Document:

EXECUTION COPY

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                        RESIDENTIAL ACCREDIT LOANS, INC.,

                                    Company,

                        RESIDENTIAL FUNDING CORPORATION,

                                Master Servicer,

                                       and

                      DEUTSCHE BANK TRUST COMPANY AMERICAS,

                                     Trustee

                               SERIES SUPPLEMENT,

                           DATED AS OF AUGUST 1, 2002,

                                       TO

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

                 Mortgage Asset-Backed Pass-Through Certificates

                                Series 2002-QS11

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

<PAGE>

<TABLE>
<CAPTION>

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

        Section 1.01.  Definitions..........................................................4
        Section 1.02.  Use of Words and Phrases............................................14

Article II   CONVEYANCE OF MORTGAGE LOANS; ORIGINAL
           ISSUANCE OF CERTIFICATES........................................................15

        Section 2.01.   Conveyance of Mortgage Loans.  (See Section 2.01 of the
                        Standard Terms) ...................................................15
        Section 2.02.   Acceptance by Trustee.  (See Section 2.02 of the Standard Terms)...15
        Section 2.03.   Representations, Warranties and Covenants of the
           Master Servicer and the Company.................................................15
        Section 2.04.Representations and Warranties of Sellers. (See Section 2.04 of the
                        Standard Terms) ...................................................18
        Section 2.05. Execution and Authentication of Certificates/Issuance of Certificates Evidencing
        Interests in REMIC I Certificates..................................................18
        Section 2.06.Conveyance of Uncertificated REMIC I and REMIC II Regular Interests; Acceptance by the Trustee
        18
        Section 2.07. Issuance of Certificates Evidencing Interest in REMIC II.............18
        Section 2.08.Purposes and Powers of the Trust (See Section 2.08 of the Standard
        Terms).............................................................................18

Article III  ADMINISTRATION AND SERVICING OF MORTGAGE LOANS................................19

Article IV  PAYMENTS TO CERTIFICATEHOLDERS.................................................20

        Section 4.01. Certificate Account.  (See Section 4.01 of the Standard Terms).......20
        Section 4.02. Distributions. ......................................................20
        Section 4.03. Statements to Certificateholders.  (See Section 4.03 of the Standard Terms and Exhibit
        Three attached hereto).............................................................28
        Section 4.04. Distribution of Reports to the Trustee and the Company; Advances by the Master Servicer
        (See Section 4.04 of the Standard Terms)...........................................28
        Section 4.05. Allocation of Realized Losses. ......................................28
        Section 4.06. Reports of Foreclosures and Abandonment of Mortgaged Property.  (See Section 4.06 of the
        Standard Terms)....................................................................29
        Section 4.07. Optional Purchase of Defaulted Mortgage Loans.  (See Section 4.07 of the Standard Terms)
        29
        Section 4.08. Surety Bond. (See Section 4.08 of the Standard Terms)................29

Article V  THE CERTIFICATES ...............................................................30

Article VI    THE COMPANY AND THE MASTER SERVICER..........................................31

Article VII   DEFAULT......................................................................32

<PAGE>

Article VIII  CONCERNING THE TRUSTEE.......................................................33

Article IX    TERMINATION..................................................................34

Article X      REMIC PROVISIONS............................................................35

        Section 10.01. REMIC Administration.  (See Section 10.01 of the Standard Terms)....35
        Section 10.02.Master Servicer; REMIC Administrator and Trustee Indemnification.
                (See Section 10.02 of the Standard Terms) .................................35
        Section 10.03. Designation of REMICs...............................................35
        Section 10.04. Distributions on the Uncertificated REMIC I and REMIC II Regular
                        Interests .........................................................35
        Section 10.05. Compliance with Withholding Requirements............................37

Article XI   MISCELLANEOUS PROVISIONS......................................................38

        Section 11.01. Amendment.  (See Section 11.01 of the Standard Terms)...............38
        Section 11.02. Recordation of Agreement;  Counterparts.  (See Section 11.02 of the
                        Standard Terms) ...................................................38
        Section 11.03. Limitation on Rights of Certificateholders.  (See Section 11.03 of
                        the Standard Terms) ...............................................38
        Section 11.04. Governing Laws.  (See Section 11.04 of the Standard Terms)..........38
        Section 11.05. Notices.............................................................38
        Section 11.06. Required Notices to Rating Agency and Subservicer.
                        (See Section 11.06 of the Standard Terms)..........................39
        Section 11.07. Severability of Provisions. (See Section 11.07 of the Standard Terms)39
        Section 11.08. Supplemental Provisions for Resecuritization.
                         (See Section 11.08 of the Standard Terms) ........................39
        Section 11.09. Allocation of Voting Rights.........................................39
        Section 11.10. No Petition.........................................................39
</TABLE>

<PAGE>

                                    EXHIBITS

Exhibit One:          Mortgage Loan Schedule
Exhibit Two:          Schedule of Discount Fractions
Exhibit Three:        Information to be Included in
                      Monthly Distribution Date Statement
Exhibit Four:         Standard Terms of Pooling and Servicing
                      Agreement Dated as of August 1, 2002

<PAGE>

        This is a Series  Supplement,  dated as of August  1, 2002 (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 Initial  Monthly  Payment Fund),
as one or more real estate  mortgage  investment  conduits (each, a "REMIC") for
federal income tax purposes.

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

<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                                             --------------
                  Pass-Through       Certificate                                 Maturity         Standard &          Minimum
  Designation         Rate       Principal Balance    Features1                    Date         Poor's/ Fitch   Denominations2

                                                       Senior/Sequential/
                      4.50%                            Accretion Directed/
<S>     <C>                        <C>                                               <C> <C>                        <C>
Class A-1                          $60,000,000.00          Fixed Rate         August 25, 2032      AAA/AAA          $25,000.00
Class A-2             4.25%        $50,000,000.00      Senior/Sequential/     August 25, 2032      AAA/AAA          $25,000.00
                                                       Accretion Directed/
                                                           Fixed Rate
Class A-3             5.25%        $57,612,000.00      Senior/Sequential/     August 25, 2032      AAA/AAA          $25,000.00
                                                       Accretion Directed/
                                                           Fixed Rate
Class A-4             6.50%                 $0.003      Senior/ Interest      August 25, 2032      AAA/AAA        $2,000,000.000
                                                         Only/Fixed Rate
Class A-5             6.50%         $5,016,000.00        Senior/Accrual/      August 25, 2032      AAA/AAA          $25,000.00
                                                           Fixed Rate
Class A-6             6.00%        $19,939,200.00      Senior/Sequential/     August 25, 2032      AAA/AAA          $25,000.00
                                                       Accretion Directed/
                                                           Fixed Rate
Class A-7             6.25%        $22,980,000.00      Senior/Sequential/     August 25, 2032      AAA/AAA          $25,000.00
                                                       Accretion Directed/
                                                           Fixed Rate
Class A-8             6.35%        $10,000,000.00      Senior/Sequential/     August 25, 2032      AAA/AAA          $25,000.00
                                                       Accretion Directed/
                                                           Fixed Rate
Class A-P             0.00%           $412,905.46     Senior/Principal Only   August 25, 2032      AAA/AAA          $25,000.00
Class A-V           Variable                $0.00     Senior/Interest Only    August 25, 2032      AAA/AAA      5
                  Rate4
Class R-I             6.50%               $100.00        Senior/Residual      August 25, 2032      AAA/AAA      6

</TABLE>

--------

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

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

3    The Class A-4 Certificates do not have a Certificate Principal Balance. For
     the purpose of  calculating  interest  payments,  interest on the Class A-4
     Certificates  will  accrue on a notional  amount sum of (1) the  product of
     1/3.25000 multiplied by the Certificate  Principal Balance of the Class A-1
     Certificates,  (2) the product of 1/2.88889  multiplied by the  Certificate
     Principal  Balance  of the  Class  A-2  Certificates,  (3) the  product  of
     1/5.20000 multiplied by the Certificate  Principal Balance of the Class A-3
     Certificates,  (4) the product of 1/13.00000  multiplied by the Certificate
     Principal  Balance  of the  Class  A-6  Certificates,  (5) the  product  of
     1/26.00000 multiplied by the Certificate Principal Balance of the Class A-7
     Certificates   and  (6)  the  product  of  1/43.33333   multiplied  by  the
     Certificate Principal Balance of the Class A-8 Certificates.

4    The initial Pass-Through Rate on the Class A-V Certificates is 0.4605%.

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

6    Each  class of the  Class R  Certificates  shall  be  issuable  in  minimum
     denominations  of  not  less  than  a 20%  Percentage  Interest;  provided,
     however,  that one Class R  Certificate  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%.

<PAGE>
<TABLE>
<CAPTION>

                  Pass-Through       Certificate                                 Maturity         Standard &          Minimum
  Designation         Rate       Principal Balance    Features1                    Date         Poor's/ Fitch   Denominations2

<S>                   <C>                 <C>                                        <C> <C>                             <C>
Class R-II            6.50%               $100.00        Senior/Residual      August 25, 2032      AAA/AAA               6
Class M-1             6.50%         $6,600,600.00           Mezzanine         August 25, 2032       AA/NA           $25,000.00
Class M-2             6.50%         $2,760,000.00           Mezzanine         August 25, 2032        A/NA           $250,000.00
Class M-3             6.50%         $2,040,000.00           Mezzanine         August 25, 2032       BBB/NA          $250,000.00
Class B-1             6.50%           $720,000.00          Subordinate        August 25, 2032       BB/NA           $250,000.00
Class B-2             6.50%           $960,000.00          Subordinate        August 25, 2032        B/NA           $250,000.00
Class B-3             6.50%           $960,092.46          Subordinate        August 25, 2032       NA/NA           $250,000.00

</TABLE>

        The Mortgage Loans have an aggregate principal balance as of the Cut-off
Date of $240,000,997.92.

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

                                       3
<PAGE>

                                   ARTICLE I

                                   DEFINITIONS

Section 1.01...Definitions.

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

        Accretion Termination Date: The earlier to occur of (i) the Distribution
Date on which  the  Certificate  Principal  Balance  of the  Accretion  Directed
Certificates  has been  reduced  to zero and (ii) the Credit  Support  Depletion
Date.

        Accrual Certificates:  Any of the Class A-5 Certificates.

     Accretion  Directed  Certificates:  Any of the Class A-1,  Class A-2, Class
A-3, Class A-6, Class A-7 and Class A-8 Certificates.

        Accrual Distribution Amount: With respect to any Distribution Date on or
prior to the  Accretion  Termination  Date,  an  amount  equal to the  amount of
Accrued  Certificate  Interest on the Accrual  Certificates that is added to the
Certificate  Principal  Balance  thereof on such  Distribution  Date pursuant to
Section 4.02(h).

        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)
$161,780 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

                                       4
<PAGE>

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

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

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

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

        Certificate  Account:  The  separate  account or  accounts  created  and
maintained  pursuant  to Section  4.01 of the  Standard  Terms,  which  shall be
entitled  "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  2002-QS11"  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: August 30, 2002.

                                       5
<PAGE>

     Corporate Trust Office: The principal office of the Trustee at which at any
particular  time its corporate  trust  business  with respect to this  Agreement
shall  be  administered,  which  office  at the  date of the  execution  of this
instrument  is  located at 1761 East St.  Andrew  Place,  Santa Ana,  California
92705-4934, Attention: Residential Funding Corporation Series 2002-QS11.

        Cut-off Date:  August 1, 2002.

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

        Discount Net Mortgage Rate:  6.50% per annum.

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

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

        Fraud Loss  Amount:  As of any date of  determination  after the Cut-off
Date, an amount equal to: (X) prior to the first anniversary of the Cut-off Date
an amount equal to 2.00% of the aggregate  outstanding  principal balance of all
of the Mortgage Loans as of the Cut-off Date minus the aggregate amount of Fraud
Losses  allocated  solely to one or more  specific  Classes of  Certificates  in
accordance with Section 4.05 of this Series Supplement since the Cut-off Date up
to such date of determination and (Y) from the first to, but not including,  the
fifth  anniversary of the Cut-off Date, an amount equal to (1) the lesser of (a)
the Fraud Loss Amount as of the most recent  anniversary of the Cut-off Date and
(b) 1.00% of the aggregate  outstanding principal balance of all of the Mortgage
Loans as of the most  recent  anniversary  of the  Cut-off  Date  minus  (2) the
aggregate  amount  of Fraud  Losses  allocated  solely  to one or more  specific
Classes of  Certificates  in accordance  with Section 4.05 since the most recent
anniversary of the Cut-off Date up to such date of  determination.  On and after
the fifth anniversary of the Cut-off Date, the Fraud Loss Amount shall be zero.

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

                                       6
<PAGE>

        Initial Monthly Payment Fund: $13,154,  representing scheduled principal
amortization  and interest at the Net Mortgage Rate during the Due Period ending
on August 1, 2002,  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-4  Certificates,
$49,496,861.54.  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:  2.75%           Class B-1:  0.30%
        Class M-2:  1.15%           Class B-2:  0.40%
        Class M-3:  0.85%           Class B-3:  0.40%

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

     Interest Only Certificates:  Any one of the Class A-4 Certificates or Class
A-V  Certificates.  The  Interest  Only  Certificates  will have no  Certificate
Principal Balance.

     Maturity Date: August 25, 2032, the Distribution Date immediately following
the latest scheduled maturity date of any Mortgage Loan.

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

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

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

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

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

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

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

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

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

                                       7
<PAGE>

(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-4  Certificates,  an amount equal to sum of (1) the product of 1/3.25000
multiplied by the Certificate  Principal  Balance of the Class A-1 Certificates,
(2) the product of 1/2.88889 multiplied by the Certificate  Principal Balance of
the Class A-2  Certificates,  (3) the  product of  1/5.20000  multiplied  by the
Certificate Principal Balance of the Class A-3 Certificates,  (4) the product of
1/13.00000  multiplied  by the  Certificate  Principal  Balance of the Class A-6
Certificates  (5)  the  product  of  1/26.00000  multiplied  by the  Certificate
Principal  Balance  of the  Class  A-7  Certificates  and  (6)  the  product  of
1/43.33333  multiplied  by the  Certificate  Principal  Balance of the Class A-8
Certificates,  and (ii) with respect to any Class A-V  Certificates  or Subclass
thereof  issued  pursuant to Section  5.01(c),  the aggregate  Stated  Principal
Balance  of the  Mortgage  Loans  corresponding  to the  Uncertificated  REMIC I
Regular  Interests Z represented by such Class or Subclass  immediately prior to
such date.

        Pass-Through Rate: With respect to the Senior  Certificates  (other than
the Class A-V Certificates and Class A-P Certificates), Class M Certificates and
Class B Certificates and any Distribution Date, the per annum rates set forth in
the Preliminary  Statement  hereto.  With respect to the Class A-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 0.4605% 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.

                                       8
<PAGE>

        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 8.0% per annum of the then  outstanding  principal
balance of the  related  Mortgage  Loans in the first  month of the life of such
Mortgage  Loans and an additional  1.090909% per annum in each month  thereafter
until the twelfth  month,  and  beginning in the twelfth month and in each month
thereafter during the life of the Mortgage Loans, a constant  prepayment rate of
20.0% 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 September 2007
     (unless  the  Certificate  Principal  Balances  of the Senior  Certificates
     (other than the Class A-P Certificates), have been reduced to zero), 0%.

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

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

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

(iii)Notwithstanding  the  foregoing,   if  the  application  of  the  foregoing
     percentages  on any  Distribution  Date as provided in Section 4.02 of this
     Series  Supplement  (determined  without  regard  to  the  proviso  to  the
     definition of "Subordinate  Principal Distribution Amount") would result in
     a  distribution  in  respect  of  principal  of any  Class  or  Classes  of
     Subordinate   Certificates   in  an  amount   greater  than  the  remaining
     Certificate Principal Balance thereof (any such class, a "Maturing Class"),
     then:  (a) the  Prepayment  Distribution  Percentage of each Maturing Class
     shall be reduced to a level that,  when applied as described  above,  would
     exactly reduce the Certificate Principal Balance of such Class to zero; (b)
     the Prepayment  Distribution  Percentage of each other Class of Subordinate
     Certificates (any such Class, a "Non-Maturing Class") shall be recalculated
     in  accordance  with the  provisions  in  paragraph  (ii) above,  as if the
     Certificate  Principal  Balance of each Maturing  Class had been reduced to
     zero (such percentage as recalculated,  the "Recalculated Percentage"); (c)
     the  total  amount  of  the  reductions  in  the  Prepayment   Distribution

                                       9
<PAGE>

     Percentages of the Maturing Class or Classes pursuant to clause (a) of this
     sentence,  expressed as an aggregate  percentage,  shall be allocated among
     the  Non-Maturing  Classes in proportion to their  respective  Recalculated
     Percentages  (the portion of such  aggregate  reduction so allocated to any
     Non-Maturing Class, the "Adjustment  Percentage");  and (d) for purposes of
     such  Distribution  Date,  the Prepayment  Distribution  Percentage of each
     Non-Maturing  Class  shall  be  equal  to the  sum of  (1)  the  Prepayment
     Distribution   Percentage  thereof,   calculated  in  accordance  with  the
     provisions in paragraph (ii) above as if the Certificate  Principal Balance
     of each Maturing  Class had not been reduced to zero,  plus (2) the related
     Adjustment Percentage.

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

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

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

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

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

               (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).

                                       10
<PAGE>

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

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

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

        Special Hazard Amount:  As of any Distribution  Date, an amount equal to
$2,400,010  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 (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  20.2%  (which  percentage  is equal to the
percentage of Mortgage Loans by aggregate principal balance initially secured by
Mortgaged  Properties located in the State of California) and (ii) the aggregate
outstanding  principal  balance (as of the  immediately  preceding  Distribution

                                       11
<PAGE>

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 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.

        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
Prepayments in Full received in the related  Prepayment  Period and Curtailments
received in the  preceding  calendar  month  (other  than the  related  Discount
Fraction of such Principal  Prepayments in Full and Curtailments with respect to
a Discount Mortgage Loan) to the extent not payable to the Senior  Certificates;
(iv) if such Class is the Class of  Subordinate  Certificates  with the  Highest
Priority,  any Excess  Subordinate  Principal Amount for such Distribution Date;
and (v) any amounts  described in clauses (i), (ii) and (iii) as determined  for
any previous  Distribution  Date, that remain  undistributed  to the extent that
such amounts are not  attributable  to Realized Losses which have been allocated
to a Class of  Subordinate  Certificates  minus (b) with respect to the Class of
Subordinate  Certificates  with the  Lowest  Priority,  any  Excess  Subordinate
Principal  Amount  for  such  Distribution  Date;  provided,  however,  that the
Subordinate   Principal   Distribution  Amount  for  any  Class  of  Subordinate
Certificates on any  Distribution  Date shall in no event exceed the outstanding
Certificate Principal Balance of such Class of Certificates immediately prior to
such date.

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

                                       12
<PAGE>

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

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

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

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

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

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

----------------------- --------------------------------- ------------------- -------------------
 Uncertificated REMIC   Related Classes of Certificates   Pass-Through Rate   Initial Principal
  I Regular Interest                                                               Balance
----------------------- --------------------------------- ------------------- -------------------
----------------------- --------------------------------- ------------------- -------------------
<S>                             <C>        <C>            <C>                   <C>
          W             Class A-1, Class A-2, Class       6.50%                 $ 270,028,061.54
                        A-3, Class A-4, Class A-6,
                        Class A-7, Class A-8
----------------------- --------------------------------- ------------------- -------------------
----------------------- --------------------------------- ------------------- -------------------
          X             Class A-P                         0.00%                    $  412,905.46
----------------------- --------------------------------- ------------------- -------------------
----------------------- --------------------------------- ------------------- -------------------
          Y             Class A-5, Class R-II, Class      6.50%                  $ 19,056,792.46
                        M-1, Class M-2, Class M-3,
                        Class B-1, Class B-2, Class B-3
----------------------- --------------------------------- ------------------- -------------------
</TABLE>

                                      13
<PAGE>

        Uncertificated   REMIC  I  Regular   Interests  Z:  Each  of  the  1,727
uncertificated  partial undivided  beneficial  ownership  interests in the Trust
Fund,  numbered  sequentially  from 1 to 1,727,  each relating to the particular
Mortgage  Loan  identified  by  such  sequential  number  on the  Mortgage  Loan
Schedule,  each having no principal  balance,  and each bearing  interest at the
respective  Pool  Strip  Rate on the Stated  Principal  Balance  of the  related
Mortgage Loan.

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

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

        Uncertificated   REMIC  II  Regular  Interests  Z:  Each  of  the  1,727
uncertificated  partial  undivided  beneficial  ownership  interests in REMIC II
numbered  sequentially  from 1 through  1,727 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: Greenwich Capital Markets, Inc. and Bear, Stearns & Co. Inc.

Section 1.02...Use of Words and Phrases.

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

                                       14
<PAGE>

                                   ARTICLE II

                          CONVEYANCE OF MORTGAGE LOANS;

                        ORIGINAL ISSUANCE OF CERTIFICATES

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

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

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

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

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

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

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

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

(iv) To the best of the Company's knowledge,  except in the case of six Mortgage
     Loans, representing approximately 0.4% of the Mortgage Loans, if a Mortgage
     Loan is secured  by a  Mortgaged  Property  with a  Loan-to-Value  Ratio at
     origination  in excess  of 80%,  such  Mortgage  Loan is the  subject  of a
     Primary  Insurance  Policy  that  insures  (a) at least  35% of the  Stated
     Principal  Balance of the Mortgage Loan at origination if the Loan-to-Value
     Ratio  is  between  100.00%  and  95.01%,  (b) at least  30% of the  Stated
     Principal  Balance of the Mortgage Loan at origination if the Loan-to-Value
     Ratio is between 95.00% and 90.01%, (c) at least 25% of such balance if the
     Loan-to-Value  Ratio is  between  90.00% and 85.01% and (d) at least 12% of
     such balance if the  Loan-to-Value  Ratio is between 85.00% and 80.01%.  To
     the best of the Company's knowledge,  each such Primary Insurance Policy is
     in full force and  effect  and the  Trustee  is  entitled  to the  benefits
     thereunder;

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

                                       15
<PAGE>

(vi)    No more than 0.4% of the Mortgage  Loans by aggregate  Stated  Principal
        Balance  as of the  Cut-off  Date are  secured by  Mortgaged  Properties
        located in any one zip code area in California  and no more than 0.5% of
        the  Mortgage  Loans by  aggregate  Stated  Principal  Balance as of the
        Cut-off Date are secured by Mortgaged  Properties located in any one zip
        code area outside California;

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

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

(ix)    Approximately 47.64% of the Mortgage Loans by aggregate Stated Principal
        Balance as of the Cut-off  Date were  underwritten  under a reduced loan
        documentation  program,  approximately  15.84% 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  4.67%
        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  36.25% of the  Mortgage  Loans by
        aggregate Stated Principal Balance as of the Cut-off Date, the Mortgagor
        represented in its loan application with respect to the related Mortgage
        Loan that the Mortgaged Property would be owner-occupied;

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

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

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

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

                                       16
<PAGE>

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

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

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

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

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

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

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

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

                                       17
<PAGE>

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

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

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

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

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

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

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

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

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

                                       18
<PAGE>

                                  ARTICLE III

                          ADMINISTRATION AND SERVICING

                                OF MORTGAGE LOANS

                     (SEE ARTICLE III OF THE STANDARD TERMS)

                                       19
<PAGE>

                                   ARTICLE IV

                         PAYMENTS TO CERTIFICATEHOLDERS

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

Section 4.02.  Distributions.

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

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

               (ii) (W) 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

                      (X) to the  Accretion  Directed  Certificates,  until  the
        Certificate Principal Balance of the Accretion Directed Certificates has
        been reduced to zero, the Accrual Distribution Amount; and

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

                                       20
<PAGE>

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

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

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

(3)  the  principal  portion of all other  unscheduled  collections  (other than
     Principal  Prepayments  in Full and  Curtailments  and amounts  received in
     connection  with a Cash  Liquidation or REO  Disposition of a Mortgage Loan
     described in Section 4.02(a)(ii)(Y)(B) of this Series Supplement, including
     without  limitation  Insurance  Proceeds,   Liquidation  Proceeds  and  REO
     Proceeds),  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,

                                       21
<PAGE>

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

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

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

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

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

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

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

                                       22
<PAGE>

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

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

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

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

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

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

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

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

                                       23
<PAGE>

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

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

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

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

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

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

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

                                       24
<PAGE>

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

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

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

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

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

(ii)    second,   the  Accrual   Distribution   Amount   shall  be   distributed
        sequentially  to the Class A-1,  Class A-2,  Class A-3, Class A-6, Class
        A-7 and Class A-8  Certificates,  in that order,  until the  Certificate
        Principal  Balances of the Class A-1,  Class A-2,  Class A-3, Class A-6,
        Class A-7 and Class A-8 Certificates have been reduced to zero;

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

                                       25
<PAGE>

(iv)    fourth,  the  balance  of  the  Senior  Principal   Distribution  Amount
        remaining after the distribution described in Section 4.02(b)(iii) above
        shall be  distributed  sequentially  to the Class A-1,  Class A-2, Class
        A-3,  Class A-6, Class A-7,  Class A-8, and Class A-5  Certificates,  in
        that order,  until the Certificate  Principal Balances of the Class A-1,
        Class A-2,  Class A-3,  Class  A-6,  Class A-7,  Class A-8 and Class A-5
        Certificates have been reduced to zero.

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

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

(e) In addition to the foregoing  distributions,  with respect to any Subsequent
Recoveries,  the Master  Servicer  shall  deposit such funds into the  Custodial
Account  pursuant to Section  3.07(b)(iii).  If,  after taking into account such
Subsequent  Recoveries,  the amount of a Realized Loss is reduced, the amount of
such Subsequent Recoveries will be applied to increase the Certificate Principal
Balance  of the  Class of  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.

                                       26
<PAGE>

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

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

(h) On each Distribution Date preceding the Accretion  Termination Date, Accrued
Certificate  Interest  that  would  otherwise  be  distributed  to  the  Accrual
Certificates  will be added to the Certificate  Principal Balance of the Accrual
Certificates and such amount will thereafter  accrue interest at a rate of 6.50%
per annum. On the Accretion  Termination Date, the Accrued Certificate  Interest
on the Accrual  Certificates for such date will be payable to the holders of the
Accretion  Directed  Certificates  as a  distribution  of principal  pursuant to
Section  4.02(b)(ii) until the Certificate  Principal Balances thereof have been
reduced to zero,  any such  amount  will be added to the  Certificate  Principal
Balance  of the  Accrual  Certificates,  and any  remaining  amount  of  Accrued
Certificate  Interest will be paid to the holders of the Accrual Certificates as
a distribution  of interest and will not be added to the  Certificate  Principal
Balance thereof;  provided,  however,  if the Accretion  Termination Date is the
Credit Support Depletion Date, the entire amount of Accrued Certificate Interest
on the Accrual  Certificates for such date will be payable to the holders of the
Accrual  Certificates as a distribution of interest and will not be added to the
Certificate Principal Balance thereof.

                                       27
<PAGE>

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

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

Section 4.05.  Allocation of Realized Losses.

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

        As used herein,  an  allocation of a Realized Loss on a "pro rata basis"
among two or more specified Classes of Certificates means an allocation on a pro
rata  basis,  among the  various  Classes  so  specified,  to each such Class of
Certificates,  on the  basis of their  then  outstanding  Certificate  Principal
Balances prior to giving effect to distributions to be made on such Distribution
Date in the case of the  principal  portion of a  Realized  Loss or based on the
Accrued Certificate  Interest thereon payable on such Distribution Date (without
regard to any Compensating  Interest for such Distribution  Date) in the case of
an interest  portion of a Realized  Loss.  Except as  provided in the  following
sentence, any allocation of the principal portion of Realized Losses (other than
Debt Service  Reductions) to a Class of  Certificates  shall be made by reducing
the  Certificate  Principal  Balance  thereof by the amount so allocated,  which
allocation shall be deemed to have occurred on such Distribution Date;  provided

                                       28
<PAGE>

that the Certificate  Principal Balance of the Accrual Certificates for purposes
of this  Section  4.05  shall be the  lesser  of (a) the  Certificate  Principal
Balance  of the  Accrual  Certificates  as of the  Closing  Date,  and  (b)  the
Certificate  Principal  Balance of the  Accrual  Certificates  as of the date of
determination. Any allocation of the principal portion of Realized Losses (other
than Debt Service  Reductions) to the Subordinate  Certificates then outstanding
with  the  Lowest  Priority  shall be made by  operation  of the  definition  of
"Certificate  Principal  Balance" and by operation of the  provisions of Section
4.02(a).  Allocations of the interest  portions of Realized Losses shall be made
in proportion to the amount of Accrued Certificate  Interest and by operation of
the  definition  of  "Accrued  Certificate  Interest"  and by  operation  of the
provisions of Section  4.02(a).  Allocations  of the  principal  portion of Debt
Service  Reductions  shall be made by  operation  of the  provisions  of Section
4.02(a).  All  Realized  Losses  and all other  losses  allocated  to a Class of
Certificates hereunder will be allocated among the Certificates of such Class in
proportion to the Percentage  Interests evidenced thereby;  provided that if any
Subclasses of the Class A-V  Certificates  have been issued  pursuant to Section
5.01(c),  such  Realized  Losses  and other  losses  allocated  to the Class A-V
Certificates  shall be allocated  among such  Subclasses  in  proportion  to the
respective amounts of Accrued Certificate  Interest payable on such Distribution
Date that would have resulted absent such reductions.

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)

                                       29
<PAGE>

                                   ARTICLE V

                                THE CERTIFICATES

                      (SEE ARTICLE V OF THE STANDARD TERMS)

                                       30
<PAGE>

                                   ARTICLE VI

                       THE COMPANY AND THE MASTER SERVICER

                     (SEE ARTICLE VI OF THE STANDARD TERMS)

                                       31
<PAGE>

                                  ARTICLE VII

                                     DEFAULT

                     (SEE ARTICLE VII OF THE STANDARD TERMS)

                                       32
<PAGE>

                                  ARTICLE VIII

                             CONCERNING THE TRUSTEE

                    (SEE ARTICLE VIII OF THE STANDARD TERMS)

                                       33
<PAGE>

                                   ARTICLE IX

                                   TERMINATION

                     (SEE ARTICLE IX OF THE STANDARD TERMS)

                                       34
<PAGE>

                                   ARTICLE X

                                REMIC PROVISIONS

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

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

Section 10.03..Designation of REMICs.

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

                                       35
<PAGE>

        (b)The  amount  described  in  Section   10.04(a)(ii)  shall  be  deemed
distributed   to  (i)   Uncertificated   REMIC  I  Regular   Interest   W,  (ii)
Uncertificated  REMIC I  Regular  Interest  X and (iii)  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, Class A-2, Class
        A-3, Class A-4, Class A-6,  Class A-7 and Class A-8  Certificates  under
        Section 4.05 shall be deemed allocated to Uncertificated REMIC I Regular
        Interest W;

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

               (iv) Realized Losses allocated to the Class A-5, Class M-1, Class
        M-2,  Class  M-3,  Class  B-1,  Class  B-2,  Class  B-3 and  Class  R-II
        Certificates   under   Section   4.05  shall  be  deemed   allocated  to
        Uncertificated REMIC I Regular Interest Y; and

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

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

                                       36
<PAGE>

        (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.

                                       37
<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 2002-QS11

                                   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
---------------------------------- ---------------------------------------------
---------------------------------- ---------------------------------------------
Standard & Poor's Ratings 55 Water Street Services,  a division of The New York,
New York 10041 McGraw-Hill Companies, Inc.
---------------------------------- ---------------------------------------------
---------------------------------- ---------------------------------------------
Fitch Ratings                      One State Street Plaza
                                   New York, New York 10004

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

                                       38
<PAGE>

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

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

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

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

Section 11.09. Allocation of Voting Rights.

               97% of all of the Voting Rights shall be allocated  among Holders
of  Certificates,  other  than  the  Interest  Only  Certificates  and  Class  R
Certificates, in proportion to the outstanding Certificate Principal Balances of
their respective Certificates;  1% of all Voting Rights shall be allocated among
the Holders of the Class A-4  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.

                                       39
<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// Julie Steinhagen
                                               ---------------------------------
                                                 Name:   Julie Steinhagen
                                                 Title:  Vice President

Attest: //s// Lisa R. Lundsten
        ------------------------------------
      Name:   Lisa R. Lundsten
      Title:  Vice President

                         RESIDENTIAL FUNDING CORPORATION
[Seal]

                                            By: //s// Lisa R. Lundsten
                                               ---------------------------------
                                                 Name:  Lisa R. Lundsten
                                                 Title: Managing Director

Attest: //s// Julie Steinhagen
        ------------------------------------
      Name: Julie Steinhagen
      Title: Director

                               DEUTSCHE BANK TRUST COMPANY AMERICAS, as Trustee
[Seal]

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

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

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

                                       40
<PAGE>

STATE OF MINNESOTA
                                  )
                                  ) ss.:
COUNTY OF HENNEPIN                )
               On the 30th day of August, 2002 before me, a notary public in and
for said State,  personally appeared Julie Steinhagen,  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]

                                       41
<PAGE>

STATE OF MINNESOTA
                                  )
                                  ) ss.:
COUNTY OF HENNEPIN                )
               On the 30th day of August, 2002 before me, a notary public in and
for  said  State,  personally  appeared  Lisa R.  Lundsten,  known to me to be a
Managing Director of Residential  Funding  Corporation,  one of the corporations
that executed the within  instrument,  and also known to me to be the person who
executed  it on behalf of said  corporation,  and  acknowledged  to me that such
corporation executed the within instrument.

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

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

[Notarial Seal]

                                       42
<PAGE>

STATE OF CALIFORNIA
                                  )
                                  ) ss.:
COUNTY OF ORANGE                  )
               On the 30th day of August, 2002 before me, a notary public in and
for said  State,  personally  appeared  Barbara  Campbell,  known to me to be an
Assistant  Secretary  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]

                                       43
<PAGE>

STATE OF CALIFORNIA               )
                                  ) ss.:
COUNTY OF ORANGE                  )
               On the 30th day of August, 2002 before me, a notary public in and
for  said  State,  personally  appeared  Ronaldo  Reyes,  known  to  me to be an
Associate  of  Deutsche  Bank  Trust  Company  Americas,  the New  York  banking
corporation that executed the within instrument,  and also known to me to be the
person who executed it on behalf of said banking corporation and acknowledged to
me that such banking corporation executed the within instrument.

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

                                            //s// Brent Wayne Hoyler
                                            ---------------------------------
                                                Notary Public

[Notarial Seal]

                                       44
<PAGE>

                                   EXHIBIT ONE

                             MORTGAGE LOAN SCHEDULE

  RUN ON     : 08/22/02           RFC DISCLOSURE SYSTEM       RFFSDFIX-01
  AT         : 09.09.56           FIXED PASSTHRU REPORT       AMORTIZED BALANCE
  SERIES     : RALI 2002-QS11                                 CUTOFF : 08/01/02
  POOL       : 0004611
             :
             :
  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
  --------------------------------------------------------------------------

      6183944                              .2500
      205,220.98                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.5000                         .6700

      6420846                              .2500
      160,089.10                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450

      7349111                              .2500
      139,554.59                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.5000                         .6700

      7580213                              .2500
       69,263.68                          .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
            6.5000                        1.1700

      7580215                              .2500
       69,263.68                          .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
            6.5000                        1.1700

      7580723                              .2500
       25,837.90                          .0800
            8.6250                         .0000
            8.3750                         .0000
            8.2950                         .0000
            6.5000                        1.7950
1

      7589763                              .2500
      138,266.23                          .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            6.5000                        1.0450

      7590175                              .2500
       87,163.39                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.5000                         .4200

      7590289                              .2500
      199,457.82                          .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
            6.5000                        1.1700

      7590291                              .2500
       63,839.20                          .0800
            8.3750                         .0000
            8.1250                         .0000
            8.0450                         .0000
            6.5000                        1.5450

      7590379                              .2500
       72,711.79                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.5000                         .4200

      7634971                              .2500
      105,638.46                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.5000                         .1700

      7692031                              .2500
       99,961.78                          .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            6.5000                        1.0450

      7694095                              .2500
       78,101.99                          .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            6.5000                        1.0450
1

      7695933                              .2500
      139,274.30                          .0800
            8.1250                         .0000
            7.8750                         .0000
            7.7950                         .0000
            6.5000                        1.2950

      7703249                              .2500
       65,499.85                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.5000                         .5450

      7716315                              .2500
      235,089.47                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450

      7727227                              .2500
      152,307.60                          .0300
            6.7500                         .0000
            6.5000                         .0000
            6.4700                         .0000
            6.4700                         .0000

      7730347                              .2500
       89,822.18                          .0800
            8.1250                         .0000
            7.8750                         .0000
            7.7950                         .0000
            6.5000                        1.2950

      7730421                              .2500
      133,300.69                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.5000                         .6700

      7730451                              .2500
       49,501.99                          .0800
            8.1250                         .0000
            7.8750                         .0000
            7.7950                         .0000
            6.5000                        1.2950

      7731399                              .2500
       82,856.67                          .0300
            6.7500                         .0000
            6.5000                         .0000
            6.4700                         .0000
            6.4700                         .0000
1

      7732143                              .2500
       66,321.70                          .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            6.5000                        1.0450

      7733835                              .2500
      153,802.92                          .0800
            8.2500                         .0000
            8.0000                         .0000
            7.9200                         .0000
            6.5000                        1.4200

      7734139                              .2500
      147,762.60                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.5000                         .2950

      7735583                              .2500
      122,787.60                          .0300
            6.7500                         .0000
            6.5000                         .0000
            6.4700                         .0000
            6.4700                         .0000

      7745421                              .2500
      197,275.11                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.5000                         .1700

      7746753                              .2500
      122,343.49                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450

      7750773                              .2500
       57,289.81                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.5000                         .1700

      7751553                              .2500
      124,555.15                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.5000                         .5450
1

      7754403                              .2500
      148,555.33                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.5000                         .1700

      7754423                              .2500
      176,043.99                          .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            6.5000                         .7950

      7755485                              .2500
      124,894.99                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450

      7756167                              .2500
      175,775.80                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.5000                         .1700

      7756715                              .2500
      255,806.90                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.5000                         .5450

      7758027                              .2500
       39,941.91                          .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            6.5000                         .7950

      7759371                              .2500
      182,399.61                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.5000                         .1700

      7759485                              .2500
      169,932.97                          .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            6.5000                        1.0450
1

      7759515                              .2500
       73,148.34                          .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            6.5000                         .9200

      7760683                              .2500
       56,915.12                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.5000                         .6700

      7761893                              .2500
       50,127.43                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.5000                         .6700

      7763297                              .2500
       93,924.83                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.5000                         .2950

      7763399                              .2500
      125,999.16                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.5000                         .2950

      7763437                              .2500
      168,665.01                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.5000                         .2950

      7763589                              .2500
      306,022.72                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.5000                         .6700

      7763607                              .2500
      185,440.20                          .0300
            6.7500                         .0000
            6.5000                         .0000
            6.4700                         .0000
            6.4700                         .0000
1

      7765947                              .2500
      134,204.84                          .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            6.5000                         .7950

      7769539                              .2500
      239,642.67                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.5000                         .6700

      7771219                              .2500
      269,481.69                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.5000                         .1700

      7771263                              .2500
      239,624.43                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.5000                         .4200

      7771375                              .2500
       85,355.93                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450

      7771639                              .2500
      123,403.66                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.5000                         .4200

      7771641                              .2500
      110,335.60                          .0300
            6.7500                         .0000
            6.5000                         .0000
            6.4700                         .0000
            6.4700                         .0000

      7771707                              .2500
      245,303.68                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.5000                         .2950
1

      7772265                              .2500
       68,292.96                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.5000                         .4200

      7775205                              .2500
      223,631.71                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.5000                         .1700

      7775813                              .2500
      146,696.23                          .0300
            6.7500                         .0000
            6.5000                         .0000
            6.4700                         .0000
            6.4700                         .0000

      7775819                              .2500
      127,584.64                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450

      7776259                              .2500
       59,460.08                          .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
            6.5000                        1.1700

      7779105                              .2500
      142,099.63                          .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            6.5000                         .9200

      7780139                              .2500
       87,926.07                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450

      7780233                              .2500
       77,934.48                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450
1

      7780269                              .2500
       48,767.25                          .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
            6.5000                        1.1700

      7780369                              .2500
      170,866.61                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.5000                         .4200

      7780387                              .2500
      177,168.42                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.5000                         .6700

      7781027                              .2500
      131,897.03                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.5000                         .4200

      7781333                              .2500
      161,727.04                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450

      7781581                              .2500
      223,820.87                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.5000                         .2950

      7781671                              .2500
      183,852.86                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.5000                         .2950

      7782121                              .2500
      153,679.96                          .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            6.5000                        1.0450
1

      7782131                              .2500
      145,532.98                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.5000                         .6700

      7782151                              .2500
      162,869.28                          .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
            6.5000                        1.1700

      7782155                              .2500
      155,050.87                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.5000                         .2950

      7782165                              .2500
      107,826.75                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.5000                         .2950

      7782169                              .2500
      211,092.61                          .0800
            8.2500                         .0000
            8.0000                         .0000
            7.9200                         .0000
            6.5000                        1.4200

      7782185                              .2500
      113,270.01                          .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
            6.5000                        1.1700

      7782191                              .2500
      140,174.77                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.5000                         .2950

      7782209                              .2500
      161,776.30                          .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            6.5000                        1.0450
1

      7782221                              .2500
       49,896.10                          .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            6.5000                        1.0450

      7782227                              .2500
      214,646.51                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.5000                         .1700

      7782229                              .2500
       89,523.03                          .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            6.5000                         .9200

      7782233                              .2500
      142,897.35                          .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            6.5000                         .9200

      7782241                              .2500
      155,743.49                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.5000                         .1700

      7782263                              .2500
      143,763.23                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.5000                         .1700

      7782585                              .2500
      139,632.59                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450

      7782597                              .2500
       74,936.99                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450
1

      7782599                              .2500
      119,104.68                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.5000                         .2950

      7782617                              .2500
      197,829.53                          .0300
            6.7500                         .0000
            6.5000                         .0000
            6.4700                         .0000
            6.4700                         .0000

      7782623                              .2500
      132,885.49                          .0300
            6.7500                         .0000
            6.5000                         .0000
            6.4700                         .0000
            6.4700                         .0000

      7782633                              .2500
      269,761.78                          .0300
            6.6250                         .0000
            6.3750                         .0000
            6.3450                         .0000
            6.3450                         .0000

      7782635                              .2500
      299,741.71                          .0300
            6.7500                         .0000
            6.5000                         .0000
            6.4700                         .0000
            6.4700                         .0000

      7783571                              .2500
       99,831.50                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450

      7783829                              .2500
       57,952.45                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.5000                         .1700

      7783845                              .2500
       55,131.77                          .0300
            6.7500                         .0000
            6.5000                         .0000
            6.4700                         .0000
            6.4700                         .0000
1

      7783861                              .2500
       57,852.54                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.5000                         .1700

      7783909                              .2500
       78,813.73                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450

      7783949                              .2500
      249,800.08                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.5000                         .2950

      7784015                              .2500
      130,290.44                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450

      7784189                              .2500
       59,952.02                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.5000                         .2950

      7784577                              .2500
      193,211.90                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.5000                         .6700

      7785499                              .2500
      125,197.12                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.5000                         .2950

      7785515                              .2500
       43,853.45                          .0800
            8.3750                         .0000
            8.1250                         .0000
            8.0450                         .0000
            6.5000                        1.5450
1

      7785529                              .2500
       59,698.26                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450

      7785621                              .2500
       53,657.04                          .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
            6.5000                        1.1700

      7785661                              .2500
       69,113.19                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.5000                         .4200

      7785665                              .2500
      271,825.98                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.5000                         .1700

      7785687                              .2500
      188,758.13                          .0800
            8.2500                         .0000
            8.0000                         .0000
            7.9200                         .0000
            6.5000                        1.4200

      7785699                              .2500
       78,174.38                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.5000                         .2950

      7785773                              .2500
      175,634.22                          .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            6.5000                        1.0450

      7785845                              .2500
       52,118.31                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.5000                         .4200
1

      7785861                              .2500
      123,801.07                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.5000                         .2950

      7785875                              .2500
      148,305.06                          .0800
            8.1250                         .0000
            7.8750                         .0000
            7.7950                         .0000
            6.5000                        1.2950

      7785883                              .2500
       69,352.22                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.5000                         .2950

      7785885                              .2500
      188,704.22                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.5000                         .4200

      7786029                              .2500
      172,958.06                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450

      7786061                              .2500
       53,842.47                          .0800
            8.1250                         .0000
            7.8750                         .0000
            7.7950                         .0000
            6.5000                        1.2950

      7786139                              .2500
      146,864.04                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.5000                         .2950

      7786149                              .2500
       27,621.76                          .0800
            8.3750                         .0000
            8.1250                         .0000
            8.0450                         .0000
            6.5000                        1.5450
1

      7786175                              .2500
      104,831.58                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.5000                         .2950

      7786195                              .2500
      159,693.40                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.5000                         .2950

      7786199                              .2500
      179,711.25                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.5000                         .2950

      7786203                              .2500
      135,781.83                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.5000                         .2950

      7786207                              .2500
       78,249.27                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.5000                         .2950

      7786209                              .2500
       88,957.06                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.5000                         .2950

      7786233                              .2500
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            6.7500                         .0000
            6.6700                         .0000
            6.5000                         .1700

      7902855                              .2500
      110,000.00                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450
1

      7903131                              .2500
       56,881.00                          .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            6.5000                         .9200

      7903135                              .2500
       44,618.48                          .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            6.5000                         .9200

      7904701                              .2500
      190,000.00                          .0300
            6.7500                         .0000
            6.5000                         .0000
            6.4700                         .0000
            6.4700                         .0000

      7904749                              .2500
       37,500.00                          .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
            6.5000                        1.1700

      7905539                              .2500
       44,100.00                          .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            6.5000                         .7950

      7905619                              .2500
      166,500.00                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.5000                         .6700

      7905657                              .2500
      166,500.00                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.5000                         .6700

      7906835                              .2500
       80,000.00                          .0300
            6.5000                         .0000
            6.2500                         .0000
            6.2200                         .0000
            6.2200                         .0000
1

      7910415                              .2500
       48,000.00                          .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            6.5000                         .9200

      7910583                              .2500
      220,000.00                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450

      7910893                              .2500
       80,000.00                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.5000                         .6700

      7910975                              .2500
       52,839.00                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.5000                         .6700

      7913255                              .2500
      221,400.00                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.5000                         .6700

      7914499                              .2500
      122,000.00                          .0300
            6.7500                         .0000
            6.5000                         .0000
            6.4700                         .0000
            6.4700                         .0000

      7915655                              .2500
      144,000.00                          .0300
            6.7500                         .0000
            6.5000                         .0000
            6.4700                         .0000
            6.4700                         .0000

      7915805                              .2500
      105,000.00                          .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            6.5000                         .9200
1

      7915831                              .2500
      108,700.00                          .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            6.5000                         .9200

      7915873                              .2500
       85,600.00                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.5000                         .1700

      7916471                              .2500
      212,000.00                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.5000                         .6700

      7920721                              .2500
      106,400.00                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.5000                         .4200

      7922405                              .2500
      296,100.00                          .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            6.5000                         .9200

      7922869                              .2500
      168,000.00                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.5000                         .5450

      7923237                              .2500
       78,400.00                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.5000                         .6700

      7924233                              .2500
       36,000.00                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.5000                         .6700
1

      7927895                              .2500
       57,000.00                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.5000                         .5450

      7963936                              .2500
       52,371.34                          .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
            6.5000                        1.1700

      8050752                              .2500
      122,496.21                          .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            6.5000                         .9200

      8052406                              .2500
       46,382.19                          .0800
            8.1250                         .0000
            7.8750                         .0000
            7.7950                         .0000
            6.5000                        1.2950

      8317580                              .2500
       81,433.20                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.5000                         .1700

      8317612                              .2500
      183,849.17                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.5000                         .1700

      8317912                              .2500
      195,036.00                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450

      8318020                              .2500
      136,000.00                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.5000                         .5450
1

      8318042                              .2500
      199,827.80                          .0300
            6.7500                         .0000
            6.5000                         .0000
            6.4700                         .0000
            6.4700                         .0000

      8318174                              .2500
      249,395.40                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.5000                         .1700

      8318266                              .2500
      159,865.58                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450

      8318276                              .2500
      165,000.00                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450

      8318512                              .2500
      232,813.68                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.5000                         .2950

      8318540                              .2500
      180,500.00                          .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            6.5000                         .7950

      8318548                              .2500
      204,000.00                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.5000                         .1700

      8318774                              .2500
      300,600.00                          .0300
            6.6250                         .0000
            6.3750                         .0000
            6.3450                         .0000
            6.3450                         .0000
1

      8318870                              .2500
      158,400.00                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.5000                         .1700

      8318924                              .2500
       63,000.00                          .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
            6.5000                        1.1700

      8318948                              .2500
      218,000.00                          .0300
            6.7500                         .0000
            6.5000                         .0000
            6.4700                         .0000
            6.4700                         .0000

      8319086                              .2500
      144,450.00                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450

      8320146                              .2500
      209,600.00                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.5000                         .5450

      8320322                              .2500
       84,600.00                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450

      8320324                              .2500
      189,000.00                          .0300
            6.7500                         .0000
            6.5000                         .0000
            6.4700                         .0000
            6.4700                         .0000

      8320336                              .2500
      128,800.00                          .0300
            6.6250                         .0000
            6.3750                         .0000
            6.3450                         .0000
            6.3450                         .0000
1

      8320626                              .2500
      276,500.00                          .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            6.5000                        1.0450

  TOTAL NUMBER OF LOANS:     1727
  TOTAL BALANCE........:        240,000,997.92

  RUN ON     : 08/22/02            RFC DISCLOSURE SYSTEM      RFFSDFIX-01
  AT         : 09.09.56            INITIAL SECURITY FEES      AMORTIZED BALANCE
  SERIES     : RALI 2002-QS11       FIXED SUMMARY REPORT      CUTOFF : 08/01/02
  POOL       : 0004611
             :
             :
  POOL STATUS: F

                                   WEIGHTED AVERAGES      FROM         TO
  ---------------------------------------------------------------------------
  CURR NOTE RATE                        7.2739            6.1250      9.0000
  RFC NET RATE                          7.0239            5.8750      8.7500
  NET MTG RATE(INVSTR RATE)             6.9493            5.8450      8.6700
  POST STRIP RATE                       6.4888            5.8450      6.5000
  SUB SERV FEE                           .2500             .2500       .2500
  MSTR SERV FEE                          .0746             .0300        .0800
  ALL EXP                                .0000             .0000       .0000
  MISC EXP                               .0000             .0000       .0000
  SPREAD                                 .0000             .0000       .0000
  STRIP                                  .4605             .0000      2.1700

  TOTAL NUMBER OF LOANS:  1727
  TOTAL BALANCE........:     240,000,997.92

                             ***************************
                             *      END OF REPORT      *
                             ***************************
  RUN ON     : 08/22/02           RFC DISCLOSURE SYSTEM       RFFSD177-01
  AT         : 09.09.56          FIXED RATE LOAN LISTING      AMORTIZED BALANCE
  SERIES     : RALI 2002-QS11                                 CUTOFF : 08/01/02
  POOL       : 0004611
             :
             :
  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 #
  ______________________________________________________________________________

    6183944          286/286             F          206,800.00         ZZ
                                         360        205,220.98          1
                                       7.500          1,445.98         90
                                       7.250          1,445.98
    EL CAJON         CA   92021          5            09/25/01         14
    9892880                              05           11/01/01         25
    9892880                              O            10/01/31
    0

    6420846          E23/G02             F          161,500.00         ZZ
                                         360        160,089.10          1
                                       6.875          1,060.94         85
                                       6.625          1,060.94
    YUCAIPA          CA   92399          5            11/15/01         04
    0433494416                           05           01/01/02         12
    51009501                             O            12/01/31
    0

    7349111          286/286             F          140,400.00         ZZ
                                         360        139,554.59          1
                                       7.500            981.70         87
                                       7.250            981.70
    ALPHARETTA       GA   30022          1            02/04/02         10
    0942053                              05           04/01/02         25
    942053                               N            03/01/32
    0

    7580213          286/286             F           69,500.00         ZZ
                                         360         69,263.68          2
                                       8.000            509.97         90
                                       7.750            509.97
    TYLER            TX   75703          1            03/01/02         11
    1041293                              05           04/01/02         25
1

    1041293                              N            03/01/32
    0

    7580215          286/286             F           69,500.00         ZZ
                                         360         69,263.68          2
                                       8.000            509.97         90
                                       7.750            509.97
    TYLER            TX   75703          1            03/01/02         10
    1041302                              05           04/01/02         25
    1041302                              N            03/01/32
    0

    7580723          286/286             F           25,900.00         ZZ
                                         360         25,837.90          1
                                       8.625            201.45         70
                                       8.375            201.45
    TRENTON          NJ   08611          5            03/15/02         00
    1024785                              05           05/01/02          0
    1024785                              N            04/01/32
    0

    7589763          286/286             F          138,750.00         ZZ
                                         360        138,266.23          1
                                       7.875          1,006.04         80
                                       7.625          1,006.04
    MESA             AZ   85207          1            02/27/02         00
    958504                               03           04/01/02          0
    958504                               O            03/01/32
    0

    7590175          286/286             F           87,300.00         ZZ
                                         360         87,163.39          1
                                       7.250            595.54         62
                                       7.000            595.54
    CARMEL           IN   46032          5            02/14/02         00
    997990                               05           04/01/02          0
    997990                               O            03/01/32
    0

    7590289          286/286             F          200,000.00         ZZ
                                         360        199,457.82          1
                                       8.000          1,467.53         40
                                       7.750          1,467.53
    EAST PROVIDENCE  RI   02916          5            03/05/02         00
    932963                               05           05/01/02          0
    932963                               O            04/01/32
    0

1

    7590291          286/286             F           64,000.00         ZZ
                                         360         63,839.20          1
                                       8.375            486.45         80
                                       8.125            486.45
    SPRINGFIELD      MA   01104          5            03/19/02         00
    688461                               05           05/01/02          0
    688461                               N            04/01/32
    0

    7590379          286/286             F           73,000.00         ZZ
                                         360         72,711.79          1
                                       7.250            497.99         75
                                       7.000            497.99
    KISSIMMEE        FL   34743          5            02/06/02         00
    953992                               03           04/01/02          0
    953992                               O            03/01/32
    0

    7634971          S25/G02             F          106,500.00         ZZ
                                         240        105,638.46          1
                                       7.000            825.69         86
                                       6.750            825.69
    FOUNTAIN INN     SC   29644          5            04/10/02         11
    0434071718                           02           05/16/02         25
    247133279                            O            04/16/22
    0

    7692031          E82/G02             F          100,100.00         ZZ
                                         360         99,961.78          1
                                       7.875            725.79         86
                                       7.625            725.79
    HAZEL CREST      IL   60429          2            05/06/02         10
    0400621538                           05           07/01/02         25
    0400621538                           O            06/01/32
    0

    7694095          X81/G02             F           78,210.00         ZZ
                                         360         78,101.99          1
                                       7.875            567.08         90
                                       7.625            567.08
    ROCHESTER        MN   55902          1            05/03/02         10
    0434020079                           01           07/01/02         25
    95-2140                              N            06/01/32
    0

    7695933          U05/G02             F          139,550.00         ZZ
                                         360        139,274.30          1
                                       8.125          1,036.15         73
                                       7.875          1,036.15
1

    SAN ANTONIO      TX   78209          5            04/25/02         00
    0434276630                           05           06/01/02          0
    3220201                              O            05/01/32
    0

    7703249          W28/G02             F           65,600.00         ZZ
                                         360         65,499.85          1
                                       7.375            453.09         72
                                       7.125            453.09
    MC BAIN          MI   49657          1            05/07/02         00
    0434248381                           05           07/01/02          0
    328372                               O            06/01/32
    0

    7716315          E22/G02             F          235,524.00         ZZ
                                         360        235,089.47          1
                                       6.875          1,547.23         76
                                       6.625          1,547.23
    CENTENNIAL       CO   80016          1            05/22/02         00
    0414120436                           03           07/01/02          0
    0414120436                           O            06/01/32
    0

    7727227          E22/G02             F          152,800.00         ZZ
                                         360        152,307.60          1
                                       6.750            991.06         80
                                       6.500            991.06
    BETHEL           CT   06801          5            05/21/02         00
    0414005074                           05           07/01/02          0
    0414005074                           O            06/01/32
    0

    7730347          601/G02             F           90,000.00         ZZ
                                         360         89,822.18          3
                                       8.125            668.25         90
                                       7.875            668.25
    WINSTED          CT   06098          1            04/30/02         14
    0434070728                           05           06/01/02         25
    61317228                             N            05/01/32
    0

    7730421          588/G02             F          133,600.00         ZZ
                                         360        133,300.69          1
                                       7.500            934.15         80
                                       7.250            934.15
    ODENTON          MD   21113          1            04/29/02         00
    0434238259                           05           06/01/02          0
    1062136                              O            05/01/32
    0
1

    7730451          601/G02             F           49,600.00         ZZ
                                         360         49,501.99          4
                                       8.125            368.28         80
                                       7.875            368.28
    KANSAS CITY      MO   64124          1            04/11/02         00
    0434070009                           05           06/01/02          0
    61370060                             N            05/01/32
    0

    7731399          601/G02             F           83,000.00         ZZ
                                         360         82,856.67          1
                                       6.750            538.34         79
                                       6.500            538.34
    WINTER PARK      FL   32792          5            05/14/02         00
    0434166294                           05           07/01/02          0
    61107843                             O            06/01/32
    0

    7732143          313/G02             F           66,500.00         ZZ
                                         360         66,321.70          1
                                       7.875            482.18         95
                                       7.625            482.18
    SOUTHAVEN        MS   38671          5            05/09/02         11
    0434366068                           05           07/01/02         30
    0008732992                           O            06/01/32
    0

    7733835          E22/G02             F          154,000.00         ZZ
                                         360        153,802.92          2
                                       8.250          1,156.95         56
                                       8.000          1,156.95
    BROOKLYN         NY   11220          5            05/30/02         00
    0413966854                           05           07/01/02          0
    0413966854                           N            06/01/32
    0

    7734139          E22/G02             F          148,000.00         T
                                         360        147,762.60          1
                                       7.125            997.10         80
                                       6.875            997.10
    MIAMI BEACH      FL   33139          1            05/30/02         00
    0414165209                           08           07/01/02          0
    0414165209                           O            06/01/32
    0

    7735583          B57/G02             F          123,000.00         ZZ
                                         360        122,787.60          1
1

                                       6.750            797.78         79
                                       6.500            797.78
    LOS ANGELES      CA   91423          2            05/10/02         00
    0434297842                           01           07/01/02          0
    10001843                             N            06/01/32
    0

    7745421          U38/G02             F          197,600.00         T
                                         360        197,275.11          1
                                       7.000          1,314.64         80
                                       6.750          1,314.64
    BELLA VISTA      AR   72714          1            05/20/02         00
    0434127080                           03           07/01/02          0
    62539                                O            06/01/32
    0

    7746753          Q87/G02             F          122,550.00         ZZ
                                         360        122,343.49          1
                                       6.875            805.07         95
                                       6.625            805.07
    RAPHINE          VA   24472          2            05/30/02         10
    0434121992                           05           07/04/02         30
    BOTH02                               O            06/04/32
    0

    7750773          N74/G02             F           57,400.00         ZZ
                                         240         57,289.81          1
                                       7.000            445.02         78
                                       6.750            445.02
    RINGGOLD         VA   24586          2            05/31/02         00
    0434150512                           27           08/01/02          0
    0030265030                           O            07/01/22
    0

    7751553          E22/G02             F          124,650.00         ZZ
                                         360        124,555.15          1
                                       7.375            860.93         90
                                       7.125            860.93
    MARINE CITY      MI   48039          1            06/05/02         04
    0414208926                           07           08/01/02         25
    0414208926                           O            07/01/32
    0

    7754403          253/253             F          148,800.00         ZZ
                                         360        148,555.33          1
                                       7.000            989.98         80
                                       6.750            989.98
    SPENCER          IN   47460          5            05/20/02         00
    996028                               05           07/01/02          0
1

    996028                               O            06/01/32
    0

    7754423          U05/G02             F          176,300.00         ZZ
                                         360        176,043.99          4
                                       7.625          1,247.84         80
                                       7.375          1,247.84
    IDAHO FALLS      ID   83401          2            05/28/02         00
    0434119145                           05           07/01/02          0
    3229088                              N            06/01/32
    0

    7755485          L76/G02             F          125,000.00         ZZ
                                         360        124,894.99          1
                                       6.875            821.16         80
                                       6.625            821.16
    OWATONNA         MN   55060          2            05/31/02         00
    0434119731                           05           08/01/02          0
    9506696                              O            07/01/32
    0

    7756167          E22/G02             F          175,920.00         T
                                         360        175,775.80          1
                                       7.000          1,170.40         80
                                       6.750          1,170.40
    INDIAN SHORES    FL   33785          1            06/06/02         00
    0414158154                           08           08/01/02          0
    0414158154                           O            07/01/32
    0

    7756715          883/G02             F          256,198.00         ZZ
                                         360        255,806.90          1
                                       7.375          1,769.50         90
                                       7.125          1,769.50
    WEST PALM BEACH  FL   33412          2            05/29/02         14
    0434298519                           05           07/01/02         25
    05014775                             O            06/01/32
    0

    7758027          W93/G02             F           40,000.00         ZZ
                                         360         39,941.91          1
                                       7.625            283.12         64
                                       7.375            283.12
    HEMET            CA   92545          5            05/20/02         00
    0434186714                           09           07/01/02          0
    28380065                             N            06/01/32
    0

1

    7759371          E22/G02             F          182,700.00         ZZ
                                         360        182,399.61          1
                                       7.000          1,215.51         90
                                       6.750          1,215.51
    CORAL SPRINGS    FL   33065          1            05/29/02         01
    0414125344                           03           07/01/02         25
    0414125344                           O            06/01/32
    0

    7759485          E22/G02             F          170,050.00         ZZ
                                         360        169,932.97          1
                                       7.875          1,232.98         95
                                       7.625          1,232.98
    FREEPORT         NY   11550          1            06/07/02         04
    0414197152                           05           08/01/02         35
    0414197152                           O            07/01/32
    0

    7759515          E22/G02             F           73,200.00         ZZ
                                         360         73,148.34          3
                                       7.750            524.41         80
                                       7.500            524.41
    SANDPOINT        ID   83864          1            05/31/02         00
    0414215277                           05           08/01/02          0
    0414215277                           N            07/01/32
    0

    7760683          196/G02             F           57,000.00         ZZ
                                         360         56,915.12          1
                                       7.500            398.56         75
                                       7.250            398.56
    AKRON            OH   44310          5            05/14/02         00
    0434174140                           05           07/01/02          0
    1512067                              N            06/01/32
    0

    7761893          E45/G02             F           50,240.00         ZZ
                                         360         50,127.43          1
                                       7.500            351.29         80
                                       7.250            351.29
    TENNILLE         GA   31089          1            04/26/02         00
    0434117933                           05           06/01/02          0
    230772                               O            05/01/32
    0

    7763297          M27/G02             F           94,000.00         ZZ
                                         360         93,924.83          1
                                       7.125            633.30         80
                                       6.875            633.30
1

    GREENSBORO       NC   27407          1            06/05/02         00
    0434117941                           05           08/01/02          0
    0100057020                           N            07/01/32
    0

    7763399          E22/G02             F          126,100.00         ZZ
                                         360        125,999.16          1
                                       7.125            849.56         85
                                       6.875            849.56
    REDMOND          OR   97756          1            06/06/02         04
    0414094649                           05           08/01/02         12
    0414094649                           O            07/01/32
    0

    7763437          E22/G02             F          168,800.00         ZZ
                                         360        168,665.01          1
                                       7.125          1,137.24         80
                                       6.875          1,137.24
    NEW ORLEANS      LA   70124          1            06/10/02         00
    0414127316                           05           08/01/02          0
    0414127316                           O            07/01/32
    0

    7763589          E22/G02             F          306,250.00         ZZ
                                         360        306,022.72          3
                                       7.500          2,141.34         95
                                       7.250          2,141.34
    CHICAGO          IL   60653          1            06/10/02         04
    0414217638                           05           08/01/02         30
    0414217638                           O            07/01/32
    0

    7763607          E22/G02             F          185,600.00         ZZ
                                         360        185,440.20          1
                                       6.750          1,203.80         80
                                       6.500          1,203.80
    CARY             NC   27513          2            06/05/02         00
    0414235648                           03           08/01/02          0
    0414235648                           O            07/01/32
    0

    7765947          E65/G02             F          134,400.00         ZZ
                                         360        134,204.84          1
                                       7.625            951.27         80
                                       7.375            951.27
    FERNDALE         MI   48220          2            05/24/02         00
    0434175501                           05           07/01/02          0
    244574                               O            06/01/32
    0
1

    7769539          U05/G02             F          240,000.00         ZZ
                                         360        239,642.67          1
                                       7.500          1,678.11         80
                                       7.250          1,678.11
    AMARILLO         TX   79102          5            05/22/02         00
    0434331682                           05           07/01/02          0
    3232453                              O            06/01/32
    0

    7771219          K15/G02             F          270,000.00         ZZ
                                         240        269,481.69          1
                                       7.000          2,093.31         85
                                       6.750          2,093.31
    SHIRLEY          NY   11967          5            06/04/02         11
    0434164042                           05           08/01/02         12
    020805303388                         O            07/01/22
    0

    7771263          758/G02             F          240,000.00         ZZ
                                         360        239,624.43          1
                                       7.250          1,637.22         78
                                       7.000          1,637.22
    HOUSTON          TX   77055          5            05/29/02         00
    0434258828                           05           07/01/02          0
    301403                               O            06/01/32
    0

    7771375          Q87/G02             F           85,500.00         ZZ
                                         360         85,355.93          1
                                       6.875            561.67         90
                                       6.625            561.67
    MURFREESBORO     TN   37129          5            06/06/02         10
    0434146544                           05           07/11/02         25
    EALO01                               O            06/11/32
    0

    7771639          E22/G02             F          123,500.00         ZZ
                                         360        123,403.66          1
                                       7.250            842.49         95
                                       7.000            842.49
    MARIETTA         GA   30067          5            06/07/02         10
    0414050310                           01           08/01/02         30
    0414050310                           O            07/01/32
    0

    7771641          E22/G02             F          110,800.00         ZZ
                                         360        110,335.60          1
1

                                       6.750            718.65         80
                                       6.500            718.65
    MCMINNVILLE      OR   97128          2            05/24/02         00
    0414059576                           05           07/01/02          0
    0414059576                           O            06/01/32
    0

    7771707          E22/G02             F          245,500.00         ZZ
                                         360        245,303.68          1
                                       7.125          1,653.98         80
                                       6.875          1,653.98
    MONITOR          WA   98836          5            06/05/02         00
    0414153866                           05           08/01/02          0
    0414153866                           O            07/01/32
    0

    7772265          696/G02             F           68,400.00         ZZ
                                         360         68,292.96          1
                                       7.250            466.61         90
                                       7.000            466.61
    DUMFRIES         VA   22026          1            05/28/02         04
    0434317582                           05           07/01/02         25
    23302136                             N            06/01/32
    0

    7775205          624/G02             F          224,000.00         ZZ
                                         360        223,631.71          2
                                       7.000          1,490.28         80
                                       6.750          1,490.28
    GROVER BEACH     CA   93433          1            05/23/02         00
    0434133484                           05           07/01/02          0
    1000002436                           N            06/01/32
    0

    7775813          964/G02             F          146,950.00         ZZ
                                         360        146,696.23          1
                                       6.750            953.12         80
                                       6.500            953.12
    BATTLE GROUND    WA   98604          1            05/29/02         00
    0434130407                           05           07/01/02          0
    210711                               O            06/01/32
    0

    7775819          964/G02             F          127,800.00         ZZ
                                         360        127,584.64          1
                                       6.875            839.56         80
                                       6.625            839.56
    COMMERCE CITY    CO   80022          2            05/31/02         00
    0434162913                           05           07/01/02          0
1

    211733                               O            06/01/32
    0

    7776259          E22/G02             F           59,500.00         ZZ
                                         360         59,460.08          3
                                       8.000            436.59         69
                                       7.750            436.59
    CLEVELAND        OH   44128          5            06/13/02         00
    0414175612                           05           08/01/02          0
    0414175612                           N            07/01/32
    0

    7779105          U05/G02             F          142,200.00         ZZ
                                         360        142,099.63          4
                                       7.750          1,018.74         90
                                       7.500          1,018.74
    GLENDALE         AZ   85302          5            06/04/02         10
    0434167185                           05           08/01/02         30
    3235075                              O            07/01/32
    0

    7780139          E22/G02             F           88,000.00         ZZ
                                         360         87,926.07          1
                                       6.875            578.10         86
                                       6.625            578.10
    AUBURN           ME   04210          5            06/10/02         01
    0413786245                           05           08/01/02         25
    0413786245                           O            07/01/32
    0

    7780233          E22/G02             F           78,000.00         ZZ
                                         360         77,934.48          1
                                       6.875            512.40         80
                                       6.625            512.40
    AUBURN           ME   04210          5            06/10/02         00
    0414139816                           05           08/01/02          0
    0414139816                           O            07/01/32
    0

    7780269          E22/G02             F           48,800.00         ZZ
                                         360         48,767.25          1
                                       8.000            358.08         80
                                       7.750            358.08
    CORAL SPRINGS    FL   33065          1            06/14/02         00
    0414169367                           08           08/01/02          0
    0414169367                           N            07/01/32
    0

1

    7780369          E22/G02             F          171,000.00         ZZ
                                         360        170,866.61          2
                                       7.250          1,166.52         95
                                       7.000          1,166.52
    NORTH POLE       AK   99705          5            06/05/02         04
    0414225847                           05           08/01/02         30
    0414225847                           O            07/01/32
    0

    7780387          E22/G02             F          177,300.00         ZZ
                                         360        177,168.42          1
                                       7.500          1,239.71         90
                                       7.250          1,239.71
    JUPITER          FL   33478          1            06/14/02         01
    0414233072                           05           08/01/02         30
    0414233072                           O            07/01/32
    0

    7781027          B57/G02             F          132,000.00         ZZ
                                         360        131,897.03          2
                                       7.250            900.47         80
                                       7.000            900.47
    LANCASTER        CA   93535          1            06/06/02         00
    0434209193                           05           08/01/02          0
    10001849                             O            07/01/32
    0

    7781333          F36/G02             F          162,000.00         ZZ
                                         360        161,727.04          2
                                       6.875          1,064.22         80
                                       6.625          1,064.22
    TACOMA           WA   98444          2            05/28/02         00
    0434183000                           05           07/01/02          0
    06504459                             O            06/01/32
    0

    7781581          E11/G02             F          224,000.00         ZZ
                                         360        223,820.87          1
                                       7.125          1,509.13         80
                                       6.875          1,509.13
    ST PAUL          MN   55102          1            06/13/02         00
    0434181434                           05           08/01/02          0
    0003001043845                        N            07/01/32
    0

    7781671          F89/G02             F          184,000.00         ZZ
                                         360        183,852.86          1
                                       7.125          1,239.64         80
                                       6.875          1,239.64
1

    WILDOMAR         CA   92595          1            06/03/02         00
    0434197760                           05           08/01/02          0
    20870                                N            07/01/32
    0

    7782121          J95/G02             F          154,000.00         ZZ
                                         360        153,679.96          2
                                       7.875          1,116.61         70
                                       7.625          1,116.61
    SAN DIEGO        CA   92105          5            04/22/02         00
    0434215679                           05           06/01/02          0
    0028833135                           N            05/01/32
    0

    7782131          J95/G02             F          145,750.00         ZZ
                                         360        145,532.98          1
                                       7.500          1,019.11         64
                                       7.250          1,019.11
    PINCKNEY         MI   48169          2            05/14/02         00
    0434232674                           05           07/01/02          0
    0028882066                           O            06/01/32
    0

    7782151          J95/G02             F          163,200.00         ZZ
                                         360        162,869.28          1
                                       8.000          1,197.51         78
                                       7.750          1,197.51
    CARMICHAEL       CA   95608          1            04/18/02         00
    0434211165                           05           06/01/02          0
    0028953768                           N            05/01/32
    0

    7782155          J95/G02             F          155,300.00         ZZ
                                         360        155,050.87          3
                                       7.125          1,046.29         80
                                       6.875          1,046.29
    RALEIGH          NC   27604          1            05/29/02         00
    0434213385                           05           07/01/02          0
    0028967123                           O            06/01/32
    0

    7782165          J95/G02             F          108,000.00         ZZ
                                         360        107,826.75          1
                                       7.125            727.62         44
                                       6.875            727.62
    ROSWELL          GA   30075          1            05/16/02         00
    0434215786                           01           07/01/02          0
    0028999068                           O            06/01/32
    0
1

    7782169          J95/G02             F          211,500.00         ZZ
                                         360        211,092.61          3
                                       8.250          1,588.93         90
                                       8.000          1,588.93
    DOVER            NH   03820          1            04/30/02         04
    0434222204                           05           06/01/02         25
    0029010972                           N            05/01/32
    0

    7782185          J95/G02             F          113,500.00         ZZ
                                         360        113,270.01          1
                                       8.000            832.82         30
                                       7.750            832.82
    EASTHAM          MA   02642          5            04/17/02         00
    0434215067                           05           06/01/02          0
    0029038056                           O            05/01/32
    0

    7782191          J95/G02             F          140,400.00         ZZ
                                         360        140,174.77          1
                                       7.125            945.91         90
                                       6.875            945.91
    MESA             AZ   85205          2            05/01/02         01
    0434212221                           03           07/01/02         25
    0029063146                           O            06/01/32
    0

    7782209          J95/G02             F          162,000.00         ZZ
                                         360        161,776.30          3
                                       7.875          1,174.61         90
                                       7.625          1,174.61
    WORCESTER        MA   01609          1            05/07/02         10
    0434221305                           05           07/01/02         25
    0029089588                           N            06/01/32
    0

    7782221          J95/G02             F           50,000.00         ZZ
                                         360         49,896.10          1
                                       7.875            362.53         67
                                       7.625            362.53
    PORT ST LUCIE    FL   33405          1            05/01/02         00
    0434222246                           05           06/01/02          0
    0029098423                           O            05/01/32
    0

    7782227          J95/G02             F          215,000.00         ZZ
                                         360        214,646.51          1
1

                                       7.000          1,430.40         73
                                       6.750          1,430.40
    PORTLAND         OR   97202          2            05/22/02         00
    0434221255                           05           07/01/02          0
    0029133535                           O            06/01/32
    0

    7782229          J95/G02             F           89,650.00         ZZ
                                         360         89,523.03          1
                                       7.750            642.27         66
                                       7.500            642.27
    AUBURN           ME   04210          2            05/24/02         00
    0434221214                           05           07/01/02          0
    0029141728                           O            06/01/32
    0

    7782233          J95/G02             F          143,100.00         ZZ
                                         360        142,897.35          4
                                       7.750          1,025.19         90
                                       7.500          1,025.19
    IDAHO FALLS      ID   83402          1            05/28/02         10
    0434200028                           05           07/01/02         25
    0029143773                           N            06/01/32
    0

    7782241          J95/G02             F          156,000.00         ZZ
                                         360        155,743.49          1
                                       7.000          1,037.88         80
                                       6.750          1,037.88
    HALTOM CITY      TX   76137          2            05/24/02         00
    0434222782                           03           07/01/02          0
    0029157179                           O            06/01/32
    0

    7782263          J95/G02             F          144,000.00         ZZ
                                         360        143,763.23          4
                                       7.000            958.04         80
                                       6.750            958.04
    KILLEEN          TX   76549          2            05/31/02         00
    0434222584                           05           07/01/02          0
    0029285202                           N            06/01/32
    0

    7782585          964/G02             F          139,750.00         ZZ
                                         360        139,632.59          1
                                       6.875            918.06         65
                                       6.625            918.06
    SACRAMENTO       CA   95818          1            06/12/02         00
    0434220497                           05           08/01/02          0
1

    207193                               O            07/01/32
    0

    7782597          964/G02             F           75,000.00         ZZ
                                         360         74,936.99          1
                                       6.875            492.70         30
                                       6.625            492.70
    OAKHURST         CA   93644          5            06/05/02         00
    0434202206                           05           08/01/02          0
    213271                               O            07/01/32
    0

    7782599          964/G02             F          119,200.00         ZZ
                                         360        119,104.68          1
                                       7.125            803.07         80
                                       6.875            803.07
    CHANDLER         AZ   85225          1            06/11/02         00
    0434199295                           03           08/01/02          0
    214620                               O            07/01/32
    0

    7782617          964/G02             F          198,000.00         ZZ
                                         360        197,829.53          1
                                       6.750          1,284.22         66
                                       6.500          1,284.22
    LAS VEGAS        NV   89128          2            06/03/02         00
    0434197836                           03           08/01/02          0
    216631                               O            07/01/32
    0

    7782623          964/G02             F          133,000.00         ZZ
                                         360        132,885.49          1
                                       6.750            862.64         78
                                       6.500            862.64
    HOUSTON          TX   77075          2            06/07/02         00
    0434200168                           03           08/01/02          0
    217397                               O            07/01/32
    0

    7782633          964/G02             F          270,000.00         ZZ
                                         360        269,761.78          1
                                       6.625          1,728.84         50
                                       6.375          1,728.84
    SAN FRANCISCO    CA   94112          1            06/04/02         00
    0434221032                           05           08/01/02          0
    218623                               O            07/01/32
    0

1

    7782635          964/G02             F          300,000.00         ZZ
                                         360        299,741.71          1
                                       6.750          1,945.79         71
                                       6.500          1,945.79
    BOULDER          CO   80304          1            06/14/02         00
    0434224465                           03           08/01/02          0
    219984                               O            07/01/32
    0

    7783571          253/253             F          100,000.00         T
                                         360         99,831.50          1
                                       6.875            656.93         71
                                       6.625            656.93
    SILVERTHORNE     CO   80498          1            05/31/02         00
    421923                               01           07/01/02          0
    421923                               O            06/01/32
    0

    7783829          E22/G02             F           58,000.00         ZZ
                                         360         57,952.45          3
                                       7.000            385.88         82
                                       6.750            385.88
    PHILADELPHIA     PA   19151          2            06/17/02         01
    0413937780                           05           08/01/02         20
    0413937780                           N            07/01/32
    0

    7783845          E22/G02             F           55,200.00         ZZ
                                         360         55,131.77          1
                                       6.750            358.03         80
                                       6.500            358.03
    SHERMAN          TX   75092          1            06/17/02         00
    0413993718                           05           08/01/02          0
    0413993718                           O            07/01/32
    0

    7783861          E22/G02             F           57,900.00         ZZ
                                         360         57,852.54          3
                                       7.000            385.21         83
                                       6.750            385.21
    PHILADELPHIA     PA   19151          2            06/17/02         01
    0414032193                           05           08/01/02         20
    0414032193                           N            07/01/32
    0

    7783909          E22/G02             F           78,880.00         ZZ
                                         360         78,813.73          1
                                       6.875            518.19         80
                                       6.625            518.19
1

    HOUSTON          TX   77067          5            06/10/02         00
    0414110767                           03           08/01/02          0
    0414110767                           O            07/01/32
    0

    7783949          E22/G02             F          250,000.00         ZZ
                                         360        249,800.08          1
                                       7.125          1,684.30         80
                                       6.875          1,684.30
    HOUSTON          TX   77070          5            06/11/02         00
    0414148064                           03           08/01/02          0
    0414148064                           O            07/01/32
    0

    7784015          E22/G02             F          130,400.00         ZZ
                                         360        130,290.44          1
                                       6.875            856.64         80
                                       6.625            856.64
    GRAND PRAIRIE    TX   75050          5            06/11/02         00
    0414191932                           05           08/01/02          0
    0414191932                           O            07/01/32
    0

    7784189          E22/G02             F           60,000.00         ZZ
                                         360         59,952.02          1
                                       7.125            404.23         80
                                       6.875            404.23
    PUEBLO           CO   81004          2            06/17/02         00
    0414302471                           05           08/01/02          0
    0414302471                           N            07/01/32
    0

    7784577          U05/G02             F          193,500.00         ZZ
                                         360        193,211.90          1
                                       7.500          1,352.98         94
                                       7.250          1,352.98
    MIDLOTHIAN       TX   76065          2            05/24/02         10
    0434295291                           05           07/01/02         30
    3230433                              O            06/01/32
    0

    7785499          286/286             F          125,500.00         ZZ
                                         360        125,197.12          1
                                       7.125            845.52         80
                                       6.875            845.52
    ORLANDO          FL   32826          1            04/22/02         00
    1271568                              03           06/01/02          0
    1271568                              N            05/01/32
    0
1

    7785515          286/286             F           44,000.00         ZZ
                                         360         43,853.45          3
                                       8.375            334.44         80
                                       8.125            334.44
    PRINCESS ANNE    MD   21853          1            04/26/02         00
    1264610                              05           06/01/02          0
    1264610                              N            05/01/32
    0

    7785529          286/286             F           59,850.00         T
                                         360         59,698.26          1
                                       6.875            393.18         58
                                       6.625            393.18
    CLALLAM BAY      WA   98326          1            04/25/02         00
    1100480                              05           06/01/02          0
    1100480                              O            05/01/32
    0

    7785621          286/286             F           53,766.00         ZZ
                                         360         53,657.04          4
                                       8.000            394.52         90
                                       7.750            394.52
    BATON ROUGE      LA   70810          1            04/19/02         12
    1266563                              05           06/01/02         25
    1266563                              N            05/01/32
    0

    7785661          286/286             F           69,300.00         ZZ
                                         360         69,113.19          1
                                       7.250            472.75         90
                                       7.000            472.75
    ST LOUIS         MO   63125          1            04/22/02         11
    1263874                              01           06/01/02         25
    1263874                              O            05/01/32
    0

    7785665          286/286             F          272,500.00         ZZ
                                         360        271,825.98          3
                                       7.000          1,812.95         76
                                       6.750          1,812.95
    COSTA MESA       CA   92627          5            04/17/02         00
    1103423                              05           06/01/02          0
    1103423                              O            05/01/32
    0

    7785687          286/286             F          189,000.00         ZZ
                                         360        188,758.13          3
1

                                       8.250          1,419.90         90
                                       8.000          1,419.90
    DANBURY          CT   06810          1            05/10/02         12
    1263041                              05           07/01/02         25
    1263041                              N            06/01/32
    0

    7785699          286/286             F           78,300.00         ZZ
                                         360         78,174.38          1
                                       7.125            527.53         90
                                       6.875            527.53
    CINCINNATI       OH   45244          1            05/13/02         12
    1295553                              05           07/01/02         25
    1295553                              O            06/01/32
    0

    7785773          286/286             F          176,000.00         ZZ
                                         360        175,634.22          3
                                       7.875          1,276.13         80
                                       7.625          1,276.13
    MANCHESTER       NH   03104          1            04/26/02         00
    1095142                              05           06/01/02          0
    1095142                              N            05/01/32
    0

    7785845          286/286             F           52,200.00         ZZ
                                         360         52,118.31          1
                                       7.250            356.10         90
                                       7.000            356.10
    GOOSE CREEK      SC   29445          1            05/07/02         10
    1277643                              05           07/01/02         25
    1277643                              N            06/01/32
    0

    7785861          286/286             F          124,000.00         ZZ
                                         360        123,801.07          1
                                       7.125            835.42         80
                                       6.875            835.42
    YORKTOWN         VA   23692          1            05/08/02         00
    1028306                              05           07/01/02          0
    1028306                              O            06/01/32
    0

    7785875          286/286             F          148,500.00         ZZ
                                         360        148,305.06          4
                                       8.125          1,102.61         90
                                       7.875          1,102.61
    NEW HAVEN        CT   06513          1            05/10/02         12
    1267537                              05           07/01/02         25
1

    1267537                              N            06/01/32
    0

    7785883          286/286             F           69,520.00         ZZ
                                         360         69,352.22          1
                                       7.125            468.37         80
                                       6.875            468.37
    BISMARCK         ND   58501          2            04/15/02         00
    1070297                              01           06/01/02          0
    1070297                              O            05/01/32
    0

    7785885          286/286             F          189,000.00         ZZ
                                         360        188,704.22          2
                                       7.250          1,289.32         90
                                       7.000          1,289.32
    MIAMI            FL   33129          1            05/07/02         21
    1278829                              05           07/01/02         25
    1278829                              N            06/01/32
    0

    7786029          286/286             F          173,250.00         ZZ
                                         360        172,958.06          3
                                       6.875          1,138.13         90
                                       6.625          1,138.13
    LOS ANGELES ARE  CA   90002          1            04/30/02         11
    781102                               05           07/01/02         25
    781102                               O            06/01/32
    0

    7786061          286/286             F           54,000.00         ZZ
                                         360         53,842.47          3
                                       8.125            400.95         90
                                       7.875            400.95
    HARTFORD         CT   06112          1            04/30/02         14
    781355                               05           06/01/02         25
    781355                               N            05/01/32
    0

    7786139          286/286             F          147,100.00         ZZ
                                         360        146,864.04          1
                                       7.125            991.04         80
                                       6.875            991.04
    ATWATER          CA   95301          1            05/07/02         00
    822946                               05           07/01/02          0
    822946                               O            06/01/32
    0

1

    7786149          286/286             F           28,076.00         ZZ
                                         360         27,621.76          3
                                       8.375            213.40         80
                                       8.125            213.40
    GLOVERSVILLE     NY   12078          1            05/08/02         00
    784753                               05           07/01/02          0
    784753                               N            06/01/32
    0

    7786175          286/286             F          105,000.00         ZZ
                                         360        104,831.58          1
                                       7.125            707.40         47
                                       6.875            707.40
    WARETOWN         NJ   08758          1            05/20/02         00
    1041607                              05           07/01/02          0
    1041607                              O            06/01/32
    0

    7786195          286/286             F          159,950.00         ZZ
                                         360        159,693.40          1
                                       7.125          1,077.62         54
                                       6.875          1,077.62
    SPOTSWOOD        NJ   08884          1            05/21/02         00
    583178                               05           07/01/02          0
    583178                               O            06/01/32
    0

    7786199          286/286             F          180,000.00         ZZ
                                         360        179,711.25          1
                                       7.125          1,212.70         60
                                       6.875          1,212.70
    SURPRISE         AZ   85374          2            05/14/02         00
    1086746                              03           07/01/02          0
    1086746                              O            06/01/32
    0

    7786203          286/286             F          136,000.00         ZZ
                                         360        135,781.83          1
                                       7.125            916.26         80
                                       6.875            916.26
    MIAMI            FL   33186          1            05/10/02         00
    1281661                              05           07/01/02          0
    1281661                              O            06/01/32
    0

    7786207          286/286             F           78,375.00         ZZ
                                         360         78,249.27          1
                                       7.125            528.03         95
                                       6.875            528.03
1

    SOUTH WHITLEY    IN   46787          1            05/07/02         12
    1281798                              05           07/01/02         30
    1281798                              O            06/01/32
    0

    7786209          286/286             F           89,100.00         ZZ
                                         360         88,957.06          1
                                       7.125            600.29         95
                                       6.875            600.29
    LOUISVILLE       KY   40229          2            05/17/02         11
    1276210                              05           07/01/02         30
    1276210                              O            06/01/32
    0

    7786233          286/286             F           70,000.00         ZZ
                                         360         69,887.70          1
                                       7.125            471.61         54
                                       6.875            471.61
    COLUMBUS         OH   43209          5            05/22/02         00
    104417                               05           07/01/02          0
    104417                               O            06/01/32
    0

    7786239          286/286             F          176,300.00         ZZ
                                         360        176,017.18          1
                                       7.125          1,187.77         59
                                       6.875          1,187.77
    DAVISBURG        MI   48350          2            05/17/02         00
    1297082                              05           07/01/02          0
    1297082                              O            06/01/32
    0

    7786241          286/286             F           55,000.00         ZZ
                                         360         54,911.76          1
                                       7.125            370.55         34
                                       6.875            370.55
    WINCHESTER       KY   40391          1            05/22/02         00
    972087                               05           07/01/02          0
    972087                               O            06/01/32
    0

    7786243          286/286             F          199,750.00         ZZ
                                         360        199,429.57          1
                                       7.125          1,345.76         80
                                       6.875          1,345.76
    CLINTON          MD   20735          2            05/22/02         00
    1293603                              03           07/01/02          0
    1293603                              O            06/01/32
    0
1

    7786247          286/286             F           50,000.00         ZZ
                                         360         49,921.75          1
                                       7.250            341.09         65
                                       7.000            341.09
    BLOOMINGTON      IL   61701          2            05/22/02         00
    1282976                              05           07/01/02          0
    1282976                              O            06/01/32
    0

    7786249          286/286             F           43,000.00         ZZ
                                         360         42,932.70          1
                                       7.250            293.34         72
                                       7.000            293.34
    PEORIA           IL   61614          1            05/22/02         00
    1281431                              01           07/01/02          0
    1281431                              O            06/01/32
    0

    7786253          286/286             F          102,000.00         ZZ
                                         360        101,836.37          1
                                       7.125            687.20         44
                                       6.875            687.20
    ITASCA           IL   60143          1            05/22/02         00
    667203                               05           07/01/02          0
    667203                               O            06/01/32
    0

    7786257          286/286             F           99,200.00         ZZ
                                         360         99,044.76          1
                                       7.250            676.72         69
                                       7.000            676.72
    HUBER HEIGHTS    OH   45424          2            05/08/02         00
    1260499                              03           07/01/02          0
    1260499                              O            06/01/32
    0

    7786261          286/286             F           69,600.00         ZZ
                                         360         69,488.35          1
                                       7.125            468.91         80
                                       6.875            468.91
    CRAWFORDSVILLE   IN   47933          1            05/21/02         00
    1272804                              05           07/01/02          0
    1272804                              O            06/01/32
    0

    7786275          286/286             F          184,500.00         ZZ
                                         360        184,204.02          1
1

                                       7.125          1,243.02         55
                                       6.875          1,243.02
    WEST PATERSON    NJ   07424          1            05/17/02         00
    549251                               05           07/01/02          0
    549251                               O            06/01/32
    0

    7786283          286/286             F           60,000.00         ZZ
                                         360         59,862.09          1
                                       7.125            404.24         49
                                       6.875            404.24
    MAHOMET          IL   61853          1            05/20/02         00
    1296889                              05           07/01/02          0
    1296889                              O            06/01/32
    0

    7786289          286/286             F           84,000.00         ZZ
                                         360         83,865.24          1
                                       7.125            565.93         63
                                       6.875            565.93
    PARKSLEY         VA   23421          2            05/22/02         00
    307563                               05           07/01/02          0
    307563                               O            06/01/32
    0

    7786297          286/286             F           63,300.00         ZZ
                                         360         63,200.94          1
                                       7.250            431.82         88
                                       7.000            431.82
    FRANKLIN         IN   46131          2            05/20/02         12
    1297335                              05           07/01/02         25
    1297335                              O            06/01/32
    0

    7786307          286/286             F           47,000.00         ZZ
                                         360         46,924.59          1
                                       7.125            316.65         66
                                       6.875            316.65
    WEST CARROLLTON  OH   45449          1            05/21/02         00
    1012293                              01           07/01/02          0
    1012293                              O            06/01/32
    0

    7786315          286/286             F           49,000.00         ZZ
                                         360         48,921.38          1
                                       7.125            330.13         63
                                       6.875            330.13
    ANDERSON         IN   46016          2            05/03/02         00
    1029749                              05           07/01/02          0
1

    1029749                              O            06/01/32
    0

    7786317          286/286             F           80,000.00         ZZ
                                         360         79,867.12          1
                                       7.125            538.98         72
                                       6.875            538.98
    GLENSHAW         PA   15116          2            05/22/02         00
    1280748                              05           07/01/02          0
    1280748                              O            06/01/32
    0

    7786323          286/286             F           88,680.00         ZZ
                                         360         88,490.91          1
                                       7.250            604.96         80
                                       7.000            604.96
    GRAND RAPIDS     MI   49504          1            05/21/02         00
    1075402                              05           07/01/02          0
    1075402                              O            06/01/32
    0

    7786427          286/286             F           92,250.00         ZZ
                                         360         92,027.36          1
                                       7.125            621.51         90
                                       6.875            621.51
    RAVENNA          OH   44266          1            04/09/02         12
    1078865                              05           06/01/02         25
    1078865                              N            05/01/32
    0

    7786577          286/286             F           28,000.00         ZZ
                                         360         27,894.61          2
                                       7.250            191.01         80
                                       7.000            191.01
    GREENVILLE       SC   29609          1            04/05/02         00
    1080268                              05           05/01/02          0
    1080268                              N            04/01/32
    0

    7786579          286/286             F           28,000.00         ZZ
                                         360         27,894.61          2
                                       7.250            191.01         80
                                       7.000            191.01
    GREENVILLE       SC   29609          1            04/05/02         00
    1079292                              05           05/01/02          0
    1079292                              N            04/01/32
    0

1

    7786693          286/286             F           52,000.00         ZZ
                                         360         51,860.67          2
                                       7.125            350.34         80
                                       6.875            350.34
    PERU             IN   46970          1            04/09/02         00
    1073400                              05           06/01/02          0
    1073400                              N            05/01/32
    0

    7786781          286/286             F           71,250.00         ZZ
                                         360         71,082.21          2
                                       7.250            486.06         75
                                       7.000            486.06
    MILWAUKEE        WI   53212          2            04/15/02         00
    1262915                              05           06/01/02          0
    1262915                              N            05/01/32
    0

    7786797          286/286             F           81,000.00         ZZ
                                         360         80,870.05          1
                                       7.125            545.72         52
                                       6.875            545.72
    MARLTON          NJ   08053          1            05/06/02         00
    875194                               01           07/01/02          0
    875194                               N            06/01/32
    0

    7786825          286/286             F           68,400.00         ZZ
                                         360         68,238.95          2
                                       7.250            466.61         90
                                       7.000            466.61
    BRYAN            TX   77801          1            04/25/02         10
    148685                               05           06/01/02         25
    148685                               N            05/01/32
    0

    7786827          286/286             F          123,750.00         ZZ
                                         360        123,551.49          1
                                       7.125            833.73         75
                                       6.875            833.73
    PHOENIX          AZ   85086          2            05/03/02         00
    1286809                              03           07/01/02          0
    1286809                              N            06/01/32
    0

    7786839          286/286             F           54,400.00         ZZ
                                         360         54,183.28          1
                                       7.250            371.11         80
                                       7.000            371.11
1

    ALBION           PA   16401          1            04/12/02         00
    1077327                              05           06/01/02          0
    1077327                              N            05/01/32
    0

    7786847          286/286             F           53,550.00         ZZ
                                         360         53,381.36          1
                                       7.250            365.31         90
                                       7.000            365.31
    ABILENE          TX   79601          1            03/29/02         10
    1061331                              05           05/01/02         25
    1061331                              N            04/01/32
    0

    7786939          286/286             F           33,750.00         ZZ
                                         360         33,627.17          1
                                       7.250            230.24         75
                                       7.000            230.24
    LOUISVILLE       KY   40203          2            03/29/02         00
    1058975                              05           05/01/02          0
    1058975                              N            04/01/32
    0

    7786965          286/286             F           52,000.00         ZZ
                                         360         51,751.80          2
                                       7.125            350.34         80
                                       6.875            350.34
    MICHIGAN CITY    IN   46360          1            04/01/02         00
    1075351                              05           05/01/02          0
    1075351                              N            04/01/32
    0

    7787067          286/286             F           76,000.00         ZZ
                                         360         75,754.71          1
                                       7.125            512.03         80
                                       6.875            512.03
    TUCSON           AZ   85730          1            03/20/02         00
    1041298                              03           05/01/02          0
    1041298                              N            04/01/32
    0

    7787139          286/286             F          120,000.00         ZZ
                                         360        119,612.69          1
                                       7.125            808.47         80
                                       6.875            808.47
    COLUMBUS         OH   43235          5            03/29/02         00
    1065271                              05           05/01/02          0
    1065271                              N            04/01/32
    0
1

    7787147          286/286             F          102,375.00         ZZ
                                         360        102,127.94          1
                                       7.125            689.72         75
                                       6.875            689.72
    HOLLAND          MI   49423          1            04/26/02         00
    1266171                              05           06/01/02          0
    1266171                              N            05/01/32
    0

    7787401          286/286             F           90,000.00         ZZ
                                         360         89,782.80          1
                                       7.125            606.35         41
                                       6.875            606.35
    SOUTH BOSTON     MA   02127          1            05/02/02         00
    820536                               01           06/01/02          0
    820536                               N            05/01/32
    0

    7788059          P09/G02             F          170,850.00         ZZ
                                         240        170,161.73          1
                                       6.625          1,286.42         59
                                       6.375          1,286.42
    EDGEWATER        MD   21037          5            05/31/02         00
    0434186243                           05           07/01/02          0
    R0204614                             O            06/01/22
    0

    7788583          E22/G02             F           88,000.00         ZZ
                                         360         87,922.36          1
                                       6.625            563.47         63
                                       6.375            563.47
    GLADWIN          MI   48624          5            06/13/02         00
    0413952607                           05           08/01/02          0
    0413952607                           O            07/01/32
    0

    7788617          E22/G02             F          140,000.00         ZZ
                                         360        139,882.38          1
                                       6.875            919.70         80
                                       6.625            919.70
    JOHNS ISLAND     SC   29455          5            06/13/02         00
    0414073072                           03           08/01/02          0
    0414073072                           O            07/01/32
    0

    7788645          E22/G02             F           73,500.70         ZZ
                                         360         73,442.66          1
1

                                       7.250            501.40         62
                                       7.000            501.40
    GURLEY           AL   35748          5            06/11/02         00
    0414114231                           05           08/01/02          0
    0414114231                           O            07/01/32
    0

    7788653          E22/G02             F          204,800.00         ZZ
                                         360        204,632.13          1
                                       7.000          1,362.54         80
                                       6.750          1,362.54
    SANDY            UT   84093          2            06/13/02         00
    0414142448                           05           08/01/02          0
    0414142448                           O            07/01/32
    0

    7788741          E22/G02             F          210,000.00         ZZ
                                         360        209,862.63          1
                                       8.125          1,559.24         80
                                       7.875          1,559.24
    ADDISON          TX   75001          1            06/14/02         00
    0414229765                           08           08/01/02          0
    0414229765                           N            07/01/32
    0

    7789855          E86/G02             F          225,754.00         ZZ
                                         360        225,391.85          1
                                       7.125          1,520.95         95
                                       6.875          1,520.95
    ATLANTA          GA   30316          1            06/03/02         11
    0434196580                           01           07/01/02         30
    GREEN                                O            06/01/32
    0

    7790429          N47/G02             F          300,000.00         ZZ
                                         360        299,754.09          1
                                       7.000          1,995.91         71
                                       6.750          1,995.91
    SAN JOSE         CA   95126          5            06/03/02         00
    0434326963                           05           08/01/02          0
    20120564                             O            07/01/32
    0

    7791253          N74/G02             F          139,500.00         ZZ
                                         360        139,385.65          1
                                       7.000            928.10         90
                                       6.750            928.10
    GRAY COURT       SC   29645          2            06/11/02         10
    0434191599                           05           08/01/02         25
1

    0030310010                           O            07/01/32
    0

    7791775          E22/G02             F          300,000.00         ZZ
                                         360        299,798.71          2
                                       8.000          2,201.29         60
                                       7.750          2,201.29
    SAN CLEMENTE     CA   92672          5            06/12/02         00
    0414136234                           05           08/01/02          0
    0414136234                           N            07/01/32
    0

    7791833          E22/G02             F          224,000.00         ZZ
                                         360        223,825.26          1
                                       7.250          1,528.07         80
                                       7.000          1,528.07
    ROSWELL          GA   30075          5            06/14/02         00
    0414194449                           03           08/01/02          0
    0414194449                           O            07/01/32
    0

    7791909          E22/G02             F           79,120.00         ZZ
                                         360         79,054.73          1
                                       7.125            533.05         80
                                       6.875            533.05
    MIAMI            FL   33126          1            06/19/02         00
    0414230060                           01           08/01/02          0
    0414230060                           O            07/01/32
    0

    7792003          E22/G02             F           57,600.00         ZZ
                                         360         57,556.17          1
                                       7.375            397.83         80
                                       7.125            397.83
    SALT LAKE CITY   UT   84118          1            06/14/02         00
    0414335497                           05           08/01/02          0
    0414335497                           N            07/01/32
    0

    7792145          W30/G02             F          157,000.00         ZZ
                                         360        156,681.86          2
                                       8.000          1,152.01         63
                                       7.750          1,152.01
    MARLBOROUGH      MA   01752          5            04/12/02         00
    0434372868                           05           06/01/02          0
    0555900                              N            05/01/32
    0

1

    7792579          W02/G02             F           62,000.00         ZZ
                                         360         61,447.91          1
                                       6.875            407.30         78
                                       6.625            407.30
    ORANGE PARK      FL   32073          5            06/10/02         00
    0434220034                           05           08/01/02          0
    1001205269                           O            07/01/32
    0

    7793433          E57/G02             F          300,000.00         ZZ
                                         360        299,747.96          1
                                       6.875          1,970.79         60
                                       6.625          1,970.79
    WESTLAKE VILLAG  CA   91361          1            06/13/02         00
    0434208104                           05           08/01/02          0
    17003109                             O            07/01/32
    0

    7793497          E45/G02             F          184,500.00         ZZ
                                         360        183,974.06          4
                                       7.750          1,321.78         90
                                       7.500          1,321.78
    MONETT           MO   65708          1            03/12/02         04
    0434211504                           05           05/01/02         25
    212288                               N            04/01/32
    0

    7794263          W53/G02             F          213,750.00         ZZ
                                         360        213,271.13          3
                                       7.500          1,494.57         95
                                       7.250          1,494.57
    CHICAGO          IL   60617          1            05/06/02         10
    0434200044                           05           06/01/02         30
    8991139200                           O            05/01/32
    0

    7794621          N47/G02             F           57,600.00         T
                                         360         57,551.61          1
                                       6.875            378.39         80
                                       6.625            378.39
    BIG BEAR CITY    CA   92314          1            06/06/02         00
    0434219952                           05           08/01/02          0
    30321043                             O            07/01/32
    0

    7794935          E45/G02             F          242,000.00         ZZ
                                         360        241,258.89          1
                                       7.500          1,692.10         74
                                       7.250          1,692.10
1

    FOREST FALLS     CA   92339          2            03/06/02         00
    0434297495                           05           05/01/02          0
    211017                               O            04/01/32
    0

    7795053          U28/G02             F          138,400.00         ZZ
                                         360        138,280.84          1
                                       6.750            897.66         80
                                       6.500            897.66
    ROSWELL          GA   30076          2            06/10/02         00
    0434215406                           03           08/01/02          0
    2000002603                           O            07/01/32
    0

    7795505          E22/G02             F          300,000.00         ZZ
                                         360        299,747.96          1
                                       6.875          1,970.79         40
                                       6.625          1,970.79
    SUNNYVALE        CA   94087          1            06/17/02         00
    0414286427                           05           08/01/02          0
    0414286427                           N            07/01/32
    0

    7796173          S27/G02             F           64,450.00         ZZ
                                         360         64,360.99          1
                                       7.875            467.31         85
                                       7.625            467.31
    SAINT CHARLES    MO   63304          1            05/17/02         11
    0434288288                           05           07/01/02         25
    1830001003                           O            06/01/32
    0

    7796747          U05/G02             F          128,000.00         ZZ
                                         360        127,897.64          2
                                       7.125            862.36         78
                                       6.875            862.36
    MEDFORD          OR   97504          1            06/01/02         00
    0434330858                           05           08/01/02          0
    3230170                              N            07/01/32
    0

    7798079          W30/G02             F          134,900.00         ZZ
                                         360        134,626.63          1
                                       8.000            989.85         95
                                       7.750            989.85
    GARDNER          MA   01440          5            04/04/02         14
    0434326971                           05           06/01/02         30
    0553861                              O            05/01/32
    0
1

    7798423          E45/G02             F           48,600.00         ZZ
                                         360         48,461.45          2
                                       7.750            348.18         90
                                       7.500            348.18
    SAVANNAH         GA   31404          1            03/25/02         11
    0434314191                           05           05/01/02         25
    210916                               O            04/01/32
    0

    7798857          E22/G02             F           50,100.00         ZZ
                                         360         50,059.94          1
                                       7.125            337.53         23
                                       6.875            337.53
    BAYSIDE          NY   11361          5            06/17/02         00
    0414229690                           07           08/01/02          0
    0414229690                           O            07/01/32
    0

    7798937          E22/G02             F           82,550.00         ZZ
                                         360         82,480.65          1
                                       6.875            542.29         95
                                       6.625            542.29
    BATON ROUGE      LA   70806          1            06/21/02         04
    0414278804                           01           08/01/02         30
    0414278804                           O            07/01/32
    0

    7798941          E22/G02             F          162,000.00         ZZ
                                         360        161,873.62          3
                                       7.250          1,105.13         90
                                       7.000          1,105.13
    COLORADO SPRING  CO   80909          1            06/21/02         04
    0414282921                           05           08/01/02         25
    0414282921                           N            07/01/32
    0

    7799171          253/253             F          168,000.00         ZZ
                                         360        167,862.29          1
                                       7.000          1,117.71         80
                                       6.750          1,117.71
    DENVER           CO   80205          5            06/12/02         00
    422643                               05           08/01/02          0
    422643                               O            07/01/32
    0

    7799957          E45/G02             F           55,300.00         ZZ
                                         360         55,223.65          1
1

                                       7.875            400.96         47
                                       7.625            400.96
    ST. PETERSBURG   FL   33704          5            05/16/02         00
    0434211710                           05           07/01/02          0
    224673                               N            06/01/32
    0

    7800337          E45/G02             F           32,200.00         ZZ
                                         360         32,154.41          1
                                       7.750            230.68         70
                                       7.500            230.68
    INVERNESS        FL   34450          1            05/31/02         00
    0434211926                           05           07/01/02          0
    242445                               N            06/01/32
    0

    7801655          W08/G02             F           63,900.00         ZZ
                                         360         63,846.31          1
                                       6.875            419.78         89
                                       6.625            419.78
    TITUSVILLE       FL   32780          5            06/17/02         10
    0434204525                           05           08/01/02         25
    021244MG                             O            07/01/32
    0

    7801777          P09/G02             F          148,000.00         ZZ
                                         360        147,872.57          1
                                       6.750            959.93         79
                                       6.500            959.93
    COLUMBIA         MD   21045          2            06/18/02         00
    0434205910                           05           08/01/02          0
    R0205056                             O            07/01/32
    0

    7802071          E22/G02             F          180,500.00         ZZ
                                         360        180,344.59          1
                                       6.750          1,170.72         95
                                       6.500          1,170.72
    ROGERS           AR   72756          5            06/19/02         04
    0414108480                           05           08/01/02         30
    0414108480                           O            07/01/32
    0

    7802099          E22/G02             F           40,000.00         ZZ
                                         360         39,968.01          2
                                       7.125            269.49         21
                                       6.875            269.49
    LONG BRANCH      NJ   07740          2            06/24/02         00
    0414151365                           05           08/01/02          0
1

    0414151365                           N            07/01/32
    0

    7802125          E22/G02             F           39,375.00         ZZ
                                         360         39,347.90          1
                                       7.875            285.50         75
                                       7.625            285.50
    JACKSON          MS   39212          5            06/24/02         00
    0414176180                           05           08/01/02          0
    0414176180                           N            07/01/32
    0

    7802133          E22/G02             F          360,000.00         ZZ
                                         360        359,719.17          3
                                       7.250          2,455.83         79
                                       7.000          2,455.83
    BOSTON           MA   02125          2            06/24/02         00
    0414183160                           05           08/01/02          0
    0414183160                           N            07/01/32
    0

    7802149          E22/G02             F          188,000.00         ZZ
                                         360        187,842.05          1
                                       6.875          1,235.03         80
                                       6.625          1,235.03
    FRISCO           TX   75035          1            06/20/02         00
    0414199430                           03           08/01/02          0
    0414199430                           O            07/01/32
    0

    7802171          E22/G02             F          118,900.00         ZZ
                                         360        118,804.92          1
                                       7.125            801.05         89
                                       6.875            801.05
    WEST PALM BEACH  FL   33413          2            06/19/02         01
    0414210633                           05           08/01/02         25
    0414210633                           O            07/01/32
    0

    7802285          E22/G02             F           66,500.00         ZZ
                                         360         66,444.13          1
                                       6.875            436.86         61
                                       6.625            436.86
    HIALEAH          FL   33016          2            06/19/02         00
    0414259077                           01           08/01/02          0
    0414259077                           O            07/01/32
    0

1

    7802299          E22/G02             F          200,000.00         T
                                         360        199,840.06          1
                                       7.125          1,347.44         80
                                       6.875          1,347.44
    EATONTON         GA   31024          1            06/14/02         00
    0414271825                           05           08/01/02          0
    0414271825                           O            07/01/32
    0

    7802323          E22/G02             F          261,000.00         ZZ
                                         360        260,791.28          1
                                       7.125          1,758.41         90
                                       6.875          1,758.41
    THE WOODLANDS    TX   77382          1            06/24/02         01
    0414279489                           03           08/01/02         25
    0414279489                           N            07/01/32
    0

    7802373          E22/G02             F           52,700.00         ZZ
                                         360         52,657.86          1
                                       7.125            355.05         85
                                       6.875            355.05
    NOTASULGA        AL   36866          5            06/19/02         04
    0414304691                           05           08/01/02         12
    0414304691                           O            07/01/32
    0

    7802379          E22/G02             F          152,000.00         ZZ
                                         360        151,872.30          1
                                       6.875            998.53         80
                                       6.625            998.53
    BERKELEY         IL   60163          2            06/18/02         00
    0414309377                           05           08/01/02          0
    0414309377                           O            07/01/32
    0

    7802387          E22/G02             F          197,000.00         ZZ
                                         360        196,834.50          1
                                       6.875          1,294.15         80
                                       6.625          1,294.15
    BRIDGEPORT       TX   76426          1            06/24/02         00
    0414322859                           05           08/01/02          0
    0414322859                           O            07/01/32
    0

    7802561          E82/G02             F          133,000.00         ZZ
                                         360        132,888.26          1
                                       6.875            873.72         73
                                       6.625            873.72
1

    ODESSA           FL   33556          2            06/20/02         00
    0400639621                           03           08/01/02          0
    1956263                              O            07/01/32
    0

    7802599          E82/G02             F           85,500.00         ZZ
                                         360         85,428.17          1
                                       6.875            561.67         82
                                       6.625            561.67
    SEMINOLE         AL   36574          2            06/20/02         10
    0400633111                           05           08/01/02         12
    0400633111                           O            07/01/32
    0

    7802871          E45/G02             F          120,800.00         ZZ
                                         360        120,606.23          1
                                       7.125            813.85         80
                                       6.875            813.85
    CUMMING          GA   30041          1            05/31/02         00
    0434211264                           03           07/01/02          0
    243316                               O            06/01/32
    0

    7802943          U05/G02             F          140,600.00         ZZ
                                         360        140,490.32          1
                                       7.250            959.14         95
                                       7.000            959.14
    CENTRAL POINT    OR   97502          5            06/13/02         10
    0434272555                           05           08/01/02         30
    3238048                              O            07/01/32
    0

    7803057          883/G02             F           42,000.00         ZZ
                                         360         41,965.57          1
                                       7.000            279.43         70
                                       6.750            279.43
    SCRANTON         PA   18508          1            06/17/02         00
    0434209599                           05           08/01/02          0
    05017191                             O            07/01/32
    0

    7803177          477/G02             F          170,000.00         ZZ
                                         360        169,857.18          1
                                       6.875          1,116.78         80
                                       6.625          1,116.78
    LA QUINTA        CA   92253          1            06/14/02         00
    0434214706                           05           08/01/02          0
    232705                               O            07/01/32
    0
1

    7803749          950/G02             F           42,400.00         ZZ
                                         360         42,322.83          1
                                       7.250            289.24         80
                                       7.000            289.24
    RENTON           WA   98058          1            05/28/02         00
    0434212601                           01           07/01/02          0
    N4205013                             N            06/01/32
    0

    7803787          950/G02             F           42,400.00         ZZ
                                         360         42,333.66          1
                                       7.250            289.24         80
                                       7.000            289.24
    RENTON           WA   98058          1            05/28/02         00
    0434206157                           01           07/01/02          0
    N4205009                             N            06/01/32
    0

    7803817          X60/G02             F          135,200.00         ZZ
                                         360        135,089.18          1
                                       7.000            899.49         80
                                       6.750            899.49
    MERIDIAN         ID   83642          1            06/21/02         00
    0434216198                           05           08/01/02          0
    10205214                             O            07/01/32
    0

    7804011          W02/G02             F          141,500.00         ZZ
                                         360        141,378.17          1
                                       6.750            917.77         94
                                       6.500            917.77
    ORANGE PARK      FL   32073          2            06/05/02         12
    0434205233                           05           08/01/02         30
    1001187277                           O            07/01/32
    0

    7804111          E86/G02             F           78,650.00         ZZ
                                         360         78,585.53          1
                                       7.000            523.26         85
                                       6.750            523.26
    WINSTON SALEM    NC   27106          1            06/19/02         11
    0434211298                           05           08/01/02         12
    0000205475                           O            07/01/32
    0

    7804339          X64/G02             F           83,100.00         ZZ
                                         360         83,035.17          1
1

                                       7.250            566.89         95
                                       7.000            566.89
    ROYAL  OAK       MI   48067          1            06/19/02         14
    0434263216                           01           08/01/02         30
    8723389                              O            07/01/32
    0

    7804491          M27/G02             F          150,000.00         ZZ
                                         360        149,877.05          1
                                       7.000            997.95         69
                                       6.750            997.95
    KINGS MOUNTAIN   NC   28086          2            06/17/02         00
    0434210308                           05           08/01/02          0
    0100069009                           O            07/01/32
    0

    7805101          E82/G02             F          138,500.00         ZZ
                                         360        138,389.24          1
                                       7.125            933.10         77
                                       6.875            933.10
    WEST DUNDEE      IL   60118          2            06/21/02         00
    0400637997                           05           08/01/02          0
    4471657                              O            07/01/32
    0

    7805103          E82/G02             F           55,000.00         ZZ
                                         360         54,954.91          1
                                       7.000            365.92         24
                                       6.750            365.92
    PALM SPRINGS     CA   92262          2            06/20/02         00
    0400640736                           05           08/01/02          0
    7319845                              O            07/01/32
    0

    7805111          E82/G02             F          100,000.00         ZZ
                                         360         99,920.03          1
                                       7.125            673.72         40
                                       6.875            673.72
    LAS VEGAS        NV   89102          5            06/21/02         00
    0400637922                           03           08/01/02          0
    0400637922                           O            07/01/32
    0

    7805131          E82/G02             F          118,500.00         ZZ
                                         360        118,402.87          1
                                       7.000            788.38         88
                                       6.750            788.38
    DECATUR          GA   30034          2            06/21/02         10
    0400643839                           05           08/01/02         30
1

    0400643839                           O            07/01/32
    0

    7805149          E22/G02             F          180,000.00         ZZ
                                         360        179,845.02          1
                                       6.750          1,167.48         66
                                       6.500          1,167.48
    COVINA           CA   91724          5            06/17/02         00
    0414051698                           05           08/01/02          0
    0414051698                           O            07/01/32
    0

    7805171          E22/G02             F           81,500.00         ZZ
                                         360         81,431.53          1
                                       6.875            535.40         47
                                       6.625            535.40
    ALBUQUERQUE      NM   87110          1            06/24/02         00
    0414102418                           05           08/01/02          0
    0414102418                           O            07/01/32
    0

    7805203          E22/G02             F          212,300.00         ZZ
                                         360        212,121.64          1
                                       6.875          1,394.66         80
                                       6.625          1,394.66
    SUWANEE          GA   30024          1            06/25/02         00
    0414179655                           03           08/01/02          0
    0414179655                           O            07/01/32
    0

    7805213          E22/G02             F          300,000.00         ZZ
                                         360        299,747.96          1
                                       6.875          1,970.79         66
                                       6.625          1,970.79
    DINUBA           CA   93618          5            06/18/02         00
    0414189373                           05           08/01/02          0
    0414189373                           O            07/01/32
    0

    7805245          E22/G02             F          198,400.00         ZZ
                                         360        198,241.34          1
                                       7.125          1,336.66         80
                                       6.875          1,336.66
    MIAMI            FL   33161          1            06/25/02         00
    0414219675                           05           08/01/02          0
    0414219675                           O            07/01/32
    0

1

    7805321          E22/G02             F           88,825.00         ZZ
                                         360         88,538.34          1
                                       7.125            598.43         95
                                       6.875            598.43
    PENSACOLA        FL   32504          1            06/25/02         04
    0414272674                           05           08/01/02         30
    0414272674                           O            07/01/32
    0

    7805329          E22/G02             F          197,000.00         ZZ
                                         360        196,838.52          1
                                       7.000          1,310.65         78
                                       6.750          1,310.65
    SOUTH PADRE ISL  TX   78597          2            06/20/02         00
    0414278911                           07           08/01/02          0
    0414278911                           O            07/01/32
    0

    7805369          E22/G02             F          160,225.00         ZZ
                                         360        160,093.67          2
                                       7.000          1,065.98         85
                                       6.750          1,065.98
    SWEETWATER       FL   33174          1            06/25/02         01
    0414295279                           05           08/01/02         12
    0414295279                           O            07/01/32
    0

    7805375          E22/G02             F          114,665.00         ZZ
                                         360        114,573.30          1
                                       7.125            772.52         85
                                       6.875            772.52
    INDIANAPOLIS     IN   46221          1            06/25/02         04
    0414304337                           03           08/01/02         25
    0414304337                           O            07/01/32
    0

    7805405          E22/G02             F           81,200.00         ZZ
                                         360         81,133.44          1
                                       7.000            540.23         80
                                       6.750            540.23
    ALABASTER        AL   35007          1            06/25/02         00
    0414343434                           05           08/01/02          0
    0414343434                           O            07/01/32
    0

    7805739          964/G02             F          185,000.00         ZZ
                                         360        184,832.75          1
                                       6.500          1,169.33         64
                                       6.250          1,169.33
1

    RANCHO SANTA MA  CA   92688          5            06/13/02         00
    0434231072                           03           08/01/02          0
    179496                               O            07/01/32
    0

    7805741          964/G02             F          174,100.00         ZZ
                                         360        173,957.29          1
                                       7.000          1,158.29         90
                                       6.750          1,158.29
    RENO             NV   89506          1            06/11/02         19
    0434244315                           03           08/01/02         25
    183421                               O            07/01/32
    0

    7805745          964/G02             F          195,500.00         ZZ
                                         360        195,343.66          1
                                       7.125          1,317.12         76
                                       6.875          1,317.12
    SPOKANE          WA   99218          2            06/12/02         00
    0434232393                           05           08/01/02          0
    188593                               O            07/01/32
    0

    7805757          964/G02             F          193,650.00         ZZ
                                         360        193,479.15          1
                                       6.625          1,239.96         80
                                       6.375          1,239.96
    ANTELOPE         CA   95843          1            06/01/02         00
    0434260907                           05           08/01/02          0
    209366                               O            07/01/32
    0

    7805767          964/G02             F          151,500.00         ZZ
                                         360        151,375.82          1
                                       7.000          1,007.93         73
                                       6.750          1,007.93
    ARROYO SECO      NM   87514          5            06/19/02         00
    0434229050                           05           08/01/02          0
    212081                               O            07/01/32
    0

    7805777          964/G02             F          211,850.00         ZZ
                                         360        211,680.59          1
                                       7.125          1,427.27         95
                                       6.875          1,427.27
    KENT             WA   98031          1            06/21/02         04
    0434235701                           03           08/01/02         30
    212571                               O            07/01/32
    0
1

    7805783          964/G02             F          153,200.00         ZZ
                                         360        153,068.10          1
                                       6.750            993.65         66
                                       6.500            993.65
    WALNUT CREEK     CA   94598          2            06/05/02         00
    0434233086                           01           08/01/02          0
    213119                               O            07/01/32
    0

    7805785          964/G02             F          300,700.00         ZZ
                                         360        300,441.11          1
                                       6.750          1,950.33         67
                                       6.500          1,950.33
    YORBA LINDA      CA   92886          2            06/05/02         00
    0434233003                           05           08/01/02          0
    213219                               O            07/01/32
    0

    7805795          964/G02             F          216,000.00         ZZ
                                         360        215,818.53          1
                                       6.875          1,418.97         88
                                       6.625          1,418.97
    FOUNTAIN HILLS   AZ   85268          1            06/19/02         01
    0434238622                           05           08/01/02         25
    215045                               O            07/01/32
    0

    7805811          964/G02             F          187,000.00         ZZ
                                         360        186,842.89          1
                                       6.875          1,228.46         38
                                       6.625          1,228.46
    CAMERON PARK     CA   95682          2            06/13/02         00
    0434232096                           05           08/01/02          0
    215634                               O            07/01/32
    0

    7805817          964/G02             F          118,000.00         ZZ
                                         360        117,898.40          1
                                       6.750            765.35         73
                                       6.500            765.35
    RENO             NV   89503          2            06/17/02         00
    0434232898                           05           08/01/02          0
    215708                               O            07/01/32
    0

    7805827          964/G02             F          220,000.00         ZZ
                                         360        219,815.18          1
1

                                       6.875          1,445.24         46
                                       6.625          1,445.24
    UNION CITY       CA   94587          1            06/13/02         00
    0434232062                           05           08/01/02          0
    216175                               O            07/01/32
    0

    7805829          964/G02             F          188,500.00         ZZ
                                         360        188,341.64          1
                                       6.875          1,238.31         70
                                       6.625          1,238.31
    SAUGUS (AREA)    CA   91350          5            06/13/02         00
    0434235123                           05           08/01/02          0
    216186                               O            07/01/32
    0

    7805831          964/G02             F          134,400.00         ZZ
                                         360        134,284.28          1
                                       6.750            871.72         80
                                       6.500            871.72
    MILWAUKIE        OR   97222          5            06/12/02         00
    0434233847                           05           08/01/02          0
    216212                               O            07/01/32
    0

    7805837          964/G02             F          160,000.00         ZZ
                                         360        159,868.85          1
                                       7.000          1,064.48         77
                                       6.750          1,064.48
    TACOMA           WA   98422          1            06/19/02         00
    0434232336                           05           08/01/02          0
    216775                               O            07/01/32
    0

    7805843          964/G02             F          200,000.00         ZZ
                                         360        199,823.55          1
                                       6.625          1,280.62         56
                                       6.375          1,280.62
    SAN LEANDRO      CA   94579          2            06/10/02         00
    0434228375                           05           08/01/02          0
    216935                               O            07/01/32
    0

    7805847          964/G02             F          300,000.00         ZZ
                                         360        299,747.96          1
                                       6.875          1,970.79         40
                                       6.625          1,970.79
    SAN JOSE         CA   95129          2            06/14/02         00
    0434223111                           05           08/01/02          0
1

    217033                               O            07/01/32
    0

    7805859          964/G02             F           48,000.00         ZZ
                                         360         47,960.65          1
                                       7.000            319.35         80
                                       6.750            319.35
    REDMOND          OR   97756          1            06/18/02         00
    0434223715                           05           08/01/02          0
    217526                               N            07/01/32
    0

    7805861          964/G02             F          119,200.00         ZZ
                                         360        119,097.37          1
                                       6.750            773.13         80
                                       6.500            773.13
    LYNNWOOD         WA   98036          1            06/14/02         00
    0434232468                           01           08/01/02          0
    217543                               O            07/01/32
    0

    7805875          964/G02             F           76,000.00         ZZ
                                         360         75,937.70          1
                                       7.000            505.63         80
                                       6.750            505.63
    COTTAGE GROVE    OR   97424          1            06/12/02         00
    0434233797                           05           08/01/02          0
    217796                               O            07/01/32
    0

    7805897          964/G02             F          300,700.00         ZZ
                                         360        300,441.11          1
                                       6.750          1,950.33         58
                                       6.500          1,950.33
    YORBA LINDA      CA   92886          5            06/11/02         00
    0434235891                           05           08/01/02          0
    218688                               O            07/01/32
    0

    7805907          964/G02             F          215,000.00         ZZ
                                         360        214,810.31          1
                                       6.625          1,376.67         41
                                       6.375          1,376.67
    LOS OSOS         CA   93402          5            06/17/02         00
    0434232120                           05           08/01/02          0
    219259                               O            07/01/32
    0

1

    7805909          964/G02             F          300,000.00         ZZ
                                         360        299,747.96          1
                                       6.875          1,970.79         45
                                       6.625          1,970.79
    SAN JOSE         CA   95133          2            06/17/02         00
    0434232955                           05           08/01/02          0
    219292                               O            07/01/32
    0

    7805913          964/G02             F          260,000.00         ZZ
                                         360        259,764.95          1
                                       6.500          1,643.38         58
                                       6.250          1,643.38
    HEALDSBURG       CA   95448          5            06/13/02         00
    0434228789                           05           08/01/02          0
    219491                               O            07/01/32
    0

    7805915          964/G02             F          221,560.00         ZZ
                                         360        221,373.86          1
                                       6.875          1,455.49         80
                                       6.625          1,455.49
    ROSEVILLE        CA   95747          1            06/10/02         00
    0434232203                           05           08/01/02          0
    219502                               O            07/01/32
    0

    7805925          964/G02             F          178,000.00         ZZ
                                         360        177,846.75          1
                                       6.750          1,154.50         55
                                       6.500          1,154.50
    SAN DIEGO        CA   92117          5            06/17/02         00
    0434235297                           05           08/01/02          0
    219822                               O            07/01/32
    0

    7805939          964/G02             F          199,600.00         ZZ
                                         360        199,428.15          1
                                       6.750          1,294.60         80
                                       6.500          1,294.60
    GRESHAM          OR   97080          1            06/17/02         00
    0434232229                           05           08/01/02          0
    220913                               O            07/01/32
    0

    7805947          964/G02             F          215,000.00         ZZ
                                         360        214,819.37          1
                                       6.875          1,412.40         75
                                       6.625          1,412.40
1

    ORO VALLEY       AZ   85737          2            06/12/02         00
    0434230959                           03           08/01/02          0
    221082                               O            07/01/32
    0

    7805951          964/G02             F          225,000.00         ZZ
                                         360        224,801.49          1
                                       6.625          1,440.70         51
                                       6.375          1,440.70
    BORING           OR   97009          5            06/17/02         00
    0434233995                           05           08/01/02          0
    221493                               O            07/01/32
    0

    7805953          964/G02             F          234,400.00         ZZ
                                         360        234,207.86          1
                                       7.000          1,559.47         80
                                       6.750          1,559.47
    DUVALL           WA   98019          1            06/19/02         00
    0434235768                           05           08/01/02          0
    221759                               O            07/01/32
    0

    7805957          964/G02             F          187,200.00         ZZ
                                         360        187,046.55          1
                                       7.000          1,245.45         80
                                       6.750          1,245.45
    BELLEVUE         WA   98007          1            06/14/02         00
    0434235727                           05           08/01/02          0
    222336                               O            07/01/32
    0

    7805959          964/G02             F          240,000.00         ZZ
                                         360        239,793.36          1
                                       6.750          1,556.64         80
                                       6.500          1,556.64
    PORTLAND         OR   97229          1            06/22/02         00
    0434226312                           05           08/01/02          0
    222973                               O            07/01/32
    0

    7805967          964/G02             F           84,550.00         ZZ
                                         360         84,478.97          1
                                       6.875            555.43         80
                                       6.625            555.43
    ROWLETT          TX   75089          1            06/17/02         00
    0434232112                           05           08/01/02          0
    223407                               O            07/01/32
    0
1

    7805973          964/G02             F          176,000.00         ZZ
                                         360        175,840.89          1
                                       6.500          1,112.44         80
                                       6.250          1,112.44
    ST GEORGE        UT   84770          1            06/25/02         00
    0434232153                           05           08/01/02          0
    224119                               O            07/01/32
    0

    7806103          A06/G02             F          300,700.00         ZZ
                                         360        300,441.10          1
                                       6.750          1,950.34         80
                                       6.500          1,950.34
    GROSSE POINTE F  MI   48235          5            06/19/02         00
    0434250411                           05           08/01/02          0
    025000020207749                      O            07/01/32
    0

    7806301          N47/G02             F          209,600.00         ZZ
                                         360        209,423.91          1
                                       6.875          1,376.92         80
                                       6.625          1,376.92
    BRENTWOOD        CA   94513          1            06/19/02         00
    0434245353                           05           08/01/02          0
    20220749                             N            07/01/32
    0

    7806307          964/G02             F           56,000.00         ZZ
                                         360         55,956.31          1
                                       7.250            382.02         80
                                       7.000            382.02
    HOUSTON          TX   77045          1            06/21/02         00
    0434223400                           05           08/01/02          0
    218307                               N            07/01/32
    0

    7806933          N74/G02             F          160,000.00         ZZ
                                         360        159,858.83          1
                                       6.625          1,024.50         77
                                       6.375          1,024.50
    ROUND ROCK       TX   78681          5            06/21/02         00
    0434218269                           05           08/01/02          0
    0030333010                           O            07/01/32
    0

    7806973          E45/G02             F          150,000.00         T
                                         360        149,776.66          1
1

                                       7.500          1,048.82         75
                                       7.250          1,048.82
    TYBEE ISLAND     GA   31328          5            05/29/02         00
    0434322574                           01           07/01/02          0
    241767                               O            06/01/32
    0

    7806987          E45/G02             F           39,200.00         ZZ
                                         360         39,144.50          2
                                       7.750            280.83         70
                                       7.500            280.83
    HOMOSASSA        FL   34446          1            05/31/02         00
    0434322582                           05           07/01/02          0
    242446                               N            06/01/32
    0

    7807077          E45/G02             F          195,900.00         ZZ
                                         360        195,600.96          1
                                       7.375          1,353.03         80
                                       7.125          1,353.03
    SEVERNA PARK     MD   21146          1            05/23/02         00
    0434322608                           05           07/01/02          0
    243748                               O            06/01/32
    0

    7807095          X60/G02             F           80,000.00         ZZ
                                         360         79,932.79          1
                                       6.875            525.54         52
                                       6.625            525.54
    MAPLE VALLEY     WA   98038          1            06/25/02         00
    0434209714                           01           08/01/02          0
    10206127                             O            07/01/32
    0

    7807415          E45/G02             F           63,500.00         ZZ
                                         360         63,400.64          1
                                       7.250            433.18         67
                                       7.000            433.18
    HAGERSTOWN       MD   21740          2            05/23/02         00
    0434211355                           05           07/01/02          0
    239808                               O            06/01/32
    0

    7807541          696/G02             F          104,600.00         ZZ
                                         360        104,514.26          1
                                       7.000            695.91         80
                                       6.750            695.91
    ALEXANDRIA       VA   22303          1            06/21/02         00
    0434220307                           05           08/01/02          0
1

    24602160                             N            07/01/32
    0

    7807699          964/G02             F          216,000.00         ZZ
                                         360        215,608.40          1
                                       6.500          1,365.27         60
                                       6.250          1,365.27
    PHOENIX          AZ   85021          5            05/01/02         00
    0434298147                           05           07/01/02          0
    205797                               O            06/01/32
    0

    7807701          964/G02             F          221,000.00         ZZ
                                         360        220,645.49          1
                                       7.125          1,488.92         51
                                       6.875          1,488.92
    SIMI VALLEY (AR  CA   93065          5            05/21/02         00
    0434228813                           05           07/01/02          0
    205902                               O            06/01/32
    0

    7807703          964/G02             F          120,600.00         ZZ
                                         360        120,406.55          1
                                       7.125            812.50         80
                                       6.875            812.50
    PORTLAND         OR   97202          1            05/09/02         00
    0434229985                           05           07/01/02          0
    205993                               O            06/01/32
    0

    7807731          964/G02             F          282,000.00         ZZ
                                         360        281,558.69          1
                                       7.250          1,923.74         75
                                       7.000          1,923.74
    FORT COLLINS     CO   80525          1            05/28/02         00
    0434230181                           03           07/01/02          0
    209132                               O            06/01/32
    0

    7807737          964/G02             F          230,000.00         ZZ
                                         360        229,621.84          1
                                       7.000          1,530.20         54
                                       6.750          1,530.20
    MILPITAS         CA   95035          1            05/02/02         00
    0434229993                           01           07/01/02          0
    209476                               O            06/01/32
    0

1

    7807797          964/G02             F           72,700.00         ZZ
                                         360         72,574.47          1
                                       6.750            471.53         67
                                       6.500            471.53
    HOUSTON          TX   77088          2            05/15/02         00
    0434230561                           03           07/01/02          0
    212913                               O            06/01/32
    0

    7807801          964/G02             F          116,000.00         ZZ
                                         360        115,794.75          1
                                       6.625            742.76         80
                                       6.375            742.76
    PEORIA           AZ   85381          1            05/21/02         00
    0434230645                           05           07/01/02          0
    213641                               O            06/01/32
    0

    7807811          L76/G02             F          162,000.00         ZZ
                                         360        161,863.91          1
                                       6.875          1,064.22         77
                                       6.625          1,064.22
    FARIBAULT        MN   55021          2            06/24/02         00
    0434227393                           05           08/01/02          0
    9506810                              O            07/01/32
    0

    7809385          U05/G02             F          159,100.00         ZZ
                                         360        158,969.58          2
                                       7.000          1,058.50         95
                                       6.750          1,058.50
    TRACY            CA   95376          1            06/13/02         01
    0434328951                           05           08/01/02         30
    3235153                              O            07/01/32
    0

    7809399          E47/G02             F          179,010.00         ZZ
                                         360        178,863.26          1
                                       7.000          1,190.96         85
                                       6.750          1,190.96
    MATTHEWS         NC   28104          1            06/13/02         11
    0434241568                           05           08/01/02         25
    7350510273                           O            07/01/32
    0

    7809455          E22/G02             F          130,050.00         ZZ
                                         360        129,948.55          1
                                       7.250            887.17         85
                                       7.000            887.17
1

    SUNRISE          FL   33322          1            06/26/02         01
    0414088658                           05           08/01/02         12
    0414088658                           O            07/01/32
    0

    7809469          E22/G02             F          182,400.00         ZZ
                                         360        182,254.14          1
                                       7.125          1,228.86         80
                                       6.875          1,228.86
    SLEEPY HOLLOW    IL   60000          1            06/26/02         00
    0414127902                           05           08/01/02          0
    0414127902                           O            07/01/32
    0

    7809509          E22/G02             F          284,000.00         ZZ
                                         360        283,761.40          1
                                       6.875          1,865.68         60
                                       6.625          1,865.68
    LACEY            NJ   08731          2            06/21/02         00
    0414175307                           05           08/01/02          0
    0414175307                           O            07/01/32
    0

    7809519          E22/G02             F          224,000.00         ZZ
                                         360        223,811.81          1
                                       6.875          1,471.52         80
                                       6.625          1,471.52
    BOCA RATON       FL   33486          5            06/21/02         00
    0414185314                           05           08/01/02          0
    0414185314                           O            07/01/32
    0

    7809527          E22/G02             F          191,802.00         ZZ
                                         360        191,648.61          1
                                       7.125          1,292.21         80
                                       6.875          1,292.21
    STEPHENS CITY    VA   22655          1            06/26/02         00
    0414191106                           05           08/01/02          0
    0414191106                           O            07/01/32
    0

    7809585          E22/G02             F          179,000.00         ZZ
                                         360        178,845.89          1
                                       6.750          1,160.99         88
                                       6.500          1,160.99
    RANCHO CUCAMONG  CA   91739          5            06/18/02         04
    0414243253                           05           08/01/02         25
    0414243253                           O            07/01/32
    0
1

    7809649          E22/G02             F           88,000.00         ZZ
                                         360         87,922.36          1
                                       6.625            563.47         80
                                       6.375            563.47
    NESQUEHONING     PA   18240          5            06/21/02         00
    0414281410                           03           08/01/02          0
    0414281410                           O            07/01/32
    0

    7811949          B57/G02             F          139,900.00         ZZ
                                         360        139,788.13          1
                                       7.125            942.53         80
                                       6.875            942.53
    TEMPE            AZ   85283          1            06/21/02         00
    0434251963                           05           08/01/02          0
    20000466                             O            07/01/32
    0

    7812081          737/G02             F           53,600.00         ZZ
                                         360         53,560.22          1
                                       7.500            374.78         80
                                       7.250            374.78
    ATLANTA          GA   30341          1            06/19/02         00
    0434319182                           01           08/01/02          0
    2072273                              N            07/01/32
    0

    7812107          E86/G02             F          272,000.00         ZZ
                                         360        271,765.81          1
                                       6.750          1,764.19         80
                                       6.500          1,764.19
    WEST PALM BEACH  FL   33412          1            06/21/02         00
    0434220620                           03           08/01/02          0
    0000197464                           O            07/01/32
    0

    7812213          286/286             F           36,000.00         ZZ
                                         360         35,943.65          1
                                       7.250            245.59         80
                                       7.000            245.59
    BAYTOWN          TX   77520          1            05/16/02         00
    1309813                              05           07/01/02          0
    1309813                              N            06/01/32
    0

    7812215          286/286             F          164,700.00         ZZ
                                         360        164,454.77          4
1

                                       7.500          1,151.61         90
                                       7.250          1,151.61
    MESA             AZ   85201          1            05/17/02         12
    1267110                              03           07/01/02         25
    1267110                              N            06/01/32
    0

    7812217          286/286             F          140,000.00         ZZ
                                         360        139,783.89          1
                                       7.375            966.95         80
                                       7.125            966.95
    SAND SPRINGS     OK   74063          5            05/09/02         00
    1100804                              05           07/01/02          0
    1100804                              O            06/01/32
    0

    7812225          286/286             F          100,000.00         ZZ
                                         360         99,851.10          3
                                       7.500            699.22         70
                                       7.250            699.22
    HOLLYWOOD        FL   33023          2            05/30/02         00
    1304763                              05           07/01/02          0
    1304763                              N            06/01/32
    0

    7812227          286/286             F           60,800.00         ZZ
                                         360         60,753.73          1
                                       7.375            419.94         80
                                       7.125            419.94
    BLOOMINGTON      IL   61701          1            06/03/02         00
    1317468                              01           08/01/02          0
    1317468                              O            07/01/32
    0

    7812231          286/286             F          144,800.00         ZZ
                                         360        144,594.96          4
                                       7.750          1,037.36         80
                                       7.500          1,037.36
    WASHINGTON       DC   20017          1            05/03/02         00
    1273957                              05           07/01/02          0
    1273957                              O            06/01/32
    0

    7812235          286/286             F           38,000.00         ZZ
                                         360         37,950.11          2
                                       8.125            282.15         90
                                       7.875            282.15
    BUFFALO          NY   14021          1            05/10/02         12
    1104074                              05           07/01/02         25
1

    1104074                              N            06/01/32
    0

    7812237          286/286             F          146,000.00         ZZ
                                         360        145,616.32          1
                                       6.750            946.96         80
                                       6.500            946.96
    HENDERSONVILLE   TN   37075          1            05/31/02         00
    1324146                              03           07/01/02          0
    1324146                              O            06/01/32
    0

    7812241          286/286             F          245,600.00         ZZ
                                         360        245,175.89          1
                                       6.750          1,592.96         80
                                       6.500          1,592.96
    BROOKEVILLE      MD   20833          5            05/09/02         00
    789951                               05           07/01/02          0
    789951                               O            06/01/32
    0

    7812243          286/286             F          300,000.00         ZZ
                                         360        299,575.15          1
                                       7.750          2,149.24         75
                                       7.500          2,149.24
    THOUSAND OAKS    CA   91360          1            05/07/02         00
    1289274                              05           07/01/02          0
    1289274                              N            06/01/32
    0

    7812245          286/286             F          121,500.00         ZZ
                                         360        121,284.12          1
                                       7.750            870.45         90
                                       7.500            870.45
    HARRISON TOWNSH  MI   48045          1            05/17/02         12
    1291241                              05           07/01/02         25
    1291241                              O            06/01/32
    0

    7812249          286/286             F          188,800.00         ZZ
                                         360        188,511.78          1
                                       7.375          1,304.00         80
                                       7.125          1,304.00
    NAPLES           FL   34119          1            05/22/02         00
    1286307                              03           07/01/02          0
    1286307                              N            06/01/32
    0

1

    7812253          286/286             F           60,000.00         ZZ
                                         360         59,910.66          1
                                       7.500            419.53         75
                                       7.250            419.53
    INDIANAPOLIS     IN   46226          5            05/29/02         00
    1289588                              05           07/01/02          0
    1289588                              N            06/01/32
    0

    7812261          286/286             F          168,000.00         ZZ
                                         360        167,737.09          3
                                       7.250          1,146.06         80
                                       7.000          1,146.06
    PROVO            UT   84606          2            05/21/02         00
    1291314                              05           07/01/02          0
    1291314                              N            06/01/32
    0

    7812265          286/286             F          191,900.00         ZZ
                                         360        191,576.63          1
                                       6.875          1,260.65         80
                                       6.625          1,260.65
    DALLAS           TX   75208          1            05/15/02         00
    1305676                              05           07/01/02          0
    1305676                              O            06/01/32
    0

    7812271          286/286             F          135,000.00         ZZ
                                         360        134,798.99          1
                                       7.500            943.94         90
                                       7.250            943.94
    CORAL SPRINGS    FL   33065          1            05/23/02         11
    1289633                              05           07/01/02         25
    1289633                              O            06/01/32
    0

    7812273          286/286             F           55,500.00         ZZ
                                         360         55,328.57          1
                                       7.125            373.92         62
                                       6.875            373.92
    MIAMI            FL   33126          2            05/22/02         00
    1025811                              01           07/01/02          0
    1025811                              O            06/01/32
    0

    7812277          286/286             F          142,650.00         ZZ
                                         360        142,432.24          1
                                       7.375            985.25         90
                                       7.125            985.25
1

    CHANDLER         AZ   85248          1            05/30/02         12
    1316777                              03           07/01/02         25
    1316777                              N            06/01/32
    0

    7812287          286/286             F           39,200.00         ZZ
                                         360         39,143.06          1
                                       7.625            277.46         80
                                       7.375            277.46
    LAKE WORTH       FL   33460          1            05/16/02         00
    1277730                              01           07/01/02          0
    1277730                              N            06/01/32
    0

    7812289          286/286             F           80,910.00         ZZ
                                         360         80,801.06          3
                                       8.000            593.69         90
                                       7.750            593.69
    WATERBURY        CT   06705          1            06/03/02         12
    1314893                              05           07/01/02         25
    1314893                              O            06/01/32
    0

    7812291          286/286             F          228,000.00         ZZ
                                         360        227,461.17          3
                                       7.625          1,613.77         80
                                       7.375          1,613.77
    ELK GROVE        CA   95624          1            05/20/02         00
    1305702                              05           07/01/02          0
    1305702                              N            06/01/32
    0

    7812297          286/286             F          306,000.00         ZZ
                                         360        305,598.29          3
                                       8.125          2,272.05         90
                                       7.875          2,272.05
    EAST BOSTON      MA   02128          1            05/17/02         11
    1266857                              05           07/01/02         25
    1266857                              N            06/01/32
    0

    7812299          286/286             F          183,600.00         ZZ
                                         360        183,339.98          4
                                       7.750          1,315.34         90
                                       7.500          1,315.34
    GRAIN VALLEY     MO   64029          1            05/10/02         11
    1274225                              05           07/01/02         25
    1274225                              N            06/01/32
    0
1

    7812313          286/286             F          221,100.00         ZZ
                                         360        220,762.47          1
                                       7.375          1,527.09         79
                                       7.125          1,527.09
    MANASSAS         VA   20109          2            05/13/02         00
    1290332                              05           07/01/02          0
    1290332                              N            06/01/32
    0

    7812315          286/286             F           64,800.00         ZZ
                                         360         64,756.52          2
                                       8.000            475.48         80
                                       7.750            475.48
    DETROIT          MI   48234          1            06/13/02         00
    1346952                              05           08/01/02          0
    1346952                              N            07/01/32
    0

    7812317          286/286             F          185,000.00         ZZ
                                         360        184,717.59          1
                                       7.375          1,277.75         65
                                       7.125          1,277.75
    SAN DIEGO        CA   92117          1            05/09/02         00
    1270509                              05           07/01/02          0
    1270509                              N            06/01/32
    0

    7812319          286/286             F           67,150.00         ZZ
                                         360         66,993.39          1
                                       7.625            475.29         95
                                       7.375            475.29
    CINCINNATI       OH   45247          5            04/25/02         12
    1262706                              01           06/01/02         30
    1262706                              O            05/01/32
    0

    7812321          286/286             F          162,000.00         ZZ
                                         360        161,764.75          4
                                       7.625          1,146.63         90
                                       7.375          1,146.63
    MT VERNON        OH   43050          1            05/31/02         12
    1318091                              05           07/01/02         25
    1318091                              N            06/01/32
    0

    7812323          286/286             F          100,500.00         ZZ
                                         360        100,330.51          1
1

                                       8.125            746.21         75
                                       7.875            746.21
    INDIANAPOLIS     IN   46222          5            05/22/02         00
    1303883                              05           07/01/02          0
    1303883                              N            06/01/32
    0

    7812325          286/286             F           67,200.00         ZZ
                                         360         67,104.83          1
                                       7.750            481.43         80
                                       7.500            481.43
    NORRISTOWN       PA   19401          1            05/31/02         00
    1045067                              01           07/01/02          0
    1045067                              N            06/01/32
    0

    7812327          286/286             F           80,000.00         ZZ
                                         360         79,852.73          1
                                       7.500            559.38         80
                                       7.250            559.38
    SATELLITE BEACH  FL   32937          1            06/03/02         00
    1324431                              05           07/01/02          0
    1324431                              N            06/01/32
    0

    7812333          286/286             F          275,000.00         ZZ
                                         360        274,558.86          1
                                       7.125          1,852.73         79
                                       6.875          1,852.73
    RAMROD KEY       FL   33042          2            05/06/02         00
    1299186                              05           07/01/02          0
    1299186                              O            06/01/32
    0

    7812335          286/286             F          144,360.00         ZZ
                                         360        144,160.63          3
                                       7.875          1,046.72         90
                                       7.625          1,046.72
    PAWTUCKET        RI   02861          1            05/10/02         11
    1299360                              05           07/01/02         25
    1299360                              N            06/01/32
    0

    7812337          286/286             F           49,600.00         ZZ
                                         360         49,506.85          1
                                       8.375            377.00         80
                                       8.125            377.00
    INDIANAPOLIS     IN   46201          1            04/26/02         00
    1275580                              05           06/01/02          0
1

    1275580                              N            05/01/32
    0

    7812339          286/286             F          291,600.00         ZZ
                                         360        291,165.83          4
                                       7.500          2,038.91         90
                                       7.250          2,038.91
    KENNEBUNK        ME   04043          1            05/15/02         12
    1293251                              05           07/01/02         25
    1293251                              N            06/01/32
    0

    7812341          286/286             F          356,000.00         ZZ
                                         360        355,508.39          4
                                       7.875          2,581.25         80
                                       7.625          2,581.25
    STANTON          CA   92841          5            05/03/02         00
    1270359                              05           07/01/02          0
    1270359                              O            06/01/32
    0

    7812343          286/286             F          136,000.00         ZZ
                                         360        135,797.49          1
                                       7.500            950.94         49
                                       7.250            950.94
    VIRGINA CITY     MT   59755          5            05/24/02         00
    1301355                              05           07/01/02          0
    1301355                              O            06/01/32
    0

    7812345          286/286             F          120,000.00         ZZ
                                         360        119,775.36          1
                                       7.375            828.82         78
                                       7.125            828.82
    DETROIT          MI   48208          5            05/24/02         00
    1283710                              05           07/01/02          0
    1283710                              O            06/01/32
    0

    7812347          286/286             F          256,500.00         ZZ
                                         360        256,163.28          3
                                       8.125          1,904.51         90
                                       7.875          1,904.51
    BROCKTON         MA   02301          1            05/16/02         14
    777134                               05           07/01/02         25
    777134                               N            06/01/32
    0

1

    7812349          286/286             F           93,600.00         ZZ
                                         360         93,453.52          1
                                       7.250            638.52         90
                                       7.000            638.52
    NEWPORT NEWS     VA   23602          1            05/28/02         10
    1102934                              03           07/01/02         25
    1102934                              N            06/01/32
    0

    7812353          286/286             F          296,000.00         ZZ
                                         360        295,559.27          1
                                       7.500          2,069.68         80
                                       7.250          2,069.68
    DENVER           CO   80220          1            05/23/02         00
    1317999                              05           07/01/02          0
    1317999                              N            06/01/32
    0

    7812355          286/286             F          189,000.00         ZZ
                                         360        188,704.22          1
                                       7.250          1,289.32         70
                                       7.000          1,289.32
    BOZEMAN          MT   59715          5            05/13/02         00
    1268621                              05           07/01/02          0
    1268621                              N            06/01/32
    0

    7812357          286/286             F          158,500.00         ZZ
                                         360        158,152.83          1
                                       7.500          1,108.26         74
                                       7.250          1,108.26
    GLENDALE         AZ   85308          2            05/16/02         00
    1276832                              03           07/01/02          0
    1276832                              N            06/01/32
    0

    7812359          286/286             F          112,000.00         ZZ
                                         360        111,829.02          1
                                       7.375            773.56         80
                                       7.125            773.56
    SILVERDALE       WA   98383          5            05/07/02         00
    1268352                              01           07/01/02          0
    1268352                              O            06/01/32
    0

    7812363          286/286             F           76,320.00         ZZ
                                         360         76,211.91          1
                                       7.750            546.77         90
                                       7.500            546.77
1

    STONINGTON       CT   06378          1            05/30/02         12
    1280442                              01           07/01/02         25
    1280442                              O            06/01/32
    0

    7812373          286/286             F           38,400.00         ZZ
                                         360         38,148.91          1
                                       8.125            285.12         80
                                       7.875            285.12
    MIAMI            FL   33155          1            05/15/02         00
    1291163                              01           07/01/02          0
    1291163                              N            06/01/32
    0

    7812377          286/286             F          140,000.00         ZZ
                                         360        139,601.75          1
                                       8.000          1,027.28         80
                                       7.750          1,027.28
    ALBUQUERQUE      NM   87111          1            05/06/02         00
    1268758                              05           07/01/02          0
    1268758                              O            06/01/32
    0

    7812383          286/286             F           54,000.00         ZZ
                                         360         53,963.76          1
                                       8.000            396.24         90
                                       7.750            396.24
    KANSAS CITY      MO   64109          1            06/07/02         11
    1311234                              05           08/01/02         25
    1311234                              N            07/01/32
    0

    7812385          286/286             F           54,000.00         ZZ
                                         360         53,963.76          1
                                       8.000            396.24         90
                                       7.750            396.24
    KANSAS CITY      MO   64126          1            06/07/02         11
    1311295                              05           08/01/02         25
    1311295                              N            07/01/32
    0

    7812395          286/286             F          172,300.00         ZZ
                                         360        172,056.00          3
                                       7.750          1,234.38         95
                                       7.500          1,234.38
    WESTERLY         RI   02891          1            06/03/02         14
    797630                               05           07/01/02         30
    797630                               O            06/01/32
    0
1

    7812399          286/286             F          126,300.00         ZZ
                                         360        126,111.95          1
                                       7.500            883.11         73
                                       7.250            883.11
    ATLANTA          GA   30316          2            05/13/02         00
    1274146                              05           07/01/02          0
    1274146                              N            06/01/32
    0

    7812405          286/286             F           90,000.00         ZZ
                                         360         89,931.51          1
                                       7.375            621.61         56
                                       7.125            621.61
    DELHI            NY   13753          1            06/03/02         00
    1281154                              05           08/01/02          0
    1281154                              O            07/01/32
    0

    7812409          286/286             F          295,920.00         ZZ
                                         360        295,446.72          1
                                       7.375          2,043.85         80
                                       7.125          2,043.85
    FRISCO           TX   75034          1            05/24/02         00
    1316536                              03           07/01/02          0
    1316536                              O            06/01/32
    0

    7812413          286/286             F           65,200.00         ZZ
                                         360         65,109.96          1
                                       7.875            472.75         80
                                       7.625            472.75
    OWASSO           OK   74055          1            05/31/02         00
    1303580                              05           07/01/02          0
    1303580                              O            06/01/32
    0

    7812415          286/286             F          159,900.00         ZZ
                                         360        159,667.79          1
                                       7.625          1,131.77         80
                                       7.375          1,131.77
    ALEXANDRIA       VA   22315          1            05/15/02         00
    1302329                              03           07/01/02          0
    1302329                              N            06/01/32
    0

    7812417          286/286             F           37,600.00         ZZ
                                         360         37,342.29          1
1

                                       7.500            262.91         80
                                       7.250            262.91
    INDIANAPOLIS     IN   46222          2            04/17/02         00
    1103227                              05           06/01/02          0
    1103227                              N            05/01/32
    0

    7812419          286/286             F           52,000.00         ZZ
                                         360         51,808.80          1
                                       7.500            363.60         80
                                       7.250            363.60
    INDIANAPOLIS     IN   46241          2            04/17/02         00
    1103204                              05           06/01/02          0
    1103204                              N            05/01/32
    0

    7812421          286/286             F          120,650.00         ZZ
                                         360        120,483.39          1
                                       7.875            874.80         95
                                       7.625            874.80
    BOCA RATON       FL   33433          1            05/15/02         21
    1291219                              03           07/01/02         30
    1291219                              O            06/01/32
    0

    7812425          286/286             F           75,000.00         ZZ
                                         360         74,879.69          1
                                       7.125            505.29         64
                                       6.875            505.29
    KNOXVILLE        TN   37923          1            05/22/02         00
    1283057                              05           07/01/02          0
    1283057                              O            06/01/32
    0

    7812431          286/286             F          291,500.00         ZZ
                                         360        289,377.12          1
                                       7.500          2,038.22         52
                                       7.250          2,038.22
    BETHESDA         MD   20817          5            05/24/02         00
    1304889                              05           07/01/02          0
    1304889                              N            06/01/32
    0

    7812433          286/286             F           90,000.00         ZZ
                                         360         89,862.60          1
                                       7.375            621.61         90
                                       7.125            621.61
    FORT WAYNE       IN   46804          1            05/24/02         11
    1051299                              05           07/01/02         25
1

    1051299                              O            06/01/32
    0

    7812435          286/286             F          123,300.00         ZZ
                                         360        123,133.97          3
                                       8.000            904.74         90
                                       7.750            904.74
    ANSONIA          CT   06401          1            05/28/02         12
    1271003                              05           07/01/02         25
    1271003                              N            06/01/32
    0

    7812437          286/286             F           67,500.00         ZZ
                                         360         67,404.41          1
                                       7.750            483.58         90
                                       7.500            483.58
    HOPKINS          MI   49328          1            05/30/02         10
    1264885                              05           07/01/02         25
    1264885                              O            06/01/32
    0

    7812439          286/286             F          337,500.00         ZZ
                                         360        337,009.89          3
                                       7.625          2,388.81         90
                                       7.375          2,388.81
    DORCHESTER       MA   02121          1            06/03/02         11
    1317268                              05           07/01/02         25
    1317268                              N            06/01/32
    0

    7812445          286/286             F          216,000.00         ZZ
                                         360        215,709.15          4
                                       8.000          1,584.94         90
                                       7.750          1,584.94
    SAINT PAUL       MN   55106          1            05/24/02         12
    1313561                              05           07/01/02         25
    1313561                              N            06/01/32
    0

    7812447          286/286             F          300,000.00         ZZ
                                         360        299,542.04          1
                                       7.375          2,072.03         28
                                       7.125          2,072.03
    FRANKLIN LAKES   NJ   07417          2            05/08/02         00
    546928                               05           07/01/02          0
    546928                               O            06/01/32
    0

1

    7812449          286/286             F           49,000.00         ZZ
                                         360         48,934.02          1
                                       8.000            359.55         75
                                       7.750            359.55
    ST LOUIS         MO   63137          2            05/24/02         00
    1305050                              05           07/01/02          0
    1305050                              N            06/01/32
    0

    7812453          286/286             F          140,000.00         ZZ
                                         360        139,816.22          4
                                       8.125          1,039.50         80
                                       7.875          1,039.50
    GULF BREEZE      FL   32563          1            05/20/02         00
    1067199                              05           07/01/02          0
    1067199                              N            06/01/32
    0

    7812455          286/286             F           41,600.00         ZZ
                                         360         41,545.39          1
                                       8.125            308.88         80
                                       7.875            308.88
    INDIANAPOLIS     IN   46218          2            05/14/02         00
    1294589                              05           07/01/02          0
    1294589                              N            06/01/32
    0

    7812457          286/286             F          290,150.00         ZZ
                                         360        289,695.93          1
                                       7.250          1,979.34         87
                                       7.000          1,979.34
    NORTH WALES      PA   19454          2            05/10/02         12
    172378                               03           07/01/02         12
    172378                               O            06/01/32
    0

    7812461          286/286             F           58,050.00         ZZ
                                         360         57,961.38          1
                                       7.375            400.94         90
                                       7.125            400.94
    EDGEWATER        FL   32141          1            05/10/02         12
    1299330                              05           07/01/02         25
    1299330                              N            06/01/32
    0

    7812463          286/286             F           58,050.00         ZZ
                                         360         57,961.38          1
                                       7.375            400.94         90
                                       7.125            400.94
1

    EDGEWATER        FL   32141          1            05/10/02         12
    1299347                              05           07/01/02         25
    1299347                              N            06/01/32
    0

    7812465          286/286             F          120,000.00         ZZ
                                         360        119,792.67          1
                                       6.875            788.32         80
                                       6.625            788.32
    PORTLAND         OR   97266          5            05/28/02         00
    1295769                              05           07/01/02          0
    1295769                              O            06/01/32
    0

    7812467          286/286             F           80,000.00         T
                                         360         79,883.82          1
                                       7.625            566.24         68
                                       7.375            566.24
    DURANGO          CO   81301          1            05/14/02         00
    1297414                              01           07/01/02          0
    1297414                              O            06/01/32
    0

    7812469          286/286             F           77,600.00         ZZ
                                         360         77,492.83          1
                                       7.875            562.66         80
                                       7.625            562.66
    ALBUQUERQUE      NM   87110          5            05/13/02         00
    820265                               05           07/01/02          0
    820265                               N            06/01/32
    0

    7812471          286/286             F           36,320.00         ZZ
                                         360         36,257.26          1
                                       6.750            235.58         80
                                       6.500            235.58
    BRIDGETON        MO   63044          1            05/29/02         00
    1301996                              01           07/01/02          0
    1301996                              N            06/01/32
    0

    7812473          286/286             F          140,100.00         ZZ
                                         360        139,916.08          3
                                       8.125          1,040.24         88
                                       7.875          1,040.24
    BRIDGEPORT       CT   06607          1            05/29/02         12
    1294016                              05           07/01/02         25
    1294016                              N            06/01/32
    0
1

    7812475          286/286             F          126,000.00         ZZ
                                         360        125,830.34          2
                                       8.000            924.55         90
                                       7.750            924.55
    BRIDGEPORT       CT   06608          1            05/29/02         11
    1294000                              05           07/01/02         25
    1294000                              N            06/01/32
    0

    7812477          286/286             F          138,000.00         ZZ
                                         360        136,696.57          1
                                       7.500            964.92         75
                                       7.250            964.92
    SCOTTSDALE       AZ   85260          5            05/08/02         00
    1294073                              03           07/01/02          0
    1294073                              N            06/01/32
    0

    7812479          286/286             F          124,200.00         ZZ
                                         360        124,112.33          4
                                       7.750            889.79         90
                                       7.500            889.79
    ENFIELD          CT   06082          1            06/10/02         12
    1312277                              05           08/01/02         25
    1312277                              N            07/01/32
    0

    7812481          286/286             F           77,720.00         ZZ
                                         360         77,601.34          1
                                       7.375            536.80         80
                                       7.125            536.80
    KINGSLAND        GA   31548          1            05/29/02         00
    1316966                              05           07/01/02          0
    1316966                              N            06/01/32
    0

    7812487          286/286             F           91,500.00         ZZ
                                         360         91,382.90          1
                                       8.250            687.41         75
                                       8.000            687.41
    TROPHY CLUB      TX   76262          5            05/23/02         00
    1267106                              03           07/01/02          0
    1267106                              N            06/01/32
    0

    7812489          286/286             F          183,600.00         ZZ
                                         360        183,346.47          4
1

                                       7.875          1,331.23         90
                                       7.625          1,331.23
    GRAIN VALLEY     MO   64029          1            05/10/02         11
    1270704                              05           07/01/02         25
    1270704                              N            06/01/32
    0

    7812491          286/286             F          183,600.00         ZZ
                                         360        183,346.47          4
                                       7.875          1,331.23         90
                                       7.625          1,331.23
    GRAIN VALLEY     MO   64029          1            05/10/02         11
    1270744                              05           07/01/02         25
    1270744                              N            06/01/32
    0

    7812493          286/286             F          183,600.00         ZZ
                                         360        183,346.47          4
                                       7.875          1,331.23         90
                                       7.625          1,331.23
    GRAIN VALLEY     MO   64029          1            05/10/02         10
    1270752                              05           07/01/02         25
    1270752                              N            06/01/32
    0

    7812495          286/286             F           45,750.00         ZZ
                                         360         45,686.82          1
                                       7.875            331.72         75
                                       7.625            331.72
    LESLIE           MO   63056          5            06/03/02         00
    1052636                              05           07/01/02          0
    1052636                              N            06/01/32
    0

    7812497          286/286             F          183,600.00         ZZ
                                         360        183,346.47          4
                                       7.875          1,331.23         90
                                       7.625          1,331.23
    GRAIN VALLEY     MO   64029          1            05/10/02         10
    1270746                              05           07/01/02         25
    1270746                              N            06/01/32
    0

    7812499          286/286             F           59,970.00         ZZ
                                         360         59,835.63          1
                                       7.500            419.32         75
                                       7.250            419.32
    WILLINGBORO      NJ   08046          5            04/23/02         00
    1048723                              03           06/01/02          0
1

    1048723                              N            05/01/32
    0

    7812501          286/286             F          109,900.00         ZZ
                                         360        109,736.37          3
                                       7.500            768.44         72
                                       7.250            768.44
    PITTSFIELD       MA   01201          1            05/31/02         00
    1288544                              05           07/01/02          0
    1288544                              N            06/01/32
    0

    7812503          286/286             F          117,000.00         ZZ
                                         360        116,812.30          1
                                       7.125            788.26         90
                                       6.875            788.26
    STAFFORD         TX   77477          1            05/23/02         11
    1287660                              03           07/01/02         25
    1287660                              N            06/01/32
    0

    7812505          286/286             F           72,500.00         ZZ
                                         360         72,392.04          1
                                       7.500            506.94         50
                                       7.250            506.94
    ORO VALLEY       AZ   85737          1            05/07/02         00
    1081306                              01           07/01/02          0
    1081306                              N            06/01/32
    0

    7812507          286/286             F           72,500.00         ZZ
                                         360         72,392.04          1
                                       7.500            506.94         47
                                       7.250            506.94
    ORO VALLEY       AZ   85737          1            05/07/02         00
    1097877                              01           07/01/02          0
    1097877                              N            06/01/32
    0

    7812509          286/286             F          129,600.00         ZZ
                                         360        129,386.85          1
                                       7.000            862.24         80
                                       6.750            862.24
    CHICAGO          IL   60645          1            05/28/02         00
    1317073                              01           07/01/02          0
    1317073                              O            06/01/32
    0

1

    7812513          286/286             F           55,920.00         ZZ
                                         360         55,880.53          2
                                       7.750            400.62         80
                                       7.500            400.62
    HUBBARD          OH   44425          1            06/05/02         00
    1306696                              05           08/01/02          0
    1306696                              N            07/01/32
    0

    7812515          286/286             F           62,100.00         ZZ
                                         360         62,002.80          1
                                       7.250            423.64         90
                                       7.000            423.64
    FLEETWOOD        PA   19522          1            05/24/02         11
    1291735                              05           07/01/02         25
    1291735                              O            06/01/32
    0

    7812517          286/286             F          124,000.00         ZZ
                                         360        123,824.40          1
                                       7.750            888.35         80
                                       7.500            888.35
    WASHINGTON       DC   20002          1            05/09/02         00
    1282616                              05           07/01/02          0
    1282616                              N            06/01/32
    0

    7812519          286/286             F           69,300.00         ZZ
                                         360         64,851.26          1
                                       7.250            472.75         90
                                       7.000            472.75
    CHESAPEAKE       VA   23321          1            05/31/02         11
    1287289                              05           07/01/02         25
    1287289                              N            06/01/32
    0

    7812523          286/286             F          127,800.00         ZZ
                                         360        127,627.91          3
                                       8.000            937.76         90
                                       7.750            937.76
    KINGSLAND        GA   31548          1            05/06/02         10
    1291377                              05           07/01/02         25
    1291377                              N            06/01/32
    0

    7812525          286/286             F          241,000.00         ZZ
                                         360        240,683.63          4
                                       8.125          1,789.42         74
                                       7.875          1,789.42
1

    DES MOINES       WA   98198          2            05/07/02         00
    1080066                              05           07/01/02          0
    1080066                              N            06/01/32
    0

    7812527          286/286             F          254,000.00         ZZ
                                         360        253,666.56          4
                                       8.125          1,885.95         78
                                       7.875          1,885.95
    DES MONIES       WA   98198          2            05/07/02         00
    1099357                              05           07/01/02          0
    1099357                              N            06/01/32
    0

    7812529          286/286             F          242,000.00         ZZ
                                         360        241,682.31          4
                                       8.125          1,796.85         76
                                       7.875          1,796.85
    DES MOINES       WA   98198          2            05/07/02         00
    1099305                              05           07/01/02          0
    1099305                              N            06/01/32
    0

    7812533          286/286             F          239,200.00         ZZ
                                         360        238,816.28          1
                                       7.125          1,611.54         80
                                       6.875          1,611.54
    RANCHO CUCAMONG  CA   91701          1            05/28/02         00
    1101202                              05           07/01/02          0
    1101202                              O            06/01/32
    0

    7812535          286/286             F          207,000.00         ZZ
                                         360        206,699.39          1
                                       7.625          1,465.14         90
                                       7.375          1,465.14
    INDIAN HARBOUR   FL   32937          1            05/17/02         11
    1280558                              05           07/01/02         30
    1280558                              O            06/01/32
    0

    7812537          286/286             F          119,000.00         ZZ
                                         360        118,827.19          1
                                       7.625            842.28         85
                                       7.375            842.28
    LAWRENCEBURG     IN   47025          5            05/24/02         11
    798443                               01           07/01/02         12
    798443                               O            06/01/32
    0
1

    7812539          286/286             F          167,500.00         ZZ
                                         360        167,196.32          1
                                       6.500          1,058.72         58
                                       6.250          1,058.72
    WESTON           FL   33327          2            05/24/02         00
    1325898                              03           07/01/02          0
    1325898                              O            06/01/32
    0

    7812543          286/286             F           78,800.00         ZZ
                                         360         78,652.94          1
                                       7.750            564.54         80
                                       7.500            564.54
    ELKHART          IN   46514          5            05/15/02         00
    1294556                              05           07/01/02          0
    1294556                              O            06/01/32
    0

    7812545          286/286             F           46,800.00         ZZ
                                         360         46,728.55          2
                                       7.375            323.24         65
                                       7.125            323.24
    ELKHART          IN   46516          5            05/10/02         00
    1293254                              05           07/01/02          0
    1293254                              N            06/01/32
    0

    7812547          286/286             F           48,000.00         ZZ
                                         360         47,926.72          2
                                       7.375            331.53         65
                                       7.125            331.53
    BRISTOL          IN   46507          5            05/10/02         00
    1291224                              05           07/01/02          0
    1291224                              N            06/01/32
    0

    7812549          286/286             F           56,000.00         ZZ
                                         360         55,896.91          3
                                       7.500            391.57         63
                                       7.250            391.57
    ELKHART          IN   46516          5            05/10/02         00
    1293110                              05           07/01/02          0
    1293110                              N            06/01/32
    0

    7812551          286/286             F          122,400.00         ZZ
                                         360        122,213.15          1
1

                                       7.375            845.39         80
                                       7.125            845.39
    ALTANTA          IL   61723          1            05/21/02         00
    1285617                              05           07/01/02          0
    1285617                              O            06/01/32
    0

    7812553          286/286             F          111,000.00         ZZ
                                         360        110,812.94          1
                                       6.875            729.20         60
                                       6.625            729.20
    SANDY            UT   84092          5            05/22/02         00
    1291107                              05           07/01/02          0
    1291107                              N            06/01/32
    0

    7812555          286/286             F          234,000.00         ZZ
                                         360        233,642.79          1
                                       7.375          1,616.18         90
                                       7.125          1,616.18
    NORTH MIAMI      FL   33181          1            05/31/02         21
    1327207                              05           07/01/02         25
    1327207                              O            06/01/32
    0

    7812557          286/286             F          128,600.00         ZZ
                                         360        128,398.45          1
                                       7.250            877.28         90
                                       7.000            877.28
    CHANDLER         AZ   85224          1            05/24/02         21
    1306509                              03           07/01/02         25
    1306509                              O            06/01/32
    0

    7812559          286/286             F           73,600.00         ZZ
                                         360         73,482.35          1
                                       8.000            540.06         80
                                       7.750            540.06
    NILES            OH   44406          1            05/23/02         00
    1264731                              05           07/01/02          0
    1264731                              N            06/01/32
    0

    7812561          286/286             F           39,000.00         ZZ
                                         360         38,928.81          1
                                       7.875            282.78         65
                                       7.625            282.78
    SILVER SPRING    MD   20910          1            05/23/02         00
    1292849                              06           07/01/02          0
1

    1292849                              N            06/01/32
    0

    7812563          286/286             F           80,000.00         ZZ
                                         360         79,883.82          1
                                       7.625            566.24         80
                                       7.375            566.24
    TUCSON           AZ   85730          1            05/22/02         00
    1279205                              03           07/01/02          0
    1279205                              N            06/01/32
    0

    7812565          286/286             F          193,600.00         ZZ
                                         360        193,170.35          1
                                       7.375          1,337.15         80
                                       7.125          1,337.15
    MT PROSPECT      IL   60056          5            05/10/02         00
    1264999                              05           07/01/02          0
    1264999                              O            06/01/32
    0

    7812567          286/286             F          299,200.00         ZZ
                                         360        298,713.92          1
                                       7.125          2,015.77         80
                                       6.875          2,015.77
    GIG HARBOR       WA   98335          1            05/20/02         00
    1299477                              03           07/01/02          0
    1299477                              O            06/01/32
    0

    7812569          286/286             F           76,000.00         ZZ
                                         360         75,886.83          1
                                       7.500            531.41         73
                                       7.250            531.41
    SPRINGFIELD      OR   97478          5            05/20/02         00
    1295788                              05           07/01/02          0
    1295788                              N            06/01/32
    0

    7812577          286/286             F           44,800.00         ZZ
                                         360         44,733.29          1
                                       7.500            313.25         80
                                       7.250            313.25
    READING          PA   19604          2            05/20/02         00
    1083424                              05           07/01/02          0
    1083424                              N            06/01/32
    0

1

    7812579          286/286             F           52,000.00         ZZ
                                         360         50,849.58          1
                                       7.500            363.60         80
                                       7.250            363.60
    READING          PA   19606          2            05/20/02         00
    1287611                              05           07/01/02          0
    1287611                              N            06/01/32
    0

    7812581          286/286             F          196,424.00         ZZ
                                         360        196,131.53          1
                                       7.500          1,373.43         75
                                       7.250          1,373.43
    LITTLETON        CO   80125          1            05/28/02         00
    1308297                              05           07/01/02          0
    1308297                              O            06/01/32
    0

    7812587          286/286             F          146,400.00         ZZ
                                         360        146,182.00          1
                                       7.500          1,023.66         80
                                       7.250          1,023.66
    CARY             NC   27511          5            05/23/02         00
    1303849                              05           07/01/02          0
    1303849                              O            06/01/32
    0

    7812591          286/286             F           73,800.00         ZZ
                                         360         73,672.13          1
                                       7.375            509.72         90
                                       7.125            509.72
    PLYMOUTH         MA   02360          1            05/29/02         12
    1278288                              01           07/01/02         25
    1278288                              O            06/01/32
    0

    7812593          286/286             F          300,000.00         ZZ
                                         360        299,494.48          1
                                       6.875          1,970.79         75
                                       6.625          1,970.79
    CAMPBELL         CA   95008          1            05/06/02         00
    1297370                              03           07/01/02          0
    1297370                              O            06/01/32
    0

    7812595          286/286             F           68,400.00         ZZ
                                         360         68,310.20          2
                                       8.125            507.87         90
                                       7.875            507.87
1

    INDIAN ORCHARD   MA   01151          1            05/15/02         12
    1274536                              05           07/01/02         25
    1274536                              N            06/01/32
    0

    7812599          286/286             F          123,200.00         ZZ
                                         360        123,038.27          1
                                       8.125            914.76         80
                                       7.875            914.76
    DECATUR          GA   30032          2            05/22/02         00
    1310646                              05           07/01/02          0
    1310646                              N            06/01/32
    0

    7812605          286/286             F           56,000.00         ZZ
                                         360         55,924.59          1
                                       8.000            410.91         80
                                       7.750            410.91
    INDIANAPOLIS     IN   46222          1            05/30/02         00
    1315074                              05           07/01/02          0
    1315074                              N            06/01/32
    0

    7812607          286/286             F           57,600.00         ZZ
                                         360         57,522.44          1
                                       8.000            422.65         80
                                       7.750            422.65
    INDIANAPOLIS     IN   46222          1            05/24/02         00
    1315052                              05           07/01/02          0
    1315052                              N            06/01/32
    0

    7812609          286/286             F          142,800.00         ZZ
                                         360        142,587.38          1
                                       7.500            998.48         80
                                       7.250            998.48
    SHELBYVILLE      IN   46176          1            05/16/02         00
    1285725                              05           07/01/02          0
    1285725                              O            06/01/32
    0

    7812613          286/286             F           48,750.00         ZZ
                                         360         48,686.00          1
                                       8.125            361.97         75
                                       7.875            361.97
    TEMPLE           TX   76513          5            05/17/02         00
    1305091                              05           07/01/02          0
    1305091                              N            06/01/32
    0
1

    7812615          286/286             F           69,600.00         ZZ
                                         360         69,464.31          1
                                       7.000            463.06         80
                                       6.750            463.06
    MARINETTE        WI   54143          1            05/31/02         00
    1309868                              05           07/01/02          0
    1309868                              O            06/01/32
    0

    7812617          286/286             F          100,000.00         ZZ
                                         360         99,839.59          1
                                       7.125            673.72         67
                                       6.875            673.72
    DINWIDDIE        VA   23841          1            05/28/02         00
    1283660                              05           07/01/02          0
    1283660                              O            06/01/32
    0

    7812619          286/286             F          118,800.00         ZZ
                                         360        118,635.94          1
                                       7.875            861.39         80
                                       7.625            861.39
    AUSTIN           TX   78723          1            05/28/02         00
    1298168                              05           07/01/02          0
    1298168                              O            06/01/32
    0

    7812623          286/286             F           78,255.00         ZZ
                                         360         78,085.80          2
                                       7.625            553.89         90
                                       7.375            553.89
    BRIDGEPORT       CT   06606          1            05/20/02         12
    1288904                              05           07/01/02         25
    1288904                              N            06/01/32
    0

    7812625          286/286             F          210,000.00         ZZ
                                         360        209,695.05          1
                                       7.625          1,486.37         75
                                       7.375          1,486.37
    CENTENNIAL       CO   80112          5            05/24/02         00
    1289625                              05           07/01/02          0
    1289625                              N            06/01/32
    0

    7812627          286/286             F          252,000.00         ZZ
                                         360        251,595.76          1
1

                                       7.125          1,697.77         80
                                       6.875          1,697.77
    AURORA           OH   44202          5            05/09/02         00
    1301718                              03           07/01/02          0
    1301718                              O            06/01/32
    0

    7812629          286/286             F          201,600.00         ZZ
                                         360        201,281.06          1
                                       7.250          1,375.27         80
                                       7.000          1,375.27
    MONROVIA         CA   91016          1            05/22/02         00
    1299375                              05           07/01/02          0
    1299375                              N            06/01/32
    0

    7812635          286/286             F          148,500.00         ZZ
                                         360        148,294.93          1
                                       7.875          1,076.73         90
                                       7.625          1,076.73
    CHICAGO          IL   60641          1            05/24/02         12
    1313002                              05           07/01/02         25
    1313002                              O            06/01/32
    0

    7812637          286/286             F          203,200.00         ZZ
                                         360        203,029.29          3
                                       6.875          1,334.88         80
                                       6.625          1,334.88
    DORCHESTER       MA   02122          1            06/10/02         00
    1333393                              05           08/01/02          0
    1333393                              N            07/01/32
    0

    7812643          286/286             F          222,400.00         ZZ
                                         360        221,873.58          1
                                       7.500          1,555.06         80
                                       7.250          1,555.06
    ARLINGTON        VA   22205          1            05/31/02         00
    1309340                              05           07/01/02          0
    1309340                              N            06/01/32
    0

    7812647          286/286             F          115,200.00         ZZ
                                         360        114,941.90          1
                                       7.500            805.50         90
                                       7.250            805.50
    MESA             AZ   85210          1            04/25/02         12
    1282283                              05           06/01/02         25
1

    1282283                              N            05/01/32
    0

    7812649          286/286             F           60,750.00         ZZ
                                         360         60,639.65          2
                                       7.625            429.99         58
                                       7.375            429.99
    COLLINSVILLE     TX   76233          2            05/14/02         00
    1297070                              05           07/01/02          0
    1297070                              N            06/01/32
    0

    7812651          286/286             F           60,750.00         ZZ
                                         360         60,639.65          2
                                       7.625            429.99         58
                                       7.375            429.99
    COLLINSVILLE     TX   76233          2            05/14/02         00
    1297084                              05           07/01/02          0
    1297084                              N            06/01/32
    0

    7812653          286/286             F          174,250.00         ZZ
                                         240        173,628.25          4
                                       7.625          1,417.10         85
                                       7.375          1,417.10
    CHICAGO          IL   60632          1            05/30/02         12
    1314863                              05           07/01/02         12
    1314863                              O            06/01/22
    0

    7812657          286/286             F          166,500.00         ZZ
                                         360        166,385.41          4
                                       7.875          1,207.25         90
                                       7.625          1,207.25
    LAUDERHILL       FL   33313          1            06/03/02         12
    1305885                              05           08/01/02         25
    1305885                              N            07/01/32
    0

    7812659          286/286             F           89,950.00         ZZ
                                         360         89,812.68          1
                                       7.375            621.27         90
                                       7.125            621.27
    CHESTERFIELD     VA   23832          1            05/30/02         10
    1281453                              05           07/01/02         25
    1281453                              O            06/01/32
    0

1

    7812661          286/286             F          119,000.00         ZZ
                                         360        118,827.19          2
                                       7.625            842.28         79
                                       7.375            842.28
    ST PETERS        MO   63376          2            05/20/02         00
    1301916                              05           07/01/02          0
    1301916                              N            06/01/32
    0

    7812665          286/286             F           59,500.00         ZZ
                                         360         59,371.97          3
                                       8.125            441.79         70
                                       7.875            441.79
    FLINT            MI   48503          1            05/15/02         00
    1279692                              05           07/01/02          0
    1279692                              N            06/01/32
    0

    7812667          286/286             F           56,000.00         ZZ
                                         360         55,879.50          2
                                       8.125            415.80         80
                                       7.875            415.80
    FLINT            MI   48503          1            05/15/02         00
    1279734                              05           07/01/02          0
    1279734                              N            06/01/32
    0

    7812669          286/286             F          156,000.00         ZZ
                                         360        155,716.07          1
                                       7.375          1,077.46         80
                                       7.125          1,077.46
    LAGUNA NIGUEL    CA   92677          1            05/24/02         00
    1294172                              01           07/01/02          0
    1294172                              N            06/01/32
    0

    7812671          286/286             F          204,075.00         ZZ
                                         360        203,793.18          1
                                       7.875          1,479.69         76
                                       7.625          1,479.69
    LONG BRANCH      NJ   07740          1            05/22/02         00
    1090643                              05           07/01/02          0
    1090643                              N            06/01/32
    0

    7812675          286/286             F           41,600.00         ZZ
                                         360         41,545.39          1
                                       8.125            308.88         80
                                       7.875            308.88
1

    INDIANAPOLIS     IN   46218          2            05/14/02         00
    1294586                              05           07/01/02          0
    1294586                              N            06/01/32
    0

    7812681          286/286             F           80,900.00         ZZ
                                         360         80,779.54          3
                                       7.500            565.67         90
                                       7.250            565.67
    GREENVILLE       SC   29611          1            05/15/02         12
    1281350                              05           07/01/02         25
    1281350                              N            06/01/32
    0

    7812683          286/286             F          265,500.00         ZZ
                                         360        265,114.44          4
                                       7.625          1,879.20         90
                                       7.375          1,879.20
    BOZEMAN          MT   59715          1            05/24/02         11
    1285786                              05           07/01/02         25
    1285786                              N            06/01/32
    0

    7812687          286/286             F           97,600.00         ZZ
                                         360         97,454.67          1
                                       7.500            682.44         80
                                       7.250            682.44
    COVENTRY         RI   02816          1            05/24/02         00
    1307721                              05           07/01/02          0
    1307721                              N            06/01/32
    0

    7812689          286/286             F          288,000.00         ZZ
                                         360        287,592.15          4
                                       7.750          2,063.27         80
                                       7.500          2,063.27
    RANCHO CUCAMONG  CA   91730          1            05/17/02         00
    1262298                              03           07/01/02          0
    1262298                              N            06/01/32
    0

    7812691          286/286             F          121,500.00         ZZ
                                         360        121,340.50          2
                                       8.125            902.14         90
                                       7.875            902.14
    VANCOUVER        WA   98665          2            05/22/02         14
    1067599                              05           07/01/02         25
    1067599                              O            06/01/32
    0
1

    7812693          286/286             F          146,300.00         ZZ
                                         360        146,082.16          1
                                       7.500          1,022.96         70
                                       7.250          1,022.96
    SAN DIEGO        CA   92127          1            05/09/02         00
    1294944                              01           07/01/02          0
    1294944                              N            06/01/32
    0

    7812697          286/286             F          130,000.00         ZZ
                                         360        129,589.28          1
                                       7.125            875.84         80
                                       6.875            875.84
    PHOENIX          AZ   85048          1            05/24/02         00
    1325926                              03           07/01/02          0
    1325926                              N            06/01/32
    0

    7812699          286/286             F          168,000.00         ZZ
                                         360        167,623.59          1
                                       7.500          1,174.69         79
                                       7.250          1,174.69
    WELLINGTON       FL   33414          5            04/26/02         00
    1270821                              05           06/01/02          0
    1270821                              O            05/01/32
    0

    7812701          286/286             F          183,750.00         ZZ
                                         360        183,476.41          1
                                       7.500          1,284.81         75
                                       7.250          1,284.81
    MIAMI            FL   33055          1            06/03/02         00
    1336980                              05           07/01/02          0
    1336980                              N            06/01/32
    0

    7812707          286/286             F          111,600.00         ZZ
                                         360        111,515.07          1
                                       7.375            770.80         90
                                       7.125            770.80
    FORT LAUDERDALE  FL   33311          1            06/12/02         10
    1333244                              05           08/01/02         30
    1333244                              O            07/01/32
    0

    7812709          286/286             F          296,000.00         ZZ
                                         360        295,580.81          1
1

                                       7.750          2,120.59         80
                                       7.500          2,120.59
    BEAVERCREEK      OH   45434          5            05/30/02         00
    1283649                              05           07/01/02          0
    1283649                              N            06/01/32
    0

    7812715          286/286             F          110,500.00         ZZ
                                         360        110,327.06          1
                                       7.250            753.81         80
                                       7.000            753.81
    COOPER CITY      FL   33330          5            05/07/02         00
    1279800                              03           07/01/02          0
    1279800                              O            06/01/32
    0

    7812719          286/286             F           83,700.00         ZZ
                                         360         83,590.11          3
                                       8.125            621.48         90
                                       7.875            621.48
    NEWARK           NJ   07102          1            05/17/02         12
    1277398                              05           07/01/02         25
    1277398                              N            06/01/32
    0

    7812727          286/286             F           71,920.00         ZZ
                                         360         71,818.14          1
                                       7.750            515.25         80
                                       7.500            515.25
    HAMPTON          GA   30228          1            05/17/02         00
    1310607                              03           07/01/02          0
    1310607                              N            06/01/32
    0

    7812729          286/286             F           71,920.00         ZZ
                                         360         71,818.14          1
                                       7.750            515.25         80
                                       7.500            515.25
    HAMPTON          GA   30228          1            05/17/02         00
    1310612                              03           07/01/02          0
    1310612                              N            06/01/32
    0

    7812733          286/286             F          120,000.00         ZZ
                                         360        119,802.69          1
                                       7.000            798.37         75
                                       6.750            798.37
    WESTLAKE         OH   44145          1            05/28/02         00
    1292965                              05           07/01/02          0
1

    1292965                              O            06/01/32
    0

    7812739          286/286             F          158,000.00         ZZ
                                         360        157,746.54          1
                                       7.125          1,064.48         80
                                       6.875          1,064.48
    OLYMPIA          WA   98502          1            05/29/02         00
    1326674                              05           07/01/02          0
    1326674                              O            06/01/32
    0

    7812741          286/286             F           54,800.00         ZZ
                                         360         54,689.10          1
                                       7.500            383.17         80
                                       7.250            383.17
    BLOOMINGTON      IL   61704          1            05/24/02         00
    1261833                              01           07/01/02          0
    1261833                              O            06/01/32
    0

    7812743          286/286             F           45,000.00         ZZ
                                         360         44,937.84          4
                                       7.875            326.29         90
                                       7.625            326.29
    YOUNGSTOWN       OH   44507          1            05/17/02         12
    1059594                              05           07/01/02         25
    1059594                              N            06/01/32
    0

    7812745          286/286             F          123,200.00         ZZ
                                         360        123,021.08          1
                                       7.625            872.01         70
                                       7.375            872.01
    GULF SHORES      AL   36542          2            05/29/02         00
    1310595                              06           07/01/02          0
    1310595                              N            06/01/32
    0

    7812747          286/286             F          151,500.00         ZZ
                                         360        151,280.00          1
                                       7.625          1,072.31         66
                                       7.375          1,072.31
    ORANGE BEACH     AL   36561          2            05/29/02         00
    1310584                              06           07/01/02          0
    1310584                              N            06/01/32
    0

1

    7812749          286/286             F          197,300.00         ZZ
                                         360        196,998.80          1
                                       7.375          1,362.71         58
                                       7.125          1,362.71
    ORANGE BEACH     AL   36561          2            05/29/02         00
    1310540                              06           07/01/02          0
    1310540                              N            06/01/32
    0

    7812751          286/286             F          176,450.00         ZZ
                                         360        176,180.64          1
                                       7.375          1,218.70         52
                                       7.125          1,218.70
    ORANGE BEACH     AL   36561          2            05/29/02         00
    1310551                              06           07/01/02          0
    1310551                              N            06/01/32
    0

    7812753          286/286             F          210,000.00         ZZ
                                         360        209,671.35          1
                                       7.250          1,432.58         78
                                       7.000          1,432.58
    RARITAN          NJ   08869          5            05/24/02         00
    546982                               05           07/01/02          0
    546982                               O            06/01/32
    0

    7812755          286/286             F          188,800.00         ZZ
                                         360        188,397.64          3
                                       7.750          1,352.59         79
                                       7.500          1,352.59
    PHOENIX          AZ   85051          1            04/26/02         00
    1284663                              05           06/01/02          0
    1284663                              N            05/01/32
    0

    7812757          286/286             F          123,300.00         ZZ
                                         360        123,146.19          3
                                       8.375            937.17         90
                                       8.125            937.17
    ST ALBANS        VT   05478          1            05/31/02         11
    1269750                              05           07/01/02         25
    1269750                              N            06/01/32
    0

    7812759          286/286             F           81,900.00         ZZ
                                         360         81,792.48          4
                                       8.125            608.11         90
                                       7.875            608.11
1

    ST ALBANS        VT   05478          1            05/31/02         12
    1317611                              05           07/01/02         25
    1317611                              N            06/01/32
    0

    7812761          286/286             F           73,350.00         ZZ
                                         360         73,232.33          1
                                       7.125            494.18         90
                                       6.875            494.18
    MESA             AZ   85201          1            05/24/02         12
    1324503                              01           07/01/02         25
    1324503                              O            06/01/32
    0

    7812763          286/286             F          205,000.00         ZZ
                                         360        204,679.18          2
                                       7.250          1,398.47         65
                                       7.000          1,398.47
    CHARLOTTE        NC   28213          5            05/29/02         00
    1302903                              05           07/01/02          0
    1302903                              N            06/01/32
    0

    7812765          286/286             F          215,800.00         ZZ
                                         360        215,462.28          2
                                       7.250          1,472.14         65
                                       7.000          1,472.14
    CHARLOTTE        NC   28213          5            05/29/02         00
    1302878                              05           07/01/02          0
    1302878                              N            06/01/32
    0

    7812767          286/286             F          138,000.00         ZZ
                                         360        137,794.52          1
                                       7.500            964.92         99
                                       7.250            964.92
    AKRON            OH   44320          2            05/10/02         12
    1285875                              05           07/01/02         35
    1285875                              O            06/01/32
    0

    7812769          286/286             F          160,000.00         ZZ
                                         360        159,749.60          1
                                       7.250          1,091.49         60
                                       7.000          1,091.49
    NORTH MIAMI BEA  FL   33162          5            05/21/02         00
    1304810                              05           07/01/02          0
    1304810                              O            06/01/32
    0
1

    7812771          286/286             F          172,950.00         ZZ
                                         360        172,515.40          1
                                       7.000          1,150.65         80
                                       6.750          1,150.65
    BELLBROOK        OH   45305          1            05/29/02         00
    1293674                              05           07/01/02          0
    1293674                              O            06/01/32
    0

    7812773          286/286             F          362,500.00         ZZ
                                         360        362,024.13          4
                                       8.125          2,691.56         90
                                       7.875          2,691.56
    MASPETH          NY   11375          1            05/14/02         11
    793340                               05           07/01/02         25
    793340                               O            06/01/32
    0

    7812775          286/286             F           83,000.00         ZZ
                                         360         81,152.52          1
                                       6.875            545.26         24
                                       6.625            545.26
    LAGUNA NIGUEL    CA   92677          1            05/29/02         00
    1288433                              03           07/01/02          0
    1288433                              N            06/01/32
    0

    7812781          286/286             F          238,000.00         ZZ
                                         360        237,662.96          4
                                       7.750          1,705.07         70
                                       7.500          1,705.07
    WELLINGTON       FL   33414          1            05/31/02         00
    1308953                              03           07/01/02          0
    1308953                              N            06/01/32
    0

    7812783          286/286             F          185,650.00         ZZ
                                         360        185,337.17          1
                                       6.875          1,219.59         79
                                       6.625          1,219.59
    CORONA           CA   92882          5            05/17/02         00
    1284484                              05           07/01/02          0
    1284484                              O            06/01/32
    0

    7812785          286/286             F           77,900.00         ZZ
                                         360         77,786.86          1
1

                                       7.625            551.38         95
                                       7.375            551.38
    DERBY            KS   67037          2            05/08/02         11
    993745                               05           07/01/02         30
    993745                               O            06/01/32
    0

    7812787          286/286             F          255,000.00         ZZ
                                         360        254,600.95          1
                                       7.250          1,739.55         85
                                       7.000          1,739.55
    SHERMAN OAKS     CA   91403          5            05/15/02         12
    1305017                              05           07/01/02         25
    1305017                              O            06/01/32
    0

    7812789          286/286             F          251,600.00         ZZ
                                         360        251,186.31          1
                                       7.000          1,673.91         90
                                       6.750          1,673.91
    GALENA           OH   43021          1            05/22/02         12
    1085094                              05           07/01/02         25
    1085094                              O            06/01/32
    0

    7812791          286/286             F          158,400.00         ZZ
                                         360        158,145.89          1
                                       7.125          1,067.18         80
                                       6.875          1,067.18
    SCOTTSDALE       AZ   85250          5            05/08/02         00
    1288362                              03           07/01/02          0
    1288362                              O            06/01/32
    0

    7812793          286/286             F          125,145.00         ZZ
                                         360        124,758.05          1
                                       7.500            875.04         90
                                       7.250            875.04
    NATCHEZ          LA   71456          1            05/15/02         10
    1085670                              05           07/01/02         25
    1085670                              O            06/01/32
    0

    7812797          286/286             F          187,000.00         ZZ
                                         360        186,754.53          4
                                       8.125          1,388.47         66
                                       7.875          1,388.47
    RAHWAY           NJ   07065          2            05/17/02         00
    794813                               05           07/01/02          0
1

    794813                               N            06/01/32
    0

    7812801          286/286             F          213,600.00         ZZ
                                         360        213,429.18          1
                                       7.125          1,439.07         90
                                       6.875          1,439.07
    FARMINGTON       NM   87401          1            06/12/02         12
    1341926                              05           08/01/02         25
    1341926                              N            07/01/32
    0

    7812813          286/286             F          137,250.00         ZZ
                                         360        136,964.76          4
                                       7.875            995.16         90
                                       7.625            995.16
    TAMPA            FL   33618          1            05/03/02         11
    1280531                              05           06/01/02         25
    1280531                              N            05/01/32
    0

    7812817          286/286             F          111,150.00         ZZ
                                         360        110,968.39          4
                                       8.500            854.65         95
                                       8.250            854.65
    HOBART           IN   46342          1            05/16/02         12
    1287500                              05           07/01/02         30
    1287500                              O            06/01/32
    0

    7812819          286/286             F          256,500.00         ZZ
                                         360        255,930.75          3
                                       7.375          1,771.59         90
                                       7.125          1,771.59
    NEW ORLEANS      LA   70119          1            05/29/02         11
    825344                               05           07/01/02         30
    825344                               O            06/01/32
    0

    7812821          286/286             F           32,000.00         ZZ
                                         360         31,957.99          1
                                       8.125            237.60         80
                                       7.875            237.60
    VERNON           CT   06066          1            05/28/02         00
    794137                               01           07/01/02          0
    794137                               N            06/01/32
    0

1

    7812823          286/286             F          289,800.00         ZZ
                                         360        289,307.33          1
                                       7.500          2,026.33         80
                                       7.250          2,026.33
    NEW MARLBOROUGH  MA   01230          1            05/14/02         00
    1262275                              03           07/01/02          0
    1262275                              O            06/01/32
    0

    7812825          286/286             F          138,340.00         ZZ
                                         360        138,112.54          1
                                       7.000            920.38         75
                                       6.750            920.38
    LITHONIA         GA   30038          5            05/07/02         00
    1290881                              05           07/01/02          0
    1290881                              O            06/01/32
    0

    7812829          286/286             F           55,120.00         ZZ
                                         360         55,031.41          1
                                       7.875            399.66         76
                                       7.625            399.66
    NEW JERSEY       NJ   08401          2            05/24/02         00
    1320518                              05           07/01/02          0
    1320518                              O            06/01/32
    0

    7812831          286/286             F          170,700.00         ZZ
                                         360        170,432.86          3
                                       7.250          1,164.48         80
                                       7.000          1,164.48
    LOGAN            UT   84341          1            05/23/02         00
    1309007                              05           07/01/02          0
    1309007                              N            06/01/32
    0

    7812833          286/286             F          170,700.00         ZZ
                                         360        170,432.86          4
                                       7.250          1,164.48         80
                                       7.000          1,164.48
    LOGAN            UT   84341          1            05/23/02         00
    1309023                              05           07/01/02          0
    1309023                              N            06/01/32
    0

    7812835          286/286             F          170,700.00         ZZ
                                         360        170,432.86          4
                                       7.250          1,164.48         80
                                       7.000          1,164.48
1

    LOGAN            UT   84341          1            05/23/02         00
    1309002                              05           07/01/02          0
    1309002                              N            06/01/32
    0

    7812837          286/286             F          170,700.00         ZZ
                                         360        170,432.86          4
                                       7.250          1,164.48         80
                                       7.000          1,164.48
    LOGAN            UT   84341          1            05/23/02         00
    1308976                              05           07/01/02          0
    1308976                              N            06/01/32
    0

    7812845          286/286             F          206,250.00         ZZ
                                         360        205,927.23          4
                                       7.250          1,406.99         75
                                       7.000          1,406.99
    GARDEN VALLEY    ID   83622          2            05/07/02         00
    824812                               05           07/01/02          0
    824812                               N            06/01/32
    0

    7812851          286/286             F          120,700.00         ZZ
                                         360        120,533.32          1
                                       7.875            875.16         80
                                       7.625            875.16
    SURPRISE         AZ   85379          1            05/28/02         00
    815107                               03           07/01/02          0
    815107                               N            06/01/32
    0

    7812853          286/286             F          300,000.00         ZZ
                                         360        299,518.76          1
                                       7.125          2,021.16         90
                                       6.875          2,021.16
    OCEAN GROVE      NJ   07756          1            05/29/02         10
    9925815                              05           07/01/02         25
    9925815                              N            06/01/32
    0

    7812855          286/286             F          138,900.00         ZZ
                                         360        138,641.78          1
                                       7.875          1,007.12         87
                                       7.625          1,007.12
    STOCKTON         CA   95207          5            05/14/02         14
    795520                               03           07/01/02         12
    795520                               O            06/01/32
    0
1

    7812859          286/286             F          234,608.00         ZZ
                                         360        234,143.78          1
                                       7.000          1,560.85         79
                                       6.750          1,560.85
    FREDERICK        CO   80504          1            05/30/02         00
    818299                               05           07/01/02          0
    818299                               O            06/01/32
    0

    7812863          286/286             F          132,000.00         ZZ
                                         360        131,813.08          1
                                       7.750            945.66         75
                                       7.500            945.66
    ALAMOGORDO       NM   88310          5            05/09/02         00
    792562                               05           07/01/02          0
    792562                               N            06/01/32
    0

    7812865          286/286             F          226,400.00         ZZ
                                         360        226,027.77          4
                                       7.000          1,506.24         80
                                       6.750          1,506.24
    SPARKS           NV   89431          1            05/30/02         00
    817325                               05           07/01/02          0
    817325                               N            06/01/32
    0

    7812871          286/286             F           72,800.00         ZZ
                                         360         72,686.08          1
                                       7.250            496.62         80
                                       7.000            496.62
    RENO             NV   89506          1            05/17/02         00
    825373                               05           07/01/02          0
    825373                               O            06/01/32
    0

    7812873          286/286             F          117,000.00         ZZ
                                         360        116,838.43          1
                                       7.875            848.33         67
                                       7.625            848.33
    ORANGEVALE       CA   95662          2            05/16/02         00
    790928                               05           07/01/02          0
    790928                               O            06/01/32
    0

    7812877          286/286             F          135,900.00         ZZ
                                         360        135,712.33          4
1

                                       7.875            985.37         90
                                       7.625            985.37
    TEMOE            AZ   85281          1            05/30/02         21
    800028                               05           07/01/02         25
    800028                               O            06/01/32
    0

    7812889          286/286             F          121,600.00         ZZ
                                         360        121,511.99          1
                                       7.625            860.68         79
                                       7.375            860.68
    OREGON CITY      OR   97045          1            05/22/02         00
    818364                               05           08/01/02          0
    818364                               N            07/01/32
    0

    7812893          286/286             F          116,000.00         ZZ
                                         360        115,808.76          1
                                       7.750            831.04         80
                                       7.500            831.04
    LAKEPORT         CA   95453          5            05/14/02         00
    796522                               03           07/01/02          0
    796522                               N            06/01/32
    0

    7812897          286/286             F          266,000.00         ZZ
                                         360        265,573.31          1
                                       7.125          1,792.09         80
                                       6.875          1,792.09
    LAS VEGAS        NV   89148          1            05/29/02         00
    799893                               03           07/01/02          0
    799893                               N            06/01/32
    0

    7812901          286/286             F          170,000.00         ZZ
                                         360        169,753.14          1
                                       7.625          1,203.25         80
                                       7.375          1,203.25
    CAMERON PARK     CA   95682          1            05/21/02         00
    798498                               03           07/01/02          0
    798498                               N            06/01/32
    0

    7812903          286/286             F          150,400.00         ZZ
                                         360        150,181.61          1
                                       7.625          1,064.52         80
                                       7.375          1,064.52
    APACHE JUNCTION  AZ   85219          1            05/29/02         00
    795921                               05           07/01/02          0
1

    795921                               N            06/01/32
    0

    7812907          286/286             F          127,950.00         ZZ
                                         360        127,749.78          1
                                       7.250            872.84         79
                                       7.000            872.84
    KUNA             ID   83634          1            05/27/02         00
    761709                               05           07/01/02          0
    761709                               O            06/01/32
    0

    7812909          286/286             F           48,000.00         ZZ
                                         360         47,936.99          1
                                       8.125            356.40         74
                                       7.875            356.40
    SACRAMENTO       CA   95824          1            05/21/02         00
    821026                               05           07/01/02          0
    821026                               O            06/01/32
    0

    7812911          286/286             F          157,300.00         ZZ
                                         360        157,088.21          1
                                       8.000          1,154.21         65
                                       7.750          1,154.21
    SACRAMENTO       CA   95825          5            05/10/02         00
    821232                               05           07/01/02          0
    821232                               N            06/01/32
    0

    7812913          286/286             F           48,000.00         ZZ
                                         360         47,936.99          1
                                       8.125            356.40         80
                                       7.875            356.40
    SACRAMENTO       CA   95824          1            05/22/02         00
    821017                               05           07/01/02          0
    821017                               N            06/01/32
    0

    7812915          286/286             F           48,000.00         ZZ
                                         360         47,936.99          1
                                       8.125            356.40         80
                                       7.875            356.40
    SACRAMENTO       CA   95824          1            05/22/02         00
    821023                               05           07/01/02          0
    821023                               N            06/01/32
    0

1

    7812917          286/286             F           48,000.00         ZZ
                                         360         47,936.99          1
                                       8.125            356.40         80
                                       7.875            356.40
    SACRAMENTO       CA   95824          1            05/22/02         00
    821024                               05           07/01/02          0
    821024                               N            06/01/32
    0

    7812919          286/286             F           48,000.00         ZZ
                                         360         47,936.99          1
                                       8.125            356.40         80
                                       7.875            356.40
    SACRAMENTO       CA   95824          1            05/22/02         00
    821025                               05           07/01/02          0
    821025                               N            06/01/32
    0

    7812921          286/286             F          202,500.00         ZZ
                                         360        202,198.50          1
                                       7.500          1,415.91         67
                                       7.250          1,415.91
    OCEANSIDE        CA   92056          5            05/10/02         00
    818673                               05           07/01/02          0
    818673                               N            06/01/32
    0

    7812923          286/286             F          264,400.00         ZZ
                                         360        263,975.88          1
                                       7.125          1,781.31         80
                                       6.875          1,781.31
    RANCHO CORDOVA   CA   95670          1            05/08/02         00
    759769                               05           07/01/02          0
    759769                               N            06/01/32
    0

    7812925          286/286             F          185,000.00         ZZ
                                         360        184,717.59          1
                                       7.375          1,277.75         53
                                       7.125          1,277.75
    ESCONDIDO        CA   92026          1            05/21/02         00
    789078                               05           07/01/02          0
    789078                               O            06/01/32
    0

    7812927          286/286             F          236,000.00         ZZ
                                         360        235,639.75          2
                                       7.375          1,629.99         80
                                       7.125          1,629.99
1

    WEST HILLS AREA  CA   91307          5            05/08/02         00
    788359                               05           07/01/02          0
    788359                               N            06/01/32
    0

    7812929          286/286             F          272,000.00         ZZ
                                         360        271,624.39          1
                                       7.875          1,972.19         80
                                       7.625          1,972.19
    DUBLIN           CA   94568          1            05/15/02         00
    790610                               01           07/01/02          0
    790610                               O            06/01/32
    0

    7812933          286/286             F          120,000.00         ZZ
                                         360        119,825.75          1
                                       7.625            849.35         78
                                       7.375            849.35
    SACRAMENTO       CA   95831          1            05/09/02         00
    790172                               05           07/01/02          0
    790172                               N            06/01/32
    0

    7812939          286/286             F          300,700.00         ZZ
                                         360        300,252.28          2
                                       7.500          2,102.54         80
                                       7.250          2,102.54
    SAN DIEGO        CA   92104          5            05/08/02         00
    794318                               05           07/01/02          0
    794318                               N            06/01/32
    0

    7812941          286/286             F          112,000.00         ZZ
                                         360        111,740.75          1
                                       7.750            802.38         80
                                       7.500            802.38
    REDDING          CA   96003          1            05/09/02         00
    792389                               05           07/01/02          0
    792389                               O            06/01/32
    0

    7812947          286/286             F          182,450.00         ZZ
                                         360        182,191.63          1
                                       7.750          1,307.09         70
                                       7.500          1,307.09
    TRACY            CA   95376          5            05/17/02         00
    818225                               05           07/01/02          0
    818225                               O            06/01/32
    0
1

    7812949          286/286             F          192,000.00         ZZ
                                         360        191,728.10          1
                                       7.750          1,375.51         77
                                       7.500          1,375.51
    ANTIOCH          CA   94531          1            05/21/02         00
    795894                               05           07/01/02          0
    795894                               N            06/01/32
    0

    7812953          286/286             F          247,500.00         ZZ
                                         360        247,035.26          3
                                       8.375          1,881.18         90
                                       8.125          1,881.18
    DORCHESTER       MA   02125          1            04/26/02         14
    782891                               05           06/01/02         25
    782891                               N            05/01/32
    0

    7812959          286/286             F          118,000.00         ZZ
                                         360        117,226.73          2
                                       7.625            835.20         63
                                       7.375            835.20
    SALT LAKE CITY   UT   84105          2            05/15/02         00
    793133                               05           07/01/02          0
    793133                               N            06/01/32
    0

    7813219          M37/G02             F           71,200.00         ZZ
                                         360         71,141.63          1
                                       7.000            473.70         80
                                       6.750            473.70
    CHEYENNE         WY   82007          1            06/17/02         00
    0434217535                           05           08/01/02          0
    607596                               O            07/01/32
    0

    7813241          998/998             F           69,000.00         ZZ
                                         360         68,808.44          4
                                       7.875            500.03         87
                                       7.625            500.03
    GRAND RAPIDS     MI   49503          2            03/21/02         12
    3768794                              05           05/01/02         25
    3768794                              N            04/01/32
    0

    7813371          369/G02             F          262,500.00         T
                                         360        262,319.35          1
1

                                       7.875          1,903.31         70
                                       7.625          1,903.31
    HONOLULU         HI   96815          1            06/03/02         00
    0434218897                           22           08/01/02          0
    0074045030                           O            07/01/32
    0

    7813773          E22/G02             F           90,000.00         ZZ
                                         360         89,928.03          1
                                       7.125            606.35         59
                                       6.875            606.35
    GREAT BARRINGTO  MA   01230          1            06/27/02         00
    0413839051                           05           08/01/02          0
    0413839051                           O            07/01/32
    0

    7813845          E22/G02             F          184,000.00         ZZ
                                         360        183,841.58          1
                                       6.750          1,193.42         80
                                       6.500          1,193.42
    SANTA CLARA      CA   95050          1            06/24/02         00
    0414189118                           08           08/01/02          0
    0414189118                           O            07/01/32
    0

    7813865          E22/G02             F          275,000.00         ZZ
                                         360        274,575.52          1
                                       6.875          1,806.55         76
                                       6.625          1,806.55
    ADDISON          IL   60101          1            06/27/02         00
    0414206938                           05           08/01/02          0
    0414206938                           O            07/01/32
    0

    7813895          E22/G02             F           76,720.00         ZZ
                                         360         76,658.65          1
                                       7.125            516.88         80
                                       6.875            516.88
    INDIANAPOLIS     IN   46254          1            06/27/02         00
    0414229278                           01           08/01/02          0
    0414229278                           O            07/01/32
    0

    7813919          E22/G02             F          185,600.00         ZZ
                                         360        185,447.87          1
                                       7.000          1,234.80         80
                                       6.750          1,234.80
    GARDEN VALLEY    CA   95633          1            06/21/02         00
    0414248732                           05           08/01/02          0
1

    0414248732                           O            07/01/32
    0

    7813943          E22/G02             F          171,000.00         ZZ
                                         360        170,859.83          1
                                       7.000          1,137.67         90
                                       6.750          1,137.67
    FOLSOM           CA   95630          1            06/21/02         01
    0414274860                           05           08/01/02         25
    0414274860                           O            07/01/32
    0

    7813949          E22/G02             F          167,400.00         ZZ
                                         360        167,266.14          1
                                       7.125          1,127.80         90
                                       6.875          1,127.80
    LOUISVILLE       KY   40243          1            06/27/02         10
    0414279299                           05           08/01/02         25
    0414279299                           O            07/01/32
    0

    7813997          E22/G02             F           63,000.00         ZZ
                                         360         62,949.62          1
                                       7.125            424.44         90
                                       6.875            424.44
    BATON ROUGE      LA   70815          1            06/27/02         01
    0414316968                           05           08/01/02         25
    0414316968                           N            07/01/32
    0

    7814009          E22/G02             F          115,650.00         ZZ
                                         360        115,568.38          1
                                       7.750            828.53         90
                                       7.500            828.53
    LOXAHATCHEE      FL   33470          1            06/27/02         04
    0414329797                           05           08/01/02         25
    0414329797                           N            07/01/32
    0

    7814029          E22/G02             F          202,500.00         ZZ
                                         360        202,338.06          1
                                       7.125          1,364.28         90
                                       6.875          1,364.28
    CHARLOTTE        NC   28204          1            06/27/02         10
    0414353730                           05           08/01/02         30
    0414353730                           O            07/01/32
    0

1

    7814037          E22/G02             F          132,360.00         ZZ
                                         360        132,256.75          1
                                       7.250            902.93         80
                                       7.000            902.93
    THE COLONY       TX   75056          1            06/26/02         00
    0414373118                           03           08/01/02          0
    0414373118                           O            07/01/32
    0

    7814271          E82/G02             F          136,000.00         ZZ
                                         360        135,888.52          1
                                       7.000            904.81         44
                                       6.750            904.81
    WARWICK          NY   10990          2            06/26/02         00
    0400641015                           05           08/01/02          0
    0400641015                           O            07/01/32
    0

    7814277          E82/G02             F           64,600.00         ZZ
                                         360         64,549.60          1
                                       7.250            440.69         95
                                       7.000            440.69
    DRAKE            KY   42128          5            06/24/02         10
    0400640983                           05           08/01/02         30
    0400640983                           O            07/01/32
    0

    7814281          E82/G02             F          108,650.00         ZZ
                                         360        108,558.72          1
                                       6.875            713.75         50
                                       6.625            713.75
    VELLEJO          CA   94591          2            06/24/02         00
    0400642864                           05           08/01/02          0
    0400642864                           O            07/01/32
    0

    7814295          E82/G02             F          290,000.00         ZZ
                                         360        289,756.37          1
                                       6.875          1,905.09         81
                                       6.625          1,905.09
    MISSION VIEJO    CA   92692          2            06/24/02         10
    0400643409                           05           08/01/02         12
    0400643409                           O            07/01/32
    0

    7814373          E82/G02             F          128,400.00         ZZ
                                         360        128,297.33          1
                                       7.125            865.05         33
                                       6.875            865.05
1

    ELLIJAY          GA   30540          2            06/21/02         00
    0400639449                           05           08/01/02          0
    1929576                              O            07/01/32
    0

    7814425          E82/G02             F           71,800.00         ZZ
                                         360         71,741.14          1
                                       7.000            477.69         35
                                       6.750            477.69
    TRACY            CA   95376          2            06/24/02         00
    0400636650                           01           08/01/02          0
    1952496                              O            07/01/32
    0

    7814453          E82/G02             F           72,000.00         ZZ
                                         360         71,940.98          2
                                       7.000            479.02         63
                                       6.750            479.02
    ST LOUIS         MO   63116          2            06/24/02         00
    0400644381                           05           08/01/02          0
    8753241                              O            07/01/32
    0

    7814477          E82/G02             F          132,600.00         ZZ
                                         360        132,493.96          1
                                       7.125            893.35         76
                                       6.875            893.35
    TIGARD           OR   97223          2            06/26/02         00
    0400639340                           05           08/01/02          0
    1703037                              N            07/01/32
    0

    7814479          E82/G02             F          291,000.00         ZZ
                                         360        290,773.00          1
                                       7.250          1,985.13         73
                                       7.000          1,985.13
    ALPHARETTA       GA   30004          5            06/24/02         00
    0400637799                           05           08/01/02          0
    0400637799                           O            07/01/32
    0

    7814659          286/286             F           50,000.00         ZZ
                                         360         49,934.36          1
                                       8.125            371.25         84
                                       7.875            371.25
    SHELBYVILLE      IN   46176          1            05/14/02         12
    1284327                              05           07/01/02         12
    1284327                              N            06/01/32
    0
1

    7814661          286/286             F           82,400.00         ZZ
                                         360         82,277.30          1
                                       7.500            576.16         80
                                       7.250            576.16
    ARNOLD           MD   21012          1            05/29/02         00
    1305163                              01           07/01/02          0
    1305163                              N            06/01/32
    0

    7814671          286/286             F           40,000.00         ZZ
                                         360         39,916.87          1
                                       7.875            290.03         80
                                       7.625            290.03
    WILMINGTON       DE   19801          1            04/12/02         00
    1079718                              05           06/01/02          0
    1079718                              N            05/01/32
    0

    7814673          286/286             F           47,000.00         ZZ
                                         360         46,877.33          1
                                       7.375            324.62         62
                                       7.125            324.62
    ONAWAY           MI   49765          5            05/15/02         00
    1297636                              05           07/01/02          0
    1297636                              N            06/01/32
    0

    7814677          286/286             F           39,700.00         ZZ
                                         360         39,649.18          1
                                       8.250            298.26         45
                                       8.000            298.26
    PALM HARBOR      FL   34683          2            05/10/02         00
    1088042                              05           07/01/02          0
    1088042                              N            06/01/32
    0

    7814695          286/286             F           39,900.00         ZZ
                                         360         39,842.02          1
                                       7.625            282.41         80
                                       7.375            282.41
    ANDERSON         IN   46016          1            05/31/02         00
    798468                               05           07/01/02          0
    798468                               N            06/01/32
    0

    7814703          286/286             F           38,270.00         ZZ
                                         360         38,220.93          1
1

                                       8.250            287.51         89
                                       8.000            287.51
    KANSAS CITY      KS   66106          1            05/10/02         11
    1278420                              05           07/01/02         25
    1278420                              N            06/01/32
    0

    7814705          286/286             F           62,124.00         ZZ
                                         360         62,036.03          1
                                       7.750            445.06         80
                                       7.500            445.06
    PHOENIX          AZ   85027          1            05/15/02         00
    1275071                              05           07/01/02          0
    1275071                              N            06/01/32
    0

    7814707          286/286             F           59,900.00         ZZ
                                         300         59,765.72          1
                                       7.625            447.54         80
                                       7.375            447.54
    MONACA           PA   15061          1            05/28/02         00
    104594                               05           07/01/02          0
    104594                               N            06/01/27
    0

    7814709          286/286             F          123,000.00         ZZ
                                         360        122,807.52          1
                                       7.250            839.08         80
                                       7.000            839.08
    SAN MARCOS       CA   92069          1            05/24/02         00
    1314849                              01           07/01/02          0
    1314849                              N            06/01/32
    0

    7814711          286/286             F           42,500.00         ZZ
                                         360         42,447.01          1
                                       7.875            308.16         85
                                       7.625            308.16
    WALDRON          IN   46182          5            06/05/02         10
    1322404                              05           08/01/02         12
    1322404                              N            07/01/32
    0

    7814713          286/286             F           47,200.00         ZZ
                                         360         47,095.14          1
                                       7.500            330.03         75
                                       7.250            330.03
    KANSAS CITY      MO   64128          2            05/10/02         00
    1101612                              05           07/01/02          0
1

    1101612                              N            06/01/32
    0

    7814725          286/286             F          103,200.00         ZZ
                                         360        103,117.47          2
                                       7.125            695.28         80
                                       6.875            695.28
    TUCSON           AZ   85716          1            06/05/02         00
    1303910                              05           08/01/02          0
    1303910                              N            07/01/32
    0

    7814727          286/286             F          144,000.00         ZZ
                                         360        143,887.66          3
                                       7.250            982.34         80
                                       7.000            982.34
    PROVIDENCE       RI   02904          1            06/06/02         00
    1341945                              05           08/01/02          0
    1341945                              N            07/01/32
    0

    7814729          286/286             F          275,400.00         ZZ
                                         360        274,979.59          2
                                       7.375          1,902.12         90
                                       7.125          1,902.12
    BOSTON           MA   02121          1            05/31/02         12
    1100561                              05           07/01/02         25
    1100561                              N            06/01/32
    0

    7814731          286/286             F           89,200.00         ZZ
                                         360         89,085.85          1
                                       8.250            670.13         80
                                       8.000            670.13
    RICHMOND         VA   23228          1            05/31/02         00
    482414                               05           07/01/02          0
    482414                               N            06/01/32
    0

    7814737          286/286             F           56,100.00         ZZ
                                         360         56,024.45          1
                                       8.000            411.65         73
                                       7.750            411.65
    NORFOLK          VA   23513          2            05/24/02         00
    1266316                              05           07/01/02          0
    1266316                              N            06/01/32
    0

1

    7814743          286/286             F           51,850.00         ZZ
                                         360         51,776.57          1
                                       7.750            371.46         80
                                       7.500            371.46
    AUSTIN           TX   78744          2            05/14/02         00
    1297366                              03           07/01/02          0
    1297366                              N            06/01/32
    0

    7814747          286/286             F           32,400.00         ZZ
                                         360         32,354.47          1
                                       7.875            234.93         90
                                       7.625            234.93
    ORLANDO          FL   32818          1            05/15/02         10
    1269086                              01           07/01/02         25
    1269086                              N            06/01/32
    0

    7814751          286/286             F           73,600.00         ZZ
                                         360         73,490.40          1
                                       7.500            514.63         80
                                       7.250            514.63
    INDIANAPOLIS     IN   46205          5            05/17/02         00
    1282771                              05           07/01/02          0
    1282771                              N            06/01/32
    0

    7814753          286/286             F          211,100.00         ZZ
                                         360        210,769.64          2
                                       7.250          1,440.08         90
                                       7.000          1,440.08
    PROVO            UT   84601          1            05/09/02         12
    1287945                              05           07/01/02         25
    1287945                              N            06/01/32
    0

    7814755          286/286             F          164,700.00         ZZ
                                         360        164,383.11          1
                                       8.125          1,222.90         90
                                       7.875          1,222.90
    WOODBRIDGE       VA   22193          1            05/29/02         12
    1304261                              05           07/01/02         25
    1304261                              N            06/01/32
    0

    7814757          286/286             F          156,000.00         ZZ
                                         360        155,767.72          1
                                       7.500          1,090.78         80
                                       7.250          1,090.78
1

    LAS VEGAS        NV   89123          5            05/17/02         00
    1276805                              03           07/01/02          0
    1276805                              N            06/01/32
    0

    7814775          286/286             F          156,000.00         ZZ
                                         360        155,658.31          1
                                       7.500          1,090.78         80
                                       7.250          1,090.78
    ALEXANDRIA       VA   22315          1            06/04/02         00
    1302785                              03           07/01/02          0
    1302785                              N            06/01/32
    0

    7814777          286/286             F          108,000.00         ZZ
                                         360        107,843.16          2
                                       7.625            764.42         79
                                       7.375            764.42
    LAKEWOOD         OH   44107          1            05/24/02         00
    1296590                              05           07/01/02          0
    1296590                              N            06/01/32
    0

    7814779          286/286             F           32,760.00         ZZ
                                         360         32,709.98          1
                                       7.375            226.27         70
                                       7.125            226.27
    MUNCIE           IN   47334          5            05/23/02         00
    798167                               05           07/01/02          0
    798167                               N            06/01/32
    0

    7814781          286/286             F           33,600.00         ZZ
                                         360         33,548.70          1
                                       7.375            232.07         70
                                       7.125            232.07
    MUNCIE           IN   47302          5            05/23/02         00
    798166                               05           07/01/02          0
    798166                               N            06/01/32
    0

    7814783          286/286             F           95,000.00         ZZ
                                         360         94,925.89          1
                                       7.250            648.07         74
                                       7.000            648.07
    TUCSON           AZ   85711          5            06/03/02         00
    1315041                              05           08/01/02          0
    1315041                              N            07/01/32
    0
1

    7814785          286/286             F           36,000.00         ZZ
                                         360         35,952.74          1
                                       8.125            267.30         90
                                       7.875            267.30
    EVANSVILLE       IN   47714          1            05/17/02         12
    1306855                              05           07/01/02         25
    1306855                              N            06/01/32
    0

    7814787          286/286             F          150,200.00         ZZ
                                         360        149,752.40          1
                                       7.875          1,089.05         67
                                       7.625          1,089.05
    TUCSON           AZ   85641          1            05/24/02         00
    1305217                              03           07/01/02          0
    1305217                              N            06/01/32
    0

    7814789          286/286             F          184,400.00         ZZ
                                         360        184,104.20          1
                                       7.125          1,242.34         74
                                       6.875          1,242.34
    TEMPE            AZ   85284          2            05/16/02         00
    1265551                              05           07/01/02          0
    1265551                              N            06/01/32
    0

    7814791          286/286             F           53,500.00         ZZ
                                         360         53,424.22          1
                                       7.750            383.29         80
                                       7.500            383.29
    KANSAS CITY      MO   64134          2            05/17/02         00
    1284489                              05           07/01/02          0
    1284489                              N            06/01/32
    0

    7814793          286/286             F           53,500.00         ZZ
                                         360         53,424.22          1
                                       7.750            383.29         80
                                       7.500            383.29
    KANSAS CITY      MO   64134          2            05/17/02         00
    1284518                              05           07/01/02          0
    1284518                              N            06/01/32
    0

    7814795          286/286             F           48,600.00         ZZ
                                         360         48,529.42          1
1

                                       7.625            343.99         90
                                       7.375            343.99
    ORLANDO          FL   32805          1            05/31/02         11
    1327039                              05           07/01/02         25
    1327039                              N            06/01/32
    0

    7814797          286/286             F           50,000.00         ZZ
                                         360         49,923.67          1
                                       7.375            345.34         69
                                       7.125            345.34
    PETERSBURG       VA   23805          5            05/23/02         00
    1282219                              05           07/01/02          0
    1282219                              N            06/01/32
    0

    7814799          286/286             F           59,400.00         ZZ
                                         360         59,307.04          1
                                       7.250            405.22         90
                                       7.000            405.22
    LAUGHLIN         NV   89029          1            05/20/02         12
    1312548                              03           07/01/02         25
    1312548                              N            06/01/32
    0

    7814801          286/286             F          270,000.00         ZZ
                                         300        269,366.73          3
                                       7.625          2,017.29         72
                                       7.375          2,017.29
    DORCHESTER       MA   02125          2            05/29/02         00
    819353                               05           07/01/02          0
    819353                               N            06/01/27
    0

    7814803          286/286             F          133,600.00         ZZ
                                         360        133,401.06          1
                                       7.500            934.16         80
                                       7.250            934.16
    ROYAL OAK        MI   48067          1            05/29/02         00
    1290221                              05           07/01/02          0
    1290221                              N            06/01/32
    0

    7814811          286/286             F           44,000.00         ZZ
                                         360         43,967.34          1
                                       7.500            307.66         80
                                       7.250            307.66
    DAUPHIN          PA   17018          1            06/07/02         00
    1276138                              05           08/01/02          0
1

    1276138                              N            07/01/32
    0

    7814813          286/286             F           38,400.00         ZZ
                                         360         38,350.85          1
                                       8.250            288.49         80
                                       8.000            288.49
    FLINT            MI   48504          1            05/20/02         00
    1308698                              05           07/01/02          0
    1308698                              N            06/01/32
    0

    7814815          286/286             F           60,300.00         ZZ
                                         360         60,216.73          1
                                       7.875            437.22         90
                                       7.625            437.22
    GREER            SC   29651          2            05/20/02         11
    1303589                              27           07/01/02         25
    1303589                              N            06/01/32
    0

    7814817          286/286             F           49,500.00         ZZ
                                         360         49,397.13          1
                                       7.875            358.91         90
                                       7.625            358.91
    FORT WAYNE       IN   46808          1            04/20/02         12
    1271788                              05           06/01/02         25
    1271788                              N            05/01/32
    0

    7814823          286/286             F           94,400.00         ZZ
                                         360         94,255.90          1
                                       7.375            652.00         80
                                       7.125            652.00
    HAMILTON         OH   45015          5            05/30/02         00
    1322703                              05           07/01/02          0
    1322703                              N            06/01/32
    0

    7814827          286/286             F          252,000.00         ZZ
                                         360        251,624.77          1
                                       7.500          1,762.03         90
                                       7.250          1,762.03
    ALEXANDRIA       VA   22304          1            05/31/02         11
    1292494                              03           07/01/02         25
    1292494                              N            06/01/32
    0

1

    7814833          286/286             F           52,000.00         ZZ
                                         360         51,961.40          1
                                       7.500            363.60         80
                                       7.250            363.60
    NEW BRAUNFELS    TX   78130          1            06/10/02         00
    1326839                              05           08/01/02          0
    1326839                              N            07/01/32
    0

    7814841          286/286             F           92,700.00         ZZ
                                         360         92,558.49          1
                                       7.375            640.26         80
                                       7.125            640.26
    DECATUR          GA   30032          1            05/16/02         00
    1291025                              05           07/01/02          0
    1291025                              N            06/01/32
    0

    7814845          286/286             F          105,210.00         ZZ
                                         360        105,064.71          1
                                       7.875            762.85         90
                                       7.625            762.85
    ANDERSON         IN   46013          1            05/17/02         12
    1282215                              05           07/01/02         25
    1282215                              N            06/01/32
    0

    7814851          286/286             F          204,050.00         ZZ
                                         360        203,919.88          1
                                       8.250          1,532.96         70
                                       8.000          1,532.96
    BRIDGEWATER      NJ   08807          5            06/10/02         00
    1082993                              05           08/01/02          0
    1082993                              N            07/01/32
    0

    7814855          286/286             F          208,000.00         ZZ
                                         360        207,697.94          1
                                       7.625          1,472.22         80
                                       7.375          1,472.22
    IMPERIAL BEACH   CA   91932          1            05/14/02         00
    1280584                              01           07/01/02          0
    1280584                              N            06/01/32
    0

    7814869          286/286             F           26,910.00         ZZ
                                         360         26,866.53          1
                                       7.375            185.87         90
                                       7.125            185.87
1

    MUSKEGON HEIGHT  MI   49444          1            05/28/02         10
    1272744                              05           07/01/02         25
    1272744                              N            06/01/32
    0

    7814871          286/286             F           99,200.00         ZZ
                                         360         99,052.28          1
                                       7.500            693.63         80
                                       7.250            693.63
    SCOTTSDALE       AZ   85251          1            05/23/02         00
    1301810                              05           07/01/02          0
    1301810                              N            06/01/32
    0

    7814873          286/286             F          140,000.00         ZZ
                                         360        139,786.28          2
                                       7.375            966.95         39
                                       7.125            966.95
    WOBURN           MA   01801          5            05/23/02         00
    1280713                              05           07/01/02          0
    1280713                              N            06/01/32
    0

    7814875          286/286             F          280,000.00         ZZ
                                         360        279,593.41          2
                                       7.625          1,981.82         80
                                       7.375          1,981.82
    ARVADA           CO   80004          1            05/29/02         00
    1293386                              05           07/01/02          0
    1293386                              N            06/01/32
    0

    7814877          286/286             F          113,400.00         ZZ
                                         360        113,321.96          1
                                       7.875            822.23         90
                                       7.625            822.23
    RIDGEFIELD PARK  NJ   07660          1            06/04/02         12
    1292840                              05           08/01/02         25
    1292840                              N            07/01/32
    0

    7814879          286/286             F           40,500.00         ZZ
                                         360         40,446.82          1
                                       8.125            300.72         90
                                       7.875            300.72
    PORTSMOUTH       VA   23702          1            05/15/02         12
    1084118                              05           07/01/02         25
    1084118                              N            06/01/32
    0
1

    7814883          286/286             F           43,350.00         ZZ
                                         360         43,262.15          1
                                       8.000            318.09         85
                                       7.750            318.09
    LAUDERHILL       FL   33313          1            04/18/02         21
    1082442                              01           06/01/02         12
    1082442                              N            05/01/32
    0

    7814885          286/286             F           35,100.00         ZZ
                                         360         34,853.24          1
                                       8.125            260.62         90
                                       7.875            260.62
    ALAMOGORDO       NM   88310          1            05/28/02         12
    1299934                              05           07/01/02         25
    1299934                              N            06/01/32
    0

    7814887          286/286             F           55,000.00         ZZ
                                         360         54,924.05          1
                                       7.875            398.79         60
                                       7.625            398.79
    DALLAS           TX   75208          5            06/05/02         00
    1058228                              05           07/01/02          0
    1058228                              N            06/01/32
    0

    7814891          286/286             F          117,300.00         ZZ
                                         360        117,125.35          1
                                       7.500            820.18         85
                                       7.250            820.18
    WICHITA          KS   67209          2            05/24/02         11
    1315099                              03           07/01/02         12
    1315099                              N            06/01/32
    0

    7814893          286/286             F          150,250.00         ZZ
                                         360        150,020.64          1
                                       7.375          1,037.74         90
                                       7.125          1,037.74
    ZIMMERMANN       MN   55398          1            06/03/02         21
    1095211                              05           07/01/02         30
    1095211                              N            06/01/32
    0

    7814895          286/286             F           40,800.00         ZZ
                                         360         40,745.06          2
1

                                       8.000            299.38         80
                                       7.750            299.38
    MILWAUKEE        WI   53204          1            05/28/02         00
    1286203                              05           07/01/02          0
    1286203                              N            06/01/32
    0

    7814903          286/286             F          243,000.00         ZZ
                                         360        242,664.44          2
                                       7.875          1,761.92         90
                                       7.625          1,761.92
    UNION            NJ   07083          1            05/15/02         21
    1028197                              05           07/01/02         25
    1028197                              N            06/01/32
    0

    7814909          286/286             F          135,000.00         ZZ
                                         360        134,818.22          2
                                       8.000            990.59         90
                                       7.750            990.59
    ST PAUL          MN   55117          1            05/16/02         12
    797135                               05           07/01/02         25
    797135                               N            06/01/32
    0

    7814911          286/286             F           91,000.00         ZZ
                                         360         90,864.50          2
                                       7.500            636.29         70
                                       7.250            636.29
    NORWICH          CT   06360          5            05/23/02         00
    798494                               05           07/01/02          0
    798494                               N            06/01/32
    0

    7814921          286/286             F           53,100.00         ZZ
                                         360         53,024.80          1
                                       7.750            380.42         90
                                       7.500            380.42
    WASHINGTON       DC   20020          1            06/03/02         12
    1304193                              01           07/01/02         25
    1304193                              N            06/01/32
    0

    7814925          286/286             F           30,600.00         ZZ
                                         360         30,529.71          1
                                       7.375            211.35         90
                                       7.125            211.35
    HOUSTON          TX   77032          1            05/06/02         12
    1317990                              03           06/01/02         25
1

    1317990                              N            05/01/32
    0

    7814929          286/286             F          203,000.00         ZZ
                                         360        202,391.69          3
                                       7.500          1,419.41         70
                                       7.250          1,419.41
    DORCHESTER       MA   02122          5            04/05/02         00
    1082163                              05           05/01/02          0
    1082163                              N            04/01/32
    0

    7814931          286/286             F          207,200.00         ZZ
                                         360        206,891.48          1
                                       7.500          1,448.78         80
                                       7.250          1,448.78
    SAN PEDRO        CA   90731          1            05/15/02         00
    1305699                              05           07/01/02          0
    1305699                              N            06/01/32
    0

    7814935          286/286             F           57,600.00         ZZ
                                         360         57,518.42          1
                                       7.750            412.66         90
                                       7.500            412.66
    GREENSBURG       IN   47240          1            05/17/02         12
    1307328                              05           07/01/02         25
    1307328                              N            06/01/32
    0

    7814939          286/286             F          157,500.00         ZZ
                                         360        157,259.56          4
                                       7.375          1,087.82         75
                                       7.125          1,087.82
    DAVIE            FL   33314          2            05/31/02         00
    1298757                              05           07/01/02          0
    1298757                              N            06/01/32
    0

    7814941          286/286             F          157,500.00         ZZ
                                         360        157,259.56          4
                                       7.375          1,087.82         75
                                       7.125          1,087.82
    DAVIE            FL   33314          2            05/31/02         00
    1298759                              05           07/01/02          0
    1298759                              N            06/01/32
    0

1

    7814945          286/286             F           22,500.00         ZZ
                                         360         22,469.70          1
                                       8.000            165.10         90
                                       7.750            165.10
    SHREVEPORT       LA   71106          1            06/04/02         11
    1265425                              05           07/01/02         25
    1265425                              N            06/01/32
    0

    7814947          286/286             F           51,000.00         ZZ
                                         360         50,920.19          1
                                       7.250            347.91         79
                                       7.000            347.91
    MUNCIE           IN   47302          2            05/23/02         00
    1310452                              05           07/01/02          0
    1310452                              N            06/01/32
    0

    7814949          286/286             F           62,000.00         ZZ
                                         360         61,907.67          2
                                       7.500            433.52         29
                                       7.250            433.52
    ALPHA            OH   45301          2            05/16/02         00
    1028276                              05           07/01/02          0
    1028276                              N            06/01/32
    0

    7814951          286/286             F          209,700.00         ZZ
                                         360        209,387.76          1
                                       7.500          1,466.26         90
                                       7.250          1,466.26
    FLOWER MOUND     TX   75022          1            05/23/02         11
    1306950                              05           07/01/02         25
    1306950                              N            06/01/32
    0

    7814957          286/286             F           80,000.00         ZZ
                                         360         79,880.87          1
                                       7.500            559.38         80
                                       7.250            559.38
    PANAMA CITY BEA  FL   32413          1            05/16/02         00
    1299758                              05           07/01/02          0
    1299758                              N            06/01/32
    0

    7814961          286/286             F           51,300.00         ZZ
                                         360         51,207.24          1
                                       7.625            363.10         90
                                       7.375            363.10
1

    NEW PORT RICHEY  FL   34655          1            05/31/02         19
    1304557                              05           07/01/02         25
    1304557                              N            06/01/32
    0

    7814969          286/286             F           51,200.00         ZZ
                                         360         51,123.22          1
                                       7.500            358.00         80
                                       7.250            358.00
    IRONWOOD         MI   49938          1            05/24/02         00
    1300582                              05           07/01/02          0
    1300582                              N            06/01/32
    0

    7814971          286/286             F           96,300.00         ZZ
                                         360         96,176.76          1
                                       8.250            723.47         90
                                       8.000            723.47
    IRVING           TX   75060          1            05/31/02         10
    1310253                              05           07/01/02         25
    1310253                              N            06/01/32
    0

    7814977          286/286             F           26,350.00         ZZ
                                         360         26,314.52          1
                                       8.000            193.35         85
                                       7.750            193.35
    TOPEKA           KS   66606          5            06/05/02         11
    1295385                              05           07/01/02         12
    1295385                              N            06/01/32
    0

    7814979          286/286             F          146,500.00         ZZ
                                         360        146,264.21          1
                                       7.125            987.00         90
                                       6.875            987.00
    DALLAS           TX   75252          1            05/21/02         11
    1308688                              05           07/01/02         25
    1308688                              N            06/01/32
    0

    7814983          286/286             F           20,000.00         ZZ
                                         360         19,967.91          1
                                       7.125            134.75         30
                                       6.875            134.75
    NORFOLK          VA   23508          1            05/23/02         00
    1304993                              01           07/01/02          0
    1304993                              N            06/01/32
    0
1

    7814985          286/286             F          212,000.00         ZZ
                                         360        211,684.34          1
                                       7.500          1,482.34         80
                                       7.250          1,482.34
    LA GRANGE        IL   60525          2            05/22/02         00
    1301292                              05           07/01/02          0
    1301292                              N            06/01/32
    0

    7814987          286/286             F           49,500.00         ZZ
                                         360         49,465.93          2
                                       7.875            358.91         90
                                       7.625            358.91
    ANDERSON         IN   46016          1            06/04/02         11
    1301006                              05           08/01/02         25
    1301006                              N            07/01/32
    0

    7814995          286/286             F           60,000.00         ZZ
                                         360         59,905.03          4
                                       7.250            409.31         74
                                       7.000            409.31
    INDIANAPOLIS     IN   46226          2            05/23/02         00
    1291941                              05           07/01/02          0
    1291941                              N            06/01/32
    0

    7815005          286/286             F           44,900.00         ZZ
                                         360         44,837.99          1
                                       7.875            325.56         90
                                       7.625            325.56
    HAGERSTOWN       MD   21740          1            05/29/02         11
    1307097                              05           07/01/02         25
    1307097                              N            06/01/32
    0

    7815009          286/286             F           42,400.00         ZZ
                                         360         42,336.86          1
                                       7.500            296.47         80
                                       7.250            296.47
    MUNCIE           IN   47303          5            05/21/02         00
    1281231                              05           07/01/02          0
    1281231                              N            06/01/32
    0

    7815011          286/286             F          100,000.00         ZZ
                                         360         99,764.55          1
1

                                       7.250            682.18         32
                                       7.000            682.18
    SANTA ROSA       CA   95404          1            05/03/02         00
    1267651                              05           06/01/02          0
    1267651                              N            05/01/32
    0

    7815017          286/286             F           45,500.00         ZZ
                                         360         45,437.16          1
                                       7.875            329.91         80
                                       7.625            329.91
    GREEN VALLEY     AZ   85614          1            05/09/02         00
    1270078                              03           07/01/02          0
    1270078                              N            06/01/32
    0

    7815019          286/286             F           76,250.00         ZZ
                                         360         76,136.45          1
                                       7.500            533.16         80
                                       7.250            533.16
    DECATUR          GA   30034          1            05/31/02         00
    1322282                              05           07/01/02          0
    1322282                              N            06/01/32
    0

    7815027          286/286             F           23,520.00         ZZ
                                         360         23,485.83          1
                                       7.625            166.48         80
                                       7.375            166.48
    ERIE             PA   16505          1            05/31/02         00
    1303546                              05           07/01/02          0
    1303546                              N            06/01/32
    0

    7815029          286/286             F           60,000.00         ZZ
                                         360         59,957.65          1
                                       7.750            429.85         75
                                       7.500            429.85
    NEWARK           DE   19702          5            06/05/02         00
    1301367                              01           08/01/02          0
    1301367                              N            07/01/32
    0

    7815033          286/286             F          150,000.00         ZZ
                                         360        149,771.00          3
                                       7.375          1,036.02         63
                                       7.125          1,036.02
    JEFFERSON        NJ   07438          5            05/08/02         00
    1284472                              05           07/01/02          0
1

    1284472                              N            06/01/32
    0

    7815037          286/286             F           60,800.00         ZZ
                                         360         60,707.17          1
                                       7.375            419.94         71
                                       7.125            419.94
    NORFOLK          VA   23503          5            05/18/02         00
    1279780                              05           07/01/02          0
    1279780                              N            06/01/32
    0

    7815043          286/286             F           26,100.00         ZZ
                                         360         26,045.76          1
                                       7.875            189.24         90
                                       7.625            189.24
    LUBBOCK          TX   79405          1            04/25/02         21
    1315261                              05           06/01/02         25
    1315261                              N            05/01/32
    0

    7815045          286/286             F           46,750.00         ZZ
                                         360         46,687.65          1
                                       8.125            347.12         85
                                       7.875            347.12
    ROCHESTER        NY   14609          5            05/24/02         12
    1098723                              05           07/01/02         12
    1098723                              N            06/01/32
    0

    7815047          286/286             F           35,910.00         ZZ
                                         360         35,449.71          1
                                       8.125            266.64         90
                                       7.875            266.64
    BOURBONNAIS      IL   60914          1            05/16/02         10
    1279590                              01           07/01/02         25
    1279590                              N            06/01/32
    0

    7815049          286/286             F          152,400.00         ZZ
                                         360        152,184.17          1
                                       7.750          1,091.82         57
                                       7.500          1,091.82
    BROOMFIELD       CO   80020          1            05/28/02         00
    1303702                              05           07/01/02          0
    1303702                              N            06/01/32
    0

1

    7815055          286/286             F           96,750.00         ZZ
                                         360         96,616.38          1
                                       7.875            701.51         90
                                       7.625            701.51
    SELLERSBURG      IN   47172          1            05/17/02         12
    1292695                              05           07/01/02         25
    1292695                              N            06/01/32
    0

    7815059          286/286             F          112,500.00         ZZ
                                         360        112,332.49          1
                                       7.500            786.62         90
                                       7.250            786.62
    SENATOBIA        MS   38668          1            05/29/02         12
    1315873                              05           07/01/02         25
    1315873                              N            06/01/32
    0

    7815061          286/286             F          144,750.00         ZZ
                                         360        144,523.46          4
                                       7.250            987.46         75
                                       7.000            987.46
    BOURBONNAIS      IL   60914          1            05/17/02         00
    1098047                              05           07/01/02          0
    1098047                              N            06/01/32
    0

    7815063          286/286             F          197,000.00         ZZ
                                         360        196,691.71          1
                                       7.250          1,343.89         72
                                       7.000          1,343.89
    DES PLAINES      IL   60018          2            05/24/02         00
    1291186                              05           07/01/02          0
    1291186                              N            06/01/32
    0

    7815065          286/286             F           35,100.00         ZZ
                                         360         35,020.61          1
                                       7.250            239.45         90
                                       7.000            239.45
    CAMDEN           NJ   08104          1            05/31/02         12
    1325674                              05           07/01/02         25
    1325674                              N            06/01/32
    0

    7815067          286/286             F           18,900.00         ZZ
                                         360         18,867.56          1
                                       8.000            138.69         90
                                       7.750            138.69
1

    NORFOLK          VA   23508          1            05/15/02         12
    1267965                              05           07/01/02         25
    1267965                              N            06/01/32
    0

    7815069          286/286             F           50,000.00         ZZ
                                         360         49,929.19          1
                                       7.750            358.21         58
                                       7.500            358.21
    MELBOURNE        FL   32935          1            05/15/02         00
    1292158                              05           07/01/02          0
    1292158                              N            06/01/32
    0

    7815071          286/286             F           55,000.00         ZZ
                                         360         54,960.19          1
                                       7.625            389.29         54
                                       7.375            389.29
    YPSILANTI        MI   48197          1            06/07/02         00
    1306576                              01           08/01/02          0
    1306576                              N            07/01/32
    0

    7815073          286/286             F           38,250.00         ZZ
                                         360         38,224.33          1
                                       8.000            280.67         90
                                       7.750            280.67
    NAPOLEON         OH   43545          1            06/10/02         10
    1309344                              05           08/01/02         25
    1309344                              N            07/01/32
    0

    7815083          286/286             F          248,000.00         ZZ
                                         360        246,605.85          1
                                       7.250          1,691.80         22
                                       7.000          1,691.80
    CARDIFF          CA   92024          1            05/21/02         00
    1285346                              05           07/01/02          0
    1285346                              N            06/01/32
    0

    7815087          286/286             F          180,000.00         ZZ
                                         360        179,707.31          1
                                       7.125          1,212.70         77
                                       6.875          1,212.70
    PLYMOUTH         MA   02360          5            05/16/02         00
    1290023                              05           07/01/02          0
    1290023                              N            06/01/32
    0
1

    7815089          286/286             F          173,900.00         ZZ
                                         360        173,641.07          1
                                       7.500          1,215.94         74
                                       7.250          1,215.94
    MEMPHIS          TN   38111          5            05/14/02         00
    1082372                              05           07/01/02          0
    1082372                              N            06/01/32
    0

    7815091          286/286             F          152,000.00         ZZ
                                         360        151,767.97          4
                                       7.375          1,049.83         80
                                       7.125          1,049.83
    MESA             AZ   85213          1            05/09/02         00
    1284761                              05           07/01/02          0
    1284761                              N            06/01/32
    0

    7815093          286/286             F           85,500.00         ZZ
                                         360         85,378.91          1
                                       7.750            612.54         90
                                       7.500            612.54
    MOUNT GILEAD     NC   27306          1            05/22/02         21
    1304845                              05           07/01/02         25
    1304845                              N            06/01/32
    0

    7815095          286/286             F           60,800.00         ZZ
                                         360         60,707.17          1
                                       7.375            419.94         80
                                       7.125            419.94
    BRUNSWICK        GA   31525          5            05/07/02         00
    1264335                              05           07/01/02          0
    1264335                              N            06/01/32
    0

    7815097          286/286             F          148,000.00         ZZ
                                         360        147,785.08          2
                                       7.625          1,047.54         80
                                       7.375          1,047.54
    FOUNTAIN HILLS   AZ   85268          1            05/23/02         00
    1264842                              05           07/01/02          0
    1264842                              N            06/01/32
    0

    7815099          286/286             F           46,200.00         ZZ
                                         360         46,000.61          1
1

                                       7.875            334.99         88
                                       7.625            334.99
    MILLEDGEVILLE    GA   31061          2            05/17/02         14
    1277022                              05           07/01/02         25
    1277022                              N            06/01/32
    0

    7815101          286/286             F           56,700.00         ZZ
                                         360         56,657.92          1
                                       7.500            396.46         90
                                       7.250            396.46
    MIDDLETOWN       IN   47356          1            06/04/02         10
    1292975                              05           08/01/02         25
    1292975                              N            07/01/32
    0

    7815103          286/286             F           27,200.00         ZZ
                                         360         26,888.76          1
                                       7.250            185.56         80
                                       7.000            185.56
    HUNTINGTON       IN   46750          1            06/07/02         00
    1323451                              05           08/01/02          0
    1323451                              N            07/01/32
    0

    7815107          286/286             F          230,664.00         ZZ
                                         360        230,268.23          2
                                       8.000          1,692.53         80
                                       7.750          1,692.53
    SAN MARCOS       TX   78666          1            05/31/02         00
    1308770                              05           07/01/02          0
    1308770                              N            06/01/32
    0

    7815121          286/286             F           68,800.00         ZZ
                                         360         68,694.96          2
                                       7.375            475.19         80
                                       7.125            475.19
    RED WING         MN   55066          1            05/16/02         00
    1273816                              05           07/01/02          0
    1273816                              N            06/01/32
    0

    7815123          286/286             F           88,200.00         ZZ
                                         360         88,068.67          2
                                       7.500            616.71         90
                                       7.250            616.71
    COLLEGE STATION  TX   77845          1            05/31/02         11
    1291364                              05           07/01/02         25
1

    1291364                              N            06/01/32
    0

    7815125          286/286             F           45,900.00         ZZ
                                         360         45,835.06          1
                                       8.250            344.84         90
                                       8.000            344.84
    COLUMBUS         OH   43227          1            05/15/02         10
    1278139                              05           07/01/02         25
    1278139                              N            06/01/32
    0

    7815127          286/286             F          106,200.00         ZZ
                                         360        106,053.34          1
                                       7.875            770.03         90
                                       7.625            770.03
    GAHANNA          OH   43230          1            05/24/02         10
    1277869                              05           07/01/02         25
    1277869                              N            06/01/32
    0

    7815129          286/286             F          121,500.00         ZZ
                                         360        121,420.52          1
                                       8.125            902.14         90
                                       7.875            902.14
    SOUTH ELGIN      IL   60177          1            06/10/02         12
    1314357                              05           08/01/02         25
    1314357                              N            07/01/32
    0

    7815131          286/286             F          106,000.00         ZZ
                                         360        105,860.85          1
                                       8.125            787.05         85
                                       7.875            787.05
    ROMEOVILLE       IL   60446          5            05/17/02         10
    1065754                              05           07/01/02         25
    1065754                              N            06/01/32
    0

    7815139          286/286             F          140,500.00         ZZ
                                         360        140,310.83          4
                                       8.000          1,030.94         76
                                       7.750          1,030.94
    LEROY            IL   61752          2            05/20/02         00
    1265996                              05           07/01/02          0
    1265996                              N            06/01/32
    0

1

    7815145          286/286             F          103,500.00         ZZ
                                         360        103,364.12          1
                                       8.125            768.49         90
                                       7.875            768.49
    DEARBORN         MI   48126          1            05/24/02         11
    1310701                              05           07/01/02         25
    1310701                              N            06/01/32
    0

    7815147          286/286             F           49,200.00         ZZ
                                         360         49,124.87          2
                                       7.375            339.82         77
                                       7.125            339.82
    NEW ALBANY       IN   47150          1            05/21/02         00
    1098235                              05           07/01/02          0
    1098235                              N            06/01/32
    0

    7815149          286/286             F          155,000.00         ZZ
                                         360        154,774.90          1
                                       7.625          1,097.09         62
                                       7.375          1,097.09
    COLUMBIA         MD   21045          2            05/24/02         00
    1283470                              05           07/01/02          0
    1283470                              N            06/01/32
    0

    7815151          286/286             F          130,500.00         ZZ
                                         360        130,407.89          1
                                       7.750            934.92         90
                                       7.500            934.92
    SAN MARCOS       CA   92069          1            05/30/02         10
    1310337                              01           08/01/02         25
    1310337                              N            07/01/32
    0

    7815153          286/286             F          141,100.00         ZZ
                                         360        140,889.92          1
                                       7.500            986.59         85
                                       7.250            986.59
    HOUSTON          TX   77063          5            05/16/02         12
    1299589                              05           07/01/02         12
    1299589                              N            06/01/32
    0

    7815155          286/286             F          210,000.00         ZZ
                                         360        209,687.31          2
                                       7.500          1,468.36         70
                                       7.250          1,468.36
1

    INDEPENDENCE     MO   64056          5            05/30/02         00
    1299921                              05           07/01/02          0
    1299921                              N            06/01/32
    0

    7815157          286/286             F          210,000.00         ZZ
                                         360        209,687.31          2
                                       7.500          1,468.36         70
                                       7.250          1,468.36
    INDEPENDENCE     MO   64056          5            05/30/02         00
    1303736                              05           07/01/02          0
    1303736                              N            06/01/32
    0

    7815165          286/286             F           23,800.00         ZZ
                                         360         23,784.03          1
                                       8.000            174.64         70
                                       7.750            174.64
    KANSAS CITY      MO   64128          5            06/03/02         00
    1303292                              05           08/01/02          0
    1303292                              N            07/01/32
    0

    7815167          286/286             F           42,000.00         ZZ
                                         360         41,943.43          1
                                       8.000            308.19         70
                                       7.750            308.19
    KANSAS CITY      MO   64128          5            06/03/02         00
    1303344                              05           07/01/02          0
    1303344                              N            06/01/32
    0

    7815169          286/286             F           55,000.00         ZZ
                                         360         54,958.15          1
                                       7.375            379.87         27
                                       7.125            379.87
    SCOTTSDALE       AZ   85250          1            06/01/02         00
    1301937                              05           08/01/02          0
    1301937                              N            07/01/32
    0

    7815171          286/286             F          370,000.00         ZZ
                                         360        369,449.08          2
                                       7.500          2,587.10         79
                                       7.250          2,587.10
    PALISADES PARK   NJ   07650          2            05/22/02         00
    1274173                              05           07/01/02          0
    1274173                              N            06/01/32
    0
1

    7815173          286/286             F          230,000.00         ZZ
                                         360        229,657.53          2
                                       7.500          1,608.20         74
                                       7.250          1,608.20
    CLIFFSIDE PARK   NJ   07010          5            05/22/02         00
    1274176                              05           07/01/02          0
    1274176                              N            06/01/32
    0

    7815179          286/286             F           85,000.00         ZZ
                                         360         84,846.36          1
                                       8.250            638.58         85
                                       8.000            638.58
    LITTLE EGG HARB  NJ   08087          1            05/22/02         10
    1087503                              05           07/01/02         12
    1087503                              N            06/01/32
    0

    7815181          286/286             F           33,750.00         ZZ
                                         360         33,706.79          1
                                       8.250            253.56         90
                                       8.000            253.56
    CANTON           OH   44705          1            05/16/02         21
    1274645                              05           07/01/02         25
    1274645                              N            06/01/32
    0

    7815183          286/286             F           88,000.00         ZZ
                                         360         87,872.21          1
                                       7.625            622.86         80
                                       7.375            622.86
    FALLBROOK        CA   92028          1            05/30/02         00
    1309243                              01           07/01/02          0
    1309243                              N            06/01/32
    0

    7815185          286/286             F          223,200.00         ZZ
                                         360        222,846.22          1
                                       8.000          1,637.77         90
                                       7.750          1,637.77
    BROOKFIELD       WI   53045          1            05/22/02         12
    1312287                              05           07/01/02         25
    1312287                              N            06/01/32
    0

    7815193          286/286             F          110,000.00         ZZ
                                         360        109,844.22          1
1

                                       7.750            788.06         48
                                       7.500            788.06
    MONTGOMERY       NJ   08540          5            05/17/02         00
    1098283                              03           07/01/02          0
    1098283                              N            06/01/32
    0

    7815195          286/286             F           45,000.00         ZZ
                                         360         44,939.40          1
                                       8.000            330.20         90
                                       7.750            330.20
    ALEXANDRIA       IN   46001          1            05/31/02         11
    1306274                              05           07/01/02         25
    1306274                              N            06/01/32
    0

    7815197          286/286             F          193,500.00         ZZ
                                         360        193,204.61          2
                                       7.375          1,336.46         90
                                       7.125          1,336.46
    MANAHAWKIN       NJ   08050          1            06/05/02         11
    1286487                              05           07/01/02         25
    1286487                              N            06/01/32
    0

    7815203          286/286             F           60,000.00         ZZ
                                         360         59,952.01          1
                                       7.125            404.24         78
                                       6.875            404.24
    MISHAWAKA        IN   46544          5            06/10/02         00
    1270995                              05           08/01/02          0
    1270995                              N            07/01/32
    0

    7815211          286/286             F           59,150.00         ZZ
                                         360         59,068.31          1
                                       7.875            428.88         80
                                       7.625            428.88
    POUGHKEEPSIE     NY   12601          1            05/15/02         00
    1102802                              05           07/01/02          0
    1102802                              N            06/01/32
    0

    7815221          286/286             F           35,550.00         ZZ
                                         360         35,500.38          1
                                       7.875            257.77         90
                                       7.625            257.77
    HINESVILLE       GA   31313          1            05/17/02         12
    1299245                              05           07/01/02         25
1

    1299245                              N            06/01/32
    0

    7815225          286/286             F           60,000.00         ZZ
                                         360         59,868.88          1
                                       7.625            424.68         80
                                       7.375            424.68
    CEDAR CITY       UT   84720          1            05/07/02         00
    1289737                              05           06/01/02          0
    1289737                              N            05/01/32
    0

    7815235          286/286             F          117,000.00         ZZ
                                         360        116,838.41          1
                                       7.875            848.34         90
                                       7.625            848.34
    INDIANAPOLIS     IN   46220          1            05/20/02         11
    1300446                              05           07/01/02         25
    1300446                              N            06/01/32
    0

    7815237          286/286             F          102,750.00         ZZ
                                         360        102,585.17          4
                                       7.125            692.25         75
                                       6.875            692.25
    RIO RICO         AZ   85648          1            05/13/02         00
    1307500                              05           07/01/02          0
    1307500                              N            06/01/32
    0

    7815241          286/286             F           92,700.00         ZZ
                                         360         92,575.17          1
                                       8.000            680.20         90
                                       7.750            680.20
    MESA             AZ   85204          1            05/08/02         12
    1295546                              05           07/01/02         25
    1295546                              N            06/01/32
    0

    7815247          286/286             F          200,000.00         ZZ
                                         360        199,573.78          1
                                       7.750          1,432.83         80
                                       7.500          1,432.83
    DALLAS           TX   75214          1            04/30/02         00
    1284795                              05           06/01/02          0
    1284795                              N            05/01/32
    0

1

    7815249          286/286             F           42,000.00         ZZ
                                         360         41,942.01          1
                                       7.875            304.53         70
                                       7.625            304.53
    AUSTELL          GA   30168          5            06/03/02         00
    1326667                              01           07/01/02          0
    1326667                              N            06/01/32
    0

    7815251          286/286             F           37,350.00         ZZ
                                         360         37,300.96          1
                                       8.125            277.33         90
                                       7.875            277.33
    WICHITA          KS   67213          1            05/31/02         11
    1298597                              05           07/01/02         25
    1298597                              N            06/01/32
    0

    7815253          286/286             F           25,200.00         ZZ
                                         360         25,164.31          1
                                       7.750            180.54         90
                                       7.500            180.54
    INDIANAPOLIS     IN   46205          1            05/29/02         12
    1318222                              05           07/01/02         25
    1318222                              N            06/01/32
    0

    7815257          286/286             F           45,000.00         ZZ
                                         360         44,934.68          1
                                       8.000            330.20         90
                                       7.750            330.20
    ARLINGTON        TX   76014          1            05/17/02         10
    1284290                              03           07/01/02         25
    1284290                              N            06/01/32
    0

    7815265          286/286             F          148,175.00         ZZ
                                         360        147,943.11          1
                                       7.250          1,010.82         89
                                       7.000          1,010.82
    FARMINGTON       NM   87401          1            05/23/02         12
    1303635                              05           07/01/02         25
    1303635                              N            06/01/32
    0

    7815267          286/286             F          148,625.00         ZZ
                                         360        148,392.40          1
                                       7.250          1,013.89         89
                                       7.000          1,013.89
1

    FARMINGTON       NM   87401          1            05/23/02         12
    1303645                              05           07/01/02         25
    1303645                              N            06/01/32
    0

    7815273          286/286             F          157,500.00         ZZ
                                         360        157,293.24          1
                                       8.125          1,169.44         90
                                       7.875          1,169.44
    SALT LAKE CITY   UT   84121          1            06/05/02         14
    1327770                              03           07/01/02         25
    1327770                              N            06/01/32
    0

    7815287          286/286             F           51,000.00         ZZ
                                         360         50,931.33          1
                                       8.000            374.22         85
                                       7.750            374.22
    INDIANAPOLIS     IN   46208          5            05/30/02         12
    1315582                              05           07/01/02         12
    1315582                              N            06/01/32
    0

    7815289          286/286             F           42,500.00         ZZ
                                         360         42,442.77          1
                                       8.000            311.85         85
                                       7.750            311.85
    INDIANAPOLIS     IN   46208          5            05/30/02         12
    1316836                              05           07/01/02         12
    1316836                              N            06/01/32
    0

    7815291          286/286             F           53,600.00         ZZ
                                         360         53,516.11          1
                                       7.250            365.65         80
                                       7.000            365.65
    RIO RANCHO       NM   87124          5            05/13/02         00
    1294943                              05           07/01/02          0
    1294943                              N            06/01/32
    0

    7815299          286/286             F           54,900.00         ZZ
                                         360         54,822.23          2
                                       7.750            393.32         89
                                       7.500            393.32
    INDIANAPOLIS     IN   46219          2            05/10/02         21
    1278622                              05           07/01/02         25
    1278622                              N            06/01/32
    0
1

    7815301          286/286             F           46,750.00         ZZ
                                         360         46,685.45          2
                                       7.875            338.97         85
                                       7.625            338.97
    INDIANAPOLIS     IN   46219          5            05/10/02         12
    1278599                              05           07/01/02         12
    1278599                              N            06/01/32
    0

    7815305          286/286             F           56,700.00         ZZ
                                         360         56,619.70          2
                                       7.750            406.21         90
                                       7.500            406.21
    INDIANAPOLIS     IN   46219          2            05/10/02         21
    1278613                              05           07/01/02         25
    1278613                              N            06/01/32
    0

    7815309          286/286             F           35,800.00         ZZ
                                         360         35,775.98          3
                                       8.000            262.69         49
                                       7.750            262.69
    PORT ORANGE      FL   32127          5            05/29/02         00
    1291532                              05           07/01/02          0
    1291532                              N            06/01/32
    0

    7815311          286/286             F           38,250.00         ZZ
                                         360         38,092.42          1
                                       7.500            267.45         75
                                       7.250            267.45
    LADSON           SC   29456          1            05/31/02         00
    1298299                              05           07/01/02          0
    1298299                              N            06/01/32
    0

    7815319          286/286             F           98,950.00         ZZ
                                         360         98,798.96          1
                                       7.375            683.42         90
                                       7.125            683.42
    FRESNO           CA   93711          1            05/20/02         14
    750967                               05           07/01/02         25
    750967                               N            06/01/32
    0

    7815325          286/286             F          169,450.00         ZZ
                                         360        169,126.67          1
1

                                       7.250          1,155.95         80
                                       7.000          1,155.95
    SACRAMENTO       CA   95829          1            05/21/02         00
    816221                               05           07/01/02          0
    816221                               N            06/01/32
    0

    7815335          286/286             F          144,000.00         ZZ
                                         360        143,790.90          1
                                       7.625          1,019.22         80
                                       7.375          1,019.22
    TEMPE            AZ   85281          1            05/22/02         00
    797589                               05           07/01/02          0
    797589                               N            06/01/32
    0

    7815339          286/286             F          276,000.00         ZZ
                                         360        275,149.34          1
                                       7.500          1,929.83         80
                                       7.250          1,929.83
    RANCHO SANTA MA  CA   92688          1            04/04/02         00
    823210                               03           06/01/02          0
    823210                               N            05/01/32
    0

    7815341          286/286             F           66,750.00         ZZ
                                         360         66,627.95          2
                                       7.500            466.73         75
                                       7.250            466.73
    VISALIA          CA   93291          5            05/14/02         00
    777836                               05           07/01/02          0
    777836                               N            06/01/32
    0

    7815357          286/286             F           85,500.00         ZZ
                                         360         84,989.53          1
                                       7.875            619.93         90
                                       7.625            619.93
    HEMET            CA   92543          1            05/07/02         14
    783000                               05           07/01/02         25
    783000                               N            06/01/32
    0

    7815359          286/286             F           92,250.00         ZZ
                                         360         92,125.79          1
                                       8.000            676.90         90
                                       7.750            676.90
    BALTIMORE        MD   21227          1            05/21/02         11
    816344                               05           07/01/02         25
1

    816344                               N            06/01/32
    0

    7815361          286/286             F          103,900.00         ZZ
                                         360        103,741.40          1
                                       7.375            717.61         80
                                       7.125            717.61
    CHANDLER         AZ   85248          1            05/28/02         00
    799510                               03           07/01/02          0
    799510                               N            06/01/32
    0

    7815371          286/286             F           48,500.00         ZZ
                                         360         43,876.49          1
                                       7.750            347.46         77
                                       7.500            347.46
    SAN JACINTO      CA   92582          1            05/15/02         00
    797700                               05           07/01/02          0
    797700                               N            06/01/32
    0

    7815373          286/286             F          154,000.00         ZZ
                                         360        153,671.82          1
                                       7.750          1,103.27         80
                                       7.500          1,103.27
    REDDING          CA   96001          1            04/26/02         00
    819258                               05           06/01/02          0
    819258                               N            05/01/32
    0

    7815379          286/286             F          144,000.00         ZZ
                                         360        143,780.19          1
                                       7.375            994.57         80
                                       7.125            994.57
    CITRUS HEIGHTS   CA   95621          1            05/24/02         00
    800736                               05           07/01/02          0
    800736                               N            06/01/32
    0

    7815381          286/286             F          193,000.00         ZZ
                                         360        192,690.40          2
                                       7.125          1,300.28         54
                                       6.875          1,300.28
    VALLEJO          CA   94590          1            05/13/02         00
    791945                               05           07/01/02          0
    791945                               N            06/01/32
    0

1

    7815383          286/286             F          123,200.00         ZZ
                                         360        123,034.11          1
                                       8.000            904.00         90
                                       7.750            904.00
    SAN BERNARDINO   CA   92404          1            05/14/02         14
    786769                               05           07/01/02         25
    786769                               N            06/01/32
    0

    7815391          286/286             F          157,550.00         ZZ
                                         360        157,332.43          1
                                       7.875          1,142.35         90
                                       7.625          1,142.35
    ROSEVILLE        CA   95678          1            05/16/02         10
    815713                               05           07/01/02         25
    815713                               N            06/01/32
    0

    7815397          286/286             F          108,000.00         ZZ
                                         360        107,643.53          1
                                       7.125            727.62         80
                                       6.875            727.62
    TUSTIN           CA   92780          1            04/16/02         00
    786332                               01           06/01/02          0
    786332                               N            05/01/32
    0

    7815401          286/286             F          226,100.00         ZZ
                                         360        225,554.35          1
                                       7.125          1,523.28         75
                                       6.875          1,523.28
    UNION CITY       CA   94587          5            04/22/02         00
    757703                               03           06/01/02          0
    757703                               N            05/01/32
    0

    7815407          286/286             F          384,900.00         ZZ
                                         360        384,100.13          2
                                       7.875          2,790.79         88
                                       7.625          2,790.79
    OAKLAND          CA   94609          1            04/10/02         14
    788290                               05           06/01/02         25
    788290                               N            05/01/32
    0

    7815413          286/286             F           57,600.00         ZZ
                                         360         57,520.46          1
                                       7.875            417.64         80
                                       7.625            417.64
1

    WEED             CA   96094          1            05/21/02         00
    793471                               03           07/01/02          0
    793471                               N            06/01/32
    0

    7815435          286/286             F           47,600.00         ZZ
                                         360         27,149.30          1
                                       8.000            349.27         90
                                       7.750            349.27
    CALDWELL         ID   83605          1            04/15/02         11
    824365                               05           06/01/02         25
    824365                               N            05/01/32
    0

    7815437          286/286             F           27,900.00         ZZ
                                         360         27,862.44          1
                                       8.000            204.72         90
                                       7.750            204.72
    PETERSBURG       VA   23805          1            05/28/02         10
    822344                               05           07/01/02         25
    822344                               N            06/01/32
    0

    7815439          286/286             F          167,350.00         ZZ
                                         360        167,100.82          2
                                       7.500          1,170.14         90
                                       7.250          1,170.14
    SAN DIEGO        CA   92105          1            05/24/02         14
    796679                               05           07/01/02         25
    796679                               N            06/01/32
    0

    7815441          286/286             F           31,200.00         ZZ
                                         360         31,153.56          1
                                       7.500            218.15         80
                                       7.250            218.15
    YREKA            CA   96097          1            05/22/02         00
    816597                               03           07/01/02          0
    816597                               N            06/01/32
    0

    7815443          286/286             F           92,000.00         ZZ
                                         360         91,863.92          1
                                       7.625            651.17         80
                                       7.375            651.17
    RENO             NV   89502          5            05/13/02         00
    819937                               05           07/01/02          0
    819937                               N            06/01/32
    0
1

    7815451          286/286             F           57,250.00         ZZ
                                         360         56,819.78          1
                                       8.250            430.10         73
                                       8.000            430.10
    WINCHESTER       VA   22601          2            05/16/02         00
    819383                               05           07/01/02          0
    819383                               N            06/01/32
    0

    7815455          286/286             F           69,600.00         ZZ
                                         360         69,444.08          1
                                       7.500            486.65         80
                                       7.250            486.65
    STOCKTON         CA   95205          1            04/23/02         00
    820931                               05           06/01/02          0
    820931                               N            05/01/32
    0

    7815463          286/286             F          142,800.00         ZZ
                                         360        142,582.02          2
                                       7.375            986.28         80
                                       7.125            986.28
    MODESTO          CA   95355          1            05/16/02         00
    796827                               05           07/01/02          0
    796827                               N            06/01/32
    0

    7815469          286/286             F          266,153.00         ZZ
                                         360        265,940.15          1
                                       7.125          1,793.13         89
                                       6.875          1,793.13
    FT WASHINGTON    MD   20744          2            06/12/02         12
    684387                               03           08/01/02         25
    684387                               O            07/01/32
    0

    7815473          286/286             F           83,000.00         ZZ
                                         360         82,881.30          1
                                       7.250            566.21         95
                                       7.000            566.21
    OCEAN            NJ   08758          1            06/19/02         10
    1298470                              05           08/01/02         30
    1298470                              O            07/01/32
    0

    7815483          286/286             F          235,000.00         ZZ
                                         360        234,802.56          1
1

                                       6.875          1,543.79         53
                                       6.625          1,543.79
    CLARKSTON        MI   48348          5            06/13/02         00
    1334182                              05           08/01/02          0
    1334182                              O            07/01/32
    0

    7815485          286/286             F          225,000.00         ZZ
                                         360        224,815.56          1
                                       7.000          1,496.94         87
                                       6.750          1,496.94
    MORGANTOWN       IN   46160          2            06/14/02         12
    382990                               03           08/01/02         25
    382990                               O            07/01/32
    0

    7815499          286/286             F           76,500.00         ZZ
                                         360         76,435.72          1
                                       6.875            502.56         64
                                       6.625            502.56
    NICHOLASVILLE    KY   40356          2            06/17/02         00
    1323665                              05           08/01/02          0
    1323665                              O            07/01/32
    0

    7815505          286/286             F          264,050.00         ZZ
                                         360        263,833.55          1
                                       7.000          1,756.74         86
                                       6.750          1,756.74
    CANYON LAKE      TX   78132          2            06/07/02         10
    1076915                              05           08/01/02         25
    1076915                              O            07/01/32
    0

    7815507          286/286             F          265,400.00         ZZ
                                         360        264,974.26          1
                                       7.125          1,788.05         90
                                       6.875          1,788.05
    PRINCE FREDERIC  MD   20678          2            05/24/02         12
    678228                               05           07/01/02         30
    678228                               O            06/01/32
    0

    7815543          286/286             F          173,500.00         ZZ
                                         360        173,354.23          1
                                       6.875          1,139.78         90
                                       6.625          1,139.78
    CHESAPEAKE       VA   23321          1            06/17/02         12
    1001559                              05           08/01/02         25
1

    1001559                              O            07/01/32
    0

    7815545          286/286             F           70,725.00         ZZ
                                         360         70,667.02          1
                                       7.000            470.54         55
                                       6.750            470.54
    DEARBORN HEIGHT  MI   48127          5            06/17/02         00
    1321827                              05           08/01/02          0
    1321827                              O            07/01/32
    0

    7815551          286/286             F          225,000.00         ZZ
                                         360        223,402.94          1
                                       6.875          1,478.10         54
                                       6.625          1,478.10
    TAKOMA PARK      MD   20912          2            06/19/02         00
    1329853                              05           08/01/02          0
    1329853                              O            07/01/32
    0

    7815553          286/286             F           82,650.00         ZZ
                                         360         82,585.52          1
                                       7.250            563.82         95
                                       7.000            563.82
    FELTON           DE   19943          1            06/14/02         11
    856402                               05           08/01/02         30
    856402                               O            07/01/32
    0

    7815567          286/286             F          111,000.00         ZZ
                                         360        110,909.01          1
                                       7.000            738.49         90
                                       6.750            738.49
    CODORUS          PA   17311          2            06/12/02         12
    1324860                              05           08/01/02         17
    1324860                              O            07/01/32
    0

    7815569          286/286             F           41,500.00         ZZ
                                         360         41,467.62          1
                                       7.250            283.11         57
                                       7.000            283.11
    ASHLEY           IN   46705          5            06/17/02         00
    1325720                              05           08/01/02          0
    1325720                              O            07/01/32
    0

1

    7815571          286/286             F          232,000.00         ZZ
                                         360        231,618.53          1
                                       7.000          1,543.51         51
                                       6.750          1,543.51
    WASHINGTON       DC   20016          5            05/23/02         00
    1065714                              05           07/01/02          0
    1065714                              O            06/01/32
    0

    7815575          286/286             F           60,800.00         ZZ
                                         360         60,748.91          1
                                       6.875            399.42         95
                                       6.625            399.42
    CLEBURNE         TX   76033          1            06/14/02         11
    1351337                              05           08/01/02         30
    1351337                              O            07/01/32
    0

    7815583          286/286             F           50,000.00         ZZ
                                         360         49,959.01          1
                                       7.000            332.66         65
                                       6.750            332.66
    PEORIA           IL   61604          1            06/17/02         00
    1290042                              05           08/01/02          0
    1290042                              O            07/01/32
    0

    7815917          964/G02             F          145,000.00         ZZ
                                         360        144,868.92          1
                                       6.500            916.50         62
                                       6.250            916.50
    LAS VEGAS        NV   89147          1            06/14/02         00
    0434318770                           05           08/01/02          0
    217047                               O            07/01/32
    0

    7815919          964/G02             F          220,000.00         ZZ
                                         360        219,815.18          1
                                       6.875          1,445.24         53
                                       6.625          1,445.24
    SAN LUIS OBISPO  CA   93405          5            06/18/02         00
    0434318762                           05           08/01/02          0
    217714                               O            07/01/32
    0

    7815921          964/G02             F          252,750.00         ZZ
                                         360        252,537.66          1
                                       6.875          1,660.39         75
                                       6.625          1,660.39
1

    FULLERTON        CA   92835          1            06/24/02         00
    0434318754                           07           08/01/02          0
    218423                               O            07/01/32
    0

    7815923          964/G02             F          268,000.00         ZZ
                                         360        267,774.85          1
                                       6.875          1,760.57         52
                                       6.625          1,760.57
    EL CAJON         CA   92020          5            06/18/02         00
    0434318796                           05           08/01/02          0
    218841                               O            07/01/32
    0

    7815931          964/G02             F          189,900.00         ZZ
                                         360        189,736.50          1
                                       6.750          1,231.69         71
                                       6.500          1,231.69
    CORONA           CA   92881          1            06/18/02         00
    0434318705                           05           08/01/02          0
    221329                               O            07/01/32
    0

    7815937          964/G02             F          260,000.00         ZZ
                                         360        259,776.14          1
                                       6.750          1,686.36         46
                                       6.500          1,686.36
    DALY CITY        CA   94014          2            06/18/02         00
    0434325031                           05           08/01/02          0
    222144                               O            07/01/32
    0

    7815945          964/G02             F           87,750.00         ZZ
                                         360         87,674.45          1
                                       6.750            569.14         90
                                       6.500            569.14
    BEAVERTON        OR   97008          1            06/24/02         11
    0434318804                           01           08/01/02         25
    226575                               O            07/01/32
    0

    7815989          E44/G02             F           85,500.00         ZZ
                                         360         85,429.92          1
                                       7.000            568.83         90
                                       6.750            568.83
    PRICE            UT   84501          1            06/19/02         01
    0434216024                           05           08/01/02         25
    54020130                             O            07/01/32
    0
1

    7816113          696/G02             F          190,800.00         ZZ
                                         360        190,654.81          1
                                       7.375          1,317.81         80
                                       7.125          1,317.81
    SPRINGFIELD      VA   22153          1            06/27/02         00
    0434314373                           09           08/01/02          0
    21702114                             O            07/01/32
    0

    7816255          964/G02             F          176,250.00         T
                                         360        175,974.17          1
                                       7.250          1,202.34         75
                                       7.000          1,202.34
    SOUTH PADRE ISL  TX   78597          1            05/22/02         00
    0434230157                           06           07/01/02          0
    211959                               O            06/01/32
    0

    7816393          X67/G02             F          192,000.00         ZZ
                                         360        191,838.70          1
                                       6.875          1,261.30         80
                                       6.625          1,261.30
    MORENO VALLEY    CA   92557          2            06/06/02         00
    0434216222                           03           08/01/02          0
    00267355                             O            07/01/32
    0

    7816867          B57/G02             F          128,000.00         ZZ
                                         360        127,900.14          1
                                       7.250            873.19         80
                                       7.000            873.19
    PHOENIX          AZ   85032          5            06/20/02         00
    0434276556                           01           08/01/02          0
    20000449                             O            07/01/32
    0

    7817017          X52/G02             F          290,000.00         ZZ
                                         360        290,000.00          2
                                       7.000          1,929.38         66
                                       6.750          1,929.38
    KEY WEST         FL   33040          2            06/27/02         00
    0434231767                           05           09/01/02          0
    1                                    N            08/01/32
    0

    7817195          Q01/G02             F          266,000.00         ZZ
                                         360        265,781.97          1
1

                                       7.000          1,769.70         95
                                       6.750          1,769.70
    CHANDLER         AZ   85224          5            06/24/02         12
    0434225280                           05           08/01/02         30
    90405                                O            07/01/32
    0

    7819155          P09/G02             F          117,626.00         ZZ
                                         360        117,531.93          1
                                       7.125            792.47         95
                                       6.875            792.47
    SILVER SPRING    MD   20904          2            06/27/02         10
    0434231718                           01           08/01/02         30
    R0206016                             O            07/01/32
    0

    7819163          A46/G02             F           67,256.00         ZZ
                                         360         67,200.87          1
                                       7.000            447.46         80
                                       6.750            447.46
    ALBUQUERQUE      NM   87121          1            06/18/02         00
    0434330247                           05           08/01/02          0
    0822007                              O            07/01/32
    0

    7819191          N74/G02             F          147,250.00         ZZ
                                         240        146,996.10          1
                                       7.875          1,220.23         95
                                       7.625          1,220.23
    WOODBRIDGE       VA   22193          5            06/24/02         01
    0434219614                           05           08/01/02         30
    0030367010                           O            07/01/22
    0

    7819447          783/G02             F          152,800.00         ZZ
                                         360        152,542.52          1
                                       6.875          1,003.79         80
                                       6.625          1,003.79
    FRIDAY HARBOR    WA   98250          1            05/30/02         00
    0434223004                           05           07/01/02          0
    9420020013                           O            06/01/32
    0

    7819499          A06/G02             F          132,000.00         ZZ
                                         360        131,897.02          1
                                       7.250            900.48         80
                                       7.000            900.48
    NEW BOSTON       MI   48164          2            06/17/02         00
    0434242152                           05           08/01/02          0
1

    021000020209283                      O            07/01/32
    0

    7819989          E22/G02             F          199,800.00         ZZ
                                         360        199,644.14          2
                                       7.250          1,362.99         90
                                       7.000          1,362.99
    GARFIELD         NJ   07026          1            06/28/02         04
    0414096826                           05           08/01/02         25
    0414096826                           N            07/01/32
    0

    7820005          E22/G02             F          160,000.00         ZZ
                                         360        159,855.36          1
                                       6.500          1,011.31         80
                                       6.250          1,011.31
    FAIRVIEW         NC   28730          2            06/28/02         00
    0414128363                           05           08/01/02          0
    0414128363                           O            07/01/32
    0

    7820015          E22/G02             F          145,800.00         ZZ
                                         360        145,702.17          4
                                       8.000          1,069.83         90
                                       7.750          1,069.83
    CINCINNATI       OH   45217          1            06/28/02         04
    0414134205                           05           08/01/02         25
    0414134205                           N            07/01/32
    0

    7820059          E22/G02             F          142,400.00         ZZ
                                         360        142,280.36          1
                                       6.875            935.47         80
                                       6.625            935.47
    HUMBLE           TX   77339          1            06/28/02         00
    0414163469                           03           08/01/02          0
    0414163469                           O            07/01/32
    0

    7820099          E22/G02             F          182,120.00         ZZ
                                         360        181,970.72          1
                                       7.000          1,211.65         80
                                       6.750          1,211.65
    LITTLETON        CO   80120          1            06/28/02         00
    0414185728                           05           08/01/02          0
    0414185728                           O            07/01/32
    0

1

    7820107          E22/G02             F          276,000.00         ZZ
                                         360        275,762.37          1
                                       6.750          1,790.13         80
                                       6.500          1,790.13
    SEATTLE          WA   98117          1            06/26/02         00
    0414189084                           05           08/01/02          0
    0414189084                           O            07/01/32
    0

    7820109          E22/G02             F          144,000.00         ZZ
                                         360        143,884.85          1
                                       7.125            970.15         90
                                       6.875            970.15
    CINCINNATI       OH   45224          1            06/28/02         01
    0414190330                           05           08/01/02         25
    0414190330                           O            07/01/32
    0

    7820123          E22/G02             F           75,000.00         ZZ
                                         360         74,936.99          1
                                       6.875            492.70         75
                                       6.625            492.70
    MIAMI            FL   33127          2            06/24/02         00
    0414202457                           05           08/01/02          0
    0414202457                           O            07/01/32
    0

    7820283          E22/G02             F          280,000.00         ZZ
                                         360        279,758.93          1
                                       6.750          1,816.07         79
                                       6.500          1,816.07
    MANCHACA         TX   78652          5            06/24/02         00
    0414262204                           05           08/01/02          0
    0414262204                           O            07/01/32
    0

    7820295          E22/G02             F          110,500.00         ZZ
                                         360        110,411.63          1
                                       7.125            744.46         77
                                       6.875            744.46
    MANSFIELD        TX   76063          5            06/24/02         00
    0414269019                           05           08/01/02          0
    0414269019                           O            07/01/32
    0

    7820325          E22/G02             F          269,500.00         ZZ
                                         360        269,284.49          1
                                       7.125          1,815.67         95
                                       6.875          1,815.67
1

    LAKEWOOD         CO   80232          5            06/24/02         04
    0414277673                           05           08/01/02         30
    0414277673                           O            07/01/32
    0

    7820341          E22/G02             F          280,000.00         ZZ
                                         360        279,764.77          1
                                       6.875          1,839.40         80
                                       6.625          1,839.40
    ARVADA           CO   80003          5            06/24/02         00
    0414282442                           05           08/01/02          0
    0414282442                           O            07/01/32
    0

    7820367          E22/G02             F          122,300.00         ZZ
                                         360        122,197.26          1
                                       6.875            803.42         80
                                       6.625            803.42
    PUEBLO WEST      CO   81007          5            06/24/02         00
    0414292094                           05           08/01/02          0
    0414292094                           O            07/01/32
    0

    7820393          E22/G02             F          160,000.00         ZZ
                                         360        159,865.58          1
                                       6.875          1,051.09         80
                                       6.625          1,051.09
    HENDERSON        NV   89012          1            06/24/02         00
    0414301903                           03           08/01/02          0
    0414301903                           O            07/01/32
    0

    7820419          E22/G02             F          130,000.00         ZZ
                                         360        129,896.05          1
                                       7.125            875.83         50
                                       6.875            875.83
    LAKEVILLE        CT   06039          1            06/28/02         00
    0414308536                           05           08/01/02          0
    0414308536                           O            07/01/32
    0

    7820423          E22/G02             F          244,000.00         ZZ
                                         360        243,784.72          1
                                       6.625          1,562.36         80
                                       6.375          1,562.36
    BELLEVUE         WA   98008          5            06/21/02         00
    0414310714                           05           08/01/02          0
    0414310714                           O            07/01/32
    0
1

    7820431          E22/G02             F          148,500.00         ZZ
                                         360        148,378.28          1
                                       7.000            987.97         90
                                       6.750            987.97
    PALM BEACH GARD  FL   33418          1            06/28/02         04
    0414312330                           03           08/01/02         25
    0414312330                           O            07/01/32
    0

    7820435          E22/G02             F          126,000.00         ZZ
                                         360        125,899.24          1
                                       7.125            848.89         90
                                       6.875            848.89
    MEADOWLAKES      TX   78654          1            06/28/02         01
    0414313700                           03           08/01/02         25
    0414313700                           O            07/01/32
    0

    7820445          E22/G02             F           62,135.00         ZZ
                                         360         62,088.88          1
                                       7.500            434.46         83
                                       7.250            434.46
    KALAMAZOO        MI   49009          1            06/28/02         04
    0414317362                           05           08/01/02         20
    0414317362                           N            07/01/32
    0

    7820463          E22/G02             F           67,200.00         ZZ
                                         360         67,140.71          1
                                       6.625            430.29         80
                                       6.375            430.29
    TEXAS CITY       TX   77590          1            06/26/02         00
    0414325514                           05           08/01/02          0
    0414325514                           N            07/01/32
    0

    7820465          E22/G02             F          110,400.00         ZZ
                                         360        110,309.51          1
                                       7.000            734.49         80
                                       6.750            734.49
    TECUMSEH         KS   66542          5            06/24/02         00
    0414326959                           05           08/01/02          0
    0414326959                           O            07/01/32
    0

    7820491          E22/G02             F           65,600.00         ZZ
                                         360         65,546.23          1
1

                                       7.000            436.44         80
                                       6.750            436.44
    MIAMI            FL   33184          1            06/28/02         00
    0414335588                           01           08/01/02          0
    0414335588                           O            07/01/32
    0

    7820523          E22/G02             F          140,000.00         ZZ
                                         360        139,888.04          1
                                       7.125            943.21         80
                                       6.875            943.21
    DECATUR          AL   35601          1            06/28/02         00
    0414344945                           05           08/01/02          0
    0414344945                           O            07/01/32
    0

    7820595          E22/G02             F          209,000.00         ZZ
                                         360        208,532.87          1
                                       7.125          1,408.07         80
                                       6.875          1,408.07
    CHICAGO          IL   60646          1            06/28/02         00
    0414379784                           05           08/01/02          0
    0414379784                           O            07/01/32
    0

    7820673          E82/G02             F          188,800.00         ZZ
                                         360        188,641.39          1
                                       6.875          1,240.28         64
                                       6.625          1,240.28
    NEW ROCHELLE     NY   10801          2            06/27/02         00
    0400639258                           05           08/01/02          0
    0400639258                           O            07/01/32
    0

    7821651          W53/G02             F          276,800.00         ZZ
                                         360        276,398.03          1
                                       7.625          1,959.18         80
                                       7.375          1,959.18
    CALDWELL         NJ   07006          1            05/31/01         00
    0434297909                           05           07/01/02          0
    1501100160                           O            06/01/32
    0

    7821681          940/G02             F          214,000.00         ZZ
                                         360        213,811.19          1
                                       6.625          1,370.27         78
                                       6.375          1,370.27
    SAN GABRIEL      CA   91776          5            06/24/02         00
    0434211892                           05           08/01/02          0
1

    71020003                             O            07/01/32
    0

    7822245          830/G02             F          134,910.00         ZZ
                                         360        134,799.41          1
                                       7.000            897.56         90
                                       6.750            897.56
    SALT LAKE CITY   UT   84115          1            06/26/02         14
    0434231569                           05           08/01/02         25
    02060015                             N            07/01/32
    0

    7822381          588/G02             F          160,000.00         ZZ
                                         360        159,868.85          1
                                       7.000          1,064.48         80
                                       6.750          1,064.48
    SPRINGFIELD TOW  PA   19038          1            06/18/02         00
    0434256582                           05           08/01/02          0
    1067779                              O            07/01/32
    0

    7822441          K79/G02             F          199,900.00         ZZ
                                         360        199,736.14          1
                                       7.000          1,329.94         80
                                       6.750          1,329.94
    MARLBOROUGH      MA   01752          1            06/28/02         00
    0434247623                           05           08/01/02          0
    14898                                O            07/01/32
    0

    7822693          M11/G02             F          152,000.00         ZZ
                                         360        151,878.44          1
                                       7.125          1,024.06         80
                                       6.875          1,024.06
    HOUSTON          TX   77066          1            06/27/02         00
    0434217493                           05           08/01/02          0
    2170002                              O            07/01/32
    0

    7822811          E44/G02             F          153,000.00         ZZ
                                         360        152,874.59          1
                                       7.000          1,017.91         90
                                       6.750          1,017.91
    PLAIN CITY       UT   84404          1            07/25/02         12
    0434210688                           05           08/01/02         25
    52020049                             O            07/01/32
    0

1

    7823463          E22/G02             F          134,000.00         ZZ
                                         360        133,892.85          1
                                       7.125            902.78         76
                                       6.875            902.78
    REEDS SPRINGS    MO   65737          2            06/12/02         00
    0414180968                           05           08/01/02          0
    0414180968                           O            07/01/32
    0

    7823491          E22/G02             F          131,250.00         ZZ
                                         360        131,157.37          1
                                       7.750            940.29         89
                                       7.500            940.29
    ROSEVILLE        MI   48066          2            06/25/02         04
    0414224188                           05           08/01/02         25
    0414224188                           O            07/01/32
    0

    7823497          E22/G02             F          224,000.00         ZZ
                                         360        223,820.87          1
                                       7.125          1,509.13         80
                                       6.875          1,509.13
    VALLEJO          CA   94589          1            06/18/02         00
    0414227728                           05           08/01/02          0
    0414227728                           N            07/01/32
    0

    7823619          E22/G02             F          176,700.00         ZZ
                                         360        176,558.70          1
                                       7.125          1,190.46         95
                                       6.875          1,190.46
    WEST JORDAN      UT   84088          2            06/26/02         04
    0414313213                           03           08/01/02         30
    0414313213                           O            07/01/32
    0

    7823633          E22/G02             F          188,000.00         ZZ
                                         360        187,838.14          1
                                       6.750          1,219.36         80
                                       6.500          1,219.36
    SALT LAKE CITY   UT   84106          1            06/27/02         00
    0414323659                           05           08/01/02          0
    0414323659                           O            07/01/32
    0

    7823665          E22/G02             F          156,000.00         ZZ
                                         360        155,868.94          1
                                       6.875          1,024.81         80
                                       6.625          1,024.81
1

    AURORA           CO   80013          5            06/25/02         00
    0414339515                           05           08/01/02          0
    0414339515                           O            07/01/32
    0

    7824015          N47/G02             F          290,200.00         ZZ
                                         360        289,943.97          1
                                       6.625          1,858.18         80
                                       6.375          1,858.18
    OCEANSIDE        CA   92057          1            06/25/02         00
    0434245304                           03           08/01/02          0
    30121624                             O            07/01/32
    0

    7824093          N47/G02             F          252,000.00         ZZ
                                         360        251,798.48          1
                                       7.125          1,697.77         80
                                       6.875          1,697.77
    OAKLAND          CA   94607          5            06/20/02         00
    0434234472                           01           08/01/02          0
    20220823                             O            07/01/32
    0

    7824251          L33/G02             F          160,000.00         ZZ
                                         360        159,855.36          1
                                       6.500          1,011.31         80
                                       6.250          1,011.31
    VANCOUVER        WA   98661          5            06/07/02         00
    0434251146                           05           08/01/02          0
    28000164                             O            07/01/32
    0

    7824455          K15/G02             F          200,000.00         ZZ
                                         360        199,823.55          1
                                       6.625          1,280.62         67
                                       6.375          1,280.62
    QUEENS VILLAGE   NY   11427          5            06/19/02         00
    0434228011                           05           08/01/02          0
    021205500804                         O            07/01/32
    0

    7824973          E11/G02             F          137,000.00         ZZ
                                         360        136,890.45          1
                                       7.125            922.99         68
                                       6.875            922.99
    AMERY            WI   54001          1            06/26/02         00
    0434325676                           05           08/01/02          0
    0002001044320                        O            07/01/32
    0
1

    7825133          W02/G02             F          281,000.00         ZZ
                                         360        280,752.07          1
                                       6.625          1,799.28         77
                                       6.375          1,799.28
    KEY WEST         FL   33040          5            06/22/02         00
    0434225231                           05           08/01/02          0
    1001239705                           O            07/01/32
    0

    7825653          K15/G02             F           39,600.00         ZZ
                                         240         39,523.98          1
                                       7.000            307.02         54
                                       6.750            307.02
    PIQUA            OH   45356          5            06/25/02         00
    0434278784                           05           08/01/02          0
    027905500562                         O            07/01/22
    0

    7825669          K15/G02             F          112,000.00         ZZ
                                         360        111,910.44          1
                                       7.125            754.56         80
                                       6.875            754.56
    KEITHVILLE       LA   71047          5            06/24/02         00
    0434246989                           05           08/01/02          0
    008405303794                         O            07/01/32
    0

    7825675          X31/G02             F          191,500.00         ZZ
                                         360        191,343.03          2
                                       7.000          1,274.05         77
                                       6.750          1,274.05
    PARAMOUNT        CA   90723          5            06/24/02         00
    0434291936                           05           08/01/02          0
    40102603                             O            07/01/32
    0

    7825725          X75/G02             F          214,000.00         ZZ
                                         360        213,820.21          1
                                       6.875          1,405.83         71
                                       6.625          1,405.83
    CARSON           CA   90746          2            06/18/02         00
    0434260956                           05           08/01/02          0
    2060095                              O            07/01/32
    0

    7825729          N74/G02             F           63,000.00         ZZ
                                         360         62,947.07          1
1

                                       6.875            413.87         90
                                       6.625            413.87
    STAUNTON         VA   24401          1            06/28/02         10
    0434307484                           05           08/01/02         25
    0030380010                           O            07/01/32
    0

    7825749          K15/G02             F          168,900.00         ZZ
                                         360        168,783.77          1
                                       7.875          1,224.64         94
                                       7.625          1,224.64
    HYDE PARK        NY   12538          5            06/25/02         11
    0434326211                           05           08/01/02         30
    027305500698                         O            07/01/32
    0

    7825783          X66/G02             F          149,520.00         ZZ
                                         360        149,411.78          2
                                       7.625          1,058.30         80
                                       7.375          1,058.30
    FORT LAUDERDALE  FL   33314          1            06/28/02         00
    0434248001                           05           08/01/02          0
    86650301                             N            07/01/32
    0

    7825799          N74/G02             F          145,200.00         ZZ
                                         360        145,078.02          1
                                       6.875            953.86         90
                                       6.625            953.86
    LAKELAND         TN   38002          2            06/28/02         10
    0434223038                           05           08/03/02         25
    0030389010                           O            07/03/32
    0

    7825803          N74/G02             F           76,500.00         ZZ
                                         360         76,500.00          1
                                       7.250            521.86         86
                                       7.000            521.86
    RICHMOND         VA   23231          2            06/28/02         10
    0434261624                           05           09/01/02         25
    0030398010                           O            08/01/32
    0

    7825861          758/G02             F           87,500.00         ZZ
                                         360         87,428.28          1
                                       7.000            582.14         69
                                       6.750            582.14
    BULLARD          TX   75757          1            06/20/02         00
    0434322962                           05           08/01/02          0
1

    501699                               O            07/01/32
    0

    7825889          E22/G02             F          104,000.00         ZZ
                                         360        103,930.21          3
                                       8.000            763.12         80
                                       7.750            763.12
    CHARLOTTE        NC   28208          2            07/02/02         00
    0414002774                           05           08/01/02          0
    0414002774                           N            07/01/32
    0

    7825925          E22/G02             F          236,000.00         ZZ
                                         360        235,796.81          1
                                       6.750          1,530.69         77
                                       6.500          1,530.69
    DALLAS           GA   30157          2            06/27/02         00
    0414157099                           05           08/01/02          0
    0414157099                           O            07/01/32
    0

    7825937          E22/G02             F          182,000.00         ZZ
                                         360        181,854.46          4
                                       7.125          1,226.17         70
                                       6.875          1,226.17
    LANGLEY          WA   98260          1            06/25/02         00
    0414185454                           05           08/01/02          0
    0414185454                           N            07/01/32
    0

    7825967          E22/G02             F          219,450.00         ZZ
                                         360        219,310.07          4
                                       8.250          1,648.65         95
                                       8.000          1,648.65
    CLINTON          MA   01510          1            07/02/02         04
    0414225375                           05           08/01/02         30
    0414225375                           O            07/01/32
    0

    7825971          E22/G02             F          134,400.00         ZZ
                                         360        134,292.52          1
                                       7.125            905.48         80
                                       6.875            905.48
    BOCA RATON       FL   33428          5            06/27/02         00
    0414237677                           03           08/01/02          0
    0414237677                           O            07/01/32
    0

1

    7825993          E22/G02             F          172,000.00         ZZ
                                         360        171,844.51          1
                                       6.500          1,087.16         80
                                       6.250          1,087.16
    KIRKLAND         WA   98034          5            06/21/02         00
    0414252585                           05           08/01/02          0
    0414252585                           O            07/01/32
    0

    7826015          E22/G02             F          162,900.00         ZZ
                                         360        162,769.73          1
                                       7.125          1,097.49         90
                                       6.875          1,097.49
    FRONT ROYAL      VA   22630          1            07/02/02         01
    0414269639                           05           08/01/02         25
    0414269639                           O            07/01/32
    0

    7826039          E22/G02             F           50,400.00         ZZ
                                         360         50,365.32          1
                                       7.875            365.43         90
                                       7.625            365.43
    BAYTOWN          TX   77520          1            07/02/02         01
    0414287441                           05           08/01/02         25
    0414287441                           N            07/01/32
    0

    7826053          E22/G02             F          127,800.00         ZZ
                                         360        127,800.00          1
                                       7.000            850.26         90
                                       6.750            850.26
    KALISPELL        MT   59901          1            07/02/02         10
    0414300715                           05           09/01/02         25
    0414300715                           O            08/01/32
    0

    7826079          E22/G02             F           93,500.00         ZZ
                                         360         93,425.23          1
                                       7.125            629.93         85
                                       6.875            629.93
    EAST HAVEN       CT   06513          5            06/27/02         01
    0414315135                           01           08/01/02         12
    0414315135                           O            07/01/32
    0

    7826085          E22/G02             F          215,000.00         ZZ
                                         360        214,828.07          1
                                       7.125          1,448.49         72
                                       6.875          1,448.49
1

    MOUNT PROSPECT   IL   60056          2            06/27/02         00
    0414318576                           05           08/01/02          0
    0414318576                           O            07/01/32
    0

    7826087          E22/G02             F           87,500.00         ZZ
                                         360         87,426.49          1
                                       6.875            574.81         70
                                       6.625            574.81
    MADISON          WI   53704          2            06/27/02         00
    0414320382                           05           08/01/02          0
    0414320382                           O            07/01/32
    0

    7826107          E22/G02             F           56,800.00         ZZ
                                         360         56,755.69          1
                                       7.250            387.48         80
                                       7.000            387.48
    SORRENTO         LA   70778          1            07/02/02         00
    0414331066                           05           08/01/02          0
    0414331066                           N            07/01/32
    0

    7826109          E22/G02             F          141,500.00         ZZ
                                         360        141,384.02          1
                                       7.000            941.40         74
                                       6.750            941.40
    SOUTH LANCASTER  MA   01561          2            06/27/02         00
    0414331918                           05           08/01/02          0
    0414331918                           O            07/01/32
    0

    7826125          E22/G02             F          129,900.00         ZZ
                                         360        129,796.12          1
                                       7.125            875.16         93
                                       6.875            875.16
    SUMMERVILLE      SC   29485          2            06/27/02         01
    0414334102                           05           08/01/02         30
    0414334102                           O            07/01/32
    0

    7826155          E22/G02             F          104,900.00         ZZ
                                         360        104,816.11          1
                                       7.125            706.73         70
                                       6.875            706.73
    CARSON CITY      NV   89701          1            06/26/02         00
    0414369850                           05           08/01/02          0
    0414369850                           O            07/01/32
    0
1

    7826255          E82/G02             F           59,500.00         ZZ
                                         360         59,451.23          1
                                       7.000            395.85         65
                                       6.750            395.85
    BOYNTON BEACH    FL   33437          2            06/28/02         00
    0400645008                           01           08/01/02          0
    0400645008                           O            07/01/32
    0

    7826275          E82/G02             F          200,000.00         ZZ
                                         360        200,000.00          1
                                       7.000          1,330.60         57
                                       6.750          1,330.60
    CARY             NC   27513          5            06/28/02         00
    0400641130                           05           09/01/02          0
    0400641130                           O            08/01/32
    0

    7826281          144/144             F           69,000.00         ZZ
                                         360         68,940.60          1
                                       6.750            447.53         75
                                       6.500            447.53
    OLIVE            NY   12494          1            06/21/02         00
    02JOHNSONB                           05           08/01/02          0
    02JOHNSONB                           O            07/01/32
    0

    7826427          477/G02             F          126,000.00         ZZ
                                         360        125,899.24          1
                                       7.125            848.89         80
                                       6.875            848.89
    MESA             AZ   85215          1            06/13/02         00
    0434226247                           05           08/01/02          0
    219027                               O            07/01/32
    0

    7826691          M27/G02             F          206,600.00         ZZ
                                         360        206,430.66          1
                                       7.000          1,374.51         95
                                       6.750          1,374.51
    HERMITAGE        TN   37076          1            06/26/02         01
    0434236253                           03           08/01/02         30
    GEISSERSBJ                           O            07/01/32
    0

    7826745          696/G02             F          260,000.00         ZZ
                                         360        259,781.57          1
1

                                       6.875          1,708.01         80
                                       6.625          1,708.01
    HUNTLY           VA   22640          1            06/28/02         00
    0434214284                           05           08/01/02          0
    50102093                             O            07/01/32
    0

    7827517          G34/G02             F           62,550.00         ZZ
                                         360         62,506.95          2
                                       7.875            453.53         90
                                       7.625            453.53
    TORRINGTON       CT   06790          1            06/26/02         04
    0434280129                           05           08/01/02         25
    85204131                             N            07/01/32
    0

    7828455          W02/G02             F           74,575.00         ZZ
                                         360         74,521.02          1
                                       7.625            527.84         95
                                       7.375            527.84
    MEMPHIS          TN   38116          5            06/25/02         12
    0434283891                           05           08/01/02         30
    1001169556                           O            07/01/32
    0

    7828539          W02/G02             F           49,000.00         ZZ
                                         360         48,923.31          1
                                       7.250            334.27         80
                                       7.000            334.27
    ST PETERSBURG    FL   33709          5            05/24/02         00
    0434268298                           05           07/01/02          0
    1001127710                           N            06/01/32
    0

    7829685          E22/G02             F          260,000.00         ZZ
                                         360        259,797.17          1
                                       7.250          1,773.66         62
                                       7.000          1,773.66
    SOUTH NYACK      NY   10960          1            07/03/02         00
    0414023325                           05           08/01/02          0
    0414023325                           N            07/01/32
    0

    7829705          E22/G02             F          196,800.00         ZZ
                                         360        183,413.69          1
                                       6.750          1,276.44         80
                                       6.500          1,276.44
    SACRAMENTO       CA   95835          5            06/24/02         00
    0414092502                           03           08/01/02          0
1

    0414092502                           O            07/01/32
    0

    7829755          E22/G02             F           96,000.00         ZZ
                                         360         95,919.35          1
                                       6.875            630.65         52
                                       6.625            630.65
    FORT WAYNE       IN   46835          5            06/19/02         00
    0414186429                           05           08/01/02          0
    0414186429                           O            07/01/32
    0

    7829761          E22/G02             F           92,660.00         ZZ
                                         360         92,580.22          2
                                       6.750            600.99         83
                                       6.500            600.99
    TUCSON           AZ   85712          2            06/27/02         04
    0414192575                           05           08/01/02         20
    0414192575                           N            07/01/32
    0

    7829779          E22/G02             F           46,800.00         ZZ
                                         360         46,800.00          1
                                       8.125            347.49         90
                                       7.875            347.49
    NEW ORLEANS      LA   70017          2            07/03/02         01
    0414211516                           05           09/01/02         25
    0414211516                           N            08/01/32
    0

    7829799          E22/G02             F          145,000.00         ZZ
                                         240        144,721.65          1
                                       7.000          1,124.18         79
                                       6.750          1,124.18
    MASTIC           NY   11950          1            07/03/02         00
    0414235812                           05           08/01/02          0
    0414235812                           O            07/01/22
    0

    7829837          E22/G02             F           87,120.00         ZZ
                                         360         87,120.00          3
                                       8.000            639.26         90
                                       7.750            639.26
    RUTLAND          VT   05701          1            07/03/02         04
    0414268185                           05           09/01/02         25
    0414268185                           N            08/01/32
    0

1

    7829839          E22/G02             F          210,000.00         ZZ
                                         360        209,823.58          1
                                       6.875          1,379.55         43
                                       6.625          1,379.55
    VERNON HILLS     IL   60061          2            06/28/02         00
    0414269159                           05           08/01/02          0
    0414269159                           O            07/01/32
    0

    7829917          E22/G02             F           51,200.00         ZZ
                                         360         51,158.04          1
                                       7.000            340.63         80
                                       6.750            340.63
    PUEBLO           CO   81004          5            06/28/02         00
    0414318402                           05           08/01/02          0
    0414318402                           O            07/01/32
    0

    7829927          E22/G02             F          173,000.00         ZZ
                                         360        172,854.66          1
                                       6.875          1,136.49         77
                                       6.625          1,136.49
    PLANO            TX   75023          5            06/28/02         00
    0414327312                           05           08/01/02          0
    0414327312                           O            07/01/32
    0

    7829965          E22/G02             F          126,000.00         ZZ
                                         360        126,000.00          1
                                       7.875            913.59         90
                                       7.625            913.59
    VICKSBURG        MS   39180          1            07/03/02         01
    0414348193                           05           09/01/02         30
    0414348193                           O            08/01/32
    0

    7829973          E22/G02             F          114,400.00         ZZ
                                         360        114,400.00          1
                                       7.125            770.73         80
                                       6.875            770.73
    MAGALIA          CA   95954          1            06/27/02         00
    0414356675                           03           09/01/02          0
    0414356675                           N            08/01/32
    0

    7829995          E22/G02             F          156,800.00         ZZ
                                         360        156,683.63          1
                                       7.500          1,096.37         80
                                       7.250          1,096.37
1

    WELLINGTON       FL   33414          5            06/27/02         00
    0414370494                           03           08/01/02          0
    0414370494                           O            07/01/32
    0

    7829997          E22/G02             F          127,500.00         ZZ
                                         360        127,392.89          1
                                       6.875            837.58         75
                                       6.625            837.58
    COLORADO SPRING  CO   80918          5            06/28/02         00
    0414371088                           05           08/01/02          0
    0414371088                           O            07/01/32
    0

    7830045          E22/G02             F           27,000.00         ZZ
                                         360         27,000.00          1
                                       7.750            193.43         90
                                       7.500            193.43
    AMARILLO         TX   79106          1            07/03/02         04
    0414412643                           05           09/01/02         25
    0414412643                           N            08/01/32
    0

    7830049          E22/G02             F           53,900.00         ZZ
                                         360         53,864.74          2
                                       8.125            400.21         90
                                       7.875            400.21
    DAVENPORT        IA   52802          1            07/03/02         04
    0414423590                           05           08/01/02         30
    0414423590                           N            07/01/32
    0

    7830117          E82/G02             F          122,000.00         ZZ
                                         360        122,000.00          1
                                       6.750            791.29         92
                                       6.500            791.29
    CHESAPEAKE       VA   23325          2            07/02/02         04
    0400650461                           05           09/01/02         30
    0400650461                           O            08/01/32
    0

    7830125          E82/G02             F          187,500.00         ZZ
                                         360        187,364.30          3
                                       7.625          1,327.11         54
                                       7.375          1,327.11
    FAIRVIEW         NJ   07022          2            06/27/02         00
    0400641148                           05           08/01/02          0
    3239071                              N            07/01/32
    0
1

    7830227          U05/G02             F          185,000.00         ZZ
                                         360        184,848.36          1
                                       7.000          1,230.81         79
                                       6.750          1,230.81
    RESEDA AREA      CA   91335          2            06/18/02         00
    0434238838                           05           08/01/02          0
    3239349                              O            07/01/32
    0

    7830425          601/G02             F          133,000.00         ZZ
                                         360        132,786.65          1
                                       7.125            896.05         49
                                       6.875            896.05
    DOUGLASVILLE     GA   30135          2            05/22/02         00
    0434227773                           05           07/01/02          0
    61453189                             O            06/01/32
    0

    7830457          601/G02             F           70,000.00         T
                                         360         69,704.87          1
                                       7.500            489.45         44
                                       7.250            489.45
    SEVIERVILLE      TN   37876          5            02/01/02         00
    0434227567                           05           04/01/02          0
    61205597                             O            03/01/32
    0

    7830465          U36/G02             F          134,400.00         ZZ
                                         360        134,297.73          1
                                       7.375            928.27         80
                                       7.125            928.27
    LITHONIA         GA   30058          2            06/27/02         00
    0434268025                           05           08/01/02          0
    971101001                            N            07/01/32
    0

    7830719          601/G02             F           68,400.00         ZZ
                                         360         68,287.53          1
                                       7.000            455.07         80
                                       6.750            455.07
    NICHOLSON        GA   30565          1            06/07/02         00
    0434232385                           05           07/01/02          0
    61472940                             O            06/01/32
    0

    7830747          601/G02             F          240,000.00         ZZ
                                         360        239,633.49          1
1

                                       7.500          1,678.11         80
                                       7.250          1,678.11
    JACKSONVILLE     FL   32258          1            06/04/02         00
    0434229803                           05           07/01/02          0
    61380374                             O            06/01/32
    0

    7830973          601/G02             F          120,000.00         T
                                         360        119,571.00          1
                                       7.750            859.69         73
                                       7.500            859.69
    BOULDER          CO   80304          1            02/28/02         00
    0434232344                           01           04/01/02          0
    61235560                             O            03/01/32
    0

    7830995          601/G02             F          175,750.00         ZZ
                                         360        175,619.57          4
                                       7.500          1,228.87         95
                                       7.250          1,228.87
    IRVINGTON        NJ   07111          1            06/07/02         11
    0434232948                           05           08/01/02         30
    61419529                             O            07/01/32
    0

    7831101          A21/A21             F          418,500.00         ZZ
                                         360        418,500.00          3
                                       6.875          2,749.24         90
                                       6.625          2,749.24
    BAYSIDE          NY   11361          1            07/03/02         11
    0100132890                           05           09/01/02         25
    0100132890                           O            08/01/32
    0

    7831147          601/G02             F          148,400.00         ZZ
                                         360        148,200.18          1
                                       8.000          1,088.91         90
                                       7.750          1,088.91
    LILBURN          GA   30047          1            05/24/02         10
    0434233961                           05           07/01/02         25
    61404471                             O            06/01/32
    0

    7831179          601/G02             F           59,000.00         ZZ
                                         360         58,914.32          1
                                       7.625            417.60         43
                                       7.375            417.60
    STONE MOUNTAIN   GA   30087          1            05/23/02         00
    0434248175                           05           07/01/02          0
1

    61417887                             O            06/01/32
    0

    7831299          964/G02             F          300,700.00         ZZ
                                         360        300,459.54          2
                                       7.125          2,025.87         80
                                       6.875          2,025.87
    HENDERSON        NV   89052          1            06/17/02         00
    0434317939                           05           08/01/02          0
    209545                               N            07/01/32
    0

    7831303          964/G02             F          172,720.00         ZZ
                                         360        172,578.42          1
                                       7.000          1,149.11         80
                                       6.750          1,149.11
    AUBURN           CA   95602          1            06/24/02         00
    0434324885                           03           08/01/02          0
    212198                               O            07/01/32
    0

    7831305          964/G02             F          183,100.00         ZZ
                                         360        182,953.58          1
                                       7.125          1,233.58         80
                                       6.875          1,233.58
    DES MOINES       WA   98198          1            06/26/02         00
    0434318051                           05           08/01/02          0
    212466                               O            07/01/32
    0

    7831307          964/G02             F          140,000.00         ZZ
                                         360        139,882.38          1
                                       6.875            919.70         80
                                       6.625            919.70
    CLACKAMAS        OR   97015          1            06/27/02         00
    0434318887                           05           08/01/02          0
    212819                               O            07/01/32
    0

    7831311          964/G02             F          245,000.00         ZZ
                                         360        244,799.18          1
                                       7.000          1,629.99         70
                                       6.750          1,629.99
    SIMI VALLEY      CA   93063          2            06/20/02         00
    0434324737                           05           08/01/02          0
    215797                               O            07/01/32
    0

1

    7831323          964/G02             F          150,400.00         ZZ
                                         360        150,276.71          1
                                       7.000          1,000.62         80
                                       6.750          1,000.62
    PENN VALLEY      CA   95946          1            06/25/02         00
    0434318747                           03           08/01/02          0
    219987                               O            07/01/32
    0

    7831327          964/G02             F          179,000.00         ZZ
                                         360        178,849.62          1
                                       6.875          1,175.90         70
                                       6.625          1,175.90
    CONCORD          CA   94519          1            06/25/02         00
    0434318812                           09           08/01/02          0
    220167                               O            07/01/32
    0

    7831333          964/G02             F          215,000.00         ZZ
                                         360        214,814.89          1
                                       6.750          1,394.49         65
                                       6.500          1,394.49
    SALT LAKE CITY   UT   84103          5            06/24/02         00
    0434318895                           05           08/01/02          0
    222484                               O            07/01/32
    0

    7831335          964/G02             F          118,400.00         ZZ
                                         360        118,305.32          2
                                       7.125            797.68         80
                                       6.875            797.68
    COARSEGOLD       CA   93614          1            06/22/02         00
    0434318028                           05           08/01/02          0
    222547                               O            07/01/32
    0

    7831337          964/G02             F          179,100.00         ZZ
                                         360        178,956.78          1
                                       7.125          1,206.63         90
                                       6.875          1,206.63
    HENDERSON        NV   89015          1            06/17/02         10
    0434325072                           05           08/01/02         25
    222961                               O            07/01/32
    0

    7831339          964/G02             F           97,500.00         ZZ
                                         360         97,420.08          1
                                       7.000            648.67         75
                                       6.750            648.67
1

    PHOENIX          AZ   85016          1            06/25/02         00
    0434318739                           09           08/01/02          0
    223158                               O            07/01/32
    0

    7831343          964/G02             F          179,950.00         ZZ
                                         360        179,802.50          1
                                       7.000          1,197.21         45
                                       6.750          1,197.21
    MISSION VIEJO    CA   92691          1            06/26/02         00
    0434318820                           05           08/01/02          0
    224087                               O            07/01/32
    0

    7831345          964/G02             F          120,000.00         ZZ
                                         360        119,891.52          1
                                       6.500            758.48         52
                                       6.250            758.48
    ROSEBURG         OR   97470          5            06/25/02         00
    0434317913                           05           08/01/02          0
    224631                               O            07/01/32
    0

    7831355          975/G02             F          176,000.00         ZZ
                                         360        175,852.14          1
                                       6.875          1,156.19         80
                                       6.625          1,156.19
    WALNUT AREA      CA   91789          1            06/25/02         00
    0434225538                           01           08/01/02          0
    2022141                              O            07/01/32
    0

    7831361          601/G02             F          191,200.00         ZZ
                                         360        190,472.82          1
                                       7.625          1,353.30         80
                                       7.375          1,353.30
    ORLANDO          FL   32803          1            05/21/02         00
    0434232823                           05           07/01/02          0
    61457644                             O            06/01/32
    0

    7831427          601/G02             F           93,600.00         ZZ
                                         300         92,281.70          1
                                       7.250            676.55         75
                                       7.000            676.55
    MOAB             UT   84532          5            06/11/02         00
    0434232872                           05           08/01/02          0
    61488888                             O            07/01/27
    0
1

    7831467          601/G02             F          167,700.00         ZZ
                                         360        167,402.01          2
                                       7.375          1,158.27         80
                                       7.125          1,158.27
    CRYSTAL LAKE     IL   60014          1            05/28/02         00
    0434232260                           05           07/01/02          0
    61465183                             N            06/01/32
    0

    7831493          601/G02             F           52,500.00         ZZ
                                         360         52,429.31          1
                                       8.000            385.23         75
                                       7.750            385.23
    MANSFIELD        OH   44902          5            05/20/02         00
    0434233839                           05           07/01/02          0
    61461158                             N            06/01/32
    0

    7831495          M27/G02             F           90,400.00         ZZ
                                         360         90,325.90          1
                                       7.000            601.43         80
                                       6.750            601.43
    GREENSBORO       NC   27455          1            06/28/02         00
    0434242590                           03           08/01/02          0
    0100097002                           O            07/01/32
    0

    7831505          601/G02             F          230,800.00         ZZ
                                         360        230,438.81          1
                                       7.250          1,574.47         80
                                       7.000          1,574.47
    SUWANEE          GA   30024          1            06/05/02         00
    0434227336                           03           07/01/02          0
    61483236                             O            06/01/32
    0

    7831823          E76/G02             F          131,600.00         ZZ
                                         360        131,486.69          1
                                       6.750            853.56         80
                                       6.500            853.56
    LONGMONT         CO   80501          1            06/28/02         00
    0434246153                           07           08/01/02          0
    10014658                             O            07/01/32
    0

    7831899          B49/G02             F          260,000.00         ZZ
                                         360        260,000.00          1
1

                                       6.750          1,686.36         51
                                       6.500          1,686.36
    BROOMFIELD       CO   80020          5            06/28/02         00
    0434240370                           05           09/01/02          0
    000248310550                         O            08/01/32
    0

    7831949          601/G02             F          246,000.00         ZZ
                                         360        245,821.96          1
                                       7.625          1,741.17         80
                                       7.375          1,741.17
    HIGHLAND         UT   84003          2            06/17/02         00
    0434229704                           05           08/01/02          0
    61516902                             O            07/01/32
    0

    7831973          U36/G02             F          122,700.00         ZZ
                                         360        122,606.63          1
                                       7.375            847.46         79
                                       7.125            847.46
    DECATUR          GA   30034          2            06/27/02         00
    0434282182                           05           08/01/02          0
    971201001                            N            07/01/32
    0

    7832327          601/G02             F           40,500.00         ZZ
                                         360         40,445.46          1
                                       8.000            297.18         75
                                       7.750            297.18
    KANSAS CITY      MO   64134          5            05/17/02         00
    0434227344                           05           07/01/02          0
    61459145                             N            06/01/32
    0

    7832377          601/G02             F          177,700.00         ZZ
                                         360        177,543.21          1
                                       6.625          1,137.84         36
                                       6.375          1,137.84
    DELRAY BEACH     FL   33483          2            06/10/02         00
    0434227187                           05           08/01/02          0
    61469417                             O            07/01/32
    0

    7832407          601/G02             F           75,500.00         ZZ
                                         360         75,398.33          1
                                       8.000            554.00         65
                                       7.750            554.00
    ST PETERSBURG    FL   33713          5            05/31/02         00
    0434229811                           05           07/01/02          0
1

    61490942                             O            06/01/32
    0

    7832455          P67/G02             F          234,000.00         ZZ
                                         360        234,000.00          4
                                       8.000          1,717.01         90
                                       7.750          1,717.01
    LEOMINSTER       MA   01453          1            07/03/02         11
    0434256160                           05           09/01/02         25
    3020                                 N            08/01/32
    0

    7832459          601/G02             F          200,000.00         ZZ
                                         240        199,241.47          1
                                       7.125          1,565.64         80
                                       6.875          1,565.64
    LITTLETON        CO   80123          5            05/24/02         00
    0434227278                           05           07/01/02          0
    61499026                             O            06/01/22
    0

    7832469          M82/G02             F           67,500.00         T
                                         360         67,452.36          1
                                       7.750            483.58         75
                                       7.500            483.58
    SAVANNAH         GA   31404          5            06/27/02         00
    0434268587                           05           08/01/02          0
    10310                                O            07/01/32
    0

    7833533          642/G02             F           70,000.00         ZZ
                                         360         70,000.00          1
                                       7.500            489.45         64
                                       7.250            489.45
    ST PAUL          MN   55117          5            07/02/02         00
    0434229233                           05           09/01/02          0
    06190002                             N            08/01/32
    0

    7833773          E22/G02             F          188,000.00         ZZ
                                         360        187,757.50          1
                                       6.750          1,219.36         79
                                       6.500          1,219.36
    RANCHO CUCAMONG  CA   91701          2            06/21/02         00
    0414013326                           05           08/01/02          0
    0414013326                           O            07/01/32
    0

1

    7833775          E22/G02             F          119,600.00         ZZ
                                         360        119,499.52          1
                                       6.875            785.69         95
                                       6.625            785.69
    ANDERSON         CA   96007          1            06/21/02         01
    0414071779                           05           08/01/02         35
    0414071779                           O            07/01/32
    0

    7833777          E22/G02             F          137,700.00         ZZ
                                         360        137,700.00          1
                                       7.000            916.12         90
                                       6.750            916.12
    ANDERSON         CA   96007          1            06/28/02         01
    0414111641                           05           09/01/02         25
    0414111641                           N            08/01/32
    0

    7833789          E22/G02             F          138,400.00         ZZ
                                         360        138,400.00          1
                                       7.000            920.78         80
                                       6.750            920.78
    LONGMONT         CO   80501          1            07/05/02         00
    0414207266                           05           09/01/02          0
    0414207266                           O            08/01/32
    0

    7833791          E22/G02             F          215,000.00         T
                                         360        214,819.37          1
                                       6.875          1,412.40         55
                                       6.625          1,412.40
    LOS ANGELES      CA   90291          5            06/24/02         00
    0414210195                           05           08/01/02          0
    0414210195                           O            07/01/32
    0

    7833803          E22/G02             F          176,500.00         ZZ
                                         360        176,365.70          1
                                       7.375          1,219.04         92
                                       7.125          1,219.04
    AUBURN           CA   95603          2            06/26/02         04
    0414246702                           05           08/01/02         35
    0414246702                           O            07/01/32
    0

    7833879          E22/G02             F          125,000.00         ZZ
                                         360        125,000.00          1
                                       6.875            821.16         59
                                       6.625            821.16
1

    TEHACHAPI        CA   93561          5            07/01/02         00
    0414368860                           05           09/01/02          0
    0414368860                           O            08/01/32
    0

    7834053          E82/G02             F          115,500.00         ZZ
                                         360        115,412.11          1
                                       7.375            797.73         45
                                       7.125            797.73
    SANTA ANA        CA   92705          2            06/27/02         00
    0400648549                           05           08/01/02          0
    1957519                              N            07/01/32
    0

    7834065          E82/G02             F          189,500.00         ZZ
                                         360        189,500.00          4
                                       7.000          1,260.75         54
                                       6.750          1,260.75
    CORAL GABLES     FL   33134          2            07/05/02         00
    0400636221                           05           09/01/02          0
    0400636221                           N            08/01/32
    0

    7834071          E82/G02             F          268,000.00         ZZ
                                         360        268,000.00          1
                                       6.875          1,760.57         80
                                       6.625          1,760.57
    PHOENIX          AZ   85045          5            07/01/02         00
    0400636627                           03           09/01/02          0
    0400636627                           O            08/01/32
    0

    7834107          E47/G02             F          120,000.00         ZZ
                                         360        119,901.64          1
                                       7.000            798.36         68
                                       6.750            798.36
    SAN ANTONIO      TX   78230          5            06/24/02         00
    0434325437                           05           08/01/02          0
    7329012172                           O            07/01/32
    0

    7834155          A21/G02             F          368,000.00         ZZ
                                         360        368,000.00          2
                                       6.500          2,326.02         80
                                       6.250          2,326.02
    MAYWOOD          NJ   07607          1            07/02/02         00
    0434319919                           05           09/01/02          0
    0100132935                           O            08/01/32
    0
1

    7834229          K39/G02             F           62,100.00         ZZ
                                         360         62,053.91          1
                                       7.500            434.22         90
                                       7.250            434.22
    GAFFNEY          SC   29340          5            06/26/02         10
    0434267357                           05           08/01/02         25
    249584583                            O            07/01/32
    0

    7834349          Q14/G02             F          128,000.00         ZZ
                                         360        127,892.46          1
                                       6.875            840.87         80
                                       6.625            840.87
    SHAWNEE MISSION  KS   66226          2            06/28/02         00
    0434244497                           05           08/01/02          0
    0208174                              O            07/01/32
    0

    7834379          696/G02             F          257,300.00         ZZ
                                         360        257,083.83          1
                                       6.875          1,690.28         75
                                       6.625          1,690.28
    MCLEAN           VA   22101          2            06/26/02         00
    0434331799                           09           08/01/02          0
    21302076                             O            07/01/32
    0

    7834391          758/G02             F           70,000.00         ZZ
                                         240         69,863.57          1
                                       6.875            537.47         80
                                       6.625            537.47
    HOUSTON          TX   77035          5            06/26/02         00
    0434330916                           03           08/01/02          0
    301514                               O            07/01/22
    0

    7834437          U85/G02             F           56,000.00         T
                                         360         55,950.60          1
                                       6.625            358.57         80
                                       6.375            358.57
    ADAMS            WI   53910          1            06/21/02         00
    0434324133                           05           08/01/02          0
    ESSER                                O            07/01/32
    0

    7834713          X08/G02             F          184,000.00         ZZ
                                         360        183,856.47          4
1

                                       7.250          1,255.20         80
                                       7.000          1,255.20
    SALT LAKE        UT   84103          1            06/21/02         00
    0434314233                           05           08/01/02          0
    6009295                              N            07/01/32
    0

    7834781          G34/G02             F           38,700.00         ZZ
                                         360         38,671.99          1
                                       7.625            273.92         90
                                       7.375            273.92
    COVINGTON        TX   76636          1            06/20/02         04
    0434318986                           05           08/01/02         25
    85204366                             O            07/01/32
    0

    7834795          Q87/G02             F           72,000.00         ZZ
                                         240         71,873.92          1
                                       7.750            591.08         76
                                       7.500            591.08
    MOUNT VERNON     TX   75457          5            06/28/02         00
    0434321519                           05           08/03/02          0
    LARU01                               O            07/03/22
    0

    7834825          E47/G02             F          266,850.00         ZZ
                                         360        266,646.95          1
                                       7.375          1,843.07         80
                                       7.125          1,843.07
    TRACY            CA   95377          1            06/12/02         00
    0434314027                           05           08/01/02          0
    7359510288                           O            07/01/32
    0

    7835431          Q57/G02             F           86,000.00         ZZ
                                         360         86,000.00          1
                                       7.500            601.32         80
                                       7.250            601.32
    BULLHEAD CITY    AZ   86442          1            06/28/02         00
    0434324380                           05           09/01/02          0
    43700348                             O            08/01/32
    0

    7835511          X08/G02             F          200,000.00         ZZ
                                         360        199,851.57          1
                                       7.500          1,398.43         80
                                       7.250          1,398.43
    HIGHLAND         UT   84003          2            06/28/02         00
    0434313953                           05           08/01/02          0
1

    6009747                              N            07/01/32
    0

    7835517          U09/G02             F          300,000.00         ZZ
                                         360        300,000.00          1
                                       7.750          2,149.24         80
                                       7.500          2,149.24
    CLARKSTON        MI   48348          5            06/25/02         00
    0434261897                           05           09/01/02          0
    2201015                              O            08/01/32
    0

    7835715          M27/G02             F          168,000.00         ZZ
                                         360        167,858.86          1
                                       6.875          1,103.64         69
                                       6.625          1,103.64
    SUMMERFIELD      NC   27358          2            06/27/02         00
    0434316477                           05           08/01/02          0
    600782263                            O            07/01/32
    0

    7835871          P44/G02             F          178,750.00         ZZ
                                         360        178,750.00          3
                                       8.000          1,311.60         65
                                       7.750          1,311.60
    WORCESTER        MA   01610          5            07/03/02         00
    0434236071                           05           09/01/02          0
    CAPE                                 N            08/01/32
    0

    7835933          E77/G02             F          161,900.00         ZZ
                                         360        161,782.82          3
                                       7.625          1,145.92         90
                                       7.375          1,145.92
    BALITMORE        MD   21218          1            06/14/02         14
    0434272613                           07           08/01/02         25
    1080001859                           N            07/01/32
    0

    7836345          L20/G02             F          252,800.00         ZZ
                                         360        252,607.64          1
                                       7.375          1,746.03         80
                                       7.125          1,746.03
    MERIDIAN         ID   83642          2            07/01/02         00
    0434316055                           05           08/01/02          0
    716046                               O            07/01/32
    0

1

    7836361          L20/G02             F          148,000.00         ZZ
                                         360        147,878.68          4
                                       7.000            984.65         80
                                       6.750            984.65
    MOUNTAIN HOME    ID   83647          1            07/01/02         00
    0434321824                           05           08/01/02          0
    709018                               N            07/01/32
    0

    7837403          G34/G02             F          288,000.00         ZZ
                                         360        287,758.05          1
                                       6.875          1,891.95         80
                                       6.625          1,891.95
    SAN DIEGO        CA   92111          1            06/24/02         00
    0434324190                           05           08/01/02          0
    48200079                             O            07/01/32
    0

    7837635          E45/G02             F          142,000.00         ZZ
                                         360        141,877.74          1
                                       6.750            921.01         54
                                       6.500            921.01
    PLANTATION       FL   33317          2            06/17/02         00
    0434226080                           05           08/01/02          0
    245103                               O            07/01/32
    0

    7837661          U05/G02             F          160,000.00         ZZ
                                         360        159,862.24          1
                                       6.750          1,037.76         80
                                       6.500          1,037.76
    LYNNWOOD         WA   98036          5            06/21/02         00
    0434271367                           05           08/01/02          0
    3239128                              O            07/01/32
    0

    7837699          X16/G02             F           44,000.00         ZZ
                                         360         43,968.95          1
                                       7.750            315.22         75
                                       7.500            315.22
    COLUMBUS         OH   43232          1            07/01/02         00
    0434313771                           01           08/01/02          0
    0010068266                           N            07/01/32
    0

    7837707          X16/G02             F           78,850.00         ZZ
                                         360         78,783.75          2
                                       6.875            517.99         95
                                       6.625            517.99
1

    CLEVELAND        OH   44105          1            06/26/02         11
    0434324349                           05           08/01/02         30
    0010068244                           O            07/01/32
    0

    7838165          E22/G02             F          160,000.00         ZZ
                                         360        160,000.00          1
                                       6.875          1,051.09         43
                                       6.625          1,051.09
    LYNN             MA   01904          1            07/08/02         00
    0414061739                           05           09/01/02          0
    0414061739                           O            08/01/32
    0

    7838181          E22/G02             F          260,000.00         ZZ
                                         360        260,000.00          1
                                       7.000          1,729.79         69
                                       6.750          1,729.79
    WALTHAM          MA   02453          5            07/02/02         00
    0414139329                           05           09/01/02          0
    0414139329                           O            08/01/32
    0

    7838185          E22/G02             F          188,000.00         ZZ
                                         360        187,842.05          1
                                       6.875          1,235.03         80
                                       6.625          1,235.03
    COLLEGE STATION  TX   77845          5            06/28/02         00
    0414160044                           05           08/01/02          0
    0414160044                           O            07/01/32
    0

    7838225          E22/G02             F          160,000.00         ZZ
                                         360        159,872.05          1
                                       7.125          1,077.95         59
                                       6.875          1,077.95
    HOLLY POND       AL   35083          2            07/01/02         00
    0414220111                           05           08/01/02          0
    0414220111                           O            07/01/32
    0

    7838227          E22/G02             F           83,000.00         ZZ
                                         360         82,938.40          1
                                       7.500            580.35         93
                                       7.250            580.35
    BALTIMORE        MD   21230          5            07/02/02         04
    0414221614                           07           08/01/02         30
    0414221614                           O            07/01/32
    0
1

    7838229          E22/G02             F           63,750.00         ZZ
                                         240         63,627.62          1
                                       7.000            494.25         85
                                       6.750            494.25
    ST. LOUIS        MO   63113          5            07/02/02         10
    0414224444                           05           08/01/02         12
    0414224444                           O            07/01/22
    0

    7838251          E22/G02             F          273,750.00         ZZ
                                         360        273,750.00          1
                                       7.250          1,867.46         75
                                       7.000          1,867.46
    NORTHBROOK       IL   60062          5            07/02/02         00
    0414246066                           05           09/01/02          0
    0414246066                           O            08/01/32
    0

    7838255          E22/G02             F          126,000.00         ZZ
                                         360        126,000.00          1
                                       7.375            870.25         56
                                       7.125            870.25
    GRANBY           MA   01033          5            07/01/02         00
    0414253609                           05           09/01/02          0
    0414253609                           O            08/01/32
    0

    7838257          E22/G02             F          280,000.00         ZZ
                                         360        279,758.93          1
                                       6.750          1,816.07         80
                                       6.500          1,816.07
    SAN JOSE         CA   95122          5            06/27/02         00
    0414255224                           05           08/01/02          0
    0414255224                           O            07/01/32
    0

    7838289          E22/G02             F           90,000.00         ZZ
                                         360         90,000.00          1
                                       7.125            606.35         85
                                       6.875            606.35
    CLEVELAND        SC   29635          5            07/02/02         01
    0414282608                           05           09/01/02         12
    0414282608                           O            08/01/32
    0

    7838301          E22/G02             F          118,200.00         ZZ
                                         360        118,200.00          1
1

                                       7.125            796.34         90
                                       6.875            796.34
    BOROUGH BERGENF  NJ   07621          1            07/08/02         04
    0414294249                           01           09/01/02         25
    0414294249                           O            08/01/32
    0

    7838303          E22/G02             F          300,000.00         ZZ
                                         360        300,000.00          1
                                       7.500          2,097.64         70
                                       7.250          2,097.64
    HOUSTON          TX   77006          5            07/01/02         00
    0414294793                           05           09/01/02          0
    0414294793                           O            08/01/32
    0

    7838327          E22/G02             F           52,250.00         ZZ
                                         360         52,250.00          1
                                       7.500            365.34         95
                                       7.250            365.34
    HOUSTON          TX   77038          1            07/08/02         01
    0414305342                           09           09/01/02         30
    0414305342                           O            08/01/32
    0

    7838329          E22/G02             F           62,000.00         ZZ
                                         360         61,950.42          1
                                       7.125            417.71         90
                                       6.875            417.71
    BAY CITY         MI   48708          2            07/01/02         01
    0414306761                           05           08/01/02         25
    0414306761                           O            07/01/32
    0

    7838331          E22/G02             F           91,000.00         ZZ
                                         360         90,929.01          1
                                       7.250            620.78         79
                                       7.000            620.78
    CARROLLTON       TX   75007          5            06/28/02         00
    0414307975                           05           08/01/02          0
    0414307975                           O            07/01/32
    0

    7838351          E22/G02             F           73,600.00         ZZ
                                         360         73,538.17          1
                                       6.875            483.50         79
                                       6.625            483.50
    ARLINGTON        TX   76010          5            07/01/02         00
    0414320085                           05           08/01/02          0
1

    0414320085                           O            07/01/32
    0

    7838353          E22/G02             F          181,000.00         ZZ
                                         360        180,847.94          1
                                       6.875          1,189.04         75
                                       6.625          1,189.04
    BRANDON          MS   39047          2            06/21/02         00
    0414321489                           05           08/01/02          0
    0414321489                           O            07/01/32
    0

    7838361          E22/G02             F          150,000.00         ZZ
                                         360        150,000.00          2
                                       7.125          1,010.58         40
                                       6.875          1,010.58
    BAYSIDE          NY   11361          5            07/08/02         00
    0414324780                           05           09/01/02          0
    0414324780                           N            08/01/32
    0

    7838385          E22/G02             F          234,000.00         ZZ
                                         360        234,000.00          2
                                       6.875          1,537.21         75
                                       6.625          1,537.21
    EDISON           NJ   08817          1            07/08/02         00
    0414334151                           05           09/01/02          0
    0414334151                           N            08/01/32
    0

    7838427          E22/G02             F           26,250.00         ZZ
                                         360         26,250.00          1
                                       7.750            188.06         55
                                       7.500            188.06
    FILER            ID   83328          5            06/27/02         00
    0414357491                           05           09/01/02          0
    0414357491                           O            08/01/32
    0

    7838449          E22/G02             F          152,000.00         ZZ
                                         360        152,000.00          1
                                       7.375          1,049.83         80
                                       7.125          1,049.83
    CHICAGO          IL   60640          1            07/08/02         00
    0414366781                           05           09/01/02          0
    0414366781                           N            08/01/32
    0

1

    7838469          E22/G02             F          102,000.00         ZZ
                                         360        102,000.00          1
                                       7.500            713.20         85
                                       7.250            713.20
    WAUKEGAN         IL   60085          5            07/02/02         01
    0414378265                           05           09/01/02         25
    0414378265                           O            08/01/32
    0

    7838471          E22/G02             F          160,000.00         ZZ
                                         360        159,878.25          1
                                       7.375          1,105.08         80
                                       7.125          1,105.08
    MANSFIELD        TX   76063          5            07/01/02         00
    0414379107                           05           08/01/02          0
    0414379107                           O            07/01/32
    0

    7838485          E22/G02             F           65,200.00         ZZ
                                         360         64,974.63          1
                                       6.750            422.89         80
                                       6.500            422.89
    HUNTSVILLE       AL   35803          1            07/08/02         00
    0414398131                           05           08/01/02          0
    0414398131                           O            07/01/32
    0

    7838543          E82/G02             F           82,500.00         ZZ
                                         360         82,500.00          1
                                       6.875            541.97         65
                                       6.625            541.97
    LAS VEGAS        NV   89108          2            07/09/02         00
    0400655304                           03           09/01/02          0
    1614469                              N            08/01/32
    0

    7838545          U85/G02             F          138,400.00         ZZ
                                         360        138,277.89          1
                                       6.625            886.19         80
                                       6.375            886.19
    MUSKEGO          WI   53150          5            06/17/02         00
    0434260337                           05           08/01/02          0
    1                                    O            07/01/32
    0

    7838693          M27/G02             F          171,500.00         ZZ
                                         360        171,355.92          1
                                       6.875          1,126.63         80
                                       6.625          1,126.63
1

    PEAGRAM          TN   37143          5            06/25/02         00
    0434323879                           05           08/01/02          0
    100133206007805                      O            07/01/32
    0

    7838771          M27/G02             F          198,900.00         ZZ
                                         360        198,763.12          4
                                       7.875          1,442.16         90
                                       7.625          1,442.16
    SAVANNAH         GA   31401          1            06/28/02         01
    0434326005                           05           08/01/02         25
    5000074014                           N            07/01/32
    0

    7838815          G34/G02             F           24,880.00         ZZ
                                         360         24,862.88          1
                                       7.875            180.40         80
                                       7.625            180.40
    WATERBURY        CT   06704          1            06/27/02         00
    0434316071                           01           08/01/02          0
    85204297                             N            07/01/32
    0

    7838877          588/G02             F          184,000.00         ZZ
                                         360        183,704.85          1
                                       7.125          1,239.64         80
                                       6.875          1,239.64
    ALEXANDRIA       VA   22310          1            05/31/02         00
    0434248597                           09           07/01/02          0
    00010643897                          O            06/01/32
    0

    7839135          S27/G02             F          281,650.00         ZZ
                                         360        281,419.13          1
                                       7.000          1,873.83         62
                                       6.750          1,873.83
    HERNDON          VA   20171          2            06/27/02         00
    0434315099                           05           08/01/02          0
    1130009061                           O            07/01/32
    0

    7839615          601/G02             F           82,400.00         ZZ
                                         360         82,291.83          1
                                       8.125            611.82         80
                                       7.875            611.82
    OKLAHOMA CITY    OK   73159          1            05/30/02         00
    0434227435                           05           07/01/02          0
    61507745                             N            06/01/32
    0
1

    7839651          601/G02             F          192,000.00         ZZ
                                         360        191,684.30          1
                                       7.000          1,277.39         80
                                       6.750          1,277.39
    PALM HARBOR      FL   34683          1            05/22/02         00
    0434227310                           05           07/01/02          0
    61509188                             N            06/01/32
    0

    7839691          601/G02             F          164,000.00         ZZ
                                         360        163,887.14          2
                                       7.875          1,189.11         80
                                       7.625          1,189.11
    FLAGLER BEACH    FL   32136          1            06/07/02         00
    0434227195                           05           08/01/02          0
    61544011                             N            07/01/32
    0

    7839699          601/G02             F          264,000.00         ZZ
                                         360        263,788.88          1
                                       7.125          1,778.62         80
                                       6.875          1,778.62
    CHICAGO          IL   60607          2            06/17/02         00
    0434227237                           08           08/01/02          0
    61559662                             N            07/01/32
    0

    7839703          601/G02             F          169,200.00         ZZ
                                         360        168,935.20          1
                                       7.250          1,154.25         90
                                       7.000          1,154.25
    SAINT AUGUSTINE  FL   32080          1            06/07/02         11
    0434227245                           05           07/01/02         25
    61506614                             O            06/01/32
    0

    7839733          601/G02             F          100,950.00         ZZ
                                         360        100,810.59          1
                                       7.875            731.96         90
                                       7.625            731.96
    TAMPA            FL   33615          1            05/31/02         11
    0434227211                           05           07/01/02         25
    61517058                             N            06/01/32
    0

    7839895          601/G02             F          272,000.00         ZZ
                                         360        271,777.04          1
1

                                       7.000          1,809.63         80
                                       6.750          1,809.63
    RIVER RIDGE      LA   70123          2            06/17/02         00
    0434229662                           05           08/01/02          0
    61570016                             O            07/01/32
    0

    7839897          601/G02             F           92,000.00         ZZ
                                         360         91,922.70          1
                                       6.875            604.38         80
                                       6.625            604.38
    SAFETY HARBOR    FL   34695          5            06/19/02         00
    0434229134                           05           08/01/02          0
    61581781                             O            07/01/32
    0

    7839981          G34/G02             F          129,000.00         ZZ
                                         360        128,899.37          4
                                       7.250            880.01         90
                                       7.000            880.01
    CENTRAL POINT    OR   97502          1            06/26/02         04
    0434335089                           05           08/01/02         25
    44802262118                          N            07/01/32
    0

    7840021          B28/G02             F          119,200.00         ZZ
                                         360        119,115.86          1
                                       7.750            853.97         80
                                       7.500            853.97
    MODESTO          CA   95355          1            06/21/02         00
    0434267431                           05           08/01/02          0
    02501329                             N            07/01/32
    0

    7840753          737/G02             F          125,000.00         ZZ
                                         360        124,900.04          1
                                       7.125            842.15         80
                                       6.875            842.15
    GRAND PRAIRIE    TX   75052          1            06/27/02         00
    0434235313                           05           08/01/02          0
    2073328                              O            07/01/32
    0

    7840775          N47/G02             F          146,650.00         ZZ
                                         360        146,650.00          1
                                       7.625          1,037.98         70
                                       7.375          1,037.98
    RENO             NV   89509          1            07/01/02         00
    0434277927                           05           09/01/02          0
1

    20520614                             N            08/01/32
    0

    7840865          R84/G02             F          174,000.00         ZZ
                                         360        173,853.82          1
                                       6.875          1,143.06         78
                                       6.625          1,143.06
    KATY             TX   77489          1            06/18/02         00
    0434249454                           03           08/01/02          0
    0578082                              O            07/01/32
    0

    7841211          X19/G02             F          120,000.00         ZZ
                                         360        120,000.00          1
                                       7.375            828.81         80
                                       7.125            828.81
    MONROE           NY   10950          5            07/08/02         00
    0434268363                           05           09/01/02          0
    22052404                             O            08/01/32
    0

    7841343          W53/G02             F          280,400.00         ZZ
                                         360        279,927.51          1
                                       6.875          1,842.03         85
                                       6.625          1,842.03
    TAMPA            FL   33615          1            05/30/02         01
    0434279220                           05           07/01/02         12
    1303000267                           O            06/01/32
    0

    7842661          E22/G02             F          124,000.00         ZZ
                                         360        124,000.00          2
                                       6.875            814.59         80
                                       6.625            814.59
    PLACERVILLE      CA   95667          1            07/01/02         00
    0413074014                           05           09/01/02          0
    0413074014                           N            08/01/32
    0

    7842715          E22/G02             F          116,000.00         ZZ
                                         360        116,000.00          1
                                       6.875            762.04         80
                                       6.625            762.04
    HOUSTON          TX   77036          5            07/03/02         00
    0414258327                           03           09/01/02          0
    0414258327                           O            08/01/32
    0

1

    7842723          E22/G02             F          275,800.00         ZZ
                                         360        275,800.00          3
                                       7.375          1,904.88         73
                                       7.125          1,904.88
    DENVER           CO   80218          5            07/03/02         00
    0414268920                           05           09/01/02          0
    0414268920                           O            08/01/32
    0

    7842725          E22/G02             F           49,600.00         ZZ
                                         360         49,600.00          1
                                       7.500            346.81         80
                                       7.250            346.81
    BELLEVUE         NE   68147          1            07/09/02         00
    0414271130                           05           09/01/02          0
    0414271130                           N            08/01/32
    0

    7842729          E22/G02             F           90,000.00         ZZ
                                         360         90,000.00          1
                                       7.500            629.29         93
                                       7.250            629.29
    GRANDVIEW        MO   64030          5            07/03/02         04
    0414273086                           03           09/01/02         30
    0414273086                           O            08/01/32
    0

    7842751          E22/G02             F           84,150.00         ZZ
                                         360         84,150.00          1
                                       7.875            610.15         85
                                       7.625            610.15
    POMPANO BEACH    FL   33065          5            07/01/02         01
    0414295436                           05           09/01/02         12
    0414295436                           O            08/01/32
    0

    7842767          E22/G02             F          360,000.00         ZZ
                                         360        360,000.00          2
                                       7.000          2,395.09         68
                                       6.750          2,395.09
    SAN JOSE         CA   95112          2            06/28/02         00
    0414307090                           05           09/01/02          0
    0414307090                           N            08/01/32
    0

    7842773          E22/G02             F          124,100.00         ZZ
                                         360        124,100.00          1
                                       7.125            836.08         85
                                       6.875            836.08
1

    COOPER CITY      FL   33026          5            07/03/02         04
    0414311613                           09           09/01/02         12
    0414311613                           O            08/01/32
    0

    7842775          E22/G02             F          183,200.00         ZZ
                                         360        183,046.09          1
                                       6.875          1,203.49         80
                                       6.625          1,203.49
    MARGATE          FL   33063          2            07/01/02         00
    0414313106                           03           08/01/02          0
    0414313106                           O            07/01/32
    0

    7842791          E22/G02             F          220,000.00         ZZ
                                         360        220,000.00          1
                                       6.875          1,445.24         80
                                       6.625          1,445.24
    RICHMOND         CA   94804          1            07/03/02         00
    0414327684                           05           09/01/02          0
    0414327684                           N            08/01/32
    0

    7842817          E22/G02             F          171,200.00         ZZ
                                         360        171,200.00          1
                                       7.250          1,167.89         80
                                       7.000          1,167.89
    FLOWER MOUND     TX   75028          5            07/03/02         00
    0414353466                           05           09/01/02          0
    0414353466                           O            08/01/32
    0

    7842825          E22/G02             F          171,500.00         ZZ
                                         360        171,500.00          1
                                       7.250          1,169.93         77
                                       7.000          1,169.93
    ELK GROVE VILLA  IL   60007          2            07/03/02         00
    0414361774                           09           09/01/02          0
    0414361774                           O            08/01/32
    0

    7842827          E22/G02             F          134,000.00         ZZ
                                         360        134,000.00          1
                                       6.875            880.28         77
                                       6.625            880.28
    DENVER           CO   80204          5            07/03/02         00
    0414362087                           05           09/01/02          0
    0414362087                           O            08/01/32
    0
1

    7842839          E22/G02             F          198,000.00         ZZ
                                         360        198,000.00          1
                                       6.875          1,300.72         78
                                       6.625          1,300.72
    FORT COLLINS     CO   80521          2            07/02/02         00
    0414365965                           05           09/01/02          0
    0414365965                           O            08/01/32
    0

    7842865          E22/G02             F          141,500.00         ZZ
                                         360        141,500.00          1
                                       7.750          1,013.72         95
                                       7.500          1,013.72
    PROVIDENCE       RI   02907          5            07/03/02         01
    0414391250                           05           09/01/02         30
    0414391250                           O            08/01/32
    0

    7842893          E22/G02             F           98,100.00         ZZ
                                         360         98,100.00          1
                                       8.125            728.39         90
                                       7.875            728.39
    FOREST PARK      GA   30297          1            07/08/02         01
    0414424424                           05           09/01/02         25
    0414424424                           N            08/01/32
    0

    7842933          E47/G02             F          167,920.00         ZZ
                                         360        167,785.72          1
                                       7.125          1,131.31         80
                                       6.875          1,131.31
    POTOMAC          MD   20854          1            06/26/02         00
    0434326021                           09           08/01/02          0
    7338510790                           N            07/01/32
    0

    7843455          K15/G02             F           74,800.00         ZZ
                                         360         74,800.00          1
                                       8.000            548.86         85
                                       7.750            548.86
    ST LOUIS         MI   48880          5            07/01/02         11
    0434264180                           05           09/01/02         12
    036305306860                         O            08/01/32
    0

    7843501          U05/G02             F          125,000.00         ZZ
                                         360        124,902.49          1
1

                                       7.250            852.72         72
                                       7.000            852.72
    ENUMCLAW         WA   98022          5            06/07/02         00
    0434266102                           03           08/01/02          0
    3235663                              O            07/01/32
    0

    7843581          M27/G02             F          115,000.00         ZZ
                                         360        114,905.73          1
                                       7.000            765.10         73
                                       6.750            765.10
    ASHEVILLE        NC   28804          5            06/26/02         00
    0434261103                           05           08/01/02          0
    600781724                            O            07/01/32
    0

    7843693          737/G02             F          177,750.00         ZZ
                                         360        177,618.09          1
                                       7.500          1,242.85         89
                                       7.250          1,242.85
    GLENDALE         AZ   85310          1            06/20/02         12
    0434296182                           05           08/01/02         25
    2071995                              O            07/01/32
    0

    7843701          369/G02             F          225,000.00         ZZ
                                         360        224,841.19          1
                                       7.750          1,611.93         60
                                       7.500          1,611.93
    HONOLULU         HI   96815          1            06/03/02         00
    0434314688                           22           08/01/02          0
    074045030                            N            07/01/32
    0

    7843751          L16/G02             F          185,500.00         ZZ
                                         360        185,344.16          1
                                       6.875          1,218.60         70
                                       6.625          1,218.60
    GARDENA          CA   90249          5            06/27/02         00
    0434291456                           05           08/01/02          0
    12060136                             O            07/01/32
    0

    7843757          601/G02             F          179,100.00         ZZ
                                         360        178,833.33          1
                                       7.500          1,252.29         90
                                       7.250          1,252.29
    HOUSTON          TX   77025          1            06/03/02         14
    0434255451                           05           07/01/02         25
1

    61520672                             O            06/01/32
    0

    7843785          601/G02             F           66,870.00         ZZ
                                         360         66,819.12          1
                                       7.375            461.85         90
                                       7.125            461.85
    TAMPA            FL   33603          1            06/10/02         11
    0434251567                           07           08/01/02         35
    61554200                             O            07/01/32
    0

    7843817          E57/G02             F          139,000.00         ZZ
                                         360        138,891.56          1
                                       7.250            948.23         84
                                       7.000            948.23
    LYNWOOD          CA   90262          5            06/24/02         04
    0434247920                           05           08/01/02         12
    06007996                             O            07/01/32
    0

    7843855          601/G02             F          214,225.00         ZZ
                                         360        213,711.15          1
                                       7.625          1,516.28         95
                                       7.375          1,516.28
    DYER             IN   46311          1            05/29/02         11
    0434243275                           05           07/01/02         30
    61527511                             O            06/01/32
    0

    7843897          601/G02             F           50,000.00         ZZ
                                         360         49,919.80          1
                                       7.125            336.86         64
                                       6.875            336.86
    KNOXVILLE        TN   37921          5            06/03/02         00
    0434255097                           05           07/01/02          0
    61512091                             O            06/01/32
    0

    7843935          601/G02             F          120,000.00         ZZ
                                         360        119,917.42          1
                                       7.875            870.08         62
                                       7.625            870.08
    WEST CHICAGO     IL   60185          1            06/20/02         00
    0434262127                           05           08/01/02          0
    61550836                             O            07/01/32
    0

1

    7843977          F60/G02             F           54,900.00         ZZ
                                         360         54,861.25          2
                                       7.750            393.31         90
                                       7.500            393.31
    NEW ORLEANS      LA   70119          1            06/20/02         04
    0434257846                           05           08/01/02         25
    447264                               N            07/01/32
    0

    7844051          R84/G02             F          179,050.00         ZZ
                                         360        178,913.76          1
                                       7.375          1,236.65         95
                                       7.125          1,236.65
    EVERETT          WA   98208          1            06/14/02         11
    0434279162                           05           08/01/02         25
    WA500007                             O            07/01/32
    0

    7844055          511/511             F          185,000.00         ZZ
                                         360        184,848.36          1
                                       7.000          1,230.81         76
                                       6.750          1,230.81
    RANCHO CUCAMONG  CA   91737          1            06/05/02         00
    0002668767                           03           08/01/02          0
    0002668767                           O            07/01/32
    0

    7844353          A06/G02             F          121,400.00         ZZ
                                         360        121,314.31          1
                                       7.750            869.73         90
                                       7.500            869.73
    STERLING HEIGHT  MI   48313          1            06/28/02         12
    0434254454                           01           08/01/02         25
    021000020205556                      O            07/01/32
    0

    7844375          L21/G02             F          197,600.00         ZZ
                                         360        197,600.00          2
                                       7.500          1,381.65         95
                                       7.250          1,381.65
    BRANFORD         CT   06405          1            07/09/02         01
    0434253928                           05           09/01/02         30
    70302058                             O            08/01/32
    0

    7844653          952/G02             F          106,500.00         ZZ
                                         360        106,420.97          1
                                       7.500            744.66         60
                                       7.250            744.66
1

    POINT PLEASANT   NJ   08742          5            06/26/02         00
    0434257093                           05           08/01/02          0
    20026295                             N            07/01/32
    0

    7844695          L16/G02             F           74,000.00         ZZ
                                         360         73,949.08          1
                                       7.875            536.55         89
                                       7.625            536.55
    DUBLIN           OH   43016          2            06/26/02         01
    0434280004                           01           08/01/02         25
    12040388                             O            07/01/32
    0

    7844733          L16/G02             F          175,000.00         ZZ
                                         360        174,856.55          1
                                       7.000          1,164.28         59
                                       6.750          1,164.28
    MONTICELLO       FL   32344          5            06/25/02         00
    0434279972                           05           08/01/02          0
    22060016                             O            07/01/32
    0

    7844843          601/G02             F          152,240.00         ZZ
                                         360        152,081.93          3
                                       7.500          1,064.48         95
                                       7.250          1,064.48
    UNION CITY       NJ   07087          1            06/11/02         11
    0434251765                           05           08/01/02         30
    61535126                             O            07/01/32
    0

    7844865          H81/G02             F           54,000.00         ZZ
                                         360         54,000.00          2
                                       7.750            386.86         90
                                       7.500            386.86
    MILWAUKEE        WI   53207          1            07/08/02         10
    0434268322                           05           09/01/02         25
    WH15977                              N            08/01/32
    0

    7844875          601/G02             F          108,000.00         ZZ
                                         360        107,917.82          1
                                       7.375            745.93         80
                                       7.125            745.93
    JONESBORO        GA   30238          5            06/04/02         00
    0434256665                           05           08/01/02          0
    61518072                             O            07/01/32
    0
1

    7844971          601/G02             F          207,000.00         ZZ
                                         360        206,853.89          1
                                       7.750          1,482.98         60
                                       7.500          1,482.98
    EDINA            MN   55439          5            06/21/02         00
    0434255287                           05           08/01/02          0
    61574000                             O            07/01/32
    0

    7845019          601/G02             F          289,000.00         ZZ
                                         360        288,796.02          1
                                       7.750          2,070.44         80
                                       7.500          2,070.44
    CHICAGO          IL   60610          1            06/25/02         00
    0434261947                           06           08/01/02          0
    61533865                             O            07/01/32
    0

    7845055          601/G02             F          131,100.00         ZZ
                                         360        130,899.87          1
                                       7.375            905.48         95
                                       7.125            905.48
    POWDER SPRINGS   GA   31027          5            06/05/02         14
    0434255998                           05           07/01/02         30
    61531166                             O            06/01/32
    0

    7845069          601/G02             F          100,000.00         ZZ
                                         360         99,920.03          1
                                       7.125            673.72         80
                                       6.875            673.72
    ATLANTA          GA   30305          1            06/17/02         00
    0434261368                           06           08/01/02          0
    61547014                             N            07/01/32
    0

    7845103          601/G02             F           89,700.00         ZZ
                                         360         89,566.44          1
                                       7.500            627.20         78
                                       7.250            627.20
    TAMPA            FL   33613          1            05/22/02         00
    0434255147                           05           07/01/02          0
    61477022                             O            06/01/32
    0

    7845133          601/G02             F           55,000.00         ZZ
                                         360         54,959.18          1
1

                                       7.500            384.57         62
                                       7.250            384.57
    WELLS            ME   04090          1            06/07/02         00
    0434255725                           21           08/01/02          0
    61473112                             N            07/01/32
    0

    7845227          S27/G02             F          130,400.00         ZZ
                                         360        130,293.11          1
                                       7.000            867.56         80
                                       6.750            867.56
    HEATHROW         FL   32746          1            07/01/02         00
    0434258380                           03           08/01/02          0
    1                                    O            07/01/32
    0

    7845253          950/G02             F          254,700.00         ZZ
                                         360        254,291.43          1
                                       7.125          1,715.96         90
                                       6.875          1,715.96
    ANTIOCH          CA   94509          1            05/29/02         11
    0434291092                           05           07/01/02         25
    AB203005                             O            06/01/32
    0

    7845571          738/G02             F           83,000.00         ZZ
                                         360         82,935.25          1
                                       7.250            566.21         42
                                       7.000            566.21
    MIAMI            FL   33150          5            06/12/02         00
    0434267522                           05           08/01/02          0
    40465227                             O            07/01/32
    0

    7845581          P44/G02             F          261,000.00         ZZ
                                         360        261,000.00          3
                                       7.875          1,892.43         90
                                       7.625          1,892.43
    SOMERVILLE       MA   02143          1            07/02/02         10
    0434269874                           05           09/01/02         25
    1                                    N            08/01/32
    0

    7845703          E22/G02             F          129,500.00         ZZ
                                         360        129,410.88          4
                                       7.875            938.96         90
                                       7.625            938.96
    SAGINAW          MI   48601          1            06/27/02         04
    0414069500                           05           08/01/02         25
1

    0414069500                           N            07/01/32
    0

    7845709          E22/G02             F           73,000.00         ZZ
                                         360         73,000.00          1
                                       7.875            529.30         77
                                       7.625            529.30
    DECATUR          GA   30032          5            07/09/02         00
    0414164442                           05           09/01/02          0
    0414164442                           N            08/01/32
    0

    7845759          E22/G02             F          248,000.00         ZZ
                                         360        248,000.00          1
                                       6.875          1,629.18         80
                                       6.625          1,629.18
    AUSTIN           TX   78737          5            07/05/02         00
    0414288365                           05           09/01/02          0
    0414288365                           O            08/01/32
    0

    7845763          E22/G02             F          129,500.00         ZZ
                                         360        129,410.88          4
                                       7.875            938.96         90
                                       7.625            938.96
    SAGINAW          MI   48601          1            06/27/02         04
    0414291815                           05           08/01/02         25
    0414291815                           N            07/01/32
    0

    7845773          E22/G02             F           76,800.00         ZZ
                                         360         76,800.00          1
                                       7.250            523.91         60
                                       7.000            523.91
    OLDSMAR          FL   34677          1            07/10/02         00
    0414299800                           09           09/01/02          0
    0414299800                           N            08/01/32
    0

    7845781          E22/G02             F          195,990.00         ZZ
                                         360        195,990.00          1
                                       7.125          1,320.42         75
                                       6.875          1,320.42
    SACRAMENTO       CA   95829          1            07/01/02         00
    0414308635                           05           09/01/02          0
    0414308635                           O            08/01/32
    0

1

    7845811          E22/G02             F           42,750.00         ZZ
                                         360         42,750.00          1
                                       7.750            306.27         75
                                       7.500            306.27
    JACKSON          MS   39204          5            07/10/02         00
    0414353516                           05           09/01/02          0
    0414353516                           N            08/01/32
    0

    7845813          E22/G02             F          258,000.00         ZZ
                                         360        258,000.00          1
                                       6.625          1,652.00         69
                                       6.375          1,652.00
    VENTURA          CA   93003          2            07/02/02         00
    0414354332                           05           09/01/02          0
    0414354332                           O            08/01/32
    0

    7845829          E22/G02             F          100,000.00         ZZ
                                         360        100,000.00          1
                                       7.375            690.68         50
                                       7.125            690.68
    DEERFIELD BEACH  FL   33441          5            07/05/02         00
    0414370569                           06           09/01/02          0
    0414370569                           O            08/01/32
    0

    7845831          E22/G02             F          124,000.00         ZZ
                                         360        124,000.00          1
                                       6.875            814.59         80
                                       6.625            814.59
    HOUSTON          TX   77071          5            07/05/02         00
    0414373399                           03           09/01/02          0
    0414373399                           O            08/01/32
    0

    7845887          E22/G02             F          153,900.00         ZZ
                                         360        153,900.00          1
                                       7.250          1,049.87         95
                                       7.000          1,049.87
    LOVELAND         CO   80537          1            07/10/02         04
    0414416677                           05           09/01/02         30
    0414416677                           O            08/01/32
    0

    7845889          E22/G02             F           70,350.00         ZZ
                                         360         70,350.00          1
                                       7.125            473.96         90
                                       6.875            473.96
1

    TOLEDO           OH   43612          1            07/10/02         11
    0414428425                           05           09/01/02         25
    0414428425                           O            08/01/32
    0

    7845891          E22/G02             F          108,000.00         ZZ
                                         360        108,000.00          1
                                       7.750            773.73         80
                                       7.500            773.73
    SEATTLE          WA   98168          1            07/03/02         00
    0414434845                           05           09/01/02          0
    0414434845                           N            08/01/32
    0

    7845897          E22/G02             F           49,500.00         ZZ
                                         360         49,500.00          2
                                       7.625            350.36         75
                                       7.375            350.36
    NEW ORLEANS      LA   70119          5            07/10/02         00
    0414444687                           05           09/01/02          0
    0414444687                           N            08/01/32
    0

    7845971          U05/G02             F          104,000.00         ZZ
                                         360        103,922.82          1
                                       7.500            727.18         80
                                       7.250            727.18
    PFLUGERVILLE     TX   78660          5            06/24/02         00
    0434279998                           05           08/01/02          0
    3238778                              O            07/01/32
    0

    7845981          E82/G02             F          178,850.00         ZZ
                                         360        178,706.97          1
                                       7.125          1,204.95         77
                                       6.875          1,204.95
    GRASS VALLEY     CA   95949          2            06/27/02         00
    0400645073                           05           08/01/02          0
    1959577                              N            07/01/32
    0

    7845987          E82/G02             F           92,900.00         ZZ
                                         360         92,825.71          1
                                       7.125            625.88         61
                                       6.875            625.88
    WARRENVILLE      IL   60555          2            06/27/02         00
    0400649554                           05           08/01/02          0
    1721276                              N            07/01/32
    0
1

    7846185          601/G02             F           46,800.00         ZZ
                                         360         46,762.58          1
                                       7.125            315.30         90
                                       6.875            315.30
    HOUSTON          TX   77064          1            06/25/02         10
    0434242699                           05           08/01/02         25
    61565883                             O            07/01/32
    0

    7846193          601/G02             F          145,600.00         ZZ
                                         360        145,474.64          1
                                       6.750            944.36         80
                                       6.500            944.36
    LAWRENCEVILLE    GA   30045          5            06/14/02         00
    0434235982                           05           08/01/02          0
    61553939                             O            07/01/32
    0

    7846223          G34/G02             F          178,000.00         ZZ
                                         360        178,000.00          1
                                       6.875          1,169.33         80
                                       6.625          1,169.33
    LAS VEGAS        NV   89123          1            07/05/02         00
    0434267720                           05           09/01/02          0
    20659065                             O            08/01/32
    0

    7846235          601/G02             F          232,000.00         ZZ
                                         360        231,654.56          1
                                       7.500          1,622.18         78
                                       7.250          1,622.18
    SCITUATE         MA   02066          5            05/31/02         00
    0434237541                           05           07/01/02          0
    61482485                             O            06/01/32
    0

    7846313          X81/G02             F          296,900.00         ZZ
                                         360        296,690.45          1
                                       7.750          2,127.03         90
                                       7.500          2,127.03
    LAKE ST. CROIX   MN   55043          1            06/19/02         10
    0434324448                           09           08/01/02         25
    952156                               N            07/01/32
    0

    7846371          P30/G02             F          182,400.00         T
                                         360        182,400.00          1
1

                                       7.250          1,244.29         80
                                       7.000          1,244.29
    BANNER ELK       NC   28604          2            07/05/02         00
    0434335097                           05           09/01/02          0
    0576241                              O            08/01/32
    0

    7846377          642/G02             F          216,000.00         ZZ
                                         360        216,000.00          1
                                       6.625          1,383.07         80
                                       6.375          1,383.07
    SAN JOSE         CA   95111          1            07/03/02         00
    0434258554                           05           09/01/02          0
    06160902                             O            08/01/32
    0

    7846383          601/G02             F          256,000.00         ZZ
                                         360        255,663.93          1
                                       8.125          1,900.80         80
                                       7.875          1,900.80
    SAINT LOUIS      MO   63108          2            05/24/02         00
    0434236097                           05           07/01/02          0
    61509097                             O            06/01/32
    0

    7846411          601/G02             F          136,000.00         ZZ
                                         360        135,797.49          1
                                       7.500            950.94         80
                                       7.250            950.94
    BREWER           ME   04412          5            05/22/02         00
    0434236832                           05           07/01/02          0
    61505376                             O            06/01/32
    0

    7846453          X67/G02             F          288,000.00         ZZ
                                         360        287,758.05          1
                                       6.875          1,891.95         80
                                       6.625          1,891.95
    UNION CITY       CA   94587          1            06/28/02         00
    0434291746                           05           08/01/02          0
    00267774                             O            07/01/32
    0

    7846571          A21/G02             F          298,000.00         ZZ
                                         360        297,749.64          1
                                       6.875          1,957.65         78
                                       6.625          1,957.65
    TENAFLY          NJ   07670          5            07/01/02         00
    0434310413                           05           08/01/02          0
1

    0100133039                           O            07/01/32
    0

    7846599          998/998             F          306,000.00         ZZ
                                         360        305,243.12          2
                                       7.000          2,035.83         85
                                       6.750          2,035.83
    BROOKLYN         NY   11234          5            04/23/02         01
    4550218                              05           06/01/02         12
    4550218                              O            05/01/32
    0

    7846605          998/998             F          337,500.00         ZZ
                                         360        337,022.06          3
                                       7.750          2,417.89         90
                                       7.500          2,417.89
    MOUNT VERNON     NY   10550          2            06/03/02         10
    4816037                              05           07/01/02         25
    4816037                              O            06/01/32
    0

    7846657          944/G02             F          108,000.00         ZZ
                                         360        108,000.00          1
                                       7.250            736.76         78
                                       7.000            736.76
    ORANGE           CA   92869          5            07/01/02         00
    0434251617                           01           09/01/02          0
    W02025110                            O            08/01/32
    0

    7846701          X44/G02             F          133,500.00         ZZ
                                         360        133,400.93          1
                                       7.500            933.45         75
                                       7.250            933.45
    ELIZABETH        NJ   07201          5            06/28/02         00
    0434323580                           05           08/01/02          0
    0579175                              N            07/01/32
    0

    7846811          W53/G02             F          122,900.00         ZZ
                                         360        122,687.75          1
                                       6.750            797.13         65
                                       6.500            797.13
    GRIFFIN          GA   30223          1            05/31/02         00
    0434279295                           05           07/01/02          0
    1304000673                           O            06/01/32
    0

1

    7847017          W53/G02             F           79,200.00         ZZ
                                         360         79,135.08          3
                                       7.000            526.92         90
                                       6.750            526.92
    ELLENVILLE       NY   12428          1            06/11/02         01
    0434249041                           05           08/01/02         30
    1101000558                           O            07/01/32
    0

    7847143          196/G02             F          210,000.00         ZZ
                                         360        209,844.14          1
                                       7.500          1,468.36         48
                                       7.250          1,468.36
    BROOKLYN         NY   11219          5            06/13/02         00
    0434324075                           05           08/01/02          0
    1320019                              O            07/01/32
    0

    7847149          196/G02             F          151,300.00         ZZ
                                         360        151,166.50          1
                                       6.625            968.80         82
                                       6.375            968.80
    WINDSOR          CT   06095          5            06/03/02         11
    0434291332                           05           08/01/02         12
    1320511                              O            07/01/32
    0

    7847153          196/G02             F          124,500.00         ZZ
                                         360        124,397.94          3
                                       7.000            828.31         80
                                       6.750            828.31
    NEW BEDFORD      MA   02740          2            06/28/02         00
    0434326724                           05           08/01/02          0
    1320520                              O            07/01/32
    0

    7847157          196/G02             F           89,000.00         ZZ
                                         360         88,928.83          1
                                       7.125            599.61         58
                                       6.875            599.61
    MERRIMACK        NH   03054          2            06/13/02         00
    0434295895                           01           08/01/02          0
    1320798                              O            07/01/32
    0

    7847159          196/G02             F           75,000.00         ZZ
                                         360         74,938.52          1
                                       7.000            498.98         66
                                       6.750            498.98
1

    WARREN           MI   48089          1            06/05/02         00
    0434326690                           05           08/01/02          0
    1320974                              O            07/01/32
    0

    7847165          196/G02             F           80,000.00         ZZ
                                         360         79,927.67          3
                                       6.500            505.66         80
                                       6.250            505.66
    HARTFORD         CT   06106          1            06/18/02         00
    0434326500                           05           08/01/02          0
    1321185                              N            07/01/32
    0

    7847167          196/G02             F          207,900.00         ZZ
                                         360        207,733.74          1
                                       7.125          1,400.67         80
                                       6.875          1,400.67
    LONDONDERRY      NH   03053          1            06/20/02         00
    0434323523                           05           08/01/02          0
    1321632                              N            07/01/32
    0

    7847169          196/G02             F          121,500.00         ZZ
                                         360        121,416.38          3
                                       7.875            880.96         90
                                       7.625            880.96
    NEW BEDFORD      MA   02740          1            06/14/02         10
    0434323200                           05           08/01/02         25
    1321685                              N            07/01/32
    0

    7847175          196/G02             F          219,000.00         ZZ
                                         360        218,824.86          1
                                       7.125          1,475.45         94
                                       6.875          1,475.45
    SHARPSBURG       GA   30277          1            06/28/02         02
    0434326484                           05           08/01/02         30
    1322407                              O            07/01/32
    0

    7847177          196/G02             F          176,800.00         ZZ
                                         360        176,655.07          1
                                       7.000          1,176.26         80
                                       6.750          1,176.26
    ALPHARETTA       GA   30022          1            06/28/02         00
    0434296992                           03           08/01/02          0
    1322419                              O            07/01/32
    0
1

    7847183          196/G02             F          183,900.00         ZZ
                                         360        183,770.20          2
                                       7.750          1,317.49         80
                                       7.500          1,317.49
    MANCHESTER       NH   03103          1            06/28/02         00
    0434323077                           05           08/01/02          0
    1322844                              O            07/01/32
    0

    7847185          196/G02             F           53,000.00         ZZ
                                         360         52,962.59          1
                                       7.750            379.70         80
                                       7.500            379.70
    NASHUA           NH   03063          1            07/03/02         00
    0434323994                           01           08/01/02          0
    1323168                              N            07/01/32
    0

    7847191          196/G02             F          140,000.00         ZZ
                                         360        139,796.68          1
                                       7.625            990.92         80
                                       7.375            990.92
    BROOKLYN PARK    MN   55443          5            05/31/02         00
    0434323473                           05           07/01/02          0
    1504516                              O            06/01/32
    0

    7847193          196/G02             F           46,500.00         ZZ
                                         360         46,467.17          1
                                       7.750            333.14         75
                                       7.500            333.14
    LIVINGSTON       LA   70754          2            06/14/02         00
    0434295424                           05           08/01/02          0
    1508244                              O            07/01/32
    0

    7847195          196/G02             F          173,500.00         ZZ
                                         360        173,380.59          4
                                       7.875          1,258.00         70
                                       7.625          1,258.00
    SAVANNAH         GA   31401          2            06/10/02         00
    0434295820                           05           08/01/02          0
    1510169                              N            07/01/32
    0

    7847197          196/G02             F           75,500.00         ZZ
                                         360         75,395.74          2
1

                                       7.875            547.43         75
                                       7.625            547.43
    NEW ORLEANS      LA   70115          5            05/23/02         00
    0434320826                           05           07/01/02          0
    1512826                              N            06/01/32
    0

    7847199          196/G02             F          155,000.00         ZZ
                                         360        154,884.96          2
                                       7.500          1,083.79         57
                                       7.250          1,083.79
    CHICAGO          IL   60625          2            06/12/02         00
    0434291498                           05           08/01/02          0
    1513774                              O            07/01/32
    0

    7847201          196/G02             F          151,200.00         ZZ
                                         360        151,072.97          1
                                       6.875            993.28         90
                                       6.625            993.28
    SAVANNAH         GA   31410          1            06/28/02         02
    0434326179                           05           08/01/02         25
    1534191                              O            07/01/32
    0

    7847209          196/G02             F          176,000.00         T
                                         360        175,859.25          1
                                       7.125          1,185.75         73
                                       6.875          1,185.75
    SEVIERVILLE      TN   37876          2            06/10/02         00
    0434326740                           03           08/01/02          0
    1536255                              O            07/01/32
    0

    7847215          196/G02             F          192,000.00         T
                                         360        191,850.22          1
                                       7.250          1,309.78         80
                                       7.000          1,309.78
    SEVIERVILLE      TN   37862          2            06/27/02         00
    0434296836                           05           08/01/02          0
    1536772                              O            07/01/32
    0

    7847217          196/G02             F           81,600.00         ZZ
                                         360         81,533.11          1
                                       7.000            542.89         80
                                       6.750            542.89
    LA VERNE         CA   91750          1            06/06/02         00
    0434326336                           01           08/01/02          0
1

    1537100                              N            07/01/32
    0

    7847221          196/G02             F           29,700.00         ZZ
                                         360         29,679.03          2
                                       7.750            212.78         90
                                       7.500            212.78
    WATERBURY        CT   06702          1            06/24/02         01
    0434294625                           05           08/01/02         25
    1537717                              N            07/01/32
    0

    7847227          196/G02             F          272,000.00         ZZ
                                         360        271,798.13          1
                                       7.500          1,901.87         80
                                       7.250          1,901.87
    SYRACUSE         UT   84075          5            06/19/02         00
    0434321659                           05           08/01/02          0
    1538633                              N            07/01/32
    0

    7847229          196/G02             F          250,000.00         ZZ
                                         360        249,804.97          1
                                       7.250          1,705.45         80
                                       7.000          1,705.45
    CRYSTAL LAKE     IL   60012          5            06/07/02         00
    0434280251                           05           08/01/02          0
    1538658                              O            07/01/32
    0

    7847235          196/G02             F          141,500.00         ZZ
                                         360        141,255.65          1
                                       6.750            917.77         75
                                       6.500            917.77
    MENIFEE          CA   92584          5            05/30/02         00
    0434296331                           05           07/01/02          0
    1538938                              O            06/01/32
    0

    7847237          196/G02             F          232,000.00         ZZ
                                         360        231,823.46          2
                                       7.375          1,602.37         79
                                       7.125          1,602.37
    HINGHAM          MA   02043          5            06/10/02         00
    0434320859                           05           08/01/02          0
    1539116                              O            07/01/32
    0

1

    7847243          196/G02             F          285,000.00         ZZ
                                         360        284,766.38          1
                                       7.000          1,896.12         62
                                       6.750          1,896.12
    NORWALK          CT   06855          5            06/27/02         00
    0434297313                           05           08/01/02          0
    1539434                              O            07/01/32
    0

    7847247          196/G02             F          297,000.00         ZZ
                                         360        296,785.04          4
                                       7.625          2,102.15         90
                                       7.375          2,102.15
    NORWALK          CA   90650          1            06/14/02         14
    0434326757                           05           08/01/02         25
    1539824                              N            07/01/32
    0

    7847255          196/G02             F           55,600.00         ZZ
                                         360         55,557.69          1
                                       7.375            384.02         46
                                       7.125            384.02
    LAKELAND         FL   33810          2            06/11/02         00
    0434294781                           03           08/01/02          0
    1540438                              N            07/01/32
    0

    7847259          196/G02             F           67,050.00         ZZ
                                         360         66,997.69          1
                                       7.250            457.40         78
                                       7.000            457.40
    AUSTIN           TX   78745          2            06/06/02         00
    0434297537                           03           08/01/02          0
    1540553                              O            07/01/32
    0

    7847261          196/G02             F           90,000.00         ZZ
                                         360         89,929.79          1
                                       7.250            613.96         42
                                       7.000            613.96
    CORONA           CA   92879          5            06/13/02         00
    0434326526                           05           08/01/02          0
    1540587                              O            07/01/32
    0

    7847263          196/G02             F           48,000.00         ZZ
                                         360         47,968.60          1
                                       8.125            356.40         80
                                       7.875            356.40
1

    WYANDOTTE        MI   48192          1            06/07/02         00
    0434297628                           05           08/01/02          0
    1540790                              N            07/01/32
    0

    7847267          196/G02             F          106,400.00         ZZ
                                         360        106,314.91          2
                                       7.125            716.84         70
                                       6.875            716.84
    AUSTIN           TX   78751          5            06/24/02         00
    0434323176                           05           08/01/02          0
    1540926                              N            07/01/32
    0

    7847273          196/G02             F          130,500.00         ZZ
                                         360        130,395.63          1
                                       7.125            879.21         90
                                       6.875            879.21
    CANOGA PARK      CA   91303          1            06/17/02         11
    0434291985                           01           08/01/02         25
    1541205                              O            07/01/32
    0

    7847275          196/G02             F          152,000.00         ZZ
                                         360        151,875.41          1
                                       7.000          1,011.26         80
                                       6.750          1,011.26
    WASHINGTON       MO   63090          5            06/07/02         00
    0434326096                           03           08/01/02          0
    1541268                              O            07/01/32
    0

    7847283          196/G02             F          135,000.00         ZZ
                                         360        134,904.71          4
                                       7.750            967.16         90
                                       7.500            967.16
    KILLEEN          TX   76541          1            06/24/02         10
    0434321832                           05           08/01/02         30
    1541895                              N            07/01/32
    0

    7847285          196/G02             F           75,600.00         ZZ
                                         360         75,549.27          3
                                       8.000            554.73         90
                                       7.750            554.73
    CLEVELAND        OH   44113          1            06/10/02         10
    0434323259                           05           08/01/02         25
    1541934                              N            07/01/32
    0
1

    7847287          196/G02             F           76,000.00         ZZ
                                         360         75,934.56          1
                                       6.750            492.94         80
                                       6.500            492.94
    PUEBLO           CO   81004          1            06/24/02         00
    0434326781                           05           08/01/02          0
    1541935                              O            07/01/32
    0

    7847289          196/G02             F          108,900.00         ZZ
                                         360        108,819.18          2
                                       7.500            761.45         90
                                       7.250            761.45
    KILLEEN          TX   76543          1            06/05/02         10
    0434323085                           05           08/01/02         25
    1541976                              N            07/01/32
    0

    7847299          196/G02             F           62,000.00         ZZ
                                         360         61,957.33          1
                                       7.875            449.55         80
                                       7.625            449.55
    SAN ANDREAS      CA   95249          1            06/13/02         00
    0434326625                           03           08/01/02          0
    1542357                              N            07/01/32
    0

    7847301          196/G02             F           62,000.00         ZZ
                                         360         61,957.33          1
                                       7.875            449.55         80
                                       7.625            449.55
    SAN ANDREAS      CA   95249          1            06/13/02         00
    0434326591                           03           08/01/02          0
    1542366                              N            07/01/32
    0

    7847303          196/G02             F           62,000.00         ZZ
                                         360         61,957.33          1
                                       7.875            449.55         80
                                       7.625            449.55
    SAN ANDREAS      CA   95249          1            06/13/02         00
    0434326633                           03           08/01/02          0
    1542370                              N            07/01/32
    0

    7847305          196/G02             F           62,000.00         ZZ
                                         360         61,957.33          1
1

                                       7.875            449.55         80
                                       7.625            449.55
    SAN ANDREAS      CA   95249          1            06/13/02         00
    0434280368                           03           08/01/02          0
    1542372                              N            07/01/32
    0

    7847311          196/G02             F          120,000.00         ZZ
                                         360        119,899.18          1
                                       6.875            788.32         80
                                       6.625            788.32
    VIRGINIA BEACH   VA   23454          1            06/20/02         00
    0434323721                           07           08/01/02          0
    1542631                              O            07/01/32
    0

    7847317          196/G02             F          240,000.00         ZZ
                                         360        239,783.03          1
                                       6.500          1,516.97         50
                                       6.250          1,516.97
    AUSTIN           TX   78733          1            06/10/02         00
    0434326054                           03           08/01/02          0
    1542875                              O            07/01/32
    0

    7847319          196/G02             F          300,000.00         ZZ
                                         360        299,793.54          3
                                       7.875          2,175.21         89
                                       7.625          2,175.21
    DALLAS           TX   75206          1            06/07/02         11
    0434323069                           05           08/01/02         25
    1542896                              N            07/01/32
    0

    7847321          196/G02             F           59,400.00         ZZ
                                         360         59,354.79          1
                                       7.375            410.27         90
                                       7.125            410.27
    TEMPLE           TX   76502          1            06/14/02         10
    0434323812                           05           08/01/02         30
    1542966                              N            07/01/32
    0

    7847327          196/G02             F          116,000.00         ZZ
                                         360        115,920.16          3
                                       7.875            841.09         80
                                       7.625            841.09
    BRIDGEPORT       CT   06604          1            06/04/02         00
    0434324638                           05           08/01/02          0
1

    1543265                              N            07/01/32
    0

    7847335          196/G02             F          189,000.00         ZZ
                                         360        188,845.07          1
                                       7.000          1,257.43         60
                                       6.750          1,257.43
    NORTH HOLLYWOOD  CA   91606          5            06/11/02         00
    0434326237                           05           08/01/02          0
    1543818                              O            07/01/32
    0

    7847337          196/G02             F          300,000.00         ZZ
                                         360        299,741.70          1
                                       6.750          1,945.80         64
                                       6.500          1,945.80
    YUCAIPA          CA   92399          1            06/07/02         00
    0434326120                           05           08/01/02          0
    1543934                              O            07/01/32
    0

    7847339          196/G02             F          295,000.00         ZZ
                                         360        294,758.18          1
                                       7.000          1,962.65         80
                                       6.750          1,962.65
    VALLEY CENTER    CA   92082          5            06/21/02         00
    0434295671                           05           08/01/02          0
    1543958                              O            07/01/32
    0

    7847341          196/G02             F          296,000.00         ZZ
                                         360        295,763.29          1
                                       7.125          1,994.21         80
                                       6.875          1,994.21
    PLACENTIA        CA   92870          1            06/21/02         00
    0434326427                           05           08/01/02          0
    1544024                              O            07/01/32
    0

    7847347          196/G02             F          144,800.00         ZZ
                                         360        144,689.82          1
                                       7.375          1,000.10         80
                                       7.125          1,000.10
    DAMASCUS         MD   20872          1            06/26/02         00
    0434323051                           05           08/01/02          0
    1544354                              O            07/01/32
    0

1

    7847351          196/G02             F          127,800.00         ZZ
                                         360        127,702.75          2
                                       7.375            882.69         90
                                       7.125            882.69
    ROUND ROCK       TX   78664          1            06/26/02         10
    0434295788                           05           08/01/02         25
    1544514                              N            07/01/32
    0

    7847355          196/G02             F          205,600.00         ZZ
                                         360        205,487.70          1
                                       9.000          1,654.30         80
                                       8.750          1,654.30
    CHICAGO          IL   60637          1            06/19/02         00
    0434323705                           05           08/01/02          0
    1544833                              N            07/01/32
    0

    7847361          196/G02             F           40,800.00         ZZ
                                         360         40,771.92          2
                                       7.875            295.83         80
                                       7.625            295.83
    OKLAHOMA CITY    OK   73129          5            06/13/02         00
    0434297370                           05           08/01/02          0
    1545409                              N            07/01/32
    0

    7847363          196/G02             F           40,800.00         ZZ
                                         360         40,771.92          2
                                       7.875            295.83         80
                                       7.625            295.83
    OKLAHOMA CITY    OK   73129          5            06/13/02         00
    0434297404                           05           08/01/02          0
    1545413                              N            07/01/32
    0

    7847365          196/G02             F          180,000.00         ZZ
                                         360        179,859.58          1
                                       7.250          1,227.92         80
                                       7.000          1,227.92
    TEMECULA         CA   92591          1            06/24/02         00
    0434326278                           05           08/01/02          0
    1545742                              N            07/01/32
    0

    7847367          196/G02             F          130,000.00         ZZ
                                         360        129,882.48          1
                                       6.500            821.69         61
                                       6.250            821.69
1

    VISTA            CA   92083          5            06/24/02         00
    0434323218                           05           08/01/02          0
    1545828                              O            07/01/32
    0

    7847385          196/G02             F          126,400.00         ZZ
                                         360        126,293.81          1
                                       6.875            830.36         80
                                       6.625            830.36
    NAUGATUCK        CT   06770          2            06/24/02         00
    0434320925                           05           08/01/02          0
    1546770                              O            07/01/32
    0

    7847393          196/G02             F          242,900.00         ZZ
                                         360        242,705.75          4
                                       7.125          1,636.47         70
                                       6.875          1,636.47
    SACRAMENTO       CA   95825          1            06/24/02         00
    0434323226                           05           08/01/02          0
    1547603                              N            07/01/32
    0

    7847395          196/G02             F          174,560.00         ZZ
                                         360        174,413.34          1
                                       6.875          1,146.74         80
                                       6.625          1,146.74
    BEAUMONT         CA   92223          1            06/25/02         00
    0434326567                           05           08/01/02          0
    1548104                              O            07/01/32
    0

    7847645          822/G02             F           52,850.00         ZZ
                                         360         52,808.76          1
                                       7.250            360.54         70
                                       7.000            360.54
    SANATOGA         PA   19464          2            06/21/02         00
    0434321170                           01           08/01/02          0
    3626099687                           N            07/01/32
    0

    7847675          806/G02             F          145,100.00         ZZ
                                         360        144,983.96          1
                                       7.125            977.57         80
                                       6.875            977.57
    TUCSON           AZ   85747          1            06/12/02         00
    0434261814                           03           08/01/02          0
    1160002405                           O            07/01/32
    0
1

    7847741          E86/G02             F          250,000.00         ZZ
                                         360        249,809.77          1
                                       7.375          1,726.69         77
                                       7.125          1,726.69
    POMONA           NY   10970          1            07/01/02         00
    0434338034                           05           08/01/02          0
    0000179927                           O            07/01/32
    0

    7847743          738/G02             F          146,000.00         ZZ
                                         360        145,894.33          2
                                       7.625          1,033.38         80
                                       7.375          1,033.38
    HOLLYWOOD        FL   33020          1            06/14/02         00
    0434261772                           05           08/01/02          0
    40448817                             N            07/01/32
    0

    7847847          738/G02             F          126,500.00         ZZ
                                         360        126,410.71          1
                                       7.750            906.27         80
                                       7.500            906.27
    FORT LAUDERDALE  FL   33308          1            06/14/02         00
    0434309886                           01           08/01/02          0
    40475880                             N            07/01/32
    0

    7848013          K15/G02             F          105,400.00         ZZ
                                         360        105,325.61          1
                                       7.750            755.10         85
                                       7.500            755.10
    SPRINGFIELD      OH   45505          5            06/25/02         11
    0434281028                           05           08/01/02         12
    028505500442                         O            07/01/32
    0

    7848035          K15/G02             F          118,500.00         ZZ
                                         360        118,500.00          1
                                       7.250            808.38         79
                                       7.000            808.38
    SHERMAN          NY   14781          5            07/03/02         00
    0434275442                           05           09/01/02          0
    027305500725                         O            08/01/32
    0

    7848163          X80/G02             F          180,000.00         ZZ
                                         360        179,848.78          1
1

                                       6.875          1,182.47         42
                                       6.625          1,182.47
    LOS ANGELES      CA   90291          5            06/20/02         00
    0434273462                           05           08/01/02          0
    1410013017                           O            07/01/32
    0

    7848169          F64/G02             F          229,500.00         ZZ
                                         360        229,338.02          4
                                       7.750          1,644.17         90
                                       7.500          1,644.17
    KITTY HAWK       NC   27949          1            06/28/02         14
    0434272795                           05           08/01/02         25
    2000000795                           N            07/01/32
    0

    7848221          W68/G02             F           44,104.00         ZZ
                                         360         44,071.27          1
                                       7.500            308.38         80
                                       7.250            308.38
    DALLAS           TX   75206          1            07/01/02         00
    0434285201                           01           08/01/02          0
    27244                                N            07/01/32
    0

    7848309          W02/G02             F           79,000.00         ZZ
                                         360         78,933.62          1
                                       6.875            518.98         72
                                       6.625            518.98
    LAKE WORTH       FL   33460          2            06/20/02         00
    0434314217                           05           08/01/02          0
    06202002                             O            07/01/32
    0

    7848539          U05/G02             F          271,000.00         ZZ
                                         360        270,766.68          4
                                       6.750          1,757.70         70
                                       6.500          1,757.70
    LOS ANGELES      CA   90027          5            06/19/02         00
    0434275400                           05           08/01/02          0
    3238445                              O            07/01/32
    0

    7848579          G51/G02             F          100,000.00         ZZ
                                         360        100,000.00          1
                                       7.500            699.21         61
                                       7.250            699.21
    BOULDER          CO   80903          1            07/08/02         00
    0434364212                           05           09/01/02          0
1

    293345348                            O            08/01/32
    0

    7848613          M24/G02             F          238,500.00         ZZ
                                         360        238,331.67          4
                                       7.750          1,708.64         90
                                       7.500          1,708.64
    LOS ANGELES      CA   90044          1            06/11/02         14
    0434357133                           05           08/01/02         25
    274202063                            O            07/01/32
    0

    7848691          X60/G02             F           77,000.00         ZZ
                                         360         77,000.00          1
                                       7.250            525.28         70
                                       7.000            525.28
    REDMOND          WA   98052          1            07/11/02         00
    0434280640                           01           09/01/02          0
    875734                               N            08/01/32
    0

    7848731          822/G02             F           59,850.00         ZZ
                                         360         59,803.30          1
                                       7.250            408.29         70
                                       7.000            408.29
    POTTSTOWN        PA   19464          2            06/21/02         00
    0434274692                           09           08/01/02          0
    3626099733                           N            07/01/32
    0

    7848773          822/G02             F           31,500.00         ZZ
                                         360         31,475.42          1
                                       7.250            214.89         70
                                       7.000            214.89
    POTTSTOWN        PA   19464          2            06/21/02         00
    0434364311                           05           08/01/02          0
    3626099652                           N            07/01/32
    0

    7848775          W39/G02             F           72,000.00         ZZ
                                         360         72,000.00          1
                                       8.000            528.32         80
                                       7.750            528.32
    POTTSBORO        TX   75076          2            07/10/02         00
    0434323127                           05           09/01/02          0
    PNI20218                             N            08/01/32
    0

1

    7848821          W39/G02             F           72,000.00         ZZ
                                         360         72,000.00          1
                                       8.000            528.32         80
                                       7.750            528.32
    POTTSBORO        TX   75076          2            07/10/02         00
    0434323036                           05           09/01/02          0
    PNI20221                             N            08/01/32
    0

    7848825          W39/G02             F           72,000.00         ZZ
                                         360         72,000.00          1
                                       8.000            528.32         80
                                       7.750            528.32
    POTTSBORO        TX   75076          2            07/10/02         00
    0434324034                           05           09/01/02          0
    PNI20222                             N            08/01/32
    0

    7848829          822/G02             F           57,750.00         ZZ
                                         360         57,704.95          1
                                       7.250            393.96         70
                                       7.000            393.96
    POTTSTOWN        PA   19464          2            06/21/02         00
    0434364865                           09           08/01/02          0
    3626099717                           N            07/01/32
    0

    7848831          253/253             F          142,000.00         ZZ
                                         360        141,886.44          1
                                       7.125            956.69         80
                                       6.875            956.69
    GREENFIELD       IN   46140          1            06/27/02         00
    423753                               05           08/01/02          0
    423753                               O            07/01/32
    0

    7848869          E22/G02             F          139,500.00         ZZ
                                         360        139,404.00          1
                                       7.875          1,011.47         90
                                       7.625          1,011.47
    MEDFORD          NY   11763          1            06/20/02         04
    0414170522                           07           08/01/02         25
    0414170522                           N            07/01/32
    0

    7848871          E22/G02             F           54,000.00         ZZ
                                         360         53,957.87          1
                                       7.250            368.38         90
                                       7.000            368.38
1

    KUNA             ID   83634          1            06/24/02         01
    0414174219                           05           08/01/02         20
    0414174219                           N            07/01/32
    0

    7848885          E22/G02             F           84,600.00         ZZ
                                         360         84,600.00          1
                                       7.500            591.54         90
                                       7.250            591.54
    ST LOUIS         MO   63138          1            07/09/02         04
    0414225797                           05           09/01/02         30
    0414225797                           O            08/01/32
    0

    7848889          E22/G02             F           47,250.00         ZZ
                                         360         47,250.00          1
                                       8.000            346.70         75
                                       7.750            346.70
    CORAL SPRINGS    FL   33065          1            07/11/02         00
    0414232223                           01           09/01/02          0
    0414232223                           N            08/01/32
    0

    7848899          E22/G02             F           72,000.00         ZZ
                                         360         72,000.00          1
                                       7.625            509.61         90
                                       7.375            509.61
    KALAMAZOO        MI   49006          1            07/11/02         01
    0414259234                           05           09/01/02         25
    0414259234                           N            08/01/32
    0

    7848921          E22/G02             F          250,000.00         ZZ
                                         360        250,000.00          1
                                       6.750          1,621.50         58
                                       6.500          1,621.50
    ESTES PARK       CO   80517          2            07/11/02         00
    0414320028                           05           09/01/02          0
    0414320028                           O            08/01/32
    0

    7848925          E22/G02             F          144,400.00         ZZ
                                         360        144,400.00          1
                                       7.000            960.70         80
                                       6.750            960.70
    THORNTON         CO   80233          1            07/11/02         00
    0414322404                           05           09/01/02          0
    0414322404                           O            08/01/32
    0
1

    7848931          E22/G02             F          187,200.00         ZZ
                                         360        187,200.00          2
                                       6.875          1,229.77         80
                                       6.625          1,229.77
    EUGENE           OR   97405          1            07/05/02         00
    0414328625                           05           09/01/02          0
    0414328625                           O            08/01/32
    0

    7848965          E22/G02             F           31,500.00         ZZ
                                         360         31,500.00          1
                                       8.125            233.89         75
                                       7.875            233.89
    PHILADLEPHIA     PA   19124          5            07/11/02         00
    0414388066                           07           09/01/02          0
    0414388066                           N            08/01/32
    0

    7848967          E22/G02             F          127,000.00         ZZ
                                         360        127,000.00          1
                                       6.875            834.30         58
                                       6.625            834.30
    FORT COLLILNS    CO   80525          1            07/11/02         00
    0414390005                           05           09/01/02          0
    0414390005                           O            08/01/32
    0

    7848969          E22/G02             F          130,000.00         ZZ
                                         360        130,000.00          1
                                       7.250            886.83         25
                                       7.000            886.83
    SAN CLEMENTE     CA   92672          1            07/02/02         00
    0414394270                           03           09/01/02          0
    0414394270                           N            08/01/32
    0

    7848985          E22/G02             F          117,000.00         ZZ
                                         360        117,000.00          1
                                       7.500            818.08         42
                                       7.250            818.08
    DIXON            CA   95620          1            07/03/02         00
    0414410969                           05           09/01/02          0
    0414410969                           N            08/01/32
    0

    7848989          E22/G02             F           72,000.00         ZZ
                                         360         72,000.00          1
1

                                       7.875            522.05         90
                                       7.625            522.05
    DURHAM           NC   27701          1            07/11/02         10
    0414415596                           05           09/01/02         25
    0414415596                           N            08/01/32
    0

    7849011          E22/G02             F          271,950.00         ZZ
                                         360        271,950.00          1
                                       6.875          1,786.52         80
                                       6.625          1,786.52
    FAIRFIELD        CA   94533          1            07/08/02         00
    0414445759                           03           09/01/02          0
    0414445759                           O            08/01/32
    0

    7849023          E57/G02             F          135,200.00         T
                                         360        135,089.18          1
                                       7.000            899.49         80
                                       6.750            899.49
    CLOVIS           CA   93611          1            06/19/02         00
    0434298824                           05           08/01/02          0
    13002432                             O            07/01/32
    0

    7849027          F96/G02             F           85,700.00         ZZ
                                         360         85,639.51          1
                                       7.750            613.97         62
                                       7.500            613.97
    BORO OF HOPATCO  NJ   07843          5            06/24/02         00
    0434267753                           05           08/01/02          0
    0109119                              O            07/01/32
    0

    7849035          N74/G02             F           54,400.00         ZZ
                                         360         54,400.00          1
                                       6.875            357.37         90
                                       6.625            357.37
    SPRINGFIELD      AR   72157          5            07/08/02         10
    0434306890                           05           09/01/02         25
    0030413010                           O            08/01/32
    0

    7849219          E82/G02             F           70,200.00         ZZ
                                         360         70,200.00          1
                                       7.125            472.95         83
                                       6.875            472.95
    SHEBOYGAN        WI   53081          2            07/05/02         10
    0400636031                           05           09/01/02         12
1

    0400636031                           O            08/01/32
    0

    7849231          E82/G02             F          181,400.00         ZZ
                                         360        181,400.00          3
                                       7.625          1,283.94         54
                                       7.375          1,283.94
    LYNN             MA   01902          2            07/11/02         00
    0400647194                           05           09/01/02          0
    4089886                              N            08/01/32
    0

    7849233          E82/G02             F          136,000.00         ZZ
                                         360        136,000.00          2
                                       7.375            939.32         58
                                       7.125            939.32
    LYNN             MA   01904          2            07/08/02         00
    0400647517                           05           09/01/02          0
    4089933                              N            08/01/32
    0

    7849263          E82/G02             F          265,000.00         ZZ
                                         360        265,000.00          1
                                       7.250          1,807.77         74
                                       7.000          1,807.77
    RIDGEWOOD        NJ   07450          2            07/05/02         00
    0400635199                           05           09/01/02          0
    1953928                              O            08/01/32
    0

    7849265          E82/G02             F          100,000.00         ZZ
                                         360        100,000.00          1
                                       6.625            640.31         62
                                       6.375            640.31
    SANTA FE         NM   87505          5            07/10/02         00
    0400651956                           05           09/01/02          0
    0400651956                           O            08/01/32
    0

    7849277          E82/G02             F          158,000.00         ZZ
                                         360        158,000.00          1
                                       6.500            998.67         71
                                       6.250            998.67
    PORTLAND         OR   97221          2            07/09/02         00
    0400650040                           05           09/01/02          0
    1944811                              O            08/01/32
    0

1

    7849279          E82/G02             F           64,500.00         ZZ
                                         360         64,500.00          1
                                       6.875            423.72         50
                                       6.625            423.72
    FT LAUDERDALE    FL   33308          2            07/05/02         00
    0400650065                           01           09/01/02          0
    1598681                              O            08/01/32
    0

    7849293          E82/G02             F          120,000.00         ZZ
                                         360        120,000.00          1
                                       7.125            808.46         58
                                       6.875            808.46
    MIDLAND          VA   22728          5            07/05/02         00
    0400639027                           05           09/01/02          0
    0400639027                           O            08/01/32
    0

    7849497          A35/G02             F          188,000.00         ZZ
                                         360        188,000.00          1
                                       7.375          1,298.46         80
                                       7.125          1,298.46
    LAKE GROVE       NY   11755          5            06/27/02         00
    0434274353                           05           09/01/02          0
    LG13150                              O            08/01/32
    0

    7849655          P44/G02             F           89,250.00         ZZ
                                         360         89,250.00          2
                                       7.500            624.05         75
                                       7.250            624.05
    FITCHBURG        MA   01420          5            07/03/02         00
    0434276077                           05           09/01/02          0
    060208                               O            08/01/32
    0

    7850181          U05/G02             F          173,900.00         ZZ
                                         360        173,770.95          4
                                       7.500          1,215.93         90
                                       7.250          1,215.93
    AUBURN           WA   98033          1            06/25/02         10
    0434312534                           05           08/01/02         25
    3241608                              N            07/01/32
    0

    7850187          U05/G02             F          203,100.00         ZZ
                                         360        202,949.28          4
                                       7.500          1,420.10         90
                                       7.250          1,420.10
1

    AUBURN           WA   98033          1            06/26/02         10
    0434327748                           05           08/01/02         25
    3241617                              N            07/01/32
    0

    7850723          721/G02             F          196,500.00         ZZ
                                         360        196,354.17          1
                                       7.500          1,373.96         75
                                       7.250          1,373.96
    LAKE GENEVA      WI   53147          5            06/17/02         00
    0434273314                           05           08/01/02          0
    7891930168                           O            07/01/32
    0

    7851515          M66/G02             F           73,400.00         ZZ
                                         360         73,350.74          3
                                       8.000            538.59         90
                                       7.750            538.59
    PHILADELPHIA     PA   19134          1            06/27/02         11
    0434329231                           05           08/01/02         25
    147180                               N            07/01/32
    0

    7851525          S25/G02             F           75,000.00         ZZ
                                         360         74,933.83          1
                                       6.625            480.23         54
                                       6.375            480.23
    LUMBERTON        NC   28358          5            06/27/02         00
    0434353751                           05           08/03/02          0
    243740174                            O            07/03/32
    0

    7851771          K39/G02             F          193,500.00         ZZ
                                         360        193,341.07          1
                                       6.990          1,286.07         85
                                       6.740          1,286.07
    LEBANON          PA   17042          5            06/24/02         10
    0434276333                           05           08/01/02         12
    163586915                            O            07/01/32
    0

    7852093          H81/G02             F          213,200.00         ZZ
                                         360        213,200.00          1
                                       6.875          1,400.57         80
                                       6.625          1,400.57
    HARTLAND         WI   53029          1            07/08/02         00
    0434295952                           05           09/01/02          0
    WH16058                              O            08/01/32
    0
1

    7852199          X19/G02             F           67,500.00         ZZ
                                         360         67,500.00          2
                                       7.750            483.58         90
                                       7.500            483.58
    WAPPINGERS FALL  NY   12590          1            07/11/02         04
    0434314084                           05           09/01/02         25
    22011602                             N            08/01/32
    0

    7852921          E86/G02             F          179,200.00         ZZ
                                         360        179,063.64          1
                                       7.375          1,237.69         80
                                       7.125          1,237.69
    CUMBERLAND       RI   02864          1            06/26/02         00
    0434268199                           05           08/01/02          0
    1                                    O            07/01/32
    0

    7852973          X67/G02             F          173,750.00         ZZ
                                         360        173,604.03          1
                                       6.875          1,141.41         90
                                       6.625          1,141.41
    GARDEN GROVE     CA   92843          5            06/24/02         10
    0434296166                           03           08/01/02         25
    00267807                             O            07/01/32
    0

    7853017          E86/G02             F          264,000.00         ZZ
                                         360        263,794.06          1
                                       7.250          1,800.94         80
                                       7.000          1,800.94
    WESTWOOD         MA   02090          1            06/28/02         00
    0434269007                           01           08/01/02          0
    0000198926                           O            07/01/32
    0

    7853143          738/G02             F          172,400.00         ZZ
                                         360        172,268.81          1
                                       7.375          1,190.73         75
                                       7.125          1,190.73
    HAMPTON          VA   23669          2            06/28/02         00
    0434291811                           03           08/01/02          0
    40442787                             N            07/01/32
    0

    7853613          U05/G02             F           69,000.00         ZZ
                                         360         68,944.82          1
1

                                       7.125            464.87         75
                                       6.875            464.87
    BROWNSVILLE      TX   78520          2            06/21/02         00
    0434282257                           05           08/01/02          0
    3237839                              O            07/01/32
    0

    7853735          N74/G02             F           56,250.00         ZZ
                                         360         56,250.00          1
                                       7.125            378.97         90
                                       6.875            378.97
    MESQUITE         NV   89027          1            07/08/02         10
    0434334769                           01           09/01/02         25
    30404010                             O            08/01/32
    0

    7853783          E22/G02             F           95,000.00         ZZ
                                         360         95,000.00          1
                                       7.750            680.59         88
                                       7.500            680.59
    OKLAHOMA CITY    OK   73118          2            07/08/02         01
    0414192047                           05           09/01/02         25
    0414192047                           O            08/01/32
    0

    7853785          E22/G02             F          237,500.00         ZZ
                                         360        237,500.00          1
                                       7.500          1,660.63         95
                                       7.250          1,660.63
    OWINGSVILLE      KY   40360          2            07/08/02         01
    0414202283                           05           09/01/02         30
    0414202283                           O            08/01/32
    0

    7853821          E22/G02             F          224,500.00         ZZ
                                         360        224,500.00          1
                                       7.625          1,589.00         89
                                       7.375          1,589.00
    ASHEVILLE        NC   28806          2            07/08/02         01
    0414281113                           05           09/01/02         25
    0414281113                           O            08/01/32
    0

    7853833          E22/G02             F           44,000.00         ZZ
                                         360         44,000.00          1
                                       7.750            315.22         75
                                       7.500            315.22
    PUEBLO           CO   81004          2            07/12/02         00
    0414313486                           05           09/01/02          0
1

    0414313486                           N            08/01/32
    0

    7853849          E22/G02             F          120,000.00         ZZ
                                         360        120,000.00          1
                                       7.375            828.81         80
                                       7.125            828.81
    CROSS TIMBERS    MO   65355          5            07/08/02         00
    0414331413                           05           09/01/02          0
    0414331413                           O            08/01/32
    0

    7853855          E22/G02             F          294,950.00         ZZ
                                         360        294,950.00          1
                                       7.000          1,962.31         85
                                       6.750          1,962.31
    ROSEVILLE        CA   95661          5            07/03/02         01
    0414333872                           05           09/01/02         12
    0414333872                           O            08/01/32
    0

    7853879          E22/G02             F          157,700.00         ZZ
                                         360        157,700.00          2
                                       6.875          1,035.98         60
                                       6.625          1,035.98
    NORTH PLAINFIEL  NJ   07060          2            07/12/02         00
    0414351288                           05           09/01/02          0
    0414351288                           N            08/01/32
    0

    7853887          E22/G02             F          141,000.00         ZZ
                                         360        141,000.00          1
                                       6.875            926.27         80
                                       6.625            926.27
    SUTTER           CA   95982          5            06/28/02         00
    0414356089                           05           09/01/02          0
    0414356089                           O            08/01/32
    0

    7853895          E22/G02             F          121,500.00         ZZ
                                         360        121,500.00          1
                                       7.750            870.44         90
                                       7.500            870.44
    ASBURY PARK CIT  NJ   07712          1            07/12/02         04
    0414360404                           08           09/01/02         25
    0414360404                           N            08/01/32
    0

1

    7853921          E22/G02             F          243,050.00         ZZ
                                         360        243,050.00          1
                                       6.875          1,596.67         80
                                       6.625          1,596.67
    HOUSTON          TX   77019          1            07/12/02         00
    0414377846                           05           09/01/02          0
    0414377846                           O            08/01/32
    0

    7853933          E22/G02             F          290,400.00         ZZ
                                         360        290,400.00          1
                                       6.875          1,907.72         80
                                       6.625          1,907.72
    CORRALES         NM   87048          2            07/08/02         00
    0414387001                           05           09/01/02          0
    0414387001                           O            08/01/32
    0

    7853941          E22/G02             F          235,000.00         ZZ
                                         360        235,000.00          1
                                       7.125          1,583.24         68
                                       6.875          1,583.24
    DRIPPING SPRING  TX   78620          5            07/08/02         00
    0414390765                           05           09/01/02          0
    0414390765                           O            08/01/32
    0

    7853945          E22/G02             F          167,000.00         ZZ
                                         360        167,000.00          1
                                       7.750          1,196.41         55
                                       7.500          1,196.41
    WINDSOR          CA   95492          2            07/02/02         00
    0414391177                           05           09/01/02          0
    0414391177                           N            08/01/32
    0

    7853959          E22/G02             F          125,900.00         ZZ
                                         360        125,900.00          4
                                       7.250            858.86         90
                                       7.000            858.86
    CROWLEY          TX   76036          1            07/12/02         04
    0414400838                           05           09/01/02         25
    0414400838                           N            08/01/32
    0

    7853961          E22/G02             F           92,925.00         ZZ
                                         360         92,925.00          1
                                       7.000            618.23         75
                                       6.750            618.23
1

    ACWORTH          GA   30101          1            07/12/02         00
    0414401497                           05           09/01/02          0
    0414401497                           N            08/01/32
    0

    7853963          E22/G02             F           50,400.00         ZZ
                                         360         50,400.00          1
                                       7.000            335.31         80
                                       6.750            335.31
    MIAMI            FL   33193          1            07/12/02         00
    0414402677                           01           09/01/02          0
    0414402677                           O            08/01/32
    0

    7853967          E22/G02             F          157,500.00         ZZ
                                         360        157,500.00          1
                                       7.250          1,074.43         77
                                       7.000          1,074.43
    LEANDER          TX   78641          2            07/12/02         00
    0414403741                           05           09/01/02          0
    0414403741                           N            08/01/32
    0

    7853975          E22/G02             F          236,000.00         ZZ
                                         360        236,000.00          1
                                       7.000          1,570.11         80
                                       6.750          1,570.11
    BELLVUE          CO   80512          5            07/05/02         00
    0414408963                           05           09/01/02          0
    0414408963                           O            08/01/32
    0

    7854013          E22/G02             F           53,910.00         ZZ
                                         360         53,910.00          1
                                       8.125            400.28         90
                                       7.875            400.28
    LONGVIEW         TX   75601          1            07/12/02         04
    0414467803                           05           09/01/02         25
    0414467803                           N            08/01/32
    0

    7854015          E22/G02             F          139,200.00         ZZ
                                         360        139,200.00          1
                                       7.625            985.25         80
                                       7.375            985.25
    ENUMCLAW         WA   98022          1            07/09/02         00
    0414470070                           05           09/01/02          0
    0414470070                           O            08/01/32
    0
1

    7854157          E82/G02             F          235,000.00         ZZ
                                         360        235,000.00          1
                                       6.750          1,524.21         68
                                       6.500          1,524.21
    WEST COVINA      CA   91791          2            07/08/02         00
    0400653465                           05           09/01/02          0
    1893450                              O            08/01/32
    0

    7854163          E82/G02             F          285,000.00         ZZ
                                         360        285,000.00          1
                                       7.375          1,968.42         92
                                       7.125          1,968.42
    BLOOMFIELD       NJ   07003          5            07/09/02         10
    0400638888                           05           09/01/02         30
    0400638888                           O            08/01/32
    0

    7854169          E82/G02             F          240,000.00         ZZ
                                         360        240,000.00          1
                                       6.875          1,576.63         42
                                       6.625          1,576.63
    PENNGROVE        CA   94951          5            07/08/02         00
    0400644696                           05           09/01/02          0
    0400644696                           O            08/01/32
    0

    7854215          U36/G02             F           68,500.00         ZZ
                                         360         68,447.88          2
                                       7.375            473.11         49
                                       7.125            473.11
    DULUTH           GA   30096          2            06/25/02         00
    0434280814                           05           08/01/02          0
    969301001                            N            07/01/32
    0

    7854235          R84/G02             F           76,000.00         ZZ
                                         360         75,940.72          1
                                       7.250            518.45         80
                                       7.000            518.45
    TACOMA           WA   98405          1            06/28/02         00
    0434280566                           05           08/01/02          0
    WA600098                             N            07/01/32
    0

    7854257          737/G02             F          275,000.00         ZZ
                                         360        274,785.48          1
1

                                       7.250          1,875.98         80
                                       7.000          1,875.98
    KINGSTON         GA   30145          2            06/21/02         00
    0434321592                           05           08/01/02          0
    2073405                              O            07/01/32
    0

    7854259          R84/G02             F           76,000.00         ZZ
                                         360         75,940.72          1
                                       7.250            518.45         80
                                       7.000            518.45
    TACOMA           WA   98405          1            06/28/02         00
    0434276523                           05           08/01/02          0
    WA600091                             N            07/01/32
    0

    7854275          B44/G02             F          161,250.00         ZZ
                                         360        161,117.82          1
                                       7.000          1,072.80         75
                                       6.750          1,072.80
    WINTERS          CA   95694          1            06/27/02         00
    0434279444                           05           08/01/02          0
    2021871                              O            07/01/32
    0

    7854301          U36/G02             F          127,900.00         ZZ
                                         360        127,800.23          2
                                       7.250            872.50         80
                                       7.000            872.50
    LAWRENCEVILLE    GA   30045          1            07/03/02         00
    0434280954                           05           08/01/02          0
    963801001                            N            07/01/32
    0

    7854375          Q30/G02             F          273,600.00         ZZ
                                         360        273,411.71          1
                                       7.875          1,983.79         95
                                       7.625          1,983.79
    ARCHBALD         PA   18403          5            06/21/02         12
    0434323903                           05           08/01/02         30
    20102149                             O            07/01/32
    0

    7854389          N74/G02             F          158,400.00         ZZ
                                         360        158,400.00          1
                                       6.875          1,040.58         80
                                       6.625          1,040.58
    TOOL             TX   75143          2            07/02/02         00
    0434336954                           05           09/01/02          0
1

    0030411010                           O            08/01/32
    0

    7854403          M37/G02             F          163,900.00         ZZ
                                         360        163,900.00          1
                                       7.375          1,132.02         90
                                       7.125          1,132.02
    MARANA           AZ   85743          1            07/05/02         04
    0434320941                           05           09/01/02         25
    607943                               O            08/01/32
    0

    7854413          E46/G02             F          159,300.00         ZZ
                                         360        159,190.37          1
                                       7.875          1,155.04         90
                                       7.625          1,155.04
    NORTHBRIDGE      MA   01534          1            06/28/02         04
    0434325197                           05           08/01/02         25
    00511216                             O            07/01/32
    0

    7854543          L20/G02             F           67,425.00         ZZ
                                         360         67,425.00          1
                                       6.750            437.32         75
                                       6.500            437.32
    BOISE            ID   83706          1            07/08/02         00
    0434319976                           05           09/01/02          0
    716042                               N            08/01/32
    0

    7854691          737/G02             F           58,500.00         ZZ
                                         360         58,459.74          4
                                       7.875            424.17         90
                                       7.625            424.17
    LAFAYETTE        LA   70506          1            07/01/02         12
    0434317236                           05           08/01/02         25
    2073569                              N            07/01/32
    0

    7854821          975/G02             F          140,000.00         ZZ
                                         360        140,000.00          1
                                       6.875            919.70         80
                                       6.625            919.70
    BALDWIN PARK     CA   91706          5            07/01/02         00
    0434280178                           05           09/01/02          0
    2022424                              O            08/01/32
    0

1

    7855041          E11/G02             F          233,200.00         ZZ
                                         360        233,200.00          1
                                       7.250          1,590.84         79
                                       7.000          1,590.84
    SHAKOPEE         MN   55379          1            07/12/02         00
    0434324125                           05           09/01/02          0
    0002001039178                        O            08/01/32
    0

    7855217          M27/G02             F           73,200.00         ZZ
                                         360         73,200.00          1
                                       7.125            493.16         80
                                       6.875            493.16
    GREENSBORO       NC   27403          1            07/05/02         00
    0434280855                           05           09/01/02          0
    0100057039                           N            08/01/32
    0

    7855259          477/G02             F          300,700.00         ZZ
                                         360        300,465.43          1
                                       7.250          2,051.30         51
                                       7.000          2,051.30
    LOS ANGELES      CA   90024          5            06/01/02         00
    0434259537                           01           08/01/02          0
    232068                               O            07/01/32
    0

    7855455          L16/G02             F           77,500.00         ZZ
                                         360         77,500.00          1
                                       7.750            555.22         61
                                       7.500            555.22
    BAKERSFIELD      CA   93309          1            07/08/02         00
    0434307831                           05           09/01/02          0
    12060160                             N            08/01/32
    0

    7855493          F96/G02             F          291,650.00         ZZ
                                         360        291,650.00          3
                                       7.500          2,039.26         95
                                       7.250          2,039.26
    HARRISON         NJ   07029          1            07/10/02         12
    0434321782                           05           09/01/02         30
    SANTOS0108963                        O            08/01/32
    0

    7855607          477/G02             F          190,450.00         ZZ
                                         360        190,308.66          1
                                       7.500          1,331.65         65
                                       7.250          1,331.65
1

    LOS ANGELES      CA   91040          5            06/19/02         00
    0434277216                           05           08/01/02          0
    232663                               O            07/01/32
    0

    7855667          477/G02             F          123,500.00         ZZ
                                         360        123,398.77          1
                                       7.000            821.65         75
                                       6.750            821.65
    CLOVIS           CA   93611          5            06/17/02         00
    0434259248                           05           08/01/02          0
    232520                               O            07/01/32
    0

    7855673          N74/G02             F           75,000.00         ZZ
                                         360         75,000.00          1
                                       7.750            537.31         95
                                       7.500            537.31
    STATESVILLE      NC   28625          2            07/10/02         10
    0434281648                           05           09/01/02         30
    0030432010                           O            08/01/32
    0

    7855853          737/G02             F           30,000.00         T
                                         360         29,978.29          1
                                       7.625            212.34         55
                                       7.375            212.34
    ROME             GA   30161          5            07/01/02         00
    0434320602                           05           08/01/02          0
    2073145                              O            07/01/32
    0

    7855855          U05/G02             F          203,100.00         ZZ
                                         360        202,949.28          4
                                       7.500          1,420.10         90
                                       7.250          1,420.10
    AUBURN           WA   98002          1            06/26/02         10
    0434298139                           05           08/01/02         25
    3241616                              N            07/01/32
    0

    7855919          830/G02             F          100,000.00         ZZ
                                         360        100,000.00          1
                                       7.375            690.68         80
                                       7.125            690.68
    BUFORD           GA   30518          1            07/10/02         00
    0434313805                           05           09/01/02          0
    02060013                             N            08/01/32
    0
1

    7856233          F36/G02             F          260,000.00         ZZ
                                         360        259,781.57          1
                                       6.875          1,708.01         78
                                       6.625          1,708.01
    LONGVIEW         WA   98632          5            06/24/02         00
    0434292652                           05           08/01/02          0
    06504998                             O            07/01/32
    0

    7856253          F36/G02             F          263,000.00         ZZ
                                         360        262,779.05          1
                                       6.875          1,727.72         56
                                       6.625          1,727.72
    TACOMA           WA   98422          2            06/26/02         00
    0434270427                           05           08/01/02          0
    06504999                             O            07/01/32
    0

    7856641          L20/G02             F          111,900.00         ZZ
                                         360        111,900.00          1
                                       7.250            763.36         80
                                       7.000            763.36
    BOISE            ID   83713          1            07/09/02         00
    0434325635                           05           09/01/02          0
    716043                               O            08/01/32
    0

    7856651          S11/G02             F          233,600.00         ZZ
                                         360        233,600.00          1
                                       7.000          1,554.15         80
                                       6.750          1,554.15
    SAN CLEMENTE     CA   92673          1            07/02/02         00
    0434326880                           01           09/01/02          0
    10208216                             N            08/01/32
    0

    7856823          N67/G02             F          119,900.00         ZZ
                                         360        119,827.36          1
                                       8.500            921.93         80
                                       8.250            921.93
    PHOENIX          AZ   85015          1            06/07/02         00
    0434284972                           05           08/01/02          0
    1781001766A                          O            07/01/32
    0

    7856995          N67/G02             F          134,900.00         ZZ
                                         360        134,799.89          2
1

                                       7.500            943.24         90
                                       7.250            943.24
    PEEKSKILL        NY   10566          1            06/11/02         01
    0434286324                           05           08/01/02         30
    3261000641A                          O            07/01/32
    0

    7857015          N67/G02             F          100,000.00         ZZ
                                         360         99,868.72          1
                                       8.125            742.50         29
                                       7.875            742.50
    MONTCLAIR        NJ   07043          1            05/31/02         00
    0434286464                           05           07/01/02          0
    3261000971A                          O            06/01/32
    0

    7857195          N67/G02             F          330,300.00         ZZ
                                         360        329,928.27          3
                                       8.875          2,628.02         90
                                       8.625          2,628.02
    BROOKLYN         NY   11220          1            06/05/02         01
    0434287645                           05           07/01/02         30
    3274001426A                          O            06/01/32
    0

    7857235          N67/G02             F           74,700.00         ZZ
                                         360         74,655.90          1
                                       8.625            581.01         90
                                       8.375            581.01
    AUBURN           MA   01501          1            06/07/02         01
    0434289930                           01           08/01/02         30
    3274002082A                          N            07/01/32
    0

    7857261          N67/G02             F           65,000.00         ZZ
                                         360         64,960.63          1
                                       8.500            499.79         60
                                       8.250            499.79
    MALONE           NY   12953          1            06/11/02         00
    0434287959                           05           08/01/02          0
    3274002244A                          O            07/01/32
    0

    7857323          E22/G02             F          167,400.00         ZZ
                                         360        167,400.00          1
                                       6.875          1,099.70         89
                                       6.625          1,099.70
    POWDERS SPRINGS  GA   30127          2            07/10/02         01
    0413955188                           05           09/01/02         30
1

    0413958158                           O            08/01/32
    0

    7857343          E22/G02             F          122,500.00         ZZ
                                         360        122,500.00          1
                                       6.875            804.74         67
                                       6.625            804.74
    SEGUIN           TX   78155          2            07/09/02         00
    0414153957                           05           09/01/02          0
    0414153957                           O            08/01/32
    0

    7857347          E22/G02             F          216,000.00         ZZ
                                         360        216,000.00          1
                                       6.875          1,418.97         80
                                       6.625          1,418.97
    EL DORADO HILLS  CA   95762          1            07/09/02         00
    0414155929                           05           09/01/02          0
    0414155929                           N            08/01/32
    0

    7857359          E22/G02             F           50,400.00         ZZ
                                         360         50,400.00          1
                                       6.750            326.89         78
                                       6.500            326.89
    PULASKI          VA   24301          2            07/10/02         00
    0414184366                           05           09/01/02          0
    0414184366                           O            08/01/32
    0

    7857371          E22/G02             F           51,000.00         ZZ
                                         360         51,000.00          1
                                       7.500            356.60         85
                                       7.250            356.60
    SALT LICK        KY   40371          5            07/09/02         10
    0414197046                           05           09/01/02         12
    0414197046                           O            08/01/32
    0

    7857373          E22/G02             F          164,500.00         ZZ
                                         360        164,500.00          1
                                       7.375          1,136.16         88
                                       7.125          1,136.16
    BREMERTON        WA   98310          5            07/08/02         04
    0414201640                           05           09/01/02         25
    0414201640                           O            08/01/32
    0

1

    7857375          E22/G02             F           72,100.00         ZZ
                                         360         72,100.00          1
                                       7.125            485.75         70
                                       6.875            485.75
    STEELE           AL   35987          1            07/15/02         00
    0414211300                           27           09/01/02          0
    0414211300                           O            08/01/32
    0

    7857385          E22/G02             F          138,000.00         ZZ
                                         360        138,000.00          2
                                       7.375            953.13         59
                                       7.125            953.13
    FOREST PARK      IL   60130          2            07/10/02         00
    0414232207                           05           09/01/02          0
    0414232207                           O            08/01/32
    0

    7857387          E22/G02             F           84,300.00         ZZ
                                         360         84,300.00          1
                                       7.125            567.94         67
                                       6.875            567.94
    TUTTLE           OK   73089          5            07/09/02         00
    0414242321                           03           09/01/02          0
    0414242321                           O            08/01/32
    0

    7857399          E22/G02             F           89,900.00         ZZ
                                         360         89,900.00          1
                                       7.375            620.92         75
                                       7.125            620.92
    BRYAN            TX   77802          5            07/08/02         00
    0414248872                           05           09/01/02          0
    0414248872                           O            08/01/32
    0

    7857415          E22/G02             F          157,500.00         ZZ
                                         360        157,500.00          1
                                       7.750          1,128.35         90
                                       7.500          1,128.35
    LAKE WORTH       FL   33462          1            07/15/02         04
    0414283333                           05           09/01/02         30
    0414283333                           O            08/01/32
    0

    7857431          E22/G02             F          133,000.00         ZZ
                                         360        133,000.00          1
                                       6.375            829.75         57
                                       6.125            829.75
1

    AUBURN           CA   95603          5            07/05/02         00
    0414301846                           05           09/01/02          0
    0414301846                           O            08/01/32
    0

    7857435          E22/G02             F          142,200.00         ZZ
                                         360        142,200.00          1
                                       7.125            958.03         90
                                       6.875            958.03
    WESTON           FL   33351          1            07/15/02         04
    0414303057                           09           09/01/02         25
    0414303057                           N            08/01/32
    0

    7857439          E22/G02             F           50,400.00         ZZ
                                         360         50,400.00          2
                                       7.875            365.43         70
                                       7.625            365.43
    CLEVELAND        OH   44113          5            07/15/02         00
    0414308296                           05           09/01/02          0
    0414308296                           N            08/01/32
    0

    7857453          E22/G02             F          159,600.00         ZZ
                                         360        159,600.00          3
                                       7.500          1,115.95         95
                                       7.250          1,115.95
    ALBUQUERQUE      NM   87108          1            07/15/02         04
    0414324632                           05           09/01/02         30
    0414324632                           O            08/01/32
    0

    7857469          E22/G02             F          150,100.00         ZZ
                                         360        150,100.00          1
                                       7.500          1,049.52         95
                                       7.250          1,049.52
    MIDVALE          UT   84047          5            07/05/02         04
    0414334177                           05           09/01/02         30
    0414334177                           O            08/01/32
    0

    7857477          E22/G02             F          149,150.00         ZZ
                                         360        149,150.00          1
                                       6.750            967.38         95
                                       6.500            967.38
    NAMPA            ID   83686          1            07/11/02         01
    0414336685                           05           09/01/02         30
    0414336685                           O            08/01/32
    0
1

    7857487          E22/G02             F          168,500.00         ZZ
                                         360        168,500.00          1
                                       6.875          1,106.93         75
                                       6.625          1,106.93
    SUGAR LAND       TX   77479          5            07/09/02         00
    0414341032                           03           09/01/02          0
    0414341032                           O            08/01/32
    0

    7857493          E22/G02             F           80,400.00         ZZ
                                         360         80,400.00          1
                                       7.250            548.47         79
                                       7.000            548.47
    TUCKASEGEE       NC   28783          2            07/15/02         00
    0414343467                           27           09/01/02          0
    0414343467                           O            08/01/32
    0

    7857521          E22/G02             F          188,800.00         ZZ
                                         360        188,800.00          1
                                       7.500          1,320.12         80
                                       7.250          1,320.12
    FAIRFIELD        CA   94533          5            07/02/02         00
    0414354829                           05           09/01/02          0
    0414354829                           O            08/01/32
    0

    7857535          E22/G02             F          151,900.00         ZZ
                                         360        151,900.00          1
                                       7.375          1,049.14         80
                                       7.125          1,049.14
    GRAND BLANC      MI   48439          1            07/15/02         00
    0414360693                           01           09/01/02          0
    0414360693                           O            08/01/32
    0

    7857541          E22/G02             F          250,000.00         ZZ
                                         360        250,000.00          1
                                       6.875          1,642.32         63
                                       6.625          1,642.32
    RENO             NV   89511          1            07/11/02         00
    0414367888                           03           09/01/02          0
    0414367888                           O            08/01/32
    0

    7857545          E22/G02             F          203,000.00         ZZ
                                         360        203,000.00          1
1

                                       6.875          1,333.57         83
                                       6.625          1,333.57
    GREELEY          CO   80634          2            07/10/02         04
    0414368563                           05           09/01/02         12
    0414368563                           O            08/01/32
    0

    7857557          E22/G02             F          154,350.00         ZZ
                                         360        154,350.00          1
                                       6.750          1,001.11         75
                                       6.500          1,001.11
    AUSTIN           TX   78757          5            07/10/02         00
    0414378497                           05           09/01/02          0
    0414378497                           O            08/01/32
    0

    7857585          E22/G02             F          128,000.00         ZZ
                                         360        128,000.00          1
                                       7.000            851.59         80
                                       6.750            851.59
    STOCKTON         CA   95209          5            07/08/02         00
    0414400895                           05           09/01/02          0
    0414400895                           O            08/01/32
    0

    7857589          E22/G02             F           84,000.00         ZZ
                                         360         84,000.00          1
                                       7.875            609.06         80
                                       7.625            609.06
    GRANT            AL   35747          2            07/09/02         00
    0414401802                           05           09/01/02          0
    0414401802                           O            08/01/32
    0

    7857603          E22/G02             F           88,000.00         ZZ
                                         360         88,000.00          1
                                       6.875            578.10         80
                                       6.625            578.10
    SAINT LOUIS      MO   63116          5            07/09/02         00
    0414409771                           05           09/01/02          0
    0414409771                           O            08/01/32
    0

    7857623          E22/G02             F          166,250.00         ZZ
                                         360        166,250.00          1
                                       6.875          1,092.14         70
                                       6.625          1,092.14
    WESTMINSTER      CO   80030          1            07/15/02         00
    0414418269                           05           09/01/02          0
1

    0414418269                           O            08/01/32
    0

    7857635          E22/G02             F          126,000.00         ZZ
                                         360        126,000.00          1
                                       7.125            848.89         70
                                       6.875            848.89
    ROYAL OAK        MI   48073          5            07/10/02         00
    0414432369                           05           09/01/02          0
    0414432369                           O            08/01/32
    0

    7857643          E22/G02             F          146,400.00         ZZ
                                         360        146,400.00          1
                                       6.750            949.55         80
                                       6.500            949.55
    ROUND ROCK       TX   78681          1            07/15/02         00
    0414437525                           05           09/01/02          0
    0414437525                           O            08/01/32
    0

    7857657          E22/G02             F           81,000.00         ZZ
                                         360         81,000.00          1
                                       7.250            552.56         90
                                       7.000            552.56
    PULLMAN          WA   99163          1            07/10/02         04
    0414457424                           05           09/01/02         25
    0414457424                           O            08/01/32
    0

    7857659          E22/G02             F          148,000.00         ZZ
                                         360        148,000.00          1
                                       7.500          1,034.84         95
                                       7.250          1,034.84
    AUSTIN           TX   78748          1            07/12/02         04
    0414460774                           05           09/01/02         30
    0414460774                           O            08/01/32
    0

    7857665          E22/G02             F           34,000.00         ZZ
                                         360         34,000.00          1
                                       8.125            252.45         80
                                       7.875            252.45
    MEMPHIS          TN   38127          1            07/15/02         00
    0414473439                           05           09/01/02          0
    0414473439                           N            08/01/32
    0

1

    7857673          E22/G02             F          278,000.00         ZZ
                                         360        278,000.00          1
                                       7.125          1,872.94         80
                                       6.875          1,872.94
    HOLLYWOOD        FL   33019          1            07/12/02         00
    0414481515                           05           09/01/02          0
    0414481515                           O            08/01/32
    0

    7857749          X27/G02             F          132,000.00         ZZ
                                         360        132,000.00          1
                                       6.750            856.15         80
                                       6.500            856.15
    PEARLAND         TX   77584          5            07/01/02         00
    0434328969                           03           09/01/02          0
    20000307                             O            08/01/32
    0

    7858381          144/144             F           68,000.00         ZZ
                                         360         68,000.00          1
                                       7.000            452.41         34
                                       6.750            452.41
    JEFFERSON VALLE  NY   10535          5            07/08/02         00
    160693044                            05           09/01/02          0
    160693044                            N            08/01/32
    0

    7858443          144/144             F          125,000.00         ZZ
                                         360        125,000.00          1
                                       6.875            821.16         56
                                       6.625            821.16
    PHOENICIA        NY   12464          1            07/08/02         00
    1                                    05           09/01/02          0
    1                                    O            08/01/32
    0

    7858509          X07/G02             F           36,000.00         ZZ
                                         360         36,000.00          1
                                       7.500            251.72         80
                                       7.250            251.72
    MILWAUKEE        WI   53215          1            07/15/02         00
    0434293973                           05           09/01/02          0
    6910000609                           N            08/01/32
    0

    7858541          F61/G02             F          128,000.00         ZZ
                                         360        128,000.00          1
                                       7.000            851.59         80
                                       6.750            851.59
1

    TACOMA           WA   98405          2            07/09/02         00
    0434300810                           05           09/01/02          0
    021107S                              O            08/01/32
    0

    7858949          N47/G02             F          282,000.00         ZZ
                                         360        282,000.00          1
                                       6.875          1,852.54         74
                                       6.625          1,852.54
    CARLSBAD         CA   92008          2            07/08/02         00
    0434296208                           03           09/01/02          0
    30121638                             O            08/01/32
    0

    7858993          K15/G02             F          134,000.00         ZZ
                                         240        134,000.00          1
                                       7.250          1,059.10         77
                                       7.000          1,059.10
    NASHUA           NH   03060          5            07/10/02         00
    0434330163                           05           09/01/02          0
    033605500592                         O            08/01/22
    0

    7859043          E40/G02             F          250,000.00         ZZ
                                         360        250,000.00          1
                                       7.125          1,684.30         63
                                       6.875          1,684.30
    MEDFORD          MA   02155          5            07/09/02         00
    0434289302                           05           09/01/02          0
    545000213                            O            08/01/32
    0

    7859163          253/253             F           68,800.00         ZZ
                                         360         68,694.96          2
                                       7.375            475.19         80
                                       7.125            475.19
    DAYTON           OH   45403          1            05/30/02         00
    422653                               05           07/01/02          0
    422653                               N            06/01/32
    0

    7859181          253/253             F           83,970.00         ZZ
                                         360         83,904.49          1
                                       7.250            572.83         90
                                       7.000            572.83
    ALEXANDRIA       VA   22309          1            06/27/02         19
    423438                               01           08/01/02         25
    423438                               N            07/01/32
    0
1

    7859215          K15/G02             F           72,000.00         ZZ
                                         360         72,000.00          1
                                       7.375            497.29         80
                                       7.125            497.29
    ALBUQUERQUE      NM   87107          5            07/11/02         00
    0434313623                           05           09/01/02          0
    033505302091                         O            08/01/32
    0

    7859301          Q51/G02             F          136,000.00         T
                                         360        136,000.00          1
                                       7.000            904.81         80
                                       6.750            904.81
    AREAOFHACIENDAH  CA   91745          1            07/03/02         00
    0434319497                           01           09/01/02          0
    0584538W2062402                      O            08/01/32
    0

    7859325          975/G02             F          168,000.00         ZZ
                                         360        168,000.00          2
                                       6.875          1,103.64         65
                                       6.625          1,103.64
    DOWNEY           CA   90242          2            07/02/02         00
    0434299863                           05           09/01/02          0
    2022123                              N            08/01/32
    0

    7860061          F96/G02             F          299,250.00         ZZ
                                         360        299,250.00          2
                                       6.875          1,965.86         95
                                       6.625          1,965.86
    CITY OF NEWARK   NJ   07105          1            07/12/02         12
    0434327722                           05           09/01/02         30
    0109183                              O            08/01/32
    0

    7860107          E11/G02             F          224,700.00         ZZ
                                         360        224,700.00          1
                                       6.625          1,438.78         79
                                       6.375          1,438.78
    MAPLEWOOD        MN   55119          1            07/11/02         00
    0434324497                           05           09/01/02          0
    0003001044998                        O            08/01/32
    0

    7860131          253/253             F           45,000.00         ZZ
                                         360         45,000.00          1
1

                                       7.875            326.29         58
                                       7.625            326.29
    FORT WORTH       TX   76133          5            07/02/02         00
    423551                               05           09/01/02          0
    423551                               O            08/01/32
    0

    7860439          964/G02             F          271,800.00         ZZ
                                         360        271,800.00          4
                                       7.250          1,854.16         90
                                       7.000          1,854.16
    AURORA           CO   80010          1            07/11/02         04
    0434329355                           05           09/01/02         25
    229202                               N            08/01/32
    0

    7860731          E22/G02             F          192,000.00         ZZ
                                         360        192,000.00          4
                                       7.500          1,342.49         74
                                       7.250          1,342.49
    TURLOCK          CA   95380          5            07/03/02         00
    0413765611                           05           09/01/02          0
    0413765611                           O            08/01/32
    0

    7860749          E22/G02             F          189,400.00         ZZ
                                         360        189,400.00          1
                                       6.875          1,244.22         95
                                       6.625          1,244.22
    NORTHPORT        AL   35475          2            07/11/02         04
    0414118182                           05           09/01/02         30
    0414118182                           O            08/01/32
    0

    7860767          E22/G02             F          137,250.00         ZZ
                                         360        137,250.00          1
                                       7.875            995.16         75
                                       7.625            995.16
    FORT WORTH       TX   76107          5            07/16/02         00
    0414218966                           05           09/01/02          0
    0414218966                           N            08/01/32
    0

    7860771          E22/G02             F          163,000.00         ZZ
                                         360        163,000.00          3
                                       7.250          1,111.95         43
                                       7.000          1,111.95
    SANTA ROSA       CA   95401          5            07/09/02         00
    0414226753                           05           09/01/02          0
1

    0414226753                           O            08/01/32
    0

    7860787          E22/G02             F          169,650.00         ZZ
                                         360        169,650.00          1
                                       7.250          1,157.31         65
                                       7.000          1,157.31
    ESTES PARK       CO   80517          5            07/11/02         00
    0414274688                           05           09/01/02          0
    0414274688                           O            08/01/32
    0

    7860831          E22/G02             F          257,290.00         ZZ
                                         360        257,290.00          1
                                       6.750          1,668.78         55
                                       6.500          1,668.78
    EDEN PRAIRIE     MN   55344          1            07/16/02         00
    0414345462                           09           09/01/02          0
    0414345462                           O            08/01/32
    0

    7860837          E22/G02             F          228,000.00         ZZ
                                         360        228,000.00          1
                                       7.125          1,536.08         79
                                       6.875          1,536.08
    JAMAICA          NY   11435          5            07/11/02         00
    0414352443                           05           09/01/02          0
    0414352443                           O            08/01/32
    0

    7860849          E22/G02             F          167,200.00         ZZ
                                         360        167,200.00          1
                                       7.875          1,212.32         95
                                       7.625          1,212.32
    OLNEY            MD   20832          5            07/11/02         04
    0414358549                           01           09/01/02         30
    0414358549                           O            08/01/32
    0

    7860867          E22/G02             F          112,500.00         ZZ
                                         360        112,500.00          1
                                       7.875            815.70         75
                                       7.625            815.70
    FORT WORTH       TX   76107          5            07/16/02         00
    0414374991                           05           09/01/02          0
    0414374991                           N            08/01/32
    0

1

    7860883          E22/G02             F          166,600.00         ZZ
                                         360        166,600.00          1
                                       6.875          1,094.44         78
                                       6.625          1,094.44
    HOUSTON          TX   77094          5            07/11/02         00
    0414384982                           03           09/01/02          0
    0414384982                           O            08/01/32
    0

    7860885          E22/G02             F          296,000.00         ZZ
                                         360        296,000.00          1
                                       6.875          1,944.51         80
                                       6.625          1,944.51
    SEATTLE          WA   98103          1            07/05/02         00
    0414386151                           05           09/01/02          0
    0414386151                           N            08/01/32
    0

    7860895          E22/G02             F           56,500.00         ZZ
                                         360         56,500.00          2
                                       6.875            371.16         78
                                       6.625            371.16
    INDIANAPOLIS     IN   46222          2            07/11/02         00
    0414396010                           05           09/01/02          0
    0414396010                           O            08/01/32
    0

    7860903          E22/G02             F          169,650.00         ZZ
                                         360        169,650.00          1
                                       7.375          1,171.73         90
                                       7.125          1,171.73
    NASHUA           NH   03060          1            07/16/02         01
    0414397844                           05           09/01/02         25
    0414397844                           O            08/01/32
    0

    7860905          E22/G02             F           96,900.00         ZZ
                                         360         96,900.00          1
                                       7.500            677.54         95
                                       7.250            677.54
    BOAZ             AL   35957          5            07/11/02         01
    0414398446                           05           09/01/02         30
    0414398446                           O            08/01/32
    0

    7860917          E22/G02             F           57,600.00         ZZ
                                         360         57,600.00          1
                                       7.750            412.65         90
                                       7.500            412.65
1

    PUEBLO           CO   81001          5            07/11/02         10
    0414406967                           05           09/01/02         25
    0414406967                           O            08/01/32
    0

    7860925          E22/G02             F          156,600.00         ZZ
                                         360        156,600.00          1
                                       7.375          1,081.60         90
                                       7.125          1,081.60
    BOISE            ID   83712          5            07/10/02         04
    0414413229                           05           09/01/02         25
    0414413229                           O            08/01/32
    0

    7860927          E22/G02             F           48,000.00         ZZ
                                         360         48,000.00          1
                                       7.875            348.03         80
                                       7.625            348.03
    WARSAW           IN   46580          1            07/16/02         00
    0414418327                           05           09/01/02          0
    0414418327                           N            08/01/32
    0

    7860935          E22/G02             F          123,750.00         ZZ
                                         360        123,750.00          1
                                       7.500            865.28         75
                                       7.250            865.28
    DIAMOND BAR      CA   91765          1            07/08/02         00
    0414425439                           01           09/01/02          0
    0414425439                           N            08/01/32
    0

    7860941          E22/G02             F          144,000.00         ZZ
                                         360        144,000.00          1
                                       7.250            982.33         80
                                       7.000            982.33
    ARLINGTON        TX   76016          5            07/11/02         00
    0414430199                           05           09/01/02          0
    0414430199                           O            08/01/32
    0

    7861021          E82/G02             F          103,500.00         ZZ
                                         360        103,500.00          1
                                       7.250            706.05         72
                                       7.000            706.05
    MENOMONEE FALLS  WI   53051          2            07/10/02         00
    0400636668                           05           09/01/02          0
    0400636668                           O            08/01/32
    0
1

    7861225          B57/G02             F          299,000.00         ZZ
                                         360        299,000.00          1
                                       7.250          2,039.71         75
                                       7.000          2,039.71
    WEST HOLLYWOOD   CA   90069          5            07/10/02         00
    0434315487                           01           09/01/02          0
    10003901                             O            08/01/32
    0

    7861227          253/253             F           68,000.00         ZZ
                                         360         68,000.00          1
                                       6.875            446.72         80
                                       6.625            446.72
    LEWISVILLE       TX   75067          1            07/03/02         00
    425454                               05           09/01/02          0
    425454                               N            08/01/32
    0

    7861313          E76/G02             F          116,000.00         ZZ
                                         360        116,000.00          1
                                       7.000            771.75         80
                                       6.750            771.75
    MUSTANG          OK   73064          1            07/09/02         00
    0434298329                           05           09/01/02          0
    10014742                             O            08/01/32
    0

    7861421          A80/G02             F          264,000.00         ZZ
                                         360        264,000.00          4
                                       8.000          1,937.14         80
                                       7.750          1,937.14
    MIAMI BEACH      FL   33141          1            07/12/02         00
    0434307815                           05           09/01/02          0
    020530757                            N            08/01/32
    0

    7861613          U28/G02             F          300,700.00         ZZ
                                         360        300,700.00          1
                                       6.750          1,950.33         79
                                       6.500          1,950.33
    MCDONOUGH        GA   30253          2            07/11/02         00
    0434321071                           05           09/01/02          0
    2000003354                           O            08/01/32
    0

    7861813          N47/G02             F          260,000.00         ZZ
                                         360        260,000.00          1
1

                                       7.625          1,840.26         78
                                       7.375          1,840.26
    ORANGE           CA   92866          5            07/01/02         00
    0434323093                           05           09/01/02          0
    30321245                             O            08/01/32
    0

    7861971          253/253             F          155,250.00         ZZ
                                         360        155,128.89          1
                                       7.250          1,059.08         75
                                       7.000          1,059.08
    LAS VEGAS        NV   89123          1            06/27/02         00
    425486                               03           08/01/02          0
    425486                               N            07/01/32
    0

    7861981          E98/G02             F          160,000.00         ZZ
                                         360        160,000.00          1
                                       6.875          1,051.09         80
                                       6.625          1,051.09
    EDEN PRAIRIE     MN   55347          2            07/12/02         00
    0434324315                           09           09/01/02          0
    8112001613247                        O            08/01/32
    0

    7862179          K15/G02             F          187,300.00         ZZ
                                         360        187,300.00          1
                                       7.000          1,246.11         84
                                       6.750          1,246.11
    RIO RANCHO       NM   87124          5            07/11/02         11
    0434321444                           05           09/01/02         12
    033505302015                         O            08/01/32
    0

    7862491          U42/G02             F          300,000.00         ZZ
                                         360        299,798.71          1
                                       8.000          2,201.29         78
                                       7.750          2,201.29
    LIBERTY HILL     TX   78642          1            07/24/02         00
    0434319216                           05           08/01/02          0
    10200912                             O            07/01/32
    0

    7862571          Q87/G02             F           86,400.00         ZZ
                                         360         86,323.77          1
                                       6.625            553.23         80
                                       6.375            553.23
    SWAINSBORO       GA   30401          5            06/28/02         00
    0434318614                           05           08/03/02          0
1

    PENI01                               O            07/03/32
    0

    7862579          P67/G02             F          135,600.00         ZZ
                                         360        135,600.00          1
                                       7.500            948.13         80
                                       7.250            948.13
    STERLING         MA   01564          1            07/17/02         00
    0434321154                           05           09/01/02          0
    1                                    N            08/01/32
    0

    7862591          Q57/G02             F          375,000.00         ZZ
                                         360        375,000.00          2
                                       7.250          2,558.16         66
                                       7.000          2,558.16
    CHICAGO          IL   60660          5            07/09/02         00
    0434320008                           05           09/01/02          0
    37600474                             O            08/01/32
    0

    7862607          T44/G02             F          299,250.00         ZZ
                                         360        299,250.00          4
                                       7.750          2,143.86         95
                                       7.500          2,143.86
    VALLEY GLEN      CA   91607          1            07/08/02         01
    0434322368                           05           09/01/02         30
    1040127                              O            08/01/32
    0

    7862721          W68/G02             F          119,900.00         ZZ
                                         360        119,796.77          1
                                       6.750            777.67         71
                                       6.500            777.67
    PROSPER          TX   75078          1            06/27/02         00
    0434324265                           05           08/01/02          0
    26650                                O            07/01/32
    0

    7862745          F25/G02             F           66,000.00         ZZ
                                         360         66,000.00          1
                                       7.250            450.24         40
                                       7.000            450.24
    STAMFORD         CT   06902          1            07/15/02         00
    0434305306                           06           09/01/02          0
    8895706                              O            08/01/32
    0

1

    7862771          N74/G02             F           77,350.00         ZZ
                                         360         77,350.00          1
                                       7.250            527.66         85
                                       7.000            527.66
    TULSA            OK   74112          5            07/12/02         10
    0434338372                           05           09/01/02         12
    0030446010                           O            08/01/32
    0

    7862857          K15/G02             F           64,700.00         ZZ
                                         240         64,700.00          1
                                       7.750            531.15         78
                                       7.500            531.15
    MANCHESTER       NH   03104          5            07/12/02         00
    0434322228                           01           09/01/02          0
    033605501126                         O            08/01/22
    0

    7862891          F60/G02             F          116,800.00         ZZ
                                         360        116,701.88          1
                                       6.875            767.29         80
                                       6.625            767.29
    HAMMOND          LA   70405          1            06/28/02         00
    0434329637                           05           08/01/02          0
    JOHNSTON64609                        O            07/01/32
    0

    7862937          975/G02             F          153,000.00         ZZ
                                         360        153,000.00          1
                                       7.000          1,017.91         80
                                       6.750          1,017.91
    LAWNDALE         CA   90260          5            07/08/02         00
    0434313755                           05           09/01/02          0
    2021882                              O            08/01/32
    0

    7863171          K39/G02             F           41,600.00         ZZ
                                         360         41,571.37          1
                                       7.875            301.63         80
                                       7.625            301.63
    BUCHANAN         GA   30113          5            06/28/02         00
    0434313557                           05           08/03/02          0
    255925903                            O            07/03/32
    0

    7863261          642/G02             F          164,500.00         ZZ
                                         360        164,500.00          1
                                       6.875          1,080.65         80
                                       6.625          1,080.65
1

    COLORADO SPRING  CO   80906          2            07/10/02         00
    0434308235                           05           09/01/02          0
    07113002                             N            08/01/32
    0

    7863389          W35/G02             F           25,000.00         ZZ
                                         360         25,000.00          1
                                       7.700            178.24         59
                                       7.450            178.24
    SOUTH BEND       IN   46616          5            07/09/02         00
    0434349577                           05           09/01/02          0
    12104                                O            08/01/32
    0

    7863403          U05/G02             F          173,900.00         ZZ
                                         360        173,770.95          4
                                       7.500          1,215.93         90
                                       7.250          1,215.93
    AUBURN           WA   98033          1            06/26/02         10
    0434297669                           05           08/01/02         25
    3236347                              N            07/01/32
    0

    7863477          E22/G02             F          232,000.00         ZZ
                                         360        232,000.00          1
                                       7.500          1,622.18         80
                                       7.250          1,622.18
    SIMI VALLEY      CA   93065          1            06/25/02         00
    0414142133                           05           09/01/02          0
    0414142133                           N            08/01/32
    0

    7863479          E22/G02             F           52,000.00         ZZ
                                         360         52,000.00          1
                                       7.250            354.73         80
                                       7.000            354.73
    PUEBLO           CO   81004          2            07/17/02         00
    0414145482                           05           09/01/02          0
    0414145482                           N            08/01/32
    0

    7863509          E22/G02             F           44,650.00         ZZ
                                         360         44,650.00          1
                                       7.875            323.74         95
                                       7.625            323.74
    SOUTH BEND       IN   46628          2            07/12/02         04
    0414255984                           05           09/01/02         30
    0414255984                           O            08/01/32
    0
1

    7863519          E22/G02             F           80,000.00         ZZ
                                         360         80,000.00          1
                                       6.875            525.54         68
                                       6.625            525.54
    CONLEY           GA   30288          2            07/12/02         00
    0414265462                           05           09/01/02          0
    0414265462                           O            08/01/32
    0

    7863531          E22/G02             F          162,400.00         ZZ
                                         360        162,400.00          1
                                       7.250          1,107.85         80
                                       7.000          1,107.85
    CARMICHAEL       CA   95860          5            07/08/02         00
    0414274225                           05           09/01/02          0
    0414274225                           O            08/01/32
    0

    7863543          E22/G02             F           53,025.00         ZZ
                                         360         53,025.00          1
                                       7.625            375.31         75
                                       7.375            375.31
    UNION            MO   63084          2            07/17/02         00
    0414290080                           05           09/01/02          0
    0414290080                           N            08/01/32
    0

    7863547          E22/G02             F           56,250.00         ZZ
                                         360         56,250.00          1
                                       8.000            412.74         75
                                       7.750            412.74
    UNION            MO   63084          5            07/17/02         00
    0414295824                           05           09/01/02          0
    0414295824                           N            08/01/32
    0

    7863557          E22/G02             F           50,000.00         ZZ
                                         360         50,000.00          1
                                       7.125            336.86         28
                                       6.875            336.86
    DALLAS           TX   75238          5            07/12/02         00
    0414306340                           05           09/01/02          0
    0414306340                           O            08/01/32
    0

    7863591          E22/G02             F          111,600.00         ZZ
                                         360        111,600.00          1
1

                                       7.500            780.32         90
                                       7.250            780.32
    FORT WAYNE       IN   46803          5            07/12/02         04
    0414344812                           05           09/01/02         25
    0414344812                           O            08/01/32
    0

    7863597          E22/G02             F          158,600.00         ZZ
                                         360        158,600.00          1
                                       6.625          1,015.53         69
                                       6.375          1,015.53
    NORTH PLAINFIEL  NJ   07063          2            07/12/02         00
    0414350744                           05           09/01/02          0
    0414350744                           O            08/01/32
    0

    7863599          E22/G02             F          208,800.00         ZZ
                                         360        208,800.00          1
                                       7.250          1,424.38         80
                                       7.000          1,424.38
    SILT             CO   81652          5            07/12/02         00
    0414351999                           05           09/01/02          0
    0414351999                           O            08/01/32
    0

    7863607          E22/G02             F          247,000.00         ZZ
                                         360        247,000.00          1
                                       6.875          1,622.61         80
                                       6.625          1,622.61
    BRENTWOOD        CA   94513          2            07/11/02         00
    0414354373                           05           09/01/02          0
    0414354373                           O            08/01/32
    0

    7863613          E22/G02             F          160,800.00         ZZ
                                         360        160,800.00          1
                                       6.750          1,042.95         80
                                       6.500          1,042.95
    FONTANA          CA   92337          5            07/03/02         00
    0414357921                           05           09/01/02          0
    0414357921                           O            08/01/32
    0

    7863615          E22/G02             F          147,000.00         ZZ
                                         360        147,000.00          4
                                       7.500          1,027.85         74
                                       7.250          1,027.85
    HARAHAN          LA   70123          2            07/17/02         00
    0414358317                           05           09/01/02          0
1

    0414358317                           N            08/01/32
    0

    7863617          E22/G02             F          110,700.00         ZZ
                                         360        110,700.00          1
                                       7.500            774.03         89
                                       7.250            774.03
    ALEXANDER CITY   AL   35010          5            07/12/02         04
    0414358515                           05           09/01/02         25
    0414358515                           O            08/01/32
    0

    7863631          E22/G02             F          174,400.00         ZZ
                                         360        174,400.00          1
                                       6.875          1,145.68         80
                                       6.625          1,145.68
    HOUSTON          TX   77345          5            07/12/02         00
    0414367938                           03           09/01/02          0
    0414367938                           O            08/01/32
    0

    7863635          E22/G02             F          229,500.00         ZZ
                                         360        229,500.00          2
                                       7.125          1,546.18         85
                                       6.875          1,546.18
    GIG HARBOR       WA   98335          1            07/11/02         04
    0414370429                           05           09/01/02         12
    0414370429                           N            08/01/32
    0

    7863641          E22/G02             F          230,000.00         ZZ
                                         360        230,000.00          4
                                       7.750          1,647.75         80
                                       7.500          1,647.75
    METAIRIE         LA   70006          1            07/17/02         00
    0414373480                           05           09/01/02          0
    0414373480                           N            08/01/32
    0

    7863645          E22/G02             F          236,800.00         ZZ
                                         360        236,800.00          1
                                       6.750          1,535.88         80
                                       6.500          1,535.88
    CHULA VISTA      CA   91911          5            07/09/02         00
    0414375428                           03           09/01/02          0
    0414375428                           O            08/01/32
    0

1

    7863709          E22/G02             F           98,320.00         ZZ
                                         360         98,320.00          1
                                       7.500            687.47         80
                                       7.250            687.47
    LINCOLN PARK     MI   48146          1            07/18/02         00
    0414431635                           05           09/01/02          0
    0414431635                           N            08/01/32
    0

    7863715          E22/G02             F          268,000.00         ZZ
                                         360        268,000.00          1
                                       6.875          1,760.57         80
                                       6.625          1,760.57
    OLIVE BRANCH     MS   38654          5            07/12/02         00
    0414435354                           05           09/01/02          0
    0414435354                           O            08/01/32
    0

    7863717          E22/G02             F          147,000.00         ZZ
                                         360        147,000.00          4
                                       7.500          1,027.85         74
                                       7.250          1,027.85
    METAIRIE         LA   70006          2            07/17/02         00
    0414438291                           05           09/01/02          0
    0414438291                           N            08/01/32
    0

    7863737          E22/G02             F           70,000.00         ZZ
                                         360         70,000.00          1
                                       7.250            477.52         93
                                       7.000            477.52
    BRADENTON        FL   34207          2            07/12/02         04
    0414452748                           05           09/01/02         30
    0414452748                           O            08/01/32
    0

    7863751          E22/G02             F           62,910.00         ZZ
                                         360         62,910.00          1
                                       7.375            434.50         90
                                       7.125            434.50
    JACKSON          MI   49201          1            07/17/02         01
    0414460568                           05           09/01/02         25
    0414460568                           N            08/01/32
    0

    7863863          E82/G02             F          170,050.00         ZZ
                                         360        170,050.00          1
                                       7.375          1,174.49         90
                                       7.125          1,174.49
1

    MIDDLETOWN       CT   06457          2            07/15/02         04
    0400654224                           05           09/01/02         25
    0400654224                           O            08/01/32
    0

    7863873          E82/G02             F           65,300.00         T
                                         360         65,300.00          1
                                       7.125            439.94         58
                                       6.875            439.94
    STOCKTON         CA   95205          2            07/15/02         00
    0400638409                           05           09/01/02          0
    0400638409                           O            08/01/32
    0

    7864095          L76/G02             F          172,000.00         ZZ
                                         360        172,000.00          1
                                       6.875          1,129.92         80
                                       6.625          1,129.92
    ROSEVILLE        MN   55113          5            07/11/02         00
    0434327177                           05           09/01/02          0
    9504982                              O            08/01/32
    0

    7864535          E76/G02             F           73,800.00         ZZ
                                         360         73,800.00          2
                                       7.875            535.10         90
                                       7.625            535.10
    NEW ORLEANS      LA   70116          2            07/12/02         12
    0434319836                           05           09/01/02         25
    10013651                             N            08/01/32
    0

    7864979          Q87/G02             F           64,000.00         ZZ
                                         240         63,876.99          1
                                       6.990            495.81         32
                                       6.740            495.81
    NAVARRE          FL   32566          5            07/12/02         00
    0434327805                           05           08/17/02          0
    TIMI01                               O            07/17/22
    0

    7865097          P01/G02             F           52,000.00         ZZ
                                         360         52,000.00          1
                                       7.500            363.60         62
                                       7.250            363.60
    SCHENECTADY      NY   12309          1            07/17/02         00
    0434327193                           05           09/01/02          0
    02002906                             O            08/01/32
    0
1

    7865099          F25/G02             F          245,000.00         ZZ
                                         360        245,000.00          1
                                       7.000          1,629.99         70
                                       6.750          1,629.99
    CHESTNUT RIDGE   NY   10952          1            07/16/02         00
    0434332094                           05           09/01/02          0
    864970                               O            08/01/32
    0

    7865171          B44/G02             F           47,200.00         T
                                         360         47,164.97          1
                                       7.500            330.03         80
                                       7.250            330.03
    CASCADE          ID   83611          1            06/25/02         00
    0434327631                           05           08/01/02          0
    4021241                              O            07/01/32
    0

    7865185          758/G02             F           38,000.00         ZZ
                                         360         37,973.85          1
                                       7.875            275.53         95
                                       7.625            275.53
    SAN ANTONIO      TX   78209          1            06/25/02         14
    0434333415                           01           08/01/02         30
    460896                               O            07/01/32
    0

    7866239          K31/G02             F           65,900.00         ZZ
                                         360         65,852.30          1
                                       7.625            466.44         44
                                       7.375            466.44
    DORAVILLE        GA   30340          1            06/28/02         00
    0434327771                           05           08/01/02          0
    2095020090                           O            07/01/32
    0

    7866299          U05/G02             F          300,000.00         ZZ
                                         360        300,000.00          1
                                       6.875          1,970.79         67
                                       6.625          1,970.79
    RANCHO MURIETA   CA   95683          5            07/01/02         00
    0434330346                           03           09/01/02          0
    3241883                              O            08/01/32
    0

    7866465          737/G02             F          188,000.00         ZZ
                                         360        188,000.00          1
1

                                       6.875          1,235.03         80
                                       6.625          1,235.03
    SHREVEPORT       LA   71118          1            07/12/02         00
    0434318523                           05           09/01/02          0
    2075331                              O            08/01/32
    0

    7866907          E22/G02             F           74,000.00         ZZ
                                         360         74,000.00          1
                                       7.125            498.55         76
                                       6.875            498.55
    NELSON           CA   95958          5            07/11/02         00
    0413991399                           05           09/01/02          0
    0413991399                           O            08/01/32
    0

    7866919          E22/G02             F          200,000.00         ZZ
                                         360        200,000.00          1
                                       6.750          1,297.20         45
                                       6.500          1,297.20
    SAN JOSE         CA   95118          5            07/12/02         00
    0414182410                           05           09/01/02          0
    0414182410                           O            08/01/32
    0

    7866927          E22/G02             F          119,700.00         ZZ
                                         360        119,700.00          1
                                       7.500            836.96         95
                                       7.250            836.96
    MIAMI            FL   33147          1            07/18/02         04
    0414222869                           05           09/01/02         35
    0414222869                           O            08/01/32
    0

    7866997          E22/G02             F          149,850.00         ZZ
                                         360        149,850.00          1
                                       7.125          1,009.57         90
                                       6.875          1,009.57
    HUMBLE           TX   77346          1            07/18/02         04
    0414382564                           03           09/01/02         25
    0414382564                           O            08/01/32
    0

    7867009          E22/G02             F          130,500.00         ZZ
                                         360        130,500.00          1
                                       7.500            912.47         90
                                       7.250            912.47
    SACRAMENTO       CA   95841          1            07/15/02         04
    0414399345                           09           09/01/02         25
1

    0414399345                           N            08/01/32
    0

    7867021          E22/G02             F           84,000.00         ZZ
                                         360         84,000.00          1
                                       7.250            573.03         80
                                       7.000            573.03
    UNION PIER       MI   49129          1            07/18/02         00
    0414410662                           05           09/01/02          0
    0414410662                           O            08/01/32
    0

    7867061          E22/G02             F          119,700.00         ZZ
                                         360        119,700.00          1
                                       8.000            878.32         90
                                       7.750            878.32
    WILLOW PARK      TX   76087          1            07/18/02         04
    0414480806                           05           09/01/02         30
    0414480806                           O            08/01/32
    0

    7867157          950/G02             F          121,500.00         ZZ
                                         360        121,409.83          1
                                       7.500            849.55         90
                                       7.250            849.55
    KETCHIKAN        AK   99901          1            06/21/02         14
    0434328480                           05           08/01/02         25
    E4205054                             O            07/01/32
    0

    7867255          N47/G02             F          271,000.00         ZZ
                                         360        271,000.00          1
                                       6.875          1,780.28         45
                                       6.625          1,780.28
    SANTA CRUZ       CA   95062          5            07/11/02         00
    0434327367                           05           09/01/02          0
    20120766                             O            08/01/32
    0

    7867531          A50/G02             F           80,000.00         ZZ
                                         360         79,934.43          1
                                       7.000            532.24         70
                                       6.750            532.24
    RISING FAWN      GA   30738          2            06/10/02         00
    0434319133                           05           08/01/02          0
    0161115848                           O            07/01/32
    0

1

    7868025          N74/G02             F           51,000.00         ZZ
                                         360         50,957.16          1
                                       6.875            335.03         87
                                       6.625            335.03
    HICKORY          NC   28601          5            07/17/02         10
    0434325809                           01           08/22/02         25
    0030457010                           O            07/22/32
    0

    7868027          E86/G02             F          190,200.00         ZZ
                                         360        190,058.84          1
                                       7.500          1,329.91         80
                                       7.250          1,329.91
    WILDOMAR         CA   92595          5            06/27/02         00
    0434319901                           05           08/01/02          0
    0000184443                           O            07/01/32
    0

    7868065          L20/G02             F           64,365.00         ZZ
                                         360         64,365.00          1
                                       6.875            422.83         79
                                       6.625            422.83
    CALDWELL         ID   83605          1            07/12/02         00
    0434336814                           03           09/01/02          0
    707350                               O            08/01/32
    0

    7868099          S11/G02             F          260,000.00         ZZ
                                         360        260,000.00          1
                                       6.875          1,708.01         69
                                       6.625          1,708.01
    CHINO HILLS      CA   91709          5            07/09/02         00
    0434327326                           07           09/01/02          0
    10208072                             O            08/01/32
    0

    7868263          E57/G02             F          127,500.00         ZZ
                                         360        127,500.00          1
                                       7.125            858.99         66
                                       6.875            858.99
    NORTH FORK       CA   93643          5            07/10/02         00
    0434331443                           05           09/01/02          0
    13000611                             O            08/01/32
    0

    7868417          W68/G02             F           86,000.00         ZZ
                                         360         85,865.42          1
                                       7.250            586.67         80
                                       7.000            586.67
1

    IRVING           TX   75060          5            05/09/02         00
    0434347951                           05           07/01/02          0
    26115                                O            06/01/32
    0

    7868479          X08/G02             F          183,200.00         ZZ
                                         360        183,200.00          1
                                       8.000          1,344.26         77
                                       7.750          1,344.26
    SALT LAKE CITY   UT   84108          1            07/15/02         00
    0434336640                           05           09/01/02          0
    6010213                              N            08/01/32
    0

    7869059          P01/G02             F          133,600.00         ZZ
                                         360        133,600.00          1
                                       6.875            877.66         80
                                       6.625            877.66
    NISKAYUNA        NY   12309          1            07/11/02         00
    0434328506                           05           09/01/02          0
    02002918                             O            08/01/32
    0

    7869103          E23/G02             F          147,600.00         ZZ
                                         360        147,600.00          1
                                       6.750            957.33         80
                                       6.500            957.33
    PAHRUMP          NV   89048          2            07/02/02         00
    0434326245                           05           09/01/02          0
    51013915                             O            08/01/32
    0

    7869323          E86/G02             F           92,000.00         T
                                         360         92,000.00          1
                                       8.000            675.06         80
                                       7.750            675.06
    DEERFIELD BEACH  FL   33441          1            07/03/02         00
    0434362877                           08           09/01/02          0
    0000208686                           O            08/01/32
    0

    7869339          E86/G02             F          160,000.00         ZZ
                                         360        159,881.26          4
                                       7.500          1,118.74         80
                                       7.250          1,118.74
    PHILADELPHIA     PA   19128          1            06/27/02         00
    0434324109                           05           08/01/02          0
    0000198053                           N            07/01/32
    0
1

    7869465          K31/G02             F          172,700.00         ZZ
                                         360        172,554.91          1
                                       6.875          1,134.52         80
                                       6.625          1,134.52
    ALPHARETTA       GA   30004          1            06/28/02         00
    0434328233                           05           08/01/02          0
    2127020541                           O            07/01/32
    0

    7869505          696/G02             F          185,500.00         ZZ
                                         360        185,500.00          1
                                       6.625          1,187.78         70
                                       6.375          1,187.78
    GAITHERSBURG     MD   20878          1            07/18/02         00
    0434321204                           01           09/01/02          0
    32902153                             O            08/01/32
    0

    7870573          L21/G02             F          130,000.00         ZZ
                                         360        130,000.00          1
                                       7.750            931.34         90
                                       7.500            931.34
    WASHINGTON       DC   20009          1            07/12/02         01
    0434335337                           01           09/01/02         25
    70302060                             O            08/01/32
    0

    7870947          E22/G02             F           65,000.00         ZZ
                                         360         64,948.02          1
                                       7.125            437.92         78
                                       6.875            437.92
    SPRINGFIELD      MO   65807          5            06/19/02         00
    0414154484                           05           08/01/02          0
    0414154484                           O            07/01/32
    0

    7870973          E22/G02             F           64,300.00         ZZ
                                         360         64,300.00          1
                                       7.125            433.20         50
                                       6.875            433.20
    GLADWIN          MI   48624          2            07/15/02         00
    0414249599                           05           09/01/02          0
    0414249599                           O            08/01/32
    0

    7870993          E22/G02             F           53,500.00         ZZ
                                         360         53,500.00          1
1

                                       7.250            364.96         70
                                       7.000            364.96
    PUEBLO           CO   81004          2            07/19/02         00
    0414274647                           05           09/01/02          0
    0414274647                           N            08/01/32
    0

    7870995          E22/G02             F           88,000.00         ZZ
                                         360         88,000.00          1
                                       7.000            585.47         71
                                       6.750            585.47
    HORSE SHOE       NC   28742          5            07/15/02         00
    0414279729                           05           09/01/02          0
    0414279729                           O            08/01/32
    0

    7870997          E22/G02             F           62,050.00         ZZ
                                         360         62,050.00          1
                                       7.875            449.91         80
                                       7.625            449.91
    SOUTH BEND       IN   46615          5            07/19/02         00
    0414283549                           05           09/01/02          0
    0414283549                           N            08/01/32
    0

    7871001          E22/G02             F          278,750.00         ZZ
                                         360        278,750.00          1
                                       7.375          1,925.26         95
                                       7.125          1,925.26
    AUBURN           CA   95603          2            07/09/02         04
    0414294801                           05           09/01/02         30
    0414294801                           O            08/01/32
    0

    7871007          E22/G02             F          105,000.00         ZZ
                                         360        105,000.00          1
                                       6.875            689.78         70
                                       6.625            689.78
    PICO RIVERA      CA   90660          1            07/10/02         00
    0414300723                           05           09/01/02          0
    0414300723                           O            08/01/32
    0

    7871019          E22/G02             F          159,600.00         ZZ
                                         360        159,600.00          1
                                       7.000          1,061.82         95
                                       6.750          1,061.82
    PORT ROYAL       SC   29935          1            07/19/02         01
    0414331173                           05           09/01/02         30
1

    0414331173                           O            08/01/32
    0

    7871031          E22/G02             F           89,990.00         ZZ
                                         360         89,990.00          1
                                       7.250            613.89         80
                                       7.000            613.89
    MOODY            AL   35004          1            07/19/02         00
    0414343541                           05           09/01/02          0
    0414343541                           O            08/01/32
    0

    7871033          E22/G02             F           45,000.00         ZZ
                                         360         45,000.00          1
                                       8.000            330.19         90
                                       7.750            330.19
    SAN ANTONIO      TX   78209          1            07/18/02         04
    0414346361                           01           09/01/02         25
    0414346361                           O            08/01/32
    0

    7871047          E22/G02             F          134,000.00         ZZ
                                         360        134,000.00          1
                                       7.625            948.44         80
                                       7.375            948.44
    LOS BANOS        CA   93635          1            07/12/02         00
    0414363853                           05           09/01/02          0
    0414363853                           N            08/01/32
    0

    7871055          E22/G02             F           68,000.00         ZZ
                                         360         68,000.00          1
                                       7.000            452.41         80
                                       6.750            452.41
    PORT RICHEY      FL   34668          5            07/15/02         00
    0414368597                           05           09/01/02          0
    0414368597                           O            08/01/32
    0

    7871063          E22/G02             F           69,223.00         ZZ
                                         360         69,223.00          1
                                       6.625            443.24         79
                                       6.375            443.24
    DES ALLEMANDS    LA   70030          1            07/19/02         00
    0414371559                           05           09/01/02          0
    0414371559                           O            08/01/32
    0

1

    7871083          E22/G02             F          100,000.00         T
                                         360        100,000.00          1
                                       7.125            673.72         46
                                       6.875            673.72
    ASHEVILLE        NC   28804          1            07/19/02         00
    0414384263                           05           09/01/02          0
    0414384263                           O            08/01/32
    0

    7871093          E22/G02             F          248,000.00         ZZ
                                         360        248,000.00          1
                                       6.750          1,608.52         80
                                       6.500          1,608.52
    LA MIRADA        CA   90638          5            07/08/02         00
    0414388561                           05           09/01/02          0
    0414388561                           O            08/01/32
    0

    7871101          E22/G02             F          174,400.00         ZZ
                                         360        174,400.00          1
                                       6.750          1,131.16         80
                                       6.500          1,131.16
    RENO             NV   89523          1            07/17/02         00
    0414391045                           05           09/01/02          0
    0414391045                           O            08/01/32
    0

    7871115          E22/G02             F           78,900.00         ZZ
                                         360         78,900.00          1
                                       7.250            538.24         85
                                       7.000            538.24
    WEST PALM BEACH  FL   33407          5            07/15/02         04
    0414397570                           09           09/01/02         12
    0414397570                           O            08/01/32
    0

    7871123          E22/G02             F          188,000.00         ZZ
                                         240        188,000.00          1
                                       7.375          1,500.18         80
                                       7.125          1,500.18
    SANGER           TX   76266          5            07/15/02         00
    0414400705                           05           09/01/02          0
    0414400705                           O            08/01/22
    0

    7871143          E22/G02             F          208,000.00         ZZ
                                         360        208,000.00          1
                                       6.875          1,366.41         80
                                       6.625          1,366.41
1

    AUBURN           CA   95602          1            07/09/02         00
    0414412601                           05           09/01/02          0
    0414412601                           O            08/01/32
    0

    7871145          E22/G02             F           56,000.00         ZZ
                                         360         56,000.00          1
                                       6.625            358.57         80
                                       6.375            358.57
    ABERDEEN         WA   98520          1            07/11/02         00
    0414413328                           05           09/01/02          0
    0414413328                           O            08/01/32
    0

    7871161          E22/G02             F           80,000.00         ZZ
                                         360         80,000.00          1
                                       6.875            525.54         89
                                       6.625            525.54
    LINGLE           WY   82223          5            07/15/02         04
    0414420463                           05           09/01/02         25
    0414420463                           O            08/01/32
    0

    7871187          E22/G02             F           75,000.00         ZZ
                                         360         75,000.00          1
                                       7.375            518.01         75
                                       7.125            518.01
    HOUSTON          TX   77092          5            07/19/02         00
    0414434670                           05           09/01/02          0
    0414434670                           N            08/01/32
    0

    7871201          E22/G02             F           67,500.00         ZZ
                                         360         67,500.00          1
                                       7.375            466.21         82
                                       7.125            466.21
    PINEVILLE        LA   71360          5            07/15/02         04
    0414440941                           05           09/01/02         12
    0414440941                           O            08/01/32
    0

    7871217          E22/G02             F           52,650.00         ZZ
                                         360         52,650.00          4
                                       7.625            372.65         65
                                       7.375            372.65
    FORT WORTH       TX   76110          5            07/19/02         00
    0414448266                           05           09/01/02          0
    0414448266                           N            08/01/32
    0
1

    7871227          E22/G02             F          144,500.00         ZZ
                                         360        144,500.00          1
                                       7.625          1,022.76         85
                                       7.375          1,022.76
    ST AUGUSTINE     FL   32080          5            07/15/02         04
    0414451559                           05           09/01/02         12
    0414451559                           O            08/01/32
    0

    7871235          E22/G02             F          156,000.00         ZZ
                                         360        156,000.00          1
                                       7.625          1,104.16         88
                                       7.375          1,104.16
    LUDINGTON        MI   49431          1            07/19/02         11
    0414456673                           05           09/01/02         25
    0414456673                           O            08/01/32
    0

    7871263          E22/G02             F           80,000.00         ZZ
                                         360         80,000.00          1
                                       7.375            552.54         63
                                       7.125            552.54
    LAKE PARK        FL   33403          1            07/19/02         00
    0414487025                           05           09/01/02          0
    0414487025                           O            08/01/32
    0

    7871275          E22/G02             F          174,000.00         ZZ
                                         360        174,000.00          2
                                       7.625          1,231.56         80
                                       7.375          1,231.56
    SAINT PETERSBUR  FL   33704          1            07/19/02         00
    0414540435                           05           09/01/02          0
    0414540435                           N            08/01/32
    0

    7871309          E82/G02             F          145,800.00         ZZ
                                         360        145,800.00          1
                                       7.000            970.01         78
                                       6.750            970.01
    CHANDLER         AZ   85224          2            07/17/02         00
    0400663993                           05           09/01/02          0
    1744067                              O            08/01/32
    0

    7871313          E82/G02             F           59,700.00         ZZ
                                         360         59,700.00          1
1

                                       7.000            397.19         52
                                       6.750            397.19
    BRIDGEPORT       CT   06604          2            07/12/02         00
    0400659761                           05           09/01/02          0
    0400639761                           O            08/01/32
    0

    7871773          B43/G02             F           59,500.00         ZZ
                                         360         59,459.05          1
                                       7.875            431.42         63
                                       7.625            431.42
    JENNINGS         LA   70546          2            06/26/02         00
    0434364261                           05           08/01/02          0
    26475                                N            07/01/32
    0

    7872445          X67/G02             F          163,000.00         ZZ
                                         360        163,000.00          1
                                       6.750          1,057.21         80
                                       6.500          1,057.21
    CORONA           CA   92882          1            07/02/02         00
    0434330064                           05           09/01/02          0
    00267786                             O            08/01/32
    0

    7872629          G18/G02             F          235,920.00         ZZ
                                         360        235,920.00          3
                                       7.375          1,629.44         80
                                       7.125          1,629.44
    ST ANTHONY       MN   55401          1            07/19/02         00
    0434331732                           05           09/01/02          0
    09DM10202200                         O            08/01/32
    0

    7872915          F36/G02             F          203,000.00         ZZ
                                         360        203,000.00          1
                                       6.875          1,333.57         62
                                       6.625          1,333.57
    TACOMA           WA   98406          5            07/09/02         00
    0434334199                           05           09/01/02          0
    06505007                             O            08/01/32
    0

    7872931          253/253             F           44,000.00         ZZ
                                         360         43,965.67          1
                                       7.250            300.16         80
                                       7.000            300.16
    HOUSTON          TX   77024          1            06/06/02         00
    422082                               01           08/01/02          0
1

    422082                               N            07/01/32
    0

    7872933          K15/G02             F          107,000.00         ZZ
                                         360        107,000.00          1
                                       8.000            785.13         90
                                       7.750            785.13
    CINCINNATI       OH   45231          5            07/15/02         11
    0434334835                           05           09/01/02         25
    028105303976                         O            08/01/32
    0

    7873099          U05/G02             F          180,000.00         ZZ
                                         360        179,876.13          4
                                       7.875          1,305.12         90
                                       7.625          1,305.12
    CINCINNATI       OH   45209          1            06/27/02         10
    0434330221                           05           08/01/02         25
    3235877                              N            07/01/32
    0

    7873183          X72/G02             F           76,500.00         ZZ
                                         360         76,500.00          1
                                       7.875            554.68         90
                                       7.625            554.68
    COLORADO SPRING  CO   80911          1            07/17/02         01
    0434343216                           05           09/01/02         25
    11018010                             N            08/01/32
    0

    7873219          R84/G02             F          215,200.00         ZZ
                                         360        215,200.00          1
                                       7.125          1,449.84         80
                                       6.875          1,449.84
    BAINBRIDGE ISLA  WA   98110          1            07/10/02         00
    0434334702                           05           09/01/02          0
    502                                  O            08/01/32
    0

    7873229          253/253             F           60,300.00         ZZ
                                         360         60,300.00          2
                                       7.250            411.36         90
                                       7.000            411.36
    LARGO            FL   33770          1            07/01/02         11
    423710                               05           09/01/02         25
    423710                               O            08/01/32
    0

1

    7873235          253/253             F          185,200.00         ZZ
                                         360        185,062.55          1
                                       7.500          1,294.95         80
                                       7.250          1,294.95
    KITTREDGE        CO   80457          1            06/28/02         00
    424096                               05           08/01/02          0
    424096                               N            07/01/32
    0

    7873433          W02/G02             F          225,000.00         ZZ
                                         360        224,810.97          1
                                       6.875          1,478.09         75
                                       6.625          1,478.09
    CAPE CORAL       FL   33914          5            06/25/02         00
    0434350435                           05           08/01/02          0
    1001278108                           O            07/01/32
    0

    7873729          N67/G02             F          170,250.00         ZZ
                                         360        170,144.18          1
                                       8.375          1,294.02         75
                                       8.125          1,294.02
    LAVEEN           AZ   85339          1            06/24/02         00
    0434299574                           03           08/01/02          0
    1781001457A                          O            07/01/32
    0

    7873735          N67/G02             F          179,100.00         T
                                         360        178,973.60          1
                                       7.750          1,283.09         74
                                       7.500          1,283.09
    SCOTTSDALE       AZ   85254          1            06/25/02         10
    0434299632                           03           08/01/02         30
    1781001508A                          O            07/01/32
    0

    7873835          N67/G02             F          104,300.00         T
                                         360        104,228.23          1
                                       7.875            756.24         90
                                       7.625            756.24
    PHOENIX          AZ   85043          1            06/26/02         01
    0434300497                           03           08/01/02         30
    1781001986A                          O            07/01/32
    0

    7873843          N67/G02             F          150,300.00         ZZ
                                         360        150,193.93          1
                                       7.750          1,076.76         90
                                       7.500          1,076.76
1

    GLENDALE         AZ   85308          1            06/25/02         01
    0434300562                           03           08/01/02         30
    1781002005A                          O            07/01/32
    0

    7874101          N67/G02             F          183,500.00         ZZ
                                         360        183,385.95          3
                                       8.375          1,394.73         90
                                       8.125          1,394.73
    NAPLES           FL   34116          1            06/27/02         01
    0434303624                           05           08/01/02         30
    3252002194A                          O            07/01/32
    0

    7874279          N67/G02             F          300,700.00         ZZ
                                         360        300,482.37          1
                                       7.625          2,128.33         78
                                       7.375          2,128.33
    LITTLE FALLS     NJ   07424          1            06/27/02         00
    0434305694                           05           08/01/02          0
    3261001124A                          O            07/01/32
    0

    7874381          N67/G02             F          164,000.00         ZZ
                                         360        163,900.66          1
                                       8.500          1,261.01         80
                                       8.250          1,261.01
    PALATINE         IL   60067          1            06/24/02         00
    0434306536                           05           08/01/02          0
    3262001725A                          N            07/01/32
    0

    7874403          N67/G02             F           82,500.00         ZZ
                                         360         82,438.78          1
                                       7.500            576.85         82
                                       7.250            576.85
    TOLEDO           OH   43613          2            06/24/02         10
    0434310819                           05           08/01/02         25
    3264000692A                          O            07/01/32
    0

    7874507          N67/G02             F          120,000.00         ZZ
                                         360        119,934.46          1
                                       9.000            965.54         89
                                       8.750            965.54
    CHARLES TOWN     WV   25414          1            06/28/02         01
    0434307807                           03           08/01/02         30
    3274001611A                          O            07/01/32
    0
1

    7874541          N67/G02             F          204,000.00         ZZ
                                         360        203,856.02          1
                                       7.750          1,461.48         90
                                       7.500          1,461.48
    COPIAGUE         NY   11726          1            06/27/02         10
    0434311346                           05           08/01/02         30
    3274002102A                          O            07/01/32
    0

    7874615          N67/G02             F          154,000.00         ZZ
                                         360        153,850.32          1
                                       6.125            935.72         60
                                       5.875            935.72
    VIRGINIA BEACH   VA   23456          2            06/20/02         00
    0434309027                           03           08/01/02          0
    3274002495A                          O            07/01/32
    0

    7874639          N67/G02             F          217,000.00         ZZ
                                         360        216,850.66          1
                                       7.875          1,573.40         47
                                       7.625          1,573.40
    CAMBRIDGE        MA   02140          5            06/20/02         00
    0434309159                           05           08/01/02          0
    3274002607A                          O            07/01/32
    0

    7874659          N67/G02             F          159,900.00         ZZ
                                         360        159,778.33          1
                                       7.375          1,104.39         80
                                       7.125          1,104.39
    NASHUA           NH   03061          1            06/24/02         00
    0434309357                           05           08/01/02          0
    3274002745A                          O            07/01/32
    0

    7874689          N67/G02             F          232,000.00         ZZ
                                         360        231,866.53          1
                                       8.750          1,825.14         80
                                       8.500          1,825.14
    WEST ISLIP       NY   11795          1            06/14/02         00
    0434309647                           05           08/01/02          0
    3275002600A                          O            07/01/32
    0

    7874971          950/G02             F          174,800.00         ZZ
                                         360        174,666.99          3
1

                                       7.375          1,207.30         90
                                       7.125          1,207.30
    TUKWILA          WA   98168          1            06/26/02         11
    0434330056                           05           08/01/02         25
    E1206080                             N            07/01/32
    0

    7875117          X81/G02             F          222,300.00         ZZ
                                         360        222,135.03          4
                                       7.500          1,554.35         90
                                       7.250          1,554.35
    ZIMMERMAN        MN   55398          1            07/02/02         10
    0434330460                           05           08/01/02         25
    952269                               N            07/01/32
    0

    7875187          E22/G02             F          172,000.00         ZZ
                                         360        172,000.00          1
                                       7.250          1,173.34         63
                                       7.000          1,173.34
    SOLEDAD          CA   93960          1            07/15/02         00
    0414296830                           05           09/01/02          0
    0414296830                           N            08/01/32
    0

    7875213          E22/G02             F          172,000.00         ZZ
                                         360        172,000.00          1
                                       7.000          1,144.32         80
                                       6.750          1,144.32
    EUGENE           OR   97405          5            07/12/02         00
    0414328252                           05           09/01/02          0
    0414328252                           O            08/01/32
    0

    7875217          E22/G02             F          156,000.00         ZZ
                                         360        156,000.00          1
                                       7.375          1,077.45         80
                                       7.125          1,077.45
    NASHVILLE        MI   49073          5            07/16/02         00
    0414330035                           05           09/01/02          0
    0414330035                           O            08/01/32
    0

    7875227          E22/G02             F          178,500.00         ZZ
                                         360        178,500.00          1
                                       7.500          1,248.10         75
                                       7.250          1,248.10
    JAMAICA PLAIN    MA   02130          5            07/22/02         00
    0414341685                           01           09/01/02          0
1

    0414341685                           N            08/01/32
    0

    7875231          E22/G02             F          139,000.00         ZZ
                                         360        139,000.00          1
                                       6.875            913.13         63
                                       6.625            913.13
    GRANBURY         TX   76048          2            07/17/02         00
    0414343590                           05           09/01/02          0
    0414343590                           O            08/01/32
    0

    7875245          E22/G02             F           83,500.00         ZZ
                                         240         83,500.00          1
                                       6.750            634.90         88
                                       6.500            634.90
    SKIATOOK         OK   74070          2            07/17/02         04
    0414367946                           05           09/01/02         25
    0414367946                           O            08/01/22
    0

    7875283          E22/G02             F          142,500.00         ZZ
                                         360        142,500.00          1
                                       7.500            996.38         79
                                       7.250            996.38
    COLORADO SPRING  CO   80918          2            07/16/02         00
    0414383323                           05           09/01/02          0
    0414383323                           N            08/01/32
    0

    7875307          E22/G02             F          280,000.00         ZZ
                                         360        280,000.00          1
                                       7.000          1,862.85         80
                                       6.750          1,862.85
    WIMBERLEY        TX   78676          5            07/15/02         00
    0414399113                           03           09/01/02          0
    0414399113                           O            08/01/32
    0

    7875329          E22/G02             F          120,000.00         ZZ
                                         360        120,000.00          1
                                       6.750            778.32         67
                                       6.500            778.32
    BEND             OR   97701          5            07/11/02         00
    0414407684                           05           09/01/02          0
    0414407684                           O            08/01/32
    0

1

    7875333          E22/G02             F           73,935.00         ZZ
                                         360         73,935.00          1
                                       6.875            485.70         90
                                       6.625            485.70
    KATY             TX   77450          1            07/17/02         04
    0414408344                           03           09/01/02         25
    0414408344                           N            08/01/32
    0

    7875343          E22/G02             F          268,000.00         ZZ
                                         360        268,000.00          1
                                       6.875          1,760.57         80
                                       6.625          1,760.57
    CHARLOTTE        NC   28211          1            07/22/02         00
    0414420653                           05           09/01/02          0
    0414420653                           O            08/01/32
    0

    7875353          E22/G02             F           85,000.00         ZZ
                                         360         85,000.00          1
                                       6.875            558.39         45
                                       6.625            558.39
    GLADSTONE        OR   97027          5            07/05/02         00
    0414428862                           05           09/01/02          0
    0414428862                           O            08/01/32
    0

    7875355          E22/G02             F          150,000.00         ZZ
                                         360        150,000.00          2
                                       7.000            997.95         45
                                       6.750            997.95
    EDMONDS          WA   98020          5            07/15/02         00
    0414428979                           05           09/01/02          0
    0414428979                           O            08/01/32
    0

    7875359          E22/G02             F           67,000.00         ZZ
                                         360         67,000.00          1
                                       6.875            440.14         90
                                       6.625            440.14
    MYRTLE BEACH     SC   29575          2            07/15/02         01
    0414430603                           09           09/01/02         25
    0414430603                           O            08/01/32
    0

    7875387          E22/G02             F           86,850.00         ZZ
                                         360         86,850.00          1
                                       6.750            563.31         90
                                       6.500            563.31
1

    MILTON-FREEWATE  OR   97862          1            07/12/02         04
    0414450445                           05           09/01/02         25
    0414450445                           O            08/01/32
    0

    7875393          E22/G02             F          137,600.00         ZZ
                                         360        137,600.00          1
                                       6.625            881.07         80
                                       6.375            881.07
    ALLEN            TX   75002          5            07/17/02         00
    0414451443                           05           09/01/02          0
    0414451443                           O            08/01/32
    0

    7875419          E22/G02             F          166,500.00         ZZ
                                         360        166,500.00          4
                                       7.750          1,192.83         90
                                       7.500          1,192.83
    AUSTIN           TX   78741          1            07/22/02         10
    0414478172                           05           09/01/02         25
    0414478172                           N            08/01/32
    0

    7875423          E22/G02             F          280,000.00         ZZ
                                         360        280,000.00          1
                                       7.000          1,862.85         80
                                       6.750          1,862.85
    BROOMFIELD       CO   80020          2            07/17/02         00
    0414483974                           03           09/01/02          0
    0414483974                           O            08/01/32
    0

    7876175          K15/G02             F           60,600.00         ZZ
                                         360         60,600.00          1
                                       7.500            423.72         85
                                       7.250            423.72
    CANTON           OH   44714          5            07/18/02         11
    0434334306                           05           09/01/02         12
    036905500853                         O            08/01/32
    0

    7876629          642/G02             F          140,000.00         ZZ
                                         360        140,000.00          1
                                       6.750            908.04         80
                                       6.500            908.04
    LOS BANOS        CA   93635          5            07/12/02         00
    0434332912                           05           09/01/02          0
    06206002                             O            08/01/32
    0
1

    7876771          S27/G02             F           47,200.00         ZZ
                                         360         47,200.00          1
                                       7.375            326.00         80
                                       7.125            326.00
    BALTIMORE        MD   21214          1            07/12/02         00
    0434329132                           05           09/01/02          0
    1130009313                           N            08/01/32
    0

    7876797          A06/G02             F           72,000.00         ZZ
                                         360         72,000.00          1
                                       6.875            472.99         80
                                       6.625            472.99
    LINCOLN PARK     MI   48146          1            07/18/02         00
    0434334447                           05           09/01/02          0
    1                                    O            08/01/32
    0

    7876899          U36/G02             F          130,000.00         ZZ
                                         360        130,000.00          1
                                       6.875            854.01         75
                                       6.625            854.01
    STERLING         VA   20165          1            07/18/02         00
    0434332482                           09           09/01/02          0
    981201001                            O            08/01/32
    0

    7876947          W50/G02             F           90,000.00         ZZ
                                         360         90,000.00          2
                                       7.750            644.77         66
                                       7.500            644.77
    SAINT PAUL       MN   55117          5            07/03/02         00
    0434334405                           05           09/01/02          0
    0020790                              N            08/01/32
    0

    7877291          T29/G02             F           76,800.00         ZZ
                                         360         76,800.00          1
                                       7.500            537.00         80
                                       7.250            537.00
    ELOY             AZ   85231          2            07/09/02         00
    0434333183                           05           09/01/02          0
    1200919                              N            08/01/32
    0

    7877549          A52/G02             F          141,000.00         ZZ
                                         360        141,000.00          1
1

                                       7.000            938.08         87
                                       6.750            938.08
    ACWORTH          GA   30102          5            07/18/02         11
    0434333167                           05           09/01/02         25
    19441                                O            08/01/32
    0

    7877555          A52/G02             F           54,000.00         ZZ
                                         360         54,000.00          1
                                       7.125            363.81         90
                                       6.875            363.81
    ATLANTA          GA   30341          1            07/22/02         11
    0434333845                           01           09/01/02         25
    19749                                N            08/01/32
    0

    7877573          S27/G02             F           65,500.00         ZZ
                                         360         65,500.00          1
                                       7.250            446.83         80
                                       7.000            446.83
    PALM COAST       FL   32164          1            07/16/02         00
    0434331898                           05           09/01/02          0
    1090000588                           N            08/01/32
    0

    7877933          E22/G02             F           35,000.00         ZZ
                                         360         35,000.00          1
                                       7.375            241.74         28
                                       7.125            241.74
    COLUMBIA         CA   95310          5            07/10/02         00
    0413950056                           05           09/01/02          0
    0413950056                           O            08/01/32
    0

    7877979          E22/G02             F          147,250.00         ZZ
                                         360        147,140.71          1
                                       7.500          1,029.60         95
                                       7.250          1,029.60
    FRANKLIN         WI   53132          1            06/19/02         12
    0414284331                           05           08/01/02         35
    0414284331                           O            07/01/32
    0

    7877991          E22/G02             F           51,750.00         ZZ
                                         360         51,750.00          1
                                       7.375            357.42         90
                                       7.125            357.42
    SPARTA           TN   38583          1            07/23/02         10
    0414323188                           05           09/01/02         25
1

    0414323188                           N            08/01/32
    0

    7878017          E22/G02             F          208,000.00         ZZ
                                         360        208,000.00          1
                                       7.250          1,418.93         80
                                       7.000          1,418.93
    DILLON BEACH     CA   94929          1            07/11/02         00
    0414367474                           05           09/01/02          0
    0414367474                           N            08/01/32
    0

    7878037          E22/G02             F          196,000.00         ZZ
                                         360        196,000.00          1
                                       7.250          1,337.07        100
                                       7.000          1,337.07
    TUPELO           MS   38801          2            07/18/02         10
    0414391417                           05           09/01/02         35
    0414391417                           O            08/01/32
    0

    7878039          E22/G02             F          155,700.00         ZZ
                                         360        155,700.00          1
                                       7.625          1,102.03         90
                                       7.375          1,102.03
    HELENA           AL   35080          5            07/18/02         01
    0414392472                           03           09/01/02         25
    0414392472                           O            08/01/32
    0

    7878053          E22/G02             F           60,000.00         ZZ
                                         360         60,000.00          1
                                       7.250            409.31         54
                                       7.000            409.31
    STONE MOUNTAIN   GA   30083          2            07/23/02         00
    0414399618                           05           09/01/02          0
    0414399618                           N            08/01/32
    0

    7878067          E22/G02             F          228,600.00         ZZ
                                         360        228,600.00          1
                                       8.000          1,677.39         90
                                       7.750          1,677.39
    WEST PALM BEACH  FL   33405          1            07/23/02         01
    0414408179                           05           09/01/02         25
    0414408179                           N            08/01/32
    0

1

    7878073          E22/G02             F          159,300.00         ZZ
                                         360        159,300.00          1
                                       6.875          1,046.49         90
                                       6.625          1,046.49
    BAYTOWN          TX   77520          1            07/23/02         04
    0414412239                           03           09/01/02         25
    0414412239                           O            08/01/32
    0

    7878079          E22/G02             F          266,900.00         ZZ
                                         360        266,900.00          1
                                       7.500          1,866.20         90
                                       7.250          1,866.20
    BIRMINGHAM       AL   35244          1            07/23/02         04
    0414414904                           03           09/01/02         25
    0414414904                           O            08/01/32
    0

    7878089          E22/G02             F           89,600.00         ZZ
                                         360         89,600.00          1
                                       7.000            596.11         80
                                       6.750            596.11
    DALLAS           TX   75223          1            07/22/02         00
    0414419606                           05           09/01/02          0
    0414419606                           O            08/01/32
    0

    7878097          E22/G02             F          183,000.00         ZZ
                                         360        182,867.55          1
                                       7.625          1,295.26         75
                                       7.375          1,295.26
    COVINGTON        GA   30014          2            07/05/02         00
    0414429332                           05           08/01/02          0
    0414429332                           N            07/01/32
    0

    7878141          E22/G02             F          224,200.00         ZZ
                                         360        224,200.00          1
                                       7.500          1,567.64         95
                                       7.250          1,567.64
    ARVADA           CO   80003          1            07/22/02         10
    0414481929                           05           09/01/02         30
    0414481929                           O            08/01/32
    0

    7878169          E22/G02             F           47,700.00         ZZ
                                         360         47,700.00          1
                                       7.625            337.62         90
                                       7.375            337.62
1

    NEW HOPE         AL   35760          1            07/23/02         01
    0414512228                           05           09/01/02         25
    0414512228                           N            08/01/32
    0

    7878215          E82/G02             F          140,000.00         ZZ
                                         360        140,000.00          4
                                       7.000            931.42         63
                                       6.750            931.42
    COLORADO SPRING  CO   80904          2            07/24/02         00
    0400654984                           05           09/01/02          0
    1620026                              N            08/01/32
    0

    7878413          U28/G02             F           66,400.00         ZZ
                                         360         66,400.00          1
                                       7.000            441.76         80
                                       6.750            441.76
    RALEIGH          NC   27613          1            07/19/02         00
    0434331948                           05           09/01/02          0
    2000003388                           O            08/01/32
    0

    7878771          967/G02             F          228,000.00         ZZ
                                         360        228,000.00          1
                                       7.000          1,516.89         95
                                       6.750          1,516.89
    BOISE            ID   83709          1            07/16/02         11
    0434342382                           05           09/01/02         30
    5592159                              O            08/01/32
    0

    7878783          Q87/G02             F          153,500.00         ZZ
                                         360        153,361.24          1
                                       6.500            970.22         72
                                       6.250            970.22
    MARIETTA         GA   30066          5            07/18/02         00
    0434333936                           05           08/23/02          0
    PAIO01                               O            07/23/32
    0

    7878815          X72/G02             F          115,200.00         ZZ
                                         360        115,200.00          4
                                       7.250            785.87         90
                                       7.000            785.87
    EVANSVILLE       WY   82636          1            07/15/02         01
    0434332904                           05           09/01/02         30
    2002149                              N            08/01/32
    0
1

    7878935          B44/G02             F           90,000.00         ZZ
                                         360         90,000.00          1
                                       7.000            598.77         65
                                       6.750            598.77
    BOISE            ID   83703          1            07/17/02         00
    0434355616                           05           09/01/02          0
    4021247                              O            08/01/32
    0

    7879181          B28/G02             F          158,790.00         ZZ
                                         360        158,790.00          1
                                       6.750          1,029.91         79
                                       6.500          1,029.91
    COLORADO SPRING  CO   80917          5            07/12/02         00
    0434331484                           05           09/01/02          0
    05300262                             O            08/01/32
    0

    7879969          F34/G02             F           65,050.00         ZZ
                                         360         65,006.36          1
                                       8.000            477.31         95
                                       7.750            477.31
    FREDERICK        MD   21702          1            06/28/02         14
    0434338893                           01           08/01/02         30
    30201073                             O            07/01/32
    0

    7880135          K15/G02             F          140,100.00         ZZ
                                         360        140,100.00          1
                                       7.375            967.64         55
                                       7.125            967.64
    ESCONDIDO        CA   92027          5            07/17/02         00
    0434334686                           03           09/01/02          0
    206605501664                         O            08/01/32
    0

    7880141          253/253             F           39,280.00         ZZ
                                         360         39,280.00          1
                                       7.375            271.30         80
                                       7.125            271.30
    CLEBURNE         TX   76031          1            07/03/02         00
    421569                               05           09/01/02          0
    421569                               N            08/01/32
    0

    7880147          B49/G02             F          185,625.00         ZZ
                                         360        185,625.00          2
1

                                       7.875          1,345.92         75
                                       7.625          1,345.92
    LONGMONT         CO   80501          5            07/19/02         00
    0434333969                           05           09/01/02          0
    000251951202                         N            08/01/32
    0

    7880177          M11/G02             F           46,900.00         ZZ
                                         360         46,900.00          1
                                       7.750            336.00         86
                                       7.500            336.00
    LAMESA           TX   79331          2            07/10/02         12
    0434334884                           05           09/01/02         25
    1910007                              N            08/01/32
    0

    7880181          B49/G02             F          176,250.00         ZZ
                                         360        176,250.00          2
                                       7.875          1,277.94         75
                                       7.625          1,277.94
    LONGMONT         CO   80503          5            07/19/02         00
    0434342283                           05           09/01/02          0
    000251891202                         N            08/01/32
    0

    7880211          Q30/G02             F           90,100.00         ZZ
                                         360         90,100.00          1
                                       7.000            599.44         80
                                       6.750            599.44
    JESSUP           PA   18434          2            07/12/02         00
    0434333712                           05           09/01/02          0
    21015288                             O            08/01/32
    0

    7880467          E22/G02             F          170,100.00         ZZ
                                         360        170,100.00          1
                                       7.500          1,189.36         90
                                       7.250          1,189.36
    LEES SUMMIT      MO   64064          1            07/24/02         01
    0414124776                           03           09/01/02         30
    0414124776                           O            08/01/32
    0

    7880505          E22/G02             F          168,000.00         ZZ
                                         360        168,000.00          1
                                       7.375          1,160.33         80
                                       7.125          1,160.33
    WESTON           FL   33332          1            07/24/02         00
    0414277608                           09           09/01/02          0
1

    0414277608                           O            08/01/32
    0

    7880521          E22/G02             F          180,000.00         ZZ
                                         360        180,000.00          1
                                       7.250          1,227.92         68
                                       7.000          1,227.92
    LEAVENWORTH      WA   98826          2            07/17/02         00
    0414313601                           05           09/01/02          0
    0414313601                           O            08/01/32
    0

    7880561          E22/G02             F          224,000.00         ZZ
                                         360        224,000.00          1
                                       7.125          1,509.13         80
                                       6.875          1,509.13
    BELLVILLE        TX   77418          5            07/18/02         00
    0414368530                           05           09/01/02          0
    0414368530                           O            08/01/32
    0

    7880563          E22/G02             F          138,800.00         ZZ
                                         360        138,800.00          1
                                       7.000            923.44         80
                                       6.750            923.44
    GARLAND          TX   75044          5            07/19/02         00
    0414369801                           05           09/01/02          0
    0414369801                           O            08/01/32
    0

    7880589          E22/G02             F          216,000.00         E
                                         360        216,000.00          1
                                       7.000          1,437.05         68
                                       6.750          1,437.05
    FORT BRAGG       CA   95437          1            07/12/02         00
    0414386417                           05           09/01/02          0
    0414386417                           N            08/01/32
    0

    7880601          E22/G02             F          165,000.00         ZZ
                                         360        165,000.00          1
                                       7.375          1,139.61         71
                                       7.125          1,139.61
    WHITMAN          MA   02382          5            07/19/02         00
    0414400333                           05           09/01/02          0
    0414400333                           O            08/01/32
    0

1

    7880603          E22/G02             F           54,000.00         ZZ
                                         360         54,000.00          1
                                       6.750            350.24         68
                                       6.500            350.24
    BRADENTON        FL   34205          1            07/24/02         00
    0414400523                           03           09/01/02          0
    0414400523                           N            08/01/32
    0

    7880639          E22/G02             F          159,900.00         ZZ
                                         360        159,900.00          1
                                       6.875          1,050.43         80
                                       6.625          1,050.43
    GOLDEN           CO   80401          5            07/19/02         00
    0414416552                           05           09/01/02          0
    0414416552                           O            08/01/32
    0

    7880667          E22/G02             F          140,000.00         ZZ
                                         360        140,000.00          1
                                       7.250            955.05         67
                                       7.000            955.05
    HIGHLAND VILLAG  TX   75077          5            07/19/02         00
    0414434407                           05           09/01/02          0
    0414434407                           O            08/01/32
    0

    7880679          E22/G02             F           57,000.00         ZZ
                                         360         57,000.00          1
                                       8.000            418.25         75
                                       7.750            418.25
    OMAHA            NE   68104          5            07/24/02         00
    0414441899                           05           09/01/02          0
    0414441899                           N            08/01/32
    0

    7880681          E22/G02             F          116,800.00         ZZ
                                         360        116,800.00          2
                                       7.500            816.68         80
                                       7.250            816.68
    NEW ORLEANS      LA   70125          1            07/24/02         00
    0414442087                           05           09/01/02          0
    0414442087                           N            08/01/32
    0

    7880683          E22/G02             F           54,000.00         ZZ
                                         360         54,000.00          1
                                       8.000            396.23         73
                                       7.750            396.23
1

    OMAHA            NE   68104          5            07/24/02         00
    0414442673                           05           09/01/02          0
    0414442673                           N            08/01/32
    0

    7880699          E22/G02             F          164,000.00         ZZ
                                         360        164,000.00          1
                                       7.125          1,104.90         80
                                       6.875          1,104.90
    DALLAS           TX   75206          5            07/18/02         00
    0414454587                           05           09/01/02          0
    0414454587                           O            08/01/32
    0

    7880701          E22/G02             F          137,500.00         ZZ
                                         360        137,500.00          1
                                       7.500            961.42         50
                                       7.250            961.42
    CLOVIS           CA   93611          1            07/19/02         00
    0414457689                           05           09/01/02          0
    0414457689                           N            08/01/32
    0

    7880705          E22/G02             F          270,000.00         ZZ
                                         360        270,000.00          2
                                       7.000          1,796.32         64
                                       6.750          1,796.32
    BOSTON           MA   02125          5            07/19/02         00
    0414459180                           05           09/01/02          0
    0414459180                           O            08/01/32
    0

    7880731          E22/G02             F           68,000.00         ZZ
                                         360         68,000.00          1
                                       7.375            469.66         80
                                       7.125            469.66
    CINCINNATI       OH   45214          1            07/24/02         00
    0414480749                           05           09/01/02          0
    0414480749                           N            08/01/32
    0

    7880733          E22/G02             F           79,000.00         ZZ
                                         360         79,000.00          1
                                       7.375            545.63        100
                                       7.125            545.63
    TERRELL          TX   75161          1            07/24/02         04
    0414482190                           05           09/01/02         35
    0414482190                           O            08/01/32
    0
1

    7880735          E22/G02             F           66,500.00         ZZ
                                         360         66,500.00          1
                                       7.000            442.43         70
                                       6.750            442.43
    PEORIA           AZ   85345          2            07/15/02         00
    0414482752                           01           09/01/02          0
    0414482752                           O            08/01/32
    0

    7880779          E22/G02             F          150,250.00         ZZ
                                         360        150,250.00          4
                                       7.875          1,089.42         70
                                       7.625          1,089.42
    FT. LAUDERDALE   FL   33312          1            07/24/02         00
    0414529982                           05           09/01/02          0
    0414529982                           N            08/01/32
    0

    7880781          E22/G02             F           63,750.00         ZZ
                                         360         63,750.00          1
                                       7.750            456.71         85
                                       7.500            456.71
    INDIANAPOLIS     IN   46205          1            07/24/02         04
    0414530493                           05           09/01/02         25
    0414530493                           O            08/01/32
    0

    7880819          E82/G02             F          226,900.00         ZZ
                                         360        226,900.00          1
                                       6.875          1,490.57         74
                                       6.625          1,490.57
    REDDING          CA   96001          2            07/19/02         00
    0400653853                           05           09/01/02          0
    4808244                              N            08/01/32
    0

    7880857          A80/G02             F          136,000.00         ZZ
                                         360        136,000.00          1
                                       7.125            916.26         80
                                       6.875            916.26
    MIAMI            FL   33186          1            07/12/02         00
    0434333373                           03           09/01/02          0
    020730926                            O            08/01/32
    0

    7881259          696/G02             F          196,000.00         ZZ
                                         360        196,000.00          1
1

                                       7.000          1,303.99         80
                                       6.750          1,303.99
    ALEXANDRIA       VA   22315          1            07/12/02         00
    0434325387                           09           09/01/02          0
    24602171                             O            08/01/32
    0

    7881335          F61/F61             F          242,000.00         ZZ
                                         360        242,000.00          1
                                       7.375          1,671.43         73
                                       7.125          1,671.43
    SEATTLE          WA   98146          2            07/19/02         00
    021189S                              05           09/01/02          0
    021189S                              N            08/01/32
    0

    7881463          W30/G02             F          144,000.00         ZZ
                                         360        144,000.00          3
                                       7.500          1,006.87         90
                                       7.250          1,006.87
    LACONIA          NH   03246          1            07/15/02         14
    0434335568                           05           09/01/02         30
    0590485                              N            08/01/32
    0

    7881537          R49/G02             F           38,000.00         ZZ
                                         360         38,000.00          1
                                       7.500            265.70         48
                                       7.250            265.70
    SALEM            OR   97301          5            07/12/02         00
    0434365631                           05           09/01/02          0
    10007470                             O            08/01/32
    0

    7881587          950/G02             F          188,000.00         ZZ
                                         360        187,856.95          4
                                       7.375          1,298.47         65
                                       7.125          1,298.47
    SEATTLE          WA   98105          1            06/17/02         00
    0434342713                           05           08/01/02          0
    206061                               N            07/01/32
    0

    7881757          952/G02             F          142,100.00         ZZ
                                         360        142,100.00          3
                                       7.875          1,030.32         70
                                       7.625          1,030.32
    IRVINGTON        NJ   07111          5            07/18/02         00
    0434341145                           05           09/01/02          0
1

    20026727                             N            08/01/32
    0

    7881837          K79/G02             F          280,000.00         ZZ
                                         360        280,000.00          2
                                       7.125          1,886.41         80
                                       6.875          1,886.41
    FRAMINGHAM       MA   01702          1            07/24/02         00
    0434336913                           05           09/01/02          0
    14888                                N            08/01/32
    0

    7881843          E86/G02             F          300,000.00         ZZ
                                         360        299,760.09          1
                                       7.125          2,021.16         79
                                       6.875          2,021.16
    STERLING         VA   20164          1            06/14/02         00
    0434332938                           03           08/01/02          0
    0000204283                           O            07/01/32
    0

    7881903          E86/G02             F          300,000.00         ZZ
                                         360        299,777.36          1
                                       7.500          2,097.64         77
                                       7.250          2,097.64
    CHARLOTTE        NC   28209          1            06/27/02         00
    0434332672                           05           08/01/02          0
    0000203601                           O            07/01/32
    0

    7881909          E86/G02             F           70,800.00         ZZ
                                         360         70,743.39          1
                                       7.125            476.99         80
                                       6.875            476.99
    WASHINGTON       DC   20036          1            06/27/02         00
    0434334140                           06           08/01/02          0
    316691                               O            07/01/32
    0

    7881919          W35/G02             F           80,000.00         ZZ
                                         360         80,000.00          1
                                       7.990            586.45         79
                                       7.740            586.45
    INDIANAPOLIS     IN   46227          5            07/19/02         00
    0434343737                           05           09/01/02          0
    12716                                O            08/01/32
    0

1

    7882235          962/G02             F           81,600.00         ZZ
                                         360         81,600.00          1
                                       7.500            570.56         85
                                       7.250            570.56
    MOORHEAD         MN   56560          5            07/19/02         04
    0434337168                           05           09/01/02         12
    1                                    O            08/01/32
    0

    7882375          M27/G02             F          220,000.00         ZZ
                                         360        220,000.00          1
                                       6.875          1,445.24         79
                                       6.625          1,445.24
    CHARLOTTE        NC   28205          2            07/16/02         00
    0434335287                           05           09/01/02          0
    0100083011                           O            08/01/32
    0

    7883065          E22/G02             F          126,000.00         E
                                         360        126,000.00          2
                                       7.375            870.25         61
                                       7.125            870.25
    EUGENE           OR   97405          1            07/17/02         00
    0414418129                           05           09/01/02          0
    0414418129                           N            08/01/32
    0

    7883139          E22/G02             F           49,500.00         ZZ
                                         360         49,500.00          4
                                       7.875            358.91         90
                                       7.625            358.91
    NEW ORLEANS      LA   70116          1            07/25/02         04
    0414529149                           05           09/01/02         25
    0414529149                           N            08/01/32
    0

    7883147          E22/G02             F           40,000.00         ZZ
                                         360         40,000.00          1
                                       7.375            276.27         35
                                       7.125            276.27
    MIAMI            FL   33177          1            07/25/02         00
    0414542837                           05           09/01/02          0
    0414542837                           O            08/01/32
    0

    7883155          E22/G02             F          153,900.00         ZZ
                                         360        153,900.00          1
                                       6.875          1,011.01         90
                                       6.625          1,011.01
1

    EUGENE           OR   97405          1            07/19/02         04
    0414562033                           05           09/01/02         12
    0414562033                           O            08/01/32
    0

    7883811          K39/G02             F           34,200.00         ZZ
                                         360         34,176.46          1
                                       7.875            247.98         90
                                       7.625            247.98
    CHICKSAW         AL   36611          5            07/06/02         10
    0434345112                           05           08/11/02         25
    423909396                            O            07/11/32
    0

    7883813          E60/G02             F           63,400.00         ZZ
                                         360         63,400.00          1
                                       7.000            421.81         30
                                       6.750            421.81
    WHITTIER         CA   90606          2            07/11/02         00
    0434342507                           05           09/01/02          0
    523263                               O            08/01/32
    0

    7883839          313/G02             F           33,050.00         ZZ
                                         360         33,026.67          1
                                       7.750            236.78         80
                                       7.500            236.78
    ROCKDALE         TX   76567          1            06/21/02         00
    0434329082                           05           08/01/02          0
    8797979                              N            07/01/32
    0

    7883841          313/G02             F           32,200.00         ZZ
                                         360         32,177.27          1
                                       7.750            230.69         80
                                       7.500            230.69
    ROCKDALE         TX   76567          1            06/21/02         00
    0434328845                           05           08/01/02          0
    8797888                              N            07/01/32
    0

    7883873          313/G02             F          162,000.00         ZZ
                                         360        161,764.75          3
                                       7.625          1,146.63         90
                                       7.375          1,146.63
    PROVIDENCE       RI   02908          1            05/30/02         11
    0434338992                           05           07/01/02         25
    8731077                              N            06/01/32
    0
1

    7883885          313/G02             F          153,000.00         ZZ
                                         240        152,727.91          3
                                       7.625          1,244.28         90
                                       7.375          1,244.28
    CHICAGO          IL   60623          2            06/06/02         02
    0434338711                           05           08/01/02         25
    8751984                              O            07/01/22
    0

    7883891          313/G02             F           80,000.00         ZZ
                                         360         79,927.67          1
                                       6.500            505.66         35
                                       6.250            505.66
    MILFORD          MA   01757          2            06/10/02         00
    0434339149                           05           08/01/02          0
    8732778                              O            07/01/32
    0

    7883907          313/G02             F          242,910.00         ZZ
                                         360        242,715.75          4
                                       7.125          1,636.53         90
                                       6.875          1,636.53
    MANCHESTER       NH   03104          1            06/28/02         11
    0434337796                           05           08/01/02         25
    8767469                              N            07/01/32
    0

    7883911          313/G02             F           49,500.00         ZZ
                                         360         49,465.06          2
                                       7.750            354.63         90
                                       7.500            354.63
    GARY             IN   46408          1            06/28/02         11
    0434337036                           05           08/01/02         25
    8797599                              N            07/01/32
    0

    7883915          313/G02             F          279,000.00         ZZ
                                         360        278,787.70          3
                                       7.375          1,926.99         90
                                       7.125          1,926.99
    DORCHESTER       MA   02124          1            07/01/02         11
    0434337341                           05           08/01/02         25
    8813297                              N            07/01/32
    0

    7883989          U85/G02             F           36,600.00         ZZ
                                         360         36,548.16          1
1

                                       7.750            262.21         78
                                       7.500            262.21
    BANCROFT         WI   54921          5            05/23/02         00
    0434343570                           05           07/01/02          0
    02823100                             O            06/01/32
    0

    7884149          M27/G02             F           87,500.00         ZZ
                                         360         87,500.00          1
                                       6.875            574.81         63
                                       6.625            574.81
    OLIVE BRANCH     MS   38654          1            07/19/02         00
    0434336947                           05           09/01/02          0
    5000093003                           O            08/01/32
    0

    7884177          A06/G02             F          296,250.00         ZZ
                                         360        296,250.00          1
                                       6.875          1,946.16         75
                                       6.625          1,946.16
    BIRMINGHAM       MI   48009          2            07/25/02         00
    0434341418                           05           09/01/02          0
    021000020209604                      N            08/01/32
    0

    7884235          Q14/G02             F           67,950.00         ZZ
                                         360         67,950.00          1
                                       7.500            475.12         90
                                       7.250            475.12
    OVERLAND PARK    KS   66212          1            07/24/02         01
    0434339248                           09           09/01/02         25
    0208346                              N            08/01/32
    0

    7884379          N74/G02             F           88,000.00         ZZ
                                         360         88,000.00          1
                                       7.500            615.31         80
                                       7.250            615.31
    GREENSBORO       NC   27455          2            07/24/02         00
    0434339818                           03           09/01/02          0
    0030489010                           N            08/01/32
    0

    7884387          W35/G02             F           29,500.00         ZZ
                                         360         29,500.00          1
                                       7.500            206.27         78
                                       7.250            206.27
    FORT WAYNE       IN   46803          5            07/19/02         00
    0434341251                           05           09/01/02          0
1

    12842                                O            08/01/32
    0

    7884489          X16/G02             F           88,000.00         ZZ
                                         360         88,000.00          1
                                       7.500            615.31         80
                                       7.250            615.31
    COLUMBUS         OH   43229          2            07/19/02         00
    0434336053                           05           09/01/02          0
    0010068296                           N            08/01/32
    0

    7884771          286/286             F          273,000.00         ZZ
                                         360        273,000.00          3
                                       6.875          1,793.42         65
                                       6.625          1,793.42
    COSTA MESA       CA   92627          5            07/01/02         00
    1331315                              05           09/01/02          0
    1331315                              N            08/01/32
    0

    7884785          286/286             F          300,000.00         ZZ
                                         360        300,000.00          1
                                       7.000          1,995.91         86
                                       6.750          1,995.91
    FLORAL PARK      NY   11001          1            07/16/02         12
    1039470                              05           09/01/02         25
    1039470                              O            08/01/32
    0

    7884789          286/286             F          112,000.00         ZZ
                                         360        111,905.90          1
                                       6.875            735.77         80
                                       6.625            735.77
    KATY             TX   77459          1            06/24/02         00
    1371849                              03           08/01/02          0
    1371849                              O            07/01/32
    0

    7884793          286/286             F          253,800.00         ZZ
                                         360        253,800.00          3
                                       7.125          1,709.90         90
                                       6.875          1,709.90
    MANCHESTER       NH   03102          1            07/15/02         11
    1354436                              05           09/01/02         25
    1354436                              N            08/01/32
    0

1

    7885221          964/G02             F          275,000.00         ZZ
                                         360        274,785.47          1
                                       7.250          1,875.99         75
                                       7.000          1,875.99
    SAN JOSE         CA   95121          2            06/28/02         00
    0434328035                           09           08/01/02          0
    209240                               O            07/01/32
    0

    7885267          964/G02             F          300,700.00         ZZ
                                         360        300,700.00          1
                                       6.750          1,950.33         60
                                       6.500          1,950.33
    SAN FRANCISCO    CA   94124          5            07/01/02         00
    0434334900                           05           09/01/02          0
    222862                               O            08/01/32
    0

    7885271          964/G02             F          180,800.00         ZZ
                                         360        180,800.00          2
                                       7.125          1,218.08         80
                                       6.875          1,218.08
    SALT LAKE CITY   UT   84115          1            07/01/02         00
    0434329926                           05           09/01/02          0
    223229                               N            08/01/32
    0

    7885275          964/G02             F          180,800.00         ZZ
                                         360        180,800.00          4
                                       7.250          1,233.38         80
                                       7.000          1,233.38
    SALT LAKE CITY   UT   84115          1            07/01/02         00
    0434328761                           05           09/01/02          0
    223536                               N            08/01/32
    0

    7885279          964/G02             F          236,000.00         ZZ
                                         360        236,000.00          1
                                       7.000          1,570.11         59
                                       6.750          1,570.11
    CLACKAMAS        OR   97015          5            07/03/02         00
    0434329140                           05           09/01/02          0
    223621                               O            08/01/32
    0

    7885645          E22/G02             F           51,300.00         ZZ
                                         360         51,300.00          1
                                       6.875            337.00         95
                                       6.625            337.00
1

    RICHMOND         IN   47374          2            07/22/02         11
    0414363093                           05           09/01/02         30
    0414363093                           O            08/01/32
    0

    7885689          E22/G02             F          176,000.00         ZZ
                                         360        176,000.00          1
                                       7.125          1,185.74         59
                                       6.875          1,185.74
    MIDLAND          MI   48642          5            07/22/02         00
    0414404657                           05           09/01/02          0
    0414404657                           O            08/01/32
    0

    7885707          E22/G02             F          240,000.00         ZZ
                                         360        240,000.00          1
                                       6.875          1,576.63         52
                                       6.625          1,576.63
    WATCHUNG         NJ   07069          5            07/22/02         00
    0414414284                           05           09/01/02          0
    0414414284                           O            08/01/32
    0

    7885717          E22/G02             F          176,000.00         ZZ
                                         360        176,000.00          1
                                       6.750          1,141.53         80
                                       6.500          1,141.53
    TULSA            OK   74137          1            07/26/02         00
    0414415695                           05           09/01/02          0
    0414415695                           O            08/01/32
    0

    7885743          E22/G02             F           72,000.00         ZZ
                                         360         72,000.00          1
                                       7.500            503.43         80
                                       7.250            503.43
    PORTLAND         OR   97217          1            07/17/02         00
    0414427682                           05           09/01/02          0
    0414427682                           N            08/01/32
    0

    7885753          E22/G02             F          108,000.00         ZZ
                                         360        108,000.00          1
                                       8.000            792.47         79
                                       7.750            792.47
    BOCA RATON       FL   33432          1            07/26/02         00
    0414432484                           08           09/01/02          0
    0414432484                           N            08/01/32
    0
1

    7885817          E22/G02             F           81,000.00         ZZ
                                         360         81,000.00          1
                                       7.875            587.31         90
                                       7.625            587.31
    SPRING           TX   77379          1            07/24/02         10
    0414483776                           03           09/01/02         25
    0414483776                           N            08/01/32
    0

    7885819          E22/G02             F          121,050.00         ZZ
                                         360        121,050.00          1
                                       6.750            785.13         90
                                       6.500            785.13
    GASTONIA         NC   28052          2            07/22/02         10
    0414484964                           05           09/01/02         25
    0414484964                           O            08/01/32
    0

    7885837          E22/G02             F          120,000.00         ZZ
                                         360        120,000.00          1
                                       6.875            788.31         79
                                       6.625            788.31
    LITTLE FERRY BO  NJ   07643          5            07/22/02         00
    0414497982                           01           09/01/02          0
    0414497982                           O            08/01/32
    0

    7885845          E22/G02             F           83,200.00         ZZ
                                         360         83,200.00          1
                                       6.875            546.56         80
                                       6.625            546.56
    HAMILTON         NJ   08620          1            07/26/02         00
    0414504944                           05           09/01/02          0
    0414504944                           O            08/01/32
    0

    7885955          E82/G02             F           61,500.00         ZZ
                                         360         61,500.00          2
                                       7.125            414.34         48
                                       6.875            414.34
    PHILADELPHIA     PA   19111          2            07/18/02         00
    0400650057                           05           09/01/02          0
    3040651                              O            08/01/32
    0

    7885971          E82/G02             F           75,300.00         ZZ
                                         360         75,300.00          1
1

                                       6.500            475.95         56
                                       6.250            475.95
    BOILING SPRINGS  PA   17007          2            07/19/02         00
    0400654273                           05           09/01/02          0
    1932339                              O            08/01/32
    0

    7886585          S27/G02             F           79,420.00         ZZ
                                         360         79,420.00          1
                                       7.250            541.79         95
                                       7.000            541.79
    FLAGLER BEACH    FL   32136          1            07/24/02         01
    0434340949                           05           09/01/02         30
    1090000564                           O            08/01/32
    0

    7887143          L21/G02             F           59,750.00         ZZ
                                         360         59,750.00          1
                                       7.625            422.91         92
                                       7.375            422.91
    WALNUT COVE      NC   27052          2            07/22/02         14
    0434339602                           05           09/01/02         30
    70302098                             O            08/01/32
    0

    7888393          E22/G02             F          300,700.00         ZZ
                                         360        300,700.00          1
                                       6.500          1,900.63         64
                                       6.250          1,900.63
    RENO             NV   89510          5            07/19/02         00
    0414227124                           05           09/01/02          0
    0414227124                           O            08/01/32
    0

    7888423          E22/G02             F          204,000.00         ZZ
                                         360        204,000.00          1
                                       6.875          1,340.13         80
                                       6.625          1,340.13
    CASTLE ROCK      CO   80104          1            07/29/02         00
    0414302695                           05           09/01/02          0
    0414302695                           N            08/01/32
    0

    7888431          E22/G02             F          166,800.00         ZZ
                                         360        166,800.00          1
                                       7.375          1,152.05         78
                                       7.125          1,152.05
    ZEBULON          NC   27597          2            07/24/02         00
    0414316919                           05           09/01/02          0
1

    0414316919                           O            08/01/32
    0

    7888471          E22/G02             F          156,750.00         ZZ
                                         360        156,750.00          1
                                       7.375          1,082.63         95
                                       7.125          1,082.63
    ACWORTH          GA   30101          5            07/24/02         01
    0414384628                           05           09/01/02         30
    0414384628                           O            08/01/32
    0

    7888495          E22/G02             F          175,750.00         ZZ
                                         360        175,750.00          1
                                       7.250          1,198.92         95
                                       7.000          1,198.92
    GRASS VALLEY     CA   95945          5            07/19/02         01
    0414408633                           05           09/01/02         35
    0414408633                           O            08/01/32
    0

    7888497          E22/G02             F          116,910.00         ZZ
                                         360        116,910.00          1
                                       6.625            748.59         90
                                       6.375            748.59
    RALEIGH          NC   27603          1            07/29/02         10
    0414414151                           05           09/01/02         25
    0414414151                           O            08/01/32
    0

    7888569          E22/G02             F          139,500.00         ZZ
                                         360        139,500.00          4
                                       7.250            951.64         90
                                       7.000            951.64
    RIO RANCHO       NM   87124          1            07/24/02         04
    0414440594                           05           09/01/02         25
    0414440594                           N            08/01/32
    0

    7888613          E22/G02             F          207,000.00         ZZ
                                         360        207,000.00          1
                                       7.500          1,447.37         90
                                       7.250          1,447.37
    CHICAGO          IL   60618          5            07/23/02         04
    0414475707                           05           09/01/02         25
    0414475707                           O            08/01/32
    0

1

    7888633          E22/G02             F          250,000.00         ZZ
                                         360        250,000.00          1
                                       6.875          1,642.32         63
                                       6.625          1,642.32
    BOZEMAN          MT   59718          5            07/24/02         00
    0414485755                           05           09/01/02          0
    0414485755                           O            08/01/32
    0

    7888641          E22/G02             F           80,000.00         ZZ
                                         360         80,000.00          1
                                       7.250            545.74         80
                                       7.000            545.74
    BANGOR           MI   49013          5            07/24/02         00
    0414490490                           05           09/01/02          0
    0414490490                           O            08/01/32
    0

    7888681          E22/G02             F           85,000.00         ZZ
                                         360         85,000.00          1
                                       7.625            601.62         85
                                       7.375            601.62
    LAKELAND         FL   33811          5            07/24/02         04
    0414512301                           05           09/01/02         12
    0414512301                           O            08/01/32
    0

    7888685          E22/G02             F          289,000.00         ZZ
                                         360        289,000.00          1
                                       7.000          1,922.72         85
                                       6.750          1,922.72
    DUNEDIN          FL   34698          2            07/24/02         04
    0414515726                           05           09/01/02         12
    0414515726                           O            08/01/32
    0

    7888831          E82/G02             F           82,800.00         ZZ
                                         360         82,800.00          1
                                       7.000            550.87         58
                                       6.750            550.87
    SOUTH BERWICK    ME   03908          2            07/25/02         00
    0400644555                           05           09/01/02          0
    0400644555                           O            08/01/32
    0

    7888913          E82/G02             F           65,750.00         ZZ
                                         360         65,750.00          1
                                       7.750            471.04         78
                                       7.500            471.04
1

    LORANGER         LA   70446          5            07/25/02         00
    0400642682                           05           09/01/02          0
    0400642682                           O            08/01/32
    0

    7889987          X08/G02             F           57,000.00         ZZ
                                         360         57,000.00          1
                                       7.500            398.55         95
                                       7.250            398.55
    SALT LAKE CITY   UT   84107          1            07/19/02         10
    0434355798                           01           09/01/02         30
    2797675                              O            08/01/32
    0

    7890117          X08/G02             F           90,000.00         ZZ
                                         360         90,000.00          1
                                       6.750            583.74         75
                                       6.500            583.74
    BUFFALO          WY   82834          2            07/16/02         00
    0434348611                           05           09/01/02          0
    2797395                              O            08/01/32
    0

    7890187          L20/G02             F          121,885.00         ZZ
                                         360        121,885.00          1
                                       6.625            780.44         95
                                       6.375            780.44
    BOISE            ID   83703          1            07/29/02         12
    0434355756                           03           09/01/02         30
    703229                               O            08/01/32
    0

    7891057          N74/G02             F          170,500.00         ZZ
                                         360        170,500.00          1
                                       6.625          1,091.73         90
                                       6.375          1,091.73
    WOODBRIDGE       VA   22193          2            07/25/02         10
    0434345906                           05           09/01/02         25
    0030504010                           O            08/01/32
    0

    7891139          N74/G02             F           44,100.00         ZZ
                                         240         44,100.00          1
                                       7.125            345.22         90
                                       6.875            345.22
    NORTH LITTLE RO  AR   72118          5            07/26/02         01
    0434345666                           05           09/01/02         25
    0030511010                           O            08/01/22
    0
1

    7892153          E22/G02             F           77,900.00         ZZ
                                         360         77,900.00          1
                                       7.125            524.83         69
                                       6.875            524.83
    BOUNTIFUL        UT   84010          2            07/19/02         00
    0414323386                           05           09/01/02          0
    0414323386                           O            08/01/32
    0

    7892181          E22/G02             F          176,000.00         ZZ
                                         360        176,000.00          1
                                       7.500          1,230.62         80
                                       7.250          1,230.62
    LONG BEACH       CA   90805          5            07/25/02         00
    0414356519                           05           09/01/02          0
    0414356519                           N            08/01/32
    0

    7892183          E22/G02             F           56,000.00         ZZ
                                         360         56,000.00          1
                                       7.625            396.36         80
                                       7.375            396.36
    HOUSTON          TX   77040          1            07/23/02         00
    0414359646                           05           09/01/02          0
    0414359646                           N            08/01/32
    0

    7892219          E22/G02             F           49,500.00         ZZ
                                         360         49,500.00          1
                                       7.750            354.62         90
                                       7.500            354.62
    DAVENPORT        IA   52803          5            07/25/02         04
    0414395624                           05           09/01/02         25
    0414395624                           O            08/01/32
    0

    7892309          E22/G02             F          385,000.00         ZZ
                                         360        385,000.00          4
                                       6.625          2,465.20         70
                                       6.375          2,465.20
    MIAMI BEACH      FL   33139          2            07/25/02         00
    0414453068                           05           09/01/02          0
    0414453068                           O            08/01/32
    0

    7892319          E22/G02             F           89,550.00         ZZ
                                         360         89,550.00          1
1

                                       7.125            603.31         90
                                       6.875            603.31
    REXBURG          ID   83440          1            07/22/02         01
    0414455071                           05           09/01/02         25
    0414455071                           O            08/01/32
    0

    7892323          E22/G02             F          190,800.00         ZZ
                                         360        190,800.00          3
                                       8.125          1,416.68         90
                                       7.875          1,416.68
    WORCESTER        MA   01608          1            07/31/02         01
    0414458240                           05           09/01/02         25
    0414458240                           N            08/01/32
    0

    7892385          E22/G02             F           80,000.00         ZZ
                                         360         80,000.00          1
                                       7.375            552.54         62
                                       7.125            552.54
    SANDY            OR   97055          5            07/18/02         00
    0414491647                           05           09/01/02          0
    0414491647                           O            08/01/32
    0

    7892475          E22/G02             F           77,175.00         ZZ
                                         360         77,175.00          1
                                       6.875            506.98         52
                                       6.625            506.98
    PLANO            TX   75023          2            07/25/02         00
    0414542472                           05           09/01/02          0
    0414542472                           O            08/01/32
    0

    7892497          E22/G02             F           55,200.00         ZZ
                                         360         55,200.00          1
                                       7.875            400.24         80
                                       7.625            400.24
    LAKE WORTH       FL   33460          5            07/30/02         00
    0414563338                           05           09/01/02          0
    0414563338                           N            08/01/32
    0

    7892499          E22/G02             F           60,800.00         ZZ
                                         360         60,800.00          1
                                       7.875            440.84         80
                                       7.625            440.84
    LAKE WORTH       FL   33460          5            07/30/02         00
    0414563379                           05           09/01/02          0
1

    0414563379                           N            08/01/32
    0

    7892693          U05/G02             F          204,100.00         ZZ
                                         360        204,100.00          3
                                       7.500          1,427.10         90
                                       7.250          1,427.10
    PORTLAND         OR   97202          1            07/18/02         14
    0434341061                           05           09/01/02         25
    3241319                              N            08/01/32
    0

    7892775          K15/G02             F          175,900.00         ZZ
                                         360        175,900.00          1
                                       6.500          1,111.81         80
                                       6.250          1,111.81
    BIDDEFORD        ME   04005          5            07/25/02         00
    0434347902                           05           09/01/02          0
    007705301514                         O            08/01/32
    0

    7893705          X52/G02             F          198,000.00         ZZ
                                         360        198,000.00          1
                                       7.000          1,317.30         80
                                       6.750          1,317.30
    KEY WEST         FL   33040          2            07/17/02         00
    0434365557                           05           09/01/02          0
    1                                    N            08/01/32
    0

    7893779          P44/G02             F           70,000.00         ZZ
                                         360         70,000.00          1
                                       6.875            459.85         49
                                       6.625            459.85
    NORTH OXFORD     MA   01537          5            07/26/02         00
    0434348504                           05           09/01/02          0
    0011633                              O            08/01/32
    0

    7893839          K15/G02             F           64,300.00         ZZ
                                         360         64,300.00          1
                                       7.375            444.10         73
                                       7.125            444.10
    SUMNER           MI   48889          5            07/24/02         00
    0434343513                           05           09/01/02          0
    036305306915                         O            08/01/32
    0

1

    7893935          P67/G02             F          272,000.00         ZZ
                                         360        272,000.00          4
                                       7.375          1,878.64         80
                                       7.125          1,878.64
    CLINTON          MA   01510          1            07/31/02         00
    0434375937                           07           09/01/02          0
    BTBD                                 N            08/01/32
    0

    7894099          K15/G02             F           74,900.00         ZZ
                                         360         74,900.00          1
                                       7.500            523.71         89
                                       7.250            523.71
    LEWISTON         ME   04240          5            07/26/02         11
    0434342168                           05           09/01/02         25
    007105309774                         O            08/01/32
    0

    7895027          K15/G02             F           78,600.00         ZZ
                                         360         78,600.00          1
                                       7.125            529.54         50
                                       6.875            529.54
    HOWARD CITY      MI   49329          5            07/26/02         00
    0434348058                           05           09/01/02          0
    035905501466                         O            08/01/32
    0

    7895091          M18/G02             F          300,000.00         ZZ
                                         360        300,000.00          2
                                       6.625          1,920.93         62
                                       6.375          1,920.93
    SANTA CLARA      CA   95050          5            07/16/02         00
    0434358933                           05           09/01/02          0
    980101943                            O            08/01/32
    0

    7897615          E22/G02             F          193,500.00         ZZ
                                         360        193,500.00          3
                                       6.875          1,271.16         90
                                       6.625          1,271.16
    LOMA LINDA       CA   92354          1            07/25/02         04
    0414294306                           05           09/01/02         25
    0414294306                           N            08/01/32
    0

    7897623          E22/G02             F          288,000.00         ZZ
                                         360        288,000.00          1
                                       7.000          1,916.07         80
                                       6.750          1,916.07
1

    ALBUQUERQUE      NM   87112          5            07/26/02         00
    0414304352                           05           09/01/02          0
    0414304352                           O            08/01/32
    0

    7897627          E22/G02             F           75,200.00         ZZ
                                         360         75,200.00          1
                                       7.000            500.31         80
                                       6.750            500.31
    ENTERPRISE       MS   39330          5            07/26/02         00
    0414308221                           05           09/01/02          0
    0414308221                           O            08/01/32
    0

    7897645          E22/G02             F           68,400.00         ZZ
                                         360         68,400.00          1
                                       7.875            495.95         95
                                       7.625            495.95
    BALTIMORE        MD   21206          5            07/26/02         04
    0414326256                           07           09/01/02         30
    0414326256                           O            08/01/32
    0

    7897693          E22/G02             F           40,400.00         ZZ
                                         360         40,400.00          1
                                       7.875            292.93         90
                                       7.625            292.93
    COLUMBUS         OH   43206          2            07/26/02         01
    0414376954                           05           09/01/02         25
    0414376954                           O            08/01/32
    0

    7897707          E22/G02             F           51,750.00         ZZ
                                         360         51,750.00          1
                                       7.500            361.84         80
                                       7.250            361.84
    PARADISE         TX   76073          1            07/31/02         00
    0414383935                           05           09/01/02          0
    0414383935                           N            08/01/32
    0

    7897769          E22/G02             F           60,000.00         ZZ
                                         360         60,000.00          1
                                       7.000            399.18         85
                                       6.750            399.18
    FLORENCE         AL   35633          5            07/26/02         10
    0414425751                           05           09/01/02         12
    0414425751                           O            08/01/32
    0
1

    7897895          E22/G02             F          216,000.00         ZZ
                                         360        216,000.00          1
                                       7.000          1,437.05         90
                                       6.750          1,437.05
    CLINTON          MS   39056          5            07/26/02         01
    0414468967                           05           09/01/02         30
    0414468967                           O            08/01/32
    0

    7897961          E22/G02             F          185,400.00         ZZ
                                         360        185,400.00          4
                                       7.875          1,344.28         90
                                       7.625          1,344.28
    DELRAY BEACH     FL   33444          1            07/31/02         04
    0414488841                           05           09/01/02         25
    0414488841                           N            08/01/32
    0

    7897989          E22/G02             F           53,600.00         ZZ
                                         360         53,600.00          1
                                       7.250            365.65         80
                                       7.000            365.65
    PUEBLO           CO   81001          2            07/31/02         00
    0414506063                           05           09/01/02          0
    0414506063                           N            08/01/32
    0

    7898025          E22/G02             F           71,100.00         ZZ
                                         360         71,100.00          1
                                       7.250            485.03         90
                                       7.000            485.03
    CHADRON          NE   69337          5            07/26/02         10
    0414519181                           05           09/01/02         25
    0414519181                           O            08/01/32
    0

    7898053          E22/G02             F           82,000.00         ZZ
                                         360         82,000.00          1
                                       7.125            552.45         77
                                       6.875            552.45
    MIAMI            FL   33186          1            07/31/02         00
    0414533919                           01           09/01/02          0
    0414533919                           O            08/01/32
    0

    7898055          E22/G02             F           67,500.00         ZZ
                                         360         67,500.00          1
1

                                       7.875            489.42         90
                                       7.625            489.42
    FRESNO           CA   93728          5            07/24/02         01
    0414535252                           05           09/01/02         30
    0414535252                           O            08/01/32
    0

    7898379          M18/G02             F          176,000.00         ZZ
                                         360        176,000.00          1
                                       7.500          1,230.62         80
                                       7.250          1,230.62
    GLENDALE         CA   91203          5            07/17/02         00
    0434370920                           01           09/01/02          0
    980101965                            O            08/01/32
    0

    7899549          R84/G02             F           98,250.00         ZZ
                                         360         98,250.00          1
                                       6.500            621.01         75
                                       6.250            621.01
    LAS VEGAS        NV   89108          5            07/29/02         00
    0434356804                           03           09/01/02          0
    LVW4042                              N            08/01/32
    0

    7899731          A06/G02             F           49,500.00         ZZ
                                         360         49,500.00          1
                                       7.000            329.33         90
                                       6.750            329.33
    INKSTER          MI   48141          1            07/31/02         12
    0434354015                           05           09/01/02         25
    1                                    N            08/01/32
    0

    7901491          Q87/G02             F           81,250.00         ZZ
                                         360         81,250.00          1
                                       7.000            540.56         65
                                       6.750            540.56
    CLERMONT         GA   30527          5            07/26/02         00
    0434367900                           05           09/01/02          0
    EDGL01                               O            08/01/32
    0

    7902855          X62/G02             F          110,000.00         ZZ
                                         360        110,000.00          1
                                       6.875            722.62         19
                                       6.625            722.62
    LAGUNA NIGUEL    CA   92677          1            07/23/02         00
    0434357646                           03           09/01/02          0
1

    01207064                             O            08/01/32
    0

    7903131          A50/G02             F           56,881.00         ZZ
                                         360         56,881.00          1
                                       7.750            407.50         95
                                       7.500            407.50
    WOODBINE         GA   31569          1            07/12/02         04
    0434364238                           05           09/01/02         30
    850350                               O            08/01/32
    0

    7903135          A50/G02             F           44,650.00         ZZ
                                         360         44,618.48          1
                                       7.750            319.88         80
                                       7.500            319.88
    ST MARYS         GA   31558          2            06/24/02         00
    0434349114                           05           08/01/02          0
    804099                               N            07/01/32
    0

    7904701          P44/G02             F          190,000.00         ZZ
                                         360        190,000.00          1
                                       6.750          1,232.34         80
                                       6.500          1,232.34
    BRAINTREE        MA   02184          1            07/26/02         00
    0434364204                           05           09/01/02          0
    0011879                              N            08/01/32
    0

    7904749          738/G02             F           37,500.00         ZZ
                                         360         37,500.00          1
                                       8.000            275.17         75
                                       7.750            275.17
    FORT LAUDERDALE  FL   33306          1            07/24/02         00
    0434355129                           01           09/01/02          0
    40463504                             N            08/01/32
    0

    7905539          F96/G02             F           44,100.00         ZZ
                                         360         44,100.00          1
                                       7.625            312.14         90
                                       7.375            312.14
    PHILLIPSBURG     NJ   08865          1            07/29/02         12
    0434376851                           07           09/01/02         25
    0109223                              N            08/01/32
    0

1

    7905619          R80/G02             F          166,500.00         ZZ
                                         360        166,500.00          4
                                       7.500          1,164.19         90
                                       7.250          1,164.19
    MESA             AZ   85204          1            07/16/02         01
    0434376208                           05           09/01/02         25
    38996                                N            08/01/32
    0

    7905657          R80/G02             F          166,500.00         ZZ
                                         360        166,500.00          4
                                       7.500          1,164.19         90
                                       7.250          1,164.19
    MESA             AZ   85204          1            07/16/02         01
    0434375044                           05           09/01/02         25
    38990                                N            08/01/32
    0

    7906835          E22/G02             F           80,000.00         ZZ
                                         360         80,000.00          1
                                       6.500            505.65         53
                                       6.250            505.65
    MUSCLE SHOALS    AL   35661          5            07/29/02         00
    0414453217                           05           09/01/02          0
    0414453217                           O            08/01/32
    0

    7910415          K15/G02             F           48,000.00         ZZ
                                         360         48,000.00          1
                                       7.750            343.88         80
                                       7.500            343.88
    SPRINGFIELD      OH   45506          5            07/26/02         00
    0434370474                           05           09/01/02          0
    028505501267                         O            08/01/32
    0

    7910583          N47/G02             F          220,000.00         ZZ
                                         360        220,000.00          1
                                       6.875          1,445.24         79
                                       6.625          1,445.24
    SANTA ROSA       CA   95404          2            07/18/02         00
    0434378576                           05           09/01/02          0
    20221093                             N            08/01/32
    0

    7910893          Q14/G02             F           80,000.00         ZZ
                                         360         80,000.00          1
                                       7.500            559.37         75
                                       7.250            559.37
1

    RAYTOWN          MO   64138          5            07/29/02         00
    0434355749                           05           09/01/02          0
    0208383                              O            08/01/32
    0

    7910975          Q14/G02             F           52,839.00         ZZ
                                         360         52,839.00          1
                                       7.500            369.46         90
                                       7.250            369.46
    KANSAS CITY      KS   66106          1            07/31/02         01
    0434377255                           05           09/01/02         25
    0208272                              O            08/01/32
    0

    7913255          T29/G02             F          221,400.00         ZZ
                                         360        221,400.00          2
                                       7.500          1,548.06         90
                                       7.250          1,548.06
    CHANDLER         AZ   85224          1            07/11/02         12
    0434371225                           05           09/01/02         25
    1521109                              N            08/01/32
    0

    7914499          696/G02             F          122,000.00         T
                                         360        122,000.00          1
                                       6.750            791.29         50
                                       6.500            791.29
    WASHINGTON       DC   20037          5            08/01/02         00
    0434355673                           06           09/01/02          0
    31102084                             O            08/01/32
    0

    7915655          E22/G02             F          144,000.00         ZZ
                                         360        144,000.00          1
                                       6.750            933.98         64
                                       6.500            933.98
    TACOMA           WA   98422          2            07/25/02         00
    0414427484                           05           09/01/02          0
    0414427484                           N            08/01/32
    0

    7915805          E22/G02             F          105,000.00         ZZ
                                         360        105,000.00          1
                                       7.750            752.23         80
                                       7.500            752.23
    CARMEL           IN   46032          1            08/05/02         00
    0414527739                           05           09/01/02          0
    0414527739                           N            08/01/32
    0
1

    7915831          E22/G02             F          108,700.00         ZZ
                                         360        108,700.00          1
                                       7.750            778.74         80
                                       7.500            778.74
    CARMEL           IN   46033          1            08/05/02         00
    0414549022                           05           09/01/02          0
    0414549022                           N            08/01/32
    0

    7915873          E22/G02             F           85,600.00         ZZ
                                         360         85,600.00          1
                                       7.000            569.50         80
                                       6.750            569.50
    HOLLYWOOD        FL   33019          1            08/02/02         00
    0414584136                           06           09/01/02          0
    0414584136                           O            08/01/32
    0

    7916471          X67/G02             F          212,000.00         ZZ
                                         360        212,000.00          1
                                       7.500          1,482.33         80
                                       7.250          1,482.33
    ESCONDIDO        CA   92027          5            07/18/02         00
    0434374526                           05           09/01/02          0
    00268253                             O            08/01/32
    0

    7920721          E22/G02             F          106,400.00         ZZ
                                         360        106,400.00          1
                                       7.250            725.84         70
                                       7.000            725.84
    CLOVIS           CA   93611          1            07/29/02         00
    0414572321                           05           09/01/02          0
    0414572321                           N            08/01/32
    0

    7922405          K79/G02             F          296,100.00         ZZ
                                         360        296,100.00          4
                                       7.750          2,121.30         90
                                       7.500          2,121.30
    LAWRENCE         MA   01843          1            08/02/02         14
    0434379269                           05           09/01/02         25
    15013                                N            08/01/32
    0

    7922869          E11/G02             F          168,000.00         ZZ
                                         360        168,000.00          4
1

                                       7.375          1,160.33         80
                                       7.125          1,160.33
    ST PAUL          MN   55103          1            07/31/02         00
    0434375002                           05           09/01/02          0
    10001044980                          N            08/01/32
    0

    7923237          W39/G02             F           78,400.00         ZZ
                                         360         78,400.00          1
                                       7.500            548.18         80
                                       7.250            548.18
    BATON ROUGE      LA   70814          1            08/01/02         00
    0434375580                           05           09/01/02          0
    LA022510                             O            08/01/32
    0

    7924233          E22/G02             F           36,000.00         ZZ
                                         360         36,000.00          1
                                       7.500            251.72         80
                                       7.250            251.72
    MEMPHIS          TN   38114          1            08/06/02         00
    0414489377                           05           09/01/02          0
    0414489377                           N            08/01/32
    0

    7927895          E22/G02             F           57,000.00         ZZ
                                         360         57,000.00          1
                                       7.375            393.68         95
                                       7.125            393.68
    HENDERSON        NV   89015          1            07/25/02         01
    0414228627                           05           09/01/02         30
    0414228627                           O            08/01/32
    0

    7963936          F64/G02             F           52,550.00         ZZ
                                         360         52,371.34          1
                                       8.000            385.59         80
                                       7.750            385.59
    JACKSONVILLE     FL   32210          1            03/08/02         00
    0433748118                           05           04/01/02          0
    1600000102                           N            03/01/32
    0

    8050752          286/286             F          123,300.00         ZZ
                                         360        122,496.21          1
                                       7.750            883.34         90
                                       7.500            883.34
    DANVILLE         IN   46122          1            10/18/01         12
    0585480                              05           12/01/01         25
1

    585480                               N            11/01/31
    0

    8052406          286/286             F           46,600.00         ZZ
                                         360         46,382.19          1
                                       8.125            346.01         40
                                       7.875            346.01
    BOYD             TX   76023          5            12/28/01         00
    919924                               05           02/01/02          0
    919924                               N            01/01/32
    0

    8317580          M96/G02             F           81,500.00         ZZ
                                         360         81,433.20          1
                                       7.000            542.22         60
                                       6.750            542.22
    POTTERVILLE      MI   48876          1            06/02/02         00
    0434325643                           05           08/01/02          0
    200200964                            O            07/01/32
    0

    8317612          E23/G02             F          184,000.00         ZZ
                                         360        183,849.17          1
                                       7.000          1,224.16         78
                                       6.750          1,224.16
    CHINO HILLS      CA   91709          1            06/24/02         00
    0434247078                           03           08/01/02          0
    51015409                             O            07/01/32
    0

    8317912          E23/G02             F          195,200.00         ZZ
                                         360        195,036.00          1
                                       6.875          1,282.33         80
                                       6.625          1,282.33
    SAN DIEGO        CA   92104          5            06/25/02         00
    0434229399                           05           08/01/02          0
    11011846                             O            07/01/32
    0

    8318020          E23/G02             F          136,000.00         ZZ
                                         360        136,000.00          1
                                       7.375            939.32         80
                                       7.125            939.32
    PHOENIX          AZ   85050          1            07/01/02         00
    0434239679                           03           09/01/02          0
    41003950                             O            08/01/32
    0

1

    8318042          E23/G02             F          200,000.00         ZZ
                                         360        199,827.80          1
                                       6.750          1,297.20         80
                                       6.500          1,297.20
    CHINO            CA   91710          1            06/27/02         00
    0434231932                           05           08/01/02          0
    51015872                             N            07/01/32
    0

    8318174          E23/G02             F          249,600.00         ZZ
                                         360        249,395.40          1
                                       7.000          1,660.60         80
                                       6.750          1,660.60
    SANTA ROSA       CA   95403          5            06/17/02         00
    0434251104                           05           08/01/02          0
    62001888                             O            07/01/32
    0

    8318266          E23/G02             F          160,000.00         ZZ
                                         360        159,865.58          1
                                       6.875          1,051.09         80
                                       6.625          1,051.09
    LOS OSOS         CA   93402          1            06/28/02         00
    0434251732                           05           08/01/02          0
    61005771                             O            07/01/32
    0

    8318276          E23/G02             F          165,000.00         ZZ
                                         360        165,000.00          1
                                       6.875          1,083.93         35
                                       6.625          1,083.93
    SAN RAMON        CA   94583          5            07/01/02         00
    0434327987                           05           09/01/02          0
    61005950                             O            08/01/32
    0

    8318512          E86/G02             F          233,000.00         ZZ
                                         360        232,813.68          1
                                       7.125          1,569.76         79
                                       6.875          1,569.76
    GARDEN GROVE     CA   92845          2            06/21/02         00
    0434334504                           05           08/01/02          0
    316691                               O            07/01/32
    0

    8318540          R68/G02             F          180,500.00         ZZ
                                         360        180,500.00          1
                                       7.625          1,277.57         95
                                       7.375          1,277.57
1

    WESTON           FL   33327          1            07/12/02         11
    0434270138                           03           09/01/02         30
    7118645                              O            08/01/32
    0

    8318548          562/G02             F          204,000.00         ZZ
                                         360        204,000.00          1
                                       7.000          1,357.22         80
                                       6.750          1,357.22
    BRONX            NY   10469          1            07/10/02         00
    0434252011                           05           09/01/02          0
    297041098                            O            08/01/32
    0

    8318774          E23/G02             F          300,600.00         ZZ
                                         360        300,600.00          1
                                       6.625          1,924.77         79
                                       6.375          1,924.77
    RAMONA           CA   92065          1            07/03/02         00
    0434330692                           03           09/01/02          0
    11011624                             O            08/01/32
    0

    8318870          L20/G02             F          158,400.00         ZZ
                                         360        158,400.00          1
                                       7.000          1,053.84         80
                                       6.750          1,053.84
    CARSON CITY      NV   89705          1            07/10/02         00
    0434272571                           05           09/01/02          0
    620088                               N            08/01/32
    0

    8318924          W98/G02             F           63,000.00         ZZ
                                         360         63,000.00          1
                                       8.000            462.27         90
                                       7.750            462.27
    FAIRFAX          VA   22030          1            07/09/02         01
    0434329447                           01           09/01/02         25
    F0206014                             N            08/01/32
    0

    8318948          E23/G02             F          218,000.00         ZZ
                                         360        218,000.00          1
                                       6.750          1,413.94         47
                                       6.500          1,413.94
    SANTA CRUZ       CA   95062          5            07/05/02         00
    0434296695                           05           09/01/02          0
    63000050                             O            08/01/32
    0
1

    8319086          R68/G02             F          144,450.00         ZZ
                                         360        144,450.00          1
                                       6.875            948.93         90
                                       6.625            948.93
    POMPANO BEACH    FL   33060          1            07/19/02         10
    0434329801                           05           09/01/02         25
    9001669                              N            08/01/32
    0

    8320146          E23/G02             F          209,600.00         ZZ
                                         360        209,600.00          1
                                       7.375          1,447.66         80
                                       7.125          1,447.66
    SANTA ROSA       CA   95401          1            07/10/02         00
    0434336400                           05           09/01/02          0
    62002305                             N            08/01/32
    0

    8320322          R68/G02             F           84,600.00         ZZ
                                         360         84,600.00          1
                                       6.875            555.76         90
                                       6.625            555.76
    NORTH LAUDERDAL  FL   33068          1            07/23/02         10
    0434336020                           07           09/01/02         25
    7147748                              N            08/01/32
    0

    8320324          E23/G02             F          189,000.00         ZZ
                                         360        189,000.00          1
                                       6.750          1,225.85         60
                                       6.500          1,225.85
    POWAY            CA   92064          5            07/17/02         00
    0434331658                           05           09/01/02          0
    11010471                             O            08/01/32
    0

    8320336          E23/G02             F          128,800.00         ZZ
                                         360        128,800.00          1
                                       6.625            824.72         80
                                       6.375            824.72
    CHINO HILLS      CA   91709          1            07/15/02         00
    0434331146                           09           09/01/02          0
    51016407                             N            08/01/32
    0

    8320626          A19/G02             F          276,500.00         ZZ
                                         360        276,500.00          3
1

                                       7.875          2,004.82         70
                                       7.625          2,004.82
    EAST BOSTON      MA   02128          5            07/25/02         00
    0434341723                           05           09/01/02          0
    11246                                N            08/01/32
    0

   TOTAL NUMBER OF LOANS   :      1,727

   TOTAL ORIGINAL BALANCE  :   240,263,927.70

   TOTAL PRINCIPAL BALANCE :   240,000,997.92

   TOTAL ORIGINAL P+I      :     1,646,100.37

   TOTAL CURRENT P+I       :     1,646,100.37

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

<PAGE>

                                   EXHIBIT TWO

                         SCHEDULE OF DISCOUNT FRACTIONS

<TABLE>
<CAPTION>

                                         Schedule of Discount Fractions

<S>     <C>    <C>    <C>    <C>    <C>    <C>
      Loan Number         Current Balance        Net Mortgage Rate       Discount Fraction      PO Balance
        7727227             $152,307.60               6.470%                  0.4615%             $702.96
        7731399             $82,856.67                6.470%                  0.4615%             $382.42
        7735583             $122,787.60               6.470%                  0.4615%             $566.71
        7763607             $185,440.20               6.470%                  0.4615%             $855.88
        7771641             $110,335.60               6.470%                  0.4615%             $509.24
        7775813             $146,696.23               6.470%                  0.4615%             $677.06
        7782617             $197,829.53               6.470%                  0.4615%             $913.06
        7782623             $132,885.49               6.470%                  0.4615%             $613.32
        7782633             $269,761.78               6.345%                  2.3846%            $6,432.78
        7782635             $299,741.71               6.470%                  0.4615%            $1,383.42
        7783845             $55,131.77                6.470%                  0.4615%             $254.45
        7788059             $170,161.73               6.345%                  2.3846%            $4,057.70
        7788583             $87,922.36                6.345%                  2.3846%            $2,096.61
        7795053             $138,280.84               6.470%                  0.4615%             $638.22
        7801777             $147,872.57               6.470%                  0.4615%             $682.49
        7802071             $180,344.59               6.470%                  0.4615%             $832.36
        7804011             $141,378.17               6.470%                  0.4615%             $652.51
        7805149             $179,845.02               6.470%                  0.4615%             $830.05
        7805739             $184,832.75               6.220%                  4.3077%            $7,962.03
        7805757             $193,479.15               6.345%                  2.3846%            $4,613.73
        7805783             $153,068.10               6.470%                  0.4615%             $706.47
        7805785             $300,441.11               6.470%                  0.4615%            $1,386.65
        7805817             $117,898.40               6.470%                  0.4615%             $544.15
        7805831             $134,284.28               6.470%                  0.4615%             $619.77
        7805843             $199,823.55               6.345%                  2.3846%            $4,765.02
        7805861             $119,097.37               6.470%                  0.4615%             $549.68
        7805897             $300,441.11               6.470%                  0.4615%            $1,386.65
        7805907             $214,810.31               6.345%                  2.3846%            $5,122.40
        7805913             $259,764.95               6.220%                  4.3077%           $11,189.87
        7805925             $177,846.75               6.470%                  0.4615%             $820.83
        7805939             $199,428.15               6.470%                  0.4615%             $920.44
        7805951             $224,801.49               6.345%                  2.3846%            $5,360.65
        7805959             $239,793.36               6.470%                  0.4615%            $1,106.74
        7805973             $175,840.89               6.220%                  4.3077%            $7,574.68
        7806103             $300,441.10               6.470%                  0.4615%            $1,386.65
        7806933             $159,858.83               6.345%                  2.3846%            $3,812.02
        7807699             $215,608.40               6.220%                  4.3077%            $9,287.75
        7807797             $72,574.47                6.470%                  0.4615%             $334.96
        7807801             $115,794.75               6.345%                  2.3846%            $2,761.26
        7809585             $178,845.89               6.470%                  0.4615%             $825.44
        7809649             $87,922.36                6.345%                  2.3846%            $2,096.61
        7812107             $271,765.81               6.470%                  0.4615%            $1,254.30
        7812237             $145,616.32               6.470%                  0.4615%             $672.08
        7812241             $245,175.89               6.470%                  0.4615%            $1,131.58
        7812471             $36,257.26                6.470%                  0.4615%             $167.34
        7812539             $167,196.32               6.220%                  4.3077%            $7,202.30
        7813845             $183,841.58               6.470%                  0.4615%             $848.50
        7815917             $144,868.92               6.220%                  4.3077%            $6,240.51
        7815931             $189,736.50               6.470%                  0.4615%             $875.71
        7815937             $259,776.14               6.470%                  0.4615%            $1,198.97
        7815945             $87,674.45                6.470%                  0.4615%             $404.65
        7820005             $159,855.36               6.220%                  4.3077%            $6,886.08
        7820107             $275,762.37               6.470%                  0.4615%            $1,272.75

  Wednesday, August 21, 2002                                                                        Page 1 of 3

        7820283             $279,758.93               6.470%                  0.4615%            $1,291.20
        7820423             $243,784.72               6.345%                  2.3846%            $5,813.33
        7820463             $67,140.71                6.345%                  2.3846%            $1,601.05
        7821681             $213,811.19               6.345%                  2.3846%            $5,098.57
        7823633             $187,838.14               6.470%                  0.4615%             $866.95
        7824015             $289,943.97               6.345%                  2.3846%            $6,914.05
        7824251             $159,855.36               6.220%                  4.3077%            $6,886.08
        7824455             $199,823.55               6.345%                  2.3846%            $4,765.02
        7825133             $280,752.07               6.345%                  2.3846%            $6,694.86
        7825925             $235,796.81               6.470%                  0.4615%            $1,088.29
        7825993             $171,844.51               6.220%                  4.3077%            $7,402.53
        7826281             $68,940.60                6.470%                  0.4615%             $318.19
        7829705             $183,413.69               6.470%                  0.4615%             $846.52
        7829761             $92,580.22                6.470%                  0.4615%             $427.29
        7830117             $122,000.00               6.470%                  0.4615%             $563.08
        7831333             $214,814.89               6.470%                  0.4615%             $991.45
        7831345             $119,891.52               6.220%                  4.3077%            $5,164.56
        7831823             $131,486.69               6.470%                  0.4615%             $606.86
        7831899             $260,000.00               6.470%                  0.4615%            $1,200.00
        7832377             $177,543.21               6.345%                  2.3846%            $4,233.72
        7833773             $187,757.50               6.470%                  0.4615%             $866.57
        7834155             $368,000.00               6.220%                  4.3077%           $15,852.31
        7834437             $55,950.60                6.345%                  2.3846%            $1,334.21
        7837635             $141,877.74               6.470%                  0.4615%             $654.82
        7837661             $159,862.24               6.470%                  0.4615%             $737.83
        7838257             $279,758.93               6.470%                  0.4615%            $1,291.20
        7838485             $64,974.63                6.470%                  0.4615%             $299.88
        7838545             $138,277.89               6.345%                  2.3846%            $3,297.40
        7845813             $258,000.00               6.345%                  2.3846%            $6,152.31
        7846193             $145,474.64               6.470%                  0.4615%             $671.42
        7846377             $216,000.00               6.345%                  2.3846%            $5,150.77
        7846811             $122,687.75               6.470%                  0.4615%             $566.25
        7847149             $151,166.50               6.345%                  2.3846%            $3,604.74
        7847165             $79,927.67                6.220%                  4.3077%            $3,443.04
        7847235             $141,255.65               6.470%                  0.4615%             $651.95
        7847287             $75,934.56                6.470%                  0.4615%             $350.47
        7847317             $239,783.03               6.220%                  4.3077%           $10,329.12
        7847337             $299,741.70               6.470%                  0.4615%            $1,383.42
        7847367             $129,882.48               6.220%                  4.3077%            $5,594.94
        7848539             $270,766.68               6.470%                  0.4615%            $1,249.69
        7848921             $250,000.00               6.470%                  0.4615%            $1,153.85
        7849265             $100,000.00               6.345%                  2.3846%            $2,384.62
        7849277             $158,000.00               6.220%                  4.3077%            $6,806.15
        7851525             $74,933.83                6.345%                  2.3846%            $1,786.88
        7854157             $235,000.00               6.470%                  0.4615%            $1,084.62
        7854543             $67,425.00                6.470%                  0.4615%             $311.19
        7857359             $50,400.00                6.470%                  0.4615%             $232.62
        7857431             $133,000.00               6.095%                  6.2308%            $8,286.92
        7857477             $149,150.00               6.470%                  0.4615%             $688.38
        7857557             $154,350.00               6.470%                  0.4615%             $712.38
        7857643             $146,400.00               6.470%                  0.4615%             $675.69
        7857749             $132,000.00               6.470%                  0.4615%             $609.23
        7860107             $224,700.00               6.345%                  2.3846%            $5,358.23
        7860831             $257,290.00               6.470%                  0.4615%            $1,187.49
        7861613             $300,700.00               6.470%                  0.4615%            $1,387.85
        7862571             $86,323.77                6.345%                  2.3846%            $2,058.49
        7862721             $119,796.77               6.470%                  0.4615%             $552.91

  Wednesday, August 21, 2002                                                                        Page 2 of 3

        7863597             $158,600.00               6.345%                  2.3846%            $3,782.00
        7863613             $160,800.00               6.470%                  0.4615%             $742.15
        7863645             $236,800.00               6.470%                  0.4615%            $1,092.92
        7866919             $200,000.00               6.470%                  0.4615%             $923.08
        7869103             $147,600.00               6.470%                  0.4615%             $681.23
        7869505             $185,500.00               6.345%                  2.3846%            $4,423.46
        7871063             $69,223.00                6.345%                  2.3846%            $1,650.70
        7871093             $248,000.00               6.470%                  0.4615%            $1,144.62
        7871101             $174,400.00               6.470%                  0.4615%             $804.92
        7871145             $56,000.00                6.345%                  2.3846%            $1,335.38
        7872445             $163,000.00               6.470%                  0.4615%             $752.31
        7874615             $153,850.32               5.845%                 10.0769%           $15,503.38
        7875245             $83,500.00                6.470%                  0.4615%             $385.38
        7875329             $120,000.00               6.470%                  0.4615%             $553.85
        7875387             $86,850.00                6.470%                  0.4615%             $400.85
        7875393             $137,600.00               6.345%                  2.3846%            $3,281.23
        7876629             $140,000.00               6.470%                  0.4615%             $646.15
        7878783             $153,361.24               6.220%                  4.3077%            $6,606.33
        7879181             $158,790.00               6.470%                  0.4615%             $732.88
        7880603             $54,000.00                6.470%                  0.4615%             $249.23
        7883891             $79,927.67                6.220%                  4.3077%            $3,443.04
        7885267             $300,700.00               6.470%                  0.4615%            $1,387.85
        7885717             $176,000.00               6.470%                  0.4615%             $812.31
        7885819             $121,050.00               6.470%                  0.4615%             $558.69
        7885971             $75,300.00                6.220%                  4.3077%            $3,243.69
        7888393             $300,700.00               6.220%                  4.3077%           $12,953.23
        7888497             $116,910.00               6.345%                  2.3846%            $2,787.85
        7890117             $90,000.00                6.470%                  0.4615%             $415.38
        7890187             $121,885.00               6.345%                  2.3846%            $2,906.49
        7891057             $170,500.00               6.345%                  2.3846%            $4,065.77
        7892309             $385,000.00               6.345%                  2.3846%            $9,180.77
        7892775             $175,900.00               6.220%                  4.3077%            $7,577.23
        7895091             $300,000.00               6.345%                  2.3846%            $7,153.85
        7899549             $98,250.00                6.220%                  4.3077%            $4,232.31
        7904701             $190,000.00               6.470%                  0.4615%             $876.92
        7906835             $80,000.00                6.220%                  4.3077%            $3,446.15
        7914499             $122,000.00               6.470%                  0.4615%             $563.08
        7915655             $144,000.00               6.470%                  0.4615%             $664.62
        8318042             $199,827.80               6.470%                  0.4615%             $922.28
        8318774             $300,600.00               6.345%                  2.3846%            $7,168.15
        8318948             $218,000.00               6.470%                  0.4615%            $1,006.15
        8320324             $189,000.00               6.470%                  0.4615%             $872.31
        8320336             $128,800.00               6.345%                  2.3846%            $3,071.38

  Wednesday, August 21, 2002                                                                        Page 3 of 3

</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  Notional  Amount  with  respect  to each  class  of  Interest  Only
Certificates and each Subclass Notional Amount;

(xiv)  the  occurrence  of the  Credit  Support  Depletion  Date  and  Accretion
Termination Date;

(xv) the related Senior Accelerated  Distribution  Percentage applicable to such
distribution;

(xvi)   the related Senior Percentage for such Distribution Date;

(xvii)  the aggregate amount of Realized Losses for such Distribution Date;

(xviii) the aggregate  amount of any recoveries on previously  foreclosed  loans
from  Sellers due to a breach of a  representation  or warranty  assigned to the
Trustee pursuant to Section 2.04;

(xix) the weighted  average  remaining  term to maturity of the  Mortgage  Loans
after giving effect to the amounts distributed on such Distribution Date; and

(xx) the weighted  average  Mortgage  Rates of the  Mortgage  Loans after giving
effect to the amounts distributed on such Distribution Date.

        In the case of  information  furnished  pursuant to clauses (i) and (ii)
above,  the amounts shall be expressed as a dollar amount per Certificate with a
$1,000 denomination.

        The Trustee's internet website, 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

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<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;

                                       51
<PAGE>

(vi)    to pay to itself,  a Subservicer,  a Seller,  Residential  Funding,  the
        Company  or any  other  appropriate  Person,  as the case  may be,  with
        respect to each  Mortgage Loan or property  acquired in respect  thereof
        that has been  purchased  or otherwise  transferred  pursuant to Section
        2.02,  2.03,  2.04, 4.07 or 9.01, all amounts  received  thereon and not
        required to be distributed to the  Certificateholders  as of the date on
        which  the  related  Stated  Principal  Balance  or  Purchase  Price  is
        determined;

(vii)   to reimburse  itself or the related  Subservicer for any  Nonrecoverable
        Advance  or  Advances  in  the  manner  and to the  extent  provided  in
        subsection (c) below, any Advance made in connection with a modification
        of a Mortgage  Loan that is in default or, in the judgment of the Master
        Servicer, default is reasonably foreseeable pursuant to Section 3.07(a),
        to  the  extent  the  amount  of  the  Advance  has  been  added  to the
        outstanding  principal  balance of the  Mortgage  Loan,  or any  Advance
        reimbursable to the Master Servicer pursuant to Section 4.02(a);

(viii)  to  reimburse  itself  or  the  Company  for  expenses  incurred  by and
        reimbursable to it or the Company  pursuant to Sections  3.01(a),  3.11,
        3.13,  3.14(c),  6.03,  10.01  or  otherwise,   or  in  connection  with
        enforcing,   in  accordance   with  this   Agreement,   any  repurchase,
        substitution or indemnification  obligation of any Seller (other than an
        Affiliate of the Company) pursuant to the related Seller's Agreement;

(ix)    to reimburse itself for Servicing  Advances  expended by it (a) pursuant
        to Section  3.14 in good faith in  connection  with the  restoration  of
        property  damaged by an Uninsured  Cause, and (b) in connection with the
        liquidation  of a Mortgage Loan or disposition of an REO Property to the
        extent not otherwise reimbursed pursuant to clause (ii) or (viii) above;
        and

(x)  to withdraw  any amount  deposited  in the  Custodial  Account that was not
     required to be deposited therein pursuant to Section 3.07.

(b) Since, in connection with withdrawals  pursuant to clauses (ii),  (iii), (v)
and (vi), the Master Servicer's entitlement thereto is limited to collections or
other  recoveries on the related  Mortgage Loan, the Master  Servicer shall keep
and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for
the purpose of justifying any withdrawal from the Custodial  Account pursuant to
such clauses.

(c) The Master  Servicer  shall be entitled to  reimburse  itself or the related
Subservicer  for any advance made in respect of a Mortgage  Loan that the Master
Servicer  determines  to be a  Nonrecoverable  Advance  by  withdrawal  from the
Custodial  Account of amounts on deposit  therein  attributable  to the Mortgage
Loans  on any  Certificate  Account  Deposit  Date  succeeding  the date of such
determination.  Such  right of  reimbursement  in  respect  of a  Nonrecoverable
Advance  on any such  Certificate  Account  Deposit  Date shall be limited to an
amount  not   exceeding  the  portion  of  such  advance   previously   paid  to
Certificateholders (and not theretofore reimbursed to the Master Servicer or the
related Subservicer).

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<PAGE>

Section 3.11.  Maintenance of the Primary Insurance
                      Policies; Collections Thereunder.

(a) The Master  Servicer shall not take, or permit any  Subservicer to take, any
action which would result in non-coverage under any applicable Primary Insurance
Policy  of any  loss  which,  but for the  actions  of the  Master  Servicer  or
Subservicer,  would have been  covered  thereunder.  To the extent  coverage  is
available,  the Master Servicer shall keep or cause to be kept in full force and
effect each such Primary  Insurance  Policy until the  principal  balance of the
related Mortgage Loan secured by a Mortgaged  Property is reduced to 80% or less
of  the  Appraised  Value  in  the  case  of  such  a  Mortgage  Loan  having  a
Loan-to-Value  Ratio at origination in excess of 80%, provided that such Primary
Insurance  Policy  was in  place as of the  Cut-off  Date  and the  Company  had
knowledge  of such  Primary  Insurance  Policy.  The  Master  Servicer  shall be
entitled to cancel or permit the discontinuation of any Primary Insurance Policy
as to any Mortgage Loan, if the Stated Principal Balance of the Mortgage Loan is
reduced  below an  amount  equal to 80% of the  appraised  value of the  related
Mortgaged  Property as  determined  in any  appraisal  thereof after the Closing
Date,  or if the  Loan-to-Value  Ratio  is  reduced  below  80% as a  result  of
principal  payments on the Mortgage  Loan after the Closing  Date.  In the event
that the Company  gains  knowledge  that as of the Closing Date, a Mortgage Loan
had a Loan-to-Value Ratio at origination in excess of 80% and is not the subject
of a Primary  Insurance  Policy (and was not  included in any  exception  to the
representation in Section 2.03(b)(iv)) and that such Mortgage Loan has a current
Loan-to-Value  Ratio in excess  of 80% then the  Master  Servicer  shall use its
reasonable  efforts to obtain and  maintain  a Primary  Insurance  Policy to the
extent  that such a policy is  obtainable  at a  reasonable  price.  The  Master
Servicer shall not cancel or refuse to renew any such Primary  Insurance  Policy
applicable to a  Nonsubserviced  Mortgage  Loan,  or consent to any  Subservicer
canceling or refusing to renew any such Primary Insurance Policy applicable to a
Mortgage  Loan  subserviced  by it, that is in effect at the date of the initial
issuance  of the  Certificates  and is  required  to be kept in force  hereunder
unless the replacement Primary Insurance Policy for such canceled or non-renewed
policy is maintained with an insurer whose  claims-paying  ability is acceptable
to each Rating  Agency for mortgage  pass-through  certificates  having a rating
equal to or better  than the  lower of the  then-current  rating  or the  rating
assigned to the Certificates as of the Closing Date by such Rating Agency.

(b) In  connection  with its  activities  as  administrator  and servicer of the
Mortgage  Loans,  the Master  Servicer agrees to present or to cause the related
Subservicer to present,  on behalf of the Master Servicer,  the Subservicer,  if
any, the Trustee and Certificateholders, claims to the related Insurer under any
Primary Insurance Policies, in a timely manner in accordance with such policies,
and,  in this  regard,  to take or cause to be taken such  reasonable  action as
shall be  necessary  to permit  recovery  under any Primary  Insurance  Policies
respecting  defaulted  Mortgage  Loans.  Pursuant to Section 3.07, any Insurance
Proceeds  collected  by or  remitted  to the Master  Servicer  under any Primary
Insurance  Policies  shall be deposited  in the  Custodial  Account,  subject to
withdrawal pursuant to Section 3.10.

Section 3.12.  Maintenance of Fire Insurance and
                      Omissions and Fidelity Coverage.

(a) The Master  Servicer  shall cause to be  maintained  for each  Mortgage Loan
(other than a Cooperative  Loan) fire  insurance  with  extended  coverage in an
amount  which is equal to the  lesser  of the  principal  balance  owing on such
Mortgage  Loan  or 100  percent  of the  insurable  value  of the  improvements;

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<PAGE>

provided,  however,  that such coverage may not be less than the minimum  amount
required to fully compensate for any loss or damage on a replacement cost basis.
To the extent it may do so without breaching the related Subservicing Agreement,
the Master  Servicer  shall  replace  any  Subservicer  that does not cause such
insurance, to the extent it is available, to be maintained.  The Master Servicer
shall also cause to be maintained on property acquired upon foreclosure, or deed
in lieu of  foreclosure,  of any Mortgage Loan (other than a Cooperative  Loan),
fire  insurance  with extended  coverage in an amount which is at least equal to
the  amount  necessary  to avoid  the  application  of any  co-insurance  clause
contained in the related hazard insurance policy.  Pursuant to Section 3.07, any
amounts  collected by the Master  Servicer  under any such policies  (other than
amounts to be  applied to the  restoration  or repair of the  related  Mortgaged
Property  or property  thus  acquired or amounts  released to the  Mortgagor  in
accordance with the Master  Servicer's  normal  servicing  procedures)  shall be
deposited in the Custodial  Account,  subject to withdrawal  pursuant to Section
3.10. Any cost incurred by the Master Servicer in maintaining any such insurance
shall  not,  for  the  purpose  of  calculating  monthly  distributions  to  the
Certificateholders,  be added to the  amount  owing  under  the  Mortgage  Loan,
notwithstanding  that the terms of the Mortgage Loan so permit. Such costs shall
be  recoverable  by the Master  Servicer  out of related  late  payments  by the
Mortgagor or out of Insurance  Proceeds and  Liquidation  Proceeds to the extent
permitted by Section  3.10.  It is  understood  and agreed that no earthquake or
other  additional  insurance is to be required of any Mortgagor or maintained on
property  acquired  in respect of a Mortgage  Loan other than  pursuant  to such
applicable  laws and  regulations  as shall at any time be in force and as shall
require such additional insurance. Whenever the improvements securing a Mortgage
Loan (other than a Cooperative  Loan) are located at the time of  origination of
such Mortgage  Loan in a federally  designated  special  flood hazard area,  the
Master  Servicer  shall cause flood  insurance  (to the extent  available) to be
maintained in respect thereof.  Such flood insurance shall be in an amount equal
to the lesser of (i) the amount required to compensate for any loss or damage to
the Mortgaged  Property on a replacement  cost basis and (ii) the maximum amount
of such  insurance  available  for the  related  Mortgaged  Property  under  the
national flood insurance program (assuming that the area in which such Mortgaged
Property is located is participating in such program).

        If the  Master  Servicer  shall  obtain  and  maintain  a  blanket  fire
insurance policy with extended coverage insuring against hazard losses on all of
the  Mortgage  Loans,  it shall  conclusively  be deemed to have  satisfied  its
obligations as set forth in the first sentence of this Section 3.12(a), it being
understood and agreed that such policy may contain a deductible clause, in which
case the Master  Servicer  shall,  in the event  that there  shall not have been
maintained on the related  Mortgaged  Property a policy complying with the first
sentence  of this  Section  3.12(a) and there shall have been a loss which would
have been covered by such policy,  deposit in the Certificate Account the amount
not  otherwise  payable  under the  blanket  policy  because of such  deductible
clause. Any such deposit by the Master Servicer shall be made on the Certificate
Account  Deposit Date next preceding the  Distribution  Date which occurs in the
month  following  the month in which  payments  under any such policy would have
been deposited in the Custodial  Account.  In connection  with its activities as
administrator  and servicer of the Mortgage Loans, the Master Servicer agrees to
present,  on behalf of itself,  the Trustee and the  Certificateholders,  claims
under any such blanket policy.

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<PAGE>

(b) The Master Servicer shall obtain and maintain at its own expense and keep in
full force and effect  throughout the term of this Agreement a blanket  fidelity
bond and an errors and omissions insurance policy covering the Master Servicer's
officers and employees and other persons acting on behalf of the Master Servicer
in connection with its activities  under this Agreement.  The amount of coverage
shall be at least equal to the coverage  that would be required by Fannie Mae or
Freddie Mac,  whichever is greater,  with respect to the Master  Servicer if the
Master Servicer were servicing and  administering  the Mortgage Loans for Fannie
Mae or Freddie  Mac.  In the event that any such bond or policy  ceases to be in
effect, the Master Servicer shall obtain a comparable replacement bond or policy
from an issuer or insurer, as the case may be, meeting the requirements, if any,
of the  Program  Guide and  acceptable  to the  Company.  Coverage of the Master
Servicer under a policy or bond obtained by an Affiliate of the Master  Servicer
and  providing the coverage  required by this Section  3.12(b) shall satisfy the
requirements of this Section 3.12(b).

Section 3.13.  Enforcement of Due-on-Sale Clauses; Assumption and
                      Modification Agreements; Certain Assignments.
                      ---------------------------------------------

(a) When any  Mortgaged  Property  is  conveyed  by the  Mortgagor,  the  Master
Servicer or  Subservicer,  to the extent it has  knowledge  of such  conveyance,
shall enforce any due-on-sale clause contained in any Mortgage Note or Mortgage,
to the extent permitted under applicable law and governmental  regulations,  but
only to the extent that such enforcement will not adversely affect or jeopardize
coverage under any Required Insurance Policy. Notwithstanding the foregoing:

(i)     the  Master  Servicer  shall not be deemed to be in  default  under this
        Section 3.13(a) by reason of any transfer or assumption which the Master
        Servicer is restricted by law from preventing; and

(ii)    if the Master Servicer  determines that it is reasonably likely that any
        Mortgagor will bring,  or if any Mortgagor  does bring,  legal action to
        declare invalid or otherwise avoid  enforcement of a due-on-sale  clause
        contained in any Mortgage Note or Mortgage,  the Master  Servicer  shall
        not be  required to enforce the  due-on-sale  clause or to contest  such
        action.

(b) Subject to the Master  Servicer's duty to enforce any due-on-sale  clause to
the  extent  set  forth in  Section  3.13(a),  in any case in which a  Mortgaged
Property  is to be conveyed  to a Person by a  Mortgagor,  and such Person is to
enter into an assumption or modification agreement or supplement to the Mortgage
Note  or  Mortgage  which  requires  the  signature  of  the  Trustee,  or if an
instrument of release signed by the Trustee is required  releasing the Mortgagor
from liability on the Mortgage Loan, the Master Servicer is authorized,  subject
to the requirements of the sentence next following,  to execute and deliver,  on
behalf of the  Trustee,  the  assumption  agreement  with the Person to whom the
Mortgaged  Property  is  to be  conveyed  and  such  modification  agreement  or
supplement  to the  Mortgage  Note  or  Mortgage  or  other  instruments  as are
reasonable  or necessary to carry out the terms of the Mortgage Note or Mortgage
or otherwise to comply with any  applicable  laws  regarding  assumptions or the
transfer of the Mortgaged Property to such Person;  provided,  however,  none of
such terms and requirements  shall either (i) both (A) constitute a "significant
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

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<PAGE>

acquired by the Trust Fund shall be rented (or allowed to continue to be rented)
or otherwise used by or on behalf of the Trust Fund in such a manner or pursuant
to any terms  that  would (i) cause  such REO  Property  to fail to  qualify  as
"foreclosure  property" within the meaning of Section  860G(a)(8) of the Code or
(ii) subject the Trust Fund to the imposition of any federal income taxes on the
income earned from such REO  Property,  including any taxes imposed by reason of
Section 860G(c) of the Code,  unless the Master Servicer has agreed to indemnify
and hold  harmless  the Trust Fund with  respect to the  imposition  of any such
taxes.

(d) The  proceeds  of any Cash  Liquidation,  REO  Disposition  or  purchase  or
repurchase of any Mortgage Loan pursuant to the terms of this Agreement, as well
as any recovery resulting from a collection of Liquidation  Proceeds,  Insurance
Proceeds or REO Proceeds,  will be applied in the  following  order of priority:
first, to reimburse the Master Servicer or the related Subservicer in accordance
with Section  3.10(a)(ii);  second, to the  Certificateholders  to the extent of
accrued and unpaid  interest on the Mortgage  Loan,  and any related REO Imputed
Interest,  at the Net Mortgage  Rate (or the  Modified Net Mortgage  Rate in the
case of a Modified Mortgage Loan) to the Due Date prior to the Distribution Date
on which such amounts are to be distributed; third, to the Certificateholders as
a recovery of principal on the Mortgage Loan (or REO Property);  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.

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<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

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Section 7.01 and (b) assume the rights and  obligations  of the Master  Servicer
hereunder,  including the  obligation to deposit in the  Certificate  Account an
amount equal to the Advance for the immediately succeeding Distribution Date.

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

Section 4.05.  Allocation of Realized Losses.
               -----------------------------

                             As   provided   in  Section   4.05  of  the  Series
Supplement.

Section 4.06.  Reports of Foreclosures and Abandonment of Mortgaged Property.
               --------------------------------------------------------------

        The Master Servicer or the Subservicers  shall file information  returns
with  respect  to the  receipt  of  mortgage  interests  received  in a trade or
business, the reports of foreclosures and abandonments of any Mortgaged Property
and the information returns relating to cancellation of indebtedness income with
respect to any Mortgaged  Property required by Sections 6050H,  6050J and 6050P,
respectively,  of the Code, and deliver to the Trustee an Officers'  Certificate
on or before  March 31 of each year  stating  that such reports have been filed.
Such reports  shall be in form and  substance  sufficient  to meet the reporting
requirements imposed by Sections 6050H, 6050J and 6050P of the Code.

Section 4.07.  Optional Purchase of Defaulted Mortgage Loans.
               ----------------------------------------------

        As to any  Mortgage  Loan which is  delinquent  in payment by 90 days or
more, the Master  Servicer may, at its option,  purchase such Mortgage Loan from
the Trustee at the Purchase Price  therefor.  If at any time the Master Servicer
makes a payment to the Certificate  Account  covering the amount of the Purchase
Price for such a Mortgage Loan, and the Master Servicer  provides to the Trustee
a  certification  signed by a Servicing  Officer stating that the amount of such
payment has been deposited in the  Certificate  Account,  then the Trustee shall
execute  the  assignment  of such  Mortgage  Loan at the  request  of the Master
Servicer without recourse to the Master Servicer, which shall succeed to all the
Trustee's  right,  title and  interest  in and to such  Mortgage  Loan,  and all
security and documents relative thereto.  Such assignment shall be an assignment
outright and not for  security.  The Master  Servicer  will  thereupon  own such
Mortgage, and all such security and documents, free of any further obligation to
the Trustee or the Certificateholders with respect thereto.

        If,  however,  the Master  Servicer  shall have  exercised  its right to
repurchase  a Mortgage  Loan  pursuant  to this  Section  4.07 upon the  written
request of and with funds provided by the Junior Certificateholder and thereupon
transferred  such  Mortgage  Loan to the  Junior  Certificateholder,  the Master
Servicer shall so notify the Trustee in writing.

Section 4.08.  Surety Bond.
               -----------

(a) If a Required  Surety  Payment is payable  pursuant  to the Surety Bond with
respect to any Additional  Collateral  Loan, the Master Servicer shall so notify
the Trustee as soon as reasonably  practicable  and the Trustee  shall  promptly
complete  the notice in the form of  Attachment  1 to the Surety  Bond and shall
promptly submit such notice to the Surety as a claim for a Required Surety.  The
Master  Servicer shall upon request assist the Trustee in completing such notice
and shall  provide  any  information  requested  by the  Trustee  in  connection
therewith.

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<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.

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<PAGE>

                                   ARTICLE V

                                THE CERTIFICATES

Section 5.01.  The Certificates.
               ----------------

(a) The Senior, Class M, Class B and Class R Certificates shall be substantially
in the forms set forth in Exhibits A, B, C and D,  respectively,  and shall,  on
original  issue,  be executed and  delivered  by the Trustee to the  Certificate
Registrar  for  authentication  and delivery to or upon the order of the Company
upon receipt by the Trustee or one or more Custodians of the documents specified
in Section 2.01. The Certificates shall be issuable in the minimum denominations
designated in the Preliminary Statement to the Series Supplement.

        The Certificates  shall be executed by manual or facsimile  signature on
behalf of an authorized officer of the Trustee.  Certificates bearing the manual
or facsimile  signatures of individuals who were at any time the proper officers
of the Trustee shall bind the Trustee,  notwithstanding that such individuals or
any of them have ceased to hold such  offices  prior to the  authentication  and
delivery of such  Certificate  or did not hold such  offices at the date of such
Certificates.  No  Certificate  shall be  entitled  to any  benefit  under  this
Agreement, or be valid for any purpose, unless there appears on such Certificate
a certificate of  authentication  substantially  in the form provided for herein
executed by the Certificate Registrar by manual signature,  and such certificate
upon any Certificate shall be conclusive evidence,  and the only evidence,  that
such  Certificate  has been duly  authenticated  and  delivered  hereunder.  All
Certificates shall be dated the date of their authentication.

(b) Except as provided below, registration of Book-Entry Certificates may not be
transferred by the Trustee except to another Depository that agrees to hold such
Certificates  for the respective  Certificate  Owners with  Ownership  Interests
therein. The Holders of the Book-Entry  Certificates shall hold their respective
Ownership  Interests in and to each of such Certificates  through the book-entry
facilities  of the  Depository  and,  except  as  provided  below,  shall not be
entitled to Definitive Certificates in respect of such Ownership Interests.  All
transfers by Certificate Owners of their respective  Ownership  Interests in the
Book-Entry  Certificates  shall  be  made  in  accordance  with  the  procedures
established by the Depository  Participant or brokerage firm  representing  such
Certificate  Owner.  Each  Depository  Participant  shall transfer the Ownership
Interests  only  in  the  Book-Entry   Certificates  of  Certificate  Owners  it
represents or of brokerage  firms for which it acts as agent in accordance  with
the Depository's normal procedures.

        The  Trustee,  the Master  Servicer and the Company may for all purposes
(including  the making of payments due on the  respective  Classes of Book-Entry
Certificates)  deal with the Depository as the authorized  representative of the
Certificate  Owners  with  respect  to  the  respective  Classes  of  Book-Entry
Certificates  for the purposes of  exercising  the rights of  Certificateholders
hereunder.  The rights of  Certificate  Owners  with  respect to the  respective
Classes of Book-Entry  Certificates shall be limited to those established by law
and agreements between such Certificate  Owners and the Depository  Participants
and brokerage firms representing such Certificate Owners.  Multiple requests and

                                       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

                                       73
<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.

                                       75
<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.

                                       76
<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

                                       80
<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.

                                       82
<PAGE>

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.

                                       84
<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

                                       85
<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.

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<PAGE>

                                  ARTICLE VIII

                             CONCERNING THE TRUSTEE

Section 8.01.  Duties of Trustee.
               -----------------

(a) The Trustee,  prior to the  occurrence  of an Event of Default and after the
curing or waiver of all Events of Default which may have occurred, undertakes to
perform such duties and only such duties as are  specifically  set forth in this
Agreement. In case an Event of Default has occurred (which has not been cured or
waived),  the Trustee shall  exercise such of the rights and powers vested in it
by this  Agreement,  and use the same degree of care and skill in their exercise
as a prudent  investor  would  exercise  or use under the  circumstances  in the
conduct of such investor's own affairs.

(b) The Trustee,  upon  receipt of all  resolutions,  certificates,  statements,
opinions,  reports,  documents,  orders or other  instruments  furnished  to the
Trustee  which  are  specifically  required  to be  furnished  pursuant  to  any
provision  of this  Agreement,  shall  examine  them to  determine  whether they
conform to the  requirements  of this  Agreement.  The Trustee  shall notify the
Certificateholders  of any such documents which do not materially conform to the
requirements  of  this  Agreement  in the  event  that  the  Trustee,  after  so
requesting, does not receive satisfactorily corrected documents.

        The Trustee shall  forward or cause to be forwarded in a timely  fashion
the  notices,  reports and  statements  required to be  forwarded by the Trustee
pursuant to Sections 4.03,  4.06, 7.03 and 10.01. The Trustee shall furnish in a
timely fashion to the Master  Servicer such  information as the Master  Servicer
may reasonably  request from time to time for the Master Servicer to fulfill its
duties as set forth in this Agreement.  The Trustee covenants and agrees that it
shall perform its obligations hereunder in a manner so as to maintain the status
of any portion of any REMIC formed under the Series  Supplement as a REMIC under
the REMIC Provisions and (subject to Section 10.01(f)) to prevent the imposition
of any federal, state or local income,  prohibited transaction,  contribution or
other tax on the Trust  Fund to the  extent  that  maintaining  such  status and
avoiding  such taxes are  reasonably  within the  control of the Trustee and are
reasonably within the scope of its duties under this Agreement.

(c) No  provision  of this  Agreement  shall be construed to relieve the Trustee
from liability for its own negligent action, its own negligent failure to act or
its own willful misconduct; provided, however, that:

(i)  Prior to the  occurrence  of an Event of  Default,  and after the curing or
     waiver of all such Events of Default  which may have  occurred,  the duties
     and  obligations  of the Trustee shall be determined  solely by the express
     provisions  of this  Agreement,  the Trustee shall not be liable except for
     the  performance  of such duties and  obligations as are  specifically  set
     forth in this Agreement,  no implied covenants or obligations shall be read
     into this Agreement against the Trustee and, in the absence of bad faith on
     the part of the Trustee, the Trustee may conclusively rely, as to the truth
     of the statements and the  correctness of the opinions  expressed  therein,
     upon any  certificates or opinions  furnished to the Trustee by the Company
     or the Master  Servicer  and which on their  face,  do not  contradict  the
     requirements of this Agreement;

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<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;

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<PAGE>

(ii) The Trustee may consult  with  counsel and any Opinion of Counsel  shall be
     full and complete  authorization  and  protection  in respect of any action
     taken  or  suffered  or  omitted  by it  hereunder  in  good  faith  and in
     accordance with such Opinion of Counsel;

(iii)The Trustee  shall be under no  obligation to exercise any of the trusts or
     powers vested in it by this  Agreement or to  institute,  conduct or defend
     any  litigation  hereunder or in relation  hereto at the request,  order or
     direction of any of the  Certificateholders,  pursuant to the provisions of
     this Agreement,  unless such  Certificateholders  shall have offered to the
     Trustee  reasonable  security or indemnity against the costs,  expenses and
     liabilities  which may be incurred  therein or thereby;  nothing  contained
     herein  shall,  however,  relieve the Trustee of the  obligation,  upon the
     occurrence of an Event of Default (which has not been cured or waived),  to
     exercise such of the rights and powers vested in it by this Agreement,  and
     to use the same  degree  of care and skill in their  exercise  as a prudent
     investor  would exercise or use under the  circumstances  in the conduct of
     such investor's own affairs;

(iv) The Trustee shall not be personally  liable for any action taken,  suffered
     or omitted  by it in good  faith and  believed  by it to be  authorized  or
     within  the  discretion  or  rights  or  powers  conferred  upon it by this
     Agreement;

(v)  Prior to the  occurrence  of an Event of  Default  hereunder  and after the
     curing or waiver of all  Events of  Default  which may have  occurred,  the
     Trustee  shall  not be bound to make any  investigation  into the  facts or
     matters  stated  in any  resolution,  certificate,  statement,  instrument,
     opinion,  report, notice, request,  consent, order, approval, bond or other
     paper or  document,  unless  requested  in  writing  so to do by Holders of
     Certificates  of  any  Class  evidencing,  as  to  such  Class,  Percentage
     Interests,  aggregating not less than 50%; provided,  however,  that if the
     payment within a reasonable  time to the Trustee of the costs,  expenses or
     liabilities likely to be incurred by it in the making of such investigation
     is, in the opinion of the Trustee, not reasonably assured to the Trustee by
     the security afforded to it by the terms of this Agreement, the Trustee may
     require  reasonable  indemnity  against  such  expense  or  liability  as a
     condition  to  so  proceeding.   The  reasonable   expense  of  every  such
     examination  shall be paid by the Master  Servicer,  if an Event of Default
     shall   have   occurred   and  is   continuing,   and   otherwise   by  the
     Certificateholder requesting the investigation;

(vi)    The Trustee may execute any of the trusts or powers hereunder or perform
        any  duties  hereunder  either  directly  or by  or  through  agents  or
        attorneys; and

(vii)To the extent  authorized  under the Code and the  regulations  promulgated
     thereunder,  each  Holder  of a  Class  R  Certificate  hereby  irrevocably
     appoints and authorizes the Trustee to be its attorney-in-fact for purposes
     of  signing  any Tax  Returns  required  to be filed on behalf of the Trust
     Fund. The Trustee shall sign on behalf of the Trust Fund and deliver to the
     Master Servicer in a timely manner any Tax Returns prepared by or on behalf
     of the Master  Servicer  that the Trustee is required to sign as determined
     by the Master Servicer pursuant to applicable  federal,  state or local tax
     laws,  provided that the Master  Servicer  shall  indemnify the Trustee for
     signing any such Tax Returns that contain errors or omissions.

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<PAGE>

(b) Following the issuance of the Certificates, the Trustee shall not accept any
contribution of assets to the Trust Fund unless (subject to Section 10.01(f)) it
shall have obtained or been  furnished  with an Opinion of Counsel to the effect
that such  contribution will not (i) cause any portion of any REMIC formed under
the  Series  Supplement  to fail to  qualify  as a REMIC  at any  time  that any
Certificates  are  outstanding or (ii) cause the Trust Fund to be subject to any
federal tax as a result of such  contribution  (including  the imposition of any
federal tax on "prohibited  transactions"  imposed under Section  860F(a) of the
Code).

Section 8.03.  Trustee Not Liable for Certificates or Mortgage Loans.

        The recitals  contained herein and in the  Certificates  (other than the
execution of the  Certificates and relating to the acceptance and receipt of the
Mortgage  Loans) shall be taken as the  statements  of the Company or the Master
Servicer as the case may be, and the Trustee assumes no responsibility for their
correctness.  The  Trustee  makes  no  representations  as to  the  validity  or
sufficiency  of  this  Agreement  or  of  the  Certificates   (except  that  the
Certificates  shall be duly and  validly  executed  and  authenticated  by it as
Certificate  Registrar) or of any Mortgage Loan or related document,  or of MERS
or the MERS(R) System.  Except as otherwise  provided herein,  the Trustee shall
not be  accountable  for the use or  application  by the  Company  or the Master
Servicer of any of the Certificates or of the proceeds of such Certificates,  or
for the use or  application  of any  funds  paid to the  Company  or the  Master
Servicer in respect of the Mortgage  Loans or deposited in or withdrawn from the
Custodial  Account  or the  Certificate  Account  by the  Company  or the Master
Servicer.

Section 8.04.  Trustee May Own Certificates.

        The Trustee in its individual or any other capacity may become the owner
or pledgee  of  Certificates  with the same  rights it would have if it were not
Trustee.

Section 8.05.  Master Servicer to Pay Trustee's Fees
                      and Expenses; Indemnification.

(a) The  Master  Servicer  covenants  and agrees to pay to the  Trustee  and any
co-trustee  from  time to time,  and the  Trustee  and any  co-trustee  shall be
entitled  to,  reasonable  compensation  (which  shall  not  be  limited  by any
provision of law in regard to the compensation of a trustee of an express trust)
for all services  rendered by each of them in the execution of the trusts hereby
created  and in the  exercise  and  performance  of any of the powers and duties
hereunder of the Trustee and any co-trustee, and the Master Servicer will pay or
reimburse  the  Trustee  and any  co-trustee  upon  request  for all  reasonable
expenses,  disbursements  and  advances  incurred  or made by the Trustee or any
co-trustee in accordance with any of the provisions of this Agreement (including
the reasonable  compensation  and the expenses and  disbursements of its counsel
and of all persons not regularly in its employ, and the expenses incurred by the
Trustee or any  co-trustee in connection  with the  appointment  of an office or
agency  pursuant  to Section  8.12)  except any such  expense,  disbursement  or
advance as may arise from its negligence or bad faith.

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<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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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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                                   ARTICLE IX

              TERMINATION OR OPTIONAL PURCHASE OF ALL CERTIFICATES

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

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

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

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

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

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

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

(b) The Master  Servicer  shall give the  Trustee  not less than 60 days'  prior
notice of the  Distribution  Date on which the Master Servicer  anticipates that
the final distribution will be made to  Certificateholders  (whether as a result
of the  exercise by the Master  Servicer of its right to purchase  the assets of
the Trust Fund or otherwise) or on which the Master  Servicer  anticipates  that
the  Certificates  will be purchased  (as a result of the exercise by the Master
Servicer to purchase the  outstanding  Certificates).  Notice of any termination
specifying the anticipated  Final  Distribution Date (which shall be a date that
would otherwise be a Distribution  Date) upon which the  Certificateholders  may
surrender their Certificates to the Trustee (if so required by the terms hereof)
for payment of the final distribution and cancellation or notice of any purchase
of the outstanding Certificates, specifying the Distribution Date upon which the
Holders may surrender their  Certificates  to the Trustee for payment,  shall be
given promptly by the Master Servicer (if it is exercising its right to purchase
the assets of the Trust Fund or to purchase the outstanding Certificates), or by
the Trustee (in any other case) by letter to the  Certificateholders  mailed not
earlier  than the 15th day and not  later  than the 25th day of the  month  next
preceding the month of such final distribution specifying:

(i)     the anticipated Final  Distribution Date upon which final payment of the
        Certificates is anticipated to be made upon  presentation  and surrender
        of  Certificates  at  the  office  or  agency  of  the  Trustee  therein
        designated where required  pursuant to this Agreement or, in the case of
        the purchase by the Master Servicer of the outstanding Certificates, the
        Distribution Date on which such purchase is to be made,

(ii)    the amount of any such final payment,  or in the case of the purchase of
        the  outstanding  Certificates,  the purchase  price, in either case, if
        known, and

(iii)   that the Record Date otherwise  applicable to such  Distribution Date is
        not applicable,  and in the case of the Senior  Certificates,  or in the
        case of all of the  Certificates  in connection with the exercise by the
        Master Servicer of its right to purchase the Certificates,  that payment
        will be made only upon presentation and surrender of the Certificates at
        the office or agency of the Trustee therein specified.

If the Master  Servicer is  obligated  to give notice to  Certificateholders  as
aforesaid,  it shall give such notice to the  Certificate  Registrar at the time
such  notice is given to  Certificateholders  and,  if the  Master  Servicer  is
exercising its rights to purchase the  outstanding  Certificates,  it shall give
such  notice  to each  Rating  Agency  at the  time  such  notice  is  given  to

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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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<PAGE>

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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                                   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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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.

                                      103
<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.

                                      104
<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.

                                      105
<PAGE>

                                   ARTICLE XI
                            MISCELLANEOUS PROVISIONS

Section 11.01. Amendment.

(a) This  Agreement or any Custodial  Agreement may be amended from time to time
by the Company, the Master Servicer and the Trustee,  without the consent of any
of the Certificateholders:

(i)     to cure any ambiguity,

(ii)    to correct or supplement any provisions herein or therein,  which may be
        inconsistent  with any other provisions  herein or therein or to correct
        any error,

(iii)to modify,  eliminate  or add to any of its  provisions  to such  extent as
     shall be necessary or desirable to maintain the  qualification of the Trust
     Fund as a REMIC at all times  that any  Certificate  is  outstanding  or to
     avoid or minimize the risk of the  imposition  of any tax on the Trust Fund
     pursuant to the Code that would be a claim against the Trust Fund, provided
     that the Trustee has  received an Opinion of Counsel to the effect that (A)
     such action is necessary or desirable to maintain such  qualification or to
     avoid or minimize the risk of the  imposition  of any such tax and (B) such
     action will not adversely  affect in any material  respect the interests of
     any Certificateholder,

(iv) to change the timing and/or  nature of deposits into the Custodial  Account
     or the  Certificate  Account or to change  the name in which the  Custodial
     Account is maintained,  provided that (A) the  Certificate  Account Deposit
     Date shall in no event be later than the  related  Distribution  Date,  (B)
     such change  shall not, as  evidenced  by an Opinion of Counsel,  adversely
     affect in any material respect the interests of any  Certificateholder  and
     (C) such change shall not result in a reduction  of the rating  assigned to
     any Class of Certificates below the lower of the then-current rating or the
     rating  assigned to such  Certificates as of the Closing Date, as evidenced
     by a letter from each Rating Agency to such effect,

(v)  to modify,  eliminate or add to the  provisions  of Section  5.02(f) or any
     other provision hereof restricting transfer of the Class R Certificates, by
     virtue of their being the "residual  interests"  in a REMIC,  provided that
     (A) such change shall not result in reduction of the rating assigned to any
     such Class of Certificates  below the lower of the  then-current  rating or
     the  rating  assigned  to such  Certificates  as of the  Closing  Date,  as
     evidenced by a letter from each Rating Agency to such effect,  and (B) such
     change shall not (subject to Section 10.01(f)),  as evidenced by an Opinion
     of Counsel (at the expense of the party seeking so to modify,  eliminate or
     add such  provisions),  cause any  REMIC  created  hereunder  or any of the
     Certificateholders  (other than the  transferor) to be subject to a federal
     tax caused by a transfer to a Person that is not a Permitted Transferee,

(vi) to make any other  provisions with respect to matters or questions  arising
     under  this  Agreement  or such  Custodial  Agreement  which  shall  not 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

                                      106
<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>EXECUTION COPY

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

                        RESIDENTIAL ACCREDIT LOANS, INC.,

                                    Company,

                        RESIDENTIAL FUNDING CORPORATION,

                                Master Servicer,

                                       and

                      DEUTSCHE BANK TRUST COMPANY AMERICAS,

                                     Trustee

                               SERIES SUPPLEMENT,

                           DATED AS OF AUGUST 1, 2002,

                                       TO

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

                 Mortgage Asset-Backed Pass-Through Certificates

                                Series 2002-QS10

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

<PAGE>

<TABLE>
<CAPTION>

<S>                                                                                        <C>
Article I    DEFINITIONS....................................................................5

        Section 1.01.  Definitions..........................................................5

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

Article II   CONVEYANCE OF MORTGAGE LOANS; ORIGINAL

              ISSUANCE OF CERTIFICATES.....................................................17

        Section 2.01.   Conveyance of Mortgage Loans.

                      (See Section 2.01 of the Standard Terms).............................17

            Section 2.02. Acceptance by Trustee. (See Section 2.02 of the Standard
                      Terms)...............................................................17

        Section 2.03.   Representations, Warranties and Covenants of the

                      Master Servicer and the Company......................................17

         Section 2.04. Representations and Warranties of Sellers. (See Section 2.04 of
                      the Standard Terms)..................................................20

        Section 2.05. Execution and Authentication of Certificates/Issuance of
                      Certificates Evidencing Interests in REMIC I Certificates............20

        Section 2.06. Conveyance of Uncertificated REMIC I and REMIC II Regular
                      Interests; Acceptance by the Trustee.................................20

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

        Section 2.08. Purposes and Powers of the Trust (See Section 2.08 of the
                      Standard Terms)......................................................20

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

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

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

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

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

             Section 4.04. Distribution of Reports to the Trustee and the Company;
                          Advances by the Master Servicer. (See Section 4.04 of the
                      Standard Terms)......................................................30

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

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

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

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

Article V       THE CERTIFICATES...........................................................33
<PAGE>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

</TABLE>

<PAGE>

                                    EXHIBITS

Exhibit One:          Mortgage Loan Schedule
Exhibit Two:          Schedule of Discount Fractions
Exhibit Three:        Information to be Included in
                      Monthly Distribution Date Statement
Exhibit Four:         Standard Terms of Pooling and Servicing
                      Agreement Dated as of August 1, 2002
Exhibit Five:         Aggregate Planned Principal Balances

<PAGE>

        This is a Series  Supplement,  dated as of August  1, 2002 (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 Initial  Monthly  Payment Fund),
as one or more real estate  mortgage  investment  conduits (each, a "REMIC") for
federal income tax purposes.

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

                                       1
<PAGE>

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

<TABLE>
<CAPTION>

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

                                              Senior/PAC/Fixed     August 25,
Class A-1         3.75%     $60,000,000.00           Rate              2032        AAA/Aaa     $25,000.00
<S>     <C>       <C>        <C>                                           <C>                  <C>
Class A-2         6.50%      $1,500,000.00    Senior/Retail/Fixed   August 25,     AAA/Aaa      $1,000.00
                                                     Rate              2032
Class A-3         6.50%      $1,500,000.00    Senior/Retail/Fixed   August 25,     AAA/Aaa      $1,000.00
                                                     Rate              2032
Class A-4         6.25%     $20,030,000.00    Senior/Lockout/Fixed  August 25,     AAA/Aaa     $25,000.00
                                                     Rate              2032
Class A-5         6.50%              $0.003     Senior/Interest     August 25,     AAA/Aaa    $2,000,000.00
                                               Only/ Fixed Strip       2032
Class A-6         6.50%      $2,000,000.00    Senior/Retail/Fixed   August 25,     AAA/Aaa      $1,000.00
                                                     Rate              2032
Class A-7         6.50%      $2,400,000.00    Senior/Retail/Fixed   August 25,     AAA/Aaa      $1,000.00
                                                     Rate              2032
Class A-8         6.50%      $2,194,000.00    Senior/Retail/Fixed   August 25,     AAA/Aaa      $1,000.00
                                                     Rate              2032
Class A-9         6.50%              $0.004     Senior/Interest     August 25,     AAA/Aaa    $2,000,000.00
                                               Only/ Fixed Strip       2032
Class A-10        6.50%     $71,800,000.00     Senior/Accretion     August 25,     AAA/Aaa     $25,000.00
                                              Directed/Companion/      2032
                                                  Fixed Rate
Class A-11        6.50%      $2,279,000.00      Senior/Accrual/     August 25,     AAA/Aaa     $25,000.00
                                                Companion/Fixed        2032
                                                     Rate
Class A-12        4.25%     $36,597,000.00     Senior/PAC/Fixed     August 25,     AAA/Aaa     $25,000.00
                                                     Rate              2032
Class A-P         0.00%        $644,587.37         Principal        August 25,     AAA/Aaa     $25,000.00
                                                  Only/Senior          2032
Class A-V       Variable             $0.00         Variable         August 25,     AAA/Aaa    6
               Rate5                            Strip/Interest         2032
                                                  Only/Senior

                                      2
<PAGE>

Class R-I         6.50%            $100.00      Residual/Senior     August 25,     AAA/Aaa    7
                                                                            2032
Class R-II        6.50%            $100.00      Residual/Senior     August 25,     AAA/Aaa          9
                                                                            2032
Class M-1         6.50%      $4,855,100.00         Mezzanine        August 25,      AA/NA      $25,000.00
                                                                            2032
Class M-2         6.50%      $2,110,800.00         Mezzanine        August 25,      A/NA       $250,000.00
                                                                            2032
Class M-3         6.50%                            Mezzanine        August 25,     BBB/NA      $250,000.00
                            $1,266,500.00                              2032
Class B-1         6.50%                           Subordinate       August 25,      BB/NA      $250,000.00
                             $633,300.00                               2032
Class B-2         6.50%                           Subordinate       August 25,      B/NA       $250,000.00
                             $633,200.00                               2032
Class B-3         6.50%                           Subordinate       August 25,      NA/NA      $250,000.00
                             $633,326.83                               2032

</TABLE>

                                       3
<PAGE>

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

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

3    The Class A-5 Certificates do not have a principal balance. For the purpose
     of calculating  interest  payments,  interest on the Class A-5 Certificates
     will accrue on a notional amount equal to the product of 25/650  multiplied
     by the certificate principal balance of the Class A-4 Certificates.

4    The Class A-9 Certificates do not have a principal balance. For the purpose
     of calculating  interest  payments,  interest on the Class A-9 Certificates
     will  accrue on a notional  amount  equal to the sum of (i) the  product of
     275/650  multiplied by the certificate  principal  balance of the Class A-1
     Certificates and (ii) the product of 225/650  multiplied by the certificate
     principal balance of the Class A-12 Certificates.

5    The initial Pass-Through Rate on the Class A-V Certificates is 0.2612%.

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

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

        The Mortgage Loans have an aggregate principal balance as of the Cut-off
Date of $211,077,014.20.

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

                                     4
<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: The earlier to occur of (i) the Distribution
Date on which the  aggregate  Certificate  Principal  Balance  of the  Accretion
Directed  Certificates  has been  reduced  to zero and (ii) the  Credit  Support
Depletion Date.

        ACCRUAL CERTIFICATES:  Any of the Class A-11 Certificates.

        ACCRETION DIRECTED CERTIFICATES:  Any of the Class A-10 Certificates.

        ACCRUAL DISTRIBUTION AMOUNT: With respect to any Distribution Date on or
prior to the  Accretion  Termination  Date, an amount equal to the amount of the
Accrued  Certificate  Interest on the Accrual  Certificates that is added to the
Certificate  Principal  Balance  thereof on such  Distribution  Date pursuant to
Section 4.02(h).

        AGGREGATE  PLANNED  PRINCIPAL  BALANCE:  With  respect  to the Class A-1
Certificates and Class A-12  Certificates and any Distribution  Date, the amount
set forth 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)
$150,000 over (B) the aggregate amount of Bankruptcy  Losses allocated solely to
one or more specific  Classes of Certificates in accordance with Section 4.05 of
this Series  Supplement.  As of any date of  determination on or after the first
anniversary of the Cut-off Date, an amount equal to the excess, if any, of

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

                      (A)  (i)  if  the  aggregate   principal  balance  of  the
               Non-Primary  Residence  Loans as of the Relevant  Anniversary  is
               less than 10% of the Stated  Principal  Balance  of the  Mortgage
               Loans  as of the  Relevant  Anniversary,  $0.00,  or  (ii) if the
               aggregate principal balance of the Non-Primary Residence Loans as
               of the  Relevant  Anniversary  is equal to or greater than 10% of
               the  Stated  Principal  Balance of the  Mortgage  Loans as of the
               Relevant  Anniversary,  the  sum of (I) the  aggregate  principal
               balance of the  Non-Primary  Residence Loans with a Loan-to-Value
               Ratio of  greater  than  80.00%  but less than or equal to 90.00%

                                       5
<PAGE>

               (other than Additional  Collateral Loans),  times 0.25%, (II) the
               aggregate  principal  balance of the Non-Primary  Residence Loans
               with a  Loan-to-Value  Ratio of greater than 90.00% but less than
               or equal to 95.00%  (other  than  Additional  Collateral  Loans),
               times 0.50%,  and (III) the  aggregate  principal  balance of the
               Non-Primary Residence Loans with a Loan-to-Value Ratio of greater
               than 95.00% (other than Additional Collateral Loans) times 0.75%,
               in each case as of the Relevant Anniversary; and

               (B) the  greater  of (i)  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,

               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  2002-QS10"  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-9, Class A-10,
Class A-11,  Class A-12,  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.

                                       6
<PAGE>

        CLOSING DATE:  August 30, 2002.

     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 2002-QS10.

        CUT-OFF DATE:  August 1, 2002.

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

        DISCOUNT NET MORTGAGE RATE:  6.50% per annum.

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

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

        FRAUD LOSS  AMOUNT:  As of any date of  determination  after the Cut-off
Date, an amount equal to: (X) prior to the first anniversary of the Cut-off Date
an amount equal to 3.00% of the aggregate  outstanding  principal balance of all
of the Mortgage Loans as of the Cut-off Date minus the aggregate amount of Fraud
Losses  allocated  solely to one or more  specific  Classes of  Certificates  in
accordance with Section 4.05 of this Series Supplement since the Cut-off Date up
to such date of  determination,  (Y) from the first to, but not  including,  the
second anniversary of the Cut-off Date, an amount equal to (1) the lesser of (a)
the Fraud Loss Amount as of the most recent  anniversary of the Cut-off Date and
(b) 2.00% of the aggregate  outstanding principal balance of all of the Mortgage
Loans as of the most  recent  anniversary  of the  Cut-off  Date  minus  (2) the
aggregate  amount  of Fraud  Losses  allocated  solely  to one or more  specific
Classes of  Certificates  in accordance  with Section 4.05 since the most recent
anniversary of the Cut-off Date up to such date of  determination,  and (Z) from
the second to, 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

                                       7
<PAGE>

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

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

        INITIAL MONTHLY PAYMENT FUND: $153,022, representing scheduled principal
amortization  and interest at the Net Mortgage Rate during the Due Period ending
on September 1, 2002, 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-5  Certificates,
$770,385. With respect to the Class A-9 Certificates,  $38,052,808. 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:  2.30%           Class B-1:  0.30%
        Class M-2:  1.00%           Class B-2:  0.30%
        Class M-3:  0.60%           Class B-3:  0.30%

        INTEREST  ACCRUAL PERIOD:  With respect to any Class of Certificates and
any  Distribution  Date,  the calendar  month  preceding the month in which such
Distribution Date occurs.

     INTEREST ONLY  CERTIFICATES:  Any one of the Class A-5,  Class A-9 or Class
A-V  Certificates.  The  Interest  Only  Certificates  will have no  Certificate
Principal Balance.

        LOCKOUT ADJUSTED  PERCENTAGE:  For any  Distribution  Date (i) occurring
prior to September  2007, 0% and (ii) occurring in or after  September 2007, the
Lockout Percentage.

        LOCKOUT CERTIFICATES:  Any one of the Class A-4 Certificates.

        LOCKOUT  PERCENTAGE:  For any Distribution  Date, the lesser of (i) 100%
and (ii) the Certificate  Principal Balance of the Lockout  Certificates divided
by the aggregate Stated Principal  Balance of the Mortgage Loans (other than the
Discount  Fraction of each Discount  Mortgage  Loan),  in each case  immediately
prior to any allocations of losses or distributions on that Distribution Date.

                                       8
<PAGE>

     LOCKOUT  PREPAYMENT  PERCENTAGE:  For any Distribution Date, the product of
(i) the Lockout Percentage and (ii) the Stepdown Percentage.

     MATURITY DATE: August 25, 2032, the Distribution Date immediately following
the latest scheduled maturity date of any Mortgage Loan.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

        NOTIONAL AMOUNT:  As of any  Distribution  Date, (i) with respect to the
Class A-5  Certificates,  an amount equal to the product of 25/650 multiplied by
the  Certificate  Principal  Balance of the Class A-4  Certificates  immediately
prior to that date, (ii) with respect to the Class A-9  Certificates,  an amount
equal to the sum of (a) the  product of 275/650  multiplied  by the  Certificate
Principal  Balance of the Class A-1 Certificates  immediately prior to that date

                                       9
<PAGE>

and (b) the product of 225/650  multiplied by the Certificate  Principal Balance
of the Class  A-12  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 Class A-V Certificates and Class A-P Certificates), Class M Certificates and
Class B Certificates and any Distribution Date, the per annum rates set forth in
the Preliminary  Statement  hereto.  With respect to the Class A-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 0.2612% 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 6.0% per annum of the then  outstanding  principal
balance of the  related  Mortgage  Loans in the first  month of the life of such
Mortgage  Loans and an additional  1.272727% per annum in each month  thereafter
until the twelfth  month,  and  beginning in the twelfth month and in each month
thereafter during the life of the Mortgage Loans, a constant  prepayment rate of
20.0% 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
               September 2007 (unless the Certificate  Principal Balances of the
               Senior Certificates (other than the Class A-P Certificates), have
               been reduced to zero), 0%.

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

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

                                       10
<PAGE>

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

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

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

        PRINCIPAL ONLY CERTIFICATES:  Any one of the Class A-P Certificates.

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

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

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

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

                                       11
<PAGE>

               (iii)  property  which secured a Mortgage Loan and which has been
                      acquired  for the  benefit  of the  Certificateholders  by
                      foreclosure or deed in lieu of foreclosure,

               (iv)   the  hazard  insurance   policies  and  Primary  Insurance
                      Policies,  if any, the Pledged Assets with respect to each
                      Pledged  Asset  Mortgage  Loan,  and the  interest  in the
                      Surety Bond transferred to the Trustee pursuant to Section
                      2.01 herein, and

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

        REMIC I CERTIFICATES:  The Class R-I Certificates.

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

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

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

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

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

                                       12
<PAGE>

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.

        SPECIAL HAZARD AMOUNT:  As of any Distribution  Date, an amount equal to
$2,110,770  minus the sum of (i) the aggregate  amount of Special  Hazard Losses
allocated  solely to one or more specific  Classes of Certificates in accordance
with Section 4.05 of this Series  Supplement and (ii) the Adjustment  Amount (as
defined below) as most recently calculated.  For each anniversary of the Cut-off
Date, the Adjustment  Amount shall be equal to the amount,  if any, by which the
amount  calculated in accordance  with the preceding  sentence  (without  giving
effect to the deduction of the Adjustment Amount for such  anniversary)  exceeds
the  greater  of (A)  the  greater  of (i) the  product  of the  Special  Hazard
Percentage for such anniversary  multiplied by the outstanding principal balance
of all the Mortgage Loans on the Distribution  Date  immediately  preceding such
anniversary  and (ii) twice the  outstanding  principal  balance of the Mortgage
Loan with the largest outstanding  principal balance as of the Distribution Date
immediately  preceding  such  anniversary  and (B) the 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.

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

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

        STEPDOWN  PERCENTAGE:  For any Distribution  Date occurring prior to the
Distribution  Date  in  September  2007,  0%,  and  for  any  Distribution  Date
thereafter, as follows: 30% for any Distribution Date on or after September 2007
and prior to September 2008; 40% for any Distribution Date on or after September
2008 and prior to  September  2009;  60% for any  Distribution  Date on or after
September 2009 and prior to September 2010; 80% for any Distribution  Date on or
after September 2010 and prior to September 2011; and 100% for any  Distribution
Date thereafter.

                                       13
<PAGE>

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

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

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

        UNCERTIFICATED  PRINCIPAL BALANCE:  With respect to each  Uncertificated
REMIC I Regular Interest, as defined in the definition of Uncertificated REMIC I
Regular Interest.

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

                                       14
<PAGE>

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

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

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

<TABLE>
<CAPTION>

----------------------- --------------------------------- ------------------- -------------------
 Uncertificated REMIC   Related Classes of Certificates   Pass-Through Rate   Initial Principal
  I Regular Interest                                                               Balance
----------------------- --------------------------------- ------------------- -------------------
----------------------- --------------------------------- ------------------- -------------------
<S>                             <C>        <C>            <C>                    <C>
          V             Class A-1, Class A-9,             6.50%                  $ 96,597,000.00
                        --------------------------------
                        Class A-12
----------------------- --------------------------------- ------------------- -------------------
----------------------- --------------------------------- ------------------- -------------------
          W             Class A-4, Class A-5              6.50%                  $ 20,030,000.00
----------------------- --------------------------------- ------------------- -------------------
----------------------- --------------------------------- ------------------- -------------------
          X             Class A-P                         0.00%                   $   644,587.37
----------------------- --------------------------------- ------------------- -------------------
----------------------- --------------------------------- ------------------- -------------------
          Y             Class A-2, Class A-3, Class       6.50%                                $
                        A-6, Class A-7, Class A-8,                                 93,805,426.83
                        Class A-10,  Class A-11,  Class R-II,  Class M-1,  Class
                        M-2, Class M-3, Class B-1, Class B-2, Class B-3
----------------------- --------------------------------- ------------------- -------------------
</TABLE>

        UNCERTIFICATED   REMIC  I   REGULAR   INTERESTS   Z:  Each  of  the  522
uncertificated  partial undivided  beneficial  ownership  interests in the Trust
Fund,  numbered  sequentially  from 1 to 522,  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).

                                       15
<PAGE>

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

        UNCERTIFICATED   REMIC  II  REGULAR   INTERESTS   Z:  Each  of  the  522
uncertificated  partial  undivided  beneficial  ownership  interests in REMIC II
numbered  sequentially  from 1  through  522 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:  Credit Suisse First Boston  Corporation  and Banc of America
Securities LLC.

Section 1.02...USE OF WORDS AND PHRASES.

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

                                       16
<PAGE>

                                   ARTICLE II

                          CONVEYANCE OF MORTGAGE LOANS;

                        ORIGINAL ISSUANCE OF CERTIFICATES

Section  2.01...CONVEYANCE  OF MORTGAGE LOANS. (SEE SECTION 2.01 OF THE STANDARD
     TERMS)

Section 2.02.  ACCEPTANCE BY TRUSTEE.  (SEE SECTION 2.02 OF THE STANDARD TERMS)

Section 2.03.  Representations, Warranties and Covenants
                      OF THE MASTER SERVICER AND THE COMPANY.

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

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

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

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

(iii)   The Mortgage Loans are fully-amortizing,  fixed-rate mortgage loans with
        level  Monthly  Payments due, with respect to a majority of the Mortgage
        Loans,  on the  first  day of  each  month  and  terms  to  maturity  at
        origination or modification of not more than 30 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 35% of the Stated  Principal  Balance of the  Mortgage
     Loan at  origination  if the  Loan-to-Value  Ratio is between  100.00%  and
     95.01%,  (b) at least 30% of the Stated  Principal  Balance of the Mortgage
     Loan at  origination  if the  Loan-to-Value  Ratio is  between  95.00%  and
     90.01%,  (c) at least 25% of such  balance  if the  Loan-to-Value  Ratio is
     between  90.00%  and  85.01%  and (d) at least 12% of such  balance  if the
     Loan-to-Value  Ratio  is  between  85.00%  and  80.01%.  To the best of the
     Company's  knowledge,  each such Primary  Insurance Policy is in full force
     and effect and the Trustee is entitled to the benefits thereunder;

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

                                       17
<PAGE>

(vi)    No more than 0.9% of the Mortgage  Loans by aggregate  Stated  Principal
        Balance  as of the  Cut-off  Date are  secured by  Mortgaged  Properties
        located in any one zip code area in California  and no more than 0.8% of
        the  Mortgage  Loans by  aggregate  Stated  Principal  Balance as of the
        Cut-off Date are secured by Mortgaged  Properties located in any one zip
        code area outside California;

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

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

(ix)    Approximately 58.42% of the Mortgage Loans by aggregate Stated Principal
        Balance as of the Cut-off  Date were  underwritten  under a reduced loan
        documentation  program,  approximately  15.20% 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  2.91%
        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  6.59% of the  Mortgage  Loans by
        aggregate Stated Principal Balance as of the Cut-off Date, the Mortgagor
        represented in its loan application with respect to the related Mortgage
        Loan that the Mortgaged Property would be owner-occupied;

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

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

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

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

                                       18
<PAGE>

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

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

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

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

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

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

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

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

                                       19
<PAGE>

Section 2.04.  REPRESENTATIONS  AND WARRANTIES OF SELLERS.  (SEE SECTION 2.04 OF
     THE STANDARD TERMS)

Section  2.05.   EXECUTION  AND  AUTHENTICATION  OF   CERTIFICATES/ISSUANCE   OF
     CERTIFICATES EVIDENCING INTERESTS IN REMIC I CERTIFICATES.

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

Section               2.06.  Conveyance of  Uncertificated  REMIC I and REMIC II
                      Regular Interests; ACCEPTANCE BY THE TRUSTEE.

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

Section 2.07. ISSUANCE OF CERTIFICATES EVIDENCING INTEREST IN REMIC II.

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

Section 2.08.  PURPOSES  AND  POWERS  OF THE  TRUST.  (SEE  SECTION  2.08 OF THE
     STANDARD TERMS)

                                       20
<PAGE>

                                  ARTICLE III

                          ADMINISTRATION AND SERVICING

                                OF MORTGAGE LOANS

                     (SEE ARTICLE III OF THE STANDARD TERMS)

                                       21
<PAGE>

                                   ARTICLE IV

                         PAYMENTS TO CERTIFICATEHOLDERS

Section 4.01.  CERTIFICATE ACCOUNT.  (SEE SECTION 4.01 OF THE STANDARD TERMS)

Section 4.02.  DISTRIBUTIONS.

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

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

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

                      (X) to the  Accretion  Directed  Certificates,  until  the
        Certificate Principal Balance of the Accretion Directed Certificates has
        been reduced to zero, the Accrual Distribution Amount; and

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

                                       22
<PAGE>

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

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

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

(3)  the  principal  portion of all other  unscheduled  collections  (other than
     Principal  Prepayments  in Full and  Curtailments  and amounts  received in
     connection  with a Cash  Liquidation or REO  Disposition of a Mortgage Loan
     described in Section 4.02(a)(ii)(Y)(B) of this Series Supplement, including
     without  limitation  Insurance  Proceeds,   Liquidation  Proceeds  and  REO
     Proceeds),  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

                                       23
<PAGE>

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

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

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

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

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

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

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

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

               (vii) to the  Holders  of the Class M-2  Certificates,  an amount
        equal to (x) the  Subordinate  Principal  Distribution  Amount  for such
        Class of Certificates for such  Distribution  Date, minus (y) the amount

                                       24
<PAGE>

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

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

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

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

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

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

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

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

                                       25
<PAGE>

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

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

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

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

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

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

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

                                       26
<PAGE>

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

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

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

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

(ii)    second,  an amount  equal to the Accrual  Distribution  Amount  shall be
        distributed  to the  Class  A-10  Certificates,  until  the  Certificate
        Principal  Balance of the Class A-10  Certificates  has been  reduced to
        zero; and

(iii)   third, 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,  to the  Lockout  Certificates,  until  the  Certificate  Principal
     Balance of the Lockout  Certificates has been reduced to zero, in an amount
     equal  to  the  sum of the  (a)  the  Lockout  Adjusted  Percentage  of the
     aggregate  of the  collections  described  in clauses  (A),  (B) and (E) of

                                       27
<PAGE>

     Section  4.02(a)(ii)(Y)  and (b) the Lockout  Prepayment  Percentage of the
     aggregate   of  the   collections   described  in  clause  (C)  of  Section
     4.02(a)(ii)(Y),  in  each  case  without  any  application  of  the  Senior
     Percentage or Senior Accelerated Distribution Percentage; provided that, if
     the  aggregate of the amounts set forth in clauses (A), (B), (C) and (E) of
     Section   4.02(a)(ii)(Y)   is  more  than  the  balance  of  the  Available
     Distribution Amount remaining after the Accrued Certificate Interest due on
     the Senior Certificates,  the Accrual Distribution Amount and the Class A-P
     Distribution  Amount have been distributed,  the amount paid to the Lockout
     Certificates  pursuant to this Section  4.02(b)(iii)(B) shall be reduced by
     an amount equal to the Lockout  Certificates'  pro rata share (based on the
     Certificate  Principal Balance of the Lockout Certificates  relative to the
     aggregate  Certificate  Principal Balance of the Senior Certificates (other
     than the Class A-P Certificates)) of such difference;

(C)            third,  concurrently to the Class A-1 Certificates and Class A-12
               Certificates,  on a pro  rata  basis  in  accordance  with  their
               respective  Certificate  Principal Balances,  until the aggregate
               Certificate  Principal  Balance of the Class A-1 Certificates and
               Class A-12 Certificates has been reduced to the Aggregate Planned
               Principal  Balance  for such  Distribution  Date set forth in the
               table entitled "Aggregate Planned Principal Balances" attached to
               this Agreement as Exhibit Five;

(D)            fourth,  after the  application of the payments of principal made
               in accordance with Section 4.02(b)(ii) above, sequentially to the
               Class  A-10  Certificates  and Class A-11  Certificates,  in that
               order, until the Certificate Principal Balances of the Class A-10
               Certificates  and Class A-11  Certificates  have been  reduced to
               zero;

(E)            fifth,  concurrently to the Class A-1 Certificates and Class A-12
               Certificates,  on a pro  rata  basis  in  accordance  with  their
               respective  Certificate  Principal Balances and without regard to
               the Aggregate  Planned  Principal  Balance for such  Distribution
               Date, until the aggregate  Certificate  Principal  Balance of the
               Class A-1  Certificates  and  Class  A-12  Certificates  has been
               reduced to zero;

                      (F) sixth, sequentially to the Class A-2, Class A-3, Class
               A-6, Class A-7 and Class A-8 Certificates,  in that order,  until
               the Certificate  Principal  Balances of the Class A-2, Class A-3,
               Class A-6, Class A-7 and Class A-8 Certificates have been reduced
               to zero; and

                      (G)  seventh,  to  the  Lockout  Certificates,  until  the
               Certificate  Principal  Balance of the Lockout  Certificates  has
               been reduced to zero.

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

                                       28
<PAGE>

(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  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.

(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

                                       29
<PAGE>

such  Distribution  Date  but  only  upon  presentation  and  surrender  of such
Certificates at the office of the Trustee or as otherwise specified therein, and
(ii) no interest shall accrue on such Certificates from and after the end of the
related Interest Accrual Period. In the event that  Certificateholders  required
to surrender  their  Certificates  pursuant to Section  9.01(c) do not surrender
their  Certificates  for final  cancellation,  the  Trustee  shall  cause  funds
distributable  with  respect  to such  Certificates  to be  withdrawn  from  the
Certificate Account and credited to a separate escrow account for the benefit of
such Certificateholders as provided in Section 9.01(d).

(h) On each Distribution Date preceding the Accretion  Termination Date, Accrued
Certificate  Interest  that  would  otherwise  be  distributed  to  the  Accrual
Certificates  will be added to the Certificate  Principal Balance of the Accrual
Certificates and such amount will thereafter  accrue interest at a rate of 6.50%
per annum. On the Accretion  Termination Date, the Accrued Certificate  Interest
on the Accrual  Certificates for such date will be payable to the holders of the
Accretion  Directed  Certificates  as a  distribution  of principal  pursuant to
Section  4.02(b)(ii)  until the Certificate  Principal Balance thereof have been
reduced to zero,  any such  amount  will be added to the  Certificate  Principal
Balance  of the  Accrual  Certificates,  and any  remaining  amount  of  Accrued
Certificate  Interest will be paid to the holders of the Accrual Certificates as
a distribution  of interest and will not be added to the  Certificate  Principal
Balance thereof;  PROVIDED,  HOWEVER,  if the Accretion  Termination Date is the
Credit Support Depletion Date, the entire amount of Accrued Certificate Interest
on the Accrual  Certificates for such date will be payable to the holders of the
Accrual  Certificates as a distribution of interest and will not be added to the
Certificate Principal Balance thereof.

Section  4.03.  STATEMENTS  TO  CERTIFICATEHOLDERS.  (SEE  SECTION  4.03  OF THE
     STANDARD TERMS AND EXHIBIT THREE ATTACHED HERETO)

Section 4.04.  DISTRIBUTION OF REPORTS TO THE TRUSTEE AND THE COMPANY;  ADVANCES
     BY THE MASTER SERVICER. (SEE SECTION 4.04 OF THE STANDARD TERMS)

Section 4.05.  ALLOCATION OF REALIZED LOSSES.

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

                                       30
<PAGE>

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

        As used herein,  an  allocation of a Realized Loss on a "pro rata basis"
among two or more specified Classes of Certificates means an allocation on a pro
rata  basis,  among the  various  Classes  so  specified,  to each such Class of
Certificates,  on the  basis of their  then  outstanding  Certificate  Principal
Balances prior to giving effect to distributions to be made on such Distribution
Date in the case of the  principal  portion of a  Realized  Loss or based on the
Accrued Certificate  Interest thereon payable on such Distribution Date (without
regard to any Compensating  Interest for such Distribution  Date) in the case of
an interest  portion of a Realized  Loss.  Except as  provided in the  following
sentence, any allocation of the principal portion of Realized Losses (other than
Debt Service  Reductions) to a Class of  Certificates  shall be made by reducing
the  Certificate  Principal  Balance  thereof by the amount so allocated,  which
allocation shall be deemed to have occurred on such Distribution Date;  provided
that the Certificate  Principal Balance of the Accrual Certificates for purposes
of this  Section  4.05  shall be the  lesser  of (a) the  Certificate  Principal
Balance  of the  Accrual  Certificates  as of the  Closing  Date,  and  (b)  the
Certificate  Principal  Balance of the  Accrual  Certificates  as of the date of
determination. Any allocation of the principal portion of Realized Losses (other
than Debt Service  Reductions) to the Subordinate  Certificates then outstanding
with  the  Lowest  Priority  shall be made by  operation  of the  definition  of
"Certificate  Principal  Balance" and by operation of the  provisions of Section
4.02(a).  Allocations of the interest  portions of Realized Losses shall be made
in proportion to the amount of Accrued Certificate  Interest and by operation of
the  definition  of  "Accrued  Certificate  Interest"  and by  operation  of the
provisions of Section  4.02(a).  Allocations  of the  principal  portion of Debt
Service  Reductions  shall be made by  operation  of the  provisions  of Section
4.02(a).  All  Realized  Losses  and all other  losses  allocated  to a Class of
Certificates hereunder will be allocated among the Certificates of such Class in
proportion to the Percentage  Interests evidenced thereby;  provided that if any
Subclasses of the Class A-V  Certificates  have been issued  pursuant to Section
5.01(c),  such  Realized  Losses  and other  losses  allocated  to the Class A-V
Certificates  shall be allocated  among such  Subclasses  in  proportion  to the
respective amounts of Accrued Certificate  Interest payable on such Distribution
Date that would have resulted absent such reductions.

                                       31
<PAGE>

Section 4.06.  REPORTS OF FORECLOSURES  AND  ABANDONMENT OF MORTGAGED  PROPERTY.
     (SEE SECTION 4.06 OF THE STANDARD TERMS)

Section 4.07.  OPTIONAL PURCHASE OF DEFAULTED  MORTGAGE LOANS. (SEE SECTION 4.07
     OF THE STANDARD TERMS)

Section 4.08.  SURETY BOND. (SEE SECTION 4.08 OF THE STANDARD TERMS)

                                       32
<PAGE>

                                   ARTICLE V

                                THE CERTIFICATES

                      (SEE ARTICLE V OF THE STANDARD TERMS)

                                       33
<PAGE>

                                ARTICLE VI.....

                       THE COMPANY AND THE MASTER SERVICER

                     (SEE ARTICLE VI OF THE STANDARD TERMS)

                                       34
<PAGE>

                                ARTICLE VII....

                                     DEFAULT

                     (SEE ARTICLE VII OF THE STANDARD TERMS)

                                       35
<PAGE>

                                ARTICLE VIII...

                             CONCERNING THE TRUSTEE

                    (SEE ARTICLE VIII OF THE STANDARD TERMS)

                                       36
<PAGE>

                                   ARTICLE IX

                                   TERMINATION

                     (SEE ARTICLE IX OF THE STANDARD TERMS)

                                       37
<PAGE>

                                   ARTICLE X

                                REMIC PROVISIONS

Section 10.01..REMIC ADMINISTRATION.  (SEE SECTION 10.01 OF THE STANDARD TERMS)

Section 10.02..MASTER SERVICER; REMIC ADMINISTRATOR AND TRUSTEE INDEMNIFICATION.
     (SEE SECTION 10.02 OF THE STANDARD TERMS)

Section 10.03..DESIGNATION OF REMICS.

        The REMIC  Administrator  will  make an  election  to treat  the  entire
segregated pool of assets described in the definition of Trust Fund, and subject
to this  Agreement  (including  the  Mortgage  Loans but  excluding  the Initial
Monthly  Payment Fund) as a REMIC ("REMIC I") and will make 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-9, Class A-10,  Class A-11, Class A-12, Class A-P,
Class M-1, Class M-2, Class M-3, Class B-1, Class B-2 and Class B-3 Certificates
and the Uncertificated  REMIC II Regular Interests Z, the rights in and to which
will be represented by the Class A-V Certificates,  will be "regular  interests"
in REMIC II, and the Class R-II Certificates will be the sole class of "residual
interests"  therein for  purposes of the REMIC  Provisions  (as defined  herein)
under federal  income tax law. On and after the date of issuance of any Subclass
of Class A-V Certificates  pursuant to Section  5.01(c),  any such Subclass will
represent the Uncertificated  REMIC II Regular Interest or Interests Z specified
by the initial Holder of the Class A-V Certificates pursuant to said Section.

Section  10.04..DISTRIBUTIONS ON THE UNCERTIFICATED REMIC I AND REMIC II REGULAR
     INTERESTS

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

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

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

                                       38
<PAGE>

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

        (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,  Class A-9 and
        Class A-12 Certificates  under Section 4.05 shall be deemed allocated to
        Uncertificated REMIC I Regular Interest V;

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

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

               (v) Realized Losses  allocated to the Class A-2, Class A-3, Class
        A-6, Class A-7, Class A-8, Class A-10, Class A-11, Class M-1, Class M-2,
        Class M-3, Class B-1,  Class B-2, Class B-3 and Class R-II  Certificates
        under Section 4.05 shall be deemed allocated to  Uncertificated  REMIC I
        Regular Interest Y; and

               (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.

        (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

                                       39
<PAGE>

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.

                                       40
<PAGE>

                                   ARTICLE XI

                            MISCELLANEOUS PROVISIONS

Section 11.01. AMENDMENT.  (SEE SECTION 11.01 OF THE STANDARD TERMS)

Section 11.02. RECORDATION OF AGREEMENT; COUNTERPARTS. (SEE SECTION 11.02 OF THE
     STANDARD TERMS)

Section 11.03. LIMITATION ON RIGHTS OF CERTIFICATEHOLDERS. (SEE SECTION 11.03 OF
     THE STANDARD TERMS)

Section 11.04. GOVERNING LAWS.  (SEE SECTION 11.04 OF THE STANDARD TERMS)

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

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

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

----------------------------- -------------------------------------------------
----------------------------- -------------------------------------------------
Trustee                       Corporate Trust Office
                              1761 East St. Andrew Place
                              Santa Ana, California 92705-4934,
                              Attention:  Residential Accredit Loans, Inc.
                                Series 2002-QS10

                              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

----------------------------- -------------------------------------------------
----------------------------- -------------------------------------------------
Standard & Poor's Ratings     55 Water Street Services,  a division of
                                The New York,
                              New York 10041 McGraw-Hill Companies, Inc.
----------------------------- -------------------------------------------------
----------------------------- -------------------------------------------------
Moody's Investors Service, Inc.    99 Church Street, 4th Floor
                                   New York, New York 10004

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

                                       41
<PAGE>

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

Section 11.06.  REQUIRED NOTICES TO RATING AGENCY AND SUBSERVICER.  (SEE SECTION
     11.06 OF THE STANDARD TERMS)

Section 11.07.  SEVERABILITY  OF PROVISIONS.  (SEE SECTION 11.07 OF THE STANDARD
     TERMS)

Section 11.08. SUPPLEMENTAL PROVISIONS FOR RESECURITIZATION.  (SEE SECTION 11.08
     OF THE STANDARD TERMS)

Section 11.09. ALLOCATION OF VOTING RIGHTS.

               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-5  Certificates,  in accordance with their respective
Percentage  Interests;  1% of all Voting  Rights  shall be  allocated  among the
Holders of the Class A-9  Certificates,  in  accordance  with  their  respective
Percentage  Interests;  1% of all Voting  Rights  shall be  allocated  among the
Holders of the Class A-V  Certificates,  in  accordance  with  their  respective
Percentage  Interests;  0.5% of all Voting  Rights shall be allocated  among the
Holders of the Class R-I  Certificates,  in  accordance  with  their  respective
Percentage Interests; and 0.5% of all Voting Rights shall be allocated among the
Holders of the Class R-II  Certificates,  in  accordance  with their  respective
Percentage Interests.

Section 11.10. NO PETITION.

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

                                       42
<PAGE>

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

                                       RESIDENTIAL ACCREDIT LOANS, INC.
[Seal]

                                            By: //S// JULIE STEINHAGEN
                                                 Name:   Julie Steinhagen
                                                 Title:  Vice President

Attest: //S// LISA R. LUNDSTEN
      Name:   Lisa R. Lundsten
      Title:  Vice President

                                       RESIDENTIAL FUNDING CORPORATION
[Seal]

                                            By: //S// LISA R. LUNDSTEN
                                                 Name:  Lisa R. Lundsten
                                                 Title: Managing Director

Attest: //S// JULIE STEINHAGEN
      Name: Julie Steinhagen
      Title: Director

                                DEUTSCHE BANK TRUST COMPANY AMERICAS, as Trustee
[Seal]

                                            By: //S// BARBARA CAMPBELL
                                                 Name: Barbara Campbell
                                                 Title:   Associate

                                            By: //S// JAMES F. NORIEGA
                                                 Name: James F. Noriega
                                                 Title:   Associate

Attest: //S// BARBARA S. ROWE
      Name: Barbara S. Rowe
      Title:   Associate

                                       43
<PAGE>

STATE OF MINNESOTA
                                  )
                                  ) ss.:
COUNTY OF HENNEPIN                )
               On the 30th day of August, 2002 before me, a notary public in and
for said State,  personally appeared Julie Steinhagen,  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// MAREN E. MATTHEWS
                                                   Notary Public

[Notarial Seal]

                                       44
<PAGE>

STATE OF MINNESOTA
                                  )
                                  ) ss.:
COUNTY OF HENNEPIN                )
               On the 30th day of August, 2002 before me, a notary public in and
for  said  State,  personally  appeared  Lisa R.  Lundsten,  known to me to be a
Managing Director of Residential  Funding  Corporation,  one of the corporations
that executed the within  instrument,  and also known to me to be the person who
executed  it on behalf of said  corporation,  and  acknowledged  to me that such
corporation executed the within instrument.

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

                                            //S// MAREN E. MATTHEWS
                                                   Notary Public

[Notarial Seal]

                                       45
<PAGE>

STATE OF CALIFORNIA
                                  )
                                  ) ss.:
COUNTY OF ORANGE                  )
               On the 30th day of August, 2002 before me, a notary public in and
for said  State,  personally  appeared  Barbara  Campbell,  known to me to be an
Associate  of  Deutsche  Bank  Trust  Company  Americas,  the New  York  banking
corporation that executed the within instrument,  and also known to me to be the
person who executed it on behalf of said banking corporation and acknowledged to
me that such banking corporation executed the within instrument.

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

                                            //S// BRENT WAYNE HOYLER
                                                   Notary Public

[Notarial Seal]

                                       46
<PAGE>

STATE OF CALIFORNIA               )
                                  ) ss.:
COUNTY OF ORANGE                  )
               On the 30th day of August, 2002 before me, a notary public in and
for said  State,  personally  appeared  James F.  Noriega,  known to me to be an
Associate  of  Deutsche  Bank  Trust  Company  Americas,  the New  York  banking
corporation that executed the within instrument,  and also known to me to be the
person who executed it on behalf of said banking corporation and acknowledged to
me that such banking corporation executed the within instrument.

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

                                            //S// BRENT WAYNE HOYLER
                                                   Notary Public

[Notarial Seal]

                                       47
<PAGE>

                                   EXHIBIT ONE

                             MORTGAGE LOAN SCHEDULE

  RUN ON     : 08/28/02           RFC DISCLOSURE SYSTEM       RFFSDFIX-01
  AT         : 07.17.05           FIXED PASSTHRU REPORT       AMORTIZED BALANCE
  SERIES     : RALI 2002-QS10                                 CUTOFF : 08/01/02
  POOL       : 0004610
             :
             :
  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
  --------------------------------------------------------------------------

      5772210                              .2500
      396,547.17                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.5000                         .5450

      5799956                              .2500
      396,704.15                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450

      7175702                              .2500
      342,379.09                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.5000                         .5450

      7684309                              .2500
      364,241.47                          .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            6.5000                        1.0450

      7704799                              .2500
      331,925.18                          .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            6.5000                         .9200

      7752635                              .2500
      299,518.76                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.5000                         .2950
1

      7752643                              .2500
      333,744.92                          .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            6.5000                         .9200

      7753171                              .2500
      703,836.71                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.5000                         .2950

      7754353                              .2500
      489,829.17                          .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            6.5000                         .7950

      7756235                              .2500
      632,086.26                          .0800
            8.1250                         .0000
            7.8750                         .0000
            7.7950                         .0000
            6.5000                        1.2950

      7760779                              .2500
      648,957.31                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.5000                         .2950

      7776181                              .2500
      498,780.61                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450

      7780329                              .2500
      297,123.74                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.5000                         .5450

      7781943                              .2500
      291,777.81                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.5000                         .5450
1

      7782093                              .2500
      374,816.03                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.5000                         .4200

      7782105                              .2500
      356,481.58                          .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            6.5000                         .7950

      7782133                              .2500
      335,069.65                          .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
            6.5000                        1.1700

      7782159                              .2500
      388,106.53                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.5000                         .5450

      7782231                              .2500
      261,558.50                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450

      7782257                              .2500
      385,795.32                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.5000                         .4200

      7782259                              .2500
      499,309.54                          .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            6.5000                        1.0450

      7782261                              .2500
      448,347.98                          .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            6.5000                         .7950
1

      7782595                              .2500
      331,727.87                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.5000                         .1700

      7782615                              .2500
      299,741.71                          .0300
            6.7500                         .0000
            6.5000                         .0000
            6.4700                         .0000
            6.4700                         .0000

      7783017                              .2500
      441,735.16                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450

      7783837                              .2500
      406,479.15                          .0800
            8.2500                         .0000
            8.0000                         .0000
            7.9200                         .0000
            6.5000                        1.4200

      7788211                              .2500
      442,423.61                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.5000                         .5450

      7789447                              .2500
      349,438.55                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.5000                         .2950

      7792377                              .2500
      357,699.23                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450

      7794713                              .2500
      479,616.15                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.5000                         .2950
1

      7797053                              .2500
      402,137.73                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.5000                         .1700

      7799009                              .2500
      375,706.69                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.5000                         .4200

      7801893                              .2500
      484,592.55                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450

      7802121                              .2500
      442,736.79                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.5000                         .1700

      7802369                              .2500
      499,590.16                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.5000                         .1700

      7802453                              .2500
      366,691.67                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450

      7803103                              .2500
      398,196.77                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.5000                         .5450

      7805797                              .2500
      299,635.41                          .0300
            6.6250                         .0000
            6.3750                         .0000
            6.3450                         .0000
            6.3450                         .0000
1

      7805841                              .2500
      289,744.14                          .0300
            6.6250                         .0000
            6.3750                         .0000
            6.3450                         .0000
            6.3450                         .0000

      7805871                              .2500
      399,672.12                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.5000                         .1700

      7805919                              .2500
      340,970.27                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.5000                         .1700

      7805961                              .2500
      256,784.09                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450

      7806907                              .2500
      312,730.52                          .0300
            6.7500                         .0000
            6.5000                         .0000
            6.4700                         .0000
            6.4700                         .0000

      7809011                              .2500
      423,634.94                          .0300
            6.7500                         .0000
            6.5000                         .0000
            6.4700                         .0000
            6.4700                         .0000

      7809791                              .2500
      359,719.17                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.5000                         .4200

      7810741                              .2500
      371,446.11                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
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            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450

      7906769                              .2500
      574,950.00                          .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            6.5000                         .7950

      7906773                              .2500
      306,000.00                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450

      7906777                              .2500
      397,000.00                          .0300
            6.7500                         .0000
            6.5000                         .0000
            6.4700                         .0000
            6.4700                         .0000

      7906839                              .2500
      440,000.00                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450
1

      7906863                              .2500
      300,700.00                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.5000                         .5450

      7906937                              .2500
      543,750.00                          .0300
            6.6250                         .0000
            6.3750                         .0000
            6.3450                         .0000
            6.3450                         .0000

      7906951                              .2500
      650,000.00                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450

      7906981                              .2500
      572,000.00                          .0300
            6.7500                         .0000
            6.5000                         .0000
            6.4700                         .0000
            6.4700                         .0000

      7907133                              .2500
      375,676.27                          .0300
            6.7500                         .0000
            6.5000                         .0000
            6.4700                         .0000
            6.4700                         .0000

      7909771                              .2500
      600,000.00                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450

      7909773                              .2500
      376,000.00                          .0300
            6.5000                         .0000
            6.2500                         .0000
            6.2200                         .0000
            6.2200                         .0000

      7909785                              .2500
      428,000.00                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.5000                         .1700
1

      7909789                              .2500
      430,700.00                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.5000                         .2950

      7909799                              .2500
      304,000.00                          .0300
            6.7500                         .0000
            6.5000                         .0000
            6.4700                         .0000
            6.4700                         .0000

      7910435                              .2500
      350,000.00                          .0300
            6.5000                         .0000
            6.2500                         .0000
            6.2200                         .0000
            6.2200                         .0000

      7910449                              .2500
      334,450.00                          .0300
            6.7500                         .0000
            6.5000                         .0000
            6.4700                         .0000
            6.4700                         .0000

      7910499                              .2500
      440,000.00                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450

      7910531                              .2500
      299,250.00                          .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            6.5000                        1.0450

      7910785                              .2500
      361,000.00                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450

      7910803                              .2500
      336,000.00                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.5000                         .4200
1

      7912097                              .2500
      520,400.00                          .0300
            6.6250                         .0000
            6.3750                         .0000
            6.3450                         .0000
            6.3450                         .0000

      7913317                              .2500
      406,064.94                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.5000                         .4200

      7913319                              .2500
      401,156.83                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.5000                         .4200

      7913323                              .2500
      357,948.51                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.5000                         .2950

      7913325                              .2500
      365,116.70                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.5000                         .2950

      7913331                              .2500
      465,968.90                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.5000                         .4200

      7914479                              .2500
      367,350.00                          .0300
            6.5000                         .0000
            6.2500                         .0000
            6.2200                         .0000
            6.2200                         .0000

      7915797                              .2500
      350,100.00                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.5000                         .1700
1

      7916181                              .2500
      391,000.00                          .0300
            6.7500                         .0000
            6.5000                         .0000
            6.4700                         .0000
            6.4700                         .0000

      7916697                              .2500
      335,000.00                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450

      7916703                              .2500
      529,850.00                          .0300
            6.6250                         .0000
            6.3750                         .0000
            6.3450                         .0000
            6.3450                         .0000

      7916709                              .2500
      380,000.00                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450

      7916919                              .2500
      369,000.00                          .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            6.5000                         .7950

      7916979                              .2500
      300,700.00                          .0300
            6.7500                         .0000
            6.5000                         .0000
            6.4700                         .0000
            6.4700                         .0000

      7917467                              .2500
      361,250.00                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450

      7920387                              .2500
      415,000.00                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450
1

      7920597                              .2500
      427,000.00                          .0300
            6.5000                         .0000
            6.2500                         .0000
            6.2200                         .0000
            6.2200                         .0000

      7920605                              .2500
      340,000.00                          .0300
            6.7500                         .0000
            6.5000                         .0000
            6.4700                         .0000
            6.4700                         .0000

      7920735                              .2500
      452,000.00                          .0300
            6.7500                         .0000
            6.5000                         .0000
            6.4700                         .0000
            6.4700                         .0000

      7921503                              .2500
      297,400.00                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.5000                         .4200

      7922053                              .2500
      344,000.00                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450

      7923331                              .2500
      335,000.00                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.5000                         .2950

      7924695                              .2500
      294,500.00                          .0300
            6.5000                         .0000
            6.2500                         .0000
            6.2200                         .0000
            6.2200                         .0000

      7925347                              .2500
      300,000.00                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.5000                         .4200
1

      7925551                              .2500
      388,000.00                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.5000                         .2950

      7927259                              .2500
      296,000.00                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.5000                         .1700

      7930017                              .2500
      400,000.00                          .0300
            6.7500                         .0000
            6.5000                         .0000
            6.4700                         .0000
            6.4700                         .0000

      7930077                              .2500
      280,000.00                          .0300
            6.6250                         .0000
            6.3750                         .0000
            6.3450                         .0000
            6.3450                         .0000

      7930549                              .2500
      379,630.80                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450

      7930591                              .2500
      272,000.00                          .0300
            6.6250                         .0000
            6.3750                         .0000
            6.3450                         .0000
            6.3450                         .0000

      7930611                              .2500
      348,750.00                          .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            6.5000                         .9200

      7930711                              .2500
      300,000.00                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.5000                         .2950
1

      7931263                              .2500
      603,750.00                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.5000                         .1700

      7934015                              .2500
      459,000.00                          .0300
            6.5000                         .0000
            6.2500                         .0000
            6.2200                         .0000
            6.2200                         .0000

      7934195                              .2500
      346,394.21                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.5000                         .5450

      7934197                              .2500
      523,313.42                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.5000                         .5450

      7934199                              .2500
      603,267.19                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.5000                         .2950

      7934203                              .2500
      650,000.00                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.5000                         .6700

      7934205                              .2500
      649,950.00                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.5000                         .6700

      7934365                              .2500
      449,900.00                          .0300
            6.6250                         .0000
            6.3750                         .0000
            6.3450                         .0000
            6.3450                         .0000
1

      7937661                              .2500
      482,000.00                          .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            6.5000                         .9200

      7938251                              .2500
      372,500.00                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.5000                         .1700

      7944653                              .2500
      304,000.00                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450

      7945053                              .2500
      432,000.00                          .0300
            6.5000                         .0000
            6.2500                         .0000
            6.2200                         .0000
            6.2200                         .0000

      8317584                              .2500
      282,779.23                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.5000                         .4200

      8317968                              .2500
      490,587.50                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450

      8318060                              .2500
      380,000.00                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450

      8318580                              .2500
      333,750.00                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.5000                         .5450
1

      8318792                              .2500
      331,600.00                          .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            6.5000                         .9200

      8319380                              .2500
      440,000.00                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450

      8319384                              .2500
      399,663.95                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450

      8319624                              .2500
      408,000.00                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450

      8319646                              .2500
      284,000.00                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.5000                         .1700

      8319960                              .2500
      360,000.00                          .0300
            6.7500                         .0000
            6.5000                         .0000
            6.4700                         .0000
            6.4700                         .0000

      8320102                              .2500
      620,000.00                          .0300
            6.7500                         .0000
            6.5000                         .0000
            6.4700                         .0000
            6.4700                         .0000

      8320132                              .2500
      360,000.00                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.5000                         .5450
1

      8320664                              .2500
      329,400.00                          .0300
            6.6250                         .0000
            6.3750                         .0000
            6.3450                         .0000
            6.3450                         .0000

      8320724                              .2500
      376,000.00                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.5000                         .1700

      8320770                              .2500
      400,000.00                          .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            6.5000                         .7950

      8320894                              .2500
      336,000.00                          .0300
            6.5000                         .0000
            6.2500                         .0000
            6.2200                         .0000
            6.2200                         .0000

      8320944                              .2500
      400,000.00                          .0300
            6.6250                         .0000
            6.3750                         .0000
            6.3450                         .0000
            6.3450                         .0000

      8320956                              .2500
      300,000.00                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.5000                         .2950

      8320976                              .2500
      319,058.80                          .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            6.5000                        1.0450

      8321084                              .2500
      370,000.00                          .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            6.5000                        1.0450
1

      8321260                              .2500
      445,000.00                          .0300
            6.7500                         .0000
            6.5000                         .0000
            6.4700                         .0000
            6.4700                         .0000

      8321558                              .2500
      525,000.00                          .0300
            6.7500                         .0000
            6.5000                         .0000
            6.4700                         .0000
            6.4700                         .0000

      8321600                              .2500
      393,000.00                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.5000                         .2950

      8321860                              .2500
      316,000.00                          .0300
            6.7500                         .0000
            6.5000                         .0000
            6.4700                         .0000
            6.4700                         .0000

  TOTAL NUMBER OF LOANS:      522
  TOTAL BALANCE........:        211,077,014.20

  RUN ON     : 08/28/02            RFC DISCLOSURE SYSTEM      RFFSDFIX-01
  AT         : 07.17.05            INITIAL SECURITY FEES      AMORTIZED BALANCE
  SERIES     : RALI 2002-QS10       FIXED SUMMARY REPORT      CUTOFF : 08/01/02
  POOL       : 0004610
             :
             :
  POOL STATUS: F

                                   WEIGHTED AVERAGES      FROM         TO
  --------------------------------------------------------------------------
  CURR NOTE RATE                        7.0633            6.3750      8.2500
  RFC NET RATE                          6.8110            6.1250      8.0000
  NET MTG RATE(INVSTR RATE)             6.7414            6.0950      7.9200
  POST STRIP RATE                       6.4802            6.0950      6.5000
  SUB SERV FEE                           .2523             .2500       .5000
  MSTR SERV FEE                          .0697             .0300        .0800
  ALL EXP                                .0000             .0000       .0000
  MISC EXP                               .0000             .0000       .0000
  SPREAD                                 .0000             .0000       .0000
  STRIP                                  .2612             .0000      1.4200

  TOTAL NUMBER OF LOANS:   522
  TOTAL BALANCE........:     211,077,014.20

                             ***************************
                             *      END OF REPORT      *
                             ***************************
  RUN ON     : 08/28/02           RFC DISCLOSURE SYSTEM       RFFSD177-01
  AT         : 07.17.05          FIXED RATE LOAN LISTING      AMORTIZED BALANCE
  SERIES     : RALI 2002-QS10                                 CUTOFF : 08/01/02
  POOL       : 0004610
             :
             :
  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 #
  ______________________________________________________________________________

    5772210          W53/G02             F          400,000.00         ZZ
                                         360        396,547.17          1
                                       7.375          2,762.70         80
                                       7.125          2,762.70
    SARASOTA         FL   34241          5            08/24/01         00
    0433300019                           03           10/01/01          0
    7301011199                           O            09/01/31
    0

    5799956          K21/G02             F          400,000.00         ZZ
                                         360        396,704.15          1
                                       6.875          2,627.72         76
                                       6.625          2,627.72
    WESTMONT         IL   60559          5            10/19/01         00
    0433434545                           05           12/01/01          0
    0115667                              O            11/01/31
    0

    7175702          E45/G02             F          344,000.00         ZZ
                                         360        342,379.09          1
                                       7.375          2,375.92         80
                                       7.125          2,375.92
    FOUNTAIN VALLEY  CA   92708          5            01/02/02         00
    0434414108                           05           03/01/02          0
    180102                               O            02/01/32
    0

    7684309          737/G02             F          365,000.00         ZZ
                                         360        364,241.47          1
                                       7.875          2,646.50         70
                                       7.625          2,646.50
    DIX HILLS        NY   11746          5            04/23/02         00
    0434361895                           05           06/01/02          0
1

    1                                    O            05/01/32
    0

    7704799          U05/G02             F          332,500.00         ZZ
                                         360        331,925.18          1
                                       7.750          2,382.07         85
                                       7.500          2,382.07
    HUMMELSTOWN      PA   17036          2            05/09/02         10
    0434074555                           05           07/01/02         12
    3214006                              O            06/01/32
    0

    7752635          X44/G02             F          300,000.00         ZZ
                                         360        299,518.76          1
                                       7.125          2,021.16         77
                                       6.875          2,021.16
    TOWNSHIP OF MAR  NJ   07751          2            05/30/02         00
    0434266615                           05           07/01/02          0
    5548                                 O            06/01/32
    0

    7752643          950/G02             F          334,360.00         ZZ
                                         360        333,744.92          1
                                       7.750          2,395.40         79
                                       7.500          2,395.40
    SAN LEANDRO      CA   94577          1            05/31/02         00
    0434113882                           03           07/01/02          0
    A6202017                             O            06/01/32
    0

    7753171          B43/G02             F          704,400.00         ZZ
                                         360        703,836.71          1
                                       7.125          4,745.67         72
                                       6.875          4,745.67
    ARLINGTON        TX   76012          5            06/21/02         00
    0434278610                           03           08/01/02          0
    27074                                O            07/01/32
    0

    7754353          514/G02             F          492,000.00         ZZ
                                         360        489,829.17          1
                                       7.625          3,482.35         80
                                       7.375          3,482.35
    WASHINGTON       DC   20016          1            01/31/02         00
    0434107066                           05           03/01/02          0
    806303                               O            02/01/32
    0

1

    7756235          E22/G02             F          632,500.00         ZZ
                                         360        632,086.26          1
                                       8.125          4,696.29         49
                                       7.875          4,696.29
    LAHAINA          HI   96761          1            05/31/02         00
    0414205047                           22           08/01/02          0
    0414205047                           N            07/01/32
    0

    7760779          196/G02             F          650,000.00         ZZ
                                         360        648,957.31          1
                                       7.125          4,379.18         77
                                       6.875          4,379.18
    GRANADA HILLS    CA   91344          2            05/24/02         00
    0434190237                           05           07/01/02          0
    1537771                              O            06/01/32
    0

    7776181          952/G02             F          499,200.00         ZZ
                                         360        498,780.61          1
                                       6.875          3,279.39         80
                                       6.625          3,279.39
    WASHINGTON TWP.  NJ   07853          5            06/05/02         00
    0434186003                           05           08/01/02          0
    20013740                             O            07/01/32
    0

    7780329          E22/G02             F          297,350.00         ZZ
                                         360        297,123.74          1
                                       7.375          2,053.72         95
                                       7.125          2,053.72
    STRONSVILLE      OH   44136          1            06/14/02         04
    0414206193                           05           08/01/02         30
    0414206193                           O            07/01/32
    0

    7781943          X67/G02             F          292,000.00         ZZ
                                         360        291,777.81          1
                                       7.375          2,016.77         80
                                       7.125          2,016.77
    SIMI VALLEY      CA   93065          5            06/01/02         00
    0434322848                           29           08/01/02          0
    00267072                             O            07/01/32
    0

    7782093          J95/G02             F          376,000.00         ZZ
                                         360        374,816.03          1
                                       7.250          2,564.99         80
                                       7.000          2,564.99
1

    SAN JOSE         CA   95132          1            03/14/02         00
    0434210423                           05           05/01/02          0
    0028647261                           O            04/01/32
    0

    7782105          J95/G02             F          357,000.00         ZZ
                                         360        356,481.58          1
                                       7.625          2,526.83         84
                                       7.375          2,526.83
    SALEM            NH   03079          2            05/13/02         10
    0434232450                           05           07/01/02         12
    0028793958                           O            06/01/32
    0

    7782133          J95/G02             F          335,750.00         ZZ
                                         360        335,069.65          1
                                       8.000          2,463.61         85
                                       7.750          2,463.61
    HANOVER          NH   03755          1            04/30/02         10
    0434208641                           05           06/01/02         12
    0028882751                           O            05/01/32
    0

    7782159          J95/G02             F          389,000.00         ZZ
                                         360        388,106.53          1
                                       7.375          2,686.73         77
                                       7.125          2,686.73
    CONCORD          CA   94518          2            04/19/02         00
    0434232245                           05           06/01/02          0
    0028974947                           O            05/01/32
    0

    7782231          J95/G02             F          262,000.00         ZZ
                                         360        261,558.50          1
                                       6.875          1,721.16         80
                                       6.625          1,721.16
    DENVER           CO   80212          2            05/09/02         00
    0434222592                           05           07/01/02          0
    0029141850                           O            06/01/32
    0

    7782257          J95/G02             F          386,400.00         ZZ
                                         360        385,795.32          1
                                       7.250          2,635.93         80
                                       7.000          2,635.93
    HERNDON          VA   20170          5            05/24/02         00
    0434222568                           03           07/01/02          0
    0029209426                           O            06/01/32
    0
1

    7782259          J95/G02             F          500,000.00         ZZ
                                         360        499,309.54          1
                                       7.875          3,625.35         79
                                       7.625          3,625.35
    DANVILLE         CA   94526          1            05/10/02         00
    0434220992                           03           07/01/02          0
    0029216397                           O            06/01/32
    0

    7782261          J95/G02             F          449,000.00         ZZ
                                         360        448,347.98          1
                                       7.625          3,178.00         74
                                       7.375          3,178.00
    PHOENIX          AZ   85032          5            05/23/02         00
    0434221735                           05           07/01/02          0
    0029222650                           O            06/01/32
    0

    7782595          964/G02             F          332,000.00         ZZ
                                         360        331,727.87          1
                                       7.000          2,208.80         78
                                       6.750          2,208.80
    RENO             NV   89511          2            06/01/02         00
    0434199493                           05           08/01/02          0
    213166                               O            07/01/32
    0

    7782615          964/G02             F          300,000.00         ZZ
                                         360        299,741.71          1
                                       6.750          1,945.79         53
                                       6.500          1,945.79
    SAN JOSE         CA   95128          1            06/05/02         00
    0434198792                           05           08/01/02          0
    216333                               O            07/01/32
    0

    7783017          H22/G02             F          442,500.00         ZZ
                                         360        441,735.16          1
                                       6.875          2,906.91         75
                                       6.625          2,906.91
    WHITESTONE       NY   11357          1            06/13/02         00
    0434184164                           05           08/01/02          0
    0204031                              O            07/01/32
    0

    7783837          E22/G02             F          407,000.00         ZZ
                                         360        406,479.15          4
1

                                       8.250          3,057.66         82
                                       8.000          3,057.66
    CHICAGO          IL   60647          5            06/11/02         11
    0413963893                           05           07/01/02         12
    0413963893                           O            06/01/32
    0

    7788211          U05/G02             F          443,100.00         ZZ
                                         360        442,423.61          1
                                       7.375          3,060.38         45
                                       7.125          3,060.38
    MONTGOMERY       TX   77356          5            05/24/02         00
    0434338349                           03           07/01/02          0
    3223375                              O            06/01/32
    0

    7789447          601/G02             F          350,000.00         ZZ
                                         360        349,438.55          1
                                       7.125          2,358.02         93
                                       6.875          2,358.02
    CHELSEA          MA   02150          1            05/30/02         11
    0434189635                           07           07/01/02         30
    61440533                             O            06/01/32
    0

    7792377          A21/G02             F          358,000.00         ZZ
                                         360        357,699.23          1
                                       6.875          2,351.81         80
                                       6.625          2,351.81
    PARSIPPANY       NJ   07054          1            06/07/02         00
    0434247714                           05           08/01/02          0
    0100129563                           O            07/01/32
    0

    7794713          U05/G02             F          480,000.00         ZZ
                                         360        479,616.15          1
                                       7.125          3,233.85         78
                                       6.875          3,233.85
    CONIFER          CO   80433          5            06/10/02         00
    0434194270                           05           08/01/02          0
    3235272                              O            07/01/32
    0

    7797053          601/G02             F          402,800.00         ZZ
                                         360        402,137.73          1
                                       7.000          2,679.84         94
                                       6.750          2,679.84
    ARLINGTON        TX   76017          1            05/06/02         11
    0434191128                           05           07/01/02         30
1

    20850996                             O            06/01/32
    0

    7799009          E22/G02             F          376,000.00         ZZ
                                         360        375,706.69          1
                                       7.250          2,564.98         80
                                       7.000          2,564.98
    BELLVILLE        TX   77418          1            06/20/02         00
    0414335356                           05           08/01/02          0
    0414335356                           O            07/01/32
    0

    7801893          W40/G02             F          485,000.00         ZZ
                                         360        484,592.55          1
                                       6.875          3,186.10         71
                                       6.625          3,186.10
    BLOOMFIELD HILL  MI   48304          5            06/21/02         00
    0434203865                           05           08/01/02          0
    101008931                            O            07/01/32
    0

    7802121          E22/G02             F          443,100.00         T
                                         360        442,736.79          1
                                       7.000          2,947.96         70
                                       6.750          2,947.96
    BIG SKY          MT   59716          2            06/24/02         00
    0414171421                           22           08/01/02          0
    0414171421                           O            07/01/32
    0

    7802369          E22/G02             F          500,000.00         ZZ
                                         360        499,590.16          1
                                       7.000          3,326.51         80
                                       6.750          3,326.51
    KIRKLAND         WA   98033          5            06/18/02         00
    0414302596                           05           08/01/02          0
    0414302596                           O            07/01/32
    0

    7802453          S43/G02             F          367,000.00         ZZ
                                         360        366,691.67          1
                                       6.875          2,410.93         78
                                       6.625          2,410.93
    ALBUQUERQUE      NM   87122          2            06/21/02         00
    0434206009                           05           08/01/02          0
    011240                               O            07/01/32
    0

1

    7803103          T44/G02             F          398,500.00         ZZ
                                         360        398,196.77          1
                                       7.375          2,752.34         80
                                       7.125          2,752.34
    OCEANSIDE        CA   92054          1            06/17/02         00
    0434279527                           01           08/01/02          0
    1045699                              O            07/01/32
    0

    7805797          964/G02             F          299,900.00         ZZ
                                         360        299,635.41          1
                                       6.625          1,920.29         60
                                       6.375          1,920.29
    COSTA MESA       CA   92627          2            06/17/02         00
    0434232187                           05           08/01/02          0
    215082                               O            07/01/32
    0

    7805841          964/G02             F          290,000.00         ZZ
                                         360        289,744.14          1
                                       6.625          1,856.90         49
                                       6.375          1,856.90
    SAN RAFAEL       CA   94903          2            06/12/02         00
    0434232989                           05           08/01/02          0
    216871                               O            07/01/32
    0

    7805871          964/G02             F          400,000.00         ZZ
                                         360        399,672.12          1
                                       7.000          2,661.21         75
                                       6.750          2,661.21
    LAS VEGAS        NV   89123          1            06/03/02         00
    0434233540                           03           08/01/02          0
    217755                               O            07/01/32
    0

    7805919          964/G02             F          341,250.00         T
                                         360        340,970.27          1
                                       7.000          2,270.35         75
                                       6.750          2,270.35
    ALPINE           UT   84004          1            06/24/02         00
    0434235396                           05           08/01/02          0
    219546                               O            07/01/32
    0

    7805961          964/G02             F          257,000.00         ZZ
                                         360        256,784.09          1
                                       6.875          1,688.31         78
                                       6.625          1,688.31
1

    SPRING           TX   77380          2            06/20/02         00
    0434225124                           03           08/01/02          0
    223106                               O            07/01/32
    0

    7806907          B39/G02             F          313,000.00         ZZ
                                         360        312,730.52          1
                                       6.750          2,030.11         78
                                       6.500          2,030.11
    STILLWATER       MN   55082          2            06/20/02         00
    0434229183                           05           08/01/02          0
    20021492F                            O            07/01/32
    0

    7809011          944/G02             F          424,000.00         ZZ
                                         360        423,634.94          1
                                       6.750          2,750.06         80
                                       6.500          2,750.06
    LONGBOAT KEY     FL   34228          1            06/24/02         00
    0434213179                           05           08/01/02          0
    W02023716                            O            07/01/32
    0

    7809791          U05/G02             F          360,000.00         ZZ
                                         360        359,719.17          1
                                       7.250          2,455.83         80
                                       7.000          2,455.83
    DALLAS           TX   75230          5            06/13/02         00
    0434330437                           05           08/01/02          0
    3235600                              O            07/01/32
    0

    7810741          E45/G02             F          372,000.00         ZZ
                                         360        371,446.11          1
                                       7.500          2,601.08         47
                                       7.250          2,601.08
    CANTON           GA   30115          5            05/30/02         00
    0434213534                           03           07/01/02          0
    243048                               O            06/01/32
    0

    7810851          E84/G02             F          357,000.00         ZZ
                                         360        356,398.42          1
                                       6.875          2,345.24         80
                                       6.625          2,345.24
    OLD GREENWICH    CT   06870          1            05/09/02         00
    0434218236                           05           07/01/02          0
    15405228                             O            06/01/32
    0
1

    7812257          286/286             F          500,000.00         ZZ
                                         360        499,291.92          1
                                       7.750          3,582.07         57
                                       7.500          3,582.07
    RANCHO SANTA FE  CA   92067          1            05/13/02         00
    1259522                              05           07/01/02          0
    1259522                              N            06/01/32
    0

    7812259          286/286             F          490,000.00         ZZ
                                         360        489,270.41          1
                                       7.500          3,426.16         70
                                       7.250          3,426.16
    SHELBY TOWNSHIP  MI   48315          2            05/09/02         00
    1268765                              05           07/01/02          0
    1268765                              O            06/01/32
    0

    7812279          286/286             F          330,000.00         ZZ
                                         360        329,520.80          1
                                       7.625          2,335.72         80
                                       7.375          2,335.72
    WAYNE            PA   19087          5            05/24/02         00
    1281061                              03           07/01/02          0
    1281061                              O            06/01/32
    0

    7812281          286/286             F          344,000.00         ZZ
                                         360        343,474.87          1
                                       7.375          2,375.93         80
                                       7.125          2,375.93
    WILLITS          CA   95490          2            05/13/02         00
    1298668                              05           07/01/02          0
    1298668                              O            06/01/32
    0

    7812295          286/286             F          500,000.00         ZZ
                                         360        499,291.92          2
                                       7.750          3,582.07         76
                                       7.500          3,582.07
    ALLSTON          MA   02134          1            05/29/02         00
    1289453                              05           07/01/02          0
    1289453                              O            06/01/32
    0

    7812309          286/286             F          326,400.00         ZZ
                                         360        325,914.01          1
1

                                       7.500          2,282.24         80
                                       7.250          2,282.24
    ROCHESTER HILLS  MI   48306          5            05/16/02         00
    1285812                              05           07/01/02          0
    1285812                              O            06/01/32
    0

    7812361          286/286             F          412,500.00         ZZ
                                         360        411,972.11          1
                                       8.250          3,098.98         75
                                       8.000          3,098.98
    MAMARONECK       NY   10543          5            05/13/02         00
    1056807                              05           07/01/02          0
    1056807                              O            06/01/32
    0

    7812375          286/286             F          276,000.00         ZZ
                                         360        275,628.37          4
                                       8.000          2,025.20         80
                                       7.750          2,025.20
    RED BANK         NJ   07701          1            05/30/02         00
    1292171                              05           07/01/02          0
    1292171                              O            06/01/32
    0

    7812443          286/286             F          360,000.00         ZZ
                                         360        359,490.18          1
                                       7.750          2,579.09         75
                                       7.500          2,579.09
    MARS             PA   16046          2            05/24/02         00
    1284457                              05           07/01/02          0
    1284457                              O            06/01/32
    0

    7812575          286/286             F          550,000.00         ZZ
                                         360        548,636.28          1
                                       7.250          3,751.97         75
                                       7.000          3,751.97
    KEY WEST         FL   33040          2            05/10/02         00
    1306945                              05           07/01/02          0
    1306945                              O            06/01/32
    0

    7812621          286/286             F          335,250.00         ZZ
                                         360        334,763.16          1
                                       7.625          2,372.88         80
                                       7.375          2,372.88
    CHANTILLY        VA   20151          1            05/17/02         00
    996709                               03           07/01/02          0
1

    996709                               O            06/01/32
    0

    7812685          286/286             F          643,500.00         ZZ
                                         360        642,611.37          1
                                       7.875          4,665.83         60
                                       7.625          4,665.83
    KEY WEST         FL   33040          1            05/16/02         00
    1262609                              05           07/01/02          0
    1262609                              N            06/01/32
    0

    7812723          286/286             F          314,912.00         ZZ
                                         360        314,431.28          1
                                       7.375          2,175.02         88
                                       7.125          2,175.02
    WESTLAKE VILLAG  CA   91361          5            05/23/02         12
    1310730                              05           07/01/02         25
    1310730                              O            06/01/32
    0

    7812731          286/286             F          440,743.00         T
                                         360        440,423.99          1
                                       7.625          3,119.56         80
                                       7.375          3,119.56
    ST GEORGE ISLAN  FL   32328          1            06/13/02         00
    1303778                              05           08/01/02          0
    1303778                              O            07/01/32
    0

    7812827          286/286             F          359,000.00         ZZ
                                         360        358,438.21          4
                                       7.250          2,449.01         68
                                       7.000          2,449.01
    KEY WEST         FL   33040          2            05/09/02         00
    1301975                              05           07/01/02          0
    1301975                              N            06/01/32
    0

    7812857          286/286             F          448,000.00         ZZ
                                         360        447,349.44          1
                                       7.625          3,170.92         80
                                       7.375          3,170.92
    WESTLANE VILLAG  CA   91361          5            05/10/02         00
    793728                               03           07/01/02          0
    793728                               O            06/01/32
    0

1

    7812945          286/286             F          320,280.00         ZZ
                                         360        319,759.47          1
                                       7.875          2,322.25         80
                                       7.625          2,322.25
    STOCKTON         CA   95209          1            05/16/02         00
    796995                               03           07/01/02          0
    796995                               N            06/01/32
    0

    7812957          286/286             F          465,000.00         ZZ
                                         360        464,307.64          1
                                       7.500          3,251.35         75
                                       7.250          3,251.35
    SANTA CLARA      CA   95051          1            05/29/02         00
    800751                               05           07/01/02          0
    800751                               N            06/01/32
    0

    7812961          286/286             F          344,000.00         ZZ
                                         360        343,487.80          1
                                       7.500          2,405.30         80
                                       7.250          2,405.30
    FREMONT          CA   94538          5            05/02/02         00
    790638                               05           07/01/02          0
    790638                               N            06/01/32
    0

    7813249          998/998             F          372,000.00         ZZ
                                         360        371,373.15          1
                                       6.875          2,443.78         76
                                       6.625          2,443.78
    FLUSHING         NY   11365          1            05/15/02         00
    4210332                              05           07/01/02          0
    4210332                              O            06/01/32
    0

    7813791          E22/G02             F          284,000.00         ZZ
                                         360        283,767.21          1
                                       7.000          1,889.46         80
                                       6.750          1,889.46
    NORTHBROOK       IL   60062          1            06/27/02         00
    0414109223                           01           08/01/02          0
    0414109223                           O            07/01/32
    0

    7814859          286/286             F          269,900.00         ZZ
                                         360        269,436.90          2
                                       8.000          1,980.44         90
                                       7.750          1,980.44
1

    LIBERTYVILLE     IL   60048          1            05/30/02         12
    1285753                              05           07/01/02         25
    1285753                              N            06/01/32
    0

    7815085          286/286             F          428,000.00         ZZ
                                         360        427,362.73          4
                                       7.500          2,992.64         80
                                       7.250          2,992.64
    NORTH HOLLYWOOD  CA   91601          1            05/15/02         00
    1308360                              05           07/01/02          0
    1308360                              N            06/01/32
    0

    7815363          286/286             F          390,000.00         ZZ
                                         360        389,404.66          4
                                       7.375          2,693.63         75
                                       7.125          2,693.63
    GARDEN GROVE     CA   92844          1            05/13/02         00
    791989                               05           07/01/02          0
    791989                               N            06/01/32
    0

    7815509          286/286             F          275,000.00         ZZ
                                         360        274,768.96          1
                                       6.875          1,806.56         65
                                       6.625          1,806.56
    DARLINGTON       MD   21034          2            06/05/02         00
    9650770                              05           08/01/02          0
    9650770                              O            07/01/32
    0

    7815525          286/286             F          284,500.00         T
                                         360        284,043.63          1
                                       7.125          1,916.73         52
                                       6.875          1,916.73
    FENWICK ISLAND   DE   19944          5            05/24/02         00
    497583                               05           07/01/02          0
    497583                               O            06/01/32
    0

    7815579          286/286             F          275,000.00         ZZ
                                         360        274,768.96          1
                                       6.875          1,806.56         70
                                       6.625          1,806.56
    CEDAR HILL       TX   75104          2            06/19/02         00
    520563                               03           08/01/02          0
    520563                               O            07/01/32
    0
1

    7815815          964/G02             F          416,000.00         ZZ
                                         360        415,659.01          1
                                       7.000          2,767.66         80
                                       6.750          2,767.66
    OAKLAND          CA   94602          5            06/10/02         00
    0434361564                           05           08/01/02          0
    213157                               O            07/01/32
    0

    7815823          964/G02             F          567,000.00         ZZ
                                         360        566,523.65          1
                                       6.875          3,724.79         23
                                       6.625          3,724.79
    BEVERLY HILLS    CA   90210          5            06/17/02         00
    0434277737                           05           08/01/02          0
    214464                               O            07/01/32
    0

    7815929          964/G02             F          300,700.00         ZZ
                                         360        300,441.11          1
                                       6.750          1,950.33         68
                                       6.500          1,950.33
    REDONDO BEACH    CA   90277          1            06/21/02         00
    0434318879                           05           08/01/02          0
    220632                               O            07/01/32
    0

    7815983          U05/G02             F          384,000.00         ZZ
                                         360        383,677.39          1
                                       6.875          2,522.61         70
                                       6.625          2,522.61
    LAKEWOOD         CA   90712          2            06/11/02         00
    0434290870                           05           08/01/02          0
    3236482                              O            07/01/32
    0

    7816111          696/G02             F          328,000.00         ZZ
                                         360        327,724.44          1
                                       6.875          2,154.73         80
                                       6.625          2,154.73
    BLUEMONT         VA   20135          1            06/21/02         00
    0434218632                           05           08/01/02          0
    50102091                             O            07/01/32
    0

    7819543          X31/G02             F          452,000.00         ZZ
                                         360        451,629.50          1
1

                                       7.000          3,007.17         61
                                       6.750          3,007.17
    SAN CLEMENTE     CA   92673          1            06/21/02         00
    0434294401                           03           08/01/02          0
    40102563                             O            07/01/32
    0

    7819731          408/G02             F          356,000.00         ZZ
                                         360        355,729.11          1
                                       7.375          2,458.81         80
                                       7.125          2,458.81
    GLADSTONE        MO   64119          5            06/19/02         00
    0434265773                           05           08/01/02          0
    6081                                 O            07/01/32
    0

    7820047          E22/G02             F          360,000.00         ZZ
                                         360        359,712.11          1
                                       7.125          2,425.39         80
                                       6.875          2,425.39
    EAST WENATCHEE   WA   98802          2            06/03/02         00
    0414157297                           05           08/01/02          0
    0414157297                           O            07/01/32
    0

    7820105          E22/G02             F          460,000.00         ZZ
                                         360        459,622.94          1
                                       7.000          3,060.39         80
                                       6.750          3,060.39
    KIRKLAND         WA   98033          5            06/21/02         00
    0414188946                           05           08/01/02          0
    0414188946                           O            07/01/32
    0

    7820327          E22/G02             F          320,000.00         ZZ
                                         360        319,731.16          1
                                       6.875          2,102.17         80
                                       6.625          2,102.17
    LORTON           VA   22079          5            06/24/02         00
    0414277756                           03           08/01/02          0
    0414277756                           O            07/01/32
    0

    7821103          E84/G02             F          325,000.00         ZZ
                                         360        324,452.35          1
                                       6.875          2,135.02         79
                                       6.625          2,135.02
    WEST LINN        OR   97068          1            05/15/02         00
    0434223855                           05           07/01/02          0
1

    44120332                             O            06/01/32
    0

    7821109          E84/G02             F          312,000.00         ZZ
                                         360        311,209.13          1
                                       6.875          2,049.62         80
                                       6.625          2,049.62
    LEESBURG         VA   20175          2            05/03/02         00
    0434223327                           03           06/01/02          0
    11011293                             N            05/01/32
    0

    7822621          E11/G02             F          318,250.00         ZZ
                                         360        318,001.73          1
                                       7.250          2,171.03         95
                                       7.000          2,171.03
    LAKEVILLE        MN   55024          1            06/27/02         04
    0434227096                           05           08/01/02         30
    0002001043232                        O            07/01/32
    0

    7824095          144/144             F          325,000.00         ZZ
                                         360        324,542.10          1
                                       7.125          2,189.59         53
                                       6.875          2,189.59
    CO/SUFFOLK       NY   11963          5            06/13/02         00
    1                                    05           08/01/02          0
    1                                    O            07/01/32
    0

    7826019          E22/G02             F          339,150.00         ZZ
                                         360        338,898.30          1
                                       7.500          2,371.39         95
                                       7.250          2,371.39
    SIMI VALLEY      CA   93065          1            06/26/02         04
    0414272062                           05           08/01/02         35
    0414272062                           O            07/01/32
    0

    7826089          E22/G02             F          400,000.00         ZZ
                                         360        399,663.95          1
                                       6.875          2,627.72         80
                                       6.625          2,627.72
    NEW MARKET       MD   21774          5            06/27/02         00
    0414320952                           03           08/01/02          0
    0414320952                           O            07/01/32
    0

1

    7827585          950/G02             F          650,000.00         ZZ
                                         360        649,480.21          1
                                       7.125          4,379.17         79
                                       6.875          4,379.17
    SANTA MONICA     CA   90402          5            06/05/02         00
    0434278727                           01           08/01/02          0
    E1205108                             O            07/01/32
    0

    7828339          461/G02             F          356,000.00         ZZ
                                         360        355,708.19          1
                                       7.000          2,368.48         80
                                       6.750          2,368.48
    APTOS            CA   95003          1            06/07/02         00
    0434310967                           05           08/01/02          0
    9031454077                           O            07/01/32
    0

    7828341          461/U57             F          397,000.00         ZZ
                                         360        396,682.52          1
                                       7.125          2,674.67         80
                                       6.875          2,674.67
    WEST HOLLYWOOD   CA   90069          1            06/18/02         00
    0434310637                           01           08/01/02          0
    9031445141                           O            07/01/32
    0

    7828389          461/G02             F          456,900.00         ZZ
                                         360        456,900.00          1
                                       7.375          3,155.70         80
                                       7.125          3,155.70
    RANCHO PALOS VE  CA   90275          1            06/24/02         00
    0434245684                           05           09/01/02          0
    9031479975                           O            08/01/32
    0

    7828401          461/G02             F          360,000.00         ZZ
                                         360        359,690.04          1
                                       6.750          2,334.96         80
                                       6.500          2,334.96
    CANYON LAKE      CA   92587          5            06/28/02         00
    0434243184                           03           08/01/02          0
    9031408594                           O            07/01/32
    0

    7828403          461/G02             F          543,750.00         ZZ
                                         360        543,281.83          1
                                       6.750          3,526.76         75
                                       6.500          3,526.76
1

    TEMECULA         CA   92592          1            06/21/02         00
    0434250163                           05           08/01/02          0
    9031500481                           O            07/01/32
    0

    7828411          461/G02             F          568,000.00         ZZ
                                         360        567,556.90          1
                                       7.250          3,874.77         80
                                       7.000          3,874.77
    SAN FRANCISCO    CA   94116          5            06/21/02         00
    0434247938                           05           08/01/02          0
    9031470909                           O            07/01/32
    0

    7828413          461/U57             F          336,000.00         ZZ
                                         360        335,717.71          1
                                       6.875          2,207.29         80
                                       6.625          2,207.29
    SAN DIEGO        CA   92154          5            06/18/02         00
    0434248464                           03           08/01/02          0
    9031455959                           O            07/01/32
    0

    7828419          461/G02             F          370,000.00         ZZ
                                         360        370,000.00          1
                                       6.750          2,399.82         78
                                       6.500          2,399.82
    UNION CITY       CA   94587          1            06/27/02         00
    0434248704                           05           09/01/02          0
    9031479090                           O            08/01/32
    0

    7829675          E22/G02             F          650,000.00         ZZ
                                         360        649,505.40          1
                                       7.375          4,489.39         75
                                       7.125          4,489.39
    NORTH PALM BEAC  FL   33408          5            06/28/02         00
    0413613829                           05           08/01/02          0
    0413613829                           O            07/01/32
    0

    7829891          E22/G02             F          615,856.00         ZZ
                                         360        615,338.60          1
                                       6.875          4,045.74         76
                                       6.625          4,045.74
    HOUSTON          TX   77024          5            06/28/02         00
    0414297515                           05           08/01/02          0
    0414297515                           O            07/01/32
    0
1

    7829931          E22/G02             F          325,550.00         ZZ
                                         360        325,289.66          1
                                       7.125          2,193.29         85
                                       6.875          2,193.29
    STERLING HEIGHT  MI   48310          1            07/03/02         11
    0414329409                           05           08/01/02         25
    0414329409                           O            07/01/32
    0

    7830015          E22/G02             F          323,100.00         ZZ
                                         360        322,866.15          1
                                       7.625          2,286.88         90
                                       7.375          2,286.88
    AUSTIN           TX   78726          1            06/28/02         04
    0414377218                           03           08/01/02         25
    0414377218                           O            07/01/32
    0

    7830397          601/G02             F          390,800.00         ZZ
                                         360        390,203.43          1
                                       7.375          2,699.16         80
                                       7.125          2,699.16
    TAMPA            FL   33611          1            05/22/02         00
    0434227260                           05           07/01/02          0
    61446134                             O            06/01/32
    0

    7830429          W02/G02             F          356,000.00         ZZ
                                         360        355,685.91          1
                                       6.625          2,279.51         80
                                       6.375          2,279.51
    ENTERPRISE       FL   32725          5            06/24/02         00
    0434296612                           05           08/01/02          0
    1001298452                           O            07/01/32
    0

    7830697          601/G02             F          300,700.00         ZZ
                                         360        300,193.30          1
                                       6.875          1,975.38         74
                                       6.625          1,975.38
    AVON             CO   81620          2            05/15/02         00
    0434233292                           09           07/01/02          0
    61456745                             O            06/01/32
    0

    7830999          W39/G02             F          328,500.00         ZZ
                                         360        328,230.73          1
1

                                       7.000          2,185.52         80
                                       6.750          2,185.52
    MADISONVILLE     LA   70447          1            06/28/02         00
    0434330494                           05           08/01/02          0
    MH021643                             O            07/01/32
    0

    7831309          964/G02             F          400,000.00         ZZ
                                         360        399,672.12          1
                                       7.000          2,661.21         69
                                       6.750          2,661.21
    LAGUNITAS        CA   94938          1            06/21/02         00
    0434318721                           05           08/01/02          0
    215396                               N            07/01/32
    0

    7831553          998/998             F          650,000.00         ZZ
                                         360        649,102.42          1
                                       7.875          4,712.95         52
                                       7.625          4,712.95
    CHICAGO          IL   60657          2            05/16/02         00
    4452230                              05           07/01/02          0
    4452230                              O            06/01/32
    0

    7831557          998/998             F          322,000.00         ZZ
                                         360        321,772.73          1
                                       7.750          2,306.85         76
                                       7.500          2,306.85
    CRYSTAL LAKE     IL   60014          2            06/05/02         00
    4701888                              05           08/01/02          0
    4701888                              O            07/01/32
    0

    7831559          998/998             F          376,000.00         ZZ
                                         360        375,467.53          1
                                       7.750          2,693.71         80
                                       7.500          2,693.71
    GLENVIEW         IL   60025          1            06/05/02         00
    4723880                              03           07/01/02          0
    4723880                              O            06/01/32
    0

    7833875          E22/G02             F          392,000.00         ZZ
                                         360        392,000.00          1
                                       6.875          2,575.16         80
                                       6.625          2,575.16
    FOLSOM           CA   95630          5            06/26/02         00
    0414351064                           05           09/01/02          0
1

    0414351064                           O            08/01/32
    0

    7834945          405/405             F          460,000.00         ZZ
                                         360        459,603.94          1
                                       6.750          2,983.56         71
                                       6.500          2,983.56
    SCOTTSDALE       AZ   85259          5            06/21/02         00
    0018524322                           03           08/01/02          0
    0018524322                           O            07/01/32
    0

    7834989          405/405             F          500,000.00         ZZ
                                         360        499,579.93          1
                                       6.875          3,284.65         71
                                       6.500          3,284.65
    WILLOWBROOK      IL   60514          2            06/26/02         00
    0018546028                           05           08/01/02          0
    0018546028                           O            07/01/32
    0

    7837343          952/G02             F          625,000.00         ZZ
                                         360        624,487.69          1
                                       7.000          4,158.14         80
                                       6.750          4,158.14
    RIDGEWOOD        NJ   07450          1            06/27/02         00
    0434316162                           05           08/01/02          0
    20026493                             O            07/01/32
    0

    7838135          X31/G02             F          478,400.00         ZZ
                                         360        477,988.11          1
                                       6.750          3,102.89         80
                                       6.500          3,102.89
    SOUTH PASADENA   CA   91030          1            06/24/02         00
    0434334488                           05           08/01/02          0
    40102766                             O            07/01/32
    0

    7838139          X05/G02             F          321,000.00         ZZ
                                         360        321,000.00          1
                                       7.000          2,135.62         90
                                       6.750          2,135.62
    FAIRFIELD        CA   94533          5            06/24/02         01
    0434264123                           05           09/01/02         25
    1206158                              O            08/01/32
    0

1

    7838431          E22/G02             F          278,800.00         ZZ
                                         360        278,800.00          1
                                       7.375          1,925.60         85
                                       7.125          1,925.60
    LUTZ             FL   33558          5            07/01/02         04
    0414359711                           05           09/01/02         12
    0414359711                           O            08/01/32
    0

    7838435          E22/G02             F          431,000.00         ZZ
                                         360        430,688.06          1
                                       7.625          3,050.59         74
                                       7.375          3,050.59
    MIAMI            FL   33156          5            07/01/02         00
    0414359992                           05           08/01/02          0
    0414359992                           O            07/01/32
    0

    7838445          E22/G02             F          383,000.00         ZZ
                                         360        383,000.00          1
                                       7.125          2,580.34         66
                                       6.875          2,580.34
    SAN JOSE         CA   95117          5            06/28/02         00
    0414364265                           05           09/01/02          0
    0414364265                           O            08/01/32
    0

    7838483          E22/G02             F          391,650.00         ZZ
                                         360        391,650.00          2
                                       7.000          2,605.66         70
                                       6.750          2,605.66
    UNIVERSITY PARK  TX   75205          1            07/05/02         00
    0414396788                           05           09/01/02          0
    0414396788                           O            08/01/32
    0

    7838691          N47/G02             F          300,000.00         ZZ
                                         360        299,747.96          1
                                       6.875          1,970.79         79
                                       6.625          1,970.79
    SAN DIEGO        CA   92126          1            06/27/02         00
    0434280137                           05           08/01/02          0
    30121635                             O            07/01/32
    0

    7838699          642/G02             F          645,500.00         ZZ
                                         360        644,944.24          1
                                       6.750          4,186.70         78
                                       6.500          4,186.70
1

    GROTON           MA   01450          5            06/28/02         00
    0434235446                           05           08/01/02          0
    06191102                             O            07/01/32
    0

    7838905          P44/G02             F          320,000.00         ZZ
                                         360        320,000.00          2
                                       7.625          2,264.94         80
                                       7.375          2,264.94
    REVERE           MA   02151          1            07/03/02         00
    0434266078                           05           09/01/02          0
    0011570                              N            08/01/32
    0

    7839225          313/G02             F          630,000.00         ZZ
                                         360        628,964.17          1
                                       7.000          4,191.41         75
                                       6.750          4,191.41
    SANTA MONICA     CA   90402          5            05/23/02         00
    0434248480                           01           07/01/02          0
    8564981                              O            06/01/32
    0

    7839231          313/G02             F          355,000.00         ZZ
                                         360        354,188.39          1
                                       6.750          2,302.53         79
                                       6.500          2,302.53
    SAN JOSE         CA   95121          1            05/28/02         00
    0434256251                           05           07/01/02          0
    8722696                              O            06/01/32
    0

    7839237          313/G02             F          546,000.00         ZZ
                                         360        545,079.95          1
                                       6.875          3,586.84         60
                                       6.625          3,586.84
    GLENDALE         CA   91208          5            05/17/02         00
    0434236063                           05           07/01/02          0
    8731093                              O            06/01/32
    0

    7839239          313/G02             F          559,200.00         ZZ
                                         360        558,280.57          1
                                       7.000          3,720.38         80
                                       6.750          3,720.38
    SHERMAN OAKS AR  CA   91403          1            05/30/02         00
    0434235057                           05           07/01/02          0
    8726747                              O            06/01/32
    0
1

    7839245          313/G02             F          650,000.00         ZZ
                                         360        648,931.29          1
                                       7.000          4,324.47         39
                                       6.750          4,324.47
    POWAY            CA   92064          2            05/24/02         00
    0434235180                           03           07/01/02          0
    8743015                              O            06/01/32
    0

    7839247          313/G02             F          460,000.00         ZZ
                                         360        459,089.75          1
                                       7.000          3,060.40         80
                                       6.750          3,060.40
    WOODLAND HILLS   CA   91367          1            05/22/02         00
    0434248142                           05           07/01/02          0
    8752057                              O            06/01/32
    0

    7839249          313/G02             F          332,000.00         ZZ
                                         360        331,440.55          1
                                       6.875          2,181.01         67
                                       6.625          2,181.01
    ENCINITAS        CA   92007          5            06/04/02         00
    0434245023                           05           07/01/02          0
    8771602                              O            06/01/32
    0

    7839253          313/G02             F          505,000.00         ZZ
                                         360        504,169.69          1
                                       7.000          3,359.78         58
                                       6.750          3,359.78
    LOS ANGELES      CA   90064          2            05/28/02         00
    0434240743                           05           07/01/02          0
    8654261                              O            06/01/32
    0

    7839255          313/G02             F          497,000.00         ZZ
                                         360        496,202.74          1
                                       7.125          3,348.39         47
                                       6.875          3,348.39
    ORANGE           CA   92867          2            06/05/02         00
    0434243770                           03           07/01/02          0
    8741365                              O            06/01/32
    0

    7839259          313/G02             F          329,000.00         ZZ
                                         360        328,736.90          1
1

                                       7.125          2,216.54         75
                                       6.875          2,216.54
    AGOURA HILLS     CA   91301          2            06/07/02         00
    0434243655                           03           08/01/02          0
    8766792                              O            07/01/32
    0

    7839263          313/G02             F          350,000.00         ZZ
                                         360        349,705.95          1
                                       6.875          2,299.26         68
                                       6.625          2,299.26
    AGOURA HILLS     CA   91301          1            06/12/02         00
    0434319190                           05           08/01/02          0
    8766677                              O            07/01/32
    0

    7839271          313/G02             F          450,000.00         ZZ
                                         360        449,621.95          1
                                       6.875          2,956.18         54
                                       6.625          2,956.18
    LA JOLLA         CA   92037          2            06/13/02         00
    0434246401                           05           08/01/02          0
    8753162                              O            07/01/32
    0

    7839275          313/G02             F          356,000.00         ZZ
                                         360        355,722.28          1
                                       7.250          2,428.55         80
                                       7.000          2,428.55
    CERRITOS         CA   90703          1            06/13/02         00
    0434234209                           05           08/01/02          0
    8778029                              O            07/01/32
    0

    7839277          313/G02             F          366,000.00         ZZ
                                         360        365,707.32          1
                                       7.125          2,465.81         70
                                       6.875          2,465.81
    WOODLAND HILLS   CA   91364          2            06/10/02         00
    0434243978                           05           08/01/02          0
    8773137                              O            07/01/32
    0

    7839279          313/G02             F          338,000.00         ZZ
                                         360        337,729.71          1
                                       7.125          2,277.17         69
                                       6.875          2,277.17
    SANTA CLARA      CA   95054          5            06/17/02         00
    0434243986                           03           08/01/02          0
1

    8680647                              O            07/01/32
    0

    7839281          313/G02             F          356,000.00         ZZ
                                         360        355,722.28          1
                                       7.250          2,428.55         80
                                       7.000          2,428.55
    SAN MATEO        CA   94401          5            06/17/02         00
    0434235750                           01           08/01/02          0
    8748659                              O            07/01/32
    0

    7839287          313/G02             F          352,000.00         ZZ
                                         360        351,704.28          1
                                       6.875          2,312.39         80
                                       6.625          2,312.39
    TORRANCE         CA   90505          1            06/24/02         00
    0434258539                           05           08/01/02          0
    8785404                              O            07/01/32
    0

    7839289          313/G02             F          524,300.00         ZZ
                                         360        523,859.52          1
                                       6.875          3,444.28         70
                                       6.625          3,444.28
    WESTLAKE VILLAG  CA   91362          1            06/18/02         00
    0434248118                           03           08/01/02          0
    8785511                              O            07/01/32
    0

    7839291          313/G02             F          562,800.00         ZZ
                                         360        562,338.67          1
                                       7.000          3,744.33         80
                                       6.750          3,744.33
    SAN FRANCISCO    CA   94127          5            06/24/02         00
    0434244125                           05           08/01/02          0
    8774184                              O            07/01/32
    0

    7839295          313/G02             F          422,800.00         ZZ
                                         360        422,444.79          1
                                       6.875          2,777.50         63
                                       6.625          2,777.50
    CARLSBAD         CA   92009          5            06/27/02         00
    0434235370                           03           08/01/02          0
    8785495                              O            07/01/32
    0

1

    7842689          E22/G02             F          315,900.00         ZZ
                                         360        315,900.00          1
                                       6.875          2,075.24         90
                                       6.625          2,075.24
    LUGOFF           SC   29078          5            07/03/02         01
    0434250387                           05           09/01/02         25
    0414179507                           O            08/01/32
    0

    7842743          E22/G02             F          496,000.00         ZZ
                                         360        496,000.00          1
                                       6.875          3,258.37         80
                                       6.625          3,258.37
    SAN JOSE         CA   95008          5            06/26/02         00
    0414285965                           05           09/01/02          0
    0414285965                           O            08/01/32
    0

    7842843          E22/G02             F          444,000.00         ZZ
                                         360        444,000.00          1
                                       7.500          3,104.51         80
                                       7.250          3,104.51
    FRISCO           TX   75034          5            07/03/02         00
    0414373548                           03           09/01/02          0
    0414373548                           O            08/01/32
    0

    7842973          W40/G02             F          432,000.00         ZZ
                                         360        431,645.89          1
                                       7.000          2,874.11         80
                                       6.750          2,874.11
    HIGHLAND         MI   48356          5            06/27/02         00
    0434261905                           05           08/01/02          0
    101007355                            O            07/01/32
    0

    7843357          E82/G02             F          335,500.00         ZZ
                                         360        335,500.00          1
                                       7.125          2,260.33         80
                                       6.875          2,260.33
    CASTRO VALLEY    CA   94546          2            07/02/02         00
    0400643714                           05           09/01/02          0
    4062191                              O            08/01/32
    0

    7843369          E82/G02             F          508,600.00         ZZ
                                         360        508,600.00          1
                                       7.000          3,383.73         79
                                       6.750          3,383.73
1

    SACRAMENTO       CA   95819          2            06/28/02         00
    0400641312                           05           09/01/02          0
    7363824                              O            08/01/32
    0

    7843491          E11/G02             F          460,000.00         ZZ
                                         360        460,000.00          1
                                       6.875          3,021.87         80
                                       6.625          3,021.87
    MOUND            MN   55364          1            07/08/02         00
    0434250460                           05           09/01/02          0
    1                                    O            08/01/32
    0

    7843787          952/G02             F          500,000.00         ZZ
                                         360        499,609.95          1
                                       7.250          3,410.88         56
                                       7.000          3,410.88
    CLOSTER          NJ   07624          1            07/26/02         00
    0434313219                           05           08/01/02          0
    20026115                             O            07/01/32
    0

    7843823          967/G02             F          340,000.00         ZZ
                                         360        340,000.00          1
                                       7.500          2,377.33         85
                                       7.250          2,377.33
    GRACE            ID   83241          2            07/01/02         04
    0434251245                           05           09/01/02         12
    8945644                              O            08/01/32
    0

    7844995          601/G02             F          550,000.00         ZZ
                                         360        549,591.82          1
                                       7.500          3,845.68         80
                                       7.250          3,845.68
    CHICAGO          IL   60607          2            06/17/02         00
    0434334231                           08           08/01/02          0
    61559746                             O            07/01/32
    0

    7845699          E22/G02             F          315,000.00         ZZ
                                         360        315,000.00          1
                                       6.875          2,069.33         75
                                       6.625          2,069.33
    SAN JOSE         CA   95127          2            07/01/02         00
    0414006031                           05           09/01/02          0
    0414006031                           O            08/01/32
    0
1

    7845737          E22/G02             F          412,500.00         ZZ
                                         360        412,500.00          1
                                       7.375          2,849.03         75
                                       7.125          2,849.03
    COLORADO SPRING  CO   80906          5            07/05/02         00
    0414259705                           03           09/01/02          0
    0414259705                           O            08/01/32
    0

    7845747          E22/G02             F          488,000.00         ZZ
                                         360        488,000.00          1
                                       6.875          3,205.81         80
                                       6.625          3,205.81
    LAKE HAVASU CIT  AZ   86404          5            06/28/02         00
    0414274985                           05           09/01/02          0
    0414274985                           O            08/01/32
    0

    7846537          R65/G02             F          601,600.00         ZZ
                                         360        601,118.91          1
                                       7.125          4,053.09         80
                                       6.875          4,053.09
    WASHINGTON       DC   20011          5            06/21/02         00
    0434332623                           05           08/01/02          0
    411916                               O            07/01/32
    0

    7847135          196/G02             F          325,000.00         ZZ
                                         360        324,752.70          1
                                       7.375          2,244.70         65
                                       7.125          2,244.70
    FAYETTEVILLE     GA   30215          2            06/24/02         00
    0434326534                           05           08/01/02          0
    1309337                              O            07/01/32
    0

    7847141          196/G02             F          450,000.00         ZZ
                                         360        449,621.95          1
                                       6.875          2,956.18         46
                                       6.625          2,956.18
    COLD SPRING HAR  NY   11724          1            06/17/02         00
    0434326146                           05           08/01/02          0
    1319335                              O            07/01/32
    0

    7847233          196/G02             F          320,000.00         ZZ
                                         360        319,510.67          1
1

                                       7.375          2,210.17         80
                                       7.125          2,210.17
    CASTRO VALLEY    CA   94546          1            05/29/02         00
    0434297214                           05           07/01/02          0
    1538796                              O            06/01/32
    0

    7847239          196/G02             F          441,600.00         ZZ
                                         360        441,263.97          1
                                       7.375          3,050.03         80
                                       7.125          3,050.03
    LAKE MARY        FL   32746          1            06/21/02         00
    0434323846                           03           08/01/02          0
    1539294                              O            07/01/32
    0

    7847245          196/G02             F          346,000.00         ZZ
                                         360        345,431.11          1
                                       7.000          2,301.95         78
                                       6.750          2,301.95
    LAGUNA HILLS     CA   92653          2            05/20/02         00
    0434326310                           03           07/01/02          0
    1539651                              O            06/01/32
    0

    7847249          196/G02             F          298,400.00         ZZ
                                         360        298,149.30          1
                                       6.875          1,960.28         80
                                       6.625          1,960.28
    SAN DIEGO        CA   92110          1            06/05/02         00
    0434396214                           01           08/01/02          0
    1539895                              O            07/01/32
    0

    7847277          196/G02             F          268,350.00         ZZ
                                         360        268,130.03          1
                                       7.000          1,785.34         95
                                       6.750          1,785.34
    RICHMOND HILL    GA   31324          1            06/27/02         02
    0434323143                           03           08/01/02         30
    1541573                              O            07/01/32
    0

    7847291          196/G02             F          388,000.00         ZZ
                                         360        387,674.03          1
                                       6.875          2,548.89         75
                                       6.625          2,548.89
    LADERA RANCH (A  CA   92694          5            06/06/02         00
    0434326807                           03           08/01/02          0
1

    1542142                              O            07/01/32
    0

    7847297          196/G02             F          392,000.00         ZZ
                                         360        391,678.68          1
                                       7.000          2,607.99         80
                                       6.750          2,607.99
    LOS ANGELES      CA   90019          1            06/04/02         00
    0434326344                           05           08/01/02          0
    1542266                              O            07/01/32
    0

    7847307          196/G02             F          407,700.00         ZZ
                                         360        407,365.81          1
                                       7.000          2,712.44         90
                                       6.750          2,712.44
    SAN JOSE         CA   95127          1            06/01/02         11
    0434323556                           05           08/01/02         25
    1542488                              O            07/01/32
    0

    7847313          196/G02             F          319,000.00         ZZ
                                         360        318,731.99          1
                                       6.875          2,095.61         54
                                       6.625          2,095.61
    CABIN JOHN       MD   20818          2            06/20/02         00
    0434326716                           05           08/01/02          0
    1542671                              O            07/01/32
    0

    7847373          196/G02             F          419,200.00         ZZ
                                         360        418,839.07          1
                                       6.750          2,718.93         80
                                       6.500          2,718.93
    IRVINE           CA   92618          1            06/26/02         00
    0434324489                           03           08/01/02          0
    1545975                              O            07/01/32
    0

    7847375          196/G02             F          360,000.00         ZZ
                                         360        359,697.55          1
                                       6.875          2,364.95         71
                                       6.625          2,364.95
    SAN JOSE         CA   95127          2            06/27/02         00
    0434324398                           05           08/01/02          0
    1546109                              O            07/01/32
    0

1

    7847381          196/G02             F          420,000.00         ZZ
                                         360        419,647.14          1
                                       6.875          2,759.11         70
                                       6.625          2,759.11
    TEMPLE           TX   76502          1            06/21/02         00
    0434324430                           05           08/01/02          0
    1546503                              O            07/01/32
    0

    7847387          196/G02             F          399,950.00         ZZ
                                         360        399,613.99          1
                                       6.875          2,627.39         80
                                       6.625          2,627.39
    LOS ALAMITOS (A  CA   90720          1            06/21/02         00
    0434322053                           05           08/01/02          0
    1546991                              O            07/01/32
    0

    7847531          U05/G02             F          491,000.00         ZZ
                                         360        491,000.00          1
                                       7.000          3,266.64         67
                                       6.750          3,266.64
    WESTON           FL   33327          5            07/01/02         00
    0434280830                           03           09/01/02          0
    3236696                              O            08/01/32
    0

    7847659          W53/G02             F          650,000.00         ZZ
                                         360        649,440.36          1
                                       6.750          4,215.89         70
                                       6.500          4,215.89
    NEW CITY         NY   10956          1            06/18/02         00
    0434251005                           05           08/01/02          0
    1901002232                           O            07/01/32
    0

    7848029          Q59/G02             F          320,000.00         ZZ
                                         360        320,000.00          1
                                       7.250          2,182.96         80
                                       7.000          2,182.96
    SIERRA MADRE     CA   91024          5            07/03/02         00
    0434321097                           05           09/01/02          0
    400881                               O            08/01/32
    0

    7848087          A35/G02             F          400,000.00         ZZ
                                         360        400,000.00          1
                                       7.125          2,694.87         80
                                       6.875          2,694.87
1

    SYOSSET          NY   11791          1            07/03/02         00
    0434268264                           05           09/01/02          0
    561246761                            O            08/01/32
    0

    7848811          F36/G02             F          340,000.00         ZZ
                                         360        340,000.00          1
                                       7.125          2,290.64         80
                                       6.875          2,290.64
    PORT ORCHARD     WA   98366          5            07/01/02         00
    0434265625                           05           09/01/02          0
    06404836                             O            08/01/32
    0

    7848823          T44/G02             F          325,500.00         ZZ
                                         360        325,233.19          1
                                       7.000          2,165.56         72
                                       6.750          2,165.56
    NEVADA CITY      CA   95959          5            06/11/02         00
    0434266672                           05           08/01/02          0
    1044997                              O            07/01/32
    0

    7848827          253/253             F          341,763.00         ZZ
                                         360        341,475.88          1
                                       6.875          2,245.14         79
                                       6.625          2,245.14
    SOUTHLAKE        TX   76092          1            06/19/02         00
    979354                               05           08/01/02          0
    979354                               O            07/01/32
    0

    7848853          944/G02             F          342,000.00         ZZ
                                         360        342,000.00          1
                                       7.625          2,420.66         85
                                       7.375          2,420.66
    FALLBROOK        CA   92028          2            07/01/02         01
    0434314407                           05           09/01/02         12
    W02025219                            O            08/01/32
    0

    7848867          E22/G02             F          369,000.00         ZZ
                                         360        369,000.00          1
                                       6.500          2,332.33         90
                                       6.250          2,332.33
    VALLEJO          CA   94591          2            07/01/02         01
    0414086488                           05           09/01/02         25
    0414086488                           O            08/01/32
    0
1

    7848895          E22/G02             F          396,000.00         ZZ
                                         360        396,000.00          1
                                       6.750          2,568.45         80
                                       6.500          2,568.45
    LOS ANGELES      CA   90064          1            07/02/02         00
    0414253088                           05           09/01/02          0
    0414253088                           O            08/01/32
    0

    7848905          E22/G02             F          650,000.00         ZZ
                                         360        650,000.00          1
                                       7.125          4,379.17         65
                                       6.875          4,379.17
    SAN CARLOS       CA   94070          2            07/05/02         00
    0414270488                           05           09/01/02          0
    0414270488                           O            08/01/32
    0

    7848959          E22/G02             F          315,000.00         ZZ
                                         360        315,000.00          1
                                       7.125          2,122.21         90
                                       6.875          2,122.21
    PENN VALLEY      CA   95946          1            07/01/02         01
    0414385591                           03           09/01/02         25
    0414385591                           O            08/01/32
    0

    7848975          E22/G02             F          400,000.00         ZZ
                                         360        400,000.00          1
                                       6.875          2,627.72         80
                                       6.625          2,627.72
    SANTA ROSA       CA   95404          1            07/05/02         00
    0414398057                           05           09/01/02          0
    0414398057                           O            08/01/32
    0

    7849001          E22/G02             F          460,000.00         ZZ
                                         360        460,000.00          1
                                       6.875          3,021.87         80
                                       6.625          3,021.87
    SAN RAMON        CA   94583          5            07/03/02         00
    0414438648                           05           09/01/02          0
    0414438648                           O            08/01/32
    0

    7849615          X51/G02             F          324,000.00         ZZ
                                         360        324,000.00          1
1

                                       6.875          2,128.45         80
                                       6.625          2,128.45
    SAN MARCOS       CA   92069          5            07/05/02         00
    0434277828                           05           09/01/02          0
    R2053272                             O            08/01/32
    0

    7849619          G51/G02             F          350,000.00         ZZ
                                         360        349,726.96          1
                                       7.250          2,387.62         77
                                       7.000          2,387.62
    SARASOTA         FL   34240          5            06/13/02         00
    0434328548                           05           08/01/02          0
    1                                    O            07/01/32
    0

    7849781          X51/G02             F          392,000.00         ZZ
                                         360        392,000.00          1
                                       7.000          2,607.99         80
                                       6.750          2,607.99
    ARCADIA          CA   91006          2            07/05/02         00
    0434285656                           05           09/01/02          0
    R2053289                             O            08/01/32
    0

    7849985          J95/G02             F          490,000.00         ZZ
                                         360        489,608.15          1
                                       7.125          3,301.23         77
                                       6.875          3,301.23
    LAFAYETTE        LA   70508          1            06/27/02         00
    0434244000                           05           08/01/02          0
    0028999001                           O            07/01/32
    0

    7851567          196/G02             F          416,000.00         ZZ
                                         360        415,675.47          1
                                       7.250          2,837.86         80
                                       7.000          2,837.86
    CONGERS          NY   10920          5            05/31/02         00
    0434259230                           05           08/01/02          0
    1320743                              O            07/01/32
    0

    7851635          196/G02             F          359,200.00         ZZ
                                         360        358,905.56          1
                                       7.000          2,389.77         80
                                       6.750          2,389.77
    DIAMOND BAR      CA   91765          1            06/06/02         00
    0434284295                           03           08/01/02          0
1

    1538660                              O            07/01/32
    0

    7851735          U05/G02             F          313,000.00         ZZ
                                         360        312,737.04          1
                                       6.875          2,056.19         78
                                       6.625          2,056.19
    MARTINEZ         CA   94553          5            06/21/02         00
    0434331617                           05           08/01/02          0
    3235205                              O            07/01/32
    0

    7851757          K39/G02             F          369,000.00         ZZ
                                         360        368,685.39          1
                                       6.800          2,405.61         68
                                       6.550          2,405.61
    BELMONT          CA   94002          2            06/21/02         00
    0434270906                           05           08/01/02          0
    54040561                             O            07/01/32
    0

    7851857          253/253             F          378,900.00         ZZ
                                         360        378,604.42          1
                                       7.250          2,584.77         89
                                       7.000          2,584.77
    MIDDLETOWN       OH   45044          1            07/01/02         11
    425537                               05           08/01/02         30
    425537                               O            07/01/32
    0

    7852067          S27/G02             F          525,000.00         ZZ
                                         360        525,000.00          1
                                       7.375          3,626.05         70
                                       7.125          3,626.05
    TEQUESTA         FL   33469          1            07/08/02         00
    0434278149                           05           09/01/02          0
    1010020635                           O            08/01/32
    0

    7852987          E86/G02             F          319,999.00         ZZ
                                         360        319,749.37          1
                                       7.250          2,182.96         80
                                       7.000          2,182.96
    UPPER NYACK      NY   10960          1            06/26/02         00
    0434324000                           05           08/01/02          0
    192596                               O            07/01/32
    0

1

    7853805          E22/G02             F          348,000.00         ZZ
                                         360        348,000.00          1
                                       7.125          2,344.54         80
                                       6.875          2,344.54
    BOW              WA   98232          1            07/02/02         00
    0414254979                           05           09/01/02          0
    0414254979                           O            08/01/32
    0

    7853835          E22/G02             F          570,000.00         ZZ
                                         360        570,000.00          1
                                       7.000          3,792.22         75
                                       6.750          3,792.22
    MUKILTEO         WA   98275          5            07/03/02         00
    0414314757                           05           09/01/02          0
    0414314757                           O            08/01/32
    0

    7853851          E22/G02             F          584,000.00         ZZ
                                         360        584,000.00          1
                                       7.125          3,934.52         80
                                       6.875          3,934.52
    STATELINE        NV   89449          1            07/05/02         00
    0414332148                           05           09/01/02          0
    0414332148                           O            08/01/32
    0

    7853853          E22/G02             F          350,000.00         ZZ
                                         360        350,000.00          1
                                       6.750          2,270.09         80
                                       6.500          2,270.09
    DALLAS           TX   75225          5            07/08/02         00
    0414332239                           05           09/01/02          0
    0414332239                           O            08/01/32
    0

    7853901          E22/G02             F          450,000.00         ZZ
                                         360        450,000.00          2
                                       7.000          2,993.86         63
                                       6.750          2,993.86
    SAN FRANCISCO    CA   94122          1            07/05/02         00
    0414362517                           05           09/01/02          0
    0414362517                           N            08/01/32
    0

    7853939          E22/G02             F          332,000.00         ZZ
                                         360        331,734.50          1
                                       7.125          2,236.75         75
                                       6.875          2,236.75
1

    ROSWELL          GA   30075          5            06/28/02         00
    0414390203                           03           08/01/02          0
    0414390203                           O            07/01/32
    0

    7854005          E22/G02             F          334,400.00         ZZ
                                         360        334,400.00          1
                                       6.750          2,168.91         80
                                       6.500          2,168.91
    MURRIETA         CA   92562          1            07/10/02         00
    0414451344                           05           09/01/02          0
    0414451344                           O            08/01/32
    0

    7854155          E82/G02             F          600,000.00         ZZ
                                         360        600,000.00          1
                                       7.125          4,042.31         80
                                       6.875          4,042.31
    ALPHARETTA       GA   30005          5            07/09/02         00
    0400650610                           05           09/01/02          0
    0400650610                           O            08/01/32
    0

    7854175          M27/G02             F          552,000.00         ZZ
                                         360        551,547.53          1
                                       7.000          3,672.47         80
                                       6.750          3,672.47
    HIGH POINT       NC   27265          1            06/28/02         00
    0434278792                           05           08/01/02          0
    0100062015                           O            07/01/32
    0

    7855019          E86/G02             F          459,400.00         ZZ
                                         360        459,050.44          1
                                       7.375          3,172.96         80
                                       7.125          3,172.96
    LEESBURG         VA   20175          1            06/28/02         00
    0434322285                           03           08/01/02          0
    0000205101                           O            07/01/32
    0

    7855765          477/G02             F          345,000.00         ZZ
                                         360        344,737.48          1
                                       7.375          2,382.83         77
                                       7.125          2,382.83
    MISSION VIEJO    CA   92692          5            06/10/02         00
    0434276598                           03           08/01/02          0
    232334                               O            07/01/32
    0
1

    7855971          737/G02             F          300,000.00         ZZ
                                         360        299,782.87          4
                                       7.625          2,123.38         80
                                       7.375          2,123.38
    CHICAGO          IL   60641          1            07/01/02         00
    0434319463                           05           08/01/02          0
    2072201                              N            07/01/32
    0

    7856693          N67/G02             F          399,950.00         ZZ
                                         360        399,638.00          1
                                       7.250          2,728.36         80
                                       7.000          2,728.36
    HUNTSVILLE       TX   77340          4            06/07/02         00
    0434283925                           05           08/01/02          0
    1161000784A                          O            07/01/32
    0

    7856747          N67/G02             F          434,500.00         ZZ
                                         360        433,803.00          1
                                       7.125          2,927.31         46
                                       6.875          2,927.31
    RENO             NV   89511          5            05/14/02         00
    0434284329                           03           07/01/02          0
    1260004173A                          O            06/01/32
    0

    7857199          N67/G02             F          270,000.00         ZZ
                                         360        269,799.62          3
                                       7.500          1,887.88         68
                                       7.250          1,887.88
    BROOKLYN         NY   11224          1            06/11/02         00
    0434287652                           05           08/01/02          0
    3274001477A                          O            07/01/32
    0

    7857215          N67/G02             F          365,000.00         ZZ
                                         360        364,483.12          4
                                       7.750          2,614.90         77
                                       7.500          2,614.90
    BROOKLYN         NY   11218          1            06/04/02         00
    0434287736                           05           07/01/02          0
    3274001812A                          O            06/01/32
    0

    7857389          E22/G02             F          626,250.00         ZZ
                                         360        626,250.00          1
1

                                       7.250          4,272.13         75
                                       7.000          4,272.13
    RANCHO PALOS VE  CA   90275          1            07/08/02         00
    0414242750                           05           09/01/02          0
    0414242750                           O            08/01/32
    0

    7857511          E22/G02             F          345,000.00         ZZ
                                         360        345,000.00          1
                                       6.875          2,266.40         75
                                       6.625          2,266.40
    CLAYTON          CA   94517          5            07/10/02         00
    0414349241                           05           09/01/02          0
    0414349241                           O            08/01/32
    0

    7857547          E22/G02             F          375,500.00         ZZ
                                         360        375,500.00          1
                                       6.750          2,435.49         77
                                       6.500          2,435.49
    LEWIS CENTER     OH   43035          1            07/15/02         00
    0414369603                           05           09/01/02          0
    0414369603                           O            08/01/32
    0

    7857639          E22/G02             F          380,000.00         ZZ
                                         360        380,000.00          1
                                       7.375          2,624.57         80
                                       7.125          2,624.57
    AUSTIN           TX   78746          5            07/10/02         00
    0414432898                           01           09/01/02          0
    0414432898                           O            08/01/32
    0

    7857649          E22/G02             F          280,000.00         ZZ
                                         360        280,000.00          1
                                       7.000          1,862.85         80
                                       6.750          1,862.85
    AMESBURY         MA   01913          1            07/15/02         00
    0414444273                           05           09/01/02          0
    0414444273                           O            08/01/32
    0

    7858181          696/G02             F          521,000.00         ZZ
                                         360        521,000.00          1
                                       7.000          3,466.23         75
                                       6.750          3,466.23
    COMUS            MD   20842          2            07/08/02         00
    0434263141                           05           09/01/02          0
1

    31202209                             O            08/01/32
    0

    7860185          738/G02             F          312,000.00         ZZ
                                         360        311,602.00          1
                                       7.000          2,075.75         80
                                       6.750          2,075.75
    ATLANTA          GA   30328          1            06/13/02         00
    0434416186                           03           08/01/02          0
    40466019                             O            07/01/32
    0

    7860751          E22/G02             F          340,000.00         ZZ
                                         360        340,000.00          1
                                       7.250          2,319.40         80
                                       7.000          2,319.40
    ALBANY           CA   94706          1            07/08/02         00
    0414128025                           05           09/01/02          0
    0414128025                           O            08/01/32
    0

    7860757          E22/G02             F          637,500.00         ZZ
                                         360        637,500.00          1
                                       7.375          4,403.05         75
                                       7.125          4,403.05
    BLOCK ISLAND     RI   02807          5            07/11/02         00
    0414162768                           05           09/01/02          0
    0414162768                           O            08/01/32
    0

    7860819          E22/G02             F          544,000.00         ZZ
                                         360        544,000.00          1
                                       6.875          3,573.69         80
                                       6.625          3,573.69
    CAMPBELL         CA   95032          1            07/11/02         00
    0414335638                           05           09/01/02          0
    0414335638                           O            08/01/32
    0

    7860873          E22/G02             F          277,000.00         ZZ
                                         360        277,000.00          1
                                       6.875          1,819.69         80
                                       6.625          1,819.69
    NEWARK           CA   94560          2            07/10/02         00
    0414376186                           05           09/01/02          0
    0414376186                           N            08/01/32
    0

1

    7860961          E22/G02             F          308,000.00         ZZ
                                         360        308,000.00          1
                                       7.125          2,075.05         80
                                       6.875          2,075.05
    UINTAH           UT   84403          2            07/10/02         00
    0414462788                           05           09/01/02          0
    0414462788                           O            08/01/32
    0

    7861985          N47/G02             F          310,000.00         ZZ
                                         360        310,000.00          1
                                       6.875          2,036.48         80
                                       6.625          2,036.48
    MISSION VIEJO    CA   92692          2            07/05/02         00
    0434329298                           09           09/01/02          0
    30321357                             O            08/01/32
    0

    7862693          N47/G02             F          372,000.00         ZZ
                                         360        372,000.00          1
                                       6.625          2,381.96         80
                                       6.375          2,381.96
    VISTA            CA   92084          5            07/03/02         00
    0434338638                           05           09/01/02          0
    30121597                             O            08/01/32
    0

    7863377          U05/G02             F          308,000.00         ZZ
                                         360        307,741.24          1
                                       6.875          2,023.34         77
                                       6.625          2,023.34
    SOUTHLAKE        TX   76092          5            06/24/02         00
    0434328654                           05           08/01/02          0
    3236779                              O            07/01/32
    0

    7863525          E22/G02             F          611,250.00         ZZ
                                         360        611,250.00          1
                                       7.000          4,066.66         75
                                       6.750          4,066.66
    AUSTIN           TX   78735          5            07/12/02         00
    0414271577                           03           09/01/02          0
    0414271577                           O            08/01/32
    0

    7863541          E22/G02             F          354,400.00         ZZ
                                         360        354,400.00          1
                                       6.875          2,328.16         80
                                       6.625          2,328.16
1

    SIMI VALLEY      CA   93063          1            07/10/02         00
    0414280446                           05           09/01/02          0
    0414280446                           O            08/01/32
    0

    7863753          E22/G02             F          580,000.00         ZZ
                                         360        580,000.00          1
                                       6.875          3,810.19         80
                                       6.625          3,810.19
    MORAGA           CA   94556          1            07/15/02         00
    0414461855                           05           09/01/02          0
    0414461855                           O            08/01/32
    0

    7863875          E82/G02             F          490,000.00         ZZ
                                         360        490,000.00          2
                                       7.375          3,384.31         73
                                       7.125          3,384.31
    SAN JOSE         CA   95130          5            07/10/02         00
    0400648622                           05           09/01/02          0
    0400648622                           O            08/01/32
    0

    7864697          M27/G02             F          399,500.00         ZZ
                                         360        399,500.00          1
                                       7.000          2,657.88         85
                                       6.750          2,657.88
    FOUR OAKS        NC   27524          2            07/10/02         01
    0434335485                           05           09/01/02         12
    6007840606                           O            08/01/32
    0

    7866119          E47/G02             F          328,000.00         ZZ
                                         360        327,737.70          1
                                       7.125          2,209.80         80
                                       6.875          2,209.80
    ALBANY           CA   94706          5            06/24/02         00
    0434397675                           05           08/01/02          0
    7359510729                           O            07/01/32
    0

    7866249          Q51/G02             F          607,200.00         ZZ
                                         360        607,200.00          1
                                       7.125          4,090.82         80
                                       6.875          4,090.82
    RANCHO PALOS VE  CA   90275          1            07/03/02         00
    0434332896                           05           09/01/02          0
    0577041R2060688                      O            08/01/32
    0
1

    7866925          E22/G02             F          280,000.00         ZZ
                                         360        280,000.00          1
                                       7.125          1,886.41         78
                                       6.875          1,886.41
    DALY CITY        CA   94014          5            07/12/02         00
    0414222125                           07           09/01/02          0
    0414222125                           O            08/01/32
    0

    7866955          E22/G02             F          337,600.00         ZZ
                                         360        337,600.00          1
                                       7.125          2,274.47         80
                                       6.875          2,274.47
    THOUSAND OAKS    CA   91320          1            07/15/02         00
    0414322529                           05           09/01/02          0
    0414322529                           N            08/01/32
    0

    7866959          E22/G02             F          440,000.00         ZZ
                                         360        440,000.00          1
                                       7.375          3,038.97         79
                                       7.125          3,038.97
    SANTA BARBARA    CA   93105          5            07/11/02         00
    0414330753                           05           09/01/02          0
    0414330753                           O            08/01/32
    0

    7866977          E22/G02             F          372,750.00         ZZ
                                         360        372,750.00          1
                                       6.875          2,448.70         75
                                       6.625          2,448.70
    TAHOE CITY       CA   96145          1            07/11/02         00
    0414357517                           05           09/01/02          0
    0414357517                           N            08/01/32
    0

    7867049          E22/G02             F          336,000.00         ZZ
                                         360        336,000.00          1
                                       6.875          2,207.28         80
                                       6.625          2,207.28
    MENLO PARK       CA   94025          1            07/15/02         00
    0414459214                           05           09/01/02          0
    0414459214                           O            08/01/32
    0

    7867245          E47/G02             F          358,400.00         ZZ
                                         360        358,106.23          1
1

                                       7.000          2,384.44         80
                                       6.750          2,384.44
    EVERGREEN        CO   80439          1            07/05/02         00
    0434347555                           05           08/01/02          0
    7332020890                           O            07/01/32
    0

    7867347          Q30/G02             F          536,000.00         ZZ
                                         360        536,000.00          1
                                       7.125          3,611.13         80
                                       6.875          3,611.13
    NORTH HEMPSTEAD  NY   11507          1            07/15/02         00
    0434326302                           05           09/01/02          0
    20101976                             O            08/01/32
    0

    7867535          975/G02             F          376,000.00         ZZ
                                         360        376,000.00          1
                                       7.125          2,533.18         80
                                       6.875          2,533.18
    ORANGE           CA   92869          5            07/08/02         00
    0434330593                           05           09/01/02          0
    2022417                              O            08/01/32
    0

    7867613          975/G02             F          357,600.00         ZZ
                                         360        357,600.00          1
                                       7.000          2,379.12         80
                                       6.750          2,379.12
    LAGUNA HILLS     CA   92656          5            07/05/02         00
    0434321576                           03           09/01/02          0
    2022552                              O            08/01/32
    0

    7867671          975/G02             F          500,000.00         ZZ
                                         360        500,000.00          1
                                       7.125          3,368.59         72
                                       6.875          3,368.59
    ENCINITAS        CA   92024          1            07/15/02         00
    0434333084                           05           09/01/02          0
    2022139                              O            08/01/32
    0

    7868731          K56/G02             F          304,000.00         T
                                         360        304,000.00          1
                                       7.000          2,022.52         68
                                       6.750          2,022.52
    REDMOND          OR   97756          2            07/01/02         00
    0434320834                           03           09/01/02          0
1

    1240542                              O            08/01/32
    0

    7869065          E76/G02             F          467,500.00         ZZ
                                         360        467,500.00          1
                                       7.125          3,149.63         85
                                       6.875          3,149.63
    LOVELAND         CO   80538          5            07/12/02         10
    0434332706                           05           09/01/02         12
    10012353                             O            08/01/32
    0

    7869501          A21/G02             F          319,500.00         ZZ
                                         360        319,500.00          1
                                       7.875          2,316.60         90
                                       7.625          2,316.60
    OLD BRIDGE       NJ   08857          2            07/10/02         04
    0434320537                           05           09/01/02         25
    0110098310                           O            08/01/32
    0

    7869539          X75/G02             F          394,000.00         ZZ
                                         360        394,000.00          1
                                       7.000          2,621.29         72
                                       6.750          2,621.29
    SAN DIEGO        CA   92131          5            07/10/02         00
    0434323440                           05           09/01/02          0
    2060320                              O            08/01/32
    0

    7869583          U37/U37             F          275,000.00         ZZ
                                         360        275,000.00          1
                                       6.625          1,760.86         57
                                       6.375          1,760.86
    ATASCADERO       CA   93422          2            07/03/02         00
    8900010215                           05           09/01/02          0
    8900010215                           O            08/01/32
    0

    7870981          E22/G02             F          356,000.00         ZZ
                                         360        356,000.00          1
                                       6.875          2,338.67         78
                                       6.625          2,338.67
    BIRMINGHAM       AL   35242          5            07/15/02         00
    0414252809                           03           09/01/02          0
    0414252809                           O            08/01/32
    0

1

    7871051          E22/G02             F          325,000.00         ZZ
                                         360        325,000.00          1
                                       6.875          2,135.02         65
                                       6.625          2,135.02
    BONITA           CA   91902          5            07/12/02         00
    0414366328                           05           09/01/02          0
    0414366328                           O            08/01/32
    0

    7871067          E22/G02             F          400,000.00         ZZ
                                         360        400,000.00          1
                                       6.750          2,594.39         75
                                       6.500          2,594.39
    SACRAMENTO       CA   95818          1            07/17/02         00
    0414375634                           05           09/01/02          0
    0414375634                           O            08/01/32
    0

    7871089          E22/G02             F          637,500.00         ZZ
                                         360        637,500.00          1
                                       6.875          4,187.92         75
                                       6.625          4,187.92
    EL DORADO HILLS  CA   95762          5            07/12/02         00
    0414386482                           05           09/01/02          0
    0414386482                           O            08/01/32
    0

    7871113          E22/G02             F          420,000.00         ZZ
                                         360        420,000.00          1
                                       8.250          3,155.32         80
                                       8.000          3,155.32
    KELLER           TX   76248          1            07/19/02         00
    0414396531                           03           09/01/02          0
    0414396531                           O            08/01/32
    0

    7871179          E22/G02             F          299,000.00         ZZ
                                         360        299,000.00          1
                                       7.750          2,142.07         86
                                       7.500          2,142.07
    LA (CHATSWORTH   CA   91311          1            07/16/02         11
    0414428169                           05           09/01/02         30
    0414428169                           O            08/01/32
    0

    7871211          E22/G02             F          370,000.00         ZZ
                                         360        370,000.00          1
                                       6.875          2,430.64         56
                                       6.625          2,430.64
1

    VACAVILLE        CA   95688          2            07/10/02         00
    0414446021                           05           09/01/02          0
    0414446021                           O            08/01/32
    0

    7871277          E22/G02             F          359,100.00         ZZ
                                         360        359,100.00          1
                                       7.625          2,541.69         70
                                       7.375          2,541.69
    MORRIS TOWMSHIP  NJ   07960          1            07/19/02         00
    0414554162                           05           09/01/02          0
    0414554162                           O            08/01/32
    0

    7873243          405/405             F          460,000.00         ZZ
                                         360        459,632.14          1
                                       7.125          3,099.11         80
                                       6.625          3,099.11
    SAN MATEO        CA   94403          5            06/14/02         00
    0013154109                           05           08/01/02          0
    0013154109                           O            07/01/32
    0

    7873265          405/405             F          480,000.00         ZZ
                                         360        479,596.74          1
                                       6.875          3,153.26         80
                                       6.500          3,153.26
    NORTHRIDGE AREA  CA   91326          5            06/17/02         00
    0013313028                           03           08/01/02          0
    0013313028                           O            07/01/32
    0

    7873275          405/405             F          528,000.00         ZZ
                                         360        527,545.40          1
                                       6.750          3,424.60         80
                                       6.500          3,424.60
    GRANADA HILLS    CA   91344          1            06/04/02         00
    0018403758                           05           08/01/02          0
    0018403758                           O            07/01/32
    0

    7873305          405/405             F          420,000.00         ZZ
                                         360        420,000.00          1
                                       6.875          2,759.10         80
                                       6.500          2,759.10
    LOS ANGELES      CA   90077          1            07/01/02         00
    0018545160                           05           09/01/02          0
    0018545160                           O            08/01/32
    0
1

    7873315          405/405             F          650,000.00         ZZ
                                         360        650,000.00          1
                                       6.875          4,270.04         72
                                       6.500          4,270.04
    REDWOOD CITY     CA   94065          5            07/05/02         00
    0018558361                           03           09/01/02          0
    0018558361                           O            08/01/32
    0

    7873333          405/405             F          362,400.00         ZZ
                                         360        362,400.00          1
                                       6.750          2,350.52         80
                                       6.500          2,350.52
    THOUSAND OAKS    CA   91362          1            07/05/02         00
    0018572479                           01           09/01/02          0
    0018572479                           O            08/01/32
    0

    7873339          405/405             F          442,500.00         ZZ
                                         360        442,500.00          1
                                       6.875          2,906.91         75
                                       6.500          2,906.91
    RANCHO SANTA MA  CA   92679          5            07/12/02         00
    0018574871                           03           09/01/02          0
    0018574871                           O            08/01/32
    0

    7873353          405/405             F          489,600.00         ZZ
                                         360        489,600.00          1
                                       6.875          3,216.33         80
                                       6.500          3,216.33
    OAKLAND          CA   94602          1            07/05/02         00
    0018587006                           05           09/01/02          0
    0018587006                           O            08/01/32
    0

    7873361          405/405             F          324,000.00         ZZ
                                         360        324,000.00          1
                                       6.625          2,074.61         80
                                       6.375          2,074.61
    SAN JOSE         CA   95127          1            07/03/02         00
    0018603563                           05           09/01/02          0
    0018603563                           O            08/01/32
    0

    7875209          E22/G02             F          384,950.00         ZZ
                                         360        384,950.00          1
1

                                       6.750          2,496.78         80
                                       6.500          2,496.78
    HOUSTON          TX   77019          2            07/17/02         00
    0414319293                           09           09/01/02          0
    0414319293                           O            08/01/32
    0

    7875239          E22/G02             F          650,000.00         ZZ
                                         360        650,000.00          1
                                       7.000          4,324.47         62
                                       6.750          4,324.47
    CAMERON PARK     CA   95682          2            07/12/02         00
    0414356469                           05           09/01/02          0
    0414356469                           O            08/01/32
    0

    7875261          E22/G02             F          498,000.00         ZZ
                                         360        498,000.00          2
                                       7.000          3,313.21         56
                                       6.750          3,313.21
    SAN FRANCISCO    CA   94122          2            07/11/02         00
    0414375469                           05           09/01/02          0
    0414375469                           O            08/01/32
    0

    7875313          E22/G02             F          400,000.00         ZZ
                                         360        400,000.00          1
                                       6.875          2,627.72         58
                                       6.625          2,627.72
    CHESAPEAKE       VA   23322          5            07/16/02         00
    0414401893                           05           09/01/02          0
    0414401893                           O            08/01/32
    0

    7875361          E22/G02             F          560,000.00         ZZ
                                         360        560,000.00          1
                                       7.250          3,820.19         70
                                       7.000          3,820.19
    FOSTER CITY      CA   94404          5            07/09/02         00
    0414431668                           05           09/01/02          0
    0414431668                           O            08/01/32
    0

    7876693          F16/G02             F          296,910.00         ZZ
                                         360        296,910.00          1
                                       7.000          1,975.35         90
                                       6.750          1,975.35
    ANAHEIM          CA   92804          1            07/01/02         10
    0434357463                           05           09/01/02         25
1

    02A20755                             O            08/01/32
    0

    7876733          G34/G02             F          425,600.00         ZZ
                                         360        425,600.00          1
                                       7.375          2,939.51         85
                                       7.125          2,939.51
    HENDERSON        NV   89052          1            07/11/02         02
    0434352316                           03           09/01/02         12
    20759058                             O            08/01/32
    0

    7876857          950/G02             F          560,000.00         ZZ
                                         360        559,529.53          1
                                       6.875          3,678.80         73
                                       6.625          3,678.80
    ISSAQUAH         WA   98027          5            06/20/02         00
    0434332235                           05           08/01/02          0
    E1206038                             O            07/01/32
    0

    7876897          W50/G02             F          328,000.00         ZZ
                                         360        328,000.00          4
                                       7.500          2,293.42         80
                                       7.250          2,293.42
    MINNEAPOLIS      MN   55407          1            07/16/02         00
    0434361572                           05           09/01/02          0
    0020836                              N            08/01/32
    0

    7877309          975/G02             F          592,500.00         ZZ
                                         360        592,500.00          1
                                       6.875          3,892.30         75
                                       6.625          3,892.30
    DIAMOND BAR      CA   91765          1            07/16/02         00
    0434329009                           03           09/01/02          0
    2022565                              O            08/01/32
    0

    7878069          E22/G02             F          348,400.00         ZZ
                                         360        348,400.00          1
                                       6.750          2,259.72         65
                                       6.500          2,259.72
    SAN FRANCISCO    CA   94116          1            07/15/02         00
    0414408948                           07           09/01/02          0
    0414408948                           O            08/01/32
    0

1

    7878087          E22/G02             F          443,000.00         ZZ
                                         360        443,000.00          1
                                       6.875          2,910.19         66
                                       6.625          2,910.19
    CLAYTON          CA   94517          5            07/13/02         00
    0414418525                           05           09/01/02          0
    0414418525                           O            08/01/32
    0

    7878221          E82/G02             F          618,900.00         T
                                         360        618,900.00          1
                                       7.375          4,274.59         56
                                       7.125          4,274.59
    NANTUCKET        MA   02554          2            07/22/02         00
    0400648382                           05           09/01/02          0
    3853398                              O            08/01/32
    0

    7878571          E11/G02             F          368,000.00         ZZ
                                         360        368,000.00          1
                                       6.875          2,417.50         80
                                       6.625          2,417.50
    SAVAGE           MN   55378          1            07/19/02         00
    0434337473                           05           09/01/02          0
    0003001044571                        O            08/01/32
    0

    7878905          E47/G02             F          336,000.00         ZZ
                                         360        335,717.72          1
                                       6.875          2,207.28         80
                                       6.625          2,207.28
    FREMONT          CA   94536          1            06/27/02         00
    0434387395                           05           08/01/02          0
    7359510900                           O            07/01/32
    0

    7878931          742/G02             F          314,952.00         ZZ
                                         360        314,952.00          1
                                       7.125          2,121.89         68
                                       6.875          2,121.89
    HAGERSTOWN       MD   21742          4            09/11/01         00
    0434337465                           05           09/01/02          0
    0008121444                           O            08/01/32
    0

    7879231          F25/G02             F          320,000.00         ZZ
                                         360        320,000.00          2
                                       7.000          2,128.97         53
                                       6.750          2,128.97
1

    REGO PARK        NY   11374          1            07/23/02         00
    0434334249                           05           09/01/02          0
    87881201                             O            08/01/32
    0

    7879331          A06/G02             F          346,400.00         ZZ
                                         360        346,400.00          1
                                       6.750          2,246.75         80
                                       6.500          2,246.75
    TROY             MI   48085          5            07/15/02         00
    0434337218                           05           09/01/02          0
    1000020214305                        O            08/01/32
    0

    7879655          M24/G02             F          282,000.00         ZZ
                                         360        282,000.00          1
                                       6.875          1,852.54         85
                                       6.625          1,852.54
    LADERA RANCH     CA   92694          1            07/16/02         14
    0434355608                           03           09/01/02         25
    22910344                             O            08/01/32
    0

    7880015          G51/G02             F          399,000.00         ZZ
                                         360        399,000.00          1
                                       6.625          2,554.84         80
                                       6.375          2,554.84
    BOULDER          CO   80302          5            07/22/02         00
    0434334066                           05           09/01/02          0
    870665                               O            08/01/32
    0

    7880091          738/G02             F          406,000.00         ZZ
                                         360        406,000.00          1
                                       6.875          2,667.14         75
                                       6.625          2,667.14
    MATTHEWS         NC   28105          2            07/02/02         00
    0434333837                           05           09/01/02          0
    00403682430015                       O            08/01/32
    0

    7880115          N47/G02             F          346,500.00         ZZ
                                         360        346,500.00          1
                                       6.875          2,276.26         77
                                       6.625          2,276.26
    CHULA VISTA      CA   91910          5            07/08/02         00
    0434342200                           05           09/01/02          0
    30121741                             O            08/01/32
    0
1

    7880461          E22/G02             F          330,000.00         ZZ
                                         360        330,000.00          1
                                       6.625          2,113.03         79
                                       6.375          2,113.03
    TRACY            CA   95034          2            07/18/02         00
    0414017764                           05           09/01/02          0
    0414017764                           O            08/01/32
    0

    7880465          E22/G02             F          562,500.00         ZZ
                                         360        562,500.00          1
                                       6.875          3,695.22         75
                                       6.625          3,695.22
    REDWOOD CITY     CA   94062          5            07/02/02         00
    0414124529                           05           09/01/02          0
    0414124529                           O            08/01/32
    0

    7880541          E22/G02             F          529,000.00         ZZ
                                         360        529,000.00          1
                                       7.125          3,563.97         77
                                       6.875          3,563.97
    UNIVERSITY PARK  TX   75205          5            07/19/02         00
    0414349605                           05           09/01/02          0
    0414349605                           O            08/01/32
    0

    7880671          E22/G02             F          375,000.00         ZZ
                                         360        375,000.00          1
                                       6.875          2,463.48         75
                                       6.625          2,463.48
    BROAD RUN        VA   20137          5            07/18/02         00
    0414435776                           05           09/01/02          0
    0414435776                           O            08/01/32
    0

    7880763          E22/G02             F          312,500.00         ZZ
                                         360        312,500.00          1
                                       7.000          2,079.07         95
                                       6.750          2,079.07
    CHULA VISTA      CA   91915          1            07/22/02         04
    0414505784                           05           09/01/02         30
    0414505784                           O            08/01/32
    0

    7880865          X51/G02             F          448,000.00         ZZ
                                         360        448,000.00          1
1

                                       7.000          2,980.56         80
                                       6.750          2,980.56
    OGDEN            UT   84414          2            07/19/02         00
    0434333134                           05           09/01/02          0
    R2053008                             O            08/01/32
    0

    7881291          W68/G02             F          650,000.00         ZZ
                                         360        650,000.00          1
                                       7.250          4,434.15         76
                                       7.000          4,434.15
    PLANO            TX   75093          5            07/12/02         00
    0434343505                           03           09/01/02          0
    26930                                O            08/01/32
    0

    7881499          588/G02             F          455,200.00         ZZ
                                         360        455,200.00          1
                                       6.875          2,990.34         80
                                       6.625          2,990.34
    CHATHAM          NJ   07928          1            07/12/02         00
    0434331070                           05           09/01/02          0
    1068501                              O            08/01/32
    0

    7881581          N74/G02             F          390,400.00         ZZ
                                         240        389,694.96          1
                                       7.500          3,145.04         80
                                       7.250          3,145.04
    CHARLOTTESVILLE  VA   22902          5            07/22/02         00
    0434401519                           05           08/26/02          0
    0030483010                           O            07/26/22
    0

    7881737          M27/G02             F          407,000.00         ZZ
                                         360        407,000.00          1
                                       7.000          2,707.78         68
                                       6.750          2,707.78
    WAKE FOREST      NC   27587          5            07/22/02         00
    0434335550                           05           09/01/02          0
    0100020019                           O            08/01/32
    0

    7882619          E45/G02             F          391,000.00         ZZ
                                         360        390,663.36          1
                                       6.750          2,536.02         62
                                       6.500          2,536.02
    TARZANA AREA     CA   91356          5            06/10/02         00
    0434324828                           05           08/01/02          0
1

    237274                               O            07/01/32
    0

    7882743          696/G02             F          326,000.00         ZZ
                                         360        326,000.00          1
                                       6.750          2,114.43         62
                                       6.500          2,114.43
    ALEXANDRIA       VA   22308          1            07/24/02         00
    0434333142                           05           09/01/02          0
    24602176                             N            08/01/32
    0

    7882975          E22/G02             F          425,000.00         ZZ
                                         360        425,000.00          1
                                       7.375          2,935.37         61
                                       7.125          2,935.37
    FOSTER CITY      CA   94404          1            07/16/02         00
    0414048769                           05           09/01/02          0
    0414048769                           N            08/01/32
    0

    7883109          E22/G02             F          384,000.00         ZZ
                                         360        384,000.00          1
                                       6.875          2,522.61         80
                                       6.625          2,522.61
    ALAMEDA          CA   94501          1            07/22/02         00
    0414470971                           03           09/01/02          0
    0414470971                           O            08/01/32
    0

    7883123          E22/G02             F          340,000.00         ZZ
                                         360        340,000.00          1
                                       7.250          2,319.40         85
                                       7.000          2,319.40
    MIAMI BEACH      FL   33139          1            07/25/02         04
    0414495986                           01           09/01/02         12
    0414495986                           O            08/01/32
    0

    7883237          E82/G02             F          258,000.00         ZZ
                                         360        258,000.00          1
                                       6.750          1,673.38         76
                                       6.500          1,673.38
    HAMPTON          NJ   08827          2            07/18/02         00
    0400653317                           05           09/01/02          0
    5305571                              O            08/01/32
    0

1

    7883837          313/G02             F          304,500.00         T
                                         360        304,274.02          1
                                       7.500          2,129.11         75
                                       7.250          2,129.11
    SEA ISLE CITY    NJ   08243          1            06/21/02         00
    0434329371                           01           08/01/02          0
    8765026                              O            07/01/32
    0

    7883861          313/G02             F          261,000.00         ZZ
                                         360        260,591.54          1
                                       7.250          1,780.49         58
                                       7.000          1,780.49
    WELLFLEET        MA   02667          5            05/15/02         00
    0434338406                           05           07/01/02          0
    8739468                              O            06/01/32
    0

    7883889          313/G02             F          496,700.00         ZZ
                                         360        496,292.86          1
                                       7.000          3,304.56         79
                                       6.750          3,304.56
    BETHESDA         MD   20817          2            06/07/02         00
    0434338687                           05           08/01/02          0
    8772949                              O            07/01/32
    0

    7883895          313/G02             F          472,800.00         ZZ
                                         360        472,412.44          1
                                       7.000          3,145.56         80
                                       6.750          3,145.56
    ALAMEDA          CA   94501          5            06/12/02         00
    0434338968                           05           08/01/02          0
    8741159                              O            07/01/32
    0

    7883899          313/G02             F          400,000.00         ZZ
                                         360        399,663.95          2
                                       6.875          2,627.72         80
                                       6.625          2,627.72
    OAKLAND          CA   94605          1            06/14/02         00
    0434338554                           05           08/01/02          0
    8759045                              O            07/01/32
    0

    7883921          313/G02             F          256,500.00         ZZ
                                         360        256,500.00          3
                                       7.000          1,706.51         90
                                       6.750          1,706.51
1

    CHICAGO          IL   60639          5            07/08/02         01
    0434336632                           05           09/01/02         25
    8813180                              O            08/01/32
    0

    7883927          313/G02             F          480,000.00         ZZ
                                         360        477,828.94          1
                                       7.500          3,356.23         75
                                       7.250          3,356.23
    SAN MARINO       CA   91108          5            01/17/02         00
    0434338901                           05           03/01/02          0
    8474413                              O            02/01/32
    0

    7883935          Q51/G02             F          600,000.00         ZZ
                                         360        600,000.00          1
                                       7.250          4,093.06         75
                                       7.000          4,093.06
    HACIENDA HEIGHT  CA   91745          5            07/19/02         00
    0434339925                           05           09/01/02          0
    0586307W2070111                      O            08/01/32
    0

    7883975          N16/G02             F          327,000.00         ZZ
                                         360        326,718.46          1
                                       6.750          2,120.92         82
                                       6.500          2,120.92
    HENDERSON        NV   89052          5            07/20/02         04
    0434359212                           03           08/25/02         12
    452802010                            O            07/25/32
    0

    7884019          X31/G02             F          650,000.00         ZZ
                                         360        650,000.00          1
                                       7.000          4,324.47         79
                                       6.750          4,324.47
    HUNTINGTON BEAC  CA   92648          1            07/03/02         00
    0434352415                           05           09/01/02          0
    40102819                             O            08/01/32
    0

    7884061          G34/G02             F          465,600.00         ZZ
                                         360        465,600.00          1
                                       6.750          3,019.87         80
                                       6.500          3,019.87
    OAKLAND          CA   94602          1            07/19/02         00
    0434340014                           05           09/01/02          0
    48200274                             O            08/01/32
    0
1

    7884597          F61/G02             F          397,600.00         ZZ
                                         360        397,600.00          1
                                       7.125          2,678.70         80
                                       6.875          2,678.70
    SEATTLE          WA   98126          1            07/19/02         00
    0434362406                           05           09/01/02          0
    021017                               O            08/01/32
    0

    7884741          N47/G02             F          420,000.00         ZZ
                                         360        420,000.00          1
                                       6.750          2,724.11         80
                                       6.500          2,724.11
    CASTRO VALLEY    CA   94552          1            07/16/02         00
    0434355624                           05           09/01/02          0
    20220936                             O            08/01/32
    0

    7884773          286/286             F          566,500.00         ZZ
                                         360        566,500.00          2
                                       7.250          3,864.53         70
                                       7.000          3,864.53
    CHICAGO          IL   60600          2            07/12/02         00
    1354329                              05           09/01/02          0
    1354329                              N            08/01/32
    0

    7884775          286/286             F          480,000.00         ZZ
                                         360        480,000.00          1
                                       6.500          3,033.93         80
                                       6.250          3,033.93
    NEWPORT BEACH    CA   92663          1            07/12/02         00
    1393760                              03           09/01/02          0
    1393760                              O            08/01/32
    0

    7884777          286/286             F          300,000.00         ZZ
                                         360        300,000.00          1
                                       6.875          1,970.79         59
                                       6.625          1,970.79
    WOODBURY         CT   06798          1            07/15/02         00
    1335523                              05           09/01/02          0
    1335523                              O            08/01/32
    0

    7884779          286/286             F          326,000.00         ZZ
                                         360        326,000.00          1
1

                                       7.000          2,168.89         58
                                       6.750          2,168.89
    ARCADIA          CA   91007          2            07/08/02         00
    1376342                              05           09/01/02          0
    1376342                              O            08/01/32
    0

    7884781          286/286             F          284,000.00         ZZ
                                         360        284,000.00          1
                                       6.750          1,842.02         80
                                       6.500          1,842.02
    SANTA CLARITA    CA   91355          5            07/01/02         00
    1350373                              05           09/01/02          0
    1350373                              O            08/01/32
    0

    7884783          286/286             F          380,000.00         ZZ
                                         360        380,000.00          1
                                       6.750          2,464.68         80
                                       6.500          2,464.68
    SCOTCH PLAINS    NJ   07078          1            07/15/02         00
    1356028                              05           09/01/02          0
    1356028                              O            08/01/32
    0

    7885235          964/G02             F          580,000.00         ZZ
                                         360        579,512.73          1
                                       6.875          3,810.19         76
                                       6.625          3,810.19
    SAN FRANCISCO    CA   94122          5            06/24/02         00
    0434354213                           05           08/01/02          0
    218770                               O            07/01/32
    0

    7885239          964/G02             F          300,000.00         ZZ
                                         360        300,000.00          1
                                       6.875          1,970.79         58
                                       6.625          1,970.79
    SAN JOSE         CA   95121          5            06/27/02         00
    0434353660                           05           09/01/02          0
    219813                               O            08/01/32
    0

    7885245          964/G02             F          280,000.00         ZZ
                                         360        280,000.00          1
                                       7.000          1,862.85         70
                                       6.750          1,862.85
    ALTA             CA   95701          5            07/01/02         00
    0434331708                           05           09/01/02          0
1

    221058                               O            08/01/32
    0

    7885265          964/G02             F          325,000.00         ZZ
                                         360        325,000.00          1
                                       7.250          2,217.07         55
                                       7.000          2,217.07
    LOS ANGELES      CA   90066          2            07/02/02         00
    0434329322                           27           09/01/02          0
    222773                               N            08/01/32
    0

    7885277          964/G02             F          439,600.00         T
                                         360        439,239.66          1
                                       7.000          2,924.67         80
                                       6.750          2,924.67
    PISMO BEACH      CA   93449          1            06/24/02         00
    0434328902                           03           08/01/02          0
    223570                               O            07/01/32
    0

    7885283          964/G02             F          394,000.00         ZZ
                                         360        394,000.00          1
                                       6.875          2,588.30         71
                                       6.625          2,588.30
    FULLERTON        CA   92831          2            07/09/02         00
    0434328498                           03           09/01/02          0
    223998                               O            08/01/32
    0

    7885287          964/G02             F          380,000.00         ZZ
                                         360        380,000.00          1
                                       7.000          2,528.15         76
                                       6.750          2,528.15
    FAIRFAX          CA   94930          2            07/08/02         00
    0434329165                           05           09/01/02          0
    224216                               O            08/01/32
    0

    7885293          964/G02             F          550,000.00         ZZ
                                         360        550,000.00          1
                                       6.750          3,567.29         79
                                       6.500          3,567.29
    SCOTTSDALE       AZ   85262          5            07/02/02         00
    0434329645                           03           09/01/02          0
    224972                               O            08/01/32
    0

1

    7885639          E22/G02             F          491,000.00         ZZ
                                         360        491,000.00          1
                                       6.625          3,143.93         76
                                       6.375          3,143.93
    SAN FRANCISCO    CA   94132          2            07/15/02         00
    0414359455                           07           09/01/02          0
    0414359455                           O            08/01/32
    0

    7886539          U05/G02             F          511,800.00         ZZ
                                         360        511,400.75          1
                                       7.250          3,491.38         75
                                       7.000          3,491.38
    EL PASO          TX   79912          2            06/27/02         00
    0434377347                           05           08/01/02          0
    3235532                              O            07/01/32
    0

    7886715          L20/G02             F          269,500.00         ZZ
                                         360        269,500.00          1
                                       6.875          1,770.42         80
                                       6.625          1,770.42
    NAMPA            ID   83686          2            07/24/02         00
    0434341566                           05           09/01/02          0
    716084                               O            08/01/32
    0

    7886789          Q51/G02             F          420,000.00         ZZ
                                         360        420,000.00          1
                                       7.000          2,794.27         80
                                       6.750          2,794.27
    WALNUT           CA   91789          5            07/18/02         00
    0434343851                           05           09/01/02          0
    0591792                              O            08/01/32
    0

    7886869          642/G02             F          333,000.00         ZZ
                                         360        333,000.00          1
                                       7.000          2,215.46         90
                                       6.750          2,215.46
    CARLETON         MI   48117          5            07/25/02         10
    0434344123                           05           09/01/02         25
    07101802                             O            08/01/32
    0

    7887175          N47/G02             F          370,000.00         ZZ
                                         360        370,000.00          1
                                       6.750          2,399.81         74
                                       6.500          2,399.81
1

    SAN JOSE         CA   95111          2            07/17/02         00
    0434354080                           05           09/01/02          0
    20320895                             O            08/01/32
    0

    7888433          E22/G02             F          296,250.00         ZZ
                                         360        296,250.00          1
                                       6.875          1,946.15         75
                                       6.625          1,946.15
    OAK PARK         IL   60304          1            07/29/02         00
    0414317719                           05           09/01/02          0
    0414317719                           O            08/01/32
    0

    7888455          E22/G02             F          350,000.00         ZZ
                                         360        350,000.00          1
                                       7.250          2,387.62         70
                                       7.000          2,387.62
    AUSTIN           TX   78730          5            07/19/02         00
    0414356113                           03           09/01/02          0
    0414356113                           O            08/01/32
    0

    7888517          E22/G02             F          316,000.00         ZZ
                                         360        316,000.00          1
                                       7.250          2,155.68         80
                                       7.000          2,155.68
    GALVESTON        TX   77550          5            07/17/02         00
    0414425686                           03           09/01/02          0
    0414425686                           O            08/01/32
    0

    7888529          E22/G02             F          356,000.00         ZZ
                                         360        356,000.00          1
                                       7.125          2,398.44         80
                                       6.875          2,398.44
    SAN JOSE         CA   95120          5            07/16/02         00
    0414430249                           03           09/01/02          0
    0414430249                           O            08/01/32
    0

    7888531          E22/G02             F          400,000.00         ZZ
                                         360        400,000.00          1
                                       6.875          2,627.72         82
                                       6.625          2,627.72
    TAMPA            FL   33626          5            07/24/02         04
    0414430306                           03           09/01/02         12
    0414430306                           O            08/01/32
    0
1

    7888589          E22/G02             F          421,700.00         ZZ
                                         360        421,700.00          1
                                       6.875          2,770.27         73
                                       6.625          2,770.27
    SAN CARLOS       CA   94070          2            07/16/02         00
    0414450692                           05           09/01/02          0
    0414450692                           O            08/01/32
    0

    7888671          E22/G02             F          267,800.00         ZZ
                                         360        267,800.00          1
                                       6.875          1,759.26         76
                                       6.625          1,759.26
    SEDALIA          CO   80135          2            07/29/02         00
    0414505750                           05           09/01/02          0
    0414505750                           N            08/01/32
    0

    7888897          E82/G02             F          448,000.00         ZZ
                                         360        448,000.00          1
                                       7.375          3,094.22         80
                                       7.125          3,094.22
    SAN FRANCISCO    CA   94121          2            07/18/02         00
    0400648499                           05           09/01/02          0
    4849323                              O            08/01/32
    0

    7888939          E82/G02             F          380,600.00         ZZ
                                         360        380,600.00          1
                                       7.000          2,532.14         70
                                       6.750          2,532.14
    ALEXANDRIA       VA   22312          5            07/26/02         00
    0400650974                           05           09/01/02          0
    0400650974                           O            08/01/32
    0

    7889029          E82/G02             F          302,000.00         ZZ
                                         360        302,000.00          1
                                       7.000          2,009.21         62
                                       6.750          2,009.21
    NEW ORLEANS      LA   70124          2            07/25/02         00
    0400653291                           05           09/01/02          0
    5265690                              O            08/01/32
    0

    7889691          998/998             F          358,000.00         ZZ
                                         360        357,740.89          1
1

                                       7.625          2,533.90         77
                                       7.375          2,533.90
    WAUSAU           WI   54403          2            06/17/02         00
    3809583                              05           08/01/02          0
    3809583                              O            07/01/32
    0

    7889695          998/998             F          300,000.00         ZZ
                                         360        299,360.64          1
                                       7.750          2,149.25         72
                                       7.500          2,149.25
    ANNAPOLIS        MD   21401          2            04/25/02         00
    3959988                              05           06/01/02          0
    3959988                              O            05/01/32
    0

    7889699          998/998             F          332,000.00         ZZ
                                         360        331,259.70          1
                                       7.625          2,349.88         79
                                       7.375          2,349.88
    VERNON HILLS     IL   60061          2            06/06/02         00
    4702037                              03           08/01/02          0
    4702037                              O            07/01/32
    0

    7889701          998/998             F          451,000.00         ZZ
                                         360        450,294.22          1
                                       7.250          3,076.62         76
                                       7.000          3,076.62
    FORT WORTH       TX   76107          2            06/03/02         00
    4757460                              05           07/01/02          0
    4757460                              O            06/01/32
    0

    7889705          998/998             F          382,500.00         ZZ
                                         360        382,223.16          4
                                       7.625          2,707.31         90
                                       7.375          2,707.31
    BROOKLYN         NY   11221          1            06/12/02         10
    4855327                              05           08/01/02         25
    4855327                              O            07/01/32
    0

    7889709          998/998             F          320,000.00         ZZ
                                         360        319,737.70          1
                                       7.000          2,128.97         80
                                       6.750          2,128.97
    FLORAL PARK      NY   11001          1            06/11/02         00
    4938639                              05           08/01/02          0
1

    4938639                              O            07/01/32
    0

    7889717          998/998             F          384,800.00         ZZ
                                         360        384,521.49          1
                                       7.625          2,723.59         80
                                       7.375          2,723.59
    NILES            IL   60714          1            06/18/02         00
    4961249                              05           08/01/02          0
    4961249                              O            07/01/32
    0

    7889719          998/998             F          330,000.00         ZZ
                                         360        329,734.38          1
                                       7.125          2,223.27         75
                                       6.875          2,223.27
    SANDY            OR   97055          5            06/12/02         00
    4967689                              05           08/01/02          0
    4967689                              O            07/01/32
    0

    7889721          998/998             F          292,500.00         ZZ
                                         360        292,500.00          3
                                       7.500          2,045.20         90
                                       7.250          2,045.20
    BRONX            NY   10458          1            07/09/02         10
    4977979                              05           09/01/02         25
    4977979                              O            08/01/32
    0

    7889723          998/998             F          378,000.00         ZZ
                                         360        377,690.16          4
                                       7.000          2,514.84         90
                                       6.750          2,514.84
    BROOKLYN         NY   11237          1            06/28/02         12
    4978887                              05           08/01/02         25
    4978887                              O            07/01/32
    0

    7889725          998/998             F          400,000.00         ZZ
                                         360        399,672.12          1
                                       7.000          2,661.21         79
                                       6.750          2,661.21
    TRABUCO CANYON   CA   92679          1            06/24/02         00
    5017394                              03           08/01/02          0
    5017394                              O            07/01/32
    0

1

    7889727          998/998             F          330,000.00         ZZ
                                         360        329,742.57          1
                                       7.250          2,251.18         72
                                       7.000          2,251.18
    SECAUCUS         NJ   07094          1            07/03/02         00
    5100423                              05           08/01/02          0
    5100423                              O            07/01/32
    0

    7889897          A52/G02             F          585,000.00         ZZ
                                         360        585,000.00          1
                                       6.875          3,843.03         73
                                       6.625          3,843.03
    DULUTH           GA   30097          5            07/29/02         00
    0434340048                           03           09/01/02          0
    18779                                O            08/01/32
    0

    7889931          X75/G02             F          316,000.00         ZZ
                                         360        316,000.00          1
                                       7.125          2,128.95         80
                                       6.875          2,128.95
    SIMI VALLEY      CA   93063          5            07/17/02         00
    0434352597                           03           09/01/02          0
    2060308                              O            08/01/32
    0

    7889981          642/G02             F          279,000.00         ZZ
                                         360        279,000.00          1
                                       7.000          1,856.19         58
                                       6.750          1,856.19
    SAN FRANCISCO    CA   94112          5            07/23/02         00
    0434338950                           05           09/01/02          0
    06216602                             O            08/01/32
    0

    7889995          U87/G02             F          280,000.00         ZZ
                                         360        280,000.00          1
                                       7.125          1,886.41         77
                                       6.875          1,886.41
    SAN MARCOS       CA   92069          5            07/18/02         00
    0434371704                           05           09/01/02          0
    3042                                 O            08/01/32
    0

    7890181          S11/G02             F          432,000.00         ZZ
                                         360        432,000.00          1
                                       6.875          2,837.93         80
                                       6.625          2,837.93
1

    ANANHEIM         CA   92808          5            07/10/02         00
    0434358743                           03           09/01/02          0
    10208291                             O            08/01/32
    0

    7890341          X08/G02             F          270,000.00         ZZ
                                         360        270,000.00          1
                                       6.875          1,773.71         75
                                       6.625          1,773.71
    SANDY            UT   84092          1            07/09/02         00
    0434355764                           05           09/01/02          0
    6009818                              O            08/01/32
    0

    7890453          U87/G02             F          589,000.00         ZZ
                                         360        589,000.00          1
                                       6.875          3,869.31         74
                                       6.625          3,869.31
    GLENDALE         CA   91202          5            07/18/02         00
    0434348496                           05           09/01/02          0
    1970                                 O            08/01/32
    0

    7890459          783/G02             F          420,000.00         T
                                         360        420,000.00          1
                                       6.750          2,724.12         59
                                       6.500          2,724.12
    BLAINE COUNTY    ID   83333          1            07/23/02         00
    0434355160                           05           09/01/02          0
    9422990007                           O            08/01/32
    0

    7891585          H58/G02             F          399,000.00         ZZ
                                         360        399,000.00          1
                                       7.250          2,721.88         80
                                       7.000          2,721.88
    ARROYO GRANDE    CA   93420          5            07/09/02         00
    0434353694                           05           09/01/02          0
    0000100688                           O            08/01/32
    0

    7891617          952/G02             F          287,200.00         ZZ
                                         360        287,200.00          1
                                       7.250          1,959.21         78
                                       7.000          1,959.21
    BLAIRSTOWN       NJ   07825          2            07/22/02         00
    0434354627                           05           09/01/02          0
    20026856                             O            08/01/32
    0
1

    7891675          964/G02             F          445,000.00         ZZ
                                         360        445,000.00          1
                                       6.625          2,849.38         46
                                       6.375          2,849.38
    ARROYO GRANDE    CA   93420          2            07/23/02         00
    0434346748                           05           09/01/02          0
    221443                               O            08/01/32
    0

    7891725          964/G02             F          345,000.00         ZZ
                                         360        345,000.00          1
                                       6.750          2,237.66         75
                                       6.500          2,237.66
    DENVER           CO   80220          1            07/19/02         00
    0434346854                           05           09/01/02          0
    231839                               O            08/01/32
    0

    7892131          E22/G02             F          455,000.00         ZZ
                                         360        455,000.00          1
                                       6.625          2,913.41         80
                                       6.375          2,913.41
    WIMBERLEY        TX   78676          2            07/30/02         00
    0414273755                           03           09/01/02          0
    0414273755                           O            08/01/32
    0

    7892197          E22/G02             F          583,500.00         ZZ
                                         360        583,500.00          1
                                       6.875          3,833.18         75
                                       6.625          3,833.18
    OAKLAND          CA   94619          2            07/19/02         00
    0414374793                           05           09/01/02          0
    0414374793                           O            08/01/32
    0

    7892207          E22/G02             F          650,000.00         ZZ
                                         360        650,000.00          1
                                       7.500          4,544.89         68
                                       7.250          4,544.89
    MONUMENT         CO   80132          5            07/25/02         00
    0414390484                           05           09/01/02          0
    0414390484                           O            08/01/32
    0

    7892251          E22/G02             F          312,000.00         ZZ
                                         360        312,000.00          1
1

                                       7.000          2,075.74         80
                                       6.750          2,075.74
    WESTMINSTER      CO   80021          5            07/25/02         00
    0414414888                           03           09/01/02          0
    0414414888                           O            08/01/32
    0

    7892271          E22/G02             F          340,000.00         ZZ
                                         360        340,000.00          1
                                       6.750          2,205.23         85
                                       6.500          2,205.23
    BOUND BROOK      NJ   08805          5            07/25/02         01
    0414432625                           05           09/01/02         12
    0414432625                           O            08/01/32
    0

    7892345          E22/G02             F          399,900.00         ZZ
                                         360        399,900.00          1
                                       6.625          2,560.60         80
                                       6.375          2,560.60
    SAN FRANCISCO    CA   94116          1            07/22/02         00
    0414474080                           07           09/01/02          0
    0414474080                           O            08/01/32
    0

    7892353          E22/G02             F          400,000.00         ZZ
                                         360        400,000.00          1
                                       6.625          2,561.24         80
                                       6.375          2,561.24
    SIMI VALLEY      CA   93065          5            07/25/02         00
    0414475905                           05           09/01/02          0
    0414475905                           O            08/01/32
    0

    7892451          E22/G02             F          393,750.00         ZZ
                                         360        393,750.00          1
                                       7.500          2,753.16         75
                                       7.250          2,753.16
    SAN FRANCISCO    CA   94132          1            07/22/02         00
    0414526467                           05           09/01/02          0
    0414526467                           N            08/01/32
    0

    7892469          E22/G02             F          262,000.00         ZZ
                                         360        262,000.00          1
                                       7.000          1,743.09         66
                                       6.750          1,743.09
    SAN JOSE         CA   95131          5            07/23/02         00
    0414538652                           05           09/01/02          0
1

    0414538652                           O            08/01/32
    0

    7892781          U05/G02             F          393,500.00         ZZ
                                         360        393,500.00          1
                                       7.000          2,617.97         79
                                       6.750          2,617.97
    NEWBURY PARK     CA   91320          2            07/16/02         00
    0434371407                           05           09/01/02          0
    3244039                              O            08/01/32
    0

    7892909          696/G02             F          635,000.00         ZZ
                                         360        635,000.00          1
                                       6.875          4,171.50         36
                                       6.625          4,171.50
    ROUND HILL       VA   20141          5            07/24/02         00
    0434351102                           05           09/01/02          0
    50102108                             O            08/01/32
    0

    7893291          X82/G02             F          339,500.00         ZZ
                                         360        339,500.00          1
                                       7.000          2,258.70         69
                                       6.750          2,258.70
    STERLING         VA   20165          2            07/10/02         00
    0434358842                           05           09/01/02          0
    832043                               N            08/01/32
    0

    7893695          N47/G02             F          320,000.00         ZZ
                                         360        320,000.00          1
                                       6.750          2,075.51         80
                                       6.500          2,075.51
    SAN MARCOS       CA   92069          5            07/16/02         00
    0434355665                           05           09/01/02          0
    30121879                             O            08/01/32
    0

    7893735          P09/G02             F          374,300.00         ZZ
                                         360        374,300.00          1
                                       6.700          2,415.28         95
                                       6.450          2,415.28
    BOWIE            MD   20721          1            07/25/02         10
    0434345948                           03           09/01/02         30
    R0206167                             O            08/01/32
    0

1

    7893829          Q14/G02             F          265,700.00         ZZ
                                         360        265,700.00          1
                                       6.875          1,745.46         94
                                       6.625          1,745.46
    OVERLAND PARK    KS   66213          2            07/26/02         01
    0434347142                           05           09/01/02         30
    0208493                              O            08/01/32
    0

    7893901          U05/G02             F          400,000.00         ZZ
                                         360        400,000.00          1
                                       7.125          2,694.87         73
                                       6.875          2,694.87
    SOUTHWEST RANCH  FL   33331          5            07/24/02         00
    0434363321                           05           09/01/02          0
    3247905                              O            08/01/32
    0

    7893973          H58/G02             F          350,000.00         ZZ
                                         360        349,740.25          1
                                       7.500          2,447.25         83
                                       7.250          2,447.25
    FAIR OAKS        CA   95628          5            06/28/02         01
    0434355483                           05           08/01/02         12
    94861111                             O            07/01/32
    0

    7894003          K81/G02             F          360,000.00         ZZ
                                         360        360,000.00          1
                                       6.750          2,334.95         78
                                       6.500          2,334.95
    SCHAUMBURG       IL   60173          5            07/25/02         00
    0434358487                           05           09/01/02          0
    8800027                              O            08/01/32
    0

    7897547          952/G02             F          260,000.00         ZZ
                                         360        260,000.00          2
                                       7.375          1,795.76         68
                                       7.125          1,795.76
    GLEN ROCK        NJ   07452          5            07/26/02         00
    0434353264                           05           09/01/02          0
    20026830                             N            08/01/32
    0

    7897563          E22/G02             F          376,000.00         ZZ
                                         360        376,000.00          1
                                       6.875          2,470.05         80
                                       6.625          2,470.05
1

    SIMI VALLEY      CA   93065          2            07/17/02         00
    0414143826                           05           09/01/02          0
    0414143826                           O            08/01/32
    0

    7897665          E22/G02             F          352,000.00         ZZ
                                         360        352,000.00          1
                                       6.625          2,253.89         63
                                       6.375          2,253.89
    SAN JOSE         CA   95111          2            07/18/02         00
    0414357970                           05           09/01/02          0
    0414357970                           O            08/01/32
    0

    7897703          E22/G02             F          350,000.00         ZZ
                                         360        350,000.00          1
                                       6.750          2,270.09         77
                                       6.500          2,270.09
    FREMONT          CA   94555          2            07/24/02         00
    0414382721                           09           09/01/02          0
    0414382721                           O            08/01/32
    0

    7897775          E22/G02             F          440,000.00         ZZ
                                         360        440,000.00          1
                                       7.250          3,001.58         80
                                       7.000          3,001.58
    SEDALIA          CO   80135          5            07/26/02         00
    0414429126                           05           09/01/02          0
    0414429126                           O            08/01/32
    0

    7897815          E22/G02             F          348,750.00         ZZ
                                         360        348,750.00          1
                                       6.875          2,291.04         75
                                       6.625          2,291.04
    LAGUNA HILLS     CA   92653          5            07/23/02         00
    0414445270                           05           09/01/02          0
    0414445270                           O            08/01/32
    0

    7897887          E22/G02             F          550,000.00         ZZ
                                         360        550,000.00          1
                                       6.875          3,613.11         65
                                       6.625          3,613.11
    MILLBRAE         CA   94030          1            07/26/02         00
    0414465682                           05           09/01/02          0
    0414465682                           O            08/01/32
    0
1

    7897901          E22/G02             F          469,000.00         ZZ
                                         360        469,000.00          1
                                       6.625          3,003.06         67
                                       6.375          3,003.06
    GILROY           CA   95020          5            07/24/02         00
    0414470989                           05           09/01/02          0
    0414470989                           O            08/01/32
    0

    7897905          E22/G02             F          496,000.00         ZZ
                                         360        496,000.00          1
                                       7.000          3,299.90         80
                                       6.750          3,299.90
    THOUSAND OAKS    CA   91362          5            07/24/02         00
    0414471698                           03           09/01/02          0
    0414471698                           O            08/01/32
    0

    7897959          E22/G02             F          340,800.00         ZZ
                                         360        340,800.00          1
                                       6.750          2,210.42         80
                                       6.500          2,210.42
    VENTURA          CA   93003          1            07/26/02         00
    0414488130                           05           09/01/02          0
    0414488130                           O            08/01/32
    0

    7898009          E22/G02             F          425,600.00         ZZ
                                         360        425,600.00          1
                                       6.625          2,725.16         80
                                       6.375          2,725.16
    DALY CITY        CA   94015          1            07/23/02         00
    0414510560                           05           09/01/02          0
    0414510560                           O            08/01/32
    0

    7898123          E22/G02             F          354,000.00         ZZ
                                         360        354,000.00          1
                                       6.875          2,325.53         80
                                       6.625          2,325.53
    RANCHO MURIETA   CA   95683          2            07/26/02         00
    0414561936                           03           09/01/02          0
    0414561936                           O            08/01/32
    0

    7899573          253/253             F          297,800.00         ZZ
                                         360        297,800.00          2
1

                                       7.500          2,082.27         80
                                       7.250          2,082.27
    CRESTED BUTTE    CO   81224          1            07/12/02         00
    425119                               05           09/01/02          0
    425119                               N            08/01/32
    0

    7899615          N47/G02             F          447,000.00         ZZ
                                         360        447,000.00          1
                                       6.875          2,936.47         71
                                       6.625          2,936.47
    LOS ANGELES      CA   91403          2            07/15/02         00
    0434360756                           05           09/01/02          0
    30321311                             O            08/01/32
    0

    7899655          X91/G02             F          499,250.00         ZZ
                                         360        499,250.00          1
                                       6.375          3,114.67         59
                                       6.125          3,114.67
    HONOLULU         HI   96817          5            07/24/02         00
    0434368221                           05           09/01/02          0
    800706                               O            08/01/32
    0

    7899665          N47/G02             F          393,700.00         ZZ
                                         360        393,700.00          1
                                       6.375          2,456.18         62
                                       6.125          2,456.18
    HOLLISTER        CA   95023          1            07/17/02         00
    0434357109                           05           09/01/02          0
    20120720                             O            08/01/32
    0

    7899699          U96/G02             F          529,200.00         ZZ
                                         360        529,200.00          1
                                       6.750          3,432.38         72
                                       6.500          3,432.38
    HONOLULU         HI   96816          1            07/22/02         00
    0434354932                           05           09/01/02          0
    20600035                             O            08/01/32
    0

    7899735          G34/G02             F          450,000.00         ZZ
                                         360        450,000.00          1
                                       6.625          2,881.40         70
                                       6.375          2,881.40
    OAKLAND          CA   94619          1            07/25/02         00
    0434378337                           05           09/01/02          0
1

    48200312                             O            08/01/32
    0

    7899745          N47/G02             F          344,000.00         ZZ
                                         360        344,000.00          1
                                       6.875          2,259.84         80
                                       6.625          2,259.84
    SAN DIEGO        CA   92131          5            07/19/02         00
    0434365789                           05           09/01/02          0
    30121856                             O            08/01/32
    0

    7900975          H58/G02             F          343,950.00         ZZ
                                         360        343,950.00          1
                                       6.875          2,259.51         80
                                       6.625          2,259.51
    OCEANSIDE        CA   92057          1            07/09/02         00
    0434378840                           05           09/01/02          0
    000098287                            O            08/01/32
    0

    7901071          H81/G02             F          265,000.00         ZZ
                                         360        265,000.00          1
                                       7.250          1,807.77         77
                                       7.000          1,807.77
    PINE RIVER       WI   54965          2            07/25/02         00
    0434358099                           05           09/01/02          0
    FNMA3250                             O            08/01/32
    0

    7901519          E57/G02             F          279,000.00         ZZ
                                         360        279,000.00          1
                                       6.750          1,809.59         76
                                       6.500          1,809.59
    COSTA MESA       CA   92627          2            07/24/02         00
    0434362505                           05           09/01/02          0
    17003126                             O            08/01/32
    0

    7902699          X51/G02             F          347,000.00         ZZ
                                         360        347,000.00          1
                                       6.750          2,250.64         87
                                       6.500          2,250.64
    MILPITAS         CA   95035          5            07/24/02         10
    0434347399                           05           09/01/02         25
    R2053400                             O            08/01/32
    0

1

    7903249          E22/G02             F          468,000.00         ZZ
                                         360        468,000.00          1
                                       7.000          3,113.62         80
                                       6.750          3,113.62
    SAN FRANCISCO    CA   94121          1            07/15/02         00
    0414433797                           07           09/01/02          0
    0414433797                           O            08/01/32
    0

    7903269          E22/G02             F          536,000.00         ZZ
                                         360        536,000.00          1
                                       6.500          3,387.88         67
                                       6.250          3,387.88
    SAN CARLOS       CA   94070          5            07/23/02         00
    0414466110                           05           09/01/02          0
    0414466110                           O            08/01/32
    0

    7904739          X81/G02             F          295,200.00         ZZ
                                         360        295,200.00          1
                                       7.750          2,114.85         90
                                       7.500          2,114.85
    CHAMPLIN         MN   55316          1            07/25/02         10
    0434365425                           05           09/01/02         25
    952330                               O            08/01/32
    0

    7904841          975/G02             F          344,000.00         ZZ
                                         360        344,000.00          1
                                       6.875          2,259.84         80
                                       6.625          2,259.84
    LOS ANGELES      CA   91352          5            07/17/02         00
    0434359683                           05           09/01/02          0
    2022486                              O            08/01/32
    0

    7904917          Q51/G02             F          400,000.00         ZZ
                                         360        400,000.00          1
                                       7.125          2,694.87         68
                                       6.875          2,694.87
    IRVINE           CA   92618          1            07/19/02         00
    0434360707                           03           09/01/02          0
    0593423R2062025                      N            08/01/32
    0

    7904927          S11/G02             F          352,000.00         ZZ
                                         360        352,000.00          1
                                       7.250          2,401.26         80
                                       7.000          2,401.26
1

    WEST COVINA      CA   91791          1            07/12/02         00
    0434379509                           05           09/01/02          0
    10208371                             O            08/01/32
    0

    7904939          S11/G02             F          365,400.00         ZZ
                                         360        365,400.00          1
                                       7.375          2,523.73         85
                                       7.125          2,523.73
    LAGUNA NIGUEL    CA   92677          1            07/15/02         11
    0434354528                           05           09/01/02         12
    10320091                             O            08/01/32
    0

    7905225          X64/G02             F          275,500.00         ZZ
                                         360        275,500.00          1
                                       6.875          1,809.84         74
                                       6.625          1,809.84
    CLARKSTON        MI   48345          2            07/26/02         00
    0434364998                           05           09/01/02          0
    0596609                              O            08/01/32
    0

    7905273          U05/G02             F          408,000.00         ZZ
                                         360        408,000.00          1
                                       6.875          2,680.27         80
                                       6.625          2,680.27
    LOOMIS           CA   95650          5            07/16/02         00
    0434381430                           05           09/01/02          0
    3245313                              O            08/01/32
    0

    7905795          F28/G02             F          550,000.00         ZZ
                                         360        549,537.93          1
                                       6.875          3,613.11         65
                                       6.625          3,613.11
    HOLMDEL          NJ   07733          2            06/05/02         00
    0434403564                           05           08/01/02          0
    1833208                              O            07/01/32
    0

    7905817          F28/G02             F          650,000.00         ZZ
                                         240        648,494.36          1
                                       6.625          4,894.18         55
                                       6.375          4,894.18
    ELBERT           CO   80106          2            06/24/02         00
    0434387544                           05           08/01/02          0
    3097374                              O            07/01/22
    0
1

    7905843          F28/G02             F          621,000.00         ZZ
                                         360        620,515.57          1
                                       7.250          4,236.31         80
                                       7.000          4,236.31
    ROUND HILL       VA   20141          1            06/19/02         00
    0434387528                           05           08/01/02          0
    1650752                              O            07/01/32
    0

    7905871          F28/G02             F          407,500.00         ZZ
                                         360        407,149.15          1
                                       6.750          2,643.04         79
                                       6.500          2,643.04
    CINCINNATI       OH   45226          2            06/20/02         00
    0434363875                           03           08/01/02          0
    6806380                              O            07/01/32
    0

    7905915          F28/G02             F          431,250.00         ZZ
                                         360        430,869.50          1
                                       6.625          2,761.34         75
                                       6.375          2,761.34
    VACAVILLE        CA   95688          2            07/01/02         00
    0434379350                           05           08/01/02          0
    3057020                              O            07/01/32
    0

    7905929          F28/G02             F          468,000.00         ZZ
                                         360        468,000.00          1
                                       6.625          2,996.66         80
                                       6.375          2,996.66
    CINCINNATI       OH   45237          1            07/09/02         00
    0434369179                           05           09/01/02          0
    6806248                              O            08/01/32
    0

    7905999          F28/G02             F          543,000.00         ZZ
                                         360        542,565.76          1
                                       7.125          3,658.30         75
                                       6.875          3,658.30
    CANTON           OH   44708          5            06/24/02         00
    0434387221                           05           08/01/02          0
    1920783                              O            07/01/32
    0

    7906035          F28/G02             F          350,000.00         T
                                         360        349,733.66          1
1

                                       7.375          2,417.36         70
                                       7.125          2,417.36
    EAST HAMPTON     NY   11937          5            06/20/02         00
    0434367819                           05           08/01/02          0
    1894673                              O            07/01/32
    0

    7906181          F28/G02             F          592,500.00         ZZ
                                         360        592,001.53          1
                                       6.875          3,892.30         75
                                       6.625          3,892.30
    WASHINGTON       DC   20016          5            06/28/02         00
    0434368106                           05           08/01/02          0
    1996165                              O            07/01/32
    0

    7906713          E22/G02             F          331,075.00         ZZ
                                         360        331,075.00          1
                                       7.250          2,258.52         95
                                       7.000          2,258.52
    FORT LAUDERDALE  FL   33316          1            08/02/02         01
    0414225177                           05           09/01/02         30
    0414225177                           O            08/01/32
    0

    7906757          E22/G02             F          360,000.00         ZZ
                                         360        360,000.00          1
                                       6.875          2,364.94         80
                                       6.625          2,364.94
    HOUSTON          TX   77005          5            07/29/02         00
    0414354092                           05           09/01/02          0
    0414354092                           O            08/01/32
    0

    7906769          E22/G02             F          574,950.00         ZZ
                                         360        574,950.00          3
                                       7.625          4,069.46         50
                                       7.375          4,069.46
    CHICAGO          IL   60657          2            08/02/02         00
    0414375121                           05           09/01/02          0
    0414375121                           N            08/01/32
    0

    7906773          E22/G02             F          306,000.00         ZZ
                                         360        306,000.00          1
                                       6.875          2,010.20         80
                                       6.625          2,010.20
    FRESNO           CA   93720          2            07/24/02         00
    0414392142                           05           09/01/02          0
1

    0414392142                           O            08/01/32
    0

    7906777          E22/G02             F          397,000.00         ZZ
                                         360        397,000.00          1
                                       6.750          2,574.93         75
                                       6.500          2,574.93
    SAN FRANCISCO    CA   94112          1            07/12/02         00
    0414394379                           05           09/01/02          0
    0414394379                           O            08/01/32
    0

    7906839          E22/G02             F          440,000.00         ZZ
                                         360        440,000.00          1
                                       6.875          2,890.49         80
                                       6.625          2,890.49
    PETALUMA         CA   94954          5            07/25/02         00
    0414462499                           05           09/01/02          0
    0414462499                           O            08/01/32
    0

    7906863          E22/G02             F          300,700.00         ZZ
                                         360        300,700.00          1
                                       7.375          2,076.86         78
                                       7.125          2,076.86
    MORGAN HILL      CA   95037          5            07/26/02         00
    0414481333                           05           09/01/02          0
    0414481333                           O            08/01/32
    0

    7906937          E22/G02             F          543,750.00         ZZ
                                         360        543,750.00          1
                                       6.625          3,481.69         75
                                       6.375          3,481.69
    HUNTINGTON BEAC  CA   92649          1            07/22/02         00
    0414566943                           05           09/01/02          0
    0414566943                           O            08/01/32
    0

    7906951          E22/G02             F          650,000.00         ZZ
                                         360        650,000.00          1
                                       6.875          4,270.04         79
                                       6.625          4,270.04
    MAGNOLIA         TX   77354          2            08/02/02         00
    0414579128                           03           09/01/02          0
    0414579128                           O            08/01/32
    0

1

    7906981          E22/G02             F          572,000.00         ZZ
                                         360        572,000.00          1
                                       6.750          3,709.98         80
                                       6.500          3,709.98
    TROY             MI   48098          1            08/02/02         00
    0414613653                           05           09/01/02          0
    0414613653                           O            08/01/32
    0

    7907133          624/G02             F          376,000.00         ZZ
                                         360        375,676.27          1
                                       6.750          2,438.73         74
                                       6.500          2,438.73
    SAN JOSE         CA   95139          1            06/07/02         00
    0434396545                           05           08/01/02          0
    1000002706                           O            07/01/32
    0

    7909771          461/G02             F          600,000.00         ZZ
                                         360        600,000.00          1
                                       6.875          3,941.57         49
                                       6.625          3,941.57
    SAN DIEGO        CA   92106          1            07/26/02         00
    0434363438                           05           09/01/02          0
    9031569734                           N            08/01/32
    0

    7909773          461/G02             F          376,000.00         ZZ
                                         360        376,000.00          1
                                       6.500          2,376.58         80
                                       6.250          2,376.58
    BUENA PARK       CA   90621          5            07/31/02         00
    0434363404                           05           09/01/02          0
    9031596554                           O            08/01/32
    0

    7909785          461/G02             F          428,000.00         ZZ
                                         360        428,000.00          1
                                       7.000          2,847.50         80
                                       6.750          2,847.50
    HAYWARD          CA   94542          5            07/31/02         00
    0434360749                           03           09/01/02          0
    9031548241                           O            08/01/32
    0

    7909789          461/G02             F          430,700.00         ZZ
                                         360        430,700.00          1
                                       7.125          2,901.71         75
                                       6.875          2,901.71
1

    SAN DIEGO        CA   92116          2            07/29/02         00
    0434357869                           05           09/01/02          0
    9031481047                           O            08/01/32
    0

    7909799          461/G02             F          304,000.00         ZZ
                                         360        304,000.00          1
                                       6.750          1,971.74         80
                                       6.500          1,971.74
    SAN DIEGO        CA   92117          2            07/31/02         00
    0434361010                           05           09/01/02          0
    9031582059                           O            08/01/32
    0

    7910435          L49/G02             F          350,000.00         ZZ
                                         240        350,000.00          1
                                       6.500          2,609.51         56
                                       6.250          2,609.51
    FAIRFIELD        CA   94533          2            07/15/02         00
    0434355186                           03           09/01/02          0
    10010687                             O            08/01/22
    0

    7910449          116/116             F          334,450.00         ZZ
                                         360        334,450.00          1
                                       6.750          2,169.24         80
                                       6.500          2,169.24
    SUGAR LAND       TX   77479          1            07/23/02         00
    091022074                            05           09/01/02          0
    091022074                            O            08/01/32
    0

    7910499          N47/G02             F          440,000.00         ZZ
                                         360        440,000.00          1
                                       6.875          2,890.49         80
                                       6.625          2,890.49
    CAMPBELL         CA   95008          1            07/26/02         00
    0434365821                           05           09/01/02          0
    20120779                             O            08/01/32
    0

    7910531          A80/G02             F          299,250.00         ZZ
                                         360        299,250.00          1
                                       7.875          2,169.78         95
                                       7.625          2,169.78
    CORAL GABLES     FL   33134          1            07/31/02         01
    0434418281                           05           09/01/02         30
    020330474                            O            08/01/32
    0
1

    7910785          N47/G02             F          361,000.00         ZZ
                                         360        361,000.00          1
                                       6.875          2,371.51         42
                                       6.625          2,371.51
    SANTA CRUZ       CA   95060          5            07/22/02         00
    0434366514                           05           09/01/02          0
    20120704                             O            08/01/32
    0

    7910803          E57/G02             F          336,000.00         ZZ
                                         360        336,000.00          1
                                       7.250          2,292.11         80
                                       7.000          2,292.11
    DALY CITY        CA   94014          5            07/23/02         00
    0434371845                           05           09/01/02          0
    06008746                             O            08/01/32
    0

    7912097          L49/G02             F          520,400.00         ZZ
                                         360        520,400.00          1
                                       6.625          3,332.18         80
                                       6.375          3,332.18
    DALY CITY        CA   94014          1            07/25/02         00
    0434413340                           03           09/01/02          0
    10010463                             O            08/01/32
    0

    7913317          025/025             F          407,149.36         ZZ
                                         342        406,064.94          1
                                       7.250          2,819.16         55
                                       7.000          2,819.16
    EATONTON         GA   31024          2            04/29/02         00
    0026446179                           05           06/01/02          0
    0026446179                           O            11/01/30
    0

    7913319          025/025             F          403,400.00         ZZ
                                         360        401,156.83          1
                                       7.250          2,751.90         80
                                       7.000          2,751.90
    EDGEWATER        MD   21037          1            12/13/01         00
    0130612476                           05           02/01/02          0
    0130612476                           O            01/01/32
    0

    7913323          025/025             F          360,000.00         ZZ
                                         360        357,948.51          1
1

                                       7.125          2,425.39         49
                                       6.875          2,425.39
    CHESTER          VA   23831          2            12/27/01         00
    0130687205                           05           02/01/02          0
    0130687205                           O            01/01/32
    0

    7913325          025/025             F          366,000.00         ZZ
                                         360        365,116.70          1
                                       7.125          2,465.82         80
                                       6.875          2,465.82
    MECHANICSVILLE   VA   23116          1            04/30/02         00
    0130941925                           03           06/01/02          0
    0130941925                           O            05/01/32
    0

    7913331          025/025             F          468,000.00         ZZ
                                         360        465,968.90          1
                                       7.250          3,192.59         80
                                       7.000          3,192.59
    NEWPORT NEWS     VA   23606          1            03/04/02         00
    0139879829                           05           04/01/02          0
    0139879829                           O            03/01/32
    0

    7914479          696/G02             F          367,350.00         ZZ
                                         360        367,350.00          1
                                       6.500          2,321.90         80
                                       6.250          2,321.90
    LEESBURG         VA   20176          1            07/31/02         00
    0434396404                           03           09/01/02          0
    24502017                             O            08/01/32
    0

    7915797          E22/G02             F          350,100.00         ZZ
                                         360        350,100.00          1
                                       7.000          2,329.22         90
                                       6.750          2,329.22
    SCOTTSDALE       AZ   85258          1            07/29/02         04
    0414526285                           03           09/01/02         25
    0414526285                           O            08/01/32
    0

    7916181          L49/G02             F          391,000.00         ZZ
                                         360        391,000.00          1
                                       6.750          2,536.02         73
                                       6.500          2,536.02
    SAN DIEGO        CA   92129          1            07/09/02         00
    0434354882                           03           09/01/02          0
1

    1010256                              O            08/01/32
    0

    7916697          E57/G02             F          335,000.00         ZZ
                                         360        335,000.00          1
                                       6.875          2,200.71         80
                                       6.625          2,200.71
    CLARMONT         CA   91711          1            07/24/02         00
    0434411260                           05           09/01/02          0
    06008292                             O            08/01/32
    0

    7916703          L49/G02             F          529,850.00         ZZ
                                         360        529,850.00          1
                                       6.625          3,392.69         80
                                       6.375          3,392.69
    THOUSAND OAKS    CA   91320          1            07/03/02         00
    0434369997                           03           09/01/02          0
    10008727                             O            08/01/32
    0

    7916709          G34/G02             F          380,000.00         ZZ
                                         360        380,000.00          1
                                       6.875          2,496.33         80
                                       6.625          2,496.33
    BERKELEY         CA   94708          1            07/23/02         00
    0434392932                           05           09/01/02          0
    48200269                             O            08/01/32
    0

    7916919          N47/G02             F          369,000.00         ZZ
                                         360        369,000.00          1
                                       7.625          2,611.76         79
                                       7.375          2,611.76
    SAN JOSE         CA   95121          2            07/25/02         00
    0434377743                           05           09/01/02          0
    20120820                             O            08/01/32
    0

    7916979          N47/G02             F          300,700.00         ZZ
                                         360        300,700.00          1
                                       6.750          1,950.33         79
                                       6.500          1,950.33
    SAN DIEGO        CA   92129          1            07/26/02         00
    0434378113                           05           09/01/02          0
    30122087                             O            08/01/32
    0

1

    7917467          830/G02             F          361,250.00         ZZ
                                         360        361,250.00          1
                                       6.875          2,373.16         85
                                       6.625          2,373.16
    WEST JORDAN      UT   84088          2            07/30/02         14
    0434403374                           05           09/01/02         12
    02070074                             O            08/01/32
    0

    7920387          F89/G02             F          415,000.00         ZZ
                                         360        415,000.00          1
                                       6.875          2,726.25         72
                                       6.625          2,726.25
    OCEANSIDE        CA   92054          5            07/24/02         00
    0434401626                           05           09/01/02          0
    22064                                O            08/01/32
    0

    7920597          E22/G02             F          427,000.00         T
                                         360        427,000.00          1
                                       6.500          2,698.93         80
                                       6.250          2,698.93
    FOLLY BEACH      SC   29439          2            08/06/02         00
    0414426387                           01           09/01/02          0
    0414426387                           O            08/01/32
    0

    7920605          E22/G02             F          340,000.00         ZZ
                                         360        340,000.00          1
                                       6.750          2,205.23         78
                                       6.500          2,205.23
    UPLAND           CA   91784          1            07/30/02         00
    0414444497                           05           09/01/02          0
    0414444497                           O            08/01/32
    0

    7920735          E22/G02             F          452,000.00         T
                                         360        452,000.00          1
                                       6.750          2,931.66         80
                                       6.500          2,931.66
    SOUTH LAKE TAHO  CA   96150          1            07/29/02         00
    0414586495                           03           09/01/02          0
    0414586495                           O            08/01/32
    0

    7921503          F36/G02             F          297,400.00         ZZ
                                         360        297,400.00          1
                                       7.250          2,028.79         90
                                       7.000          2,028.79
1

    BONNEY LAKE      WA   98390          1            07/30/02         14
    0434409348                           05           09/01/02         25
    06404955                             O            08/01/32
    0

    7922053          B57/G02             F          344,000.00         ZZ
                                         360        344,000.00          1
                                       6.875          2,259.84         80
                                       6.625          2,259.84
    LIVERMORE        CA   94550          5            07/25/02         00
    0434410965                           05           09/01/02          0
    70000190                             O            08/01/32
    0

    7923331          E47/G02             F          335,000.00         ZZ
                                         360        335,000.00          1
                                       7.125          2,256.96         80
                                       6.875          2,256.96
    SAN JOSE         CA   95122          2            07/18/02         00
    0434374385                           05           09/01/02          0
    7359510994                           O            08/01/32
    0

    7924695          Q01/G02             F          294,500.00         ZZ
                                         360        294,500.00          1
                                       6.500          1,861.44         95
                                       6.250          1,861.44
    PROVO            UT   84604          1            07/26/02         12
    0434377073                           05           09/01/02         30
    95198                                O            08/01/32
    0

    7925347          B57/G02             F          300,000.00         ZZ
                                         360        300,000.00          1
                                       7.250          2,046.53         75
                                       7.000          2,046.53
    GROVER BEACH     CA   93433          1            07/25/02         00
    0434390688                           05           09/01/02          0
    70000123                             N            08/01/32
    0

    7925551          A21/A21             F          388,000.00         ZZ
                                         360        388,000.00          1
                                       7.125          2,614.03         80
                                       6.875          2,614.03
    ROSLYN HEIGHTS   NY   11577          1            08/01/02         00
    0100132859                           05           09/01/02          0
    0100132859                           O            08/01/32
    0
1

    7927259          A06/G02             F          296,000.00         ZZ
                                         360        296,000.00          1
                                       7.000          1,969.30         80
                                       6.750          1,969.30
    COMMERCE TWP     MI   48390          2            07/25/02         00
    0434392700                           05           09/01/02          0
    1000020216965                        O            08/01/32
    0

    7930017          588/G02             F          400,000.00         ZZ
                                         360        400,000.00          1
                                       6.750          2,594.39         80
                                       6.500          2,594.39
    GAITHERSBURG     MD   20878          1            07/30/02         00
    0434417689                           05           09/01/02          0
    1069820                              O            08/01/32
    0

    7930077          X75/G02             F          280,000.00         ZZ
                                         360        280,000.00          1
                                       6.625          1,792.87         80
                                       6.375          1,792.87
    VISTA            CA   92083          5            07/26/02         00
    0434375606                           05           09/01/02          0
    2060317                              O            08/01/32
    0

    7930549          X82/G02             F          379,950.00         ZZ
                                         360        379,630.80          1
                                       6.875          2,496.00         85
                                       6.625          2,496.00
    DOWELL           MD   20629          5            06/26/02         14
    0434393930                           05           08/01/02         12
    830578                               O            07/01/32
    0

    7930591          R84/G02             F          272,000.00         ZZ
                                         360        272,000.00          1
                                       6.625          1,741.65         80
                                       6.375          1,741.65
    TACOMA           WA   98422          5            07/19/02         00
    0434395349                           05           09/01/02          0
    600363                               O            08/01/32
    0

    7930611          830/G02             F          348,750.00         ZZ
                                         360        348,750.00          1
1

                                       7.750          2,498.49         90
                                       7.500          2,498.49
    PARK CITY        UT   84098          5            07/12/02         14
    0434395232                           05           09/01/02         25
    02070017                             O            08/01/32
    0

    7930711          B44/G02             F          300,000.00         ZZ
                                         360        300,000.00          1
                                       7.125          2,021.16         74
                                       6.875          2,021.16
    SANTA CLARA      CA   95050          5            07/19/02         00
    0434389706                           05           09/01/02          0
    3020369                              O            08/01/32
    0

    7931263          X71/G02             F          603,750.00         ZZ
                                         360        603,750.00          1
                                       7.000          4,016.76         75
                                       6.750          4,016.76
    PLEASANTON       CA   94566          1            07/02/02         00
    0434394664                           03           09/01/02          0
    7001068                              O            08/01/32
    0

    7934015          K21/G02             F          459,000.00         ZZ
                                         360        459,000.00          1
                                       6.500          2,901.19         75
                                       6.250          2,901.19
    LAFAYETTE        CA   94549          2            07/24/02         00
    0434398400                           05           09/01/02          0
    0219262                              O            08/01/32
    0

    7934195          998/998             F          347,200.00         ZZ
                                         360        346,394.21          1
                                       7.375          2,398.02         80
                                       7.125          2,398.02
    OSAGE BEACH      MO   65065          2            04/18/02         00
    3847920                              05           06/01/02          0
    3847920                              O            05/01/32
    0

    7934197          998/998             F          524,000.00         ZZ
                                         360        523,313.42          1
                                       7.375          3,619.14         80
                                       7.125          3,619.14
    COUNCIL BLUFFS   IA   51503          2            06/14/02         00
    3996189                              05           08/01/02          0
1

    3996189                              O            07/01/32
    0

    7934199          998/998             F          603,750.00         ZZ
                                         360        603,267.19          1
                                       7.125          4,067.58         75
                                       6.875          4,067.58
    RYE              NY   10580          5            06/28/02         00
    4983189                              05           08/01/02          0
    4983189                              O            07/01/32
    0

    7934203          998/998             F          650,000.00         ZZ
                                         360        650,000.00          1
                                       7.500          4,544.89         28
                                       7.250          4,544.89
    NORTHBROOK       IL   60062          2            07/05/02         00
    5097998                              05           09/01/02          0
    5097998                              O            08/01/32
    0

    7934205          998/998             F          649,950.00         ZZ
                                         360        649,950.00          1
                                       7.500          4,544.54         31
                                       7.250          4,544.54
    NORTHBROOK       IL   60062          2            07/11/02         00
    5181420                              05           09/01/02          0
    5181420                              O            08/01/32
    0

    7934365          U05/G02             F          449,900.00         ZZ
                                         360        449,900.00          1
                                       6.625          2,880.76         90
                                       6.375          2,880.76
    GRANTS PASS      OR   97527          1            07/19/02         14
    0434401931                           05           09/01/02         25
    3244459                              O            08/01/32
    0

    7937661          998/998             F          482,000.00         ZZ
                                         360        482,000.00          1
                                       7.750          3,453.11         72
                                       7.500          3,453.11
    ARLINGTON HEIGH  IL   60004          2            07/02/02         00
    5020020                              05           09/01/02          0
    5020020                              O            08/01/32
    0

1

    7938251          B57/G02             F          372,500.00         ZZ
                                         360        372,500.00          2
                                       7.000          2,478.25         77
                                       6.750          2,478.25
    LOS ANGELES      CA   90068          2            07/31/02         00
    0434398079                           05           09/01/02          0
    10004200                             O            08/01/32
    0

    7944653          E86/G02             F          304,000.00         ZZ
                                         360        304,000.00          1
                                       6.875          1,997.06         80
                                       6.625          1,997.06
    REGO PARK        NY   11374          1            07/18/02         00
    0434397964                           05           09/01/02          0
    0000197392                           O            08/01/32
    0

    7945053          F89/G02             F          432,000.00         ZZ
                                         360        432,000.00          1
                                       6.500          2,730.53         80
                                       6.250          2,730.53
    SAN DIEGO        CA   92120          5            07/19/02         00
    0434397980                           05           09/01/02          0
    21695                                O            08/01/32
    0

    8317584          E23/G02             F          283,000.00         ZZ
                                         360        282,779.23          4
                                       7.250          1,930.56         78
                                       7.000          1,930.56
    PAHRUMP          NV   89048          2            06/14/02         00
    0434223376                           05           08/01/02          0
    51013776                             N            07/01/32
    0

    8317968          W98/G02             F          491,000.00         ZZ
                                         360        490,587.50          1
                                       6.875          3,225.52         70
                                       6.625          3,225.52
    LEESBURG         VA   20176          5            06/27/02         00
    0434322061                           05           08/01/02          0
    F0206021                             O            07/01/32
    0

    8318060          E23/G02             F          380,000.00         ZZ
                                         360        380,000.00          1
                                       6.875          2,496.33         80
                                       6.625          2,496.33
1

    BEVERLY HILLS    CA   90210          5            07/01/02         00
    0434260626                           01           09/01/02          0
    51015364                             O            08/01/32
    0

    8318580          E23/G02             F          333,750.00         ZZ
                                         360        333,750.00          1
                                       7.375          2,305.13         75
                                       7.125          2,305.13
    SANTA ROSA       CA   95404          1            07/03/02         00
    0434327961                           05           09/01/02          0
    62002294                             N            08/01/32
    0

    8318792          T61/G02             F          331,600.00         ZZ
                                         360        331,600.00          1
                                       7.750          2,375.62         80
                                       7.500          2,375.62
    ARLINGTON        VA   22207          1            07/11/02         00
    0434298980                           05           09/01/02          0
    0584213                              O            08/01/32
    0

    8319380          E23/G02             F          440,000.00         ZZ
                                         360        440,000.00          1
                                       6.875          2,890.49         80
                                       6.625          2,890.49
    LONG BEACH       CA   90803          5            07/10/02         00
    0434318663                           05           09/01/02          0
    51016271                             O            08/01/32
    0

    8319384          E47/G02             F          400,000.00         ZZ
                                         360        399,663.95          1
                                       6.875          2,627.72         80
                                       6.625          2,627.72
    NEWARK           CA   94560          1            06/27/02         00
    0434319521                           03           08/01/02          0
    7359510981                           O            07/01/32
    0

    8319624          E23/G02             F          408,000.00         ZZ
                                         360        408,000.00          1
                                       6.875          2,680.27         80
                                       6.625          2,680.27
    HUNTINGTON BEAC  CA   92646          1            07/10/02         00
    0434332375                           05           09/01/02          0
    51014953                             O            08/01/32
    0
1

    8319646          E23/G02             F          284,000.00         ZZ
                                         360        284,000.00          1
                                       7.000          1,889.46         80
                                       6.750          1,889.46
    LOS ANGELES      CA   91367          5            07/03/02         00
    0434328696                           01           09/01/02          0
    51015573                             O            08/01/32
    0

    8319960          E23/G02             F          360,000.00         ZZ
                                         360        360,000.00          1
                                       6.750          2,334.95         80
                                       6.500          2,334.95
    SANTA ROSA       CA   95403          1            07/12/02         00
    0434351938                           05           09/01/02          0
    62002380                             O            08/01/32
    0

    8320102          E23/G02             F          620,000.00         ZZ
                                         360        620,000.00          1
                                       6.750          4,021.31         80
                                       6.500          4,021.31
    VISTA            CA   92084          5            07/14/02         00
    0434331740                           05           09/01/02          0
    11012154                             O            08/01/32
    0

    8320132          E23/G02             F          360,000.00         ZZ
                                         360        360,000.00          1
                                       7.375          2,486.43         80
                                       7.125          2,486.43
    GLENDORA         CA   91741          1            07/12/02         00
    0434337192                           05           09/01/02          0
    51015568                             O            08/01/32
    0

    8320664          E23/G02             F          329,400.00         ZZ
                                         360        329,400.00          1
                                       6.625          2,109.18         80
                                       6.375          2,109.18
    CORONA           CA   92883          1            07/15/02         00
    0434337895                           03           09/01/02          0
    51013366                             O            08/01/32
    0

    8320724          E23/G02             F          376,000.00         ZZ
                                         360        376,000.00          1
1

                                       7.000          2,501.54         80
                                       6.750          2,501.54
    ROWLAND HEIGHTS  CA   91748          5            07/19/02         00
    0434340725                           03           09/01/02          0
    51016593                             O            08/01/32
    0

    8320770          E23/G02             F          400,000.00         ZZ
                                         360        400,000.00          1
                                       7.625          2,831.17         67
                                       7.375          2,831.17
    SEBASTOPOL       CA   95472          1            07/09/02         00
    0434345179                           05           09/01/02          0
    62002340                             N            08/01/32
    0

    8320894          N16/G02             F          336,000.00         ZZ
                                         360        336,000.00          1
                                       6.500          2,123.75         74
                                       6.250          2,123.75
    SILVER SPRING    MD   20904          2            07/26/02         00
    0434344107                           05           09/01/02          0
    N16                                  O            08/01/32
    0

    8320944          E23/G02             F          400,000.00         ZZ
                                         360        400,000.00          1
                                       6.625          2,561.24         80
                                       6.375          2,561.24
    ALPINE           CA   91901          5            07/17/02         00
    0434345252                           05           09/01/02          0
    11012000                             O            08/01/32
    0

    8320956          E23/G02             F          300,000.00         ZZ
                                         360        300,000.00          1
                                       7.125          2,021.16         75
                                       6.875          2,021.16
    ORANGE           CA   92869          5            07/19/02         00
    0434348462                           05           09/01/02          0
    51016252                             O            08/01/32
    0

    8320976          W93/G02             F          319,500.00         ZZ
                                         360        319,058.80          1
                                       7.875          2,316.60         90
                                       7.625          2,316.60
    MERIDIAN         ID   83642          5            05/29/02         04
    0434397907                           03           07/01/02         25
1

    60392352                             O            06/01/32
    0

    8321084          A19/G02             F          370,000.00         ZZ
                                         360        370,000.00          2
                                       7.875          2,682.76         80
                                       7.625          2,682.76
    REVERE           MA   02151          1            07/31/02         00
    0434344826                           05           09/01/02          0
    11232                                N            08/01/32
    0

    8321260          E23/G02             F          445,000.00         ZZ
                                         360        445,000.00          1
                                       6.750          2,886.26         80
                                       6.500          2,886.26
    DAVIS            CA   95616          5            07/22/02         00
    0434365730                           03           09/01/02          0
    11012146                             O            08/01/32
    0

    8321558          E23/G02             F          525,000.00         ZZ
                                         360        525,000.00          1
                                       6.750          3,405.14         75
                                       6.500          3,405.14
    MONTEREY         CA   93940          1            07/19/02         00
    0434355715                           05           09/01/02          0
    63000059                             O            08/01/32
    0

    8321600          W98/G02             F          393,000.00         ZZ
                                         360        393,000.00          1
                                       7.125          2,647.71         74
                                       6.875          2,647.71
    ALEXANDRIA       VA   22315          2            07/30/02         00
    0434393922                           05           09/01/02          0
    F0207024                             O            08/01/32
    0

    8321860          E23/G02             F          316,000.00         ZZ
                                         360        316,000.00          1
                                       6.750          2,049.57         80
                                       6.500          2,049.57
    CHULA VISTA      CA   91915          5            07/23/02         00
    0434396362                           03           09/01/02          0
    11012204                             O            08/01/32
    0
1

   TOTAL NUMBER OF LOANS   :        522

   TOTAL ORIGINAL BALANCE  :   211,195,949.36

   TOTAL PRINCIPAL BALANCE :   211,077,014.20

   TOTAL ORIGINAL P+I      :     1,415,987.32

   TOTAL CURRENT P+I       :     1,415,987.32

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

<PAGE>

                                   EXHIBIT TWO

                         SCHEDULE OF DISCOUNT FRACTIONS

<TABLE>
<CAPTION>
                               Schedule of Discount Fractions

    Loan Number     Current Balance    Net Mortgage Rate  Discount Fraction   PO Balance
<S>   <C>             <C>                   <C>                <C>             <C>
      7782615         $299,741.71           6.470%             0.4615%         $1,383.42
      7805797         $299,635.41           6.345%             2.3846%         $7,145.15
      7805841         $289,744.14           6.345%             2.3846%         $6,909.28
      7806907         $312,730.52           6.470%             0.4615%         $1,443.37
      7809011         $423,634.94           6.470%             0.4615%         $1,955.24
      7815929         $300,441.11           6.470%             0.4615%         $1,386.65
      7828401         $359,690.04           6.470%             0.4615%         $1,660.11
      7828403         $543,281.83           6.470%             0.4615%         $2,507.45
      7828419         $370,000.00           6.470%             0.4615%         $1,707.69
      7830429         $355,685.91           6.345%             2.3846%         $8,481.74
      7834945         $459,603.94           6.470%             0.4615%         $2,121.25
      7834989         $499,579.93           6.470%             0.4615%         $2,305.75
      7838135         $477,988.11           6.470%             0.4615%         $2,206.10
      7838699         $644,944.24           6.470%             0.4615%         $2,976.67
      7839231         $354,188.39           6.470%             0.4615%         $1,634.72
      7847373         $418,839.07           6.470%             0.4615%         $1,933.10
      7847659         $649,440.36           6.470%             0.4615%         $2,997.42
      7848867         $369,000.00           6.220%             4.3077%        $15,895.38
      7848895         $396,000.00           6.470%             0.4615%         $1,827.69
      7853853         $350,000.00           6.470%             0.4615%         $1,615.38
      7854005         $334,400.00           6.470%             0.4615%         $1,543.38
      7857547         $375,500.00           6.470%             0.4615%         $1,733.08
      7862693         $372,000.00           6.345%             2.3846%         $8,870.77
      7869583         $275,000.00           6.345%             2.3846%         $6,557.69
      7871067         $400,000.00           6.470%             0.4615%         $1,846.15
      7873265         $479,596.74           6.470%             0.4615%         $2,213.52
      7873275         $527,545.40           6.470%             0.4615%         $2,434.82
      7873305         $420,000.00           6.470%             0.4615%         $1,938.46
      7873315         $650,000.00           6.470%             0.4615%         $3,000.00
      7873333         $362,400.00           6.470%             0.4615%         $1,672.62
      7873339         $442,500.00           6.470%             0.4615%         $2,042.31
      7873353         $489,600.00           6.470%             0.4615%         $2,259.69
      7873361         $324,000.00           6.345%             2.3846%         $7,726.15
      7875209         $384,950.00           6.470%             0.4615%         $1,776.69
      7878069         $348,400.00           6.470%             0.4615%         $1,608.00
      7879331         $346,400.00           6.470%             0.4615%         $1,598.77
      7880015         $399,000.00           6.345%             2.3846%         $9,514.62
      7880461         $330,000.00           6.345%             2.3846%         $7,869.23
      7882619         $390,663.36           6.470%             0.4615%         $1,803.06
      7882743         $326,000.00           6.470%             0.4615%         $1,504.62
      7883237         $258,000.00           6.470%             0.4615%         $1,190.77
      7883975         $326,718.46           6.470%             0.4615%         $1,507.93
      7884061         $465,600.00           6.470%             0.4615%         $2,148.92
      7884741         $420,000.00           6.470%             0.4615%         $1,938.46
      7884775         $480,000.00           6.220%             4.3077%        $20,676.92
      7884781         $284,000.00           6.470%             0.4615%         $1,310.77
      7884783         $380,000.00           6.470%             0.4615%         $1,753.85
      7885293         $550,000.00           6.470%             0.4615%         $2,538.46
      7885639         $491,000.00           6.345%             2.3846%        $11,708.46
      7887175         $370,000.00           6.470%             0.4615%         $1,707.69
      7890459         $420,000.00           6.470%             0.4615%         $1,938.46
      7891675         $445,000.00           6.345%             2.3846%        $10,611.54
      7891725         $345,000.00           6.470%             0.4615%         $1,592.31

 Friday, August 23, 2002                                                        Page 1 of 2

      7892131         $455,000.00           6.345%             2.3846%        $10,850.00
      7892271         $340,000.00           6.470%             0.4615%         $1,569.23
      7892345         $399,900.00           6.345%             2.3846%         $9,536.08
      7892353         $400,000.00           6.345%             2.3846%         $9,538.46
      7893695         $320,000.00           6.470%             0.4615%         $1,476.92
      7893735         $374,300.00           6.420%             1.2308%         $4,606.77
      7894003         $360,000.00           6.470%             0.4615%         $1,661.54
      7897665         $352,000.00           6.345%             2.3846%         $8,393.85
      7897703         $350,000.00           6.470%             0.4615%         $1,615.38
      7897901         $469,000.00           6.345%             2.3846%        $11,183.85
      7897959         $340,800.00           6.470%             0.4615%         $1,572.92
      7898009         $425,600.00           6.345%             2.3846%        $10,148.92
      7899655         $499,250.00           6.095%             6.2308%        $31,107.12
      7899665         $393,700.00           6.095%             6.2308%        $24,530.54
      7899699         $529,200.00           6.470%             0.4615%         $2,442.46
      7899735         $450,000.00           6.345%             2.3846%        $10,730.77
      7901519         $279,000.00           6.470%             0.4615%         $1,287.69
      7902699         $347,000.00           6.470%             0.4615%         $1,601.54
      7903269         $536,000.00           6.220%             4.3077%        $23,089.23
      7905817         $648,494.36           6.345%             2.3846%        $15,464.10
      7905871         $407,149.15           6.470%             0.4615%         $1,879.15
      7905915         $430,869.50           6.345%             2.3846%        $10,274.58
      7905929         $468,000.00           6.345%             2.3846%        $11,160.00
      7906777         $397,000.00           6.470%             0.4615%         $1,832.31
      7906937         $543,750.00           6.345%             2.3846%        $12,966.35
      7906981         $572,000.00           6.470%             0.4615%         $2,640.00
      7907133         $375,676.27           6.470%             0.4615%         $1,733.89
      7909773         $376,000.00           6.220%             4.3077%        $16,196.92
      7909799         $304,000.00           6.470%             0.4615%         $1,403.08
      7910435         $350,000.00           6.220%             4.3077%        $15,076.92
      7910449         $334,450.00           6.470%             0.4615%         $1,543.62
      7912097         $520,400.00           6.345%             2.3846%        $12,409.54
      7914479         $367,350.00           6.220%             4.3077%        $15,824.31
      7916181         $391,000.00           6.470%             0.4615%         $1,804.62
      7916703         $529,850.00           6.345%             2.3846%        $12,634.88
      7916979         $300,700.00           6.470%             0.4615%         $1,387.85
      7920597         $427,000.00           6.220%             4.3077%        $18,393.85
      7920605         $340,000.00           6.470%             0.4615%         $1,569.23
      7920735         $452,000.00           6.470%             0.4615%         $2,086.15
      7924695         $294,500.00           6.220%             4.3077%        $12,686.15
      7930017         $400,000.00           6.470%             0.4615%         $1,846.15
      7930077         $280,000.00           6.345%             2.3846%         $6,676.92
      7930591         $272,000.00           6.345%             2.3846%         $6,486.15
      7934015         $459,000.00           6.220%             4.3077%        $19,772.31
      7934365         $449,900.00           6.345%             2.3846%        $10,728.38
      7945053         $432,000.00           6.220%             4.3077%        $18,609.23
      8319960         $360,000.00           6.470%             0.4615%         $1,661.54
      8320102         $620,000.00           6.470%             0.4615%         $2,861.54
      8320664         $329,400.00           6.345%             2.3846%         $7,854.92
      8320894         $336,000.00           6.220%             4.3077%        $14,473.85
      8320944         $400,000.00           6.345%             2.3846%         $9,538.46
      8321260         $445,000.00           6.470%             0.4615%         $2,053.85
      8321558         $525,000.00           6.470%             0.4615%         $2,423.08
      8321860         $316,000.00           6.470%             0.4615%         $1,458.46

 Friday, August 23, 2002                                                        Page 2 of 2

</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  Notional  Amount  with  respect  to each  class  of  Interest  Only
Certificates and each Subclass Notional Amount;

<PAGE>

(xiv) the  occurrence  of the Credit  Support  Depletion  Date and the Accretion
Termination Date;

(xv) the related Senior Accelerated  Distribution  Percentage applicable to such
distribution;

(xvi)   the related Senior Percentage for such Distribution Date;

(xvii)  the aggregate amount of Realized Losses for such Distribution Date;

(xviii) the aggregate  amount of any recoveries on previously  foreclosed  loans
from  Sellers due to a breach of a  representation  or warranty  assigned to the
Trustee pursuant to Section 2.04;

(xix) the weighted  average  remaining  term to maturity of the  Mortgage  Loans
after giving effect to the amounts distributed on such Distribution Date; and

(xx) the weighted  average  Mortgage  Rates of the  Mortgage  Loans after giving
effect to the amounts distributed on such Distribution Date.

        In the case of  information  furnished  pursuant to clauses (i) and (ii)
above,  the amounts shall be expressed as a dollar amount per Certificate with a
$1,000 denomination.

        The Trustee's internet website, 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

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<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

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<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.

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<PAGE>

                                   ARTICLE VI

                       THE COMPANY AND THE MASTER SERVICER

Section 6.01.  Respective Liabilities of the Company and the Master Servicer.
               --------------------------------------------------------------

        The Company and the Master  Servicer  shall each be liable in accordance
herewith only to the extent of the  obligations  specifically  and  respectively
imposed upon and undertaken by the Company and the Master  Servicer  herein.  By
way of  illustration  and not  limitation,  the  Company  is not  liable for the
servicing  and  administration  of the  Mortgage  Loans,  nor is it obligated by
Section 7.01 or Section 10.01 to assume any  obligations of the Master  Servicer
or to appoint a designee  to assume such  obligations,  nor is it liable for any
other  obligation  hereunder that it may, but is not obligated to, assume unless
it elects to assume such obligation in accordance herewith.

Section 6.02.  Merger or  Consolidation  of the Company or the Master  Servicer;
     Assignment of Rights and Delegation of Duties by Master Servicer.

(a) The  Company  and the  Master  Servicer  will each keep in full  effect  its
existence, rights and franchises as a corporation under the laws of the state of
its  incorporation,  and will each obtain and preserve its  qualification  to do
business  as  a  foreign   corporation  in  each   jurisdiction  in  which  such
qualification   is  or  shall  be   necessary   to  protect  the   validity  and
enforceability of this Agreement,  the Certificates or any of the Mortgage Loans
and to perform its respective duties under this Agreement.

(b) Any Person  into which the Company or the Master  Servicer  may be merged or
consolidated,  or any corporation  resulting from any merger or consolidation to
which  the  Company  or the  Master  Servicer  shall be a party,  or any  Person
succeeding to the business of the Company or the Master  Servicer,  shall be the
successor of the Company or the Master Servicer,  as the case may be, hereunder,
without the  execution  or filing of any paper or any further act on the part of
any of the parties  hereto,  anything  herein to the  contrary  notwithstanding;
provided, however, that the successor or surviving Person to the Master Servicer
shall be qualified to service  mortgage loans on behalf of Fannie Mae or Freddie
Mac; and  provided  further that each Rating  Agency's  ratings,  if any, of the
Senior,  Class M or Class B  Certificates  in effect  immediately  prior to such
merger or consolidation will not be qualified,  reduced or withdrawn as a result
thereof (as evidenced by a letter to such effect from each Rating Agency).

(c)  Notwithstanding  anything else in this Section 6.02 and Section 6.04 to the
contrary,  the Master Servicer may assign its rights and delegate its duties and
obligations  under  this  Agreement;  provided  that the Person  accepting  such
assignment  or  delegation  shall be a  Person  which is  qualified  to  service
mortgage   loans  on  behalf  of  Fannie  Mae  or  Freddie  Mac,  is  reasonably
satisfactory to the Trustee and the Company,  is willing to service the Mortgage
Loans and executes and delivers to the Company and the Trustee an agreement,  in
form and substance reasonably satisfactory to the Company and the Trustee, which
contains an  assumption by such Person of the due and punctual  performance  and
observance  of each  covenant  and  condition to be performed or observed by the
Master Servicer under this Agreement; provided further that each Rating Agency's

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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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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

                                       85
<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.

                                       89
<PAGE>

(b) Following the issuance of the Certificates, the Trustee shall not accept any
contribution of assets to the Trust Fund unless (subject to Section 10.01(f)) it
shall have obtained or been  furnished  with an Opinion of Counsel to the effect
that such  contribution will not (i) cause any portion of any REMIC formed under
the  Series  Supplement  to fail to  qualify  as a REMIC  at any  time  that any
Certificates  are  outstanding or (ii) cause the Trust Fund to be subject to any
federal tax as a result of such  contribution  (including  the imposition of any
federal tax on "prohibited  transactions"  imposed under Section  860F(a) of the
Code).

Section 8.03.  Trustee Not Liable for Certificates or Mortgage Loans.

        The recitals  contained herein and in the  Certificates  (other than the
execution of the  Certificates and relating to the acceptance and receipt of the
Mortgage  Loans) shall be taken as the  statements  of the Company or the Master
Servicer as the case may be, and the Trustee assumes no responsibility for their
correctness.  The  Trustee  makes  no  representations  as to  the  validity  or
sufficiency  of  this  Agreement  or  of  the  Certificates   (except  that  the
Certificates  shall be duly and  validly  executed  and  authenticated  by it as
Certificate  Registrar) or of any Mortgage Loan or related document,  or of MERS
or the MERS(R) System.  Except as otherwise  provided herein,  the Trustee shall
not be  accountable  for the use or  application  by the  Company  or the Master
Servicer of any of the Certificates or of the proceeds of such Certificates,  or
for the use or  application  of any  funds  paid to the  Company  or the  Master
Servicer in respect of the Mortgage  Loans or deposited in or withdrawn from the
Custodial  Account  or the  Certificate  Account  by the  Company  or the Master
Servicer.

Section 8.04.  Trustee May Own Certificates.

        The Trustee in its individual or any other capacity may become the owner
or pledgee  of  Certificates  with the same  rights it would have if it were not
Trustee.

Section 8.05.  Master Servicer to Pay Trustee's Fees
                      and Expenses; Indemnification.

(a) The  Master  Servicer  covenants  and agrees to pay to the  Trustee  and any
co-trustee  from  time to time,  and the  Trustee  and any  co-trustee  shall be
entitled  to,  reasonable  compensation  (which  shall  not  be  limited  by any
provision of law in regard to the compensation of a trustee of an express trust)
for all services  rendered by each of them in the execution of the trusts hereby
created  and in the  exercise  and  performance  of any of the powers and duties
hereunder of the Trustee and any co-trustee, and the Master Servicer will pay or
reimburse  the  Trustee  and any  co-trustee  upon  request  for all  reasonable
expenses,  disbursements  and  advances  incurred  or made by the Trustee or any
co-trustee in accordance with any of the provisions of this Agreement (including
the reasonable  compensation  and the expenses and  disbursements of its counsel
and of all persons not regularly in its employ, and the expenses incurred by the
Trustee or any  co-trustee in connection  with the  appointment  of an office or
agency  pursuant  to Section  8.12)  except any such  expense,  disbursement  or
advance as may arise from its negligence or bad faith.

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(b) The Master  Servicer  agrees to  indemnify  the Trustee for, and to hold the
Trustee  harmless  against,  any loss,  liability  or expense  incurred  without
negligence or willful  misconduct on the Trustee's  part,  arising out of, or in
connection with, the acceptance and administration of the Trust Fund,  including
the costs  and  expenses  (including  reasonable  legal  fees and  expenses)  of
defending   itself  against  any  claim  in  connection  with  the  exercise  or
performance  of any of its  powers  or  duties  under  this  Agreement  and  the
Custodial Agreement, provided that:

(i)     with respect to any such claim,  the Trustee shall have given the Master
        Servicer  written notice  thereof  promptly after the Trustee shall have
        actual knowledge thereof;

(ii)    while  maintaining  control  over its own  defense,  the  Trustee  shall
        cooperate and consult fully with the Master  Servicer in preparing  such
        defense; and

(iii)   notwithstanding  anything in this Agreement to the contrary,  the Master
        Servicer  shall not be liable for settlement of any claim by the Trustee
        entered  into  without the prior  consent of the Master  Servicer  which
        consent shall not be unreasonably withheld.

No termination of this Agreement  shall affect the  obligations  created by this
Section  8.05(b) of the Master  Servicer  to  indemnify  the  Trustee  under the
conditions and to the extent set forth herein.

        Notwithstanding  the  foregoing,  the  indemnification  provided  by the
Master Servicer in this Section 8.05(b) shall not pertain to any loss, liability
or expense of the Trustee,  including the costs and expenses of defending itself
against any claim,  incurred in connection with any actions taken by the Trustee
at the  direction  of the  Certificateholders  pursuant  to the  terms  of  this
Agreement.

Section 8.06.  Eligibility Requirements for Trustee.
               ------------------------------------

        The Trustee  hereunder shall at all times be a corporation or a national
banking  association  having its principal office in a state and city acceptable
to the Company and organized and doing  business under the laws of such state or
the United States of America,  authorized under such laws to exercise  corporate
trust powers,  having a combined capital and surplus of at least $50,000,000 and
subject to supervision or  examination  by federal or state  authority.  If such
corporation or national banking  association  publishes  reports of condition at
least  annually,  pursuant  to  law  or to the  requirements  of  the  aforesaid
supervising  or examining  authority,  then for the purposes of this Section the
combined  capital  and  surplus  of such  corporation  shall be deemed to be its
combined capital and surplus as set forth in its most recent report of condition
so  published.  In case at any time the  Trustee  shall  cease to be eligible in
accordance  with the  provisions  of this  Section,  the  Trustee  shall  resign
immediately in the manner and with the effect specified in Section 8.07.

Section 8.07.  Resignation and Removal of the Trustee.
               --------------------------------------

(a) The Trustee may at any time resign and be discharged  from the trusts hereby
created by giving  written  notice  thereof to the Company.  Upon receiving such
notice of resignation, the Company shall promptly appoint a successor trustee by

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written  instrument,  in  duplicate,  one  copy of  which  instrument  shall  be
delivered to the resigning Trustee and one copy to the successor trustee.  If no
successor  trustee shall have been so appointed  and have  accepted  appointment
within 30 days after the giving of such  notice of  resignation,  the  resigning
Trustee may petition any court of competent  jurisdiction for the appointment of
a successor trustee.

(b) If at any time the Trustee shall cease to be eligible in accordance with the
provisions  of  Section  8.06 and shall  fail to resign  after  written  request
therefor by the Company, or if at any time the Trustee shall become incapable of
acting, or shall be adjudged bankrupt or insolvent, or a receiver of the Trustee
or of its property  shall be appointed,  or any public officer shall take charge
or  control of the  Trustee or of its  property  or affairs  for the  purpose of
rehabilitation,  conservation  or  liquidation,  then the Company may remove the
Trustee and appoint a successor trustee by written instrument, in duplicate, one
copy of which  instrument  shall be  delivered to the Trustee so removed and one
copy to the  successor  trustee.  In  addition,  in the event  that the  Company
determines  that  the  Trustee  has  failed  (i) to  distribute  or  cause to be
distributed  to the  Certificateholders  any amount  required to be  distributed
hereunder, if such amount is held by the Trustee or its Paying Agent (other than
the Master  Servicer  or the  Company)  for  distribution  or (ii) to  otherwise
observe or perform in any material  respect any of its covenants,  agreements or
obligations  hereunder,  and such failure shall continue unremedied for a period
of 5 days (in respect of clause (i) above) or 30 days (in respect of clause (ii)
above) after the date on which written  notice of such failure,  requiring  that
the same be remedied,  shall have been given to the Trustee by the Company, then
the Company  may remove the  Trustee and appoint a successor  trustee by written
instrument  delivered as provided in the preceding sentence.  In connection with
the appointment of a successor trustee pursuant to the preceding  sentence,  the
Company  shall,  on or  before  the date on which any such  appointment  becomes
effective,  obtain  from  each  Rating  Agency  written  confirmation  that  the
appointment  of any such  successor  trustee will not result in the reduction of
the  ratings  on any  class of the  Certificates  below  the  lesser of the then
current or original ratings on such Certificates.

(c) The Holders of  Certificates  entitled to at least 51% of the Voting  Rights
may at any time remove the  Trustee  and appoint a successor  trustee by written
instrument  or  instruments,  in  triplicate,  signed by such  Holders  or their
attorneys-in-fact  duly authorized,  one complete set of which instruments shall
be delivered to the Company,  one complete set to the Trustee so removed and one
complete set to the successor so appointed.

(d) Any  resignation  or removal of the Trustee and  appointment  of a successor
trustee pursuant to any of the provisions of this Section shall become effective
upon  acceptance of appointment by the successor  trustee as provided in Section
8.08.

Section 8.08.  Successor Trustee.
               -----------------

(a) Any successor  trustee  appointed as provided in Section 8.07 shall execute,
acknowledge  and  deliver  to the  Company  and to its  predecessor  trustee  an
instrument accepting such appointment  hereunder,  and thereupon the resignation
or removal of the predecessor  trustee shall become effective and such successor
trustee shall become effective and such successor  trustee,  without any further
act, deed or conveyance,  shall become fully vested with all the rights, powers,

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duties and obligations of its predecessor hereunder,  with the like effect as if
originally named as trustee herein. The predecessor trustee shall deliver to the
successor  trustee all Mortgage Files and related  documents and statements held
by it hereunder  (other than any Mortgage Files at the time held by a Custodian,
which  shall  become  the agent of any  successor  trustee  hereunder),  and the
Company,  the Master  Servicer and the  predecessor  trustee  shall  execute and
deliver such  instruments and do such other things as may reasonably be required
for more fully and certainly vesting and confirming in the successor trustee all
such rights, powers, duties and obligations.

(b) No successor  trustee shall accept  appointment  as provided in this Section
unless at the time of such acceptance  such successor  trustee shall be eligible
under the provisions of Section 8.06.

(c) Upon  acceptance of appointment  by a successor  trustee as provided in this
Section,  the  Company  shall  mail  notice of the  succession  of such  trustee
hereunder  to all Holders of  Certificates  at their  addresses  as shown in the
Certificate  Register.  If the Company  fails to mail such notice within 10 days
after acceptance of appointment by the successor trustee,  the successor trustee
shall cause such notice to be mailed at the expense of the Company.

Section 8.09.  Merger or Consolidation of Trustee.
               ----------------------------------

        Any corporation or national  banking  association into which the Trustee
may be  merged  or  converted  or  with  which  it may  be  consolidated  or any
corporation  or  national  banking   association   resulting  from  any  merger,
conversion  or  consolidation  to which  the  Trustee  shall be a party,  or any
corporation or national  banking  association  succeeding to the business of the
Trustee,  shall  be  the  successor  of the  Trustee  hereunder,  provided  such
corporation  or  national  banking  association  shall  be  eligible  under  the
provisions of Section 8.06,  without the execution or filing of any paper or any
further act on the part of any of the  parties  hereto,  anything  herein to the
contrary  notwithstanding.  The Trustee  shall mail notice of any such merger or
consolidation  to the  Certificateholders  at  their  address  as  shown  in the
Certificate Register.

Section 8.10.  Appointment of Co-Trustee or Separate Trustee.
               ---------------------------------------------

(a) Notwithstanding any other provisions hereof, at any time, for the purpose of
meeting  any legal  requirements  of any  jurisdiction  in which any part of the
Trust Fund or property securing the same may at the time be located,  the Master
Servicer and the Trustee  acting  jointly shall have the power and shall execute
and  deliver all  instruments  to appoint  one or more  Persons  approved by the
Trustee to act as  co-trustee  or  co-trustees,  jointly  with the  Trustee,  or
separate trustee or separate trustees, of all or any part of the Trust Fund, and
to vest in such Person or  Persons,  in such  capacity,  such title to the Trust
Fund, or any part thereof,  and, subject to the other provisions of this Section
8.10, such powers, duties, obligations, rights and trusts as the Master Servicer
and the Trustee may consider  necessary  or  desirable.  If the Master  Servicer
shall not have joined in such appointment within 15 days after the receipt by it
of a request so to do, or in case an Event of Default shall have occurred and be
continuing, the Trustee alone shall have the power to make such appointment.  No
co-trustee or separate trustee  hereunder shall be required to meet the terms of
eligibility as a successor trustee under Section 8.06 hereunder and no notice to
Holders  of  Certificates  of  the  appointment  of  co-trustee(s)  or  separate
trustee(s) shall be required under Section 8.08 hereof.

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(b) In the case of any appointment of a co-trustee or separate  trustee pursuant
to this Section 8.10 all rights,  powers,  duties and  obligations  conferred or
imposed upon the Trustee  shall be  conferred  or imposed upon and  exercised or
performed by the  Trustee,  and such  separate  trustee or  co-trustee  jointly,
except  to the  extent  that  under  any law of any  jurisdiction  in which  any
particular act or acts are to be performed  (whether as Trustee  hereunder or as
successor to the Master Servicer hereunder), the Trustee shall be incompetent or
unqualified  to perform such act or acts,  in which event such  rights,  powers,
duties and obligations  (including the holding of title to the Trust Fund or any
portion  thereof in any such  jurisdiction)  shall be exercised and performed by
such separate trustee or co-trustee at the direction of the Trustee.

(c) Any notice, request or other writing given to the Trustee shall be deemed to
have  been  given to each of the then  separate  trustees  and  co-trustees,  as
effectively  as if  given  to each of  them.  Every  instrument  appointing  any
separate  trustee or co-trustee shall refer to this Agreement and the conditions
of this Article VIII. Each separate trustee and co-trustee,  upon its acceptance
of the trusts conferred,  shall be vested with the estates or property specified
in its instrument of appointment, either jointly with the Trustee or separately,
as may be provided  therein,  subject to all the  provisions of this  Agreement,
specifically including every provision of this Agreement relating to the conduct
of, affecting the liability of, or affording  protection to, the Trustee.  Every
such instrument shall be filed with the Trustee.

(d) Any separate trustee or co-trustee may, at any time, constitute the Trustee,
its agent or attorney-in-fact,  with full power and authority, to the extent not
prohibited by law, to do any lawful act under or in respect of this Agreement on
its behalf and in its name.  If any separate  trustee or  co-trustee  shall die,
become  incapable  of  acting,  resign  or  be  removed,  all  of  its  estates,
properties,  rights,  remedies  and trusts shall vest in and be exercised by the
Trustee,  to the extent  permitted by law,  without the  appointment of a new or
successor trustee.

Section 8.11.  Appointment of Custodians.
               -------------------------

        The  Trustee  may,  with the  consent  of the  Master  Servicer  and the
Company,  appoint one or more  Custodians who are not Affiliates of the Company,
the Master Servicer or any Seller to hold all or a portion of the Mortgage Files
as agent for the Trustee,  by entering  into a Custodial  Agreement.  Subject to
Article  VIII,  the Trustee  agrees to comply  with the terms of each  Custodial
Agreement and to enforce the terms and provisions  thereof against the Custodian
for the benefit of the Certificateholders.  Each Custodian shall be a depository
institution  subject to supervision by federal or state authority,  shall have a
combined  capital and surplus of at least  $15,000,000 and shall be qualified to
do  business  in the  jurisdiction  in which it holds any  Mortgage  File.  Each
Custodial  Agreement  may be amended  only as  provided  in Section  11.01.  The
Trustee shall notify the  Certificateholders of the appointment of any Custodian
(other than the  Custodian  appointed as of the Closing  Date)  pursuant to this
Section 8.11.

Section 8.12.  Appointment of Office or Agency.
               -------------------------------

        The Trustee will maintain an office or agency in the City of New York at
the  address  designated  in  Section  11.05  of  the  Series  Supplement  where

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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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                                   ARTICLE IX

              TERMINATION OR OPTIONAL PURCHASE OF ALL CERTIFICATES

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

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

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

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

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

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

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<PAGE>

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

(b) The Master  Servicer  shall give the  Trustee  not less than 60 days'  prior
notice of the  Distribution  Date on which the Master Servicer  anticipates that
the final distribution will be made to  Certificateholders  (whether as a result
of the  exercise by the Master  Servicer of its right to purchase  the assets of
the Trust Fund or otherwise) or on which the Master  Servicer  anticipates  that
the  Certificates  will be purchased  (as a result of the exercise by the Master
Servicer to purchase the  outstanding  Certificates).  Notice of any termination
specifying the anticipated  Final  Distribution Date (which shall be a date that
would otherwise be a Distribution  Date) upon which the  Certificateholders  may
surrender their Certificates to the Trustee (if so required by the terms hereof)
for payment of the final distribution and cancellation or notice of any purchase
of the outstanding Certificates, specifying the Distribution Date upon which the
Holders may surrender their  Certificates  to the Trustee for payment,  shall be
given promptly by the Master Servicer (if it is exercising its right to purchase
the assets of the Trust Fund or to purchase the outstanding Certificates), or by
the Trustee (in any other case) by letter to the  Certificateholders  mailed not
earlier  than the 15th day and not  later  than the 25th day of the  month  next
preceding the month of such final distribution specifying:

(i)     the anticipated Final  Distribution Date upon which final payment of the
        Certificates is anticipated to be made upon  presentation  and surrender
        of  Certificates  at  the  office  or  agency  of  the  Trustee  therein
        designated where required  pursuant to this Agreement or, in the case of
        the purchase by the Master Servicer of the outstanding Certificates, the
        Distribution Date on which such purchase is to be made,

(ii)    the amount of any such final payment,  or in the case of the purchase of
        the  outstanding  Certificates,  the purchase  price, in either case, if
        known, and

(iii)   that the Record Date otherwise  applicable to such  Distribution Date is
        not applicable,  and in the case of the Senior  Certificates,  or in the
        case of all of the  Certificates  in connection with the exercise by the
        Master Servicer of its right to purchase the Certificates,  that payment
        will be made only upon presentation and surrender of the Certificates at
        the office or agency of the Trustee therein specified.

If the Master  Servicer is  obligated  to give notice to  Certificateholders  as
aforesaid,  it shall give such notice to the  Certificate  Registrar at the time
such  notice is given to  Certificateholders  and,  if the  Master  Servicer  is
exercising its rights to purchase the  outstanding  Certificates,  it shall give
such  notice  to each  Rating  Agency  at the  time  such  notice  is  given  to

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<PAGE>

Certificateholders.  As a result of the  exercise by the Master  Servicer of its
right to  purchase  the  assets of the Trust  Fund,  the Master  Servicer  shall
deposit  in the  Certificate  Account,  before  the Final  Distribution  Date in
immediately available funds an amount equal to the purchase price for the assets
of the Trust Fund,  computed as provided  above.  As a result of the exercise by
the Master Servicer of its right to purchase the outstanding  Certificates,  the
Master Servicer shall deposit in an Eligible Account,  established by the Master
Servicer on behalf of the Trustee and separate from the  Certificate  Account in
the name of the Trustee in trust for the registered holders of the Certificates,
before the  Distribution  Date on which such purchase is to occur in immediately
available  funds an amount  equal to the  purchase  price for the  Certificates,
computed as above  provided,  and provide notice of such deposit to the Trustee.
The Trustee will withdraw  from such account the amount  specified in subsection
(c) below.

(c) In the case of the Senior  Certificates,  upon presentation and surrender of
the Certificates by the Certificateholders thereof, and in the case of the Class
M and Class B Certificates,  upon presentation and surrender of the Certificates
by the Certificateholders  thereof in connection with the exercise by the Master
Servicer of its right to purchase the Certificates,  and otherwise in accordance
with Section 4.01(a), the Trustee shall distribute to the Certificateholders (i)
the  amount  otherwise  distributable  on  such  Distribution  Date,  if  not in
connection with the Master  Servicer's  election to repurchase the assets of the
Trust  Fund or the  outstanding  Certificates,  or (ii) if the  Master  Servicer
elected  to so  repurchase  the  assets  of the  Trust  Fund or the  outstanding
Certificates,  an  amount  determined  as  follows:  (A)  with  respect  to each
Certificate the outstanding  Certificate Principal Balance thereof, plus Accrued
Certificate  Interest for the related  Interest  Accrual  Period thereon and any
previously  unpaid  Accrued  Certificate  Interest,  subject to the priority set
forth in Section 4.02(a), and (B) with respect to the Class R Certificates,  any
excess of the amounts available for distribution (including the repurchase price
specified  in clause  (ii) of  subsection  (a) of this  Section)  over the total
amount distributed under the immediately  preceding clause (A).  Notwithstanding
the reduction of the Certificate  Principal  Balance of any Class of Subordinate
Certificates  to zero,  such  Class  will be  outstanding  hereunder  until  the
termination of the respective  obligations and  responsibilities of the Company,
the Master Servicer and the Trustee hereunder in accordance with Article IX.

(d) If any  Certificateholders  shall not surrender their Certificates for final
payment  and  cancellation  on or  before  the  Final  Distribution  Date (if so
required by the terms hereof), the Trustee shall on such date cause all funds in
the   Certificate   Account   not   distributed   in   final   distribution   to
Certificateholders  to be  withdrawn  therefrom  and  credited to the  remaining
Certificateholders by depositing such funds in a separate escrow account for the
benefit of such Certificateholders, and the Master Servicer (if it exercised its
right to purchase  the assets of the Trust  Fund),  or the Trustee (in any other
case) shall give a second written notice to the remaining  Certificateholders to
surrender their Certificates for cancellation and receive the final distribution
with  respect  thereto.  If within  six  months  after  the  second  notice  any
Certificate shall not have been surrendered for cancellation,  the Trustee shall
take  appropriate  steps as  directed  by the Master  Servicer  to  contact  the
remaining  Certificateholders  concerning  surrender of their Certificates.  The
costs  and  expenses  of  maintaining  the  escrow  account  and  of  contacting
Certificateholders  shall be paid out of the assets  which  remain in the escrow
account.  If within nine months after the second notice any  Certificates  shall

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<PAGE>

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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(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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<PAGE>

                                   ARTICLE XI
                            MISCELLANEOUS PROVISIONS

Section 11.01. Amendment.

(a) This  Agreement or any Custodial  Agreement may be amended from time to time
by the Company, the Master Servicer and the Trustee,  without the consent of any
of the Certificateholders:

(i)     to cure any ambiguity,

(ii)    to correct or supplement any provisions herein or therein,  which may be
        inconsistent  with any other provisions  herein or therein or to correct
        any error,

(iii)to modify,  eliminate  or add to any of its  provisions  to such  extent as
     shall be necessary or desirable to maintain the  qualification of the Trust
     Fund as a REMIC at all times  that any  Certificate  is  outstanding  or to
     avoid or minimize the risk of the  imposition  of any tax on the Trust Fund
     pursuant to the Code that would be a claim against the Trust Fund, provided
     that the Trustee has  received an Opinion of Counsel to the effect that (A)
     such action is necessary or desirable to maintain such  qualification or to
     avoid or minimize the risk of the  imposition  of any such tax and (B) such
     action will not adversely  affect in any material  respect the interests of
     any Certificateholder,

(iv) to change the timing and/or  nature of deposits into the Custodial  Account
     or the  Certificate  Account or to change  the name in which the  Custodial
     Account is maintained,  provided that (A) the  Certificate  Account Deposit
     Date shall in no event be later than the  related  Distribution  Date,  (B)
     such change  shall not, as  evidenced  by an Opinion of Counsel,  adversely
     affect in any material respect the interests of any  Certificateholder  and
     (C) such change shall not result in a reduction  of the rating  assigned to
     any Class of Certificates below the lower of the then-current rating or the
     rating  assigned to such  Certificates as of the Closing Date, as evidenced
     by a letter from each Rating Agency to such effect,

(v)  to modify,  eliminate or add to the  provisions  of Section  5.02(f) or any
     other provision hereof restricting transfer of the Class R Certificates, by
     virtue of their being the "residual  interests"  in a REMIC,  provided that
     (A) such change shall not result in reduction of the rating assigned to any
     such Class of Certificates  below the lower of the  then-current  rating or
     the  rating  assigned  to such  Certificates  as of the  Closing  Date,  as
     evidenced by a letter from each Rating Agency to such effect,  and (B) such
     change shall not (subject to Section 10.01(f)),  as evidenced by an Opinion
     of Counsel (at the expense of the party seeking so to modify,  eliminate or
     add such  provisions),  cause any  REMIC  created  hereunder  or any of the
     Certificateholders  (other than the  transferor) to be subject to a federal
     tax caused by a transfer to a Person that is not a Permitted Transferee,

(vi) to make any other  provisions with respect to matters or questions  arising
     under  this  Agreement  or such  Custodial  Agreement  which  shall  not 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

                                      106
<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

                                                     AGGREGATE PLANNED
                                                  PRINCIPAL BALANCES FOR
                                                 -------------------------
                                                  CLASS A-1 CERTIFICATES
                                                      AND CLASS A-12
                  DISTRIBUTION DATE                    CERTIFICATES

                  Initial Balance...............            $96,597,000.00
                  September 2002 ...............             96,597,000.00
                  October 2002..................             96,597,000.00
                  November 2002.................             96,597,000.00
                  December 2002.................             96,597,000.00
                  January 2003..................             96,597,000.00
                  February 2003.................             95,034,070.49
                  March 2003....................             93,482,256.83
                  April 2003....................             91,941,482.50
                  May 2003......................             90,411,671.50
                  June 2003.....................             88,892,748.35
                  July 2003.....................             87,384,638.13
                  August 2003 ..................             85,887,266.40
                  September 2003................             84,400,559.27
                  October 2003..................             82,924,443.37
                  November 2003.................             81,458,845.80
                  December 2003.................             80,003,694.23
                  January 2004..................             78,558,916.78
                  February 2004.................             77,124,442.10
                  March 2004....................             75,700,199.34
                  April 2004....................             74,286,118.13
                  May 2004......................             72,882,128.61
                  June 2004.....................             71,488,161.39
                  July 2004.....................             70,104,147.57
                  August 2004 ..................             68,730,018.74
                  September 2004................             67,365,706.96
                  October 2004..................             66,011,144.77
                  November 2004.................             64,666,265.17
                  December 2004.................             63,331,001.65
                  January 2005..................             62,005,288.13
                  February 2005.................             60,689,059.04
                  March 2005....................             59,382,249.23
                  April 2005....................             58,084,794.01
                  May 2005......................             56,796,629.17
                  June 2005.....................             55,517,690.92
                  July 2005.....................             54,247,915.92
                  August 2005 ..................             52,987,241.28
                  September 2005................             51,735,604.56
                  October 2005..................             50,492,943.75
                  November 2005.................             49,259,197.25
                  December 2005.................             48,034,303.93
                  January 2006..................             46,818,203.07
                  February 2006.................             45,610,834.36
                  March 2006....................             44,412,137.95
                  April 2006....................             43,222,054.37
                  May 2006......................             42,040,524.58
                  June 2006.....................             40,867,489.98
                  July 2006.....................             39,702,892.34

<PAGE>

                  August 2006 ..................            $38,546,673.87
                  September 2006................             37,398,777.15
                  October 2006..................             36,259,145.21
                  November 2006.................             35,127,721.44
                  December 2006.................             34,004,449.64
                  January 2007..................             32,889,274.01
                  February 2007.................             31,782,139.14
                  March 2007....................             30,682,989.99
                  April 2007....................             29,591,771.94
                  May 2007......................             28,508,430.73
                  June 2007.....................             27,432,912.48
                  July 2007.....................             26,365,163.71
                  August 2007...................             25,305,131.28
                  September 2007................             24,338,838.93
                  October 2007..................             23,380,023.43
                  November 2007.................             22,428,633.02
                  December 2007.................             21,484,616.30
                  January 2008..................             20,547,922.26
                  February 2008.................             19,618,500.20
                  March 2008....................             18,696,299.83
                  April 2008....................             17,781,271.18
                  May 2008......................             16,881,162.83
                  June 2008.....................             16,001,013.37
                  July 2008.....................             15,140,430.24
                  August 2008...................             14,299,028.34
                  September 2008................             13,526,552.20
                  October 2008..................             12,771,727.54
                  November 2008.................             12,034,198.49
                  December 2008.................             11,313,616.04
                  January 2009..................             10,609,637.89
                  February 2009.................              9,921,928.33
                  March 2009....................              9,250,158.09
                  April 2009....................              8,594,004.27
                  May 2009......................              7,953,150.16
                  June 2009.....................              7,327,285.17
                  July 2009.....................              6,716,104.70
                  August 2009...................              6,119,310.00
                  September 2009................              5,626,797.78
                  October 2009..................              5,146,165.19
                  November 2009.................              4,677,158.74
                  December 2009.................              4,219,529.99
                  January 2010..................              3,773,035.51
                  February 2010.................              3,337,436.74
                  March 2010....................              2,912,499.90
                  April 2010....................              2,497,995.94
                  May 2010......................              2,093,700.39
                  June 2010.....................              1,699,393.31
                  July 2010.....................              1,314,859.19
                  August 2010...................                939,886.86
                  September 2010................                651,750.07
                  October 2010..................                370,519.80
                  November 2010.................                 96,043.73
                  December 2010 and thereafter..                     $0.00

<PAGE>

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00043-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00043-of-00352.parquet"}]]