Document:

Financial Guaranty Insurance Company
115 Broadway
New York, New York 10006
(212) 312-3000
(800) 352-0001

SURETY BOND

Page4 of 4

                                                       EXHIBIT 10.3

Issuer:  GMACM Home Equity Loan                Policy Number: 01010293
         Trust 2001-HE2                        Control Number: 0010001

Insured Obligations:
$585,000,000 in principal amount of GMACM Home Equity
Loan-Backed  Term Notes,  Series  2001-HE2,  Class II-A-1,  Class II-A-2,  Class
II-A-3, Class II-A-4, Class II-A-5, Class II-A-6 and Class II-A-7 (collectively,
the "Class II-A Notes")

Indenture Trustee: Bank One, National Association

Financial Guaranty Insurance Company  ("Financial  Guaranty"),  a New York stock
insurance  company,  in  consideration  of the right of  Financial  Guaranty  to
receive monthly premiums  pursuant to the Indenture and the Insurance  Agreement
referred  to  therein,  and  subject to the terms of this  Surety  Bond,  hereby
unconditionally and irrevocably agrees to pay each Insured Amount, to the extent
set forth in the Indenture (as defined  below),  to the Indenture  Trustee named
above or its  successor,  as trustee  for the  Holders of the Class II-A  Notes,
except  as  otherwise  provided  herein  with  respect  to  Preference  Amounts.
Capitalized  terms used and not otherwise defined herein shall have the meanings
assigned to such terms in the Annex A attached to the Indenture as in effect and
executed on the date hereof.

The term  "Deficiency  Amount"  means,  with respect to any Payment Date and the
Class II-A Notes, as applicable, an amount, if any, equal to the sum of:

        (1)    the amount by which the aggregate  amount of accrued  interest on
               the Class II-A Notes,  excluding  any Relief Act  Shortfalls  for
               that Payment Date, at the  respective  Note Rates on that Payment
               Date  exceeds the amount on deposit in the Note  Payment  Account
               available for interest  distributions  on the Class II-A Notes on
               that Payment Date; and

        (2)    (i)  with  respect  to any  Payment  Date  that is not the  Final
               Payment  Date,  any  Liquidation  Loss Amount with respect to the
               Mortgage  Loans in the related Loan Group for that Payment  Date,
               to the extent not included in the Liquidation  Loss  Distribution
               Amount  for  that  Payment  Date or a  reduction  in the  related
               Overcollateralization Amount; or

               (ii) on the Final Payment Date, the aggregate outstanding balance
               of the Class II-A Notes to the extent  otherwise not paid on that
               date.

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<PAGE>

The term "Insured  Amount" for any Payment Date means (1) any Deficiency  Amount
for such Payment Date and the Class II-A Notes and (2) any Preference  Amount to
be paid pursuant to the terms of this Surety Bond on the Payment Date in respect
of the Class II-A Notes.

The term "Final  Payment  Date" for each Class of the Class II-A Notes means the
Payment Date occurring in September, 2031.

Financial  Guaranty will pay a Deficiency  Amount with respect to the Class II-A
Notes by 12:00 noon (New York City Time) in immediately  available  funds to the
Indenture  Trustee on the later of (i) the second  Business  Day  following  the
Business  Day on which  Financial  Guaranty  shall have  received  Notice that a
Deficiency  Amount is due in  respect  of the  Class  II-A  Notes,  and (ii) the
Payment Date on which the related Deficiency Amount is payable to the Holders of
the Class II-A Notes pursuant to the Indenture,  for disbursement to the Holders
of the Class II-A Notes in the same manner as other payments with respect to the
Class II-A Notes are  required  to be made.  Any Notice  received  by  Financial
Guaranty  after 12:00 noon New York City time on a given  Business Day or on any
day that is not a  Business  Day  shall  be  deemed  to have  been  received  by
Financial Guaranty on the next succeeding Business Day.

Upon payment of a Deficiency Amount hereunder, Financial Guaranty shall be fully
subrogated  to the rights of the  Holders of the Class II-A Notes to receive the
amount so paid. Financial Guaranty's  obligations with respect to the Class II-A
Notes  hereunder  with respect to each Payment Date shall be  discharged  to the
extent funds  consisting  of the related  Deficiency  Amount are received by the
Indenture  Trustee on behalf of the  Holders of the Class II-A Notes for payment
to such Holders,  as provided in the  Indenture and herein,  whether or not such
funds are properly applied by the Indenture Trustee.

If any  portion  or all of  any  amount  that  is  insured  hereunder  that  was
previously  distributed  to a holder  of Class  II-A  Notes is  recoverable  and
recovered  from such Holder as a voidable  preference by a trustee in bankruptcy
pursuant to the U.S. Bankruptcy Code, pursuant to a final  non-appealable  order
of a court exercising proper jurisdiction in an insolvency  proceeding (a "Final
Order") (such recovered amount, a "Preference Amount"),  Financial Guaranty will
pay on the guarantee described in the first paragraph hereof, an amount equal to
each such  Preference  Amount by 12:00 noon on the second Business Day following
receipt by Financial  Guaranty on a Business Day of (x) a certified  copy of the
court order  requiring  the return of the  Preference  Amount,  together with an
opinion of counsel  satisfactory  to Financial  Guaranty that the order is final
and not  subject  to  appeal  (a  "Final  Order"),  (y) an  assignment,  in form
reasonably   satisfactory  to  Financial  Guaranty,   irrevocably  assigning  to
Financial  Guaranty all rights and claims of the Indenture  Trustee  and/or such
Holder of the Class II-A Notes relating to or arising under any Class II-A Notes
against  the  debtor  who  paid  such  Preference  Amount  and  constituting  an
appropriate instrument,  in form satisfactory to Financial Guaranty,  appointing
Financial  Guaranty as the agent of the Indenture  Trustee and/or such Holder in
respect of such  Preference.Amount,  including  without  limitation in any legal
proceeding  related to the  Preference  Amount,  and (z) a Notice  appropriately

                                        2

<PAGE>

completed and executed by the Indenture  Trustee or such Holder, as the case may
be.   Such   payment   shall   be   made   to   the    receiver,    conservator,
debtor-in-possession  or trustee in bankruptcy  named in the Final Order and not
to the Indenture  Trustee or Holder of the Class II-A Notes directly (unless the
Holder  has  previously   paid  such  amount  to  such  receiver,   conservator,
debtor-in-possession  or trustee named in such Final Order in which case payment
shall be made to the  Indenture  Trustee  for  distribution  to the Holder  upon
delivery  of  proof  of  such  payment  reasonably   satisfactory  to  Financial
Guaranty).  Notwithstanding the foregoing,  in no event shall Financial Guaranty
be (i)  required  to make any  payment  under this Surety Bond in respect of any
Preference  Amount to the extent such Preference  Amount is comprised of amounts
previously paid by Financial Guaranty  hereunder,  or (ii) obligated to make any
payment in respect of any Preference Amount,  which payment represents a payment
of the  principal  amount of any Class II-A Notes,  prior to the time  Financial
Guaranty otherwise would have been required to make a payment in respect of such
principal,  in which  case  Financial  Guaranty  shall  pay the  balance  of the
Preference Amount when such amount otherwise would have been required.

Any of the  documents  required  under  clauses (x) through (z) of the preceding
paragraph that are received by Financial Guaranty after 12:00 noon New York City
time on a given  Business  Day or on any day that is not a Business Day shall be
deemed  to have been  received  by  Financial  Guaranty  on the next  succeeding
Business Day. If any notice received by Financial Guaranty is not in proper form
or is otherwise insufficient for the purpose of making a claim under this Surety
Bond,  it will be deemed not to have been  received by Financial  Guaranty,  and
Financial  Guaranty  will  promptly  so advise the  Indenture  Trustee,  and the
Indenture  Trustee may submit an amended Notice.  All payments made by Financial
Guaranty  hereunder in respect of Preference Amounts will be made with Financial
Guaranty's own funds.

This Surety Bond is non-cancelable for any reason,  including  nonpayment of any
premium.  The  premium on this  Surety  Bond is not  refundable  for any reason,
including  the  payment  of any  Class  II-A  Notes  prior to  their  respective
maturities.  This Surety Bond shall expire and  terminate  without any action on
the part of Financial Guaranty or any other Person on the date that is the later
of (i) the date  that is one year and one day  following  the date on which  the
Class  II-A  Notes  shall  have  been  paid in full and  (ii) if any  insolvency
proceeding  with respect to which the Depositor is the debtor has been commenced
on or prior to the date  specified in clause (i) above,  the 30 th day after the
entry of a final,  non-appealable  order in  resolution  or  settlement  of such
proceeding.

A monthly  premium  shall be due and  payable  in  arrears  as  provided  in the
Indenture and the Insurance Agreement.

This Surety Bond is subject to and shall be governed by the laws of the State of
New York.  The proper  venue for any action or  proceeding  on this  Surety Bond
shall be the County of New York,  State of New York.  The insurance  provided by
this  Surety  Bond is not  covered by the New York  Property/Casualty  Insurance
Security Fund (New York Insurance Code, Article 76).

                                        3

<PAGE>

"Notice"  means a written notice in the form of Exhibit A to this Surety Bond by
registered or certified mail or telephonic or telegraphic  notice,  subsequently
confirmed by written notice delivered via telecopy,  telex or hand delivery from
the Indenture Trustee to Financial Guaranty specifying the information set forth
therein.  "Holder" means, as to a particular Class II-A Note, the person,  other
than the Issuer,  who, on the  applicable  Payment Date,  is entitled  under the
terms of such Class II-A Note to a distribution  thereon.  "Indenture" means the
Indenture relating to the Class II-A Notes by and between GMACM Home Equity Loan
Trust 2001-HE2,  as Issuer,  and Bank One,  National  Association,  as Indenture
Trustee,  dated as of June 28, 2001.  "Insurance  Agreement" means the Insurance
and Indemnity Agreement,  among Financial Guaranty,  GMAC Mortgage  Corporation,
Walnut Grove Home Equity Loan Trust  2000-A,  Walnut Grove  Mortgage  Loan Trust
2001-A,  Residential Asset Mortgage Products, Inc., GMACM Home Equity Loan Trust
2001-HE2,  and the Indenture Trustee.  "Servicing Agreement" means the Servicing
Agreement  relating  to  the  Class  II-A  Notes  by  and  among  GMAC  Mortgage
Corporation,  as Servicer, GMACM Home Equity Loan Trust 2001-HE2, as Issuer, and
Bank One, National Association, as Indenture Trustee, dated as of June 28, 2001.

In the event that payments  under any Class II-A Note are  accelerated,  nothing
herein  contained  shall  obligate  Financial  Guaranty  to make any  payment of
principal or interest on such Class II-A Note on an  accelerated  basis,  unless
such  acceleration  of payment by  Financial  Guaranty  is at the sole option of
Financial  Guaranty;  it being understood that a payment shortfall in respect of
the  redemption of any Class II-A Note by reason of the  repurchase of the Trust
Estate  pursuant to Section 8.08 of the Servicing  Agreement does not constitute
acceleration for the purposes hereof.

IN WITNESS WHEREOF, Financial Guaranty has caused this Surety Bond to be affixed
with its  corporate  seal and to be signed  by its duly  authorized  officer  in
facsimile to become  effective and binding upon Financial  Guaranty by virtue of
the countersignature of its duly authorized representative.

President                                             Authorized Representative

Effective Date: June 28, 2001

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<PAGE>

                                    EXHIBIT A

                              NOTICE OF NONPAYMENT
                    AND DEMAND FOR PAYMENT OF INSURED AMOUNTS

To:            Financial Guaranty Insurance Company
               115 Broadway
               New York, New York 10006
               (212) 312-3000
               Attention: General Counsel
               Telephone: (212) 312-3000
               Telecopier: (212) 312-3220

Re:            GMACM Home Equity Loan-Backed Term Notes,
               Series 2001-HE2, Class II-A-1, Class II-A-2,
               Class II-A-3,  Class II-A-4, Class II-A-5, Class II-A-6 and Class
               II-A-7 (such classes together, the "Class II-A Notes")

               Policy No. 01010293 (the "Surety Bond")

Payment Date:
             -----------------------

We refer to that certain  Indenture,  dated as of June 28, 2001,  by and between
GMACM  Home  Equity  Loan Trust  2001-HE2,  as  Issuer,  and Bank One,  National
Association,  as  Indenture  Trustee  (the  "Indenture"),  relating to the above
referenced Class II-A Notes. All capitalized  terms not otherwise defined herein
or in the Surety Bond shall have the same respective  meanings  assigned to such
terms in the Indenture.

(a)  The Indenture Trustee has determined under the Indenture that in respect of
     the Payment Date:

(1)  The insured portion of the  distribution on the Class II-A Notes in respect
     of the Payment  Date that is due to be received on  ____________  under the
     Indenture, is equal to $__________, consisting of

     (A)  $___________ in respect of interest on the Class II-A Notes,  which is
          calculated as the amount by which:

          (i)  $___________,   constituting  the  aggregate  amount  of  accrued
               interest  on the Class  II-A  Notes,  excluding  any  Relief  Act
               Shortfalls, for the Payment Date; exceeds

          (ii) $___________,  representing  the  amount on  deposit  in the Note
               Payment Account available for interest distributions to the Class
               II-A Notes on the Payment Date; plus

     (B)  $____________  in respect of principal of the Class II-A Notes,  which
          calculated as the amount by which

                                        A-1
<PAGE>

(i)  Liquidation  Loss Amounts with respect to the Mortgage  Loans in Loan Group
     II for the Payment Date, which total $____________, exceed

(ii)    the sum of

             (x)    $___________, representing the Liquidation Loss
                    Distribution Amount for the Payment Date; and

             (y)    $____________, representing the amount of the reduction
                    in the related Overcollateralization Amount for the
                    Payment Date.

(2)  [The  amount to be paid to the Holders of the Class II-A Notes on the Final
     Payment Date, which occurs on ____________, is $___________.]

(3)  The amounts available in the Note Payment Account to be distributed on such
     Payment Date on the Class II-A Notes  pursuant to the  Indenture in payment
     of the items  identified  in items (1) and (2)  above,  as  reduced  by any
     portion thereof that has been deposited in the Note Payment Account but may
     not  be  withdrawn  therefrom  pursuant  to an  order  of a  United  States
     bankruptcy  court of  competent  jurisdiction  imposing a stay  pursuant to
     Section 362 of the United States Bankruptcy Code), is $___________.

Please be advised that, accordingly,  a Deficiency Amount exists for the Payment
Date  identified  above for the Class II-A Notes in the amount of  $___________.
This  Deficiency  Amount  constitutes  an Insured  Amount payable by the Insurer
under the Surety Bond.

[In addition,  attached hereto is a copy of the Final Order in connection with a
Preference  Amount in the amount set forth therein,  together with an assignment
of rights and  appointment of agent and other  documents  required by the Surety
Bond in respect of Preference  Amounts.  The amount of the Preference  Amount is
$____________.  This Preference Amount  constitutes an Insured Amount payable by
the Insurer under the Surety Bond.]

Accordingly,  pursuant to the Indenture, this statement constitutes a notice for
payment of an Insured Amount by the Insurer in the amount of $____________ under
the Surety Bond.

(b)  No payment  claimed  hereunder is in excess of the amount payable under the
     Surety Bond.

The  amount requested in this Notice should be paid to: [Payment Instructions]

Any person who  knowingly  and with intent to defraud any  insurance  company or
other person files an application for insurance or statement of claim containing
any  materially  false  information  or conceals for the purpose of  misleading,
information concerning any fact material thereto, commits a fraudulent insurance
act,  which is a crime,  and shall  also be subject  to a civil  penalty  not to
exceed Five Thousand  Dollars  ($5,000.00) and the stated value of the claim for
each such violation.

                                        A-2
<PAGE>

        IN WITNESS  WHEREOF,  the  Indenture  Trustee has executed and delivered
this Notice of Nonpayment and Demand for Payment of Insured  Amounts this ______
day of __________________.

                              as Indenture Trustee

                              By:

                              Title:

                                        A-3
<PAGE>EXHIBIT 4.2

Financial Guaranty Insurance Company
115 Broadway
New York, New York 10006
(212) 312-3000
(800) 352-0001

SURETY BOND

Issuer: GMACM Home Equity Loan                      Policy Number:  01010294
        Trust 2001-HE2                               Control Number: 0010001

Insured Obligations:

$479,800,000 in principal  amount of GMACM Home Equity  Loan-Backed  Term Notes,
Series  2001-HE2,  Class I-A-1 and Class I-A-2 and Variable Funding Notes with a
Maximum  Variable Funding Balance of $65,000,000  (collectively,  the "Class I-A
Notes")

Indenture Trustee:  Bank One, National Association

Financial Guaranty Insurance Company  ("Financial  Guaranty"),  a New York stock
insurance  company,  in  consideration  of the right of  Financial  Guaranty  to
receive monthly premiums  pursuant to the Indenture and the Insurance  Agreement
referred  to  therein,  and  subject to the terms of this  Surety  Bond,  hereby
unconditionally and irrevocably agrees to pay each Insured Amount, to the extent
set forth in the Indenture (as defined  below),  to the Indenture  Trustee named
above or its  successor,  as  trustee  for the  Holders  of the Class I-A Notes,
except  as  otherwise  provided  herein  with  respect  to  Preference  Amounts.
Capitalized  terms used and not otherwise defined herein shall have the meanings
assigned to such terms in the Annex A attached to the Indenture as in effect and
executed on the date hereof.

The term  "Deficiency  Amount"  means,  with respect to any Payment Date and the
Class I-A Notes, as applicable, an amount, if any, equal to the sum of:

        (1)    the amount by which the aggregate  amount of accrued  interest on
               the Class I-A Notes,  excluding  any Relief Act  Shortfalls,  for
               that Payment Date, at the  respective  Note Rates on that Payment
               Date  exceeds the amount on deposit in the Note  Payment  Account
               available  for interest  distributions  on the Class I-A Notes on
               that Payment Date; and

        (2)    (i)  with  respect  to any  Payment  Date  that is not the  Final
               Payment  Date,  any  Liquidation  Loss Amount with respect to the
               Mortgage  Loans in the related Loan Group for that Payment  Date,
               to the extent not included in the Principal  Distribution  Amount
               for  that   Payment   Date  or  a   reduction   in  the   related
               Overcollateralization Amount; or

        (ii)   on the Final Payment Date, the aggregate  outstanding  balance of
               the  Class  I-A Notes to the  extent  otherwise  not paid on that

                                        1
<PAGE>

SURETY BOND

The term "Insured  Amount" for any Payment Date means (1) any Deficiency  Amount
for such Payment Date and the Class I-A Notes and (2) any  Preference  Amount to
be paid pursuant to the terms of this Surety Bond on the Payment Date in respect
of the Class I-A Notes.

The term  "Final  Payment  Date" for each Class of the Class I-A Notes means the
Payment Date occurring in December, 2026.

Financial  Guaranty  will pay a Deficiency  Amount with respect to the Class I-A
Notes by 12:00 noon (New York City Time) in immediately  available  funds to the
Indenture  Trustee on the later of (i) the second  Business  Day  following  the
Business  Day on which  Financial  Guaranty  shall have  received  Notice that a
Deficiency Amount is due in respect of the Class I-A Notes, and (ii) the Payment
Date on which the  related  Deficiency  Amount is payable to the  Holders of the
Class I-A Notes pursuant to the Indenture,  for  disbursement  to the Holders of
the Class I-A Notes in the same  manner as other  payments  with  respect to the
Class I-A Notes are  required  to be made.  Any  Notice  received  by  Financial
Guaranty  after 12:00 noon New York City time on a given  Business Day or on any
day that is not a  Business  Day  shall  be  deemed  to have  been  received  by
Financial Guaranty on the next succeeding Business Day.

Upon payment of a Deficiency Amount hereunder, Financial Guaranty shall be fully
subrogated  to the rights of the  Holders of the Class I-A Notes to receive  the
amount so paid. Financial  Guaranty's  obligations with respect to the Class I-A
Notes  hereunder  with respect to each Payment Date shall be  discharged  to the
extent funds  consisting  of the related  Deficiency  Amount are received by the
Indenture Trustee on behalf of the Holders of the Class I-A Notes for payment to
such Holders, as provided in the Indenture and herein, whether or not such funds
are properly applied by the Indenture Trustee.

If any  portion  or all of  any  amount  that  is  insured  hereunder  that  was
previously  distributed  to a holder  of Class  I-A  Notes  is  recoverable  and
recovered  from such Holder as a voidable  preference by a trustee in bankruptcy
pursuant to the U.S. Bankruptcy Code, pursuant to a final  non-appealable  order
of a court exercising proper jurisdiction in an insolvency  proceeding (a "Final
Order") (such recovered amount, a "Preference Amount"),  Financial Guaranty will
pay on the guarantee described in the first paragraph hereof, an amount equal to
each such  Preference  Amount by 12:00 noon on the second Business Day following
receipt by Financial  Guaranty on a Business Day of (x) a certified  copy of the
court order  requiring  the return of the  Preference  Amount,  together with an
opinion of counsel  satisfactory  to Financial  Guaranty that the order is final
and not  subject  to  appeal  (a  "Final  Order"),  (y) an  assignment,  in form
reasonably   satisfactory  to  Financial  Guaranty,   irrevocably  assigning  to
Financial  Guaranty all rights and claims of the Indenture  Trustee  and/or such
Holder of the Class I-A Notes  relating to or arising  under any Class I-A Notes
against  the  debtor  who  paid  such  Preference  Amount  and  constituting  an
appropriate instrument,  in form satisfactory to Financial Guaranty,  appointing
Financial.

SURETY BOND

Guaranty as the agent of the Indenture  Trustee and/or such Holder in respect of
such Preference  Amount,  including  without  limitation in any legal proceeding
related to the Preference Amount, and (z) a Notice  appropriately  completed and
executed  by the  Indenture  Trustee or such  Holder,  as the case may be.  Such
payment  shall be made to the  receiver,  conservator,  debtor-in-possession  or

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<PAGE>

trustee in bankruptcy named in the Final Order and not to the Indenture  Trustee
or Holder of the Class I-A Notes directly (unless the Holder has previously paid
such amount to such receiver, conservator, debtor-in-possession or trustee named
in such Final Order in which case payment shall be made to the Indenture Trustee
for distribution to the Holder upon delivery of proof of such payment reasonably
satisfactory to Financial Guaranty).  Notwithstanding the foregoing, in no event
shall  Financial  Guaranty be (i) required to make any payment under this Surety
Bond in respect of any Preference Amount to the extent such Preference Amount is
comprised of amounts  previously paid by Financial Guaranty  hereunder,  or (ii)
obligated to make any payment in respect of any Preference Amount, which payment
represents a payment of the  principal  amount of any Class I-A Notes,  prior to
the time Financial Guaranty otherwise would have been required to make a payment
in respect of such  principal,  in which case  Financial  Guaranty shall pay the
balance of the  Preference  Amount  when such amount  otherwise  would have been
required.

Any of the  documents  required  under  clauses (x) through (z) of the preceding
paragraph that are received by Financial Guaranty after 12:00 noon New York City
time on a given  Business  Day or on any day that is not a Business Day shall be
deemed  to have been  received  by  Financial  Guaranty  on the next  succeeding
Business Day. If any notice received by Financial Guaranty is not in proper form
or is otherwise insufficient for the purpose of making a claim under this Surety
Bond,  it will be deemed not to have been  received by Financial  Guaranty,  and
Financial  Guaranty  will  promptly  so advise the  Indenture  Trustee,  and the
Indenture  Trustee may submit an amended Notice.  All payments made by Financial
Guaranty  hereunder in respect of Preference Amounts will be made with Financial
Guaranty's own funds.

This Surety Bond is non-cancelable for any reason,  including  nonpayment of any
premium.  The  premium on this  Surety  Bond is not  refundable  for any reason,
including  the  payment  of any  Class  I-A  Notes  prior  to  their  respective
maturities.  This Surety Bond shall expire and  terminate  without any action on
the part of Financial Guaranty or any other Person on the date that is the later
of (i) the date  that is one year and one day  following  the date on which  the
Class  I-A  Notes  shall  have  been  paid in full  and  (ii) if any  insolvency
proceeding  with respect to which the Depositor is the debtor has been commenced
on or prior to the date  specified  in clause (i) above,  the 30th day after the
entry of a final,  non-appealable  order in  resolution  or  settlement  of such
proceeding.

A monthly  premium  shall be due and  payable  in  arrears  as  provided  in the
Indenture and the Insurance Agreement.

SURETY BOND

This Surety Bond is subject to and shall be governed by the laws of the State of
New York.  The proper  venue for any action or  proceeding  on this  Surety Bond
shall be the County of New York,  State of New York.  The insurance  provided by
this  Surety  Bond is not  covered by the New York  Property/Casualty  Insurance
Security Fund (New York Insurance Code, Article 76).

"Notice"  means a written notice in the form of Exhibit A to this Surety Bond by
registered or certified mail or telephonic or telegraphic  notice,  subsequently
confirmed by written notice delivered via telecopy,  telex or hand delivery from
the Indenture Trustee to Financial Guaranty specifying the information set forth
therein. "Holder" means, as to a particular Class I-A Note or a Variable Funding
Note, the person, other than the Issuer, who, on the applicable Payment Date, is

                                        3

<PAGE>

entitled  under the  terms of such  Class  I-A Note to a  distribution  thereon.
"Indenture"  means the Indenture  relating to the Class I-A Notes by and between
GMACM  Home  Equity  Loan Trust  2001-HE2,  as  Issuer,  and Bank One,  National
Association,  as  Indenture  Trustee,  dated  as of June  28,  2001.  "Insurance
Agreement"  means  the  Insurance  and  Indemnity  Agreement,   among  Financial
Guaranty, GMAC Mortgage Corporation, Walnut Grove Home Equity Loan Trust 2000-A,
Walnut Grove Mortgage Loan Trust 2001-A,  Residential  Asset Mortgage  Products,
Inc.,  GMACM  Home  Equity  Loan  Trust  2001-HE2,  and the  Indenture  Trustee.
"Servicing  Agreement" means the Servicing  Agreement  relating to the Class I-A
Notes by and among GMAC  Mortgage  Corporation,  as Servicer,  GMACM Home Equity
Loan Trust 2001-HE2, as Issuer, and Bank One, National Association, as Indenture
Trustee, dated as of June 28, 2001.

In the event that  payments  under any Class I-A Note are  accelerated,  nothing
herein  contained  shall  obligate  Financial  Guaranty  to make any  payment of
principal  or interest on such Class I-A Note on an  accelerated  basis,  unless
such  acceleration  of payment by  Financial  Guaranty  is at the sole option of
Financial  Guaranty;  it being understood that a payment shortfall in respect of
the  redemption  of any Class I-A Note by reason of the  repurchase of the Trust
Estate  pursuant to Section 8.08 of the Servicing  Agreement does not constitute
acceleration for the purposes hereof.

IN WITNESS WHEREOF, Financial Guaranty has caused this Surety Bond to be affixed
with its  corporate  seal and to be signed  by its duly  authorized  officer  in
facsimile to become  effective and binding upon Financial  Guaranty by virtue of
the countersignature of its duly authorized representative.

President                                            Authorized Representative

Effective Date:  June 28, 2001

                                        4

<PAGE>

                                    EXHIBIT A

                              NOTICE OF NONPAYMENT
                    AND DEMAND FOR PAYMENT OF INSURED AMOUNTS

To:     Financial Guaranty Insurance Company
        115 Broadway
        New York, New York 10006
        (212) 312-3000
        Attention:  General Counsel
        Telephone:  (212) 312-3000
        Telecopier:  (212) 312-3220

Re:     GMACM Home Equity Loan-Backed Term Notes,
        Series 2001-HE2, Class I-A-1 and Class I-A-2 and
        Variable  Funding  Notes  with a Maximum  Variable  Funding  Balance  of
        $65,000,000 (such classes together, the "Class I-A Notes")
        Policy No. 01010294 (the "Surety Bond")

Payment Date:
               -----------------------------

We refer to that certain  Indenture,  dated as of June 28, 2001,  by and between
GMACM  Home  Equity  Loan Trust  2001-HE2,  as  Issuer,  and Bank One,  National
Association,  as  Indenture  trustee  (the  "Indenture"),  relating to the above
referenced Class I-A Notes. All capitalized  terms riot otherwise defined herein
or in the Surety Bond shall have the same respective  meanings  assigned to such
terms in the Indenture.

(a)  The Indenture Trustee has determined under the Indenture that in respect of
     the Payment Date:

        (1)    The insured portion of the distribution on the Class I-A Notes in
               respect of the  Payment  Date that is due to be  received  on the
               Payment Date  specified  above under the  Indenture,  is equal to
               $________________, consisting of:

          (A)  $________________  in respect of interest on the Class I-A Notes,
               which is calculated as the amount by which

                      (i)    $________________,   constituting   the   aggregate
                             amount of accrued  interest on the Class I-A Notes,
                             excluding  any  Relief  Act  Shortfalls,   for  the
                             Payment Date; exceeds

                      (ii)   $________________,   representing   the  amount  on
                             deposit in the Note Payment  Account  available for
                             interest  distributions  to the  Class I-A Notes on
                             the Payment Date;

          (B)  $________________,  in  respect  of  principal  of the  Class I-A
               Notes, which is calculated as the amount by which

                                        A-1
<PAGE>

                      (i)    Liquidation   Loss  Amounts  with  respect  to  the
                             Mortgage  Loans  in Loan  Group  I for the  Payment
                             Date, which total $________________, exceed

                      (ii)   the sum of

                             (x)    $________________, representing the sum of

                    (I)  $________________, representing the difference between

                    (aa) the  Principal  Distribution  Amount for  subgroup A of
                         Loan  Group  I  for  the  Payment  Date,  which  equals
                         $_______________; minus

                    (bb) $________________, which is [FOR REVOLVING PERIOD - the
                         amount,  if  any,   transferred  from  the  Pre-Funding
                         Account to the Note  Payment  Account  relating to that
                         sub-group at the end of the Pre-Funding Period] or [FOR
                         MANAGED   AMORTIZATION  PERIOD  -  the  amount  of  Net
                         Principal  Collections  for the Mortgage  Loans in that
                         sub-group]  or [FOR  RAPID  AMORTIZATION  PERIOD  - the
                         amount of Principal  Collections for the Mortgage Loans
                         in that sub-group]; plus

                    (II) $________________,representing the difference between

                    (aa) the  Principal  Distribution  Amount for sub-group B of
                         Loan  Group  I  for  the  Payment  Date,  which  equals
                         $________________; and

                    (bb) $________________, which is [FOR REVOLVING PERIOD - the
                         amount,  if  any,   transferred  from  the  Pre-Funding
                         Account to the Note  Payment  Account  relating to that
                         sub-group at the end of the Pre-Funding Period] or [FOR
                         MANAGED   AMORTIZATION  PERIOD  -  the  amount  of  Net
                         Principal  Collections  for the Mortgage  Loans in that
                         sub-group]  or [FOR  RAPID  AMORTIZATION  PERIOD  - the
                         amount of Principal  Collections for the Mortgage Loans
                         in that sub-group]; plus

                                        A-2
<PAGE>

                    (y)  $________________,   representing  the  amount  of  the
                         reduction in the related  Overcollateralization  Amount
                         for the Payment Date.

     (2)  [The  amount to be paid to the  Holders  of the Class I-A Notes on the
          Final   Payment   Date,   which  occurs  on   __________________,   is
          $________________.]

     (3)  The amounts available in the Note Payment Account to be distributed on
          such Payment Date on the Class I-A Notes  pursuant to the Indenture in
          payment of the items identified in items (1) and (2) above, as reduced
          by any portion  thereof  that has been  deposited  in the Note Payment
          Account but may not be withdrawn  therefrom  pursuant to an order of a
          United States  bankruptcy court of competent  jurisdiction  imposing a
          stay pursuant to Section 362 of the United States Bankruptcy Code), is
          $________________.

        Please be advised that, accordingly,  a Deficiency Amount exists for the
Payment  Date  identified  above  for the  Class  I-A  Notes  in the  amount  of
$________________.  This Deficiency Amount constitutes an Insured Amount payable
by the Insurer under the Surety Bond.

        [In addition, attached hereto is a copy of the Final Order in connection
with a  Preference  Amount in the amount  set forth  therein,  together  with an
assignment of rights and  appointment of agent and other  documents  required by
the Surety Bond in respect of Preference  Amounts.  The amount of the Preference
Amount is  $________________.  This  Preference  Amount  constitutes  an Insured
Amount payable by the Insurer under the Surety Bond.]

        Accordingly,  pursuant to the Indenture,  this  statement  constitutes a
notice  for  payment  of an  Insured  Amount  by the  Insurer  in the  amount of
$________________ under the Surety Bond.

(b)  No payment  claimed  hereunder is in excess of the amount payable under the
     Surety Bond.

     The  amount   requested  in  this  Notice  should  be  paid  to:   [Payment
          Instructions]

        Any person  who  knowingly  and with  intent to  defraud  any  insurance
        company or other person files an application  for insurance or statement
        of claim containing any materially false information or conceals for the
        purpose of misleading, information concerning any fact material thereto,
        commits a fraudulent  insurance act, which is a crime, and shall also be
        subject  to  a  civil  penalty  not  to  exceed  Five  Thousand  Dollars
        ($5,000.00) and the stated value of the claim for each such violation.

        IN WITNESS  WHEREOF,  the  Indenture  Trustee has executed and delivered
this Notice of Nonpayment  and Demand for Payment of Insured  Amounts this _____
day of _____________.

                                 as Indenture Trustee

                                 By:
                                      --------------------------------------

                                 Tittle:
                                          ----------------------------------

                                        A-3

<PAGE>

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