<PAGE>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report: September 26, 1996
(Date of earliest event reported)
Residential Funding Mortgage Securities I, Inc.
(Exact name of registrant as specified in its charter)
Delaware 333-4846 75-2006294
- -------- -------- ----------
(State or Other Juris- (Commission (I.R.S. Employer
diction of Incorporation) File Number) Identification No.)
8400 Normandale Lake Blvd., Suite 600, Minneapolis, Minnesota 55437
------------------------------------------------------------- -----
(Address of Principal Executive Office) (Zip Code)
Registrant's telephone number, including area code:(612) 832-7000
--------------
<PAGE>
-2-
Items 1 through 4, Item 6 and Item 8 are not included because they are not
applicable.
Item 5. Other Events.
------------
On September 26, 1996, the Registrant caused the issuance and sale of
Mortgage Pass-Through Certificates, Series 1996-S20 (the "Certificates")
pursuant to a Pooling and Servicing Agreement dated as of September 1,
1996, among the Registrant, Residential Funding Corporation, as Master
Servicer, and Bankers Trust Company, as Trustee.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
------------------------------------------------------------------
(a) Financial Statements.
--------------------
Not applicable.
(b) Pro Forma Financial Information.
--------------------------------
Not applicable.
(c) Exhibits (executed copies) - The following Exhibits to the Form S-3
Registration Statement of the Registrant were previously filed:
Exhibit
Number Description
7(c) Pooling and Servicing Agreement, dated as of September 1,
1996 among Residential Funding Mortgage Securities I, Inc.,
as company, Residential Funding Corporation, as master
servicer, and Bankers Trust Company, as trustee.
<PAGE>
-3-
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on behalf of the Registrant
by the undersigned thereunto duly authorized.
RESIDENTIAL FUNDING MORTGAGE
SECURITIES I, INC.
By: /s/ Randy Van Zee
--------------------
Name: Randy Van Zee
Title: Vice President
Dated: September 26, 1996
<PAGE>
-4-
EXHIBIT INDEX
Item 601 (a) of
Exhibit Regulation S-K
Number Exhibit No. Description Format
- --------- --------------- -------------------- ------
7(c) 19 Pooling and E
Servicing Agreement
<PAGE>
-5-
EXHIBIT 19
(Pooling and Servicing Agreement)
<PAGE>
Exhibit 19
================================================================================
RESIDENTIAL FUNDING MORTGAGE SECURITIES I, INC.,
Company,
RESIDENTIAL FUNDING CORPORATION,
Master Servicer,
and
BANKERS TRUST COMPANY,
Trustee
POOLING AND SERVICING AGREEMENT
Dated as of September 1, 1996
Mortgage Pass-Through Certificates
Series 1996-S20
================================================================================
<PAGE>
TABLE OF CONTENTS
Page
ARTICLE I
DEFINITIONS
Section 1.01. Definitions............................................. 3
Accretion Termination Date.............................. 3
Accrual Principal Distribution Amount................... 3
Accrued Certificate Interest............................ 3
Adjusted Mortgage Rate.................................. 4
Advance................................................. 4
Affiliate............................................... 4
Agreement............................................... 4
Amount Held for Future Distribution..................... 4
Appraised Value......................................... 4
Assignment.............................................. 4
Assignment Agreement.................................... 5
Assignment of Proprietary Lease......................... 5
Available Distribution Amount........................... 5
Bankruptcy Amount....................................... 5
Bankruptcy Code......................................... 6
Bankruptcy Loss......................................... 6
Book-Entry Certificate.................................. 6
Business Day............................................ 6
Buydown Funds........................................... 6
Buydown Mortgage Loan................................... 6
Cash Liquidation........................................ 6
Certificate............................................. 7
Certificate Account..................................... 7
Certificate Account Deposit Date........................ 7
Certificateholder or Holder............................. 7
Certificate Owner....................................... 7
Certificate Principal Balance........................... 7
Certificate Register and Certificate Registrar.......... 8
Class................................................... 8
Class A Certificate..................................... 8
Class A-3............................................... 8
Class A-3............................................... 8
Class A-4............................................... 9
Class A-4............................................... 9
Class A-4............................................... 9
Class A-4............................................... 9
Class A-4............................................... 9
i
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Class A-7............................................ 9
Class A-7............................................ 9
Class A-13 Collection Shortfall...................... 10
Class A-13 Principal Distribution Amount............. 10
Class B Certificate.................................. 10
Class B Percentage................................... 10
Class B-1 Percentage................................. 10
Class B-1 Prepayment Distribution Trigger............ 10
Class B-2 Percentage................................. 10
Class B-2 Prepayment Distribution Trigger............ 10
Class B-3 Percentage................................. 10
Class B-3 Prepayment Distribution Trigger............ 11
Class M Certificate.................................. 11
Class M Percentage................................... 11
Class M-1 Percentage................................. 11
Class M-2 Percentage................................. 11
Class M-2 Prepayment Distribution Trigger............ 11
Class M-3 Percentage................................. 11
Class M-3 Prepayment Distribution Trigger............ 12
Class R Certificate.................................. 12
Class R-I Certificate................................ 12
Class R-II Certificate............................... 12
Closing Date......................................... 12
Code................................................. 12
Combination Certificates............................. 12
Combination Super Senior Optimal Principal
Distribution Amount................................ 12
Compensating Interest................................ 12
Component............................................ 12
Cooperative.......................................... 13
Cooperative Apartment................................ 13
Cooperative Lease.................................... 13
Cooperative Loans.................................... 13
Cooperative Stock.................................... 13
Cooperative Stock Certificate........................ 13
Corporate Trust Office............................... 13
Credit Support Depletion Date........................ 13
Curtailment.......................................... 13
Custodial Account.................................... 13
Custodial Agreement.................................. 14
Custodian............................................ 14
Cut-off Date......................................... 14
Cut-off Date Principal Balance....................... 14
Debt Service Reduction............................... 14
ii
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Page
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Defaulted Mortgage Loss............................................... 14
Deficient Valuation................................................... 14
Definitive Certificate................................................ 14
Deleted Mortgage Loan................................................. 14
Depository............................................................ 14
Depository Participant................................................ 14
Destroyed Mortgage Note............................................... 14
Determination Date.................................................... 15
Discount Fraction..................................................... 15
Discount Mortgage Loan................................................ 15
Disqualified Organization............................................. 15
Distribution Date..................................................... 15
Due Date.............................................................. 15
Due Period............................................................ 15
Eligible Account...................................................... 15
Eligible Funds........................................................ 16
Event of Default...................................................... 16
Excess Bankruptcy Loss................................................ 16
Excess Fraud Loss..................................................... 16
Excess Special Hazard Loss............................................ 16
Excess Spread......................................................... 16
Excess Subordinate Principal Amount................................... 17
Extraordinary Events.................................................. 17
Extraordinary Losses.................................................. 18
FDIC.................................................................. 18
FHLMC................................................................. 18
Final Distribution Date............................................... 18
Fitch................................................................. 18
FNMA.................................................................. 18
Foreclosure Profits................................................... 18
Fraud Loss Amount..................................................... 18
Fraud Losses.......................................................... 19
Group 1 Principal Distribution Amount................................. 19
Group 2 Principal Distribution Amount................................. 19
Independent........................................................... 19
Initial Certificate Principal Balance................................. 19
Initial Monthly Payment Fund.......................................... 19
Insurance Proceeds.................................................... 19
Insurer............................................................... 19
Interest Accrual Period............................................... 19
Late Collections...................................................... 20
LIBOR................................................................. 20
LIBOR Business Day.................................................... 20
Liquidation Proceeds.................................................. 20
iii
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Page
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Loan-to-Value Ratio................................................... 20
Lockout Prepayment Percentage......................................... 20
Lockout Scheduled Percentage.......................................... 20
Maturity Date......................................................... 20
Monthly Payment....................................................... 21
Moody's............................................................... 21
Mortgage.............................................................. 21
Mortgage File......................................................... 21
Mortgage Loan Schedule................................................ 21
Mortgage Loans........................................................ 22
Mortgage Note......................................................... 22
Mortgage Rate......................................................... 22
Mortgaged Property.................................................... 22
Mortgagor............................................................. 22
Net Mortgage Rate..................................................... 22
Non-Discount Mortgage Loan............................................ 22
Non-Primary Residence Loans........................................... 22
Non-United States Person.............................................. 22
Nonrecoverable Advance................................................ 22
Nonsubserviced Mortgage Loan.......................................... 23
Notional Amount....................................................... 23
Officers' Certificate................................................. 23
Opinion of Counsel.................................................... 23
Original Senior Percentage............................................ 23
Outstanding Mortgage Loan............................................. 23
Owner or Holder....................................................... 23
Ownership Interest.................................................... 24
PAC Certificates...................................................... 24
PAC Component......................................................... 24
PAC Principal Amount.................................................. 24
PAC Principal Component............................................... 24
Pass-Through Rate..................................................... 24
Paying Agent.......................................................... 24
Percentage Interest................................................... 25
Permitted Investments................................................. 25
Permitted Transferee.................................................. 26
Person................................................................ 26
Plan.................................................................. 26
Planned Principal Balance............................................. 26
Pool Stated Principal Balance......................................... 26
Prepayment Assumption................................................. 26
Prepayment Distribution Percentage.................................... 27
Prepayment Distribution Trigger....................................... 28
Prepayment Interest Shortfall......................................... 28
iv
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Prepayment Period..................................................... 28
Primary Insurance Policy............................................ 28
Principal Prepayment.................................................. 28
Principal Prepayment in Full........................................ 28
Program Guide......................................................... 28
Purchase Price........................................................ 28
Qualified Substitute Mortgage Loan.................................. 29
Rate Adjustment Date.................................................. 29
Rating Agency......................................................... 29
Realized Loss......................................................... 29
Record Date........................................................... 30
Reference Banks....................................................... 30
Reference Bank Rate................................................... 30
Regular Certificate................................................... 30
REMIC................................................................. 30
REMIC Administrator................................................... 30
REMIC I............................................................... 31
REMIC I Certificates.................................................. 31
REMIC II.............................................................. 31
REMIC II Certificates................................................. 31
REMIC Provisions...................................................... 31
REO Acquisition....................................................... 31
REO Disposition....................................................... 31
REO Imputed Interest.................................................. 32
REO Proceeds.......................................................... 32
REO Property.......................................................... 32
Request for Release................................................... 32
Required Insurance Policy............................................. 32
Residential Funding................................................... 32
Responsible Officer................................................... 32
Schedule of Discount Fractions........................................ 32
Security Agreement.................................................... 32
Seller................................................................ 32
Seller's Agreement.................................................... 32
Senior Accelerated Distribution Percentage............................ 32
Senior Certificates................................................... 33
Senior Interest Distribution Amount................................... 34
Senior Percentage..................................................... 34
Senior Principal Distribution Amount.................................. 34
Servicing Advances.................................................... 34
Servicing Fee......................................................... 34
Servicing Officer..................................................... 34
Special Hazard Amount................................................. 34
Special Hazard Loss................................................... 35
v
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Spread Rate........................................................... 35
Standard & Poor's..................................................... 35
Stated Principal Balance.............................................. 35
Strip Rate............................................................ 36
Subordinate Percentage................................................ 36
Subordinate Principal Distribution Amount............................. 36
Subserviced Mortgage Loan............................................. 36
Subservicer........................................................... 36
Subservicer Advance................................................... 36
Subservicing Account.................................................. 37
Subservicing Agreement................................................ 37
Subservicing Fee...................................................... 37
Super Senior Percentage............................................... 37
TAC Component......................................................... 37
TAC Principal Amount.................................................. 37
TAC Principal Component............................................... 37
Targeted Principal Balance............................................ 37
Tax Returns........................................................... 37
Transfer.............................................................. 37
Transferee............................................................ 38
Transferor............................................................ 38
Trust Fund............................................................ 38
Uncertificated Accrued Interest....................................... 38
Uncertificated Pass-Through Rate...................................... 38
Uncertificated Principal Balance...................................... 38
Uncertificated REMIC I Regular Interest U............................. 39
Uncertificated REMIC I Regular Interest V............................. 39
Uncertificated REMIC I Regular Interest W............................. 39
Uncertificated REMIC I Regular Interest X............................. 39
Uncertificated REMIC I Regular Interest Y............................. 39
Uncertificated REMIC I Regular Interest Z............................. 39
Uncertificated REMIC I Regular Interests.............................. 40
Uncertificated REMIC I Regular Interest U Distribution Amount
...................................................................... 40
Uncertificated REMIC I Regular Interest V Distribution Amount
...................................................................... 40
Uncertificated REMIC I Regular Interest W Distribution Amount
...................................................................... 40
Uncertificated REMIC I Regular Interest X Distribution Amount
...................................................................... 40
Uncertificated REMIC I Regular Interest Y Distribution Amount
...................................................................... 40
Uncertificated REMIC I Regular Interest Z Distribution Amount
...................................................................... 40
vi
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Uncertificated REMIC I Regular Interest Distribution Amounts........ 40
Uniform Single Attestation Program for Mortgage Bankers............. 40
Uninsured Cause..................................................... 40
United States Person................................................ 40
Variable Strip Certificates......................................... 41
Voting Rights....................................................... 41
Section 1.02.Determination of LIBOR.................................. 41
ARTICLE II
CONVEYANCE OF MORTGAGE LOANS;
ORIGINAL ISSUANCE OF CERTIFICATES
Section 2.01. Conveyance of Mortgage Loans............................ 42
Section 2.02. Acceptance by Trustee................................... 46
Section 2.03. Representations, Warranties and Covenants of the
Master Servicer and the Company......................... 47
Section 2.04. Representations and Warranties of Sellers............... 51
Section 2.05. Issuance of Certificates Evidencing Interests in
REMIC I Certificates.................................... 53
Section 2.06. Conveyance of Uncertificated REMIC I and REMIC II
Regular Interests; Acceptance by the Trustee............ 54
Section 2.07. Issuance of Certificates Evidencing Interest in
REMIC II................................................ 54
ARTICLE III
ADMINISTRATION AND SERVICING
OF MORTGAGE LOANS
Section 3.01. Master Servicer to Act as Servicer...................... 55
Section 3.02. Subservicing Agreements Between Master Servicer and
Subservicers; Enforcement of Subservicers' and
Sellers' Obligations.................................... 56
Section 3.03. Successor Subservicers.................................. 57
Section 3.04. Liability of the Master Servicer........................ 57
Section 3.05. No Contractual Relationship Between Subservicer and
Trustee or Certificateholders or the Owner of the Excess
Spread.................................................. 58
Section 3.06. Assumption or Termination of Subservicing Agreements
by Trustee.............................................. 58
Section 3.07. Collection of Certain Mortgage Loan Payments; Deposits
to Custodial Account.................................... 58
Section 3.08. Subservicing Accounts; Servicing Accounts............... 60
vii
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Section 3.09. Access to Certain Documentation and Information
Regarding the Mortgage Loans............................. 62
Section 3.10. Permitted Withdrawals from the Custodial Account......... 62
Section 3.11. Maintenance of the Primary Insurance Policies; Collections
Thereunder............................................... 64
Section 3.12. Maintenance of Fire Insurance and Omissions and
Fidelity Coverage........................................ 65
Section 3.13. Enforcement of Due-on-Sale Clauses; Assumption and
Modification Agreements; Certain Assignments............. 66
Section 3.14. Realization Upon Defaulted Mortgage Loans................ 68
Section 3.15. Trustee to Cooperate; Release of Mortgage Files.......... 70
Section 3.16. Servicing and Other Compensation; Compensating Interest.. 72
Section 3.17. Reports to the Trustee and the Company................... 73
Section 3.18. Annual Statement as to Compliance........................ 73
Section 3.19. Annual Independent Public Accountants' Servicing Report.. 73
Section 3.20. Rights of the Company in Respect of the Master Servicer.. 74
Section 3.21. Administration of Buydown Funds.......................... 74
ARTICLE IV
PAYMENTS TO CERTIFICATEHOLDERS
Section 4.01. Certificate Account...................................... 76
Section 4.02. Distributions............................................ 76
Section 4.03. Statements to Certificateholders and the Owner of the
Excess Spread............................................ 90
Section 4.04. Distribution of Reports to the Trustee and the Company;
Advances by the Master Servicer.......................... 92
Section 4.05. Allocation of Realized Losses............................ 94
Section 4.06. Reports of Foreclosures and Abandonment of Mortgaged
Property................................................. 95
Section 4.07. Optional Purchase of Defaulted Mortgage Loans............ 95
Section 4.08. Distributions on the Uncertificated REMIC I and REMIC
II Regular Interests..................................... 96
ARTICLE V
THE CERTIFICATES AND EXCESS SPREAD
Section 5.01. The Certificates.......................................... 98
Section 5.02. Registration of Transfer and Exchange of Certificates
and Restrictions on Transfer of Excess Spread............. 100
viii
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Section 5.03. Mutilated, Destroyed, Lost or Stolen Certificates......... 105
Section 5.04. Persons Deemed Owners..................................... 105
Section 5.05. Appointment of Paying Agent............................... 105
Section 5.06. Optional Purchase of Certificates......................... 106
ix
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Page
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ARTICLE VI
THE COMPANY AND THE MASTER SERVICER
Section 6.01. Respective Liabilities of the Company and the Master
Servicer................................................. 108
Section 6.02. Merger or Consolidation of the Company or the Master
Servicer; Assignment of Rights and Delegation of Duties
by Master Servicer....................................... 108
Section 6.03. Limitation on Liability of the Company, the Master
Servicer and Others...................................... 109
Section 6.04. Company and Master Servicer Not to Resign................ 110
ARTICLE VII
DEFAULT
Section 7.01. Events of Default........................................ 111
Section 7.02. Trustee or Company to Act; Appointment of Successor...... 113
Section 7.03. Notification to Certificateholders....................... 113
Section 7.04. Waiver of Events of Default.............................. 114
ARTICLE VIII
CONCERNING THE TRUSTEE
Section 8.01. Duties of Trustee.......................................... 115
Section 8.02. Certain Matters Affecting the Trustee...................... 116
Section 8.03. Trustee Not Liable for Certificates or Mortgage Loans...... 118
Section 8.04. Trustee May Own Certificates............................... 118
Section 8.05. Master Servicer to Pay Trustee's Fees and Expenses;
Indemnification............................................ 118
Section 8.06. Eligibility Requirements for Trustee....................... 119
Section 8.07. Resignation and Removal of the Trustee..................... 120
Section 8.08. Successor Trustee.......................................... 121
Section 8.09. Merger or Consolidation of Trustee......................... 121
Section 8.10. Appointment of Co-Trustee or Separate Trustee.............. 121
Section 8.11. Appointment of Custodians.................................. 122
Section 8.12. Appointment of Office or Agency............................ 123
x
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ARTICLE IX
TERMINATION
Section 9.01. Termination Upon Purchase by the Master Servicer or the
Company or Liquidation of All Mortgage Loans.............. 124
Section 9.02. Termination of REMIC II................................... 126
Section 9.03. Additional Termination Requirements....................... 126
ARTICLE X
REMIC PROVISIONS
Section 10.01. REMIC Administration..................................... 128
Section 10.02. Master Servicer, REMIC Administrator and Trustee
Indemnification.......................................... 131
ARTICLE XI
MISCELLANEOUS PROVISIONS
Section 11.01. Amendment................................................ 133
Section 11.02. Recordation of Agreement; Counterparts................... 135
Section 11.03. Limitation on Rights of Certificateholders............... 136
Section 11.04. Governing Law............................................ 136
Section 11.05. Notices.................................................. 137
Section 11.06. Notices to Rating Agency................................. 137
Section 11.07. Severability of Provisions............................... 138
Section 11.08. Supplemental Provisions for Resecuritization............. 138
xi
<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 Custodial Agreement
Exhibit F: Mortgage Loan Schedule
Exhibit G: Form of Seller/Servicer Contract
Exhibit H: Forms of Request for Release
Exhibit I-1: Form of Transfer Affidavit and Agreement
Exhibit I-2: Form of Transferor Certificate
Exhibit J-1: Form of Investor Representation Letter
Exhibit J-2: Form of ERISA Representation Letter
Exhibit K: Form of Transferor Representation Letter
Exhibit L: Form of Rule 144A Investment Representation Letter
Exhibit M: Text of Amendment to Pooling and Servicing Agreement Pursuant to
Section 11.01(e) for a Limited Guaranty
Exhibit N: Form of Limited Guaranty
Exhibit O: Form of Lender Certification for Assignment of Mortgage Loan
Exhibit P: Schedule of Discount Fractions
Exhibit Q: Planned Principal Balances and Targeted Principal Balances
xii
<PAGE>
This is a Pooling and Servicing Agreement, dated as of September 1, 1996,
among RESIDENTIAL FUNDING MORTGAGE SECURITIES I, INC., as the company (together
with its permitted successors and assigns, the "Company"), RESIDENTIAL FUNDING
CORPORATION, as master servicer (together with its permitted successors and
assigns, the "Master Servicer"), and BANKERS TRUST COMPANY, as Trustee (together
with its permitted successors and assigns, the "Trustee"),
PRELIMINARY STATEMENT:
The Company intends to sell mortgage 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 defined herein). As provided herein, the Master Servicer
will make an election to treat the entire segregated pool of assets described in
the definition of REMIC I (as defined herein), and subject to this Agreement
(including the Mortgage Loans but excluding the Initial Monthly Payment Fund),
as a real estate mortgage investment conduit (a "REMIC") for federal income tax
purposes and such segregated pool of assets will be designated as "REMIC I."
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. A segregated pool of assets consisting of the
Uncertificated REMIC I Regular Interests will be designated as "REMIC II," and
the Master Servicer will make a separate REMIC election with respect thereto.
The Class A-1, Class A-2, Class A-3, 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-13, Class M-1, Class M-2,
Class M-3, Class B-1, Class B-2, Class B-3 Certificates and Uncertificated REMIC
II Regular Interests and the rights in and to the Excess Spread (as defined
herein) 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.
<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
Pass-Through Principal Maturity
Designation Rate Balance Features Date S&P Fitch
----------- ------------ ---------------------- -------- --------- --- -----
<S> <C> <C> <C> <C> <C> <C>
Class A-1 7.100% $ 52,40 PAC/Senior September 25, 2026 AAA AAA
9,000.00
Class A-2 7.350% $ 70,57 PAC/Senior September 25, 2026 AAA AAA
9,000.00
Class A-3 See Below $ 68,77 See Below September 25, 2026 AAA AAA
3,000.00
Class A-4 See Below $105,98 See Below September 25, 2026 AAA AAA
5,000.00
Class A-5 Adjustable Rate $ 26,38 Companion/Floater/Senior September 25, 2026 AAA AAA
1,000.00
Class A-6 Adjustable Rate $ 4,25 Companion/Inverse Floater/Senior September 25, 2026 AAA AAA
5,000.00
Class A-7 See Below $ 20,02 See Below September 25, 2026 AAA AAA
2,000.00
Class A-8 7.750% $ 12,01 Lockout/Senior Support September 25, 2026 AAA AAA
4,000.00
Class A-9 7.750% $ 20,83 Senior September 25, 2026 AAA AAA
5,000.00
Class A-10 7.750% $ 29,56 Senior September 25, 2026 AAA AAA
6,000.00
Class A-11 7.750% $ 9,91 Senior September 25, 2026 AAA AAA
8,000.00
Class A-12 7.750% $ 4,75 Senior September 25, 2026 AAA AAA
5,000.00
Class A-13 0.000% $ 1,31 Principal Only/Senior September 25, 2026 AAAr AAA
8,180.24
Class R-I 7.750% $ Residual/Senior September 25, 2026 AAA AAA
100.00
Class R-II 7.750% $ Residual/Senior September 25, 2026 AAA AAA
100.00
Class M-1 7.750% $ 9,03 Mezzanine September 25, 2026 AA AA
3,100.00
Class M-2 7.750% $ 5,64 Mezzanine September 25, 2026 N/A A
5,600.00
Class M-3 7.750% $ 5,19 Mezzanine September 25, 2026 N/A BBB
4,000.00
Class B-1 7.750% $ 2,25 Subordinate September 25, 2026 N/A BB
8,300.00
Class B-2 7.750% $ 90 Subordinate September 25, 2026 N/A B
3,300.00
Class B-3 7.750% $ 1,80 Subordinate September 25, 2026 N/A N/A
7,395.50
</TABLE>
The Class A-3, Class A-4 and Class A-7 Certificates are comprised of the
following Components having the following designations, interest rates, initial
amounts and features:
DESIGNATION PASS-THROUGH INITIAL AMOUNT FEATURES
RATE
Class A-3 Component 1 7.500% $54,607,000.00 TAC/Accretion Directed/Senior
Class A-3 Component 2 7.500% $14,166,000.00 PAC/Senior
Class A-4 Component Z 7.750% $50,557,000.00 TAC/Accrual/Super Senior
Class A-4 Component 2 7.750% $ 3,717,000.00 PAC/Super Senior
2
<PAGE>
Class A-4 Component 3 Variable $ 0.00 PAC/Interest Only/Super Senior
Class A-4 Component 4 0.250% $ 0.00 TAC/Interest Only/Super Senior
Class A-4 Component 5 7.750% $51,711,000.00 TAC/Accretion Directed/Super
Senior
Class A-7 Component 1 7.750% $10,011,000.00 Lockout/Senior
Class A-7 Component 2 7.750% $10,011,000.00 Lockout/Senior
The Mortgage Loans have an aggregate Cut-off Date Principal Balance equal
to $451,652,075.74. The Mortgage Loans are fixed rate mortgage loans having
terms to maturity at origination or modification of not more than approximately
30 years.
In consideration of the mutual agreements herein contained, the Company,
the Master Servicer and the Trustee agree as follows:
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: With respect to Class A-4 Component Z, the
--------------------------
earlier to occur of (i) the Distribution Date on which the Component Principal
Amounts of the Class A-3 Component 1 and Class A-4 Component 5 have been reduced
to zero and (ii) the Credit Support Depletion Date.
Accrual Principal Distribution Amount: As defined in Section
-------------------------------------
4.02(a)(ii)(Y)(D).
Accrued Certificate Interest: With respect to each Distribution Date, as
----------------------------
to any Class A Certificate (other than the Class A-4 Certificates, Class A-13
Certificates and any Variable Strip Certificates), any Class M Certificate, any
Class B Certificate or any Class R Certificate, interest accrued during the
related Interest Accrual Period at the then-applicable related Pass-Through Rate
on the Certificate Principal Balance thereof immediately prior to such
Distribution Date. With respect to each Distribution Date, as to the Class A-4
Certificates, interest accrued during the then-applicable related Interest
Accrual Period at the related Pass-Through Rate on the amount of each Component
thereof (or the Notional Amounts thereof in the case of the Class A-4 Component
3 and Class A-4 Component 4) immediately prior to such Distribution Date. With
respect to each Distribution Date, as to any Variable Strip Certificates, one
month's interest at the related Pass-Through Rate on the Notional Amount
thereof. 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 of Certificates will be reduced by the amount of (i)
Prepayment Interest Shortfalls (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
3
<PAGE>
Mortgage Rate) of Realized Losses (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 previously made with
respect to a Mortgage Loan or REO Property which remained unreimbursed following
the Cash Liquidation or REO Disposition of such Mortgage Loan or REO Property
that were 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, with all such
reductions allocated among all of the Certificates and to the Excess Spread in
proportion to their respective amounts of Accrued Certificate Interest and the
amount of Excess Spread payable on such Distribution Date which would have
resulted 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. The Class A-13
Certificates receive no distributions of Accrued Certificate Interest.
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.
Agreement: This Pooling and Servicing Agreement and all amendments
---------
hereof and supplements hereto.
Amount Held for Future Distribution: As to any Distribution Date, the
-----------------------------------
total of the amounts held in the Custodial Account at the close of business on
the preceding Determination Date on account of (i) Liquidation Proceeds,
Insurance Proceeds, Principal Prepayments, Mortgage Loan purchases made pursuant
to Section 2.02, 2.03, 2.04, 3.21 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 (ii)
payments which represent early receipt of
4
<PAGE>
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.
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
--------------------
September 26, 1996 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, 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 immediately
preceding Determination Date and amounts deposited in the Custodial Account in
connection with the substitution of Qualified Substitute Mortgage Loans, (ii)
the amount of any Advance made on the immediately preceding Certificate Account
Deposit Date, (iii) any amount deposited in the Custodial Account pursuant to
Section 3.12(a) and (iv) any amount deposited in the Certificate Account
pursuant to Sections 2.01(f) and 4.07, 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).
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)
$171,264 over (B) the aggregate amount of Bankruptcy Losses allocated solely to
one or more specific Classes of Certificates in accordance with Section 4.05.
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
5
<PAGE>
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 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 which had an original Loan-to-Value Ratio of 80% or greater
that would result if the Net Mortgage Rate thereof was equal to the weighted
average (based on the principal balance of the Mortgage Loans as of the Relevant
Anniversary) of the Net Mortgage Rates of all Mortgage Loans as of the Relevant
Anniversary less 1.25% per annum, (y) a number equal to the weighted average
remaining term to maturity, in months, of all Non-Primary Residence Loans
remaining in the Mortgage Pool as of the Relevant Anniversary, and (z) one plus
the quotient of the number of all Non-Primary Residence Loans remaining in the
Mortgage Pool divided by the total number of Outstanding Mortgage Loans in the
Mortgage Pool as of the Relevant Anniversary, and (ii) $50,000.
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.
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.
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
6
<PAGE>
Certificate Account are at the time located) are required or authorized by law
or executive order to be closed.
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: Any Class A Certificate, Class M Certificate, Class B
-----------
Certificate or Class R Certificate.
Certificate Account: The separate account or accounts created and
-------------------
maintained pursuant to Section 4.01, which shall be entitled "Bankers Trust
Company, as trustee, in trust for the registered holders of Residential Funding
Mortgage Securities I, Inc., Mortgage Pass-Through Certificates and the Owner of
the Excess Spread, Series 1996-S20" and which must be an Eligible Account.
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, except that neither a Disqualified
Organization nor a Non-United States Person shall be a holder of a Class R-I
Certificate or Class R-II 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-I Certificate or Class R-II 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 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
7
<PAGE>
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 Class A Certificate
-----------------------------
(other than any Variable Strip Certificate) and Class R 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) in the
case of each Class A-4 Certificate, an amount equal to the aggregate amount of
Accrued Certificate Interest added to the amount of the Class A-4 Component Z on
each Distribution Date on or prior to the Accretion Termination Date pursuant to
Section 4.02(f) minus (iii) the sum of (x) the aggregate of all amounts
previously distributed with respect to such Certificate (or any predecessor
Certificate) and applied to reduce the Certificate Principal Balance or amount
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. With respect to each Class M
Certificate, on any date of determination, an amount equal to (i) the Initial
Certificate Principal Balance of such Class M Certificate as specified on the
face thereof, minus (ii) the sum of (x) the aggregate of all amounts previously
distributed with respect to such Certificate (or any predecessor Certificate)
and applied to reduce the Certificate Principal Balance thereof pursuant to
Section 4.02(a) and (y) the aggregate of all reductions in Certificate Principal
Balance deemed to have occurred in connection with Realized Losses which were
previously allocated to such Certificate (or any predecessor Certificate)
pursuant to Section 4.05; provided, that if the Certificate Principal Balances
of the Class B Certificates have been reduced to zero, the Certificate Principal
Balance of each Class M Certificate of those Class M Certificates outstanding
with the highest numerical designation at any given time shall thereafter be
calculated to equal the Percentage Interest evidenced by such Certificate times
the excess, if any, of (A) the then aggregate Stated Principal Balance of the
Mortgage Loans over (B) the then aggregate Certificate Principal Balance of all
other Classes of Certificates then outstanding. With respect to each Class B
Certificate, on any date of determination, an amount equal to (i) the Initial
Certificate Principal Balance of such Class B Certificate as specified on the
face thereof, minus (ii) the sum of (x) the aggregate of all amounts previously
distributed with respect to such Certificate (or any predecessor Certificate)
and applied to reduce the Certificate Principal Balance thereof pursuant to
Section 4.02(a) and (y) the aggregate of all reductions in Certificate Principal
Balance deemed to have occurred in connection with Realized Losses which were
previously allocated to such Certificate (or any predecessor Certificate)
pursuant to Section 4.05; provided, that the Certificate Principal Balance of
each Class B Certificate of those Class B Certificates outstanding with the
highest numerical designation at any given time shall be calculated to equal the
Percentage Interest evidenced by such Certificate times the excess, if any, of
(A) the then aggregate Stated Principal Balance of the Mortgage Loans over (B)
the then aggregate Certificate Principal Balance of all other Classes of
Certificates then outstanding. The Variable Strip Certificates will have no
Certificate Principal Balance.
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.
8
<PAGE>
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 or Class A-13 Certificates, executed by the Trustee and
authenticated by the Certificate Registrar substantially in the form annexed
hereto as Exhibit A, each such Certificate evidencing an interest designated as
a "regular interest" in REMIC II for purposes of the REMIC Provisions.
Class A-3 Component 1: With respect to the Class A-3 Certificates, on
---------------------
any date of determination, an amount equal to (i) $54,607,000 minus (ii) the sum
of (x) the aggregate of all amounts previously distributed with respect to the
Class A-3 Certificates and applied to reduce the Class A-3 Component 1 pursuant
to Section 4.02(b), and (y) the aggregate of all reductions in the Class A-3
Component 1 deemed to have occurred in connection with Realized Losses which
were previously allocated to the Class A-3 TAC Component 1 pursuant to Section
4.05.
Class A-3 Component 2 : With respect to the Class A-3 Certificates, on
---------------------
any date of determination, an amount equal to (i) $14,166,000 minus (ii) the sum
of (x) the aggregate of all amounts previously distributed with respect to the
Class A-3 Certificates and applied to reduce the Class A-3 Component 2 pursuant
to Section 4.02(b), and (y) the aggregate of all reductions in the Class A-3
Component 2 deemed to have occurred in connection with Realized Losses which
were previously allocated to the Class A-3 Component pursuant to Section 4.05.
Class A-4 Component 2: With respect to the Class A-4 Certificates, on
---------------------
any date of determination, an amount equal to (i) $3,717,000 minus (ii) the sum
of (x) the aggregate of all amounts previously distributed with respect to the
Class A-4 Certificates and applied to reduce the Class A-4 Component 2 pursuant
to Section 4.02(b), and (y) the aggregate of all reductions in the Class A-4
Component 2 deemed to have occurred in connection with Realized Losses which
were previously allocated to the Class A-4 Component 2 pursuant to Section 4.05.
Class A-4 Component 3: With respect to the Class A-4 Certificates, the
---------------------
Component 3 thereof having a Notional Amount as set forth in this Agreement and
entitled to distributions of interest (but not principal) to the extent set
forth in this Agreement.
Class A-4 Component 4: With respect to the Class A-4 Certificates, the
---------------------
Component 4 thereof having a Notional Amount as set forth in this Agreement and
entitled to distributions of interest (but not principal) to the extent set
forth in this Agreement.
Class A-4 Component 5: With respect to the Class A-4 Certificates, on any
---------------------
date of determination, an amount equal to (i) $51,711,000 minus (ii) the sum of
(x) the aggregate of all amounts previously distributed with respect to the
Class A-4 Certificates and applied to reduce the Class A-4 Component 5 pursuant
to Section 4.02(b), and (y) the aggregate of all reductions in the Class A-4
Component 5 deemed to have occurred in connection with Realized Losses which
were previously allocated to the Class A-4 Component 5 pursuant to Section 4.05.
Class A-4 Component Z: With respect to the Class A-4 Certificates, on
---------------------
any date of determination, an amount equal to the sum of (i) $50,557,000 and
(ii) an amount equal to the aggregate amount of Accrued Certificate Interest
added to the Class A-4 Component Z on each Distribution Date on or prior to the
Accretion Termination Date pursuant to Section 4.02(f) minus
9
<PAGE>
(iii) the sum of (x) the aggregate of all amounts previously distributed with
respect to the Class A-4 Certificates and applied to reduce the Class A-4
Component Z pursuant to Section 4.02(b), and (y) the aggregate of all reductions
in the Class A-4 Component Z deemed to have occurred in connection with Realized
Losses which were previously allocated to the Class A-4 Component Z pursuant to
Section 4.05.
Class A-7 Component 1 : With respect to the Class A-7 Certificates, on
---------------------
any date of determination, an amount equal to (i) $10,011,000 minus (ii) the sum
of (x) the aggregate of all amounts previously distributed with respect to the
Class A-7 Certificates and applied to reduce Class A-7 Component 1 pursuant to
Section 4.02(b), and (y) the aggregate of all reductions in Class A-7 Component
1 deemed to have occurred in connection with Realized Losses which were
previously allocated to Class A-7 Component 1 pursuant to Section 4.05.
Class A-7 Component 2 : With respect to the Class A-7 Certificates, on
---------------------
any date of determination, an amount equal to (i) $10,011,000 minus (ii) the sum
of (x) the aggregate of all amounts previously distributed with respect to the
Class A-7 Certificates and applied to reduce Class A-7 Component 2 pursuant to
Section 4.02(b), and (y) the aggregate of all reductions in Class A-7 Component
2 deemed to have occurred in connection with Realized Losses which were
previously allocated to Class A-7 Component 2 pursuant to Section 4.05.
Class A-13 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-13 Principal Distribution Amount: As defined in Section
----------------------------------------
4.02(b)(i).
Class B Certificate: Any one of the Class B-1 Certificates, Class B-2
-------------------
Certificates or Class B-3 Certificates executed by the Trustee and authenticated
by the Certificate Registrar substantially in the form annexed hereto as Exhibit
C and evidencing an interest designated as a "regular interest" in REMIC II for
purposes of the REMIC Provisions.
Class B Percentage: The Class B-1 Percentage, Class B-2 Percentage and
------------------
Class B-3 Percentage.
Class B-1 Percentage: With respect to any Distribution Date, a fraction,
--------------------
expressed as a percentage, the numerator of which is the aggregate Certificate
Principal Balance of the Class B-1 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.
Class B-1 Prepayment Distribution Trigger: With respect to any
-----------------------------------------
Distribution Date, a test that shall be satisfied if the fraction (expressed as
a percentage) equal to the sum of the Certificate Principal Balances of the
Class B-1 Certificates, Class B-2 Certificates and Class B-3 Certificates
immediately prior to such Distribution Date divided by the aggregate Stated
Principal Balance of
10
<PAGE>
all of the Mortgage Loans (or related REO Properties) immediately prior to such
Distribution Date is greater than or equal to 1.10%.
Class B-2 Percentage: With respect to any Distribution Date, a fraction,
--------------------
expressed as a percentage, the numerator of which is the aggregate Certificate
Principal Balance of the Class B-2 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.
Class B-2 Prepayment Distribution Trigger: With respect to any
-----------------------------------------
Distribution Date, a test that shall be satisfied if the fraction (expressed as
a percentage) equal to the sum of the Certificate Principal Balances of the
Class B-2 Certificates and Class B-3 Certificates 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 0.60%.
Class B-3 Percentage: With respect to any Distribution Date, a fraction
--------------------
expressed as a percentage, the numerator of which is the aggregate Certificate
Principal Balance of the Class B-3 Certificates immediately prior to such
Distribution Date and the denominator of which is the aggregate Stated Principal
Balance of all the Mortgage Loans (or related REO Properties) (other than the
related Discount Fraction of each Discount Mortgage Loan) immediately prior to
such Distribution Date.
Class B-3 Prepayment Distribution Trigger: With respect to any
-----------------------------------------
Distribution Date, a test that shall be satisfied if the fraction (expressed as
a percentage) equal to the sum of the Certificate Principal Balances of the
Class B-3 Certificates 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 0.40%.
Class M Certificate: Any one of the Class M-1 Certificates, Class M-2
-------------------
Certificates or Class M-3 Certificates executed by the Trustee and authenticated
by the Certificate Registrar substantially in the form annexed hereto as Exhibit
B and evidencing an interest designated as a "regular interest" in REMIC II for
purposes of the REMIC Provisions.
Class M Percentage: The Class M-1 Percentage, Class M-2 Percentage and
------------------
Class M-3 Percentage.
Class M-1 Percentage: With respect to any Distribution Date, a fraction,
--------------------
expressed as a percentage, the numerator of which is the aggregate Certificate
Principal Balance of the Class M-1 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.
11
<PAGE>
Class M-2 Percentage: With respect to any Distribution Date, a fraction,
--------------------
expressed as a percentage, the numerator of which is the aggregate Certificate
Principal Balance of the Class M-2 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.
Class M-2 Prepayment Distribution Trigger: With respect to any
-----------------------------------------
Distribution Date, a test that shall be satisfied if the fraction (expressed as
a percentage) equal to the sum of the Certificate Principal Balances of the
Class M-2 Certificates, Class M-3 Certificates, Class B-1 Certificates, Class B-
2 Certificates and Class B-3 Certificates 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 3.50%.
Class M-3 Percentage: With respect to any Distribution Date, a fraction,
--------------------
expressed as a percentage, the numerator of which is the aggregate Certificate
Principal Balance of the Class M-3 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.
Class M-3 Prepayment Distribution Trigger: With respect to any
-----------------------------------------
Distribution Date, a test that shall be satisfied if the fraction (expressed as
a percentage) equal to the sum of the Certificate Principal Balances of the
Class M-3 Certificates, Class B-1 Certificates, Class B-2 Certificates and Class
B-3 Certificates immediately prior to such Distribution Date divided by 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 is greater than or equal to
2.25%.
Class R Certificate: Any one of the Class R-I Certificates or 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 hereto 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 hereto as Exhibit D and evidencing an interest designated as a
"residual interest" in REMIC II for purposes of the REMIC Provisions.
Closing Date: September 26, 1996.
------------
Code: The Internal Revenue Code of 1986.
----
Combination Certificates: Any one of the Class A-3, Class A-4 or Class
------------------------
A-7 Certificates.
12
<PAGE>
Combination Super Senior Optimal Principal Distribution Amount: With
--------------------------------------------------------------
respect to any Distribution Date occurring on or after the Credit Support
Depletion Date, the product of (a) the then applicable Super Senior Percentage
and (b) the sum of the amounts contained in Sections 4.02(a)(ii)(Y)(A),
4.02(a)(ii)(Y)(B), 4.02(a)(ii)(Y)(C), 4.02(a)(ii)(Y)(E) and 4.02(a)(ii)(Y)(F).
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, 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, all income and gain on amounts held in the Custodial Account and the
Certificate Account and payable to the Certificateholders and the Owner of the
Excess Spread with respect to such Distribution Date and servicing compensation
to which the Master Servicer may be entitled pursuant to Section 3.10(a)(v) and
(vi); 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.
Component: Any one of the Class A-3 Component 1, Class A-3 Component 2,
---------
Class A-4 Component Z, Class A-4 Component 2, Class A-4 Component 3, Class A-4
Component 4, Class A-4 Component 5, Class A-7 Component 1 or Class A-7 Component
2.
Cooperative: A private, cooperative housing corporation organized under
-----------
the laws of, and headquartered in, the State of New York which owns or leases
land and all or part of a building or buildings located in the State of New
York, 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.
13
<PAGE>
Cooperative Stock Certificate: With respect to a Cooperative Loan, the
-----------------------------
stock certificate or other instrument evidencing the related Cooperative Stock.
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 Four Albany Street, New York, New York 10006,
Attention: Residential Funding Corporation Series 1996-S20.
Credit Support Depletion Date: The first Distribution Date on which the
-----------------------------
Senior Percentage equals 100%.
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 in substantially the
form of Exhibit E hereto.
Custodian: A custodian appointed pursuant to a Custodial Agreement.
---------
Cut-off Date: September 1, 1996.
------------
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.
Defaulted Mortgage Loss: With respect to any Mortgage Loan, any loss
-----------------------
that is attributable to the Mortgagor's failure to make any payment of principal
or interest as required under the Mortgage Note, except that such loss shall not
include any Special Hazard Loss, Fraud Loss, Bankruptcy Loss, Extraordinary Loss
or other loss resulting from damage to the related Mortgaged Property.
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
14
<PAGE>
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 definitive, fully registered Certificate.
----------------------
Deleted Mortgage Loan: A Mortgage Loan replaced or to be replaced with a
---------------------
Qualified Substitute Mortgage Loan.
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(3) 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: With respect to any Distribution Date, the 20th day
------------------
(or if such 20th day is not a Business Day, the Business Day immediately
following such 20th day) of the month of the related Distribution Date.
Discount Fraction: With respect to each Discount Mortgage Loan, the
-----------------
fraction expressed as a percentage, the numerator of which is 7.750% 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 7.750%. The Discount
Fraction with respect to each Discount Mortgage Loan is set forth on Exhibit P
attached hereto.
Discount Mortgage Loan: Any Mortgage Loan having a Net Mortgage Rate (or
----------------------
the initial Net Mortgage Rate) of less than 7.750% per annum and any Mortgage
Loan deemed to be a Discount Mortgage Loan pursuant to the definition of
Qualified Substitute Mortgage Loan.
Disqualified Organization: Any organization defined as a "disqualified
-------------------------
organization" under Section 860E(e)(5) of the Code, which includes 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 FHLMC, 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
15
<PAGE>
Code on unrelated business taxable income), (iv) rural electric and
telephone cooperatives described in Section 1381(a)(2)(C) of the Code and (v)
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 REMIC I or REMIC II 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.
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, the first day of the
--------
month in which such Distribution Date occurs.
Due Period: With respect to any Distribution Date, the period commencing
----------
on the second day of the month preceding the month of such Distribution Date and
ending on the related Due Date.
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, either (A) a trust
account or accounts maintained in the corporate trust department of The First
National Bank of Chicago or (B) an account or accounts maintained in the
corporate asset services department of The First National Bank of Chicago, as
long as its short term debt obligations are rated P-1 (or the equivalent) or
better by each Rating Agency and its long term debt obligations are rated A2 (or
the equivalent) or better, by each Rating Agency, or (iv) in the case of the
Certificate Account, a trust account or accounts maintained in the corporate
trust division of Bankers Trust Company, 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).
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 Class A and Class R
Certificates and the Excess Spread, (ii) the Senior
16
<PAGE>
Principal Distribution Amount (determined without regard to Section
4.02(a)(ii)(Y)(E) hereof), (iii) the Class A-13 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.
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 Spread: With respect to any Distribution Date, the aggregate of
-------------
one month's interest on the Stated Principal Balance of each Mortgage Loan at
the applicable Spread Rate, with respect to such Mortgage Loan calculated on the
basis of a 360-day year consisting of twelve 30-day months and evidencing an
interest designated as a "regular interest" in REMIC II for purposes of the
REMIC Provisions. Excess Spread on any Distribution Date will be reduced by the
interest shortfalls described in clauses (i) through (iv) of the definition of
Accrued Certificate Interest, to the extent allocated thereto pursuant to the
provisions of such definition.
Excess Subordinate Principal Amount: With respect to any Distribution
-----------------------------------
Date on which the Certificate Principal Balance of the most subordinate class or
classes of Certificates (as established in Section 4.05 hereof) then outstanding
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
Certificate Principal Balance of such class or classes of Certificates
immediately prior to such Distribution Date over the aggregate amount of
Realized Losses to be allocated to such classes of Certificates on such
Distribution Date, as reduced by any such amount that is included in Section
4.02(b)(i)(E) hereof.
Extraordinary Events: Any of the following conditions with respect to a
--------------------
Mortgaged Property 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";
17
<PAGE>
(c) hostile or warlike action in time of peace or war, including action in
hindering, combatting 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, combatting 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.
FDIC: Federal Deposit Insurance Corporation or any successor thereto.
----
FHLMC: 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.
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 9.03.
Fitch: Fitch Investors Service, L.P. or its successor in interest.
-----
FNMA: 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.
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
18
<PAGE>
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 Loss Amount: As of any date of determination after the Cut-off
-----------------
Date, an amount equal to: (Y) 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 since the Cut-off Date up to such date of
determination and (Z) from the first to 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 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.
Fraud Losses: Losses on Mortgage Loans as to which there was fraud in
------------
the origination of such Mortgage Loan.
Group 1 Principal Distribution Amount: 82.3533310364% of the balance of
-------------------------------------
the Senior Principal Distribution Amount, if any, remaining after the
distribution described in Section 4.02(b)(ii).
Group 2 Principal Distribution Amount: 17.6466689636% of the balance of
-------------------------------------
the Senior Principal Distribution Amount, if any, remaining after the
distribution described in Section 4.02(b)(ii).
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 Preliminary Statement hereto.
19
<PAGE>
Initial Monthly Payment Fund: As defined in Section 2.01(f).
----------------------------
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, 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 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: With respect to any Certificate, other than any
-----------------------
Class A-5 Certificate and Class A-6 Certificate, and any Distribution Date, the
calendar month preceding the month in which such Distribution Date occurs. With
respect to any Class A-5 Certificate or Class A-6 Certificate and any
Distribution Date, the period commencing on the 25th day of the month
immediately preceding the month in which such Distribution Date occurs and
ending on the 24th day of the month in which such Distribution Date occurs.
Notwithstanding the foregoing, the distributions of interest on any Distribution
Date and the calculation of Accrued Certificate Interest for all Classes of
Certificates including the Class A-5 Certificates and Class A-6 Certificates
will reflect interest accrued, and receipts with respect thereto, on the
Mortgage Loans for the preceding calendar month, as may be reduced in accordance
with the definition of Accrued Certificate Interest.
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.
LIBOR: With respect to any Distribution Date and the Pass-Through Rates
-----
on the Class A-5 Certificates and Class A-6 Certificates, the arithmetic mean of
the London interbank offered rate quotations of Reference Banks for one-month
Eurodollar deposits in the international Eurocurrency market, expressed on a per
annum basis, determined in accordance with Section 1.02.
LIBOR Business Day: Any day other than (i) a Saturday or a Sunday or
------------------
(ii) a day on which banking institutions in the city of London, England are
required or authorized by law to be closed.
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.
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
20
<PAGE>
determination and the denominator of which is the Appraised Value of the related
Mortgaged Property.
Lockout Prepayment Percentage: As of any Distribution Date occurring
-----------------------------
prior to the Distribution Date in October 2001, 0%. As of any Distribution Date
occurring after the first five years following the Closing Date as follows: for
any Distribution Date during the sixth year after the Closing Date, 30%; for any
Distribution Date during the seventh year after the Closing Date, 40%; for any
Distribution Date during the eighth year after the Closing Date, 60%; for any
Distribution Date during the ninth year after the Closing Date, 80%; and for any
Distribution Date thereafter, 100%.
Lockout Scheduled Percentage: As of any Distribution Date occurring
----------------------------
prior to the Distribution Date in October 2001, 0%, and as of any Distribution
Date occurring in or after October 2001, 100%.
Maturity Date: With respect to (i) a Class of Certificates (other than
-------------
the Variable Strip Certificates which have no Certificate Principal Balance)
representing a regular interest in the Trust Fund or (ii) an Uncertificated
REMIC Regular Interest, 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 representing a
regular interest in REMIC II and the Uncertificated Principal Balance of each
REMIC I Regular Interest and the rights to the Excess Spread would be reduced to
zero, which is September 25, 2026, the Distribution Date immediately following
the latest scheduled maturity date of any Mortgage Loan.
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).
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 Loan Schedule: The list of the Mortgage Loans attached hereto
----------------------
as Exhibit F (as amended from time to time to reflect the addition of Qualified
Substitute Mortgage Loans), which list shall set forth at a minimum the
following information as to each Mortgage Loan:
(i) the Mortgage Loan identifying number ("RFC LOAN #");
21
<PAGE>
(ii) the street address of the Mortgaged Property including state and zip
code ("ADDRESS");
(iii) the maturity of the Mortgage Note ("MATURITY DATE");
(iv) the Mortgage Rate ("ORIG RATE");
(v) the Subservicer pass-through rate ("CURR NET");
(vi) the Net Mortgage Rate ("NET MTG RT");
(vii) the Spread Rate ("SPREAD");
(viii) the initial scheduled monthly payment of principal, if any, and
interest ("ORIGINAL P & I");
(ix) the Cut-off Date Principal Balance ("PRINCIPAL BAL");
(x) the Loan-to-Value Ratio at origination ("LTV");
(xi) the rate at which the Subservicing Fee accrues ("SUBSERV FEE") and
at which the Servicing Fee accrues ("MSTR SERV FEE");
(xii) 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
(xiii) 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.
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 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.
22
<PAGE>
Mortgage Rate: As to any Mortgage Loan, the interest rate borne by the
-------------
related Mortgage Note, or any modification thereto.
Mortgaged Property: The underlying real property securing a Mortgage
------------------
Loan.
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.
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 and the Trustee promptly following such
determination.
Nonsubserviced Mortgage Loan: Any Mortgage Loan that, at the time of
----------------------------
reference thereto, is not subject to a Subservicing Agreement.
Notional Amount: As of any Distribution Date, with respect to the Class
---------------
A-4 Component 3, the sum of (i) the Certificate Principal Balances of the Class
A-1 Certificates and Class A-2 Certificates and (ii) the principal amount of the
Class A-3 Component 2 immediately prior to such date. As of any Distribution
Date, with respect to the Class A-4 Component 4, the principal amount of the
Class A-3 Component 1. As of any Distribution Date, with respect to any class
of Variable Strip Certificates, the aggregate Stated Principal Balance of the
Mortgage Loans corresponding to the Uncertificated REMIC Regular Interests
represented by such Class of Variable Strip Certificates.
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.
23
<PAGE>
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 the Trust Fund as a REMIC or compliance with the REMIC Provisions must,
unless otherwise specified, be an opinion of Independent counsel.
Original Senior Percentage: The fraction, expressed as a percentage, the
--------------------------
numerator of which is the aggregate Initial Certificate Principal Balance of the
Class A Certificates (excluding the Certificate Principal Balance of the Class
A-13 Certificates) and Class R Certificates and the denominator of which is the
aggregate Stated Principal Balance of the Mortgage Loans (other than the related
Discount Fraction of the Discount Mortgage Loans), which is approximately 94.48%
as of the Closing Date.
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, 3.21 or 4.07.
Owner or Holder: With respect to the Excess Spread, Residential Funding,
---------------
as the owner of all right, title and interest in and to the Excess Spread.
Solely for the purpose of giving any consent or direction pursuant to this
Agreement, as long as Residential Funding or any Affiliate thereof is Master
Servicer and the Excess Spread remains uncertificated, the Voting Rights
evidenced thereby shall not be taken into account in determining whether the
requisite amount of Voting Rights necessary to effect any such consent or
direction has been obtained.
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.
PAC Certificates: Any one of the Class A-1 Certificates or Class A-2
----------------
Certificates.
PAC Component: Any one of the Class A-3 Component 2, Class A-4 Component
-------------
2 or Class A-4 Component 3.
PAC Principal Amount: As defined in Section 4.02(b)(iii)(A)(2).
--------------------
PAC Principal Component: Any one of the Class A-3 Component 2 or Class
-----------------------
A-4 Component 2.
Pass-Through Rate: With respect to the Class A Certificates (other than
-----------------
the Class A-4 Certificates (to the extent of the Class A-4 Component 3, Class A-
5 Certificates, Class A-6 Certificates, Class A-13 Certificates and any Variable
Strip Certificates), Class M Certificates, Class B Certificates and Class R
Certificates and any Distribution Date, the per annum rate set forth in the
Preliminary Statement hereto. With respect to the Class A-4 Component 3 and any
Distribution Date, the weighted average of the Strip Rates on the Class A-1
Certificates and Class A-2 Certificates and the Class A-3 Component 2 based on
the Certificate Principal Balances or
24
<PAGE>
principal amounts thereof immediately prior to such Distribution Date. With
respect to the Class A-4 Component 4 and any Distribution Date 0.25%. With
respect to the Class A-5 Certificates and the initial Interest Accrual Period,
6.8375% per annum, and as to any Interest Accrual Period thereafter, a per annum
rate equal to LIBOR plus 1.4000%, subject to a maximum rate of 9.00% per annum
and a minimum rate of 1.4000% per annum. With respect to the Class A-6
Certificates and the initial Interest Accrual Period, 13.4075% per annum, and as
to any Interest Accrual Period thereafter, a per annum rate equal to (i) 47.12%
minus (ii) the product of 6.2 and LIBOR, subject to a maximum rate of 47.12% per
annum and a minimum rate of 0.00% per annum. With respect to any Class of
Variable Strip Certificates and any Distribution Date, a rate equal to the
weighted average, expressed as a percentage, of the Spread Rates of all Mortgage
Loans corresponding to the Uncertificated REMIC Regular Interests represented by
such Class of Variable Strip Certificates as of the Due Date in the month next
preceding the month in which such Distribution Date occurs, weighted on the
basis of the respective Stated Principal Balances of such Mortgage Loans, which
Stated Principal Balances shall be the Stated Principal Balances of such
Mortgage Loans at the close of business on the immediately preceding
Distribution Date after giving effect to distributions thereon allocable to
principal to the Holders of the Certificates. The Class A-13 Certificates have
no Pass-Through Rate and are not entitled to Accrued Certificate Interest.
Paying Agent: Bankers Trust Company or any successor Paying Agent
------------
appointed by the Trustee.
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 divided by the
aggregate Initial Certificate Principal Balance of all of 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
25
<PAGE>
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 (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;
(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, that 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, partnership, joint venture,
------
association, joint-stock company, trust, unincorporated organization or
government or any agency or political subdivision thereof.
26
<PAGE>
Plan: Any employee benefit plan and certain other retirement plans and
----
arrangements, including individual retirement accounts and annuities, and Keogh
plans, and bank collective investment funds and insurance company general or
separate accounts in which such plans, accounts or arrangements are invested,
that are subject to the prohibited transaction and fiduciary responsibility
provisions of ERISA and Section 4975 of the Code.
Planned Principal Balance: With respect to each Class of PAC
-------------------------
Certificates and each PAC Principal Component, the amount set forth for such
Class or such PAC Principal Component on such Distribution Date on Exhibit Q
hereto.
Pool Stated Principal Balance: As to any date of determination, the
-----------------------------
aggregate of the Stated Principal Balances of each Mortgage Loan that was an
Outstanding Mortgage Loan on the Due Date in the month preceding the month of
such date of determination.
Prepayment Assumption: A prepayment assumption of 250% of the standard
---------------------
prepayment assumption, used for determining the accrual of original issue
discount and market discount and premium on the Certificates for federal income
tax purposes. The standard prepayment assumption assumes a constant rate of
prepayment of mortgage loans of 0.2% per annum of the then outstanding principal
balance of such mortgage loans in the first month of the life of the mortgage
loans, increasing by an additional 0.2% per annum in each succeeding month until
the thirtieth month, and a constant 6% per annum rate of prepayment thereafter
for the life of the mortgage loans.
Prepayment Distribution Percentage: With respect to any Distribution
----------------------------------
Date and each Class of Class M Certificates and Class B 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 October
2001 (unless the Certificate Principal Balances of the Senior Certificates,
other than the Class A-13 Certificates have been reduced to zero), in the case
of each Class of Class M Certificates and each Class of Class B Certificates,
0%.
(ii) For any Distribution Date on which any Class of Class M or Class B
Certificates are outstanding not discussed in clause (i) above:
(a) in the case of the Class of Class M Certificates then outstanding with
the lowest numerical designation, or in the event the Class M Certificates are
no longer outstanding, the Class of Class B Certificates then outstanding with
the lowest numerical designation and each other Class of Class M Certificates
and Class B 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 Class M Certificates
then outstanding with the lowest numerical designation, or in the event the
Class M Certificates are no longer outstanding, the Class of Class B
Certificates then
27
<PAGE>
outstanding with the lowest numerical designation and (2) all other Classes of
Class M Certificates and Class B Certificates for which the respective
Prepayment Distribution Triggers have been satisfied; and
(b) in the case of each other Class of Class M Certificates and Class B
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 (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 Class M Certificates and Class B 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 Class M Certificates and Class B 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.
Prepayment Distribution Trigger: The Class M-2 Prepayment Distribution
-------------------------------
Trigger, Class M-3 Prepayment Distribution Trigger, Class B-1 Prepayment
Distribution Trigger, Class B-2 Prepayment Distribution Trigger or Class B-3
Prepayment Distribution Trigger.
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 related Prepayment
Period, an amount equal to the excess of one month's interest at the Net
Mortgage Rate on the Stated Principal Balance of such Mortgage Loan over the
amount of interest (adjusted to the Net Mortgage Rate) paid by the Mortgagor for
such Prepayment Period 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 on the amount of such Curtailment.
Prepayment Period: As to any Distribution Date, the calendar month
-----------------
preceding the month of distribution.
28
<PAGE>
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 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 made by a
----------------------------
Mortgagor of the entire principal balance of a Mortgage Loan.
Program Guide: Collectively, the Seller Guide and the Servicer Guide for
-------------
Residential Funding's mortgage loan purchase and conduit servicing program and
all supplements and amendments thereto published by Residential Funding from
time to time.
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, 3.21 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 at
the Net Mortgage Rate in the case of a purchase made by the Master Servicer) on
the Stated Principal Balance thereof to the first day of 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, (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 Spread 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
"Spread Rate" of any Qualified Substitute Mortgage Loan as calculated pursuant
to the definition of "Spread Rate" is greater than the Spread Rate of the
related Deleted Mortgage Loan (i) the Spread Rate of such
29
<PAGE>
Qualified Substitute Mortgage Loan shall be equal to the Spread Rate of the
related Deleted Mortgage Loan for purposes of calculating the Excess Spread or
Accrued Certificate Interest or any Class of Variable Strip Certificates and
(ii) the excess of the Spread Rate on such Qualified Substitute Mortgage Loan as
calculated pursuant to the definition of "Spread Rate" over the Spread Rate on
the related Deleted Mortgage Loan shall be payable to the Class R Certificates
pursuant to Section 4.02 hereof.
Rate Adjustment Date: With respect to each Distribution Date and the
--------------------
Class A-5 Certificates and Class A-6 Certificates, the LIBOR Business Day
immediately preceding the commencement of the related Interest Accrual Period on
which banks are open for dealing in foreign currency and exchange in London,
England.
Rating Agency: Fitch and Standard & Poor's with respect to the Class A,
-------------
Class R and Class M-1 Certificates and Fitch with respect to the Class M-2,
Class M-3, Class B-1 and Class B-2 Certificates. If either 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) 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 the
Certificateholders and the Owner of the Excess Spread up to the last day of the
month in which the Cash Liquidation (or REO Disposition) occurred 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. With respect to each Mortgage Loan 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.
With respect to each Mortgage Loan which has become the object of a Debt Service
Reduction, the amount of such Debt Service Reduction.
Record Date: With respect to each Distribution Date, the close of
-----------
business on the last Business Day of the month next preceding the month in which
the related Distribution Date occurs.
Reference Banks: Bankers Trust Company, Barclays Bank PLC, The Bank of
---------------
Tokyo and National Westminster Bank PLC and their successors in interest.
30
<PAGE>
Reference Bank Rate: With respect to any Interest Accrual Period, as
-------------------
follows: the arithmetic mean (rounded upwards, if necessary, to the nearest one
sixteenth of a percent) of the offered rates for United States dollar deposits
for one month which are offered by the Reference Banks as of 11:00 A.M., London,
England time, on the LIBOR Business Day prior to the first day of such Interest
Accrual Period to prime banks in the London interbank market for a period of one
month in amounts approximately equal to the sum of the outstanding Certificate
Principal Balance and the Certificates; provided that at least two such
Reference Banks provide such rate. If fewer than two offered rates appear, the
Reference Bank Rate will be the arithmetic mean (rounded upwards, if necessary,
to the nearest 1/16%) of the rates quoted by one or major banks in New York
City, selected by the Trustee after consultation with the Master Servicer, as of
11:00 A.M., New York time, on such date for loans in U.S. Dollars to leading
European Banks for a period of one month in amounts approximately equal to the
aggregate Certificate Principal Balance. If no such quotations can be obtained,
the Reference Bank Rate shall be the Reference Bank Rate applicable to the
preceding Interest Accrual Period.
Regular Certificate: Any of the Certificates other than a Class R-I
-------------------
Certificate or Class R-II 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 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 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,
(iii) property which secured a Mortgage Loan and which has been
acquired for the benefit of the Certificateholders and the Owner of the Excess
Spread by foreclosure or deed in lieu of foreclosure, and
(iv) the hazard insurance policies and Primary Insurance Policies, if
any, and certain proceeds thereof.
REMIC I Certificates: The Class R-I Certificates.
--------------------
31
<PAGE>
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 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-13, Class M-1, Class M-2, Class M-3, Class B-1, Class B-2, Class B-3 and the
Owner of the Excess Spread and Class R-II Certificates pursuant to Section 2.06,
with respect to which a separate REMIC election is to be made.
REMIC II Certificates: Any 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-13, Class M-1, Class M-2, Class M-3, Class B-1, Class
B-2, Class B-3 and Class R-II Certificates.
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 and the Owner of the Excess
Spread of any REO Property pursuant to Section 3.14.
REO Disposition: As to any REO Property, a determination by the Master
---------------
Servicer that it has received all Insurance Proceeds, Liquidation Proceeds, REO
Proceeds and other payments and recoveries (including proceeds of a final sale)
which the Master Servicer expects to be finally recoverable from the sale or
other disposition of the REO Property.
REO Imputed Interest: As to any REO Property, for any period, an amount
--------------------
equivalent to interest (at the Net Mortgage Rate that would have been applicable
to the related Mortgage Loan had it been outstanding) on the unpaid principal
balance of the Mortgage Loan as of the date of acquisition thereof for such
period.
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) 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 H hereto.
32
<PAGE>
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.
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.
Schedule of Discount Fractions: The schedule setting forth the Discount
------------------------------
Fractions with respect to the Discount Mortgage Loans, attached hereto as
Exhibit P.
Security Agreement: With respect to a Cooperative Loan, the agreement
------------------
creating a security interest in favor of the originator in the related
Cooperative Stock.
Seller: As to any Mortgage Loan, a Person, including any Subservicer,
------
that executed a Seller's Agreement applicable to such Mortgage Loan.
Seller's Agreement: An agreement for the origination and sale of
------------------
Mortgage Loans generally in the form of the Seller Contract referred to or
contained in the Program Guide, or in such other form as has been approved by
the Master Servicer and the Company, each containing representations and
warranties in respect of one or more Mortgage Loans.
Senior Accelerated Distribution Percentage: With respect to any
------------------------------------------
Distribution Date, the percentage indicated below:
Senior Accelerated
Distribution Date Distribution Percentage
----------------- -----------------------
October 1996 through
September 2001............. 100%
October 2001 through
September 2002............. Senior Percentage, plus 70% of the Subordinate
Percentage
October 2002 through
September 2003............. Senior Percentage, plus 60% of the Subordinate
Percentage
October 2003 through
September 2004............. Senior Percentage, plus 40% of the Subordinate
Percentage
33
<PAGE>
October 2004 through
September 2005............. Senior Percentage, plus 20% of the Subordinate
Percentage
October 2005 and
thereafter................. Senior Percentage
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
Class M and Class B 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
Class M Certificates and Class B Certificates or (b)(1) the outstanding
principal balance of Mortgage Loans delinquent 60 days or more averaged over the
last six months, as a percentage of the aggregate outstanding principal balance
of all Mortgage Loans averaged over the last six months, does not exceed 4% and
(2) Realized Losses on the Mortgage Loans to date for such Distribution Date are
less than 10% of the sum of the Initial Certificate Principal Balances of the
Class M Certificates and Class B Certificates and (ii) that for any Distribution
Date on which the Senior Percentage is greater than the Original Senior
Percentage, the Senior Accelerated Distribution Percentage for such Distribution
Date shall be 100%. Notwithstanding the foregoing, upon the reduction of the
aggregate Certificate Principal Balance of the Senior Certificates (other than
the Certificate Principal Balance of the Class A-13 Certificates) to zero, the
Senior Accelerated Distribution Percentage shall thereafter be 0%.
Senior Certificates: Any one of the Class A Certificates or Class R
-------------------
Certificates.
Senior Interest Distribution Amount: As defined in Section 4.02(a)(i).
-----------------------------------
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
Certificate Principal Balance of the Class A-13 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, the
------------------------------------
lesser of (a) the balance of the Available Distribution Amount remaining after
the distribution of all amounts required to be distributed pursuant to Section
4.02(a)(i) and Section 4.02(a)(ii)(X) and (b) the sum of the amounts required to
be distributed to the Class A Certificateholders and Class R
34
<PAGE>
Certificateholders on such Distribution Date pursuant to Section 4.02(a)(ii)(Y),
4.02(a)(xvi) and (xvii).
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, (ii) any
enforcement or judicial proceedings, including foreclosures, (iii) the
management and liquidation of any REO Property and (iv) compliance with the
obligations under Sections 3.01, 3.08, 3.12(a) and 3.14, including, if the
Master Servicer or any Affiliate of the Master Servicer provides services such
as appraisals and brokerage services that are customarily provided by Persons
other than servicers of mortgage loans, reasonable compensation for such
services.
Servicing Fee: With respect to any Mortgage Loan and Distribution Date,
-------------
the fee payable monthly to the Master Servicer in respect of master servicing
compensation that accrues at an annual rate designated on the Mortgage Loan
Schedule as the "MSTR SERV FEE" for such Mortgage Loan, as may be adjusted with
respect to successor Master Servicers as provided in Section 7.02.
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 Amount: As of any Distribution Date, an amount equal to
---------------------
$4,408,398 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 and (ii) the Adjustment Amount (as defined below) as most
recently calculated. For each anniversary of the Cut-off Date, the Adjustment
Amount shall be equal to the amount, if any, by which the amount calculated in
accordance with the preceding sentence (without giving effect to the deduction
of the Adjustment Amount for such anniversary) exceeds the greater of (A) the
greatest of (i) twice the outstanding principal balance of the Mortgage Loan in
the Trust Fund which has the largest outstanding principal balance on the
Distribution Date immediately preceding such anniversary, (ii) the product of
1.00% multiplied by the outstanding principal balance of all Mortgage Loans on
the Distribution Date immediately preceding such anniversary and (iii) the
aggregate outstanding principal balance (as of the immediately preceding
Distribution Date) of the Mortgage Loans in any single five-digit California zip
code area with the largest amount of Mortgage Loans by aggregate principal
balance as of such anniversary and (B) the greater of (i) the product of 0.50%
multiplied by the outstanding principal balance of all Mortgage Loans on the
Distribution Date immediately preceding such anniversary multiplied by a
fraction, the numerator of which is equal to the aggregate outstanding principal
balance (as of the immediately preceding
35
<PAGE>
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 39.45% (which percentage is equal to the percentage of Mortgage Loans
initially secured by Mortgaged Properties located in the State of California)
and (ii) the aggregate outstanding principal balance (as of the immediately
preceding Distribution Date) of the largest Mortgage Loan secured by a Mortgaged
Property located in the State of California.
The Special Hazard Amount may be further reduced by the Master Servicer
(including accelerating the manner in which coverage is reduced) provided that
prior to any such reduction, the Master Servicer shall (i) obtain written
confirmation from each Rating Agency that such reduction shall not reduce the
rating assigned to any Class of Certificates by such Rating Agency below the
lower of the then-current rating or the rating assigned to such Certificates as
of the Closing Date by such Rating Agency and (ii) provide a copy of such
written confirmation to the Trustee.
Special Hazard Loss: Any Realized Loss not in excess of the cost of the
-------------------
lesser of repair or replacement of a Mortgaged Property suffered by such
Mortgaged Property 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.
Spread 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) 7.750%
per annum.
Standard & Poor's: Standard & Poor's Ratings Services, a division of the
-----------------
McGraw-Hill Companies, 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.
Strip Rate: With respect to each of the Class A-1 Certificates, Class A-2
----------
Certificates, Class A-3 Component 1 and Class A-3 Component 2 and any
Distribution Date, 7.750% minus the related Pass-Through Rate.
Subordinate Percentage: As of any Distribution Date, 100% minus the
----------------------
Senior Percentage as of such Distribution Date.
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<PAGE>
Subordinate Principal Distribution Amount: With respect to any
-----------------------------------------
Distribution Date and each Class of Class M Certificates and Class B
Certificates, (a) the sum of (i) the product of (x) the related Class M
Percentage or Class B Percentage for such Class and (y) the aggregate of the
amounts calculated 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 Class M Certificates and Class B
Certificates then outstanding, of the principal collections described in Section
4.02(a)(ii)(Y)(B)(b) to the extent such collections are not otherwise
distributed to the Class A Certificates and Class R Certificates; (iii) the
product of (x) the related Prepayment Distribution Percentage and (y) the
aggregate of all Principal Prepayments in Full and Curtailments received in the
related Prepayment Period (other than the related Discount Fraction of such
Principal Prepayments in Full and Curtailments with respect to the Discount
Mortgage Loans) to the extent not payable to the Class A Certificates and Class
R Certificates; (iv) if such Class is the most senior Class of Certificates then
outstanding (as established in Section 4.05 hereof), 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 subordinate Class of Class M
or Class B Certificates minus (b) any Excess Subordinate Principal Amount not
payable to such Class on such Distribution Date pursuant to the definition
thereof; provided, however, that such amount shall in no event exceed the
-------- -------
outstanding Certificate Principal Balance of such Class of Certificates
immediately prior to such date.
Subserviced Mortgage Loan: Any Mortgage Loan that, at the time of
-------------------------
reference thereto, is subject to a Subservicing Agreement.
Subservicer: Any Person with whom the Master Servicer has entered into a
-----------
Subservicing Agreement and who generally satisfied the requirements set forth in
the Program Guide in respect of the qualification of a Subservicer as of the
date of its approval as a Subservicer by the Master Servicer.
Subservicer Advance: Any delinquent installment of principal and
-------------------
interest on a Mortgage Loan which is advanced by the related Subservicer (net of
its Subservicing Fee) pursuant to the Subservicing Agreement.
Subservicing Account: An account established by a Subservicer in
--------------------
accordance with Section 3.08.
Subservicing Agreement: The written contract between the Master Servicer
----------------------
and any Subservicer relating to servicing and administration of certain Mortgage
Loans as provided in Section 3.02, generally in the form of the servicer
contract referred to or contained in the Program Guide or in such other form as
has been approved by the Master Servicer and the Company.
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
37
<PAGE>
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.
Super Senior Percentage: As of any Distribution Date occurring on or
-----------------------
after the Credit Support Depletion Date, the fraction, expressed as a
percentage, the numerator of which is the aggregate Certificate Principal
Balance of the Class A-4 Certificates immediately prior to such Distribution
Date and the denominator of which is the aggregate Certificate Principal Balance
of all Senior Certificates (other than the Certificate Principal Balance of the
Class A-13 Certificates) immediately prior to such Distribution Date.
TAC Component: Any one of the Class A-3 Component 1, Class A-4 Component
-------------
5, Class A-4 Component 4 or Class A-4 Component Z.
TAC Principal Amount: As defined in Section 4.02(b)(iii)(A)(3).
--------------------
TAC Principal Component: Any one of the Class A-3 Component 1, Class A-4
-----------------------
Component 5 or Class A-4 Component Z.
Targeted Principal Balance: With respect to each Class of TAC
--------------------------
Certificates and each TAC Principal Component, the amount set forth for such
Class or such TAC Principal Component on such Distribution Date on Exhibit Q
hereto.
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 REMIC I and REMIC II due to their classification as REMICs under
the REMIC Provisions, together with any and all other information, reports or
returns that may be required to be furnished to the Certificateholders and the
Owner of the Excess Spread 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: REMIC I and REMIC II.
----------
Uncertificated Accrued Interest: With respect to each Distribution Date
-------------------------------
and as to each Uncertificated REMIC I Regular Interest, the aggregate amount of
interest accrued thereon during the related Interest Accrual Period at the
related Uncertificated Pass-Through Rate.
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<PAGE>
Uncertificated Pass-Through Rate: With respect to each of the
--------------------------------
Uncertificated REMIC I Regular Interests U, V, W-1, W-2, X, Y and Z, 7.750%,
7.750%, 7.750%, 7.750%, 0.000% and the weighted average of the Spread Rates for
the Mortgage Loans, respectively.
Uncertificated REMIC I Regular Interest U: An uncertificated partial
-----------------------------------------
undivided beneficial ownership interest in REMIC I having a principal balance
equal to the Stated Principal Balance of the Mortgage Loans and REO Property
from time to time multiplied by a fraction, the numerator of which is the
aggregate Certificate Principal Balance of the Class A-1 Certificates and the
denominator of which is the aggregate Certificate Principal Balance of all of
the Certificates, and which bears interest at a rate equal to 7.750% per annum.
Uncertificated REMIC I Regular Interest V: An uncertificated partial
-----------------------------------------
undivided beneficial ownership interest in REMIC I having a principal balance
equal to the Stated Principal Balance of the Mortgage Loans and REO Property
from time to time multiplied by a fraction, the numerator of which is the
aggregate Certificate Principal Balance of the Class A-2 Certificates and the
denominator of which is the aggregate Certificate Principal Balance of all of
the Certificates, and which bears interest at a rate equal to 7.750% per annum.
Uncertificated REMIC I Regular Interests W-1 and W-2: Two uncertificated
----------------------------------------------------
partial undivided beneficial ownership interests in REMIC I, having principal
balances equal to the Stated Principal Balance of the Mortgage Loans and REO
Property from time to time multiplied by a fraction, the numerator of which is
the aggregate Certificate Principal Balance of the Class A-3, Class A--3
Component 1 and Component 2, respectively, and the denominator of which is the
aggregate Certificate Principal Balance of all of the Certificates, each of
which bears interest at a rate equal to 7.750% per annum.
Uncertificated REMIC I Regular Interest X: An uncertificated partial
-----------------------------------------
undivided beneficial ownership interest in REMIC I having a principal balance
equal to the Stated Principal Balance of the Mortgage Loans and REO Property
from time to time multiplied by a fraction, the numerator of which is the
aggregate Certificate Principal Balance of the 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 M-1,
Class M-2, Class M-3, Class B-1, Class B-2, Class B-3 and Class R-II
Certificates and the denominator of which is the aggregate Certificate Principal
Balance of all of the Certificates, and which bears interest at a rate equal to
7.750% per annum.
Uncertificated REMIC I Regular Interest Y: An uncertificated partial
-----------------------------------------
undivided beneficial ownership interest in REMIC I having a principal balance
equal to the Stated Principal Balance of the Mortgage Loans and REO Property
from time to time multiplied by a fraction, the numerator of which is the
aggregate Certificate Principal Balance of the Class A-13 Certificates and the
denominator of which is the aggregate Certificate Principal Balance of all of
the Certificates, and which bears interest at a rate equal to 0.000% per annum.
Uncertificated REMIC I Regular Interest Z: An uncertificated partial
-----------------------------------------
undivided beneficial ownership interest in REMIC I having a principal balance
equal to $0 and a notional amount equal to the aggregate Stated Principal
Balance of the Mortgage Loans and REO Property from time to
39
<PAGE>
time, and which bears interest on its notional amount at a rate equal to the
weighted average of the Spread Rates for the Mortgage Loans.
Uncertificated REMIC I Regular Interests: Uncertificated REMIC I Regular
----------------------------------------
Interest U, Uncertificated REMIC I Regular Interest V, Uncertificated REMIC I
Regular Interests W-1 and W-2, Uncertificated REMIC I Regular Interest X,
Uncertificated REMIC I Regular Interest Y and Uncertificated REMIC I Regular
Interest Z.
Uncertificated REMIC I Regular Interest U Distribution Amount: With
-------------------------------------------------------------
respect to any Distribution Date, the sum of the amounts deemed to be
distributed on the Uncertificated REMIC I Regular Interest U for such
Distribution Date pursuant to Section 4.08(a).
Uncertificated REMIC I Regular Interest V Distribution Amount: With
-------------------------------------------------------------
respect to any Distribution Date, the sum of the amounts deemed to be
distributed on the Uncertificated REMIC I Regular Interest V for such
Distribution Date pursuant to Section 4.08(a).
Uncertificated REMIC I Regular Interest W-1 Distribution Amount: With
---------------------------------------------------------------
respect to any Distribution Date, the sum of the amounts deemed to be
distributed on the Uncertificated REMIC I Regular Interest W-1, W-2 for such
Distribution Date pursuant to Section 4.08(a).
Uncertificated REMIC I Regular Interest W-2 Distribution Amount: With
---------------------------------------------------------------
respect to any Distribution Date, the sum of the amounts deemed to be
distributed on the Uncertificated REMIC I Regular Interest W-1, W-2 for such
Distribution Date pursuant to Section 4.08(a).
Uncertificated REMIC I Regular Interest X Distribution Amount: With
-------------------------------------------------------------
respect to any Distribution Date, the sum of the amounts deemed to be
distributed on the Uncertificated REMIC I Regular Interest X for such
Distribution Date pursuant to Section 4.08(a).
Uncertificated REMIC I Regular Interest Y Distribution Amount: With
-------------------------------------------------------------
respect to any Distribution Date, the sum of the amounts deemed to be
distributed on the Uncertificated REMIC I Regular Interest Y for such
Distribution Date pursuant to Section 4.08(a).
Uncertificated REMIC I Regular Interest Z Distribution Amount: With
-------------------------------------------------------------
respect to any Distribution Date, the sum of the amounts deemed to be
distributed on the Uncertificated REMIC I Regular Interest Z for such
Distribution Date pursuant to Section 4.08(a).
Uncertificated REMIC I Regular Interest Distribution Amounts: The
------------------------------------------------------------
Uncertificated REMIC I Regular Interest U Distribution Amount, Uncertificated
REMIC I Regular Interest V Distribution Amount, Uncertificated REMIC I Regular
Interest W-1 Distribution Amount, Uncertificated REMIC I Regular Interest W-2
Distribution Amount, Uncertificated REMIC I Regular Interest X Distribution
Amount, Uncertificated REMIC I Regular Interest Y Distribution Amount and
Uncertificated REMIC I Regular Interest Z Distribution Amount.
Uncertificated REMIC II Regular Interests: The 3 uncertificated partial
-----------------------------------------
undivided beneficial ownership interests in REMIC II, designated as (i) Class A-
4 REMIC II Regular Interest 3 with no principal balance and which bears interest
at a rate equal to the Pass-Through Rate on
40
<PAGE>
the Class A-4 Component 3; (ii) Class A-4 REMIC II Regular Interest 4 with no
principal balance and which bears interest at a rate equal to the Pass-Through
Rate on the Class A-4 Component 4 and (iii) Class A-4 REMIC II Regular Interest
2-5-Z which has a principal balance equal to the aggregate principal amount of
the Class A-4 Component 2, 5, and 7 and which bears interest at a rate equal to
7.750%.
Uncertificated REMIC II Regular Interests Distribution Amounts: With
--------------------------------------------------------------
respect to any Distribution Date, the amounts deemed to be distributed on the
Uncertificated REMIC II Regular Interest for such Distribution Date pursuant to
Section 4.08(a).
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: A citizen or resident of the United States, a
--------------------
corporation, partnership or other entity created or organized in, or under the
laws of, the United States or any political subdivision thereof, or an estate or
trust whose income from sources without the United States is includible in gross
income for United States federal income tax purposes regardless of its
connection with the conduct of a trade or business within the United States.
Variable Strip Certificates: Any one of any Class of Class A Certificates
---------------------------
issued in accordance with Section 5.01(c).
Voting Rights: The portion of the voting rights of all of the
-------------
Certificates which is allocated to any Certificate. 98.0% of all of the Voting
Rights shall be allocated among Holders of Certificates, other than the Class R-
I and Class R-II Certificates, in proportion to the outstanding Certificate
Principal Balances of their respective Certificates; and 1% of all Voting Rights
shall be allocated to the Owner of the Excess Spread and Holders of the Variable
Strip Certificates, allocated to the Owner of Excess Spread and each Class of
Variable Strip Certificates in proportion to the amount of Accrued Certificate
Interest or amount of Excess Spread as of the immediately preceding Distribution
Date, and allocated among the Certificates of each Class of Variable Strip
Certificates in accordance with their respective Percentage Interests; and the
Holders of the Class R-I Certificates and Class R-II Certificates shall be
entitled to 0.5% and 0.5% of all of the Voting Rights, respectively, allocated
among the Certificates of each such Class in accordance with their respective
Percentage Interests.
Section 1.02.Determination of LIBOR.
----------------------
LIBOR applicable to the calculation of the Pass-Through Rates on the Class
A-5 Certificates and Class A-6 Certificates for any Interest Accrual Period
(other than the initial Interest Accrual Period) will be determined on each Rate
Adjustment Date as follows:
41
<PAGE>
For any Interest Accrual Period other than the first Interest Accrual
Period, the rate for United States dollar deposits for one month which appears
on the Telerate Screen Page 3750 as of 11:00 A.M., London, England time, on the
LIBOR Business Day prior to the first day of such Interest Accrual Period. With
respect to the first Interest Accrual Period, LIBOR equals 5.4375%. If such
rate does not appear on such page (or such other page as may replace that page
on that service, or if such service is no longer offered, such other service for
displaying LIBOR or comparable rates as may be reasonably selected by the
Trustee after consultation with the Master Servicer), the rate will be the
Reference Bank Rate. If no such quotations can be obtained and no Reference
Bank Rate is available, LIBOR will be LIBOR applicable to the preceding
Distribution Date.
The establishment of LIBOR by the Trustee on any Rate Adjustment Date and
the Trustee's subsequent calculation of the Pass-Through Rates applicable to the
Class A-5 Certificates and Class A-6 Certificates for the relevant Interest
Accrual Period, in the absence of manifest error, will be final and binding.
Promptly following each Rate Adjustment Date the Trustee shall supply the
Master Servicer with the results of its determination of LIBOR on such date.
Furthermore, the Trustee will supply to any Certificateholder so requesting by
telephone the Pass-Through Rates on the Class A-5 Certificates and Class A-6
Certificates for the current and the immediately preceding Interest Accrual
Periods.
42
<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).
(b) In connection with such assignment, except as set forth in Section
2.01(c) 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 with evidence of recording indicated thereon
or a copy of the Mortgage certified by the public recording office in which such
Mortgage has been recorded;
(iii) An original Assignment of the Mortgage to the Trustee with evidence
of recording indicated thereon or a copy of such assignment certified by the
public recording office in which such assignment has been recorded;
(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 a copy of such assignment or assignments of the
Mortgage certified by the public recording office in which such assignment or
assignments have been recorded; 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 certified by the
public recording office in which such document has been recorded.
and (II) with respect to each Cooperative Loan so assigned:
43
<PAGE>
(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) An executed UCC-1 financing statement showing the Master Servicer
as debtor, the Company as secured party and the Trustee as assignee and an
executed 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 documents set forth in
Section 2.01(b)(I)(iv) and (v) and Section (b)(II)(ii), (iv), (vii), (ix) and
(x) to the Trustee or the Custodian or Custodians, deliver such documents to the
Master Servicer, and the Master Servicer shall hold
44
<PAGE>
such documents in trust for the use and benefit of all present and future
Certificateholders and the Owner of the Excess Spread until such time as is set
forth below. Within ten Business Days following the earlier of (i) the receipt
of the original of each of the documents or instruments set forth in Section
2.01(b)(I)(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.
On the Closing Date, the Master Servicer shall certify that it has in its
possession an original or copy of each of the documents referred to in Section
2.01(b)(I)(iv) and (v) and Section (b)(II)(ii), (iv), (vii), (ix) and (x) which
has been delivered to it by the Company. Every six months after the Closing
Date, for so long as the Master Servicer is holding documents pursuant to this
Section 2.01(c), the Master Servicer shall deliver to (i) Moody's if it is one
of the Rating Agencies, (ii) the Trustee and (iii) each Custodian a report
setting forth the status of the documents which it is holding.
(d) In the event that in connection with any Mortgage Loan the Company
cannot deliver the Mortgage, any assignment, modification, assumption agreement
or preferred loan agreement (or copy thereof certified by the public recording
office) with evidence of recording thereon concurrently with the execution and
delivery of this Agreement solely because of 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, the Company shall deliver or cause to be delivered to the Trustee
or the respective Custodian a true and correct photocopy 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 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 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 certified by the public recording
office) with evidence of recording indicated thereon upon receipt thereof from
the public recording office or from the related Subservicer. 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.
45
<PAGE>
Any of the items set forth in Sections 2.01(b)(I)(iv) and (v) and (II)(vi)
and (vii) and that may be delivered as a copy rather than the original may be
delivered in microfiche form.
(e) It is intended that the conveyances by the Company to the Trustee of
the Mortgage Loans as provided for in this Section 2.01 and the Uncertificated
REMIC I Regular Interests as provided for in Section 2.06 be construed as a sale
by the Company to the Trustee of the Mortgage Loans and the Uncertificated REMIC
I Regular Interests for the benefit of the Certificateholders and the Owner of
the Excess Spread. Further, it is not intended that any such conveyance be
deemed to be a pledge of the Mortgage Loans and the Uncertificated REMIC I
Regular Interests by the Company to the Trustee to secure a debt or other
obligation of the Company. However, in the event that the Mortgage Loans and
the Uncertificated REMIC I Regular Interests are held to be property of the
Company or of Residential Funding, or if for any reason this Agreement is held
or deemed to create a security interest in the Mortgage Loans and the
Uncertificated REMIC I Regular Interests, then it is intended that (a) this
Agreement shall also be deemed to be 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 Sections 2.01 and 2.06 shall be deemed to be (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 (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,
Cooperative Lease, any insurance policies and all other documents in the related
Mortgage File and (ii) with respect to each Mortgage Loan other than a
Cooperative Loan, the related Mortgage Note, the Mortgage, 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)
the Uncertificated REMIC I Regular Interests and (D) any and all general
intangibles consisting of, arising from or relating to any of the foregoing, and
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, negotiable documents 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 (including, without
limitation, Section 9-305, 8-313 or 8-321 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, financial intermediaries,
bailees or agents (as applicable) of the Trustee for the purpose of perfecting
such security interest under applicable law.
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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
deemed to create a security interest in the Mortgage Loans, the Uncertificated
REMIC I Regular Interests and the other property described above, such security
interest would be deemed 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 the Uncertificated REMIC I Regular
Interests, as evidenced by an Officer's 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 I Regular
Interest.
(f) The Master Servicer hereby acknowledges the receipt by it of cash
in an amount equal to $1,229,035 (the "Initial Monthly Payment Fund"),
representing scheduled principal amortization and interest at the Net Mortgage
Rate for the Due Date in October 1996, for those Mortgage Loans for which the
Trustee will not be entitled to receive such payment. 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 Distribution Date in October 1996. Notwithstanding anything herein to
the contrary, the Initial Monthly Payment Fund shall not be an asset of REMIC I
or REMIC II. 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 the REMIC, (2) it shall be owned by the Seller and (3)
amounts transferred by the 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.
Section 2.02. Acceptance by Trustee.
---------------------
The Trustee acknowledges receipt (or, with respect to Mortgage Loans
subject to a Custodial Agreement, and based solely upon a receipt or
certification executed by the Custodian, receipt by the respective Custodian as
the duly appointed agent of the Trustee) of the documents referred to in Section
2.01(b)(i) through (iii) above (except that for purposes of such acknowledgement
only, a Mortgage Note may be endorsed in blank and an Assignment of Mortgage may
be 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, in trust for the use and
benefit of all present and future Certificateholders and the Owner of the Excess
Spread. The Trustee or Custodian (such Custodian being so obligated under a
Custodial Agreement) agrees, for the benefit of the
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Certificateholders and the Owner of the Excess Spread, 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. 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. The Trustee or Custodian (such
Custodian being so obligated under a Custodial Agreement) agrees to review each
Mortgage File delivered to it pursuant to Section 2.01(c) within 45 days after
receipt thereof to ascertain that all documents required to be delivered
pursuant to such Section have been received, and that such documents relate to
the Mortgage Loans identified on the Mortgage Loan Schedule, as supplemented,
that have been conveyed to it.
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 in any
material respect, 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. 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 REMIC I 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. 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 defect in or omission of a constituent
document exists shall constitute the sole remedy respecting such defect or
omission available to the Certificateholders and the Owner of the Excess Spread
or the Trustee on behalf of the Certificateholders or such Owner.
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Section 2.03. Representations, Warranties and Covenants of the Master
Servicer and the Company.
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(a) The Master Servicer hereby represents and warrants to the Trustee for
the benefit of the Certificateholders and the Owner of the Excess Spread 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 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;
(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
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statement of a material fact or omit a material fact necessary to make the
information, certificate, statement or report not misleading; and
(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.
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 and the Owner of the Excess Spread 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 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
and the Owner of the Excess Spread or the Trustee on behalf of the
Certificateholders and such Owner.
(b) The Company hereby represents and warrants to the Trustee for the
benefit of the Certificateholders and the Owner of the Excess Spread that as of
the Closing Date (or, if otherwise specified below, as of the date so
specified):
(i) No Mortgage Loan is one month or more 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 F hereto with respect to each
Mortgage Loan or the Mortgage Loans, as the case may be, is true and correct in
all material respects at the date or dates respecting which such information is
furnished;
(iii) The Mortgage Loans are fully-amortizing, fixed-rate mortgage loans
with level Monthly Payments due on the first day of each month and terms to
maturity at origination or modification of not more than approximately 30 years
(with the exception of one Mortgage Loan, which has an original term to maturity
of 361 months);
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(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% (with the exception of one Mortgage Loan which is secured by a
Mortgaged Property with a Loan-to-Value Ratio at origination of 81%), such
Mortgage Loan is the subject of a Primary Insurance Policy that insures (a) at
least 25% of the principal balance of the Mortgage Loan at origination if the
Loan-to-Value Ratio is between 95.00% and 90.01%, (b) at least 17% of such
balance if the Loan-to-Value Ratio is between 90.00% and 85.01% and (c) 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;
(vi) No more than 0.7% of the Mortgage Loans by aggregate Stated
Principal Balance as of the Cut-off Date are secured by Mortgaged Properties
located in any one zip code area in California and no more than 0.5% of the
Mortgage Loans by aggregate Stated Principal Balance as of the Cut-off Date are
secured by Mortgaged Properties located in any one zip code area outside
California. Four of the Mortgage Loans, representing approximately 0.17% of the
Mortgage Loans by aggregate Stated Principal Balance as of the Cut-off Date, are
Cooperative Loans;
(vii) If the improvements securing a Mortgage Loan are in a federally
designated special flood hazard area, flood insurance in the amount required
under the Program Guide covers the related Mortgaged Property (either by
coverage under the federal flood insurance program or by coverage by private
insurers);
(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) 8.74% of the Mortgage Loans were underwritten under a reduced loan
documentation program;
(x) Each Mortgagor represented in its loan application with respect to
the related Mortgage Loan that the Mortgaged Property would be owner-occupied
and therefore would not be an investor property as of the date of origination of
such Mortgage Loan. No Mortgagor is a corporation or a partnership;
(xi) 0.4% of the Mortgage Loans were Buydown Mortgage Loans;
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(xii) Each Mortgage Loan constitutes a qualified mortgage under
Section 860G(a)(3)(A) of the Code and Treasury Regulation 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;
(xiv) With respect to a Mortgage Loan that is a Cooperative Loan, the
Cooperative Stock that is pledged as security for the Mortgage Loan is held by a
person as a tenant-stockholder (as defined in Section 216 of the Code) in a
cooperative housing corporation (as defined in Section 216 of the Code);
(xv) With respect to each Mortgage Loan originated under a "streamlined"
Mortgage Loan program (through which no new or updated appraisals of Mortgaged
Properties are obtained in connection with the refinancing thereof), the related
Seller has represented that either (a) the value of the related Mortgaged
Property as of the date the Mortgage Loan was originated was not less than the
appraised value of such property at the time of origination of the refinanced
Mortgage Loan or (b) the Loan-to-Value Ratio of the Mortgage Loan as of the date
of origination of the Mortgage Loan generally meets the Company's underwriting
guidelines;
(xvi) Interest on each Mortgage Loan is calculated on the basis of a 360-
day year consisting of twelve 30-day months; and
(xvii) None of the Mortgage Loans contain in the related Mortgage File a
Destroyed Mortgage Note.
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) which materially and adversely affects the interests of
the Certificateholders or the Owner of the Excess Spread 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
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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 and
the Owner of the Excess Spread or the Trustee on behalf of the
Certificateholders and such Owner. 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.
-----------------------------------------
The Company, as assignee of Residential Funding under the Assignment
Agreement, hereby assigns to the Trustee for the benefit of the
Certificateholders and the Owner of the Excess Spread 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 such
Seller's Agreement relates 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 and the Owner of
the Excess Spread. 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 or 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 and the Owner of the Excess Spread 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, except 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
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 and the Owner of the Excess Spread with
respect to such Qualified Substitute Mortgage Loan or Loans, the original
Mortgage Note, the Mortgage, an Assignment of the Mortgage in recordable form,
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 and the
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Owner of the Excess Spread 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 and
the Owner of the Excess Spread 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 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, 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 the
Trust Fund to fail to qualify as a REMIC 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 and the Owner
of the Excess Spread or the Trustee on behalf of Certificateholders and such
Owner. 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 right, title
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and interest in respect of the Seller's Agreement and the Assignment Agreement
applicable to such Mortgage Loan.
Section 2.05. 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 REMIC I, 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. The
rights of the Class R-I Certificateholders and REMIC II to receive distributions
from the proceeds of REMIC I in respect of the Class R-I Certificates and the
Uncertificated REMIC I Regular Interests, and all ownership interests of the
Class R-I Certificateholders and REMIC II in such distributions, shall be as set
forth in this Agreement.
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 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-13, Class M-1, Class M-2, Class M-3, Class B-1,
Class B-2, Class B-3 and Class R-II Certificateholders and the Owner of the
Excess Spread. 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 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-13, Class M-1, Class M-2, Class M-3,
Class B-1, Class B-2, Class B-3 and Class R-II Certificateholders and the Owner
of the Excess Spread. The rights 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-13, Class M-1, Class M-2, Class M-3, Class B-1, Class B-
2, Class B-3 and Class R-II Certificateholders and the Owner of the Excess
Spread to receive distributions from the proceeds of REMIC II in respect 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-13, Class M-1,
Class M-2, Class M-3, Class B-1, Class B-2, Class B-3 and Class R-II
Certificates and the Excess Spread, and all ownership interests 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-13, Class M-1, Class M-2,
Class M-3, Class B-1, Class B-2, Class B-3 and Class R-II Certificateholders and
the Owner of the Excess Spread in such distributions, shall be as set forth in
this Agreement.
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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, 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-13, Class M-1, Class M-2, Class M-3, Class B-1, Class B-2, Class B-3 and
Class R-II Certificates in authorized denominations which, together with the
ownership interest in the Excess Spread, evidence ownership of the entire REMIC
II.
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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, the Owner of the Excess Spread 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 completion of judicial or non-judicial foreclosure, the
conveyance of a Mortgaged Property to an 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. 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 REMIC
I or REMIC II to fail to qualify as such under the Code. The Trustee shall
furnish the Master Servicer with any powers of attorney and other documents
necessary or appropriate to enable the Master Servicer to service and administer
the Mortgage Loans. The Trustee shall not be liable for any action taken by the
Master Servicer or any Subservicer pursuant to such powers of attorney. In
servicing and administering any Nonsubserviced Mortgage Loan, the Master
Servicer shall, to the extent not inconsistent with this Agreement, comply with
the Program Guide as if it were the originator of such Mortgage Loan and had
retained the servicing rights and obligations in respect thereof. In connection
with servicing and administering the Mortgage Loans, the Master Servicer and any
Affiliate of the Master Servicer (i) may perform services such as appraisals and
brokerage services that are not customarily provided by servicers of mortgage
loans, and shall be entitled to reasonable compensation therefor in accordance
with Section 3.10 and (ii) may, at its own discretion and on behalf of the
Trustee, obtain credit information in the form of a "credit score" from a credit
repository.
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(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 and the Owner of the Excess Spread, be
added to the amount owing under the related Mortgage Loans, notwithstanding that
the terms of such Mortgage Loan so permit, and such costs shall be recoverable
to the extent permitted by Section 3.10(a)(ii).
(c) The Master Servicer may enter into one or more agreements in connection
with the offering of pass-through certificates evidencing interests in one or
more of the Certificates providing for the payment by the Master Servicer of
amounts received by the Master Servicer as servicing compensation hereunder and
required to cover certain Prepayment Interest Shortfalls on the Mortgage Loans,
which payment obligation will thereafter be an obligation of the Master Servicer
hereunder.
Section 3.02. Subservicing Agreements Between Master Servicer and
Subservicers; Enforcement of Subservicers' and Sellers'
Obligations.
-------------------------------------------------------
(a) The Master Servicer may continue in effect Subservicing Agreements
entered into by Residential Funding and Subservicers prior to the execution and
delivery of this Agreement, and may enter into new Subservicing Agreements with
Subservicers, for the servicing and administration of all or some of the
Mortgage Loans. Each Subservicer of a Mortgage Loan shall be entitled to
receive and retain, as provided in the related Subservicing Agreement and in
Section 3.07, the related Subservicing Fee from payments of interest received on
such Mortgage Loan after payment of all amounts required to be remitted to the
Master Servicer in respect of such Mortgage Loan. For any Mortgage Loan that is
a Nonsubserviced Mortgage Loan, the Master Servicer shall be entitled to receive
and retain an amount equal to the Subservicing Fee from payments of interest.
Unless the context otherwise requires, references in this Agreement to actions
taken or to be taken by the Master Servicer in servicing the Mortgage Loans
include actions taken or to be taken by a Subservicer on behalf of the Master
Servicer. Each Subservicing Agreement will be upon such terms and conditions as
are generally required or permitted by the Program Guide and are not
inconsistent with this Agreement and as the Master Servicer and the Subservicer
have agreed. A representative form of Subservicing Agreement is attached to
this Agreement as Exhibit G. 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 or the
Owner of the Excess Spread.
(b) As part of its servicing activities hereunder, the Master Servicer, for
the benefit of the Trustee, the Certificateholders and the Owner of the Excess
Spread, shall use its best reasonable efforts to enforce the obligations of each
Subservicer under the related Subservicing
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Agreement and of each Seller under the related Seller's Agreement, to the extent
that the non-performance of any such 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.
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,
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, the
Certificateholders and the Owner of the Excess Spread 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.
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Section 3.05. No Contractual Relationship Between Subservicer and Trustee
or Certificateholders or the Owner of the Excess Spread.
-----------------------------------------------------------
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, the
Certificateholders and the Owner of the Excess Spread 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) In the event 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.
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
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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 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 or the Owner of
the Excess Spread (taking into account any estimated Realized Loss that might be
result absent such action); provided, however, that the Master Servicer may not
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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. 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.
(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):
(i) All payments on account of principal, including Principal Prepayments
made by Mortgagors on the Mortgage Loans and the principal component of any
Subservicer Advance or of any REO Proceeds received in connection with an REO
Property for which an REO Disposition has occurred;
(ii) All payments on account of interest at the Adjusted Mortgage Rate on
the Mortgage Loans, including Buydown Funds, if any, and the interest component
of any Subservicer Advance or of any REO Proceeds received in connection with an
REO Property for which an REO Disposition has occurred;
(iii) Insurance Proceeds and Liquidation Proceeds (net of any related
expenses of the Subservicer);
(iv) All proceeds of any Mortgage Loans purchased pursuant to Section
2.02, 2.03, 2.04, 3.21 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;
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(v) Any amounts required to be deposited pursuant to Section 3.07(c) or
3.21; and
(vi) All amounts transferred from the Certificate Account to the Custodial
Account in accordance with Section 4.02(a).
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, 3.21 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.
(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.
(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.
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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.
(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 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
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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.
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In the event that compliance with this Section 3.09 shall make any Class of
Certificates legal for investment by federally insured savings and loan
associations, the Master Servicer shall provide, or cause the Subservicers to
provide, to the Trustee, the Office of Thrift Supervision or the FDIC and the
supervisory agents and examiners thereof access to the documentation regarding
the Mortgage Loans required by applicable regulations of the Office of Thrift
Supervision, such access being afforded without charge but only upon reasonable
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.
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(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, 3.21
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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 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 deposited in 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, and any amounts remitted by Subservicers as interest in
respect of Curtailments pursuant to Section 3.08(b);
(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, 3.21,
4.07 or 9.01, all amounts received thereon and not required to be distributed to
the Certificateholders or the Owner of the Excess Spread 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 or any Advance reimbursable to the Master Servicer pursuant
to Section 4.02(a)(iii);
(viii) to reimburse itself or the Company for expenses incurred by and
reimbursable to it or the Company pursuant to Sections 3.13, 3.14(c), 6.03,
10.01 or otherwise, or in connection with enforcing 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 amounts 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
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(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 the
Certificateholders and the Owner of the Excess Spread (and not theretofore
reimbursed to the Master Servicer or the related Subservicer).
Section 3.11. Maintenance of the Primary Insurance Policies; Collections
Thereunder.
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(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
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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, the Certificateholders and the Owner of the Excess Spread,
claims to the 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.
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(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;
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 and the Owner of the Excess Spread, 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 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
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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).
In the event that 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, the
Certificateholders and the Owner of the Excess Spread, claims under any such
blanket policy.
(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 FNMA or FHLMC, whichever is greater, with respect to the Master
Servicer if the Master Servicer were servicing and administering the Mortgage
Loans for FNMA or FHLMC. 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
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(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
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such terms and requirements shall both (i) constitute a "significant
modification" effecting an exchange or reissuance of such Mortgage Loan under
the Code (or final, temporary or proposed Treasury Regulations promulgated
thereunder) and (ii) cause either REMIC I or REMIC II to fail to qualify as such
under the Code or (subject to Section 10.01(f)), result in the imposition of any
tax on "prohibited transactions" or constitute "contributions" after the start-
up date under the REMIC Provisions. The Master Servicer shall execute and
deliver such documents only if it reasonably determines that (i) its execution
and delivery thereof will not conflict with or violate any terms of this
Agreement or cause the unpaid balance and interest on the Mortgage Loan to be
uncollectible in whole or in part, (ii) any required consents of insurers under
any Required Insurance Policies have been obtained and (iii) subsequent to the
closing of the transaction involving the assumption or transfer (A) the Mortgage
Loan will continue to be secured by a first mortgage lien pursuant to the terms
of the Mortgage, (B) such transaction will not adversely affect the coverage
under any Required Insurance Policies, (C) the Mortgage Loan will fully amortize
over the remaining term thereof, (D) no material term of the Mortgage Loan
(including the interest rate on the Mortgage Loan) will be altered nor will the
term of the Mortgage Loan be changed and (E) if the seller/transferor of the
Mortgaged Property is to be released from liability on the Mortgage Loan, such
release will not (based on the Master Servicer's or Subservicer's good faith
determination) adversely affect the collectability of the Mortgage Loan. Upon
receipt of appropriate instructions from the Master Servicer in accordance with
the foregoing, the Trustee shall execute any necessary instruments for such
assumption or substitution of liability as directed in writing by the Master
Servicer. Upon the closing of the transactions contemplated by such documents,
the Master Servicer shall cause the originals or true and correct copies of the
assumption agreement, the release (if any), or the modification or supplement to
the Mortgage Note or Mortgage to be delivered to the Trustee or the Custodian
and deposited with the Mortgage File for such Mortgage Loan. Any fee collected
by the Master Servicer or such related Subservicer for entering into an
assumption or substitution of liability agreement will be retained by the Master
Servicer or such Subservicer as additional servicing compensation.
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(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 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 neither REMIC I nor REMIC II would 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 either 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 O, in form and substance
satisfactory to the Trustee and Master Servicer, providing the following: (i)
that 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) that the substance of the assignment is, and is intended to be, a
refinancing of such Mortgage Loan and that the form of the transaction is solely
to comply with, or facilitate the transaction under, such local laws; (iii) 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 (iv) 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
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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 a determination by the
Master Servicer pursuant to this Section 3.14(a), the Master Servicer shall be
entitled to reimbursement of its funds so expended pursuant to Section 3.10.
Concurrently with the foregoing, the Master Servicer may pursue any remedies
that may be available in connection with a breach of a representation and
warranty with respect to any such Mortgage Loan in accordance with Sections 2.03
and 2.04. However, the Master Servicer is not required to continue to pursue
both foreclosure (or similar remedies) with respect to the Mortgage Loans and
remedies in connection with a breach of a representation and warranty if the
Master Servicer determines in its reasonable discretion that one such remedy is
more likely to result in a greater recovery as to the Mortgage Loan. Upon the
occurrence of a Cash Liquidation or REO Disposition, following the deposit in
the Custodial Account of all Insurance Proceeds, Liquidation Proceeds and other
payments and recoveries referred to in the definition of "Cash Liquidation" or
"REO Disposition," as applicable, upon receipt by the Trustee of written
notification of such deposit signed by a Servicing Officer, the Trustee or any
Custodian, as the case may be, shall release to the Master Servicer the related
Mortgage File and the Trustee shall execute and deliver such instruments of
transfer or assignment prepared by the Master Servicer, in each case without
recourse, as shall be necessary to vest in the Master Servicer or its designee,
as the case may be, the related Mortgage Loan, and thereafter such Mortgage Loan
shall not be part of the Trust Fund. Notwithstanding the foregoing or any other
provision of this Agreement, in the Master Servicer's sole discretion with
respect to any defaulted Mortgage Loan or REO Property as to either of the
following provisions, (i) a Cash Liquidation or REO Disposition may be deemed to
have occurred if substantially all amounts expected by the Master Servicer to be
received in connection with the related defaulted Mortgage Loan or REO Property
have been received, and (ii) for purposes of determining the amount of any
Liquidation Proceeds, Insurance Proceeds, REO Proceeds or any other unscheduled
collections or the amount of any Realized Loss, the Master Servicer may take
into account minimal amounts of additional receipts expected to be received or
any estimated additional liquidation expenses expected to be incurred in
connection with the related defaulted Mortgage Loan or REO Property.
(b) In the event that title to any Mortgaged Property is acquired by REMIC
I 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 and the Owner of the Excess Spread.
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 REMIC I 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
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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) In the event that REMIC I 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 REMIC I shall dispose of such REO Property
within two years after its acquisition by REMIC I for purposes of Section
860G(a)(8) of the Code or, at the expense of REMIC I, request, more than 60 days
before the day on which the two-year grace period would otherwise expire, an
extension of the two-year 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 REMIC I
of such REO Property subsequent to such two-year period will not result in the
imposition of taxes on "prohibited transactions" as defined in Section 860F of
the Code or cause REMIC I to fail to qualify as a REMIC at any time that any
Uncertificated REMIC I Regular Interests are outstanding, in which case REMIC I
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 acquired by REMIC I shall be rented
(or allowed to continue to be rented) or otherwise used by or on behalf of REMIC
I 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 REMIC I 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 REMIC I 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 and the Owner of the
Excess Spread to the extent of accrued and unpaid interest on the Mortgage Loan,
and any related REO Imputed Interest, at the Net Mortgage Rate and the Spread
Rate, respectively, to the Due Date prior to the Distribution Date on which such
amounts are to be distributed; third, to the Certificateholders as a recovery of
principal on the Mortgage Loan (or REO Property)(provided that if any such Class
of Certificates to which such Realized Loss was allocated is no longer
outstanding, such subsequent recovery shall be distributed to the persons who
were the Holders of such Class of Certificates when it was retired); fourth, to
all Servicing Fees and Subservicing Fees payable therefrom (and the Master
Servicer and the Subservicer shall have no claims for any deficiencies with
respect to such fees which result from the foregoing allocation); and fifth, to
Foreclosure Profits.
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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 H
requesting delivery to it of the Mortgage File. Upon receipt of such
certification and request, the Trustee shall promptly 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. 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 H hereto, 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
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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
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 the related Net Mortgage Rate, the Master Servicer shall be
entitled to retain therefrom and to pay to itself and/or the related Subservicer
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); 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; and third, to any amounts
of servicing compensation to which the Master Servicer is entitled pursuant to
Section
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3.10(a)(v) or (vi). 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); (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) and (iii) will not withdraw from the Custodial Account any such amount
of servicing compensation to which it is entitled pursuant to Section 3.10(a)(v)
or (vi).
Section 3.17. Reports to the Trustee and the Company.
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Not later than fifteen days after each Distribution Date, the Master
Servicer shall forward to the Trustee and the Company a statement, certified by
a Servicing Officer, setting forth the status of the Custodial Account as of the
close of business on such Distribution Date as it relates to the Mortgage Loans
and showing, for the period covered by such statement, the aggregate of deposits
in or withdrawals from the Custodial Account in respect of the Mortgage Loans
for each category of deposit specified in Section 3.07 and each category of
withdrawal specified in Section 3.10.
Section 3.18. Annual Statement as to Compliance.
---------------------------------
The Master Servicer will deliver to the Company and the Trustee 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.
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Section 3.19. Annual Independent Public Accountants' Servicing Report.
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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.
Section 3.20. Rights of the Company in Respect of the Master Servicer.
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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
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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
Primary Insurance Policy if the Mortgaged Property is transferred to such
insurer and such insurer pays all of the loss incurred in respect of such
default. Any amount so remitted pursuant to the preceding sentence will be
deemed to reduce the amount owed on the Mortgage Loan.
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ARTICLE IV
PAYMENTS TO CERTIFICATEHOLDERS
Section 4.01. Certificate Account.
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(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 and the Owner of
the Excess Spread, which shall mature 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 on such Distribution Date and (ii) any other
investment may mature 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.
-------------
(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 Owner of the Excess Spread, a distribution thereof pursuant to Section
4.02(a)(i), to the Master Servicer, in the case of a distribution pursuant to
Section 4.02(a)(iii), the amount required to be distributed to the Master
Servicer or a Subservicer pursuant to Section 4.02(a)(iii) 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 (based on the aggregate of
the Percentage
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Interests represented by Certificates of the applicable Class held by such
Holder) of the following amounts, in the following order of priority (subject to
the provisions of Section 4.02(b)), in each case to the extent of the Available
Distribution Amount:
(i) to the Class A Certificateholders (other than the Class A-13
Certificateholders), Class R Certificateholders and the Owner of the Excess
Spread, on a pro rata basis based on Accrued Certificate Interest payable on
such Certificates and the amount of Excess Spread with respect to such
Distribution Date, Accrued Certificate Interest on such Classes of Certificates
and such Excess Spread, as applicable, for such Distribution Date, plus any
Accrued Certificate Interest thereon or Excess Spread thereon remaining unpaid
from any previous Distribution Date (the "Senior Interest Distribution Amount")
except as provided in the last paragraph of this Section 4.02(a);
(ii) (X) to the Class A-13 Certificateholders, the Class A-13 Principal
Distribution Amount; and
(Y) to the Class A Certificateholders (other than the Class A-13
Certificateholders) and Class R Certificateholders, in the priorities and
amounts set forth in Section 4.02(b)(ii) through (v) and Section 4.02(c) through
(f), the sum of the following (applied to reduce the Certificate Principal
Balances of such Class A Certificates or Class R Certificates, as applicable):
(A) the Senior Percentage for such Distribution Date times the sum of the
following:
(1) the principal portion of each Monthly Payment due during the related
Due Period on each Outstanding Mortgage Loan (other than the related Discount
Fraction of the principal portion of such payment with respect to a Discount
Mortgage Loan), whether or not received on or prior to the related Determination
Date, minus the principal portion of any Debt Service Reduction (other than the
related Discount Fraction of the principal portion of such Debt Service
Reductions with respect to each Discount Mortgage Loan) which together with
other Bankruptcy Losses exceeds the Bankruptcy Amount;
(2) the Stated Principal Balance of any Mortgage Loan repurchased during
the related Prepayment Period (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 related Prepayment Period (other than the related Discount
Fraction of such Stated Principal Balance or shortfall with respect to a
Discount Mortgage Loan); and
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(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), including without limitation Insurance
Proceeds, Liquidation Proceeds and REO Proceeds) received during the related
Prepayment Period (or deemed to have been so received in accordance with Section
3.07(b)) to the extent applied by the Master Servicer as recoveries of principal
of the related Mortgage Loan pursuant to Section 3.14 (other than the related
Discount Fraction of the principal portion of such unscheduled, collections,
with respect to a Discount Mortgage Loan);
(B) with respect to each Mortgage Loan for which a Cash Liquidation or a
REO Disposition occurred during the related Prepayment Period (or was deemed to
have occurred during such period in accordance with Section 3.07(b)) 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)
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 a 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 (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));
(C) the Senior Accelerated Distribution Percentage for such Distribution
Date times the aggregate of all Principal Prepayments in Full and Curtailments
received in the related Prepayment Period (other than the related Discount
Fraction of such Principal Prepayments in Full and Curtailments, with respect to
a Discount Mortgage Loan);
(D) if such Distribution Date is on or prior to the Accretion Termination
Date, the Accrued Certificate Interest that would otherwise be distributed to
the Class A-4 Component Z on such Distribution Date, to the extent added to the
principal amount of such Component on such Distribution Date in accordance with
Section 4.02(f);
(E) any Excess Subordinate Principal Amount for such Distribution Date; and
(F) any amounts described in subsection (ii)(Y), clauses (A), (B), (C) and
(D) 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 (F) to the extent that such amounts are not attributable to
Realized
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Losses which have been allocated to the Class M Certificates or Class B
Certificates;
(iii) if the Certificate Principal Balances of the Class M Certificates and
Class B Certificates have not been reduced to zero, to the Master Servicer or a
Subservicer, by remitting for deposit to the Custodial Account, to the extent of
and in reimbursement for any Advances or Subservicer 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-13 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) are insufficient
therefor, applied in reduction of the Certificate Principal Balance of the
Class M-1 Certificates;
(vi) to the Holders of the Class M-2 Certificates, the Accrued Certificate
Interest thereon for such Distribution Date, plus any Accrued Certificate
Interest thereon remaining unpaid from any previous Distribution Date, except as
provided below;
(vii) to the Holders of the Class M-2 Certificates, an amount equal to (x)
the Subordinate Principal Distribution Amount for such Class of Certificates for
such Distribution Date, minus (y) the amount of any Class A-13 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-13 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)
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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-13 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-13 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-
13 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-13 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 Class A Certificateholders and Class R Certificateholders in
the priority set forth in Section 4.02(b), the portion, if any, of the Available
Distribution Amount remaining after the foregoing distributions, applied to
reduce the Certificate Principal Balances of such Class A and Class R
Certificates, but in no event more than the aggregate of the outstanding
Certificate Principal Balances of each such Class of Class A and Class R
Certificates, and thereafter, to each Class of Class M Certificates then
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outstanding beginning with such Class with the lowest numerical designation, any
portion of the Available Distribution Amount remaining after the Class A
Certificates and Class R Certificates have been retired, applied to reduce the
Certificate Principal Balance of each such Class of Class M Certificates, but in
no event more than the outstanding Certificate Principal Balance of each such
Class of Class M Certificates; and thereafter to each such Class of Class B
Certificates then outstanding beginning with such Class with the lowest
numerical designation, any portion of the Available Distribution Amount
remaining after the Class M Certificates have been retired, applied to reduce
the Certificate Principal Balance of each such Class of Class B Certificates,
but in no event more than the outstanding Certificate Principal Balance of each
such Class of Class B Certificates; and
(xvii) to the Class R-I Certificateholders, the balance, if any, of the
Available Distribution Amount.
Notwithstanding the foregoing, on any Distribution Date, with respect to
the Class of Class B Certificates outstanding on such Distribution Date with the
highest numerical designation, or in the event the Class B Certificates are no
longer outstanding, the Class of Class M Certificates then outstanding with the
highest numerical designation, or in the event the Class B Certificates and
Class M Certificates are no longer outstanding, the Class A and Class R
Certificates, Accrued Certificate Interest thereon remaining unpaid and Excess
Spread remaining unpaid from any previous Distribution Date will be
distributable only to the extent that such unpaid Accrued Certificate Interest
or Excess Spread was attributable to interest shortfalls relating to
Nonrecoverable Advances as determined by the Master Servicer with respect to the
related Mortgage Loan where such Mortgage Loan has not yet been the subject of a
Cash Liquidation or REO Disposition.
(b) Distributions of principal on the Class A Certificates and Class R
Certificates on each Distribution Date occurring prior to the occurrence of the
Credit Support Depletion Date will be made as follows:
(i) first, to the Class A-13 Certificates, until the Certificate Principal
Balance thereof is reduced to zero, an amount (the "Class A-13 Principal
Distribution Amount") equal to the aggregate of:
(A) the related Discount Fraction of the principal portion of each Monthly
Payment on each Discount Mortgage Loan due during the related Due Period,
whether or not received on or prior to the related Determination Date, minus the
Discount Fraction of the principal portion of any related Debt Service Reduction
which together with other Bankruptcy Losses exceeds the Bankruptcy Amount;
(B) the related Discount Fraction of the principal portion of all
unscheduled collections on each Discount Mortgage Loan received during the
preceding calendar month (other than amounts received in connection with a Cash
Liquidation or REO Disposition of a Discount Mortgage Loan described in clause
(C) below), including Principal Prepayments in Full, Curtailments and
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repurchases (including deemed repurchases under Section 3.07(b)) 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-13 Collection Shortfalls for such
Distribution Date and the amount of any Class A-13 Collection Shortfalls
remaining unpaid for all previous Distribution Dates, but only to the extent of
the Eligible Funds for such Distribution Date;
(ii) an amount equal to the Accrual Principal Distribution Amount shall
be distributed concurrently to the Class A-3 Certificates, (with such amount to
be allocated in reduction of the Class A-3 Component 1 and Class A-4
Certificates (with such amount to be allocated in reduction of the Class A-4
Component 5, on a pro rata basis (in proportion to the respective principal
amounts of such Components) until the principal amounts thereof have been
reduced to zero;
(iii) the balance of the Senior Principal Distribution Amount, if any,
remaining after the distribution described in clause (ii) above shall be
distributed concurrently as follows:
(A) the Group 1 Principal Distribution Amount shall be distributed as
follows:
(1) an amount equal to the sum of the following shall be distributed
to the Class A-7 Certificates (in reduction of the principal amount of the Class
A-7 Component 1,) and Class A-8 Certificates on a pro rata basis in proportion
to the principal amount of the Class A-7 Component 1 and the Certificate
Principal Balance of the Class A-8 Certificates:
(X) the Lockout Scheduled Percentage of (a) the Class A-7 Component 1's pro
rata share (based on the principal amount of the Class A-7 Component 1 thereof
relative to the aggregate Certificate
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Principal Balance of all classes of Certificates other than the Class A-13
Certificates), and (b) the Class A-8 Certificates' pro rata share (based on the
aggregate Certificate Principal Balance thereof relative to the aggregate
Certificate Principal Balance of all classes of Certificates other than the
Class A-13 Certificates) of the aggregate of the collections described in
clauses 4.02(a)(ii)(Y)(A), (B) and (F) (other than any amounts relating to
clause (D) included in clause (F)) without any application of the Senior
Percentage or Senior Accelerated Distribution Percentage; and
(Y) the Lockout Prepayment Percentage of (a) the Class A-7 Component 1's
pro rata share (based on the principal amount of the Class A-7 Component 1
thereof relative to the aggregate Certificate Principal Balance of all classes
of Certificates (other than the Class A-13 Certificates)) and (b) the Class A-8
Certificates' pro rata share (based on the aggregate Certificate Principal
Balance thereof relative to the aggregate Certificate Principal Balance of all
classes of Certificates (other than the Class A-13 Certificates)), of the
collections described in clause 4.02(a)(ii)(Y)(C) without any application of
the Senior Accelerated Distribution Percentage;
provided that if the aggregate of the amounts set forth in clauses
4.02(a)(ii)(Y)(A) through (F) is more than the balance of the Available
Distribution Amount remaining after the Senior Interest Distribution Amount and
the Class A-13 Distribution Amount have been distributed, the amounts paid to
the Class A-7 Certificates, in reduction of the Class A-7 Component 1, and Class
A-8 Certificates pursuant to this clause 4.02(b)(iii)(A)(1) shall be reduced (a)
in the case of the Class A-7 Certificates, by an amount equal to the Class A-7
Component 1's pro rata share (based on the principal amount of the Class A-7
Component 1 relative to the aggregate Certificate Principal Balance of all
classes of Senior Certificates (other than the Class A-13 Certificates)) of such
difference and (b) in the case of the Class A-8 Certificates, by an amount equal
to the Class A-8 Certificates' pro rata share (based on the aggregate
Certificate Principal Balance thereof relative to the aggregate Certificate
Principal Balance of all classes of Senior Certificates (other than the Class A-
13 Certificates)) of such difference;
(2) an amount equal to the lesser of (a) the balance of the Group 1
Principal Distribution Amount, if any, remaining after the distributions
described in clause 4.02(b)(iii)(A)(1) above, and (b) the aggregate amount (the
"PAC Principal Amount") necessary to reduce the outstanding Certificate
Principal Balances of the PAC Certificates and the outstanding principal amounts
of the PAC Principal Components to their respective Planned Principal Balances
of each such Class or Component for such Distribution Date shall be distributed
in reduction of the Certificate
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Principal Balances thereof and the principal amounts of the PAC Principal
Components, of the classes set forth below as follows:
(I) first, to the Class A-3 Certificates, until the principal amount of
the Class A-3 Component 2 thereof has been reduced to its Planned Principal
Balance;
(II) second, to the Class A-1 Certificates, until the Certificate
Principal Balance thereof has been reduced to its Planned Principal Balance;
(III) third, to the Class A-2 Certificates, until the Certificate
Principal Balance thereof has been reduced to its Planned Principal Balance;
(IV) fourth, to the Class A-4 Certificates, until the principal amount of
the Class A-4 Component 2 thereof has been reduced to its Planned Principal
Balance;
(3) an amount equal to the lesser of (a) the balance of the Group 1
Principal Distribution Amount, if any, remaining after the distribution, if any,
described in clause 4.02(b)(iii)(A)(2) above, and (b) the aggregate amount (the
"TAC Principal Amount") necessary to reduce the outstanding principal amounts of
the TAC Principal Components to their respective Targeted Principal Balances for
such Distribution Date shall be distributed in reduction of the Certificate
Principal Balances thereof and the principal amounts of the TAC Principal
Components, of the classes set forth below as follows:
(I) first, to the holders of the Class A-3 Certificates and Class A-4
Certificates, on a pro rata basis in proportion to the principal amounts of the
Class A-3 Component 1 and Class A-4 Component 5, respectively, until the
principal amounts of such Components have been reduced to their Targeted
Principal Balances;
(II) second, to the Class A-4 Certificates, until the principal amount of
the Class A-4 Component Z thereof has been reduced to its Targeted Principal
Balance;
(4) the balance of the Group 1 Principal Distribution Amount, if any,
remaining after the distribution described in clause 4.02(b)(iii)(A)(3) above
shall be distributed in reduction of the Certificate Principal Balances of the
classes indicated below, and the principal amounts of the PAC Principal
Components, TAC Principal Components and Class A-7 Component 1 as follows:
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(I) first, to the Class A-5 Certificates and Class A-6 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;
(II) second, to the Class A-3 Certificates (in reduction of the Class A-3
Component 1,) and Class A-4 Certificates (in reduction of the Class A-4
Component 5,) on a pro rata basis in proportion to the principal amounts of such
TAC Principal Components, without regard to the Targeted Principal Balances
thereof until the principal amounts of such Components have been reduced to
zero;
(III) third, to the Class A-4 Certificates, in reduction of the Class A-4
Component Z, without regard to the Targeted Principal Balance thereof until the
principal amount of such Component has been reduced to zero;
(IV) fourth, to the Class A-3 Certificates, in reduction of the Class A-3
Component 2, without regard to the Planned Principal Balance thereof, until the
principal amount of such Component has been reduced to zero;
(V) fifth, to the Class A-1 Certificates, without regard to the Planned
Principal Balance thereof, until the Certificate Principal Balance thereof has
been reduced to zero;
(VI) sixth, to the Class A-2 Certificates, without regard to the Planned
Principal Balance thereof, until the Certificate Principal Balance thereof has
been reduced to zero;
(VII) seventh, to the Class A-4 Certificates, in reduction of the Class A-
4 Component 2, without regard to the Planned Principal Balance thereof, until
the principal amount of such Component has been reduced to zero; and
(VIII) eighth, to the Class A-7 Certificates and Class A-8 Certificates
on a pro rata basis in proportion to the principal amount of the Class A-7
Component 1 and the Certificate Principal Balance of the Class A-8 Certificates,
until the principal amount of the Class A-7 Component 1 and Certificate
Principal Balance of the Class A-8 Certificates have been reduced to zero; and
(B) the Group 2 Principal Distribution Amount shall be distributed as
follows:
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(1) an amount equal to the sum of the following shall be distributed to the
Class A-7 Certificates, in reduction of the principal amount of the Class A-7
Component 2:
(X) the Lockout Scheduled Percentage of the Class A-7 Component 2's pro
rata share (based on the principal amount of the Class A-7 Component 2 thereof
relative to the aggregate Certificate Principal Balance of all classes of
Certificates (other than the Class A-13 Certificates)) of the aggregate of the
collections described in clauses 4.02(a)(ii)(Y)(A), (B) and (F) (other than any
amounts relating to clause (D) included in clause (F)) without any application
of the Senior Percentage or Senior Accelerated Distribution Percentage; and
(Y) the Lockout Prepayment Percentage of the Class A-7 Component 2's pro
rata share (based on the principal amount of the Class A-7 Component 2 thereof
relative to the aggregate Certificate Principal Balance of all classes of
Certificates (other than the Class A-13 Certificates)), of the collections
described in clause 4.02(a)(ii)(Y)(C) without any application of the Senior
Accelerated Distribution Percentage;
provided that if the aggregate of the amounts set forth in clauses
4.02(a)(ii)(Y)(A) through (F) is more than the balance of the Available
Distribution Amount remaining after the Senior Interest Distribution Amount and
the Class A-13 Distribution Amount have been distributed, the amount paid to the
Class A-7 Certificates, in reduction of the Class A-7 Component 2 pursuant to
this clause 4.02(b)(iv)(B)(1) shall be reduced by an amount equal to the Class
A-7 Component 2's pro rata share (based on the principal amount of the Class A-7
Component 2 relative to the aggregate Certificate Principal Balance of all
classes of Senior Certificates (other than the Class A-13 Certificates) of such
difference;
(2) the balance of the Group 2 Senior Principal Distribution Amount, if
any, remaining after the distribution described in clause 4.02(b)(iii)(B)(1)
above shall be distributed to the Class R-I Certificates and Class R-II
Certificates, concurrently, with such amount to be allocated 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;
(3) the balance, if any, of the Group 2 Principal Distribution Amount
remaining after the distributions described in clause 4.02(b)(iii)(B)(2) above,
shall be distributed in reduction of the Certificate Principal Balances of the
classes set forth below as follows:
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(I) first, to the Class A-9 Certificates, until the Certificate Principal
Balance thereof has been reduced to zero;
(II) second, 73.2682473268%, and 26.7317526732% concurrently to the Class
A-10 Certificates and Class A-11 Certificates, respectively, until the aggregate
amount distributed to the Class A-10 Certificates and Class A-11 Certificates
pursuant to this subclause (iii)(B)(3)(II) of Section 4.02(b) equals
$17,208,000.00;
(III) third, 95.8298651573% and 4.1701348427% concurrently to the Class A-
10 Certificates and Class A-11 Certificates, respectively, until the aggregate
amount distributed to the Class A-10 Certificates and Class A-11 Certificates
pursuant to this subclause (iii)(B)(3)(III) of Section 4.02(b) equals
$12,014,000.00;
(IV) fourth, 0.9255450432% and 99.0744549568% concurrently, to the Class A-
10 Certificates and Class A-11 Certificates, respectively, until the Certificate
Principal Balance of the Class A-11 Certificates has been reduced to zero;
(V) fifth, to the Class A-10 Certificates, until the Certificate Principal
Balance thereof has been reduced to zero;
(VI) sixth, to the Class A-12 Certificates, until the Certificate Principal
Balance thereof has been reduced to zero; and
(VII) seventh, to the Class A-7 Certificates, in reduction of the Class A-7
Component 2, until the principal amount of such Component has been reduced to
zero;
provided that if on any Distribution Date the Certificate Principal Balances of
the Senior Certificates (other than the Class A-7 Certificates, Class A-8
Certificates and Class A-13 Certificates) have been reduced to zero, clauses
4.02(b)(iii)(A)(1) and 4.02(b)(iii)(B)(1) above shall no longer apply and 100%
of the Senior Principal Distribution Amount remaining after the retirement of
such Certificates for such Distribution Date shall be distributed to the Class
A-7 Certificates and Class A-8 Certificates on a pro rata basis, until the
Certificate Principal Balances of the Class A-7 Certificates and Class A-8
Certificates have been reduced to zero.
(c) On or after the occurrence of the Credit Support Depletion Date but
prior to the reduction of the Certificate Principal Balances of the Class A-8
Certificates to zero, 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-13 Certificates and any Variable
Strip Certificates) will be disregarded, an amount equal to the Discount
Fraction of the principal portion of scheduled payments and unscheduled
collections received or advanced in respect of the
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Discount Mortgage Loans will be distributed to the Class A-13 Certificates, and
the Senior Principal Distribution Amount will be distributed to all classes of
Senior Certificates (other than the Class A-13 Certificates and any Variable
Strip Certificates) pro rata in accordance with their respective outstanding
Certificate Principal Balances and the amount set forth in Section 4.02(a)(i)
will be distributed as set forth therein; provided that the aggregate amount
distributable to the Class A-4 Certificates and Class A-8 Certificates in
respect of the aggregate Accrued Certificate Interest thereon and in respect of
their collective pro rata portion of the Senior Principal Distribution Amount
will be distributed among such Certificates in the following priority: first, to
the Class A-4 Certificates, up to an amount equal to the Accrued Certificate
Interest thereon; second, to the Class A-4 Certificates, the Combination Super
Senior Optimal Principal Distribution Amount thereof, in reduction of the
Certificate Principal Balance thereof until such Certificate Principal Balances
has been reduced to zero; third, to the Class A-8 Certificates, up to an amount
equal to the Accrued Certificate Interest thereon; and fourth, to the Class A-8
Certificates, the remainder of the amount so distributable among the Class A-4
Certificates and Class A-8 Certificates, until the Certificate Principal Balance
thereof has been reduced to zero.
(d) On or after the occurrence of the Credit Support Depletion Date and
upon reduction of the Certificate Principal Balance of the Class A-8
Certificates to zero, all priorities relating to distributions as described in
Section 4.02(b) and (c) above in respect of principal among the various classes
of Senior Certificates (other than the Class A-13 Certificates and any Variable
Strip Certificates) will be disregarded, 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-13 Certificates, and the Senior Principal
Distribution Amount will be distributed to all classes of Senior Certificates
(other than the Class A-13 Certificates and any Variable Strip Certificates) pro
rata in accordance with their respective outstanding Certificate Principal
Balances and the amount set forth in Section 4.02(a)(i) will be distributed as
set forth therein.
(e) After reduction of the Certificate Principal Balances of the Senior
Certificates (other than the Class A-13 Certificates and any Variable Strip
Certificates) to zero but prior to the occurrence of the Credit Support
Depletion Date, the Senior Certificates (other than the Class A-13 Certificates
and any Variable Strip 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-13 Certificates, Class M Certificates
and Class B Certificates and the owner of the Excess Spread, in each case as
described herein.
(f) On each Distribution Date prior to the Accretion Termination Date, an
amount equal to the Accrued Certificate Interest that would otherwise be
distributed on the Class A-4 Certificates, in reduction of the Class A-4
Component Z, shall be added to the principal amount of such Component; provided
that if the Accretion Termination Date is the Credit Support Depletion Date, the
entire amount of Accrued Certificate Interest on the Class A-4 Component Z for
such Distribution Date shall be payable to the Holders of the Class A-4
Certificates, in reduction of such Component. On and after the Accretion
Termination Date, the entire amount of Accrued Certificate Interest on the Class
A-4 Component Z for such Distribution Date shall be payable to the Holders of
the Class A-4 Certificates to the extent not required to fully retire the Class
A-3 Component 1 and Class A-4 Component 5 on such Accretion Termination Date.
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Any such Accrued Certificate Interest on such Class A-4 Component Z which is
required to be paid to the Holders of the Class A-3 Certificates, in reduction
of the Class A-3 Component 1, or the Class A-4 Certificates, in reduction of the
Class A-4 Component 5 on the Accretion Termination Date will be added to the
principal amount of the Class A-4 Component Z in the manner described in the
first sentence of this Section 4.02(f).
(g) In addition to the foregoing distributions, with respect to any
Mortgage Loan that was previously the subject of a Cash Liquidation or an REO
Disposition that resulted in a Realized Loss, in the event that within two years
of the date on which such Realized Loss was determined to have occurred the
Master Servicer receives amounts, which the Master Servicer reasonably believes
to represent subsequent recoveries (net of any related liquidation expenses), or
determines that it holds surplus amounts previously reserved to cover estimated
expenses, specifically related to such Mortgage Loan (including, but not limited
to, recoveries in respect of the representations and warranties made by the
related Seller pursuant to the applicable Seller's Agreement), the Master
Servicer shall distribute such amounts to the applicable Certificateholders of
the Class or Classes to which such Realized Loss was allocated or to the Owner
of the Excess Spread, if applicable, (with the amounts to be distributed
allocated among such Classes and the Excess Spread in the same proportions as
such Realized Loss was allocated), and within each such Class to the
Certificateholders of record as of the Record Date immediately preceding the
date of such distribution (or if such Class of Certificates is no longer
outstanding, to the Certificateholders of record at the time that such Realized
Loss was allocated); provided that no such distribution to any Class of
Certificates of subsequent recoveries related to a Mortgage Loan shall exceed,
either individually or in the aggregate and together with any other amounts paid
in reimbursement therefor, the amount of the related Realized Loss that was
allocated to such Class of Certificates. Notwithstanding the foregoing, no such
distribution shall be made with respect to the Excess Spread or the Certificates
of any Class to the extent that either (i) such Excess Spread or Class was
protected against the related Realized Loss pursuant to any instrument or fund
established under Section 11.01(e) or (ii) such Excess Spread or Class of
Certificates has been deposited into a separate trust fund or other structuring
vehicle and separate certificates or other instruments representing interests
therein have been issued in one or more classes, and any of such separate
certificates or other instruments was protected against the related Realized
Loss pursuant to any limited guaranty, payment obligation, irrevocable letter of
credit, surety bond, insurance policy or similar instrument or a reserve fund,
or a combination thereof. Any amount to be so distributed with respect to the
Certificates of any Class shall be distributed by the Master Servicer to the
Certificateholders of record as of the Record Date immediately preceding the
date of such distribution, on a pro rata basis based on the Percentage Interest
represented by each Certificate of such Class as of such Record Date. Any
amounts to be so distributed shall not be remitted to or distributed from the
Trust Fund, and shall constitute subsequent recoveries with respect to Mortgage
Loans that are no longer assets of the Trust Fund.
(h) Each distribution with respect to a Book-Entry Certificate shall be
paid to the Depository, as Holder thereof, and the Depository shall be
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" or "indirect participating firm") for which
it acts as agent. Each brokerage firm
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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 except as otherwise
provided by this Agreement or applicable law.
(i) 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
prior calendar month. In the event that Certificateholders required to
surrender their Certificates pursuant to Section 9.01(c) do not surrender their
Certificates for final cancellation, the Trustee shall cause funds distributable
with respect to such Certificates to be withdrawn from the Certificate Account
and credited to a separate escrow account for the benefit of such
Certificateholders as provided in Section 9.01(d).
Section 4.03. Statements to Certificateholders and the Owner of the Excess
Spread.
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(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 forward by mail to each Holder, the Owner of
the Excess Spread and the Company a statement setting forth the following
information as to the Excess Spread and each Class of Certificates to the extent
applicable:
(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 and to the Owner of the Excess Spread;
(iii) if the distribution to the Holders of such Class of Certificates or
such Owner is less than the full amount that would be distributable to such
Holders or Owner 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, Class M and Class B Percentages, after
giving effect to the
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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
Subservicers, the number and aggregate principal balances of Mortgage Loans that
are delinquent (A) one month, (B) two months and (C) three months and (D) 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 Pass-Through Rates on the Class A-5 Certificates and Class A-6
Certificates for such Distribution Date, separately identifying LIBOR for such
Distribution Date;
(xii) 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;
(xiii) the weighted average Spread Rate for such Distribution Date and
the Pass-Through Rate on any Class of Variable Strip Certificates;
(xiv) the occurrence of the Credit Support Depletion Date or the
Accretion Termination Date;
(xv) the Senior Accelerated Distribution Percentage applicable to such
distribution;
(xvi) the 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 representation or warranty;
(xix) the weighted average remaining term to maturity of the Mortgage
Loans after giving effect to the amounts distributed on such Distribution Date;
and
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(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. In addition to the statement provided to the Trustee as set forth
in this Section 4.03(a), 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 Owner of the Excess Spread or the Holder of a Certificate, other
than a Class R Certificate, a statement containing the information set forth in
clauses (i) and (ii) of 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 Business Day next succeeding each
Determination Date, the Master Servicer shall furnish a written statement to the
Trustee, any Paying Agent and the Company (the information in such statement to
be made available to Certificateholders and the Owner of the Excess Spread 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
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deemed to be correct for all purposes hereunder and the Trustee shall be
protected in relying upon the same without any independent check or
verification.
(b) On or before 2:00 P.M. New York time on each Certificate Account
Deposit Date, the Master Servicer shall either (i) deposit in the Certificate
Account from its own funds, or funds received therefor from the Subservicers, an
amount equal to the Advances to be made by the Master Servicer in respect of the
related Distribution Date, which shall be in an aggregate amount equal to the
aggregate amount of Monthly Payments (with each interest portion thereof
adjusted to the Net Mortgage Rate), less the amount of any related 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 and the Excess Spread 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)(iii) 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 a certificate of a Servicing Officer delivered to
the Seller and the Trustee.
In the event that 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
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of the Advance as to which the Master Servicer shall have given notice pursuant
to the preceding sentence, pursuant to Section 7.01, (a) terminate all of the
rights and obligations of the Master Servicer under this Agreement in accordance
with Section 7.01 and (b) assume the rights and obligations of the Master
Servicer hereunder, including the obligation to deposit in the Certificate
Account an amount equal to the Advance for the immediately succeeding
Distribution Date.
The Trustee shall deposit all funds it receives pursuant to this Section
4.04 into the Certificate Account.
Section 4.05. Allocation of Realized Losses.
-----------------------------
Prior to each Distribution Date, the Master Servicer shall determine the
total amount of Realized Losses, if any, that resulted from any Cash
Liquidation, Debt Service Reduction, Deficient Valuation or REO Disposition that
occurred during the related Prepayment 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 such Realized Losses are on a Discount
Mortgage Loan, to the Class A-13 Certificates, in an amount equal to the
Discount Fraction of the principal portion thereof, and the remainder of such
Realized Losses and the entire amount of such Realized Losses on Non-Discount
Mortgage Loans among all of the Senior Certificates (and, in the case of the
Combination Certificates, among each of the Components thereof) (other than the
Class A-13 Certificates) and, in respect of the interest portion of such
Realized Losses, the Excess Spread, on a pro rata basis, as described below.
Any Excess Special Hazard Losses, Excess Bankruptcy Losses, Excess Fraud Losses
and Extraordinary Losses on Non-Discount Mortgage Loans will be allocated among
the Class A Certificates (and, in the case of the Combination Certificates,
among each of the Components thereof) (other than the Class A-13 Certificates),
Class M, Class B and Class R Certificates, and, in respect of the interest
portion of such Realized Losses, the Excess Spread, on a pro rata basis, as
described below. The principal portion of such losses on Discount Mortgage
Loans will be allocated to the Class A-13 Certificates in an amount equal to the
related Discount Fraction thereof, and the remainder of such losses on Discount
Mortgage Loans will be allocated among the Class A Certificates (and, in the
case of the Combination Certificates, among each of the Components thereof)
(other than the Class A-13 Certificates), Class M, Class B and Class R
Certificates on a pro rata basis, as described below. Notwithstanding the
foregoing, the principal portion of a Defaulted Mortgage Loss otherwise
allocable to the Class A-4 Certificates will be allocated to the Class A-8
Certificates until the Certificate Principal Balance of the Class A-8
Certificates is reduced to zero.
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As used herein, an allocation of a Realized Loss on a "pro rata basis"
among two or more specified Classes of Certificates and the Excess Spread or
among the Components of a class of Combination Certificates means an allocation
on a pro rata basis, among the various Classes so specified and the Excess
Spread or Component, to each such Class of Certificates on the basis of their
then outstanding Certificate Principal Balances or amounts 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 to each such Class of Certificates and
the Excess Spread based on the Accrued Certificate Interest thereon or amount of
Excess Spread 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; provided that the principal amount of the Class A-4
Component Z of the Class A-4 Certificates for the purpose of allocating any
portion of a Realized Loss thereto shall be deemed to be the lesser of (i) the
original principal amount thereof and (ii) the principal amount thereof prior to
giving effect to distributions to be made on such Distribution Date. Except as
provided in the following sentence, any allocation of the principal portion of
Realized Losses (other than Debt Service Reductions) to a Class of Certificates
shall be made by reducing the Certificate Principal Balance thereof by the
amount so allocated, which allocation shall be deemed to have occurred on such
Distribution Date. Any allocation of the principal portion of Realized Losses
(other than Debt Service Reductions) to the Class B Certificates or, after the
Certificate Principal Balances of the Class B Certificates have been reduced to
zero, to the Class of Class M Certificates then outstanding with the highest
numerical designation 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
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.
Section 4.06. Reports of Foreclosures and Abandonment of Mortgaged
Property.
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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
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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, the Certificateholders or the Owner of the Excess
Spread with respect thereto. Notwithstanding anything to the contrary in this
Section 4.07, the Master Servicer shall continue to service any such Mortgage
Loan after the date of such purchase in accordance with the terms of this
Agreement and, if any Realized Loss with respect to such Mortgage Loan occurs,
allocate such Realized Loss to the Class or Classes of Certificates that would
have borne such Realized Loss in accordance with the terms hereof as if such
Mortgage Loan had not been so purchased. For purposes of this Agreement, a
payment of the Purchase Price by the Master Servicer pursuant to this Section
4.07 will be viewed as an advance, and the amount of any Realized Loss shall be
recoverable pursuant to the provisions for the recovery of unreimbursed Advances
under Section 4.02(a) or, to the extent not recoverable under such provisions,
as a Nonrecoverable Advance as set forth herein.
Section 4.08. Distributions on the Uncertificated REMIC I and REMIC II
Regular Interests.
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(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 4.08(b), an
amount equal to the sum of the amounts in respect of principal distributable on
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-13, 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 4.02(a), as allocated thereto pursuant to Section
4.02(b).
(b) The amount described in Section 4.08(a)(ii) shall be deemed
distributed to (i) Uncertificated REMIC I Regular Interest U, (ii)
Uncertificated REMIC I Regular Interest V, (iii) Uncertificated REMIC I Regular
Interest W, (iv) Uncertificated REMIC I Regular Interest X and (v)
Uncertificated REMIC I Regular Interest Y with the amount to be distributed
allocated among such interests in accordance with the priority assigned to the
(i) Class A-1 Certificates, (ii) Class A-2, (iii) Class A-3 Certificates (iv)
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 M-1, Class M-2, Class M-3, Class B-1, Class B-2,
Class B-3 and Class R-II Certificates and (v) the Class A-13 Certificates
respectively,
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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 4.08(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 U Distribution Amount, Uncertificated REMIC I Regular Interest
V Distribution Amount, Uncertificated REMIC I Regular Interest W Distribution
Amount, Uncertificated REMIC I Regular Interest X Distribution Amount,
Uncertificated REMIC I Regular Interest Y Distribution Amount and Uncertificated
REMIC I Regular Interest Z Distribution Amount, Realized Losses allocated to the
Class A-1 Certificates under Section 4.05 shall be deemed allocated to
Uncertificated REMIC I Regular Interest U; Realized Losses allocated to the
Class A-2 Certificates under Section 4.05 shall be deemed allocated to
Uncertificated REMIC I Regular Interest V; Realized Losses allocated to the
Class A-3 Component 1 or Component 2, respectively, under Section 4.05 shall be
deemed allocated to Uncertificated REMIC I Regular Interest W-1 or W-2
respectively; Realized Losses allocated to the 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 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 X; Realized Losses allocated to the Class A-13
Certificates under Section 4.05 shall be deemed allocated to Uncertificated
REMIC I Regular Interest Y; and Realized Losses allocated to the Excess Spread
under Section 4.05 shall be deemed allocated to the 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 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-13, Class
M-1, Class M-2, Class M-3, Class B-1, Class B-2, Class B-3 and Class R-II
Certificates and to the Owner of the Excess Spread 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 4.08.
(f) Notwithstanding the deemed distributions on the Uncertificated
REMIC I Regular Interests and to the Owner of the Excess Spread described in
this Section 4.08, distributions of funds from the Certificate Account shall be
made only in accordance with Section 4.02.
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ARTICLE V
THE CERTIFICATES AND EXCESS SPREAD
Section 5.01. The Certificates.
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(a) The Class A, Class M, Class B and Class R Certificates, respectively,
shall be substantially in the forms set forth in Exhibits A, B, C and D 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, other than the Class R
Certificates, shall be issuable in minimum dollar denominations of $25,000 (or
$250,000 in the case of the Class M-2, Class M-3, Class B-1, Class B-2 and Class
B-3 Certificates) and integral multiples of $1 (in the case 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 and Class A-12 Certificates) and $1,000 (in
the case of all other Classes of Certificates) in excess thereof, except that
one Certificate of each of the Class A-13, Class M-1, Class M-2, Class B-1,
Class B-2 and Class B-3 Certificates may be issued in a denomination equal to
the denomination set forth as follows for such Class or the sum of such
denomination and an integral multiple of $1,000:
Class A-13 $ 25,180.24
Class M-1 $ 25,100.00
Class M-2 $250,600.00
Class B-1 $250,300.00
Class B-2 $250,300.00
Class B-3 $250,395.50
The Class R Certificates shall be issuable in minimum denominations of
not less than a 20% Percentage Interest; provided, however, that one Class R-I
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Certificate and one Class R-II Certificate 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 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.
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(b) The Class A Certificates, other than the Class A-4 Certificates,
Class A-13 Certificates and any Variable Strip Certificates, shall initially be
issued as one or more Certificates registered in the name of the Depository or
its nominee and, except as provided below, registration of such 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 Certificateholders shall hold their respective Ownership
Interests in and to each of the Class A Certificates, other than the Class A-4
Certificates, Class A-13 Certificates and any Variable Strip 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
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.
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(c) From time to time the Company, with the written consent of the
Owner of the Excess Spread, may cause an additional Class of Class A
Certificates which are Variable Strip Certificates to be issued under this
Agreement, which shall bear a numerical designation immediately sequentially
following the highest numerical designation of Class A Certificates previously
issued and which on and after the date of issuance of such Class of Variable
Strip Certificates will evidence ownership of the Uncertificated REMIC Regular
Interest or Interests specified by the Company. The Variable Strip Certificates
shall be substantially in the forms set forth in Exhibit A and shall, on
original issue, be executed and delivered by the Trustee to the 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 in accordance
with Section 5.01(a).
Section 5.02. Registration of Transfer and Exchange of
Certificates and Restrictions on Transfer of
Excess Spread.
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(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 A-4, 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 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 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 A-4
Certificate or 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. Except as provided in Section
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5.02(e), in the event that a transfer of a Class A-4 Certificate or 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;
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 an Affiliate of the Company and (B) the Trustee shall require the
transferee to execute a representation letter, substantially in the form of
Exhibit J-1 hereto, and the Trustee shall require the transferor to execute a
representation letter, substantially in the form of Exhibit K 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 an Affiliate of the
Company, and the Trustee shall be entitled to conclusively rely upon a
representation (which, upon the request of the Trustee, shall be a written
representation) from the Company of the status of such transferee as an
Affiliate of the Company, or (ii) the prospective transferee of such a
Certificate shall be required to provide the Trustee, the Company and the Master
Servicer with an investment letter substantially in the form of Exhibit L
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) In the case of any Class A-8, Class M or Class B Certificate
presented for registration in the name of any Plan subject to the Employee
Retirement Income Security Act of 1974, as amended ("ERISA"), or Section 4975 of
the Code (or comparable provisions of any subsequent enactments), any Person
acting, directly or indirectly, on behalf of any such Plan or any Person
acquiring such Certificates with "plan assets" of a Plan within the meaning of
the Department of Labor regulation promulgated at 29 C.F.R. (S)2510.3-101, the
prospective transferee shall provide the Trustee, the Company and the Master
Servicer with either (i) 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 of Certificates is permissible under applicable
law, will not constitute or result in any prohibited transaction under ERISA or
Section 4975 of the Code 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 (ii) in lieu of such
Opinion of Counsel, a
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certification in the form of Exhibit J-2 to this Agreement, which the Trustee
may rely upon without further inquiry or investigation; provided, however, that
such Opinion of Counsel or certification will not be required in connection with
the initial transfer of any such Certificate by the Company or any Affiliate
thereof to an Affiliate of the Company (in which case, the Company or any
Affiliate thereof shall have deemed to have represented that such Affiliate is
not a Plan or a Person investing "plan assets" of any Plan) and the Trustee
shall be entitled to conclusively rely upon a representation (which, upon the
request of the Trustee, shall be a written representation) from the Company of
the status of such transferee as an Affiliate of the Company. So long as the
Class A-8 Certificates are Book-Entry Certificates, any purchaser of a Class A-8
Certificate will be deemed to have represented by such purchase that either (a)
such purchaser is not an employee benefit plan or other plan subject to the
prohibited transaction provisions of ERISA or Section 4975 of the Code and is
not purchasing such Certificates on behalf of or with "plan assets" of any Plan
or (b) the purchase of any such Certificate by or on behalf of or with "plan
assets" of any Plan is permissible under applicable law, will not result in any
non-exempt prohibited transaction under ERISA or Section 4975 of the Code, and
will not subject the Master Servicer, the Company or the Trustee to any
obligation in addition to those undertaken in this Agreement.
(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.
(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 I-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 I-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.
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(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
I-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 Regulation 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 I-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.
(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 Regulation 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
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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.
(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 Class A, Class M, Class B or Class R 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), a 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 either
REMIC I or REMIC II to cease to qualify as a REMIC and will not cause (x) either
REMIC I or REMIC II 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.
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(h) All Certificates surrendered for transfer and exchange shall
be destroyed by the Certificate Registrar.
(i) So long as the Excess Spread remains uncertificated, no
transfer, sale, pledge or other disposition thereof shall be made by Residential
Funding.
Section 5.03. Mutilated, Destroyed, Lost or Stolen Certificates.
-------------------------------------------------
If (i) any mutilated Certificate is surrendered to the Certificate
Registrar, or the Trustee and the Certificate Registrar receive evidence to
their satisfaction of the destruction, loss or theft of any Certificate, and
(ii) there is delivered to the Trustee and the Certificate Registrar such
security or indemnity as may be required by them to save each of them harmless,
then, in the absence of notice to the Trustee or the Certificate Registrar that
such Certificate has been acquired by a bona fide purchaser, the Trustee shall
execute and the Certificate Registrar shall authenticate and deliver, in
exchange for or in lieu of any such mutilated, destroyed, lost or stolen
Certificate, a new Certificate of like tenor, Class and Percentage Interest but
bearing a number not contemporaneously outstanding. Upon the issuance of any
new Certificate under this Section, the Trustee may require the payment of a sum
sufficient to cover any tax or other governmental charge that may be imposed in
relation thereto and any other expenses (including the fees and expenses of the
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, 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 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,
and neither the Company, the Master Servicer, the Trustee, the Certificate
Registrar nor any agent of the Company, the Master Servicer, the Trustee 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 and the Owner of the Excess Spread
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 and the Owner of the Excess Spread 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 and the Owner of the Excess
Spread.
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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 and the Owner of the Excess Spread in trust for the
benefit of the Certificateholders and such Owner entitled thereto until such
sums shall be paid to such Certificateholders and such Owner. 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 and such Owner on the date of
receipt by such Paying Agent.
Section 5.06. Optional Purchase of Certificates.
---------------------------------
(a) On any Distribution Date on which the Pool Stated Principal
Balance is less than ten percent of the Cut-off Date Principal Balance of the
Mortgage Loans, either the Master Servicer or the Company 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 one month's Accrued Certificate Interest thereon
and any previously unpaid Accrued Certificate Interest.
(b) The Master Servicer or the Company, as applicable, shall give the
Trustee not less than 60 days' prior notice of the Distribution Date on which
the Master Servicer or the Company, as applicable, anticipates that it will
purchase the Certificates pursuant to Section 5.06(a). Notice of any such
purchase, specifying the Distribution Date upon which the Holders may surrender
their Certificates to the Trustee for payment in accordance with this Section
5.06, shall be given promptly by the Master Servicer or the Company, as
applicable, by letter to Certificateholders (with a copy to the Certificate
Registrar and each Rating Agency) 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 Distribution Date upon which purchase of the Certificates
is anticipated to be made upon presentation and surrender of such Certificates
at the office or agency of the Trustee therein designated,
(ii) the purchase price therefor, if known, and
(iii) that the Record Date otherwise applicable to such Distribution
Date is not applicable, payments being made only upon presentation and surrender
of the Certificates at the office or agency of the Trustee therein specified.
If either the Master Servicer or the Company gives the notice specified above,
the Master Servicer or the Company, as applicable, shall deposit in the
Certificate Account before the Distribution Date on which the purchase pursuant
to Section 5.06(a) is to be made, in immediately available funds, an amount
equal to the purchase price for the Certificates computed as provided above.
(c) Upon presentation and surrender of the Certificates to be
purchased pursuant to Section 5.06(a) by the Holders thereof, the Trustee shall
distribute to such Holders an amount equal to the outstanding Certificate
Principal Balance thereof plus the sum of one month's Accrued
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Certificate Interest thereon, any previously unpaid Accrued Certificate Interest
with respect thereto.
(d) In the event that any Certificateholders do not surrender their
Certificates on or before the Distribution Date on which a purchase pursuant to
this Section 5.06 is to be made, the Trustee shall on such date cause all funds
in the Certificate Account deposited therein by the Master Servicer or the
Company, as applicable, pursuant to Section 5.06(b) to be withdrawn therefrom
and deposited in a separate escrow account for the benefit of such
Certificateholders, and the Master Servicer or the Company, as applicable, 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 or the Company, as applicable, 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 5.06, the Trustee shall pay to
the Master Servicer or the Company, as applicable, all amounts distributable to
the Holders thereof and the Master Servicer or the Company, as applicable, 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 or the Company, as applicable, as a
result of such Certificateholder's failure to surrender its Certificate(s) for
payment in accordance with this Section 5.06. Any Certificate that is not
surrendered on the Distribution Date on which a purchase pursuant to this
Section 5.06 occurs as provided above will be deemed to have been purchased and
the Holder as of such date will have no rights with respect thereto except to
receive the purchase price therefor minus any costs and expenses associated with
such escrow account and notices allocated thereto. Any Certificates so
purchased or deemed to have been purchased on such Distribution Date shall
remain outstanding hereunder. The Master Servicer or the Company, as
applicable, shall be for all purposes the Holder thereof as of such date.
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ARTICLE VI
THE COMPANY AND THE MASTER SERVICER
Section 6.01. Respective Liabilities of the Company and the Master
Servicer.
-----------------------------------------------------
The Company and the Master Servicer shall each be liable in accordance
herewith only to the extent of the obligations specifically and respectively
imposed upon and undertaken by the Company and the Master Servicer herein. By
way of illustration and not limitation, the Company is not liable for the
servicing and administration of the Mortgage Loans, nor is it obligated by
Section 3.21, 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
FNMA or FHLMC; and provided further that each Rating Agency's ratings, if any,
of the Class A, Class M, Class B or Class R 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 FNMA or FHLMC, 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
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Rating Agency's 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 or the Owner of
the Excess Spread 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 and the Owner of the Excess Spread hereunder. In such event,
the legal expenses and costs of such action, proceeding, hearing or examination
and any liability resulting therefrom shall be expenses, costs and liabilities
of the Trust Fund, and the Company and the Master Servicer shall be entitled to
be reimbursed therefor out of amounts attributable to the Mortgage Loans on
deposit in the Custodial Account as provided by Section 3.10 and, on the
Distribution Date(s) following such reimbursement, the aggregate of such
expenses and costs shall be allocated in reduction of the Accrued Certificate
Interest on each Class entitled thereto in the same manner as if such expenses
and costs constituted a Prepayment Interest Shortfall.
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Section 6.04. Company and Master Servicer Not to Resign.
-----------------------------------------
Subject to the provisions of Section 6.02, neither the Company nor the
Master Servicer shall resign from its respective obligations and duties hereby
imposed on it except upon determination that its duties hereunder are no longer
permissible under applicable law. Any such determination permitting the
resignation of the Company or the Master Servicer shall be evidenced by an
Opinion of Counsel to such effect delivered to the Trustee. No such resignation
by the Master Servicer shall become effective until the Trustee or a successor
servicer shall have assumed the Master Servicer's responsibilities and
obligations in accordance with Section 7.02.
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ARTICLE VII
DEFAULT
Section 7.01. Events of Default.
-----------------
Event of Default, wherever used herein, means any one of the following
events (whatever reason for such Event of Default and whether it shall be
voluntary or involuntary or be effected by operation of law or pursuant to any
judgment, decree or order of any court or any order, rule or regulation of any
administrative or governmental body):
(i) the Master Servicer shall fail to distribute or cause to be
distributed to the Owner of the Excess Spread or 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 Owner of the Excess Spread
or 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 Owner of the Excess Spread or 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
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(v) the Master Servicer shall admit in writing its inability to pay
its debts generally as they become due, file a petition to take advantage of, or
commence a voluntary case under, any applicable insolvency or reorganization
statute, make an assignment for the benefit of its creditors, or voluntarily
suspend payment of its obligations; or
(vi) the Master Servicer shall notify the Trustee pursuant to Section
4.04(b) that it is unable to deposit in the Certificate Account an amount equal
to the Advance.
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 or the Owner of the Excess Spread
entitled to at least 51% of the Voting Rights, the Trustee shall, by notice in
writing to the Master Servicer (and to the Company if given by the Trustee or to
the Trustee if given by the Company), terminate all of the rights and
obligations of the Master Servicer under this Agreement and in and to the
Mortgage Loans and the proceeds thereof, other than its rights as a
Certificateholder hereunder. If an Event of Default described in clause (vi)
hereof shall occur, the Trustee shall, by notice to the Master Servicer and the
Company, immediately terminate all of the rights and obligations of the Master
Servicer under this Agreement and in and to the Mortgage Loans and the proceeds
thereof, other than its rights as a Certificateholder hereunder as provided in
Section 4.04(b). On or after the receipt by the Master Servicer of such written
notice, all authority and power of the Master Servicer under this Agreement,
whether with respect to the Certificates (other than as a Holder thereof) or the
Mortgage Loans or otherwise, shall subject to Section 7.02 pass to and be vested
in the Trustee or the Trustee's designee appointed pursuant to Section 7.02;
and, without limitation, the Trustee is hereby authorized and empowered to
execute and deliver, on behalf of the Master Servicer, as attorney-in-fact or
otherwise, any and all documents and other instruments, and to do or accomplish
all other acts or things necessary or appropriate to effect the purposes of such
notice of termination, whether to complete the transfer and endorsement or
assignment of the Mortgage Loans and related documents, or otherwise. The
Master Servicer agrees to cooperate with the Trustee in effecting the
termination of the Master Servicer's responsibilities and rights hereunder,
including, without limitation, the transfer to the Trustee or its designee for
administration by it of all cash amounts which shall at the time be credited to
the Custodial Account or the Certificate Account or thereafter be received with
respect to the Mortgage Loans. No such termination shall release the Master
Servicer for any liability that it would otherwise have hereunder for any act or
omission prior to the effective time of such termination.
Notwithstanding any termination of the activities of Residential
Funding in its capacity as Master Servicer hereunder, Residential Funding shall
be entitled to receive, out of any late collection of a Monthly Payment on a
Mortgage Loan which was due prior to the notice terminating Residential
Funding's rights and obligations as Master Servicer hereunder and received after
such notice, that portion to which Residential Funding would have been entitled
pursuant to Sections 3.10(a)(ii), (vi) and (vii) as well as its Servicing Fee in
respect thereof, and any other amounts payable to Residential Funding hereunder
the entitlement to which arose prior to the termination of its activities
hereunder. Upon the termination of Residential Funding as Master Servicer
hereunder the Company shall deliver to the Trustee a copy of the Program Guide.
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Section 7.02. Trustee or Company to Act; Appointment of Successor.
----------------------------------------------------
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, 2.03(a) and 3.21, 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
FNMA- or FHLMC-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.
Section 7.03. Notification to Certificateholders and Owner of the
Excess Spread.
----------------------------------------------------
(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 and the Owner of the Excess Spread at their respective
addresses appearing in the Certificate Register.
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(b) Within 60 days after the occurrence of any Event of Default, the
Trustee shall transmit by mail to all Holders of Certificates and the Owner of
the Excess Spread 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 of
Certificates affected by a default or Event of Default hereunder, and the Owner
of the Excess Spread if affected thereby, 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 the Owner of the Excess Spread
if so affected and (b) no waiver pursuant to this Section 7.04 shall affect the
Holders of Certificates or the Owner of the Excess Spread in the manner set
forth in Section 11.01(b)(i), (ii) or (iii). Upon any such waiver of a default
or Event of Default by the Holders representing the requisite percentage of
Voting Rights of Certificates 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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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 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 and the Owner of the Excess Spread 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 both REMIC I and REMIC II as REMICs 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 either REMIC I or
REMIC II 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
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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;
(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 or
the Owner of the Excess Spread; 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,
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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;
(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 or the Owner of the Excess Spread,
pursuant to the provisions of this Agreement, unless such Certificateholders or
such Owner 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), 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 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
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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.
(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 either REMIC I or REMIC II
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. 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 its 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 or the Owner of the Excess Spread
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.
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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 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 or the Owner of the Excess
Spread 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 or Excess Spread 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.
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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, 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 or Excess Spread 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 and the Owner of the Excess Spread 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
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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 or the Owner of the Excess Spread of the appointment of
co-trustee(s) or separate trustee(s) shall be required under Section 8.08
hereof.
(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 and the Owner of the Excess Spread.
Each Custodian shall
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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 12.01. The Trustee shall notify the Certificateholders and the Owner of
the Excess Spread 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
where Certificates may be surrendered for registration of transfer or exchange.
The Trustee initially designates its offices located at 4 Albany Street, New
York, New York 10006 for the purpose of keeping the Certificate Register. The
Trustee will maintain an office at the address stated in Section 11.05(c) hereof
where notices and demands to or upon the Trustee in respect of this Agreement
may be served.
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ARTICLE IX
TERMINATION
Section 9.01. Termination Upon Purchase by the Master Servicer or
the Company or Liquidation of All Mortgage Loans.
----------------------------------------------------
(a) Subject to Section 9.03, the respective obligations and
responsibilities of the Company, the Master Servicer and the Trustee created
hereby in respect of the Certificates and the Excess Spread (other than the
obligation of the Trustee to make certain payments after the Final Distribution
Date to Certificateholders and the Owner of the Excess Spread 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 or the Company 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 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 either REMIC I or REMIC II as a REMIC.
The right of the Master Servicer or the Company 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 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 or the Company, as applicable, 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
or the Company, as applicable, the Mortgage Files pertaining to the Mortgage
Loans being purchased.
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(b) The Master Servicer or, in the case of a final distribution as a
result of the exercise by the Company of its right to purchase the assets of the
Trust Fund, the Company shall give the Trustee not less than 60 days' prior
notice of the Distribution Date on which the Master Servicer or the Company, as
applicable, anticipates that the final distribution will be made to
Certificateholders and the Owner of the Excess Spread (whether as a result of
the exercise by the Master Servicer or the Company of its right to purchase the
assets of the Trust Fund or otherwise). 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, shall be given promptly
by the Master Servicer or the Company, as applicable (if it is exercising its
right to purchase the assets of the Trust Fund), or by the Trustee (in any other
case) by letter to the Certificateholders and the Owner of the Excess Spread
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 and the Excess Spread is anticipated to be made upon
presentation and surrender of Certificates at the office or agency of the
Trustee therein designated,
(ii) the amount of any such final payment, if known, and
(iii) that the Record Date otherwise applicable to such Distribution
Date is not applicable, and in the case of the Class A Certificates, Class M
Certificates and Class R 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 or the Company, as applicable, is obligated to give
notice to Certificateholders and the Owner of the Excess Spread as aforesaid, it
shall give such notice to the Certificate Registrar at the time such notice is
given to Certificateholders and the Owner of the Excess Spread. In the event
such notice is given by the Master Servicer or the Company, the Master Servicer
or the Company, as applicable, 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 above provided.
(c) In the case of the Class A, Class M and the Class R Certificates,
upon presentation and surrender of the Certificates by the Certificateholders
thereof, the Trustee shall distribute to the Certificateholders (i) the amount
otherwise distributable on such Distribution Date, if not in connection with the
Master Servicer's or the Company's election to repurchase, or (ii) if the Master
Servicer or the Company elected to so repurchase, an amount determined as
follows: (A) with respect to each Certificate the outstanding Certificate
Principal Balance thereof, plus one month's Accrued Certificate Interest 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) and the Excess
Spread. The Trustee shall also distribute to the Owner the Excess Spread.
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(d) In the event that 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 or
the Company, as applicable (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 or the Company, as applicable, to contact the
remaining Certificateholders concerning surrender of their Certificates. The
costs and expenses of maintaining the escrow account and of contacting
Certificateholders shall be paid out of the assets which remain in the escrow
account. If within nine months after the second notice any Certificates shall
not have been surrendered for cancellation, the Trustee shall pay to the Master
Servicer or the Company, as applicable, all amounts distributable to the holders
thereof and the Master Servicer or the Company, as applicable, 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 or the Company, as applicable, as a result of such
Certificateholder's failure to surrender its Certificate(s) for final payment
thereof in accordance with this Section 9.01.
Section 9.02. Termination of REMIC II.
-----------------------
REMIC II 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 Uncertificated REMIC I Regular Interests and the last distribution due on
the Class A, Class M, Class B and Class R-II Certificates is made.
Section 9.03. Additional Termination Requirements.
-----------------------------------
(a) REMIC I and REMIC II as the case may be, 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 REMIC I and REMIC II, as the case may be, to
comply with the requirements of this Section 9.03 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 either REMIC I or REMIC II 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 REMIC I and REMIC II, as the case may be, 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 REMIC I and REMIC II, as
the case may be, 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; provided, however, that
-------- -------
in the event that a calendar quarter ends after the commencement of the 90-day
liquidation period but prior to the Final Distribution Date, the Master Servicer
or the Company shall not purchase any of the assets of the Trust Fund prior to
the close of that calendar quarter.
(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 REMIC I and REMIC II at the expense of the
Trust Fund in accordance with the terms and conditions of this Agreement.
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ARTICLE X
REMIC PROVISIONS
Section 10.01. REMIC Administration.
--------------------
(a) The REMIC Administrator shall make an election to treat each of
REMIC I and REMIC II as a REMIC under the Code and, if necessary, under
applicable state law. Each 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 the
REMIC I election in respect of the Trust Fund, Uncertificated REMIC I Regular
Interests shall be designated as the "regular interests" and the Class R-I
Certificates shall be designated as the sole class of "residual interest" in
REMIC I. For the purposes of the REMIC II election in respect of the Trust
Fund, each of the Class A, Class M and Class B Certificates and the Excess
Spread shall be designated as the "regular interests" and the Class R-II
Certificates shall be designated as the sole class of "residual interests" in
REMIC II. The REMIC Administrator and the Trustee shall not permit the creation
of any "interests" (within the meaning of Section 860G of the Code) in REMIC I
or REMIC II other than the Uncertificated REMIC I Regular Interests and the
Class R-I Certificates and the REMIC II Certificates, the Excess Spread and the
Class R-II Certificates, respectively.
(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 of all Class R-I Certificates and Class
R-II Certificates and shall be designated as "the tax matters person" with
respect to REMIC I and REMIC II in the manner provided under Treasury
regulations section 1.860F-4(d) and temporary Treasury regulations section
301.6231(a)(7)-1T. Residential Funding, as tax matters person, shall (i) act on
behalf of REMIC I and REMIC II 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 either REMIC
I or REMIC II created hereunder and deliver such Tax Returns in a timely manner
to the Trustee and the Trustee shall
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sign and file such Tax Returns in a timely manner. The expenses of preparing
such returns shall be borne by the REMIC Administrator without any right of
reimbursement therefor. The REMIC Administrator agrees to indemnify and hold
harmless the Trustee with respect to any tax or liability arising from the
Trustee's signing of Tax Returns that contain errors or omissions. The Trustee
and Master Servicer shall promptly provide the REMIC Administrator with such
information as the REMIC Administrator may from time to time request for the
purpose of enabling the REMIC Administrator to prepare Tax Returns.
(e) The REMIC Administrator shall provide (i) to any Transferor of a
Class R Certificate such information as is necessary for the application of any
tax relating to the transfer of a Class R Certificate to any Person who is not a
Permitted Transferee, (ii) to the Trustee and the Trustee shall forward to the
Certificateholders such information or reports as are required by the Code or
the REMIC Provisions including reports relating to interest, original issue
discount and market discount or premium (using the Prepayment Assumption) and
(iii) to the Internal Revenue Service the name, title, address and telephone
number of the person who will serve as the representative of each of REMIC I and
REMIC II.
(f) The Master Servicer and the REMIC Administrator shall take such
actions and shall cause each of REMIC I and REMIC II 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 thereof as
REMICs 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 each of REMIC I and REMIC II 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 either REMIC I or REMIC II as a REMIC or (ii)
result in the imposition of a tax upon each of REMIC I or REMIC II (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 of REMIC I and REMIC II
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
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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 REMIC I or REMIC
II or their assets, or causing REMIC I and REMIC II to take any action, which is
not expressly permitted under the terms of this Agreement, the Trustee will
consult with the Master Servicer or the REMIC Administrator, as applicable, or
its designee, in writing, with respect to whether such action could cause an
Adverse REMIC Event to occur with respect to REMIC I or REMIC II, and the
Trustee shall not take any such action or cause REMIC I or REMIC II 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 REMIC I and REMIC II 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 REMIC I and REMIC II created hereunder as defined in Section 860F(a)(2) of
the Code, on "net income from foreclosure property" of REMIC I or REMIC II as
defined in Section 860G(c) of the Code, on any contributions to REMIC I or REMIC
II 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 REMIC I and REMIC II 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 REMIC I and REMIC II unless
(subject to 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 REMIC I and
REMIC II will not cause REMIC I and REMIC II to fail to qualify as REMICs at any
time that any Certificates are outstanding or subject REMIC I and REMIC II to
any tax under the REMIC Provisions or other applicable provisions of federal,
state and local law or ordinances.
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(j) Neither the Master Servicer nor the Trustee shall (subject to
Section 10.01(f)) enter into any arrangement by which REMIC I and REMIC II will
receive a fee or other compensation for services nor permit either 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.
(k) Solely for the purposes of Section 1.860G-1(a)(4)(iii) of the
Treasury Regulations, the "latest possible maturity date" of (i) each Class of
Certificates representing, or evidencing ownership of, a regular interest in
REMIC II and (ii) each Uncertificated REMIC I Regular Interest is September 25,
2026, which is the Distribution Date immediately following the latest scheduled
maturity of any Mortgage Loan.
(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 REMIC I and REMIC II.
(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 REMIC I and REMIC II, (iii) the
termination of REMIC I and REMIC II 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 REMIC I and REMIC II, nor sell or dispose
of any investments in the Custodial Account or the Certificate Account for gain
nor accept any contributions to REMIC I and REMIC II 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 REMIC I
and REMIC II as REMICs or (b) unless the Master Servicer has determined in its
sole discretion to indemnify the Trust Fund against such tax, cause REMIC I and
REMIC II 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
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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.
(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 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.
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ARTICLE XI
MISCELLANEOUS PROVISIONS
Section 11.01. Amendment.
---------
(a) This Agreement or any Custodial Agreement may be amended from time
to time by the Company, the Master Servicer and the Trustee, without the consent
of any of the Certificateholders:
(i) to cure any ambiguity,
(ii) to correct or supplement any provisions herein or therein,
which may be inconsistent with any other provisions herein or therein or to
correct any error,
(iii) to modify, eliminate or add to any of its provisions to such
extent as shall be necessary or desirable to maintain the qualification of the
Trust Fund as a REMIC at all times that any Certificate is outstanding or to
avoid or minimize the risk of the imposition of any tax on the Trust Fund
pursuant to the Code that would be a claim against the Trust Fund, provided that
the Trustee has received an Opinion of Counsel to the effect that (A) such
action is necessary or desirable to maintain such qualification or to avoid or
minimize the risk of the imposition of any such tax and (B) such action will not
adversely affect in any material respect the interests of any Certificateholder,
(iv) to change the timing and/or nature of deposits into the
Custodial Account or the Certificate Account or to change the name in which the
Custodial Account is maintained, provided that (A) the Certificate Account
Deposit Date shall in no event be later than the related Distribution Date, (B)
such change shall not, as evidenced by an Opinion of Counsel, adversely affect
in any material respect the interests of any Certificateholder and (C) such
change shall not result in a reduction of the rating assigned to any Class of
Certificates below the lower of the then-current rating or the rating assigned
to such Certificates as of the Closing Date, as evidenced by a letter from each
Rating Agency to such effect,
(v) to modify, eliminate or add to the provisions of Section
5.02(f) or any other provision hereof restricting transfer of the Class R-I
Certificates and Class R-II Certificates, by virtue of their being the "residual
interests" in REMIC I and REMIC II, respectively, 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 either REMIC I or
REMIC II 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, or
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(vi) to provide for the Excess Spread to be certificated and
designated as a Variable Strip Certificate, or
(vii) 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.
(b) This Agreement or any Custodial Agreement may also be amended from
time to time by the Company, the Master Servicer and the Trustee with the
consent of the Holders of Certificates evidencing in the aggregate not less than
66% of the Percentage Interests of each Class of Certificates affected thereby
and the Owner of the Excess Spread, if 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 or of the Excess
Spread; 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 or the Excess
Spread without the consent of the Holder of such Certificate or the Owner of the
Excess Spread,
(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 either REMIC I or REMIC
II 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 each
Certificateholder and the Owner of the Excess Spread. 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
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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 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
Regulation 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 Class A
Certificateholders, the Class R 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) either REMIC I or
REMIC II 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 M (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 N, 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
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counterparts, each of which counterparts shall be deemed to be an original, and
such counterparts shall constitute but one and the same instrument.
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) Neither the Owner of the Excess Spread, nor any 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 or the Owner of the Excess Spread from time to time as
partners or members of an association; nor shall any Certificateholder or the
Owner of the Excess Spread 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) Neither the Owner of the Excess Spread nor any 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 and the Owner of the Excess Spread 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.
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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.
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 (a) in the case of the
Company, 8400 Normandale Lake Boulevard, Suite 700, Minneapolis, Minnesota
55437, Attention: President, or such other address as may hereafter be
furnished to the Master Servicer and the Trustee in writing by the Company, (b)
in the case of the Master Servicer, 10 Universal City Plaza, Suite 2100,
Universal City, California 91608, Attention: Bond Administration Team Leader or
such other address as may be hereafter furnished to the Company and the Trustee
by the Master Servicer in writing, (c) in the case of the Trustee, Four Albany
Street, New York, New York 10006, Attention: Residential Funding Corporation
Series 1996-S20 or such other address as may hereafter be furnished to the
Company and the Master Servicer in writing by the Trustee, (d) in the case of
Fitch, One State Street Plaza, New York, New York 10004, or such other address
as may hereafter be furnished to the Company, the Trustee and the Master
Servicer in writing by Fitch and (e) in the case of Standard & Poor's, 25
Broadway, New York, New York 10004 or such other address as may be hereafter
furnished to the Company, the Trustee and the Master Servicer by Standard &
Poor's. 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. Notices to Rating Agency.
------------------------
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,
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(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 and the Owner of the Excess Spread 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 or the Owner of the Excess Spread 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.
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 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
140
<PAGE>
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 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.
141
<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 FUNDING MORTGAGE
SECURITIES I, INC.
[Seal]
By:
-------------------------------
Name:
----------------
Title: Vice President
Attest:
-------------------
Name:
----------------
Title:
----------------
RESIDENTIAL FUNDING CORPORATION
[Seal]
By:
-------------------------------
Name:
----------------
Title:
-----------------
Attest:
-------------------
Name:
----------------
Title:
----------------
BANKERS TRUST COMPANY,
as Trustee
[Seal]
By:
-------------------------------
Name:
Title:
Attest:
-------------------
Name:
Title:
142
<PAGE>
STATE OF MINNESOTA )
) ss.:
COUNTY OF HENNEPIN )
On the 26th day of September, 1996 before me, a notary public in and
for said State, personally appeared _______________, known to me to be a Vice
President of Residential Funding Mortgage Securities I, 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.
-----------------------------------------------
Notary Public
[Notarial Seal]
143
<PAGE>
STATE OF MINNESOTA )
) ss.:
COUNTY OF HENNEPIN )
On the 26th day of September, 1996 before me, a notary public in and
for said State, personally appeared _______________, known to me to be a
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.
---------------------------------------------
Notary Public
[Notarial Seal]
144
<PAGE>
STATE OF )
) ss.:
COUNTY OF )
On the 26th day of September, 1996 before me, a notary public in and
for said State, personally appeared ___________________, known to me to be a
____________________ of Bankers Trust Company, the national banking association
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.
----------------------------------------
Notary Public
[Notarial Seal]
145
<PAGE>
EXHIBIT A-1
FORM OF CLASS A 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 (THE "CODE").
[NO TRANSFER OF THIS CERTIFICATE MAY BE MADE UNLESS THE TRANSFEREE
PROVIDES EITHER (I) AN OPINION OF COUNSEL SATISFACTORY TO THE MASTER SERVICER,
THE COMPANY AND THE TRUSTEE THAT THE PURCHASE OF THIS 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 AND WILL NOT SUBJECT THE
MASTER SERVICER, THE COMPANY OR THE TRUSTEE TO ANY OBLIGATION OR LIABILITY IN
ADDITION TO THOSE UNDERTAKEN IN THE POOLING AND SERVICING AGREEMENT (THE
"AGREEMENT") OR (II) A CERTIFICATION IN THE FORM SET FORTH IN EXHIBIT J-2 OF THE
AGREEMENT.]
[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.]
[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 SEPTEMBER 26, 1996.
ASSUMING THAT THE MORTGAGE LOANS PREPAY AT 250% OF THE STANDARD PREPAYMENT
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 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 USING THE APPROXIMATE METHOD.
NO
A-1
<PAGE>
REPRESENTATION IS MADE THAT THE MORTGAGE LOANS WILL PREPAY AT A RATE BASED ON
THE STANDARD PREPAYMENT ASSUMPTION OR AT ANY OTHER RATE OR AS TO THE CONSTANCY
OF THE PASS-THROUGH RATE.]
A-2
<PAGE>
Certificate No. __ [7.100%] [7.350%] [7.500%] [Variable] [7.750%]
[0.00%] [Adjustable] Pass-Through Rate
Class A-__ Senior
Date of Pooling and Servicing Percentage Interest: ____%
Agreement and Cut-off Date:
September 1, 1996
First Distribution Date: Aggregate Initial Certificate Principal Balance
October 25, 1996 of the Class A-1 Certificates: $____________
Master Servicer: Initial Certificate Principal
Residential Funding Corporation Balance of this Certificate:
$____________
Assumed Final CUSIP _________
Distribution Date:
September 25, 2026
MORTGAGE PASS-THROUGH CERTIFICATE
SERIES 1996-S20
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
FUNDING MORTGAGE SECURITIES I, INC.
This Certificate is payable solely from the assets of the Trust Fund,
and does not represent an obligation of or interest in Residential Funding
Mortgage Securities I, Inc., the Master Servicer, the Trustee referred to below
or GMAC Mortgage Corporation 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 Funding Mortgage
Securities I, Inc., the Master Servicer, the Trustee or GMAC Mortgage
Corporation or any of their affiliates. None of the Company, the Master
Servicer, GMAC Mortgage Corporation 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
A-3
<PAGE>
Class A-___ Certificates, both as specified above) in certain distributions with
respect to the Trust Fund consisting primarily of an interest in a pool of
conventional one- to four-family fixed interest rate first mortgage loans (the
"Mortgage Loans"), formed and sold by Residential Funding Mortgage Securities I,
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 Bankers Trust Company, 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.
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
distributions allocable to principal and any Realized Losses allocable hereto.
[No transfer of this Class A-8 Certificate will be made unless the
transferee provides the Trustee with 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 A-8 Certificate is
permissible under applicable law, will not constitute or result in any non-
exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the
Code and will not subject the Trustee, the Company or the Master Servicer to any
obligation or liability in addition to those undertaken in the Agreement or (ii)
in
A-4
<PAGE>
lieu of such opinion of counsel, a certification in the form set forth in
Exhibit J-2 to the Agreement.]
This Certificate is one of a duly authorized issue of Certificates
issued in several Classes designated as Mortgage 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.
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
A-5
<PAGE>
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 or
the Company 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 or the Company to (i) purchase at a price determined as provided in the
Agreement all remaining Mortgage Loans and all property acquired in respect of
any Mortgage Loan or (ii) purchase in whole, but not in part, all of the
Certificates from the Holders thereof; provided, that any such option may only
be exercised if the Pool Stated Principal Balance of the Mortgage Loans as of
the Distribution Date upon which the proceeds of any such purchase are
distributed is less than ten percent of the Cut-off Date Principal Balance of
the Mortgage Loans.
Reference is hereby made to the further provisions of this Certificate
set forth on the reverse hereof, which further provisions shall for all purposes
have the same effect as if set forth at this place.
Unless the certificate of authentication hereon has been executed by
the Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.
A-6
<PAGE>
IN WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
executed.
Dated: September 26, 1996 BANKERS TRUST COMPANY,
as Trustee
By:
Authorized Signatory
CERTIFICATE OF AUTHENTICATION
-----------------------------
This is one of the Class A-__ Certificates referred to in the within-
mentioned Agreement.
BANKERS TRUST COMPANY,
as Certificate Registrar
By:
Authorized Signatory
A-7
<PAGE>
ASSIGNMENT
----------
FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto ______________________________________________________________
(Please print or typewrite name and address including postal zip code of
assignee) a Percentage Interest evidenced by the within Mortgage 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 CLASS A
CERTIFICATES, THE EXCESS SPREAD [,] [AND] [CLASS R CERTIFICATES] [,] [AND]
[CLASS M-1 CERTIFICATES] [,] [AND] [CLASS M-2 CERTIFICATES] [AND CLASS M-3
CERTIFICATES] AS DESCRIBED IN THE AGREEMENT (AS DEFINED BELOW).
NO TRANSFER OF THIS CERTIFICATE MAY BE MADE UNLESS THE TRANSFEREE PROVIDES
EITHER (I) AN OPINION OF COUNSEL SATISFACTORY TO THE MASTER SERVICER, THE
COMPANY AND THE TRUSTEE THAT THE PURCHASE OF THIS 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 AND WILL NOT SUBJECT THE
MASTER SERVICER, THE COMPANY OR THE TRUSTEE TO ANY OBLIGATION OR LIABILITY IN
ADDITION TO THOSE UNDERTAKEN IN THE POOLING AND SERVICING AGREEMENT (THE
"AGREEMENT") OR (II) A CERTIFICATION IN THE FORM SET FORTH IN EXHIBIT J-2 OF THE
AGREEMENT.
[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 SEPTEMBER 26, 1996.
ASSUMING THAT THE MORTGAGE LOANS PREPAY AT ____% OF THE STANDARD PREPAYMENT
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 STANDARD PREPAYMENT ASSUMPTION [OR AT ANY OTHER RATE.]
<PAGE>
Certificate No. ___ 7.750% Pass-Through Rate
Class M-___ Mezzanine Aggregate Certificate Principal
Balance of the
Class M-__ Certificates: $___________
Date of Pooling and Servicing Percentage Interest: ____%
Agreement and Cut-off Date:
September 1, 1996 Initial Certificate Principal
Balance of this Certificate:
$_______________
First Distribution Date:
October 25, 1996
Master Servicer:
Residential Funding Corporation
Assumed Final Distribution Date: CUSIP ____________
September 25, 2026
MORTGAGE PASS-THROUGH CERTIFICATE,
SERIES 1996-S20
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 FUNDING MORTGAGE SECURITIES I, INC.
This Certificate is payable solely from the assets of the Trust Fund,
and does not represent an obligation of or interest in Residential Funding
Mortgage Securities I, Inc., the Master Servicer, the Trustee referred to below
or GMAC Mortgage Corporation 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 Funding Mortgage
Securities I, Inc., the Master Servicer, the Trustee or GMAC Mortgage
Corporation or any of their affiliates. None of the Company, the Master
Servicer, GMAC Mortgage Corporation 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
B-2
<PAGE>
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 Funding Mortgage Securities I, 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 Bankers Trust Company, 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 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.
No transfer of this Class M-__ Certificate will be made unless the
transferee provides the Trustee with 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 M-__ Certificate is
permissible under applicable law, will not constitute or result in any non-
exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the
Code and will not subject the Trustee, the Company or the Master Servicer to any
obligation or liability in addition to those undertaken in the Agreement or (ii)
in
B-3
<PAGE>
lieu of such opinion of counsel, a certification in the form set forth in
Exhibit J-2 to the Agreement.
This Certificate is one of a duly authorized issue of Certificates
issued in several Classes designated as Mortgage 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.
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
B-4
<PAGE>
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 or
the Company 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 or the Company to (i) purchase at a price determined as provided in the
Agreement all remaining Mortgage Loans and all property acquired in respect of
any Mortgage Loan or (ii) purchase in whole, but not in part, all of the
Certificates from the Holders thereof; provided, that any such option may only
be exercised if the Pool Stated Principal Balance of the Mortgage Loans as of
the Distribution Date upon which the proceeds of any such purchase are
distributed is less than ten percent of the Cut-off Date Principal Balance of
the Mortgage Loans.
Unless the certificate of authentication hereon has been executed by
the Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.
B-5
<PAGE>
IN WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
executed.
Dated: September 26, 1996 BANKERS TRUST COMPANY,
as Trustee
By:
Authorized Signatory
CERTIFICATE OF AUTHENTICATION
-----------------------------
This is one of the Class M-__ Certificates referred to in the within-
mentioned Agreement.
BANKERS TRUST COMPANY,
as Certificate Registrar
By:
Authorized Signatory
B-6
<PAGE>
ASSIGNMENT
----------
FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto ______________________________________________________________
(Please print or typewrite name and address including postal zip code of
assignee) a Percentage Interest evidenced by the within Mortgage 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 CLASS A
CERTIFICATES, THE EXCESS SPREAD, THE CLASS R CERTIFICATES [,] [AND] THE CLASS M
CERTIFICATES [,] [AND] [THE CLASS B-1 CERTIFICATES] [AND THE CLASS B-2
CERTIFICATES] AS DESCRIBED IN THE AGREEMENT (AS DEFINED HEREIN).
NO TRANSFER OF THIS CERTIFICATE MAY BE MADE UNLESS THE TRANSFEREE PROVIDES
EITHER (I) AN OPINION OF COUNSEL SATISFACTORY TO THE MASTER SERVICER, THE
COMPANY AND THE TRUSTEE THAT THE PURCHASE OF THIS 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 AND WILL NOT SUBJECT THE
MASTER SERVICER, THE COMPANY OR THE TRUSTEE TO ANY OBLIGATION OR LIABILITY IN
ADDITION TO THOSE UNDERTAKEN IN THE POOLING AND SERVICING AGREEMENT (THE
"AGREEMENT") OR (II) A CERTIFICATION IN THE FORM SET FORTH IN EXHIBIT J-2 OF THE
AGREEMENT.
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.
[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 SEPTEMBER 26, 1996. ASSUMING THAT THE MORTGAGE
LOANS PREPAY AT 250% OF THE STANDARD PREPAYMENT 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
<PAGE>
MORTGAGE LOANS WILL PREPAY AT A RATE BASED ON THE STANDARD PREPAYMENT ASSUMPTION
OR AT ANY OTHER RATE.]
C-2
<PAGE>
Certificate No. __ 7.750 % Pass-Through Rate
Class B-__ Subordinate Aggregate Certificate
Principal Balance
of the Class B-__
Certificates as of
Date of Pooling and Servicing the Cut-off Date:
Agreement and Cut-off Date: $_______________
September 1, 1996
Initial Certificate Principal
Balance of this Certificate:
First Distribution Date: $_______________
October 25, 1996
Master Servicer:
Residential Funding Corporation
Assumed Final Distribution Date: CUSIP
September 25, 2026
MORTGAGE PASS-THROUGH CERTIFICATE,
SERIES 1996-S20
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 FUNDING MORTGAGE SECURITIES I, INC.
This Certificate is payable solely from the assets of the Trust Fund,
and does not represent an obligation of or interest in Residential Funding
Mortgage Securities I, Inc., the Master Servicer, the Trustee referred to below
or GMAC Mortgage Corporation 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 Funding Mortgage
Securities I, Inc., the Master Servicer, the Trustee or GMAC Mortgage
Corporation or any of their affiliates. None of the Company, the Master
Servicer, GMAC Mortgage Corporation 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 Funding Mortgage Securities I, Inc. 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
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
C-3
<PAGE>
rate first mortgage loans (the "Mortgage Loans"), formed and sold by Residential
Funding Mortgage Securities I, 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
Bankers Trust Company, 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 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 the
transferee provides the Trustee with 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 is
permissible under applicable law, will not constitute or result in any non-
exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the
Code and will not subject the Trustee, the Company or the Master Servicer to any
obligation or liability in addition to those undertaken in the Agreement or (ii)
in lieu of such opinion of counsel, a certification in the form set forth in
Exhibit J-2 to the Agreement.
C-4
<PAGE>
This Certificate is one of a duly authorized issue of Certificates
issued in several Classes designated as Mortgage 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.
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.
C-5
<PAGE>
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 or
the Company 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 or the Company to (i) purchase at a price determined as provided in the
Agreement all remaining Mortgage Loans and all property acquired in respect of
any Mortgage Loan or (ii) purchase in whole, but not in part, all of the
Certificates from the Holders thereof; provided, that any such option may only
be exercised if the Pool Stated Principal Balance of the Mortgage Loans as of
the Distribution Date upon which the proceeds of any such purchase are
distributed is less than ten percent of the Cut-off Date Principal Balance of
the Mortgage Loans.
Unless the certificate of authentication hereon has been executed by
the Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.
C-6
<PAGE>
IN WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
executed.
Dated: September 26, 1996 BANKERS TRUST COMPANY,
as Trustee
By:
Authorized Signatory
CERTIFICATE OF AUTHENTICATION
-----------------------------
This is one of the Class B-__ Certificates referred to in the within-
mentioned Agreement.
BANKERS TRUST COMPANY,
as Certificate Registrar
By:
Authorized Signatory
C-7
<PAGE>
ASSIGNMENT
----------
FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto ______________________________________________________________
(Please print or typewrite name and address including postal zip code of
assignee) a Percentage Interest evidenced by the within Mortgage 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").
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 FOREIGN GOVERNMENT, ANY
INTERNATIONAL ORGANIZATION, OR ANY AGENCY OR INSTRUMENTALITY OF ANY OF THE
FOREGOING, (B) ANY ORGANIZATION (OTHER THAN A COOPERATIVE 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, (C) ANY ORGANIZATION DESCRIBED IN SECTION 1381(A)(2)(C) OF THE CODE, (ANY
SUCH PERSON DESCRIBED IN THE FOREGOING CLAUSES (A), (B) OR (C) BEING HEREIN
REFERRED TO AS A "DISQUALIFIED ORGANIZATION") OR (D) 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. ___ 7.750% Pass-Through Rate
Class [R-I] [R-II] Senior Aggregate Initial Certificate Principal
Balance of the Class [R-I] [R-II]
Certificates:
Date of Pooling and Servicing $100.00
Agreement and Cut-off Date:
September 1, 1996 Initial Certificate Principal
Balance of this Certificate:
First Distribution Date: $_______________
October 25, 1996
Percentage Interest:
Master Servicer: _______%
Residential Funding Corporation
CUSIP ______-_____
Assumed Final Distribution Date:
September 25, 2026
MORTGAGE PASS-THROUGH CERTIFICATE,
SERIES 1996-S20
evidencing a percentage interest in any distributions allocable
to the Class [R-I] [R-II] 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 FUNDING MORTGAGE SECURITIES I, INC.
This Certificate is payable solely from the assets of the Trust Fund,
and does not represent an obligation of or interest in Residential Funding
Mortgage Securities I, Inc., the Master Servicer, the Trustee referred to below
or GMAC Mortgage Corporation 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 Funding Mortgage
Securities I, Inc., the Master Servicer, the Trustee or GMAC Mortgage
Corporation or any of their affiliates. None of the Company, the Master
Servicer, GMAC Mortgage Corporation 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-I] [R-II] 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 Funding Mortgage Securities I, Inc. (hereinafter called the
"Company," which term includes any successor entity
D-2
<PAGE>
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 Bankers Trust Company, 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-I] [R-
II] 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.
D-3
<PAGE>
This Certificate is one of a duly authorized issue of Certificates
issued in several Classes designated as Mortgage 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.
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.
D-4
<PAGE>
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 or
the Company 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 or the Company 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.
D-5
<PAGE>
IN WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
executed.
Dated: September 26, 1996 BANKERS TRUST COMPANY
as Trustee
By:
Authorized Signatory
CERTIFICATE OF AUTHENTICATION
-----------------------------
This is one of the Class [R-I] [R-II] Certificates referred to in the
within-mentioned Agreement.
BANKERS TRUST COMPANY,
as Certificate Registrar
By:
Authorized Signatory
D-6
<PAGE>
ASSIGNMENT
----------
FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto _______________________________________________________________
(Please print or typewrite name and address including postal zip code of
assignee) a Percentage Interest evidenced by the within Mortgage 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
CUSTODIAL AGREEMENT
-------------------
THIS CUSTODIAL AGREEMENT (as amended and supplemented from time to
time, the "Agreement"), dated as of September 1, 1996, by and among BANKERS
TRUST COMPANY, as trustee (including its successors under the Pooling Agreement
defined below, the "Trustee"), RESIDENTIAL FUNDING MORTGAGE SECURITIES I, INC.,
as company (together with any successor in interest, the "Company"), RESIDENTIAL
FUNDING CORPORATION, as master servicer (together with any successor in interest
or successor under the Pooling Agreement referred to below, the "Master
Servicer"), and NORWEST BANK MINNESOTA, NATIONAL ASSOCIATION (together with any
successor in interest or any successor appointed hereunder, the "Custodian").
W I T N E S S E T H T H A T :
- - - - - - - - - - - - - -
WHEREAS, the Company, the Master Servicer, and the Trustee have
entered into a Pooling and Servicing Agreement, dated as of September 1, 1996,
relating to the issuance of Residential Funding Mortgage Securities I, Inc.,
Mortgage Pass-Through Certificates, Series 1996-S20 (as in effect on the date of
this agreement, the "Original Pooling Agreement," and as amended and
supplemented from time to time, the "Pooling Agreement"); and
WHEREAS, the Custodian has agreed to act as agent for the Trustee for
the purposes of receiving and holding certain documents and other instruments
delivered by the Company and the Master Servicer under the Pooling Agreement,
all upon the terms and conditions and subject to the limitations hereinafter set
forth;
NOW, THEREFORE, in consideration of the premises and the mutual
covenants and agreements hereinafter set forth, the Trustee, the Company, the
Master Servicer and the Custodian hereby agree as follows:
ARTICLE I
Definitions
Capitalized terms used in this Agreement and not defined herein shall
have the meanings assigned in the Original Pooling Agreement, unless otherwise
required by the context herein.
<PAGE>
ARTICLE II
Custody of Mortgage Documents
Section 2.1. Custodian to Act as Agent; Acceptance of Mortgage Files.
-------------------------------------------------------
The Custodian, as the duly appointed agent of the Trustee for these purposes,
acknowledges receipt of the Mortgage Files relating to the Mortgage Loans
identified on the schedule attached hereto (the "Mortgage Files") and declares
that it holds and will hold the Mortgage Files as agent for the Trustee, in
trust, for the use and benefit of all present and future Certificateholders.
Section 2.2. Recordation of Assignments. If any Mortgage File
--------------------------
includes one or more assignments to the Trustee of Mortgage Notes and related
Mortgages that have not been recorded, each such assignment shall be delivered
by the Custodian to the Company for the purpose of recording it in the
appropriate public office for real property records, and the Company, at no
expense to the Custodian, shall promptly cause to be recorded in the appropriate
public office for real property records each such assignment and, upon receipt
thereof from such public office, shall return each such assignment to the
Custodian.
Section 2.3. Review of Mortgage Files.
------------------------
(a) On or prior to the Closing Date, the Custodian shall deliver to
the Trustee an Initial Certification in the form annexed hereto as Exhibit One
evidencing receipt of a Mortgage File for each Mortgage Loan listed on the
Schedule attached hereto (the "Mortgage Loan Schedule").
(b) Within 45 days of the initial issuance of the Certificates, the
Custodian agrees, for the benefit of Certificateholders, to review, in
accordance with the provisions of Section 2.02 of the Pooling Agreement, each
Mortgage File, and shall deliver to the Trustee an Interim Certification in the
form annexed hereto as Exhibit Two to the effect that all documents required to
be delivered pursuant to Section 2.01(b) of the Pooling Agreement 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. Within 45 days of receipt of
the documents required to be delivered pursuant to Section 2.01(c) of the
Pooling Agreement, the Custodian agrees, for the benefit of Certificateholders,
to review, in accordance with the provisions of Section 2.02 of the Pooling
Agreement, each such document, and shall deliver to the Trustee either (i) an
Interim Certification in the form attached hereto as Exhibit Two to the effect
that all 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 or (ii) a Final Certification as set forth in subsection
(c) below. The Custodian shall be under no duty or obligation to inspect,
review or examine said documents, instruments, certificates or other papers to
determine that the same are genuine, enforceable, or appropriate for the
represented purpose or that they have actually been recorded or that they are
other than what they purport to be on their face. If in performing the review
required by this Section 2.3 the Custodian finds any document or documents
constituting a part of a Mortgage File to be defective in any material respect,
the Custodian shall promptly so notify the Company, the Master
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<PAGE>
Servicer and the Trustee. Upon receipt of written notification from the Master
Servicer, signed by a Servicing Officer, that the Master Servicer or a
Subservicer, as the case may be, has made a deposit into the Certificate Account
in payment for the purchase of the related Mortgage Loan in an amount equal to
the Purchase Price for such Mortgage Loan, the Custodian shall release to the
Master Servicer the related Mortgage File.
(c) Upon receipt of all documents required to be in the Mortgage
Files the Custodian shall deliver to the Trustee a Final Certification in the
form annexed hereto as Exhibit Three evidencing the completeness of the Mortgage
Files.
Upon receipt of written request from the Trustee, the Custodian shall
as soon as practicable supply the Trustee with a list of all of the documents
relating to the Mortgage Loans then contained in the Mortgage Files.
Section 2.4. Notification of Breaches of Representations and
-----------------------------------------------
Warranties. Upon discovery by the Custodian of a breach of any representation
- ----------
or warranty made by the Master Servicer or the Company as set forth in the
Pooling Agreement or by a Seller in a Seller's Agreement or by Residential
Funding or the Company in the Assignment Agreement with respect to a Mortgage
Loan relating to a Mortgage File, the Custodian shall give prompt written notice
to the Company, the Master Servicer and the Trustee.
Section 2.5. Custodian to Cooperate; Release of Mortgage Files. Upon
-------------------------------------------------
the repurchase or substitution of any Mortgage Loan pursuant to Article II of
the Pooling Agreement or payment in full of any Mortgage Loan, or 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 shall immediately notify
the Custodian by a certification (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 of the Pooling Agreement have been or will be so
deposited) of a Servicing Officer and shall request delivery to it of the
Mortgage File. The Custodian agrees, upon receipt of such certification and
request, promptly to release to the Master Servicer the related Mortgage File.
The Master Servicer shall deliver to the Custodian and the Custodian agrees to
accept the Mortgage Note and other documents constituting the Mortgage File with
respect to any Qualified Substitute Mortgage Loan.
From time to time as is appropriate for the servicing or foreclosures
of any Mortgage Loan, including, for this purpose, collection under any Primary
Insurance Policy or any Mortgage Pool Insurance Policy, the Master Servicer
shall deliver to the Custodian a certificate of a Servicing Officer 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 of the Required Insurance
Policies. With such certificate, the Master Servicer shall deliver to the
Custodian a trust receipt signed by a Servicing Officer on behalf of the Master
Servicer, and upon receipt of the foregoing, the Custodian shall deliver the
Mortgage File or such document to the Master Servicer. The Master Servicer
shall cause each Mortgage
E-3
<PAGE>
File or any document therein so released to be returned to the Custodian 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 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 to the Custodian 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 Custodian shall deliver the Trust Receipt
with respect thereto to the Master Servicer upon deposit of the related
Liquidation Proceeds in the Custodial Account as provided in the Pooling
Agreement.
Section 2.6. Assumption Agreements. In the event that any assumption
---------------------
agreement or substitution of liability agreement is entered into with respect to
any Mortgage Loan subject to this Agreement in accordance with the terms and
provisions of the Pooling Agreement, the Master Servicer shall notify the
Custodian that such assumption or substitution agreement has been completed by
forwarding to the Custodian the original of such assumption or substitution
agreement, which shall be added to the related Mortgage File and, for all
purposes, shall be considered a part of such Mortgage File to the same extent as
all other documents and instruments constituting parts thereof.
ARTICLE III
Concerning the Custodian
Section 3.1. Custodian a Bailee and Agent of the Trustee. With
-------------------------------------------
respect to each Mortgage Note, Mortgage and other documents constituting each
Mortgage File which are delivered to the Custodian, the Custodian is exclusively
the bailee and agent of the Trustee and has no instructions to hold any Mortgage
Note or Mortgage for the benefit of any person other than the Trustee, holds
such documents for the benefit of Certificateholders and undertakes to perform
such duties and only such duties as are specifically set forth in this
Agreement. Except upon compliance with the provisions of Section 2.5 of this
Agreement, no Mortgage Note, Mortgage or other document constituting a part of a
Mortgage File shall be delivered by the Custodian to the Company or the Master
Servicer or otherwise released from the possession of the Custodian.
Section 3.2. Indemnification. The Company hereby agrees to indemnify
---------------
and hold the Custodian harmless from and against all claims, liabilities,
losses, actions, suits or proceedings at law or in equity, or any other
expenses, fees or charges of any character or nature, which the Custodian may
incur or with which the Custodian may be threatened by reason of its acting as
custodian under this Agreement, including indemnification of the Custodian
against any and all expenses, including attorney's fees if counsel for the
Custodian has been approved by the Company, and the cost of defending any
action, suit or proceedings or resisting any claim.
E-4
<PAGE>
Notwithstanding the foregoing, it is specifically understood and agreed that in
the event any such claim, liability, loss, action, suit or proceeding or other
expense, fee or charge shall have been caused by reason of any negligent act,
negligent failure to act or willful misconduct on the part of the Custodian, or
which shall constitute a willful breach of its duties hereunder, the
indemnification provisions of this Agreement shall not apply.
Section 3.3. Custodian May Own Certificates. The Custodian 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 Custodian.
Section 3.4. Master Servicer to Pay Custodian's Fees and Expenses.
----------------------------------------------------
The Master Servicer covenants and agrees to pay to the Custodian from time to
time, and the Custodian shall be entitled to, reasonable compensation for all
services rendered by it in the exercise and performance of any of the powers and
duties hereunder of the Custodian, and the Master Servicer will pay or reimburse
the Custodian upon its request for all reasonable expenses, disbursements and
advances incurred or made by the Custodian 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), except any such expense, disbursement or advance as may arise from
its negligence or bad faith.
Section 3.5. Custodian May Resign; Trustee May Remove Custodian. The
--------------------------------------------------
Custodian may resign from the obligations and duties hereby imposed upon it as
such obligations and duties relate to its acting as Custodian of the Mortgage
Loans. Upon receiving such notice of resignation, the Trustee shall either take
custody of the Mortgage Files itself and give prompt notice thereof to the
Company, the Master Servicer and the Custodian, or promptly appoint a successor
Custodian by written instrument, in duplicate, one copy of which instrument
shall be delivered to the resigning Custodian and one copy to the successor
Custodian. If the Trustee shall not have taken custody of the Mortgage Files
and no successor Custodian shall have been so appointed and have accepted
appointment within 30 days after the giving of such notice of resignation, the
resigning Custodian may petition any court of competent jurisdiction for the
appointment of a successor Custodian.
The Trustee may remove the Custodian at any time. In such event, the
Trustee shall appoint, or petition a court of competent jurisdiction to appoint,
a successor Custodian hereunder. Any successor Custodian shall be a depository
institution subject to supervision or examination by federal or state authority
and shall be able to satisfy the other requirements contained in Section 3.7 and
shall be unaffiliated with the Master Servicer or the Company.
Any resignation or removal of the Custodian and appointment of a
successor Custodian pursuant to any of the provisions of this Section 3.5 shall
become effective upon acceptance of appointment by the successor Custodian. The
Trustee shall give prompt notice to the Company and the Master Servicer of the
appointment of any successor Custodian. No successor Custodian shall be
appointed by the Trustee without the prior approval of the Company and the
Master Servicer.
E-5
<PAGE>
Section 3.6. Merger or Consolidation of Custodian. Any Person into
------------------------------------
which the Custodian may be merged or converted or with which it may be
consolidated, or any Person resulting from any merger, conversion or
consolidation to which the Custodian shall be a party, or any Person succeeding
to the business of the Custodian, shall be the successor of the Custodian
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.
Section 3.7. Representations of the Custodian. The Custodian hereby
--------------------------------
represents that it is a depository institution subject to supervision or
examination by a federal or state authority, has a combined capital and surplus
of at least $15,000,000 and is qualified to do business in the jurisdictions in
which it will hold any Mortgage File.
ARTICLE IV
Miscellaneous Provisions
Section 4.1. Notices. All notices, requests, consents and demands
-------
and other communications required under this Agreement or pursuant to any other
instrument or document delivered hereunder shall be in writing and, unless
otherwise specifically provided, may be delivered personally, by telegram or
telex, or by registered or certified mail, postage prepaid, return receipt
requested, at the addresses specified on the signature page hereof (unless
changed by the particular party whose address is stated herein by similar notice
in writing), in which case the notice will be deemed delivered when received.
Section 4.2. Amendments. No modification or amendment of or
----------
supplement to this Agreement shall be valid or effective unless the same is in
writing and signed by all parties hereto, and neither the Company, the Master
Servicer nor the Trustee shall enter into any amendment hereof except as
permitted by the Pooling Agreement. The Trustee shall give prompt notice to the
Custodian of any amendment or supplement to the Pooling Agreement and furnish
the Custodian with written copies thereof.
Section 4.3. Governing Law. This Agreement shall be deemed a
-------------
contract made under the laws of the State of New York and shall be construed and
enforced in accordance with and governed by the laws of the State of New York.
Section 4.4. Recordation of Agreement. 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
evidencing undivided interests in the aggregate of not less than 25% of the
Trust Fund), but only upon direction accompanied by an Opinion of Counsel
reasonably satisfactory to the Master Servicer to the effect that the
E-6
<PAGE>
failure to effect such recordation is likely to materially and adversely affect
the interests of the Certificateholders.
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.
Section 4.5. 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.
E-7
<PAGE>
IN WITNESS WHEREOF, this Agreement is executed as of the date first
above written.
Address: BANKERS TRUST COMPANY,
as Trustee
Four Albany Street
New York, New York 10006
Attention:
Residential Funding Corporation
Series 1996-S20
By:
Name:
Title: Vice President
Address: RESIDENTIAL FUNDING MORTGAGE
SECURITIES I, INC.
8400 Normandale Lake Boulevard
Minneapolis, Minnesota 55437
By:
Name:
Title: Vice President
Address: RESIDENTIAL FUNDING
CORPORATION, as Master Servicer
8400 Normandale Lake Boulevard
Suite 700
Minneapolis, Minnesota 55437
By:
Name:
Title: Director
Address: NORWEST BANK MINNESOTA,
NATIONAL ASSOCIATION
401 Second Avenue South
Minneapolis, Minnesota 55479
By:
Name: Kathleen Marshall
Title: Trust Officer
E-8
<PAGE>
STATE OF NEW YORK )
) ss.:
COUNTY OF NEW YORK )
On the 26th day of September, 1996, before me, a notary public in and
for said State, personally appeared _______________________, known to me to be a
Vice President of Bankers Trust Company, a national banking association 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.
Notary Public
[SEAL]
<PAGE>
STATE OF MINNESOTA )
) ss.:
COUNTY OF HENNEPIN )
On the 26th day of September, 1996, before me, a notary public in and
for said State, personally appeared Kathleen Marshall, known to me to be a Trust
Officer of Norwest Bank Minnesota, National Association, a national banking
association that executed the within instrument, and also known to me to be the
person who executed it on behalf of said national banking association, and
acknowledged to me that such national banking association 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.
Notary Public
[SEAL]
<PAGE>
STATE OF MINNESOTA )
) ss.:
COUNTY OF HENNEPIN )
On the 26th day of September, 1996, before me, a notary public in and
for said State, personally appeared ________________, known to me to be a Vice
President of Residential Funding Mortgage Securities I, 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.
Notary Public
[Notarial Seal]
STATE OF MINNESOTA )
) ss:
COUNTY OF HENNEPIN )
On the 26th day of September, 1996, before me, a notary public in and
for said State, personally appeared ________________, known to me to be a
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.
Notary Public
[Notarial Seal]
<PAGE>
EXHIBIT ONE
FORM OF CUSTODIAN
INITIAL CERTIFICATION
September 26, 1996
Bankers Trust Company
Four Albany Street
New York, New York 10006
Attention: Residential Funding Corporation Series 1996-S20
Re: Custodial Agreement, dated as of September 1, 1996, by and among
Bankers Trust Company, Residential Funding Mortgage Securities I,
Inc., Residential Funding Corporation and Norwest Bank Minnesota,
National Association, Mortgage Pass-Through Certificates, Series
1996-S20
----------------------------------------------------------------
Ladies and Gentlemen:
In accordance with Section 2.3 of the above-captioned Custodial
Agreement, and subject to Section 2.02 of the Pooling Agreement, the
undersigned, as Custodian, hereby certifies that it has received a Mortgage File
(which contains an original Mortgage Note) to the extent required in Section
2.01(b) of the Pooling Agreement with respect to each Mortgage Loan listed in
the Mortgage Loan Schedule.
Capitalized words and phrases used herein shall have the respective
meanings assigned to them in the above-captioned Custodial Agreement.
NORWEST BANK MINNESOTA,
NATIONAL ASSOCIATION
By:
Name:
Title:
<PAGE>
EXHIBIT TWO
FORM OF CUSTODIAN INTERIM CERTIFICATION
________________ ____, 1996
Bankers Trust Company
Four Albany Street
New York, New York 10006
Attention: Residential Funding Corporation Series 1996-S20
Re: Custodial Agreement dated as of September 1, 1996, by and among
Bankers Trust company, Residential Funding Mortgage Securities I,
Inc., Residential Funding Corporation and Norwest Bank Minnesota,
National Association, Mortgage Pass-Through Certificates, Series
1996-S20
-----------------------------------------------------------------
Ladies and Gentlemen:
In accordance with Section 2.3 of the above-captioned Custodial
Agreement, the undersigned, as Custodian, hereby certifies that it has received
a Mortgage File to the extent required pursuant to Section 2.01(b) of the
Pooling Agreement with respect to each Mortgage Loan listed in the Mortgage Loan
Schedule, and it has reviewed the Mortgage File and the Mortgage Loan Schedule
and has determined that: all required documents have been executed and received
and that such documents related to the Mortgage Loans identified on the Mortgage
Loan Schedule, with any exceptions listed on Schedule A attached hereto.
Capitalized words and phrases used herein shall have the respective
meanings assigned to them in the above-captioned Custodial Agreement.
NORWEST BANK MINNESOTA,
NATIONAL ASSOCIATION
By:
Name:
Title:
<PAGE>
EXHIBIT THREE
FORM OF CUSTODIAN FINAL CERTIFICATION
_____________ ___, 1996
Bankers Trust Company
Four Albany Street
New York, New York 10006
Attention: Residential Funding Corporation Series 1996-S20
Re: Custodial Agreement dated as of September 1, 1996, by and among
Bankers Trust Company, Residential Funding Mortgage Securities I,
Inc., Residential Funding Corporation and Norwest Bank Minnesota,
National Association, Mortgage Pass-Through Certificates, Series
1996-S20
----------------------------------------------------------------
Ladies and Gentlemen:
In accordance with Section 2.3 of the above-captioned Custodial
Agreement, the undersigned, as Custodian, hereby certifies that it has received
a Mortgage File with respect to each Mortgage Loan listed in the Mortgage Loan
Schedule containing (I) with respect to each such Mortgage Loan (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 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 with evidence of recording indicated thereon
or a copy of the Mortgage certified by the public recording office in which such
mortgage has been recorded;
(iii) An original Assignment of the Mortgage to the Trustee with
evidence of recording indicated thereon or a copy of such assignment certified
by the public recording office in which such assignment has been recorded;
(iv) With respect to each Mortgage Loan other than a Cooperative Loan,
the original recorded assignment or assignments of the Mortgage showing an
unbroken
<PAGE>
chain of title from the originator thereof to the Person assigning it to the
Trustee or a copy of such assignment or assignments of the Mortgage certified by
the public recording office in which such assignment or assignments have been
recorded; 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 certified by the
public recording office in which such document has been recorded;
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;
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<PAGE>
(ix) The original of each modification, assumption agreement or
preferred loan agreement, if any, relating to such Cooperative Loan; and
(x) An executed UCC-1 financing statement showing the Master Servicer
as debtor, the Company as secured party and the Trustee as assignee and an
executed 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.
Capitalized words and phrases used herein shall have the respective
meanings assigned to them in the above-captioned Custodial Agreement.
NORWEST BANK MINNESOTA,
NATIONAL ASSOCIATION
By:
Name:
Title:
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<PAGE>
EXHIBIT F
MORTGAGE LOAN SCHEDULE
<PAGE>
RUN ON : 09/23/96 RFC DISCLOSURE SYSTEM RFFSD177-01
AT : 12.20.44 FIXED RATE LOAN LISTING AMORTIZED BALANCE
SERIES : RFMSI I 1996-S20 CUTOFF : 09/01/96
POOL : 0004225
:
:
POOL STATUS: F
RFC LOAN # S/S CODE PMT TYPE ORIGINAL BAL LOAN FEATURE
ORIG TERM PRINCIPAL BAL # OF UNITS
ADDRESS ORIG RATE ORIGINAL P+I LTV
ADDRESS LINE 2 CURR NET CURRENT P+I VALUE
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 #
______________________________________________________________________________
1437819 306/F06 F 182,900.00 ZZ
360 180,153.60 1
12276 MANNIX ROAD 8.500 1,406.35 75
8.250 1,406.35 243,900.00
SAN DIEGO CA 92129 1 08/08/95 00
0380185729 05 10/01/95 0
2275824 O 09/01/25
0
1441466 051/728 F 192,500.00 ZZ
360 191,080.90 1
3736 CANDLEWOOD DRIVE 8.625 1,497.25 70
8.375 1,497.25 278,000.00
DOWNERS GROVE IL 60515 2 08/24/95 00
0380225590 05 10/01/95 0
30101324 O 09/01/25
0
1444462 560/560 F 233,350.48 ZZ
351 231,344.63 1
7 CASTLE RD 8.625 1,824.96 92
8.375 1,824.96 256,000.00
SHAMONG NJ 08088 1 07/10/95 04
450048186 05 09/01/95 25
450048186 O 11/01/24
0
1447992 232/076 F 260,000.00 ZZ
360 257,215.56 1
222 SABINE DRIVE 8.250 1,953.29 79
8.000 1,953.29 330,000.00
PENSACOLA BEACH FL 32561 1 09/01/95 00
891545 05 10/01/95 0
1
891545 O 09/01/25
0
1457619 747/728 F 199,600.00 ZZ
353 199,484.67 1
10100 HATTERAS COURT 9.000 1,612.33 80
8.750 1,612.33 249,515.00
FORT MYERS FL 33919 1 08/01/96 00
0380503319 03 09/01/96 0
173095 O 01/01/26
0
1470543 A35/A35 F 230,000.00 ZZ
360 230,000.00 1
2412 BURNETT STREET 8.000 1,687.66 65
7.750 1,687.66 355,000.00
BROOKLYN NY 11229 1 08/07/96 00
UNKNOWN 05 10/01/96 0
UNKNOWN O 09/01/26
0
1476606 637/G01 F 292,000.00 ZZ
360 292,000.00 1
204 THOMPSON GROVE ROAD 8.875 2,323.29 80
8.625 2,323.29 365,307.00
MANLAPAN NJ 07726 1 08/21/96 00
0430019083 05 10/01/96 0
4038915 O 09/01/26
0
1479641 764/G01 F 586,500.00 ZZ
360 586,500.00 1
6 BRIGADIER 8.750 4,614.00 70
8.500 4,614.00 840,000.00
IRVINE CA 92715 2 08/02/96 00
0430022905 03 10/01/96 0
890399 O 09/01/26
0
1480026 098/728 F 219,600.00 ZZ
360 219,600.00 1
10 PAL COURT 9.250 1,806.60 90
9.000 1,806.60 244,000.00
SHOREHAM NY 11786 1 08/02/96 04
0380504564 05 10/01/96 25
956118309 O 09/01/26
0
1
1480984 171/728 F 300,000.00 ZZ
360 299,822.88 1
109 NORTH HIGHLAND AVENUE 8.625 2,333.37 69
8.375 2,333.37 440,000.00
LOS ANGELES CA 90036 1 07/12/96 00
0380502972 05 09/01/96 0
67092288 O 08/01/26
0
1482525 B47/G01 F 303,600.00 ZZ
360 303,600.00 1
2515-D NORTH SEMINARY 8.750 2,388.42 80
8.500 2,388.42 379,500.00
CHICAGO IL 60614 1 08/15/96 00
0430010496 09 10/01/96 0
159923 O 09/01/26
0
1485795 429/429 F 392,000.00 T
360 388,038.63 1
200 EAST 32ND STREET #35D 7.875 2,842.28 72
7.625 2,842.28 550,000.00
NEW YORK NY 10016 2 02/09/96 00
0021206768 06 04/01/96 0
0021206768 O 03/01/26
0
1486338 B38/728 F 282,000.00 ZZ
360 281,408.44 1
607 TAMARACK ROAD 9.250 2,319.94 80
9.000 2,319.94 352,500.00
CHESHIRE CT 06410 1 04/25/96 00
0380427105 05 06/01/96 0
1093 O 05/01/26
0
1486590 939/G01 F 135,000.00 ZZ
360 135,000.00 1
48-43 63RD STREET 9.500 1,135.16 85
9.250 1,135.16 160,000.00
WOODSIDE NY 11377 1 08/21/96 10
0430016162 05 10/01/96 12
9603772 O 09/01/26
0
1490410 B75/105 F 270,000.00 ZZ
360 260,467.66 1
847 TAMLEI 9.375 2,245.72 75
9.125 2,245.72 360,000.00
1
THOUSAND OAKS CA 91362 5 12/19/91 00
79982 05 02/01/92 0
79982 O 01/01/22
0
1497870 051/728 F 114,000.00 ZZ
360 112,144.05 1
2243 MARTIN STREET UNIT #212 9.000 917.27 95
8.750 917.27 120,000.00
IRVINE CA 92715 1 05/09/94 12
0380439027 01 07/01/94 22
10104143 O 06/01/24
0
1498727 637/G01 F 262,000.00 ZZ
360 262,000.00 1
267 LINWOOD AVENUE 8.875 2,084.59 75
8.625 2,084.59 351,000.00
CEDARHURST NY 11516 5 08/05/96 00
0430012864 05 10/01/96 0
9104530 O 09/01/26
0
1499601 356/G01 F 220,500.00 ZZ
360 220,373.13 1
4735 DEL LOMA COURT 8.750 1,734.68 90
8.500 1,734.68 245,000.00
CAMPBELL CA 95008 2 07/22/96 11
0430014472 05 09/01/96 25
2353167 O 08/01/26
0
1500496 A93/728 F 315,450.00 ZZ
360 315,076.18 1
1695 OCEAN BOULEVARD 8.625 2,453.54 90
8.375 2,453.54 350,500.00
ATLANTIC BEACH NY 11509 1 06/21/96 10
0380471194 09 08/01/96 25
UNKNOWN O 07/01/26
0
1500574 185/728 F 270,000.00 ZZ
360 269,542.51 1
954 20TH STREET #C 8.875 2,148.25 90
8.625 2,148.25 300,000.00
SANTA MONICA CA 90403 1 05/30/96 11
0380503970 01 07/01/96 25
233628 O 06/01/26
0
1
1501573 934/728 F 480,000.00 ZZ
360 479,701.65 1
9300 S.W. 140TH STREET 8.375 3,648.35 80
8.125 3,648.35 600,000.00
MIAMI FL 33176 2 07/03/96 00
0380486630 05 09/01/96 0
61005865 O 08/01/26
0
1501576 A91/G01 F 161,000.00 ZZ
360 161,000.00 1
69 WOODBINE DR N 8.750 1,266.59 75
8.500 1,266.59 215,000.00
HICKSVILLE NY 11801 2 08/16/96 00
0430012468 05 10/01/96 0
162587 O 09/01/26
0
1502454 E57/728 F 225,000.00 ZZ
360 224,647.37 1
1615 NORTH TAPER AVENUE 9.250 1,851.02 90
9.000 1,851.02 250,000.00
SAN PEDRO AREA CA 90731 1 05/10/96 12
0380459686 05 07/01/96 25
47472005187 O 06/01/26
0
1503036 742/G01 F 294,000.00 ZZ
360 293,851.54 1
6624 MADISON MCLEAN DRIVE 9.375 2,445.34 75
9.125 2,445.34 392,000.00
MCLEAN VA 22101 2 07/26/96 00
0430019059 09 09/01/96 0
4086112 O 08/01/26
0
1503109 A93/G01 F 225,000.00 ZZ
360 224,877.10 1
153-18 32ND AVENUE 9.000 1,810.40 90
8.750 1,810.40 250,000.00
FLUSHING NY 11354 1 07/23/96 01
0430000828 05 09/01/96 25
159686 O 08/01/26
0
1503120 F46/728 F 720,000.00 ZZ
360 719,645.85 1
1
216 FAIRACRES ROAD 9.500 6,054.15 75
9.250 6,054.15 960,000.00
OMAHA NE 68132 2 07/10/96 00
0380488792 05 09/01/96 0
115175 O 08/01/26
0
1503456 253/253 F 990,000.00 ZZ
360 990,000.00 1
8727 DOUGLAS AVENUE 9.125 8,054.97 60
8.875 8,054.97 1,650,000.00
DALLAS TX 75225 1 08/12/96 00
319292 05 10/01/96 0
319292 O 09/01/26
0
1504243 147/G01 F 265,000.00 ZZ
360 264,843.54 1
19 EL VERANO 8.625 2,061.15 75
8.375 2,061.15 355,000.00
ORINDA CA 94563 1 06/27/96 00
0430017152 05 09/01/96 0
854204 O 08/01/26
0
1504253 429/429 F 247,200.00 ZZ
360 245,807.29 1
877 MIAMIRIDGE DRIVE 7.875 1,792.38 80
7.625 1,792.38 309,085.00
LOVELAND OH 45140 1 12/26/95 00
21342860 03 02/01/96 0
21342860 O 01/01/26
0
1504862 776/728 F 191,200.00 ZZ
360 190,884.33 1
2449 RUTLAND PLACE 9.000 1,538.44 80
8.750 1,538.44 239,950.00
THOUSAND OAKS CA 91362 1 05/20/96 00
0380468224 05 07/01/96 0
2130992 O 06/01/26
0
1504866 776/728 F 284,000.00 ZZ
360 283,506.22 1
4130 STONEYBROOK DRIVE 8.750 2,234.23 80
(SHERMAN OAKS AREA) 8.500 2,234.23 355,000.00
LOS ANGELES CA 91403 2 05/06/96 00
0380463407 05 07/01/96 0
1
2138055 O 06/01/26
0
1504927 A91/728 F 232,000.00 ZZ
360 231,882.84 1
324 RUGBY ROAD 9.375 1,929.66 80
9.125 1,929.66 290,000.00
BROOKLYN NY 11226 1 07/22/96 00
0380489410 05 09/01/96 0
1504927 O 08/01/26
0
1505008 685/G01 F 500,000.00 ZZ
360 500,000.00 1
2909 BOTTLEBRUSH DRIVE 9.000 4,023.11 68
8.750 4,023.11 745,000.00
LOS ANGELES CA 90077 2 08/20/96 00
0430028837 05 10/01/96 0
104770 O 09/01/26
0
1505205 074/728 F 400,000.00 ZZ
360 397,196.84 1
7600 DOVER CANYON ROAD 8.875 3,182.58 67
8.625 3,182.58 600,000.00
TEMPLETON CA 93465 2 08/21/95 00
0380461732 05 10/01/95 0
1507049575 O 09/01/25
0
1505327 A13/728 F 239,500.00 ZZ
360 238,942.76 1
8045 COUNTY ROAD 116 8.750 1,884.15 80
8.500 1,884.15 300,000.00
CORCORAN MN 55340 2 04/30/96 00
0380490749 05 06/01/96 0
960036097 O 05/01/26
0
1505347 E61/G01 F 187,150.00 BB
360 187,150.00 1
16745 PONDEROSA COURT 9.750 1,607.91 80
9.500 1,607.91 233,950.00
MORGAN HILL CA 95037 1 08/06/96 00
0430013136 05 10/01/96 0
12731 O 09/01/26
0
1
1505486 966/G01 F 284,785.00 ZZ
360 284,785.00 1
2813 SEMINARY CIRLCE 8.375 2,164.58 80
8.125 2,164.58 355,982.00
GARLAND TX 75043 1 08/09/96 00
0430014316 05 10/01/96 0
UNKNOWN O 09/01/26
0
1505578 147/G01 F 272,000.00 ZZ
360 271,660.68 1
140 SYRACUSE WALK 8.375 2,067.40 80
8.125 2,067.40 340,000.00
LONG BEACH CA 90803 1 06/24/96 00
0430022152 05 08/01/96 0
509251 O 07/01/26
0
1505599 637/G01 F 229,900.00 ZZ
360 229,783.89 1
421 EAST 19TH STREET 9.375 1,912.20 95
9.125 1,912.20 242,000.00
BROOKLYN NY 11218 1 07/25/96 01
0430012443 05 09/01/96 30
9105875 O 08/01/26
0
1505762 965/728 F 112,800.00 ZZ
360 112,673.05 1
8667 EAST PALO VERDE DRIVE 8.875 897.49 80
8.625 897.49 141,000.00
SCOTTSDALE AZ 85250 1 06/20/96 00
0380490582 05 08/01/96 0
5044221 O 07/01/26
0
1505938 976/728 F 650,000.00 ZZ
360 649,644.95 1
530 EAST CHANNEL ROAD 9.000 5,230.05 69
8.750 5,230.05 950,000.00
SANTA MONICA AR CA 90402 1 07/09/96 00
0380503079 05 09/01/96 0
144954 O 08/01/26
0
1506149 668/728 F 272,000.00 ZZ
360 271,299.02 1
327 WOODRIDGE WAY 8.250 2,043.45 80
8.000 2,043.45 340,000.00
1
INCLINE VILLAGE NV 89451 2 04/23/96 00
0380485988 05 06/01/96 0
6723753 O 05/01/26
0
1506156 637/G01 F 236,750.00 ZZ
360 236,630.44 1
6 HARTFORD COURT 9.375 1,969.17 90
9.125 1,969.17 263,100.00
ALGONQUIN IL 60102 2 07/19/96 19
0430007096 05 09/01/96 25
9206913 O 08/01/26
0
1506159 147/G01 F 133,700.00 ZZ
360 133,623.08 1
1141 NW 162TH AVENUE 8.750 1,051.82 71
8.500 1,051.82 190,000.00
PEMBROKE PINES FL 33026 2 07/01/96 00
0430017418 03 09/01/96 0
507240 O 08/01/26
0
1506284 664/728 F 255,000.00 ZZ
360 254,713.02 1
4950 DOBKIN AVENUE 8.875 2,028.90 72
8.625 2,028.90 355,000.00
TARZANA AREA CA 91356 1 06/04/96 00
0380499401 05 08/01/96 0
2178028 O 07/01/26
0
1506461 171/728 F 118,300.00 ZZ
360 118,180.05 1
8213 ROSEMEAD BOULEVARD 9.375 983.96 94
9.125 983.96 126,000.00
PICO RIVERA CA 90660 2 06/27/96 01
0380495383 05 08/01/96 30
67094458 O 07/01/26
0
1506465 664/728 F 220,000.00 ZZ
360 219,876.66 1
147 MT KENNEDY DRIVE 8.875 1,750.42 64
8.625 1,750.42 345,000.00
MARTINEZ CA 94553 2 07/12/96 00
0380506601 05 09/01/96 0
2152718 O 08/01/26
0
1
1506503 111/111 F 356,000.00 ZZ
360 353,641.94 1
43511 BOW CANYON ROAD 9.000 2,864.46 80
8.750 2,864.46 445,000.00
BIG BEAR LAKE CA 92315 4 05/31/96 00
679621 05 07/01/96 0
679621 O 06/01/26
0
1506671 171/728 F 272,000.00 ZZ
360 271,839.41 1
23772 CLARENDON STREET 8.625 2,115.59 78
WOODLAND HILLS AREA 8.375 2,115.59 350,000.00
LOS ANGELES CA 91367 1 07/03/96 00
0380502592 05 09/01/96 0
67094450 O 08/01/26
0
1506672 808/728 F 300,000.00 ZZ
360 300,000.00 1
1001 SOUTH DODSON AVENUE 8.750 2,360.11 65
(SAN PEDRO AREA) 8.500 2,360.11 464,000.00
LOS ANGELES CA 90732 1 08/01/96 00
0380504291 05 10/01/96 0
9300985 O 09/01/26
0
1506788 147/728 F 195,200.00 ZZ
360 194,684.02 1
1362 WEST 20TH STREET 8.125 1,449.36 80
7.875 1,449.36 244,050.00
SAN PEDRO AREA CA 90732 1 04/22/96 00
0380502683 05 06/01/96 0
497845 O 05/01/26
0
1506889 B75/728 F 938,000.00 ZZ
360 936,888.43 1
3805 MAPLEWOOD AVENUE 8.625 7,295.67 70
8.375 7,295.67 1,340,000.00
HIGHLAND PARK TX 75205 1 06/06/96 00
0380489501 05 08/01/96 0
2584431 O 07/01/26
0
1506921 731/728 F 350,000.00 ZZ
360 349,803.78 1
1
4231 BLACKBERRY LANE 8.875 2,784.76 80
8.625 2,784.76 440,000.00
SOMIS AREA CA 93066 1 07/09/96 00
0380503350 05 09/01/96 0
8000280 O 08/01/26
0
1506935 429/429 F 300,800.00 ZZ
360 295,476.17 1
9 WEATHERLEA DRIVE 7.750 2,154.97 80
7.500 2,154.97 377,477.00
COLLEGEVILLE PA 19426 1 09/29/95 00
21333117 05 11/01/95 0
21333117 O 10/01/25
0
1507133 E36/728 F 173,000.00 ZZ
240 172,753.07 1
27 MEADOWFIELD LANE 9.375 1,598.49 66
9.125 1,598.49 263,200.00
GLEN COVE NY 11542 1 07/17/96 00
0380486770 05 09/01/96 0
1507133 O 08/01/16
0
1507158 742/728 F 235,650.00 ZZ
360 235,514.42 1
102 OLD OAK ROAD 8.750 1,853.86 80
8.500 1,853.86 294,600.00
WARWICK NY 10990 1 08/01/96 00
0380504622 05 09/01/96 0
4092979 O 08/01/26
0
1508172 B75/B75 F 650,000.00 ZZ
360 630,849.80 1
763 WARREN AVENUE 7.050 4,346.32 55
6.800 4,346.32 1,200,000.00
MALVERN PA 19355 2 11/17/93 00
88359 05 01/01/94 0
88359 O 12/01/23
0
1508173 B75/B75 F 365,000.00 ZZ
360 351,916.90 1
300 LLANFAIR ROAD 7.050 2,440.62 48
6.800 2,440.62 770,000.00
WYNNEWOOD PA 19096 2 10/12/93 00
45962 05 12/01/93 0
1
45962 O 11/01/23
0
1508174 B75/B75 F 227,300.00 ZZ
360 220,885.51 1
683 MILL ROAD 7.100 1,527.53 62
6.850 1,527.53 370,000.00
VILLANOVA PA 19085 2 10/01/93 00
45971 05 02/01/94 0
45971 O 01/01/24
0
1508176 B75/B75 F 260,000.00 ZZ
360 252,193.29 1
435 MULBERRY LANE 7.300 1,782.48 53
7.050 1,782.48 498,000.00
HAVERFORD PA 19041 2 09/27/93 00
88348 05 11/01/93 0
88348 O 10/01/23
0
1508177 B75/B75 F 450,000.00 ZZ
360 437,392.02 1
382 PENN ROAD 7.500 3,146.47 62
7.250 3,146.47 728,000.00
WYNNEWOOD PA 19096 2 10/07/93 00
237190 05 12/01/93 0
237190 O 11/01/23
0
1508178 B75/B75 F 285,900.00 ZZ
360 278,988.22 1
436 MORRIS AVENUE 7.550 2,008.85 66
7.300 2,008.85 435,000.00
BRYN MAWR PA 19010 2 02/22/94 00
64681 05 04/01/94 0
64681 O 03/01/24
0
1508179 B75/B75 F 245,000.00 ZZ
360 234,187.85 1
38 LLANGOLLEN LANE 7.600 1,729.88 64
7.350 1,729.88 385,000.00
NEWTOWN SQUARE PA 19073 5 09/16/93 00
237200 05 11/01/93 0
237200 O 10/01/23
0
1
1508187 B75/B75 F 250,000.00 ZZ
360 242,514.00 1
15 LONG STEM LANE 7.650 1,773.79 75
7.400 1,773.79 337,000.00
RICHBORO PA 18954 2 07/08/93 00
270244 05 09/01/93 0
270244 O 08/01/23
0
1508190 B24/728 F 268,700.00 ZZ
360 268,420.33 1
23 INDIAN LEDGE DRIVE 9.250 2,210.53 80
9.000 2,210.53 335,900.00
TRUMBULL CT 06611 1 06/27/96 00
0380472002 05 08/01/96 0
107972 O 07/01/26
0
1508191 B75/B75 F 252,500.00 ZZ
360 244,708.45 1
715 GOVERNORS CIRCLE 7.650 1,791.52 77
7.400 1,791.52 330,000.00
NEWTOWN SQUARE PA 19073 2 06/22/93 00
114503 05 08/01/93 0
114503 O 07/01/23
0
1508199 B75/B75 F 247,500.00 ZZ
360 240,869.77 1
1211 SPRING MEADOW LANE 7.000 1,646.62 75
6.750 1,646.62 330,000.00
LANSDALE PA 19446 2 01/28/94 00
13580 05 04/01/94 0
13580 O 03/01/24
0
1508201 B75/B75 F 381,300.00 ZZ
360 367,829.90 1
205 NORTH BROOK ROAD 8.100 2,824.47 64
7.830 2,824.47 600,000.00
WEST CHESTER PA 19382 2 10/26/92 00
38172 05 12/01/92 0
38172 O 11/01/22
0
1508223 559/728 F 290,000.00 ZZ
360 289,828.78 1
12966 PINEWOODS ROAD 8.625 2,255.60 90
8.375 2,255.60 322,500.00
1
NEVADA CITY CA 95959 1 07/10/96 11
0380496928 05 09/01/96 20
5346200 O 08/01/26
0
1508238 637/G01 F 164,250.00 ZZ
360 164,250.00 1
29 JOMARR COURT 9.000 1,321.60 75
8.750 1,321.60 219,000.00
MASSAPEQUA NY 11758 1 08/05/96 00
0430012195 05 10/01/96 0
922225800 O 09/01/26
0
1508454 976/728 F 225,000.00 ZZ
360 224,883.35 1
7960 EMERSON PLACE 9.250 1,851.02 75
9.000 1,851.02 300,000.00
ROSEMEAD CA 91770 1 07/03/96 00
0380503871 05 09/01/96 0
229890 O 08/01/26
0
1508463 E61/G01 F 263,200.00 ZZ
360 263,200.00 1
355 VIA LARGO 8.875 2,094.14 80
8.625 2,094.14 329,000.00
MORGAN HILL CA 95037 1 08/07/96 00
0430013565 05 10/01/96 0
12807 O 09/01/26
0
1508539 776/728 F 266,400.00 ZZ
360 266,067.68 1
5812 MELISSA LANE 8.375 2,024.83 80
(WOODLAND HILLS AREA) 8.125 2,024.83 333,000.00
LOS ANGELES CA 91367 1 06/06/96 00
0380497918 05 08/01/96 0
2132814 O 07/01/26
0
1508983 637/728 F 448,000.00 ZZ
360 445,158.70 1
7785 WEST TARA AVENUE 8.500 3,444.74 80
8.250 3,444.74 565,000.00
LAS VEGAS NV 89117 2 05/30/96 00
0380471996 05 07/01/96 0
4880159 O 06/01/26
0
1
1509074 926/728 F 910,000.00 T
360 907,477.09 1
9 GALLEON ROAD 9.000 7,322.07 65
8.750 7,322.07 1,400,000.00
HILTON HEAD ISL SC 29928 1 03/27/96 00
0380495573 03 05/01/96 0
UNKNOWN O 04/01/26
0
1509075 375/728 F 307,500.00 ZZ
360 307,171.46 1
233 HIGHLAND DRIVE 9.125 2,501.93 75
8.875 2,501.93 410,000.00
APTOS CA 95003 1 06/03/96 00
0380482498 05 08/01/96 0
UNKNOWN O 07/01/26
0
1509109 076/076 F 412,000.00 ZZ
360 411,769.02 1
130 SIXTH AVENUE 8.875 3,278.06 80
8.625 3,278.06 515,000.00
SANTA CRUZ CA 95062 1 07/15/96 00
6178222 05 09/01/96 0
6178222 O 08/01/26
0
1509154 A91/728 F 218,000.00 ZZ
360 217,778.98 1
136 SOUNDVIEW DRIVE 9.375 1,813.21 69
9.125 1,813.21 318,000.00
PORT WASHINGTON NY 11050 1 07/01/96 00
0380475443 05 08/01/96 0
11316 O 07/01/26
0
1509157 562/728 F 118,500.00 ZZ
360 118,309.35 2
23 ST. JOSEPH STREET 9.125 964.16 70
8.875 964.16 170,000.00
NEW ROCHELLE NY 10805 1 06/24/96 00
0380479890 05 08/01/96 0
515122 O 07/01/26
0
1509268 F41/728 F 464,000.00 ZZ
360 463,765.68 1
1
65 STONE ROOT LANE 9.375 3,859.32 80
9.125 3,859.32 580,000.00
CONCORD MA 01742 1 07/11/96 00
0380502873 05 09/01/96 0
11500265 O 08/01/26
0
1509346 497/497 F 250,000.00 ZZ
360 250,000.00 1
17 MAGNOLIA AVENUE 9.000 2,011.56 33
8.750 2,011.56 770,000.00
LARKSPUR CA 94939 5 08/01/96 00
9900217838 05 10/01/96 0
9900217838 O 09/01/26
0
1509407 470/728 F 180,000.00 ZZ
360 179,812.64 1
7227 MARINA PACIFICA DRIVE 9.250 1,480.82 80
9.000 1,480.82 225,000.00
LONG BEACH CA 90803 2 06/10/96 00
0380481615 02 08/01/96 0
23000590 O 07/01/26
0
1509420 976/728 F 265,600.00 ZZ
360 265,149.96 1
2950 RED BLUFF CIRCLE 8.875 2,113.24 79
8.625 2,113.24 340,000.00
SAN ANGELO TX 76904 2 05/28/96 00
0380485384 02 07/01/96 0
686544 O 06/01/26
0
1509537 976/728 F 277,200.00 ZZ
360 276,093.40 1
15923 TRANQUIL PARK COURT 8.125 2,058.21 74
7.875 2,058.21 375,000.00
SPRING TX 77379 2 02/22/96 00
0380503343 03 04/01/96 0
801226 O 03/01/26
0
1509583 936/728 F 260,000.00 ZZ
360 259,699.71 1
197 EIGHTH STREET #330 8.750 2,045.43 80
8.500 2,045.43 327,000.00
CHARLESTOWN MA 02129 1 06/14/96 00
0380502626 06 08/01/96 0
1
6077259 O 07/01/26
0
1509661 A83/G01 F 85,500.00 ZZ
360 85,455.67 1
7 RAVENSWORTH ROAD 9.250 703.39 75
9.000 703.39 114,000.00
TAYLORS SC 29687 1 07/18/96 00
0430012930 05 09/01/96 0
132212 O 08/01/26
0
1509703 A91/G01 F 290,000.00 ZZ
360 289,853.56 2
31 GEIGERICH PLACE 9.375 2,412.07 62
9.125 2,412.07 470,000.00
STATEN ISLAND NY 10307 2 07/30/96 00
0430003210 05 09/01/96 0
160691 O 08/01/26
0
1509935 560/560 F 294,500.00 ZZ
360 294,209.13 1
4535 E PALOMINO DRIVE 9.500 2,476.32 95
9.250 2,476.32 310,000.00
PHOENIX AZ 85018 1 06/10/96 04
450453741 05 08/01/96 30
450453741 O 07/01/26
0
1509982 559/G01 F 555,000.00 ZZ
360 555,000.00 1
18584 SOBEY ROAD 8.750 4,366.19 46
8.500 4,366.19 1,230,072.00
SARATOGA CA 95070 2 08/14/96 00
0430026344 05 10/01/96 0
5347299 O 09/01/26
0
1511565 559/728 F 230,000.00 ZZ
353 229,566.78 1
3108 ROYAL DRIVE 8.625 1,796.50 80
8.375 1,796.50 290,500.00
CAMERON PARK CA 95682 4 07/22/96 00
0380506163 05 07/01/96 0
0381400 O 11/01/25
0
1
1511570 559/728 F 417,000.00 ZZ
350 416,195.97 1
1145 MEADOW RIDGE 8.625 3,263.28 70
8.375 3,263.28 603,400.00
WATSONVILLE CA 95076 4 07/13/95 00
0380503780 03 07/01/96 0
0354472 O 08/01/25
0
1511744 635/635 F 400,000.00 ZZ
360 399,792.62 1
17 HILL AND TREE CT 9.250 3,290.71 73
9.000 3,290.71 555,000.00
MELVILLE NY 11747 1 07/31/96 00
654402700 05 09/01/96 0
654402700 O 08/01/26
0
1511799 227/728 F 260,000.00 ZZ
360 259,675.66 1
3226 COUNTRY CLUB PKWY 8.375 1,976.19 69
8.125 1,976.19 378,272.00
CASTLE ROCK CO 80104 1 06/14/96 00
0380500372 05 08/01/96 0
1662217 O 07/01/26
0
1511802 369/728 F 230,150.00 ZZ
360 229,897.63 1
7811 N. THAMES DRIVE 9.000 1,851.84 80
8.750 1,851.84 290,000.00
BLOOMINGTON IN 47408 2 06/21/96 00
0380505645 05 08/01/96 0
49273238 O 07/01/26
0
1511810 470/728 F 282,800.00 ZZ
360 282,456.14 1
15 CRESCENT ROAD 8.500 2,174.49 80
8.250 2,174.49 355,000.00
CORTE MADERA CA 94925 1 06/11/96 00
0380487158 05 08/01/96 0
25080947 O 07/01/26
0
1511818 731/728 F 252,000.00 ZZ
360 251,723.67 1
3708 MCKINLEY BOULEVARD 9.000 2,027.65 80
8.750 2,027.65 315,000.00
1
SACRAMENTO CA 95816 1 06/12/96 00
0380504333 05 08/01/96 0
3000778 O 07/01/26
0
1511894 B24/G01 F 96,000.00 ZZ
360 96,000.00 1
150 HOPE STREET 8.875 763.82 60
UNIT 3 8.625 763.82 161,000.00
STAMFORD CT 06906 1 08/14/96 00
0430010165 01 10/01/96 0
161638 O 09/01/26
0
1511907 637/G01 F 337,500.00 ZZ
360 337,500.00 1
2 TARGET ROCK DRIVE 8.625 2,625.04 75
8.375 2,625.04 450,000.00
LLOYD NECK NY 11743 1 08/19/96 00
0430022160 05 10/01/96 0
9226960 O 09/01/26
0
1512145 638/G01 F 103,200.00 ZZ
360 103,149.24 1
1737 S.W. HARTLEY AVENUE 9.500 867.76 68
9.250 867.76 154,000.00
GRESHAM OR 97080 1 07/26/96 00
0430018440 05 09/01/96 0
8586096 O 08/01/26
0
1512224 828/728 F 251,100.00 ZZ
360 250,959.22 1
30045 ROYAL MUSTANG CIRCLE 8.875 1,997.87 70
8.625 1,997.87 360,000.00
FAIR OAKS RANCH TX 78015 2 07/18/96 00
0380502600 05 09/01/96 0
66040071 O 08/01/26
0
1512345 147/G01 F 416,000.00 ZZ
360 415,766.78 1
15 RIMROCK 8.875 3,309.89 80
8.625 3,309.89 520,000.00
IRVINE CA 92714 1 07/18/96 00
0430017426 03 09/01/96 0
509508 O 08/01/26
0
1
1512394 816/G01 F 242,000.00 ZZ
360 242,000.00 1
1602 EAST MILLCREEK WAY 9.375 2,012.83 70
9.125 2,012.83 347,000.00
SALT LAKE CITY UT 84106 5 08/09/96 00
0430019463 05 10/01/96 0
140629 O 09/01/26
0
1512736 965/728 F 243,450.00 ZZ
360 243,313.52 1
13555 EAST ESTRELLA AVENUE 8.875 1,937.00 90
8.625 1,937.00 270,535.00
SCOTTSDALE AZ 85259 1 06/26/96 11
0380505934 03 09/01/96 25
156929 O 08/01/26
0
1512825 B24/G01 F 233,750.00 ZZ
360 233,628.82 1
93 STONY HILL ROAD 9.250 1,923.00 85
9.000 1,923.00 275,000.00
RIDGEFIELD CT 06877 1 07/29/96 01
0430000919 05 09/01/96 12
1512825 O 08/01/26
0
1512934 171/728 F 238,500.00 ZZ
360 238,210.00 1
31029 OAK GLEN LANE 8.500 1,833.86 90
8.250 1,833.86 265,000.00
VALLEY CENTER CA 92082 1 06/21/96 10
0380505041 05 08/01/96 25
28061213 O 07/01/26
0
1513029 051/728 F 358,050.00 ZZ
360 357,854.43 1
400 MINER ROAD 9.000 2,880.95 77
8.750 2,880.95 465,000.00
ORINDA CA 94563 1 07/11/96 00
0380486861 05 09/01/96 0
16102391 O 08/01/26
0
1513049 B99/728 F 400,000.00 ZZ
360 400,000.00 1
1
60 GRALYN ROAD 8.125 2,969.99 64
7.875 2,969.99 630,000.00
NEWTON MA 02159 1 08/06/96 00
0380498882 05 10/01/96 0
KC965251 O 09/01/26
0
1513096 757/757 F 400,000.00 ZZ
348 399,740.73 1
2860 CAMP BRANCH ROAD 8.625 3,134.27 58
8.375 3,134.27 700,000.00
BUFORD GA 30519 4 07/08/96 00
XXXXX 05 09/01/96 0
XXXXX O 08/01/25
0
1513122 526/G01 F 246,500.00 BB
360 246,102.58 1
2149 HIDDEN VALLEY LANE 9.125 2,005.61 90
8.875 2,005.61 275,000.00
SILVER SPRING MD 20904 2 05/22/96 04
0430027045 05 07/01/96 17
0123962 O 06/01/26
0
1513147 526/728 F 225,000.00 ZZ
360 224,628.52 1
3074 FOREST LANE 9.000 1,810.40 78
8.750 1,810.40 288,600.00
MADERA CA 93637 1 05/10/96 00
0380502469 05 07/01/96 0
0052601 O 06/01/26
0
1513191 F45/F45 F 243,260.00 ZZ
360 242,837.05 1
7 JESSICA LANE 8.750 1,913.73 91
8.500 1,913.73 270,258.00
ROXBURY NJ 07876 1 05/30/96 10
0780569 05 07/01/96 25
0780569 O 06/01/26
0
1513464 742/728 F 225,000.00 ZZ
360 225,000.00 1
181 WEST SIDE AVE 8.875 1,790.20 75
8.625 1,790.20 300,000.00
FREEPORT NY 11520 1 08/16/96 00
0380505975 05 10/01/96 0
1
4101952 O 09/01/26
0
1513501 375/728 F 538,000.00 ZZ
360 537,665.60 1
2272 HIKINO STREET 8.375 4,089.19 64
8.125 4,089.19 845,000.00
HONOLULU HI 96821 5 07/25/96 00
0380502956 03 09/01/96 0
3271769W O 08/01/26
0
1513511 375/728 F 448,000.00 T
360 447,742.25 1
1430 LAUKAHI STREET 8.750 3,524.42 72
8.500 3,524.42 625,000.00
HONOLULU HI 96821 2 07/25/96 00
0380502766 05 09/01/96 0
627462 O 08/01/26
0
1513525 731/G01 F 568,000.00 ZZ
360 568,000.00 1
16101 ROYAL OAK ROAD 8.875 4,519.26 80
ENCINO AREA 8.625 4,519.26 710,000.00
CITY OF LOS ANG CA 91436 1 08/09/96 00
0430014548 05 10/01/96 0
411912071 O 09/01/26
0
1513714 F45/F45 F 328,000.00 ZZ
360 327,621.20 1
53 CENTRAL AVE. 8.750 2,580.38 80
8.500 2,580.38 410,000.00
GLEN ROCK NJ 07452 1 06/17/96 00
0781864 05 08/01/96 0
0781864 O 07/01/26
0
1513822 387/387 F 276,000.00 ZZ
360 275,532.37 1
329 BORICA DRIVE 8.875 2,195.98 80
8.625 2,195.98 345,000.00
DANVILLE CA 94526 1 05/17/96 00
785014 03 07/01/96 0
785014 O 06/01/26
0
1
1513825 387/387 F 267,200.00 ZZ
360 266,710.94 1
901 BERYL STREET 8.500 2,054.54 80
8.250 2,054.54 334,000.00
SAN DIEGO CA 92109 1 05/22/96 00
773465 01 07/01/96 0
773465 O 06/01/26
0
1513962 776/G01 F 223,550.00 ZZ
360 223,550.00 1
2729 LOS ALTOS DRIVE 9.000 1,798.74 85
8.750 1,798.74 263,000.00
SAN JOSE CA 95121 2 08/22/96 01
0430027789 05 10/01/96 12
6233665 O 09/01/26
0
1513973 881/G01 F 123,200.00 ZZ
360 123,139.40 1
917 NORTH CALIFORNIA STREET 9.500 1,035.93 70
9.250 1,035.93 176,000.00
BURBANK CA 91505 1 07/22/96 00
0430026492 05 09/01/96 0
103735 O 08/01/26
0
1514024 F02/728 F 304,000.00 ZZ
360 303,017.33 1
3177 CAMINO PORTOFINO 8.250 2,283.85 80
8.000 2,283.85 380,100.00
FALLBROOK CA 92028 4 03/21/96 00
0380499641 05 05/01/96 0
600006862 O 04/01/26
0
1514045 F02/728 F 220,000.00 ZZ
360 219,147.01 1
1071 HWY 95 NORTH 8.250 1,652.79 80
8.000 1,652.79 275,000.00
WEISER ID 83672 1 03/05/96 00
0380499146 05 05/01/96 0
206625976 O 04/01/26
0
1514050 F02/728 F 260,000.00 ZZ
360 258,112.29 1
3650 HIGHWAY 98 EAST 8.250 1,953.29 80
#19 8.000 1,953.29 325,000.00
1
DESTIN FL 32541 1 09/28/95 00
0380499179 09 11/01/95 0
206904611 O 10/01/25
0
1514114 637/728 F 224,000.00 ZZ
360 223,726.85 1
124 STONEWOOD COURT 8.750 1,762.21 80
8.500 1,762.21 280,000.00
LAS VEGAS NV 89107 5 06/25/96 00
0380503996 05 08/01/96 0
9217209 O 07/01/26
0
1514180 F02/728 F 256,500.00 ZZ
360 252,579.91 1
341 BEACHSIDE DRIVE 9.250 2,110.16 90
9.000 2,110.16 285,000.00
TRINIDAD TX 75163 1 05/09/96 10
0380499658 03 07/01/96 25
600083149 O 06/01/26
0
1514264 751/728 F 161,250.00 ZZ
360 161,250.00 1
945 SOUTH EUCLID AVENUE 8.500 1,239.87 75
8.250 1,239.87 215,000.00
PASADENA CA 91106 1 08/05/96 00
0380503368 05 10/01/96 0
101771 O 09/01/26
0
1514287 B26/G01 F 225,000.00 ZZ
360 225,000.00 1
12 DEEPDALE COURT 7.875 1,631.41 70
7.625 1,631.41 325,000.00
GLEN COVE NY 11542 1 08/12/96 00
0430013078 05 10/01/96 0
1311011624R O 09/01/26
0
1514328 624/G01 F 300,000.00 T
360 300,000.00 1
1750 DEER VALLEY DRIVE NORTH 9.000 2,413.87 72
#103 8.750 2,413.87 420,000.00
PARK CITY UT 84060 1 08/01/96 00
0430010355 01 10/01/96 0
65026560066 O 09/01/26
0
1
1514335 559/728 F 288,000.00 ZZ
353 287,657.36 1
460 TEVIS TRAIL 8.875 2,300.69 80
8.625 2,300.69 360,000.00
HOLLISTER CA 95023 1 07/01/96 00
0380503152 05 08/01/96 0
0393850 O 12/01/25
0
1514337 559/728 F 460,000.00 ZZ
350 459,439.48 1
122G GEMINI COURT 8.875 3,681.31 72
8.625 3,681.31 640,000.00
LOS GATOS CA 95032 1 07/01/96 00
0380504457 05 08/01/96 0
0362087 O 09/01/25
0
1514341 559/728 F 337,690.00 ZZ
353 337,288.24 1
2291 ETHEL DRIVE 8.875 2,697.64 75
8.625 2,697.64 451,000.00
RESCUE CA 95672 4 07/01/96 00
0380503335 03 08/01/96 0
0407288 O 12/01/25
0
1514364 E57/728 F 60,000.00 ZZ
360 59,967.23 1
2108 MIDDLEBOROUGH ROAD 9.000 482.77 51
8.750 482.77 118,000.00
BALTIMORE MD 21221 5 07/08/96 00
0380505751 05 09/01/96 0
49252005224 O 08/01/26
0
1514379 731/728 F 164,900.00 ZZ
360 164,809.93 1
251 CHYNOWETH AVENUE 9.000 1,326.82 76
8.750 1,326.82 217,000.00
SAN JOSE CA 95118 1 07/01/96 00
0380495805 09 09/01/96 0
112152313 O 08/01/26
0
1514439 635/635 F 235,950.00 ZZ
360 235,814.25 1
1
331 TIMBERCREEK DRIVE 8.750 1,856.22 77
8.500 1,856.22 309,300.00
LAKE JACKSON TX 77566 4 07/30/96 00
637244500 05 09/01/96 0
637244500 O 08/01/26
0
1514442 181/181 F 263,250.00 ZZ
360 262,293.67 1
2709 KINGSLEY ROAD 7.875 1,908.75 75
7.625 1,908.75 351,000.00
RALEIGH NC 27612 5 03/21/96 00
5060788 05 05/01/96 0
5060788 O 04/01/26
0
1514449 635/635 F 93,750.00 ZZ
360 93,750.00 1
208-12 WESTERVELT AVENUE 9.625 796.87 75
9.375 796.87 125,000.00
NORTH PLAINFIEL NJ 07060 1 08/28/96 00
6550776 05 10/01/96 0
6550776 O 09/01/26
0
1514749 696/728 F 416,000.00 ZZ
360 415,789.92 1
9455 DERAMUS FARM COURT 9.375 3,460.08 80
9.125 3,460.08 520,000.00
VIENNA VA 22182 1 07/16/96 00
0380494824 03 09/01/96 0
2147813 O 08/01/26
0
1514793 439/G01 F 138,800.00 ZZ
360 138,720.96 1
2611 NEWHALL STREET 8.800 1,096.91 69
8.550 1,096.91 204,000.00
SAN FRANCISCO CA 94124 1 06/27/96 00
0430008698 07 09/01/96 0
1861548 O 08/01/26
0
1514921 896/G01 F 175,000.00 ZZ
360 175,000.00 1
1800 CARLINGTON COURT 9.375 1,455.56 73
9.125 1,455.56 240,000.00
GRAYSON GA 30221 2 07/31/96 00
0430009613 05 10/01/96 0
1
UNKNOWN O 09/01/26
0
1514963 624/G01 F 275,000.00 T
360 275,000.00 1
1760 DEER VALLEY DRIVE NO. 201 8.875 2,188.02 70
8.625 2,188.02 395,000.00
PARK CITY UT 84060 2 08/08/96 00
0430012039 01 10/01/96 0
65026560076 O 09/01/26
0
1514971 F05/G01 F 217,000.00 ZZ
360 217,000.00 1
17415 RIDGEDALE LANE 8.250 1,630.25 89
8.000 1,630.25 245,000.00
YORBA LINDA CA 92686 2 08/22/96 01
0430028373 05 10/01/96 25
R6032101 O 09/01/26
0
1514973 181/181 F 275,000.00 ZZ
360 274,196.25 1
8623 DIXIE PLACE 7.625 1,946.43 71
7.375 1,946.43 390,000.00
MCLEAN VA 22102 1 04/29/96 00
5063060 05 06/01/96 0
5063060 O 05/01/26
0
1515123 195/728 F 358,400.00 ZZ
360 358,199.07 1
24 GREEN HILL LANE 8.875 2,851.60 80
8.625 2,851.60 448,000.00
WYNNEWOOD PA 19096 1 07/12/96 00
0380494832 05 09/01/96 0
49811 O 08/01/26
0
1515192 003/728 F 227,900.00 ZZ
360 227,600.81 1
5693 CREEKSIDE DRIVE 8.125 1,692.16 80
7.875 1,692.16 284,900.00
NORCROSS GA 30092 1 06/14/96 00
0380495649 05 08/01/96 0
3691334 O 07/01/26
0
1
1515210 966/G01 F 260,000.00 ZZ
360 260,000.00 1
4612 GLOBE WILLOW DRIVE 8.500 1,999.18 79
8.250 1,999.18 330,000.00
EL PASO TX 79922 2 08/14/96 00
0430013003 05 10/01/96 0
30002271 O 09/01/26
0
1515233 B33/G01 F 256,500.00 ZZ
360 256,500.00 2
21 PAERDEGAT 15TH STREET 8.625 1,995.03 90
8.375 1,995.03 285,000.00
BROOKLYN NY 11236 1 08/19/96 11
0430017228 05 10/01/96 25
961000 O 09/01/26
0
1515264 765/G01 F 194,400.00 ZZ
360 194,288.15 1
14 ANGELL STREET 8.750 1,529.35 80
8.500 1,529.35 243,000.00
IRVINE CA 92612 1 07/15/96 00
0430011544 03 09/01/96 0
316236 O 08/01/26
0
1515270 559/728 F 214,000.00 ZZ
360 213,719.07 1
14744 NW BONNEVILLE PLACE 8.125 1,588.95 94
7.875 1,588.95 230,000.00
BEAVERTON OR 97006 1 06/26/96 01
0380502303 03 08/01/96 30
5340435 O 07/01/26
0
1515306 074/074 F 50,750.00 T
360 50,661.73 1
W HUBBELL HILL ROAD 8.750 399.26 70
T/MIDDLETOWN 8.500 399.26 72,500.00
MARGARETVILLE NY 12455 1 05/29/96 00
1107008413 05 07/01/96 0
1107008413 O 06/01/26
0
1515316 074/074 F 336,000.00 ZZ
360 335,430.70 4
2860 A,B,C, & D 8.875 2,673.37 80
EXPOSITION BLVD. 8.625 2,673.37 425,000.00
1
SANTA MONICA CA 90404 2 05/08/96 00
1506125554 05 07/01/96 0
1506125554 O 06/01/26
0
1515324 074/074 F 341,900.00 ZZ
360 340,875.47 1
24320 VIA LOMAS DE YORBA EAST 7.500 2,390.62 90
7.250 2,390.62 379,900.00
YORBA LINDA CA 92686 1 04/09/96 12
1562150875 05 06/01/96 25
1562150875 O 05/01/26
0
1515424 E97/G01 F 198,400.00 ZZ
360 198,400.00 1
16550 MOUNT SHERROD CIRCLE 9.125 1,614.25 80
8.875 1,614.25 249,000.00
FOUNTAIN VALLEY CA 92708 1 08/05/96 00
0430010785 05 10/01/96 0
9612631515424 O 09/01/26
0
1515465 171/G01 F 232,000.00 ZZ
360 232,000.00 1
303 NORTH BRADOAKS AVENUE 8.875 1,845.90 80
8.625 1,845.90 290,000.00
MONROVIA CA 91016 1 08/12/96 00
0430023796 05 10/01/96 0
67094772 O 09/01/26
0
1515557 758/G01 F 200,000.00 ZZ
360 199,878.84 1
HIGHWAY 36 NORTH 8.500 1,537.83 72
PO BOX 27 8.250 1,537.83 279,000.00
KENNEY TX 77452 1 07/30/96 00
0430010926 05 09/01/96 0
UNKNOWN O 08/01/26
0
1515591 776/728 F 132,000.00 ZZ
360 131,926.00 1
20608 SATICOY STREET 8.875 1,050.25 80
(CANOGA PARK AREA) 8.625 1,050.25 165,000.00
LOS ANGELES CA 91306 1 07/05/96 00
0380499542 05 09/01/96 0
2134891 O 08/01/26
0
1
1515608 638/G01 F 137,500.00 ZZ
360 137,500.00 1
1869 LAKE AVENUE 8.625 1,069.46 70
8.375 1,069.46 197,500.00
SCOTCH PLAINS T NJ 07076 1 08/02/96 00
0430012369 05 10/01/96 0
8587949 O 09/01/26
0
1515654 F27/728 F 208,000.00 ZZ
360 208,000.00 1
6916 BERKELEY STREET 8.625 1,617.81 80
8.375 1,617.81 260,000.00
FALLS CHURCH VA 22043 1 08/15/96 00
0380506494 05 10/01/96 0
156208045 O 09/01/26
0
1515656 995/728 F 140,250.00 ZZ
360 140,250.00 1
11 KEVIN ROAD 8.500 1,078.40 75
8.250 1,078.40 187,000.00
LINCOLN PARK NJ 07035 2 08/23/96 00
0380506148 01 10/01/96 0
GM10031186 O 09/01/26
0
1515661 731/G01 F 650,000.00 ZZ
360 650,000.00 1
16412 ARDSLEY CIRCLE 8.375 4,940.47 78
8.125 4,940.47 835,000.00
HUNTINGTON BEAC CA 92649 1 08/13/96 00
0430017921 05 10/01/96 0
411612117 O 09/01/26
0
1515666 976/G01 F 500,000.00 ZZ
360 500,000.00 1
12021 POPES HEAD ROAD 8.125 3,712.49 80
7.875 3,712.49 625,000.00
FAIRFAX VA 22030 1 08/12/96 00
0430015297 03 10/01/96 0
145786 O 09/01/26
0
1515688 B49/G01 F 98,400.00 ZZ
360 98,400.00 1
1
306 PILOT KNOB AVENUE 8.500 756.62 80
8.250 756.62 123,000.00
MANITOU SPRINGS CO 80829 1 08/06/96 00
0430005256 05 10/01/96 0
UNKNOWN O 09/01/26
0
1515768 698/728 F 146,400.00 ZZ
360 146,324.10 1
24441 OSPREY STREET 9.250 1,204.40 80
9.000 1,204.40 183,000.00
LAKE FOREST CA 92630 2 07/17/96 00
0380499229 05 09/01/96 0
20252424 O 08/01/26
0
1515795 575/728 F 555,000.00 ZZ
360 554,375.42 1
9785 ROCKY POINT 8.875 4,415.83 60
8.625 4,415.83 925,000.00
CLARENCE NY 14031 2 06/13/96 00
0380499062 03 08/01/96 0
456006513 O 07/01/26
0
1515816 638/G01 F 275,500.00 ZZ
360 275,500.00 1
6068 WEST 75TH STREET 9.000 2,216.74 95
8.750 2,216.74 290,000.00
LOS ANGELES CA 90045 1 08/06/96 01
0430019406 05 10/01/96 30
098685258 O 09/01/26
0
1515863 A52/728 F 190,000.00 ZZ
360 189,893.48 1
1860 RIDGEDALE DRIVE 8.875 1,511.73 64
8.625 1,511.73 300,000.00
SNELLVILLE GA 30278 2 07/26/96 00
0380496290 05 09/01/96 0
158818 O 08/01/26
0
1515874 975/G01 F 250,000.00 ZZ
360 250,000.00 1
2308 LEGGETT LANE 9.000 2,011.56 75
8.750 2,011.56 335,000.00
FULLERTON CA 92633 1 08/27/96 00
0430028688 05 10/01/96 0
1
962081 O 09/01/26
0
1515915 696/728 F 245,250.00 ZZ
360 245,116.04 1
1710 37TH STREET, NW 9.000 1,973.34 90
8.750 1,973.34 272,500.00
WASHINGTON DC 20007 1 07/24/96 04
0380497587 07 09/01/96 25
3124306 O 08/01/26
0
1515931 429/429 F 212,350.00 ZZ
360 211,759.69 1
373 SOUTH BOLTON ROAD 7.875 1,539.68 92
7.625 1,539.68 232,000.00
BOLTON MA 01740 1 04/12/96 04
21446920 05 06/01/96 30
21446920 O 05/01/26
0
1515943 976/728 F 345,000.00 ZZ
360 344,591.15 1
2949 BROAD COURT 8.625 2,683.38 75
8.375 2,683.38 460,000.00
ANNAPOLIS MD 21401 5 06/27/96 00
0380502840 05 08/01/96 0
057642 O 07/01/26
0
1515953 956/G01 F 203,950.00 ZZ
360 203,832.66 1
16731 SPRING HILL COURT 8.750 1,604.48 80
8.500 1,604.48 254,950.00
MORGAN HILL CA 95037 1 07/01/96 00
0430010793 05 09/01/96 0
606310 O 08/01/26
0
1516127 051/G01 F 92,000.00 ZZ
360 91,949.75 1
1131 SUNNY COURT #C 9.000 740.25 80
8.750 740.25 115,000.00
SAN JOSE CA 95116 1 07/25/96 00
0430002527 01 09/01/96 0
16102381 O 08/01/26
0
1
1516152 808/G01 F 63,750.00 ZZ
360 63,750.00 1
36 ACACIA DRIVE 9.000 512.95 75
8.750 512.95 85,000.00
LEMOORE CA 93245 1 08/12/96 00
0430027805 05 10/01/96 0
9403530 O 09/01/26
0
1516156 952/G01 F 250,000.00 ZZ
360 250,000.00 1
11 GUMANI COURT 8.875 1,989.11 73
8.625 1,989.11 346,000.00
HOWELL NJ 07731 1 08/05/96 00
0430010512 05 10/01/96 0
96061296 O 09/01/26
0
1516194 737/728 F 262,500.00 ZZ
360 262,500.00 1
3311 WENLOCK EDGE DRIVE 8.875 2,088.57 75
8.625 2,088.57 350,000.00
SMYRNA GA 30080 1 08/08/96 00
0380504606 05 10/01/96 0
557432 O 09/01/26
0
1516215 765/G01 F 228,000.00 ZZ
360 227,872.17 1
629 WEST WALNUT AVENUE 8.875 1,814.08 80
8.625 1,814.08 285,000.00
EL SEGUNDO CA 90245 1 07/23/96 00
0430006379 05 09/01/96 0
316285 O 08/01/26
0
1516217 765/G01 F 310,500.00 ZZ
360 310,311.89 1
5365 VIA CERVATNES 8.500 2,387.48 90
8.250 2,387.48 345,000.00
YORBA LINDA CA 92887 1 07/23/96 10
0430011551 05 09/01/96 25
316461 O 08/01/26
0
1516279 076/076 F 360,000.00 ZZ
360 359,787.46 1
8550 EAST REMUDA DRIVE 8.625 2,800.04 69
8.375 2,800.04 525,000.00
1
SCOTTSDALE AZ 85255 1 07/01/96 00
5659312 03 09/01/96 0
5659312 O 08/01/26
0
1516289 076/076 F 288,000.00 ZZ
360 287,439.34 1
17 COW HILL ROAD 8.375 2,189.01 80
8.125 2,189.01 360,000.00
SHARON MA 02067 1 07/01/96 00
5601632 05 08/01/96 0
5601632 O 07/01/26
0
1516336 A06/G01 F 336,000.00 ZZ
360 335,816.46 1
1070 FOREST BAY 9.000 2,703.54 80
8.750 2,703.54 425,000.00
WATERFORD MI 48328 2 07/29/96 00
0430002683 01 09/01/96 0
9605483 O 08/01/26
0
1516382 936/G01 F 267,900.00 ZZ
360 267,590.59 1
2527 WARREN AVENUE NORTH 8.750 2,107.58 95
8.500 2,107.58 282,000.00
SEATTLE WA 98109 1 06/26/96 14
0430007534 05 08/01/96 30
6028377 O 07/01/26
0
1516499 640/728 F 300,000.00 ZZ
360 299,653.54 1
3804 WINDWARD LANE 8.750 2,360.10 87
8.500 2,360.10 345,000.00
SODDY DAISY TN 37379 2 06/21/96 01
0380500885 05 08/01/96 25
UNKNOWN O 07/01/26
0
1516515 070/070 F 234,950.00 ZZ
360 234,692.37 1
1242 NORTH CEDAR STREET 9.000 1,890.46 80
8.750 1,890.46 293,700.00
GLENDALE CA 91207 1 06/10/96 00
1278135 05 08/01/96 0
1278135 O 07/01/26
0
1
1516574 070/070 F 232,750.00 ZZ
360 232,459.65 1
601 HOLBROOK COURT NO. 103 8.375 1,769.07 94
8.125 1,769.07 250,000.00
LONG BEACH CA 90803 1 06/25/96 14
4062518 03 08/01/96 30
4062518 O 07/01/26
0
1516613 766/G01 F 85,000.00 ZZ
360 84,955.94 1
3250 VIRGINIA ST #3250 9.250 699.27 54
9.000 699.27 158,000.00
MIAMI FL 33133 1 07/24/96 00
0430019554 01 09/01/96 0
96JL046 O 08/01/26
0
1516616 074/074 F 280,000.00 ZZ
360 279,460.66 1
12 FLINTLOCK DR 8.250 2,103.55 80
8.000 2,103.55 350,000.00
WARREN NJ 07059 1 05/31/96 00
1101193469 05 07/01/96 0
1101193469 O 06/01/26
0
1516738 074/074 F 238,000.00 ZZ
360 237,529.75 1
14923 ELTON DRIVE 8.125 1,767.15 80
7.875 1,767.15 297,500.00
SAN JOSE CA 95124 1 05/01/96 00
1561327593 05 07/01/96 0
1561327593 O 06/01/26
0
1516740 074/074 F 393,750.00 T
360 393,116.59 1
7699 FRANZ VALLEY ROAD 9.125 3,203.68 75
8.875 3,203.68 525,000.00
CALISTOGA CA 95415 5 05/28/96 00
1561329012 05 07/01/96 0
1561329012 O 06/01/26
0
1516794 074/074 F 264,500.00 ZZ
360 264,238.77 1
1
11455 SW MUIRWOOD DR. 9.500 2,224.06 90
9.250 2,224.06 293,920.00
PORTLAND OR 97225 1 06/10/96 11
1565132268 05 08/01/96 25
1565132268 O 07/01/26
0
1516820 074/074 F 238,900.00 ZZ
360 238,586.38 1
2953 DENVER STREET 8.125 1,773.83 90
7.875 1,773.83 265,500.00
SAN DIEGO CA 92117 1 06/07/96 10
1567161959 05 08/01/96 25
1567161959 O 07/01/26
0
1517037 601/G01 F 400,000.00 ZZ
360 399,461.43 1
12700 CHAPEL CHASE DRIVE 8.000 2,935.06 78
7.750 2,935.06 514,000.00
CLARKSVILLE MD 21029 4 06/24/96 00
0430012633 05 08/01/96 0
14476 O 07/01/26
0
1517046 171/G01 F 232,000.00 ZZ
360 232,000.00 1
1400 EAST ROOSEVELT ROAD 8.750 1,825.15 80
8.500 1,825.15 290,000.00
LONG BEACH CA 90807 2 08/14/96 00
0430023812 05 10/01/96 0
67095040 O 09/01/26
0
1517086 450/728 F 280,000.00 ZZ
345 279,847.62 1
405 BOB JONES ROAD 9.625 2,398.21 75
9.375 2,398.21 375,000.00
SOUTHLAKE TX 76262 4 07/12/96 00
0380505587 05 09/01/96 0
3906500 O 05/01/25
0
1517161 074/074 F 679,200.00 ZZ
360 677,770.48 1
2821 CHAPMAN ROAD 7.812 4,895.01 80
7.562 4,895.01 849,000.00
PLANO TX 75093 1 05/30/96 00
14106281 03 07/01/96 0
1
14106281 O 06/01/26
0
1517180 B57/G01 F 608,000.00 ZZ
360 607,631.67 1
2200 WALNUT AVENUE 8.500 4,675.00 80
8.250 4,675.00 760,000.00
MANHATTAN BEACH CA 90266 1 07/23/96 00
0430011387 05 09/01/96 0
9620523 O 08/01/26
0
1517199 A73/728 F 138,750.00 ZZ
360 138,674.22 1
26887 MERRIL AVENUE 9.000 1,116.41 75
8.750 1,116.41 185,000.00
MADERA CA 93638 2 07/24/96 00
0380502634 05 09/01/96 0
554901436 O 08/01/26
0
1517236 387/387 F 387,000.00 ZZ
360 386,777.35 1
2199 GLANCY COURT 8.750 3,044.53 80
8.500 3,044.53 485,000.00
CARMICHAEL CA 95608 2 07/15/96 00
768465 05 09/01/96 0
768465 O 08/01/26
0
1517358 559/G01 F 237,600.00 ZZ
360 237,600.00 1
9465 OAK LEAF WAY 8.375 1,805.94 80
8.125 1,805.94 297,000.00
GRANITE BAY CA 95746 1 08/13/96 00
0430024299 05 10/01/96 0
5363684 O 09/01/26
0
1517367 E13/G01 F 240,000.00 ZZ
360 240,000.00 1
775 WENDT TERRACE 8.500 1,845.39 80
8.250 1,845.39 300,000.00
LAGUNA BEACH CA 92651 1 08/15/96 00
0430019216 03 10/01/96 0
9510529 O 09/01/26
0
1
1517396 766/G01 F 813,300.00 ZZ
360 813,300.00 1
1415 N ATLANTIC BLVD 9.125 6,617.28 63
8.875 6,617.28 1,300,000.00
FT LAUDERDALE FL 33304 5 08/09/96 00
0430015255 05 10/01/96 0
96DA0248 O 09/01/26
0
1517424 369/G01 F 277,000.00 ZZ
360 276,836.46 1
14717 EXCALIBER DRIVE 8.625 2,154.48 80
8.375 2,154.48 346,369.00
MORGAN HILL CA 95037 1 07/18/96 00
0430025460 05 09/01/96 0
49159395 O 08/01/26
0
1517429 776/G01 F 492,000.00 ZZ
360 490,035.98 1
5438 FAIRVIEW PLACE 8.125 3,653.09 80
7.875 3,653.09 615,000.00
AGOURA HILLS CA 91301 1 02/21/96 00
0430011262 05 04/01/96 0
2127398 O 03/01/26
0
1517436 147/728 F 282,000.00 ZZ
360 281,442.82 1
10 GOLF RIDGE DRIVE 8.125 2,093.85 80
7.875 2,093.85 352,714.00
DOVE CANYON CA 92679 1 05/24/96 00
0380502659 03 07/01/96 0
620021 O 06/01/26
0
1517441 F16/G01 F 295,200.00 ZZ
360 295,038.75 1
14716 EXCALIBER DRIVE 9.000 2,375.25 90
8.750 2,375.25 328,000.00
MORGAN HILL CA 95037 1 07/26/96 12
0430014639 05 09/01/96 25
96815420 O 08/01/26
0
1517485 637/G01 F 295,000.00 ZZ
360 294,830.27 1
1796 NORTH SUNRISE DRIVE 8.750 2,320.77 78
8.500 2,320.77 380,000.00
1
OREM UT 84057 4 07/16/96 00
0430011031 05 09/01/96 0
4626438 O 08/01/26
0
1517487 637/G01 F 149,400.00 ZZ
360 149,324.55 1
263 CLASSON AVENUE.,APT #3C 9.375 1,242.64 91
9.125 1,242.64 165,000.00
BROOKLYN NY 11205 1 07/16/96 04
0430009837 08 09/01/96 30
4739876 O 08/01/26
0
1517529 911/728 F 117,000.00 ZZ
360 117,000.00 1
30 VIA FIRENZA WAY 8.250 878.98 67
8.000 878.98 177,010.00
DAVIE FL 33325 1 08/15/96 00
0380505397 03 10/01/96 0
2960625 O 09/01/26
0
1517537 559/G01 F 279,200.00 ZZ
360 279,200.00 1
196 ESCUELA AVENUE 8.750 2,196.47 80
8.500 2,196.47 349,000.00
MOUTAIN VIEW CA 94040 1 08/21/96 00
0430024315 05 10/01/96 0
5358254 O 09/01/26
0
1517545 893/G01 F 492,000.00 ZZ
360 492,000.00 1
260 DEVONSHIRE BLVD 8.750 3,870.57 80
8.500 3,870.57 615,000.00
SAN CARLOS CA 94070 1 08/22/96 00
0430019273 05 10/01/96 0
1517545 O 09/01/26
0
1517549 976/G01 F 288,900.00 ZZ
360 288,900.00 1
22716 SWEET MEADOW 8.250 2,170.41 80
8.000 2,170.41 361,217.00
MISSION VIEJO CA 92692 1 08/27/96 00
0430030155 03 10/01/96 0
217111848 O 09/01/26
0
1
1517558 559/G01 F 204,500.00 ZZ
360 204,500.00 1
119 ENCHANTED WAY 8.625 1,590.59 80
8.375 1,590.59 257,000.00
SAN RAMON CA 94583 1 08/12/96 00
0430016790 03 10/01/96 0
5365473 O 09/01/26
0
1517624 074/074 F 230,000.00 ZZ
360 229,579.04 1
7745 NE BLUFF DRIVE 8.500 1,768.50 71
8.250 1,768.50 327,000.00
BONDURANT IA 50035 1 05/15/96 00
1120756 05 07/01/96 0
1120756 O 06/01/26
0
1517645 375/G01 F 300,000.00 ZZ
360 299,818.25 1
75 SAN BENANCIO CANYON ROAD 8.500 2,306.75 75
8.250 2,306.75 400,000.00
SALINAS CA 93908 1 07/10/96 00
0430009944 05 09/01/96 0
UNKNOWN O 08/01/26
0
1517656 F02/728 F 270,000.00 ZZ
360 269,696.15 1
7 CARLTON COURT 8.875 2,148.24 72
8.625 2,148.24 375,000.00
NEW CITY NY 10956 1 06/17/96 00
0380500463 05 08/01/96 0
600158786 O 07/01/26
0
1517704 077/077 F 281,000.00 ZZ
360 280,838.33 1
115 REILY ROAD 8.750 2,210.63 68
8.500 2,210.63 416,000.00
CINCINNATI OH 45215 1 07/31/96 00
358461 05 09/01/96 0
358461 O 08/01/26
0
1517707 429/429 F 281,900.00 ZZ
360 281,548.33 1
1
3 STRAWBERRY HILL LANE 8.375 2,142.65 80
8.125 2,142.65 352,430.00
READING MA 01867 1 06/21/96 00
21423997 05 08/01/96 0
21423997 O 07/01/26
0
1517729 559/G01 F 100,000.00 ZZ
360 100,000.00 1
8022 PUDDING CREEK DRIVE 8.500 768.92 37
8.250 768.92 275,000.00
SALEM OR 97301 1 08/12/96 00
0430017251 05 10/01/96 0
5366760 O 09/01/26
0
1517735 B93/G01 F 272,000.00 ZZ
360 272,000.00 1
3088 SUNSET LANE 8.500 2,091.45 80
8.250 2,091.45 340,000.00
LAKESIDE AZ 85929 4 08/21/96 00
0430023713 05 10/01/96 0
40364 O 09/01/26
0
1517758 E22/G01 F 240,000.00 ZZ
360 239,872.28 1
821 VIRGINIA STREET 9.125 1,952.72 80
8.875 1,952.72 300,000.00
EL SEGUNDO CA 90245 2 07/23/96 00
0410214597 05 09/01/96 0
410214597 O 08/01/26
0
1517760 E22/G01 F 131,600.00 ZZ
360 131,524.28 1
324 RINCON COURT 8.750 1,035.30 80
8.500 1,035.30 164,500.00
SANTA PAULA CA 93060 1 07/22/96 00
0410156772 05 09/01/96 0
410156772 O 08/01/26
0
1517763 455/G01 F 82,100.00 ZZ
360 82,100.00 1
3358 WOODRUN TRAIL 8.375 624.02 70
8.125 624.02 117,300.00
MARIETTA GA 30062 1 08/12/96 00
0430013110 05 10/01/96 0
1
52460 O 09/01/26
0
1517797 976/728 F 508,800.00 ZZ
360 508,499.60 1
1437 BONITO SUENOS COURT N.W. 8.625 3,957.40 73
8.375 3,957.40 700,000.00
ALBUQUERQUE NM 87107 2 07/25/96 00
0380504044 03 09/01/96 0
805255 O 08/01/26
0
1517810 573/G01 F 264,000.00 ZZ
360 263,840.06 1
1117 VIA MONTECITO 8.500 2,029.94 80
8.250 2,029.94 330,000.00
ENCINITAS CA 92024 1 07/15/96 00
0430010991 03 09/01/96 0
107244 O 08/01/26
0
1517833 966/G01 F 178,000.00 ZZ
360 178,000.00 1
3915 RAINTREE DRIVE 8.875 1,416.25 75
8.625 1,416.25 240,000.00
FLOWER MOUND TX 75028 2 08/16/96 00
0430018317 05 10/01/96 0
30002346 O 09/01/26
0
1517890 E22/G01 F 193,050.00 ZZ
360 192,949.92 1
3944 GATWICK 9.250 1,588.17 75
9.000 1,588.17 260,000.00
TROY MI 48083 1 07/24/96 00
0410019947 05 09/01/96 0
410019947 O 08/01/26
0
1518088 776/G01 F 528,000.00 ZZ
360 528,000.00 1
22 SHERIDAN ROAD 8.750 4,153.78 80
8.500 4,153.78 660,000.00
OAKLAND CA 94618 1 08/20/96 00
0430017244 05 10/01/96 0
6233844 O 09/01/26
0
1
1518122 601/G01 F 247,000.00 ZZ
360 246,857.89 1
3113 KNAPP ROAD 8.750 1,943.15 80
8.500 1,943.15 309,000.00
VESTAL NY 13850 1 07/16/96 00
0430011528 05 09/01/96 0
1084047110 O 08/01/26
0
1518136 696/G01 F 256,500.00 ZZ
360 256,188.12 1
2325 NORTH UTAH STREET 8.500 1,972.26 95
8.250 1,972.26 270,000.00
ARLINGTON VA 22207 1 06/07/96 04
0430009787 05 08/01/96 30
5020907 O 07/01/26
0
1518144 470/728 F 420,000.00 ZZ
360 419,776.49 1
100 SPRING STREET 9.125 3,417.26 80
8.875 3,417.26 525,000.00
LOS GATOS CA 95032 1 07/19/96 00
0380502055 05 09/01/96 0
25081345 O 08/01/26
0
1518146 601/G01 F 292,000.00 ZZ
360 292,000.00 1
N25 W26411 FOXCROFT DRIVE 8.875 2,323.29 80
8.625 2,323.29 365,000.00
PEWAUKEE WI 53005 1 08/02/96 00
0430010074 05 10/01/96 0
873988 O 09/01/26
0
1518158 601/G01 F 220,700.00 ZZ
360 220,700.00 1
5015 46TH AVE CT E 8.625 1,716.59 80
8.375 1,716.59 275,900.00
TACOMA WA 98443 1 07/26/96 00
0430009738 03 10/01/96 0
888827 O 09/01/26
0
1518175 601/G01 F 250,000.00 ZZ
360 249,836.47 1
15006 SCOTTSWOOD COURT 8.125 1,856.24 75
7.875 1,856.24 337,500.00
1
WOODBINE MD 21797 4 07/19/96 00
0430013912 05 09/01/96 0
95611 O 08/01/26
0
1518178 976/G01 F 344,400.00 ZZ
360 344,180.38 1
55 CEDARWO0D ROAD 8.250 2,587.37 80
8.000 2,587.37 430,500.00
JAMAICA PLAIN MA 02130 1 07/15/96 00
0430010744 05 09/01/96 0
118485 O 08/01/26
0
1518204 668/728 F 108,750.00 ZZ
360 108,687.43 1
1701 BAKERSFIELD STREET 8.750 855.54 75
8.500 855.54 145,000.00
SOUTH LAKE TAHO CA 96150 5 07/18/96 00
0380506080 05 09/01/96 0
6826606 O 08/01/26
0
1518205 601/G01 F 219,600.00 ZZ
360 219,473.66 1
190 FISHERVILLE ROAD 8.750 1,727.59 90
8.500 1,727.59 244,000.00
COLLIERVILLE TN 38017 4 07/24/96 04
0430025759 05 09/01/96 25
1083472 O 08/01/26
0
1518220 685/G01 F 312,850.00 ZZ
360 312,850.00 1
9705 LIPARI CIRCLE 8.750 2,461.19 80
8.500 2,461.19 391,089.00
CYPRESS CA 90630 1 08/01/96 00
0430010280 05 10/01/96 0
105140 O 09/01/26
0
1518234 069/G01 F 351,000.00 ZZ
360 350,798.06 1
20527 CRESTLINE DRIVE 8.750 2,761.32 80
8.500 2,761.32 439,990.00
DIAMOND BAR CA 91765 1 07/18/96 00
0430013185 03 09/01/96 0
2362123917 O 08/01/26
0
1
1518238 561/728 F 398,950.00 ZZ
360 398,726.34 1
1201 WATERVALE COURT 8.875 3,174.23 80
1518123C 8.625 3,174.23 498,730.00
PASADENA MD 21122 4 07/22/96 00
0380504176 03 09/01/96 0
8646903 O 08/01/26
0
1518262 A32/G01 F 350,000.00 ZZ
360 350,000.00 1
2951 ARUBA COURT 8.750 2,753.45 50
8.500 2,753.45 712,000.00
LAS VEGAS NV 89121 2 08/01/96 00
0430010777 03 10/01/96 0
122043 O 09/01/26
0
1518282 E22/G01 F 252,000.00 ZZ
360 251,839.31 1
1634 MONTMORENCY DRIVE 8.250 1,893.19 80
8.000 1,893.19 315,000.00
VIENNA VA 22182 1 07/19/96 00
0410119754 03 09/01/96 0
410119754 O 08/01/26
0
1518286 E22/G01 F 388,000.00 ZZ
360 387,776.77 1
2474 HARVARD CIRCLE 8.750 3,052.40 80
8.500 3,052.40 485,000.00
WALNUT CREEK CA 94596 1 07/01/96 00
0410155139 05 09/01/96 0
410155139 O 08/01/26
0
1518305 E22/G01 F 114,300.00 ZZ
360 114,234.24 1
22 SOUTH LACE ARBOR DRIVE 8.750 899.20 80
8.500 899.20 142,910.00
THE WOODLANDS TX 77382 1 07/11/96 00
0410076855 03 09/01/96 0
410076855 O 08/01/26
0
1518328 686/G01 F 161,250.00 ZZ
360 161,164.18 1
1
509 NORTH 42ND STREET 9.125 1,311.99 75
8.875 1,311.99 215,000.00
SEATTLE WA 98103 1 07/09/96 00
0430011676 05 09/01/96 0
817784200 O 08/01/26
0
1518330 686/G01 F 336,000.00 ZZ
360 335,798.53 1
31 NORTHROP ROAD 8.550 2,595.47 80
8.300 2,595.47 420,000.00
WOODBRIDGE CT 06525 1 07/17/96 00
0430011684 05 09/01/96 0
817717416 O 08/01/26
0
1518331 686/G01 F 310,000.00 ZZ
360 309,835.02 1
5712 SOUTHERN HILLS DRIVE 9.125 2,522.27 75
8.875 2,522.27 413,944.00
FRISCO TX 75034 1 07/12/96 00
0430011692 03 09/01/96 0
817765803 O 08/01/26
0
1518335 686/G01 F 300,000.00 ZZ
360 299,827.39 1
9351 SW 70 ST 8.750 2,360.11 89
8.500 2,360.11 340,000.00
MIAMI FL 33173 1 07/16/96 10
0430011718 05 09/01/96 25
817581374 O 08/01/26
0
1518336 686/G01 F 70,000.00 ZZ
360 69,957.15 1
134 JONATHAN DRIVE 8.450 535.77 45
8.200 535.77 156,000.00
VERNON CT 06066 1 07/19/96 00
0430011726 05 09/01/96 0
817674237 O 08/01/26
0
1518339 686/G01 F 89,900.00 ZZ
360 89,849.60 1
6050 GLACIER RUN 8.875 715.29 75
8.625 715.29 119,900.00
NORCROSS GA 30093 1 07/19/96 00
0430011742 05 09/01/96 0
1
817568249 O 08/01/26
0
1518344 686/G01 F 84,000.00 ZZ
360 83,956.45 1
4721 NORTH LUCILLE ROAD 9.250 691.05 80
9.000 691.05 105,000.00
SPOKANE WA 99216 5 07/16/96 00
0430011783 05 09/01/96 0
817694342 O 08/01/26
0
1518345 686/G01 F 81,000.00 ZZ
360 80,955.06 1
229 LENORE DRIVE 8.925 647.38 48
8.675 647.38 172,000.00
SHELTON CT 06484 5 07/19/96 00
0430011791 05 09/01/96 0
817717556 O 08/01/26
0
1518346 686/G01 F 110,000.00 ZZ
360 109,941.46 1
4545 NW 187TH STREET 9.125 895.00 65
8.875 895.00 170,000.00
PORTLAND OR 97229 2 07/13/96 00
0430011809 05 09/01/96 0
817753163 O 08/01/26
0
1518348 686/G01 F 240,000.00 ZZ
360 239,820.09 1
78 GREAT OAK LANE 7.450 1,669.91 73
7.200 1,669.91 333,000.00
PLEASANTVILLE NY 10570 1 07/26/96 00
0430011833 05 09/01/96 0
817575541 O 08/01/26
0
1518350 686/G01 F 50,200.00 ZZ
360 50,171.41 1
60 OXFORD DRIVE 8.800 396.72 75
8.550 396.72 67,000.00
EAST HARTFORD CT 06118 1 07/26/96 00
0430011858 05 09/01/96 0
817674310 O 08/01/26
0
1
1518351 686/G01 F 325,000.00 ZZ
360 324,822.47 1
3063 NW 123RD PLACE 9.000 2,615.03 65
8.750 2,615.03 500,000.00
PORTLAND OR 97229 5 07/16/96 00
0430011874 05 09/01/96 0
817784515 O 08/01/26
0
1518364 776/G01 F 200,000.00 ZZ
360 199,088.67 1
2302 2ND STREET 8.250 1,502.53 80
8.000 1,502.53 250,000.00
SANTA MONICA CA 90405 1 01/09/96 00
0430011403 05 03/01/96 0
2127236 O 02/01/26
0
1518473 369/G01 F 297,000.00 ZZ
360 296,846.02 1
LOT 9 WYNSTONE S/D 9.250 2,443.35 90
9.000 2,443.35 330,000.00
RALEIGH NC 27603 1 07/12/96 11
0430012203 05 09/01/96 30
48762603 O 08/01/26
0
1518481 270/G01 F 285,950.00 ZZ
360 285,785.48 1
803 THISTLE MOUND COVE 8.750 2,249.57 95
8.500 2,249.57 301,000.00
ROUND ROCK TX 78664 4 07/22/96 14
0430013300 05 09/01/96 30
4867842 O 08/01/26
0
1518492 A86/G01 F 285,000.00 ZZ
360 285,000.00 1
141 LOCUST STREET 8.000 2,091.23 75
7.750 2,091.23 380,000.00
DANVERS MA 01923 1 08/30/96 00
0430018424 05 10/01/96 0
6338PF O 09/01/26
0
1518500 830/728 F 252,000.00 ZZ
360 251,858.72 1
2121 EAST HUBBARD AVENUE 8.875 2,005.03 80
8.625 2,005.03 315,000.00
1
SALT LAKE CITY UT 84108 1 07/29/96 00
0380503160 05 09/01/96 0
5219909990 O 08/01/26
0
1518516 776/728 F 144,000.00 ZZ
360 143,921.34 1
1048 N. CURSON AVENUE 9.000 1,158.66 80
8.750 1,158.66 180,000.00
CALABASAS CA 90046 1 07/12/96 00
0380502709 05 09/01/96 0
2134918 O 08/01/26
0
1518518 964/G01 F 245,400.00 ZZ
360 245,255.11 1
2332 VIA ZAFIRO 8.625 1,908.70 80
8.375 1,908.70 306,790.00
SAN CLEMENTE CA 92673 1 07/31/96 00
0430011502 03 09/01/96 0
19343 O 08/01/26
0
1518520 698/698 F 143,900.00 ZZ
360 143,819.33 1
3701 SOUTH ROSS STREET 8.875 1,144.93 80
8.625 1,144.93 179,900.00
SANTA ANA CA 92707 1 07/25/96 00
20702457 05 09/01/96 0
20702457 O 08/01/26
0
1518521 744/G01 F 179,600.00 ZZ
360 179,499.31 1
233 BRENTWOOD DRIVE 8.875 1,428.98 80
8.625 1,428.98 224,500.00
SOUTH SAN FRANC CA 94080 1 07/25/96 00
0430011122 05 09/01/96 0
78180 O 08/01/26
0
1518543 375/G01 F 100,000.00 ZZ
360 99,875.26 2
16822 AVENFIELD RD 8.375 760.07 56
8.125 760.07 181,000.00
TOMBALL TX 77375 4 06/10/96 00
0430010819 03 08/01/96 0
405442 O 07/01/26
0
1
1518544 003/G01 F 305,550.00 ZZ
360 305,178.47 1
3420 HALLMARK DRIVE 8.500 2,349.42 90
8.250 2,349.42 339,500.00
MARIETTA GA 30067 1 06/14/96 12
0430011114 05 08/01/96 25
3689957 O 07/01/26
0
1518549 003/728 F 278,350.00 ZZ
360 278,205.69 1
830 FOREST PATH LANE 9.250 2,289.92 95
9.000 2,289.92 293,000.00
ALPHARETTA GA 30202 1 07/26/96 12
0380503467 03 09/01/96 30
3708542 O 08/01/26
0
1518577 696/728 F 135,000.00 ZZ
360 134,922.33 1
3125 WESTLEY ROAD 8.750 1,062.05 90
8.500 1,062.05 150,000.00
FALLS CHURCH VA 22042 1 07/29/96 10
0380501677 05 09/01/96 25
2348283 O 08/01/26
0
1518600 721/G01 F 279,400.00 ZZ
360 279,400.00 1
7665 GIBRALTAR TERRACE 8.000 2,050.14 64
7.750 2,050.14 440,000.00
APPLE VALLEY MN 55124 2 08/01/96 00
0430010868 05 10/01/96 0
971580 O 09/01/26
0
1518663 559/G01 F 344,000.00 ZZ
360 344,000.00 1
1180 BRYANT AVENUE 8.375 2,614.65 80
8.125 2,614.65 430,000.00
MOUNTAIN VIEW CA 94040 1 08/20/96 00
0430024240 05 10/01/96 0
5370358 O 09/01/26
0
1518675 E57/G01 F 236,000.00 ZZ
360 236,000.00 1
1
3507 BARRY AVENUE 8.625 1,835.58 80
8.375 1,835.58 295,000.00
LOS ANGELES CA 90066 2 08/20/96 00
0430028191 05 10/01/96 0
52142011000 O 09/01/26
0
1518705 559/G01 F 450,000.00 ZZ
360 450,000.00 1
24525 DESERT AVENUE 8.375 3,420.33 67
8.125 3,420.33 676,269.00
NEWHALL CA 91321 4 08/19/96 00
0430026534 05 10/01/96 0
5365788 O 09/01/26
0
1518731 A39/728 F 373,250.00 ZZ
360 373,040.75 1
918 PUESTA DEL SOL 8.875 2,969.74 80
8.625 2,969.74 470,000.00
THOUSAND OAKS CA 91360 1 07/29/96 00
0380502949 03 09/01/96 0
9600647 O 08/01/26
0
1518732 074/074 F 400,000.00 ZZ
360 399,549.84 1
70 PETERSON ROAD 8.875 3,182.58 90
8.625 3,182.58 445,000.00
DUXBURY MA 02332 1 06/25/96 14
1580029821 05 08/01/96 25
1580029821 O 07/01/26
0
1518757 685/G01 F 553,900.00 ZZ
360 553,900.00 1
6701 MORNING TIDE DRIVE 8.375 4,210.04 80
8.125 4,210.04 692,408.00
HUNTINGTON BEAC CA 92648 1 08/02/96 00
0430015453 05 10/01/96 0
105207 O 09/01/26
0
1518760 685/G01 F 500,000.00 ZZ
360 499,493.03 1
1041 NORTH ORLANDO AVENUE 9.375 4,158.75 77
9.125 4,158.75 650,000.00
LOS ANGELES CA 90069 1 06/25/96 00
0430024026 05 08/01/96 0
1
104850 O 07/01/26
0
1518766 171/728 F 222,200.00 ZZ
360 222,065.39 1
5917 EAST BLUEBONNET COURT 8.500 1,708.53 95
8.250 1,708.53 233,933.00
ORANGE CA 92669 1 07/25/96 10
0380502543 03 09/01/96 30
0477158 O 08/01/26
0
1518769 461/G01 F 311,250.00 ZZ
360 311,250.00 1
4310 ELLENITA AVE 8.875 2,476.45 75
8.625 2,476.45 415,000.00
TARZANA CA 91356 1 08/01/96 00
0430010975 05 10/01/96 0
21033931 O 09/01/26
0
1518779 964/G01 F 280,000.00 ZZ
360 279,821.45 1
663 SECOND STREET EAST 8.250 2,103.55 66
8.000 2,103.55 430,000.00
SONOMA CA 95476 1 07/22/96 00
0430022137 05 09/01/96 0
19206 O 08/01/26
0
1518788 744/G01 F 177,350.00 ZZ
360 177,350.00 1
1420 CENTRAL BOULEVARD 9.125 1,442.98 74
8.875 1,442.98 240,000.00
BRENTWOOD CA 94513 1 08/02/96 00
0430027946 05 10/01/96 0
78237 O 09/01/26
0
1518789 F50/G01 F 266,000.00 ZZ
360 266,000.00 1
9600 CRIPPLE CREEK LANE 8.375 2,021.79 80
8.125 2,021.79 332,500.00
NEWCASTLE CA 95658 1 08/07/96 00
0430018648 05 10/01/96 0
961226 O 09/01/26
0
1
1518793 765/G01 F 446,250.00 ZZ
360 445,979.66 1
4772 QUEEN VICTORIA ROAD 8.500 3,431.28 75
8.250 3,431.28 595,000.00
WOODLAND HILLS CA 91364 1 07/15/96 00
0430010660 05 09/01/96 0
315771 O 08/01/26
0
1518795 685/G01 F 230,050.00 ZZ
360 230,050.00 1
62 TESSERA AVENUE 8.500 1,768.89 80
8.250 1,768.89 287,564.00
FOOTHILL RANCH CA 92610 1 08/02/96 00
0430010553 03 10/01/96 0
104978 O 09/01/26
0
1518797 685/G01 F 480,000.00 ZZ
360 480,000.00 1
4 VIA GOLETA 8.625 3,733.39 80
8.375 3,733.39 600,000.00
SAN CELEMENTE CA 92673 1 08/02/96 00
0430013599 03 10/01/96 0
105239 O 09/01/26
0
1518820 964/G01 F 132,000.00 ZZ
360 131,924.06 1
7345 PICKERING AVENUE 8.750 1,038.44 80
8.500 1,038.44 165,000.00
WHITTIER CA 90602 1 07/31/96 00
0430015214 05 09/01/96 0
19422 O 08/01/26
0
1518837 E22/G01 F 224,963.00 ZZ
360 224,836.88 1
23671 SONATA DRIVE 8.875 1,789.91 80
8.625 1,789.91 281,204.00
MURRIETA CA 92562 1 07/17/96 00
0410144505 05 09/01/96 0
410144505 O 08/01/26
0
1518861 375/728 F 71,200.00 ZZ
360 71,164.04 1
210 POMMOGUSSETT RD 9.375 592.21 50
9.125 592.21 145,000.00
1
RUTLAND MA 01543 2 07/11/96 00
0380502576 05 09/01/96 0
328053 O 08/01/26
0
1518873 369/G01 F 239,600.00 ZZ
360 239,454.85 1
4471 AVENIDA DE LAS ESTRELLAS 8.500 1,842.32 80
8.250 1,842.32 299,500.00
YORBA LINDA CA 92686 1 07/18/96 00
0430012286 05 09/01/96 0
49546971 O 08/01/26
0
1518874 369/G01 F 244,250.00 ZZ
360 244,116.58 1
6310 CHERBOURG DRIVE 9.000 1,965.30 90
8.750 1,965.30 271,400.00
INDIANAPOLIS IN 46220 4 07/30/96 21
0430012385 05 09/01/96 25
49550551 O 08/01/26
0
1518877 369/G01 F 299,250.00 ZZ
360 299,082.23 1
7931 OAKBROOK DRIVE 8.875 2,380.97 95
8.625 2,380.97 315,000.00
BATON ROUGE LA 70810 1 07/26/96 12
0430011957 05 09/01/96 30
60096716 O 08/01/26
0
1518878 369/G01 F 213,650.00 ZZ
360 213,523.86 1
21479 DOWNING COURT 8.625 1,661.75 80
8.375 1,661.75 267,191.00
ASHBURN VA 22011 1 07/22/96 00
0430012245 03 09/01/96 0
49473002 O 08/01/26
0
1518883 070/070 F 249,850.00 ZZ
360 249,717.04 1
14120 MAR VISTA STREET 9.125 2,032.86 92
8.875 2,032.86 272,000.00
WHITTIER CA 90602 1 07/01/96 14
4279886 05 09/01/96 30
4279886 O 08/01/26
0
1
1518949 696/G01 F 216,000.00 ZZ
360 215,875.73 1
16617 CLARKES GAP ROAD 8.750 1,699.27 80
8.500 1,699.27 270,000.00
PAEONIAN SPRING VA 22129 1 07/25/96 00
0430010462 05 09/01/96 0
8008004 O 08/01/26
0
1518983 696/728 F 229,900.00 ZZ
360 229,753.40 1
14711 KAMPUTA DRIVE 8.250 1,727.16 95
8.000 1,727.16 242,000.00
CENTREVILLE VA 22020 1 07/31/96 12
0380502741 03 09/01/96 30
2178132 O 08/01/26
0
1518992 966/G01 F 400,000.00 ZZ
350 400,000.00 1
2920 LAKEFRONT TRAIL 8.500 3,095.13 70
8.250 3,095.13 575,000.00
PLANO TX 75093 4 08/09/96 00
0430023242 03 10/01/96 0
162620 O 11/01/25
0
1519003 E22/G01 F 100,000.00 ZZ
360 100,000.00 1
24815 JACKSON ROAD 9.000 804.62 40
8.750 804.62 250,000.00
MARENGO IL 60152 2 08/02/96 00
0410171888 05 10/01/96 0
410171888 O 09/01/26
0
1519015 822/728 F 170,000.00 ZZ
360 170,000.00 1
1 ALLISON COURT 9.250 1,398.55 61
9.000 1,398.55 280,400.00
MONROE NJ 08831 1 08/06/96 00
0380502618 05 10/01/96 0
3516006803 O 09/01/26
0
1519021 E22/G01 F 108,000.00 ZZ
360 108,000.00 1
1
2408 WEST CORYDON STREET 8.625 840.01 80
8.375 840.01 135,000.00
COMPTON CA 90220 2 07/26/96 00
0410183818 05 10/01/96 0
410183818 O 09/01/26
0
1519025 E22/G01 F 157,600.00 ZZ
360 157,600.00 1
85 GOLDENROD 8.250 1,184.00 80
8.000 1,184.00 197,000.00
IRVINE CA 92714 1 07/26/96 00
0410183693 01 10/01/96 0
410183693 O 09/01/26
0
1519027 E22/G01 F 119,700.00 ZZ
360 119,627.48 1
1815 EAST ROY STREET 8.500 920.39 70
8.250 920.39 171,000.00
SEATTLE WA 98112 1 07/22/96 00
0410112890 05 09/01/96 0
410112890 O 08/01/26
0
1519046 731/G01 F 272,500.00 ZZ
360 272,500.00 1
45705 SOUTHEAST 138TH COURT 8.875 2,168.13 80
8.625 2,168.13 340,700.00
NORTH BEND WA 98045 1 08/01/96 00
0430013540 03 10/01/96 0
230332492 O 09/01/26
0
1519047 B74/728 F 193,500.00 ZZ
360 193,500.00 1
24646 VIA VALLARTA 8.500 1,487.85 75
8.250 1,487.85 258,000.00
YORBA LINDA CA 92887 1 08/07/96 00
0380505827 05 10/01/96 0
962948 O 09/01/26
0
1519070 731/G01 F 195,500.00 ZZ
360 195,387.52 1
1913 CORTO TRAIL 8.750 1,538.00 80
8.500 1,538.00 244,400.00
OXNARD CA 93030 1 07/26/96 00
0430011395 05 09/01/96 0
1
412610019 O 08/01/26
0
1519075 025/025 F 225,000.00 ZZ
360 224,733.36 1
7605 WILLOW BASTIC COURT 8.625 1,750.03 61
8.375 1,750.03 370,000.00
TALLAHASSEE FL 32312 4 06/28/96 00
365246 03 08/01/96 0
365246 O 07/01/26
0
1519077 025/025 F 275,000.00 ZZ
360 274,682.40 1
5631 OLDE HARTLEY WAY 8.750 2,163.43 65
8.500 2,163.43 425,000.00
GLEN ALLEN VA 23060 4 06/27/96 00
2005 05 08/01/96 0
2005 O 07/01/26
0
1519085 025/025 F 230,800.00 ZZ
360 230,663.74 1
595 REGENCY PARK DRIVE 8.625 1,795.14 90
8.375 1,795.14 256,487.00
ATLANTA GA 30331 1 07/17/96 01
UNKNOWN 03 09/01/96 30
UNKNOWN O 08/01/26
0
1519097 369/G01 F 215,550.00 ZZ
360 215,416.02 1
2010 LARIMER POINT COURT 8.375 1,638.34 80
8.125 1,638.34 269,473.00
SUGAR LAND TX 77479 1 07/31/96 00
0430012237 03 09/01/96 0
48847370 O 08/01/26
0
1519141 640/728 F 236,250.00 ZZ
360 236,114.08 1
8375 U.S. 70 HIGHWAY 8.750 1,858.58 90
8.500 1,858.58 262,500.00
ARLINGTON TN 38002 1 07/22/96 01
0380503186 05 09/01/96 25
5733076 O 08/01/26
0
1
1519164 003/G01 F 673,700.00 ZZ
360 673,393.92 1
8215 ST. MARLO FAIRWAY DR 9.875 5,850.07 75
9.625 5,850.07 898,390.00
DULUTH GA 30155 1 07/15/96 00
0430015388 05 09/01/96 0
3709680 O 08/01/26
0
1519196 966/G01 F 383,500.00 ZZ
360 383,500.00 1
904 PLACE LOVIE 8.875 3,051.30 77
8.625 3,051.30 500,000.00
DESOTO TX 75115 2 08/19/96 00
0430022996 03 10/01/96 0
30002356 O 09/01/26
0
1519212 696/G01 F 391,200.00 ZZ
360 390,980.69 1
4137 NORTH RIVER STREET 8.875 3,112.56 80
8.625 3,112.56 489,000.00
MCLEAN VA 22101 1 07/29/96 00
0430012641 03 09/01/96 0
2268320 O 08/01/26
0
1519232 E89/G01 F 572,000.00 ZZ
360 572,000.00 1
13 SIERRA VISTA 8.500 4,398.19 80
8.250 4,398.19 715,000.00
LAGUNA NIGUEL CA 92677 2 08/21/96 00
0430024620 03 10/01/96 0
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0430013581 03 09/01/96 25
2179117 O 08/01/26
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96OZ0337 O 09/01/26
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9108863 O 08/01/26
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09109067 O 08/01/26
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6096879 O 08/01/26
0
1
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CHICO CA 95973 1 06/24/96 01
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5336953 O 07/01/26
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2971 US ROUTE 68 N 8.750 1,898.31 95
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2323 TINKHAM ROAD 8.500 2,546.64 90
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5345 EAST MCLELLAN ROAD #85 8.875 1,772.30 90
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MESA AZ 85205 1 06/28/96 11
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0
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18362 ERIN BAY 8.375 2,018.76 90
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EDEN PRAIRIE MN 55347 1 07/16/96 14
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1519398 354/354 F 274,500.00 ZZ
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1626 S.E. PALMCROFT WAY 8.625 2,135.04 90
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PHOENIX AZ 85007 1 05/29/96 04
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32 HEARLE DRIVE 8.250 1,656.55 90
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PEQUANNOCK TOWN NJ 07440 1 05/31/96 10
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1
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TUCSON AZ 85749 4 06/05/96 00
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GREELEY CO 80631 1 05/23/96 04
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CASTRO VALLEY CA 94552 1 05/21/96 00
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PELHAM AL 35124 1 06/07/96 00
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1519405 354/354 F 310,400.00 ZZ
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2910 AUTUMN COURT 8.125 2,304.71 80
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PROSPECT KY 40059 1 06/14/96 00
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0
1519406 354/354 F 227,600.00 ZZ
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1
720 FAIRWAY VIEW 8.375 1,729.92 80
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ALGONQUIN IL 60102 1 06/24/96 00
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0
1519407 354/354 F 275,800.00 ZZ
360 275,295.18 1
1805 FONTAINE COURT 8.500 2,120.67 51
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AUSTIN TX 78734 2 05/31/96 00
20407961 03 07/01/96 0
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0
1519408 354/354 F 350,000.00 ZZ
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0
1519409 354/354 F 296,000.00 ZZ
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4317 FANNIN DRIVE 8.750 2,328.64 80
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IRVING TX 75038 1 06/18/96 00
20410064 03 08/01/96 0
20410064 O 07/01/26
0
1519410 354/354 F 247,100.00 ZZ
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610 OAKHURST DRIVE 8.000 1,813.13 75
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CHEYENNE WY 82009 1 06/24/96 00
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812 TOWNE STREET 8.625 2,047.93 90
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SONOMA CA 95476 1 05/06/96 11
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1
20411724 O 06/01/26
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1519412 354/354 F 550,000.00 ZZ
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2707 SILKWOOD COURT 8.125 4,083.74 78
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OAKTON VA 22124 1 06/28/96 00
20413365 05 08/01/96 0
20413365 O 07/01/26
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1519413 354/354 F 296,000.00 T
360 295,649.22 1
629 CASWELL BEACH ROAD 8.625 2,302.26 78
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CASWELL BEACH NC 28465 1 06/07/96 00
20413886 05 08/01/96 0
20413886 O 07/01/26
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1519414 354/354 F 260,000.00 ZZ
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3951 MYRA AVENUE 8.750 2,045.42 80
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1519415 354/354 F 274,000.00 ZZ
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3218 PARK HILLS DR 8.750 2,155.56 80
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AUSTIN TX 78746 1 06/14/96 00
20419677 05 08/01/96 0
20419677 O 07/01/26
0
1519416 354/354 F 232,550.00 ZZ
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3417 FOOTHILL TERRACE 8.750 1,829.48 74
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AUSTIN TX 78731 2 07/03/96 00
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1
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AUSTIN TX 78746 1 06/03/96 01
20419727 05 08/01/96 25
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0
1519418 354/354 F 224,350.00 ZZ
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6568 WEST ROBIN LANE 8.750 1,764.97 95
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GLENDALE AZ 85310 1 07/11/96 11
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LOUISVILLE KY 40299 2 06/07/96 00
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20421525 O 07/01/26
0
1519420 354/354 F 242,000.00 ZZ
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1505 MASTERS CT 8.250 1,818.07 80
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20424628 05 07/01/96 0
20424628 O 06/01/26
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1519423 354/354 F 284,000.00 ZZ
360 283,531.11 1
717 COAST RANGE DRIVE 9.000 2,285.13 95
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1
SCOTTS VALLEY CA 95066 1 05/14/96 11
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20424842 O 06/01/26
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1519424 354/354 F 299,790.00 ZZ
360 299,425.48 1
39 W 047 FOXWOOD 8.500 2,305.13 90
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20426904 O 07/01/26
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1519425 354/354 F 251,250.00 ZZ
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265 NAVIGATOR DRIVE 8.000 1,843.59 90
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SCOTTS VALLEY CA 95066 1 06/05/96 11
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20427506 O 07/01/26
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1519427 354/354 F 450,000.00 ZZ
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39 ROBIN LAKE LANE 8.250 3,380.70 75
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HOUSTON TX 77024 1 07/01/96 00
20428454 03 08/01/96 0
20428454 O 07/01/26
0
1519428 354/354 F 254,250.00 ZZ
360 253,807.95 1
3913 75TH STREET 8.750 2,000.19 90
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LUBBOCK TX 79423 1 05/23/96 11
20428710 05 07/01/96 25
20428710 O 06/01/26
0
1519429 354/354 F 239,200.00 ZZ
360 238,750.86 1
2341 RADIO AVENUE 8.375 1,818.09 80
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SAN JOSE CA 95125 1 05/17/96 00
20428843 05 07/01/96 0
20428843 O 06/01/26
0
1
1519430 354/354 F 300,000.00 ZZ
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11941 CREEL LODGE DR 8.125 2,227.49 61
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ANCHORAGE KY 40223 4 07/19/96 00
20429197 05 09/01/96 0
20429197 O 08/01/26
0
1519431 354/354 F 315,000.00 ZZ
360 314,814.02 1
3937 HOBSON GATE COURT 8.625 2,450.04 80
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NAPERVILLE IL 60540 1 07/18/96 00
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20430054 O 08/01/26
0
1519432 354/354 F 650,000.00 ZZ
360 649,229.72 1
6506 BROOKSHIRE DRIVE 8.625 5,055.64 75
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DALLAS TX 75230 1 06/05/96 00
20430674 05 08/01/96 0
20430674 O 07/01/26
0
1519433 354/354 F 465,000.00 ZZ
360 464,503.20 1
47 VAN HOLTEN ROAD 9.125 3,783.40 77
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BERNARDS TWP NJ 07920 1 06/20/96 00
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20430898 O 07/01/26
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1519434 354/354 F 260,000.00 ZZ
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4513 WEST 14TH STREET 8.375 1,976.19 78
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GREELEY CO 80634 4 07/12/96 00
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0
1519435 354/354 F 324,000.00 ZZ
360 323,375.93 1
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6675 SOUTH CROCKER WAY 8.250 2,434.10 90
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LITTLETON CO 80120 1 05/30/96 10
20432449 05 07/01/96 25
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1519436 354/354 F 355,000.00 T
360 354,359.24 1
7851 FOLLY'S COVE ROAD 8.625 2,761.16 80
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ST. MICHAELS MD 21663 1 06/14/96 00
20433751 05 08/01/96 0
20433751 O 07/01/26
0
1519437 354/354 F 296,750.00 ZZ
360 296,234.04 1
6296 GRAND OAK WAY 8.750 2,334.54 80
8.500 2,334.54 370,970.00
SAN JOSE CA 95135 1 06/17/96 00
20434528 05 08/01/96 0
20434528 O 07/01/26
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1519438 354/354 F 294,050.00 ZZ
360 293,664.00 1
8312 HOLLY HAVEN LANE 8.125 2,183.31 75
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FAIRFAX STATION VA 22039 1 06/14/96 00
20435806 05 08/01/96 0
20435806 O 07/01/26
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1519439 354/354 F 233,950.00 ZZ
360 233,650.61 1
4804 SUNSET BEACH DR 8.250 1,757.59 90
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N.W. OLYMPIA WA 98502 1 06/28/96 11
20436259 05 08/01/96 25
20436259 O 07/01/26
0
1519440 354/354 F 272,000.00 ZZ
360 271,514.76 1
1233 CALLE YUCCA 8.625 2,115.59 76
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THOUSAND OAKS CA 91360 2 05/21/96 00
20436580 05 07/01/96 0
1
20436580 O 06/01/26
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20438909 05 08/01/96 25
20438909 O 07/01/26
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1519442 354/354 F 368,650.00 ZZ
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782 LAKE CREEK WAY 8.750 2,900.17 84
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HERBER CITY UT 84032 4 06/20/96 04
20439253 05 08/01/96 25
20439253 O 07/01/26
0
1519443 354/354 F 356,000.00 ZZ
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134 ROCKY HILL ROAD 8.375 2,705.86 80
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CHADDS FORD PA 19317 1 06/06/96 00
20440525 05 08/01/96 0
20440525 O 07/01/26
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25931 SOUTHEAST 22ND PLACE 8.625 2,994.50 89
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ISSAQUAH WA 98029 1 06/03/96 12
20440723 03 08/01/96 25
20440723 O 07/01/26
0
1519445 354/354 F 268,000.00 ZZ
360 267,639.16 1
3101 CREEK'S EDGE PARKWAY 8.000 1,966.49 80
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AUSTIN TX 78733 1 07/01/96 00
20440988 03 08/01/96 0
20440988 O 07/01/26
0
1
1519446 354/354 F 300,000.00 ZZ
360 299,422.14 1
261 SOUTH PROSPECT AVENUE 8.250 2,253.80 60
8.000 2,253.80 500,000.00
CLARENDON HILLS IL 60514 2 05/23/96 00
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20441002 O 06/01/26
0
1519447 354/354 F 285,500.00 ZZ
360 285,143.84 1
18818 WINDWARD LANE 8.375 2,170.01 75
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HOUSTON TX 77058 2 06/26/96 00
20441218 03 08/01/96 0
20441218 O 07/01/26
0
1519448 354/354 F 263,800.00 ZZ
360 263,640.18 1
11572 EAST LA JUNTA ROAD 8.500 2,028.40 89
8.250 2,028.40 298,163.00
SCOTTSDALE AZ 85255 1 07/01/96 11
20441978 03 09/01/96 25
20441978 O 08/01/26
0
1519449 354/354 F 586,000.00 ZZ
360 585,287.49 1
7153 OLD OVERTON CLUB DRIVE 8.500 4,505.83 76
8.250 4,505.83 775,000.00
VESTAVIA HILLS AL 35242 1 06/21/96 00
20442109 03 08/01/96 0
20442109 O 07/01/26
0
1519450 354/354 F 260,000.00 ZZ
360 259,699.73 1
7895 KYLES STATION 8.750 2,045.42 80
8.500 2,045.42 325,000.00
MIDDLETOWN OH 45044 1 06/20/96 00
20443149 05 08/01/96 0
20443149 O 07/01/26
0
1519451 354/354 F 245,000.00 ZZ
360 244,855.35 1
237 W JEFFERSON AVE 8.625 1,905.59 76
8.375 1,905.59 325,000.00
1
NAPERVILLE IL 60540 2 07/08/96 00
20443479 05 09/01/96 0
20443479 O 08/01/26
0
1519452 354/354 F 287,200.00 ZZ
360 286,876.77 1
42 PLYMOUTH STREET 8.875 2,285.10 80
8.625 2,285.10 359,000.00
MONTCLAIR NJ 07042 1 06/06/96 00
20443909 05 08/01/96 0
20443909 O 07/01/26
0
1519453 354/354 F 305,650.00 ZZ
360 305,278.35 1
6310 RUNNING SPRING 8.500 2,350.19 80
8.250 2,350.19 382,081.00
SAN JOSE CA 95135 1 06/10/96 00
20445433 05 08/01/96 0
20445433 O 07/01/26
0
1519454 354/354 F 315,000.00 ZZ
360 314,542.55 1
5956 GLENDOWER LANE 7.625 2,229.56 68
7.375 2,229.56 465,000.00
PLANO TX 75093 1 06/10/96 00
20446084 05 08/01/96 0
20446084 O 07/01/26
0
1519455 354/354 F 350,000.00 ZZ
360 349,504.34 1
615 FIELDING PLACE COURT 7.750 2,507.45 68
7.500 2,507.45 520,000.00
BARRINGTON IL 60010 1 06/12/96 00
20446589 03 08/01/96 0
20446589 O 07/01/26
0
1519456 354/354 F 277,000.00 ZZ
360 276,663.20 1
134 SOUTH HUMBOLDT STREET 8.500 2,129.89 72
8.250 2,129.89 385,000.00
DENVER CO 80209 5 06/21/96 00
20447124 05 08/01/96 0
20447124 O 07/01/26
0
1
1519457 354/354 F 220,500.00 ZZ
360 220,238.69 1
4508 16TH STREET 8.625 1,715.03 90
8.375 1,715.03 245,000.00
LUBBOCK TX 79416 1 06/13/96 10
20447348 05 08/01/96 25
20447348 O 07/01/26
0
1519458 354/354 F 324,700.00 ZZ
360 324,262.82 1
89 JONES CREEK LANE 8.000 2,382.53 90
7.750 2,382.53 360,800.00
PINE CO 80470 1 06/14/96 14
20447454 05 08/01/96 25
20447454 O 07/01/26
0
1519459 354/354 F 350,000.00 ZZ
360 349,359.38 1
9227 VINTNER DRIVE NE 8.500 2,691.20 80
8.250 2,691.20 440,000.00
ALBUQUERQUE NM 87122 4 05/29/96 00
20447546 05 07/01/96 0
20447546 O 06/01/26
0
1519460 354/354 F 364,000.00 ZZ
360 363,785.10 1
4699 CHANTRY COURT 8.625 2,831.15 80
8.375 2,831.15 455,000.00
COLUMBUS OH 43220 1 07/01/96 00
20448015 05 09/01/96 0
20448015 O 08/01/26
0
1519461 354/354 F 245,550.00 ZZ
360 245,266.43 1
16264 CRESCENT MOON COURT 8.750 1,931.74 95
8.500 1,931.74 258,474.00
RIVERSIDE CA 92503 1 06/18/96 10
20448130 03 08/01/96 30
20448130 O 07/01/26
0
1519462 354/354 F 247,050.00 ZZ
360 246,574.12 1
1
13713 460TH COURT SOUTHEAST 8.250 1,856.01 80
8.000 1,856.01 308,825.00
NORTH BEND WA 98045 1 05/22/96 00
20449203 03 07/01/96 0
20449203 O 06/01/26
0
1519463 354/354 F 384,000.00 ZZ
360 383,520.97 1
1405 PRESTWOOD PLACE 8.375 2,918.68 80
8.125 2,918.68 480,000.00
AUSTIN TX 78746 1 06/25/96 00
20449260 03 08/01/96 0
20449260 O 07/01/26
0
1519464 354/354 F 224,500.00 ZZ
360 224,233.95 1
17319 FOUNTAIN BLUFF 8.625 1,746.14 90
8.375 1,746.14 249,500.00
SAN ANTONIO TX 78248 1 06/10/96 04
20449286 03 08/01/96 25
20449286 O 07/01/26
0
1519465 354/354 F 260,800.00 ZZ
360 259,961.62 1
1395 VALLEY RESERVE 8.250 1,959.30 90
8.000 1,959.30 289,823.00
KENNESAW GA 30144 1 05/24/96 14
20449567 03 07/01/96 25
20449567 O 06/01/26
0
1519466 354/354 F 468,000.00 ZZ
360 467,416.19 1
290 HOLLANDER ROAD 8.375 3,557.14 80
8.125 3,557.14 585,000.00
ORONO MN 55391 1 07/01/96 00
20450003 05 08/01/96 0
20450003 O 07/01/26
0
1519467 354/354 F 389,600.00 ZZ
360 389,101.43 1
2602 SARATOGA 8.250 2,926.93 80
8.000 2,926.93 487,000.00
MCKINNEY TX 75070 1 06/05/96 00
20450128 03 08/01/96 0
1
20450128 O 07/01/26
0
1519468 354/354 F 400,000.00 ZZ
360 399,513.63 1
6009 MAURY'S TRAIL 8.500 3,075.66 76
8.250 3,075.66 530,000.00
AUSTIN TX 78730 4 06/27/96 00
20451340 05 08/01/96 0
20451340 O 07/01/26
0
1519469 354/354 F 493,200.00 ZZ
360 492,568.84 1
3004 BLACKSHEAR AVENUE 8.250 3,705.25 80
8.000 3,705.25 616,500.00
PENSACOLA FL 32503 1 06/06/96 00
20451456 05 08/01/96 0
20451456 O 07/01/26
0
1519470 354/354 F 352,000.00 ZZ
360 350,884.35 1
24933 FAIRMOUNT 8.750 2,769.19 80
8.500 2,769.19 440,000.00
DEARBORN MI 48124 1 05/31/96 00
20451514 05 07/01/96 0
20451514 O 06/01/26
0
1519472 354/354 F 319,400.00 ZZ
300 319,077.57 1
1145 WYNDHAM DR 8.250 2,518.31 72
8.000 2,518.31 444,000.00
YORK PA 17403 2 06/25/96 00
20453023 05 09/01/96 0
20453023 O 08/01/21
0
1519473 354/354 F 336,000.00 ZZ
360 335,252.11 1
455 ROOKWOOD DRIVE 8.250 2,524.26 80
8.000 2,524.26 420,000.00
CHARLOTTESVILLE VA 22901 1 05/24/96 00
20454179 03 07/01/96 0
20454179 O 06/01/26
0
1
1519474 354/354 F 217,900.00 ZZ
360 217,761.05 1
233 LANCELOT LANE 8.250 1,637.01 90
8.000 1,637.01 242,135.00
FRANKLIN TN 37064 1 07/17/96 10
20455069 03 09/01/96 25
20455069 O 08/01/26
0
1519475 354/354 F 253,600.00 ZZ
360 253,299.46 1
1 WRANGLER COURT 8.625 1,972.48 91
8.375 1,972.48 280,000.00
TRABUCO CANYON CA 92679 1 06/26/96 04
20455176 03 08/01/96 25
20455176 O 07/01/26
0
1519476 354/354 F 351,200.00 ZZ
360 350,290.76 1
1808 MULHOLLAND DRIVE 8.750 2,762.89 80
8.500 2,762.89 439,000.00
OKLAHOMA CITY OK 73003 1 06/27/96 00
20455218 03 08/01/96 0
20455218 O 07/01/26
0
1519477 354/354 F 244,700.00 ZZ
360 244,394.74 1
5888 S ESPANA STREET 8.375 1,859.90 90
8.125 1,859.90 271,899.00
AURORA CO 80015 1 06/26/96 01
20455796 03 08/01/96 25
20455796 O 07/01/26
0
1519478 354/354 F 288,800.00 ZZ
360 288,615.84 1
6400 KENSHIRE COURT 8.250 2,169.66 80
8.000 2,169.66 361,000.00
COLLYVILLE TX 76034 1 07/02/96 00
20456018 03 09/01/96 0
20456018 O 08/01/26
0
1519479 354/354 F 229,400.00 ZZ
360 229,128.15 1
1823 MINUET DRIVE 8.625 1,784.25 80
8.375 1,784.25 286,828.00
1
SAN JOSE CA 95131 1 06/04/96 00
20457503 05 08/01/96 0
20457503 O 07/01/26
0
1519481 354/354 F 265,000.00 ZZ
360 264,685.95 1
517 SKY RIDGE DRIVE 8.625 2,061.15 73
8.375 2,061.15 365,000.00
ARGYLE TX 76226 1 06/21/96 00
20458394 05 08/01/96 0
20458394 O 07/01/26
0
1519482 354/354 F 290,350.00 ZZ
360 290,055.61 1
1448 CARMINE WAY 9.375 2,414.98 90
9.125 2,414.98 323,000.00
SAN JOSE CA 95131 1 06/06/96 11
20458485 05 08/01/96 25
20458485 O 07/01/26
0
1519484 354/354 F 340,000.00 ZZ
360 339,804.39 1
544 SOUTH BRAINARD 8.750 2,674.78 89
8.500 2,674.78 385,000.00
LA GRANGE IL 60525 1 07/08/96 12
20460911 05 09/01/96 25
20460911 O 08/01/26
0
1519485 354/354 F 356,000.00 ZZ
360 355,588.85 1
3120 SOUTHWESTERN BOULEVARD 8.750 2,800.66 80
8.500 2,800.66 445,000.00
UNIVERSITY PARK TX 75225 1 06/06/96 00
20461018 05 08/01/96 0
20461018 O 07/01/26
0
1519486 354/354 F 270,341.00 ZZ
360 270,036.91 1
4128 PURDUE STREET 8.875 2,150.96 80
8.625 2,150.96 340,000.00
DALLAS TX 75225 1 06/14/96 00
20461042 05 08/01/96 0
20461042 O 07/01/26
0
1
1519487 354/354 F 220,000.00 ZZ
360 219,739.29 1
5904 GLEN HEATHER DRIVE 8.625 1,711.14 80
8.375 1,711.14 275,000.00
PLANO TX 75093 1 06/14/96 00
20461174 03 08/01/96 0
20461174 O 07/01/26
0
1519488 354/354 F 446,250.00 ZZ
360 445,760.67 1
27 WINTERBOTTOM LANE 9.000 3,590.63 75
8.750 3,590.63 595,000.00
POUND RIDGE NY 10576 1 07/01/96 00
20461984 05 08/01/96 0
20461984 O 07/01/26
0
1519489 354/354 F 340,000.00 ZZ
360 339,607.33 1
7012 ORCHID LANE 8.750 2,674.79 80
8.500 2,674.79 425,000.00
DALLAS TX 75230 1 06/17/96 00
20462313 05 08/01/96 0
20462313 O 07/01/26
0
1519490 354/354 F 215,100.00 ZZ
360 214,845.09 1
7286 SIENA WAY 8.625 1,673.03 80
8.375 1,673.03 268,900.00
BOULDER CO 80301 1 06/28/96 00
20462412 01 08/01/96 0
20462412 O 07/01/26
0
1519491 354/354 F 348,000.00 ZZ
360 347,598.10 1
3136 SOUTH LEMAY AVENUE 8.750 2,737.72 80
8.500 2,737.72 435,000.00
FORT COLLINS CO 80525 1 06/27/96 00
20462560 05 08/01/96 0
20462560 O 07/01/26
0
1519492 354/354 F 215,650.00 ZZ
360 215,522.68 1
1
6772 SOUTH ATLANTA PLACE 8.625 1,677.30 95
8.375 1,677.30 227,000.00
TULSA OK 74136 1 07/15/96 12
20462636 05 09/01/96 30
20462636 O 08/01/26
0
1519493 354/354 F 232,750.00 ZZ
360 232,501.32 1
1677 CLIFFBRANCH DRIVE 9.125 1,893.74 95
8.875 1,893.74 245,000.00
DIAMOND BAR CA 91765 1 06/05/96 14
20463238 05 08/01/96 30
20463238 O 07/01/26
0
1519494 354/354 F 272,000.00 ZZ
360 271,677.67 1
1630 BANKS STREET 8.625 2,115.59 80
8.375 2,115.59 340,000.00
HOUSTON TX 77006 2 06/28/96 00
20464046 05 08/01/96 0
20464046 O 07/01/26
0
1519495 354/354 F 264,800.00 ZZ
360 264,502.00 1
14275 FM 2769 8.875 2,106.87 80
8.625 2,106.87 331,000.00
LEANDER TX 78641 1 07/02/96 00
20464376 05 08/01/96 0
20464376 O 07/01/26
0
1519496 354/354 F 260,200.00 ZZ
360 259,914.70 1
1433 JAYHAWK LANE 9.000 2,093.63 95
8.750 2,093.63 273,945.00
LIVERMORE CA 94550 1 06/13/96 04
20464574 05 08/01/96 30
20464574 O 07/01/26
0
1519497 354/354 F 239,200.00 ZZ
360 238,909.14 1
10511 DENEANE ROAD 8.500 1,839.25 80
8.250 1,839.25 299,000.00
SILVER SPRING MD 20903 1 06/14/96 00
20464749 05 08/01/96 0
1
20464749 O 07/01/26
0
1519498 354/354 F 270,000.00 ZZ
360 269,680.05 1
19020 NORTHEAST 162ND PLACE 8.625 2,100.03 75
8.375 2,100.03 360,000.00
WOODINVILLE WA 98072 1 06/10/96 00
20465225 05 08/01/96 0
20465225 O 07/01/26
0
1519499 354/354 F 240,750.00 ZZ
360 240,492.77 1
636 S CAROLINA AVE, SE 9.125 1,958.83 75
8.875 1,958.83 321,000.00
WASHINGTON DC 20003 5 06/25/96 00
20465332 07 08/01/96 0
20465332 O 07/01/26
0
1519501 354/354 F 268,800.00 ZZ
360 268,649.31 1
1602 CAMDEN WAY 8.875 2,138.69 80
8.625 2,138.69 336,000.00
NICHOLS HILLS OK 73116 1 07/22/96 00
20465571 05 09/01/96 0
20465571 O 08/01/26
0
1519502 354/354 F 400,000.00 ZZ
360 399,474.91 1
232 LEAD KING DRIVE 8.125 2,969.99 76
7.875 2,969.99 527,225.00
CASTLE ROCK CO 80104 1 06/28/96 00
20467452 03 08/01/96 0
20467452 O 07/01/26
0
1519503 354/354 F 264,000.00 ZZ
360 263,848.11 1
2190 VASSAR ROAD 8.750 2,076.89 77
8.500 2,076.89 345,000.00
BOULDER CO 80303 2 07/01/96 00
20467601 05 09/01/96 0
20467601 O 08/01/26
0
1
1519504 354/354 F 258,000.00 ZZ
360 257,702.04 1
10825 EAST ROSEMARY LANE 8.750 2,029.69 87
8.500 2,029.69 296,613.00
SCOTTSDALE AZ 85259 1 06/26/96 11
20471306 03 08/01/96 25
20471306 O 07/01/26
0
1519506 354/354 F 312,950.00 ZZ
360 312,419.77 1
213 PALISADES 8.875 2,489.97 90
8.625 2,489.97 347,744.00
PEACHTREE CITY GA 30269 1 07/03/96 01
20472940 05 08/01/96 25
20472940 O 07/01/26
0
1519507 354/354 F 211,600.00 ZZ
300 211,179.98 1
1202 OLD COUNTY ROAD 8.375 1,686.07 77
8.125 1,686.07 275,000.00
DAPHNE AL 36526 2 06/20/96 00
20472965 03 08/01/96 0
20472965 O 07/01/21
0
1519508 354/354 F 300,000.00 ZZ
360 299,827.40 1
3040 RICHFIELD DRIVE 8.750 2,360.10 80
8.500 2,360.10 375,000.00
COLORADO SPRING CO 80919 1 07/02/96 00
20473179 03 09/01/96 0
20473179 O 08/01/26
0
1519509 354/354 F 213,750.00 ZZ
360 213,496.69 1
13403 PARK CENTRE COURT 8.625 1,662.53 95
8.375 1,662.53 225,050.00
HOUSTON TX 77069 1 06/21/96 12
20475323 03 08/01/96 30
20475323 O 07/01/26
0
1519510 354/354 F 241,200.00 ZZ
360 240,935.51 1
19214 BENFIELD AVENUE 9.000 1,940.75 90
8.750 1,940.75 268,000.00
1
CERRITOS CA 90703 1 06/18/96 11
20475638 05 08/01/96 25
20475638 O 07/01/26
0
1519511 354/354 F 453,600.00 ZZ
360 453,052.38 1
4416 BEVERLY DR 8.625 3,528.06 80
8.375 3,528.06 567,000.00
HIGHLAND PARK TX 75205 1 06/20/96 00
20478293 05 08/01/96 0
20478293 O 07/01/26
0
1519512 354/354 F 264,000.00 ZZ
360 263,687.14 1
13312 PEYTON DRIVE 8.625 2,053.37 80
8.375 2,053.37 330,000.00
DALLAS TX 75240 1 06/24/96 00
20478947 05 08/01/96 0
20478947 O 07/01/26
0
1519513 354/354 F 243,200.00 ZZ
360 242,904.29 1
5143 BRAESHEATHER DRIVE 8.500 1,870.00 80
8.250 1,870.00 304,000.00
HOUSTON TX 77096 1 06/26/96 00
20479648 03 08/01/96 0
20479648 O 07/01/26
0
1519516 354/354 F 232,000.00 ZZ
360 231,863.03 1
15 FERNGLEN DRIVE 8.625 1,804.47 80
8.375 1,804.47 290,000.00
THE WOODLANDS TX 77380 1 07/03/96 00
20480802 03 09/01/96 0
20480802 O 08/01/26
0
1519517 354/354 F 247,500.00 ZZ
360 247,361.24 1
341 CAMINO CERRITO 8.875 1,969.23 75
8.625 1,969.23 330,000.00
SANTA FE NM 87501 1 07/01/96 00
20481578 05 09/01/96 0
20481578 O 08/01/26
0
1
1519518 354/354 F 270,000.00 ZZ
360 269,827.83 1
1644 MURIFLELD LANE 8.250 2,028.42 80
8.000 2,028.42 337,500.00
EVERGREEN CO 80439 1 07/02/96 00
20483244 05 09/01/96 0
20483244 O 08/01/26
0
1519519 354/354 F 274,050.00 ZZ
360 273,764.74 1
3040 OAK STREET 9.250 2,254.55 90
9.000 2,254.55 304,500.00
LAKEWOOD CO 80215 1 06/25/96 10
20484341 05 08/01/96 25
20484341 O 07/01/26
0
1519520 354/354 F 379,800.00 ZZ
360 379,587.08 1
3604 CENTENARY DRIVE 8.875 3,021.86 63
8.625 3,021.86 610,000.00
UNIVERSITY PARK TX 75225 2 07/16/96 00
20487088 05 09/01/96 0
20487088 O 08/01/26
0
1519521 354/354 F 240,000.00 ZZ
360 239,708.19 1
8181 RAGLE PLACE 8.500 1,845.39 78
8.250 1,845.39 310,000.00
SEBASTOPOL CA 95472 1 06/25/96 00
20487518 05 08/01/96 0
20487518 O 07/01/26
0
1519522 354/354 F 262,500.00 ZZ
360 262,204.59 1
819 NORTH MOSLEY 8.875 2,088.57 73
8.625 2,088.57 362,500.00
CREVE COEUR MO 63141 1 06/27/96 00
20488201 05 08/01/96 0
20488201 O 07/01/26
0
1519523 354/354 F 248,000.00 ZZ
360 247,853.58 1
1
4607 MEADOW ROAD 8.625 1,928.92 80
8.375 1,928.92 310,000.00
EDINA MN 55424 1 07/22/96 00
20489431 05 09/01/96 0
20489431 O 08/01/26
0
1519525 354/354 F 255,600.00 ZZ
360 255,289.22 1
6 ANDREWS ROAD 8.500 1,965.34 89
8.250 1,965.34 288,000.00
WILLISTOWN TOWN PA 19355 1 06/27/96 11
20492369 05 08/01/96 25
20492369 O 07/01/26
0
1519526 354/354 F 213,000.00 ZZ
360 212,766.43 1
365 RABBIT ROAD 9.000 1,713.85 87
8.750 1,713.85 247,400.00
CARBONDALE CO 81623 1 07/03/96 11
20494464 03 08/01/96 25
20494464 O 07/01/26
0
1519528 354/354 F 282,800.00 ZZ
360 282,610.24 1
16910 BURR OAK DRIVE 8.000 2,075.09 80
7.750 2,075.09 353,530.00
LOCKPORT IL 60441 1 07/19/96 00
20501631 05 09/01/96 0
20501631 O 08/01/26
0
1519529 354/354 F 232,000.00 ZZ
360 231,869.93 1
P.O. BOX 1224 8.875 1,845.90 80
8.625 1,845.90 290,000.00
KYLE TX 78640 4 07/19/96 00
20502779 05 09/01/96 0
20502779 O 08/01/26
0
1519530 354/354 F 332,000.00 ZZ
360 331,793.64 1
34393 UPPER BEAR CREEK ROAD 8.375 2,523.44 80
8.125 2,523.44 420,000.00
EVERGREEN CO 80439 1 07/09/96 00
20503892 05 09/01/96 0
1
20503892 O 08/01/26
0
1519531 354/354 F 245,250.00 ZZ
360 245,108.89 1
6238 MERCEDES AVENUE 8.750 1,929.39 90
8.500 1,929.39 272,500.00
DALLAS TX 75214 2 07/25/96 12
24619207 05 09/01/96 25
24619207 O 08/01/26
0
1519532 354/354 F 240,300.00 ZZ
360 240,138.76 1
11018 SOUTH ERIE AVENUE 8.000 1,763.24 90
7.750 1,763.24 267,000.00
TULSA OK 74137 1 07/23/96 01
20505426 03 09/01/96 25
20505426 O 08/01/26
0
1519533 354/354 F 230,000.00 ZZ
360 229,889.81 1
4 GRANITE VIEW LANE 9.625 1,954.98 64
9.375 1,954.98 361,000.00
HARVARD MA 01451 1 07/15/96 00
20509162 05 09/01/96 0
20509162 O 08/01/26
0
1519534 354/354 F 390,400.00 ZZ
360 390,175.39 1
7538 SPRING DRIVE 8.750 3,071.28 80
8.500 3,071.28 488,000.00
BOULDER CO 80303 1 07/25/96 00
20512372 05 09/01/96 0
20512372 O 08/01/26
0
1519536 354/354 F 500,000.00 ZZ
360 499,712.32 1
7 WEST GORDON STREET 8.750 3,933.51 72
8.500 3,933.51 700,000.00
SAVANNAH GA 31401 2 07/12/96 00
24119554 05 09/01/96 0
24119554 O 08/01/26
0
1
1519537 354/354 F 239,500.00 ZZ
360 239,358.60 1
7428 GOLF CLUB DRIVE 8.625 1,862.81 79
8.375 1,862.81 305,000.00
FORT WORTH TX 76179 4 07/19/96 00
24120719 05 09/01/96 0
24120719 O 08/01/26
0
1519538 354/354 F 260,000.00 ZZ
360 259,691.88 1
18800 GREYTON LANE 8.625 2,022.26 80
8.375 2,022.26 325,000.00
DAVIDSON NC 28036 1 06/28/96 00
24169476 03 08/01/96 0
24169476 O 07/01/26
0
1519539 354/354 F 223,500.00 ZZ
360 222,489.09 1
2361 AMELIA ISLAND DRIVE 7.500 1,562.75 81
7.250 1,562.75 277,000.00
CHULA VISTA CA 91915 2 02/23/96 04
24302689 03 04/01/96 12
24302689 O 03/01/26
0
1519540 354/354 F 244,450.00 ZZ
360 244,152.77 1
4809 PICKNEY COURT 8.500 1,879.61 90
8.250 1,879.61 271,666.00
GRANITE BAY CA 95746 1 06/11/96 12
24324766 03 08/01/96 25
24324766 O 07/01/26
0
1519541 354/354 F 327,900.00 ZZ
360 327,501.30 1
220 NORTHBROOK WAY 8.500 2,521.27 80
8.250 2,521.27 409,900.00
GREENVILLE SC 29615 1 07/05/96 00
24359986 03 08/01/96 0
24359986 O 07/01/26
0
1519542 354/354 F 268,000.00 ZZ
360 267,857.38 1
4103 LAURELGROVE AVENUE 9.125 2,180.54 80
8.875 2,180.54 335,000.00
1
LOS ANGELES CA 91604 2 07/10/96 00
24388928 05 09/01/96 0
24388928 O 08/01/26
0
1519543 354/354 F 311,000.00 ZZ
360 310,649.99 1
1824 ISLAND WAY 8.875 2,474.46 90
8.625 2,474.46 345,662.00
OSPREY FL 34229 1 06/28/96 10
24402554 03 08/01/96 25
24402554 O 07/01/26
0
1519544 354/354 F 222,850.00 ZZ
360 222,571.99 1
112 TERRAPIN TRAIL 8.375 1,693.83 80
8.125 1,693.83 278,580.00
SAVANNAH GA 31406 1 06/07/96 00
24407157 03 08/01/96 0
24407157 O 07/01/26
0
1519546 354/354 F 275,400.00 ZZ
360 275,065.14 1
9459 CHESAPEAKE DRIVE 8.500 2,117.59 95
8.250 2,117.59 289,900.00
BRENTWOOD TN 37027 1 07/01/96 10
24432403 03 08/01/96 30
24432403 O 07/01/26
0
1519547 354/354 F 432,000.00 ZZ
360 431,538.45 1
4645 HILLARD AVENUE 9.125 3,514.90 80
8.875 3,514.90 540,000.00
LA CANADA FLINT CA 91011 1 06/11/96 00
24454373 05 08/01/96 0
24454373 O 07/01/26
0
1519548 354/354 F 380,000.00 ZZ
360 379,757.68 1
1737 22ND COURT N 8.250 2,854.82 66
8.000 2,854.82 581,987.00
ARLINGTON VA 22209 1 07/01/96 00
24461055 03 09/01/96 0
24461055 O 08/01/26
0
1
1519549 354/354 F 428,000.00 ZZ
360 427,505.71 1
2951 NORTHEAST 27 AVENUE 8.750 3,367.08 80
8.500 3,367.08 535,000.00
LIGHTHOUSE POIN FL 33064 1 06/10/96 00
24482218 05 08/01/96 0
24482218 O 07/01/26
0
1519550 354/354 F 265,600.00 ZZ
360 265,434.91 1
9509 COLUMBIA BOULEVARD 8.375 2,018.76 80
8.125 2,018.76 332,000.00
SILVER SPRING MD 20910 1 07/15/96 00
24484008 05 09/01/96 0
24484008 O 08/01/26
0
1519551 354/354 F 275,000.00 ZZ
360 274,665.62 1
1162 CEDARWOOD DRIVE 8.500 2,114.52 60
8.250 2,114.52 460,000.00
MORAGA CA 94556 1 06/07/96 00
24503898 05 08/01/96 0
24503898 O 07/01/26
0
1519552 354/354 F 246,400.00 ZZ
360 246,226.09 1
11917 STONEWOOD LANE 7.750 1,765.24 80
7.500 1,765.24 308,000.00
NORTH BETHESDA MD 20852 1 07/02/96 00
24504128 05 09/01/96 0
24504128 O 08/01/26
0
1519553 354/354 F 256,000.00 ZZ
360 255,672.38 1
14 DAY LILY PLACE 8.250 1,923.25 72
8.000 1,923.25 356,000.00
THE WOODLANDS TX 77381 1 06/13/96 00
24506669 03 08/01/96 0
24506669 O 07/01/26
0
1519554 354/354 F 225,000.00 ZZ
360 224,664.98 1
1
3903 WESTMOUNT DRIVE 7.500 1,573.24 60
7.250 1,573.24 378,500.00
GREENSBORO NC 27410 1 06/14/96 00
24507691 05 08/01/96 0
24507691 O 07/01/26
0
1519555 354/354 F 350,000.00 ZZ
360 349,528.74 1
14 WEST OXFORD STREET 8.000 2,568.18 74
7.750 2,568.18 475,000.00
WRIGHTSVILLE BE NC 28480 2 06/14/96 00
24508715 05 08/01/96 0
24508715 O 07/01/26
0
1519556 354/354 F 319,500.00 ZZ
360 319,111.51 1
559 COMPASS CIRCLE 8.500 2,456.68 90
8.250 2,456.68 355,000.00
REDWOOD CITY CA 94065 1 06/04/96 14
24511073 05 08/01/96 25
24511073 O 07/01/26
0
1519558 354/354 F 223,900.00 ZZ
360 223,457.61 1
13860 BELLETERRE DRIVE UNIT #3 8.125 1,662.46 80
7.875 1,662.46 279,900.00
ALPHARETTA GA 30201 1 05/31/96 00
24515728 03 07/01/96 0
24515728 O 06/01/26
0
1519559 354/354 F 236,550.00 ZZ
360 236,117.03 1
9265 JAN DRA COURT 8.500 1,818.87 95
8.250 1,818.87 249,000.00
ORANGEVALE CA 95662 1 06/03/96 11
2452033 05 08/01/96 30
2452033 O 07/01/26
0
1519560 354/354 F 224,000.00 ZZ
360 223,690.67 1
5610 TILIA COURT 7.875 1,624.16 80
7.625 1,624.16 280,000.00
BURKE VA 22015 1 06/14/96 00
24521841 03 08/01/96 0
1
24521841 O 07/01/26
0
1519563 354/354 F 338,000.00 ZZ
360 337,761.44 1
4800 PARK AVENUE 7.750 2,421.48 78
7.500 2,421.48 438,000.00
BETHESDA MD 20816 1 07/11/96 00
24531311 05 09/01/96 0
24531311 O 08/01/26
0
1519564 354/354 F 220,000.00 ZZ
360 219,745.91 1
2007 ROYAL OAK DRIVE 8.750 1,730.75 80
8.500 1,730.75 275,000.00
TYLER TX 75703 1 06/05/96 00
24531600 03 08/01/96 0
24531600 O 07/01/26
0
1519568 354/354 F 274,000.00 ZZ
360 273,457.50 1
6410 LAKEWOOD BOULEVARD 8.375 2,082.60 80
8.125 2,082.60 342,500.00
DALLAS TX 75214 1 06/06/96 00
24544553 05 08/01/96 0
24544553 O 07/01/26
0
1519569 354/354 F 262,000.00 ZZ
360 261,681.42 1
11628 MONTANA AVENUE #304 8.500 2,014.56 80
8.250 2,014.56 327,500.00
LOS ANGELES CA 90049 1 06/24/96 00
24546806 01 08/01/96 0
24546806 O 07/01/26
0
1519570 354/354 F 487,500.00 ZZ
360 486,907.23 1
8537 LUPINE COURT 8.500 3,748.46 58
8.250 3,748.46 850,000.00
PLEASANTON CA 94588 2 06/11/96 00
24546996 03 08/01/96 0
24546996 O 07/01/26
0
1
1519571 354/354 F 287,600.00 ZZ
360 287,241.23 1
5345 AMBRIDGE DRIVE 8.375 2,185.97 80
8.125 2,185.97 359,500.00
CALABASAS CA 91301 1 06/06/96 00
24549982 05 08/01/96 0
24549982 O 07/01/26
0
1519572 354/354 F 276,000.00 ZZ
360 275,609.14 1
3209 N NOTTINGHAM STREET 7.750 1,977.30 80
7.500 1,977.30 345,000.00
ARLINGTON VA 22207 1 06/27/96 00
24550527 05 08/01/96 0
24550527 O 07/01/26
0
1519573 354/354 F 428,450.00 ZZ
360 427,929.05 1
420 HANSEN LANE 8.500 3,294.41 70
8.250 3,294.41 612,115.00
GARDNERVILLE NV 89410 5 06/21/96 00
24557142 05 08/01/96 0
24557142 O 07/01/26
0
1519576 354/354 F 368,000.00 ZZ
360 367,552.54 1
530 HANLEY PLACE 8.500 2,829.61 80
8.250 2,829.61 460,000.00
LOS ANGELES CA 90049 1 06/20/96 00
24560625 05 08/01/96 0
24560625 O 07/01/26
0
1519578 354/354 F 280,000.00 ZZ
360 279,659.54 1
6 WESTMOUNT COURT 8.500 2,152.96 63
8.250 2,152.96 450,000.00
GREENSBORO NC 27410 1 06/14/96 00
24563603 05 08/01/96 0
24563603 O 07/01/26
0
1519580 354/354 F 245,450.00 ZZ
360 245,301.30 1
3226 RHETT BUTLER PLACE 8.500 1,887.30 80
8.250 1,887.30 306,828.00
1
CHARLOTTE NC 28270 1 07/15/96 00
24568115 03 09/01/96 0
24568115 O 08/01/26
0
1519581 354/354 F 216,000.00 ZZ
360 215,723.57 1
1611 44TH STREET, NW 8.250 1,622.74 75
8.000 1,622.74 288,000.00
WASHINGTON DC 20007 1 06/27/96 00
24568735 07 08/01/96 0
24568735 O 07/01/26
0
1519583 354/354 F 465,000.00 ZZ
360 464,732.47 1
730 LACHMAN LANE 8.750 3,658.16 70
8.500 3,658.16 670,000.00
PACIFIC PALISAD CA 90272 2 07/05/96 00
24570111 05 09/01/96 0
24570111 O 08/01/26
0
1519584 354/354 F 243,200.00 ZZ
360 243,063.66 1
5122 FAIRGLEN LANE 8.875 1,935.01 80
8.625 1,935.01 304,000.00
CHEVY CHASE MD 20815 1 07/26/96 00
24570806 05 09/01/96 0
24570806 O 08/01/26
0
1519585 354/354 F 295,200.00 ZZ
360 294,822.23 1
593 MEDINAH DRIVE 8.250 2,217.74 80
8.000 2,217.74 369,000.00
MARTINEZ GA 30907 1 06/28/96 00
24577744 03 08/01/96 0
24577744 O 07/01/26
0
1519589 354/354 F 320,000.00 ZZ
360 319,600.80 1
13714 GOOSEFOOT TERRACE 8.375 2,432.24 80
8.125 2,432.24 400,000.00
ROCKVILLE MD 20850 1 06/27/96 00
24582769 03 08/01/96 0
24582769 O 07/01/26
0
1
1519591 354/354 F 292,400.00 ZZ
360 292,053.49 1
800 PRINCETON COURT 8.625 2,274.26 80
8.375 2,274.26 365,500.00
SOUTH LAKE TX 76092 1 06/25/96 00
24589814 05 08/01/96 0
24589814 O 07/01/26
0
1519592 354/354 F 290,000.00 T
360 289,833.14 1
263 LELY BEACH BOULEVARD 8.750 2,281.44 71
UNIT 305 8.500 2,281.44 410,000.00
BONITA SPRINGS FL 33923 1 07/24/96 00
24590481 01 09/01/96 0
24590481 O 08/01/26
0
1519593 354/354 F 216,000.00 ZZ
360 215,775.18 1
5308 MCCULLOCH AVENUE 9.250 1,776.98 80
9.000 1,776.98 270,000.00
TEMPLE CITY CA 91780 2 06/17/96 00
24591802 01 08/01/96 0
24591802 O 07/01/26
0
1519594 354/354 F 276,800.00 ZZ
360 276,632.31 1
6318 ALCOTT RD 8.500 2,128.36 80
8.250 2,128.36 346,000.00
BETHESDA MD 20817 1 07/29/96 00
24593816 05 09/01/96 0
24593816 O 08/01/26
0
1519595 354/354 F 332,000.00 T
360 331,777.23 1
5055 MONTIBELLO DRIVE 8.000 2,436.10 80
7.750 2,436.10 415,000.00
CHARLOTTE NC 28226 1 08/02/96 00
24597056 05 09/01/96 0
24597056 O 08/01/26
0
1519596 354/354 F 239,600.00 ZZ
360 239,447.21 1
1
2202 MILBURN LANE 8.250 1,800.04 80
8.000 1,800.04 299,500.00
RESTON VA 22071 1 07/23/96 00
24598468 03 09/01/96 0
24598468 O 08/01/26
0
1519597 354/354 F 219,920.00 ZZ
360 219,779.76 1
5811 BECKENHAM WAY 8.250 1,652.19 80
8.000 1,652.19 274,900.00
OAK RIDGE NC 27310 1 07/09/96 00
24598740 05 09/01/96 0
24598740 O 08/01/26
0
1519599 354/354 F 244,000.00 ZZ
360 243,866.72 1
1636 OAK LEAF LANE 9.000 1,963.28 80
8.750 1,963.28 305,000.00
PITTSBURGH PA 15237 2 07/31/96 00
24600439 05 09/01/96 0
24600439 O 08/01/26
0
1519600 354/354 F 288,000.00 ZZ
360 287,842.68 1
208 SOUTH ALFRED ST 9.000 2,317.32 80
8.750 2,317.32 360,000.00
ALEXANDRIA VA 22314 1 07/15/96 00
24601007 05 09/01/96 0
24601007 O 08/01/26
0
1519601 354/354 F 350,000.00 ZZ
360 349,793.36 1
3087 VISTA GRANDE 8.625 2,722.27 78
8.375 2,722.27 450,000.00
CAMARILLO CA 93012 2 07/18/96 00
24602559 03 09/01/96 0
24602559 O 08/01/26
0
1519602 354/354 F 260,000.00 ZZ
360 259,842.49 1
431 PURDY AVENUE 8.500 1,999.18 80
8.250 1,999.18 325,000.00
PLACENTIA CA 92670 1 07/19/96 00
24602690 05 09/01/96 0
1
24602690 O 08/01/26
0
1519603 354/354 F 320,000.00 ZZ
360 319,815.88 1
730 MARINE STREET 8.750 2,517.45 73
8.500 2,517.45 442,000.00
SANTA MONICA CA 90405 1 07/26/96 00
24610578 05 09/01/96 0
24610578 O 08/01/26
0
1519604 354/354 F 245,000.00 ZZ
360 244,843.77 1
4552 GLENVILLE DRIVE 8.250 1,840.61 79
8.000 1,840.61 312,250.00
PLANO TX 75093 1 07/15/96 00
24610834 03 09/01/96 0
24610834 O 08/01/26
0
1519605 354/354 F 242,250.00 ZZ
360 242,106.97 1
9 WALDENSHIRE 8.625 1,884.20 95
8.375 1,884.20 255,000.00
SAN ANTONIO TX 78209 1 07/30/96 10
24612095 03 09/01/96 30
24612095 O 08/01/26
0
1519606 354/354 F 268,000.00 ZZ
360 267,837.64 1
2773 WESTSHIRE DRIVE 8.500 2,060.69 80
8.250 2,060.69 335,000.00
LOS ANGELES CA 90068 1 07/02/96 00
24613002 05 09/01/96 0
24613002 O 08/01/26
0
1519608 354/354 F 375,000.00 ZZ
360 374,772.82 1
12465 FREDERICKSBURG DRIVE 8.500 2,883.43 66
8.250 2,883.43 570,000.00
SARATOGA CA 95070 1 07/16/96 00
24620304 05 09/01/96 0
24620304 O 08/01/26
0
1
1519611 354/354 F 390,000.00 ZZ
360 390,000.00 1
11912 BROOKMEADE COURT 8.250 2,929.94 80
8.000 2,929.94 490,000.00
GLEN ALLEN VA 23060 1 08/06/96 00
24628679 03 10/01/96 0
24628679 O 09/01/26
0
1519612 354/354 F 269,600.00 ZZ
360 269,436.67 1
2019 DRYDEN ROAD 8.500 2,073.00 80
8.250 2,073.00 337,000.00
HOUSTON TX 77030 1 07/15/96 00
24628794 05 09/01/96 0
24628794 O 08/01/26
0
1519615 354/354 F 259,300.00 ZZ
360 259,142.91 1
18 DEER TRACK ROAD 8.500 1,993.80 80
8.250 1,993.80 324,143.00
SIMPSONVILLE SC 29681 1 08/02/96 00
24639825 03 09/01/96 0
24639825 O 08/01/26
0
1519616 354/354 F 392,000.00 T
360 391,691.38 1
10931 E SUTHERLAND WAY 9.125 3,189.45 80
8.875 3,189.45 490,000.00
SCOTTSDALE AZ 85262 1 07/16/96 00
24641771 03 09/01/96 0
24641771 O 08/01/26
0
1519618 354/354 F 214,400.00 ZZ
360 214,276.64 1
8164 MOUNTAIN SHORE DR. 8.750 1,686.69 80
8.500 1,686.69 268,000.00
SHERRILLS FORD NC 28673 1 07/31/96 00
24650517 05 09/01/96 0
24650517 O 08/01/26
0
1519619 354/354 F 274,000.00 ZZ
361 273,834.00 1
16815 FEDERAL HILL CT 8.500 2,106.83 74
8.250 2,106.83 373,000.00
1
BOWIE MD 20716 2 07/30/96 00
24654139 05 09/01/96 0
24654139 O 09/01/26
0
1519620 354/354 F 215,000.00 ZZ
360 214,869.75 1
7823 ESTANCIA STREET 8.500 1,653.17 88
8.250 1,653.17 245,000.00
CARLSBAD CA 92009 1 07/22/96 11
24662116 05 09/01/96 25
24662116 O 08/01/26
0
1519623 575/G01 F 216,000.00 ZZ
360 215,875.73 1
55 PINE BROOK ROAD 8.750 1,699.27 80
8.500 1,699.27 270,000.00
MANALAPAN NJ 07726 1 07/16/96 00
0430012229 05 09/01/96 0
442007549 O 08/01/26
0
1519624 575/G01 F 234,000.00 ZZ
360 233,868.81 1
1075 PIPESTEM PLACE 8.875 1,861.81 90
8.625 1,861.81 260,000.00
ROCKVILLE MD 20854 1 07/15/96 14
0430012252 03 09/01/96 25
421014667 O 08/01/26
0
1519625 575/G01 F 247,500.00 ZZ
360 247,353.88 1
744 MIMOSA COURT 8.625 1,925.03 90
8.375 1,925.03 275,000.00
MILLERSVILLE MD 21108 1 07/25/96 14
0430012377 03 09/01/96 25
421014651 O 08/01/26
0
1519626 575/G01 F 274,500.00 ZZ
360 274,315.82 1
1875 BURLEY ROAD 8.000 2,014.18 90
7.750 2,014.18 305,000.00
ANNAPOLIS MD 21401 1 07/12/96 14
0430012484 05 09/01/96 25
421014625 O 08/01/26
0
1
1519627 575/G01 F 275,000.00 ZZ
360 274,829.07 1
4636 HIDDEN HARBOUR LN 8.375 2,090.20 72
8.125 2,090.20 382,780.00
RALEIGH NC 27615 1 07/10/96 00
0430012393 03 09/01/96 0
417000083 O 08/01/26
0
1519629 F73/G01 F 275,000.00 ZZ
360 275,000.00 1
14 RIDGECREEK STREET 8.375 2,090.20 68
8.125 2,090.20 410,000.00
ST LOUIS MO 63141 1 08/23/96 00
0430024141 03 10/01/96 0
9616897 O 09/01/26
0
1519676 975/G01 F 247,200.00 ZZ
360 247,200.00 1
708 SOUTH ELWOOD AVENUE 8.250 1,857.13 80
8.000 1,857.13 309,000.00
GLENDORA CA 91740 1 08/19/96 00
0430026377 05 10/01/96 0
962168 O 09/01/26
0
1519719 561/728 F 427,500.00 ZZ
360 427,272.49 1
17 FRANKLIN DRIVE 9.125 3,478.29 90
8.875 3,478.29 475,157.00
FREEHOLD NJ 07728 1 07/24/96 14
0380503632 05 09/01/96 25
8743361 O 08/01/26
0
1519740 354/354 F 260,300.00 ZZ
360 260,165.06 1
19340 LOS HERMANOS 9.250 2,141.42 95
9.000 2,141.42 274,000.00
VALLEY CENTER CA 92082 1 07/02/96 14
20503942 05 09/01/96 30
20503942 O 08/01/26
0
1519744 225/225 F 271,000.00 ZZ
360 270,695.02 1
1
6329 JOHNSON CHAPEL RD 8.875 2,156.20 50
8.625 2,156.20 542,000.00
BRENTWOOD TN 37027 1 06/13/96 00
8364854 05 08/01/96 0
8364854 O 07/01/26
0
1519748 225/225 F 328,000.00 ZZ
360 327,558.39 1
7440 BUCKBOARD DRIVE 8.000 2,406.74 80
7.750 2,406.74 410,000.00
PARK CITY UT 84060 1 06/20/96 00
8408791 05 08/01/96 0
8408791 O 07/01/26
0
1519755 225/225 F 231,000.00 ZZ
360 230,719.13 1
35 GROVE AVENUE 8.500 1,776.19 66
8.250 1,776.19 351,000.00
MADISON CT 06453 1 06/19/96 00
2815665 05 08/01/96 0
2815665 O 07/01/26
0
1519758 225/225 F 385,000.00 ZZ
360 384,277.08 1
3348 FARRIER WALK 8.375 2,926.28 74
8.125 2,926.28 525,000.00
MARIETTA GA 30067 2 05/30/96 00
8362711 03 07/01/96 0
8362711 O 06/01/26
0
1519761 225/225 F 453,200.00 ZZ
360 452,370.49 1
5325 MCGAVOCK ROAD 8.500 3,484.72 80
8.250 3,484.72 566,500.00
BRENTWOOD TN 37027 1 05/30/96 00
8362624 03 07/01/96 0
8362624 O 06/01/26
0
1519763 225/225 F 250,000.00 ZZ
360 249,671.83 1
232-236 EAST 47TH STREET 8.125 1,856.24 67
UNIT NO. 18E 7.875 1,856.24 375,000.00
NEW YORK NY 10017 1 06/20/96 00
8409485 05 08/01/96 0
1
8409485 O 07/01/26
0
1519768 439/G01 F 221,600.00 ZZ
360 221,468.48 1
1338 PADONIA AVENUE 8.600 1,719.65 80
8.350 1,719.65 277,000.00
WHITTIER CA 90603 1 07/25/96 00
0430014746 05 09/01/96 0
1852188 O 08/01/26
0
1519769 439/G01 F 300,000.00 ZZ
360 299,836.13 1
179 WEST ROCKS ROAD 9.000 2,413.87 95
8.750 2,413.87 315,789.00
NORWALK CT 06851 1 07/26/96 10
0430014761 05 09/01/96 30
1859055 O 08/01/26
0
1519770 439/G01 F 240,000.00 ZZ
360 239,845.38 1
85 WOODHAVEN DRIVE 8.200 1,794.62 68
7.950 1,794.62 355,000.00
LAGUNA NIGUEL CA 92677 1 07/09/96 00
0430014779 03 09/01/96 0
1859881 O 08/01/26
0
1519771 439/G01 F 550,000.00 ZZ
360 549,690.05 1
14265 BOWDEN COURT 8.850 4,366.20 66
8.600 4,366.20 840,000.00
MORGAN HILL CA 95037 1 07/19/96 00
0430014787 05 09/01/96 0
1860973 O 08/01/26
0
1519772 439/G01 F 254,400.00 ZZ
360 254,253.63 1
2074 CHANNELFORD ROAD 8.750 2,001.37 80
8.500 2,001.37 318,000.00
WESTLAKE VILLAG CA 91361 1 07/22/96 00
0430014795 05 09/01/96 0
1861644 O 08/01/26
0
1
1519773 439/G01 F 237,600.00 ZZ
360 237,463.29 1
9236 RAVILLER DRIVE 8.750 1,869.21 80
8.500 1,869.21 297,000.00
DOWNEY CA 90240 1 07/17/96 00
0430014803 05 09/01/96 0
1864494 O 08/01/26
0
1519775 439/G01 F 480,000.00 ZZ
360 480,000.00 1
31 FIELDSTONE COURT 8.850 3,810.50 80
8.600 3,810.50 600,000.00
NEW CITY NY 10956 1 08/05/96 00
0430014811 05 10/01/96 0
1866505 O 09/01/26
0
1519776 439/G01 F 235,000.00 ZZ
360 234,864.79 1
20959 GREENLEAF DRIVE 8.750 1,848.75 67
8.500 1,848.75 353,000.00
CUPERTINO CA 95014 5 07/18/96 00
0430014837 05 09/01/96 0
1866570 O 08/01/26
0
1519778 439/G01 F 333,000.00 ZZ
360 332,812.34 1
30415 REMINGTON ROAD 8.850 2,643.54 80
8.600 2,643.54 420,000.00
CASTAIC CA 91384 2 07/24/96 00
0430014878 05 09/01/96 0
1867178 O 08/01/26
0
1519779 439/G01 F 440,000.00 ZZ
360 439,738.87 1
27262 LOST COLT DRIVE 8.600 3,414.46 80
8.350 3,414.46 550,000.00
LAGUNA HILLS CA 92653 1 07/23/96 00
0430014894 05 09/01/96 0
1867718 O 08/01/26
0
1519780 439/G01 F 275,000.00 ZZ
360 274,831.68 1
1740 HORSESHOE COURT 8.450 2,104.78 76
8.200 2,104.78 365,000.00
1
SAN MARTIN CA 95046 1 07/26/96 00
0430014902 05 09/01/96 0
1868533 O 08/01/26
0
1519782 225/225 F 240,000.00 ZZ
360 239,560.73 1
821 MOUNT VERNON AVENUE 8.500 1,845.39 79
8.250 1,845.39 306,000.00
CHARLOTTE NC 28203 1 05/22/96 00
8408924 05 07/01/96 0
8408924 O 06/01/26
0
1519786 225/225 F 267,100.00 BB
360 266,530.81 1
10345 LIONS HEART 7.750 1,913.53 90
7.500 1,913.53 296,829.00
LITTLETON CO 80124 1 05/31/96 14
8408597 03 07/01/96 25
8408597 O 06/01/26
0
1519787 225/225 F 257,600.00 ZZ
360 257,244.30 1
8245 NEWPORT BAY PASSAGE 7.875 1,867.77 80
7.625 1,867.77 322,000.00
ALPHARETTA GA 30202 1 06/13/96 00
8409240 03 08/01/96 0
8409240 O 07/01/26
0
1519789 225/225 F 301,000.00 ZZ
360 300,652.38 1
118 BUSHTON LANE 8.750 2,367.97 80
8.500 2,367.97 377,000.00
TAVERNIER FL 33070 1 06/28/96 00
8365896 03 08/01/96 0
8365896 O 07/01/26
0
1519792 225/225 F 228,820.00 ZZ
360 228,379.27 1
11619 TWAIN DRIVE 8.250 1,719.04 85
8.000 1,719.04 269,200.00
MONTGOMERY TX 77356 1 05/30/96 14
8407234 03 07/01/96 12
8407234 O 06/01/26
0
1
1519793 E22/G01 F 258,800.00 ZZ
360 258,662.28 1
3455 KAYLENE DRIVE 9.125 2,105.68 80
8.875 2,105.68 323,500.00
SAN JOSE CA 95127 2 07/31/96 00
0410157960 05 09/01/96 0
410157960 O 08/01/26
0
1519794 225/225 F 253,650.00 ZZ
360 253,317.04 1
2517 GADSBY PLACE 8.125 1,883.34 80
7.875 1,883.34 317,100.00
ALEXANDRIA VA 22311 1 06/14/96 00
8365429 09 08/01/96 0
8365429 O 07/01/26
0
1519796 E22/G01 F 105,750.00 ZZ
360 105,695.18 1
1614 DOBSON UNIT # 1 9.250 869.98 75
9.000 869.98 141,000.00
EVANSTON IL 60202 1 07/26/96 00
0410200521 05 09/01/96 0
410200521 O 08/01/26
0
1519797 225/225 F 225,000.00 ZZ
360 224,520.53 1
34 WATERBURY AVENUE 7.750 1,611.92 75
7.500 1,611.92 300,000.00
MADISON CT 06443 1 05/30/96 00
8409522 05 07/01/96 0
8409522 O 06/01/26
0
1519798 225/225 F 313,520.00 ZZ
360 313,076.03 1
3004 EAST RIDGE DRIVE 7.750 2,246.09 80
7.500 2,246.09 391,900.00
GIBSONIA PA 15044 1 06/21/96 00
8409698 03 08/01/96 0
8409698 O 07/01/26
0
1519802 225/225 F 413,920.00 ZZ
360 413,390.31 1
1
3545 FRONT STREET 8.250 3,109.64 80
8.000 3,109.64 517,400.00
SAN DIEGO CA 92103 1 06/05/96 00
8409027 05 08/01/96 0
8409027 O 07/01/26
0
1519805 E22/G01 F 650,000.00 ZZ
360 649,654.10 1
12018 LAUREL LANE 9.125 5,288.61 73
8.875 5,288.61 894,021.00
STUDIO CITY ARE CA 91604 2 07/25/96 00
0410157549 05 09/01/96 0
410157549 O 08/01/26
0
1519806 225/225 F 268,000.00 ZZ
360 267,629.93 1
10004 OLD WARDEN ROAD 7.875 1,943.18 80
7.625 1,943.18 335,000.00
RALEIGH NC 27615 1 06/17/96 00
8409087 03 08/01/96 0
8409087 O 07/01/26
0
1519813 225/225 F 238,000.00 ZZ
360 237,564.39 1
2979 NESTLE CREEK DR 8.500 1,830.01 80
8.250 1,830.01 297,974.00
MARIETTA GA 30062 1 05/31/96 00
8364890 03 07/01/96 0
8364890 O 06/01/26
0
1519816 369/G01 F 230,000.00 ZZ
360 229,880.76 1
4001 HEDGESTONE RUN 9.250 1,892.16 85
9.000 1,892.16 273,600.00
RALEIGH NC 27603 4 07/26/96 14
0430012591 05 09/01/96 12
48761936 O 08/01/26
0
1519821 369/G01 F 249,600.00 ZZ
360 249,432.52 1
118 CAPRI DRIVE 8.000 1,831.48 80
7.750 1,831.48 312,000.00
SUGAR LAND TX 77478 1 07/30/96 00
0430013086 03 09/01/96 0
1
49669070 O 08/01/26
0
1519824 439/439 F 249,300.00 ZZ
360 249,153.57 1
701 S CLOVER AVENUE 8.650 1,943.47 90
8.400 1,943.47 277,000.00
SAN JOSE CA 95128 1 07/18/96 10
1865269 05 09/01/96 25
1865269 O 08/01/26
0
1519825 439/439 F 240,200.00 ZZ
360 240,051.46 1
3049 LANDA STREET 8.400 1,829.94 80
8.150 1,829.94 300,250.00
LOS ANGELES CA 90039 1 07/25/96 00
1866334 05 09/01/96 0
1866334 O 08/01/26
0
1519830 450/728 F 261,950.00 ZZ
360 261,950.00 1
2311 MADIERA LANE 9.250 2,155.00 75
9.000 2,155.00 349,500.00
BUFFALO GROVE V IL 60089 5 08/05/96 00
0380503137 05 10/01/96 0
4250726 O 09/01/26
0
1519845 E61/G01 F 320,000.00 ZZ
360 320,000.00 1
4831 CAPISTRANO AVENUE 8.625 2,488.93 80
8.375 2,488.93 400,000.00
SAN JOSE CA 95129 1 08/06/96 00
0430022921 05 10/01/96 0
13086 O 09/01/26
0
1519852 506/728 F 262,500.00 ZZ
360 262,348.97 1
246 VEREDA NORTE 8.750 2,065.09 75
8.500 2,065.09 350,000.00
PALM SPRINGS CA 92262 1 07/16/96 00
0380503772 05 09/01/96 0
070028329 O 08/01/26
0
1
1519859 624/G01 F 212,200.00 ZZ
360 212,200.00 1
225 COHANSEY AVENUE 8.625 1,650.47 90
8.375 1,650.47 236,000.00
GILROY CA 95020 1 08/06/96 01
0430013516 05 10/01/96 25
32054660026 O 09/01/26
0
1519870 776/G01 F 927,000.00 ZZ
360 927,000.00 1
700 OCAMPO DRIVE 8.875 7,375.63 70
(PACIFIC PALISADES AREA) 8.625 7,375.63 1,325,000.00
LOS ANGELES CA 90272 1 08/05/96 00
0430017830 05 10/01/96 0
2135053 O 09/01/26
0
1519871 369/G01 F 375,750.00 ZZ
360 375,516.45 1
2098 MAUNA PLACE 8.375 2,855.97 90
8.125 2,855.97 417,500.00
HONOLULU HI 96822 1 07/25/96 10
0430013243 05 09/01/96 25
48975205 O 08/01/26
0
1519879 375/728 F 648,000.00 ZZ
360 647,617.42 1
40 CHENAL CIRCLE 8.625 5,040.08 80
8.375 5,040.08 810,000.00
LITTLE ROCK AR 72211 1 07/23/96 00
0380504028 03 09/01/96 0
3007227176 O 08/01/26
0
1519881 375/G01 F 114,000.00 ZZ
360 113,936.08 1
16 ADRIENNE RD 8.875 907.04 54
8.625 907.04 212,500.00
WALPOLE MA 02081 1 07/31/96 00
0430012781 05 09/01/96 0
328070 O 08/01/26
0
1520021 A13/G01 F 301,500.00 ZZ
360 301,321.99 1
13621 VALLEYHEART DRIVE 8.625 2,345.04 90
SHERMAN OAKS AREA 8.375 2,345.04 335,000.00
1
LOS ANGELES CA 91423 1 07/23/96 10
0430012005 05 09/01/96 25
960048374 O 08/01/26
0
1520035 225/225 F 255,000.00 ZZ
360 254,483.27 1
1910 MASSACHUSETTS AVE 8.000 1,871.10 89
7.750 1,871.10 288,000.00
MCLEAN VA 22101 1 05/13/96 14
2808743 05 07/01/96 25
2808743 O 06/01/26
0
1520037 225/225 F 272,000.00 ZZ
360 271,677.69 1
328 GREENBANK ROAD 8.625 2,115.58 80
8.375 2,115.58 340,000.00
BRYN MAWR PA 19010 1 06/14/96 00
2815510 05 08/01/96 0
2815510 O 07/01/26
0
1520041 225/225 F 235,000.00 ZZ
360 234,714.27 1
241 N MOUNTAIN AVE 8.500 1,806.94 93
8.250 1,806.94 255,000.00
UPPER MONTCLAIR NJ 07043 1 06/12/96 14
8408864 05 08/01/96 30
8408864 O 07/01/26
0
1520042 976/G01 F 244,750.00 ZZ
360 244,616.31 1
22456 SYLVAN STREET 9.000 1,969.32 90
8.750 1,969.32 272,000.00
LOS ANGELES CA 91367 1 07/17/96 11
0430023036 05 09/01/96 25
836435 O 08/01/26
0
1520043 225/225 F 240,000.00 ZZ
360 238,964.33 1
3757 CRANBERRY LANE 8.625 1,866.69 80
8.375 1,866.69 300,000.00
YORKTOWN NY 10588 1 06/06/96 00
2814846 05 08/01/96 0
2814846 O 07/01/26
0
1
1520044 225/225 F 416,300.00 BB
360 415,753.52 1
2808 TUDOR COURT 8.125 3,091.01 69
7.875 3,091.01 610,000.00
PLEASANTON CA 94588 1 06/03/96 00
8408665 03 08/01/96 0
8408665 O 07/01/26
0
1520045 976/728 F 308,800.00 ZZ
360 308,597.99 1
1851 FORREST ROAD 8.125 2,292.84 80
7.875 2,292.84 386,000.00
WINTER PARK FL 32789 1 07/31/96 00
0380504101 05 09/01/96 0
273532 O 08/01/26
0
1520046 225/225 F 450,000.00 ZZ
360 449,016.67 1
2745 N RADFORD STREET 7.625 3,185.08 80
7.375 3,185.08 562,500.00
ARLINGTON VA 22207 2 05/06/96 00
2808741 05 07/01/96 0
2808741 O 06/01/26
0
1520047 685/G01 F 296,000.00 ZZ
360 296,000.00 1
5189 SKY RIDGE DRIVE 8.500 2,275.98 80
8.250 2,275.98 370,000.00
GLENDALE CA 91214 1 08/12/96 00
0430014001 03 10/01/96 0
104547 O 09/01/26
0
1520049 225/225 F 210,700.00 ZZ
360 207,797.93 1
33 LAKE FIELD TERRACE 8.875 1,676.42 70
8.625 1,676.42 301,000.00
SPARTA NJ 07871 1 06/28/96 00
2815417 05 08/01/96 0
2815417 O 07/01/26
0
1520051 225/225 F 260,000.00 ZZ
360 259,691.90 1
1
135 TREADWICK DRIVE 8.625 2,022.25 80
8.375 2,022.25 325,000.00
ATLANTA GA 30350 1 06/11/96 00
8364930 03 08/01/96 0
8364930 O 07/01/26
0
1520053 822/728 F 100,000.00 ZZ
360 100,000.00 1
785 THIRD STREET 8.125 742.50 57
7.875 742.50 176,500.00
DUNELLEN NJ 08812 1 08/01/96 00
0380504093 05 10/01/96 0
3516007052 O 09/01/26
0
1520055 225/225 F 240,000.00 ZZ
360 239,692.89 1
115 SURREY LANE 8.250 1,803.03 86
8.000 1,803.03 280,000.00
WESTFIELD NJ 07090 1 06/14/96 14
2815188 05 08/01/96 25
2815188 O 07/01/26
0
1520056 B74/G01 F 452,000.00 ZZ
360 452,000.00 1
36A MAMALAHOA PLACE 8.250 3,395.73 80
8.000 3,395.73 565,000.00
HONOLULU HI 96817 1 08/02/96 00
0430013847 05 10/01/96 0
926851 O 09/01/26
0
1520057 E87/728 F 303,750.00 ZZ
360 303,750.00 1
2559 CALLE GALICIA 8.625 2,362.54 75
8.375 2,362.54 405,000.00
SANTA BARBARA CA 93109 2 08/01/96 00
0380505280 05 10/01/96 0
70000132 O 09/01/26
0
1520060 225/225 F 300,000.00 ZZ
360 299,644.51 1
854 NAFA DRIVE 8.625 2,333.36 75
8.375 2,333.36 405,000.00
BOCA RATON FL 33487 5 06/13/96 00
8239315 03 08/01/96 0
1
8239315 O 07/01/26
0
1520062 225/225 F 285,000.00 ZZ
360 284,074.11 1
4790 SUMMERSET LANE 8.500 2,191.40 73
8.250 2,191.40 392,000.00
DUNWOODY GA 30338 1 05/31/96 00
8364244 05 07/01/96 0
8364244 O 06/01/26
0
1520064 731/G01 F 207,000.00 ZZ
360 207,000.00 1
821 NORTH ZIEGLER WAY 8.625 1,610.02 79
8.375 1,610.02 264,500.00
PLACENTIA CA 92870 1 08/01/96 00
0430012146 03 10/01/96 0
411510694 O 09/01/26
0
1520065 225/225 F 398,400.00 ZZ
360 397,835.82 1
7092 LAUREN COURT 7.750 2,854.18 80
7.500 2,854.18 498,045.00
GURNEE IL 60031 4 06/18/96 00
8406208 05 08/01/96 0
8406208 O 07/01/26
0
1520066 731/G01 F 280,000.00 ZZ
360 280,000.00 1
103 NORTH ARDMORE AVENUE 9.250 2,303.49 75
9.000 2,303.49 375,000.00
LOS ANGELES CA 90004 2 08/05/96 00
0430012799 05 10/01/96 0
411112092 O 09/01/26
0
1520070 647/728 F 273,000.00 ZZ
360 272,830.31 1
5170 AVENIDA DE DESPACIO 8.375 2,075.00 65
8.125 2,075.00 420,000.00
YORBA LINDA CA 92687 1 07/22/96 00
0380504283 05 09/01/96 0
19414036 O 08/01/26
0
1
1520075 225/225 F 297,000.00 ZZ
360 296,657.01 1
3551 GRANITE WAY 8.750 2,336.50 90
8.500 2,336.50 330,000.00
MARTINEZ GA 30907 1 06/18/96 14
8364892 05 08/01/96 25
8364892 O 07/01/26
0
1520077 225/225 F 420,000.00 ZZ
360 419,489.34 1
6408 SETON HOUSE LANE 8.500 3,229.43 80
8.250 3,229.43 525,000.00
CHARLOTTE NC 28277 1 06/14/96 00
8409293 03 08/01/96 0
8409293 O 07/01/26
0
1520079 225/225 F 210,000.00 ZZ
360 209,644.20 1
11 BURCHFIELD AVENUE 8.875 1,670.85 70
8.625 1,670.85 300,000.00
CANFORD NJ 07016 2 05/23/96 00
2815092 05 07/01/96 0
2815092 O 06/01/26
0
1520081 225/225 F 294,400.00 ZZ
360 293,735.68 1
2653 WHITECHAPEL PLACE 7.750 2,109.11 80
7.500 2,109.11 368,000.00
THOUSAND OAKS CA 91362 1 05/20/96 00
8408866 03 07/01/96 0
8408866 O 06/01/26
0
1520082 225/225 F 275,500.00 ZZ
360 274,955.68 1
2722 VALESTRA CIRCLE 8.125 2,045.58 95
7.875 2,045.58 290,000.00
OAKTON VA 22124 1 05/31/96 14
8364099 03 07/01/96 30
8364099 O 06/01/26
0
1520083 225/225 F 256,000.00 ZZ
360 255,506.88 1
3400 RUSTIC WAY LANE 8.250 1,923.25 80
8.000 1,923.25 320,000.00
1
FALLS CHURCH VA 22044 1 05/28/96 00
2808717 05 07/01/96 0
2808717 O 06/01/26
0
1520084 225/225 F 287,500.00 ZZ
240 286,579.69 1
1548 STRATHMORE LANE 8.500 2,494.99 76
8.250 2,494.99 380,000.00
MT PLEASANT SC 29464 2 06/07/96 00
8365218 03 08/01/96 0
8365218 O 07/01/16
0
1520085 225/225 F 224,000.00 ZZ
360 223,579.39 1
2054 HALLMARK WAY 8.375 1,702.56 79
8.125 1,702.56 284,000.00
CHESAPEAKE VA 23323 1 05/30/96 00
8364397 05 07/01/96 0
8364397 O 06/01/26
0
1520086 225/225 F 500,000.00 ZZ
360 499,360.15 1
14 QUAIL DRIVE 8.250 3,756.33 63
8.000 3,756.33 800,000.00
DOYLESTOWN PA 18901 1 06/07/96 00
2815151 05 08/01/96 0
2815151 O 07/01/26
0
1520116 F45/F45 F 231,250.00 ZZ
360 231,106.26 1
110 EDGEWOOD ROAD 8.375 1,757.67 90
8.125 1,757.67 257,940.00
CRANFORD NJ 07016 1 07/19/96 04
0783779 05 09/01/96 25
0783779 O 08/01/26
0
1520124 668/G01 F 348,750.00 ZZ
360 348,564.40 1
5937 BRYANT ROAD 9.125 2,837.55 75
8.875 2,837.55 465,000.00
SHINGLE SPRINGS CA 95682 1 07/12/96 00
0430012898 05 09/01/96 0
6833321 O 08/01/26
0
1
1520142 369/G01 F 215,000.00 ZZ
360 215,000.00 1
1449 EBENEZER CHURCH ROAD 8.250 1,615.23 76
8.000 1,615.23 285,000.00
RISING SUN MD 21911 5 08/05/96 00
0430019356 05 10/01/96 0
49776305 O 09/01/26
0
1520175 450/G01 F 250,000.00 ZZ
360 250,000.00 1
2457 CEDAR KEY DRIVE 8.625 1,944.47 53
8.375 1,944.47 480,000.00
TWP OF ORION MI 48360 5 08/05/96 00
0430012492 05 10/01/96 0
4176632 O 09/01/26
0
1520209 450/728 F 216,000.00 ZZ
360 215,878.91 1
1224 ABBOTT AVENUE 8.875 1,718.59 90
8.625 1,718.59 240,000.00
CAMPBELL CA 95008 1 07/16/96 10
0380503756 05 09/01/96 25
4156477 O 08/01/26
0
1520213 E15/728 F 220,200.00 ZZ
360 220,200.00 1
882 NORTH MARGARET LANE 8.250 1,654.29 90
8.000 1,654.29 245,000.00
WALNUT CA 91789 2 08/26/96 11
0380506643 05 10/01/96 30
66000051 O 09/01/26
0
1520221 731/G01 F 184,000.00 ZZ
360 184,000.00 1
2154 COOK CIRCLE 8.125 1,366.19 80
7.875 1,366.19 230,000.00
THOUSAND OAKS CA 91360 2 08/23/96 00
0430028225 05 10/01/96 0
1001109 O 09/01/26
0
1520242 601/G01 F 279,000.00 ZZ
360 278,812.79 1
1
218 MAXWELL LANE 8.000 2,047.21 90
7.750 2,047.21 310,000.00
NEWPORT NEWS VA 23606 1 07/25/96 11
0430012278 05 09/01/96 25
14850000002276 O 08/01/26
0
1520253 225/225 F 252,250.00 ZZ
360 251,935.33 1
102 GATESTONE COURT 8.375 1,917.28 95
8.125 1,917.28 265,535.00
CARY NC 27511 1 06/21/96 14
8364672 03 08/01/96 30
8364672 O 07/01/26
0
1520255 617/617 F 362,000.00 ZZ
360 361,157.72 1
2003 MEADOW FOREST DRIVE 8.750 2,847.86 80
8.500 2,847.86 453,000.00
PACIFIC MO 63069 2 04/26/96 00
161303 03 06/01/96 0
161303 O 05/01/26
0
1520260 601/G01 F 330,000.00 ZZ
360 330,000.00 1
2 MOCKINGBIRD PLACE 8.750 2,596.11 49
8.500 2,596.11 683,000.00
LOUISVILLE KY 40207 1 08/02/96 00
0430013177 05 10/01/96 0
01086271 O 09/01/26
0
1520264 225/225 F 215,000.00 ZZ
360 214,585.85 1
12049 HEATHER DOWN ROAD 8.250 1,615.23 90
8.000 1,615.23 239,000.00
HERNDON VA 22070 1 05/31/96 14
2808952 03 07/01/96 25
2808952 O 06/01/26
0
1520265 617/617 F 228,700.00 ZZ
360 228,568.41 1
1809 CLINCH PLACE 8.750 1,799.19 85
8.500 1,799.19 269,115.00
OLD HICKORY TN 37138 1 07/19/96 14
425146 03 09/01/96 12
1
425146 O 08/01/26
0
1520269 617/617 F 248,000.00 ZZ
360 247,666.07 1
2315 GERSANDY PLACE 8.000 1,819.74 80
7.750 1,819.74 310,000.00
CHARLOTTESVILLE VA 22901 1 06/21/96 00
249047 05 08/01/96 0
249047 O 07/01/26
0
1520274 617/617 F 312,400.00 ZZ
360 311,828.19 1
7708 SOUTH VALLEY DRIVE 8.500 2,402.09 80
8.250 2,402.09 390,500.00
FAIRFAX STATION VA 22039 1 05/15/96 00
148194 03 07/01/96 0
148194 O 06/01/26
0
1520276 964/G01 F 231,200.00 ZZ
360 231,200.00 1
45 STANFORD COURT 8.750 1,818.85 80
8.500 1,818.85 289,000.00
NOVATO CA 94947 1 08/02/96 00
0430012963 05 10/01/96 0
18965 O 09/01/26
0
1520282 617/617 F 490,000.00 ZZ
360 489,718.08 1
1615 FRANCISCA ROAD NW 8.750 3,854.84 66
8.500 3,854.84 748,986.00
ALBUQUERQUE NM 87107 4 07/16/96 00
164263 03 09/01/96 0
164263 O 08/01/26
0
1520284 776/G01 F 196,400.00 ZZ
360 196,400.00 1
8553 WEST POOL COURT 8.750 1,545.08 75
8.500 1,545.08 261,900.00
BOISE ID 83703 1 08/08/96 00
0430015537 03 10/01/96 0
2536435 O 09/01/26
0
1
1520285 776/G01 F 136,000.00 ZZ
360 136,000.00 1
749 MILTON AVENUE 8.500 1,045.72 80
8.250 1,045.72 170,000.00
VENTURA CA 93003 1 08/08/96 00
0430012500 05 10/01/96 0
1133175 O 09/01/26
0
1520287 617/617 F 432,950.00 ZZ
360 432,216.43 1
10600 SANTA MONICA AVE NE 8.875 3,444.75 70
8.625 3,444.75 620,000.00
ALBUQUERQUE NM 87122 1 05/06/96 00
165923 05 07/01/96 0
165923 O 06/01/26
0
1520288 E67/728 F 233,900.00 ZZ
360 233,900.00 1
1250 NW ELLIOT COURT 8.750 1,840.09 90
8.500 1,840.09 259,900.00
BEND OR 97701 1 08/12/96 10
0380503616 05 10/01/96 25
5532 O 09/01/26
0
1520290 470/G01 F 223,200.00 ZZ
360 223,087.28 1
732 SOUTH MAGNOLIA AVENUE 9.375 1,856.47 95
9.125 1,856.47 235,000.00
WEST COVINA CA 91791 1 07/30/96 12
0430013979 05 09/01/96 30
23000991 O 08/01/26
0
1520291 617/617 F 225,600.00 ZZ
360 225,470.20 1
1021 LOS JARDINES 8.750 1,774.80 80
8.500 1,774.80 282,000.00
EL PASO TX 79912 1 07/15/96 00
167409 03 09/01/96 0
167409 O 08/01/26
0
1520293 617/617 F 238,500.00 ZZ
360 238,217.37 1
5511 EAST 115TH STREET 8.625 1,855.03 90
8.375 1,855.03 265,000.00
1
TULSA OK 74137 1 06/07/96 14
149654 03 08/01/96 25
149654 O 07/01/26
0
1520294 964/G01 F 261,250.00 ZZ
360 261,114.56 1
437 CHARVERS AVENUE 9.250 2,149.24 95
9.000 2,149.24 275,000.00
WEST COVINA CA 91791 1 07/23/96 10
0430012955 05 09/01/96 30
19012 O 08/01/26
0
1520295 617/617 F 416,000.00 ZZ
360 415,507.01 1
28 DON QUIJOTE COURT 8.625 3,235.61 80
8.375 3,235.61 520,000.00
CORRALES NM 87048 1 06/03/96 00
167081 05 08/01/96 0
167081 O 07/01/26
0
1520301 744/G01 F 252,000.00 ZZ
360 252,000.00 1
1321 PERALTA AVENUE 8.875 2,005.03 80
8.625 2,005.03 316,000.00
BERKELEY CA 94702 2 08/05/96 00
0430015313 05 10/01/96 0
77943 O 09/01/26
0
1520302 765/G01 F 192,750.00 ZZ
360 192,750.00 1
12 SCRUB OAK 8.625 1,499.19 80
8.375 1,499.19 240,942.00
ALISO VIEJO CA 92656 1 08/01/96 00
0430029165 03 10/01/96 0
316555 O 09/01/26
0
1520303 776/G01 F 248,000.00 ZZ
360 248,000.00 1
2385 SAN JUAN CANYON ROAD 9.000 1,995.47 80
8.750 1,995.47 310,000.00
SAN JUAN BAUTIS CA 95045 1 08/01/96 00
0430012401 05 10/01/96 0
6235500 O 09/01/26
0
1
1520305 470/G01 F 285,000.00 ZZ
360 285,000.00 1
301 NORTH HANFORD AVENUE 9.000 2,293.18 75
8.750 2,293.18 380,000.00
LOS ANGELES CA 90732 5 08/01/96 00
0430014712 05 10/01/96 0
24150961 O 09/01/26
0
1520308 617/617 F 298,100.00 ZZ
360 297,746.72 1
10400 HAMMERLY COURT 8.625 2,318.60 90
8.375 2,318.60 331,255.00
COLLIERVILLE TN 38017 1 06/20/96 14
637817 05 08/01/96 25
637817 O 07/01/26
0
1520311 626/G01 F 266,400.00 ZZ
360 266,400.00 1
930 CORONADO BOULEVARD 8.625 2,072.04 90
8.375 2,072.04 296,000.00
SACRAMENTO CA 95864 1 08/08/96 01
0430013409 05 10/01/96 25
6645931 O 09/01/26
0
1520312 470/G01 F 243,000.00 ZZ
360 242,860.19 1
8299 BELLA VISTA DRIVE 8.750 1,911.69 90
8.500 1,911.69 270,000.00
RANCHO CUCAMONG CA 91701 1 07/09/96 11
0430014720 05 09/01/96 25
24150927 O 08/01/26
0
1520314 617/617 F 414,000.00 ZZ
360 413,298.56 1
400 W 49TH TER 8.875 3,293.97 69
UNIT #2114 8.625 3,293.97 600,000.00
KANSAS CITY MO 64112 1 05/15/96 00
156155 06 07/01/96 0
156155 O 06/01/26
0
1520331 638/G01 F 223,000.00 T
360 223,000.00 1
1
529 WEST 200 NORTH 9.000 1,794.31 60
#5 8.750 1,794.31 375,000.00
MIDWAY UT 84049 2 08/07/96 00
0430013334 09 10/01/96 0
08590436 O 09/01/26
0
1520350 375/728 F 262,500.00 ZZ
360 261,857.11 1
3505 SHAWNEE MISSION PKWY 8.500 2,018.40 79
8.250 2,018.40 334,500.00
FAIRWAY KS 66205 1 04/29/96 00
0380504036 03 06/01/96 0
7233505 O 05/01/26
0
1520355 814/G01 F 392,000.00 ZZ
360 392,000.00 1
11599 RAINTREE SPRING COURT 9.000 3,154.12 80
8.750 3,154.12 490,000.00
CUPERTINO CA 95014 1 08/13/96 00
0430018465 03 10/01/96 0
809607107 O 09/01/26
0
1520356 624/G01 F 220,000.00 ZZ
360 220,000.00 1
1007 WINSTON COURT 8.250 1,652.79 93
8.000 1,652.79 238,500.00
SAN JOSE CA 95131 1 08/12/96 14
0430015057 09 10/01/96 30
87500360046 O 09/01/26
0
1520360 208/G01 F 330,000.00 ZZ
360 330,000.00 1
RURAL ADDRESS 213C HIGHWAY 76 8.375 2,508.24 71
8.125 2,508.24 465,000.00
SANTA CRUZ NM 87567 5 08/07/96 00
0430013250 05 10/01/96 0
34022 O 09/01/26
0
1520362 387/387 F 85,000.00 ZZ
360 84,951.09 1
2222 5TH STREET #203 8.750 668.70 35
8.500 668.70 248,000.00
SANTA MONICA CA 90405 1 07/11/96 00
798231 01 09/01/96 0
1
798231 O 08/01/26
0
1520364 387/387 F 232,000.00 ZZ
360 231,855.80 1
264 WINDSOR WAY 8.375 1,763.37 80
8.125 1,763.37 290,000.00
VALLEJO CA 94591 2 07/01/96 00
768283 05 09/01/96 0
768283 O 08/01/26
0
1520366 387/387 F 280,000.00 ZZ
360 279,838.91 1
4612 LEIR DRIVE 8.750 2,202.76 73
8.500 2,202.76 385,000.00
LA CANADA CA 91011 5 07/03/96 00
791848 05 09/01/96 0
791848 O 08/01/26
0
1520368 387/387 F 252,000.00 ZZ
360 251,708.96 1
4147 MANTOVA DRIVE 8.750 1,982.49 80
8.500 1,982.49 315,000.00
LOS ANGELES CA 90008 2 06/24/96 00
784116 05 08/01/96 0
784116 O 07/01/26
0
1520370 387/387 F 261,350.00 ZZ
360 261,001.23 1
20571 CROW CREEK ROAD 8.500 2,009.56 80
8.250 2,009.56 327,096.00
CASTRO VALLEY CA 94552 1 07/15/96 00
780122 03 09/01/96 0
780122 O 08/01/26
0
1520371 387/387 F 285,000.00 ZZ
360 284,840.22 1
1540 EMMONS CANYON DRIVE 8.875 2,267.59 48
8.625 2,267.59 603,000.00
DANVILLE CA 94526 1 06/27/96 00
792531 03 09/01/96 0
792531 O 08/01/26
0
1
1520372 637/G01 F 243,600.00 ZZ
360 243,459.84 1
19760 SIERRA MEADOWS LANE 8.750 1,916.41 80
8.500 1,916.41 304,500.00
NORTHRIDGE CA 91326 1 07/22/96 00
0430014944 03 09/01/96 0
3189008 O 08/01/26
0
1520375 637/G01 F 272,500.00 ZZ
360 272,347.22 1
2430 26TH AVENUE W. 8.875 2,168.14 74
8.625 2,168.14 370,000.00
SEATTLE WA 98199 1 07/24/96 00
0430012559 05 09/01/96 0
9265398 O 08/01/26
0
1520376 637/G01 F 246,000.00 ZZ
240 245,619.82 1
44 SULLIVAN DRIVE 8.750 2,173.93 74
8.500 2,173.93 336,000.00
JERICHO NY 11753 1 07/30/96 00
0430015065 05 09/01/96 0
9223074 O 08/01/16
0
1520377 637/G01 F 137,520.00 ZZ
360 137,446.82 1
263 CLASSON AVENUE 9.125 1,118.91 90
8.875 1,118.91 153,000.00
BROOKLYN NY 11205 1 07/31/96 04
0430013797 01 09/01/96 30
4611539 O 08/01/26
0
1520398 B60/G01 F 268,000.00 ZZ
360 268,000.00 1
296 FAIRWAY DRIVE 8.750 2,108.36 80
8.500 2,108.36 335,000.00
LAKE ARROWHEAD CA 92352 1 08/07/96 00
0430012138 05 10/01/96 0
7238 O 09/01/26
0
1520421 A39/G01 F 428,000.00 ZZ
360 428,000.00 1
11972 WOOD RANCH ROAD 8.625 3,328.94 80
8.375 3,328.94 535,000.00
1
GRANADA HILLS A CA 91344 1 08/12/96 00
0430012708 03 10/01/96 0
9600669RFC O 09/01/26
0
1520423 317/G01 F 444,000.00 ZZ
360 443,737.86 1
9209 TOWN GATE LANE 8.625 3,453.39 80
8.375 3,453.39 555,000.00
BETHESDA MD 20817 1 07/24/96 00
0430015099 03 09/01/96 0
246609 O 08/01/26
0
1520434 E45/728 F 537,600.00 ZZ
360 537,600.00 1
5315 CHELSEN WOOD DRIVE 8.875 4,277.39 80
8.625 4,277.39 672,000.00
DULUTH GA 30136 1 08/14/96 00
0380504432 05 10/01/96 0
31602 O 09/01/26
0
1520444 562/G01 F 553,000.00 ZZ
360 553,000.00 1
1 AVERY COURT 9.250 4,549.40 70
9.000 4,549.40 790,000.00
WEST HARRISON NY 10604 1 08/08/96 00
0430013417 05 10/01/96 0
519066 O 09/01/26
0
1520541 A83/G01 F 320,000.00 ZZ
360 319,590.50 1
1750 42ND ST SE 8.250 2,404.05 75
8.000 2,404.05 431,963.00
CEDAR RAPIDS IA 52403 4 06/08/96 00
0430012989 05 08/01/96 0
129998 O 07/01/26
0
1520544 A83/G01 F 320,000.00 ZZ
360 319,590.50 1
385 SQUAW RIDGE RD 8.250 2,404.05 79
8.000 2,404.05 410,000.00
MARION IA 52302 4 06/07/96 00
0430013219 05 08/01/96 0
130431 O 07/01/26
0
1
1520548 A83/G01 F 375,000.00 ZZ
360 374,577.98 1
1150 HARTRICK CANYON DRIVE 8.875 2,983.67 89
8.625 2,983.67 423,500.00
TEMPLE, BELL CO TX 76502 4 06/28/96 14
0430012906 05 08/01/96 25
116417 O 07/01/26
0
1520550 696/G01 F 360,000.00 ZZ
360 360,000.00 1
12022 CREEKBEND DRIVE 8.000 2,641.55 80
7.750 2,641.55 450,304.00
HERNDON VA 22070 1 08/09/96 00
0430023002 03 10/01/96 0
2158350 O 09/01/26
0
1520551 E57/G01 F 220,000.00 ZZ
360 220,000.00 1
3700 CALLE JAZMIN 9.125 1,789.99 75
8.875 1,789.99 295,000.00
CALABASAS CA 91302 1 08/01/96 00
0430016964 03 10/01/96 0
72612005238 O 09/01/26
0
1520552 776/G01 F 268,200.00 ZZ
360 268,200.00 1
535 MOUNT OLIVE DRIVE 8.750 2,109.94 90
8.500 2,109.94 298,000.00
BRADBURY CA 91010 1 08/06/96 11
0430014050 05 10/01/96 25
6135999 O 09/01/26
0
1520553 776/G01 F 294,400.00 ZZ
360 294,400.00 1
22427 CIRCLE J RANCH ROAD 9.000 2,368.81 80
8.750 2,368.81 368,000.00
SANTA CLARITA CA 91350 1 08/08/96 00
0430023630 05 10/01/96 0
6136007 O 09/01/26
0
1520556 776/G01 F 260,000.00 ZZ
360 260,000.00 1
1
8129 WILLOW GLEN ROAD 8.500 1,999.17 65
8.250 1,999.17 400,000.00
LOS ANGELES CA 90046 2 08/09/96 00
0430018184 05 10/01/96 0
2135036 O 09/01/26
0
1520559 A83/G01 F 100,000.00 ZZ
360 99,895.90 1
1723 WEST PHOENIX DR 9.250 822.68 64
9.000 822.68 158,000.00
ST GEORGE UT 84770 2 06/19/96 00
0430013359 05 08/01/96 0
132098 O 07/01/26
0
1520564 A83/G01 F 234,000.00 ZZ
360 233,603.52 1
606 15TH AVENUE NE 8.875 1,861.81 90
8.625 1,861.81 260,000.00
ST PETERSBURG FL 33704 1 06/07/96 04
0430013342 05 07/01/96 25
131846 O 06/01/26
0
1520567 A83/G01 F 452,000.00 ZZ
360 451,072.00 1
1530 PALMER ROAD 8.500 3,475.49 80
8.250 3,475.49 565,000.00
LEBANON TN 37087 2 06/04/96 00
0430013714 05 07/01/96 0
129506 O 06/01/26
0
1520577 A83/G01 F 221,000.00 ZZ
360 220,574.32 1
14689 WOODCREST DRIVE 8.250 1,660.30 78
8.000 1,660.30 286,000.00
CLIVE IA 50325 1 05/31/96 00
0430013227 03 07/01/96 0
130400 O 06/01/26
0
1520578 668/728 F 494,000.00 ZZ
360 493,700.73 1
770 FOREST HILLS DRIVE 8.500 3,798.44 66
8.250 3,798.44 750,000.00
FLAGSTAFF AZ 86001 5 07/30/96 00
0380506098 05 09/01/96 0
1
6819619 O 08/01/26
0
1520579 A83/G01 F 211,000.00 ZZ
360 210,756.32 1
450 FAWN MEADOW DRIVE 8.750 1,659.94 89
8.500 1,659.94 239,000.00
DRIPPING SPRING TX 78620 2 06/05/96 10
0430013235 05 08/01/96 25
118696 O 07/01/26
0
1520584 025/025 F 252,000.00 ZZ
360 251,839.30 1
9036 HEMINGWAY GROVE CIRCLE 8.250 1,893.20 69
8.000 1,893.20 367,000.00
KNOXVILLE TN 37922 1 07/19/96 00
313658 03 09/01/96 0
313658 O 08/01/26
0
1520586 A83/G01 F 256,000.00 ZZ
360 255,688.47 1
20605 VIA VERONICA 8.500 1,968.42 89
8.250 1,968.42 288,000.00
YORBA LINDA CA 92687 1 06/03/96 10
0430013292 03 08/01/96 25
130295 O 07/01/26
0
1520591 A83/G01 F 440,000.00 ZZ
360 439,746.85 1
9690 FRINGE TREE ROAD 8.750 3,461.48 63
8.500 3,461.48 700,000.00
GREAT FALLS VA 22066 2 07/15/96 00
0430012674 05 09/01/96 0
129991 O 08/01/26
0
1520599 E26/728 F 140,000.00 ZZ
360 140,000.00 1
7325 BLAIR ROAD NW 9.000 1,126.48 80
8.750 1,126.48 175,000.00
WASHINGTON DC 20012 1 08/08/96 00
0380504549 05 10/01/96 0
431153 O 09/01/26
0
1
1520600 105/G01 F 600,000.00 ZZ
360 596,215.48 1
3825 OCEAN DRIVE 8.250 4,507.60 80
8.000 4,507.60 750,000.00
CORPUS CHRISTI TX 78404 1 02/29/96 00
0430026138 05 04/01/96 0
0820928 O 03/01/26
0
1520616 195/G01 F 604,000.00 ZZ
360 604,000.00 1
1610 MOUNT VERNON CIRCLE 8.875 4,805.70 80
8.625 4,805.70 755,000.00
LOWER MERION TW PA 19035 1 08/08/96 00
0430015362 05 10/01/96 0
49658 O 09/01/26
0
1520654 076/076 F 474,000.00 ZZ
360 473,712.85 1
106 HARBOUR POINT COVE 8.500 3,644.65 85
8.250 3,644.65 558,000.00
LENOIR CITY TN 37771 1 07/08/96 01
7041399 05 09/01/96 12
7041399 O 08/01/26
0
1520655 076/076 F 300,000.00 T
360 299,679.49 1
614 MAITLAND AVENUE 9.125 2,440.90 64
8.875 2,440.90 475,000.00
TEANECK NJ 07666 1 07/02/96 00
17042168 05 08/01/96 0
17042168 O 07/01/26
0
1520658 076/076 F 258,000.00 ZZ
360 257,847.68 1
1447 FLICKER WAY 8.625 2,006.70 80
8.375 2,006.70 322,500.00
SUNNYVALE CA 94087 1 07/01/96 00
17045171 05 09/01/96 0
17045171 O 08/01/26
0
1520665 076/076 F 250,000.00 ZZ
360 249,852.41 1
1098 MARLIN LANE 8.625 1,944.47 80
8.375 1,944.47 315,000.00
1
WATSONVILLE CA 95076 2 07/01/96 00
6083762 03 09/01/96 0
6083762 O 08/01/26
0
1520668 076/076 F 276,000.00 ZZ
360 275,837.05 1
140 COGORNO WAY 8.625 2,146.70 80
8.375 2,146.70 345,000.00
CARSON CITY NV 89703 1 07/09/96 00
17046499 05 09/01/96 0
17046499 O 08/01/26
0
1520669 375/G01 F 135,000.00 ZZ
360 134,930.00 1
12 HANSON ROAD 9.250 1,110.62 68
9.000 1,110.62 200,000.00
NEWTON MA 02159 1 07/29/96 00
0430014647 05 09/01/96 0
328246 O 08/01/26
0
1520670 076/076 F 292,500.00 ZZ
360 292,318.20 1
106 WOODCLIFF ROAD 8.375 2,223.21 75
8.125 2,223.21 390,000.00
SPRINGDALE AR 72764 5 07/02/96 00
6088492 05 09/01/96 0
6088492 O 08/01/26
0
1520678 076/076 F 260,000.00 ZZ
360 259,699.73 1
2272 GLEN HAVEN DRIVE 8.750 2,045.42 80
8.500 2,045.42 325,000.00
LOVELAND CO 80538 4 06/27/96 00
6092652 05 08/01/96 0
6092652 O 07/01/26
0
1520679 076/076 F 248,000.00 ZZ
360 247,857.31 1
752 APPALOOSA ROAD 8.750 1,951.02 80
8.500 1,951.02 310,000.00
TARPON SPRINGS FL 34689 1 07/25/96 00
931693 05 09/01/96 0
931693 O 08/01/26
0
1
1520680 E22/G01 F 330,000.00 ZZ
360 329,814.99 1
2865 NE 19 STREET 8.875 2,625.63 90
8.625 2,625.63 370,000.00
POMPANO BEACH FL 33062 1 08/07/96 12
0410194005 05 09/01/96 25
410194005 O 08/01/26
0
1520681 076/076 F 328,500.00 ZZ
360 328,315.84 1
19 STONE COURT 8.875 2,613.69 90
8.625 2,613.69 365,000.00
DANVILLE CA 94526 1 07/03/96 10
6093392 03 09/01/96 25
6093392 O 08/01/26
0
1520683 076/076 F 254,000.00 ZZ
360 253,853.86 1
2660 BECARD COURT 8.750 1,998.22 68
8.500 1,998.22 378,000.00
PLEASANTON CA 94566 1 07/03/96 00
6094852 05 09/01/96 0
6094852 O 08/01/26
0
1520692 076/076 F 452,000.00 ZZ
360 451,719.05 1
13460 ANN MARIE COURT 8.375 3,435.53 80
8.125 3,435.53 565,000.00
SAN MARTIN CA 95046 1 06/28/96 00
6079312 05 09/01/96 0
6079312 O 08/01/26
0
1520696 076/076 F 335,350.00 ZZ
360 334,962.71 1
504 HARRIS STREET 8.750 2,638.20 75
8.500 2,638.20 450,000.00
COPPELL TX 75019 2 06/28/96 00
6083582 03 08/01/96 0
6083582 O 07/01/26
0
1520700 076/076 F 279,000.00 ZZ
360 278,677.80 1
1
4126 BENTLEY COURT 8.750 2,194.89 90
8.500 2,194.89 310,000.00
GRAPEVINE TX 76051 1 06/27/96 11
6060582 03 08/01/96 25
6060582 O 07/01/26
0
1520703 076/076 F 450,000.00 ZZ
360 449,506.56 1
46832 PICKFORD 9.000 3,620.80 57
8.750 3,620.80 800,000.00
NORTHVILLE MI 48167 1 06/29/96 00
54101 05 08/01/96 0
54101 O 07/01/26
0
1520705 076/076 F 250,000.00 ZZ
360 249,844.60 1
26 BARBEE LANE 8.375 1,900.19 71
8.125 1,900.19 354,500.00
ALAMO CA 94507 1 06/28/96 00
6076632 05 09/01/96 0
6076632 O 08/01/26
0
1520707 B24/G01 F 246,900.00 ZZ
360 246,900.00 1
158 STRAWBERRY HILL 8.750 1,942.36 95
8.500 1,942.36 259,900.00
NORWALK CT 06851 1 08/26/96 01
0430014084 05 10/01/96 30
162641 O 09/01/26
0
1520708 076/076 F 256,500.00 ZZ
360 256,359.89 1
3828 CODY ROAD 9.000 2,063.86 90
8.750 2,063.86 285,000.00
LOS ANGELES CA 91403 1 07/01/96 12
UNKNOWN 05 09/01/96 25
UNKNOWN O 08/01/26
0
1520709 076/076 F 285,300.00 ZZ
360 285,135.85 1
1473 RIMCREST COURT 8.750 2,244.46 90
8.500 2,244.46 317,000.00
CHULA VISTA CA 91902 1 07/01/96 12
61790902 05 09/01/96 25
1
61790902 O 08/01/26
0
1520713 076/076 F 499,900.00 ZZ
360 499,612.38 1
2804 DEERING BAY DRIVE 8.750 3,932.72 80
8.500 3,932.72 624,917.00
NAPERVILLE IL 60564 1 07/15/96 00
UNKNOWN 03 09/01/96 0
UNKNOWN O 08/01/26
0
1520714 076/076 F 240,000.00 ZZ
360 239,868.90 1
5898 EAST CHUKWALLA TRAIL 9.000 1,931.10 77
8.750 1,931.10 315,520.00
CAVE CREEK AZ 85331 1 07/17/96 00
6214422 05 09/01/96 0
6214422 O 08/01/26
0
1520716 076/076 F 348,000.00 T
351 347,619.76 1
1840 SANDPOINTE LANE EAST 9.375 2,908.13 80
9.125 2,908.13 435,000.00
VERO BEACH FL 32963 4 06/14/96 00
7032091 03 08/01/96 0
7032091 O 10/01/25
0
1520719 076/076 F 304,000.00 ZZ
348 303,563.71 1
2308 NE. 20TH STREET 8.125 2,275.74 80
7.875 2,275.74 380,000.00
FORT LAUDERDALE FL 33305 2 06/21/96 00
UNKNOWN 05 08/01/96 0
UNKNOWN O 07/01/25
0
1520788 076/076 F 565,000.00 ZZ
360 564,648.82 1
2418 POMINO WAY 8.375 4,294.41 75
8.125 4,294.41 759,000.00
PLEASANTON CA 94566 1 07/11/96 00
6179122 03 09/01/96 0
6179122 O 08/01/26
0
1
1520791 076/076 F 356,000.00 ZZ
360 355,784.34 1
4065 CAMPANA DRIVE 8.500 2,737.33 80
8.250 2,737.33 445,000.00
PALO ALTO CA 94306 1 07/05/96 00
6189822 05 09/01/96 0
6189822 O 08/01/26
0
1520805 076/076 F 302,400.00 ZZ
360 302,216.81 1
26540 CANADA WAY 8.500 2,325.19 80
8.250 2,325.19 378,000.00
CARMEL CA 93923 1 07/01/96 00
5902062 05 09/01/96 0
5902062 O 08/01/26
0
1520806 076/076 F 260,000.00 ZZ
360 259,842.49 1
2866 NORTH WILDERNESS COURT 8.500 1,999.18 80
8.250 1,999.18 325,000.00
WICHITA KS 67226 1 07/15/96 00
5908602 03 09/01/96 0
5908602 O 08/01/26
0
1520810 076/076 F 227,000.00 ZZ
360 226,716.84 1
28 BRISTLECONE 8.375 1,725.36 74
8.125 1,725.36 308,177.00
IRVINE CA 92720 1 06/13/96 00
961966 03 08/01/96 0
961966 O 07/01/26
0
1520814 076/076 F 229,500.00 ZZ
360 229,261.13 1
151 WALNUT AVENUE 9.250 1,888.04 90
9.000 1,888.04 255,000.00
TOWNSHIP OF FRA NJ 08873 1 06/27/96 11
0311280496 05 08/01/96 30
0311280496 O 07/01/26
0
1520819 076/076 F 577,600.00 ZZ
360 577,267.69 1
18540 ANNIE LANE 8.750 4,543.98 80
8.500 4,543.98 722,000.00
1
SAN JOSE CA 95120 1 07/09/96 00
5920602 05 09/01/96 0
5920602 O 08/01/26
0
1520821 076/076 F 350,000.00 ZZ
360 349,776.82 1
100 BRETANO WAY 8.250 2,629.43 79
8.000 2,629.43 447,000.00
GREENBRAE CA 94904 1 07/11/96 00
5928632 05 09/01/96 0
5928632 O 08/01/26
0
1520823 526/G01 F 360,000.00 ZZ
360 359,798.17 1
11230 N.W. 6TH STREET 8.875 2,864.33 75
8.625 2,864.33 480,000.00
PLANTATION FL 33325 2 07/17/96 00
0430013896 05 09/01/96 0
0136395 O 08/01/26
0
1520829 526/G01 F 252,000.00 ZZ
360 251,685.65 1
4901 GLOUCESTER DRIVE 8.375 1,915.38 87
8.125 1,915.38 292,125.00
DOYLESTOWN PA 18901 4 06/03/96 10
0430028381 05 08/01/96 25
44846 O 07/01/26
0
1520830 076/076 F 244,700.00 ZZ
360 244,370.53 1
19742 TORRES WAY 8.000 1,795.52 89
7.750 1,795.52 276,414.00
TRABUCO CANYON CA 92679 1 06/05/96 12
5908892 03 08/01/96 25
5908892 O 07/01/26
0
1520831 E22/G01 F 200,000.00 ZZ
360 199,887.88 1
343 VIRGINIA HILLS DRIVE 8.875 1,591.29 80
8.625 1,591.29 250,000.00
MARTINEZ CA 94553 1 07/24/96 00
0410157838 05 09/01/96 0
410157838 O 08/01/26
0
1
1520834 076/076 F 258,600.00 ZZ
360 258,277.40 1
32 BRISTLECONE 8.375 1,965.55 80
8.125 1,965.55 323,310.00
IRVINE CA 92720 1 06/12/96 00
961965 03 08/01/96 0
961965 O 07/01/26
0
1520842 F13/F13 F 236,200.00 ZZ
360 236,200.00 1
102 MAGELLA COURT 8.000 1,733.15 89
7.750 1,733.15 268,000.00
NORTH WALES PA 19454 1 08/16/96 19
112244606 05 10/01/96 25
112244606 O 09/01/26
0
1520867 526/G01 F 325,600.00 ZZ
360 324,078.40 1
BLACKBERRY RIDGE ROAD 8.125 2,417.57 80
7.875 2,417.57 407,000.00
WILLISTON VT 05495 1 03/26/96 00
0430025064 05 03/01/96 0
0039641 O 02/01/26
0
1520870 601/G01 F 281,000.00 ZZ
360 280,829.77 1
2214B POT SPRING ROAD 8.500 2,160.65 80
8.250 2,160.65 355,000.00
TIMONIUM MD 21093 4 07/25/96 00
0430014175 05 09/01/96 0
1054372 O 08/01/26
0
1520879 696/G01 F 236,800.00 ZZ
360 236,800.00 1
12508 KNIGHTSBRIDGE COURT 8.875 1,884.09 80
8.625 1,884.09 296,000.00
POTOMAC MD 20850 1 08/09/96 00
0430015990 05 10/01/96 0
3264469 O 09/01/26
0
1520880 776/G01 F 258,750.00 ZZ
360 258,750.00 1
1
19221 SOUTHEAST 25TH STREET 8.750 2,035.59 75
8.500 2,035.59 345,000.00
ISSAQUAH WA 98029 1 08/12/96 00
0430016808 03 10/01/96 0
5534612 O 09/01/26
0
1520900 765/G01 F 315,000.00 ZZ
360 315,000.00 1
9869 EASTON DRIVE 8.375 2,394.23 90
8.125 2,394.23 350,000.00
BEVERLY HILLS ( CA 90210 1 08/07/96 11
0430021238 05 10/01/96 25
316770 O 09/01/26
0
1520904 526/G01 F 250,000.00 ZZ
360 249,840.58 1
49 HUFF TERRACE 8.250 1,878.17 59
8.000 1,878.17 425,000.00
MONTVALE NJ 07645 1 07/23/96 00
0430021782 05 09/01/96 0
110818 O 08/01/26
0
1520910 B57/G01 F 356,000.00 ZZ
360 356,000.00 1
3907 DIXIE CANYON AVENUE 8.375 2,705.86 80
SHERMAN OAKS AREA 8.125 2,705.86 445,000.00
LOS ANGELES CA 91423 1 08/13/96 00
0430017780 05 10/01/96 0
9611021 O 09/01/26
0
1520914 685/G01 F 223,200.00 ZZ
360 223,200.00 1
16541 CHARLEYVILLE CIRCLE 8.500 1,716.21 80
8.250 1,716.21 279,000.00
HUNTINGTON BEAC CA 92649 1 08/12/96 00
0430016451 05 10/01/96 0
105299 O 09/01/26
0
1520924 526/G01 F 310,800.00 ZZ
360 310,611.71 1
5460 CAMINITO EXQUISITO 8.500 2,389.79 90
8.250 2,389.79 345,380.00
SAN DIEGO CA 92130 1 07/17/96 01
0430023127 03 09/01/96 17
1
109989 O 08/01/26
0
1520927 E22/G01 F 134,400.00 ZZ
360 134,326.59 1
202 HILLSBORO DRIVE 9.000 1,081.41 80
8.750 1,081.41 168,000.00
SILVER SPRING MD 20902 1 08/02/96 00
0410194666 05 09/01/96 0
410194666 O 08/01/26
0
1520939 964/G01 F 373,600.00 ZZ
360 373,600.00 1
2 LEICESTER COURT 8.500 2,872.66 80
8.250 2,872.66 467,000.00
LAGUNA NIGUEL CA 92677 1 08/06/96 00
0430013268 03 10/01/96 0
19408 O 09/01/26
0
1520940 964/G01 F 289,950.00 ZZ
360 289,950.00 1
1542 GREAT HERON DRIVE 8.375 2,203.83 85
8.125 2,203.83 341,150.00
SANTA ROSA CA 95409 1 08/01/96 10
0430013318 05 10/01/96 12
19546 O 09/01/26
0
1520941 964/G01 F 264,000.00 ZZ
360 264,000.00 1
423 FLOWER STREET 8.500 2,029.93 80
8.250 2,029.93 330,000.00
COSTA MESA CA 92627 1 08/07/96 00
0430013276 05 10/01/96 0
19478 O 09/01/26
0
1520943 956/G01 F 436,000.00 ZZ
360 436,000.00 1
564 ALCALDE COURT 8.750 3,430.01 80
8.500 3,430.01 545,000.00
FREMONT CA 94539 1 08/08/96 00
0430023556 05 10/01/96 0
607314 O 09/01/26
0
1
1520945 E57/G01 F 244,400.00 ZZ
360 244,400.00 1
19 CRESTVIEW 8.750 1,922.70 80
8.500 1,922.70 305,500.00
ALISO VIEJO (AR CA 92656 1 08/05/96 00
0430016709 03 10/01/96 0
72492005211 O 09/01/26
0
1520946 E57/G01 F 222,300.00 ZZ
360 222,300.00 1
2314 WEST ADAMS STREET 9.125 1,808.71 95
8.875 1,808.71 234,000.00
SANTA ANA CA 92704 1 08/12/96 12
0430022376 05 10/01/96 25
72872005218 O 09/01/26
0
1520947 976/G01 F 242,000.00 ZZ
360 242,000.00 1
1038 LEANDRA LANE 8.625 1,882.26 80
8.375 1,882.26 303,000.00
ARCADIA CA 91006 1 08/01/96 00
0430015743 05 10/01/96 0
280627 O 09/01/26
0
1520949 964/G01 F 131,200.00 ZZ
360 131,200.00 1
5430 EAST DAGGETT STREET 8.750 1,032.15 80
8.500 1,032.15 164,000.00
LONG BEACH CA 90815 1 08/01/96 00
0430015289 05 10/01/96 0
19251 O 09/01/26
0
1520950 776/G01 F 234,000.00 ZZ
360 234,000.00 1
225 BARBARA DRIVE 8.375 1,778.57 80
8.125 1,778.57 292,500.00
LOS GATOS CA 95032 1 08/12/96 00
0430016493 05 10/01/96 0
6236584 O 09/01/26
0
1520952 E91/G01 F 260,950.00 ZZ
360 260,950.00 1
23 MEADOWOOD 8.500 2,006.48 90
8.250 2,006.48 290,000.00
1
LAS FLORES CA 92688 1 08/06/96 04
0430028340 03 10/01/96 25
1415101 O 09/01/26
0
1520955 956/G01 F 152,000.00 ZZ
360 152,000.00 1
1154 OAKENGATE DRIVE 8.750 1,195.78 80
8.500 1,195.78 190,000.00
SAN DIMAS CA 91773 1 07/30/96 00
0430023614 03 10/01/96 0
607287 O 09/01/26
0
1520958 731/G01 F 231,950.00 ZZ
360 231,950.00 1
3848 SIERRA MADRE COURT 8.125 1,722.22 80
7.875 1,722.22 289,950.00
SIMI VALLEY CA 93063 1 08/12/96 00
0430015925 05 10/01/96 0
4001149 O 09/01/26
0
1520959 076/076 F 252,000.00 ZZ
360 251,843.37 1
23058 CALIFA STREET 8.375 1,915.38 80
8.125 1,915.38 315,000.00
LOS ANGELES CA 91367 1 07/15/96 00
6165992 05 09/01/96 0
6165992 O 08/01/26
0
1520964 976/G01 F 209,000.00 ZZ
360 208,897.19 1
5116 COLONY DRIVE 9.500 1,757.39 78
9.250 1,757.39 268,500.00
CAMARILLO CA 93012 2 07/09/96 00
0430017186 03 09/01/96 0
229705 O 08/01/26
0
1520986 570/570 F 199,500.00 ZZ
360 199,500.00 1
2313 ATTAWAY WALK 8.875 1,587.31 75
8.625 1,587.31 266,000.00
ATLANTA GA 30319 2 08/08/96 00
5851944 05 10/01/96 0
5851944 O 09/01/26
0
1
1520990 076/076 F 320,000.00 ZZ
240 318,991.57 1
2515 PINE TREE ROAD 8.625 2,802.41 80
8.375 2,802.41 400,000.00
CUTCHOGUE NY 11935 1 06/06/96 00
19615160 05 08/01/96 0
19615160 O 07/01/16
0
1520994 076/076 F 300,000.00 ZZ
360 299,653.52 1
1901 BOLSOVER ROAD 8.750 2,360.11 80
8.500 2,360.11 375,000.00
HOUSTON TX 77005 1 06/27/96 00
9601835 05 08/01/96 0
9601835 O 07/01/26
0
1520998 757/757 F 207,000.00 ZZ
348 207,000.00 1
2760 CAMP BRANCH ROAD 8.375 1,585.65 38
8.125 1,585.65 550,000.00
BUFORD GA 30518 1 08/16/96 00
2585230 05 10/01/96 0
2585230 O 09/01/25
0
1521003 E22/G01 F 117,800.00 ZZ
360 117,735.65 1
22907 WALDERFORD DRIVE 9.000 947.85 95
8.750 947.85 124,000.00
KATY TX 77450 1 07/31/96 12
0410212708 03 09/01/96 30
410212708 O 08/01/26
0
1521006 076/076 F 301,500.00 ZZ
360 301,151.81 1
1210 VIA DONNA 8.750 2,371.90 90
8.500 2,371.90 335,000.00
PALM SPRINGS CA 92262 1 06/26/96 01
91003826 05 08/01/96 25
91003826 O 07/01/26
0
1521007 076/076 F 223,900.00 ZZ
360 223,771.18 1
1
22221 284TH AVENUE SOUTHEAST 8.750 1,761.42 80
8.500 1,761.42 279,900.00
MAPLE VALLEY WA 98038 1 07/16/96 00
6102562 05 09/01/96 0
6102562 O 08/01/26
0
1521010 076/076 F 211,500.00 ZZ
360 211,279.86 1
2745 WYNSUM AVENUE 9.250 1,739.96 90
9.000 1,739.96 235,000.00
MERRICK NY 11566 1 07/01/96 04
6143732 05 08/01/96 25
6143732 O 07/01/26
0
1521012 076/076 F 495,900.00 ZZ
360 495,591.77 1
20777 GREENLEAF DRIVE 8.375 3,769.20 80
8.125 3,769.20 619,900.00
CUPERTINO CA 95014 1 07/08/96 00
6095242 05 09/01/96 0
6095242 O 08/01/26
0
1521014 076/076 F 408,450.00 ZZ
360 407,940.47 1
513 HARLOW DRIVE 8.375 3,104.52 80
8.125 3,104.52 510,590.00
FAYETTEVILLE NC 28314 1 06/28/96 00
5626612 05 08/01/96 0
5626612 O 07/01/26
0
1521016 076/076 F 261,250.00 ZZ
360 260,907.04 1
2806 MOORES VALLEY DRIVE 8.125 1,939.78 95
7.875 1,939.78 275,000.00
BALTIMORE MD 21209 1 06/21/96 10
1936164002 05 08/01/96 30
1936164002 O 07/01/26
0
1521018 076/076 F 256,500.00 ZZ
360 256,218.73 1
9845 NORTH 87TH WAY 9.000 2,063.86 90
8.750 2,063.86 285,000.00
SCOTTSDALE AZ 85258 1 06/25/96 14
1040994 03 08/01/96 25
1
1040994 O 07/01/26
0
1521020 076/076 F 569,500.00 ZZ
360 569,154.99 1
15470 THORNTREE RUN 8.500 4,378.97 85
8.250 4,378.97 670,000.00
ALPHARETTA GA 30201 1 07/17/96 10
7048106 05 09/01/96 25
7048106 O 08/01/26
0
1521023 076/076 F 220,500.00 ZZ
360 220,355.76 1
3762 FIRST AVENUE 8.125 1,637.21 90
7.875 1,637.21 245,000.00
SAN DIEGO CA 92103 1 07/23/96 14
17049401 05 09/01/96 25
17049401 O 08/01/26
0
1521046 E22/G01 F 118,400.00 ZZ
360 118,400.00 1
927 SOUTH FAIRFIELD 8.250 889.50 80
8.000 889.50 148,000.00
LOMBARD IL 60148 2 08/06/96 00
0410203301 05 10/01/96 0
410203301 O 09/01/26
0
1521055 624/G01 F 325,000.00 ZZ
360 325,000.00 1
2140 EAST PARLEYS TERRACE 9.125 2,644.31 75
8.875 2,644.31 437,000.00
SALT LAKE CITY UT 84109 5 08/26/96 00
0430025429 05 10/01/96 0
65027960186 O 09/01/26
0
1521070 964/G01 F 145,200.00 ZZ
360 145,200.00 1
6965 WILDING PLACE 8.500 1,116.46 80
8.250 1,116.46 181,500.00
RIVERSIDE CA 92506 1 08/12/96 00
0430013839 05 10/01/96 0
19444 O 09/01/26
0
1
1521072 077/077 F 291,200.00 ZZ
360 291,200.00 1
51884 QUAIL VALLEY DR 8.500 2,239.08 80
8.250 2,239.08 364,000.00
GRANGER IN 46530 1 08/09/96 00
423131 05 10/01/96 0
423131 O 09/01/26
0
1521079 696/G01 F 320,000.00 ZZ
360 320,000.00 1
8514 LEWINSVILLE ROAD 9.000 2,574.79 80
8.750 2,574.79 400,000.00
MCLEAN VA 22102 1 08/13/96 00
0430014704 05 10/01/96 0
4028101 O 09/01/26
0
1521082 076/076 F 300,000.00 ZZ
360 299,822.88 1
430 GLENADA LANE 8.625 2,333.37 80
8.375 2,333.37 375,000.00
SANTA CRUZ CA 95062 2 07/12/96 00
17045693 05 09/01/96 0
17045693 O 08/01/26
0
1521087 163/G01 F 250,400.00 ZZ
360 250,400.00 1
3133 SW LURADEL STREET 8.375 1,903.22 89
8.125 1,903.22 281,350.00
PORTLAND OR 97219 1 07/29/96 14
0430014324 05 10/01/96 25
215401799 O 09/01/26
0
1521088 076/076 F 324,000.00 ZZ
360 323,793.40 1
1353 RIMER DRIVE 8.250 2,434.10 80
8.000 2,434.10 405,000.00
MORAGA CA 94556 1 07/10/96 00
5645062 05 09/01/96 0
5645062 O 08/01/26
0
1521091 076/076 F 249,000.00 ZZ
360 248,837.12 1
39 PHEASANT WOOD ROAD 8.125 1,848.82 88
7.875 1,848.82 284,000.00
1
SHARON MA 02067 1 07/08/96 14
5649022 05 09/01/96 25
5649022 O 08/01/26
0
1521093 076/076 F 296,000.00 ZZ
360 295,601.44 1
11405 HAVENNER ROAD 8.000 2,171.95 80
7.750 2,171.95 370,000.00
FAIRFAX STATION VA 22039 1 06/27/96 00
5901052 03 08/01/96 0
5901052 O 07/01/26
0
1521095 076/076 F 274,000.00 ZZ
360 273,498.50 1
8797 RIDGE PONDS CIRCLE 8.500 2,106.82 80
8.250 2,106.82 343,000.00
VICTORIA MN 55386 1 05/30/96 00
5603982 05 07/01/96 0
5603982 O 06/01/26
0
1521096 076/076 F 324,000.00 ZZ
360 323,818.36 1
1120 CARLYLE COURT 8.875 2,577.89 80
8.625 2,577.89 405,000.00
ARLINGTON HEIGH IL 60004 1 07/18/96 00
5609802 05 09/01/96 0
5609802 O 08/01/26
0
1521098 076/076 F 271,200.00 ZZ
360 271,031.43 1
20 MONUMENT STREET 8.375 2,061.32 80
8.125 2,061.32 339,000.00
WENHAM MA 01984 1 07/12/96 00
5283652 05 09/01/96 0
5283652 O 08/01/26
0
1521102 076/076 F 432,000.00 ZZ
360 431,216.13 1
205 MADERA LANE 8.625 3,360.05 80
8.375 3,360.05 540,000.00
CHAPEL HILL NC 27514 1 06/21/96 00
5558452 03 08/01/96 0
5558452 O 07/01/26
0
1
1521114 698/698 F 346,400.00 ZZ
360 346,400.00 1
1901 WEEPAH WAY 9.250 2,849.75 80
9.000 2,849.75 433,000.00
LOS ANGELES CA 90046 1 08/13/96 00
20852484 05 10/01/96 0
20852484 O 09/01/26
0
1521115 696/G01 F 220,000.00 ZZ
360 219,876.66 1
8610 BUCKHANNON DRIVE 8.875 1,750.42 80
8.625 1,750.42 275,000.00
POTOMAC MD 20854 1 07/30/96 00
0430015719 05 09/01/96 0
6010700 O 08/01/26
0
1521117 696/728 F 248,000.00 ZZ
360 247,837.78 1
15468 MEHERRIN DRIVE 8.125 1,841.39 80
7.875 1,841.39 310,000.00
CENTREVILLE VA 22020 1 07/26/96 00
0380504796 05 09/01/96 0
2178115 O 08/01/26
0
1521122 964/G01 F 328,000.00 ZZ
360 328,000.00 1
4 ROLLING BROOK 8.750 2,580.38 80
8.500 2,580.38 410,000.00
IRVINE CA 92715 1 08/05/96 00
0430013789 05 10/01/96 0
19416 O 09/01/26
0
1521129 163/G01 F 269,100.00 ZZ
360 268,928.40 1
3714 241ST CT 8.250 2,021.66 90
8.000 2,021.66 299,000.00
ISSAQUAH WA 98027 1 07/19/96 14
0430014357 03 09/01/96 25
215400304 O 08/01/26
0
1521136 354/354 F 255,200.00 ZZ
360 255,200.00 1
1
115 JACKSON OAKS DRIVE 8.375 1,939.70 80
8.125 1,939.70 319,000.00
LAKE JACKSON TX 77566 1 08/07/96 00
20311346 05 10/01/96 0
20311346 O 09/01/26
0
1521137 354/354 F 223,400.00 ZZ
360 223,257.55 1
830 KENNETH PL. SE 8.250 1,678.33 89
8.000 1,678.33 251,550.00
LEESBURG VA 20175 1 07/26/96 12
20416004 05 09/01/96 25
20416004 O 08/01/26
0
1521138 354/354 F 245,250.00 ZZ
360 245,089.57 1
6540 TALMADGE COURT 8.125 1,820.98 90
7.875 1,820.98 272,515.00
SUWANEE GA 30174 1 08/03/96 11
20425864 03 09/01/96 25
20425864 O 08/01/26
0
1521140 354/354 F 243,000.00 ZZ
360 242,860.20 1
1419 THOMAS ROAD 8.750 1,911.68 90
8.500 1,911.68 270,000.00
WHEATON IL 60187 1 07/31/96 11
20435004 05 09/01/96 25
20435004 O 08/01/26
0
1521141 354/354 F 227,750.00 ZZ
360 227,625.59 1
6 LAUREL HILL RD 9.000 1,832.53 73
8.750 1,832.53 315,000.00
RIDGEFIELD CT 06877 1 08/01/96 00
20440558 05 09/01/96 0
20440558 O 08/01/26
0
1521142 354/354 F 350,000.00 ZZ
360 349,574.43 1
410 CREEKSIDE COURT 8.500 2,691.20 79
8.250 2,691.20 443,260.00
LEAGUE CITY TX 77573 1 06/14/96 00
20464145 03 08/01/96 0
1
20464145 O 07/01/26
0
1521143 354/354 F 328,000.00 ZZ
360 327,801.29 1
6290 GRAND OAKS WA 8.500 2,522.04 80
8.250 2,522.04 410,058.00
SAN JOSE CA 95135 1 07/01/96 00
20464541 05 09/01/96 0
20464541 O 08/01/26
0
1521144 354/354 F 350,000.00 ZZ
360 349,787.97 1
10121 ELENA DRIVE 8.500 2,691.20 80
8.250 2,691.20 437,500.00
ALBUQUERQUE NM 87122 2 07/19/96 00
20467510 05 09/01/96 0
20467510 O 08/01/26
0
1521145 354/354 F 284,000.00 ZZ
360 283,844.87 1
3712 RANCHVIEW COURT 9.000 2,285.13 80
8.750 2,285.13 355,000.00
RENO NV 89509 2 07/31/96 00
20468054 03 09/01/96 0
20468054 O 08/01/26
0
1521146 354/354 F 267,750.00 ZZ
360 267,607.51 1
205 HARITAGE DRIVE 9.125 2,178.51 75
8.875 2,178.51 357,000.00
ROSELLE IL 60172 1 07/31/96 00
20472007 05 09/01/96 0
20472007 O 08/01/26
0
1521147 354/354 F 240,000.00 ZZ
360 239,861.91 1
4528 14TH STREET 8.750 1,888.09 69
8.500 1,888.09 350,000.00
GREELEY CO 80634 1 07/26/96 00
20472437 03 09/01/96 0
20472437 O 08/01/26
0
1
1521149 354/354 F 423,700.00 ZZ
360 423,184.81 1
206 EAGLES LANDING WAY 8.500 3,257.89 80
8.250 3,257.89 529,640.00
MCDONOUGH GA 30253 1 06/21/96 00
20482576 03 08/01/96 0
20482576 O 07/01/26
0
1521150 354/354 F 295,000.00 ZZ
360 294,811.89 1
6107 NORMANDY COURT 8.250 2,216.24 70
8.000 2,216.24 425,000.00
FORT COLLINS CO 80525 1 07/31/96 00
20493425 03 09/01/96 0
20493425 O 08/01/26
0
1521151 354/354 F 234,100.00 ZZ
360 234,100.00 1
15960 PINE STRAND COURT 8.125 1,738.19 90
7.875 1,738.19 260,214.00
WELLINGTON FL 33414 1 08/02/96 14
20495164 03 10/01/96 25
20495164 O 09/01/26
0
1521152 354/354 F 525,600.00 ZZ
360 525,281.59 1
3418 GEORGETOWN STREET 8.500 4,041.41 80
8.250 4,041.41 657,000.00
HOUSTON TX 77005 1 07/18/96 00
20497376 05 09/01/96 0
20497376 O 08/01/26
0
1521153 354/354 F 230,500.00 ZZ
360 230,380.50 1
8221 WESTLAWN AVENUE 9.250 1,896.27 57
9.000 1,896.27 410,000.00
LOS ANGELES CA 90045 2 07/24/96 00
20500070 05 09/01/96 0
20500070 O 08/01/26
0
1521154 354/354 F 269,500.00 ZZ
360 269,340.88 1
410 FOX LANE 8.625 2,096.14 70
8.375 2,096.14 385,000.00
1
WORTHINGTON OH 43085 1 07/31/96 00
20502613 05 09/01/96 0
20502613 O 08/01/26
0
1521155 354/354 F 223,700.00 ZZ
360 223,557.36 1
502 AYRLEE AVENUE NW 8.250 1,680.58 90
8.000 1,680.58 248,580.00
LEESBURG VA 20176 1 07/30/96 12
20503934 03 09/01/96 25
20503934 O 08/01/26
0
1521157 354/354 F 359,000.00 ZZ
360 358,803.90 1
470 WASHINGTON 9.000 2,888.60 80
8.750 2,888.60 450,000.00
GROSSE POINTE MI 48230 1 07/22/96 00
20505855 05 09/01/96 0
20505855 O 08/01/26
0
1521158 354/354 F 392,000.00 ZZ
360 391,774.46 1
5144 BELLERIVE DRIVE 8.750 3,083.87 80
8.500 3,083.87 490,000.00
DALLAS TX 75287 1 07/15/96 00
20506804 05 09/01/96 0
20506804 O 08/01/26
0
1521159 354/354 F 235,850.00 ZZ
360 235,687.69 1
12704 HALYARD PLACE 7.875 1,710.08 80
7.625 1,710.08 294,865.00
FORT WASHINGTON MD 20744 1 07/25/96 00
20510004 05 09/01/96 0
20510004 O 08/01/26
0
1521160 354/354 F 239,400.00 ZZ
360 239,258.66 1
5315 AVENDIA CUESTA N.E. 8.625 1,862.03 90
8.375 1,862.03 266,000.00
ALBURQUERQUE NM 87111 1 07/12/96 10
20510384 05 09/01/96 25
20510384 O 08/01/26
0
1
1521161 354/354 F 240,600.00 BB
360 240,468.57 1
284 OAKWOOD CIRCLE 9.000 1,935.93 90
8.750 1,935.93 267,367.00
MARTINEZ CA 94553 1 07/19/96 04
20513339 03 09/01/96 25
20513339 O 08/01/26
0
1521162 354/354 F 335,200.00 ZZ
360 335,012.07 1
19150 BRETON PLACE 8.875 2,667.01 80
8.625 2,667.01 419,000.00
MONUMENT CO 80132 1 08/01/96 00
20515524 03 09/01/96 0
20515524 O 08/01/26
0
1521163 354/354 F 300,000.00 ZZ
360 300,000.00 1
6714 PEMBERTON DRIVE 8.625 2,333.37 66
8.375 2,333.37 460,000.00
DALLAS TX 75214 1 08/09/96 00
20516720 05 10/01/96 0
20516720 O 09/01/26
0
1521164 354/354 F 302,700.00 ZZ
360 302,534.66 1
1 N 840 KILLARNEY LANE 9.000 2,435.59 80
8.750 2,435.59 378,407.00
ELBURN IL 60119 1 07/31/96 00
20517025 05 09/01/96 0
20517025 O 08/01/26
0
1521165 354/354 F 556,000.00 ZZ
360 555,671.73 1
2704 OVERHILL ROAD 8.625 4,324.52 77
8.375 4,324.52 725,000.00
MOUNTAIN BROOK AL 35223 2 07/23/96 00
20522777 05 09/01/96 0
20522777 O 08/01/26
0
1521166 354/354 F 227,000.00 ZZ
360 226,855.25 1
1
9327 BRANDON ST 8.250 1,705.38 95
8.000 1,705.38 239,025.00
MANASSAS PARK VA 22111 1 07/31/96 12
20523080 03 09/01/96 30
20523080 O 08/01/26
0
1521167 354/354 F 229,900.00 ZZ
360 229,774.42 1
1121 BEECH STREET 9.000 1,849.83 95
8.750 1,849.83 242,000.00
SOUTH PASADENA CA 91030 1 07/22/96 10
20523445 05 09/01/96 30
20523445 O 08/01/26
0
1521168 354/354 F 355,000.00 ZZ
360 354,790.40 1
3151 SPRINGMEADOW DRIVE 8.625 2,761.16 90
8.375 2,761.16 395,000.00
COLORADO SPRING CO 80906 1 07/31/96 12
20526992 05 09/01/96 25
20526992 O 08/01/26
0
1521169 354/354 F 354,900.00 ZZ
360 354,685.00 1
9883 WILD CROCUS CIRCLE 8.500 2,728.88 79
8.250 2,728.88 454,900.00
FRANKTOWN CO 80134 1 07/31/96 00
20527982 05 09/01/96 0
20527982 O 08/01/26
0
1521170 354/354 F 279,000.00 ZZ
360 278,843.59 1
2907 STRAWBERRY 8.875 2,219.85 90
8.625 2,219.85 310,000.00
TROY MI 48098 1 07/26/96 14
20534715 05 09/01/96 25
20534715 O 08/01/26
0
1521171 354/354 F 265,000.00 ZZ
360 265,000.00 1
5315 LAKE FOREST BLVD 8.625 2,061.14 74
8.375 2,061.14 361,889.00
BRIGHTON MI 48116 1 08/02/96 00
20534764 05 10/01/96 0
1
20534764 O 09/01/26
0
1521172 354/354 F 281,000.00 ZZ
360 281,000.00 1
C319 WILD TURKEY DRIVE 8.375 2,135.81 80
8.125 2,135.81 352,600.00
BOERNE TX 78006 2 08/08/96 00
24241390 03 10/01/96 0
24241390 O 09/01/26
0
1521174 354/354 F 358,500.00 ZZ
360 358,500.00 1
55861 CONGRESSIONAL 8.875 2,852.39 88
8.625 2,852.39 410,000.00
LA QUINTA CA 92253 2 08/07/96 11
24615379 01 10/01/96 25
24615379 O 09/01/26
0
1521177 354/354 F 259,200.00 ZZ
360 259,200.00 1
910 BROOKLINE WAY 8.125 1,924.56 90
7.875 1,924.56 288,000.00
ALPHARETTA GA 30202 1 08/15/96 10
24624900 03 10/01/96 25
24624900 O 09/01/26
0
1521179 354/354 F 400,000.00 ZZ
360 400,000.00 1
8 BROADLEAF 8.625 3,111.16 90
8.375 3,111.16 445,259.00
IRVINE CA 92715 1 08/05/96 14
24639510 05 10/01/96 25
24639510 O 09/01/26
0
1521180 354/354 F 229,449.00 ZZ
360 229,291.09 1
9411 BELMONT LN 7.875 1,663.67 80
7.625 1,663.67 286,812.00
MARVIN NC 28173 1 08/05/96 00
24641342 03 09/01/96 0
24641342 O 08/01/26
0
1
1521182 354/354 F 380,000.00 ZZ
360 380,000.00 1
1549 YORK PLACE 8.750 2,989.47 80
8.500 2,989.47 475,000.00
BURLINGTON NC 27215 4 08/08/96 00
24645442 05 10/01/96 0
24645442 O 09/01/26
0
1521185 354/354 F 306,000.00 ZZ
360 306,000.00 1
314 BEECH AVENUE 7.875 2,218.72 90
7.625 2,218.72 340,000.00
CINCINNATI OH 45215 1 08/15/96 14
24672859 05 10/01/96 25
24672859 O 09/01/26
0
1521186 354/354 F 348,000.00 ZZ
360 348,000.00 1
2526 PARK OAK DRIVE 8.875 2,768.85 80
8.625 2,768.85 435,000.00
LOS ANGELES CA 90068 1 08/01/96 00
24673444 05 10/01/96 0
24673444 O 09/01/26
0
1521187 354/354 F 249,000.00 ZZ
360 249,000.00 1
4509 E. COLORADO STREET 8.875 1,981.16 72
8.625 1,981.16 349,000.00
LONG BEACH CA 90814 1 08/05/96 00
24679995 01 10/01/96 0
24679995 O 09/01/26
0
1521193 163/G01 F 268,150.00 ZZ
360 267,987.56 1
148 LUDLOWE ROAD 8.500 2,061.84 85
8.250 2,061.84 315,500.00
FAIRFIELD CT 06430 1 08/01/96 14
0430014662 05 09/01/96 12
215351440 O 08/01/26
0
1521197 562/G01 F 252,000.00 ZZ
360 252,000.00 1
300 RECTOR PLACE 9.250 2,073.15 90
UNIT 5Q 9.000 2,073.15 280,000.00
1
NEW YORK NY 10280 1 08/20/96 14
0430023937 06 10/01/96 25
519777 O 09/01/26
0
1521209 163/G01 F 350,000.00 ZZ
360 349,776.81 1
315 BRANCH OAK WAY 8.250 2,629.44 71
8.000 2,629.44 499,000.00
SAN ANTONIO TX 78230 1 07/08/96 00
0430014654 03 09/01/96 0
56125322 O 08/01/26
0
1521215 163/G01 F 360,000.00 ZZ
360 359,781.91 1
6511 CENTRE PLACE CIRCLE 8.500 2,768.09 80
8.250 2,768.09 450,000.00
SPRING TX 77379 1 07/26/96 00
0430014498 03 09/01/96 0
215409214 O 08/01/26
0
1521216 757/757 F 160,000.00 ZZ
354 160,000.00 1
1330 WOODLAND LAKE DRIVE 8.250 1,206.73 50
8.000 1,206.73 326,360.00
SNELLVILLE GA 30278 1 08/19/96 00
2737385 03 10/01/96 0
2737385 O 03/01/26
0
1521220 163/G01 F 288,800.00 ZZ
360 288,625.05 1
6 DEERBERRY COURT 8.500 2,220.62 64
8.250 2,220.62 453,000.00
THE WOODLANDS TX 77380 2 07/30/96 00
0430014522 03 09/01/96 0
215411442 O 08/01/26
0
1521221 369/G01 F 225,000.00 ZZ
360 225,000.00 1
3104 LEGENDS CIRCLE 8.625 1,750.03 59
8.375 1,750.03 384,203.00
LAKELAND FL 33803 1 08/09/96 00
0430015396 03 10/01/96 0
49784937 O 09/01/26
0
1
1521223 163/G01 F 290,000.00 ZZ
360 289,656.34 1
5254 REDMAN ROAD 8.625 2,255.59 75
8.375 2,255.59 386,750.00
LAS CRUCES NM 88011 2 06/21/96 00
0430014555 05 08/01/96 0
56089316 O 07/01/26
0
1521225 E22/G01 F 132,000.00 ZZ
360 132,000.00 1
152 BAYVIEW CIRCLE 9.250 1,085.93 80
9.000 1,085.93 165,000.00
SAN FRANCISCO CA 94124 2 08/05/96 00
0410152763 09 10/01/96 0
410152763 O 09/01/26
0
1521233 208/G01 F 500,000.00 ZZ
360 500,000.00 1
807 APODACA HILL 8.125 3,712.49 66
7.875 3,712.49 763,000.00
SANTA FE NM 87501 1 08/16/96 00
0430016931 05 10/01/96 0
34023 O 09/01/26
0
1521234 776/G01 F 116,900.00 ZZ
360 116,900.00 1
2447 PIONEER ROAD 8.750 919.65 60
8.500 919.65 194,900.00
TALENT OR 97540 1 08/13/96 00
0430021352 05 10/01/96 0
5035385 O 09/01/26
0
1521240 731/G01 F 290,000.00 ZZ
360 290,000.00 1
4520 CAMPOBELLO STREET 8.375 2,204.21 80
8.125 2,204.21 362,500.00
SAN DIEGO CA 92130 1 08/13/96 00
0430025965 05 10/01/96 0
411612176 O 09/01/26
0
1521242 668/G01 F 246,400.00 ZZ
360 246,258.24 1
1
707-725 WINGFIELD ROAD 8.750 1,938.43 78
8.500 1,938.43 318,000.00
JANESVILLE CA 96114 2 07/23/96 00
0430018176 05 09/01/96 0
6836746 O 08/01/26
0
1521245 765/G01 F 350,000.00 ZZ
360 350,000.00 1
30846 VIA LA CRESTA 8.375 2,660.26 53
8.125 2,660.26 671,250.00
RANCHO VERDES CA 90275 1 08/02/96 00
0430025791 05 10/01/96 0
316624 O 09/01/26
0
1521248 961/G01 F 225,350.00 ZZ
360 225,350.00 1
2435 SANTA FE AVENUE 8.625 1,752.75 75
8.375 1,752.75 300,500.00
TORRANCE CA 90501 1 08/12/96 00
0430017350 05 10/01/96 0
09109082 O 09/01/26
0
1521249 698/698 F 177,600.00 ZZ
360 177,600.00 1
8342 EAST IRONWOOD AVENUE 8.875 1,413.07 80
8.625 1,413.07 222,000.00
ORANGE CA 92869 1 08/05/96 00
7403341 05 10/01/96 0
7403341 O 09/01/26
0
1521251 B74/G01 F 380,000.00 ZZ
360 380,000.00 1
29 HOAWAA WAY 8.875 3,023.45 80
8.625 3,023.45 475,000.00
KIHEI HI 96753 1 08/09/96 00
0430017434 05 10/01/96 0
962934 O 09/01/26
0
1521252 B74/G01 F 142,800.00 ZZ
360 142,800.00 1
1132 PIMA AVENUE 8.625 1,110.68 80
8.375 1,110.68 178,500.00
WEST COVINA CA 91790 1 08/09/96 00
0430017095 05 10/01/96 0
1
926805 O 09/01/26
0
1521256 814/G01 F 99,700.00 ZZ
360 99,700.00 1
914 55TH STREET 9.000 802.21 80
8.750 802.21 126,000.00
OAKLAND CA 94608 2 08/13/96 00
0430017376 05 10/01/96 0
809608055 O 09/01/26
0
1521313 526/G01 F 356,250.00 ZZ
360 356,070.09 1
2044 TRUMBULL TERRACE N.W. 9.375 2,963.11 75
9.125 2,963.11 475,000.00
WASHINGTON DC 20011 2 07/26/96 00
0430014480 05 09/01/96 0
0137987 O 08/01/26
0
1521321 163/G01 F 267,500.00 ZZ
360 267,166.32 1
1640 PALISADES DRIVE 8.375 2,033.19 90
8.125 2,033.19 297,500.00
APPLETON WI 54915 1 06/04/96 04
0430014571 05 08/01/96 25
UNKNOWN O 07/01/26
0
1521322 163/G01 F 224,000.00 ZZ
360 223,867.75 1
2218 BOXMERE ROAD 8.625 1,742.25 70
8.375 1,742.25 320,000.00
LUTHERVILLE MD 21093 1 07/29/96 00
0430014258 05 09/01/96 0
371068643 O 08/01/26
0
1521325 163/G01 F 247,000.00 ZZ
360 246,842.50 1
17216 SE ROYER ROAD 8.250 1,855.63 78
8.000 1,855.63 320,000.00
CLACKAMAS OR 97015 2 07/22/96 00
0430014233 05 09/01/96 0
215397401 O 08/01/26
0
1
1521327 163/G01 F 261,000.00 ZZ
360 260,845.91 1
15872 BIG SPRINGS WAY 8.625 2,030.03 90
8.375 2,030.03 290,000.00
SAN DIEGO CA 92127 1 07/02/96 14
0430014290 03 09/01/96 25
1525360433 O 08/01/26
0
1521328 163/G01 F 268,000.00 ZZ
360 267,829.10 1
4330 DABKOWSKI DRIVE 8.250 2,013.40 80
8.000 2,013.40 335,000.00
MILLERS MD 21107 2 07/25/96 00
0430014274 05 09/01/96 0
960159CP O 08/01/26
0
1521330 163/G01 F 356,000.00 ZZ
360 355,778.72 1
3828 ARNOLD STREET 8.375 2,705.86 80
8.125 2,705.86 445,000.00
HOUSTON TX 77005 1 08/01/96 00
0430014449 05 09/01/96 0
372589969 O 08/01/26
0
1521334 163/G01 F 393,950.00 ZZ
360 393,705.14 1
2312 MORENO DRIVE 8.375 2,994.30 90
8.125 2,994.30 437,750.00
LOS ANGELES CA 90039 1 07/16/96 14
0430014399 05 09/01/96 25
31534526 O 08/01/26
0
1521453 354/354 F 270,000.00 ZZ
360 269,836.43 1
10207 WILDBRACKEN COURT 8.500 2,076.07 80
8.250 2,076.07 338,500.00
CHARLOTTE NC 28210 1 07/12/96 00
24570053 03 09/01/96 0
24570053 O 08/01/26
0
1521454 696/G01 F 252,000.00 ZZ
360 252,000.00 1
12745 MILLTOWN ROAD 8.875 2,005.03 90
8.625 2,005.03 280,000.00
1
LOVETTSVILLE VA 20180 1 08/16/96 14
0430014621 05 10/01/96 25
8008246 O 09/01/26
0
1521458 668/G01 F 280,000.00 ZZ
360 280,000.00 1
1840 EAST CASTLEBROOK DRIVE 8.500 2,152.96 80
8.250 2,152.96 350,000.00
FRESNO CA 93720 2 07/29/96 00
0430022004 03 10/01/96 0
6817308 O 09/01/26
0
1521465 685/G01 F 192,350.00 ZZ
360 192,350.00 1
2555 TIMBER CREEK TRAIL 8.375 1,462.00 80
8.125 1,462.00 240,463.00
OXNARD CA 93030 1 08/15/96 00
0430016071 05 10/01/96 0
105262 O 09/01/26
0
1521466 559/G01 F 251,850.00 ZZ
360 251,850.00 1
594 AZEVEDO COMMON 8.625 1,958.87 65
8.375 1,958.87 387,500.00
FREMONT CA 94539 1 08/09/96 00
0430019182 03 10/01/96 0
5370143 O 09/01/26
0
1521469 927/G01 F 246,950.00 ZZ
360 246,950.00 1
8905 LAS MONTANAS AVENUE 8.625 1,920.76 95
8.375 1,920.76 259,950.00
LAS VEGAS NV 89117 1 08/06/96 04
0430019315 05 10/01/96 30
280636 O 09/01/26
0
1521476 E19/G01 F 605,000.00 ZZ
360 605,000.00 1
2828 BENTLEY WAY 8.250 4,545.17 80
8.000 4,545.17 760,000.00
DIAMOND BAR CA 91765 2 08/13/96 00
0430022210 05 10/01/96 0
10872 O 09/01/26
0
1
1521478 E19/G01 F 520,000.00 ZZ
360 520,000.00 1
23443 COPACABANA STREET 8.000 3,815.58 62
7.750 3,815.58 850,000.00
MALIBU CA 90265 2 08/09/96 00
0430022202 05 10/01/96 0
10319 O 09/01/26
0
1521481 776/G01 F 460,000.00 ZZ
360 460,000.00 1
220 HIGHLAND ROAD 8.125 3,415.49 80
7.875 3,415.49 575,000.00
SIMI VALLEY CA 93065 1 08/14/96 00
0430021261 05 10/01/96 0
2135058 O 09/01/26
0
1521483 965/G01 F 276,000.00 ZZ
360 276,000.00 1
5691 E FINISTERRA DRIVE 8.625 2,146.70 80
8.375 2,146.70 345,000.00
TUCSON AZ 85750 1 08/13/96 00
0430018515 05 10/01/96 0
159854 O 09/01/26
0
1521492 171/728 F 225,600.00 ZZ
360 225,600.00 1
1936 CORTEZ AVENUE 8.250 1,694.86 80
8.000 1,694.86 282,000.00
LAGUNA BEACH CA 92651 1 08/08/96 00
0380506056 05 10/01/96 0
04077190 O 09/01/26
0
1521494 F18/G01 F 240,000.00 ZZ
360 240,000.00 1
826 NORTH WHITE ROAD 8.250 1,803.04 80
8.000 1,803.04 300,000.00
SAN JOSE CA 95132 1 08/14/96 00
0430019265 05 10/01/96 0
96029 O 09/01/26
0
1521496 B57/G01 F 232,000.00 ZZ
360 232,000.00 1
1
1487 LOMA VISTA STREET 8.625 1,804.48 80
8.375 1,804.48 290,000.00
PASADENA CA 91104 1 08/06/96 00
0430022012 05 10/01/96 0
9630247 O 09/01/26
0
1521498 664/G01 F 355,000.00 ZZ
360 355,000.00 1
205 LA VIA AZUL COURT 8.375 2,698.26 80
8.125 2,698.26 445,000.00
MORGAN HILL CA 95037 1 08/08/96 00
0430022301 05 10/01/96 0
2152981 O 09/01/26
0
1521501 744/G01 F 232,000.00 ZZ
360 232,000.00 1
308 CARDONA CIRCLE 8.750 1,825.14 80
8.500 1,825.14 290,000.00
SAN RAMON CA 94583 1 08/12/96 00
0430017137 03 10/01/96 0
76338 O 09/01/26
0
1521504 664/G01 F 232,000.00 ZZ
360 232,000.00 1
509 S. OWEN STREET 8.500 1,783.88 80
8.250 1,783.88 290,000.00
MT. PROSPECT IL 60056 1 08/16/96 00
0430022061 05 10/01/96 0
2214070 O 09/01/26
0
1521505 976/G01 F 263,000.00 ZZ
360 262,704.01 1
1562 SAND CASTLE RD 8.875 2,092.55 79
8.625 2,092.55 333,000.00
SANIBEL FL 33957 1 06/28/96 00
0430018374 05 08/01/96 0
211700 O 07/01/26
0
1521508 976/G01 F 290,000.00 ZZ
360 289,833.14 1
608 LLANO LARGO STREET 8.750 2,281.44 66
8.500 2,281.44 440,000.00
SANTA FE NM 87501 1 07/18/96 00
0430023572 05 09/01/96 0
1
250017 O 08/01/26
0
1521514 685/G01 F 184,000.00 ZZ
360 184,000.00 1
25866 APPIAN WAY 8.750 1,447.53 80
8.500 1,447.53 230,000.00
MISSION VIEJO CA 92691 1 08/16/96 00
0430015305 03 10/01/96 0
105185 O 09/01/26
0
1521517 514/728 F 238,400.00 ZZ
360 238,269.78 1
1818 MONTGOMERY PLACE 9.000 1,918.22 80
8.750 1,918.22 298,000.00
JACKSONVILLE FL 32205 2 07/31/96 00
0380505421 05 09/01/96 0
358082 O 08/01/26
0
1521541 688/728 F 845,000.00 ZZ
360 845,000.00 1
45 GRAVATT DRIVE 9.500 7,105.22 64
9.250 7,105.22 1,335,000.00
OAKLAND CA 94705 5 08/07/96 00
0380505637 05 10/01/96 0
39013 O 09/01/26
0
1521551 375/G01 F 291,000.00 ZZ
360 290,841.05 1
2945 FLAMINGO DRIVE 9.000 2,341.45 75
8.750 2,341.45 388,000.00
MIAMI BEACH FL 33140 1 07/03/96 00
0430015107 05 09/01/96 0
625654 O 08/01/26
0
1521558 526/G01 F 272,250.00 ZZ
360 272,108.85 1
25481 EVANS POINTE 9.250 2,239.74 77
9.000 2,239.74 355,000.00
DANA POINT CA 92629 5 07/23/96 00
0430021758 05 09/01/96 0
132436 O 08/01/26
0
1
1521664 601/G01 F 353,500.00 ZZ
360 353,500.00 1
107 S RAMSEY LOOP ROAD 8.875 2,812.61 70
8.625 2,812.61 505,000.00
CROSBY TX 77532 1 08/14/96 00
0430019091 05 10/01/96 0
895446 O 09/01/26
0
1521666 601/G01 F 324,700.00 ZZ
360 324,492.94 1
13413 RUPERT COURT 8.250 2,439.37 79
8.000 2,439.37 416,000.00
RICHMOND VA 23233 2 07/10/96 00
0430024000 05 09/01/96 0
1073849 O 08/01/26
0
1521699 601/G01 F 281,250.00 ZZ
360 281,092.33 1
456 WASHINGTON CROSSING 8.875 2,237.75 90
PENNINGTON ROAD 8.625 2,237.75 312,500.00
TITUSVILLE NJ 08560 1 07/19/96 01
0430018952 05 09/01/96 25
1085843 O 08/01/26
0
1521711 601/G01 F 345,000.00 ZZ
360 344,791.00 1
223 RIVERSIDE DRIVE 8.500 2,652.75 58
8.250 2,652.75 595,000.00
COVINGTON KY 41018 1 08/02/96 00
0430019075 05 09/01/96 0
1090859 O 08/01/26
0
1521712 601/G01 F 476,000.00 ZZ
360 476,000.00 1
23 HOBART ROAD 8.625 3,702.28 80
8.375 3,702.28 595,000.00
WELLESLEY MA 02181 1 08/08/96 00
0430022640 05 10/01/96 0
1094837 O 09/01/26
0
1521715 A13/G01 F 360,000.00 ZZ
360 360,000.00 1
6225 NORTH SHORE 8.000 2,641.56 68
7.750 2,641.56 531,000.00
1
WEST BLOOMFIELD MI 48324 4 08/12/96 00
0430023861 05 10/01/96 0
3119 O 09/01/26
0
1521717 181/181 F 235,000.00 ZZ
360 234,748.93 1
839 FOREST AVENUE 9.125 1,912.04 79
8.875 1,912.04 300,000.00
RIVER FOREST IL 60305 1 06/21/96 00
5059313 05 08/01/96 0
5059313 O 07/01/26
0
1521718 686/G01 F 88,000.00 ZZ
360 87,953.17 1
459 CHEVY CHASE DRIVE 9.125 716.00 67
8.875 716.00 132,000.00
SARASOTA FL 34243 2 07/24/96 00
0430015784 05 09/01/96 0
817566631 O 08/01/26
0
1521719 686/G01 F 100,000.00 ZZ
360 99,940.65 1
96 WINTER STREET 8.600 776.02 46
8.350 776.02 221,000.00
BELMONT MA 02178 1 07/29/96 00
0430015917 05 09/01/96 0
817601727 O 08/01/26
0
1521721 686/G01 F 345,200.00 ZZ
360 344,996.19 1
45 CLIFFORD ROAD 8.625 2,684.94 80
8.375 2,684.94 431,500.00
SUDBURY MA 01776 1 07/30/96 00
0430016097 05 09/01/96 0
817592314 O 08/01/26
0
1521722 686/G01 F 75,600.00 ZZ
360 75,558.70 1
810 ANGELO AVENUE 9.000 608.30 69
8.750 608.30 110,000.00
GURNEE IL 60031 5 07/25/96 00
0430016188 05 09/01/96 0
817702517 O 08/01/26
0
1
1521723 686/G01 F 47,250.00 ZZ
360 47,223.50 1
17614 CHICORY DRIVE 8.875 375.95 75
8.625 375.95 63,000.00
HOUSTON TX 77084 1 07/24/96 00
0430015933 03 09/01/96 0
817766454 O 08/01/26
0
1521724 686/G01 F 160,000.00 ZZ
360 159,917.04 1
9188 ROLLING MEADOW RUN 9.250 1,316.29 69
9.000 1,316.29 235,000.00
PASADENA MD 21122 1 07/25/96 00
0430015974 03 09/01/96 0
817777337 O 08/01/26
0
1521736 181/181 F 400,000.00 ZZ
360 398,801.38 1
13516 MAVERICK LANE 7.500 2,796.86 89
7.250 2,796.86 450,937.00
HERNDON VA 22071 1 04/30/96 04
8120 05 06/01/96 25
8120 O 05/01/26
0
1521739 181/181 F 485,000.00 ZZ
360 483,266.21 1
48 WAKEFIELD DRIVE 7.750 3,474.60 65
7.500 3,474.60 750,500.00
ATLANTA GA 30309 1 03/29/96 00
5061407 05 05/01/96 0
5061407 O 04/01/26
0
1521749 696/G01 F 292,000.00 ZZ
360 292,000.00 1
10515 ADEL ROAD 8.000 2,142.59 80
7.750 2,142.59 365,000.00
OAKTON VA 22124 1 08/16/96 00
0430018127 05 10/01/96 0
2157723 O 09/01/26
0
1521763 F13/F13 F 372,000.00 ZZ
360 371,756.66 1
1
724 GREAT SPRINGS ROAD 8.125 2,762.09 80
7.875 2,762.09 465,000.00
BRYN MAWR PA 19010 1 07/08/96 00
9605116 05 09/01/96 0
9605116 O 08/01/26
0
1521764 696/G01 F 265,500.00 BB
360 265,362.36 1
4447 P STREET NW 9.250 2,184.20 90
9.000 2,184.20 295,000.00
WASHINGTON DC 20007 1 07/30/96 11
0430017822 07 09/01/96 25
3194390 O 08/01/26
0
1521769 776/G01 F 650,000.00 ZZ
360 650,000.00 1
806 CORTE FRONDOSA 8.375 4,940.47 65
8.125 4,940.47 1,010,000.00
CAMARILLO CA 93010 1 08/16/96 00
0430019158 05 10/01/96 0
2135063 O 09/01/26
0
1521772 776/G01 F 410,000.00 ZZ
360 410,000.00 1
2461 KIRSTEN LEE DRIVE 8.500 3,152.55 80
8.250 3,152.55 512,500.00
WESTLAKE VILLAG CA 91361 1 08/14/96 00
0430023218 05 10/01/96 0
2135034 O 09/01/26
0
1521774 147/G01 F 313,550.00 ZZ
360 313,350.06 1
7107 CARLISLE COURT 8.250 2,355.60 80
8.000 2,355.60 391,976.00
CLARKSVILLE MD 21029 1 07/31/96 00
0430019000 05 09/01/96 0
095998 O 08/01/26
0
1521775 147/G01 F 288,750.00 ZZ
360 288,588.12 1
6643 E. KASBA CIRCLE 8.875 2,297.43 75
8.625 2,297.43 385,000.00
PARADISE VALLEY AZ 85253 1 07/09/96 00
0430023754 03 09/01/96 0
1
485352 O 08/01/26
0
1521776 147/G01 F 332,000.00 ZZ
360 331,798.87 1
24606 STONEGATE DRIVE 8.500 2,552.80 80
8.250 2,552.80 415,000.00
WEST HILLS CA 91304 2 07/24/96 00
0430018929 03 09/01/96 0
619015 O 08/01/26
0
1521779 147/G01 F 199,500.00 ZZ
360 199,372.78 1
5110 SOUTH GLENNGRAE COURT 8.250 1,498.78 70
8.000 1,498.78 285,000.00
SPOKANE WA 99223 1 07/09/96 00
0430018978 03 09/01/96 0
356062 O 08/01/26
0
1521780 387/387 F 584,000.00 ZZ
360 583,637.00 1
6308 CHAMBLY COVE 8.375 4,438.83 80
8.125 4,438.83 730,000.00
AUSTIN TX 78730 2 08/05/96 00
802512 03 09/01/96 0
802512 O 08/01/26
0
1521781 387/387 F 220,000.00 ZZ
360 219,876.66 1
203 BLUFFCREST 8.875 1,750.42 80
8.625 1,750.42 275,000.00
SAN ANTONIO TX 78216 1 07/25/96 00
798082 03 09/01/96 0
798082 O 08/01/26
0
1521782 387/387 F 178,000.00 ZZ
360 177,894.91 1
4019 NICE COURT 8.625 1,384.47 80
8.375 1,384.47 222,500.00
PLEASANTON CA 94588 1 07/18/96 00
795492 09 09/01/96 0
795492 O 08/01/26
0
1
1521783 387/387 F 244,000.00 ZZ
360 243,848.34 1
316 SOUTH EAGLE NEST LANE 8.375 1,854.58 80
8.125 1,854.58 305,000.00
DANVILLE CA 94506 1 07/26/96 00
799700 05 09/01/96 0
799700 O 08/01/26
0
1521784 387/387 F 650,000.00 ZZ
360 649,585.52 1
729 MARLIN DRIVE 8.250 4,883.23 65
8.000 4,883.23 1,000,000.00
LAGUNA BEACH CA 92651 2 07/23/96 00
798819 05 09/01/96 0
798819 O 08/01/26
0
1521785 387/387 F 312,000.00 ZZ
360 311,810.98 1
6915 EDELWEISS CIRCLE 8.500 2,399.02 80
8.250 2,399.02 390,000.00
DALLAS TX 75240 1 07/26/96 00
801688 05 09/01/96 0
801688 O 08/01/26
0
1521789 698/698 F 544,000.00 ZZ
360 544,000.00 1
1059 MARONEY LANE 9.000 4,377.15 80
8.750 4,377.15 680,000.00
PACIFIC PALISAD CA 90272 1 08/15/96 00
20852483 05 10/01/96 0
20852483 O 09/01/26
0
1521793 568/G01 F 272,000.00 ZZ
360 272,000.00 1
15554 CREEK HILLS ROAD 8.250 2,043.45 80
8.000 2,043.45 340,000.00
EL CAJON CA 92021 1 08/09/96 00
0430022830 05 10/01/96 0
807498 O 09/01/26
0
1521795 568/G01 F 203,600.00 T
360 203,485.86 1
5301 FORECASTLE COURT 8.875 1,619.93 70
8.625 1,619.93 290,990.00
1
CARLSBAD CA 92008 1 07/23/96 00
0430022863 03 09/01/96 0
807350 O 08/01/26
0
1521796 E19/G01 F 264,000.00 ZZ
360 264,000.00 1
560 CHARDONNAY DRIVE 8.375 2,006.59 88
8.125 2,006.59 300,000.00
FREMONT CA 94539 2 08/13/96 04
0430021386 05 10/01/96 25
10565 O 09/01/26
0
1521800 559/G01 F 233,600.00 T
360 233,600.00 1
10469 GARDEN HIGHWAY 8.875 1,858.63 76
8.625 1,858.63 308,000.00
SACRAMENTO CA 95837 2 08/12/96 00
0430028944 05 10/01/96 0
5369426 O 09/01/26
0
1521802 559/G01 F 301,600.00 ZZ
360 301,600.00 1
7951 MITCHELL COURT 7.875 2,186.81 80
7.625 2,186.81 377,000.00
SEBASTOPOL CA 95472 1 08/14/96 00
0430027771 05 10/01/96 0
5338835 O 09/01/26
0
1521824 686/G01 F 40,000.00 ZZ
360 40,000.00 1
31030 TICK CANYON ROAD 8.525 308.28 52
8.275 308.28 78,000.00
SAUGUS CA 91350 1 08/01/96 00
0430015685 05 10/01/96 0
817641285 O 09/01/26
0
1521825 686/G01 F 250,250.00 ZZ
360 250,250.00 1
9201 GILMORE DRIVE 8.875 1,991.11 65
8.625 1,991.11 385,000.00
LORTON VA 22079 5 07/29/96 00
0430016519 05 10/01/96 0
817688062 O 09/01/26
0
1
1521826 686/G01 F 120,000.00 ZZ
360 120,000.00 1
45 BARBARA LANE 8.600 931.22 75
8.350 931.22 160,000.00
HAMDEN CT 06516 1 08/05/96 00
0430015636 05 10/01/96 0
817717135 O 09/01/26
0
1521827 686/G01 F 300,000.00 ZZ
360 300,000.00 1
4 SILVERLEAF DRIVE 8.525 2,312.06 55
8.275 2,312.06 550,000.00
ROLLING HILLS E CA 90274 5 08/02/96 00
0430016543 05 10/01/96 0
817474943 O 09/01/26
0
1521828 686/G01 F 80,000.00 ZZ
360 80,000.00 1
5200 S LAKESHORE DR #109 8.400 609.48 67
8.150 609.48 120,000.00
TEMPE AZ 85283 1 08/06/96 00
0430016857 01 10/01/96 0
817213879 O 09/01/26
0
1521829 686/G01 F 177,850.00 ZZ
360 177,850.00 1
1204 CEDAR HILL ROAD 8.500 1,367.52 54
8.250 1,367.52 330,000.00
KINGSTON SPRING TN 37082 2 08/09/96 00
0430016998 05 10/01/96 0
817768799 O 09/01/26
0
1521837 686/G01 F 50,000.00 T
360 49,970.32 1
3104 ANTIETAM CREEK COURT 8.600 388.01 48
8.350 388.01 104,900.00
ORLANDO FL 32837 1 07/31/96 00
0430018283 03 09/01/96 0
816973499 O 08/01/26
0
1521838 686/G01 F 85,000.00 ZZ
360 84,950.07 1
1
1694 BERKELEY LANE 8.650 662.64 52
8.400 662.64 165,000.00
ATLANTA GA 30329 1 07/31/96 00
0430016220 05 09/01/96 0
817126907 O 08/01/26
0
1521839 686/G01 F 53,900.00 ZZ
360 53,872.05 1
6863 FLORIDA DRIVE 9.250 443.43 60
9.000 443.43 89,900.00
LANTANA FL 33462 1 07/31/96 00
0430016279 05 09/01/96 0
817568868 O 08/01/26
0
1521840 686/G01 F 330,000.00 ZZ
360 329,819.74 1
15595 THOMPSON RD 9.000 2,655.26 75
8.750 2,655.26 440,000.00
ALPHARETTA GA 30201 1 07/31/96 00
0430016352 05 09/01/96 0
817569437 O 08/01/26
0
1521841 686/G01 F 33,000.00 ZZ
360 32,980.41 1
36 VIA DE CASAS NORTE 8.600 256.09 75
8.350 256.09 44,125.00
BOYNTON BEACH FL 33437 1 07/30/96 00
0430016584 01 09/01/96 0
817582174 O 08/01/26
0
1521842 686/G01 F 216,600.00 ZZ
360 216,475.38 1
24292 JUANITA DRIVE 8.750 1,704.00 95
8.500 1,704.00 228,000.00
LAGUNA NIGUEL CA 92677 1 07/24/96 10
0430018341 03 09/01/96 30
817622210 O 08/01/26
0
1521843 686/G01 F 97,300.00 ZZ
360 97,239.51 1
224 EAST NORTH LANE 8.375 739.56 68
8.125 739.56 143,900.00
CONSHOHOCKEN PA 19428 1 07/26/96 00
0430016667 05 09/01/96 0
1
817687320 O 08/01/26
0
1521844 686/G01 F 58,000.00 ZZ
360 57,966.28 1
7166 HILLSBORO STREET 8.700 454.22 39
8.450 454.22 150,000.00
SAN DIEGO CA 92120 5 07/26/96 00
0430016428 05 09/01/96 0
817728033 O 08/01/26
0
1521847 686/G01 F 291,200.00 ZZ
360 291,200.00 1
2411 EAST PIEDMONT RD 8.375 2,213.34 80
8.125 2,213.34 364,000.00
MARIETTA GA 30062 5 08/05/96 00
0430016956 05 10/01/96 0
817569718 O 09/01/26
0
1521849 686/G01 F 73,700.00 ZZ
360 73,700.00 1
1541 OXFORD 8.875 586.40 54
8.625 586.40 138,000.00
BERKLEY MI 48072 2 08/08/96 00
0430016402 05 10/01/96 0
817703465 O 09/01/26
0
1521850 686/G01 F 123,000.00 ZZ
360 123,000.00 1
1807 SUMMERTON PLACE 9.125 1,000.77 74
8.875 1,000.77 167,300.00
NORTHBROOK IL 60062 1 08/12/96 00
0430016683 05 10/01/96 0
817704182 O 09/01/26
0
1521851 686/G01 F 70,000.00 ZZ
360 70,000.00 1
4967 N.W. 3RD AVENUE 8.300 528.35 56
8.050 528.35 125,000.00
BOCA RATON FL 33431 5 08/09/96 00
0430017053 05 10/01/96 0
817584840 O 09/01/26
0
1
1521852 686/G01 F 73,000.00 ZZ
360 73,000.00 1
23 WHITTIER MEADOWS DRIVE 8.600 566.49 65
UNIT 18C 8.350 566.49 113,000.00
AMESBURY MA 01913 2 08/09/96 00
0430016766 01 10/01/96 0
817603152 O 09/01/26
0
1521853 686/G01 F 150,000.00 ZZ
360 150,000.00 1
3341 DUNBROOKE DRIVE 9.000 1,206.94 65
8.750 1,206.94 232,000.00
MOUNTAIN BROOK AL 35243 2 08/09/96 00
0430016626 05 10/01/96 0
817768989 O 09/01/26
0
1521854 686/G01 F 240,000.00 ZZ
360 240,000.00 1
14430 PFEIFER DRIVE 8.500 1,845.40 56
8.250 1,845.40 430,000.00
LAKE OSWEGO OR 97035 1 08/09/96 00
0430016774 05 10/01/96 0
817785009 O 09/01/26
0
1521861 025/025 F 223,200.00 ZZ
360 223,064.78 1
5025 WILLOW BLUFF DR 8.500 1,716.22 80
8.250 1,716.22 279,000.00
ATLANTA GA 30350 1 07/15/96 00
60252 05 09/01/96 0
60252 O 08/01/26
0
1521863 369/G01 F 216,000.00 ZZ
360 215,875.72 1
8632 OPEN MEADOW WAY 8.750 1,699.28 90
8.500 1,699.28 240,000.00
COLUMBIA MD 21045 2 08/06/96 01
0430017384 05 09/01/96 25
49775679 O 08/01/26
0
1521864 E22/G01 F 257,000.00 ZZ
360 256,880.10 1
28920 134TH PLACE SOUTHEAST 9.750 2,208.03 80
9.500 2,208.03 325,000.00
1
AUBURN WA 98092 2 07/25/96 00
0410211767 05 09/01/96 0
410211767 O 08/01/26
0
1521865 E22/G01 F 88,000.00 ZZ
360 88,000.00 1
20780 S W TURIN COURT 9.250 723.95 66
9.000 723.95 135,000.00
ALOHA OR 97005 2 07/29/96 00
0410157598 09 10/01/96 0
410157598 O 09/01/26
0
1521883 E22/G01 F 91,500.00 ZZ
360 91,500.00 1
9404 HIDDEN RIDGE PLACE 9.000 736.23 75
8.750 736.23 122,000.00
TAMPA FL 33637 5 08/12/96 00
0410196281 05 10/01/96 0
410196281 O 09/01/26
0
1521891 E22/G01 F 120,000.00 T
360 119,934.45 1
7191 A HIGHWAY 518 9.000 965.55 67
8.750 965.55 180,000.00
RANCHOS DE TAOS NM 87557 1 07/22/96 00
0410211668 05 09/01/96 0
410211668 O 08/01/26
0
1521895 E22/G01 F 350,000.00 ZZ
360 350,000.00 1
19102 229TH AVENUE NORTHEAST 9.125 2,847.72 63
8.875 2,847.72 560,000.00
WOODINVILLE WA 98072 5 08/07/96 00
0410224083 05 10/01/96 0
410224083 O 09/01/26
0
1521899 E22/G01 F 376,000.00 ZZ
360 375,805.07 1
6501 HANOVER HEIGHTS TRAIL 9.250 3,093.26 80
9.000 3,093.26 470,000.00
CLIFTON VA 22024 2 07/25/96 00
0410194997 05 09/01/96 0
410194997 O 08/01/26
0
1
1521903 E22/G01 F 156,000.00 ZZ
360 155,910.25 1
4520 SHANNONDALE DRIVE 8.750 1,227.25 80
8.500 1,227.25 195,000.00
ANTIOCH CA 94509 2 07/16/96 00
0410156830 05 09/01/96 0
410156830 O 08/01/26
0
1521916 E22/G01 F 212,000.00 ZZ
360 212,000.00 1
18618 LOCKSLEY STREET 8.500 1,630.10 80
8.250 1,630.10 265,000.00
SAN DIEGO CA 92128 1 08/09/96 00
0410181812 09 10/01/96 0
410181812 O 09/01/26
0
1521957 163/G01 F 699,000.00 ZZ
360 697,056.80 1
28007 MEADOWLARK DRIVE 7.875 5,068.23 67
7.625 5,068.23 1,050,000.00
GOLDEN CO 80401 2 04/19/96 00
0430021998 03 06/01/96 0
6415212360 O 05/01/26
0
1521968 685/G01 F 218,000.00 ZZ
360 218,000.00 1
6425 EAST NANCE CIRCLE 8.375 1,656.96 80
8.125 1,656.96 272,500.00
ORANGE CA 92669 1 08/19/96 00
0430016899 03 10/01/96 0
105244 O 09/01/26
0
1521970 964/G01 F 176,400.00 ZZ
360 176,400.00 1
533 SOUTH HIBISCUS WAY 8.875 1,403.52 80
8.625 1,403.52 220,500.00
ANAHEIM CA 92808 1 08/14/96 00
0430016840 05 10/01/96 0
19549 O 09/01/26
0
1521986 E22/G01 F 320,000.00 ZZ
360 320,000.00 1
1
7068 ANJOU CREEK CIRCLE 8.750 2,517.44 80
8.500 2,517.44 404,000.00
SAN JOSE CA 95120 2 08/08/96 00
0410183008 05 10/01/96 0
410183008 O 09/01/26
0
1522285 696/728 F 264,500.00 ZZ
360 264,500.00 1
2909 WILTON AVENUE 8.500 2,033.78 80
8.250 2,033.78 330,646.00
SILVER SPRING MD 20910 1 08/20/96 00
0380505371 05 10/01/96 0
3194181 O 09/01/26
0
1522286 074/G01 F 247,200.00 ZZ
360 246,459.25 1
920 10TH AVE 7.500 1,728.46 90
7.250 1,728.46 275,000.00
SAN MATEO CA 94402 2 04/05/96 11
0430023283 05 06/01/96 25
1113010282 O 05/01/26
0
1522287 074/074 F 228,000.00 ZZ
360 227,736.68 1
3601 TURTLE CREEL BLVD. #203 8.750 1,793.68 80
8.500 1,793.68 285,000.00
DALLAS TX 75219 1 06/10/96 00
1113016380 01 08/01/96 0
1113016380 O 07/01/26
0
1522288 074/G01 F 260,000.00 ZZ
360 259,829.93 1
LOT 3 STRASBURG ROAD 8.125 1,930.49 80
7.875 1,930.49 325,000.00
EAST GOSHEN PA 19380 1 07/26/96 00
0430026815 05 09/01/96 0
1161221391 O 08/01/26
0
1522289 074/G01 F 300,000.00 ZZ
360 299,596.08 1
273 SELLERSVILLE RD 8.000 2,201.29 90
7.750 2,201.29 336,685.00
CHALFONT PA 18914 1 06/28/96 01
0430024083 05 08/01/96 25
1
1172128558 O 07/01/26
0
1522290 074/G01 F 89,600.00 ZZ
360 89,501.75 1
3876 BANYAN DRIVE 9.000 720.94 80
8.750 720.94 112,000.00
DANIELSVILLE PA 18038 5 06/19/96 00
0430023291 05 08/01/96 0
1174006416 O 07/01/26
0
1522291 074/G01 F 363,000.00 ZZ
360 360,387.80 1
117 INVERNESS DR 6.625 2,324.33 80
6.375 2,324.33 453,758.00
WHITPAIN PA 19422 1 12/28/95 00
0430018663 03 02/01/96 0
1175030380 O 01/01/26
0
1522292 074/G01 F 205,200.00 ZZ
360 204,997.34 1
90 CLIVEDEN DR 9.500 1,725.43 75
9.250 1,725.43 273,605.00
NEWTOWN PA 18940 1 06/28/96 00
0430017103 03 08/01/96 0
1175033516 O 07/01/26
0
1522294 074/G01 F 280,000.00 ZZ
360 278,977.54 1
10807 WELLWORTH AVENUE 8.000 2,054.54 80
7.750 2,054.54 350,000.00
LOS ANGELES CA 90024 1 06/10/96 00
0430017111 05 08/01/96 0
1233001446 O 07/01/26
0
1522295 074/G01 F 249,750.00 ZZ
360 249,602.55 1
11561 ROLLING HILLS DRIVE 8.625 1,942.53 90
8.375 1,942.53 277,500.00
EL CAJON CA 92020 1 07/01/96 14
0430023309 05 09/01/96 25
1235000025 O 08/01/26
0
1
1522296 074/G01 F 275,000.00 ZZ
360 274,682.40 1
2324 TIMBERLINE WAY 8.750 2,163.43 68
8.500 2,163.43 405,000.00
LAS VEGAS NV 89117 1 06/17/96 00
0430023317 03 08/01/96 0
1251117330 O 07/01/26
0
1522297 074/G01 F 270,000.00 ZZ
360 269,680.05 1
3751 NE 207TH TERRACE 8.625 2,100.03 65
8.375 2,100.03 420,000.00
AVENTURA FL 33180 1 06/24/96 00
0430024455 03 08/01/96 0
1302015110 O 07/01/26
0
1522299 074/G01 F 219,000.00 ZZ
360 218,777.95 1
1029 N. PARKSIDE CIRCLE 9.375 1,821.53 75
9.125 1,821.53 292,000.00
BOCA RATON FL 33486 1 06/07/96 00
0430017020 03 08/01/96 0
1311260329 O 07/01/26
0
1522300 074/G01 F 248,000.00 ZZ
360 247,674.46 1
1050 CATALONIA AVE 8.125 1,841.39 80
7.875 1,841.39 310,000.00
CORAL GABLES FL 33134 1 06/28/96 00
0430017202 05 08/01/96 0
1311261886 O 07/01/26
0
1522301 074/G01 F 213,750.00 ZZ
360 213,490.11 1
9901 SW 140 STREET 8.500 1,643.55 95
8.250 1,643.55 225,000.00
MIAMI FL 33176 1 06/25/96 12
0430018655 05 08/01/96 30
1311262492 O 07/01/26
0
1522302 074/G01 F 248,000.00 ZZ
360 247,720.91 1
335 NW 128 AVENUE 8.875 1,973.20 80
8.625 1,973.20 310,000.00
1
MIAMI FL 33182 1 06/27/96 00
0430017475 05 08/01/96 0
1312019773 O 07/01/26
0
1522303 074/G01 F 120,000.00 ZZ
360 119,864.96 1
19921 NE 22 CT 8.875 954.77 58
8.625 954.77 207,500.00
N MIAMI BEACH FL 33180 1 06/14/96 00
0430016923 05 08/01/96 0
1312020218 O 07/01/26
0
1522304 074/G01 F 98,800.00 ZZ
360 98,743.16 1
4097 AUDUBON DRIVE 8.750 777.26 80
8.500 777.26 123,500.00
MARIETTA GA 30068 2 07/11/96 00
0430023333 09 09/01/96 0
1371115339 O 08/01/26
0
1522305 074/G01 F 271,300.00 ZZ
360 269,013.60 1
670 RIVER MOORINGS DR 8.375 2,062.08 90
8.125 2,062.08 301,475.00
MERRITT ISLAND FL 32953 4 07/10/95 04
0430023341 03 09/01/95 25
1391021307 O 08/01/25
0
1522307 074/G01 F 200,000.00 ZZ
360 199,730.71 1
773 MAYFIELD AVENUE 8.000 1,467.53 40
7.750 1,467.53 500,000.00
STANFORD CA 94305 1 06/27/96 00
0430017277 02 08/01/96 0
1489000678 O 07/01/26
0
1522309 074/G01 F 234,000.00 ZZ
360 233,537.66 1
174 HUNT CIRCLE 8.125 1,737.45 75
7.875 1,737.45 312,000.00
MADISON MS 39110 2 05/01/96 00
0430017640 05 07/01/96 0
1503087131 O 06/01/26
0
1
1522310 074/G01 F 454,750.00 ZZ
360 454,251.35 1
6420 NE 109TH STREET 9.000 3,659.02 85
8.750 3,659.02 535,000.00
OKLAHOMA CITY OK 73151 2 06/28/96 12
0430017715 03 08/01/96 25
1504039768 O 07/01/26
0
1522311 074/G01 F 262,500.00 ZZ
360 262,018.33 1
15321 CHICHESTER LANE 8.500 2,018.40 75
8.250 2,018.40 350,000.00
HOUSTON TX 77040 2 05/30/96 00
0430017624 03 07/01/96 0
1504045691 O 06/01/26
0
1522312 074/G01 F 328,500.00 ZZ
360 325,107.59 1
178 DOVE CREEK 8.500 2,525.89 90
8.250 2,525.89 365,000.00
BARTONVILLE TX 76226 1 06/27/96 11
0430016972 05 08/01/96 25
1504048929 O 07/01/26
0
1522314 074/G01 F 300,000.00 ZZ
360 299,464.81 1
915 N OAKLAND 8.625 2,333.37 60
8.375 2,333.37 505,700.00
BOLIVAR MO 65613 5 05/03/96 00
0430017699 05 07/01/96 0
1505034963 O 06/01/26
0
1522315 074/G01 F 385,000.00 ZZ
240 383,055.58 1
12784 ABERDEEN 8.125 3,250.31 74
7.875 3,250.31 525,000.00
LEAWOOD KS 66209 1 06/05/96 00
0430017798 03 07/01/96 0
1505035423 O 06/01/16
0
1522318 074/G01 F 245,100.00 ZZ
360 244,809.54 1
1
2318 CORONADO DRIVE 8.625 1,906.37 95
8.375 1,906.37 258,000.00
FULLERTON CA 92635 1 06/06/96 04
0430018143 05 08/01/96 30
1506130714 O 07/01/26
0
1522320 074/G01 F 256,050.00 ZZ
360 255,581.36 1
2062 PASEO DEL PRADO DRIVE 8.500 1,968.80 90
8.250 1,968.80 284,500.00
EL PASO TX 79936 1 05/09/96 12
0430018366 05 07/01/96 25
1507076534 O 06/01/26
0
1522321 074/G01 F 113,250.00 ZZ
360 113,053.10 1
6524 EAST LAKESPUR DRIVE 8.750 890.94 75
8.500 890.94 151,000.00
SCOTTSDALE AZ 85254 2 05/20/96 00
0430018408 05 07/01/96 0
1507131574 O 06/01/26
0
1522322 074/G01 F 650,000.00 ZZ
360 649,268.49 1
738 LEIGH MILL ROAD 8.875 5,171.70 65
8.625 5,171.70 1,000,000.00
GREAT FALLS VA 22066 5 06/14/96 00
0430020529 05 08/01/96 0
1507145819 O 07/01/26
0
1522323 074/G01 F 270,000.00 ZZ
360 269,654.48 1
715 FLORDON DRIVE 8.250 2,028.42 85
8.000 2,028.42 320,000.00
CHARLOTTESVILLE VA 22901 1 06/28/96 10
0430018481 05 08/01/96 12
1507151549 O 07/01/26
0
1522324 074/G01 F 920,000.00 ZZ
360 918,754.40 1
285 TORREY PINES TERRACE 9.750 7,904.22 66
9.500 7,904.22 1,400,000.00
DEL MAR CA 92014 2 06/26/96 00
0430018606 05 08/01/96 0
1
1507156724 O 07/01/26
0
1522325 074/G01 F 228,200.00 T
360 227,985.79 1
1401 MIDDLE GULF DRIVE BLDG.15 9.750 1,960.60 66
UNIT 302 9.500 1,960.60 350,000.00
SANIBEL ISLAND FL 33957 5 06/21/96 00
0430018598 01 08/01/96 0
1507158049 O 07/01/26
0
1522326 074/G01 F 225,150.00 ZZ
360 224,889.97 1
18756 GINSENG LANE 8.750 1,771.26 95
8.500 1,771.26 237,500.00
KEEDYSVILLE MD 21756 1 06/28/96 11
0430018457 05 08/01/96 30
1507159416 O 07/01/26
0
1522327 074/G01 F 209,100.00 ZZ
360 208,862.91 1
3298 TULIPWOOD LN 8.875 1,663.69 89
8.625 1,663.69 235,000.00
SAN JOSE CA 95132 1 06/10/96 04
0430018697 05 08/01/96 25
1507910763 O 07/01/26
0
1522329 074/G01 F 288,000.00 ZZ
360 287,675.89 1
4739 ROSEWOOD DRIVE 8.875 2,291.46 80
8.625 2,291.46 360,000.00
ORLANDO FL 32806 5 07/14/96 00
0430020511 05 08/01/96 0
1511007524 O 07/01/26
0
1522330 074/G01 F 52,000.00 ZZ
360 51,945.66 1
3030 CALLIE STILL ROAD 9.250 427.79 32
9.000 427.79 164,000.00
LAWRENCEVILLE GA 30245 2 06/25/96 00
0430018671 05 08/01/96 0
1511020330 O 07/01/26
0
1
1522331 074/G01 F 216,000.00 ZZ
360 215,594.40 1
3854 ASHFORD TRAIL 8.375 1,641.76 80
8.125 1,641.76 270,000.00
ATLANTA GA 30319 1 05/30/96 00
0430018630 03 07/01/96 0
1511902474 O 06/01/26
0
1522332 074/G01 F 289,500.00 ZZ
360 288,996.16 1
8624 GREAT COVE DRIVE 8.750 2,277.50 75
8.500 2,277.50 386,000.00
ORLANDO FL 32819 1 05/15/96 00
0430018580 05 07/01/96 0
1512013147 O 06/01/26
0
1522333 074/G01 F 350,000.00 ZZ
360 349,551.53 1
701 MONTEVINO DRIVE 8.250 2,629.43 63
8.000 2,629.43 561,000.00
PLEASANTON CA 94566 1 06/05/96 00
0430018523 05 08/01/96 0
1512014310 O 07/01/26
0
1522334 074/G01 F 237,500.00 ZZ
360 237,218.55 1
1121 PYRITE WAY 8.625 1,847.25 95
8.375 1,847.25 250,000.00
MODESTO CA 95355 1 06/12/96 01
0430018713 05 08/01/96 30
1512014671 O 07/01/26
0
1522335 074/G01 F 216,000.00 T
360 214,788.74 1
290 E. DELAMAR DRIVE 9.375 1,796.58 80
9.125 1,796.58 270,000.00
HENDERSON NV 89015 1 06/11/96 00
0430018721 05 08/01/96 0
1512016892 O 07/01/26
0
1522336 074/G01 F 400,000.00 ZZ
360 399,304.56 1
4617 SOUTH COUNTY ROAD 21 8.750 3,146.80 80
8.500 3,146.80 505,000.00
1
LOVELAND CO 80537 2 05/29/96 00
0430018754 05 07/01/96 0
1513008109 O 06/01/26
0
1522338 074/G01 F 320,000.00 ZZ
360 319,600.82 1
6303 18TH AVENUE NORTHEAST 8.375 2,432.23 80
8.125 2,432.23 400,000.00
SEATTLE WA 98115 1 06/07/96 00
0430018820 05 08/01/96 0
1513018408 O 07/01/26
0
1522339 074/G01 F 238,500.00 ZZ
360 238,210.00 1
4022 SUNNYSIDE AVENUE NORTH 8.500 1,833.86 90
8.250 1,833.86 265,000.00
SEATTLE WA 98103 1 05/28/96 14
0430018903 05 08/01/96 25
1513021559 O 07/01/26
0
1522341 074/G01 F 384,000.00 ZZ
360 383,567.85 1
1525 MAGNOLIA WAY WEST 8.875 3,055.28 80
8.625 3,055.28 480,000.00
SEATTLE WA 98199 1 06/18/96 00
0430018762 05 08/01/96 0
1513025899 O 07/01/26
0
1522342 074/G01 F 218,000.00 ZZ
360 217,423.44 1
2029 COUNTRY MEADOWS COURT 8.875 1,734.51 93
8.625 1,734.51 235,000.00
GRAND JUNCTION CO 81503 1 06/19/96 12
0430018846 03 08/01/96 30
1513028220 O 07/01/26
0
1522343 074/G01 F 221,400.00 ZZ
360 221,123.82 1
3803 SOUTHWEST MYRTLE STREET 8.375 1,682.80 90
8.125 1,682.80 246,000.00
SEATTLE WA 98126 1 06/18/96 14
0430018994 05 08/01/96 25
1513028490 O 07/01/26
0
1
1522344 074/G01 F 238,000.00 ZZ
360 237,732.17 1
1124 EAST HOMESTEAD LANE 8.875 1,893.63 70
8.625 1,893.63 340,000.00
FRUIT HEIGHTS UT 84037 4 06/21/96 00
0430019042 05 08/01/96 0
1513031676 O 07/01/26
0
1522345 074/G01 F 399,900.00 ZZ
360 399,413.75 1
3993 WESTLAKE DRIVE 8.500 3,074.89 80
8.250 3,074.89 499,900.00
AUSTIN TX 78746 1 06/21/96 00
0430020552 03 08/01/96 0
1520000650 O 07/01/26
0
1522346 074/G01 F 258,750.00 ZZ
360 258,435.39 1
5 OAK CREST CIRCLE 8.500 1,989.56 75
8.250 1,989.56 345,000.00
MAGNOLIA TX 77355 2 06/27/96 00
0430020404 03 08/01/96 0
1532001264 O 07/01/26
0
1522347 074/G01 F 320,000.00 ZZ
360 319,334.96 1
953 FOXSWALLOW COURT 7.875 2,320.23 80
7.625 2,320.23 400,000.00
SAN JOSE CA 95120 1 05/17/96 00
0430020412 03 07/01/96 0
1561323457 O 06/01/26
0
1522348 074/G01 F 216,000.00 ZZ
360 215,614.65 1
1605 NOREEN DRIVE 8.625 1,680.03 80
8.375 1,680.03 270,000.00
SAN JOSE CA 95124 2 05/14/96 00
0430020388 05 07/01/96 0
1561324449 O 06/01/26
0
1522349 074/G01 F 464,000.00 ZZ
360 463,450.13 1
1
1231 ORANGE AVENUE 8.625 3,608.95 80
8.375 3,608.95 580,000.00
MENLO PARK CA 94025 1 06/03/96 00
0430020396 05 08/01/96 0
1561327210 O 07/01/26
0
1522350 074/G01 F 267,900.00 ZZ
360 267,383.96 1
200 PLEASANT VALLEY COURT 8.250 2,012.65 80
8.000 2,012.65 334,888.00
SAN RAMON CA 94583 1 05/13/96 00
0430019208 03 07/01/96 0
1561327243 O 06/01/26
0
1522351 074/G01 F 519,600.00 ZZ
360 518,999.92 1
1644 FALLEN LEAF LANE 8.750 4,087.70 80
8.500 4,087.70 649,500.00
LOS ALTOS CA 94024 1 06/18/96 00
0430020560 05 08/01/96 0
1561327673 O 07/01/26
0
1522352 074/G01 F 1,000,000.00 ZZ
360 998,169.67 1
1633 WEBSTER STREET 8.500 7,689.14 41
8.250 7,689.14 2,465,000.00
PALO ALTO CA 94301 1 05/17/96 00
0430020503 05 07/01/96 0
1561327775 O 06/01/26
0
1522353 074/G01 F 350,000.00 ZZ
360 349,359.38 1
3860 LA SELVA DRIVE 8.500 2,691.20 56
8.250 2,691.20 635,000.00
PALO ALTO CA 94306 1 05/15/96 00
0430020040 05 07/01/96 0
1561328042 O 06/01/26
0
1522354 074/G01 F 300,000.00 ZZ
360 299,436.68 1
18806 BELLGROVE CIRCLE 8.375 2,280.22 43
8.125 2,280.22 706,264.00
SARATOGA CA 95070 1 05/22/96 00
0430020032 05 07/01/96 0
1
1561328133 O 06/01/26
0
1522355 074/G01 F 408,950.00 ZZ
360 408,689.22 1
5909 PINEWOOD ROAD 8.250 3,072.31 80
8.000 3,072.31 511,200.00
OAKLAND CA 94611 1 07/02/96 00
0430020024 05 09/01/96 0
1561329318 O 08/01/26
0
1522356 074/G01 F 300,000.00 ZZ
360 299,625.76 1
5213 INDEPENDENCE DRIVE 8.375 2,280.22 57
8.125 2,280.22 532,000.00
PLEASANTON CA 94566 1 06/01/96 00
0430020263 05 08/01/96 0
1561329919 O 07/01/26
0
1522357 074/G01 F 460,000.00 ZZ
360 459,440.67 1
5601 BEAVER LANE 8.500 3,537.01 80
8.250 3,537.01 575,000.00
BYRON CA 94514 5 06/05/96 00
0430020255 03 08/01/96 0
1561330033 O 07/01/26
0
1522358 074/G01 F 232,800.00 ZZ
360 232,662.55 1
804 CARMEL AVENUE 8.625 1,810.70 80
8.375 1,810.70 291,000.00
ALBANY CA 94706 1 07/01/96 00
0430020248 05 09/01/96 0
1561331659 O 08/01/26
0
1522359 074/G01 F 350,000.00 ZZ
360 349,574.43 1
18 TRINITY 8.500 2,691.20 67
8.250 2,691.20 523,790.00
IRVINE CA 92715 1 06/12/96 00
0430020230 03 08/01/96 0
1562152291 O 07/01/26
0
1
1522360 074/G01 F 265,000.00 ZZ
360 257,164.37 1
20380 VIA LA VIEJA 7.875 1,921.44 52
7.625 1,921.44 515,000.00
YORBA LINDA CA 92687 1 04/15/96 00
0430020214 03 06/01/96 0
1562152735 O 05/01/26
0
1522363 074/G01 F 279,900.00 ZZ
360 279,730.44 1
20520 VIA BURGOS 8.500 2,152.19 80
8.250 2,152.19 349,900.00
YORBA LINDA CA 92687 1 07/01/96 00
0430019851 03 09/01/96 0
1562159756 O 08/01/26
0
1522364 074/G01 F 295,450.00 ZZ
360 295,117.49 1
12031 MOUND VIEW PLACE 8.875 2,350.74 95
(STUDIO CITY AREA) 8.625 2,350.74 311,000.00
LOS ANGELES CA 91604 1 06/20/96 10
0430023358 05 08/01/96 30
1562160176 O 07/01/26
0
1522365 074/G01 F 300,000.00 ZZ
360 299,616.08 1
5703 EVENING CANYON DRIVE 8.250 2,253.80 63
8.000 2,253.80 482,000.00
LA CANADA-FLINT CA 91011 1 06/17/96 00
0430020172 05 08/01/96 0
1562160290 O 07/01/26
0
1522366 074/G01 F 470,700.00 ZZ
360 470,112.80 1
25 TRINITY 8.375 3,577.67 80
8.125 3,577.67 588,415.00
IRVINE CA 92715 1 06/21/96 00
0430024471 03 08/01/96 0
1562160755 O 07/01/26
0
1522367 074/G01 F 296,000.00 ZZ
360 295,820.68 1
337 NORTH POINSETTIA PLACE 8.500 2,275.99 80
8.250 2,275.99 370,000.00
1
LOS ANGELES CA 90036 1 07/09/96 00
0430020180 05 09/01/96 0
1562161995 O 08/01/26
0
1522368 074/G01 F 213,750.00 ZZ
360 212,591.28 1
3509 A DICKASON AVENUE 7.375 1,476.32 95
7.125 1,476.32 225,000.00
DALLAS TX 75219 1 01/04/96 04
0430024539 09 03/01/96 30
1563107532 O 02/01/26
0
1522369 074/G01 F 38,500.00 T
360 38,436.43 1
29419 NASH ROAD 9.000 309.78 70
8.750 309.78 55,000.00
DAMON TX 77430 1 05/24/96 00
0430020057 05 07/01/96 0
1563119542 O 06/01/26
0
1522370 074/G01 F 214,000.00 ZZ
360 213,542.52 1
4926 SWISS AVENUE 8.875 1,702.69 51
8.625 1,702.69 425,000.00
DALLAS TX 75214 2 05/14/96 00
0430020065 05 07/01/96 0
1563120869 O 06/01/26
0
1522371 074/G01 F 67,500.00 ZZ
360 67,394.19 1
200 WOODVIEW LANE 9.250 555.31 56
9.000 555.31 122,000.00
SAPULPA OK 74066 2 05/31/96 00
0430019141 05 07/01/96 0
1563120993 O 06/01/26
0
1522372 074/G01 F 29,500.00 ZZ
360 29,467.64 1
2902 LONDON COURT 9.000 237.37 35
8.750 237.37 85,700.00
PEARLAND TX 77581 1 06/14/96 00
0430020198 05 08/01/96 0
1563121704 O 07/01/26
0
1
1522373 074/G01 F 255,000.00 ZZ
360 254,593.44 1
4028 BYRON ST 8.750 2,006.09 70
8.500 2,006.09 365,000.00
HOUSTON TX 77005 1 06/13/96 00
0430019844 05 08/01/96 0
1563121963 O 07/01/26
0
1522374 074/G01 F 29,400.00 ZZ
360 29,273.71 1
1205 CALICO LANE #2222 9.000 236.56 70
8.750 236.56 42,000.00
ARLINGTON TX 76011 1 05/16/96 00
0430019117 01 07/01/96 0
1563122219 O 06/01/26
0
1522375 074/G01 F 207,000.00 T
360 176,767.04 1
678 ENCHANTED ISLES DRIVE 8.875 1,646.99 46
8.625 1,646.99 450,000.00
MABANK TX 75147 2 06/07/96 00
0430020586 03 08/01/96 0
1563123233 O 07/01/26
0
1522376 074/G01 F 350,000.00 ZZ
360 349,635.72 1
RT. 9, BOX 81 9.250 2,879.36 52
9.000 2,879.36 676,000.00
SANTA FE NM 87505 5 06/07/96 00
0430019067 05 08/01/96 0
1563123969 O 07/01/26
0
1522377 074/G01 F 100,000.00 ZZ
360 99,895.90 1
2600 TAHOE DRIVE 9.250 822.68 46
9.000 822.68 222,000.00
EDMOND OK 73013 1 06/10/96 00
0430019034 05 08/01/96 0
1563124167 O 07/01/26
0
1522378 074/G01 F 262,500.00 ZZ
360 262,240.73 1
1
12239 GABLE DRIVE 9.500 2,207.25 77
9.250 2,207.25 345,000.00
WILLIS TX 77378 2 06/21/96 00
0430020164 05 08/01/96 0
1563124382 O 07/01/26
0
1522379 074/G01 F 160,000.00 ZZ
360 159,829.05 1
52 CAMINO POTRILLO 9.125 1,301.82 55
8.875 1,301.82 295,000.00
LAMY NM 87540 5 06/24/96 00
0430019299 05 08/01/96 0
1563124677 O 07/01/26
0
1522381 074/G01 F 310,000.00 ZZ
360 309,402.87 1
880 CYPRUS COURT NORTHWEST 8.250 2,328.93 85
8.000 2,328.93 365,000.00
ISSAQUAH WA 98027 1 05/13/96 11
0430019380 03 07/01/96 12
1565129004 O 06/01/26
0
1522382 074/G01 F 414,000.00 ZZ
360 413,496.60 1
4136 SW NEHALEM CT 8.500 3,183.31 80
8.250 3,183.31 517,500.00
PORTLAND OR 97201 1 06/26/96 00
0430019414 05 08/01/96 0
1565131979 O 07/01/26
0
1522383 074/G01 F 220,000.00 ZZ
360 219,745.91 1
24812 SE 406TH STREET 8.750 1,730.75 80
8.500 1,730.75 275,000.00
ENUMCLAW WA 98022 5 06/14/96 00
0430019448 05 08/01/96 0
1565132213 O 07/01/26
0
1522386 074/G01 F 367,700.00 ZZ
360 367,252.90 1
6115 RIVER CHASE CIRCLE 8.500 2,827.30 80
8.250 2,827.30 459,650.00
ATLANTA GA 30328 1 06/12/96 00
0430020347 05 08/01/96 0
1
1566068211 O 07/01/26
0
1522387 074/G01 F 162,500.00 ZZ
360 162,224.65 1
12550 ETRIS ROAD 8.875 1,292.93 65
8.625 1,292.93 250,000.00
ROSWELL GA 30075 2 05/29/96 00
0430020073 05 07/01/96 0
1566069225 O 06/01/26
0
1522388 074/G01 F 275,000.00 ZZ
360 274,496.65 1
1020 SPRINGDALE ROAD 8.500 2,114.52 65
8.250 2,114.52 425,000.00
ATLANTA GA 30306 1 05/15/96 00
0430020081 05 07/01/96 0
1566070133 O 06/01/26
0
1522390 074/G01 F 280,000.00 ZZ
360 279,692.95 1
1018 DUMAINE STREET 9.000 2,252.95 68
8.750 2,252.95 417,500.00
NEW ORLEANS LA 70116 1 06/25/96 00
0430023366 05 08/01/96 0
1566072784 O 07/01/26
0
1522391 074/G01 F 210,000.00 ZZ
360 209,763.65 1
1810 CENTENNIAL WAY 8.875 1,670.86 73
8.625 1,670.86 287,990.00
ESCONDIDO CA 92026 1 06/24/96 00
0430019653 03 08/01/96 0
1567157281 O 07/01/26
0
1522392 074/G01 F 264,000.00 ZZ
360 263,578.99 1
3891 EL CAMINO REAL 8.500 2,029.94 80
8.250 2,029.94 330,000.00
CARLSBAD CA 92008 1 06/18/96 00
0430020099 05 08/01/96 0
1567160719 O 07/01/26
0
1
1522393 074/G01 F 215,000.00 ZZ
360 214,606.49 1
584 PHEASANT VALLEY COURT 8.500 1,653.16 52
8.250 1,653.16 420,000.00
FALLBROOK CA 92028 5 05/10/96 00
0430024802 05 07/01/96 0
1567161100 O 06/01/26
0
1522394 074/G01 F 335,000.00 ZZ
360 334,592.66 1
405 9TH STREET 8.500 2,575.87 71
8.250 2,575.87 475,000.00
DEL MAR CA 92014 5 06/05/96 00
0430019604 05 08/01/96 0
1567161427 O 07/01/26
0
1522395 074/G01 F 1,470,000.00 ZZ
360 1,467,444.20 1
22168 EAGLES NEST COURT 8.750 11,564.50 70
8.500 11,564.50 2,100,000.00
MURRIETA CA 92562 1 05/23/96 00
0430026799 03 07/01/96 0
1567161573 O 06/01/26
0
1522396 074/G01 F 320,300.00 ZZ
360 319,757.29 1
5315 FORECASTLE COURT 8.875 2,548.46 90
8.625 2,548.46 356,000.00
CARLSBAD CA 92008 1 05/21/96 10
0430019570 03 07/01/96 25
1567161653 O 06/01/26
0
1522397 074/G01 F 316,000.00 ZZ
360 315,813.43 1
1350 HYGEIA AVENUE 8.625 2,457.82 80
8.375 2,457.82 395,000.00
ENCINITAS CA 92024 1 07/01/96 00
0430020107 05 09/01/96 0
1567163535 O 08/01/26
0
1522398 074/G01 F 226,500.00 ZZ
360 226,303.81 1
1720 PRIMROSE DRIVE 8.625 1,761.70 95
8.375 1,761.70 238,500.00
1
EL CAJON CA 92020 1 07/05/96 12
0430019513 05 09/01/96 30
1567164458 O 08/01/26
0
1522399 074/G01 F 320,000.00 ZZ
360 319,811.07 1
7428 PINTO WAY 8.625 2,488.93 80
8.375 2,488.93 400,000.00
ORANGE CA 92669 2 07/10/96 00
0430020115 03 09/01/96 0
1567164924 O 08/01/26
0
1522400 074/G01 F 235,800.00 ZZ
360 235,657.15 1
15929 STAPLES ROAD 8.500 1,813.10 90
8.250 1,813.10 262,000.00
RAMONA CA 92065 1 07/19/96 11
0430019471 03 09/01/96 25
1567165803 O 08/01/26
0
1522401 074/G01 F 245,000.00 ZZ
360 244,303.01 1
2006 GUNN ROAD 8.875 1,949.33 70
8.625 1,949.33 350,000.00
CARMICHAEL CA 95608 2 03/25/96 00
0430020123 05 05/01/96 0
1573140410 O 04/01/26
0
1522402 074/G01 F 320,000.00 ZZ
360 319,399.11 1
105 ASH CREEK COURT 8.375 2,432.24 80
8.125 2,432.24 400,000.00
FOLSOM CA 95630 1 05/15/96 00
0430020131 05 07/01/96 0
1573150040 O 06/01/26
0
1522403 074/G01 F 347,050.00 ZZ
360 346,638.73 1
4582 PACIFIC RIM WAY 8.625 2,699.32 80
8.375 2,699.32 433,850.00
SAN JOSE CA 95121 1 06/20/96 00
0430019430 05 08/01/96 0
1573150924 O 07/01/26
0
1
1522404 074/G01 F 300,000.00 ZZ
360 299,644.49 1
325 NORTH OAKHURST DRIVE #600 8.625 2,333.37 58
8.375 2,333.37 525,000.00
BEVERLY HILLS CA 90210 1 06/01/96 00
0430020149 06 08/01/96 0
1573151767 O 07/01/26
0
1522405 074/G01 F 188,500.00 ZZ
360 188,163.70 1
609 37TH STREET 8.625 1,466.14 65
8.375 1,466.14 290,000.00
SACRAMENTO CA 95816 2 05/16/96 00
0430020339 05 07/01/96 0
1573151880 O 06/01/26
0
1522406 074/G01 F 223,250.00 ZZ
360 223,005.20 1
3325 SOUTHWIND CIRCLE 9.000 1,796.32 95
8.750 1,796.32 235,000.00
ROCKLIN CA 95765 1 06/07/96 04
0430021063 05 08/01/96 30
1573152555 O 07/01/26
0
1522407 074/G01 F 261,250.00 ZZ
360 260,932.34 1
1220 PERKINS WAY 8.500 2,008.79 95
8.250 2,008.79 275,000.00
SACRAMENTO CA 95818 1 06/13/96 11
0430019711 05 08/01/96 30
1573152566 O 07/01/26
0
1522408 074/G01 F 448,000.00 ZZ
360 447,728.59 1
4131 ST ANDREWS DRIVE 8.500 3,444.74 80
8.250 3,444.74 560,000.00
STOCKTON CA 95219 1 07/01/96 00
0430020156 03 09/01/96 0
1573153015 O 08/01/26
0
1522410 074/G01 F 241,200.00 ZZ
360 240,921.43 1
1
220 OAK CANYON WAY 8.750 1,897.53 90
8.500 1,897.53 268,000.00
FOLSOM CA 95630 1 06/24/96 11
0430019695 03 08/01/96 25
1573153365 O 07/01/26
0
1522411 074/G01 F 400,000.00 ZZ
360 399,781.50 1
900 SHEEP RANCH ROAD 9.000 3,218.50 80
8.750 3,218.50 500,000.00
MURPHYS CA 95247 5 07/03/96 00
0430020545 05 09/01/96 0
1573154448 O 08/01/26
0
1522413 074/G01 F 278,000.00 ZZ
360 277,283.53 1
24130 NW TURNER CREEK ROAD 8.250 2,088.53 80
8.000 2,088.53 347,500.00
YAMHILL OR 97148 1 04/12/96 00
0430020016 05 06/01/96 0
1575016740 O 05/01/26
0
1522416 074/G01 F 87,350.00 ZZ
360 87,201.99 1
701 PINOAK COURT 8.875 695.00 75
8.625 695.00 116,500.00
GREENSBORO NC 27455 1 05/29/96 00
0430019745 05 07/01/96 0
1577039601 O 06/01/26
0
1522417 074/G01 F 284,000.00 ZZ
360 283,672.01 1
108 GLENBRIAR COURT 8.750 2,234.23 95
8.500 2,234.23 299,000.00
SIMPSONVILLE SC 29681 1 06/28/96 04
0430024596 05 08/01/96 30
1577039816 O 07/01/26
0
1522418 074/G01 F 200,000.00 ZZ
360 199,669.79 1
1835 CRICKET COURT 9.000 1,609.25 47
8.750 1,609.25 432,500.00
WILMINGTON NC 28405 4 06/05/96 00
0430019752 03 07/01/96 0
1
1577042210 O 06/01/26
0
1522419 074/G01 F 200,000.00 ZZ
360 199,881.92 1
5605 PINE DRIVE 8.625 1,555.58 73
8.375 1,555.58 275,000.00
RALEIGH NC 27606 1 07/09/96 00
0430019760 05 09/01/96 0
1577044689 O 08/01/26
0
1522421 074/G01 F 316,050.00 ZZ
360 314,997.63 1
9450 PARADISE LANE 8.125 2,346.67 70
7.875 2,346.67 451,500.00
BROOMFIELD CO 80020 1 05/24/96 00
0430019778 05 07/01/96 0
1579020692 O 06/01/26
0
1522422 074/G01 F 337,500.00 ZZ
360 336,957.05 1
1123 BASELINE ROAD 9.125 2,746.02 75
8.875 2,746.02 450,000.00
BOULDER CO 80302 1 05/30/96 00
0430019786 05 07/01/96 0
1579021593 O 06/01/26
0
1522424 074/G01 F 420,000.00 ZZ
360 419,250.73 1
9000 NORTH 39TH STREE 8.625 3,266.72 68
8.375 3,266.72 620,000.00
BOULDER CO 80304 2 05/28/96 00
0430020313 05 07/01/96 0
1579022938 O 06/01/26
0
1522425 074/G01 F 70,000.00 ZZ
360 69,867.87 1
6851 NORTH 2200 WEST #10B 8.750 550.70 57
8.500 550.70 123,000.00
PARK CITY UT 84060 5 05/13/96 00
0430019794 01 07/01/96 0
1579023613 O 06/01/26
0
1
1522426 074/G01 F 104,000.00 ZZ
360 103,804.70 1
2281 SOUTH YOSEMITE CIRCLE 8.375 790.48 80
8.125 790.48 130,000.00
DENVER CO 80231 5 05/17/96 00
0430019802 09 07/01/96 0
1579023952 O 06/01/26
0
1522427 074/G01 F 235,000.00 ZZ
360 234,622.92 1
1848 EAST 2475 SOUTH 9.125 1,912.04 68
8.875 1,912.04 350,000.00
BOUNTIFUL UT 84010 5 05/29/96 00
0430024588 05 08/01/96 0
1579024208 O 07/01/26
0
1522428 074/G01 F 105,000.00 ZZ
360 104,887.81 1
217 EAST 9TH AVENUE 9.125 854.32 62
8.875 854.32 170,000.00
AFTON WY 83110 5 06/25/96 00
0430019810 05 08/01/96 0
1579026804 O 07/01/26
0
1522430 074/G01 F 225,000.00 ZZ
360 224,390.01 1
20 PROCTOR DR 8.000 1,650.98 72
7.750 1,650.98 314,000.00
TOPSFIELD MA 01983 5 04/29/96 00
0430020438 05 06/01/96 0
1580028727 O 05/01/26
0
1522431 074/G01 F 82,500.00 ZZ
360 82,151.26 1
621 JOHNSON MILL ROAD 9.375 686.20 75
9.125 686.20 110,000.00
ORRINGTON ME 04474 1 05/06/96 00
0430019836 05 06/01/96 0
1580029887 O 05/01/26
0
1522432 074/G01 F 119,000.00 ZZ
360 118,882.46 1
5 PINERIDGE DRIVE 9.500 1,000.62 65
9.250 1,000.62 184,900.00
1
SMITHFIELD RI 02917 1 06/21/96 00
0430020297 05 08/01/96 0
1580031801 O 07/01/26
0
1522433 074/G01 F 108,500.00 ZZ
360 108,377.89 1
27 COULTERS ROAD 8.875 863.28 70
8.625 863.28 155,000.00
CRANSTON RI 02920 2 06/24/96 00
0430020289 05 08/01/96 0
1580031958 O 07/01/26
0
1522435 074/G01 F 99,000.00 ZZ
360 98,896.95 1
25 TEAKWOOD DRIVE WEST 9.250 814.45 48
9.000 814.45 209,000.00
COVENTRY RI 02816 2 06/20/96 00
0430020271 05 08/01/96 0
1580032564 O 07/01/26
0
1522437 074/G01 F 180,000.00 ZZ
360 179,893.72 1
60 CLEVELAND STREET 8.625 1,400.03 78
8.375 1,400.03 231,000.00
NORFOLK MA 02056 5 07/10/96 00
0430026807 05 09/01/96 0
1580033035 O 08/01/26
0
1522439 074/G01 F 444,000.00 ZZ
360 443,460.13 1
3577 VINEYARD SPRINGS 8.500 3,413.98 80
8.250 3,413.98 555,000.00
ROCHESTER MI 48306 1 06/10/96 00
0430020784 05 08/01/96 0
1581041152 O 07/01/26
0
1522440 074/G01 F 140,000.00 ZZ
360 139,780.57 1
7898 ARNOLD ROAD 9.250 1,151.75 56
9.000 1,151.75 250,000.00
IRA TWP MI 48023 4 05/03/96 00
0430021048 05 07/01/96 0
1581042428 O 06/01/26
0
1
1522441 074/G01 F 100,000.00 ZZ
360 99,826.11 1
1320 MURRAY AVENUE 8.750 786.71 45
8.500 786.71 226,500.00
PITTSBURGH PA 15217 1 05/30/96 00
0430020982 05 07/01/96 0
1581046790 O 06/01/26
0
1522442 074/G01 F 52,000.00 ZZ
240 51,733.39 1
9108 WOOD ROAD 8.000 434.95 80
7.750 434.95 65,000.00
ALBANY OH 45710 2 05/17/96 00
0430026864 05 07/01/96 0
1581047603 O 06/01/16
0
1522443 074/G01 F 150,000.00 ZZ
360 149,835.51 1
1975 BURNHAM LANE 9.000 1,206.94 75
8.750 1,206.94 200,000.00
KETTERING OH 45429 1 06/10/96 00
0430021006 05 08/01/96 0
1581047807 O 07/01/26
0
1522445 074/G01 F 44,000.00 ZZ
360 43,956.53 1
747 DAYTON AVENUE 9.500 369.98 80
9.250 369.98 55,000.00
FINDLAY OH 45840 5 06/24/96 00
0430020362 05 08/01/96 0
1581049880 O 07/01/26
0
1522446 074/G01 F 94,400.00 ZZ
360 94,227.20 1
19171 LANCASHIRE 8.500 725.86 80
8.250 725.86 118,000.00
DETROIT MI 48235 5 05/31/96 00
0430021089 05 07/01/96 0
1581050539 O 06/01/26
0
1522447 074/G01 F 144,000.00 ZZ
360 143,693.10 1
1
8524 CRANWOOD DR 7.750 1,031.64 80
7.500 1,031.64 180,000.00
CHESTERLAND OH 44026 5 05/31/96 00
0430021154 05 07/01/96 0
1581050980 O 06/01/26
0
1522448 074/G01 F 41,600.00 ZZ
360 41,555.53 1
2592 NORTH LINCOLN ROAD 9.125 338.48 80
8.875 338.48 52,000.00
LUDINGTON MI 49431 5 06/19/96 00
0430021162 05 08/01/96 0
1581051848 O 07/01/26
0
1522449 074/G01 F 44,000.00 ZZ
360 43,952.99 1
520 NORTH CEDAR STRE 9.125 358.00 80
8.875 358.00 55,000.00
NEWARK OH 43055 5 06/10/96 00
0430021196 05 08/01/96 0
1581051859 O 07/01/26
0
1522450 074/G01 F 101,250.00 ZZ
360 101,155.13 1
29134 NOTTINGHAM CIRCLE WEST 9.750 869.90 75
9.500 869.90 135,000.00
WARREN MI 48092 1 06/28/96 00
0430021204 05 08/01/96 0
1581052590 O 07/01/26
0
1522451 074/G01 F 90,000.00 ZZ
360 89,911.11 1
161 TILLSON 9.500 756.77 65
9.250 756.77 140,000.00
ROMEO MI 48065 5 06/24/96 00
0430023390 05 08/01/96 0
1581053322 O 07/01/26
0
1522452 074/G01 F 260,000.00 ZZ
360 259,743.19 1
22631 BAYVIEW DRIVE 9.500 2,186.23 80
9.250 2,186.23 325,000.00
ST CLAIR SHORES MI 48081 1 06/28/96 00
0430022707 05 08/01/96 0
1
1581054551 O 07/01/26
0
1522455 074/G01 F 108,750.00 ZZ
360 108,648.09 1
3141 MCCLURE 9.750 934.34 75
9.500 934.34 145,000.00
TROY MI 48084 1 06/19/96 00
0430020354 05 08/01/96 0
1581055500 O 07/01/26
0
1522456 074/G01 F 307,000.00 ZZ
360 306,636.18 1
1041 PADDOCK COURT 8.625 2,387.82 75
8.375 2,387.82 412,500.00
TROY MI 48098 1 06/28/96 00
0430020966 05 08/01/96 0
1581057108 O 07/01/26
0
1522459 074/G01 F 252,800.00 ZZ
360 252,450.90 1
5228 FERNBROOK DRIVE 7.875 1,832.98 90
7.625 1,832.98 281,000.00
CENTREVILLE VA 22020 1 06/28/96 04
0430023432 03 08/01/96 25
1587037431 O 07/01/26
0
1522461 074/G01 F 110,000.00 ZZ
360 109,876.21 1
5316 TWIN CREEKS DRIVE 8.875 875.21 57
8.625 875.21 195,000.00
VALRICO FL 33594 1 06/07/96 00
0430023457 03 08/01/96 0
1589043016 O 07/01/26
0
1522462 074/G01 F 240,000.00 ZZ
360 238,849.44 1
6091 CYPRESS HOLLOW WAY 9.125 1,952.72 80
8.875 1,952.72 300,000.00
NAPLES FL 33942 4 06/03/96 00
0430021121 05 08/01/96 0
1589047334 O 07/01/26
0
1
1522463 074/G01 F 302,400.00 ZZ
360 301,913.53 1
10800 SW 38TH DRIVE 9.125 2,460.43 80
8.875 2,460.43 378,186.00
DAVIE FL 33328 1 05/31/96 00
0430023465 03 07/01/96 0
1589051557 O 06/01/26
0
1522464 074/G01 F 240,000.00 ZZ
360 239,743.59 1
17805 SW 188TH STREET 9.125 1,952.72 73
8.875 1,952.72 330,000.00
MIAMI FL 33187 5 06/05/96 00
0430023473 05 08/01/96 0
1589053520 O 07/01/26
0
1522465 074/G01 F 60,000.00 ZZ
360 59,930.69 1
2516 PINETTA COURT 8.750 472.03 60
8.500 472.03 100,000.00
HOLIDAY FL 34691 5 06/27/96 00
0430019935 05 08/01/96 0
1589055489 O 07/01/26
0
1522466 074/G01 F 64,000.00 ZZ
360 63,929.82 1
1695 NE 51 STREET 9.000 514.96 80
8.750 514.96 80,000.00
POMPANO BEACH FL 33064 5 06/27/96 00
0430021899 05 08/01/96 0
1589058396 O 07/01/26
0
1522467 074/G01 F 252,000.00 ZZ
360 251,876.04 1
8725 S.W. 96TH STREET 9.500 2,118.96 80
9.250 2,118.96 315,000.00
MIAMI FL 33176 1 07/11/96 00
0430022616 05 09/01/96 0
1589059490 O 08/01/26
0
1522469 074/G01 F 32,550.00 ZZ
360 32,473.13 1
2780 KING OAKS CIRCLE 9.000 261.91 63
8.750 261.91 52,000.00
1
SAINT CLOUD FL 34769 1 04/24/96 00
0430023481 09 06/01/96 0
1590012009 O 05/01/26
0
1522470 074/G01 F 101,250.00 ZZ
360 101,136.04 1
8043 VILLA DRIVE 8.875 805.60 75
8.625 805.60 135,000.00
ORLANDO FL 32836 1 06/12/96 00
0430023499 03 08/01/96 0
1590014682 O 07/01/26
0
1522471 074/G01 F 254,600.00 ZZ
360 254,305.97 1
6949 TORREY STREET 8.750 2,002.94 80
8.500 2,002.94 318,304.00
ARVADA CO 80007 1 06/27/96 00
0430023507 03 08/01/96 0
1590015029 O 07/01/26
0
1522472 074/G01 F 240,000.00 ZZ
360 239,708.17 1
2164 TURKEY RUN 8.500 1,845.40 75
8.250 1,845.40 320,000.00
WINTER PARK FL 32789 1 07/03/96 00
0430020461 05 08/01/96 0
1590016316 O 07/01/26
0
1522474 074/G01 F 550,000.00 ZZ
360 548,993.31 1
27592 LOST TRAIL DRIVE 8.500 4,229.03 77
8.250 4,229.03 720,000.00
LAGUNA HILLS CA 92653 2 05/14/96 00
0430023119 03 07/01/96 0
1595000572 O 06/01/26
0
1522475 074/G01 F 225,000.00 ZZ
360 224,618.75 1
6089 DEERFORD ROW 8.875 1,790.21 51
8.625 1,790.21 444,614.00
SAN DIEGO CA 92037 1 05/24/96 00
0430019919 03 07/01/96 0
1595002910 O 06/01/26
0
1
1522476 074/G01 F 248,450.00 ZZ
360 247,946.48 1
5831 MOONSTONE AVENUE 8.500 1,910.37 90
8.250 1,910.37 276,070.00
RANCHO CUCAMONG CA 91701 1 06/10/96 10
0430022574 05 08/01/96 25
1595003173 O 07/01/26
0
1522477 074/G01 F 300,000.00 ZZ
360 299,450.88 1
1589 RANCHO HILLS DRIVE 8.500 2,306.75 90
8.250 2,306.75 334,270.00
CHINO HILLS CA 91709 1 05/16/96 04
0430022590 05 07/01/96 25
1595003297 O 06/01/26
0
1522478 074/G01 F 232,000.00 ZZ
360 231,717.91 1
5412 HERON BAY 18 8.500 1,783.88 80
8.250 1,783.88 290,000.00
LONG BEACH CA 90803 1 06/10/96 00
0430019901 01 08/01/96 0
1595003559 O 07/01/26
0
1522479 074/G01 F 608,450.00 ZZ
360 607,690.98 1
62 BEACON BAY 8.375 4,624.66 70
8.125 4,624.66 869,250.00
NEWPORT BEACH CA 92660 1 06/07/96 00
0430019893 03 08/01/96 0
1595003640 O 07/01/26
0
1522481 074/G01 F 231,950.00 ZZ
360 231,660.65 1
27 IRONWOOD 8.375 1,762.99 80
8.125 1,762.99 289,990.00
MISSION VIEJO CA 92692 1 06/17/96 00
0430019885 03 08/01/96 0
1595003796 O 07/01/26
0
1522482 074/G01 F 255,000.00 ZZ
360 254,845.52 1
1
140 SAN MIGUEL DRIVE 8.500 1,960.73 72
8.250 1,960.73 355,000.00
CAMARILLO CA 93010 1 06/28/96 00
0430021485 05 09/01/96 0
1595004744 O 08/01/26
0
1522483 074/G01 F 316,000.00 ZZ
360 315,635.05 1
16657 VALLE VERDE ROAD 8.750 2,485.98 80
8.500 2,485.98 395,000.00
POWAY CA 92064 5 06/18/96 00
0430021493 03 08/01/96 0
1595005226 O 07/01/26
0
1522484 074/G01 F 620,800.00 ZZ
360 620,433.48 1
2018 GALAXY DRIVE 8.625 4,828.52 80
8.375 4,828.52 776,000.00
NEWPORT BEACH CA 92660 1 06/28/96 00
0430021519 03 09/01/96 0
1595005587 O 08/01/26
0
1522485 074/G01 F 269,100.00 ZZ
360 268,941.12 1
3621 ROSE CIRCLE 8.625 2,093.04 90
8.375 2,093.04 299,000.00
SEAL BEACH CA 90740 1 07/10/96 10
0430023903 05 09/01/96 25
1595005780 O 08/01/26
0
1522486 074/G01 F 320,000.00 ZZ
360 319,076.24 1
5100 CAMINO FLORAL 8.000 2,348.05 64
7.750 2,348.05 500,000.00
SANTA BARBARA CA 93111 1 04/11/96 00
0430019869 05 06/01/96 0
1596000590 O 05/01/26
0
1522487 074/G01 F 1,300,000.00 ZZ
360 1,297,853.68 1
607 GEORGINA AVENUE 9.000 10,460.10 42
8.750 10,460.10 3,100,000.00
SANTA MONICA CA 90402 1 05/06/96 00
0430024505 05 07/01/96 0
1
1596001581 O 06/01/26
0
1522488 074/G01 F 460,000.00 ZZ
360 459,220.60 1
220 SHERMAN CANAL 8.875 3,659.97 80
8.625 3,659.97 575,000.00
VENICE CA 90291 2 05/20/96 00
0430024513 05 07/01/96 0
1596002744 O 06/01/26
0
1522489 074/G01 F 458,200.00 ZZ
360 457,915.19 1
3928 DAVIDS ROAD 8.375 3,482.66 75
8.125 3,482.66 610,990.00
AGOURA CA 91301 1 07/10/96 00
0430019984 05 09/01/96 0
1596003180 O 08/01/26
0
1522490 074/G01 F 228,000.00 ZZ
360 227,688.67 1
9257 CREEMORE DRIVE 8.500 1,753.13 95
8.250 1,753.13 242,000.00
LA CRESCENTA CA 91214 1 06/13/96 10
0430023895 05 08/01/96 30
1596004116 O 07/01/26
0
1522491 074/G01 F 602,000.00 ZZ
360 601,286.60 1
10564 LINDBROOK DRIVE 8.625 4,682.30 80
8.375 4,682.30 752,500.00
LOS ANGELES CA 90024 1 06/18/96 00
0430020479 05 08/01/96 0
1596004150 O 07/01/26
0
1522492 074/G01 F 918,700.00 ZZ
360 918,143.45 1
808 PARK HILL LANE 8.500 7,064.01 75
8.250 7,064.01 1,225,000.00
SANTA BARBARA CA 93108 1 07/01/96 00
0430021527 05 09/01/96 0
1596004262 O 08/01/26
0
1
1522493 074/G01 F 520,000.00 ZZ
360 519,668.41 1
11610 AMANDA DRIVE 8.250 3,906.59 80
8.000 3,906.59 650,000.00
STUDIO CITY CA 91604 1 07/03/96 00
0430019992 05 09/01/96 0
1596004648 O 08/01/26
0
1522494 074/G01 F 276,000.00 ZZ
360 275,655.70 1
4114 MAGNA CARTA ROAD 8.375 2,097.80 80
8.125 2,097.80 345,000.00
CALABASAS CA 91302 1 06/20/96 00
0430020008 05 08/01/96 0
1596004681 O 07/01/26
0
1522495 074/G01 F 260,000.00 ZZ
360 259,175.66 1
959 N KELLOGG AVENUE 8.375 1,976.19 80
8.125 1,976.19 325,000.00
SANTA BARBARA CA 93111 1 06/03/96 00
0430019943 05 08/01/96 0
1596004820 O 07/01/26
0
1522496 074/G01 F 650,000.00 ZZ
360 649,654.09 1
876 VALLOMBROSA DRIVE 9.125 5,288.62 73
8.875 5,288.62 900,000.00
PASADENA CA 91107 5 07/09/96 00
0430021535 05 09/01/96 0
1596004910 O 08/01/26
0
1522498 074/G01 F 350,000.00 ZZ
360 349,787.97 1
18103 KINGSPORT DRIVE 8.500 2,691.20 53
8.250 2,691.20 669,500.00
MALIBU CA 90265 1 07/05/96 00
0430019950 03 09/01/96 0
1596005425 O 08/01/26
0
1522499 074/G01 F 400,000.00 ZZ
360 399,751.38 1
1401 BECKWITH AVENUE 8.375 3,040.29 56
8.125 3,040.29 715,500.00
1
LOS ANGELES CA 90049 1 07/08/96 00
0430019968 05 09/01/96 0
1596006676 O 08/01/26
0
1522501 074/G01 F 560,000.00 ZZ
360 559,677.80 1
509 HILLGREEN DRIVE 8.750 4,405.53 76
8.500 4,405.53 743,000.00
BEVERLY HILLS CA 90212 5 07/08/96 00
0430020495 05 09/01/96 0
1596007158 O 08/01/26
0
1522502 074/G01 F 229,500.00 ZZ
360 229,364.50 1
7812 ANISE AVENUE 8.625 1,785.03 90
8.375 1,785.03 255,000.00
LOS ANGELES CA 90045 1 07/03/96 10
0430021147 05 09/01/96 25
1596007271 O 08/01/26
0
1522505 074/G01 F 258,000.00 ZZ
360 257,652.63 1
2131 CABOTS POINT LANE 8.000 1,893.11 73
7.750 1,893.11 355,000.00
RESTON VA 22091 5 06/28/96 00
0430024554 09 08/01/96 0
1701127454 O 07/01/26
0
1522506 074/G01 F 239,900.00 ZZ
360 239,568.72 1
3210 FOX MILL ROAD 7.875 1,739.44 80
7.625 1,739.44 299,900.00
OAKTON VA 22124 1 06/21/96 00
0430021097 03 08/01/96 0
1761082398 O 07/01/26
0
1522510 074/G01 F 350,000.00 ZZ
360 297,923.47 1
OFF RTE 227 8.125 2,598.74 47
7.875 2,598.74 750,000.00
SOUTHPORT ME 04576 5 02/22/96 00
0430024521 05 04/01/96 0
1811057947 O 03/01/26
0
1
1522511 074/G01 F 228,700.00 ZZ
360 228,479.99 1
134 STATE ROAD 9.625 1,943.93 75
9.375 1,943.93 305,000.00
VINEYARD HAVEN MA 02568 1 06/21/96 00
0430023515 05 08/01/96 0
1816002192 O 07/01/26
0
1522512 074/G01 F 390,000.00 T
360 389,500.91 1
45 EASTERN POINT ROAD 8.250 2,929.94 80
8.000 2,929.94 487,500.00
GLOUCESTER MA 01930 1 07/02/96 00
0430023523 05 08/01/96 0
1816002556 O 07/01/26
0
1522513 074/G01 F 210,520.00 ZZ
360 210,198.95 1
310 HOLLY BROOKE CT 8.250 1,581.57 95
8.000 1,581.57 221,600.00
WALKERSVILLE MD 21793 1 06/28/96 11
0430023549 03 08/01/96 30
1821106845 O 07/01/26
0
1522517 074/074 F 120,750.00 ZZ
360 120,614.12 1
138 OLD ORCHARD LN 8.875 960.74 75
8.625 960.74 161,000.00
OCEAN NJ 07712 1 06/27/96 00
1101198156 01 08/01/96 0
1101198156 O 07/01/26
0
1522518 074/074 F 252,000.00 ZZ
360 251,701.35 1
41 CONCORD ROAD 8.625 1,960.04 80
8.375 1,960.04 315,000.00
ARDSLEY NY 10502 1 06/07/96 00
1106002477 05 08/01/96 0
1106002477 O 07/01/26
0
1522519 074/074 F 250,000.00 ZZ
360 249,636.93 1
1
3005 WELLS ROAD 7.750 1,791.04 59
7.500 1,791.04 425,000.00
PECONIC NY 11958 5 06/05/96 00
1106005511 05 08/01/96 0
1106005511 O 07/01/26
0
1522520 074/074 F 235,000.00 ZZ
360 234,699.26 1
10 PROSPECT STREET 8.250 1,765.48 71
8.000 1,765.48 335,000.00
GREAT NECK NY 11021 1 06/26/96 00
1106007426 05 08/01/96 0
1106007426 O 07/01/26
0
1522522 074/074 F 80,000.00 ZZ
360 79,897.61 1
22 BAY VIEW DRIVE 8.250 601.02 45
8.000 601.02 180,000.00
SAG HARBOR NY 11963 1 06/12/96 00
1111037594 05 08/01/96 0
1111037594 O 07/01/26
0
1522523 074/074 F 146,250.00 ZZ
360 145,982.31 1
757 LESLIE LANE 8.500 1,124.54 75
8.250 1,124.54 195,000.00
EAST MEADOW NY 11554 1 05/21/96 00
1111045071 05 07/01/96 0
1111045071 O 06/01/26
0
1522524 074/074 F 508,000.00 ZZ
360 505,832.87 1
316 HAINES ROAD 8.000 3,727.53 80
7.750 3,727.53 635,000.00
BEDFORD HILLS NY 10507 2 02/16/96 00
1112044008 05 04/01/96 0
1112044008 O 03/01/26
0
1522525 074/074 F 375,000.00 ZZ
360 373,692.54 2
401 CLINTON AVENUE 7.875 2,719.02 65
7.625 2,719.02 580,000.00
BROOKLYN NY 11238 5 03/14/96 00
1112060864 05 05/01/96 0
1
1112060864 O 04/01/26
0
1522526 074/074 F 328,000.00 ZZ
360 327,621.20 1
38 COTTAGE LANE 8.750 2,580.38 80
8.500 2,580.38 410,000.00
UPPER SADDLE RI NJ 07458 1 06/18/96 00
1113014421 05 08/01/96 0
1113014421 O 07/01/26
0
1522527 074/074 F 543,750.00 ZZ
360 542,749.51 1
23 LEATHERSTOCKING LANE 8.750 4,277.68 75
8.500 4,277.68 725,000.00
SCARSDALE NY 10583 1 06/13/96 00
1500206256 05 08/01/96 0
1500206256 O 07/01/26
0
1522528 074/074 F 224,000.00 ZZ
360 223,760.68 1
114 PROSPECT AVENUE 9.125 1,822.54 80
8.875 1,822.54 280,000.00
WOODMERE NY 11598 1 06/18/96 00
1500207420 05 08/01/96 0
1500207420 O 07/01/26
0
1522529 074/074 F 236,250.00 ZZ
360 235,962.74 1
57 FLEETS COVE ROAD 8.500 1,816.56 75
8.250 1,816.56 315,000.00
HUNTINGTON NY 11743 1 07/01/96 00
1500207850 05 08/01/96 0
1500207850 O 07/01/26
0
1522533 074/074 F 120,000.00 ZZ
360 119,864.42 1
128-35 235TH STREET 9.000 965.55 80
8.750 965.55 150,000.00
LAURELTON NY 11422 5 06/12/96 00
1500212340 05 08/01/96 0
1500212340 O 07/01/26
0
1
1522535 074/074 F 650,000.00 ZZ
360 649,406.95 1
STERLING LANE 9.875 5,644.27 61
9.625 5,644.27 1,075,000.00
UPPER BROOKVILL NY 11771 5 06/14/96 00
1500222081 05 08/01/96 0
1500222081 O 07/01/26
0
1522536 074/074 F 650,000.00 ZZ
360 649,437.69 1
59 ANNFIELD COURT 10.125 5,764.35 55
9.875 5,764.35 1,200,000.00
STATEN ISLAND NY 10305 5 06/26/96 00
1500222627 05 08/01/96 0
1500222627 O 07/01/26
0
1522537 074/074 F 79,300.00 ZZ
360 79,110.68 1
22 OAK AVENUE 8.625 616.79 65
8.375 616.79 122,000.00
CENTEREACH NY 11720 5 04/24/96 00
1500222729 05 06/01/96 0
1500222729 O 05/01/26
0
1522540 074/074 F 169,000.00 ZZ
360 168,783.73 1
30 DEYOUNG ROAD 8.250 1,269.64 70
8.000 1,269.64 244,000.00
GLEN ROCK NJ 07452 1 06/28/96 00
1511009814 05 08/01/96 0
1511009814 O 07/01/26
0
1522541 074/074 F 423,000.00 ZZ
360 422,472.32 1
3 FALCON RUN 8.375 3,215.11 80
8.125 3,215.11 533,000.00
KINNELON NJ 07403 1 06/20/96 00
1511019330 05 08/01/96 0
1511019330 O 07/01/26
0
1522542 074/074 F 50,000.00 ZZ
360 49,883.62 1
6 LEE AVENUE 8.750 393.36 74
8.500 393.36 68,000.00
1
BAY SHORE NY 11706 1 04/10/96 00
1576011436 05 06/01/96 0
1576011436 O 05/01/26
0
1522544 074/074 F 306,000.00 ZZ
360 305,637.38 1
7 VALLEYWOOD ROAD 8.625 2,380.04 90
8.375 2,380.04 340,000.00
GREENWICH CT 06807 1 06/21/96 01
1580032509 05 08/01/96 25
1580032509 O 07/01/26
0
1522545 074/074 F 243,400.00 ZZ
360 243,072.27 1
9 OLD ORCHARD ROAD 8.000 1,785.99 64
7.750 1,785.99 385,000.00
WESTPORT CT 06880 1 07/03/96 00
1587035550 05 08/01/96 0
1587035550 O 07/01/26
0
1522546 074/074 F 185,000.00 ZZ
360 184,775.06 1
13 VIRGINIA ROAD 8.500 1,422.49 74
8.250 1,422.49 250,000.00
MONTVILLE NJ 07045 1 06/27/96 00
1587036790 05 08/01/96 0
1587036790 O 07/01/26
0
1522548 074/074 F 292,500.00 ZZ
360 291,689.02 1
441 GRAND CONCOURSE 9.000 2,353.53 90
8.750 2,353.53 325,000.00
MIAMI SHORES FL 33138 1 04/05/96 21
1589041702 05 05/01/96 30
1589041702 O 04/01/26
0
1522549 074/074 F 243,200.00 ZZ
360 242,904.29 1
29 PEASE ROAD 8.500 1,870.00 80
8.250 1,870.00 304,000.00
WOODBRIDGE CT 06525 1 07/03/96 00
1817094200 05 08/01/96 0
1817094200 O 07/01/26
0
1
1522557 074/G01 F 1,000,000.00 ZZ
360 999,424.67 1
1042 WASHINGTON CROSSING ROAD 8.750 7,867.00 67
8.500 7,867.00 1,500,000.00
WASHINGTON CROS PA 18977 2 07/05/96 00
0430025601 05 09/01/96 0
1175036296 O 08/01/26
0
1522558 074/G01 F 472,000.00 ZZ
360 471,683.30 1
15140 GREENLEAF STREET 8.000 3,463.37 80
7.750 3,463.37 590,000.00
SHERMAN OAKS CA 91403 1 07/17/96 00
0430020768 05 09/01/96 0
1234000493 O 08/01/26
0
1522559 074/G01 F 68,000.00 ZZ
360 67,960.87 1
5133 HIGHLAND VIEW AVENUE 8.750 534.96 42
8.500 534.96 163,000.00
LOS ANGELES CA 90041 1 07/23/96 00
0430020826 05 09/01/96 0
1234000802 O 08/01/26
0
1522560 074/G01 F 225,150.00 ZZ
360 224,737.90 1
2406 LEGACY ISLAND CIRCLE 8.500 1,731.21 75
8.250 1,731.21 300,200.00
HENDERSON NV 89014 1 05/22/96 00
0430017707 03 07/01/96 0
1251112020 O 06/01/26
0
1522563 074/G01 F 168,000.00 ZZ
360 167,905.82 1
82 WEST HIGH COUNTRY ROAD 8.875 1,336.68 80
8.625 1,336.68 210,000.00
HERRIMAN UT 84065 5 07/12/96 00
0430024760 05 09/01/96 0
1496002425 O 08/01/26
0
1522565 074/G01 F 220,000.00 ZZ
360 219,206.53 1
1
11 OYSTER POINT 8.625 1,711.14 68
8.375 1,711.14 325,099.00
WARREN RI 02885 1 02/21/96 00
0430017897 01 04/01/96 0
1500170727 O 03/01/26
0
1522566 074/G01 F 225,900.00 ZZ
360 225,770.03 1
3704 QUAVE ROAD 8.750 1,777.16 90
8.500 1,777.16 251,000.00
OCEAN SPRINGS MS 39564 1 07/15/96 10
0430017319 05 09/01/96 25
1502031732 O 08/01/26
0
1522567 074/G01 F 283,200.00 ZZ
360 281,981.19 1
4828 HANGING MOSS LANE 7.750 2,028.88 80
LOT 22 7.500 2,028.88 354,000.00
SARASOTA FL 34238 2 02/23/96 00
0430018168 03 04/01/96 0
1503078979 O 03/01/26
0
1522568 074/G01 F 236,300.00 ZZ
360 235,769.43 1
255 DEL NORTE COURT 8.375 1,796.05 90
8.125 1,796.05 264,947.00
BOSQUE FARMS NM 87068 2 05/30/96 14
0430024695 05 07/01/96 25
1504043834 O 06/01/26
0
1522571 074/G01 F 266,250.00 ZZ
360 266,088.70 1
4029 GLENWOOD DRIVE 8.500 2,047.24 75
8.250 2,047.24 355,000.00
FORT WORTH TX 76109 1 07/29/96 00
0430017772 05 09/01/96 0
1504056064 O 08/01/26
0
1522574 074/G01 F 332,000.00 ZZ
360 331,596.33 1
14360 LAKEVIEW DRIVE 8.500 2,552.79 80
5222527C 8.250 2,552.79 415,000.00
CLIVE IA 50325 1 07/23/96 00
0430024745 05 08/01/96 0
1
1505035478 O 07/01/26
0
1522575 074/G01 F 235,000.00 ZZ
360 234,695.61 1
151 SAYLESVILLE DR 8.625 1,827.81 71
8.375 1,827.81 335,000.00
CHESTERFIELD MO 63017 5 07/11/96 00
0430017855 03 08/01/96 0
1505037484 O 07/01/26
0
1522576 074/G01 F 232,750.00 ZZ
360 231,635.30 1
825 VENEZIA AVENUE 8.875 1,851.86 95
8.625 1,851.86 245,000.00
VENICE AREA CA 90291 1 04/22/96 11
0430024653 05 06/01/96 30
1506122512 O 05/01/26
0
1522577 074/G01 F 112,000.00 ZZ
360 111,941.93 1
RD2 BOX 122-A 9.250 921.40 80
9.000 921.40 140,000.00
WAYNESBURG PA 15370 5 07/09/96 00
0430025619 05 09/01/96 0
1506140864 O 08/01/26
0
1522578 074/G01 F 597,600.00 ZZ
360 597,256.17 1
4984 BREWSTER DRIVE 8.750 4,701.33 80
8.500 4,701.33 747,000.00
LOS ANGELES CA 91356 1 07/18/96 00
0430020818 05 09/01/96 0
1506141867 O 08/01/26
0
1522579 074/G01 F 344,000.00 ZZ
360 343,791.60 1
915 ALAMEDA BOULEVARD 8.500 2,645.07 80
8.250 2,645.07 430,000.00
CORONADO CA 92118 1 07/05/96 00
0430020842 05 09/01/96 0
1506144672 O 08/01/26
0
1
1522580 074/G01 F 104,000.00 ZZ
360 103,948.84 1
3250 JENNELLA 9.500 874.49 74
9.250 874.49 141,000.00
COMMERCE TWNSHP MI 48390 1 07/23/96 00
0430018432 05 09/01/96 0
1507154310 O 08/01/26
0
1522581 074/G01 F 235,000.00 ZZ
360 234,865.35 1
7796 JOHNSTOWN ALEXAN 8.875 1,869.77 75
8.625 1,869.77 314,000.00
JOHNSTOWN OH 43031 5 06/28/96 00
0430020800 05 09/01/96 0
1507156542 O 08/01/26
0
1522582 074/G01 F 387,000.00 ZZ
360 386,564.47 1
13718 WILLOW TREE DR 8.875 3,079.15 90
8.625 3,079.15 430,000.00
ROCKVILLE MD 20850 1 07/03/96 14
0430020628 03 08/01/96 25
1507160233 O 07/01/26
0
1522583 074/G01 F 300,000.00 ZZ
360 298,526.03 1
5221 WINDWARD WAY 7.875 2,175.21 76
7.625 2,175.21 395,000.00
EDMOND OK 73013 2 01/16/96 00
0430020602 03 03/01/96 0
1510037279 O 02/01/26
0
1522585 074/G01 F 145,000.00 ZZ
360 144,836.81 1
3420 PINETREE DRIVE 8.875 1,153.69 54
8.625 1,153.69 270,000.00
SMYRNA GA 30080 5 06/24/96 00
0430020792 05 08/01/96 0
1511021434 O 07/01/26
0
1522586 074/G01 F 480,000.00 ZZ
360 479,473.65 1
23 STILLWATER TRACE 9.000 3,862.19 80
8.750 3,862.19 600,000.00
1
GRIFFIN GA 30223 2 06/28/96 00
0430025627 05 08/01/96 0
1511023939 O 07/01/26
0
1522588 074/G01 F 171,250.00 ZZ
360 171,161.22 1
1238 NEWBRIDGE TRACE 9.250 1,408.83 72
9.000 1,408.83 240,000.00
ATLANTA GA 30319 2 07/08/96 00
0430024851 09 09/01/96 0
1511028557 O 08/01/26
0
1522589 074/G01 F 329,600.00 ZZ
360 327,728.80 1
1142 EAST CLUB LANE 8.125 2,447.27 80
7.875 2,447.27 412,000.00
ATLANTA GA 30319 1 04/04/96 00
0430024828 05 06/01/96 0
1511033830 O 05/01/26
0
1522590 074/G01 F 212,600.00 ZZ
360 211,823.60 1
275 CARLYN AVENUE 8.000 1,559.98 80
7.750 1,559.98 265,750.00
CAMPBELL CA 95008 1 04/17/96 00
0430020644 05 06/01/96 0
1512005047 O 05/01/26
0
1522591 074/G01 F 149,500.00 T
360 149,169.67 1
76-6249 KUPUNA STREET 9.000 1,202.91 65
8.750 1,202.91 230,000.00
KAILUA-KONA HI 96740 1 04/12/96 00
0430024810 05 06/01/96 0
1512008191 O 05/01/26
0
1522592 074/G01 F 418,700.00 ZZ
360 418,459.11 1
9833 RIDGE ROCK COURT 8.750 3,293.91 86
8.500 3,293.91 492,511.00
LAS VEGAS NV 89134 4 07/03/96 01
0430025080 05 09/01/96 12
1512015594 O 08/01/26
0
1
1522593 074/G01 F 500,000.00 ZZ
360 499,733.92 1
10419 NORTH 57TH STREET 9.125 4,068.16 55
8.875 4,068.16 915,000.00
SCOTTSDALE AZ 85253 5 07/11/96 00
0430024786 05 09/01/96 0
1512017818 O 08/01/26
0
1522594 074/G01 F 299,900.00 ZZ
360 299,553.66 1
4333 ROSS DRIVE 8.750 2,359.31 80
8.500 2,359.31 374,900.00
RENO NV 89509 1 06/27/96 00
0430024752 05 08/01/96 0
1512020266 O 07/01/26
0
1522595 074/G01 F 285,000.00 ZZ
360 284,848.33 1
1360 EDINBORO DRIVE 9.125 2,318.86 80
8.875 2,318.86 360,000.00
BOULDER CO 80303 2 06/28/96 00
0430024737 05 09/01/96 0
1513009735 O 08/01/26
0
1522596 074/G01 F 247,500.00 ZZ
360 247,069.70 1
13131 EAST COUNTY LINE ROAD 8.750 1,947.08 75
8.500 1,947.08 330,000.00
LONGMONT CO 80501 2 05/20/96 00
0430017996 05 07/01/96 0
1513021865 O 06/01/26
0
1522598 074/G01 F 270,000.00 ZZ
360 269,505.80 1
16933 INGLEWOOD ROAD NORTHEAST 8.500 2,076.07 63
8.250 2,076.07 430,000.00
BOTHELL WA 98011 1 05/06/96 00
0430024729 05 07/01/96 0
1513033810 O 06/01/26
0
1522599 074/G01 F 251,150.00 ZZ
360 250,997.85 1
1
3406 CHERRYSTONE COURT 8.500 1,931.13 80
8.250 1,931.13 314,000.00
FORT COLLINS CO 80525 1 07/30/96 00
0430025635 03 09/01/96 0
1513033988 O 08/01/26
0
1522600 074/G01 F 275,000.00 ZZ
360 274,841.78 1
2727 103RD AVENUE SOUTHEAST 8.750 2,163.43 56
8.500 2,163.43 497,000.00
BEAUX ARTS WA 98004 1 07/12/96 00
0430020867 05 09/01/96 0
1513039146 O 08/01/26
0
1522602 074/G01 F 525,000.00 ZZ
360 524,665.22 1
3434 21ST STREET 8.250 3,944.15 75
8.000 3,944.15 700,000.00
SAN FRANCISCO CA 94110 5 07/19/96 00
0430017913 05 09/01/96 0
1561322228 O 08/01/26
0
1522603 074/G01 F 227,200.00 ZZ
360 226,930.76 1
1035 HAMILTON AVENUE 8.625 1,767.14 80
8.375 1,767.14 284,000.00
MILPITAS CA 95035 1 06/05/96 00
0430020743 05 08/01/96 0
1561330510 O 07/01/26
0
1522604 074/G01 F 392,000.00 ZZ
360 391,768.56 1
266 LOYOLA DRIVE 8.625 3,048.94 80
8.375 3,048.94 490,000.00
MILLBRAE CA 94030 5 07/12/96 00
0430020875 05 09/01/96 0
1561332174 O 08/01/26
0
1522605 074/G01 F 636,000.00 ZZ
360 635,604.69 1
3216 WOODSIDE ROAD 8.375 4,834.06 80
8.125 4,834.06 795,000.00
WOODSIDE CA 94062 1 07/29/96 00
0430025643 05 09/01/96 0
1
1561332414 O 08/01/26
0
1522606 074/G01 F 224,000.00 ZZ
360 223,864.30 1
110 QUARRY LANE 8.500 1,722.37 54
8.250 1,722.37 415,000.00
SANTA CRUZ CA 95066 1 07/22/96 00
0430020883 03 09/01/96 0
1561333144 O 08/01/26
0
1522607 074/G01 F 242,100.00 ZZ
360 240,769.67 1
3354 BURRITT WAY 8.000 1,776.45 90
7.750 1,776.45 269,000.00
GLENDALE CA 91214 1 12/01/95 10
0430025023 05 02/01/96 25
1562142040 O 01/01/26
0
1522608 074/G01 F 650,000.00 ZZ
360 649,541.24 1
604 23RD STREET 7.750 4,656.68 64
7.500 4,656.68 1,025,000.00
SANTA MONICA CA 90402 2 07/03/96 00
0430020735 05 09/01/96 0
1562159825 O 08/01/26
0
1522609 074/G01 F 233,700.00 ZZ
360 233,562.02 1
6238 ACACIA STREET 8.625 1,817.70 95
8.375 1,817.70 246,000.00
LOS ANGELES CA 90056 1 07/08/96 04
0430025007 05 09/01/96 30
1562161769 O 08/01/26
0
1522610 074/G01 F 345,900.00 ZZ
360 345,695.78 1
4910 SKYLINE ROAD 8.625 2,690.38 80
8.375 2,690.38 432,429.00
RANCHO CUCAMONG CA 91701 1 07/16/96 00
0430020917 05 09/01/96 0
1562161791 O 08/01/26
0
1
1522611 074/G01 F 455,000.00 ZZ
360 453,968.28 1
1509 GUILFORD LANE 8.875 3,620.19 75
8.625 3,620.19 609,000.00
OKLAHOMA CITY OK 73120 2 04/12/96 00
0430025650 05 06/01/96 0
1563115687 O 05/01/26
0
1522612 074/G01 F 245,000.00 ZZ
360 244,717.05 1
14524 SALEM CREEK ROAD 8.750 1,927.42 74
8.500 1,927.42 333,000.00
OKLAHOMA CITY OK 73013 2 06/14/96 00
0430024976 03 08/01/96 0
1563122412 O 07/01/26
0
1522613 074/G01 F 256,050.00 ZZ
360 255,902.68 1
1800 CROSSBOW 8.750 2,014.35 90
8.500 2,014.35 287,000.00
EDMOND OK 73034 1 07/22/96 01
0430017939 03 09/01/96 25
1563125115 O 08/01/26
0
1522615 074/G01 F 231,950.00 ZZ
360 231,809.48 1
2006 FALCON RIDGE DRIVE 8.500 1,783.50 80
8.250 1,783.50 289,950.00
PETALUMA CA 94954 1 07/25/96 00
0430017681 03 09/01/96 0
1563127631 O 08/01/26
0
1522618 074/G01 F 296,800.00 ZZ
360 296,256.75 1
19512 NE 129TH WAY 8.500 2,282.14 80
8.250 2,282.14 371,000.00
WOODINVILLE WA 98072 1 05/28/96 00
0430024869 03 07/01/96 0
1565132790 O 06/01/26
0
1522619 074/G01 F 283,950.00 ZZ
360 283,604.74 1
16625 178TH AVENUE NORTHEAST 8.500 2,183.33 90
8.250 2,183.33 315,500.00
1
WOODINVILLE WA 98072 1 06/10/96 10
0430024844 05 08/01/96 25
1565132916 O 07/01/26
0
1522620 074/G01 F 279,300.00 ZZ
360 279,130.79 1
21725 EASTMONT DRIVE 8.500 2,147.58 95
8.250 2,147.58 296,000.00
BEND OR 97701 1 07/15/96 10
0430019240 05 09/01/96 30
1565134183 O 08/01/26
0
1522622 074/G01 F 124,000.00 ZZ
360 123,920.44 1
7705 184TH AVENUE EAS 8.375 942.49 80
8.125 942.49 155,000.00
BONNEY LAKE WA 98390 5 07/10/96 00
0430024992 05 09/01/96 0
1565134820 O 08/01/26
0
1522623 074/G01 F 109,200.00 ZZ
360 109,144.85 1
447 SOUTHWEST 67TH STREET 9.375 908.28 65
9.125 908.28 168,000.00
REDMOND OR 97756 5 07/08/96 00
0430020891 05 09/01/96 0
1565134977 O 08/01/26
0
1522624 074/G01 F 225,000.00 ZZ
360 224,873.85 1
15480 SOUTHWIND LANE 8.875 1,790.21 90
8.625 1,790.21 250,000.00
BROOKINGS OR 97415 1 07/11/96 12
0430024984 05 09/01/96 25
1565135084 O 08/01/26
0
1522625 074/G01 F 450,000.00 ZZ
360 449,727.38 1
3400 W LK SAMMAMISH PKWY SE 8.500 3,460.12 69
8.250 3,460.12 655,000.00
BELLEVUE WA 98008 2 07/24/96 00
0430020941 05 09/01/96 0
1565135404 O 08/01/26
0
1
1522627 074/G01 F 109,500.00 ZZ
360 109,373.54 1
205 THIRD STREET 6 8.750 861.44 79
8.500 861.44 140,000.00
ATLANTA GA 30308 2 06/12/96 00
0430020859 01 08/01/96 0
1566070778 O 07/01/26
0
1522628 074/G01 F 284,000.00 ZZ
360 282,478.03 1
10205 SAUNDERS DRIVE 8.125 2,108.70 87
7.875 2,108.70 330,000.00
SAN DIEGO CA 92131 2 12/12/95 10
0430022046 05 02/01/96 25
1567144100 O 01/01/26
0
1522629 074/G01 F 242,250.00 ZZ
360 242,110.62 1
12120 BRANICOLE LANE 8.750 1,905.79 95
8.500 1,905.79 255,000.00
SAN DIEGO CA 92129 1 07/22/96 10
0430023093 03 09/01/96 30
1567164980 O 08/01/26
0
1522630 074/G01 F 376,000.00 ZZ
360 375,754.04 1
12899 HARWICK LANE 8.125 2,791.79 80
7.875 2,791.79 470,000.00
SAN DIEGO CA 92130 1 07/17/96 00
0430020719 05 09/01/96 0
1567165698 O 08/01/26
0
1522631 074/G01 F 424,000.00 ZZ
360 423,756.06 1
240 COAST BOULEVARD #B1 8.750 3,335.61 80
8.500 3,335.61 530,000.00
SAN DIEGO CA 92037 1 07/26/96 00
0430018507 01 09/01/96 0
1567165870 O 08/01/26
0
1522633 074/G01 F 178,000.00 ZZ
360 177,889.36 1
1
3635 NORTH SABINO CREEK PLACE 8.375 1,352.93 79
8.125 1,352.93 226,000.00
TUCSON AZ 85750 2 07/31/96 00
0430018044 03 09/01/96 0
1569147960 O 08/01/26
0
1522634 074/G01 F 360,000.00 ZZ
360 358,949.14 1
712 SHORELINE CIRCLE 8.750 2,832.13 80
8.500 2,832.13 450,000.00
EL DORADO HILLS CA 95762 1 03/21/96 00
0430020701 03 05/01/96 0
1573147329 O 04/01/26
0
1522635 074/G01 F 84,500.00 ZZ
360 84,293.02 1
7522 DEVONSHIRE LANE 8.500 649.74 63
8.250 649.74 134,500.00
RENO NV 89511 1 04/25/96 00
0430024950 03 06/01/96 0
1573149620 O 05/01/26
0
1522636 074/G01 F 275,200.00 ZZ
360 275,028.95 1
4 EUCALYPTUS LANE 8.375 2,091.72 95
8.125 2,091.72 289,705.00
SAN RAMON CA 94583 1 07/17/96 04
0430024927 03 09/01/96 30
1573152464 O 08/01/26
0
1522637 074/G01 F 244,800.00 ZZ
360 244,651.69 1
6 BRYN MAWR COURT 8.500 1,882.31 90
8.250 1,882.31 272,000.00
SAN RAMON CA 94583 1 07/01/96 04
0430024919 05 09/01/96 25
1573152850 O 08/01/26
0
1522638 074/G01 F 242,100.00 ZZ
240 241,348.95 1
9614 WEST 128TH TERRACE 8.750 2,139.47 80
8.500 2,139.47 302,671.00
OVERLAND PARK KS 66213 1 06/06/96 00
0430022715 03 08/01/96 0
1
1576015710 O 07/01/16
0
1522639 074/G01 F 352,000.00 ZZ
360 351,792.18 1
7269 HOWARD LANE 8.625 2,737.82 80
8.375 2,737.82 440,000.00
EDEN PRAIRIE MN 55346 1 08/02/96 00
0430020693 05 09/01/96 0
1576021859 O 08/01/26
0
1522640 074/G01 F 347,400.00 ZZ
360 345,442.76 1
10051 ROBINSON CHURCH ROAD 7.875 2,518.90 90
7.625 2,518.90 386,000.00
HARRISBURG NC 28075 2 12/27/95 10
0430017889 05 02/01/96 25
1577025447 O 01/01/26
0
1522641 074/G01 F 264,000.00 T
360 263,516.78 1
5303 HAMPTON PLACE SOUTH 8.500 2,029.94 80
8.250 2,029.94 330,000.00
HILTON HEAD ISL SC 29928 1 05/16/96 00
0430018200 08 07/01/96 0
1577039500 O 06/01/26
0
1522642 074/G01 F 206,250.00 ZZ
360 205,757.62 1
3100 RUNNING BROOK ROAD 8.625 1,604.20 75
8.375 1,604.20 275,000.00
ELIZABETH CO 80107 1 04/30/96 00
0430019828 05 06/01/96 0
1579022100 O 05/01/26
0
1522643 074/G01 F 275,000.00 ZZ
360 274,849.78 1
1850 N HARD WINTER LANE 9.000 2,212.72 60
8.750 2,212.72 460,000.00
JACKSON WY 83001 5 07/22/96 00
0430022731 05 09/01/96 0
1579024922 O 08/01/26
0
1
1522644 074/G01 F 382,400.00 ZZ
360 382,174.23 1
19135 BRETON PLACE 8.625 2,974.27 90
8.375 2,974.27 424,962.00
MONUMENT CO 80132 1 07/29/96 10
0430018861 03 09/01/96 25
1579025470 O 08/01/26
0
1522645 074/G01 F 280,000.00 ZZ
360 279,659.54 1
463 EAST 1450 NORTH 8.500 2,152.96 74
8.250 2,152.96 380,000.00
OREM UT 84057 1 06/28/96 00
0430022772 05 08/01/96 0
1579026860 O 07/01/26
0
1522646 074/G01 F 78,400.00 ZZ
360 78,356.04 1
3750 SOUTH GRANGER DRIVE 8.875 623.79 80
8.625 623.79 98,000.00
WEST VALLEY UT 84119 5 07/26/96 00
0430025213 05 09/01/96 0
1579027851 O 08/01/26
0
1522647 074/G01 F 348,000.00 ZZ
360 347,789.18 1
6510 COUNTY ROAD 146 8.500 2,675.82 80
8.250 2,675.82 435,000.00
ELIZABETH CO 80107 1 07/30/96 00
0430022798 05 09/01/96 0
1579028480 O 08/01/26
0
1522648 074/G01 F 67,200.00 ZZ
360 67,159.29 1
1071 NORTH VALENTINE STREET 8.500 516.71 80
8.250 516.71 84,000.00
SALT LAKE CITY UT 84116 2 07/26/96 00
0430022277 05 09/01/96 0
1579028581 O 08/01/26
0
1522650 074/G01 F 72,000.00 ZZ
360 71,962.67 1
362 WEST STREET 9.250 592.33 60
9.000 592.33 120,000.00
1
RANDOLPH MA 02368 5 07/26/96 00
0430022491 05 09/01/96 0
1580033319 O 08/01/26
0
1522652 074/G01 F 600,000.00 ZZ
360 599,288.97 1
341 PINE RIDGE DRIVE 8.625 4,666.74 71
8.375 4,666.74 849,000.00
BLOOMFIELD HILL MI 48324 1 07/01/96 00
0430020636 03 08/01/96 0
1581042439 O 07/01/26
0
1522653 074/G01 F 127,850.00 ZZ
360 127,723.72 1
39462 CHAMPION COURT 9.500 1,075.04 75
9.250 1,075.04 170,505.00
NORTHVILLE MI 48167 1 06/11/96 00
0430024133 01 08/01/96 0
1581053210 O 07/01/26
0
1522654 074/G01 F 247,900.00 ZZ
360 247,606.21 1
17975 CARDINAL 8.625 1,928.15 80
8.375 1,928.15 309,900.00
GROSSE ILE MI 48138 1 06/17/96 00
0430020651 05 08/01/96 0
1581053672 O 07/01/26
0
1522656 074/G01 F 378,000.00 ZZ
360 377,823.64 1
9910 NW 45 STREET 9.750 3,247.61 90
9.500 3,247.61 420,000.00
CORAL SPRINGS FL 33065 1 07/17/96 11
0430017962 05 09/01/96 25
1581056182 O 08/01/26
0
1522657 074/G01 F 281,000.00 ZZ
360 280,861.77 1
219 LAKE SHORE DRIVE 9.500 2,362.81 80
9.250 2,362.81 354,991.00
HOWELL MI 48843 1 07/18/96 00
0430018077 03 09/01/96 0
1581056218 O 08/01/26
0
1
1522658 074/G01 F 133,000.00 T
360 132,861.57 1
2970 DOLPHIN DRIVE 9.250 1,094.16 70
9.000 1,094.16 190,000.00
MARATHON FL 33050 1 06/28/96 00
0430020750 05 08/01/96 0
1581057094 O 07/01/26
0
1522659 074/G01 F 49,600.00 ZZ
360 49,570.71 1
5956 WILLIAM 8.625 385.79 80
8.375 385.79 62,000.00
TAYLOR MI 48180 5 07/11/96 00
0430020974 05 09/01/96 0
1581057990 O 08/01/26
0
1522660 074/G01 F 268,000.00 ZZ
360 267,853.61 1
7304 SCOTTS LANE 9.000 2,156.39 73
8.750 2,156.39 368,000.00
CRYSTAL LAKE IL 60014 1 07/05/96 00
0430022426 05 09/01/96 0
1583028370 O 08/01/26
0
1522661 074/G01 F 111,200.00 ZZ
360 111,140.82 1
3512 EAST DOGWOOD CIRCLE 9.125 904.76 80
8.875 904.76 139,000.00
LAGRANGE KY 40031 5 07/22/96 00
0430022368 05 09/01/96 0
1585031183 O 08/01/26
0
1522662 074/G01 F 135,000.00 ZZ
360 134,765.28 1
3123 O STREET S.E. 8.750 1,062.05 75
8.500 1,062.05 180,000.00
WASHINGTON DC 20020 2 05/06/96 00
0430022335 05 07/01/96 0
1587031016 O 06/01/26
0
1522663 074/G01 F 226,250.00 ZZ
360 226,001.91 1
1
12811 COUNTRY GLEN DRIVE 9.000 1,820.46 80
8.750 1,820.46 282,835.00
COOPER CITY FL 33330 1 06/20/96 00
0430022228 05 08/01/96 0
1589053268 O 07/01/26
0
1522664 074/G01 F 95,000.00 ZZ
360 94,948.10 1
19195 MYSTIC POINTE DRIVE 9.000 764.40 68
UNIT 2002 8.750 764.40 140,000.00
NORTH MIAMI BEA FL 33180 1 07/26/96 00
0430018887 01 09/01/96 0
1589056539 O 08/01/26
0
1522665 074/G01 F 346,500.00 ZZ
360 346,267.50 2
637 MINORCA AVENUE 8.000 2,542.50 90
7.750 2,542.50 385,000.00
CORAL GABLES FL 33134 1 07/22/96 14
0430022343 05 09/01/96 25
1589059402 O 08/01/26
0
1522667 074/G01 F 108,750.00 ZZ
360 108,693.62 1
7304 PARK DRIVE 9.250 894.66 75
9.000 894.66 145,000.00
TAMPA FL 33610 1 07/30/96 00
0430025130 05 09/01/96 0
1589059956 O 08/01/26
0
1522668 074/G01 F 487,500.00 ZZ
360 487,272.56 1
9321 SW 93RD STREET 9.750 4,188.38 75
9.500 4,188.38 650,000.00
MIAMI FL 33176 1 07/10/96 00
0430020727 05 09/01/96 0
1589060467 O 08/01/26
0
1522670 074/G01 F 50,600.00 ZZ
360 50,573.76 1
10362 SW 208 LANE 9.250 416.28 75
9.000 416.28 67,500.00
MIAMI FL 33189 1 07/24/96 00
0430025114 09 09/01/96 0
1
1589061732 O 08/01/26
0
1522671 074/G01 F 460,000.00 ZZ
360 459,735.34 1
468 ROVINO AVENUE 8.750 3,618.83 80
8.500 3,618.83 575,000.00
CORAL GABLES FL 33156 5 07/26/96 00
0430022756 05 09/01/96 0
1589062553 O 08/01/26
0
1522672 074/G01 F 318,400.00 ZZ
360 317,846.41 1
1851 MAR WEST STREET 8.750 2,504.86 80
8.500 2,504.86 398,000.00
TIBURON CA 94920 1 05/06/96 00
0430025668 05 07/01/96 0
1595002319 O 06/01/26
0
1522673 074/G01 F 440,000.00 ZZ
360 439,529.90 1
1070 PESCADOR 9.125 3,579.99 67
8.875 3,579.99 665,000.00
NEWPORT BEACH CA 92660 1 06/28/96 00
0430018333 03 08/01/96 0
1595004711 O 07/01/26
0
1522674 074/G01 F 360,000.00 ZZ
360 359,787.45 1
2909 JACKSON STREET 8.625 2,800.05 65
8.375 2,800.05 560,000.00
SAN FRANCISCO CA 94118 1 07/25/96 00
0430020933 01 09/01/96 0
1595005882 O 08/01/26
0
1522676 074/G01 F 225,000.00 ZZ
360 224,863.69 1
35 BLACKBIRD LANE 8.500 1,730.06 79
8.250 1,730.06 285,000.00
LAGUNA BEACH CA 92656 2 07/16/96 00
0430025676 03 09/01/96 0
1595006262 O 08/01/26
0
1
1522677 074/G01 F 279,300.00 ZZ
360 279,139.30 1
2539 CUNNINGHAM COURT 8.750 2,197.26 95
8.500 2,197.26 294,000.00
ORANGE CA 92667 1 07/17/96 10
0430025106 05 09/01/96 30
1595006692 O 08/01/26
0
1522678 074/G01 F 390,000.00 ZZ
360 389,115.67 1
2759 SEAHORSE AVE 8.875 3,103.02 75
8.625 3,103.02 520,000.00
VENTURA CA 93001 1 04/11/96 00
0430020909 05 06/01/96 0
1596000261 O 05/01/26
0
1522679 074/G01 F 360,000.00 ZZ
360 359,357.75 1
2916 OAKHURST AVENUE 8.625 2,800.05 88
8.375 2,800.05 411,000.00
LOS ANGELES CA 90034 2 05/24/96 10
0430021857 05 07/01/96 25
1596002198 O 06/01/26
0
1522680 074/G01 F 440,000.00 ZZ
360 439,740.22 1
4848 LOS FELIZ BOULEVARD 8.625 3,422.28 80
8.375 3,422.28 550,000.00
LOS ANGELES CA 90027 1 07/30/96 00
0430025684 05 09/01/96 0
1596005458 O 08/01/26
0
1522681 074/G01 F 256,800.00 ZZ
360 256,652.25 1
90 MOLLISON DRIVE 8.750 2,020.25 80
8.500 2,020.25 321,000.00
SIMI VALLEY CA 93065 1 07/15/96 00
0430020925 03 09/01/96 0
1596006756 O 08/01/26
0
1522682 074/G01 F 246,400.00 ZZ
360 246,234.67 1
11450 GENTLEWOOD DRIVE 8.000 1,808.00 80
7.750 1,808.00 308,000.00
1
MOORPARK CA 93021 1 07/18/96 00
0430020669 05 09/01/96 0
1596007497 O 08/01/26
0
1522683 074/G01 F 975,000.00 ZZ
360 974,439.04 1
444 SOUTH LORRAINE BOULEVARD 8.750 7,670.33 75
8.500 7,670.33 1,300,000.00
LOS ANGELES CA 90020 2 07/19/96 00
0430024059 05 09/01/96 0
1596007657 O 08/01/26
0
1522684 074/G01 F 650,000.00 ZZ
360 649,626.02 1
1849 MISSION RIDGE ROAD 8.750 5,113.56 77
8.500 5,113.56 850,000.00
SANTA BARBARA CA 93103 2 07/19/96 00
0430020677 05 09/01/96 0
1596007690 O 08/01/26
0
1522686 074/G01 F 100,400.00 ZZ
360 100,178.16 1
1030 TREE SHADES DR 9.000 807.84 65
8.750 807.84 156,125.00
ST PETERS MO 63376 1 05/02/96 00
0430017731 03 06/01/96 0
1632015828 O 05/01/26
0
1522687 074/G01 F 291,920.00 ZZ
360 291,747.66 1
1 BLUE JAY DRIVE 8.625 2,270.52 80
8.375 2,270.52 364,900.00
CONCORD MA 01742 1 07/08/96 00
0430021980 05 09/01/96 0
1810001619 O 08/01/26
0
1522688 074/G01 F 292,500.00 ZZ
360 291,978.20 1
12 LAFOY STREET 8.625 2,275.03 75
8.375 2,275.03 390,000.00
CLAYTON NC 27520 5 05/24/96 00
0430025098 03 07/01/96 0
1841106338 O 06/01/26
0
1
1522691 147/G01 F 396,000.00 ZZ
360 395,740.96 1
10300 VIRETTA LANE 8.125 2,940.29 80
7.875 2,940.29 495,000.00
LOS ANGELES CA 90077 1 06/27/96 00
0430023705 05 09/01/96 0
641562 O 08/01/26
0
1522692 147/G01 F 204,000.00 ZZ
360 203,891.43 1
7 FIRE PRINCESS COURT 9.125 1,659.82 80
8.875 1,659.82 255,000.00
ROCKVILLE MD 20852 1 07/26/96 00
0430022665 09 09/01/96 0
767260 O 08/01/26
0
1522694 147/G01 F 266,400.00 ZZ
360 266,225.73 1
46917 FOXSTONE PLACE 8.125 1,978.02 80
7.875 1,978.02 333,000.00
STERLING VA 20165 1 07/30/96 00
0430023689 09 09/01/96 0
496518 O 08/01/26
0
1522695 074/074 F 330,000.00 ZZ
360 329,588.34 1
27 ROLLING RIDGE ROAD 8.375 2,508.24 51
8.125 2,508.24 652,062.00
WHITE PLAINS NY 10605 1 06/20/96 00
1106002251 05 08/01/96 0
1106002251 O 07/01/26
0
1522696 074/074 F 94,000.00 ZZ
360 93,781.29 1
1520 ROUTE 212 8.750 739.50 75
8.500 739.50 126,000.00
SAUGERTIES NY 12477 2 04/24/96 00
1107008388 05 06/01/96 0
1107008388 O 05/01/26
0
1522697 074/074 F 126,350.00 ZZ
360 126,282.76 1
1
ROUTE 209 9.125 1,028.03 75
(TOWN OF MARBLETOWN) 8.875 1,028.03 168,500.00
STONE RIDGE NY 12484 1 07/22/96 00
1107012410 05 09/01/96 0
1107012410 O 08/01/26
0
1522699 074/074 F 221,250.00 ZZ
360 220,273.77 1
64 LOCUST AVENUE 7.625 1,566.00 74
7.375 1,566.00 300,000.00
SCARSDALE NY 10583 1 02/29/96 00
1111027524 05 04/01/96 0
1111027524 O 03/01/26
0
1522700 074/074 F 225,000.00 ZZ
360 223,921.76 1
98 POPLAR STREET 8.000 1,650.98 69
7.750 1,650.98 330,000.00
GARDEN CITY NY 11530 2 01/26/96 00
1111027580 05 03/01/96 0
1111027580 O 02/01/26
0
1522701 074/074 F 682,500.00 ZZ
360 680,368.41 1
GYPSY TRAIL ROAD AKA GIPSY TR 8.750 5,369.24 69
TOWN OF KENT 8.500 5,369.24 990,000.00
CARMEL NY 10512 1 04/15/96 00
1111031703 05 06/01/96 0
1111031703 O 05/01/26
0
1522702 074/074 F 300,000.00 ZZ
360 299,166.00 1
160 EAST 38TH STREET 7.875 2,175.21 75
APT. 22H 7.625 2,175.21 405,000.00
NEW YORK NY 10016 1 04/08/96 00
1111034064 13 06/01/96 0
1111034064 O 05/01/26
0
1522703 074/074 F 400,000.00 ZZ
360 398,771.22 1
15 THE CROSSINGS 7.375 2,762.71 43
7.125 2,762.71 950,000.00
PURCHASE NY 10577 1 04/15/96 00
1111034111 03 06/01/96 0
1
1111034111 O 05/01/26
0
1522705 074/074 F 380,000.00 ZZ
360 379,286.44 1
582 4TH STREET 8.375 2,888.28 80
8.125 2,888.28 475,000.00
BROOKLYN NY 11215 1 05/06/96 00
1111036649 07 07/01/96 0
1111036649 O 06/01/26
0
1522706 074/074 F 360,000.00 ZZ
360 359,140.58 1
8 JERICHO LANE 8.625 2,800.05 52
8.375 2,800.05 700,000.00
EAST HAMPTON NY 11937 2 04/03/96 00
1111037845 05 06/01/96 0
1111037845 O 05/01/26
0
1522707 074/074 F 207,000.00 ZZ
360 206,630.70 1
33 DOLPHIN LANE 8.625 1,610.03 70
8.375 1,610.03 297,000.00
NORTHPORT NY 11768 2 05/17/96 00
1111037914 05 07/01/96 0
1111037914 O 06/01/26
0
1522709 074/074 F 140,000.00 ZZ
360 139,825.34 1
159 WEST VALLEY STREM BLVD 8.375 1,064.11 69
8.125 1,064.11 203,000.00
VALLEY STREAM NY 11580 1 06/21/96 00
1111038622 05 08/01/96 0
1111038622 O 07/01/26
0
1522710 074/074 F 229,000.00 ZZ
360 228,394.70 2
12-38 118TH STREET 8.125 1,700.32 95
7.875 1,700.32 242,000.00
COLLEGE POINT NY 11356 1 04/04/96 11
1111040409 07 06/01/96 25
1111040409 O 05/01/26
0
1
1522711 074/074 F 350,000.00 ZZ
360 349,142.81 1
2 VICTOR LANE 8.500 2,691.20 76
8.250 2,691.20 465,000.00
WOODBURY NY 11797 1 04/12/96 00
1111040974 05 06/01/96 0
1111040974 O 05/01/26
0
1522713 074/074 F 262,500.00 ZZ
360 262,219.54 1
2 BUSCHER COURT 9.125 2,135.79 75
8.875 2,135.79 350,000.00
BROOKHAVEN NY 11719 5 05/28/96 00
1111042153 05 08/01/96 0
1111042153 O 07/01/26
0
1522714 074/074 F 227,250.00 ZZ
360 226,147.85 1
39 HULDA HILL ROAD 7.875 1,647.73 75
7.625 1,647.73 303,000.00
WILTON CT 06897 1 04/15/96 00
1111043305 05 06/01/96 0
1111043305 O 05/01/26
0
1522716 074/074 F 136,800.00 ZZ
360 136,529.70 1
46 8TH STREET 8.125 1,015.74 75
7.875 1,015.74 182,500.00
LOCUST VALLEY NY 11560 1 05/10/96 00
1111043418 05 07/01/96 0
1111043418 O 06/01/26
0
1522717 074/074 F 78,750.00 ZZ
360 78,506.11 1
11093 JOHN COURT 8.750 619.53 75
8.500 619.53 105,000.00
ALDEN NY 14004 1 04/15/96 00
1111043429 05 06/01/96 0
1111043429 O 05/01/26
0
1522719 074/074 F 270,000.00 ZZ
360 269,703.91 1
77 ORCHARD STREET 9.000 2,172.49 75
8.750 2,172.49 360,000.00
1
MANHASSET NY 11030 1 06/28/96 00
1111043961 09 08/01/96 0
1111043961 O 07/01/26
0
1522720 074/074 F 100,000.00 ZZ
360 99,830.55 1
1719 SPENCER AVENUE 8.875 795.65 43
8.625 795.65 236,000.00
NORTH MERRICK NY 11566 1 05/17/96 00
1111046926 05 07/01/96 0
1111046926 O 06/01/26
0
1522722 074/074 F 122,500.00 ZZ
360 122,351.05 1
APT 4D, 6 BROOKLANDS 8.500 941.92 50
8.250 941.92 245,000.00
BRONXVILLE NY 10708 1 06/07/96 00
1111048105 13 08/01/96 0
1111048105 O 07/01/26
0
1522723 074/074 F 106,100.00 ZZ
360 105,980.60 1
2373 BROADWAY APT #809 8.875 844.18 75
8.625 844.18 141,500.00
NEW YORK NY 10024 1 06/06/96 00
1111048717 10 08/01/96 0
1111048717 O 07/01/26
0
1522724 074/074 F 164,000.00 ZZ
360 163,838.00 1
3368 MILBURN AVENUE 9.500 1,379.01 73
9.250 1,379.01 225,000.00
BALDWIN NY 11510 2 06/21/96 00
1111050640 05 08/01/96 0
1111050640 O 07/01/26
0
1522725 074/074 F 353,000.00 ZZ
360 352,536.60 1
2722 CLUBHOUSE ROAD 8.125 2,621.02 61
7.875 2,621.02 585,000.00
MERRICK NY 11566 1 06/27/96 00
1111050967 05 08/01/96 0
1111050967 O 07/01/26
0
1
1522727 074/074 F 839,000.00 ZZ
360 833,886.53 1
400 GRACE CHURCH STREET 7.250 5,723.46 47
7.000 5,723.46 1,800,000.00
RYE NY 10580 2 02/28/96 00
1112051750 05 05/01/96 0
1112051750 O 04/01/26
0
1522728 074/074 F 226,000.00 ZZ
360 225,322.77 1
RD 7 BOX 370A MINE ROAD 7.500 1,580.23 77
7.250 1,580.23 294,000.00
MONROE NY 10950 2 04/23/96 00
1112069042 05 06/01/96 0
1112069042 O 05/01/26
0
1522732 074/074 F 400,000.00 ZZ
360 396,477.73 1
42-03 212TH STREET 7.875 2,900.28 77
7.625 2,900.28 520,000.00
BAYSIDE NY 11361 2 03/12/96 00
1500157897 05 05/01/96 0
1500157897 O 04/01/26
0
1522733 074/074 F 350,000.00 ZZ
360 349,142.81 1
138-01 COOLIDGE AVENUE 8.500 2,691.20 89
8.250 2,691.20 395,000.00
BRIARWOOD NY 11432 2 04/01/96 11
1500190021 05 06/01/96 25
1500190021 O 05/01/26
0
1522734 074/074 F 300,000.00 ZZ
360 299,491.72 1
16 TWIN LAKES DRIVE 8.875 2,386.93 60
8.625 2,386.93 501,000.00
COLTS NECK NJ 07722 1 07/26/96 00
1500215315 05 08/01/96 0
1500215315 O 07/01/26
0
1522735 074/074 F 155,000.00 ZZ
360 154,906.10 1
1
100 ELLIOT STREET 8.500 1,191.82 58
8.250 1,191.82 270,000.00
MERRICK NY 11566 1 07/08/96 00
1500222092 05 09/01/96 0
1500222092 O 08/01/26
0
1522736 074/074 F 300,000.00 ZZ
360 299,848.50 1
23 CAMERON DRIVE 9.375 2,495.25 90
9.125 2,495.25 335,000.00
HUNTINGTON NY 11743 1 07/18/96 01
1500224327 05 09/01/96 30
1500224327 O 08/01/26
0
1522737 074/074 F 175,000.00 ZZ
360 174,909.28 1
5115 WATERFORD WOOD WAY 9.250 1,439.68 49
9.000 1,439.68 358,901.00
FAYETTEVILLE NY 13066 4 07/19/96 00
1500224350 05 09/01/96 0
1500224350 O 08/01/26
0
1522738 074/074 F 213,700.00 ZZ
360 213,488.93 1
2 LONGHILL ROAD 9.500 1,796.91 94
9.250 1,796.91 229,000.00
RANDOLPH NJ 07869 1 06/26/96 14
1500224520 05 08/01/96 30
1500224520 O 07/01/26
0
1522740 074/074 F 304,000.00 ZZ
360 303,825.10 1
45 MILBURN STREET 8.750 2,391.57 80
8.500 2,391.57 380,000.00
ROCKVILLE CENTR NY 11570 1 07/26/96 00
1576015696 05 09/01/96 0
1576015696 O 08/01/26
0
1522741 074/074 F 228,000.00 ZZ
360 227,868.82 1
95 WILLOW STREET 8.750 1,793.68 80
8.500 1,793.68 285,000.00
GARDEN CITY NY 11530 1 07/18/96 00
1576017068 05 09/01/96 0
1
1576017068 O 08/01/26
0
1522742 074/074 F 242,400.00 ZZ
360 242,134.19 1
22 PEARL STREET 9.000 1,950.41 80
8.750 1,950.41 303,000.00
GROTON CT 06340 5 06/25/96 00
1580031980 03 08/01/96 0
1580031980 O 07/01/26
0
1522743 074/074 F 98,000.00 ZZ
240 97,705.44 1
14 SYLVAN LANE 9.000 881.73 80
8.750 881.73 124,000.00
BOONTON NJ 07005 5 06/19/96 00
1587034230 05 08/01/96 0
1587034230 O 07/01/16
0
1522745 147/G01 F 228,800.00 ZZ
360 228,671.73 1
14416 WEST CATSKILLS COURT 8.875 1,820.44 80
8.625 1,820.44 286,081.00
CANYON COUNTRY CA 91351 1 07/25/96 00
0430021295 05 09/01/96 0
626065 O 08/01/26
0
1522746 147/G01 F 540,000.00 ZZ
360 539,326.38 1
768 RAVENSBURY STREET 8.375 4,104.39 80
8.125 4,104.39 675,000.00
THOUSAND OAKS CA 91361 1 06/25/96 00
0430023028 03 08/01/96 0
641647 O 07/01/26
0
1522750 776/G01 F 165,600.00 ZZ
360 165,600.00 1
2932 SOUTH BENTLEY AVENUE 8.875 1,317.59 80
8.625 1,317.59 207,000.00
LOS ANGELES CA 90064 1 08/19/96 00
0430023192 05 10/01/96 0
2135092 O 09/01/26
0
1
1522752 267/267 F 308,000.00 ZZ
360 308,000.00 1
4376 CHARLEMONT AVENUE 8.125 2,286.90 80
7.875 2,286.90 385,000.00
WOODLAND HILLS CA 91364 1 07/29/96 00
4414170 05 10/01/96 0
4414170 O 09/01/26
0
1522755 267/267 F 324,952.00 ZZ
360 324,952.00 1
6207 PENFIELD AVE 8.000 2,384.39 81
7.750 2,384.39 406,092.00
WOODLAND HILLS CA 91367 1 08/01/96 95
4410914 05 10/01/96 0
4410914 O 09/01/26
0
1522756 470/G01 F 293,600.00 ZZ
360 293,600.00 1
3606 MALANCHA 8.500 2,257.53 80
8.250 2,257.53 367,000.00
SAN CLEMENTE CA 92673 1 08/13/96 00
0430022947 03 10/01/96 0
01180370 O 09/01/26
0
1522758 E87/G01 F 345,000.00 ZZ
360 345,000.00 1
308 N. SIGNAL STREET 8.375 2,622.25 80
8.125 2,622.25 432,000.00
OJAI CA 93023 2 08/09/96 00
0430026120 05 10/01/96 0
70000139 O 09/01/26
0
1522762 F30/G01 F 351,000.00 ZZ
360 351,000.00 1
3867 NORTH 450 WEST 9.000 2,824.23 75
8.750 2,824.23 468,000.00
PROVO UT 84604 5 08/14/96 00
0430023838 05 10/01/96 0
101405 O 09/01/26
0
1522763 069/G01 F 224,800.00 ZZ
360 224,800.00 1
1531 TOSCANINI DRIVE 8.750 1,768.51 80
8.500 1,768.51 281,000.00
1
RANCHO PALOS VE CA 90275 1 08/05/96 00
0430023226 05 10/01/96 0
2362125730 O 09/01/26
0
1522764 069/G01 F 313,750.00 ZZ
360 313,750.00 1
6742 ETIWANDA AVENUE 8.250 2,357.10 80
8.000 2,357.10 393,000.00
RANCHO CUCAMONG CA 91739 2 08/06/96 00
0430023259 05 10/01/96 0
2362126266 O 09/01/26
0
1522765 267/267 F 275,500.00 ZZ
360 275,500.00 1
28908 ALLMAN STREET 8.250 2,069.74 95
8.000 2,069.74 290,000.00
AGOURA HILLS CA 91301 1 08/13/96 11
4419798 05 10/01/96 30
4419798 O 09/01/26
0
1522766 267/267 F 215,650.00 ZZ
360 215,650.00 1
1888 N. COLLEGE CIRCLE 8.000 1,582.37 95
7.750 1,582.37 227,000.00
LONG BEACH CA 90815 1 08/09/96 11
4416261 05 10/01/96 30
4416261 O 09/01/26
0
1522768 147/G01 F 243,300.00 ZZ
360 243,160.01 1
27 HOLLYLEAF 8.750 1,914.05 80
8.500 1,914.05 304,129.00
ALISO VIEJO CA 92656 1 07/03/96 00
0430022897 03 09/01/96 0
624025 O 08/01/26
0
1522769 B74/G01 F 192,000.00 ZZ
360 192,000.00 1
1824 PHILLIPS WAY 8.750 1,510.46 80
8.500 1,510.46 240,000.00
LOS ANGELES CA 90042 2 08/12/96 00
0430025452 05 10/01/96 0
961243 O 09/01/26
0
1
1522770 731/G01 F 136,000.00 ZZ
360 136,000.00 1
25302 MOUNTAIN DRIVE 8.625 1,057.79 80
8.375 1,057.79 170,000.00
ARLINGTON WA 98223 2 08/09/96 00
0430027862 03 10/01/96 0
230232546 O 09/01/26
0
1522771 147/G01 F 570,000.00 ZZ
360 570,000.00 1
437 32ND STREET 8.750 4,484.20 80
8.500 4,484.20 720,000.00
MANHATTAN BEACH CA 90266 2 08/01/96 00
0430021279 05 10/01/96 0
619138 O 09/01/26
0
1522779 638/G01 F 272,200.00 ZZ
360 272,200.00 1
2701 ROCKY POINT COURT 8.500 2,092.98 75
8.250 2,092.98 362,990.00
THOUSAND OAKS CA 91362 1 08/08/96 00
0430019398 05 10/01/96 0
8546806 O 09/01/26
0
1522784 208/G01 F 217,600.00 ZZ
360 217,600.00 1
60 AVENIDA DE COMPADRES 8.375 1,653.92 80
8.125 1,653.92 272,000.00
SANTA FE NM 87505 1 08/19/96 00
0430017558 05 10/01/96 0
34028 O 09/01/26
0
1522790 375/G01 F 77,400.00 ZZ
360 77,400.00 1
9658 GEIST WOODS WAY 8.875 615.83 60
8.625 615.83 129,000.00
INDIANAPOLIS IN 46256 1 08/08/96 00
0430021741 05 10/01/96 0
627738 O 09/01/26
0
1522791 375/G01 F 132,000.00 ZZ
360 131,922.06 1
1
1411 CENTER STREET 8.625 1,026.69 72
8.375 1,026.69 184,000.00
OCOEE FL 34761 2 07/31/96 00
0430019539 03 09/01/96 0
619149 O 08/01/26
0
1522799 181/181 F 225,600.00 ZZ
360 225,473.53 1
916 MAYFIELD ROAD 8.875 1,794.97 80
8.625 1,794.97 282,000.00
WOODMERE NY 11598 1 07/29/96 00
3707733 05 09/01/96 0
3707733 O 08/01/26
0
1522800 181/181 F 64,800.00 ZZ
360 64,763.67 1
4428 LIVINGSTON WAY 8.875 515.58 80
8.625 515.58 81,000.00
SACRAMENTO CA 95823 5 07/23/96 00
5098211 05 09/01/96 0
5098211 O 08/01/26
0
1522801 181/181 F 348,200.00 ZZ
360 348,200.00 2
90 BOULDER STREET 9.250 2,864.56 90
9.000 2,864.56 386,900.00
STATEN ISLAND NY 10312 1 08/02/96 01
81614 05 10/01/96 25
81614 O 09/01/26
0
1522810 E81/G01 F 373,500.00 ZZ
360 373,500.00 1
1025 NORTH EAST AVENUE 8.250 2,805.98 90
8.000 2,805.98 415,000.00
OAK PARK IL 60302 1 08/14/96 04
0430026898 05 10/01/96 25
96100043 O 09/01/26
0
1522820 A39/728 F 245,200.00 ZZ
360 245,200.00 1
19349 WINGED FOOT CIRCLE 8.750 1,928.99 80
8.500 1,928.99 306,500.00
NORTHRIDGE CA 91326 1 08/09/96 00
0380504929 05 10/01/96 0
1
9600672RFC O 09/01/26
0
1522846 181/181 F 492,000.00 ZZ
360 491,354.14 1
4905 ALDIE ROAD 8.125 3,653.09 55
7.875 3,653.09 900,000.00
CATHARPIN VA 22018 2 06/24/96 00
5065119 05 08/01/96 0
5065119 O 07/01/26
0
1522880 181/181 F 270,000.00 ZZ
360 269,160.85 1
6817 HARTWOOD LANE 7.500 1,887.88 72
7.250 1,887.88 378,000.00
CENTREVILLE VA 22020 1 04/25/96 00
5795 03 06/01/96 0
5795 O 05/01/26
0
1522881 A39/A39 F 350,000.00 ZZ
360 350,000.00 1
925 PUESTA DEL SOL 8.500 2,691.20 65
8.250 2,691.20 545,983.00
THOUSAND OAKS CA 91360 1 08/08/96 00
9600462RFC 03 10/01/96 0
9600462RFC O 09/01/26
0
1522883 638/G01 F 285,500.00 ZZ
360 285,500.00 1
7125 ROCKROSE TERRACE 8.125 2,119.83 80
7.875 2,119.83 356,900.00
CARLSBAD CA 92009 1 08/13/96 00
0430022913 03 10/01/96 0
08589131 O 09/01/26
0
1522890 B60/G01 F 258,400.00 ZZ
360 258,400.00 1
20818 FELKER DRIVE 8.125 1,918.61 80
7.875 1,918.61 323,000.00
TORRANCE CA 90503 1 08/20/96 00
0430016873 05 10/01/96 0
7051 O 09/01/26
0
1
1522899 624/G01 F 263,200.00 ZZ
360 263,200.00 1
3391 NORWOOD AVENUE 8.750 2,070.60 80
8.500 2,070.60 329,000.00
SAN JOSE CA 95148 1 08/21/96 00
0430024372 05 10/01/96 0
87500860036 O 09/01/26
0
1522902 776/G01 F 249,000.00 ZZ
360 248,856.75 1
23640 STRATHERN STREET 8.750 1,958.88 75
8.500 1,958.88 332,000.00
WEST HILLS AREA CA 91304 1 07/25/96 00
0430026666 03 09/01/96 0
6135251 O 08/01/26
0
1522903 731/G01 F 340,000.00 ZZ
360 340,000.00 1
7718 WEST 79TH STREET 8.375 2,584.25 80
PLAYA DEL REY AREA 8.125 2,584.25 425,000.00
LOS ANGELES CA 90293 1 08/12/96 00
0430023085 05 10/01/96 0
5000879 O 09/01/26
0
1522907 731/G01 F 282,850.00 ZZ
360 282,850.00 1
3312 GLEN DEVON LANE 8.375 2,149.86 80
8.125 2,149.86 353,584.00
BERKELEY LANE GA 30136 1 08/19/96 00
0430023168 03 10/01/96 0
3140962247 O 09/01/26
0
1522911 964/G01 F 205,600.00 ZZ
360 205,600.00 1
17112 TIFFANY CIRCLE 8.750 1,617.46 80
8.500 1,617.46 257,000.00
HUNTINGTON BEAC CA 92649 1 08/13/96 00
0430023747 05 10/01/96 0
19313 O 09/01/26
0
1522912 B74/G01 F 328,000.00 ZZ
360 328,000.00 1
59-379 ALAPIO ROAD 9.500 2,758.00 75
9.250 2,758.00 440,000.00
1
HALEIWA HI 96712 2 08/02/96 00
0430023770 05 10/01/96 0
961987 O 09/01/26
0
1522914 E19/G01 F 237,400.00 ZZ
360 237,400.00 1
6159 ASHTON PLACE 8.375 1,804.41 95
8.125 1,804.41 249,900.00
RANCHO CUCAMONG CA 91739 1 08/20/96 10
0430025346 05 10/01/96 30
11273 O 09/01/26
0
1522915 147/G01 F 76,400.00 ZZ
360 76,353.72 1
5431 FOREST SPRINGS DRIVE 8.500 587.45 80
8.250 587.45 95,500.00
KINGWOOD TX 77339 1 07/15/96 00
0430023663 03 09/01/96 0
483907 O 08/01/26
0
1522923 765/G01 F 360,000.00 ZZ
360 360,000.00 1
25911 FAIRCOURT LANE 8.625 2,800.05 80
8.375 2,800.05 450,000.00
LAGUNA HILLS CA 92653 1 08/16/96 00
0430024638 05 10/01/96 0
316924 O 09/01/26
0
1522924 685/G01 F 270,000.00 ZZ
360 270,000.00 1
18721 EVERGREEN AVENUE 8.250 2,028.42 75
8.000 2,028.42 360,000.00
YORBA LINDA CA 92686 1 08/09/96 00
0430023986 05 10/01/96 0
105270 O 09/01/26
0
1522933 696/G01 F 225,600.00 ZZ
360 225,600.00 1
15251 EAGLE TAVERN WAY 8.000 1,655.37 80
7.750 1,655.37 282,000.00
CENTREVILLE VA 22020 1 08/20/96 00
0430017632 03 10/01/96 0
2178167 O 09/01/26
0
1
1522934 696/G01 F 392,000.00 ZZ
360 392,000.00 1
502 UPLAND PLACE 7.875 2,842.27 80
7.625 2,842.27 490,000.00
ALEXANDRIA VA 22301 1 08/19/96 00
0430017509 05 10/01/96 0
2088423 O 09/01/26
0
1522971 685/G01 F 162,950.00 ZZ
360 162,950.00 1
4735 GOLDEN ROAD 8.250 1,224.19 80
8.000 1,224.19 203,700.00
CHINO HILLS CA 91709 1 08/20/96 00
0430017459 05 10/01/96 0
105381 O 09/01/26
0
1522972 964/G01 F 240,000.00 ZZ
360 240,000.00 1
8567 ROCKFISH CIRCLE 8.375 1,824.17 80
8.125 1,824.17 300,000.00
FOUNTAIN VALLEY CA 92708 1 08/16/96 00
0430018838 05 10/01/96 0
19649 O 09/01/26
0
1522994 439/G01 F 225,000.00 ZZ
360 225,000.00 1
14820 NATIVE DANCER DRIVE 8.300 1,698.27 65
8.050 1,698.27 350,000.00
MORGAN HILL CA 95037 1 08/19/96 00
0430017814 05 10/01/96 0
18712877 O 09/01/26
0
1523006 936/G01 F 261,750.00 ZZ
360 261,610.70 1
76 COLONIAL ROAD 9.125 2,129.69 75
8.875 2,129.69 349,000.00
WAYNE NJ 07470 1 08/01/96 00
0430025858 05 09/01/96 0
6090823 O 08/01/26
0
1523038 686/G01 F 70,000.00 ZZ
360 70,000.00 1
1
2252 NOVA VILLAGE DRIVE 8.300 528.35 70
8.050 528.35 100,000.00
DAVIE FL 33317 1 08/16/96 00
0430018010 03 10/01/96 0
17470842 O 09/01/26
0
1523056 765/G01 F 289,800.00 ZZ
360 289,800.00 1
1110 GRANT STREET 8.500 2,228.32 90
8.250 2,228.32 322,000.00
SANTA MONICA CA 90405 1 08/13/96 11
0430027631 05 10/01/96 25
316838 O 09/01/26
0
1523057 765/G01 F 186,750.00 ZZ
360 186,750.00 1
13108 CALLE DE MAYA 8.750 1,469.17 75
8.500 1,469.17 249,000.00
LA MIRADA CA 90638 1 08/15/96 00
0430024646 05 10/01/96 0
316913 O 09/01/26
0
1523058 686/G01 F 171,750.00 ZZ
360 171,750.00 1
53493 AZALEA 8.625 1,335.86 75
8.375 1,335.86 229,000.00
MACOMB MI 48042 1 08/16/96 00
0430018101 05 10/01/96 0
17704406 O 09/01/26
0
1523061 267/267 F 496,000.00 ZZ
360 496,000.00 1
461 BRAXFIELD COURT 8.250 3,726.29 80
8.000 3,726.29 620,000.00
THOUSAND OAKS CA 91361 1 08/15/96 00
4419837 03 10/01/96 0
4419837 O 09/01/26
0
1523063 E22/G01 F 207,000.00 ZZ
360 207,000.00 1
7815 WESTLAWN AVENUE 8.625 1,610.02 77
8.375 1,610.02 269,000.00
LOS ANGELES CA 90045 2 07/31/96 00
0410183230 05 10/01/96 0
1
410183230 O 09/01/26
0
1523064 267/267 F 240,000.00 ZZ
360 240,000.00 1
315 KINGS ROAD 8.250 1,803.04 72
8.000 1,803.04 335,000.00
BRISBANE CA 94005 5 08/09/96 00
4417217 05 10/01/96 0
4417217 O 09/01/26
0
1523068 E22/G01 F 78,400.00 ZZ
360 78,400.00 1
4675 SOUTH ACOMA STREET 8.500 602.83 80
8.250 602.83 98,000.00
ENGLEWOOD CO 80110 1 08/12/96 00
0410184105 05 10/01/96 0
410184105 O 09/01/26
0
1523072 F13/F13 F 235,520.00 ZZ
360 235,520.00 1
506 DUGOUT DRIVE 8.750 1,852.84 80
8.500 1,852.84 294,400.00
LANOKA HARBOR NJ 08734 1 08/21/96 00
0161113 05 10/01/96 0
0161113 O 09/01/26
0
1523077 776/G01 F 320,000.00 ZZ
360 320,000.00 1
1206 GRANT STREET 8.875 2,546.06 80
8.625 2,546.06 400,000.00
SANTA MONICA CA 90405 1 08/13/96 00
0430026518 05 10/01/96 0
2135020 O 09/01/26
0
1523081 637/G01 F 197,200.00 ZZ
360 197,200.00 1
725 TOWHEE COURT 8.375 1,498.87 80
8.125 1,498.87 246,500.00
FREMONT CA 94539 1 08/12/96 00
0430025296 05 10/01/96 0
3438819 O 09/01/26
0
1
1523082 E22/G01 F 344,000.00 ZZ
360 343,821.67 1
11116 BROADVIEW DRIVE 9.250 2,830.00 80
9.000 2,830.00 430,000.00
MOORPARK CA 93021 1 07/23/96 00
0410183560 09 09/01/96 0
410183560 O 08/01/26
0
1523086 E19/G01 F 303,900.00 ZZ
360 303,900.00 1
1305 AVON TERRACE 8.250 2,283.10 80
8.000 2,283.10 379,975.00
SOUTHLAKE TX 76092 1 08/22/96 00
0430025486 03 10/01/96 0
10397 O 09/01/26
0
1523088 765/G01 F 61,000.00 ZZ
360 61,000.00 1
1263 WEST D STREET 9.000 490.82 52
8.750 490.82 118,000.00
ONTARIO CA 91762 2 08/15/96 00
0430027680 05 10/01/96 0
316815 O 09/01/26
0
1523096 685/G01 F 256,950.00 ZZ
360 256,950.00 1
32712 LARKGROVE CIRCLE 8.625 1,998.53 80
8.375 1,998.53 321,246.00
TRABUCO CANYON CA 92679 1 08/20/96 00
0430019638 03 10/01/96 0
105215 O 09/01/26
0
1523099 626/G01 F 300,000.00 ZZ
360 300,000.00 1
6730 SW AMBER LANE 8.375 2,280.22 70
8.125 2,280.22 430,000.00
PORTLAND OR 97225 2 08/19/96 00
0430026237 05 10/01/96 0
6652713 O 09/01/26
0
1523102 685/G01 F 196,000.00 ZZ
360 196,000.00 1
1130 COVENTRY DRIVE 8.875 1,559.46 80
8.625 1,559.46 247,000.00
1
THOUSAND OAKS CA 91360 2 08/13/96 00
0430025338 05 10/01/96 0
105338 O 09/01/26
0
1523104 685/G01 F 408,000.00 ZZ
360 408,000.00 1
25992 NELLIE GAIL ROAD 8.625 3,173.38 80
8.375 3,173.38 510,000.00
LAGUNA HILLS CA 92653 2 08/13/96 00
0430019661 03 10/01/96 0
105281 O 09/01/26
0
1523108 E26/G01 F 260,000.00 ZZ
360 260,000.00 1
7 KETTLE POND COURT 8.000 1,907.79 80
7.750 1,907.79 325,000.00
POTOMAC MD 20854 1 08/15/96 00
0430025981 05 10/01/96 0
420944 O 09/01/26
0
1523113 E22/G01 F 255,000.00 ZZ
360 254,867.80 1
38705 VIA DEL OSO 9.250 2,097.82 43
9.000 2,097.82 600,000.00
TEMECULA CA 92592 5 07/17/96 00
0410182216 05 09/01/96 0
410182216 O 08/01/26
0
1523114 E22/G01 F 185,250.00 ZZ
360 185,250.00 1
2060 CALLE MESA ALTA 8.250 1,391.72 75
8.000 1,391.72 247,000.00
MILPITAS CA 95035 1 08/12/96 00
0410225577 09 10/01/96 0
410225577 O 09/01/26
0
1523135 A39/A39 F 650,000.00 ZZ
360 650,000.00 1
2409 STAFFORD ROAD 8.500 4,997.94 77
8.250 4,997.94 850,000.00
THOUSAND OAKS CA 91361 1 08/16/96 00
9600722RFC 03 10/01/96 0
9600722RFC O 09/01/26
0
1
1523158 375/G01 F 96,650.00 T
360 96,554.54 1
840 BRYSON LOOP 9.500 812.69 66
9.250 812.69 146,660.00
LAKELAND FL 33809 1 06/28/96 00
0430023044 03 08/01/96 0
416747 O 07/01/26
0
1523179 439/G01 F 252,000.00 ZZ
360 252,000.00 1
5947 NW 65TH TERRACE 8.500 1,937.67 80
8.250 1,937.67 315,000.00
PARKLAND FL 33067 1 08/08/96 00
0430027078 05 10/01/96 0
1853395 O 09/01/26
0
1523180 439/G01 F 159,300.00 ZZ
360 159,210.23 1
111 CORRAL LANE 8.850 1,264.61 75
8.600 1,264.61 212,400.00
BAY SHORE NY 11706 1 07/16/96 00
0430027094 01 09/01/96 0
1862108 O 08/01/26
0
1523182 439/G01 F 251,200.00 ZZ
360 251,200.00 1
1155 KENTWOOD AVENUE 8.750 1,976.20 80
8.500 1,976.20 314,000.00
CUPERTINO CA 95014 1 07/29/96 00
0430027110 05 10/01/96 0
1862596 O 09/01/26
0
1523183 439/G01 F 93,700.00 ZZ
360 93,650.91 1
114 NE 16TH COURT 9.200 767.46 75
8.950 767.46 125,000.00
DELRAY BEACH FL 33426 1 07/31/96 00
0430027136 05 09/01/96 0
1862846 O 08/01/26
0
1523184 439/G01 F 33,700.00 ZZ
360 33,700.00 1
1
70 HEATH ASTER LANE 8.800 266.33 75
8.550 266.33 45,000.00
LEHIGH ACRES FL 33936 1 08/19/96 00
0430027144 01 10/01/96 0
1863352 O 09/01/26
0
1523186 439/G01 F 92,900.00 ZZ
360 92,855.25 1
110 SUNFLOWER STREET 9.600 787.95 73
9.350 787.95 128,672.00
GEORGETOWN TX 78628 1 07/19/96 00
0430027185 03 09/01/96 0
1863550 O 08/01/26
0
1523187 439/G01 F 119,000.00 ZZ
360 119,000.00 1
1951 O'FARRELL STREET 8.850 944.69 52
#317 8.600 944.69 229,000.00
SAN MATEO CA 94403 1 08/08/96 00
0430027201 01 10/01/96 0
1864610 O 09/01/26
0
1523189 439/G01 F 89,000.00 ZZ
360 89,000.00 1
1015 BECKLEY CIRCLE 9.100 722.53 49
8.850 722.53 185,000.00
VENICE FL 34292 1 08/02/96 00
0430027243 03 10/01/96 0
1865245 O 09/01/26
0
1523190 439/G01 F 304,000.00 ZZ
360 304,000.00 1
223 CONEJO ROAD 8.900 2,424.22 80
8.650 2,424.22 380,000.00
SANTA BARBARA CA 93103 1 08/12/96 00
0430027250 05 10/01/96 0
1866162 O 09/01/26
0
1523191 439/G01 F 230,000.00 ZZ
360 230,000.00 1
27133 SOUTHEAST 22ND WAY 8.600 1,784.83 75
8.350 1,784.83 310,000.00
ISSAQUAH WA 98029 1 08/07/96 00
0430027318 05 10/01/96 0
1
1866646 O 09/01/26
0
1523192 439/G01 F 56,000.00 T
360 56,000.00 1
511 93RD AVENUE NORTH 9.000 450.59 61
8.750 450.59 92,000.00
NAPLES FL 33963 1 08/02/96 00
0430027326 05 10/01/96 0
1866733 O 09/01/26
0
1523193 439/G01 F 288,000.00 ZZ
360 288,000.00 1
5420 BARKLA STREET 8.300 2,173.78 80
8.050 2,173.78 360,000.00
SAN DIEGO CA 92122 1 08/07/96 00
0430027334 05 10/01/96 0
1866786 O 09/01/26
0
1523194 439/G01 F 192,500.00 ZZ
360 192,500.00 1
3522 MEVEL PLACE 8.300 1,452.97 72
8.050 1,452.97 267,500.00
LA CRESCENTA CA 91214 1 08/12/96 00
0430027367 05 10/01/96 0
1866999 O 09/01/26
0
1523195 439/G01 F 40,000.00 ZZ
360 40,000.00 1
700 Q STREET 8.800 316.11 53
8.550 316.11 76,900.00
RIO LINDA CA 95673 1 07/30/96 00
0430027458 05 10/01/96 0
1867942 O 09/01/26
0
1523196 439/G01 F 47,300.00 ZZ
360 47,300.00 1
3434 51ST AVENUE CIRCLE WEST 8.900 377.19 75
# 235 8.650 377.19 63,163.00
BRADENTON FL 34210 1 08/07/96 00
0430027474 01 10/01/96 0
1868228 O 09/01/26
0
1
1523197 439/G01 F 75,000.00 ZZ
360 74,955.94 1
2466 RIVERSIDE AVENUE 8.650 584.68 70
8.400 584.68 107,500.00
RIALTO CA 92377 1 07/26/96 00
0430027482 05 09/01/96 0
1868369 O 08/01/26
0
1523198 439/G01 F 89,900.00 ZZ
360 89,900.00 1
11306 LAKELAND CIRCLE 9.000 723.36 75
8.750 723.36 120,000.00
FORT MYERS FL 33913 1 08/09/96 00
0430027508 05 10/01/96 0
1868769 O 09/01/26
0
1523201 439/G01 F 190,000.00 ZZ
360 190,000.00 1
4403 ST MICHAELS COURT 8.650 1,481.19 62
8.400 1,481.19 310,000.00
SUGAR LAND TX 77479 1 08/09/96 00
0430027532 03 10/01/96 0
1869383 O 09/01/26
0
1523206 439/439 F 289,600.00 ZZ
360 289,600.00 1
2100 LLAGAS ROAD 8.750 2,278.29 80
8.500 2,278.29 362,000.00
MORGAN HILL CA 95037 1 07/25/96 00
1864556 05 10/01/96 0
1864556 O 09/01/26
0
1523207 439/439 F 48,700.00 ZZ
360 48,672.83 1
8318 PRAIRIE WIND LANE 8.900 388.36 75
8.650 388.36 65,000.00
HOUSTON TX 77040 1 07/26/96 00
1865037 03 09/01/96 0
1865037 O 08/01/26
0
1523209 439/439 F 213,700.00 ZZ
360 213,700.00 1
838 SOUTH ORANGE GROVE BLVD 8.850 1,696.47 75
8.600 1,696.47 285,000.00
1
PASADENA CA 91105 1 08/08/96 00
1866471 01 10/01/96 0
1866471 O 09/01/26
0
1523210 439/439 F 62,500.00 ZZ
360 62,461.74 1
3035 MAYHEW COURT 9 8.450 478.36 47
8.200 478.36 133,000.00
WALNUT CREEK CA 94596 2 07/25/96 00
1866790 01 09/01/96 0
1866790 O 08/01/26
0
1523211 439/439 F 112,400.00 ZZ
360 112,341.11 1
19750 SOTHWEST KINNAMAN ROAD 9.200 920.62 75
8.950 920.62 149,900.00
ALOHA OR 97007 1 07/25/96 00
1866798 05 09/01/96 0
1866798 O 08/01/26
0
1523212 439/439 F 200,000.00 ZZ
360 200,000.00 1
25760 CANNISTRACI LANE 8.200 1,495.51 65
7.950 1,495.51 308,000.00
HAYWARD CA 94541 1 08/06/96 00
1869571 05 10/01/96 0
1869571 O 09/01/26
0
1523215 439/G01 F 599,000.00 ZZ
360 595,092.37 1
391 TWENTYTHIRD STREET 8.000 4,395.25 80
7.750 4,395.25 748,750.00
NEWPORT BEACH CA 92660 2 03/05/96 00
0430027623 05 05/01/96 0
1838693 O 04/01/26
0
1523226 F13/F13 F 400,000.00 ZZ
360 400,000.00 1
190 UPPER TINICUM CHURCH ROAD 7.750 2,865.65 71
7.500 2,865.65 565,000.00
UPPER BLACK EDD PA 18972 1 08/23/96 00
112246775 05 10/01/96 0
112246775 O 09/01/26
0
1
1523235 560/560 F 289,800.00 ZZ
360 277,691.94 1
1795 KINGSWOOD DRIVE 9.250 2,384.11 90
9.000 2,384.11 325,000.00
SOUTHLAKE TX 76092 1 08/19/91 11
217956994 05 10/01/91 17
217956994 O 09/01/21
0
1523236 560/560 F 234,000.00 ZZ
360 225,404.42 1
LOT NO 1 MADBURY WOODS 9.625 1,988.98 86
9.375 1,988.98 275,000.00
MADBURY NH 03824 1 08/30/91 11
217965524 05 10/01/91 20
217965524 O 09/01/21
0
1523237 560/560 F 220,300.00 ZZ
360 212,376.80 1
3705 RUTHERFORD COURT 9.625 1,872.53 90
9.375 1,872.53 245,000.00
INGLEWOOD CA 90305 1 09/06/91 11
217975309 01 11/01/91 17
217975309 O 10/01/21
0
1523238 560/560 F 219,750.00 ZZ
360 211,270.50 1
20 MACOPIN AVE 9.375 1,827.77 75
9.125 1,827.77 295,000.00
MONTCLAIR NJ 07043 1 09/12/91 00
217979863 05 11/01/91 0
217979863 O 10/01/21
0
1523239 560/560 F 427,000.00 ZZ
360 385,541.82 1
3640 ADAMS STREET 9.500 3,590.45 70
9.250 3,590.45 610,000.00
CARLSBAD CA 92008 5 09/12/91 00
217986504 05 11/01/91 0
217986504 O 10/01/21
0
1523240 560/560 F 260,000.00 ZZ
360 250,206.55 1
1
308 SAINT CLAIR AVENUE 9.375 2,162.55 65
9.125 2,162.55 400,000.00
SPRING LAKE NJ 07762 2 09/24/91 00
217990290 05 11/01/91 0
217990290 O 10/01/21
0
1523242 560/560 F 206,311.70 ZZ
304 205,817.43 1
22360 CANONES CIR 9.500 1,796.76 86
SAUGUS AREA 9.250 1,796.76 242,000.00
SANTA CLARITA CA 91350 1 05/20/96 14
320110562 05 07/01/96 17
320110562 O 10/01/21
0
1523245 560/560 F 262,500.00 ZZ
360 261,770.08 1
4030 BASSETT STREET 8.500 2,018.40 75
8.250 2,018.40 352,000.00
SANTA CLARA CA 95054 5 04/24/96 00
450419205 05 06/01/96 0
450419205 O 05/01/26
0
1523246 560/560 F 243,200.00 ZZ
360 242,268.68 1
617 OCEANVIEW ROAD 8.500 1,870.00 80
8.250 1,870.00 304,000.00
BRIELLE NJ 08730 2 05/03/96 00
450433818 05 07/01/96 0
450433818 O 06/01/26
0
1523247 560/560 F 75,000.00 T
360 74,869.59 1
LOT 3 BLK M-204 SEC 3 MARCEL 8.750 590.03 43
LAKES 8.500 590.03 176,574.00
DINGMANS FERRY PA 18328 1 05/24/96 00
450439542 03 07/01/96 0
450439542 O 06/01/26
0
1523248 560/560 F 1,000,000.00 ZZ
360 998,348.99 1
2750 CORDILLERA 9.000 8,046.23 62
8.750 8,046.23 1,629,500.00
EDWARDS CO 81632 1 05/30/96 00
450443353 05 07/01/96 0
1
450443353 O 06/01/26
0
1523249 560/560 F 370,000.00 R
360 369,501.82 1
21 LEHMAN ST. 8.000 2,714.93 80
7.750 2,714.93 462,500.00
MAHWAH NJ 07430 1 06/13/96 00
450456645 05 08/01/96 0
450456645 O 07/01/26
0
1523250 560/560 F 260,750.00 ZZ
360 260,432.94 1
238 LONGLEY ROAD 8.500 2,004.95 95
8.250 2,004.95 274,500.00
GROTON MA 01450 1 06/13/96 04
450457981 05 08/01/96 30
450457981 O 07/01/26
0
1523251 560/560 F 65,000.00 T
360 64,930.54 1
LOT 9 BLK 6 SEC 3 9.125 528.87 57
GOLD KEY LK 8.875 528.87 115,000.00
MILFORD PA 18337 1 06/18/96 00
450460100 03 08/01/96 0
450460100 O 07/01/26
0
1523252 560/560 F 278,750.00 ZZ
360 278,474.68 1
23691 VIA SEGOVIA 9.500 2,343.89 90
9.250 2,343.89 309,878.00
MURRIETA CA 92562 1 06/13/96 04
450460340 05 08/01/96 25
450460340 O 07/01/26
0
1523253 560/560 F 300,000.00 ZZ
360 299,616.08 1
740 CAMINO REAL STREET 8.250 2,253.80 70
8.000 2,253.80 432,000.00
EL PASO TX 79922 1 06/18/96 00
450460456 05 08/01/96 0
450460456 O 07/01/26
0
1
1523254 560/560 F 83,000.00 ZZ
360 82,915.83 1
11288 RHAPSODY ROAD 9.375 690.36 51
9.125 690.36 163,000.00
COOPER CITY FL 33026 1 06/19/96 00
450461017 03 08/01/96 0
450461017 O 07/01/26
0
1523255 560/560 F 224,000.00 ZZ
360 223,727.64 1
62 VAN DYKE ROAD 8.500 1,722.37 80
8.250 1,722.37 280,000.00
HOLLIS NH 03049 1 06/19/96 00
450461116 05 08/01/96 0
450461116 O 07/01/26
0
1523256 560/560 F 232,000.00 ZZ
360 231,717.91 1
11 ARLEN WAY 8.500 1,783.88 78
8.250 1,783.88 299,000.00
WEST HARTFORD CT 06117 2 06/21/96 00
450462395 05 08/01/96 0
450462395 O 07/01/26
0
1523257 560/560 F 244,438.00 ZZ
360 244,016.44 1
1737 W LOST MOON COURT 8.125 1,814.95 80
7.875 1,814.95 305,548.00
TUCSON AZ 85737 1 06/18/96 00
450462619 03 08/01/96 0
450462619 O 07/01/26
0
1523259 560/560 F 242,900.00 ZZ
360 242,619.48 1
19 WILTON DRIVE 8.750 1,910.90 90
8.500 1,910.90 269,900.00
ALLENDALE NJ 07401 1 06/21/96 04
450462965 05 08/01/96 25
450462965 O 07/01/26
0
1523260 560/560 F 346,460.00 ZZ
360 346,027.80 1
4120 FOREST HILL COURT 8.375 2,633.35 90
8.125 2,633.35 385,000.00
1
HAYWARD CA 94542 1 06/18/96 04
450463583 05 08/01/96 25
450463583 O 07/01/26
0
1523261 560/560 F 260,950.00 ZZ
360 260,624.47 1
5014 OSO PARKWAY 8.375 1,983.41 95
8.125 1,983.41 274,900.00
CORPUS CHRISTI TX 78413 1 06/24/96 04
450463716 05 08/01/96 30
450463716 O 07/01/26
0
1523262 560/560 F 270,000.00 ZZ
360 269,688.17 1
345 CUSHMAN ROAD 8.750 2,124.10 75
8.500 2,124.10 360,000.00
PATTERSON NY 12563 5 06/19/96 00
450464219 05 08/01/96 0
450464219 O 07/01/26
0
1523263 560/560 F 335,000.00 ZZ
360 334,603.00 1
12600 COYOTE VALLEY RD 8.625 2,605.60 67
8.375 2,605.60 504,000.00
SALIDA CO 81201 2 06/20/96 00
450465265 05 08/01/96 0
450465265 O 07/01/26
0
1523264 560/560 F 264,950.00 ZZ
360 264,627.84 1
7912 CALLE JALISCO 8.500 2,037.24 80
8.250 2,037.24 331,200.00
CARLSBAD CA 92009 1 06/06/96 00
450465422 03 08/01/96 0
450465422 O 07/01/26
0
1523266 560/560 F 297,480.00 ZZ
360 297,136.45 1
1900 WEST ROCKROSE WAY 8.750 2,340.28 95
8.500 2,340.28 313,137.00
CHANDLER AZ 85248 1 06/07/96 04
450466362 03 08/01/96 30
450466362 O 07/01/26
0
1
1523267 560/560 F 875,000.00 ZZ
360 874,112.81 1
206 UPPER MOUNTAIN AVE 9.375 7,277.81 70
9.125 7,277.81 1,250,000.00
MONTCLAIR NJ 07042 1 06/26/96 00
450466578 05 08/01/96 0
450466578 O 07/01/26
0
1523270 560/560 F 271,200.00 ZZ
360 270,861.68 1
2024 ALPHA STREET 8.375 2,061.32 80
8.125 2,061.32 339,000.00
SOUTH PASADENA CA 91030 2 06/20/96 00
450468764 05 08/01/96 0
450468764 O 07/01/26
0
1523271 560/560 F 328,135.00 ZZ
360 327,765.72 1
4100 FOREST HILL COURT 8.875 2,610.79 90
8.625 2,610.79 365,000.00
HAYWARD CA 94542 1 06/24/96 04
450469275 05 08/01/96 25
450469275 O 07/01/26
0
1523272 560/560 F 243,600.00 ZZ
360 243,311.32 1
6 MARION WAY 8.625 1,894.70 80
8.375 1,894.70 304,600.00
OLD BRIDGE NJ 08857 1 06/28/96 00
450469622 05 08/01/96 0
450469622 O 07/01/26
0
1523273 560/560 F 250,000.00 ZZ
360 249,703.73 1
24506 CRABAPPLE COURT 8.625 1,944.48 71
8.375 1,944.48 355,000.00
LOS ANGELES CA 91307 5 06/21/96 00
450470166 03 08/01/96 0
450470166 O 07/01/26
0
1523274 560/560 F 287,200.00 ZZ
360 286,876.77 1
1
23160 COMPASS DRIVE 8.875 2,285.10 80
8.625 2,285.10 359,000.00
CANYON LAKE CA 92587 1 06/24/96 00
450470307 03 08/01/96 0
450470307 O 07/01/26
0
1523275 560/560 F 328,000.00 T
360 327,658.59 1
1041 DEL HAVEN DRIVE 9.250 2,698.38 50
9.000 2,698.38 660,000.00
DELRAY BEACH FL 33483 1 06/28/96 00
450472022 05 08/01/96 0
450472022 O 07/01/26
0
1523276 560/560 F 259,600.00 ZZ
360 259,259.21 1
24 SARATOGA DRIVE 8.125 1,927.53 80
7.875 1,927.53 324,500.00
WEST WINDSOR NJ 08512 1 06/28/96 00
450472394 05 08/01/96 0
450472394 O 07/01/26
0
1523277 560/560 F 250,530.00 ZZ
360 250,289.00 1
12797 NORTH 114TH WAY 9.625 2,129.48 80
9.375 2,129.48 313,163.00
SCOTTSDALE AZ 85259 1 06/27/96 00
450473251 03 08/01/96 0
450473251 O 07/01/26
0
1523278 560/560 F 170,500.00 ZZ
360 170,308.11 1
121 JEFFERSON ROAD 8.875 1,356.58 95
8.625 1,356.58 179,500.00
PRINCETON NJ 08540 1 06/28/96 04
450473632 05 08/01/96 30
450473632 O 07/01/26
0
1523280 560/560 F 144,700.00 ZZ
360 144,607.72 1
1521 WHISPERING WOODS DR 8.250 1,087.09 75
8.000 1,087.09 195,495.00
MONROE TOWNSHIP NJ 08094 1 07/01/96 00
450474739 05 09/01/96 0
1
450474739 O 08/01/26
0
1523281 560/560 F 290,000.00 ZZ
360 289,599.53 1
1209 NAVAHO DRIVE 7.875 2,102.71 80
7.625 2,102.71 362,500.00
BRENTWOOD TN 37027 1 07/01/96 00
450475264 03 08/01/96 0
450475264 O 07/01/26
0
1523282 560/560 F 272,700.00 ZZ
360 272,376.82 1
1350 AUSTIN STREET 8.625 2,121.04 90
8.375 2,121.04 303,000.00
FREMONT CA 94539 1 06/20/96 10
450475819 05 08/01/96 25
450475819 O 07/01/26
0
1523283 560/560 F 218,800.00 R
360 218,664.00 1
5141 PINE TOP PLACE 8.375 1,663.04 80
8.125 1,663.04 273,500.00
ORLANDO FL 32819 1 07/02/96 00
450475983 03 09/01/96 0
450475983 O 08/01/26
0
1523285 560/560 F 261,000.00 ZZ
360 260,853.67 1
2201 SPEED AVENUE 8.875 2,076.64 90
8.625 2,076.64 291,000.00
LOUISVILLE KY 40205 1 07/03/96 04
450476544 05 09/01/96 25
450476544 O 08/01/26
0
1523286 560/560 F 255,000.00 R
360 254,705.51 1
1805 REDBOURNE DR 8.750 2,006.09 77
8.500 2,006.09 335,000.00
DUNWOODY GA 30350 1 07/03/96 00
450476809 05 08/01/96 0
450476809 O 07/01/26
0
1
1523287 560/560 F 70,000.00 T
360 69,961.76 1
619 W COLUMBIA AVE 161 9.000 563.24 49
8.750 563.24 145,500.00
TELLURIDE CO 81435 1 07/08/96 00
450477344 01 09/01/96 0
450477344 O 08/01/26
0
1523288 560/560 F 241,600.00 ZZ
360 241,464.55 1
1371 SHADY KNOLL COURT 8.875 1,922.28 80
8.625 1,922.28 302,000.00
LONGWOOD FL 32750 1 07/08/96 00
450477385 03 09/01/96 0
450477385 O 08/01/26
0
1523289 560/560 F 258,000.00 R
360 257,835.48 1
956 WHITEGATE 8.250 1,938.27 75
8.000 1,938.27 345,000.00
NORTHVILLE MI 48167 1 07/08/96 00
450478037 05 09/01/96 0
450478037 O 08/01/26
0
1523290 560/560 F 253,500.00 ZZ
360 253,256.13 1
3030 CLAY STREET 9.625 2,154.73 65
9.375 2,154.73 390,000.00
NEWPORT BEACH CA 92663 2 06/24/96 00
450478151 05 08/01/96 0
450478151 O 07/01/26
0
1523291 560/560 F 210,403.00 ZZ
360 210,288.06 1
945 WEST CITRUS WAY 9.000 1,692.96 95
8.750 1,692.96 221,477.00
CHANDLER AZ 85248 1 06/14/96 04
450478201 03 09/01/96 30
450478201 O 08/01/26
0
1523293 560/560 F 236,000.00 ZZ
360 235,867.69 1
16 CABRILLO DRIVE 8.875 1,877.73 80
8.625 1,877.73 295,000.00
1
AVALON CA 90704 1 06/27/96 00
450478722 03 09/01/96 0
450478722 O 08/01/26
0
1523295 560/560 F 280,000.00 ZZ
360 279,830.37 1
180 SWEET HOLLOW ROAD 8.500 2,152.96 80
8.250 2,152.96 350,000.00
ALEXANDRIA TWP NJ 08898 1 07/11/96 00
450479316 05 09/01/96 0
450479316 O 08/01/26
0
1523296 560/560 F 240,100.00 R
360 239,946.90 1
1041 HAGEN DRIVE 8.250 1,803.79 95
8.000 1,803.79 254,339.00
NEW PORT RICHEY FL 34655 1 07/12/96 04
450479894 03 09/01/96 30
450479894 O 08/01/26
0
1523298 560/560 F 240,000.00 ZZ
360 239,858.30 1
588 HAWTHORNE AVENUE 8.625 1,866.70 80
8.375 1,866.70 300,000.00
GLEN ELLYN IL 60137 1 07/15/96 00
450481049 05 09/01/96 0
450481049 O 08/01/26
0
1523299 560/560 F 270,000.00 ZZ
360 269,852.51 1
2S670 NELSON LAKE ROAD 9.000 2,172.49 90
8.750 2,172.49 300,000.00
BATAVIA IL 60510 1 07/15/96 04
450481593 05 09/01/96 25
450481593 O 08/01/26
0
1523300 560/560 F 300,000.00 ZZ
360 299,803.75 1
6 APPELD CT. 8.125 2,227.50 73
7.875 2,227.50 416,200.00
HILLSDALE NJ 07642 1 07/15/96 00
450482195 05 09/01/96 0
450482195 O 08/01/26
0
1
1523301 560/560 F 286,800.00 ZZ
360 286,655.17 1
22 SEABURY DR. 9.375 2,385.46 95
9.125 2,385.46 301,900.00
WESTERLY RI 02891 1 07/16/96 04
450483094 05 09/01/96 30
450483094 O 08/01/26
0
1523302 560/560 F 241,400.00 ZZ
360 241,249.95 1
6901 SPANKY BRANCH DRIVE 8.375 1,834.81 75
8.125 1,834.81 325,000.00
DALLAS TX 75248 2 07/17/96 00
450483417 05 09/01/96 0
450483417 O 08/01/26
0
1523303 560/560 F 750,000.00 ZZ
360 749,545.64 1
4025 PARKHILL ROAD 8.500 5,766.86 69
8.250 5,766.86 1,100,000.00
SANTA MARGARITA CA 93453 1 07/09/96 00
450483631 05 09/01/96 0
450483631 O 08/01/26
0
1523305 560/560 F 72,000.00 ZZ
360 71,959.63 1
29525 LONGHORN DRIVE 8.875 572.87 42
8.625 572.87 172,000.00
CANYON LAKE CA 92587 1 07/15/96 00
450484357 03 09/01/96 0
450484357 O 08/01/26
0
1523307 560/560 F 110,000.00 ZZ
360 109,938.33 1
100 GLEN AVENUE 8.875 875.21 53
8.625 875.21 210,000.00
MIDLAND PARK NJ 07432 1 07/22/96 00
450486238 05 09/01/96 0
450486238 O 08/01/26
0
1523309 560/560 F 256,200.00 ZZ
360 256,052.60 1
1
20 WHISTLER WAY 8.750 2,015.53 70
8.500 2,015.53 366,000.00
MARLBORO NJ 07746 1 07/24/96 00
450487616 05 09/01/96 0
450487616 O 08/01/26
0
1523310 560/560 F 616,400.00 R
360 615,986.40 1
12 SPRING LAKE DRIVE 8.000 4,522.93 80
7.750 4,522.93 770,579.00
CHESTER NJ 07930 1 07/24/96 00
450487657 05 09/01/96 0
450487657 O 08/01/26
0
1523311 560/560 F 316,000.00 ZZ
360 315,793.28 1
3407 BEACON STREET 8.125 2,346.30 80
7.875 2,346.30 395,000.00
POMPANO BEACH FL 33062 1 07/26/96 00
450490172 05 09/01/96 0
450490172 O 08/01/26
0
1523312 560/560 F 297,000.00 ZZ
360 296,837.77 1
493 ORCHARD HILLS DR 9.000 2,389.73 90
8.750 2,389.73 330,000.00
ANN ARBOR MI 48104 1 07/26/96 04
450491071 05 09/01/96 25
450491071 O 08/01/26
0
1523313 560/560 F 248,000.00 R
360 247,849.76 1
23514 W SUMMERGLEN PLACE 8.500 1,906.91 80
8.250 1,906.91 310,000.00
VALENCIA CA 91354 1 07/25/96 00
450492368 03 09/01/96 0
450492368 O 08/01/26
0
1523314 560/560 F 303,000.00 ZZ
360 302,830.13 1
2460 CANYON LAKES DRIVE 8.875 2,410.81 95
8.625 2,410.81 319,000.00
SAN RAMON CA 94583 1 07/11/96 04
450492525 03 09/01/96 30
1
450492525 O 08/01/26
0
1523316 560/560 F 224,580.00 ZZ
360 224,443.94 1
14964 N 78TH DRIVE 8.500 1,726.83 95
8.250 1,726.83 236,400.00
PEORIA AZ 85381 1 07/26/96 04
450495338 05 09/01/96 30
450495338 O 08/01/26
0
1523317 560/560 F 229,900.00 ZZ
360 229,771.11 1
10384 CHERISE COURT 8.875 1,829.19 95
8.625 1,829.19 242,000.00
MECHANICSVILLE VA 23111 1 07/30/96 04
450495601 05 09/01/96 30
450495601 O 08/01/26
0
1523318 560/560 F 255,800.00 ZZ
360 255,632.67 1
790 WOODFIELD WAY 8.125 1,899.31 95
7.875 1,899.31 269,300.00
ROCHESTER HILLS MI 48307 1 07/31/96 04
450496831 03 09/01/96 30
450496831 O 08/01/26
0
1523319 560/560 F 620,000.00 R
360 619,594.43 1
40 CEDRO AVENUE 8.125 4,603.49 80
7.875 4,603.49 775,000.00
SAN FRANCISCO CA 94127 1 07/22/96 00
450497201 05 09/01/96 0
450497201 O 08/01/26
0
1523320 560/560 F 241,500.00 R
360 241,342.02 1
752 BRIDGE CREEK DRIVE 8.125 1,793.14 70
7.875 1,793.14 345,000.00
SAN RAMON CA 94583 1 07/29/96 00
450497748 03 09/01/96 0
450497748 O 08/01/26
0
1
1523321 560/560 F 60,000.00 ZZ
360 60,000.00 1
65 RACQUET ROAD 8.625 466.68 38
8.375 466.68 161,900.00
WALL NJ 07719 1 08/01/96 00
450498134 01 10/01/96 0
450498134 O 09/01/26
0
1523322 560/560 F 260,900.00 R
360 260,900.00 1
133 MELANIE DR 8.375 1,983.03 80
8.125 1,983.03 326,186.00
TROY MI 48098 1 08/02/96 00
450498951 05 10/01/96 0
450498951 O 09/01/26
0
1523323 560/560 F 319,000.00 ZZ
360 318,816.46 1
3136 CORTE PORTOFINO 8.750 2,509.58 80
8.500 2,509.58 400,000.00
NEWPORT BEACH CA 92660 2 07/30/96 00
450499496 03 09/01/96 0
450499496 O 08/01/26
0
1523324 560/560 F 277,500.00 ZZ
360 277,336.16 1
1916 PENN AVENUE SOUTH 8.625 2,158.37 80
8.375 2,158.37 350,000.00
MINNEAPOLIS MN 55405 2 08/01/96 00
450499926 05 09/01/96 0
450499926 O 08/01/26
0
1523325 560/560 F 400,000.00 R
360 400,000.00 1
913 LAKEWOOD DR 8.125 2,969.99 73
7.875 2,969.99 550,000.00
BARRINGTON IL 60010 1 08/06/96 00
450500277 05 10/01/96 0
450500277 O 09/01/26
0
1523326 560/560 F 230,000.00 ZZ
360 230,000.00 1
229 HIGHLAND DRIVE 9.000 1,850.64 78
8.750 1,850.64 298,000.00
1
OXNARD CA 93035 2 08/02/96 00
450502240 05 10/01/96 0
450502240 O 09/01/26
0
1523327 560/560 F 311,800.00 ZZ
360 311,800.00 1
19241 ST ALBANS VALLEY DR 8.625 2,425.15 80
8.375 2,425.15 389,794.00
GLENCOE MO 63038 1 08/12/96 00
450502786 03 10/01/96 0
450502786 O 09/01/26
0
1523328 560/560 F 219,450.00 ZZ
360 219,450.00 1
9666 CALVIN AVENUE 8.625 1,706.86 95
8.375 1,706.86 231,000.00
NORTHRIDGE CA 91324 1 08/07/96 10
450503313 05 10/01/96 30
450503313 O 09/01/26
0
1523329 560/560 F 250,000.00 R
360 250,000.00 1
16 VINTAGE 8.250 1,878.17 52
8.000 1,878.17 485,000.00
LAGUNA NIGUEL CA 92677 1 08/05/96 00
450503768 03 10/01/96 0
450503768 O 09/01/26
0
1523330 560/560 F 264,000.00 ZZ
360 264,000.00 1
13653 DUNBAR WAY 8.875 2,100.51 73
8.625 2,100.51 364,000.00
APPLE VALLEY MN 55124 1 08/14/96 00
450504014 05 10/01/96 0
450504014 O 09/01/26
0
1523331 560/560 F 297,600.00 ZZ
360 297,600.00 1
19 OAK GLEN DRIVE 9.000 2,394.56 78
8.750 2,394.56 384,964.00
SHELTON CT 06484 1 08/08/96 00
450504758 05 10/01/96 0
450504758 O 09/01/26
0
1
1523333 560/560 F 221,400.00 ZZ
360 221,400.00 1
163 DURHAM POINT ROAD 8.500 1,702.37 80
8.250 1,702.37 276,781.00
DURHAM NH 03824 1 08/16/96 00
450506118 05 10/01/96 0
450506118 O 09/01/26
0
1523335 560/560 F 207,000.00 ZZ
360 207,000.00 1
33 MARJALEEN DRIVE 8.875 1,646.99 65
8.625 1,646.99 323,000.00
RANDOLPH NJ 07869 1 08/16/96 00
450506464 05 10/01/96 0
450506464 O 09/01/26
0
1523337 560/560 F 207,000.00 ZZ
360 207,000.00 1
4364 CLUBHOUSE DRIVE 8.750 1,628.47 80
8.500 1,628.47 259,000.00
LAKEWOOD CA 90712 1 08/13/96 00
450507363 05 10/01/96 0
450507363 O 09/01/26
0
1523338 560/560 F 271,550.00 ZZ
360 271,550.00 1
209 SPRINGHOUSE CIRCLE 8.750 2,136.29 95
8.500 2,136.29 286,000.00
FRANKLIN TN 37067 1 08/19/96 10
450507520 03 10/01/96 30
450507520 O 09/01/26
0
1523339 560/560 F 595,000.00 ZZ
360 595,000.00 1
214 ELEANOR DRIVE 8.375 4,522.43 50
8.125 4,522.43 1,200,000.00
WOODSIDE CA 94062 2 08/06/96 00
450507751 05 10/01/96 0
450507751 O 09/01/26
0
1523340 560/560 F 102,500.00 ZZ
360 102,500.00 1
1
13400 SW 80 AVENUE 8.875 815.54 54
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MIAMI FL 33156 2 08/15/96 00
450508379 05 10/01/96 0
450508379 O 09/01/26
0
1523342 560/560 F 235,100.00 ZZ
360 235,100.00 1
4060 AUTUMN RIDGE 7.875 1,704.64 95
7.625 1,704.64 247,500.00
SAGINAW MI 48603 1 08/21/96 10
450509773 05 10/01/96 30
450509773 O 09/01/26
0
1523343 560/560 F 240,900.00 ZZ
360 240,900.00 1
1318 MALLARD DRIVE 8.500 1,852.32 78
8.250 1,852.32 310,000.00
RICHMOND CA 94801 2 08/14/96 00
450510409 01 10/01/96 0
450510409 O 09/01/26
0
1523344 560/560 F 216,000.00 ZZ
360 216,000.00 1
4418 DON DIABLO DRIVE 8.375 1,641.76 90
8.125 1,641.76 240,000.00
LOS ANGELES CA 90008 1 08/19/96 10
450510631 05 10/01/96 25
450510631 O 09/01/26
0
1523350 638/G01 F 247,000.00 ZZ
360 247,000.00 1
40 MOUNT HAMILTON COURT 8.500 1,899.22 95
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CLAYTON CA 94517 1 08/09/96 01
0430024307 03 10/01/96 30
3952 O 09/01/26
0
1523352 480/728 F 280,000.00 T
360 279,847.06 1
305 HARRIS STREET 9.000 2,252.94 80
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BRECKENRIDGE CO 80424 1 08/01/96 00
0380505942 05 09/01/96 0
1
1937846 O 08/01/26
0
1523365 267/267 F 450,000.00 ZZ
360 450,000.00 1
433 RICHMOND ROAD 8.125 3,341.24 65
7.875 3,341.24 700,000.00
LA CANADA FLINT CA 91011 1 08/07/96 00
4414154 05 10/01/96 0
4414154 O 09/01/26
0
1523401 696/G01 F 207,000.00 ZZ
360 207,000.00 1
1509 N GREENBRIER STEET 7.750 1,482.97 80
7.500 1,482.97 260,000.00
ARLINGTON VA 22205 1 08/23/96 00
0430024265 05 10/01/96 0
2238415 O 09/01/26
0
1523425 559/G01 F 264,000.00 ZZ
360 264,000.00 1
1262 ALLYN STREET 8.250 1,983.35 80
8.000 1,983.35 330,000.00
ST. HELENA CA 94574 1 08/21/96 00
0430021337 05 10/01/96 0
5376264 O 09/01/26
0
1523426 074/074 F 315,000.00 ZZ
360 314,596.89 1
77 WILMINGTON DRIVE 8.250 2,366.49 73
8.000 2,366.49 435,000.00
MELVILLE NY 11747 1 06/27/96 00
1106008043 05 08/01/96 0
1106008043 O 07/01/26
0
1523427 356/G01 F 232,800.00 ZZ
360 232,800.00 1
7605 ROMA PLACE 8.625 1,810.70 80
8.375 1,810.70 291,000.00
SALINAS CA 93907 1 08/01/96 00
0430021329 05 10/01/96 0
2372068 O 09/01/26
0
1
1523440 074/074 F 240,500.00 ZZ
360 240,207.57 1
530 EAST 72ND STREET APT. 2F 8.500 1,849.24 65
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NEW YORK NY 10021 1 07/01/96 00
1106007448 12 08/01/96 0
1106007448 O 07/01/26
0
1523441 927/G01 F 255,950.00 ZZ
360 255,950.00 1
10021 LAUREL SPRINGS AVENUE 8.500 1,968.04 80
8.250 1,968.04 320,000.00
LAS VEGAS NV 89134 1 08/13/96 00
0430023994 05 10/01/96 0
281030 O 09/01/26
0
1523450 624/G01 F 283,500.00 ZZ
360 283,500.00 1
2015 JEANIE LANE 8.750 2,230.30 73
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GILROY CA 95020 5 08/20/96 00
0430026153 05 10/01/96 0
32054660036 O 09/01/26
0
1523453 776/G01 F 230,000.00 ZZ
360 230,000.00 1
7135 ROSEMARY CIRCLE 8.375 1,748.17 65
8.125 1,748.17 355,000.00
MORGAN HILL CA 95037 1 08/21/96 00
0430025254 05 10/01/96 0
6233693 O 09/01/26
0
1523454 744/G01 F 223,950.00 ZZ
360 223,950.00 1
3111 ARLOTTE AVENUE 8.875 1,781.85 80
8.625 1,781.85 279,950.00
LONG BEACH CA 90805 1 08/21/96 00
0430026641 05 10/01/96 0
78310 O 09/01/26
0
1523458 765/G01 F 256,000.00 ZZ
360 256,000.00 1
21426 TALISMAN AVENUE 8.250 1,923.25 80
8.000 1,923.25 320,000.00
1
TORRANCE CA 90503 1 08/07/96 00
0430025999 05 10/01/96 0
316824 O 09/01/26
0
1523459 074/G01 F 219,450.00 ZZ
360 219,244.39 1
2701 DOUGLAS 9.750 1,885.42 95
DRIVE 9.500 1,885.42 231,000.00
BLOOMFIELD MI 48304 1 07/01/96 10
0430020610 05 08/01/96 30
1581054303 O 07/01/26
0
1523464 253/253 F 132,000.00 ZZ
360 132,000.00 1
10824 CAMELLIA DRIVE 8.250 991.68 80
8.000 991.68 165,000.00
DALLAS TX 75230 1 08/22/96 00
312049 05 10/01/96 0
312049 O 09/01/26
0
1523472 B57/G01 F 323,000.00 ZZ
360 323,000.00 1
539 CALLE SEQUOIA 8.125 2,398.27 90
7.875 2,398.27 359,900.00
THOUSAND OAKS CA 91360 1 08/15/96 10
0430026161 05 10/01/96 25
9620697 O 09/01/26
0
1523473 074/G01 F 296,400.00 ZZ
360 295,829.06 1
340 CHESHIRE COURT 8.250 2,226.76 95
8.000 2,226.76 312,000.00
COLORADO SPRING CO 80906 1 05/31/96 11
0430020958 05 07/01/96 30
1579020513 O 06/01/26
0
1523483 074/074 F 327,250.00 ZZ
360 326,608.59 1
17 SPRUCE MOUNTAIN DRIVE 8.250 2,458.52 85
8.000 2,458.52 385,000.00
PUTNAM VALLEY NY 10579 1 05/10/96 11
1111045989 05 07/01/96 12
1111045989 O 06/01/26
0
1
1523487 074/074 F 100,000.00 ZZ
360 99,906.30 1
275 & 295 GREENWICH STREET 9.750 859.16 36
UNIT 9E-S 9.500 859.16 284,000.00
NEW YORK NY 10007 1 06/20/96 00
1111045901 06 08/01/96 0
1111045901 O 07/01/26
0
1523491 074/G01 F 110,800.00 ZZ
360 110,665.27 1
16 PLYMOUTH ROAD 8.500 851.96 75
8.250 851.96 147,750.00
SPRINGFIELD PA 19064 1 06/27/96 00
0430020990 05 08/01/96 0
1175034632 O 07/01/26
0
1523495 074/G01 F 236,000.00 ZZ
360 235,860.66 1
12 CALLE CABITO 8.625 1,835.59 52
8.375 1,835.59 460,000.00
SANTA FE NM 87505 4 07/09/96 00
0430021030 05 09/01/96 0
1569146774 O 08/01/26
0
1523499 074/074 F 360,000.00 ZZ
360 359,341.09 1
1 IRVING PLACE #19FG 8.500 2,768.09 80
8.250 2,768.09 450,000.00
NEW YORK NY 10003 1 05/30/96 00
1106007073 06 07/01/96 0
1106007073 O 06/01/26
0
1523501 074/074 F 86,000.00 ZZ
360 85,842.59 1
102-54 63RD STREET 8.500 661.27 40
8.250 661.27 215,000.00
REGO PARK NY 11375 1 05/14/96 00
1111035599 05 07/01/96 0
1111035599 O 06/01/26
0
1523504 685/G01 F 408,000.00 ZZ
360 408,000.00 1
1
5113 TOPEKA DRIVE 8.750 3,209.74 80
8.500 3,209.74 510,000.00
LOS ANGELES CA 91356 2 08/19/96 00
0430027565 05 10/01/96 0
105275 O 09/01/26
0
1523506 074/074 F 108,750.00 ZZ
360 108,540.54 1
11 HOMELAND AVE 8.250 817.00 75
8.000 817.00 145,000.00
CORNWALL NY 12520 1 05/15/96 00
1103044787 05 07/01/96 0
1103044787 O 06/01/26
0
1523511 074/074 F 198,750.00 ZZ
360 198,367.15 1
81 WARD STREET 8.250 1,493.15 75
8.000 1,493.15 265,000.00
WESTBURY NY 11590 1 05/07/96 00
1111036773 05 07/01/96 0
1111036773 O 06/01/26
0
1523536 562/728 F 85,000.00 ZZ
360 85,000.00 1
631 FAIRFAX DRIVE 9.375 706.99 41
9.125 706.99 209,000.00
RAMSEY NJ 07446 5 08/20/96 00
0380505843 01 10/01/96 0
518514 O 09/01/26
0
1523538 025/025 F 404,000.00 ZZ
360 403,755.26 1
3060 WINDSOR PLACE 8.500 3,106.41 80
8.250 3,106.41 505,000.00
BOCA RATON FL 33434 1 07/31/96 00
482454 03 09/01/96 0
482454 O 08/01/26
0
1523541 B75/G01 F 227,000.00 ZZ
360 227,000.00 1
111 NORTH ROCHESTER STREET 8.875 1,806.11 95
8.625 1,806.11 239,000.00
SAN MATEO CA 94401 1 08/05/96 11
0430023978 05 10/01/96 30
1
2513349 O 09/01/26
0
1523548 696/728 F 222,400.00 ZZ
360 222,400.00 1
1507 WOODLEA DRIVE SW 8.000 1,631.89 80
7.750 1,631.89 278,000.00
LEESBURG VA 20175 1 08/23/96 00
0380505983 03 10/01/96 0
8008227 O 09/01/26
0
1523580 764/G01 F 304,000.00 ZZ
360 304,000.00 1
3222 CAROLWOOD LANE 8.875 2,418.76 80
8.625 2,418.76 380,000.00
TORRANCE CA 90505 1 08/14/96 00
0430026294 05 10/01/96 0
890397 O 09/01/26
0
1523585 964/G01 F 211,000.00 ZZ
360 211,000.00 1
2447 BURNSIDE ROAD 8.500 1,622.41 53
8.250 1,622.41 405,000.00
SEBASTOPOL CA 95472 1 08/16/96 00
0430022236 05 10/01/96 0
19692 O 09/01/26
0
1523586 685/G01 F 252,000.00 ZZ
360 252,000.00 1
31811 GRAND CANYON DRIVE 8.500 1,937.66 80
8.250 1,937.66 315,000.00
LAGUNA NIGUEL CA 92677 1 08/19/96 00
0430022244 05 10/01/96 0
105277 O 09/01/26
0
1523589 964/G01 F 560,000.00 ZZ
360 560,000.00 1
1180 FULTON STREET 8.125 4,157.98 80
7.875 4,157.98 700,000.00
SAN FRANCISCO CA 94117 1 08/20/96 00
0430022285 05 10/01/96 0
19774 O 09/01/26
0
1
1523599 429/429 F 295,000.00 ZZ
360 294,811.89 1
1436 S. FEDERAL UNIT B 8.250 2,216.24 77
8.000 2,216.24 385,000.00
CHICAGO IL 60605 1 07/31/96 00
0010387331 03 09/01/96 0
0010387331 O 08/01/26
0
1523603 A02/G01 F 260,000.00 ZZ
360 260,000.00 1
407 VICTORIA LANE 8.750 2,045.42 73
8.500 2,045.42 360,000.00
ARLINGTON HEIGH IL 60005 1 08/23/96 00
0430025171 05 10/01/96 0
0162434 O 09/01/26
0
1523609 638/G01 F 267,050.00 ZZ
360 267,050.00 1
7827 PINEVILLE CIRCLE 8.500 2,053.38 80
8.250 2,053.38 333,843.00
CASTRO VALLEY CA 94552 1 08/07/96 00
0430023531 03 10/01/96 0
8590023 O 09/01/26
0
1523638 685/G01 F 398,000.00 ZZ
360 398,000.00 1
944 BIG BRIAR WAY 8.375 3,025.09 80
8.125 3,025.09 497,500.00
LA CANADA FLINT CA 91011 1 08/19/96 00
0430025163 05 10/01/96 0
105312 O 09/01/26
0
1523640 685/G01 F 500,000.00 ZZ
360 500,000.00 1
5685 CALPINE DRIVE 8.750 3,933.50 80
8.500 3,933.50 631,500.00
MALIBU CA 90265 1 08/14/96 00
0430027854 05 10/01/96 0
105010 O 09/01/26
0
1523643 559/G01 F 142,750.00 ZZ
360 142,750.00 1
508 ALDERBROOK DRIVE 8.625 1,110.30 78
8.375 1,110.30 183,000.00
1
SANTA ROSA CA 95405 2 08/12/96 00
0430024430 05 10/01/96 0
5367842 O 09/01/26
0
1523645 559/G01 F 213,600.00 ZZ
360 213,600.00 1
681 BARN OWL COURT 8.250 1,604.71 80
8.000 1,604.71 267,000.00
WALNUT CREEK CA 94598 1 08/26/96 00
0430027920 03 10/01/96 0
5378989 O 09/01/26
0
1523649 E22/G01 F 312,000.00 ZZ
360 312,000.00 1
12356 VIEWOAK DRIVE 9.125 2,538.53 59
8.875 2,538.53 531,000.00
SARATOGA CA 95070 2 08/15/96 00
0410225312 05 10/01/96 0
410225312 O 09/01/26
0
1523662 624/G01 F 294,300.00 ZZ
360 294,300.00 1
551 HAMILTON AVENUE 8.375 2,236.89 80
8.125 2,236.89 367,900.00
MILPITAS CA 95035 1 08/22/96 00
0430027268 05 10/01/96 0
87501360026 O 09/01/26
0
1523680 E19/G01 F 215,600.00 ZZ
360 215,600.00 1
5603 ROCKBRIDGE COURT 8.375 1,638.72 95
8.125 1,638.72 227,000.00
COLUMBIA MD 21045 1 08/22/96 11
0430027433 03 10/01/96 30
9582 O 09/01/26
0
1523709 731/G01 F 227,600.00 ZZ
360 227,600.00 1
3877 SIERRA MADRE COURT 8.250 1,709.88 80
8.000 1,709.88 284,500.00
SIMI VALLEY CA 93063 1 08/16/96 00
0430026260 05 10/01/96 0
4001142 O 09/01/26
0
1
1523720 776/G01 F 152,800.00 ZZ
360 152,800.00 1
2489 STONEGATE DRIVE 8.750 1,202.08 80
8.500 1,202.08 191,000.00
FESTUS MO 63028 1 08/26/96 00
0430029090 05 10/01/96 0
8235845 O 09/01/26
0
1523727 776/G01 F 89,250.00 ZZ
360 89,250.00 1
8920 WEST DONNYBROOK DRIVE 8.875 710.11 75
8.625 710.11 119,000.00
BOISE ID 83709 2 08/21/96 00
0430029108 05 10/01/96 0
2535081 O 09/01/26
0
1523728 455/G01 F 96,750.00 ZZ
360 96,750.00 1
220 STEEPLE CHASE DRIVE 8.125 718.37 75
7.875 718.37 129,000.00
MCDONOUGH GA 30252 1 08/22/96 00
0430025148 05 10/01/96 0
52483 O 09/01/26
0
1523751 180/728 F 250,000.00 ZZ
360 250,000.00 1
2013 BRISTLECONE COURT 8.500 1,922.28 50
8.250 1,922.28 505,000.00
SANTA ROSA CA 95403 1 08/09/96 00
0380506189 03 10/01/96 0
4435624 O 09/01/26
0
1523788 575/G01 F 339,750.00 ZZ
360 339,750.00 1
11 DEERFIELD ROAD 8.750 2,672.81 90
8.500 2,672.81 378,000.00
MENDHAM NJ 07945 1 08/02/96 14
0430025874 05 10/01/96 25
442007527 O 09/01/26
0
1523806 E22/G01 F 190,000.00 ZZ
360 190,000.00 1
1
823 SAN RAFAEL STREET 8.625 1,477.80 80
8.375 1,477.80 240,000.00
SUNNYVALE CA 94086 2 08/08/96 00
0410225122 05 10/01/96 0
410225122 O 09/01/26
0
1523811 A50/A50 F 303,000.00 ZZ
360 303,000.00 1
3408 SHAMLEY DR 8.750 2,383.70 75
8.500 2,383.70 404,392.00
TUSCALOOSA AL 35406 2 08/16/96 00
16267 03 10/01/96 0
16267 O 09/01/26
0
1523822 686/G01 F 46,000.00 ZZ
360 46,000.00 1
2217 EAST CAROL CIRCLE 8.700 360.25 68
8.450 360.25 68,000.00
WEST PALM BEACH FL 33416 1 08/16/96 00
0430023010 05 10/01/96 0
817588072 O 09/01/26
0
1523827 686/G01 F 164,500.00 ZZ
360 164,500.00 1
3481 CHANEY TRAIL 8.400 1,253.23 70
8.150 1,253.23 235,000.00
ALTADENA CA 91001 5 08/16/96 00
0430023077 05 10/01/96 0
817642408 O 09/01/26
0
1523876 E22/G01 F 275,500.00 ZZ
360 275,500.00 1
12765 SW 99 COURT 8.250 2,069.74 80
8.000 2,069.74 345,000.00
MIAMI FL 33176 1 08/21/96 00
0410187991 05 10/01/96 0
410187991 O 09/01/26
0
1523907 909/G01 F 132,000.00 ZZ
360 132,000.00 1
150 UPLAND DRIVE 8.750 1,038.44 75
8.500 1,038.44 176,000.00
BOULDER CREEK CA 95006 2 08/09/96 00
0430028423 05 10/01/96 0
1
6003282 O 09/01/26
0
1523919 731/G01 F 256,000.00 ZZ
360 256,000.00 1
1173 HILLVIEW DRIVE 8.625 1,991.14 80
8.375 1,991.14 320,000.00
MILPITAS CA 95035 1 08/16/96 00
0430027797 05 10/01/96 0
111752583 O 09/01/26
0
1523921 731/G01 F 249,500.00 ZZ
360 249,500.00 1
3321 DOVER ROAD 8.625 1,940.59 80
8.375 1,940.59 312,000.00
REDWOOD CITY CA 94061 2 08/23/96 00
0430027979 05 10/01/96 0
112152624 O 09/01/26
0
1523924 526/G01 F 378,000.00 ZZ
360 378,000.00 1
134 DRAPER ROAD 8.750 2,973.73 65
8.500 2,973.73 587,000.00
WAYLAND MA 01778 5 08/09/96 00
0430025726 05 10/01/96 0
137072 O 09/01/26
0
1523926 624/G01 F 256,000.00 ZZ
360 256,000.00 1
3699 DEEDHAM DRIVE 8.750 2,013.95 80
8.500 2,013.95 320,000.00
SAN JOSE CA 95148 2 08/23/96 00
0430026609 05 10/01/96 0
87500360056 O 09/01/26
0
1523928 698/G01 F 261,000.00 ZZ
360 261,000.00 1
5443 EAST ESTATE RIDGE ROAD 9.250 2,147.18 90
9.000 2,147.18 290,000.00
ANAHEIM CA 92807 1 08/27/96 11
0430027607 03 10/01/96 30
1600000050 O 09/01/26
0
1
1523930 526/G01 F 250,000.00 ZZ
360 250,000.00 1
505 WYNDMOOR AVENUE 7.625 1,769.49 73
7.375 1,769.49 345,000.00
WYNDMOOR PA 19038 1 08/16/96 00
0430023804 05 10/01/96 0
0130535 O 09/01/26
0
1523933 526/G01 F 261,150.00 ZZ
360 261,150.00 1
4316 CALLE MAPACHE 8.250 1,961.94 89
8.000 1,961.94 296,650.00
CAMARILLO CA 93012 1 08/06/96 04
0430029009 05 10/01/96 25
0118549 O 09/01/26
0
1523955 526/G01 F 238,500.00 ZZ
360 238,500.00 1
5 GLOUCESTER DRIVE 8.625 1,855.03 80
8.375 1,855.03 299,740.00
MARLBORO NJ 07746 1 08/19/96 00
0430026963 05 10/01/96 0
0100045 O 09/01/26
0
1523956 375/G01 F 85,200.00 ZZ
360 85,200.00 1
4906 MEADOWCREST DRIVE 8.875 677.89 64
8.625 677.89 135,200.00
ALLISON PARK PA 15101 1 08/16/96 00
0430025015 05 10/01/96 0
327900 O 09/01/26
0
1523957 668/G01 F 308,000.00 ZZ
360 308,000.00 1
26 SEMINOLE COURT 8.250 2,313.91 80
8.000 2,313.91 385,000.00
SAN RAMON CA 94583 1 08/12/96 00
0430029777 03 10/01/96 0
6880686 O 09/01/26
0
1523960 480/728 F 120,000.00 ZZ
360 120,000.00 1
17363 SW 32 LANE 7.625 849.35 47
7.375 849.35 257,395.00
1
MIRAMAR FL 33029 1 08/14/96 00
0380506114 03 10/01/96 0
1755990 O 09/01/26
0
1523992 076/076 F 283,200.00 ZZ
360 283,023.97 1
5802 WESTCHESTER STREET 8.375 2,152.53 80
8.125 2,152.53 354,050.00
ALEXANDRIA VA 22310 1 07/24/96 00
019131 05 09/01/96 0
019131 O 08/01/26
0
1523997 A39/G01 F 959,000.00 ZZ
360 959,000.00 1
20559 CHATSBORO DRIVE 8.875 7,630.23 70
8.625 7,630.23 1,370,000.00
WOODLAND HILLS CA 91364 1 08/07/96 00
0430024166 03 10/01/96 0
9600656RFC O 09/01/26
0
1524004 076/076 F 262,500.00 ZZ
360 262,363.91 1
31274 WESTWOOD 9.250 2,159.53 75
9.000 2,159.53 350,000.00
FARMINGTON HILL MI 48331 5 07/25/96 00
9604991 05 09/01/96 0
9604991 O 08/01/26
0
1524028 E86/G01 F 385,000.00 ZZ
360 385,000.00 1
10 TWIN PONDS LANE 8.500 2,960.32 63
8.250 2,960.32 614,000.00
OYSTER BAY COVE NY 11791 1 08/21/96 00
0430026302 05 10/01/96 0
12827 O 09/01/26
0
1524043 685/G01 F 170,600.00 ZZ
360 170,600.00 1
25759 PALERMO COURT 8.875 1,357.37 80
8.625 1,357.37 213,600.00
MURRIETA CA 92562 1 08/13/96 00
0430027573 05 10/01/96 0
104871 O 09/01/26
0
1
1524049 776/G01 F 289,600.00 ZZ
360 289,600.00 1
900 CONSTITUTION DRIVE 8.875 2,304.19 80
8.625 2,304.19 362,000.00
FOSTER CITY CA 94404 1 08/22/96 00
0430027847 05 10/01/96 0
2135098 O 09/01/26
0
1524119 964/G01 F 151,200.00 ZZ
360 151,200.00 1
825 AVOCADO STREET 8.500 1,162.60 80
8.250 1,162.60 189,000.00
BREA CA 92621 1 08/21/96 00
0430025262 05 10/01/96 0
19740 O 09/01/26
0
1524121 964/G01 F 142,400.00 ZZ
360 142,400.00 1
5348 WEST 124TH PLACE 9.000 1,145.78 80
8.750 1,145.78 178,000.00
HAWTHORNE CA 90250 1 08/27/96 00
0430025247 05 10/01/96 0
19680 O 09/01/26
0
1524122 964/G01 F 380,000.00 ZZ
360 380,000.00 1
637 26TH STREET 8.500 2,921.87 50
8.250 2,921.87 775,000.00
MANHATTAN BEACH CA 90266 1 08/21/96 00
0430025197 05 10/01/96 0
19706 O 09/01/26
0
1524233 696/728 F 259,600.00 ZZ
360 259,600.00 1
501 IVY CIRCLE 8.125 1,927.52 80
7.875 1,927.52 324,500.00
ALEXANDRIA VA 22302 1 08/29/96 00
0380506171 05 10/01/96 0
2158293 O 09/01/26
0
1524253 025/025 F 307,000.00 ZZ
360 307,000.00 1
1
7490 ST MARLO COUNTRY CLUB PKY 8.500 2,360.56 87
8.250 2,360.56 353,250.00
DULUTH GA 30136 1 08/05/96 11
135797 03 10/01/96 25
135797 O 09/01/26
0
1524261 668/G01 F 360,000.00 ZZ
360 360,000.00 1
6131 AVALON COURT 8.750 2,832.13 80
8.500 2,832.13 450,000.00
LONG BEACH CA 90803 1 08/09/96 00
0430029801 03 10/01/96 0
6879597 O 09/01/26
0
1524263 514/G01 F 650,000.00 ZZ
360 650,000.00 1
401 RIVER BEND ROAD 7.875 4,712.95 73
7.625 4,712.95 895,000.00
GREAT FALLS VA 22066 1 08/22/96 00
0430029207 05 10/01/96 0
358184 O 09/01/26
0
1524299 685/G01 F 104,000.00 ZZ
360 104,000.00 1
4033 BLUFF STREET 8.375 790.48 68
8.125 790.48 155,000.00
NORCO CA 91760 1 08/08/96 00
0430028951 05 10/01/96 0
105087 O 09/01/26
0
1524309 731/G01 F 276,800.00 ZZ
360 276,800.00 1
3764 RHODA DRIVE 8.375 2,103.88 80
8.125 2,103.88 346,000.00
SAN JOSE CA 95117 1 08/22/96 00
0430028266 05 10/01/96 0
112152658 O 09/01/26
0
1524318 E22/G01 F 140,000.00 ZZ
360 139,921.52 1
1720 FELS ROAD 8.875 1,113.90 71
8.625 1,113.90 199,000.00
MILFORD TOWNSHI PA 18073 5 07/19/96 00
0410189690 05 09/01/96 0
1
410189690 O 08/01/26
0
1524370 313/G01 F 135,000.00 ZZ
360 135,000.00 1
4205 SW MINTER BRIDGE ROAD 8.875 1,074.13 75
8.625 1,074.13 180,000.00
HILLSBORO OR 97123 1 08/22/96 00
0430028571 05 10/01/96 0
6006142 O 09/01/26
0
1524372 E22/G01 F 188,500.00 ZZ
360 188,500.00 1
8520 WEST CAMDEN DRIVE 8.500 1,449.40 79
8.250 1,449.40 240,000.00
ELK GROVE CA 95624 2 08/16/96 00
0410128284 05 10/01/96 0
410128284 O 09/01/26
0
1524412 E22/G01 F 190,400.00 ZZ
360 190,400.00 1
3865 ELGIN DRIVE 8.750 1,497.88 80
8.500 1,497.88 238,000.00
PLANO TX 75025 1 08/09/96 00
0410213086 09 10/01/96 0
410213086 O 09/01/26
0
1524436 E22/G01 F 208,000.00 ZZ
360 208,000.00 1
14136 HORTENSE STREET 8.875 1,654.94 80
8.625 1,654.94 260,000.00
SHERMAN OAKS AR CA 91423 2 08/15/96 00
0410183040 05 10/01/96 0
410183040 O 09/01/26
0
1524451 E22/G01 F 472,000.00 ZZ
360 472,000.00 1
18135 CAMINO DE ESTRELLAS 8.750 3,713.23 80
8.500 3,713.23 590,000.00
RANCHO SANTA FE CA 92067 1 08/22/96 00
0410182059 05 10/01/96 0
410182059 O 09/01/26
0
1
1524467 A39/G01 F 265,600.00 ZZ
360 265,600.00 1
6258 TIMBERLANE STREET 8.625 2,065.81 80
8.375 2,065.81 332,000.00
AGOURA HILLS CA 91301 1 08/26/96 00
0430026286 05 10/01/96 0
9600747RFC O 09/01/26
0
1524480 964/G01 F 400,000.00 ZZ
360 400,000.00 1
5580 CAMINO DE BRYANT 8.250 3,005.07 80
8.000 3,005.07 500,000.00
YORBA LINDA CA 92686 1 08/29/96 00
0430026989 05 10/01/96 0
19652 O 09/01/26
0
1524482 964/G01 F 292,600.00 ZZ
360 292,600.00 1
350 CALABASAS ROAD 8.375 2,223.97 79
8.125 2,223.97 372,000.00
WATSONVILLE CA 95076 2 08/21/96 00
0430027169 05 10/01/96 0
19648 O 09/01/26
0
1524509 A39/A39 F 300,000.00 ZZ
360 300,000.00 1
887 PUESTA DEL SOL 8.500 2,306.74 62
8.250 2,306.74 485,000.00
THOUSAND OAKS CA 91360 1 08/21/96 00
9600572 03 10/01/96 0
9600572 O 09/01/26
0
1524510 956/G01 F 328,800.00 ZZ
360 328,800.00 1
123 FLYING CLOUD ISLE 8.500 2,528.19 80
8.250 2,528.19 411,000.00
FOSTER CITY CA 94404 1 08/21/96 00
0430028308 05 10/01/96 0
606123 O 09/01/26
0
1524535 003/G01 F 308,800.00 ZZ
360 308,800.00 1
105 NEW LANDERS DRIVE 8.750 2,429.34 80
8.500 2,429.34 386,000.00
1
POWDER SPRINGS GA 30073 1 08/13/96 00
0430026716 03 10/01/96 0
3708096 O 09/01/26
0
1524540 377/G01 F 267,750.00 ZZ
360 267,750.00 1
11 SCHOOLHOUSE LANE 8.125 1,988.04 90
7.875 1,988.04 297,500.00
MOUNT OLIVE TOW NJ 07828 1 08/29/96 14
0430029413 05 10/01/96 25
743332 O 09/01/26
0
1524558 E22/G01 F 504,000.00 ZZ
360 504,000.00 1
26055 RED CORRAL ROAD 9.000 4,055.30 80
8.750 4,055.30 630,000.00
LAGUNA HILLS CA 92653 1 08/22/96 00
0410224679 03 10/01/96 0
410224679 O 09/01/26
0
1524560 E22/G01 F 275,200.00 ZZ
360 275,200.00 1
878 SOUTH DYER CIRCLE 8.625 2,140.48 80
8.375 2,140.48 344,000.00
INCLINE VILLAGE NV 89451 1 08/22/96 00
0410126585 05 10/01/96 0
410126585 O 09/01/26
0
1524562 E22/G01 F 218,500.00 ZZ
360 218,500.00 1
7784 YAUPON DRIVE 8.625 1,699.47 90
8.375 1,699.47 242,776.00
AUSTIN TX 78759 1 08/22/96 10
0410213631 05 10/01/96 25
410213631 O 09/01/26
0
1524599 171/171 F 270,000.00 ZZ
360 270,000.00 1
6401 NORTH VISTA STREET 8.500 2,076.07 75
8.250 2,076.07 360,000.00
SAN GABRIEL CA 91775 2 08/01/96 00
67095064 05 10/01/96 0
67095064 O 09/01/26
0
1
1524603 731/G01 F 216,000.00 ZZ
360 216,000.00 1
9390 TROY WAY 8.625 1,680.03 80
8.375 1,680.03 270,000.00
GRANITE BAY CA 95746 1 08/26/96 00
0430028993 05 10/01/96 0
110541034 O 09/01/26
0
1524701 964/G01 F 340,000.00 ZZ
360 340,000.00 1
45 REDWOOD DRIVE 8.375 2,584.25 80
8.125 2,584.25 430,000.00
ROSS CA 94957 2 08/28/96 00
0430028092 05 10/01/96 0
19861 O 09/01/26
0
1524728 003/G01 F 304,000.00 ZZ
360 304,000.00 1
251 CHURCHILL HEIGHTS 8.375 2,310.62 80
8.125 2,310.62 380,000.00
ALPHARETTA GA 30202 1 08/21/96 00
0430028183 03 10/01/96 0
3726650 O 09/01/26
0
1524752 626/G01 F 293,000.00 ZZ
360 293,000.00 1
4707 COPPERFIELD CIRCLE 8.625 2,278.93 77
8.375 2,278.93 385,199.00
GRANITE BAY CA 95746 2 08/20/96 00
0430028902 03 10/01/96 0
6648257 O 09/01/26
0
1524754 765/G01 F 204,800.00 ZZ
360 204,800.00 1
4713 JACQUES STREET 8.375 1,556.63 80
8.125 1,556.63 256,000.00
TORRANCE CA 90503 1 08/20/96 00
0430028613 05 10/01/96 0
317085 O 09/01/26
0
1524757 765/G01 F 272,971.00 ZZ
360 272,971.00 1
1
1009 SOUTH CREEKVIEW LANE 8.500 2,098.92 95
8.250 2,098.92 287,338.00
ANAHEIM CA 92808 1 08/26/96 11
0430028589 03 10/01/96 30
316571 O 09/01/26
0
1524758 765/G01 F 263,150.00 ZZ
360 263,150.00 1
4134 EAST CHURCH HAVEN WAY 8.875 2,093.74 95
8.625 2,093.74 277,000.00
ANAHEIM CA 92807 1 08/27/96 12
0430029058 05 10/01/96 30
317092 O 09/01/26
0
1524761 E57/G01 F 428,000.00 ZZ
360 428,000.00 1
3207 DURAND DRIVE 9.000 3,443.78 80
8.750 3,443.78 535,000.00
LOS ANGELES CA 90068 2 08/22/96 00
0430029454 05 10/01/96 0
164124 O 09/01/26
0
1524767 637/G01 F 525,200.00 ZZ
360 525,200.00 1
2209 VERSAILLES COURT 8.625 4,084.96 80
8.375 4,084.96 656,500.00
HENDERSON NV 89014 1 08/22/96 00
0430029330 03 10/01/96 0
4981114 O 09/01/26
0
1524769 637/G01 F 269,950.00 ZZ
360 269,950.00 1
5635 NORTH DAPPLE GRAY ROAD 8.500 2,075.69 90
8.250 2,075.69 299,950.00
LAS VEGAS NV 89129 1 08/23/96 04
0430028399 05 10/01/96 25
9218447 O 09/01/26
0
1524782 420/G01 F 252,800.00 ZZ
360 252,800.00 1
202 OYSTER POND ROAD 8.500 1,943.82 80
8.250 1,943.82 316,000.00
ALAMEDA CA 94502 1 08/12/96 00
0430029645 03 10/01/96 0
1
337576 O 09/01/26
0
1524909 560/560 F 347,000.00 ZZ
360 347,000.00 1
635 N CHEROKEE AVENUE 8.750 2,729.86 78
8.500 2,729.86 450,000.00
LOS ANGELES CA 90004 2 08/23/96 00
450520119 05 10/01/96 0
450520119 O 09/01/26
0
1524910 560/560 F 303,000.00 T
360 303,000.00 1
35849 N 61ST STREET 8.375 2,303.02 63
8.125 2,303.02 485,714.00
CAREFREE AZ 85331 1 08/26/96 00
450517107 05 10/01/96 0
450517107 O 09/01/26
0
1524911 560/560 F 278,550.00 ZZ
360 278,550.00 1
5161 KILE ROAD 8.875 2,216.27 95
8.625 2,216.27 293,249.00
LODI CA 95242 1 08/23/96 04
450516521 05 10/01/96 30
450516521 O 09/01/26
0
1524915 560/560 F 225,200.00 ZZ
360 225,200.00 1
849 HERITAGE HILLS DRIVE 8.875 1,791.80 80
8.625 1,791.80 281,500.00
YORK PA 17402 2 08/21/96 00
450512447 05 10/01/96 0
450512447 O 09/01/26
0
1524916 560/560 F 231,500.00 ZZ
360 231,500.00 1
LOT 32 SILVER GLEN ROAD 8.750 1,821.22 95
8.500 1,821.22 243,776.00
STOUGHTON MA 02072 1 08/28/96 10
450514724 05 10/01/96 30
450514724 O 09/01/26
0
1
1524918 560/560 F 250,000.00 ZZ
360 250,000.00 1
6 FOUNTAYNE LANE 8.375 1,900.19 72
8.125 1,900.19 352,000.00
SKILLMAN NJ 08558 1 08/28/96 00
450514518 05 10/01/96 0
450514518 O 09/01/26
0
1524923 560/560 F 233,750.00 R
240 233,750.00 1
7609 STRATFIELD 8.125 1,973.41 86
7.875 1,973.41 273,800.00
LAUREL MD 20707 1 08/16/96 10
450506431 03 10/01/96 25
450506431 O 09/01/16
0
1524942 964/G01 F 232,000.00 ZZ
360 232,000.00 1
743 SKLVANOAK DRIVE 8.500 1,783.88 80
8.250 1,783.88 290,000.00
GLENDALE CA 91206 1 08/23/96 00
0430027987 05 10/01/96 0
19807 O 09/01/26
0
1525025 560/560 F 423,950.00 ZZ
360 423,950.00 1
1717 W 11TH AVENUE 8.500 3,259.81 56
8.250 3,259.81 760,000.00
ANCHORAGE AK 99501 2 08/27/96 00
450513825 05 10/01/96 0
450513825 O 09/01/26
0
1525052 E22/G01 F 400,000.00 ZZ
360 400,000.00 1
3805 FERN FLAT ROAD 8.500 3,075.65 72
8.250 3,075.65 558,500.00
APTOS CA 95003 1 08/28/96 00
0410226187 05 10/01/96 0
410226187 O 09/01/26
0
1525054 E22/G01 F 254,400.00 ZZ
360 254,400.00 1
33 PARK ROAD UNIT # 1 8.375 1,933.62 80
8.125 1,933.62 318,000.00
1
BURLINGAME CA 94010 1 08/28/96 00
0410227128 09 10/01/96 0
410227128 O 09/01/26
0
1525055 E22/G01 F 202,000.00 ZZ
360 202,000.00 1
6208 VERNON WAY 9.500 1,698.53 62
9.250 1,698.53 330,000.00
CARMICHAEL CA 95608 2 08/26/96 00
0410128219 05 10/01/96 0
410128219 O 09/01/26
0
1525135 E22/G01 F 342,500.00 ZZ
360 342,500.00 1
20 LAKE AVENUE 9.250 2,817.66 75
9.000 2,817.66 456,711.00
REHOBOTH DE 19971 2 08/26/96 00
0410198592 05 10/01/96 0
410198592 O 09/01/26
0
TOTAL NUMBER OF LOANS : 1,610
TOTAL ORIGINAL BALANCE : 452,391,449.18
TOTAL PRINCIPAL BALANCE : 451,652,075.74
TOTAL ORIGINAL P+I : 3,516,205.30
TOTAL CURRENT P+I : 3,516,205.30
***************************
* END OF REPORT *
***************************
<PAGE>
RUN ON : 09/23/96 RFC DISCLOSURE SYSTEM RFFSDFIX-01
AT : 12.20.44 FIXED PASSTHRU REPORT AMORTIZED BALANCE
SERIES : RFMSI I 1996-S20 CUTOFF : 09/01/96
POOL : 0004225
:
:
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 SPREAD RATE STRIP
- -------------------------------------------------------------------------------
1437819 .2500
180,153.60 .0800
8.5000 .0000
8.2500 .0000
8.1700 .4200
7.7500 .0000
1441466 .2500
191,080.90 .0300
8.6250 .0000
8.3750 .0000
8.3450 .5950
7.7500 .0000
1444462 .2500
231,344.63 .0300
8.6250 .0000
8.3750 .0000
8.3450 .5950
7.7500 .0000
1447992 .2500
257,215.56 .0800
8.2500 .0000
8.0000 .0000
7.9200 .1700
7.7500 .0000
1457619 .2500
199,484.67 .0300
9.0000 .0000
8.7500 .0000
8.7200 .9700
7.7500 .0000
1470543 .2500
230,000.00 .0800
8.0000 .0000
7.7500 .0000
7.6700 .0000
7.6700 .0000
1
1476606 .2500
292,000.00 .0300
8.8750 .0000
8.6250 .0000
8.5950 .8450
7.7500 .0000
1479641 .2500
586,500.00 .0300
8.7500 .0000
8.5000 .0000
8.4700 .7200
7.7500 .0000
1480026 .2500
219,600.00 .0300
9.2500 .0000
9.0000 .0000
8.9700 1.2200
7.7500 .0000
1480984 .2500
299,822.88 .0300
8.6250 .0000
8.3750 .0000
8.3450 .5950
7.7500 .0000
1482525 .2500
303,600.00 .0300
8.7500 .0000
8.5000 .0000
8.4700 .7200
7.7500 .0000
1485795 .2500
388,038.63 .0800
7.8750 .0000
7.6250 .0000
7.5450 .0000
7.5450 .0000
1486338 .2500
281,408.44 .0300
9.2500 .0000
9.0000 .0000
8.9700 1.2200
7.7500 .0000
1486590 .2500
135,000.00 .0300
9.5000 .0000
9.2500 .0000
9.2200 1.4700
7.7500 .0000
1
1490410 .2500
260,467.66 .0800
9.3750 .0000
9.1250 .0000
9.0450 1.2950
7.7500 .0000
1497870 .2500
112,144.05 .0300
9.0000 .0000
8.7500 .0000
8.7200 .9700
7.7500 .0000
1498727 .2500
262,000.00 .0300
8.8750 .0000
8.6250 .0000
8.5950 .8450
7.7500 .0000
1499601 .2500
220,373.13 .0300
8.7500 .0000
8.5000 .0000
8.4700 .7200
7.7500 .0000
1500496 .2500
315,076.18 .0300
8.6250 .0000
8.3750 .0000
8.3450 .5950
7.7500 .0000
1500574 .2500
269,542.51 .0300
8.8750 .0000
8.6250 .0000
8.5950 .8450
7.7500 .0000
1501573 .2500
479,701.65 .0300
8.3750 .0000
8.1250 .0000
8.0950 .3450
7.7500 .0000
1501576 .2500
161,000.00 .0300
8.7500 .0000
8.5000 .0000
8.4700 .7200
7.7500 .0000
1
1502454 .2500
224,647.37 .0300
9.2500 .0000
9.0000 .0000
8.9700 1.2200
7.7500 .0000
1503036 .2500
293,851.54 .0300
9.3750 .0000
9.1250 .0000
9.0950 1.3450
7.7500 .0000
1503109 .2500
224,877.10 .0300
9.0000 .0000
8.7500 .0000
8.7200 .9700
7.7500 .0000
1503120 .2500
719,645.85 .0300
9.5000 .0000
9.2500 .0000
9.2200 1.4700
7.7500 .0000
1503456 .2500
990,000.00 .0800
9.1250 .0000
8.8750 .0000
8.7950 1.0450
7.7500 .0000
1504243 .2500
264,843.54 .0300
8.6250 .0000
8.3750 .0000
8.3450 .5950
7.7500 .0000
1504253 .2500
245,807.29 .0800
7.8750 .0000
7.6250 .0000
7.5450 .0000
7.5450 .0000
1504862 .2500
190,884.33 .0300
9.0000 .0000
8.7500 .0000
8.7200 .9700
7.7500 .0000
1
1504866 .2500
283,506.22 .0300
8.7500 .0000
8.5000 .0000
8.4700 .7200
7.7500 .0000
1504927 .2500
231,882.84 .0300
9.3750 .0000
9.1250 .0000
9.0950 1.3450
7.7500 .0000
1505008 .2500
500,000.00 .0300
9.0000 .0000
8.7500 .0000
8.7200 .9700
7.7500 .0000
1505205 .2500
397,196.84 .0300
8.8750 .0000
8.6250 .0000
8.5950 .8450
7.7500 .0000
1505327 .2500
238,942.76 .0300
8.7500 .0000
8.5000 .0000
8.4700 .7200
7.7500 .0000
1505347 .2500
187,150.00 .0300
9.7500 .0000
9.5000 .0000
9.4700 1.7200
7.7500 .0000
1505486 .2500
284,785.00 .0300
8.3750 .0000
8.1250 .0000
8.0950 .3450
7.7500 .0000
1505578 .2500
271,660.68 .0300
8.3750 .0000
8.1250 .0000
8.0950 .3450
7.7500 .0000
1
1505599 .2500
229,783.89 .0300
9.3750 .0000
9.1250 .0000
9.0950 1.3450
7.7500 .0000
1505762 .2500
112,673.05 .0300
8.8750 .0000
8.6250 .0000
8.5950 .8450
7.7500 .0000
1505938 .2500
649,644.95 .0300
9.0000 .0000
8.7500 .0000
8.7200 .9700
7.7500 .0000
1506149 .2500
271,299.02 .0300
8.2500 .0000
8.0000 .0000
7.9700 .2200
7.7500 .0000
1506156 .2500
236,630.44 .0300
9.3750 .0000
9.1250 .0000
9.0950 1.3450
7.7500 .0000
1506159 .2500
133,623.08 .0300
8.7500 .0000
8.5000 .0000
8.4700 .7200
7.7500 .0000
1506284 .2500
254,713.02 .0300
8.8750 .0000
8.6250 .0000
8.5950 .8450
7.7500 .0000
1506461 .2500
118,180.05 .0300
9.3750 .0000
9.1250 .0000
9.0950 1.3450
7.7500 .0000
1
1506465 .2500
219,876.66 .0300
8.8750 .0000
8.6250 .0000
8.5950 .8450
7.7500 .0000
1506503 .2500
353,641.94 .0800
9.0000 .0000
8.7500 .0000
8.6700 .9200
7.7500 .0000
1506671 .2500
271,839.41 .0300
8.6250 .0000
8.3750 .0000
8.3450 .5950
7.7500 .0000
1506672 .2500
300,000.00 .0300
8.7500 .0000
8.5000 .0000
8.4700 .7200
7.7500 .0000
1506788 .2500
194,684.02 .0300
8.1250 .0000
7.8750 .0000
7.8450 .0950
7.7500 .0000
1506889 .2500
936,888.43 .0300
8.6250 .0000
8.3750 .0000
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227,600.00 .0300
8.2500 .0000
8.0000 .0000
7.9700 .2200
7.7500 .0000
1523720 .2500
152,800.00 .0300
8.7500 .0000
8.5000 .0000
8.4700 .7200
7.7500 .0000
1523727 .2500
89,250.00 .0300
8.8750 .0000
8.6250 .0000
8.5950 .8450
7.7500 .0000
1
1523728 .2500
96,750.00 .0300
8.1250 .0000
7.8750 .0000
7.8450 .0950
7.7500 .0000
1523751 .2500
250,000.00 .0300
8.5000 .0000
8.2500 .0000
8.2200 .4700
7.7500 .0000
1523788 .2500
339,750.00 .0300
8.7500 .0000
8.5000 .0000
8.4700 .7200
7.7500 .0000
1523806 .2500
190,000.00 .0300
8.6250 .0000
8.3750 .0000
8.3450 .5950
7.7500 .0000
1523811 .2500
303,000.00 .0800
8.7500 .0000
8.5000 .0000
8.4200 .6700
7.7500 .0000
1523822 .2500
46,000.00 .0300
8.7000 .0000
8.4500 .0000
8.4200 .6700
7.7500 .0000
1523827 .2500
164,500.00 .0300
8.4000 .0000
8.1500 .0000
8.1200 .3700
7.7500 .0000
1523876 .2500
275,500.00 .0300
8.2500 .0000
8.0000 .0000
7.9700 .2200
7.7500 .0000
1
1523907 .2500
132,000.00 .0300
8.7500 .0000
8.5000 .0000
8.4700 .7200
7.7500 .0000
1523919 .2500
256,000.00 .0300
8.6250 .0000
8.3750 .0000
8.3450 .5950
7.7500 .0000
1523921 .2500
249,500.00 .0300
8.6250 .0000
8.3750 .0000
8.3450 .5950
7.7500 .0000
1523924 .2500
378,000.00 .0300
8.7500 .0000
8.5000 .0000
8.4700 .7200
7.7500 .0000
1523926 .2500
256,000.00 .0300
8.7500 .0000
8.5000 .0000
8.4700 .7200
7.7500 .0000
1523928 .2500
261,000.00 .0300
9.2500 .0000
9.0000 .0000
8.9700 1.2200
7.7500 .0000
1523930 .2500
250,000.00 .0300
7.6250 .0000
7.3750 .0000
7.3450 .0000
7.3450 .0000
1523933 .2500
261,150.00 .0300
8.2500 .0000
8.0000 .0000
7.9700 .2200
7.7500 .0000
1
1523955 .2500
238,500.00 .0300
8.6250 .0000
8.3750 .0000
8.3450 .5950
7.7500 .0000
1523956 .2500
85,200.00 .0300
8.8750 .0000
8.6250 .0000
8.5950 .8450
7.7500 .0000
1523957 .2500
308,000.00 .0300
8.2500 .0000
8.0000 .0000
7.9700 .2200
7.7500 .0000
1523960 .2500
120,000.00 .0300
7.6250 .0000
7.3750 .0000
7.3450 .0000
7.3450 .0000
1523992 .2500
283,023.97 .0800
8.3750 .0000
8.1250 .0000
8.0450 .2950
7.7500 .0000
1523997 .2500
959,000.00 .0300
8.8750 .0000
8.6250 .0000
8.5950 .8450
7.7500 .0000
1524004 .2500
262,363.91 .0800
9.2500 .0000
9.0000 .0000
8.9200 1.1700
7.7500 .0000
1524028 .2500
385,000.00 .0300
8.5000 .0000
8.2500 .0000
8.2200 .4700
7.7500 .0000
1
1524043 .2500
170,600.00 .0300
8.8750 .0000
8.6250 .0000
8.5950 .8450
7.7500 .0000
1524049 .2500
289,600.00 .0300
8.8750 .0000
8.6250 .0000
8.5950 .8450
7.7500 .0000
1524119 .2500
151,200.00 .0300
8.5000 .0000
8.2500 .0000
8.2200 .4700
7.7500 .0000
1524121 .2500
142,400.00 .0300
9.0000 .0000
8.7500 .0000
8.7200 .9700
7.7500 .0000
1524122 .2500
380,000.00 .0300
8.5000 .0000
8.2500 .0000
8.2200 .4700
7.7500 .0000
1524233 .2500
259,600.00 .0300
8.1250 .0000
7.8750 .0000
7.8450 .0950
7.7500 .0000
1524253 .2500
307,000.00 .0800
8.5000 .0000
8.2500 .0000
8.1700 .4200
7.7500 .0000
1524261 .2500
360,000.00 .0300
8.7500 .0000
8.5000 .0000
8.4700 .7200
7.7500 .0000
1
1524263 .2500
650,000.00 .0300
7.8750 .0000
7.6250 .0000
7.5950 .0000
7.5950 .0000
1524299 .2500
104,000.00 .0300
8.3750 .0000
8.1250 .0000
8.0950 .3450
7.7500 .0000
1524309 .2500
276,800.00 .0300
8.3750 .0000
8.1250 .0000
8.0950 .3450
7.7500 .0000
1524318 .2500
139,921.52 .0300
8.8750 .0000
8.6250 .0000
8.5950 .8450
7.7500 .0000
1524370 .2500
135,000.00 .0300
8.8750 .0000
8.6250 .0000
8.5950 .8450
7.7500 .0000
1524372 .2500
188,500.00 .0300
8.5000 .0000
8.2500 .0000
8.2200 .4700
7.7500 .0000
1524412 .2500
190,400.00 .0300
8.7500 .0000
8.5000 .0000
8.4700 .7200
7.7500 .0000
1524436 .2500
208,000.00 .0300
8.8750 .0000
8.6250 .0000
8.5950 .8450
7.7500 .0000
1
1524451 .2500
472,000.00 .0300
8.7500 .0000
8.5000 .0000
8.4700 .7200
7.7500 .0000
1524467 .2500
265,600.00 .0300
8.6250 .0000
8.3750 .0000
8.3450 .5950
7.7500 .0000
1524480 .2500
400,000.00 .0300
8.2500 .0000
8.0000 .0000
7.9700 .2200
7.7500 .0000
1524482 .2500
292,600.00 .0300
8.3750 .0000
8.1250 .0000
8.0950 .3450
7.7500 .0000
1524509 .2500
300,000.00 .0800
8.5000 .0000
8.2500 .0000
8.1700 .4200
7.7500 .0000
1524510 .2500
328,800.00 .0300
8.5000 .0000
8.2500 .0000
8.2200 .4700
7.7500 .0000
1524535 .2500
308,800.00 .0300
8.7500 .0000
8.5000 .0000
8.4700 .7200
7.7500 .0000
1524540 .2500
267,750.00 .0300
8.1250 .0000
7.8750 .0000
7.8450 .0950
7.7500 .0000
1
1524558 .2500
504,000.00 .0300
9.0000 .0000
8.7500 .0000
8.7200 .9700
7.7500 .0000
1524560 .2500
275,200.00 .0300
8.6250 .0000
8.3750 .0000
8.3450 .5950
7.7500 .0000
1524562 .2500
218,500.00 .0300
8.6250 .0000
8.3750 .0000
8.3450 .5950
7.7500 .0000
1524599 .2500
270,000.00 .0800
8.5000 .0000
8.2500 .0000
8.1700 .4200
7.7500 .0000
1524603 .2500
216,000.00 .0300
8.6250 .0000
8.3750 .0000
8.3450 .5950
7.7500 .0000
1524701 .2500
340,000.00 .0300
8.3750 .0000
8.1250 .0000
8.0950 .3450
7.7500 .0000
1524728 .2500
304,000.00 .0300
8.3750 .0000
8.1250 .0000
8.0950 .3450
7.7500 .0000
1524752 .2500
293,000.00 .0300
8.6250 .0000
8.3750 .0000
8.3450 .5950
7.7500 .0000
1
1524754 .2500
204,800.00 .0300
8.3750 .0000
8.1250 .0000
8.0950 .3450
7.7500 .0000
1524757 .2500
272,971.00 .0300
8.5000 .0000
8.2500 .0000
8.2200 .4700
7.7500 .0000
1524758 .2500
263,150.00 .0300
8.8750 .0000
8.6250 .0000
8.5950 .8450
7.7500 .0000
1524761 .2500
428,000.00 .0300
9.0000 .0000
8.7500 .0000
8.7200 .9700
7.7500 .0000
1524767 .2500
525,200.00 .0300
8.6250 .0000
8.3750 .0000
8.3450 .5950
7.7500 .0000
1524769 .2500
269,950.00 .0300
8.5000 .0000
8.2500 .0000
8.2200 .4700
7.7500 .0000
1524782 .2500
252,800.00 .0300
8.5000 .0000
8.2500 .0000
8.2200 .4700
7.7500 .0000
1524909 .2500
347,000.00 .0300
8.7500 .0000
8.5000 .0000
8.4700 .7200
7.7500 .0000
1
1524910 .2500
303,000.00 .0300
8.3750 .0000
8.1250 .0000
8.0950 .3450
7.7500 .0000
1524911 .2500
278,550.00 .0300
8.8750 .0000
8.6250 .0000
8.5950 .8450
7.7500 .0000
1524915 .2500
225,200.00 .0300
8.8750 .0000
8.6250 .0000
8.5950 .8450
7.7500 .0000
1524916 .2500
231,500.00 .0300
8.7500 .0000
8.5000 .0000
8.4700 .7200
7.7500 .0000
1524918 .2500
250,000.00 .0300
8.3750 .0000
8.1250 .0000
8.0950 .3450
7.7500 .0000
1524923 .2500
233,750.00 .0300
8.1250 .0000
7.8750 .0000
7.8450 .0950
7.7500 .0000
1524942 .2500
232,000.00 .0300
8.5000 .0000
8.2500 .0000
8.2200 .4700
7.7500 .0000
1525025 .2500
423,950.00 .0300
8.5000 .0000
8.2500 .0000
8.2200 .4700
7.7500 .0000
1
1525052 .2500
400,000.00 .0300
8.5000 .0000
8.2500 .0000
8.2200 .4700
7.7500 .0000
1525054 .2500
254,400.00 .0300
8.3750 .0000
8.1250 .0000
8.0950 .3450
7.7500 .0000
1525055 .2500
202,000.00 .0300
9.5000 .0000
9.2500 .0000
9.2200 1.4700
7.7500 .0000
1525135 .2500
342,500.00 .0300
9.2500 .0000
9.0000 .0000
8.9700 1.2200
7.7500 .0000
TOTAL NUMBER OF LOANS: 1610
TOTAL BALANCE........: 451,652,075.74
RUN ON : 09/23/96 RFC DISCLOSURE SYSTEM RFFSDFIX-01
AT : 12.20.44 INITIAL SECURITY FEES AMORTIZED BALANCE
SERIES : RFMSI I 1996-S20 FIXED SUMMARY REPORT CUTOFF : 09/01/96
POOL : 0004225
:
:
POOL STATUS: F
WEIGHTED AVERAGES FROM TO
-------------------------------------------------------------------------------
CURR NOTE RATE 8.6072 6.6250 10.1250
RFC NET RATE 8.3572 6.3750 9.8750
NET MTG RATE(INVSTR RATE) 8.3098 6.3450 9.7950
POST SPREAD RATE 7.7274 6.3450 7.7500
SUB SERV FEE .2500 .2500 .2700
MSTR SERV FEE .0474 .0300 .0800
ALL EXP .0000 .0000 .0000
MISC EXP .0000 .0000 .0000
SPREAD .5825 .0000 2.0450
STRIP .0000 .0000 .0000
TOTAL NUMBER OF LOANS: 1610
TOTAL BALANCE........: 451,652,075.74
***************************
* END OF REPORT *
***************************
<PAGE>
EXHIBIT G
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
_______, 19____, 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.
<PAGE>
The Seller/Servicer and Residential Funding each represents and
warrants to the other that as of the date of this Contract:
(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.
G-2
<PAGE>
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.
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: (___) ___-____
G-3
<PAGE>
9. JURISDICTION AND VENUE.
Each of the parties irrevocably submits to the jurisdiction of any state or
federal court located in Hennepin County, Minnesota, over any action, suit or
proceeding to enforce or defend any right under this Contract or otherwise
arising from any loan sale or servicing relationship existing in connection with
this Contract, and each of the parties irrevocably agrees that all claims in
respect of any such action or proceeding may be heard or determined in such
state or federal court. Each of the parties irrevocably waives the defense of
an inconvenient forum to the maintenance of any such action or proceeding and
any other substantive or procedural rights or remedies it may have with respect
to the maintenance of any such action or proceeding in any such forum. Each of
the parties agrees that a final judgment in any such action or proceeding shall
be conclusive and may be enforced in any other jurisdiction by suit on the
judgment or in any other manner provided by law. Each of the parties further
agrees not to institute any legal actions or proceedings against the other party
or any director, officer, employee, attorney, agent or property of the other
party, arising out of or relating to this Contract in any court other than as
hereinabove specified in this paragraph 9.
10. MISCELLANEOUS.
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.
G-4
<PAGE>
IN WITNESS WHEREOF, the duly authorized officers of the Seller/Servicer and
Residential Funding have executed this Seller/Servicer Contract as of the date
first above written.
ATTEST: SELLER/SERVICER
[Corporate Seal]
(Name of Seller/Servicer)
By: By:
(Signature) (Signature)
By:
(Typed Name) (Typed Name)
Title: Title:
=====================================
ATTEST: RESIDENTIAL FUNDING CORPORATION
By: By:
(Signature) (Signature)
By:
(Typed Name) (Typed Name)
Title: Title:
G-5
<PAGE>
EXHIBIT H
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#:
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
<PAGE>
Date
H-2
<PAGE>
EXHIBIT I-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 Pass-Through Certificates, Series 1996-S20,
Class [R-I] [R-II] (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" as of [date of transfer] within the meaning of Section 860E(e)(5)
of the Internal Revenue Code of 1986, as amended (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-I] [R-II] Certificates, and
(iii) is acquiring the Class [R-I] [R-II] 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 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-I] [R-II] Certificates to disqualified organizations under
the Code, that applies to all transfers of Class [R-I] [R-II] Certificates after
March 31, 1988; (ii) that such tax would be on the transferor, 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
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-I]
[R-II] 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-I] [R-II] Certificates 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. That the Owner is aware that the Trustee will not register the
transfer of any Class [R-I] [R-II] 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.
6. That the Owner has reviewed the restrictions set forth on the face
of the Class [R-I] [R-II] Certificates and the provisions of Section 5.02(f) of
the Pooling and Servicing Agreement under which the Class [R-I] [R-II]
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.
7. 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-I] [R-II] Certificates will
only be owned, directly or indirectly, by an Owner that is not a disqualified
organization.
8. The Owner's Taxpayer Identification Number is ______________.
9. This affidavit and agreement relates only to the Class [R-I] [R-
II] Certificates held by the Owner and not to any other holder of the Class [R-
I] [R-II] Certificates. The Owner understands that the liabilities described
herein relate only to the Class [R-I] [R-II] Certificates.
10. That no purpose of the Owner relating to the transfer of any of
the Class [R-I] [R-II] Certificates by the Owner is or will be to impede the
assessment or collection of any tax.
11. 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-I] [R-II]
Certificate that the Owner intends to pay taxes associated with holding such
Class [R-I] [R-II] Certificate as they become due, fully understanding that it
may incur tax liabilities in excess of any cash flows generated by the Class [R-
I] [R-II] Certificate.
I-1-2
<PAGE>
12. 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-I] [R-II] Certificates remain outstanding.
13. The Owner is a citizen or resident of the United States, a
corporation, partnership or other entity created or organized in, or under the
laws of, the United States or any political subdivision thereof, or an estate or
trust whose income from sources without the United States is includible in gross
income for United States federal income tax purposes regardless of its
connection with the conduct of a trade or business within the United States.
I-1-3
<PAGE>
IN WITNESS WHEREOF, the Owner has caused this instrument to be
executed on its behalf, pursuant to the authority of its Board of Directors, by
its [Title of Officer] and its corporate seal to be hereunto attached, attested
by its [Assistant] Secretary, this ____ day of _______________, 199__.
[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 __________, 199__.
NOTARY PUBLIC
COUNTY OF
STATE OF
My Commission expires the ____ day of
_______________, 19__.
I-1-4
<PAGE>
EXHIBIT I-2
FORM OF TRANSFEROR CERTIFICATE
__________________, 19__
Residential Funding Mortgage
Securities I, Inc.
8400 Normandale Lake Boulevard
Suite 600
Minneapolis, Minnesota 55437
Bankers Trust Company
Four Albany Street
New York, New York 10006
Attention: Residential Funding Corporation Series 1996-S20
Re: Mortgage Pass-Through Certificates,
Series 1996-S20, Class [R-I] [R-II]
-----------------------------------------------
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 Pass-Through Certificates, Series 1996-S20, Class [R-I] [R-II] (the
"Certificates"), pursuant to Section 5.02 of the Pooling and Servicing
Agreement (the "Pooling and Servicing Agreement"), dated as of September 1,
1996 among Residential Funding Mortgage Securities I, Inc., as seller (the
"Company"), Residential Funding Corporation, as master servicer, and Bankers
Trust Company, 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 I-1. The Seller does
not know or believe that any representation contained therein is false.
<PAGE>
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-I]
[R-II] 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:
I-2-2
<PAGE>
EXHIBIT J-1
FORM OF INVESTOR REPRESENTATION LETTER
______________, 19__
Residential Funding Mortgage
Securities I, Inc.
8400 Normandale Lake Boulevard
Suite 600
Minneapolis, MN 55437
Bankers Trust Company
Four Albany Street
New York, New York 10006
Attention: Residential Funding Corporation Series 1996-S20
RE: Mortgage Pass-Through Certificates,
Series 1996-S20, [Class A-4] [Class B-]
-------------------------------------------------
Ladies and Gentlemen:
_________________________ (the "Purchaser") intends to purchase from
___________________________ (the "Seller") $_____________ Initial Certificate
Principal Balance of Mortgage Pass-Through Certificates, Series 1996-S20, Class
__ (the "Certificates"), issued pursuant to the Pooling and Servicing Agreement
(the "Pooling and Servicing Agreement"), dated as of September 1, 1996 among
Residential Funding Mortgage Securities I, Inc., as seller (the "Company"),
Residential Funding Corporation, as master servicer, and Bankers Trust Company,
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 and the Trustee 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.
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
<PAGE>
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
____________, 199__, 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
J-2
<PAGE>
any state securities law, or that would require registration or qualification
pursuant thereto. The Purchaser will not sell or otherwise transfer any of the
Certificates, except in compliance with the provisions of the Pooling and
Servicing Agreement.
*6. The Purchaser represents that either (a) or (b) is satisfied, as
marked below:
a. is not any employee benefit plan subject to the Employee
Retirement Income Security Act of 1974, as amended ("ERISA"), or the Internal
Revenue Code of 1986 (the "Code"), a Person acting, directly or indirectly, on
behalf of any such plan or any Person acquiring such Certificates with "plan
assets" of a Plan within the meaning of the Department of Labor regulation
promulgated at 29 C.F.R. (S)2510.3-101; or
b. will provide the Trustee, the Company and the Master
Servicer with either: (i) an opinion of counsel, satisfactory to the Trustee,
the Company and the Master Servicer, to the effect that the purchase and holding
of a Certificate by or on behalf of the Purchaser is permissible under
applicable law, will not constitute or result in a prohibited transaction under
Section 406 of 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 liabilities under
ERISA or Section 4975 of the Code) in addition to those undertaken in the
Pooling and Servicing Agreement, which opinion of counsel shall not be an
expense of the Trustee, the Company or the Master Servicer; or (ii) in lieu of
such opinion of counsel, a certification in the form of Exhibit J-2 to the
Pooling and Servicing Agreement.
* To be inserted when Prohibited Transaction Exemption 94-29, the individual
exemption granted to RFC by the Department of Labor, will not exempt a
transaction from the application of the prohibited transaction provisions of
ERISA and the Code.
Very truly yours,
_____________________________________
By:__________________________________
Name:
Title:
J-3
<PAGE>
EXHIBIT J-2
FORM OF ERISA REPRESENTATION LETTER
_____________, 199__
Residential Funding Corporation
8400 Normandale Lake Boulevard
Suite 600
Minneapolis, MS 55437
Residential Funding Mortgage
Securities I, Inc.
8400 Normandale Lake Boulevard
Suite 600
Minneapolis, MS 55437
Bankers Trust Company
Four Albany Street
New York, New York 10006
Attention: Residential Funding Corporation Series 1996-S20
Re: Mortgage Pass-Through Certificates,
Series 1996-S20, Class____
Dear Sirs:
___________________ (the "Purchaser") intends to purchase from
___________________ (the "Seller") $ _________________ Initial Certificate
Principal Balance of Mortgage Pass-Through Certificates, Series 1996-S20, Class
____ (the "Certificates"), issued pursuant to the Pooling and Servicing
Agreement (the"Pooling and Servicing Agreement"), dated as of September 1, 1996,
among Residential Funding Mortgage Securities I, Inc., as seller (the
"Company"), Residential Funding Corporation, as master servicer (the "Master
Servicer") and Bankers Trust Company, 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 the following statements in either (1) or (2) are accurate:
(1) The Certificates (i) are not being acquired by, and will not be
transferred to, any employee benefit plan within the meaning of section 3(3) of
the Employee Retirement Income Security Act of 1974, as amended ("ERISA") or
other retirement arrangement, including individual retirement accounts and
annuities, Keogh plans and
J-4
<PAGE>
bank collective investment funds and insurance company general or separate
accounts in which such plans, accounts or arrangements are invested, that is
subject to Section 406 of ERISA or Section 4975 of the Internal Revenue Code of
1986 (the "Code") (any of the foregoing, a "Plan"), (ii) are not being acquired
with "plan assets" of a Plan within the meaning of the Department of Labor
("DOL") regulation, 29 C.F.R. (S) 2510.3-101, and (iii) will not be transferred
to any entity that is deemed to be investing in plan assets within the meaning
of the DOL regulation, 29 C.F.R. (S) 2510.3-101; or
(2) The purchase of Certificates is permissible under applicable law, will
not constitute or result in any prohibited transaction under ERISA or Section
4975 of the Code, will not subject the Company, the Trustee or the Master
Servicer to any obligation in addition to those undertaken in the Pooling and
Servicing Agreement and, with respect to each source of funds being used by the
Purchaser to acquire the Certificates (each being referred to as a "Source") and
the following statements in at least one of (a), (b), (c), (d), (e) or (f) are
accurate:
(a) the Purchaser is an insurance company and (i) the Source is
assets of its "general account," (ii) the conditions set forth in PTCE 95-60
issued by the DOL have been satisfied and the purchase and holding of
Certificates by or on behalf of the Purchaser are exempt under PTCE 95-60 and
(iii) the amount of reserves and liabilities for such general account contracts
held by or on behalf of any Plan do not exceed 10% of the total reserves and
liabilities of such general account plus surplus as of the date hereof (for
purposes of this clause, all Plans maintained by the same employer (or affiliate
thereof) or employee organization are deemed to be a single Plan) in connection
with its purchase and holding of such Certificates; or
(b) the Purchaser is an insurance company and (i) the Source is assets
of its "general account," (ii) the requirements of Section 401(c) of ERISA and
the DOL to be promulgated thereunder have been satisfied and will continue to be
satisfied and (c) the Purchaser represents that it understands that the
operation of the general account after December 31, 1998 may affect its ability
to continue to hold the Certificates after the date which is 18 months after the
401(c) Regulations become final and unless a class exemption issued by the DOL
or an exception under Section 401(c) of ERISA is then available for the
continued holding of Certificates, if the assets of the general account
constitute Plan Assets, it will dispose of the Certificates prior to the date
which is 18 months after the 401(c) Regulations become final; or
(c) the Purchaser is an insurance company and (i) the Source is an
insurance company "pooled separate account," (ii) the conditions set forth in
PTCE 90-1 issued by the DOL have been satisfied and the purchase and holding of
Certificates by or on behalf of the Purchaser are exempt under PTCE 90-1 and
(iii) there is no Plan whose assets in such separate account exceed 10% of the
total assets of such separate account as of the date hereof (for purposes of
J-5
<PAGE>
this clause, all Plans maintained by the same employer (or any affiliate
thereof) or employee organization are deemed to be a single Plan); or
(d) the Purchaser is a bank and (i) the Source is a "collective
investment fund" as described in Section IV(e) of PTCE 91-38 with respect to
which the bank is trustee, (ii) the conditions set forth in PTCE 91-38 issued by
the DOL have been satisfied and the purchase and holding of Certificates by or
on behalf of the Purchaser are exempt under PTCE 91-38 and (iii) no Plan has
assets invested in such collective investment fund exceeding 10% of the total
assets of such collective investment fund as of the date hereof (for purposes of
this clause, all Plans maintained by the same employer (or any affiliate
thereof) or employee organization are deemed to be a single Plan); or
(e) the Purchaser is an "investment fund" described in PTCE 84-14 and
(i) the undersigned is a "QPAM" as defined in PTCE 84-14, (ii) the conditions
set forth in PTCE 84-14 issued by the DOL have been satisfied and will continue
to be satisfied and (iii) the purchase and holding of Certificates by or on
behalf of the Purchaser are exempt under PTCE 84-14; or
(f) the Purchaser is an "INHAM" defined in PTCE 96-23 and (i) the
conditions set forth in PTCE 96-23 issued by the DOL have been satisfied and
will continue to be satisfied and (ii) the purchase and holding of Certificates
by or on behalf of the Purchaser are exempt under PTCE 96-23.
Very truly yours,
__________________________________
By:_______________________________
Name:_____________________________
Title:____________________________
J-6
<PAGE>
EXHIBIT K
FORM OF TRANSFEROR REPRESENTATION LETTER
_________, 19__
Residential Funding Mortgage
Securities I, Inc.
8400 Normandale Lake Boulevard
Suite 600
Minneapolis, MN 55437
Bankers Trust Company
Four Albany Street
New York, New York 10006
Attention: Residential Funding Corporation Series 1996-S20
Re: Mortgage Pass-Through Certificates,
Series 1996-S20, [Class B-]
-------------------------------------
Ladies and Gentlemen:
In connection with the sale by _____________(the "Seller") to
__________________ (the "Purchaser") of $___________ Initial Certificate
Principal Balance of Mortgage Pass-Through Certificates, Series 1996-S20, Class
__ (the "Certificates"), issued pursuant to the Pooling and Servicing Agreement
(the "Pooling and Servicing Agreement"), dated as of September 1, 1996 among
Residential Funding Mortgage Securities I, Inc., as seller (the "Company"),
Residential Funding Corporation, as master servicer, and Bankers Trust Company,
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
<PAGE>
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:__________________________________
K-2
<PAGE>
EXHIBIT L
[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 September 1, 1996 among
Residential Funding Corporation as Master Servicer, Residential Funding Mortgage
Securities I, Inc. as depositor pursuant to Section 5.02 of the Agreement and
Bankers Trust Company, 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.
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.
<PAGE>
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 represents that either (a) or (b) is satisfied, as marked
below: :
a. is not any employee benefit plan subject to the Employee
Retirement Income Security Act of 1974, as amended ("ERISA"), or the Internal
Revenue Code of 1986 (the "Code"), a Person acting, directly or indirectly, on
behalf of any such plan or any Person acquiring such Certificates with "plan
assets" of a Plan within the meaning of the Department of Labor regulation
promulgated at 29 C.F.R. (S)2510.3-101; or
b. will provide the Trustee, the Company and the Master
Servicer with either: (i) an opinion of counsel, satisfactory to the Trustee,
the Company and the Master Servicer, to the effect that the purchase and holding
of a Certificate by or on behalf of the Buyer is permissible under applicable
law, will not constitute or result in a prohibited transaction under Section 406
of 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 liabilities under ERISA or Section
4975 of the Code) in addition to those undertaken in the Pooling and Servicing
Agreement, which opinion of counsel shall not be an expense of the Trustee, the
Company or the Master Servicer; or (ii) in lieu of such opinion of counsel, a
certification in the form of Exhibit J-2 to the Pooling and Servicing Agreement.
L-2
<PAGE>
* To be inserted when Prohibited Transaction Exemption 94-29, the individual
exemption granted to RFC by the Department of Labor, will not exempt a
transaction from the application of the prohibited transaction provisions
of ERISA and the Code.
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.
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:_____________________________
L-3
<PAGE>
ANNEX 1 TO EXHIBIT L
--------------------
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.
----------------------------------
L-4
<PAGE>
___ 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.
___ 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.
L-5
<PAGE>
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.
___ ___ 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:_______________________________________
L-6
<PAGE>
ANNEX 2 TO EXHIBIT L
--------------------
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:
1. 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.
2. 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).
3. 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).
4. 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.
L-7
<PAGE>
5. 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.
6. 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:_____________________________
L-8
<PAGE>
EXHIBIT M
[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 Subservicer will be entitled
to any reimbursement pursuant to Section 4.02(a) on such Distribution Date for
Advances or Subservicer Advances previously made, (which will not be Advances or
Subservicer 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 Subservicer Advances reimbursed pursuant to Section
4.02(a), to the extent such Advances or Subservicer 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
<PAGE>
Date by the Master Servicer with written notice thereof to the Trustee. The
maximum amount that Residential Funding shall be required to pay pursuant to
this Section on any Distribution Date (the "Amount Available") shall be equal to
the lesser of (X) _______________ minus the sum of (i) all 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
M-2
<PAGE>
Acceptance Corporation at the date of such substitution and (C) the Company
obtains written confirmation from each nationally recognized credit rating
agency that rated the Class B Certificates at the request of the Company that
such substitution shall not lower the rating on the Class B Certificates below
the lesser of (a) the then-current rating assigned to the Class B Certificates
by such rating agency and (b) the original rating assigned to the Class B
Certificates by such rating agency. Any replacement of the Limited Guaranty or
Subordinate Certificate Loss 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 supersession (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 supersession 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.
M-3
<PAGE>
EXHIBIT N
[FORM OF LIMITED GUARANTY]
LIMITED GUARANTY
RESIDENTIAL FUNDING MORTGAGE SECURITIES I, INC.
Mortgage Pass-Through Certificates
Series 1996-S20
__________________, 199__
Bankers Trust Company
Four Albany Street
New York, New York 10006
Attention: Residential Funding Corporation Series 1996-S20
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 September 1, 1996 (the "Servicing Agreement"), among
Residential Funding Mortgage Securities I, Inc. (the "Company"), Residential
Funding and Bankers Trust Company (the "Trustee") as amended by Amendment No.
___ thereto, dated as of ________, with respect to the Mortgage Pass-Through
Certificates, Series 1996-S20 (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
<PAGE>
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.
(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.
N-2
<PAGE>
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.
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:
BANKERS TRUST COMPANY,
as Trustee
By:____________________________________
Name:__________________________________
Title:_________________________________
RESIDENTIAL FUNDING MORTGAGE
SECURITIES I, INC.
By:____________________________________
Name:__________________________________
Title:_________________________________
N-3
<PAGE>
EXHIBIT O
FORM OF LENDER CERTIFICATION FOR ASSIGNMENT OF MORTGAGE LOAN
__________________, 19____
Residential Funding Mortgage
Securities I, Inc.
8400 Normandale Lake Boulevard
Suite 600
Minneapolis, Minnesota 55437
Bankers Trust Company
Four Albany Street
New York, New York 10006
Attention: Residential Funding Corporation Series 1996-S20
Re: Mortgage Pass-Through Certificates, Series 1996-S20 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
September 1, 1996 among Residential Funding Mortgage Securities I, 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;
<PAGE>
(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:__________________________
O-2
<PAGE>
EXHIBIT P
SCHEDULE OF DISCOUNT FRACTION
P-1
<PAGE>
Schedule of Discount Fractions
NET
PRINCIPAL MORTGAGE DISCOUNT PO
LOAN # BALANCE RATE FRACTION BALANCE
1522291 360,387.80 6.345 0.181290322581 65,334.82
1508199 240,869.77 6.67 0.13935483871 33,566.37
1508172 630,849.80 6.72 0.132903225806 83,841.97
1508173 351,916.90 6.72 0.132903225806 46,770.89
1508174 220,885.51 6.77 0.126451612903 27,931.33
1522727 833,886.53 6.92 0.107096774194 89,306.56
1508176 252,193.29 6.97 0.10064516129 25,382.03
1522703 398,771.22 7.045 0.090967741935 36,275.32
1522368 212,591.28 7.095 0.084516129032 17,967.39
1508177 437,392.02 7.17 0.074838709677 32,733.85
1515324 340,875.47 7.17 0.074838709677 25,510.68
1518348 239,820.09 7.17 0.074838709677 17,947.83
1519539 222,489.09 7.17 0.074838709677 16,650.80
1519554 224,664.98 7.17 0.074838709677 16,813.64
1521736 398,801.38 7.17 0.074838709677 29,845.78
1522728 225,322.77 7.17 0.074838709677 16,862.87
1522880 269,160.85 7.17 0.074838709677 20,143.65
1508178 278,988.22 7.22 0.068387096774 19,079.19
1522286 246,459.25 7.22 0.068387096774 16,854.63
1508179 234,187.85 7.27 0.061935483871 14,504.54
1514973 274,196.25 7.295 0.058709677419 16,097.97
1519454 314,542.55 7.295 0.058709677419 18,466.69
1520046 449,016.67 7.295 0.058709677419 26,361.62
1522699 220,273.77 7.295 0.058709677419 12,932.20
1508187 242,514.00 7.32 0.055483870968 13,455.62
1508191 244,708.45 7.32 0.055483870968 13,577.37
1523930 250,000.00 7.345 0.052258064516 13,064.52
1523960 120,000.00 7.345 0.052258064516 6,270.97
1506935 295,476.17 7.42 0.042580645161 12,581.57
1519384 304,967.49 7.42 0.042580645161 12,985.71
1519455 349,504.34 7.42 0.042580645161 14,882.12
1519552 246,226.09 7.42 0.042580645161 10,484.47
1519563 337,761.44 7.42 0.042580645161 14,382.10
1519572 275,609.14 7.42 0.042580645161 11,735.61
1519786 266,530.81 7.42 0.042580645161 11,349.05
1519797 224,520.53 7.42 0.042580645161 9,560.23
1519798 313,076.03 7.42 0.042580645161 13,330.98
1520065 397,835.82 7.42 0.042580645161 16,940.11
1520081 293,735.68 7.42 0.042580645161 12,507.45
1521739 483,266.21 7.42 0.042580645161 20,577.79
1522519 249,636.93 7.42 0.042580645161 10,629.70
1523226 400,000.00 7.42 0.042580645161 17,032.26
1522447 143,693.10 7.47 0.036129032258 5,191.49
1522567 281,981.19 7.47 0.036129032258 10,187.71
1522608 649,541.24 7.47 0.036129032258 23,467.30
1523401 207,000.00 7.47 0.036129032258 7,478.71
1517161 677,770.48 7.482 0.034580645161 23,437.74
1485795 388,038.63 7.545 0.026451612903 10,264.25
1504253 245,807.29 7.545 0.026451612903 6,502.00
1514442 262,293.67 7.545 0.026451612903 6,938.09
1515931 211,759.69 7.545 0.026451612903 5,601.39
1519560 223,690.67 7.545 0.026451612903 5,916.98
1519787 257,244.30 7.545 0.026451612903 6,804.53
1519806 267,629.93 7.545 0.026451612903 7,079.24
1521159 235,687.69 7.545 0.026451612903 6,234.32
1521180 229,291.09 7.545 0.026451612903 6,065.12
1521185 306,000.00 7.545 0.026451612903 8,094.19
1522525 373,692.54 7.545 0.026451612903 9,884.77
1522702 299,166.00 7.545 0.026451612903 7,913.42
1522714 226,147.85 7.545 0.026451612903 5,981.98
1522732 396,477.73 7.545 0.026451612903 10,487.48
1514287 225,000.00 7.595 0.02 4,500.00
1521802 301,600.00 7.595 0.02 6,032.00
1521957 697,056.80 7.595 0.02 13,941.14
1522347 319,334.96 7.595 0.02 6,386.70
1522360 257,164.37 7.595 0.02 5,143.29
1522459 252,450.90 7.595 0.02 5,049.02
1522506 239,568.72 7.595 0.02 4,791.37
1522583 298,526.03 7.595 0.02 5,970.52
1522640 345,442.76 7.595 0.02 6,908.86
1522934 392,000.00 7.595 0.02 7,840.00
1523281 289,599.53 7.595 0.02 5,791.99
1523342 235,100.00 7.595 0.02 4,702.00
1524263 650,000.00 7.595 0.02 13,000.00
1470543 230,000.00 7.67 0.010322580645 2,374.19
1519410 246,767.30 7.67 0.010322580645 2,547.28
1519425 250,911.79 7.67 0.010322580645 2,590.06
1519445 267,639.16 7.67 0.010322580645 2,762.73
1519458 324,262.82 7.67 0.010322580645 3,347.23
1519528 282,610.24 7.67 0.010322580645 2,917.27
1519532 240,138.76 7.67 0.010322580645 2,478.85
1519555 349,528.74 7.67 0.010322580645 3,608.04
1519595 331,777.23 7.67 0.010322580645 3,424.80
1519748 327,558.39 7.67 0.010322580645 3,381.25
1520035 254,483.27 7.67 0.010322580645 2,626.92
1520269 247,666.07 7.67 0.010322580645 2,556.55
1520830 244,370.53 7.67 0.010322580645 2,522.53
1520842 236,200.00 7.67 0.010322580645 2,438.19
1521093 295,601.44 7.67 0.010322580645 3,051.37
1522524 505,832.87 7.67 0.010322580645 5,221.50
1522545 243,072.27 7.67 0.010322580645 2,509.13
1522700 223,921.76 7.67 0.010322580645 2,311.45
1522755 324,952.00 7.67 0.010322580645 3,354.34
1522766 215,650.00 7.67 0.010322580645 2,226.06
1517037 399,461.43 7.72 0.003870967742 1,546.30
1518492 285,000.00 7.72 0.003870967742 1,103.23
1518600 279,400.00 7.72 0.003870967742 1,081.55
1519626 274,315.82 7.72 0.003870967742 1,061.87
1519821 249,432.52 7.72 0.003870967742 965.55
1520242 278,812.79 7.72 0.003870967742 1,079.28
1520550 360,000.00 7.72 0.003870967742 1,393.55
1521478 520,000.00 7.72 0.003870967742 2,012.90
1521715 360,000.00 7.72 0.003870967742 1,393.55
1521749 292,000.00 7.72 0.003870967742 1,130.32
1522289 299,596.08 7.72 0.003870967742 1,159.73
1522294 278,977.54 7.72 0.003870967742 1,079.91
1522307 199,730.71 7.72 0.003870967742 773.15
1522430 224,390.01 7.72 0.003870967742 868.61
1522442 51,733.39 7.72 0.003870967742 200.26
1522486 319,076.24 7.72 0.003870967742 1,235.13
1522505 257,652.63 7.72 0.003870967742 997.37
1522558 471,683.30 7.72 0.003870967742 1,825.87
1522590 211,823.60 7.72 0.003870967742 819.96
1522607 240,769.67 7.72 0.003870967742 932.01
1522665 346,267.50 7.72 0.003870967742 1,340.39
1522682 246,234.67 7.72 0.003870967742 953.17
1522933 225,600.00 7.72 0.003870967742 873.29
1523108 260,000.00 7.72 0.003870967742 1,006.45
1523215 595,092.37 7.72 0.003870967742 2,303.58
1523249 369,501.82 7.72 0.003870967742 1,430.33
1523310 615,986.40 7.72 0.003870967742 2,384.46
1523548 222,400.00 7.72 0.003870967742 860.9
$37,937,552.73 0.034746053677 $1,318,180.24
<PAGE>
EXHIBIT Q
PLANNED PRINCIPAL BALANCES AND
TARGETED PRINCIPAL BALANCES
For information on the Planned Principal Balances and Targeted Principal
Balances, see pages S-35 to S-37 of the Prospectus Supplement dated
September 23, 1996,
to the Prospectus dated June 21, 1996,
for Residential Funding Mortgage Securities I, Inc.,
Mortgage Pass-Through Certificates, Series 1996-S20.
Q-1
