<PAGE> 1
INDEPENDENT AUDITORS' REPORT
Board of Directors
Equality Mortgage Corporation
St. Louis, Missouri
We have audited the accompanying balance sheet of Equality Mortgage
Corporation as of March 31, 2000 and 1999 and the related statements of
income, retained earnings and cash flows for the years then ended. These
financial statements are the responsibility of the Company's management. Our
responsibility is to express an opinion on these financial statements based
on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Equality Mortgage
Corporation as of March 31, 2000 and 1999, and the results of its operations
and its cash flows for the years then ended in conformity with generally
accepted accounting principles.
/s/ RUBIN, BROWN, GORNSTEIN & CO. LLP
April 13, 2000
