if the  Master  Servicer  is
exercising its rights to purchase the  outstanding  Certificates,  it shall give
such  notice  to each  Rating  Agency  at the  time  such  notice  is  given  to

                                       97
<PAGE>

Certificateholders.  As a result of the  exercise by the Master  Servicer of its
right to  purchase  the  assets of the Trust  Fund,  the Master  Servicer  shall
deposit  in the  Certificate  Account,  before  the Final  Distribution  Date in
immediately available funds an amount equal to the purchase price for the assets
of the Trust Fund,  computed as provided  above.  As a result of the exercise by
the Master Servicer of its right to purchase the outstanding  Certificates,  the
Master Servicer shall deposit in an Eligible Account,  established by the Master
Servicer on behalf of the Trustee and separate from the  Certificate  Account in
the name of the Trustee in trust for the registered holders of the Certificates,
before the  Distribution  Date on which such purchase is to occur in immediately
available  funds an amount  equal to the  purchase  price for the  Certificates,
computed as above  provided,  and provide notice of such deposit to the Trustee.
The Trustee will withdraw  from such account the amount  specified in subsection
(c) below.

(c) In the case of the Senior  Certificates,  upon presentation and surrender of
the Certificates by the Certificateholders thereof, and in the case of the Class
M and Class B Certificates,  upon presentation and surrender of the Certificates
by the Certificateholders  thereof in connection with the exercise by the Master
Servicer of its right to purchase the Certificates,  and otherwise in accordance
with Section 4.01(a), the Trustee shall distribute to the Certificateholders (i)
the  amount  otherwise  distributable  on  such  Distribution  Date,  if  not in
connection with the Master  Servicer's  election to repurchase the assets of the
Trust  Fund or the  outstanding  Certificates,  or (ii) if the  Master  Servicer
elected  to so  repurchase  the  assets  of the  Trust  Fund or the  outstanding
Certificates,  an  amount  determined  as  follows:  (A)  with  respect  to each
Certificate the outstanding  Certificate Principal Balance thereof, plus Accrued
Certificate  Interest for the related  Interest  Accrual  Period thereon and any
previously  unpaid  Accrued  Certificate  Interest,  subject to the priority set
forth in Section 4.02(a), and (B) with respect to the Class R Certificates,  any
excess of the amounts available for distribution (including the repurchase price
specified  in clause  (ii) of  subsection  (a) of this  Section)  over the total
amount distributed under the immediately  preceding clause (A).  Notwithstanding
the reduction of the Certificate  Principal  Balance of any Class of Subordinate
Certificates  to zero,  such  Class  will be  outstanding  hereunder  until  the
termination of the respective  obligations and  responsibilities of the Company,
the Master Servicer and the Trustee hereunder in accordance with Article IX.

(d) If any  Certificateholders  shall not surrender their Certificates for final
payment  and  cancellation  on or  before  the  Final  Distribution  Date (if so
required by the terms hereof), the Trustee shall on such date cause all funds in
the   Certificate   Account   not   distributed   in   final   distribution   to
Certificateholders  to be  withdrawn  therefrom  and  credited to the  remaining
Certificateholders by depositing such funds in a separate escrow account for the
benefit of such Certificateholders, and the Master Servicer (if it exercised its
right to purchase  the assets of the Trust  Fund),  or the Trustee (in any other
case) shall give a second written notice to the remaining  Certificateholders to
surrender their Certificates for cancellation and receive the final distribution
with  respect  thereto.  If within  six  months  after  the  second  notice  any
Certificate shall not have been surrendered for cancellation,  the Trustee shall
take  appropriate  steps as  directed  by the Master  Servicer  to  contact  the
remaining  Certificateholders  concerning  surrender of their Certificates.  The
costs  and  expenses  of  maintaining  the  escrow  account  and  of  contacting
Certificateholders  shall be paid out of the assets  which  remain in the escrow
account.  If within nine months after the second notice any  Certificates  shall

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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
Account  deposited therein by the Master Servicer pursuant to Section 9.01(b) to
be  withdrawn  therefrom  and  deposited  in a separate  escrow  account for the
benefit of such Certificateholders,  and the Master Servicer shall give a second
written notice to such  Certificateholders  to surrender their  Certificates for
payment of the purchase  price  therefor.  If within six months after the second
notice any Certificate  shall not have been  surrendered for  cancellation,  the
Trustee  shall take  appropriate  steps as  directed  by the Master  Servicer to
contact  the  Holders  of  such  Certificates   concerning  surrender  of  their
Certificates.  The costs and expenses of  maintaining  the escrow account and of
contacting  Certificateholders  shall be paid out of the assets  which remain in
the  escrow  account.  If  within  nine  months  after  the  second  notice  any
Certificates shall not have been surrendered for cancellation in accordance with
this  Section  9.01,  the Trustee  shall pay to the Master  Servicer all amounts
distributable  to the Holders thereof and the Master  Servicer shall  thereafter
hold such amounts until distributed to such Holders. No interest shall accrue or
be payable to any  Certificateholder on any amount held in the escrow account or
by the  Master  Servicer  as a result  of such  Certificateholder's  failure  to
surrender its  Certificate(s)  for payment in accordance with this Section 9.01.
Any  Certificate  that is not  surrendered on the  Distribution  Date on which a
purchase  pursuant to this Section 9.01 occurs as provided  above will be deemed
to have been  purchased  and the Holder as of such date will have no rights with
respect  thereto  except to receive the purchase  price therefor minus any costs
and expenses  associated with such escrow account and notices allocated thereto.
Any  Certificates  so  purchased  or  deemed  to  have  been  purchased  on such
Distribution Date shall remain  outstanding  hereunder until the Master Servicer
has terminated the respective obligations and responsibilities created hereby in
respect of the  Certificates  pursuant to this  Article IX. The Master  Servicer
shall be for all purposes the Holder thereof as of such date.

Section 9.02.  Additional Termination Requirements.
               -----------------------------------

(a) Each REMIC that  comprises  the Trust Fund shall be terminated in accordance
with the following additional requirements, unless (subject to Section 10.01(f))
the Trustee and the Master  Servicer have received an Opinion of Counsel  (which
Opinion of Counsel  shall not be an expense of the  Trustee)  to the effect that
the failure of each such REMIC to comply with the  requirements  of this Section
9.02 will not (i) result in the  imposition on the Trust of taxes on "prohibited
transactions,"  as described in Section 860F of the Code, or (ii) cause any such
REMIC  to fail to  qualify  as a REMIC  at any  time  that  any  Certificate  is
outstanding:

(i)     The Master Servicer shall establish a 90-day liquidation period for each
        such  REMIC and  specify  the first  day of such  period in a  statement
        attached  to the Trust  Fund's  final Tax Return  pursuant  to  Treasury
        regulations Section 1.860F-1. The Master Servicer also shall satisfy all
        of the requirements of a qualified liquidation for a REMIC under Section
        860F of the Code and regulations thereunder;

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<PAGE>

(ii)    The Master Servicer shall notify the Trustee at the commencement of such
        90-day  liquidation period and, at or prior to the time of making of the
        final payment on the  Certificates,  the Trustee shall sell or otherwise
        dispose of all of the  remaining  assets of the Trust Fund in accordance
        with the terms hereof; and

(iii)   If the  Master  Servicer  or the  Company  is  exercising  its  right to
        purchase the assets of the Trust Fund, the Master Servicer shall, during
        the 90-day  liquidation period and at or prior to the Final Distribution
        Date, purchase all of the assets of the Trust Fund for cash.

(b) Each Holder of a Certificate and the Trustee hereby irrevocably approves and
appoints the Master Servicer as its attorney-in-fact to adopt a plan of complete
liquidation  for each REMIC at the expense of the Trust Fund in accordance  with
the terms and conditions of this Agreement.

Section 9.03.  Termination of Multiple REMICs.
               -------------------------------

        If the REMIC  Administrator  makes two or more separate REMIC elections,
the  applicable   REMIC  shall  be  terminated  on  the  earlier  of  the  Final
Distribution  Date and the date on which it is deemed to receive the last deemed
distributions on the related Uncertificated REMIC Regular Interests and the last
distribution due on the Certificates is made.

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<PAGE>

                                   ARTICLE X

                                REMIC PROVISIONS

Section 10.01. REMIC Administration.

(a) The REMIC  Administrator  shall make an  election to treat the Trust Fund as
one or more REMICs under the Code and, if necessary, under applicable state law.
The assets of each such REMIC will be set forth in the Series  Supplement.  Such
election  will be  made  on  Form  1066  or  other  appropriate  federal  tax or
information return (including Form 8811) or any appropriate state return for the
taxable  year  ending  on the  last  day of  the  calendar  year  in  which  the
Certificates  are issued.  For the purposes of each REMIC election in respect of
the Trust Fund,  Certificates  and  interests to be  designated  as the "regular
interests"  and the sole class of "residual  interests" in the REMIC will be set
forth in Section 10.03 of the Series Supplement. The REMIC Administrator and the
Trustee shall not permit the creation of any "interests"  (within the meaning of
Section  860G of the Code) in any REMIC  elected  in  respect  of the Trust Fund
other than the "regular interests" and "residual interests" so designated.

(b) The Closing Date is hereby designated as the "startup day" of the Trust Fund
within the meaning of Section 860G(a)(9) of the Code.

(c) The REMIC  Administrator  shall hold a Class R  Certificate  representing  a
0.01%  Percentage  Interest each Class of the Class R Certificates  and shall be
designated as "the tax matters  person" with respect to each REMIC in the manner
provided under Treasury regulations section 1.860F-4(d) and Treasury regulations
section 301.6231(a)(7)-1.  The REMIC Administrator, as tax matters person, shall
(i) act on behalf of each REMIC in  relation  to any tax  matter or  controversy
involving the Trust Fund and (ii) represent the Trust Fund in any administrative
or judicial  proceeding  relating to an examination or audit by any governmental
taxing authority with respect  thereto.  The legal expenses,  including  without
limitation attorneys' or accountants' fees, and costs of any such proceeding and
any liability  resulting  therefrom  shall be expenses of the Trust Fund and the
REMIC Administrator  shall be entitled to reimbursement  therefor out of amounts
attributable  to the  Mortgage  Loans on  deposit  in the  Custodial  Account as
provided by Section  3.10 unless such legal  expenses  and costs are incurred by
reason  of the REMIC  Administrator's  willful  misfeasance,  bad faith or gross
negligence.  If  the  REMIC  Administrator  is no  longer  the  Master  Servicer
hereunder,  at its option the REMIC  Administrator  may  continue  its duties as
REMIC  Administrator  and shall be paid  reasonable  compensation  not to exceed
$3,000 per year by any successor Master Servicer  hereunder for so acting as the
REMIC Administrator.

(d) The REMIC Administrator shall prepare or cause to be prepared all of the Tax
Returns  that it  determines  are required  with  respect to each REMIC  created
hereunder and deliver such Tax Returns in a timely manner to the Trustee and the
Trustee shall sign and file such Tax Returns in a timely manner. The expenses of
preparing  such returns  shall be borne by the REMIC  Administrator  without any
right of reimbursement therefor. The REMIC Administrator agrees to indemnify and
hold harmless the Trustee with respect to any tax or liability  arising from the
Trustee's  signing of Tax Returns that contain errors or omissions.  The Trustee
and Master  Servicer shall promptly  provide the REMIC  Administrator  with such
information  as the REMIC  Administrator  may from time to time  request for the
purpose of enabling the REMIC Administrator to prepare Tax Returns.

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<PAGE>

(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

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<PAGE>

will consult with the Master Servicer or the REMIC Administrator, as applicable,
or its designee,  in writing, with respect to whether such action could cause an
Adverse  REMIC Event to occur with  respect to any such  REMIC,  and the Trustee
shall not take any such  action or cause any such REMIC to take any such  action
as to which the Master Servicer or the REMIC Administrator,  as applicable,  has
advised it in writing  that an  Adverse  REMIC  Event  could  occur.  The Master
Servicer or the REMIC Administrator,  as applicable, may consult with counsel to
make  such  written  advice,  and the cost of same  shall be borne by the  party
seeking to take the action not expressly permitted by this Agreement,  but in no
event at the expense of the Master Servicer or the REMIC  Administrator.  At all
times as may be required  by the Code,  the Master  Servicer  will to the extent
within its  control  and the scope of its  duties  more  specifically  set forth
herein, maintain substantially all of the assets of each REMIC created hereunder
as  "qualified  mortgages"  as  defined in  Section  860G(a)(3)  of the Code and
"permitted investments" as defined in Section 860G(a)(5) of the Code.

(g) In the event  that any tax is imposed on  "prohibited  transactions"  of any
REMIC  created  hereunder as defined in Section  860F(a)(2) of the Code, on "net
income  from  foreclosure  property"  of any such  REMIC as  defined  in Section
860G(c) of the Code,  on any  contributions  to any such REMIC after the Startup
Day  therefor  pursuant  to  Section  860G(d)  of the Code,  or any other tax is
imposed  by the Code or any  applicable  provisions  of state or local tax laws,
such tax shall be charged (i) to the Master Servicer,  if such tax arises out of
or results from a breach by the Master Servicer of any of its obligations  under
this Agreement or the Master Servicer has in its sole  discretion  determined to
indemnify  the Trust Fund  against such tax,  (ii) to the  Trustee,  if such tax
arises out of or results from a breach by the Trustee of any of its  obligations
under  this  Article  X, or (iii)  otherwise  against  amounts on deposit in the
Custodial  Account as provided by Section 3.10 and on the  Distribution  Date(s)
following such  reimbursement  the aggregate of such taxes shall be allocated in
reduction of the Accrued Certificate  Interest on each Class entitled thereto in
the same manner as if such taxes constituted a Prepayment Interest Shortfall.

(h) The Trustee and the Master Servicer shall,  for federal income tax purposes,
maintain  books and records  with respect to each REMIC  created  hereunder on a
calendar  year and on an accrual  basis or as  otherwise  may be required by the
REMIC Provisions.

(i) Following the Startup Day, neither the Master Servicer nor the Trustee shall
accept  any  contributions  of  assets  to any REMIC  created  hereunder  unless
(subject to Section  10.01(f))  the Master  Servicer and the Trustee  shall have
received an Opinion of Counsel (at the expense of the party seeking to make such
contribution) to the effect that the inclusion of such assets in such REMIC will
not  cause  the  REMIC  to fail to  qualify  as a REMIC  at any  time  that  any
Certificates  are  outstanding  or subject  the REMIC to any tax under the REMIC
Provisions or other  applicable  provisions  of federal,  state and local law or
ordinances.

(j)  Neither  the Master  Servicer  nor the  Trustee  shall  (subject to Section
10.01(f)) enter into any  arrangement by which any REMIC created  hereunder will
receive a fee or other  compensation  for  services nor permit any such REMIC to
receive any income from assets other than  "qualified  mortgages"  as defined in
Section 860G(a)(3) of the Code or "permitted  investments" as defined in Section
860G(a)(5) of the Code.

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<PAGE>

(k)  Solely for the  purposes  of Section  1.860G-1(a)(4)(iii)  of the  Treasury
Regulations,  the  "latest  possible  maturity  date" by which  the  Certificate
Principal  Balance of each Class of  Certificates  (other than the Interest Only
Certificates)  representing a regular  interest in the applicable  REMIC and the
Uncertificated  Principal Balance of each Uncertificated  REMIC Regular Interest
(other than each  Uncertificated  REMIC Regular Interest  represented by a Class
A-V  Certificate,  if any) and the rights to the Interest Only  Certificates and
Uncertificated  REMIC Regular  Interest  represented by a Class A-V  Certificate
would be  reduced to zero is the  Maturity  Date for each such  Certificate  and
Interest.

(l) Within 30 days after the Closing Date, the REMIC Administrator shall prepare
and file with the Internal  Revenue Service Form 8811,  "Information  Return for
Real Estate Mortgage  Investment  Conduits (REMIC) and Issuers of Collateralized
Debt Obligations" for each REMIC created hereunder.

(m)  Neither  the Trustee  nor the Master  Servicer  shall  sell,  dispose of or
substitute  for any of the Mortgage  Loans  (except in  connection  with (i) the
default,  imminent default or foreclosure of a Mortgage Loan,  including but not
limited to, the acquisition or sale of a Mortgaged  Property acquired by deed in
lieu of foreclosure,  (ii) the bankruptcy of any REMIC created hereunder,  (iii)
the  termination  of any such REMIC  pursuant to Article IX of this Agreement or
(iv) a  purchase  of  Mortgage  Loans  pursuant  to  Article  II or III of  this
Agreement) nor acquire any assets for any such REMIC, nor sell or dispose of any
investments  in the Custodial  Account or the  Certificate  Account for gain nor
accept any  contributions to any such REMIC after the Closing Date unless it has
received  an Opinion of Counsel  that such sale,  disposition,  substitution  or
acquisition will not (a) affect adversely the status of such REMIC as a REMIC or
(b)  unless  the  Master  Servicer  has  determined  in its sole  discretion  to
indemnify  the Trust Fund against such tax,  cause such REMIC to be subject to a
tax on  "prohibited  transactions"  or  "contributions"  pursuant  to the  REMIC
Provisions.

Section 10.02. Master Servicer, REMIC Administrator and Trustee Indemnification.
               -----------------------------------------------------------------

(a) The Trustee  agrees to  indemnify  the Trust Fund,  the  Company,  the REMIC
Administrator and the Master Servicer for any taxes and costs including, without
limitation,  any  reasonable  attorneys fees imposed on or incurred by the Trust
Fund,  the  Company  or the  Master  Servicer,  as a result  of a breach  of the
Trustee's covenants set forth in Article VIII or this Article X.

(b) The REMIC Administrator agrees to indemnify the Trust Fund, the Company, the
Master  Servicer  and the  Trustee for any taxes and costs  (including,  without
limitation,  any reasonable attorneys' fees) imposed on or incurred by the Trust
Fund, the Company,  the Master Servicer or the Trustee,  as a result of a breach
of the REMIC Administrator's  covenants set forth in this Article X with respect
to compliance  with the REMIC  Provisions,  including  without  limitation,  any
penalties  arising from the Trustee's  execution of Tax Returns  prepared by the
REMIC Administrator that contain errors or omissions;  provided,  however,  that
such  liability  will not be imposed to the extent such breach is a result of an
error or omission in  information  provided  to the REMIC  Administrator  by the
Master Servicer in which case Section 10.02(c) will apply.

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<PAGE>

(c) The Master  Servicer  agrees to indemnify the Trust Fund,  the Company,  the
REMIC Administrator and the Trustee for any taxes and costs (including,  without
limitation,  any reasonable attorneys' fees) imposed on or incurred by the Trust
Fund,  the Company,  the REMIC  Administrator  or the Trustee,  as a result of a
breach of the  Master  Servicer's  covenants  set forth in this  Article X or in
Article III with  respect to  compliance  with the REMIC  Provisions,  including
without  limitation,  any penalties arising from the Trustee's  execution of Tax
Returns prepared by the Master Servicer that contain errors or omissions.

Section 10.03. Designation of REMIC(s).
               ------------------------

        As provided in Section 10.03 of the Series Supplement.

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                                   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 with a Certificate  Principal
Balance  greater  than zero  affected  thereby  for the  purpose  of adding  any
provisions to or changing in any manner or eliminating  any of the provisions of
this  Agreement  or such  Custodial  Agreement or of modifying in any manner the
rights of the Holders of Certificates of such Class; provided,  however, that no
such amendment shall:

(i)  reduce in any manner the amount of, or delay the timing of,  payments which
     are required to be  distributed on any  Certificate  without the consent of
     the Holder of such Certificate,

(ii)    reduce the aforesaid percentage of Certificates of any Class the Holders
        of which are required to consent to any such amendment, in any such case
        without  the consent of the  Holders of all  Certificates  of such Class
        then outstanding.

(c) Notwithstanding any contrary provision of this Agreement,  the Trustee shall
not  consent  to any  amendment  to this  Agreement  unless it shall  have first
received an Opinion of Counsel  (subject to Section  10.01(f) and at the expense
of the party seeking such  amendment)  to the effect that such  amendment or the
exercise of any power granted to the Master Servicer, the Company or the Trustee
in accordance with such amendment will not result in the imposition of a federal
tax on the Trust Fund or cause any REMIC created under the Series  Supplement to
fail to qualify as a REMIC at any time that any Certificate is outstanding.

(d) Promptly after the execution of any such amendment the Trustee shall furnish
written  notification  of the  substance of such  amendment to the Custodian and
each   Certificateholder.   It  shall  not  be  necessary  for  the  consent  of
Certificateholders  under this Section 11.01 to approve the  particular  form of
any proposed amendment, but it shall be sufficient if such consent shall approve
the substance  thereof.  The manner of obtaining such consents and of evidencing
the  authorization  of the  execution  thereof  by  Certificateholders  shall be
subject to such reasonable regulations as the Trustee may prescribe.

(e) The Company  shall have the option,  in its sole  discretion,  to obtain and
deliver to the Trustee any corporate guaranty,  payment obligation,  irrevocable
letter of credit,  surety  bond,  insurance  policy or similar  instrument  or a
reserve fund, or any combination of the foregoing, for the purpose of protecting
the Holders of the Class B  Certificates  against any or all Realized  Losses or
other  shortfalls.  Any such instrument or fund shall be held by the Trustee for
the benefit of the Class B Certificateholders, but shall not be and shall not be
deemed to be under any  circumstances  included in the Trust Fund. To the extent
that any such  instrument or fund  constitutes a reserve fund for federal income
tax purposes,  (i) any reserve fund so established  shall be an outside  reserve
fund and not an asset of the Trust  Fund,  (ii) any such  reserve  fund shall be

                                      107
<PAGE>

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
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.

                                      110
<PAGE>

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.]
<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"),

<PAGE>

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 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
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.
<PAGE>

               As  provided in the  Agreement,  withdrawals  from the  Custodial
Account   and/or  the   Certificate   Account   created   for  the   benefit  of
Certificateholders  may be made by the  Master  Servicer  from  time to time for
purposes other than distributions to Certificateholders, such purposes including
without  limitation  reimbursement  to the  Company  and the Master  Servicer of
advances made, or certain expenses incurred, by either of them.

               The Agreement permits,  with certain exceptions therein provided,
the  amendment  of  the  Agreement  and  the  modification  of  the  rights  and
obligations of the Company,  the Master  Servicer and the Trustee and the rights
of the  Certificateholders  under the Agreement at any time by the Company,  the
Master  Servicer and the Trustee with the consent of the Holders of Certificates
evidencing  in the aggregate  not less than 66% of the  Percentage  Interests of
each Class of Certificates  affected thereby.  Any such consent by the Holder of
this  Certificate  shall be  conclusive  and binding on such Holder and upon all
future  holders  of this  Certificate  and of any  Certificate  issued  upon the
transfer hereof or in exchange herefor or in lieu hereof whether or not notation
of such consent is made upon the  Certificate.  The  Agreement  also permits the
amendment thereof in certain circumstances without the consent of the Holders of
any of the Certificates and, in certain  additional  circumstances,  without the
consent of the Holders of certain Classes of Certificates.

               As provided in the Agreement  and subject to certain  limitations
therein  set forth,  the  transfer of this  Certificate  is  registrable  in the
Certificate  Register upon surrender of this  Certificate  for  registration  of
transfer  at the offices or  agencies  appointed  by the Trustee in the City and
State of New York, duly endorsed by, or accompanied by an assignment in the form
below or other  written  instrument  of  transfer  in form  satisfactory  to the
Trustee and the Certificate Registrar duly executed by the Holder hereof or such
Holder's  attorney  duly  authorized  in writing,  and thereupon one or more new
Certificates of authorized denominations evidencing the same Class and aggregate
Percentage Interest will be issued to the designated transferee or transferees.

               The  Certificates  are issuable only as  registered  Certificates
without coupons in Classes and in denominations  specified in the Agreement.  As
provided in the Agreement and subject to certain  limitations therein set forth,
Certificates are  exchangeable for new Certificates of authorized  denominations
evidencing the same Class and aggregate Percentage Interest, as requested by the
Holder surrendering the same.

               No  service  charge  will be made  for any such  registration  of
transfer or exchange, but the Trustee may require payment of a sum sufficient to
cover any tax or other governmental charge payable in connection therewith.

               The Company, the Master Servicer, the Trustee and the Certificate
Registrar and any agent of the Company, the Master Servicer,  the Trustee or the
Certificate  Registrar  may treat the Person in whose name this  Certificate  is
registered  as the owner hereof for all purposes,  and neither the Company,  the
Master  Servicer,  the Trustee nor any such agent shall be affected by notice to
the contrary.
<PAGE>

               This Certificate shall be governed by and construed in accordance
with the laws of the State of New York.

               The  obligations  created  by the  Agreement  in  respect  of the
Certificates and the Trust Fund created thereby shall terminate upon the payment
to  Certificateholders  of all  amounts  held by or on behalf of the Trustee and
required to be paid to them pursuant to the  Agreement  following the earlier of
(i) the maturity or other  liquidation of the last Mortgage Loan subject thereto
or the disposition of all property  acquired upon foreclosure or deed in lieu of
foreclosure  of any Mortgage  Loan and (ii) the purchase by the Master  Servicer
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.

<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

<PAGE>

                                   ASSIGNMENT

     FOR  VALUE  RECEIVED,   the  undersigned  hereby  sell(s),   assign(s)  and
transfer(s) unto  _____________________________  (Please print or typewrite name
and  address  including  postal  zip code of  assignee)  a  Percentage  Interest
evidenced  by the within  Mortgage  Asset-Backed  Pass-Through  Certificate  and
hereby  authorizes the transfer of  registration of such interest to assignee on
the Certificate Register of the Trust Fund.

               I (We) further  direct the  Certificate  Registrar to issue a new
Certificate of a like  denomination  and Class,  to the above named assignee and
deliver such Certificate to the following address:

________________________________________________________________________________

                                         _____________________________________
Dated:                                   Signature by or on behalf of assignor

                                         ______________________________________
                                                 Signature Guaranteed

                            DISTRIBUTION INSTRUCTIONS

               The  assignee  should  include  the  following  for  purposes  of
distribution:

     Distributions shall be made, by wire transfer or otherwise,  in immediately
available   funds  to   ______________________________   for  the   account   of
_______________________________  account  number  _____________________,  or, if
mailed by check, to ____________________________________.  Applicable statements
should be mailed to ____________________________________.

     This information is provided by _______________________, the assignee named
above, or ___________________, as its agent.

<PAGE>

                                    EXHIBIT B

                           FORM OF CLASS M CERTIFICATE

        THIS  CERTIFICATE  IS  SUBORDINATED  IN RIGHT OF  PAYMENT  TO THE SENIOR
CERTIFICATES  [CLASS M-1 CERTIFICATES] [AND CLASS M-2 CERTIFICATES] AS DESCRIBED
IN THE AGREEMENT (AS DEFINED BELOW).

        SOLELY FOR U.S.  FEDERAL  INCOME TAX  PURPOSES,  THIS  CERTIFICATE  IS A
"REGULAR  INTEREST" IN A "REAL  ESTATE  MORTGAGE  INVESTMENT  CONDUIT," AS THOSE
TERMS ARE  DEFINED,  RESPECTIVELY,  IN  SECTIONS  860G AND 860D OF THE  INTERNAL
REVENUE CODE OF 1986 (THE "CODE").

        UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED  REPRESENTATIVE OF
THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION  ("DTC"),  TO ISSUER OR ITS
AGENT FOR REGISTRATION OF TRANSFER,  EXCHANGE,  OR PAYMENT,  AND ANY CERTIFICATE
ISSUED  IS  REGISTERED  IN THE NAME OF CEDE & CO.  OR IN SUCH  OTHER  NAME AS IS
REQUESTED  BY AN  AUTHORIZED  REPRESENTATIVE  OF DTC (AND ANY PAYMENT IS MADE TO
CEDE  &  CO.  OR  TO  SUCH  OTHER  ENTITY  AS  IS  REQUESTED  BY  AN  AUTHORIZED
REPRESENTATIVE  OF DTC), ANY TRANSFER,  PLEDGE, OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE  BY OR TO ANY PERSON IS  WRONGFUL  INASMUCH  AS THE  REGISTERED  OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

        THE  FOLLOWING  INFORMATION  IS  PROVIDED  SOLELY  FOR THE  PURPOSES  OF
APPLYING THE U.S.  FEDERAL INCOME TAX ORIGINAL  ISSUE DISCOUNT  ("OID") RULES TO
THIS  CERTIFICATE.  THE ISSUE DATE OF THIS  CERTIFICATE IS ___________ __, ____.
ASSUMING  THAT THE  MORTGAGE  LOANS  PREPAY AT [___]%  OF THE  PREPAYMENT  SPEED
ASSUMPTION (AS DESCRIBED IN THE PROSPECTUS  SUPPLEMENT),  THIS  CERTIFICATE  HAS
BEEN ISSUED WITH NO MORE THAN $[____] OF OID PER $[1,000] OF INITIAL CERTIFICATE
PRINCIPAL  BALANCE,  THE YIELD TO  MATURITY  IS  [_____]%  AND THE AMOUNT OF OID
ATTRIBUTABLE  TO THE INITIAL ACCRUAL PERIOD IS NO MORE THAN $[____] PER $[1,000]
OF INITIAL CERTIFICATE PRINCIPAL BALANCE, COMPUTED UNDER THE APPROXIMATE METHOD.
NO REPRESENTATION IS MADE THAT THE MORTGAGE LOANS WILL PREPAY AT A RATE BASED ON
THE PREPAYMENT SPEED ASSUMPTION OR AT ANY OTHER RATE.

        Any Transferee of this Certificate will be deemed to have represented by
virtue of its purchase or holding of this  Certificate (or interest herein) that
EITHER (a) such Transferee is not an investment  manager, a named fiduciary or a
trustee of any Plan) acting, directly or indirectly,  on behalf of or purchasing
any Certificate with "plan assets" of any Plan (a "plan  investor"),  (B) it has
acquired and is holding such  Certificate in reliance on Prohibited  Transaction
Exemption  ("PTE") 94-29, 59 Fed. Reg. 14674 (March 29, 1994), as amended by PTE

<PAGE>

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.
<PAGE>

Certificate No.                                   [      ]% Pass-Through Rate

Class M-    Subordinate                           Aggregate Certificate
                                                  Principal Balance
Date of Pooling and Servicing                     of the Class M Certificates:
Agreement and Cut-off Date:                       $
___________ 1, ____
                                                  Initial Certificate Principal
First Distribution Date:                          Balance of this Certificate:
_________ 25, ____                                $

Master Servicer:                                  CUSIP: 76110F-
Residential Funding Corporation

Assumed Final Distribution Date:
___________ 25, ____

                              MORTGAGE ASSET-BACKED PASS-THROUGH CERTIFICATE,
                                 SERIES ____-___

        evidencing a percentage  interest in any distributions  allocable to the
        Class  M-  Certificates  with  respect  to  the  Trust  Fund  consisting
        primarily of a pool of conventional  one- to four-family  fixed interest
        rate first mortgage loans formed and sold by RESIDENTIAL ACCREDIT LOANS,
        INC.

     This  Certificate  is payable solely from the assets of the Trust Fund, and
does not represent an obligation of or interest in Residential  Accredit  Loans,
Inc., the Master Servicer, the Trustee referred to below or GMAC Mortgage Group,
Inc. or any of their  affiliates.  Neither this  Certificate  nor the underlying
Mortgage  Loans  are  guaranteed  or  insured  by  any  governmental  agency  or
instrumentality or by Residential Accredit Loans, Inc., the Master Servicer, the
Trustee or GMAC Mortgage  Group,  Inc. or any of their  affiliates.  None of the
Company,  the  Master  Servicer,  GMAC  Mortgage  Group,  Inc.  or any of  their
affiliates  will have any  obligation  with respect to any  certificate or other
obligation secured by or payable from payments on the Certificates.

     This  certifies  that  ________________  is  the  registered  owner  of the
Percentage  Interest  evidenced  by this  Certificate  (obtained by dividing the
Certificate  Principal Balance of this Certificate by the aggregate  Certificate
Principal  Balance of all Class M-  Certificates,  both as  specified  above) in
certain  distributions  with respect to a Trust Fund  consisting  primarily of a
pool of  conventional  one- to  four-family  fixed  interest rate first mortgage
loans (the "Mortgage  Loans"),  formed and sold by Residential  Accredit  Loans,
Inc. (hereinafter called the "Company," which term includes any successor entity
under the Agreement referred to below). The Trust Fund was created pursuant to a
Pooling and Servicing Agreement dated as specified above (the "Agreement") among
the  Company,  the Master  Servicer  and  __________________,  as  trustee  (the
"Trustee"),  a summary of certain of the  pertinent  provisions  of which is set
forth hereafter.  To the extent not defined herein,  the capitalized  terms used
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.
<PAGE>

               Pursuant to the terms of the Agreement,  a  distribution  will be
made on the 25th day of each month or, if such 25th day is not a  Business  Day,
the Business Day immediately following (the "Distribution Date"),  commencing as
described  in the  Agreement,  to the Person in whose name this  Certificate  is
registered  at the close of business on the last day (or if such last day is not
a Business  Day, the Business Day  immediately  preceding  such last day) of the
month immediately  preceding the month of such distribution (the "Record Date"),
from the Available  Distribution Amount in an amount equal to the product of the
Percentage  Interest  evidenced by this  Certificate and the amount (of interest
and  principal,  if any)  required  to be  distributed  to  Holders  of Class M-
Certificates on such Distribution Date.

               Distributions  on this  Certificate  will be made  either  by the
Master  Servicer  acting on behalf of the Trustee or by a Paying Agent appointed
by the Trustee in  immediately  available  funds (by wire transfer or otherwise)
for the  account of the Person  entitled  thereto if such  Person  shall have so
notified  the Master  Servicer or such Paying  Agent,  or by check mailed to the
address of the Person entitled thereto, as such name and address shall appear on
the Certificate Register.

               Notwithstanding   the  above,  the  final  distribution  on  this
Certificate  will be made after due notice of the pendency of such  distribution
and only upon  presentation  and surrender of this  Certificate at the office or
agency  appointed  by the Trustee for that  purpose in the City and State of New
York. The Initial Certificate Principal Balance of this Certificate is set forth
above. The Certificate Principal Balance hereof will be reduced to the extent of
the  distributions  allocable to principal  and any  Realized  Losses  allocable
hereto.

               As described  above, no transfer of this Class M Certificate will
be made unless (i) the Trustee  has  received  either an opinion of counsel or a
representation  letter,  each as  described  in the  Agreement,  relating to the
permissibility  of such  transfer  under ERISA and Section 4975 of the Code,  or
(ii) this Certificate is held by a Depository, in which case the Transferee will
be deemed to have made  representations  relating to the  permissibility of such
transfer  under  ERISA and Section  4975 of the Code,  as  described  in Section
5.02(e) of the Agreement.  In addition,  any purported  Certificate  Owner whose
acquisition or holding of this  Certificate (or interest herein) was effected in
violation  of  the  restrictions  in  Section  5.02(e)  of the  Agreement  shall
indemnify and hold harmless the Company, the Trustee,  the Master Servicer,  any
Subservicer,  and the  Trust  Fund  from and  against  any and all  liabilities,
claims,  costs  or  expenses  incurred  by  such  parties  as a  result  of such
acquisition or holding.

               This   Certificate  is  one  of  a  duly   authorized   issue  of
Certificates  issued in several  Classes  designated  as  Mortgage  Asset-Backed
Pass-Through  Certificates of the Series specified  hereon (herein  collectively
called the "Certificates").

               The  Certificates  are  limited  in right of  payment  to certain
collections  and  recoveries   respecting  the  Mortgage  Loans,   all  as  more
specifically set forth herein and in the Agreement. In the event Master Servicer
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.
<PAGE>

               As  provided in the  Agreement,  withdrawals  from the  Custodial
Account   and/or  the   Certificate   Account   created   for  the   benefit  of
Certificateholders  may be made by the  Master  Servicer  from  time to time for
purposes other than distributions to Certificateholders, such purposes including
without  limitation  reimbursement  to the  Company  and the Master  Servicer of
advances made, or certain expenses incurred, by either of them.

               The Agreement permits,  with certain exceptions therein provided,
the  amendment  of  the  Agreement  and  the  modification  of  the  rights  and
obligations of the Company,  the Master  Servicer and the Trustee and the rights
of the  Certificateholders  under the Agreement at any time by the Company,  the
Master  Servicer and the Trustee with the consent of the Holders of Certificates
evidencing  in the aggregate  not less than 66% of the  Percentage  Interests of
each Class of Certificates  affected thereby.  Any such consent by the Holder of
this  Certificate  shall be  conclusive  and binding on such Holder and upon all
future  holders  of this  Certificate  and of any  Certificate  issued  upon the
transfer hereof or in exchange herefor or in lieu hereof whether or not notation
of such consent is made upon the  Certificate.  The  Agreement  also permits the
amendment thereof in certain circumstances without the consent of the Holders of
any of the Certificates and, in certain  additional  circumstances,  without the
consent of the Holders of certain Classes of Certificates.

               As provided in the Agreement  and subject to certain  limitations
therein  set forth,  the  transfer of this  Certificate  is  registrable  in the
Certificate  Register upon surrender of this  Certificate  for  registration  of
transfer  at the offices or  agencies  appointed  by the Trustee in the City and
State of New York, duly endorsed by, or accompanied by an assignment in the form
below or other  written  instrument  of  transfer  in form  satisfactory  to the
Trustee and the Certificate Registrar duly executed by the Holder hereof or such
Holder's  attorney  duly  authorized  in writing,  and thereupon one or more new
Certificates of authorized denominations evidencing the same Class and aggregate
Percentage Interest will be issued to the designated transferee or transferees.

               The  Certificates  are issuable only as  registered  Certificates
without coupons in Classes and in denominations  specified in the Agreement.  As
provided in the Agreement and subject to certain  limitations therein set forth,
Certificates are  exchangeable for new Certificates of authorized  denominations
evidencing the same Class and aggregate Percentage Interest, as requested by the
Holder surrendering the same.

               No  service  charge  will be made  for any such  registration  of
transfer or exchange, but the Trustee may require payment of a sum sufficient to
cover any tax or other governmental charge payable in connection therewith.

               The Company, the Master Servicer, the Trustee and the Certificate
Registrar and any agent of the Company, the Master Servicer,  the Trustee or the
Certificate  Registrar  may treat the Person in whose name this  Certificate  is
registered  as the owner hereof for all purposes,  and neither the Company,  the
Master  Servicer,  the Trustee nor any such agent shall be affected by notice to
the contrary.
<PAGE>

               This Certificate shall be governed by and construed in accordance
with the laws of the State of New York.

               The  obligations  created  by the  Agreement  in  respect  of the
Certificates and the Trust Fund created thereby shall terminate upon the payment
to  Certificateholders  of all  amounts  held by or on behalf of the Trustee and
required to be paid to them pursuant to the  Agreement  following the earlier of
(i) the maturity or other  liquidation of the last Mortgage Loan subject thereto
or the disposition of all property  acquired upon foreclosure or deed in lieu of
foreclosure  of any Mortgage  Loan and (ii) the purchase by the Master  Servicer
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.

<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

<PAGE>

                                   ASSIGNMENT

     FOR  VALUE  RECEIVED,   the  undersigned  hereby  sell(s),   assign(s)  and
transfer(s) unto  _____________________________  (Please print or typewrite name
and  address  including  postal  zip code of  assignee)  a  Percentage  Interest
evidenced  by the within  Mortgage  Asset-Backed  Pass-Through  Certificate  and
hereby  authorizes the transfer of  registration of such interest to assignee on
the Certificate Register of the Trust Fund.

               I (We) further  direct the  Certificate  Registrar to issue a new
Certificate of a like  denomination  and Class,  to the above named assignee and
deliver such Certificate to the following address:

________________________________________________________________________________

                                         _____________________________________
Dated:                                   Signature by or on behalf of assignor

                                         ______________________________________
                                                 Signature Guaranteed

                            DISTRIBUTION INSTRUCTIONS

               The  assignee  should  include  the  following  for  purposes  of
distribution:

     Distributions shall be made, by wire transfer or otherwise,  in immediately
available   funds  to   ______________________________   for  the   account   of
_______________________________  account  number  _____________________,  or, if
mailed by check, to ____________________________________.  Applicable statements
should be mailed to ____________________________________.

     This information is provided by _______________________, the assignee named
above, or ___________________, as its agent.

<PAGE>

                                    EXHIBIT C

                           FORM OF CLASS B CERTIFICATE

THIS CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE SENIOR  CERTIFICATES
AND CLASS M CERTIFICATES [AND CLASS B-1] [CLASS B-2  CERTIFICATES]  DESCRIBED IN
THE AGREEMENT (AS DEFINED HEREIN).

THIS  CERTIFICATE  HAS NOT BEEN AND WILL NOT BE REGISTERED  UNDER THE SECURITIES
ACT OF 1933,  AS  AMENDED,  OR THE  SECURITIES  LAWS OF ANY STATE AND MAY NOT BE
RESOLD OR TRANSFERRED  UNLESS IT IS REGISTERED  PURSUANT TO SUCH ACT AND LAWS OR
IS SOLD OR TRANSFERRED IN TRANSACTIONS  WHICH ARE EXEMPT FROM REGISTRATION UNDER
SUCH ACT AND UNDER  APPLICABLE  STATE LAW AND IS TRANSFERRED IN ACCORDANCE  WITH
THE PROVISIONS OF SECTION 5.02 OF THE AGREEMENT.

NO TRANSFER OF THIS CERTIFICATE MAY BE MADE TO ANY PERSON, UNLESS THE TRANSFEREE
PROVIDES EITHER A CERTIFICATION  PURSUANT TO SECTION 5.02(e) OF THE AGREEMENT OR
AN OPINION OF COUNSEL  SATISFACTORY TO THE MASTER SERVICER,  THE COMPANY AND THE
TRUSTEE THAT THE PURCHASE OF THIS CERTIFICATE WILL NOT CONSTITUTE OR RESULT IN A
NON-EXEMPT  PROHIBITED  TRANSACTION UNDER SECTION 406 OF THE EMPLOYEE RETIREMENT
INCOME SECURITY ACT OF 1974, AS AMENDED  ("ERISA"),  OR SECTION 4975 OF THE CODE
AND WILL NOT  SUBJECT  THE MASTER  SERVICER,  THE  COMPANY OR THE TRUSTEE TO ANY
OBLIGATION OR LIABILITY IN ADDITION TO THOSE UNDERTAKEN IN THE AGREEMENT.

SOLELY FOR U.S.  FEDERAL  INCOME TAX PURPOSES,  THIS  CERTIFICATE  IS A "REGULAR
INTEREST" IN A "REAL  ESTATE  MORTGAGE  INVESTMENT  CONDUIT," AS THOSE TERMS ARE
DEFINED,  RESPECTIVELY,  IN SECTIONS  860G AND 860D OF THE CODE.  THE  FOLLOWING
INFORMATION  IS PROVIDED  SOLELY FOR THE PURPOSES OF APPLYING  THE U.S.  FEDERAL
INCOME TAX ORIGINAL ISSUE DISCOUNT ("OID") RULES TO THIS CERTIFICATE.  THE ISSUE
DATE OF THIS  CERTIFICATE  IS ___________  __, ____.  ASSUMING THAT THE MORTGAGE
LOANS PREPAY AT 100% OF THE  PREPAYMENT  SPEED  ASSUMPTION  (AS DESCRIBED IN THE
PROSPECTUS SUPPLEMENT),  THIS CERTIFICATE HAS BEEN ISSUED WITH NO MORE THAN $[ ]
OF OID PER  $[1,000]  OF INITIAL  CERTIFICATE  PRINCIPAL  BALANCE,  THE YIELD TO
MATURITY  IS [ ]% AND THE  AMOUNT OF OID  ATTRIBUTABLE  TO THE  INITIAL  ACCRUAL
PERIOD  IS NO MORE  THAN $[ ] PER  $[1,000]  OF  INITIAL  CERTIFICATE  PRINCIPAL
BALANCE,  COMPUTED UNDER THE APPROXIMATE  METHOD. NO REPRESENTATION IS MADE THAT
THE  MORTGAGE  LOANS  WILL  PREPAY  AT A  RATE  BASED  ON THE  PREPAYMENT  SPEED
ASSUMPTION OR AT ANY OTHER RATE.
<PAGE>

Certificate No.                                   [      ]% Pass-Through Rate

Class B-     Subordinate                          Aggregate Certificate
                                                  Principal Balance
Date of Pooling and Servicing                     of the Class B-
Agreement and Cut-off Date:                       Certificates as of
___________ 1, ____                               the Cut-off Date:
                                                  $
First Distribution Date:
_________ 25, ____                                Initial Certificate Principal
                                                  Balance of this Certificate:
Master Servicer:                                  $
Residential Funding Corporation

Assumed Final Distribution Date:
___________ 25, ____

                              MORTGAGE ASSET-BACKED PASS-THROUGH CERTIFICATE,
                                 SERIES ____-___

       evidencing a percentage  interest in any  distributions  allocable to the
       Class B- Certificates with respect to the Trust Fund consisting primarily
       of a pool of conventional  one- to four-family  fixed interest rate first
       mortgage loans formed and sold by RESIDENTIAL ACCREDIT LOANS, INC.

     This  Certificate  is payable solely from the assets of the Trust Fund, and
does not represent an obligation of or interest in Residential  Accredit  Loans,
Inc., the Master Servicer, the Trustee referred to below or GMAC Mortgage Group,
Inc. or any of their  affiliates.  Neither this  Certificate  nor the underlying
Mortgage  Loans  are  guaranteed  or  insured  by  any  governmental  agency  or
instrumentality or by Residential Accredit Loans, Inc., the Master Servicer, the
Trustee or GMAC Mortgage  Group,  Inc. or any of their  affiliates.  None of the
Company,  the  Master  Servicer,  GMAC  Mortgage  Group,  Inc.  or any of  their
affiliates  will have any  obligation  with respect to any  certificate or other
obligation secured by or payable from payments on the Certificates.

               This  certifies  that  Residential  Accredit  Loans,  Inc. is the
registered  owner  of the  Percentage  Interest  evidenced  by this  Certificate
(obtained by dividing the Certificate  Principal  Balance of this Certificate by
the aggregate Certificate  Principal Balance of all Class B- Certificates,  both
as  specified  above) in  certain  distributions  with  respect  to a Trust Fund
consisting  primarily  of a pool  of  conventional  one-  to  four-family  fixed
interest rate first mortgage loans (the  "Mortgage  Loans"),  formed and sold by
Residential  Accredit Loans, Inc.  (hereinafter called the "Company," which term
includes any successor entity under the Agreement  referred to below). The Trust
Fund  was  created  pursuant  to a  Pooling  and  Servicing  Agreement  dated as
specified  above (the  "Agreement")  among the Company,  the Master Servicer and
__________________,  as  trustee  (the  "Trustee"),  a summary of certain of the
pertinent provisions of which is set forth hereafter.  To the extent not defined
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.

<PAGE>

               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
letter,  in the form as described by Section  5.02(e) of the  Agreement,  either

<PAGE>

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
Certificates of authorized denominations evidencing the same Class and aggregate
Percentage Interest will be issued to the designated transferee or transferees.
<PAGE>

               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.

<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

<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
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.
<PAGE>

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.

               This  certifies  that is the  registered  owner of the Percentage
Interest  evidenced  by this  Certificate  (obtained  by  dividing  the  Initial
Certificate  Principal  Balance of this  Certificate  by the  aggregate  Initial
Certificate  Principal  Balance of all Class R  Certificates,  both as specified
above) in  certain  distributions  with  respect  to the Trust  Fund  consisting
primarily of a pool of  conventional  one- to  four-family  fixed  interest rate
first  mortgage  loans (the  "Mortgage  Loans"),  formed and sold by Residential
Accredit Loans, Inc.  (hereinafter called the "Company," which term includes any
successor  entity  under the  Agreement  referred to below).  The Trust Fund was
created  pursuant to a Pooling and Servicing  Agreement dated as specified above
(the "Agreement") among the Company, the Master Servicer and __________________,
as trustee (the "Trustee"),  a summary of certain of the pertinent provisions of
which is set forth hereafter.  To the extent not defined herein, the capitalized
terms used herein have the meanings assigned in the Agreement.  This Certificate
is issued under and is subject to the terms,  provisions  and  conditions of the
Agreement,  to which  Agreement the Holder of this  Certificate by virtue of the
acceptance hereof assents and by which such Holder is bound.

               Pursuant to the terms of the Agreement,  a  distribution  will be
made on the 25th day of each month or, if such 25th day is not a  Business  Day,
the Business Day immediately following (the "Distribution Date"),  commencing as
described  in the  Agreement,  to the Person in whose name this  Certificate  is
registered  at the close of business on the last day (or if such last day is not
a Business  Day, the Business Day  immediately  preceding  such last day) of the
month immediately  preceding the month of such distribution (the "Record Date"),
from the Available  Distribution Amount in an amount equal to the product of the
Percentage  Interest  evidenced by this  Certificate and the amount (of interest
and  principal,  if any)  required  to be  distributed  to  Holders  of  Class R
Certificates on such Distribution Date.

               Each Holder of this  Certificate will be deemed to have agreed to
be bound by the  restrictions  set forth in the Agreement to the effect that (i)
each person holding or acquiring any Ownership Interest in this Certificate must
be a United States Person and a Permitted  Transferee,  (ii) the transfer of any
Ownership  Interest in this Certificate will be conditioned upon the delivery to
the Trustee of,  among other  things,  an  affidavit  to the effect that it is a
United States Person and Permitted Transferee,  (iii) any attempted or purported
transfer of any  Ownership  Interest in this  Certificate  in  violation of such
restrictions  will be  absolutely  null and void and will  vest no rights in the
purported  transferee,  and (iv) if any person other than a United States Person
and a Permitted  Transferee  acquires any Ownership Interest in this Certificate
in violation of such restrictions,  then the Company will have the right, in its
sole  discretion and without notice to the Holder of this  Certificate,  to sell
this Certificate to a purchaser selected by the Company,  which purchaser may be
the Company,  or any affiliate of the Company,  on such terms and  conditions as
the Company may choose.

               Notwithstanding   the  above,  the  final  distribution  on  this
Certificate  will be made after due notice of the pendency of such  distribution
and only upon  presentation  and surrender of this  Certificate at the office or
agency  appointed  by the Trustee for that  purpose in the City and State of New
York. The Initial Certificate Principal Balance of this Certificate is set forth
above. The Certificate Principal Balance hereof will be reduced to the extent of
distributions  allocable to principal and any Realized Losses allocable  hereto.
Notwithstanding  the reduction of the  Certificate  Principal  Balance hereof to
zero,  this  Certificate  will remain  outstanding  under the  Agreement and the
Holder hereof may have additional  obligations with respect to this Certificate,
including  tax   liabilities,   and  may  be  entitled  to  certain   additional
distributions  hereon,  in  accordance  with the  terms  and  provisions  of the
Agreement.
<PAGE>

               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.
<PAGE>

               As provided in the Agreement  and subject to certain  limitations
therein  set forth,  the  transfer of this  Certificate  is  registrable  in the
Certificate  Register upon surrender of this  Certificate  for  registration  of
transfer  at the offices or  agencies  appointed  by the Trustee in the City and
State of New York, duly endorsed by, or accompanied by an assignment in the form
below or other  written  instrument  of  transfer  in form  satisfactory  to the
Trustee and the Certificate Registrar duly executed by the Holder hereof or such
Holder's  attorney  duly  authorized  in writing,  and thereupon one or more new
Certificates of authorized denominations evidencing the same Class and aggregate
Percentage Interest will be issued to the designated transferee or transferees.

               The  Certificates  are issuable only as  registered  Certificates
without coupons in Classes and in denominations  specified in the Agreement.  As
provided in the Agreement and subject to certain  limitations therein set forth,
Certificates are  exchangeable for new Certificates of authorized  denominations
evidencing the same Class and aggregate Percentage Interest, as requested by the
Holder surrendering the same.

               No  service  charge  will be made  for any such  registration  of
transfer or exchange, but the Trustee may require payment of a sum sufficient to
cover any tax or other governmental charge payable in connection therewith.

               The Company, the Master Servicer, the Trustee and the Certificate
Registrar and any agent of the Company, the Master Servicer,  the Trustee or the
Certificate  Registrar  may treat the Person in whose name this  Certificate  is
registered  as the owner hereof for all purposes,  and neither the Company,  the
Master  Servicer,  the Trustee nor any such agent shall be affected by notice to
the contrary.

               This Certificate shall be governed by and construed in accordance
with the laws of the State of New York.

               The  obligations  created  by the  Agreement  in  respect  of the
Certificates and the Trust Fund created thereby shall terminate upon the payment
to  Certificateholders  of all  amounts  held by or on behalf of the Trustee and
required to be paid to them pursuant to the  Agreement  following the earlier of
(i) the maturity or other  liquidation of the last Mortgage Loan subject thereto
or the disposition of all property  acquired upon foreclosure or deed in lieu of
foreclosure  of any Mortgage  Loan and (ii) the purchase by the Master  Servicer
from the Trust Fund of all remaining Mortgage Loans and all property acquired in
respect of such  Mortgage  Loans,  thereby  effecting  early  retirement  of the
Certificates.  The Agreement permits,  but does not require, the Master Servicer
to (i) purchase at a price determined as provided in the Agreement all remaining
Mortgage Loans and all property acquired in respect of any Mortgage Loan or (ii)
purchase in whole,  but not in part,  all of the  Certificates  from the Holders
thereof; provided, that any such option may only be exercised if the Pool Stated
Principal  Balance of the Mortgage Loans as of the Distribution  Date upon which
the proceeds of any such  purchase are  distributed  is less than ten percent of
the Cut-off Date Principal Balance of the Mortgage Loans.

               Reference  is  hereby  made  to the  further  provisions  of this
Certificate set forth on the reverse hereof,  which further provisions shall for
all purpose have the same effect as if set forth at this place.

               Unless the certificate of authentication hereon has been executed
by the Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

<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

<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.
<PAGE>

10.     MISCELLANEOUS.

        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.

<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:
      ------------------------------

<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
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.
<PAGE>

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 either (i) a citizen or  resident of the United  States,  (ii) a
corporation,  partnership  or  other  entity  treated  as  a  corporation  or  a
partnership for U.S.  federal income tax purposes and created or organized in or
under the laws of the  United  States,  any state  thereof  or the  District  of
Columbia (other than a partnership that is not treated as a United States person
under any applicable Treasury regulations), (iii) an estate that is described in
Section 7701(a)(30)(D) of the Code, or (iv) a trust that is described in Section
7701(a)(30)(E) of the Code.

6. The  Owner  hereby  agrees  that it will not  cause  income  from the Class R
Certificates to be attributable to a foreign  permanent  establishment  or fixed
base  (within  the meaning of an  applicable  income tax treaty) of the Owner or
another United States taxpayer.

7. That the Owner is aware that the Trustee  will not  register  the transfer of
any Class R  Certificates  unless the  transferee,  or the  transferee's  agent,
delivers to it an affidavit and agreement,  among other things, in substantially
the same form as this affidavit and agreement.  The Owner expressly  agrees that
it will not consummate any such transfer if it knows or believes that any of the
representations contained in such affidavit and agreement are false.

8. That the Owner has  reviewed  the  restrictions  set forth on the face of the
Class R Certificates  and the  provisions of Section  5.02(f) of the Pooling and
Servicing  Agreement  under  which  the Class R  Certificates  were  issued  (in
particular,  clause (iii)(A) and (iii)(B) of Section 5.02(f) which authorize the
Trustee to deliver  payments  to a person  other than the Owner and  negotiate a
mandatory sale by the Trustee in the event the Owner holds such  Certificates in
violation of Section 5.02(f)).  The Owner expressly agrees to be bound by and to
comply with such restrictions and provisions.

9. That the Owner consents to any additional  restrictions or arrangements  that
shall be deemed  necessary  upon advice of counsel to  constitute  a  reasonable
arrangement to ensure that the Class R Certificates will only be owned, directly
or indirectly, by an Owner that is not a disqualified organization.

10.     The Owner's Taxpayer Identification Number is  ______________________.

11. This affidavit and agreement  relates only to the Class R Certificates  held
by the Owner and not to any other holder of the Class R Certificates.  The Owner
understands  that the  liabilities  described  herein relate only to the Class R
Certificates.
<PAGE>

12. That no purpose of the Owner  relating to the transfer of any of the Class R
Certificates  by the Owner is or will be to impede the  assessment or collection
of any tax; in making this representation,  the Owner warrants that the Owner is
familiar with (i) Treasury  Regulation Section 1.860E-1(c) and recent amendments
thereto,  effective as of July 19, 2002,  and (ii) the preamble  describing  the
adoption of the  amendments  to such  regulation,  which is  attached  hereto as
Exhibit 1.

13.  That the Owner has no  present  knowledge  or  expectation  that it will be
unable  to  pay  any  United  States  taxes  owed  by it so  long  as any of the
Certificates remain outstanding.  In this regard, the Owner hereby represents to
and for the benefit of the person from whom it acquired the Class R  Certificate
that the Owner  intends  to pay  taxes  associated  with  holding  such  Class R
Certificate  as they  become  due,  fully  understanding  that it may  incur tax
liabilities in excess of any cash flows generated by the Class R Certificate.

14. That the Owner has no present  knowledge or expectation  that it will become
insolvent or subject to a bankruptcy  proceeding for so long as any of the Class
R Certificates remain outstanding.

15. The  Purchaser is not an employee  benefit plan or other plan subject to the
prohibited transaction provisions of the Employee Retirement Income Security Act
of 1974, as amended  ("ERISA"),  or Section 4975 of the 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.

<PAGE>

               IN WITNESS  WHEREOF,  the Owner has caused this  instrument to be
executed on its behalf,  pursuant to the authority of its Board of Directors, by
its [Title of Officer] and its corporate seal to be hereunto attached,  attested
by its [Assistant] Secretary, this day of , 200 .

                                            [NAME OF OWNER]

                                            By:
                                               ---------------------------------
                                                 [Name of Officer]
                                                 [Title of Officer]
[Corporate Seal]

ATTEST:

[Assistant] Secretary

               Personally  appeared before me the above-named [Name of Officer],
known  or  proved  to me to be  the  same  person  who  executed  the  foregoing
instrument and to be the [Title of Officer] of the Owner, and acknowledged to me
that he executed  the same as his free act and deed and the free act and deed of
the Owner.

               Subscribed and sworn before me this  ____ day of  ___________,
200 ____

                                  NOTARY PUBLIC

                                            COUNTY OF
                                                     ---------------------------
                                            STATE OF
                                                    ----------------------------

                           My Commission  expires the _____ day of _____,20___.

<PAGE>

                                    EXHIBIT 1

DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Parts 1 and 602

[TD 9004]
RIN 1545-AW98

Real Estate Mortgage Investment Conduits

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Final regulations.

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

SUMMARY:  This  document  contains  final  regulations  relating  to safe harbor
transfers of noneconomic  residual interests in real estate mortgage  investment
conduits (REMICs).  The final regulations provide additional  limitations on the
circumstances under which transferors may claim safe harbor treatment.

DATES: Effective Date: These regulations are effective July 19, 2002.
    Applicability Date: For dates of applicability, see Sec. 1.860E-
(1)(c)(10).

FOR FURTHER INFORMATION CONTACT: Courtney Shepardson at (202) 622-3940
(not a toll-free number).

SUPPLEMENTARY INFORMATION:

Paperwork Reduction Act

    The  collection  of  information  in this final rule has been  reviewed and,
pending  receipt and  evaluation of public  comments,  approved by the Office of
Management  and Budget (OMB) under 44 U.S.C.  3507 and assigned  control  number
1545-1675.
    The  collection  of  information  in  this  regulation  is in  Sec.  1.860E-
1(c)(5)(ii).  This  information  is  required to enable the IRS to verify that a
taxpayer is complying with the conditions of this regulation.  The collection of
information  is mandatory  and is  required.  Otherwise,  the taxpayer  will not
receive the benefit of safe harbor treatment as provided in the regulation.  The
likely respondents are businesses and other for-profit institutions.
<PAGE>

    Comments on the  collection of  information  should be sent to the Office of
Management  and Budget,  Attn:  Desk Officer for the Department of the Treasury,
Office of Information and Regulatory Affairs, Washington, DC, 20503, with copies
to  the  Internal  Revenue  Service,   Attn:  IRS  Reports  Clearance   Officer,
W:CAR:MP:FP:S,  Washington,  DC 20224. Comments on the collection of information
should be received by September 17, 2002.  Comments are  specifically  requested
concerning:

    Whether  the   collection  of   information  is  necessary  for  the  proper
performance of the functions of the Internal Revenue Service,  including whether
the information will have practical utility;

    The accuracy of the estimated burden associated with the collection
of information (see below);

    How the quality, utility, and clarity of the information to be
collected may be enhanced;

    How the  burden of  complying  with the  collection  of  information  may be
minimized,  including through the application of automated collection techniques
or other forms of information technology; and

    Estimates of capital or start-up costs and costs of operation,  maintenance,
and purchase of service to provide information.

    An agency  may not  conduct  or  sponsor,  and a person is not  required  to
respond to, a  collection  of  information  unless it  displays a valid  control
number assigned by the Office of Management and Budget.

    The  estimated  total  annual  reporting  burden is 470  hours,  based on an
estimated  number of respondents  of 470 and an estimated  average annual burden
hours per respondent of one hour.

    Books or records relating to a collection of information must be retained as
long as their contents may become material in the administration of any internal
revenue law. Generally, tax returns and tax return information are confidential,
as required by 26 U.S.C. 6103.

Background

    This document contains final regulations  regarding the proposed  amendments
to 26 CFR part 1 under  section  860E of the Internal  Revenue Code (Code).  The
regulations  provide the circumstances under which a transferor of a noneconomic
REMIC  residual   interest   meeting  the   investigation   and   representation
requirements  may avail  itself  of the safe  harbor by  satisfying  either  the
formula test or the asset test.

    Final regulations  governing REMICs, issued in 1992, contain rules governing
the transfer of noneconomic REMIC residual interests.  In general, a transfer of
a  noneconomic  residual  interest  is  disregarded  for all tax  purposes  if a
significant purpose of the transfer is to

[[Page 47452]]

enable the  transferor to impede the  assessment or collection of tax. A purpose
to impede the assessment or collection of tax (a wrongful purpose) exists if the
transferor,  at the time of the transfer,  either knew or should have known that
the transferee would be unwilling or unable to pay taxes due on its share of the
REMIC's taxable income.

<PAGE>

    Under a safe harbor, the transferor of a REMIC noneconomic residual interest
is presumed not to have a wrongful  purpose if two  requirements  are satisfied:
(1) the  transferor  conducts a  reasonable  investigation  of the  transferee's
financial  condition  (the  investigation  requirement);  and (2) the transferor
secures a  representation  from the transferee to the effect that the transferee
understands the tax obligations  associated with holding a residual interest and
intends to pay those taxes (the representation requirement).

    The  IRS  and  Treasury  have  been  concerned  that  some   transferors  of
noneconomic  residual  interests  claim they  satisfy  the safe  harbor  even in
situations  where the economics of the transfer  clearly indicate the transferee
is unwilling or unable to pay the tax associated with holding the interest.  For
this reason,  on February 7, 2000, the IRS published in the Federal Register (65
FR 5807) a notice of proposed rulemaking (REG-100276-97; REG-122450-98) designed
to clarify the safe harbor by adding the "formula  test," an economic  test. The
proposed  regulation  provides  that the safe harbor is  unavailable  unless the
present value of the  anticipated  tax  liabilities  associated with holding the
residual  interest  does not  exceed the sum of:  (1) The  present  value of any
consideration  given to the transferee to acquire the interest;  (2) the present
value of the expected future distributions on the interest;  and (3) the present
value of the anticipated tax savings associated with holding the interest as the
REMIC generates losses.

    The notice of proposed  rulemaking also contained rules for FASITs.  Section
1.860H-6(g) of the proposed regulations  provides  requirements for transfers of
FASIT  ownership  interests  and adopts a safe harbor by  reference  to the safe
harbor provisions of the REMIC regulations.

    In January 2001, the IRS published Rev. Proc. 2001-12 (2001-3 I.R.B. 335) to
set forth an alternative  safe harbor that taxpayers could use while the IRS and
the  Treasury  considered  comments  on  the  proposed  regulations.  Under  the
alternative safe harbor, if a transferor meets the investigation requirement and
the representation  requirement but the transfer fails to meet the formula test,
the transferor  may invoke the safe harbor if the transferee  meets a two- prong
test (the asset test). A transferee generally meets the first prong of this test
if, at the time of the transfer, and in each of the two years preceding the year
of  transfer,  the  transferee's  gross  assets  exceed $100 million and its net
assets exceed $10 million. A transferee generally meets the second prong of this
test if it is a  domestic,  taxable  corporation  and agrees in  writing  not to
transfer  the  interest  to any person  other  than  another  domestic,  taxable
corporation that also satisfies the requirements of the asset test. A transferor
cannot rely on the asset test if the  transferor  knows,  or has reason to know,
that the  transferee  will not comply  with its written  agreement  to limit the
restrictions on subsequent transfers of the residual interest.

<PAGE>

    Rev. Proc. 2001-12 provides that the asset test fails to be satisfied in the
case of a transfer or assignment of a noneconomic residual interest to a foreign
branch of an otherwise  eligible  transferee.  If such a transfer or  assignment
were permitted,  a corporate taxpayer might seek to claim that the provisions of
an  applicable  income tax treaty  would  resource  excess  inclusion  income as
foreign  source  income,  and that,  as a  consequence,  any U.S. tax  liability
attributable  to the excess  inclusion  income  could be offset by  foreign  tax
credits.  Such a claim would impede the  assessment or collection of U.S. tax on
excess inclusion income,  contrary to the congressional purpose of assuring that
such income will be taxable in all events. See, e.g., sections 860E(a)(1),  (b),
(e) and 860G(b) of the Code.

    The Treasury and the IRS have  learned that certain  taxpayers  transferring
noneconomic residual interests to foreign branches have attempted to rely on the
formula  test to obtain  safe  harbor  treatment  in an  effort  to  impede  the
assessment or collection of U.S. tax on excess  inclusion  income.  Accordingly,
the  final  regulations  provide  that if a  noneconomic  residual  interest  is
transferred  to a  foreign  permanent  establishment  or  fixed  base  of a U.S.
taxpayer,  the transfer is not eligible for safe harbor  treatment  under either
the asset  test or the  formula  test.  The  final  regulations  also  require a
transferee  to  represent  that it will not cause  income  from the  noneconomic
residual  interest to be attributable to a foreign  permanent  establishment  or
fixed base.

    Section 1.860E-1(c)(8)  provides computational rules that a taxpayer may use
to  qualify  for  safe  harbor   status   under  the   formula   test.   Section
1.860E-1(c)(8)(i)  provides that the transferee is presumed to pay tax at a rate
equal to the highest rate of tax specified in section 11(b).  Some  commentators
were  concerned that this presumed rate of taxation was too high because it does
not take into  consideration  taxpayers  subject to the alternative  minimum tax
rate. In light of the comments received,  this provision has been amended in the
final regulations to allow certain transferees that compute their taxable income
using the alternative  minimum tax rate to use the alternative  minimum tax rate
applicable to corporations.

    Additionally,  Sec.  1.860E-1(c)(8)(iii) provides that the present values in
the  formula  test  are to be  computed  using  a  discount  rate  equal  to the
applicable  Federal  short-term  rate prescribed by section  1274(d).  This is a
change  from  the  proposed   regulation  and  Rev.  Proc.   2001-12.  In  those
publications  the  provision  stated that "present  values are computed  using a
discount rate equal to the applicable Federal rate prescribed in section 1274(d)
compounded  semiannually"  and that "[a] lower  discount rate may be used if the
transferee can demonstrate that it regularly borrows, in the course of its trade
or  business,  substantial  funds at such  lower  rate from an  unrelated  third
party." The IRS and the Treasury  Department  have learned  that,  based on this
provision,  certain taxpayers have been attempting to use unrealistically low or
zero interest rates to satisfy the formula test,  frustrating  the intent of the
test.  Furthermore,  the  Treasury  Department  and the IRS believe  that a rule
allowing  for a rate  other than a rate based on an  objective  index  would add
unnecessary complexity to the safe harbor. As a result, the rule in the proposed

<PAGE>

regulations  that  permits a transferee  to use a lower  discount  rate,  if the
transferee can demonstrate that it regularly  borrows  substantial funds at such
lower rate, is not included in the final regulations; and the Federal short-term
rate  has  been  substituted  for  the  applicable  Federal  rate.  To  simplify
taxpayers' computations, the final regulations allow use of any of the published
short-term  rates,  provided  that  the  present  values  are  computed  with  a
corresponding  period  of  compounding.  With the  exception  of the  provisions
relating to transfers to foreign  branches,  these  changes  generally  have the
proposed  applicability  date of February 4, 2000,  but  taxpayers may choose to
apply the interest  rate formula set forth in the proposed  regulation  and Rev.
Proc. 2001-12 for transfers occurring before August 19, 2002.

    It is anticipated that when final regulations are adopted with
respect to

[[Page 47453]]

FASITs,  Sec.  1.860H-6(g)  of the  proposed  regulations  will  be  adopted  in
substantially  its  present  form,  with the result  that the final  regulations
contained  in this  document  will  also  govern  transfers  of FASIT  ownership
interests with substantially the same applicability date as is contained in this
document.

Effect on Other Documents

    Rev. Proc. 2001-12 (2001-3 I.R.B. 335) is obsolete for transfers of
noneconomic residual interests in REMICs occurring on or after August
19, 2002.

Special Analyses

    It is hereby  certified that these  regulations  will not have a significant
economic impact on a substantial number of small entities. This certification is
based  on the  fact  that it is  unlikely  that a  substantial  number  of small
entities will hold REMIC residual interests. Therefore, a Regulatory Flexibility
Analysis  under  the  Regulatory  Flexibility  Act (5 U.S.C.  chapter  6) is not
required.  It  has  been  determined  that  this  Treasury  decision  is  not  a
significant regulatory action as defined in Executive Order 12866.  Therefore, a
regulatory assessment is not required. It also has been determined that sections
553(b) and 553(d) of the  Administrative  Procedure Act (5 U.S.C.  chapter 5) do
not apply to these regulations.
<PAGE>

Drafting Information

    The principal author of these regulations is Courtney  Shepardson.  However,
other  personnel  from the IRS and  Treasury  Department  participated  in their
development.

List of Subjects

26 CFR Part 1

    Income taxes, Reporting and record keeping requirements.

26 CFR Part 602

    Reporting and record keeping requirements.

Adoption of Amendments to the Regulations

    Accordingly, 26 CFR parts 1 and 602 are amended as follows:

PART 1--INCOME TAXES

    Paragraph 1. The authority  citation for part 1 continues to read in part as
follows:

    Authority: 26 U.S.C. 7805 * * *

<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
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:
                                                  ------------------------------

<PAGE>

                                    EXHIBIT H

                     FORM OF INVESTOR REPRESENTATION LETTER

                                      , 20

Residential Accredit Loans, Inc.
8400 Normandale Lake Boulevard
Suite 250
Minneapolis, MN 55437

==================
------------------

Residential Funding Corporation
8400 Normandale Lake Boulevard
Suite 250
Minneapolis, MN  55437

Attention:  Residential Funding Corporation Series ____-___

               RE:    Mortgage Asset-Backed Pass-Through Certificates,
                      Series ____-___, [Class B-]

Ladies and Gentlemen:

               (the  "Purchaser")  intends to  purchase  from (the  "Seller")  $
Initial  Certificate  Principal  Balance of Mortgage  Asset-Backed  Pass-Through
Certificates,  Series ____-___,  Class (the "Certificates"),  issued pursuant to
the Pooling and Servicing  Agreement  (the  "Pooling and Servicing  Agreement"),
dated as of  ___________  1, ____ among  Residential  Accredit  Loans,  Inc., as
seller (the "Company"), Residential Funding Corporation, as master servicer (the
"Master  Servicer"),  and  __________________,  as trustee (the "Trustee").  All
terms used herein and not otherwise defined shall have the meanings set forth in
the Pooling and Servicing Agreement. The Purchaser hereby certifies,  represents
and warrants to, and  covenants  with,  the Company,  the Trustee and the Master
Servicer that:

1.   The Purchaser  understands that (a) the Certificates have not been and will
     not be registered or qualified under the Securities Act of 1933, as amended
     (the "Act") or any state securities law, (b) the Company is not required to
     so register or qualify the Certificates, (c) the Certificates may be resold
     only if registered  and qualified  pursuant to the provisions of the Act or
     any state  securities  law, or if an exemption from such  registration  and
     qualification  is  available,  (d)  the  Pooling  and  Servicing  Agreement
     contains  restrictions  regarding the transfer of the  Certificates and (e)
     the Certificates will bear a legend to the foregoing effect.
<PAGE>

2.   The  Purchaser  is  acquiring  the  Certificates  for its own  account  for
     investment  only and not with a view to or for sale in connection  with any
     distribution  thereof  in any  manner  that  would  violate  the Act or any
     applicable state securities laws.

3.   The Purchaser is (a) a substantial,  sophisticated  institutional  investor
     having such  knowledge and  experience  in financial and business  matters,
     and, in particular,  in such matters  related to securities  similar to the
     Certificates, such that it is capable of evaluating the merits and risks of
     investment in the Certificates, (b) able to bear the economic risks of such
     an investment and (c) an "accredited  investor"  within the meaning of Rule
     501(a) promulgated pursuant to the Act.

4.   The Purchaser has been furnished with, and has had an opportunity to review
     (a) [a copy of the Private  Placement  Memorandum,  dated  ________,  20__,
     relating  to the  Certificates  (b)] a copy of the  Pooling  and  Servicing
     Agreement and [b] [c] such other  information  concerning the Certificates,
     the Mortgage  Loans and the Company as has been  requested by the Purchaser
     from the Company or the Seller and is relevant to the Purchaser's  decision
     to purchase the  Certificates.  The Purchaser has had any questions arising
     from such review answered by the Company or the Seller to the  satisfaction
     of the Purchaser.  [If the Purchaser did not purchase the Certificates from
     the Seller in connection with the initial  distribution of the Certificates
     and was  provided  with a copy of the  Private  Placement  Memorandum  (the
     "Memorandum")  relating to the original sale (the  "Original  Sale") of the
     Certificates  by  the  Company,   the  Purchaser   acknowledges  that  such
     Memorandum  was  provided  to it by the  Seller,  that the  Memorandum  was
     prepared by the Company solely for use in connection with the Original Sale
     and  the  Company  did  not  participate  in or  facilitate  in any way the
     purchase of the  Certificates  by the  Purchaser  from the Seller,  and the
     Purchaser  agrees  that it will look  solely to the  Seller  and not to the
     Company with respect to any damage, liability, claim or expense arising out
     of, resulting from or in connection with (a) error or omission,  or alleged
     error or omission,  contained in the  Memorandum,  or (b) any  information,
     development or event arising after the date of the Memorandum.]

5.   The  Purchaser  has not and  will  not  nor  has it  authorized  or will it
     authorize any person to (a) offer,  pledge,  sell,  dispose of or otherwise
     transfer  any  Certificate,  any interest in any  Certificate  or any other
     similar security to any person in any manner,  (b) solicit any offer to buy
     or to accept a pledge,  disposition of other  transfer of any  Certificate,
     any interest in any  Certificate  or any other  similar  security  from any
     person in any manner,  (c) otherwise  approach or negotiate with respect to
     any  Certificate,  any  interest in any  Certificate  or any other  similar
     security with any person in any manner,  (d) make any general  solicitation
     by means of  general  advertising  or in any  other  manner or (e) take any
     other action,  that (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.
<PAGE>

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:
                                                  ------------------------------

<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.

                                Very truly yours,

                                            (Seller)

                                            By:
                                               ---------------------------------
                                            Name:
                                                 -------------------------------
                                            Title:
                                                  ------------------------------

<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.
<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:
     ----------------------------------------

<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.
<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:
                                                 -------------------------------

<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.
<PAGE>

13. The undersigned will notify each of the parties to which this  certification
is made of any changes in the  information and  conclusions  herein.  Until such
notice,  the  Buyer's  purchase  of  Rule  144A  Securities  will  constitute  a
reaffirmation  of this  certification  by the undersigned as of the date of such
purchase.

                               Print Name of Buyer

                                            By:
                                                 -------------------------------
                                                 Name:
                                                      --------------------------
                                                 Title:
                                                       -------------------------

                                            IF AN ADVISER:

                               Print Name of Buyer

                                            Date:
                                                 -------------------------------

<PAGE>

                                    EXHIBIT K

                   [TEXT OF AMENDMENT TO POOLING AND SERVICING
                  AGREEMENT PURSUANT TO SECTION 11.01(E) FOR A
                                LIMITED GUARANTY]

                                   ARTICLE XII

             Subordinate Certificate Loss Coverage; Limited Guaranty

               Section 12.01.  Subordinate  Certificate  Loss Coverage;  Limited
Guaranty.  (a) Subject to subsection (c) below,  prior to the later of the third
Business Day prior to each Distribution Date or the related  Determination Date,
the Master  Servicer  shall  determine  whether it or any  Sub-Servicer  will be
entitled to any  reimbursement  pursuant to Section 4.02(a) on such Distribution
Date for Advances or Sub-Servicer  Advances  previously made, (which will not be
Advances or Sub-Servicer  Advances that were made with respect to  delinquencies
which were  subsequently  determined to be Excess Special Hazard Losses,  Excess
Fraud Losses,  Excess Bankruptcy Losses or Extraordinary Losses) and, if so, the
Master Servicer shall demand payment from Residential Funding of an amount equal
to the amount of any Advances or Sub-Servicer  Advances  reimbursed  pursuant to
Section 4.02(a),  to the extent such Advances or Sub-Servicer  Advances have not
been included in the amount of the Realized Loss in the related  Mortgage  Loan,
and  shall  distribute  the same to the Class B  Certificateholders  in the same
manner as if such amount were to be distributed pursuant to Section 4.02(a).

               (b) Subject to  subsection  (c) below,  prior to the later of the
third Business Day prior to each Distribution Date or the related  Determination
Date, the Master  Servicer shall  determine  whether any Realized  Losses (other
than Excess Special Hazard Losses, Excess Bankruptcy Losses, Excess Fraud Losses
and Extraordinary  Losses) will be allocated to the Class B Certificates on such
Distribution  Date  pursuant to Section  4.05,  and, if so, the Master  Servicer
shall demand  payment from  Residential  Funding of the amount of such  Realized
Loss and shall distribute the same to the Class B Certificateholders in the same
manner as if such amount  were to be  distributed  pursuant to Section  4.02(a);
provided, however, that the amount of such demand in respect of any Distribution
Date shall in no event be greater than the sum of (i) the  additional  amount of
Accrued  Certificate  Interest  that  would  have  been  paid  for  the  Class B
Certificateholders  on such  Distribution  Date had such Realized Loss or Losses
not occurred plus (ii) the amount of the reduction in the Certificate  Principal
Balances  of the  Class B  Certificates  on such  Distribution  Date due to such
Realized  Loss or Losses.  Notwithstanding  such payment,  such Realized  Losses
shall be deemed to have been borne by the  Certificateholders  for  purposes  of
Section  4.05.  Excess  Special  Hazard  Losses,  Excess  Fraud  Losses,  Excess
Bankruptcy Losses and Extraordinary Losses allocated to the Class B Certificates
will not be covered by the Subordinate Certificate Loss Obligation.

               (c) Demands for payments  pursuant to this Section  shall be made
prior to the later of the third Business Day prior to each  Distribution Date or
the  related  Determination  Date by the Master  Servicer  with  written  notice
thereof to the Trustee.  The maximum  amount that  Residential  Funding shall be
required to pay pursuant to this Section on any  Distribution  Date (the "Amount

<PAGE>

Available")  shall  be  equal  to the  lesser  of (X)  minus  the sum of (i) all
previous  payments made under  subsections (a) and (b) hereof and (ii) all draws
under the Limited  Guaranty made in lieu of such payments as described  below in
subsection (d) and (Y) the then outstanding  Certificate  Principal  Balances of
the Class B Certificates, or such lower amount as may be established pursuant to
Section 12.02.  Residential  Funding's  obligations as described in this Section
are referred to herein as the "Subordinate Certificate Loss Obligation."

               (d) The Trustee will promptly  notify General  Motors  Acceptance
Corporation of any failure of Residential Funding to make any payments hereunder
and  shall  demand  payment  pursuant  to the  limited  guaranty  (the  "Limited
Guaranty"),  executed by General Motors Acceptance  Corporation,  of Residential
Funding's  obligation  to make payments  pursuant to this Section,  in an amount
equal to the lesser of (i) the Amount Available and (ii) such required payments,
by  delivering to General  Motors  Acceptance  Corporation a written  demand for
payment by wire  transfer,  not later than the second  Business Day prior to the
Distribution Date for such month, with a copy to the Master Servicer.

               (e) All payments  made by  Residential  Funding  pursuant to this
Section or amounts paid under the Limited  Guaranty shall be deposited  directly
in the Certificate  Account,  for distribution on the Distribution Date for such
month to the Class B Certificateholders.

               (f) The Company shall have the option, in its sole discretion, to
substitute  for  either  or  both of the  Limited  Guaranty  or the  Subordinate
Certificate  Loss  Obligation  another  instrument  in the  form of a  corporate
guaranty,  an irrevocable  letter of credit, a surety bond,  insurance policy or
similar  instrument  or a reserve fund;  provided  that (i) the Company  obtains
(subject to the provisions of Section 10.01(f) as if the Company was substituted
for the Master Servicer solely for the purposes of such provision) an Opinion of
Counsel (which need not be an opinion of Independent counsel) to the effect that
obtaining such  substitute  corporate  guaranty,  irrevocable  letter of credit,
surety bond,  insurance  policy or similar  instrument  or reserve fund will not
cause  either (a) any  federal  tax to be imposed on the Trust  Fund,  including
without limitation,  any federal tax imposed on "prohibited  transactions" under
Section  860(F)(a)(1) of the Code or on  "contributions  after the startup date"
under Section  860(G)(d)(1) of the Code or (b) the Trust Fund to fail to qualify
as a REMIC at any time that any  Certificate  is  outstanding,  and (ii) no such
substitution  shall  be made  unless  (A) the  substitute  Limited  Guaranty  or
Subordinate  Certificate  Loss Obligation is for an initial amount not less than
the then  current  Amount  Available  and  contains  provisions  that are in all
material  respects  equivalent to the original  Limited  Guaranty or Subordinate
Certificate   Loss   Obligation   (including   that  no  portion  of  the  fees,
reimbursements  or other  obligations under any such instrument will be borne by
the Trust  Fund),  (B) the long  term debt  obligations  of any  obligor  of any
substitute  Limited Guaranty or Subordinate  Certificate Loss Obligation (if not
supported by the Limited Guaranty) shall be rated at least the lesser of (a) the
rating  of  the  long  term  debt  obligations  of  General  Motors   Acceptance
Corporation  as of the date of  issuance  of the  Limited  Guaranty  and (b) the
rating  of  the  long  term  debt  obligations  of  General  Motors   Acceptance
Corporation at the date of such substitution and (C) the Company obtains written
confirmation from each nationally recognized credit rating agency that rated the
Class B Certificates at the request of the Company that such substitution  shall
not lower the  rating on the Class B  Certificates  below the  lesser of (a) the
then-current  rating  assigned to the Class B Certificates by such rating agency
and (b) the original  rating assigned to the Class B Certificates by such rating

<PAGE>

agency. Any replacement of the Limited Guaranty or Subordinate  Certificate Loss
Obligation pursuant to this Section shall be accompanied by a written Opinion of
Counsel to the substitute guarantor or obligor, addressed to the Master Servicer
and the Trustee, that such substitute instrument  constitutes a legal, valid and
binding  obligation  of the  substitute  guarantor  or obligor,  enforceable  in
accordance  with its terms,  and  concerning  such  other  matters as the Master
Servicer and the Trustee  shall  reasonably  request.  Neither the Company,  the
Master  Servicer nor the Trustee shall be obligated to substitute for or replace
the Limited  Guaranty  or  Subordinate  Certificate  Loss  Obligation  under any
circumstance.

               Section  12.02.  Amendments  Relating  to the  Limited  Guaranty.
Notwithstanding  Sections 11.01 or 12.01: (i) the provisions of this Article XII
may be amended,  superseded or deleted, (ii) the Limited Guaranty or Subordinate
Certificate Loss Obligation may be amended,  reduced or canceled,  and (iii) any
other  provision of this Agreement which is related or incidental to the matters
described  in this  Article  XII may be amended in any  manner;  in each case by
written  instrument  executed or  consented  to by the  Company and  Residential
Funding but without the consent of any Certificateholder and without the consent
of the Master  Servicer or the Trustee being required  unless any such amendment
would impose any  additional  obligation on, or otherwise  adversely  affect the
interests of, the Master Servicer or the Trustee,  as applicable;  provided that
the Company shall also obtain a letter from each  nationally  recognized  credit
rating agency that rated the Class B Certificates  at the request of the Company
to the effect that such amendment,  reduction, deletion or cancellation will not
lower  the  rating  on the  Class B  Certificates  below  the  lesser of (a) the
then-current  rating  assigned to the Class B Certificates by such rating agency
and (b) the original  rating assigned to the Class B Certificates by such rating
agency, unless (A) the Holder of 100% of the Class B Certificates is Residential
Funding  or  an  Affiliate  of  Residential  Funding,  or  (B)  such  amendment,
reduction,  deletion or cancellation is made in accordance with Section 11.01(e)
and,  provided  further that the Company  obtains  (subject to the provisions of
Section  10.01(f)  as if the  Company was  substituted  for the Master  Servicer
solely for the purposes of such provision),  in the case of a material amendment
or  supercession  (but not a reduction,  cancellation or deletion of the Limited
Guaranty or the Subordinate Certificate Loss Obligation),  an Opinion of Counsel
(which  need not be an opinion of  Independent  counsel)  to the effect that any
such amendment or  supercession  will not cause either (a) any federal tax to be
imposed on the Trust Fund, including without limitation, any federal tax imposed
on  "prohibited  transactions"  under  Section  860F(a)(1)  of  the  Code  or on
"contributions  after the startup date" under Section  860G(d)(1) of the Code or
(b) the  Trust  Fund to  fail  to  qualify  as a  REMIC  at any  time  that  any
Certificate is outstanding.  A copy of any such instrument  shall be provided to
the Trustee and the Master  Servicer  together  with an Opinion of Counsel  that
such amendment complies with this Section 12.02.

<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
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.

<PAGE>

               (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.
<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:
      ---------------------------------------------

<PAGE>

                                    EXHIBIT M

          FORM OF LENDER CERTIFICATION FOR ASSIGNMENT OF MORTGAGE LOAN

                                                            , 20
                                                   ---------    --------

Residential Accredit Loans, Inc.
8400 Normandale Lake Boulevard
Suite 250
Minneapolis, Minnesota  55437

==================
------------------

Attention:  Residential Funding Corporation Series ____-___

               Re:    Mortgage Asset-Backed Pass-Through Certificates, Series
                                                                       -------
                      ____-___ Assignment of Mortgage Loan

Ladies and Gentlemen:

     This letter is delivered to you in connection  with the  assignment by (the
"Trustee")  to (the  "Lender")  of (the  "Mortgage  Loan")  pursuant  to Section
3.13(d) of the Pooling and  Servicing  Agreement  (the  "Pooling  and  Servicing
Agreement"),  dated as of ___________ 1, ____ among Residential  Accredit Loans,
Inc., as seller (the  "Company"),  Residential  Funding  Corporation,  as master
servicer, and the Trustee. All terms used herein and not otherwise defined shall
have the meanings set forth in the Pooling and Servicing  Agreement.  The Lender
hereby  certifies,  represents  and warrants to, and covenants  with, the Master
Servicer and the Trustee that:

(i) the Mortgage Loan is secured by Mortgaged Property located in a jurisdiction
in which an  assignment  in lieu of  satisfaction  is required to preserve  lien
priority,  minimize or avoid mortgage  recording taxes or otherwise comply with,
or facilitate a refinancing under, the laws of such jurisdiction;

(ii) the substance of the assignment is, and is intended to be, a refinancing of
such Mortgage Loan and the form of the  transaction is solely to comply with, or
facilitate the transaction under, such local laws;

(iii) the Mortgage Loan  following the proposed  assignment  will be modified to
have a rate of  interest  at least  0.25  percent  below  or  above  the rate of
interest on such Mortgage Loan prior to such proposed assignment; and

(iv) such  assignment  is at the  request  of the  borrower  under  the  related
     Mortgage Loan.

                                Very truly yours,

                                            (Lender)

                                            By:
                                               ---------------------------------
                                            Name:
                                                 -------------------------------
                                            Title:
                                                  ------------------------------

<PAGE>

                                               1

                                    EXHIBIT N

                          FORM OF REQUEST FOR EXCHANGE

                                             [DATE]

==================
------------------

               Re:    Residential Accredit Loans, Inc.,
                      Mortgage Asset-Backed Pass-Through Certificates,
                      Series ____-___

               Residential Funding Corporation,  as the Holder of a % Percentage
Interest of the [Interest Only/Class A-V][-1] Certificates,  hereby requests the
Trustee  to  exchange  the  above-referenced  Certificates  for  the  Subclasses
referred to below:

1.   [Interest  Only/Class  A-V]-  Certificates,  corresponding to the following
     Uncertificated REMIC Regular Interests:  [List numbers corresponding to the
     related  loans and Pool Strip Rates from the Mortgage Loan  Schedule].  The
     initial Subclass  Notional Amount and the Initial  Pass-Through Rate on the
     [Interest Only/Class A-V]- Certificates will be $ and %, respectively.

2.      [Repeat as appropriate.]

               The  Subclasses  requested  above will represent in the aggregate
all of the Uncertificated  REMIC Regular Interests  represented by the [Interest
Only/Class A-V][-1] Certificates surrendered for exchange.

               All capitalized  terms used but not defined herein shall have the
meanings  set  forth  in  the  Pooling  and  Servicing  Agreement,  dated  as of
___________ 1, ____, among Residential Accredit Loans, Inc., Residential Funding
Corporation and __________________, as trustee.

                                            RESIDENTIAL FUNDING CORPORATION

                                            By:
                                               ---------------------------------
                                            Name:
                                            Title:

<PAGE>

<PAGE>

                                  EXHIBIT FIVE

          Aggregate Planned Principal Balances and Scheduled Principal Balances

                                           AGGREGATE PLANNED
                                           PRINCIPAL BALANCE  ------------------
                                             FOR CLASS A-5        SCHEDULED
                                            CERTIFICATES AND  PRINCIPAL BALANCE
                                               CLASS A-7        FOR CLASS A-4
             DISTRIBUTION DATE                CERTIFICATES       CERTIFICATES

             Initial Balance.............      $66,443,000.00     $37,000,000.00
             March 2003..................       65,529,827.71      37,000,000.00
             April 2003..................       64,621,540.17      37,000,000.00
             May 2003....................       63,718,112.64      37,000,000.00
             June 2003...................       62,819,520.57      37,000,000.00
             July 2003...................       61,925,739.48      37,000,000.00
             August 2003 ................       61,036,745.05      37,000,000.00
             September 2003..............       60,152,513.10      37,000,000.00
             October 2003................       59,273,019.56      37,000,000.00
             November 2003...............       58,398,240.46      37,000,000.00
             December 2003...............       57,528,152.00      37,000,000.00
             January 2004................       56,662,730.50      37,000,000.00
             February 2004...............       55,801,952.36      37,000,000.00
             March 2004..................       54,945,794.15      37,000,000.00
             April 2004..................       54,094,232.56      37,000,000.00
             May 2004....................       53,247,244.38      37,000,000.00
             June 2004...................       52,404,806.53      37,000,000.00
             July 2004...................       51,566,896.05      37,000,000.00
             August 2004 ................       50,733,490.10      37,000,000.00
             September 2004..............       49,904,565.96      37,000,000.00
             October 2004................       49,080,101.06      37,000,000.00
             November 2004...............       48,260,072.89      37,000,000.00
             December 2004...............       47,444,459.10      37,000,000.00
             January 2005................       46,633,237.45      37,000,000.00
             February 2005...............       45,826,385.81      37,000,000.00
             March 2005..................       45,023,882.16      37,000,000.00
             April 2005..................       44,225,704.62      37,000,000.00
             May 2005....................       43,431,831.41      37,000,000.00
             June 2005...................       42,642,240.85      37,000,000.00
             July 2005...................       41,856,911.39      37,000,000.00
             August 2005 ................       41,075,821.61      37,000,000.00
             September 2005..............       40,298,950.17      37,000,000.00
             October 2005................       39,526,275.86      37,000,000.00
             November 2005...............       38,757,777.58      37,000,000.00
             December 2005...............       37,993,434.35      37,000,000.00
             January 2006................       37,233,225.27      37,000,000.00
             February 2006...............       36,477,129.59      37,000,000.00
             March 2006..................       35,725,126.64      37,000,000.00
             April 2006..................       34,977,195.87      37,000,000.00
             May 2006....................       34,233,316.83      37,000,000.00
             June 2006...................       33,493,469.19      37,000,000.00
             July 2006...................       32,757,632.74      37,000,000.00
             August 2006 ................       32,025,787.33      37,000,000.00
             September 2006..............       31,297,912.97      37,000,000.00
             October 2006................       30,573,989.73      37,000,000.00
             November 2006...............       29,853,997.81      37,000,000.00
             December 2006...............       29,137,917.53      37,000,000.00

<PAGE>

             January 2007................      $28,425,729.27     $37,000,000.00
             February 2007...............       27,717,413.56      37,000,000.00
             March 2007..................       27,012,950.99      37,000,000.00
             April 2007..................       26,312,322.28      37,000,000.00
             May 2007....................       25,615,508.26      37,000,000.00
             June 2007...................       24,922,489.84      37,000,000.00
             July 2007...................       24,233,248.03      37,000,000.00
             August 2007.................       23,547,763.96      37,000,000.00
             September 2007..............       22,866,018.83      37,000,000.00
             October 2007................       22,187,993.98      37,000,000.00
             November 2007...............       21,513,670.81      37,000,000.00
             December 2007...............       20,843,030.85      37,000,000.00
             January 2008................       20,178,177.03      37,000,000.00
             February 2008...............       19,528,124.11      37,000,000.00
             March 2008..................       18,903,303.89      37,000,000.00
             April 2008..................       18,292,491.10      37,000,000.00
             May 2008....................       17,695,395.91      37,000,000.00
             June 2008...................       17,111,734.25      37,000,000.00
             July 2008...................       16,541,227.70      37,000,000.00
             August 2008.................       15,983,603.37      37,000,000.00
             September 2008..............       15,438,593.79      37,000,000.00
             October 2008................       14,905,936.83      37,000,000.00
             November 2008...............       14,385,375.60      37,000,000.00
             December 2008...............       13,876,658.28      37,000,000.00
             January 2009................       13,379,538.10      37,000,000.00
             February 2009...............       12,893,773.21      37,000,000.00
             March 2009..................       12,422,212.45      37,000,000.00
             April 2009..................       11,961,453.12      37,000,000.00
             May 2009....................       11,511,268.46      37,000,000.00
             June 2009...................       11,071,436.29      37,000,000.00
             July 2009...................       10,641,738.87      37,000,000.00
             August 2009.................       10,221,962.82      37,000,000.00
             September 2009..............        9,811,899.08      37,000,000.00
             October 2009................        9,411,342.75      37,000,000.00
             November 2009...............        9,020,093.06      37,000,000.00
             December 2009...............        8,637,953.24      37,000,000.00
             January 2010................        8,264,730.55      37,000,000.00
             February 2010...............        7,900,236.06      37,000,000.00
             March 2010..................        7,549,423.97      37,000,000.00
             April 2010..................        7,206,792.28      37,000,000.00
             May 2010....................        6,872,166.37      37,000,000.00
             June 2010...................        6,545,375.16      37,000,000.00
             July 2010...................        6,226,251.04      37,000,000.00
             August 2010.................        5,914,629.79      37,000,000.00
             September 2010..............        5,610,350.55      37,000,000.00
             October 2010................        5,313,255.72      37,000,000.00
             November 2010...............        5,023,190.88      37,000,000.00
             December 2010...............        4,740,004.82      37,000,000.00
             January 2011................        4,463,549.34      37,000,000.00
             February 2011...............        4,193,679.31      37,000,000.00
             March 2011..................        3,934,278.30      37,000,000.00
             April 2011..................        3,680,997.31      37,000,000.00
             May 2011....................        3,433,704.47      36,780,982.02
             June 2011...................        3,192,270.56      36,214,359.49

<PAGE>

             July 2011...................       $2,956,569.06     $35,638,033.85
             August 2011.................        2,726,476.01      35,052,109.52
             September 2011..............        2,501,869.97      34,456,688.31
             October 2011................        2,282,632.05      33,851,869.36
             November 2011...............        2,068,645.76      33,237,749.34
             December 2011...............        1,859,797.03      32,614,422.39
             January 2012................        1,655,974.12      31,981,980.21
             February 2012...............        1,457,067.59      31,340,512.13
             March 2012..................        1,265,920.26      30,687,155.08
             April 2012..................        1,079,308.50      30,025,112.39
             May 2012....................          897,134.96      29,354,460.96
             June 2012...................          719,304.26      28,675,275.66
             July 2012...................          545,722.96      27,987,629.29
             August 2012.................          376,299.55      27,291,592.64
             September 2012..............          210,944.37      26,587,234.53
             October 2012................           49,569.58      25,874,621.87
             November 2012...............                   0      25,045,908.80
             December 2012...............                   0      24,163,309.80
             January 2013................                   0      23,276,373.22
             February 2013...............                   0      22,385,077.70
             March 2013..................                   0      21,489,401.78
             April 2013..................                   0      20,589,323.91
             May 2013....................                   0      19,684,822.41
             June 2013...................                   0      18,775,875.52
             July 2013...................                   0      17,862,461.34
             August 2013.................                   0      16,944,557.88
             September 2013..............                   0      16,022,143.06
             October 2013................                   0      15,095,194.66
             November 2013...............                   0      14,163,690.36
             December 2013...............                   0      13,227,607.74
             January 2014................                   0      12,286,924.26
             February 2014...............                   0      11,341,617.27
             March 2014..................                   0      10,391,664.01
             April 2014..................                   0       9,437,041.61
             May 2014....................                   0       8,477,727.09
             June 2014...................                   0       7,513,697.33
             July 2014...................                   0       6,544,929.14
             August 2014.................                   0       5,571,399.18
             September 2014..............                   0       4,593,084.01
             October 2014................                   0       3,609,960.08
             November 2014...............                   0       2,622,003.71
             December 2014...............                   0       1,629,191.11
             January 2015................                   0         631,498.37
             February 2015 and thereafter                   0                  0

<PAGE>

                                   EXHIBIT SIX

                         Form of Form 10-K Certification

     I, [identify the certifying individual], certify that:

     1. I have  reviewed  the  annual  report on Form 10-K for the  fiscal  year
[____], and all reports on Form 8-K containing distribution or servicing reports
filed in respect of periods  included in the year covered by that annual report,
of the trust (the  "Trust")  created  pursuant  to the Series  Supplement  dated
___________________  to the Standard  Terms of Pooling and  Servicing  Agreement
dated  ____________________  (together,  the "P&S Agreement")  among Residential
Accredit Loans,  Inc. (the  "Company"),  Residential  Funding  Corporation  (the
"Master Servicer") and [Name of Trustee] (the "Trustee");

     2. Based on my knowledge,  the  information  in these  reports,  taken as a
whole, does not contain any untrue statement of a material fact or omit to state
a  material  fact  necessary  to make  the  statements  made,  in  light  of the
circumstances  under which such  statements  were made, not misleading as of the
last day of the period covered by this annual report;

     3. Based on my knowledge, the servicing information required to be provided
to the Trustee by the Master  Servicer  under the P&S Agreement for inclusion in
these reports is included in these reports;

     4. I am responsible  for reviewing the  activities  performed by the Master
Servicer  under the P&S  Agreement  and based upon my  knowledge  and the annual
compliance review required under the P&S Agreement,  and, except as disclosed in
the reports,  the Master  Servicer has fulfilled its  obligations  under the P&S
Agreement; and

     5. The reports disclose all significant deficiencies relating to the Master
Servicer's compliance with the minimum servicing standards based upon the report
provided by an  independent  public  accountant,  after  conducting  a review in
compliance with the Uniform Single  Attestation  Program for Mortgage Bankers as
set forth in the P&S Agreement, that is included in these reports.

     In  giving  the  certifications  above,  I have  reasonably  relied  on the
information provided to me by the following unaffiliated parties: [the Trustee].

Date:_______________________

____________________________*
Name:
Title:

*    to be signed by the senior officer in charge of the servicing  functions of
     the Master Servicer

<PAGE>

                                  EXHIBIT SEVEN

            [FORM OF BACK-UP CERTIFICATION TO FORM 10-K CERTIFICATE]

     The  undersigned,  a Responsible  Officer of  [_________]  (the  "Trustee")
certifies that:

        (a) The Trustee has performed all of the duties specifically required to
be  performed  by it pursuant  to the  provisions  of the Pooling and  Servicing
Agreement  dated  as  of  [_________],  2003  (the  "Agreement")  by  and  among
[__________], as depositor, Residential Funding Corporation, as master servicer,
and the Trustee in accordance with the standards set forth therein.

        (b) Based on my  knowledge,  the  information  that is  provided  by the
Trustee  pursuant to Section  4.03(e)(I)  of the Agreement is accurate as of the
last day of the 20[ ] calendar year.

        Capitalized  terms used and not defined  herein  shall have the meanings
given such terms in the Agreement.

     IN WITNESS WHEREOF,  I have duly executed this certificate as of _________,
20__.]

                                             Name:_____________________
                                             Title:

<PAGE>

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