FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): January 30, 1997
Residential Funding Mortgage Securities I, Inc.
(Exact name of registrant as specified in its charter)
DELAWARE 333-4846 75-2006294
(State or other jurisdiction (Commission (I.R.S. employer
of incorporation) file number) identification no.)
8400 Normandale Lake Blvd., Suite 600, Minneapolis, MN 55437
(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code (612) 832-7000
(Former name or former address, if changed since last report)
Exhibit Index located on page 4.
<PAGE>
Items 1 through 6 and Item 8 are not included because they are not applicable.
Item 7. Financial Statements, Pro Forma Financial Information and
Exhibits.
(a) Not applicable
(b) Not applicable
(c) Exhibits (executed copies) - The following execution
copies of Exhibits to the Form S-3 Registration Statement of the Registrant are
hereby filed:
Sequentially
Exhibit Numbered
Number Exhibit
Page
10.1 Pooling and Servicing Agreement, dated 004 as of January 1,
1997 among Residential Funding Mortgage Securities I, Inc., as
company, Residential Funding Corporation, as master servicer,
and The First National Bank of Chicago, as trustee.
10.2 Financial Guaranty Insurance Policy issued
by Financial Security Assurance Inc. in
connection with the Residential Funding
Mortgage Securities I, Inc., Mortgage Pass-
Through Certificates, Series 1997-S2, Class A-4.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned thereunto duly authorized.
RESIDENTIAL FUNDING MORTGAGE
SECURITIES I, INC.
By:
Name: Randy Van Zee
Title: Vice President
Dated: February 10, 1997
3
<PAGE>
Exhibit 10.1
Pooling and Servicing Agreement
<PAGE>
Exhibit 10.2
Financial Guaranty Insurance Policy
<PAGE>
EXECUTION COPY
- ------------------------------------------------------------------------------
- ------------------------------------------------------------------------------
RESIDENTIAL FUNDING MORTGAGE SECURITIES I, INC.,
Company,
RESIDENTIAL FUNDING CORPORATION,
Master Servicer,
and
THE FIRST NATIONAL BANK OF CHICAGO,
Trustee
POOLING AND SERVICING AGREEMENT
Dated as of January 1, 1997
Mortgage Pass-Through Certificates
Series 1997-S2
- ---------------------------------------------------------------------------
- ---------------------------------------------------------------------------
NY1-188094.6
<PAGE>
TABLE OF CONTENTS
ARTICLE I
DEFINITIONS
page
Section 1.01. Definitions.................................. 3
Accretion Termination Date................... 3
Accrual Distribution Amount.................. 3
Accrued Certificate Interest................. 3
Adjusted Mortgage Rate....................... 4
Adjusted Senior Accelerated Distribution
Percentage................................... 4
Adjusted Senior Accelerated Step-Down Test... 6
Adjusted Senior Percentage................... 6
Advance...................................... 6
Affiliate.................................... 7
Agreement.................................... 7
Amount Held for Future Distribution.......... 7
Appraised Value.............................. 7
Assignment................................... 7
Assignment Agreement......................... 7
Assignment of Proprietary Lease.............. 8
Available Distribution Amount................ 8
Bankruptcy Amount............................ 8
Bankruptcy Code.............................. 9
Bankruptcy Loss.............................. 9
Book-Entry Certificate....................... 9
Business Day................................. 9
Buydown Funds................................ 9
Buydown Mortgage Loan........................ 10
Cash Liquidation............................. 10
Certificate.................................. 10
Certificate Account.......................... 10
Certificate Account Deposit Date............. 10
Certificateholder or Holder.................. 10
Certificate Owner............................ 11
Certificate Principal Balance................ 11
Certificate Register and Certificate
Registrar.................................... 12
Class........................................ 12
Class A Certificate.......................... 12
Class A-8 Notional Amount.................... 12
Class A-12 Notional Amount................... 12
NY1-188094.6
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Page
Class A-14 Collection Shortfall.............. 13
Class A-14 Principal Distribution Amount..... 13
Class A-15 Notional Amount................... 13
Class A-15 Subclass Notional Amount.......... 13
Class B Certificate.......................... 13
Class B Percentage........................... 13
Class B-1 Percentage......................... 13
Class B-1 Prepayment Distribution Trigger.... 13
Class B-2 Percentage......................... 13
Class B-2 Prepayment Distribution Trigger.... 14
Class B-3 Percentage......................... 14
Class B-3 Prepayment Distribution Trigger.... 14
Class M Certificate.......................... 14
Class M Percentage........................... 14
Class M-1 Percentage......................... 14
Class M-2 Percentage......................... 15
Class M-2 Prepayment Distribution Trigger.... 15
Class M-3 Percentage......................... 15
Class M-3 Prepayment Distribution Trigger.... 15
Class R Certificate.......................... 15
Class R-I Certificate........................ 15
Class R-II Certificate....................... 15
Closing Date................................. 16
Code......................................... 16
Compensating Interest........................ 16
Cooperative.................................. 16
Cooperative Apartment........................ 16
Cooperative Lease............................ 16
Cooperative Loans............................ 16
Cooperative Stock............................ 16
Cooperative Stock Certificate................ 17
Corporate Trust Office....................... 17
Credit Support Depletion Date................ 17
Cumulative Insurance Payments................ 17
Curtailment.................................. 17
Custodial Account............................ 17
Custodial Agreement.......................... 17
Custodian.................................... 17
Cut-off Date................................. 17
Cut-off Date Principal Balance............... 17
Debt Service Reduction....................... 17
Deceased Owner............................... 18
Deficient Valuation.......................... 18
NY1-188094.6
<PAGE>
Page
Definitive Certificate....................... 18
Deleted Mortgage Loan........................ 18
Depository................................... 18
Depository Participant....................... 18
Destroyed Mortgage Note...................... 18
Determination Date........................... 18
Discount Fraction............................ 18
Discount Mortgage Loan....................... 19
Disqualified Organization.................... 19
Distribution Date............................ 19
Due Date..................................... 19
Due Period................................... 19
Eligible Account............................. 20
Eligible Funds............................... 20
Event of Default............................. 20
Excess Bankruptcy Loss....................... 20
Excess Fraud Loss............................ 20
Excess Special Hazard Loss................... 21
Excess Subordinate Principal Amount.......... 21
Extraordinary Events......................... 21
Extraordinary Losses......................... 22
FASIT........................................ 22
FDIC......................................... 22
FHLMC........................................ 22
Final Distribution Date...................... 22
Financial Security........................... 22
Financial Security Default................... 22
Fitch........................................ 22
FNMA......................................... 22
Foreclosure Profits.......................... 22
Fraud Loss Amount............................ 23
Fraud Losses................................. 23
FSA Insurance Payment........................ 23
FSA Policy................................... 23
FSA Policy Payments Account.................. 23
Guaranteed Distribution...................... 23
Indirect Depository Participant.............. 24
Individual Insured Certificate............... 24
Initial Certificate Principal Balance........ 24
Initial Monthly Payment Fund................. 24
Insurance Proceeds........................... 24
Insurer...................................... 24
Interest Accrual Period...................... 25
NY1-188094.6
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Page
Late Collections............................. 25
LIBOR........................................ 25
LIBOR Business Day........................... 25
LIBOR Rate Adjustment Date................... 25
Liquidation Proceeds......................... 25
Living Owner................................. 25
Loan-to-Value Ratio.......................... 26
Maturity Date................................ 26
Monthly Payment.............................. 26
Moody's...................................... 26
Mortgage..................................... 26
Mortgage File................................ 26
Mortgage Loan Schedule....................... 26
Mortgage Loans............................... 27
Mortgage Note................................ 28
Mortgage Rate................................ 28
Mortgaged Property........................... 28
Mortgagor.................................... 28
Net Mortgage Rate............................ 28
Non-Discount Mortgage Loan................... 28
Non-Primary Residence Loans.................. 28
Non-United States Person..................... 28
Nonrecoverable Advance....................... 28
Nonsubserviced Mortgage Loan................. 28
Notional Amount.............................. 28
Officers' Certificate........................ 28
Opinion of Counsel........................... 29
Original Senior Percentage................... 29
Outstanding Mortgage Loan.................... 29
Ownership Interest........................... 29
Participant.................................. 29
Pass-Through Rate............................ 29
Paying Agent................................. 30
Percentage Interest.......................... 30
Permitted Investments........................ 31
Permitted Transferee......................... 32
Person....................................... 32
Pool Stated Principal Balance................ 32
Pool Strip Rate.............................. 32
Prepayment Allocation Test................... 32
Prepayment Assumption........................ 33
Prepayment Distribution Percentage........... 33
Prepayment Distribution Trigger.............. 35
NY1-188094.6
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Page
Prepayment Interest Shortfall................ 35
Prepayment Lockout Percentage................ 35
Prepayment Period............................ 35
Primary Insurance Policy..................... 35
Principal Prepayment......................... 35
Principal Prepayment in Full................. 35
Program Guide................................ 35
Purchase Price............................... 35
Qualified Substitute Mortgage Loan........... 36
Random Lot................................... 36
Rating Agency................................ 37
Realized Loss................................ 37
Record Date.................................. 37
Regular Certificate.......................... 37
REMIC........................................ 37
REMIC Administrator.......................... 38
REMIC I...................................... 38
REMIC I Certificates......................... 38
REMIC II..................................... 38
REMIC II Certificates........................ 38
REMIC Provisions............................. 39
REO Acquisition.............................. 39
REO Disposition.............................. 39
REO Imputed Interest......................... 39
REO Proceeds................................. 39
REO Property................................. 39
Request for Release.......................... 39
Required Insurance Policy.................... 39
Residential Funding.......................... 39
Responsible Officer.......................... 39
Rounding Account............................. 40
Rounding Amount.............................. 40
Schedule of Discount Fractions............... 40
Security Agreement........................... 40
Seller....................................... 40
Seller's Agreement........................... 40
Senior Certificates.......................... 40
Senior Percentage............................ 40
Senior Principal Distribution Amount......... 40
Servicing Accounts........................... 41
Servicing Advances........................... 41
Servicing Fee................................ 41
Servicing Officer............................ 41
NY1-188094.6
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Page
Special Hazard Amount........................ 41
Special Hazard Loss.......................... 42
Standard & Poor's............................ 42
Stated Principal Balance..................... 42
Subordinate Percentage....................... 43
Subordinate Principal Distribution Amount.... 43
Subserviced Mortgage Loan.................... 43
Subservicer.................................. 44
Subservicer Advance.......................... 44
Subservicing Account......................... 44
Subservicing Agreement....................... 44
Subservicing Fee............................. 44
Tax Returns.................................. 44
Transfer..................................... 44
Transferee................................... 44
Transferor................................... 44
Trust Fund................................... 44
Uncertificated Accrued Interest.............. 45
Uncertificated Pass-Through Rate............. 45
Uncertificated Principal Balance............. 46
Uncertificated REMIC I Regular Interest U.... 46
Uncertificated REMIC I Regular Interest V.... 46
Uncertificated REMIC I Regular Interest W.... 47
Uncertificated REMIC I Regular Interest X.... 47
Uncertificated REMIC I Regular Interest Y.... 47
Uncertificated REMIC I Regular Interest Z.... 47
Uncertificated REMIC I Regular Interests..... 47
Uncertificated REMIC I Regular Interest T
Distribution Amount.......................... 47
Uncertificated REMIC I Regular Interest U
Distribution Amount.......................... 48
Uncertificated REMIC I Regular Interest V
Distribution Amount.......................... 48
Uncertificated REMIC I Regular Interest W
Distribution Amount.......................... 48
Uncertificated REMIC I Regular Interest X
Distribution Amount.......................... 48
Uncertificated REMIC I Regular Interest Y
Distribution Amount.......................... 48
Uncertificated REMIC I Regular Interest Z
Distribution Amount.......................... 48
NY1-188094.6
<PAGE>
Page
Uncertificated REMIC I Regular Interest
Distribution Amounts......................... 48
Uncertificated REMIC II Regular Interests.... 48
Uncertificated REMIC II Regular Interests
Distribution Amount.......................... 49
Underwriter.................................. 49
Uninsured Cause.............................. 49
United States Person......................... 49
Voting Rights................................ 49
Section 1.02. Determination of LIBOR.
ARTICLE II
CONVEYANCE OF MORTGAGE LOANS;
ORIGINAL ISSUANCE OF CERTIFICATES
Section 2.01. Conveyance of Mortgage Loans................... 52
Section 2.02. Acceptance by Trustee.......................... 57
Section 2.03. Representations, Warranties and
Covenants of the Master Servicer and the
Company........................................ 59
Section 2.04. Representations and Warranties
of Sellers............................................... 64
Section 2.05. Issuance of Certificates Evidencing
Interests in REMIC I Certificates.............. 66
Section 2.06. Conveyance of Uncertificated REMIC I and
REMIC II Regular Interests; Acceptance
by the Trustee................................. 67
Section 2.07. Issuance of Certificates Evidencing
Interest in REMIC II........................... 67
ARTICLE III
ADMINISTRATION AND SERVICING
OF MORTGAGE LOANS
Section 3.01. Master Servicer to Act as Servicer........ 68
Section 3.02. Subservicing Agreements Between Master
Servicer and Subservicers; Enforcement
of Subservicers' and Sellers'
Obligations............................... 69
NY1-188094.6
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Page
Section 3.03. Successor Subservicers.................... 70
Section 3.04. Liability of the Master Servicer.......... 71
Section 3.05. No Contractual Relationship Between
Subservicer and Trustee or
Certificateholders........................ 71
Section 3.06. Assumption or Termination of
Subservicing Agreements by Trustee........ 72
Section 3.07. Collection of Certain Mortgage Loan
Payments; Deposits to Custodial
Account........................... 72
Section 3.08. Subservicing Accounts;
Servicing Accounts.................................. 75
Section 3.09. Access to Certain Documentation and
Information Regarding the Mortgage Loans
......................................... 77
Section 3.10. Permitted Withdrawals from the
Custodial Account......................... 77
Section 3.11. Maintenance of the Primary Insurance
Policies; Collections Thereunder.......... 79
Section 3.12. Maintenance of Fire Insurance and
Omissions and Fidelity Coverage. ........ 80
Section 3.13. Enforcement of Due-on-Sale Clauses;
Assumption and Modification Agreements;
Certain Assignments....................... 82
Section 3.14. Realization Upon Defaulted
Mortgage Loans...................................... 84
Section 3.15. Trustee to Cooperate;
Release of Mortgage Files................. 87
Section 3.16. Servicing and Other Compensation;
Compensating Interest..................... 89
Section 3.17. Reports to the Trustee and the Company.... 90
Section 3.18. Annual Statement as to Compliance......... 90
Section 3.19. Annual Independent Public Accountants'
Servicing Report.......................... 91
Section 3.20. Rights of the Company in Respect
of the Master Servicer. .......... 91
Section 3.21. Administration of Buydown Funds........... 92
ARTICLE IV
PAYMENTS TO CERTIFICATEHOLDERS
Section 4.01. Certificate Account........................94
NY1-188094.6
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Page
Section 4.02. Distributions................................ 94
Section 4.03. Statements to Certificateholders.............110
Section 4.04. Distribution of Reports to the
Trustee and the Company; Advances
by the Master Servicer.......................113
Section 4.05. Allocation of Realized Losses................115
Section 4.06. Reports of Foreclosures and Abandonment
of Mortgaged Property. ......117
Section 4.07. Optional Purchase of Defaulted Mortgage
Loans. ......117
Section 4.08. Distributions on the Uncertificated
REMIC I and REMIC II Regular Interests.
....................................118
Section 4.09. Insured Reserve Fund.........................120
Section 4.10 Rounding Account.............................121
Section 4.11. Principal Distributions on the Insured
Certificates...........................................121
NY1-188094.6
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Page
ARTICLE V
THE CERTIFICATES
Section 5.01. The Certificates.............................128
Section 5.02. Registration of Transfer and Exchange of
Certificates.
............................................131
Section 5.03. Mutilated, Destroyed, Lost or Stolen
Certificates.................................136
Section 5.04. Persons Deemed Owners........................137
Section 5.05. Appointment of Paying Agent..................137
Section 5.06. Optional Purchase of Certificates............137
ARTICLE VI
THE COMPANY AND THE MASTER SERVICER
Section 6.01. Respective Liabilities of the Company
and the Master Servicer......................140
Section 6.02. Merger or Consolidation of the
Company or the Master Servicer;
Assignment of Rights and Delegation
of Duties by Master Servicer.................140
Section 6.03. Limitation on Liability of the Company,
the Master Servicer and Others. ......141
Section 6.04. Company and Master
Servicer Not to Resign.......................142
ARTICLE VII
DEFAULT
Section 7.01. Events of Default............................143
Section 7.02. Trustee or Company to Act; Appointment
of Successor.................................145
Section 7.03. Notification to Certificateholders...........146
Section 7.04. Waiver of Events of Default..................146
ARTICLE VIII
CONCERNING THE TRUSTEE
NY1-188094.6
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Page
Section 8.01. Duties of Trustee............................148
Section 8.02. Certain Matters Affecting the Trustee........150
Section 8.03. Trustee Not Liable for Certificates or
Mortgage Loans...............................152
Section 8.04. Trustee May Own Certificates.................152
Section 8.05. Master Servicer to Pay Trustee's Fees
and Expenses; Indemnification. .......152
Section 8.06. Eligibility Requirements for Trustee.........153
Section 8.07. Resignation and Removal of the Trustee.......154
Section 8.08. Successor Trustee............................155
Section 8.09. Merger or Consolidation of Trustee...........155
Section 8.10. Appointment of Co-Trustee or Separate
Trustee......................................156
Section 8.11. Appointment of Custodians....................157
Section 8.12. Appointment of Office or Agency..............157
ARTICLE IX
TERMINATION
Section 9.01. Termination Upon Purchase by the Master
Servicer or the Company or
Liquidation of All Mortgage Loans............159
Section 9.02. Termination of REMIC II......................162
Section 9.03. Additional Termination Requirements..........162
ARTICLE X
REMIC PROVISIONS
Section 10.01 REMIC Administration.........................164
Section 10.02. Master Servicer, REMIC Administrator and
Trustee Indemnification......................168
ARTICLE XI
CERTAIN MATTERS
REGARDING FINANCIAL SECURITY
Section 11.01. Rights of Financial Security To Exercise
Rights of Insured Certificateholders.........170
Section 11.02. Claims Upon the FSA Policy; FSA Policy
Payments Account.............................170
NY1-188094.6
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Page
Section 11.03. Effect of Payments by Financial
Security; Subrogation........................172
Section 11.04. Notices and Information to Financial
Security...............................................172
Section 11.05. Trustee to Hold FSA Policy...................173
ARTICLE XII
MISCELLANEOUS PROVISIONS
Section 12.01. Amendment....................................174
Section 12.02. Recordation of Agreement; Counterparts.......177
Section 12.03. Limitation on Rights
of Certificateholders........................177
Section 12.04. Governing Law................................178
Section 12.05. Notices......................................178
Section 12.06. Notices to Rating Agency.....................179
Section 12.07. Severability of Provisions...................180
Section 12.08. Supplemental Provisions for
Resecuritization.......................................180
NY1-188094.6
<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: Form of Investor 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 12.01(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: Copy of FSA Policy
Exhibit R: Form of Request for Exchange
NY1-188094.6
<PAGE>
This is a Pooling and Servicing Agreement, dated as of January 1, 1997,
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 THE FIRST NATIONAL BANK OF CHICAGO, 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-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
A-14, Class M-1, Class M-2, Class M-3, Class B-1, Class B-2 and Class B-3
Certificates and the Uncertificated REMIC II Regular Interests (as defined
herein), the rights in and to which will be represented by the Class A-15
Certificates, will be "regular interests" in REMIC II, and the Class R-II
Certificates will be the sole class of "residual interests" therein for purposes
of the REMIC Provisions (as defined herein) under federal income tax law.
NY1-188094.6
<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 7.35% $ 54,550,000.00 Senior January 25, 2027 AAA AAA
Class A-2 7.50% $ 6,820,000.00 Senior January 25, 2027 AAA AAA
Class A-3 7.50% $ 33,956,396.00 Senior January 25, 2027 AAA AAA
Class A-4 7.50% $ 23,875,000.00 Insured/Senior January 25, 2027 AAA AAA
Class A-5 7.50% $ 41,092,200.00 Prepayment Lockout/Senior January 25, 2027 AAA AAA
Class A-6 7.50% $ 9,750,000.00 Senior January 25, 2027 AAA AAA
Class A-7 Adjustable Rate $ 25,963,473.00 Floater/Senior January 25, 2027 AAA AAA
Class A-8 Adjustable Rate $ 0.00 Inverse Floater/Interest January 25, 2027 AAAr AAA
Only/Senior
Class A-9 7.35% $156,744,610.00 Senior January 25, 2027 AAA AAA
Class A-10 7.15% $ 36,000,000.00 Accretion Directed/Senior January 25, 2027 AAA AAA
Class A-11 Adjustable Rate $ 6,260,870.00 Accretion January 25, 2027 AAA AAA
Directed/Floater/Senior
Class A-12 Adjustable Rate $ 0.00 Inverse Floater/Interest January 25, 2027 AAAr AAA
Only/Senior
Class A-13 7.35% $ 6,079,451.00 Accrual/Senior January 25, 2027 AAA AAA
Class A-14 0.00% $ 486,810.08 Principal Only/Senior January 25, 2027 AAAr AAA
Class A-15 Variable Rate $ 0.00 Variable Strip/Interest January 25, 2027 AAAr AAA
Only/Senior
Class R-I 7.50% $ 100.00 Residual/Senior January 25, 2027 AAA AAA
Class R-II 7.50% $ 100.00 Residual/Senior January 25, 2027 AAA AAA
Class M-1 7.50% $ 8,476,700.00 Mezzanine January 25, 2027 AA AA
Class M-2 7.50% $ 5,297,900.00 Mezzanine January 25, 2027 N/A A
Class M-3 7.50% $ 4,238,400.00 Mezzanine January 25, 2027 N/A BBB
Class B-1 7.50% $ 1,695,400.00 Subordinate January 25, 2027 N/A BB
Class B-2 7.50% $ 847,700.00 Subordinate January 25, 2027 B B
Class B-3 7.50% $ 1,695,338.32 Subordinate January 25, 2027 N/A N/A
NY1-188094.6
</TABLE>
<PAGE>
The Mortgage Loans have an aggregate Cut-off Date Principal Balance
equal to $423,830,448.40. The Mortgage Loans are fixed rate mortgage loans
having terms to maturity at origination or modification of not more than 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 the Class A-13
Certificates, the earlier to occur of (i) the Distribution Date on which the
Certificate Principal Balances of the Class A-10 Certificates and the Class A-11
Certificates have been reduced to zero and (ii) the Credit Support Depletion
Date.
Accrual 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-8, Class A-12, Class A-14
and Class A-15 Certificates), any Class M Certificate, any Class B Certificate
or any Class R Certificate, interest accrued during the related Interest Accrual
Period at the 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-8, Class A-12 and Class A-15 Certificates
(other than any Subclass of Class A-15 Certificates) interest accrued during the
related Interest Accrual Period at the related Pass-Through Rate on the Class
A-8 Notional Amount, Class A-12 Notional Amount and Class A-15 Notional Amount,
respectively. With respect to each Distribution Date, as to any Subclass of
Class A-15 Certificates,
NY1-188094.6
<PAGE>
interest accrued during the related Interest Accrual Period at the related
Pass-Through Rate on the Class A-15 Subclass Notional Amount thereof. 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
(x) the Master Servicer with a payment of Compensating Interest as provided in
Section 4.01 or (y) an Insured Reserve Withdrawal), (ii) the interest portion
(adjusted to the Net 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 in proportion to their
respective amounts of Accrued Certificate Interest payable on such Distribution
Date which would have resulted absent such reductions. Any portion of the
reductions described in the immediately preceding sentence that are allocated to
the Class A- 15 Certificates shall be allocated among the Subclasses thereof, if
any, in proportion to their respective amounts of Accrued Certificate Interest
payable on such Distribution Date which would have resulted absent such
reductions. In addition to that portion of the reductions described in the
second 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.
Adjusted Mortgage Rate: With respect to any Mortgage Loan
and any date of determination, the Mortgage Rate borne by the
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related Mortgage Note, less the rate at which the related Subservicing Fee
accrues.
Adjusted Senior Accelerated Distribution Percentage: With
respect to any Distribution Date, the percentage indicated below:
Adjusted Senior Accelerated
Distribution Date Distribution Percentage
February 1997 through
January 2002........................ 100%
February 2002 through
January 2003........................ Adjusted Senior Percentage,
plus 70% of the sum of the
Subordinate Percentage and the
Prepayment Lockout Percentage
February 2003 through
January 2004........................ Adjusted Senior Percentage,
plus 60% of the sum of the
Subordinate Percentage and the
Prepayment Lockout Percentage
February 2004 through
January 2005........................ Adjusted Senior Percentage,
plus 40% of the sum of the
Subordinate Percentage and the
Prepayment Lockout Percentage
February 2005 through
January 2006........................ Adjusted Senior Percentage,
plus 20% of the sum of the
Subordinate Percentage and the
Prepayment Lockout Percentage
February 2006 and
thereafter.......................... Adjusted Senior Percentage
provided, however, (i) that any scheduled reduction to the Adjusted 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%
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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 Adjusted
Senior Percentage is greater than the Original Adjusted Senior Percentage, the
Adjusted 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 Class A-5 Certificates and Class A-14 Certificates) to zero, the Adjusted
Senior Accelerated Distribution Percentage shall thereafter be 0%.
Adjusted Senior Accelerated Step-Down Test: With respect to any
Distribution Date, a test that shall be satisfied if either of the following
conditions are satisfied: (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
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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. The
Adjusted Senior Accelerated Step-Down Test will not apply on any Distribution
Date on or after the Distribution Date occurring in February 2007.
Adjusted Senior Percentage: As of any Distribution Date, the lesser of
100% and a fraction, expressed as a percentage, the numerator of which is the
aggregate Certificate Principal Balance of the Senior Certificates (other than
the Class A-5 Certificates and the Class A-14 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.
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 or 2.04 and Mortgage Loan substitutions made pursuant to
Section 2.03 or 2.04 received or made in the month of
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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 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 January 30, 1997, 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
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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 Section 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)
$154,377 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
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
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all Non-Primary Residence Loans remaining in the Mortgage Pool divided
by the total number of Outstanding Mortgage Loans in the Mortgage Pool
as of the Relevant Anniversary, and (ii) $50,000,
over (2) the aggregate amount of Bankruptcy Losses allocated solely to one or
more specific Classes of Certificates in accordance with Section 4.05 since the
Relevant Anniversary.
The Bankruptcy Amount may be further reduced by the Master Servicer
(including accelerating the manner in which such coverage is reduced) provided
that prior to any such reduction, the Master Servicer shall (i) obtain written
confirmation from each Rating Agency that such reduction shall not reduce the
rating assigned to any Class of Certificates by such Rating Agency below the
lower of the then-current rating or the rating assigned to such Certificates as
of the Closing Date by such Rating Agency and (ii) provide a copy of such
written confirmation to the Trustee.
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
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of Illinois (and such other state or states in which the Custodial Account or
the Certificate Account are at the time located) are required or authorized by
law or executive order to be closed.
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 "The First National
Bank of Chicago, as trustee, in trust for the registered holders of Residential
Funding Mortgage Securities I, Inc., Mortgage Pass-Through Certificates, Series
1997-S2" 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, and, in respect of the Insured
Certificates, Financial Security to the extent of Cumulative Insurance Payments,
except that neither a Disqualified Organization nor a Non-United States Person
shall be a holder of a Class R-I Certificate or Class R-II Certificate for
purposes hereof and, solely for the purpose of giving any consent
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<PAGE>
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 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 the Class A-8, Class A-12 and Class A-15 Certificates) 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-13 Certificate, an amount equal
to the aggregate Accrued Certificate Interest added to the Certificate Principal
Balance thereof on each Distribution Date on or prior to the Accretion
Termination Date pursuant to Section 4.02(e), 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; provided,
however, that solely for the purposes of determining Financial Security's rights
as subrogee, the
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Certificate Principal Balance of any Insured Certificate shall be deemed to not
be reduced by any principal amounts paid to the Holder thereof from FSA
Insurance Payments. 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
Class A-8, Class A-12 and Class A-15 Certificates have no Certificate Principal
Balance.
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Certificate Register and Certificate Registrar: The
register maintained and the registrar appointed pursuant to
Section 5.02.
Class: Collectively, all of the Certificates bearing the same
designation. The initial Class A-15 Certificates and any Subclass thereof issued
pursuant to Section 5.01(c) shall be a single Class for the purposes of this
Agreement.
Class A Certificate: Any one of the Class A-1, Class A-2, Class A-3,
Class A-4, Class A-5, Class A-6, Class A-7, Class A-8, Class A-9, Class A-10,
Class A-11, Class A-12, Class A-13, Class A-14, or Class A-15 Certificates,
executed by the Trustee and authenticated by the Certificate Registrar
substantially in the form annexed hereto as Exhibit A, each such Certificate
(other than the Class A-15 Certificates) evidencing an interest designated as a
"regular interest" in REMIC II for purposes of the REMIC Provisions. The Class
A-15 Certificates will represent the entire beneficial ownership interest in the
Uncertificated REMIC II Regular Interests. On and after the date of issuance of
any Subclass of Class A-15 Certificates pursuant to Section 5.01(c), any such
Subclass will represent the Uncertificated REMIC II Regular Interest or
Interests specified by the initial Holder of the Class A-15 Certificates
pursuant to said Section.
Class A-8 Notional Amount: As of any Distribution Date, with respect to
the Class A-8 Certificates, the Certificate Principal Balance of the Class A-7
Certificates immediately prior to such date.
Class A-12 Notional Amount: As of any Distribution Date, with respect
to the Class A-12 Certificates, the Certificate Principal Balance of the Class
A-11 Certificates immediately prior to such date.
Class A-14 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-14 Principal Distribution Amount: As defined in
Section 4.02(b)(i).
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Class A-15 Notional Amount: As of any Distribution Date, with respect
to the Class A-15 Certificates, the aggregate Stated Principal Balance of the
Mortgage Loans corresponding to the Uncertificated REMIC II Regular Interests
immediately prior to such date.
Class A-15 Subclass Notional Amount: As of any Distribution Date, with
respect to any Subclass of Class A-15 Certificates issued pursuant to Section
5.01(c), the aggregate Stated Principal Balance of the Mortgage Loans
corresponding to the Uncertificated REMIC II Regular Interests represented by
such Subclass immediately prior to such date.
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 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 all of the Mortgage Loans (or related REO Properties)
immediately prior to such Distribution Date is greater than or equal to 1.00%.
Class B-2 Percentage: With respect to any Distribution
Date, a fraction, expressed as a percentage, the numerator of
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which is the aggregate Certificate Principal Balance of the Class B-2
Certificates immediately prior to such date and the denominator of which is the
aggregate Stated Principal Balance of all of the Mortgage Loans (or related REO
Properties)(other than the related Discount Fraction of each Discount Mortgage
Loan) immediately prior to such Distribution Date.
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 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.
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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 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 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 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 3.25%.
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 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
NY1-188094.6
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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 2.00%.
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: January 30, 1997.
Code: The Internal Revenue Code of 1986.
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 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.
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
NY1-188094.6
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therein and whose board of directors authorizes, among other things, the sale of
Cooperative Stock.
Cooperative Apartment: A dwelling unit in a multi-dwelling building
owned or leased by a Cooperative, which unit the Mortgagor has an exclusive
right to occupy pursuant to the terms of a proprietary lease or occupancy
agreement.
Cooperative Lease: With respect to a Cooperative Loan, the proprietary
lease or occupancy agreement with respect to the Cooperative Apartment occupied
by the Mortgagor and relating to the related Cooperative Stock, which lease or
agreement confers an exclusive right to the holder of such Cooperative Stock to
occupy such apartment.
Cooperative Loans: Any of the Mortgage Loans made in respect of a
Cooperative Apartment, evidenced by a Mortgage Note and secured by (i) a
Security Agreement, (ii) the related Cooperative Stock Certificate, (iii) an
assignment of the Cooperative Lease, (iv) financing statements and (v) a stock
power (or other similar instrument), and ancillary thereto, a recognition
agreement between the Cooperative and the originator of the Cooperative Loan,
each of which was transferred and assigned to the Trustee pursuant to Section
2.01 and are from time to time held as part of the Trust Fund.
Cooperative Stock: With respect to a Cooperative Loan, the
single outstanding class of stock, partnership interest or other
ownership instrument in the related Cooperative.
Cooperative Stock Certificate: With respect to a
Cooperative Loan, the stock certificate or other instrument
evidencing the related Cooperative Stock.
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 Corporate Trust Services Division, One First National
Plaza, Chicago, Illinois 60670-0126, Attention: Residential Funding Corporation
Series 1997-S2.
Credit Support Depletion Date: The first Distribution Date
on which the Senior Percentage equals 100%.
NY1-188094.6
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Cumulative Insurance Payments: As of any time of determination, the
aggregate of all FSA Insurance Payments previously made by Financial Security
under the FSA Policy minus the aggregate of all payments previously made to
Financial Security pursuant to Sections 4.02(a)(xvi) and 4.02(g) hereof as
reimbursement for FSA Insurance Payments.
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: January 1, 1997.
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.
Deceased Owner: A Certificate Owner of an Insured
Certificate who was living at the time such interest was acquired
and whose authorized personal representative, surviving tenant by
the entirety, surviving joint tenant or surviving tenant in
NY1-188094.6
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common or other person empowered to act on behalf of a deceased Certificate
Owner causes to be furnished to the Depository evidence of death satisfactory to
the Trustee and any tax waivers requested by the Trustee.
Deficient Valuation: With respect to any Mortgage Loan, a valuation by
a court of competent jurisdiction of the Mortgaged Property in an amount less
than the then outstanding indebtedness under the Mortgage Loan, or any reduction
in the amount of principal to be paid in connection with any scheduled Monthly
Payment that constitutes a permanent forgiveness of principal, which valuation
or reduction results from a proceeding under the Bankruptcy Code.
Definitive Certificate: Any 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.
NY1-188094.6
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Discount Fraction: With respect to each Discount Mortgage Loan, the
fraction expressed as a percentage, the numerator of which is 7.50% 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 7.50%. 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 7.50% 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 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.
NY1-188094.6
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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 The First National Bank of Chicago, 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
NY1-188094.6
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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, (ii) the Senior Principal Distribution Amount (determined without
regard to Section 4.02(a)(ii)(Y)(E) hereof), (iii) the Class A-14 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 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
NY1-188094.6
<PAGE>
resulting in a loss which causes the liquidation of such Mortgage
Loan:
(a) losses that are of the type that would be covered by the
fidelity bond and the errors and omissions insurance policy required to
be maintained pursuant to Section 3.12(b) but are in excess of the
coverage maintained thereunder;
(b) nuclear reaction or nuclear radiation or radioactive
contamination, all whether controlled or uncontrolled, and whether such
loss be direct or indirect, proximate or remote or be in whole or in
part caused by, contributed to or aggravated by a peril covered by the
definition of the term "Special Hazard Loss";
(c) hostile or warlike action in time of peace or war,
including action in hindering, 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.
FASIT: A "financial asset securitization investment trust"
within the meaning of Section 860L of the Code.
NY1-188094.6
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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.
Financial Security: Financial Security Assurance Inc., a stock
insurance company organized and created under the laws of the State of New York,
and any successors thereto.
Financial Security Default: The existence and continuance of a failure
by Financial Security to make a payment required under the FSA Policy in
accordance with its terms.
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 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.
NY1-188094.6
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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.
FSA Insurance Payment: Any payment made by Financial Security with
respect to the Insured Certificates under the FSA Policy.
FSA Policy: The Financial Guaranty Insurance Policy (No.
50555-N) issued by Financial Security for the benefit of the
Holders of the Insured Certificates, including any endorsements
thereto, attached hereto as Exhibit Q.
FSA Policy Payments Account: The account established
pursuant to Section 11.02(b) hereof.
NY1-188094.6
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Guaranteed Distribution: With respect to the Insured
Certificates and any Distribution Date, as defined in the FSA
Policy.
Indirect Depository Participant: An institution that is not a
Depository Participant but clears through or maintains a custodial relationship
with Participants and has access to the Depository's clearing system.
Individual Insured Certificate: An Insured Certificate that
evidences $1,000 initial Certificate Principal Balance.
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.
Initial Monthly Payment Fund: As defined in Section
2.01(f).
Initial Class A-15 Notional Amount: With respect to any Class A-15
Certificate, the Cut-off Date Principal Balance of the Mortgage Loans
corresponding to the Uncertificated REMIC II Regular Interests represented by
such Class A-15 Certificate.
Insurance Proceeds: Proceeds paid in respect of the Mortgage Loans
pursuant to any Primary Insurance Policy or any other related insurance policy
(excluding the FSA 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.
NY1-188094.6
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Insured Certificates: Any one of the Class A-4
Certificates.
Insured Reserve Fund: The account established and
maintained by the Trustee in accordance with Section 4.09 hereof.
Insured Reserve Withdrawal: As defined in Section 4.09.
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-7, Class A-8, Class A-11 and Class A-12 Certificate, and any
Distribution Date, the calendar month preceding the month in which such
Distribution Date occurs. With respect to any Class A-7, Class A-8, Class A-11
or Class A-12 Certificate and any Distribution Date, the one-month period
commencing on the 25th day of the month preceding the month in which such
Distribution Date occurs and ending on the 24th day of the month in which such
Distribution Date occurs. 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-7, Class A-8,
Class A-11, Class A-12 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-7, Class A-8, Class A-11 and Class A-12 Certificates, the
arithmetic mean of the London interbank offered rate quotations for one-month
Eurodollar deposits, expressed on a per annum basis, determined in accordance
with Section 1.02.
NY1-188094.6
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LIBOR Business Day: Any day other than (i) a Saturday or Sunday or (ii)
a day on which banking institutions in London, England are required or
authorized to by law to be closed.
LIBOR Rate Adjustment Date: With respect to each Distribution Date and
the Class A-7, Class A-8, Class A-11 and Class A-12 Certificates, the LIBOR
Business Day immediately preceding the commencement of the related Interest
Accrual Period.
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.
Living Owner: A Certificate Owner of an Insured Certificate
other than a Deceased Owner.
Loan-to-Value Ratio: As of any date, the fraction, expressed as a
percentage, the numerator of which is the current principal balance of the
related Mortgage Loan at the date of determination and the denominator of which
is the Appraised Value of the related Mortgaged Property.
Maturity Date: The latest possible maturity date, solely for purposes
of Section 1.860G-1(a)(4)(iii) of the Treasury regulations, by which the
Certificate Principal Balance of each Class of Certificates (other than the
Class A-8, Class A-12 and Class A-15 Certificates, which have no Certificate
Principal Balance) representing a regular interest in REMIC II and the
Uncertificated Principal Balance of each REMIC I Regular Interest (other than
each Uncertificated REMIC I Regular Interest Z) and the rights to the Class A-8
Certificates and Class A-12 Certificates would be reduced to zero, which is
January 25, 2027, the Distribution Date immediately following the latest
scheduled maturity date of any Mortgage Loan. The latest possible Maturity Date
for each Uncertificated REMIC I Regular Interest Z and Uncertificated REMIC II
Regular Interest is January 25, 2027, which is the Distribution Date immediately
following the latest scheduled maturity date of any Mortgage Loan.
NY1-188094.6
<PAGE>
Monthly Payment: With respect to any Mortgage Loan (including any REO
Property) and any Due Date, the payment of principal and interest due thereon in
accordance with the amortization schedule at the time applicable thereto (after
adjustment, if any, for curtailments and for Deficient Valuations occurring
prior to such Due Date but before any adjustment to such amortization schedule
by reason of any bankruptcy, other than a Deficient Valuation, or similar
proceeding or any moratorium or similar waiver or grace period).
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
#");
(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");
NY1-188094.6
<PAGE>
(vii) the Pool Strip Rate ("STRIP");
(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.
NY1-188094.6
<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, the Trustee and Financial Security.
Nonsubserviced Mortgage Loan: Any Mortgage Loan that, at
the time of reference thereto, is not subject to a Subservicing
Agreement.
Notional Amount: Any of the Class A-8 Notional Amount,
Class A-12 Notional Amount or Class A-15 Notional Amount.
NY1-188094.6
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Officers' Certificate: A certificate signed by the Chairman of the
Board, the President or a Vice President or Assistant Vice President, or a
Director or Managing Director, and by the Treasurer, the Secretary, or one of
the Assistant Treasurers or Assistant Secretaries of the Company or the Master
Servicer, as the case may be, and delivered to the Trustee, as required by this
Agreement.
Opinion of Counsel: A written opinion of counsel acceptable to the
Trustee and the Master Servicer, who may be counsel for the Company or the
Master Servicer, provided that any opinion of counsel (i) referred to in the
definition of "Permitted Transferee" 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 Senior Certificates (other than the Class A-14 Certificates) and the
denominator of which is the aggregate Stated Principal Balance of the Mortgage
Loans (other than the Discount Fraction of the Discount Mortgage Loans), which
is approximately 94.74% 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
or 2.04.
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.
Participant: An institution that clears through or maintains
a custodial relationship with the Depository and has access to
the Depository's clearing system.
Pass-Through Rate: With respect to the Class A Certificates (other than
the Class A-7, Class A-8, Class A-11, Class A-12, Class A-14 and Class A-15
Certificates), Class M Certificates, Class B Certificates and Class R
Certificates and any
NY1-188094.6
<PAGE>
Distribution Date, the per annum rate set forth in the Preliminary Statement
hereto. With respect to the Class A-7 Certificates and the initial Interest
Accrual Period, 5.975% per annum, and as to any Interest Accrual Period
thereafter, a per annum rate equal to LIBOR plus 0.60%, subject to a maximum
rate of 9.00% per annum and a minimum rate of 0.60% per annum. With respect to
the Class A-8 Certificates and the initial Interest Accrual Period, 3.025% per
annum, and as to any Interest Accrual Period thereafter, a per annum rate equal
to 8.40% minus LIBOR, subject to a maximum rate of 8.40% per annum and a minimum
rate of 0.00% per annum. With respect to the Class A-11 Certificates and the
initial Interest Accrual Period, 5.925% per annum, and as to any Interest
Accrual Period thereafter, a per annum rate equal to LIBOR plus 0.550%, subject
to a maximum rate of 8.500% per annum and a minimum rate of 0.550% per annum.
With respect to the Class A-12 Certificates and the initial Interest Accrual
Period, 2.575% per annum, and as to any Interest Accrual Period thereafter, a
per annum rate equal to 7.950% minus LIBOR, subject to a maximum rate of 7.950%
per annum and a minimum rate of 0.000% per annum. With respect to the Class A-15
Certificates (other than any Subclass thereof) and any Distribution Date, a rate
equal to the weighted average, expressed as a percentage, of the Pool Strip
Rates of all Mortgage Loans corresponding to the Uncertificated REMIC II Regular
Interests 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 Holder of the Certificates
(or with respect to the initial Distribution Date, at the close of business on
the Cut-off Date). With respect to the Class A-15 Certificates and the initial
Distribution Date, the Pass-Through Rate is equal to 0.4721% per annum. With
respect to any Subclass of Class A-15 Certificate and any Distribution Date, a
rate equal to the weighted average, expressed as a percentage, of the Pool Strip
Rates of all Mortgage Loans corresponding to the Uncertificated REMIC II Regular
Interests represented by such Subclass 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
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immediately preceding Distribution Date after giving effect to distributions
thereon allocable to principal to the Holders of the Certificates (or with
respect to the initial Distribution Date, at the close of business on the
Cut-off Date). The Class A- 14 Certificates have no Pass-Through Rate and are
not entitled to Accrued Certificate Interest.
Paying Agent: The First National Bank of Chicago or any
successor Paying Agent appointed by the Trustee.
Percentage Interest: With respect to any Certificate (other than a
Class R-I or Class R-II Certificate), the undivided percentage ownership
interest in the related Class evidenced by such Certificate, which percentage
ownership interest shall be equal to the Initial Certificate Principal Balance
thereof or Initial Class A-15 Notional Amount thereof (in the case of any Class
A-15 Certificate) divided by the aggregate Initial Certificate Principal Balance
or the aggregate of the Initial Class A-15 Notional Amounts, as applicable, of
all of the Certificates of the same Class. With respect to a Class R-I or Class
R-II 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
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United States dollars of any U.S. depository institution or trust
company incorporated under the laws of the United States or any state
thereof or of any domestic branch of a foreign depository institution
or trust company; provided that the debt obligations of such depository
institution or trust company (or, if the only Rating Agency is Standard
& Poor's, in the case of the principal depository institution in a
depository institution holding company, debt obligations of the
depository institution holding company) at the date of acquisition
thereof have been rated by each Rating Agency in its highest short-term
rating available; and provided further that, if the only Rating Agency
is Standard & Poor's and if the depository or trust company is a
principal subsidiary of a bank holding company and the debt obligations
of such subsidiary are not separately rated, the applicable rating
shall be that of the bank holding company; and, provided further that,
if the original maturity of such short-term obligations of a domestic
branch of a foreign depository institution or trust company shall
exceed 30 days, the short-term rating of such institution shall be A-1+
in the case of Standard & Poor's if Standard & Poor's is the Rating
Agency;
(iv) commercial paper (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;
NY1-188094.6
<PAGE>
provided, however, no instrument shall be a Permitted Investment if it
represents, either (1) the right to receive only interest payments with respect
to the underlying debt instrument or (2) the right to receive both principal and
interest payments derived from obligations underlying such instrument and the
principal and interest payments with respect to such instrument provide a yield
to maturity greater than 120% of the yield to maturity at par of such underlying
obligations. References herein to the highest rating available on unsecured
long-term debt shall mean AAA in the case of Standard & Poor's and Fitch and Aaa
in the case of Moody's, and references herein to the highest rating available on
unsecured commercial paper and short-term debt obligations shall mean A-1 in the
case of Standard & Poor's, P-1 in the case of Moody's and either A-1 by Standard
& Poor's, P-1 by Moody's or F-1 by Fitch in the case of Fitch.
Permitted Transferee: Any Transferee of a Class R
Certificate, other than a Disqualified Organization or Non-United
States Person.
Person: Any individual, corporation, partnership, joint venture,
association, joint-stock company, trust, unincorporated organization or
government or any agency or political subdivision thereof.
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.
Pool Strip Rate: With respect to each Mortgage Loan, a per annum rate
equal to the excess of (a) the Net Mortgage Rate of such Mortgage Loan over (b)
7.50% (but not less than 0.00%) per annum.
Prepayment Allocation Test: With respect to any Distribution Date, a
test that shall be satisfied if all of the following conditions are satisfied:
(i) the Subordinate Percentage as of such Distribution Date is at least two
times the Subordinate Percentage as of the Closing Date; (ii) the aggregate
Stated Principal Balance of Mortgage Loans delinquent 60 days or more (including
for this purpose any Mortgage Loans in foreclosure and Mortgage Loans with
respect to which the related
NY1-188094.6
<PAGE>
Mortgaged Property has been acquired by the Trust Fund) averaged over the last
six months as a percentage of the aggregate Stated Principal Balance of all
Mortgage Loans averaged over the last six months does not exceed 2%; and (iii)
cumulative Realized Losses do not exceed 30% of the aggregate Certificate
Principal Balance of the Class M Certificates and Class B Certificates as of the
Closing Date. The Prepayment Allocation Test will not apply on any Distribution
Date on or after the Distribution Date occurring in February 2006.
Prepayment Assumption: A prepayment assumption of 265% 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
February 2002 (unless the Certificate Principal Balances of
the Class A Certificates, other than the Class A-5
Certificates and Class A-14 Certificates, have been reduced
to zero), 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
NY1-188094.6
<PAGE>
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
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
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<PAGE>
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 Lockout Percentage: As of any Distribution Date, the
percentage equal to the aggregate Certificate Principal Balance of the Class A-5
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 Discount Fraction of the Discount Mortgage Loans)
immediately prior to such Distribution Date.
Prepayment Period: As to any Distribution Date, the
calendar month preceding the month of distribution.
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).
NY1-188094.6
<PAGE>
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 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
NY1-188094.6
<PAGE>
the time of substitution no higher than that of the Deleted Mortgage Loan at the
time of substitution; (iv) have a remaining term to stated maturity not greater
than (and not more than one year less than) that of the Deleted Mortgage Loan;
(v) comply with each representation and warranty set forth in Sections 2.03 and
2.04 hereof and Section 4 of the Assignment Agreement; and (vi) have a Pool
Strip Rate equal to or greater than that of the Deleted Mortgage Loan.
Notwithstanding any other provisions herein, (x) with respect to any Qualified
Substitute Mortgage Loan substituted for a Deleted Mortgage Loan which was a
Discount Mortgage Loan, such Qualified Substitute Mortgage Loan shall be deemed
to be a Discount Mortgage Loan and to have a Discount Fraction equal to the
Discount Fraction of the Deleted Mortgage Loan and (y) in the event that the
"Pool Strip Rate" of any Qualified Substitute Mortgage Loan as calculated
pursuant to the definition of "Pool Strip Rate" is greater than the Pool Strip
Rate of the related Deleted Mortgage Loan (i) the Pool Strip Rate of such
Qualified Substitute Mortgage Loan shall be equal to the Pool Strip Rate of the
related Deleted Mortgage Loan for purposes of calculating the Pass-Through Rate
on the Class A-15 Certificates and (ii) the excess of the Pool Strip Rate on
such Qualified Substitute Mortgage Loan as calculated pursuant to the definition
of "Pool Strip Rate" over the Pool Strip Rate on the related Deleted Mortgage
Loan shall be payable to the Class R-I Certificates pursuant to Section 4.02
hereof.
Random Lot: With respect to any Distribution Date, the method by which
the Depository will determine which Insured Certificates will be paid, using its
established random lot procedures or, if the Insured Certificates are no longer
represented by a Book-Entry Certificate, using the Trustee's procedures.
Rating Agency: Fitch and Standard & Poor's with respect to the Class A,
Class R, Class M-1 and Class B-2 Certificates and Fitch with respect to the
Class M-2, Class M-3 and Class B-1 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
NY1-188094.6
<PAGE>
occurred, an amount (not less than zero) equal to (i) the Stated Principal
Balance of the Mortgage Loan (or REO Property) as of the date of Cash
Liquidation or REO Disposition, plus (ii) interest (and REO Imputed Interest, if
any) at the Net Mortgage Rate from the Due Date as to which interest was last
paid or advanced to Certificateholders up to the 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.
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.
NY1-188094.6
<PAGE>
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 by foreclosure or deed in lieu of
foreclosure,
(iv) the hazard insurance policies and Primary
Insurance Policies, if any, and certain
proceeds thereof; and
(v) the Rounding Account.
Notwithstanding the foregoing, REMIC I specifically excludes the Insured Reserve
Fund, the FSA Policy and the FSA Policy Payments Account.
REMIC I Certificates: The Class R-I Certificates.
REMIC II: The segregated pool of assets consisting of the
Uncertificated REMIC I Regular Interests conveyed in trust to the Trustee for
the benefit of the holders of 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 A-14, Class A-15, Class M-1, Class M-2, Class M-3,
Class B-1, Class B-2, Class B-3 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 A-14, Class A-15, Class M-1, Class
M-2, Class M-3, Class B-1, Class B-2, Class B-3 and Class R-II Certificates.
NY1-188094.6
<PAGE>
REMIC Provisions: Provisions of the federal income tax law relating to
real estate mortgage investment conduits, which appear at Sections 860A through
860G of Subchapter M of Chapter 1 of the Code, and related provisions, and
temporary and final regulations (or, to the extent not inconsistent with such
temporary or final regulations, proposed regulations) and published rulings,
notices and announcements promulgated thereunder, as the foregoing may be in
effect from time to time.
REO Acquisition: The acquisition by the Master Servicer on behalf of
the Trustee for the benefit of the Certificateholders of any REO Property
pursuant to Section 3.14.
REO Disposition: As to any REO Property, a determination by the Master
Servicer that it has received all Insurance Proceeds, Liquidation Proceeds, REO
Proceeds and other payments and recoveries (including proceeds of a final sale)
which the Master Servicer expects to be finally recoverable from the sale or
other disposition of the REO Property.
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.
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.
NY1-188094.6
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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.
Rounding Account: With respect of the Insured Certificates,
the account created and maintained pursuant to Section 4.09.
Rounding Amount: With respect to the Rounding Account, the amount of
funds, if any, needed to be withdrawn and used to round the amount of any
distributions in reduction of the Certificate Principal Balance of the Insured
Certificates upward to the next higher integral multiple of $1,000.
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 Certificates: Any one of the Class A Certificates or
Class R Certificates.
NY1-188094.6
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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-14 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 Discount Fraction of the Discount Mortgage Loans) 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 (b) the sum of the amounts required to be distributed to the
Class A Certificateholders and Class R Certificateholders on such Distribution
Date pursuant to Section 4.02(a)(ii)(Y), (xvii) and (xviii).
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.
NY1-188094.6
<PAGE>
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
$4,238,304 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 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 48.2% (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.
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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.
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.
Subclass: With respect to the Class A-15 Certificates, any
Subclass thereof issued pursuant to Section 5.01(c). Any such
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Subclass will represent the Uncertificated REMIC II Regular Interest or
Interests specified by the initial Holder of the Class A-15 Certificates
pursuant to Section 5.01(c).
Subordinate Percentage: As of any Distribution Date, 100%
minus the Senior Percentage as of such Distribution Date.
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 Payments in Full and Curtailments with respect to a Discount Mortgage
Loan) 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.
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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 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.
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 or filed
with the Internal Revenue Service or any other governmental taxing authority
under any applicable provisions of federal, state or local tax laws.
NY1-188094.6
<PAGE>
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, (i) as to Uncertificated REMIC I Regular Interest T, an amount equal to
the aggregate amount of Accrued Certificate Interest that would result under the
terms of the definition thereof on the Class A-7 and Class A-8 Certificates if
the Pass-Through Rate on such Classes were equal to the Pass-Through Rate on
Uncertificated REMIC I Regular Interest T, (ii) as to Uncertificated REMIC I
Regular Interest U, an amount equal to the aggregate amount of Accrued
Certificate Interest that would result under the terms of the definition thereof
on the Class A-11 and Class A-12 Certificates if the Pass-Through Rate on such
Classes were equal to the Pass-Through Rate on Uncertificated REMIC I Regular
Interest U, (iii) as to Uncertificated REMIC I Regular Interest V, an amount
equal to the aggregate amount of Accrued Certificate Interest that would result
under the terms of the definition thereof on the Class A- 10 Certificates if the
Pass-Through Rate on such Class were equal to the Pass-Through Rate on
Uncertificated REMIC I Regular Interest V, (iv) as to Uncertificated REMIC I
Regular Interest W, an amount equal to the aggregate amount of Accrued
Certificate Interest that would result under the terms of the definition thereof
on the Class A-1, Class A-9 and Class A-13 Certificates if the Pass-Through Rate
on such Classes were equal to the Uncertificated Pass-Through Rate on
Uncertificated REMIC I Regular Interest W, (v) as to Uncertificated REMIC I
Regular Interest X, an amount equal to the aggregate amount of Accrued
Certificate Interest that would result under the terms of the definition thereof
on the Class A-14 Certificates if the Pass-Through Rate on such Class were equal
to the Uncertificated Pass-Through Rate on Uncertificated REMIC I Regular
Interest X, (vi) as to Uncertificated REMIC I Regular Interest Y, an amount
equal to the aggregate amount of Accrued Certificate Interest
NY1-188094.6
<PAGE>
that would result under the terms of the definition thereof on the Class A-2,
Class A-3, Class A-4, Class A-5, Class A-6, Class M-1, Class M-2, Class M-3,
Class B-1, Class B-2, Class B-3 and Class R-II Certificates if the Pass-Through
Rates on such Classes were equal to the Uncertificated Pass-Through Rate on
Uncertificated REMIC I Regular Interest Y and (vii) as to each Uncertificated
REMIC I Regular Interest Z and each Uncertificated REMIC II Regular Interest, an
amount equal to one month's interest at the Pool Strip Rate of the related
Mortgage Loan on the principal balance of such Mortgage Loan reduced by such
Interest's pro-rata share of any prepayment interest shortfalls or other
reductions of interest allocable to the Class A-15 Certificates.
Uncertificated Pass-Through Rate: With respect to each of the
Uncertificated REMIC I Regular Interests T, U, V, W, X and Y, 9.00%, 8.50%,
7.15%, 7.35%, 0.00%, 7.50%, respectively. With respect to each Uncertificated
REMIC I Regular Interest Z and each Uncertificated REMIC II Regular Interest Z
the Pool Strip Rate for the related Mortgage Loan.
Uncertificated Principal Balance: With respect to each Uncertificated
REMIC I Regular Interest on any date of determination, an amount equal to
$25,963,473 with respect to Uncertificated REMIC I Regular Interest T, an amount
equal to $6,260,870 with respect to Uncertificated REMIC I Regular Interest U,
an amount equal to $36,000,000 with respect to Uncertificated REMIC I Regular
Interest V, an amount equal to $217,374,061 with respect to Uncertificated REMIC
I Regular Interest W, $486,810.08 with respect to Uncertificated REMIC I Regular
Interest X, $127,995,134.32 with respect to Uncertificated REMIC I Regular
Interest Y and $0 with respect to Uncertificated REMIC I Regular Interest Z,
minus (ii) the sum of (x) the aggregate of all amounts previously deemed
distributed with respect to such interest and applied to reduce the
Uncertificated Principal Balance thereof pursuant to Section 4.08(a)(ii) and (y)
the aggregate of all reductions in Certificate Principal Balance deemed to have
occurred in connection with Realized Losses that were previously deemed
allocated to the Uncertificated Principal Balance of such Uncertificated REMIC I
Regular Interest pursuant to Section 4.08(d).
NY1-188094.6
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Uncertificated REMIC I Regular Interest T: 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-7 and Class A-8
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
9.00% per annum.
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-11 and Class A-12
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
8.50% 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-10 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 7.15% per annum.
Uncertificated REMIC I Regular Interest W: 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, Class A-9 and 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 7.35% 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
NY1-188094.6
<PAGE>
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-14 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 0.00% 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-2, Class A-3, Class A-4,
Class A-5, Class A-6, Class M-1, Class M-2, Class M-3, Class B-1, Class B-2,
Class B-3 and Class R-II Certificates 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 7.50% per annum.
Uncertificated REMIC I Regular Interest Z: The 1,631 uncertificated
partial undivided beneficial ownership interests in REMIC I, numbered
sequentially from 1 to 1,631, each relating to a particular Mortgage Loan
identified by such sequential number on the Mortgage Loan Schedule, each having
no principal balance, and each bearing interest at the respective Pool Strip
Rate on the Stated Principal Balance of the related Mortgage Loan.
Uncertificated REMIC I Regular Interests: Uncertificated REMIC I
Regular Interest T, Uncertificated REMIC I Regular Interest U, Uncertificated
REMIC I Regular Interest V, Uncertificated REMIC I Regular Interest W,
Uncertificated REMIC I Regular Interest X, Uncertificated REMIC I Regular
Interest Y and Uncertificated REMIC I Regular Interest Z.
Uncertificated REMIC I Regular Interest T Distribution Amount: With
respect to any Distribution Date, the sum of the amounts deemed to be
distributed on the Uncertificated REMIC I Regular Interest T for such
Distribution Date pursuant to Section 4.08(a).
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
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<PAGE>
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 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 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 T Distribution Amount, 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.
NY1-188094.6
<PAGE>
Uncertificated REMIC II Regular Interests: The 1,631 Uncertificated
partial undivided beneficial ownership interests in REMIC II numbered
sequentially from 1 through 1,631 each relating to the identically numbered
Uncertificated REMIC I Regular Interests Z, each having no principal balance and
bearing interest at a rate equal to the related Pool Strip Rate on the Stated
Principal Balance of the Mortgage Loan related to the identically numbered
Uncertificated REMIC I Regular Interests Z, comprising such Uncertificated REMIC
II Regular Interest's pro rata share of the amount distributed pursuant to
Sections 4.02(a) and (b).
Uncertificated REMIC II Regular Interests Distribution Amount: With
respect to any Distribution Date, the sum of the amounts deemed to be
distributed on the Uncertificated REMIC I Regular Interests Z for such
Distribution Date pursuant to Section 4.08(a).
Underwriter: As defined in Section 4.09.
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
that is described in Section 7701(a)(30)(D) of the Code, or a trust that is
described in Section 7701(a)(30)(E) of the Code.
Voting Rights: The portion of the voting rights of all of the
Certificates which is allocated to any Certificate. 96.0% of all of the Voting
Rights shall be allocated among Holders of Certificates, other than the Class
A-8, Class A-11, Class A-15, Class R-I and Class R-II Certificates, in
proportion to the outstanding Certificate Principal Balances of their respective
Certificates, except that Financial Security shall be assigned
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<PAGE>
the Voting Rights of the Insured Certificateholders in the absence of any
continuing Financial Security Default; and 1% of all Voting Rights shall be
allocated among the Holders of the Class A-8 Certificates; 1% of all Voting
Rights shall be allocated among the Holders of the Class A-12 Certificates; 1%
of all Voting Rights shall be allocated among the Holders of the Class A-15
Certificates 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 Rate on the
Class A-7, Class A-8, Class A-11 and Class A-12 Certificates for any Interest
Accrual Period (other than the initial Interest Accrual Period) will be
determined on each LIBOR Rate Adjustment Date.
On each LIBOR Rate Adjustment Date, LIBOR shall be established by the
Trustee and, as to any Interest Accrual Period, will equal the rate for one
month United States dollar deposits that appears on the Telerate Screen Page
3750 as of 11:00 a.m., London time, on such LIBOR Rate Adjustment Date.
"Telerate Screen Page 3750" means the display designated as page 3750 on the
Telerate Service (or such other page as may replace page 3750 on that service
for the purpose of displaying London interbank offered rates of major banks). If
such rate does not appear on such page (or such other page as may replace that
page on that service, or if such service is no longer offered, LIBOR shall be so
established by use of such other service for displaying LIBOR or comparable
rates as may be selected by the Trustee after consultation with the Master
Servicer), the rate will be the Reference Bank Rate. The "Reference Bank Rate"
will be determined on the basis of the rates at which deposits in U.S. Dollars
are offered by the reference banks (which shall be any three major banks that
are engaged in transactions in the London interbank market, selected by the
Trustee after consultation with the Master Servicer) as of 11:00 a.m., London
time, on the LIBOR Rate Adjustment Date to prime banks in the London interbank
market for a period of one month in amounts approximately equal to the aggregate
Certificate Principal Balance of the Class A-7 Certificates and Class A-11
Certificates then outstanding. The
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Trustee will request the principal London office of each of the reference banks
to provide a quotation of its rate. If at least two such quotations are
provided, the rate will be the arithmetic mean of the quotations rounded up to
the next multiple of 1/16%. If on such date fewer than two quotations are
provided as requested, the rate will be the arithmetic mean of the rates quoted
by one or more major banks in New York City, selected by the Trustee after
consultation with the Master Servicer, as of 11:00 a.m., New York City time, on
such date for loans in U.S. Dollars to leading European banks for a period of
one month in amounts approximately equal to the aggregate Certificate Principal
Balance of the Class A-7 Certificates and Class A-11 Certificates then
outstanding. If no such quotations can be obtained, the rate will be LIBOR for
the prior Distribution Date.
The establishment of LIBOR by the Trustee on any LIBOR Rate Adjustment
Date and the Trustee's subsequent calculation of the Pass-Through Rate
applicable to the Class A-7, Class A-8, Class A-11 and Class A-12 Certificates
for the relevant Interest Accrual Period, in the absence of manifest error, will
be final and binding.
Promptly following each LIBOR Rate Adjustment Date the Trustee shall
supply the Master Servicer with the results of its determination of LIBOR on
such date. Furthermore, the Trustee will supply to any Certificateholder so
requesting by telephone the Pass-Through Rate on the Class A-7, Class A-8, Class
A-11 and Class A-12 Certificates for the current and the immediately preceding
Interest Accrual Period.
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<PAGE>
ARTICLE II
CONVEYANCE OF MORTGAGE LOANS;
ORIGINAL ISSUANCE OF CERTIFICATES
Section 2.01. Conveyance of Mortgage Loans.
(a) The Company, concurrently with the execution and delivery hereof,
does hereby assign to the Trustee without recourse all the right, title and
interest of the Company in and to the Mortgage Loans, including all interest and
principal received on or with respect to the Mortgage Loans after the Cut-off
Date (other than payments of principal and interest due on the Mortgage Loans on
or before the Cut-off Date). In connection with such transfer and assignment,
the Company does hereby deliver to the Trustee the FSA Policy.
(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;
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<PAGE>
(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:
(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
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<PAGE>
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 such documents in trust for
the use and benefit of all present and future Certificateholders 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
NY1-188094.6
<PAGE>
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
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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.
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. 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
NY1-188094.6
<PAGE>
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.
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
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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 $1,198,927 (the "Initial Monthly Payment Fund"),
representing scheduled principal amortization and interest at the Net Mortgage
Rate for the Due Date in February 1997, 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 February 1997. 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.
NY1-188094.6
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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. The Trustee or Custodian
(such Custodian being so obligated under a Custodial Agreement) agrees, for the
benefit of Certificateholders, to review each Mortgage File delivered to it
pursuant to Section 2.01(b) within 45 days after the Closing Date to ascertain
that all required documents (specifically as set forth in Section 2.01(b)), have
been executed and received, and that such documents relate to the Mortgage Loans
identified on the Mortgage Loan Schedule, as supplemented, that have been
conveyed to it. 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
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<PAGE>
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 Certificateholders or the Trustee on behalf of the
Certificateholders.
Section 2.03. Representations, Warranties and Covenants
of the Master Servicer and the Company .
(a) The Master Servicer hereby represents and warrants to
the Trustee for the benefit of the Certificateholders that:
(i) The Master Servicer is a corporation duly
organized, validly existing and in good standing under the
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<PAGE>
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;
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<PAGE>
(vi) The Master Servicer will comply in all material respects
in the performance of this Agreement with all reasonable rules and
requirements of each insurer under each Required Insurance Policy;
(vii) No information, certificate of an officer, statement
furnished in writing or report delivered to the Company, any Affiliate
of the Company or the Trustee by the Master Servicer will, to the
knowledge of the Master Servicer, contain any untrue statement of a
material fact or omit a material fact necessary to make the
information, certificate, statement or report not misleading; 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 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
NY1-188094.6
<PAGE>
constitute the sole remedy in respect of a breach of a representation and
warranty set forth in this Section 2.03(a) available to the Certificateholders
or the Trustee on behalf of the Certificateholders.
(b) The Company hereby represents and warrants to the Trustee for the
benefit of Certificateholders that as of the Closing Date (or, if otherwise
specified below, as of the date so specified):
(i) No Mortgage Loan is 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 30 years;
(iv) To the best of the Company's knowledge, if a Mortgage
Loan is secured by a Mortgaged Property with a Loan-to-Value Ratio at
origination in excess of 80%, such Mortgage Loan is the subject of a
Primary Insurance Policy that insures (a) at least 25% of the Stated
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;
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<PAGE>
(vi) No more than 0.8% of the Mortgage Loans by aggregate
Stated Principal Balance as of the Cut-off Date are secured by
Mortgaged Properties located in any one zip code area 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. Eleven of the
Mortgage Loans, representing approximately 0.39% 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) Approximately 18.05% of the Mortgage Loans by aggregate
Stated Principal Balance as of the Cut-off Date 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) Two of the Mortgage Loans, representing approximately
0.10% of the Mortgage Loans by aggregate Stated Principal Balance as of
the Cut-off Date, 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 Regulations
Section 1.860G-2(a)(1);
(xiii) A policy of title insurance was effective as of the
closing of each Mortgage Loan and is valid and binding and remains in
full force and effect;
(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) One Mortgage Loan contains 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 in any Mortgage Loan, the party discovering
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<PAGE>
such breach shall give prompt written notice to the other parties (any Custodian
being so obligated under a Custodial Agreement); provided, however, that in the
event of a breach of the representation and warranty set forth in Section
2.03(b)(xii), the party discovering such breach shall give such notice within
five days of discovery. Within 90 days of its discovery or its receipt of notice
of breach, the Company shall either (i) cure such breach in all material
respects or (ii) purchase such Mortgage Loan from the Trust Fund at the Purchase
Price and in the manner set forth in Section 2.02; provided that the Company
shall have the option to substitute a Qualified Substitute Mortgage Loan or
Loans for such Mortgage Loan if such substitution occurs within two years
following the Closing Date; provided that if the omission or defect would cause
the Mortgage Loan to be other than a "qualified mortgage" as defined in Section
860G(a)(3) of the Code, any such cure or repurchase must occur within 90 days
from the date such breach was discovered. Any such substitution shall be
effected by the Company under the same terms and conditions as provided in
Section 2.04 for substitutions by Residential Funding. It is understood and
agreed that the obligation of the Company to cure such breach or to so purchase
or substitute for any Mortgage Loan as to which such a breach has occurred and
is continuing shall constitute the sole remedy respecting such breach available
to the Certificateholders or the Trustee on behalf of the Certificateholders.
Notwithstanding the foregoing, the Company shall not be required to cure
breaches or purchase or substitute for Mortgage Loans as provided in this
Section 2.03(b) if the substance of the breach of a representation set forth
above also constitutes fraud in the origination of the Mortgage Loan.
Section 2.04. Representations and Warranties of Sellers.
The Company, as assignee of Residential Funding under the Assignment
Agreement, hereby assigns to the Trustee for the benefit of Certificateholders
all of its right, title and interest in respect of the Assignment Agreement and
each Seller's Agreement applicable to a Mortgage Loan. Insofar as the Assignment
Agreement or 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 Certificate holders.
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 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 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 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
NY1-188094.6
<PAGE>
respect of such Deleted Mortgage Loan. The Master Servicer shall amend or cause
to be amended the Mortgage Loan Schedule, and, if the Deleted Mortgage Loan was
a Discount Mortgage Loan, the Schedule of Discount Fractions, for the benefit of
the Certificateholders to reflect the removal of such Deleted Mortgage Loan and
the substitution of the Qualified Substitute Mortgage Loan or Loans and the
Master Servicer shall deliver the amended Mortgage Loan Schedule, and, if the
Deleted Mortgage Loan was a Discount 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
NY1-188094.6
<PAGE>
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 or the Trustee
on behalf of Certificateholders. If the Master Servicer is Residential Funding,
then the Trustee shall also have the right to give the notification and require
the purchase or substitution provided for in the second preceding paragraph in
the event of such a breach of a representation or warranty made by Residential
Funding in the Assignment Agreement. In connection with the purchase of or
substitution for any such Mortgage Loan by Residential Funding, the Trustee
shall assign to Residential Funding all of the right, title 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
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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 A-14, Class A-15, Class
M-1, Class M-2, Class M-3, Class B-1, Class B-2, Class B-3 and Class R-II
Certificateholders. 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 A-14, Class A-15,
Class M-1, Class M-2, Class M-3, Class B-1, Class B-2, Class B-3 and Class R-II
Certificateholders. 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 A-14, Class A-15, Class M-1, Class M-2,
Class M-3, Class B-1, Class B-2, Class B-3 and Class R-II Certificateholders 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 A-14, Class
A-15, Class M-1, Class M-2, Class M-3, Class B-1, Class B-2, Class B-3 and Class
R-II Certificates, 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 A-14, Class A-15, Class
M-1, Class M-2, Class M-3, Class B-1, Class B-2, Class B-3 and Class R-II
Certificateholders 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 A-14, Class A-15, 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 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 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
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Principal Prepayment in Full pursuant to Section 3.13(d) hereof) and cause REMIC
I or REMIC II to fail to qualify as a REMIC under the Code. The Trustee shall
furnish the Master Servicer with any powers of attorney and other documents
necessary or appropriate to enable the Master Servicer to service and administer
the Mortgage Loans. The Trustee shall not be liable for any action taken by the
Master Servicer or any Subservicer pursuant to such powers of attorney. In
servicing and administering any Nonsubserviced Mortgage Loan, the Master
Servicer shall, to the extent not inconsistent with this Agreement, comply with
the Program Guide as if it were the originator of such Mortgage Loan and had
retained the servicing rights and obligations in respect thereof. In connection
with servicing and administering the Mortgage Loans, the Master Servicer and any
Affiliate of the Master Servicer (i) may perform services such as appraisals and
brokerage services that are not customarily provided by servicers of mortgage
loans, and shall be entitled to reasonable compensation therefor in accordance
with Section 3.10 and (ii) may, at its own discretion and on behalf of the
Trustee, obtain credit information in the form of a "credit score" from a credit
repository.
(b) All costs incurred by the Master Servicer or by Subservicers in
effecting the timely payment of taxes and assessments on the properties subject
to the Mortgage Loans shall not, for the purpose of calculating monthly
distributions to the Certificateholders, be added to the amount owing under the
related Mortgage Loans, notwithstanding that the terms of such Mortgage Loan so
permit, and such costs shall be recoverable to the extent permitted by Section
3.10(a)(ii).
(c) The Master Servicer may enter into one or more agreements in
connection with the offering of pass-through certificates evidencing interests
in one or more of the Certificates providing for the payment by the Master
Servicer of amounts received by the Master Servicer as servicing compensation
hereunder and required to cover certain Prepayment Interest Shortfalls on the
Mortgage Loans, which payment obligation will thereafter be an obligation of the
Master Servicer hereunder.
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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.
(b) As part of its servicing activities hereunder, the
Master Servicer, for the benefit of the Trustee and the
Certificateholders, shall use its best reasonable efforts to
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<PAGE>
enforce the obligations of each Subservicer under the related Subservicing
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,
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release the terminated Subservicer from liability for such
representations and warranties.
Section 3.04. Liability of the Master Servicer.
Notwithstanding any Subservicing Agreement, any of the provisions of
this Agreement relating to agreements or arrangements between the Master
Servicer or a Subservicer or reference to actions taken through a Subservicer or
otherwise, the Master Servicer shall remain obligated and liable to the Trustee
and the Certificateholders for the servicing and administering of the Mortgage
Loans in accordance with the provisions of Section 3.01 without diminution of
such obligation or liability by virtue of such Subservicing Agreements or
arrangements or by virtue of indemnification from the Subservicer or the Company
and to the same extent and under the same terms and conditions as if the Master
Servicer alone were servicing and administering the Mortgage Loans. The Master
Servicer shall be entitled to enter into any agreement with a Subservicer or
Seller for indemnification of the Master Servicer and nothing contained in this
Agreement shall be deemed to limit or modify such indemnification.
Section 3.05. No Contractual Relationship Between
Subservicer and Trustee or Certificateholders
Any Subservicing Agreement that may be entered into and any other
transactions or services relating to the Mortgage Loans involving a Subservicer
in its capacity as such and not as an originator shall be deemed to be between
the Subservicer and the Master Servicer alone and the Trustee and the
Certificateholders shall not be deemed parties thereto and shall have no claims,
rights, obligations, duties or liabilities with respect to the Subservicer in
its capacity as such except as set forth in Section 3.06. The foregoing
provision shall not in any way limit a Subservicer's obligation to cure an
omission or defect or to repurchase a Mortgage Loan as referred to in Section
2.02 hereof.
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<PAGE>
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
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<PAGE>
Policy or materially adversely affect the lien of the related Mortgage. In the
event of any such arrangement, the Master Servicer shall make timely advances on
the related Mortgage Loan during the scheduled period in accordance with the
amortization schedule of such Mortgage Loan without modification thereof by
reason of such arrangements unless otherwise agreed to by the Holders of the
Classes of Certificates affected thereby; provided, however, that no such
extension shall be made if any such advance would be a Nonrecoverable Advance.
Consistent with the terms of this Agreement, the Master Servicer may also waive,
modify or vary any term of any Mortgage Loan or consent to the postponement of
strict compliance with any such term or in any manner grant indulgence to any
Mortgagor if in the Master Servicer's determination such waiver, modification,
postponement or indulgence is not materially adverse to the interests of the
Certificateholders (taking into account any estimated Realized Loss that might
result absent such action); provided, however, that the Master Servicer may not
modify materially or permit any Subservicer to modify any Mortgage Loan,
including without limitation any modification that would change the Mortgage
Rate, forgive the payment of any principal or interest (unless in connection
with the liquidation of the related Mortgage Loan or except in connection with
prepayments to the extent that such reamortization is not inconsistent with the
terms of the Mortgage Loan), or extend the final maturity date of such Mortgage
Loan, unless such Mortgage Loan is in default or, in the judgment of the Master
Servicer, such default is reasonably foreseeable. 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
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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 or 4.07 and all amounts required to be
deposited in connection with the substitution of a Qualified Substitute
Mortgage Loan pursuant to Section 2.03 or 2.04;
(v) Any amounts required to be deposited pursuant
to Section 3.07(c) or 3.21; 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
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amount from the Custodial Account, any provision herein to the contrary
notwithstanding. The Custodial Account may contain funds that belong to one or
more trust funds created for mortgage pass-through certificates of other series
and may contain other funds respecting payments on mortgage loans belonging to
the Master Servicer or serviced or master serviced by it on behalf of others.
Notwithstanding such commingling of funds, the Master Servicer shall keep
records that accurately reflect the funds on deposit in the Custodial Account
that have been identified by it as being attributable to the Mortgage Loans.
With respect to Insurance Proceeds, Liquidation Proceeds, REO Proceeds
and the proceeds of the purchase of any Mortgage Loan pursuant to Sections 2.02,
2.03, 2.04 and 4.07 received in any calendar month, the Master Servicer may
elect to treat such amounts as included in the Available Distribution Amount for
the Distribution Date in the month of receipt, but is not obligated to do so. If
the Master Servicer so elects, such amounts will be deemed to have been received
(and any related Realized Loss shall be deemed to have occurred) on the last day
of the month prior to the receipt thereof.
(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
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month that is to be applied by the Subservicer to reduce the unpaid principal
balance of the related Mortgage Loan as of the first day of such month, from the
date of application of such Curtailment to the first day of the following month.
Any amounts paid by a Subservicer pursuant to the preceding sentence shall be
for the benefit of the Master Servicer as additional servicing compensation and
shall be subject to its withdrawal or order from time to time pursuant to
Sections 3.10(a)(iv) and (v).
(c) In addition to the Custodial Account and the Certificate Account,
the Master Servicer shall for any Nonsubserviced Mortgage Loan, and shall cause
the Subservicers for Subserviced Mortgage Loans to, establish and maintain one
or more Servicing Accounts and deposit and retain therein all collections from
the Mortgagors (or advances from Subservicers) for the payment of taxes,
assessments, hazard insurance premiums, Primary Insurance Policy premiums, if
applicable, or comparable items for the account of the Mortgagors. Each
Servicing Account shall satisfy the requirements for a Subservicing Account and,
to the extent permitted by the Program Guide or as is otherwise acceptable to
the Master Servicer, may also function as a Subservicing Account. Withdrawals of
amounts related to the Mortgage Loans from the Servicing Accounts may be made
only to effect timely payment of taxes, assessments, hazard insurance premiums,
Primary Insurance Policy premiums, if applicable, or comparable items, to
reimburse the Master Servicer or Subservicer out of related collections for any
payments made pursuant to Sections 3.11 (with respect to the Primary Insurance
Policy) and 3.12(a) (with respect to hazard insurance), to refund to any
Mortgagors any sums as may be determined to be overages, to pay interest, if
required, to Mortgagors on balances in the Servicing Account or to clear and
terminate the Servicing Account at the termination of this Agreement in
accordance with Section 9.01 or in accordance with the Program Guide. As part of
its servicing duties, the Master Servicer shall, and the Subservicers will,
pursuant to the Subservicing Agreements, be required to pay to the Mortgagors
interest on funds in this account to the extent required by law.
(d) The Master Servicer shall advance the payments referred to in the
preceding subsection that are not timely paid by the Mortgagors or advanced by
the Subservicers on the date when the tax, premium or other cost for which such
payment is intended is due, but the Master Servicer shall be required so to
advance only
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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.
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.
(a) The Master Servicer may, from time to time as provided herein, make
withdrawals from the Custodial Account of amounts on deposit therein pursuant to
Section 3.07 that are attributable to the Mortgage Loans for the following
purposes:
(i) to make deposits into the Certificate Account
in the amounts and in the manner provided for in Section
4.01;
(ii) to reimburse itself or the related Subservicer for
previously unreimbursed advances or expenses made pursuant to Sections
3.01, 3.07(a), 3.08, 3.11, 3.12(a), 3.14 and 4.04 or otherwise
reimbursable pursuant to the terms of this Agreement, such withdrawal
right being limited to amounts received on particular Mortgage Loans
(including, for this purpose, REO Proceeds, Insurance Proceeds,
Liquidation Proceeds and proceeds from the purchase of a Mortgage Loan
pursuant to Section 2.02, 2.03, 2.04 or 4.07) which represent (A) Late
Collections of
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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, 4.07 or 9.01, all amounts received thereon
and not required to be distributed to the Certificateholders as of the
date on which the related Stated Principal Balance or Purchase Price is
determined;
(vii) to reimburse itself or the related
Subservicer for any Nonrecoverable Advance or Advances in
the manner and to the extent provided in subsection (c)
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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
(x) to withdraw any amount deposited in the
Custodial Account that was not required to be deposited
therein pursuant to Section 3.07.
(b) Since, in connection with withdrawals pursuant to clauses (ii),
(iii), (v) and (vi), the Master Servicer's entitlement thereto is limited to
collections or other recoveries on the related Mortgage Loan, the Master
Servicer shall keep and maintain separate accounting, on a Mortgage Loan by
Mortgage Loan basis, for the purpose of justifying any withdrawal from the
Custodial Account pursuant to such clauses.
(c) The Master Servicer shall be entitled to reimburse itself or the
related Subservicer for any advance made in respect of a Mortgage Loan that the
Master Servicer determines to be a Nonrecoverable Advance by withdrawal from the
Custodial Account of amounts on deposit therein attributable to the Mortgage
Loans on any Certificate Account Deposit Date succeeding the date of such
determination. Such right of reimbursement in respect of a Nonrecoverable
Advance on any such Certificate Account Deposit Date shall be limited to an
amount not exceeding the portion of such advance previously paid to
Certificateholders (and not theretofore reimbursed to the Master Servicer or the
related Subservicer).
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Section 3.11. Maintenance of the Primary Insurance
Policies; Collections Thereunder.
(a) The Master Servicer shall not take, or permit any Subservicer to
take, any action which would result in non-coverage under any applicable Primary
Insurance Policy of any loss which, but for the actions of the Master Servicer
or Subservicer, would have been covered thereunder. To the extent coverage is
available, the Master Servicer shall keep or cause to be kept in full force and
effect each such Primary Insurance Policy until the principal balance of the
related Mortgage Loan secured by a Mortgaged Property is reduced to 80% or less
of the Appraised Value in the case of such a Mortgage Loan having a
Loan-to-Value Ratio at origination in excess of 80%, provided that such Primary
Insurance Policy was in place as of the Cut-off Date and the Company had
knowledge of such Primary Insurance Policy. The Master Servicer shall be
entitled to cancel or permit the discontinuation of any Primary Insurance Policy
as to any Mortgage Loan, if the Stated Principal Balance of the Mortgage Loan is
reduced below an amount equal to 80% of the appraised value of the related
Mortgaged Property as determined in any appraisal thereof after the Closing
Date, or if the Loan-to-Value Ratio is reduced below 80% as a result of
principal payments on the Mortgage Loan after the Closing Date. In the event
that the Company gains knowledge that as of the Closing Date, a Mortgage Loan
had a Loan-to-Value Ratio at origination in excess of 80% and is not the subject
of a Primary Insurance Policy (and was not included in any exception to the
representation in Section 2.03(b)(iv)) and that such Mortgage Loan has a current
Loan-to-Value Ratio in excess of 80% then the Master Servicer shall use its
reasonable efforts to obtain and maintain a Primary Insurance Policy to the
extent that such a policy is obtainable at a reasonable price. The Master
Servicer shall not cancel or refuse to renew any such Primary Insurance Policy
applicable to a Nonsubserviced Mortgage Loan, or consent to any Subservicer
canceling or refusing to renew any such Primary Insurance Policy applicable to a
Mortgage Loan subserviced by it, that is in effect at the date of the initial
issuance of the Certificates and is required to be kept in force hereunder
unless the replacement Primary Insurance Policy for such canceled or non-renewed
policy is maintained with an insurer whose claims-paying ability is acceptable
to each Rating Agency for mortgage pass-through certificates having a rating
equal to or better than the lower of the then-current rating or the rating
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assigned to the Certificates as of the Closing Date by such
Rating Agency.
(b) In connection with its activities as administrator and servicer of
the Mortgage Loans, the Master Servicer agrees to present or to cause the
related Subservicer to present, on behalf of the Master Servicer, the
Subservicer, if any, the Trustee and Certificateholders, claims to the Insurer
under any Primary Insurance Policies, in a timely manner in accordance with such
policies, and, in this regard, to take or cause to be taken such reasonable
action as shall be necessary to permit recovery under any Primary Insurance
Policies respecting defaulted Mortgage Loans. Pursuant to Section 3.07, any
Insurance Proceeds collected by or remitted to the Master Servicer under any
Primary Insurance Policies shall be deposited in the Custodial Account, subject
to withdrawal pursuant to Section 3.10.
Section 3.12. Maintenance of Fire Insurance and
Omissions and Fidelity Coverage.
(a) The Master Servicer shall cause to be maintained for each Mortgage
Loan (other than a Cooperative Loan) fire insurance with extended coverage in an
amount which is equal to the lesser of the principal balance owing on such
Mortgage Loan or 100 percent of the insurable value of the improvements;
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
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<PAGE>
cost incurred by the Master Servicer in maintaining any such insurance shall
not, for the purpose of calculating monthly distributions to the
Certificateholders, be added to the amount owing under the Mortgage Loan,
notwithstanding that the terms of the Mortgage Loan so permit. Such costs shall
be recoverable by the Master Servicer out of related late payments by the
Mortgagor or out of Insurance Proceeds and Liquidation Proceeds to the extent
permitted by Section 3.10. It is understood and agreed that no earthquake or
other additional insurance is to be required of any Mortgagor or maintained on
property acquired in respect of a Mortgage Loan other than pursuant to such
applicable laws and regulations as shall at any time be in force and as shall
require such additional insurance. Whenever the improvements securing a Mortgage
Loan (other than a Cooperative Loan) are located at the time of origination of
such Mortgage Loan in a federally designated special flood hazard area, the
Master Servicer shall cause flood insurance (to the extent available) to be
maintained in respect thereof. Such flood insurance shall be in an amount equal
to the lesser of (i) the amount required to compensate for any loss or damage to
the Mortgaged Property on a replacement cost basis and (ii) the maximum amount
of such insurance available for the related Mortgaged Property under the
national flood insurance program (assuming that the area in which such Mortgaged
Property is located is participating in such program).
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
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<PAGE>
the Mortgage Loans, the Master Servicer agrees to present, on behalf of itself,
the Trustee and the Certificateholders, 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
(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
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<PAGE>
otherwise avoid enforcement of a due-on-sale clause contained in any
Mortgage Note or Mortgage, the Master Servicer shall not be required to
enforce the due-on-sale clause or to contest such action.
(b) Subject to the Master Servicer's duty to enforce any due-on-sale
clause to the extent set forth in Section 3.13(a), in any case in which a
Mortgaged Property is to be conveyed to a Person by a Mortgagor, and such Person
is to enter into an assumption or modification agreement or supplement to the
Mortgage Note or Mortgage which requires the signature of the Trustee, or if an
instrument of release signed by the Trustee is required releasing the Mortgagor
from liability on the Mortgage Loan, the Master Servicer is authorized, subject
to the requirements of the sentence next following, to execute and deliver, on
behalf of the Trustee, the assumption agreement with the Person to whom the
Mortgaged Property is to be conveyed and such modification agreement or
supplement to the Mortgage Note or Mortgage or other instruments as are
reasonable or necessary to carry out the terms of the Mortgage Note or Mortgage
or otherwise to comply with any applicable laws regarding assumptions or the
transfer of the Mortgaged Property to such Person; provided, however, none of
such terms and requirements shall 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
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<PAGE>
Loan) will be altered nor will the term of the Mortgage Loan be changed and (E)
if the seller/transferor of the Mortgaged Property is to be released from
liability on the Mortgage Loan, such release will not (based on the Master
Servicer's or Subservicer's good faith determination) adversely affect the
collectability of the Mortgage Loan. Upon receipt of appropriate instructions
from the Master Servicer in accordance with the foregoing, the Trustee shall
execute any necessary instruments for such assumption or substitution of
liability as directed in writing by the Master Servicer. Upon the closing of the
transactions contemplated by such documents, the Master Servicer shall cause the
originals or true and correct copies of the assumption agreement, the release
(if any), or the modification or supplement to the Mortgage Note or Mortgage to
be delivered to the Trustee or the Custodian and deposited with the Mortgage
File for such Mortgage Loan. Any fee collected by the Master Servicer or such
related Subservicer for entering into an assumption or substitution of liability
agreement will be retained by the Master Servicer or such Subservicer as
additional servicing compensation.
(c) The Master Servicer or the related Subservicer, as the case may be,
shall be entitled to approve a request from a Mortgagor for a partial release of
the related Mortgaged Property, the granting of an easement thereon in favor of
another Person, any alteration or demolition of the related Mortgaged Property
or 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
NY1-188094.6
<PAGE>
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 foreclosure, or
NY1-188094.6
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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 such amounts 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
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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. 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 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
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<PAGE>
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 to the
extent of accrued and unpaid interest on the Mortgage Loan, and any related REO
Imputed Interest, at the Net Mortgage Rate 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
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the Mortgage Loan have been deposited in the Custodial Account or (ii) the
Mortgage File or such document has been delivered directly or through a
Subservicer to an attorney, or to a public trustee or other public official as
required by law, for purposes of initiating or pursuing legal action or other
proceedings for the foreclosure of the Mortgaged Property either judicially or
non-judicially, and the Master Servicer has delivered directly or through a
Subservicer to the Trustee a certificate of a Servicing Officer certifying as to
the name and address of the Person to which such Mortgage File or such document
was delivered and the purpose or purposes of such delivery. In the event of the
liquidation of a Mortgage Loan, the Trustee shall deliver the Request for
Release with respect thereto to the Master Servicer upon deposit of the related
Liquidation Proceeds in the Custodial Account.
(c) The Trustee or the Master Servicer on the Trustee's behalf shall
execute and deliver to the Master Servicer, if necessary, any court pleadings,
requests for trustee's sale or other documents necessary to the foreclosure or
trustee's sale in respect of a Mortgaged Property or to any legal action brought
to obtain judgment against any Mortgagor on the Mortgage Note or Mortgage or to
obtain a deficiency judgment, or to enforce any other remedies or rights
provided by the Mortgage Note or Mortgage or otherwise available at law or in
equity. Together with such documents or pleadings (if signed by the Trustee),
the Master Servicer shall deliver to the Trustee a certificate of a Servicing
Officer requesting that such pleadings or documents be executed by the Trustee
and certifying as to the reason such documents or pleadings are required and
that the execution and delivery thereof by the Trustee will not invalidate any
insurance coverage under any Required Insurance Policy or invalidate or
otherwise affect the lien of the Mortgage, except for the termination of such a
lien upon completion of the foreclosure or trustee's sale.
Section 3.16. Servicing and Other Compensation;
Compensating Interest.
(a) The Master Servicer, as compensation for its activities hereunder,
shall be entitled to receive on each Distribution Date the amounts provided for
by clauses (iii), (iv), (v) and (vi) of Section 3.10(a), subject to clause (e)
below. The amount of servicing compensation provided for in such
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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),
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respectively; and third, to any amounts of servicing compensation to which the
Master Servicer is entitled pursuant to Section 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.
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, the Trustee and
Financial Security 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
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relating to this Agreement, such statement shall include a description of such
noncompliance or specify each such default, as the case may be, known to such
officer and the nature and status thereof and (iii) to the best of such
officers' knowledge, each Subservicer has complied in all material respects with
the minimum servicing standards set forth in the Uniform Single Attestation
Program for Mortgage Bankers and has fulfilled all of its material obligations
under its Subservicing Agreement in all material respects throughout such year,
or, if there has been material noncompliance with such servicing standards or a
material default in the fulfillment of such obligations relating to this
Agreement, such statement shall include a description of such noncompliance or
specify each such default, as the case may be, known to such officer and the
nature and status thereof.
Section 3.19. Annual Independent Public Accountants'
Servicing Report.
On or before March 31 of each year, beginning with the first March 31
that occurs at least six months after the Cut-off Date, the Master Servicer at
its expense shall cause a firm of independent public accountants, which shall be
members of the American Institute of Certified Public Accountants, to furnish a
report to the Company, the Trustee and Financial Security stating its opinion
that, on the basis of an examination conducted by such firm substantially in
accordance with standards established by the American Institute of Certified
Public Accountants, the assertions made pursuant to Section 3.18 regarding
compliance with the minimum servicing standards set forth in the Uniform Single
Attestation Program for Mortgage Bankers during the preceding calendar year are
fairly stated in all material respects, subject to such exceptions and other
qualifications that, in the opinion of such firm, such accounting standards
require it to report. In rendering such statement, such firm may rely, as to
matters relating to the direct servicing of mortgage loans by Subservicers, upon
comparable statements for examinations conducted by independent public
accountants substantially in accordance with standards established by the
American Institute of Certified Public Accountants (rendered within one year of
such statement) with respect to such Subservicers.
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Section 3.20. Rights of the Company in Respect
of the Master Servicer.
The Master Servicer shall afford the Company, upon reasonable notice,
during normal business hours access to all records maintained by the Master
Servicer in respect of its rights and obligations hereunder and access to
officers of the Master Servicer responsible for such obligations. Upon request,
the Master Servicer shall furnish the Company with its most recent financial
statements and such other information as the Master Servicer possesses regarding
its business, affairs, property and condition, financial or otherwise. The
Master Servicer shall also cooperate with all reasonable requests for
information including, but not limited to, notices, tapes and copies of files,
regarding itself, the Mortgage Loans or the Certificates from any Person or
Persons identified by the Company or Residential Funding. The Company may, but
is not obligated to, enforce the obligations of the Master Servicer hereunder
and may, but is not obligated to, perform, or cause a designee to perform, any
defaulted obligation of the Master Servicer hereunder or exercise the rights of
the Master Servicer hereunder; provided that the Master Servicer shall not be
relieved of any of its obligations hereunder by virtue of such performance by
the Company or its designee. The Company shall not have any responsibility or
liability for any action or failure to act by the Master Servicer and is not
obligated to supervise the performance of the Master Servicer under this
Agreement or otherwise.
Section 3.21. Administration of Buydown Funds.
(a) With respect to any Buydown Mortgage Loan, the Subservicer has
deposited Buydown Funds in an account that satisfies the requirements for a
Subservicing Account (the "Buydown Account"). The Master Servicer shall cause
the Subservicing Agreement to require that upon receipt from the Mortgagor of
the amount due on a Due Date for each Buydown Mortgage Loan, the Subservicer
will withdraw from the Buydown Account the predetermined amount that, when added
to the amount due on such date from the Mortgagor, equals the full Monthly
Payment and transmit that amount in accordance with the terms of the
Subservicing Agreement to the Master Servicer together with the related payment
made by the Mortgagor or advanced by the Subservicer.
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(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.
(a) The Master Servicer on behalf of the Trustee shall establish and
maintain a Certificate Account in which the Master Servicer shall cause to be
deposited on behalf of the Trustee on or before 2:00 P.M. New York time on each
Certificate Account Deposit Date by wire transfer of immediately available funds
an amount equal to the sum of (i) any Advance for the immediately succeeding
Distribution Date, (ii) any amount required to be deposited in the Certificate
Account pursuant to Section 3.12(a), (iii) any amount required to be deposited
in the Certificate Account pursuant to Section 3.16(e) or Section 4.07, (iv) any
amount required to be paid pursuant to Section 9.01 and (v) all other amounts
constituting the Available Distribution Amount for the immediately succeeding
Distribution Date.
(b) The Trustee shall, upon written request from the Master Servicer,
invest or cause the institution maintaining the Certificate Account to invest
the funds in the Certificate Account in Permitted Investments designated in the
name of the Trustee for the benefit of the Certificateholders, which shall
mature 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.
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Section 4.02. Distributions.
(a) On each Distribution Date (x) the Master Servicer on behalf of the
Trustee or (y) the Paying Agent appointed by the Trustee, shall distribute to
the Master Servicer, in the case of a distribution pursuant to Section
4.02(a)(iii), 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 (which share (A) with respect to each
Class of Certificates (other than the Class A-15 Certificates), shall be based
on the aggregate of the Percentage Interests represented by Certificates of the
applicable Class held by such Holder or (B) with respect to the Class A-15
Certificates, shall be equal to the amount (if any) distributed pursuant to
Section 4.02(a)(i) below to the initial Holder of the Class A-15 Certificate or
to each Holder of a Subclass thereof, as applicable) 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,
together with, as to any Class A-4 Certificate, any Insured Reserve Withdrawal
pursuant to Section 4.09 hereof:
(i) to the Class A Certificateholders (other than the Class
A-14 Certificateholders) and Class R Certificateholders, on a pro rata
basis based on Accrued Certificate Interest payable on such
Certificates with respect to such Distribution Date, Accrued
Certificate Interest on such Classes of Certificates (or Subclasses, if
any, with respect to the Class A-15 Certificates) for such Distribution
Date, plus any Accrued Certificate Interest thereon remaining unpaid
from any previous Distribution Date except as provided in the last
paragraph of this Section 4.02(a); and
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(ii) (X) to the Class A-14 Certificateholders,
the Class A-14 Principal Distribution Amount; and
(Y) to the Class A Certificateholders (other
than Class A-14 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
(3) the principal portion of all other
unscheduled collections (other than Principal
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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) the Adjusted
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 Adjusted 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 Adjusted 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
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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
on the Class A-13 Certificates, to the extent added to the
Certificate Principal Balance of such Certificate on such
Distribution Date in accordance with Section 4.02(e) (the
"Accrual Distribution Amount");
(E) any Excess Subordinate Principal Amount for
such Distribution Date;
(F) except as otherwise set forth in Section
4.02(c), the Class A-5 Certificates' pro rata share, based
on the Certificate Principal Balance thereof relative to the
aggregate of the Certificate Principal Balance of the Class
A-5, Class M and Class B Certificates, of the amount of
unscheduled collections and prepayments of the type referred
to but not included in clauses (B) and (C) above (other than
such amounts that are payable to the Class A-14
Certificates); and
(G) any amounts described in subsection (ii)(Y),
clauses (A) through (D) and (F) 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 (G) to the extent that such amounts
are not attributable to Realized 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
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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-14 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-14 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
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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-14 Collection Shortfalls for such Distribution Date or
remaining unpaid for all previous Distribution Dates, to the extent the
amounts available pursuant to clause (x) of Sections 4.02(a)(xi),
(xiii), (xiv) and (xv) are insufficient therefor, applied in reduction
of the Certificate Principal Balance of the Class M-3 Certificates;
(x) to the Holders of the Class B-1 Certificates, the
Accrued Certificate Interest thereon for such Distribution Date, plus
any Accrued Certificate Interest thereon remaining unpaid from any
previous Distribution Date, except as provided below;
(xi) to the Holders of the Class B-1 Certificates, an amount
equal to (x) the Subordinate Principal Distribution Amount for such
Class of Certificates for such Distribution Date minus (y) the amount
of any Class A-14 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-14 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
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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-14 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-14 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 Financial Security, as subrogee of the Insured
Certificateholders, to reimburse Financial Security for claims paid
under the FSA Policy, to the extent of Cumulative Insurance Payments on
the Insured Certificates;
(xvii) 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 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
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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
(xviii) to the Class R 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 from any
previous Distribution Date will be distributable only to the extent that such
unpaid Accrued Certificate Interest was attributable to interest shortfalls
relating to 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 (other than
the Class A-8, Class A-12 and Class A-15 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-14 Certificates, until the
Certificate Principal Balance thereof is reduced to zero, an amount
(the "Class A-14 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
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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 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-14 Collection
Shortfalls for such Distribution Date and the amount of any
Class A-14 Collection Shortfalls remaining unpaid for all
previous Distribution Dates, but only to the extent of the
Eligible Funds for such Distribution Date;
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(ii) an amount equal to the Accrual Distribution Amount
shall be distributed concurrently to the Class A-10 Certificates and
Class A-11 Certificates, on a pro rata basis in proportion to their
respective Certificate Principal Balances, in each case until the
Certificate Principal Balances thereof have been reduced to zero;
(iii) an amount equal to the sum of (A) the Class A-5
Certificates' pro rata share, based on the Certificate Principal
Balance thereof relative to the Certificate Principal Balance of all
other classes of Senior Certificates (other than the Class A-14
Certificates), of the aggregate of the amounts set forth in clauses
4.02(a)(ii)(Y)(A), (E) and (G) and (B) the amount described in clause
4.02(a)(ii)(Y)(F) shall be distributed to the Class A-5 Certificates in
reduction of the Certificate Principal Balance thereof; provided that
if the aggregate of the amounts set forth in clauses 4.02(a)(ii)(Y)(A),
(B), (C), (E), (F) and (G) is more than the balance of the Available
Distribution Amount remaining after the Senior Interest Distribution
Amount, Class A-14 Principal Distribution Amount and Accrual
Distribution Amount have been distributed, the amount paid to the Class
A-5 Certificates pursuant to this clause 4.02(b)(iii) shall be reduced
by an amount equal to the Class A-5 Certificates' pro rata share of
such difference;
(iv) the balance of the Senior Principal Distribution
Amount, if any, remaining after the distributions described in clauses
4.02(b)(ii) and (iii) 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;
(v) the balance, if any, of the Senior Principal
Distribution Amount remaining after the distributions described in
clauses 4.02(b)(ii), (iii) and (iv) above shall be distributed as
follows:
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<PAGE>
(A) first, until the Certificate Principal Balance
of the Class A-7 Certificates has been reduced to zero,
concurrently:
(1) 9.0909026929% of the amount set forth in
Section 4.02(b)(v) above shall be distributed to
the Class A-7 Certificates; and
(2) 90.9090973071% of the amount set
forth in Section 4.02(b)(v) above shall be
distributed as follows:
(aa) first, until an amount equal to
$95,375,500 has been distributed pursuant to
this Section 4.02(b)(v)(A)(2)(aa),
concurrently as follows:
(i) 76.4291209674% of the
amount set forth in Section
4.02(b)(v)(A)(2) above shall be
distributed to the Class A-9
Certificates in reduction of the
Certificate Principal Balance
thereof; and
(ii) 23.5708790326% of the
amount set forth in Section
4.02(b)(v)(A)(2) above shall be
distributed as follows:
(Y) first,
concurrently to the Class
A-10 Certificates and Class
A-11 Certificates on a pro
rata basis (in proportion
to their respective
Certificate Principal
Balances) until the
Certificate Principal
Balances thereof have been
reduced to zero; and
(Z) second, to the
Class A-13 Certificates,
until the Certificate
Principal Balance thereof
has been reduced to zero;
(bb) second, until the Certificate
Principal Balance of the Class A-1
NY1-188094.6
<PAGE>
Certificates has been reduced to zero,
concurrently as follows:
(i) 63.1934313400% of the amount
set forth in Section 4.02(b)(v)(A)(2)
bove shall be distributed to the Class
A-1 Certificates; and
(ii) 36.8065686600% of the
amount set forth in Section
4.02(b)(v)(A)(2) above shall be
distributed concurrently as follows:
(Y) 76.4291209674%
of the amount set forth in
Section
4.02(b)(v)(A)(2)(bb)(ii)
shall be distributed to the
Class A-9 Certificates in
reduction of the
Certificate Principal
Balance thereof; and
(Z) 23.5708790326%
of the amount set forth in
Section
4.02(b)(v)(A)(2)(bb)(ii)
above shall be distributed
as follows:
(I)
first,
concurrently to
the Class A-10
Certificates and
Class A-11
Certificates on a
pro rata basis (in
proportion to
their respective
Certificate
Principal
Balances) until
the Certificate
Principal Balances
thereof have been
reduced to zero;
and
(II)
second, to the
Class A-13
Certificates,
until the
Certificate
Principal Balance
thereof has been
reduced to zero;
NY1-188094.6
<PAGE>
(cc) third, until an amount equal to
$77,937,168 has been distributed pursuant to
this Section 4.02(b)(v)(A)(2)(cc),
concurrently as follows:
(i) 76.4291209674% of the
amount set forth in Section
4.02(b)(v)(A)(2) shall be
distributed to the Class A-9
Certificates until the Certificate
Principal Balance thereof has been
reduced to zero; and
(ii) 23.5708790326% of the
amount set forth in Section
4.02(b)(v)(A)(2) above shall be
distributed as follows:
(Y) first,
concurrently to the Class
A-10 Certificates and Class
A-11 Certificates on a pro
rata basis (in proportion
to their respective
Certificate Principal
Balances) until the
Certificate Principal
Balances thereof have been
reduced to zero; and
(Z) second, to the
Class A-13 Certificates,
until the Certificate
Principal Balance thereof
has been reduced to zero;
(B) second, until an amount equal to $20,154,113 has
been distributed pursuant to this Section 4.02(b)(v)(B),
concurrently as follows:
(1) first, to the Class A-2 Certificates,
until the Certificate Principal Balance thereof
has been reduced to zero; and
(2) second, to the Class A-3 Certificates,
in reduction of the Certificate Principal Balance
thereof; and
(C) third, concurrently as follows:
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<PAGE>
(1) 24.8810304472% of the amount set forth
in Section 4.02(b)(v) above shall be distributed as
follows:
(aa) first, to the Class A-3
Certificates, until the Certificate
Principal Balance thereof has been reduced
by an amount equal to $3,747,283 pursuant to
this Section 4.02(b)(v)(C)(1)(aa); and
(bb) second, to the Class A-6
Certificates, until the Certificate Principal
Balance thereof has been reduced to zero; and
(2) 75.1189695528% of the amount set forth
in Section 4.02(b)(v) above shall be distributed as
follows:
(aa) first, to the Class A-3
Certificates, until the Certificate Principal
Balance thereof has been reduced to zero; and
(bb) second, to the Class A-4
Certificates, until the Certificate Principal
Balance thereof has been reduced to zero; and
(vi) the balance, if any, of the Senior Principal
Distribution Amount remaining after the distributions described in
clauses 4.02(b)(ii) through (v) above shall be distributed to the Class
A-5 Certificates until the Certificate Principal Balance thereof has
been reduced to zero.
(c) After reduction of the Certificate Principal Balances of the Senior
Certificates (other than the Class A-5 Certificates and Class A-14 Certificates)
to zero but prior to the occurrence of the Credit Support Depletion Date, the
Available Distribution Amount will be paid solely to the holders of the Class
A-5, Class A-14, Class A-15, Class M and Class B Certificates, in each case as
described herein, except that the aggregate amount of Prepayments in Full and
Curtailments (other than the related Discount Fraction of the principal portion
of such Prepayments in Full and Curtailments, with respect to a
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<PAGE>
Discount Mortgage Loan) during the related Prepayment Period will be distributed
as follows:
(i) on any Distribution Date prior to the Distribution Date
occurring in February 2000 on which the Prepayment Allocation Test is
met, the Class M Certificates and Class B Certificates in the aggregate
will receive 50% of their pro rata share (based on the aggregate
Certificate Principal Balances of the Class A-5, Class M and Class B
Certificates immediately prior to such Distribution Date) of such
Principal Prepayments in Full and Curtailments and the Class A-5
Certificates will receive the remainder of such Principal Prepayments
in Full and Curtailments;
(ii) on any Distribution Date occurring on or after the
Distribution Date in February 2000 but prior to the Distribution Date
in February 2006 on which the Prepayment Allocation Test is met, such
Principal Prepayments in Full and Curtailments will be distributed on a
pro rata basis between (X) the Class A-5 Certificates and (Y) the Class
M Certificates and Class B Certificates collectively;
(iii) on any Distribution Date occurring prior to the
Distribution Date occurring in February 2006 on which the Prepayment
Allocation Test is not met, all such Principal Prepayments in Full and
Curtailments will be distributed to the holders of the Class A-5
Certificates;
(iv) on any Distribution Date on or after the Distribution
Date in February 2006 and prior to the Distribution Date in February
2007 on which the Adjusted Senior Accelerated Step-Down Test is met,
all such Principal Prepayments in Full and Curtailments will be
distributed on a pro rata basis between (X) the Class A-5 Certificates
and (Y) the Class M Certificates and Class B Certificates collectively;
(v) on any Distribution Date on or after the Distribution
Date in February 2006 and prior to the Distribution Date in February
2007 on which the Adjusted Senior Accelerated Step-Down Test is not
met, all such Principal Prepayments in Full and Curtailments will be
NY1-188094.6
<PAGE>
distributed to the holders of the Class A-5 Certificates;
and
(vi) on any Distribution Date occurring on or after the
Distribution Date occurring in February 2007, all such Principal
Prepayments in Full and Curtailments will be distributed on a pro rata
basis between (X) the Class A-5 Certificates and (Y) the Class M
Certificates and Class B Certificates collectively.
(d) On or after the occurrence of the Credit Support Depletion Date,
all priorities relating to distributions as described above in respect of
principal among the various classes of Senior Certificates (other than the Class
A-14 Certificates) will be disregarded and an amount equal to the Discount
Fraction of the principal portion of scheduled or unscheduled payments received
or advanced in respect of Discount Mortgage Loans will be distributed to the
Class A-14 Certificates and the Senior Principal Distribution Amount will be
distributed among all classes of Senior Certificates (other than the Class A-14
Certificates) pro rata in accordance with their respective outstanding
Certificate Principal Balances.
(e) 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-13 Certificates shall be added to the Certificate
Principal Balance of such Certificates; provided that if the Accretion
Termination Date is the Credit Support Depletion Date, the entire amount of
Accrued Certificate Interest on the Class A-13 Certificates for such
Distribution Date will be paid to the Holders of the Class A-13 Certificates. On
and after the Accretion Termination Date, the entire amount of Accrued
Certificate Interest on the Class A-13 Certificates for such Distribution Date
shall be payable to the Holders of the Class A-13 Certificates to the extent not
required to fully retire the Class A-10 Certificates and Class A-11 Certificates
on the Accretion Termination Date. Any such Accrued Certificate Interest on the
Class A-13 Certificates that is required to be paid to the Holders of the Class
A-10 Certificates and Class A-11 Certificates on the Accretion Termination Date
will be added to the Certificate Principal Balance of the Class A-13
Certificates in the manner described in the first sentence of this Section
4.02(e).
NY1-188094.6
<PAGE>
(f) In addition to the foregoing distributions on the Insured
Certificates, the Master Servicer on behalf of the Trustee or the Paying Agent
appointed by the Trustee shall distribute on each Distribution Date the amount,
if any, paid under the Policy and transferred to the Certificate Account with
respect to such Distribution Date pursuant to Section 11.02(b).
(g) Notwithstanding the priorities relating to distributions of
principal among the Insured Certificates described above, on any Distribution
Date, distributions in respect of principal on the Insured Certificates will be
allocated among the Holders of the Insured Certificates as set forth in Section
4.11. On each Distribution Date on which amounts are available for distributions
in reduction of the Certificate Principal Balance of the Insured Certificates
(including, for purposes of this paragraph, the portion of any FSA Insurance
Payment allocable to principal) the aggregate amount allocable to such
distributions will be rounded upward by the Rounding Amount. Such rounding will
be accomplished on the first Distribution Date on which distributions in
reduction of the Certificate Principal Balance of the Insured Certificates are
made by withdrawing from the Rounding Account the Rounding Amount for deposit
into the Certificate Account, and such Rounding Amount will be added to the
amount that is allocable for distributions in reduction of the Certificate
Principal Balance of the Insured Certificates. On each succeeding Distribution
Date on which distributions in reduction of the Certificate Principal Balance of
the Insured Certificates are made, first, the aggregate amount available for
distribution in reduction of the Certificate Principal Balance of the Insured
Certificates will be applied to repay the Rounding Amount withdrawn from the
Rounding Account on the prior Distribution Date and then, the remainder of such
allocable amount, if any, will be similarly rounded upward through another
withdrawal from the Rounding Account and such determined Rounding Amount will be
added to the amount that is allocable for distributions in reduction of the
Certificate Principal Balance of the Insured Certificates. Any funds remaining
in the Rounding Account after the Certificate Principal Balance of the Insured
Certificates is reduced to zero shall be distributed to the Class R-I
Certificateholders.
(h) 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
NY1-188094.6
<PAGE>
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 Financial Security, as
subrogee for such Certificateholders, to the extent Financial Security made an
FSA Insurance Payment in respect of such Realized Loss)(with the amounts to be
distributed allocated among such Classes 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 Certificates of any Class to the
extent that either (i) such Class was protected against the related Realized
Loss pursuant to any instrument or fund established under Section 12.01(e) or
(ii) such 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 shall be distributed by the Master Servicer to the
Certificateholders of record as of the Record Date immediately preceding the
date of such distribution (i) with respect to the Certificates of any Class
(other than the Class A- 15 Certificates), on a pro rata basis based on the
Percentage
NY1-188094.6
<PAGE>
Interest represented by each Certificate of such Class as of such Record Date
and (ii) with respect to the Class A-15 Certificates, to the Class A-15
Certificates or any Subclass thereof in the same proportion as the related
Realized Loss was allocated. 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.
(i) 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 shall be responsible for disbursing funds
to the Certificate Owners that it represents. The Trustee and the Depository
shall be responsible for the allocation of the aggregate amount of distributions
in reduction of the Certificate Principal Balance of the Insured Certificates as
set forth in Section 4.11. 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.
(j) 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
NY1-188094.6
<PAGE>
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.
(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,
Financial Security and the Company a statement setting forth the following
information as to 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;
(iii) if the distribution to the Holders of such Class of
Certificates is less than the full amount that would be distributable
to such Holders if there were sufficient funds available therefor, the
amount of the shortfall;
(iv) the amount of any Advance by the Master
Servicer pursuant to Section 4.04;
(v) the number and Pool Stated Principal Balance
of the Mortgage Loans after giving effect to the
distribution of principal on such Distribution Date;
(vi) the Guaranteed Distribution for such
Distribution Date, and the respective portions thereof
allocable to principal and interest for each Class of
Insured Certificates;
(vii) the amount of any FSA Insurance Payment made on such
Distribution Date, the amount of any reimbursement payment made to
Financial Security on such Distribution Date
NY1-188094.6
<PAGE>
pursuant to Sections 4.02(a)(xvi) and the amount of Cumulative
Insurance Payments after giving effect to any such FSA Insurance
Payment or any such reimbursement payment to Financial Security;
(viii) 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 amounts distributed on such
Distribution Date, separately identifying any reduction thereof due to
Realized Losses other than pursuant to an actual distribution of
principal;
(ix) the related Subordinate Principal
Distribution Amount and Prepayment Distribution Percentage,
if applicable;
(x) 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 the number and aggregate principal balance of Mortgage Loans
that are in foreclosure;
(xi) the number, aggregate principal balance and
book value of any REO Properties;
(xii) 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;
(xiii) the Pass-Through Rates on the Class A-7, Class A-8,
Class A-11 and Class A-12 Certificates for such Distribution Date,
separately identifying LIBOR for such Distribution Date;
(xiv) 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;
(xv) the weighted average Pool Strip Rate for such
Distribution Date and the Pass-Through Rate with respect to
NY1-188094.6
<PAGE>
the Class A-15 Certificates and each Subclass, if any,
thereof;
(xvi) the occurrence of the Credit Support
Depletion Date and the Accretion Termination Date;
(xvii) the Adjusted Senior Accelerated Distribution
Percentage applicable to such distribution;
(xviii) the Adjusted Senior Percentage for such
Distribution Date;
(xix) the aggregate amount of Realized Losses for
such Distribution Date;
(xx) the aggregate amount of any recoveries on
previously foreclosed loans from Sellers due to a breach of
representation or warranty;
(xxi) the weighted average remaining term to maturity of the
Mortgage Loans after giving effect to the amounts distributed on such
Distribution Date;
(xxii) the weighted average Mortgage Rates of the Mortgage
Loans after giving effect to the amounts distributed on such
Distribution Date; and
(xxiii) the amount of any payment made from the Insured
Reserve Fund on such Distribution Date and the balance of the Insured
Reserve Fund after giving effect to such amounts.
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
NY1-188094.6
<PAGE>
to be prepared, and shall forward, or cause to be forwarded, to each Person who
at any time during the calendar year was the Holder of a Certificate, other than
a Class R Certificate, a statement containing the information set forth in
clauses (i) and (ii) of 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, Financial Security, any Paying Agent and the Company (the
information in such statement to be made available to Certificateholders by the
Master Servicer on request) setting forth (i) the Available Distribution Amount;
(ii) the amounts required to be withdrawn from the Custodial Account, the
Insured Reserve Fund and the Rounding Account and deposited into the Certificate
Account on the immediately succeeding Certificate Account Deposit Date
NY1-188094.6
<PAGE>
pursuant to clause (iii) of Section 4.01(a); and (iii) the amount of Cumulative
Insurance Payments as of such Determination Date; provided, however, that the
Master Servicer shall provide to the Trustee a written statement setting forth
the portion of the Senior Principal Distribution Amount distributable to the
Insured Certificates on any Distribution Date on a date prior to the close of
business on the next Business Day succeeding each Determination Date, if
necessary to enable the Trustee to notify Depository in accordance with Section
4.11(c). The determination by the Master Servicer of such amounts shall, in the
absence of obvious error, be presumptively deemed to be correct for all purposes
hereunder and the Trustee shall be protected in relying upon the same without
any independent check or verification.
(b) On or before 2:00 P.M. New York time on each Certificate Account
Deposit Date, the Master Servicer shall either (i) deposit in the Certificate
Account from its own funds, or funds received therefor from the Subservicers, an
amount equal to the Advances to be made by the Master Servicer in respect of the
related Distribution Date, which shall be in an aggregate amount equal to the
aggregate amount of Monthly Payments (with each interest portion thereof
adjusted to the Net Mortgage Rate), less the amount of any related Debt Service
Reductions or reductions in the amount of interest collectable from the
Mortgagor pursuant to the Soldiers' and Sailors' Civil Relief Act of 1940, as
amended, or similar legislation or regulations then in effect, on the
Outstanding Mortgage Loans as of the related Due Date, which Monthly Payments
were delinquent as of the close of business as of the related Determination
Date; provided that no Advance shall be made if it would be a Nonrecoverable
Advance, (ii) withdraw from amounts on deposit in the Custodial Account and
deposit in the Certificate Account all or a portion of the Amount Held for
Future Distribution in discharge of any such Advance, or (iii) make advances in
the form of any combination of (i) and (ii) aggregating the amount of such
Advance. Any portion of the Amount Held for Future Distribution so used shall be
replaced by the Master Servicer by deposit in the Certificate Account on or
before 11:00 A.M. New York time on any future Certificate Account Deposit Date
to the extent that funds attributable to the Mortgage Loans that are available
in the Custodial Account for deposit in the Certificate Account on such
Certificate Account Deposit Date shall be less than payments to
Certificateholders required to be made on the following Distribution Date. The
Master Servicer shall be entitled to use
NY1-188094.6
<PAGE>
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 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.
NY1-188094.6
<PAGE>
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-14 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 the Class A Certificates (other than the Class A-14
Certificates), Class R Certificates 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 (other than the Class A-14 Certificates), Class M, Class B and Class R
Certificates, 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-14
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 (other than the Class A-14 Certificates), Class M,
Class B and Class R Certificates on a pro rata basis, as described below.
As used herein, an allocation of a Realized Loss on a "pro rata basis"
among two or more specified Classes of Certificates
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means an allocation on a pro rata basis, among the various Classes so specified,
to each such Class of Certificates on the basis of their then outstanding
Certificate Principal Balances prior to giving effect to distributions to be
made on such Distribution Date in the case of the principal portion of a
Realized Loss or based on the Accrued Certificate Interest thereon for such
Distribution Date (without regard to any Compensating Interest for such
Distribution Date) in the case of an interest portion of a Realized Loss. Except
as provided in the following sentence, any allocation of the principal portion
of Realized Losses (other than Debt Service Reductions) to a Class of
Certificates shall be made by reducing the Certificate Principal Balance thereof
by the amount so allocated, which allocation shall be deemed to have occurred on
such Distribution Date. Any allocation of the principal portion of Realized
Losses (other than Debt Service Reductions) to the 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 (other than the Class A-15 Certificates) hereunder will be
allocated among the Certificates of such Class in proportion to the Percentage
Interests evidenced thereby. All Realized Losses and all other losses allocated
to the Class A-15 Certificates hereunder will be allocated to the Class A-15
Certificates and, if any Subclasses thereof have been issued pursuant to Section
5.01(c), such Realized Losses and other losses shall be allocated among the
Subclasses of such Class in proportion to the respective amounts of Accrued
Certificate Interest payable on such Distribution Date that would have resulted
absent such reductions.
Section 4.06. Reports of Foreclosures and Abandonment
of Mortgaged Property.
The Master Servicer or the Subservicers shall file information returns
with respect to the receipt of mortgage
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interests received in a trade or business, the reports of foreclosures and
abandonments of any Mortgaged Property and the information returns relating to
cancellation of indebtedness income with respect to any Mortgaged Property
required by Sections 6050H, 6050J and 6050P, respectively, of the Code, and
deliver to the Trustee an Officers' Certificate on or before March 31 of each
year stating that such reports have been filed. Such reports shall be in form
and substance sufficient to meet the reporting requirements imposed by Sections
6050H, 6050J and 6050P of the Code.
Section 4.07. Optional Purchase of Defaulted Mortgage
Loans.
As to any Mortgage Loan which is delinquent in payment by 90 days or
more, the Master Servicer may, at its option, purchase such Mortgage Loan from
the Trustee at the Purchase Price therefor. If at any time the Master Servicer
makes a payment to the Certificate Account covering the amount of the Purchase
Price for such a Mortgage Loan, and the Master Servicer provides to the Trustee
a certification signed by a Servicing Officer stating that the amount of such
payment has been deposited in the Certificate Account, then the Trustee shall
execute the assignment of such Mortgage Loan at the request of the Master
Servicer without recourse to the Master Servicer which shall succeed to all the
Trustee's right, title and interest in and to such Mortgage Loan, and all
security and documents relative thereto. Such assignment shall be an assignment
outright and not for security. The Master Servicer will thereupon own such
Mortgage, and all such security and documents, free of any further obligation to
the Trustee or the Certificateholders with respect thereto. 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
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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.
(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-9, Class A-10, Class
A-11, Class A-13, Class A- 14, 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 T, (ii)
Uncertificated REMIC I Regular Interest U, (iii) Uncertificated REMIC I Regular
Interest V, (iv) Uncertificated REMIC I Regular Interest W, (v) Uncertificated
REMIC I Regular Interest X and (vi) Uncertificated REMIC I Regular Interest Y
with the amount to be distributed allocated among such interests in accordance
with the priority assigned to the (i) Class A-7 and Class A-8 Certificates, (ii)
Class A-11 and Class A-12 Certificates, (iii) Class A-10 Certificates, (iv)
Class A-1, Class A-9 and Class A-13 Certificates, (v) Class A-14 Certificates
and (v) Class A-2, Class A-3, Class A-4, Class A-5, Class A-6, Class M-1, Class
M-2, Class M-3, Class B-1, Class B-2, Class B-3 and Class R-II Certificates,
respectively, under
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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 Regular Interest Distribution Amounts and Uncertificated REMIC II Regular
Interest Distribution Amounts:
(I) Realized Losses allocated to the Class A-15 Certificates under
Section 4.05 shall be deemed allocated to the REMIC II Uncertificated
Regular Interests pro-rata according to the respective amounts of
Uncertificated Accrued Interest that would have accrued on such
Uncertificated REMIC Regular II Interests for the Distribution Date for
which such allocation is being made in the absence of such allocation;
(II) Realized Losses allocated to the Class A-7 and Class A-8
Certificates under Section 4.05 shall be deemed allocated to
Uncertificated REMIC I Regular Interest T;
(III) Realized Losses allocated to the Class A-11 and Class A-12
Certificates under Section 4.05 shall be deemed allocated to
Uncertificated REMIC I Regular Interest U;
(IV) Realized Losses allocated to the Class A-10 Certificates under
Section 4.05 shall be deemed allocated to Uncertificated REMIC I
Regular Interest V;
(V) Realized Losses allocated to the Class A-1, Class A-9 and Class
A-13 Certificates under Section 4.05 shall be deemed allocated to
Uncertificated REMIC I Regular Interest W;
(VI) Realized Losses allocated to the Class A-14 Certificates under
Section 4.05 shall be deemed allocated to Uncertificated REMIC I
Regular Interest X;
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(VII) Realized Losses allocated to the Class A-2, Class A- 3, Class
A-4, Class A-5, Class A-6, Class M-1, Class M-2, Class M-3, Class B-1,
Class B-2, Class B-3 and Class R-II Certificates under Section 4.05
shall be deemed allocated to Uncertificated REMIC I Regular Interest Y;
and
(VI) Realized Losses allocated to the Uncertificated REMIC II Regular
Interests under clause (I), above, shall be deemed allocated, in each
case, to the related Uncertificated REMIC I Regular Interest Z.
(e) On each Distribution Date the Trustee shall be deemed to distribute
from REMIC II, in the priority set forth in Sections 4.02(a) and (b), to the
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
A-14, Class M-1, Class M-2, Class M-3, Class B-1, Class B-2, Class B-3 and Class
R-II Certificates the amounts distributable thereon, from the Uncertificated
REMIC I Regular Interest Distribution Amounts deemed to have been received by
REMIC II from REMIC I under this Section 4.08. The amounts deemed distributed
hereunder with respect to the Class A-15 Certificates shall be deemed to have
been distributed in respect of the Uncertificated REMIC II Regular Interests Z
in accordance with their respective Uncertificated REMIC II Regular Interest
Distribution Amounts, as such Uncertificated REMIC II Regular Interests comprise
the Class A-15 Certificates.
(f) Notwithstanding the deemed distributions on the Uncertificated
REMIC I Regular Interests described in this Section 4.08, distributions of funds
from the Certificate Account shall be made only in accordance with Section 4.02.
Section 4.09. Insured Reserve Fund.
No later than the Closing Date, the Trustee will establish and
maintain with itself one or more segregated trust accounts that are Eligible
Accounts, which shall be titled "Insured Reserve Fund, The First National Bank
of Chicago, as trustee for the registered holders of Residential Funding
Mortgage Securities I, Inc., Mortgage Pass-Through Certificates, Series 1997-S2,
Class A-4." On the Closing Date, Donaldson, Lufkin & Jenrette Securities
Corporation (the "Underwriter") shall deposit with the Trustee, and the Trustee
shall deposit
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into the Insured Reserve Fund, cash in an amount equal to
$17,500.
The Master Servicer shall direct the Trustee in writing on
each Distribution Date to withdraw amounts on deposit in the Insured Reserve
Fund for deposit into the Certificate Account, and to pay to the holders of the
Insured Certificates pursuant to Section 4.02(a)(i), the amount of Prepayment
Interest Shortfalls otherwise allocable to the Class A-4 Certificates pursuant
to the definition of Accrued Certificate Interest (to the extent not offset by
the Master Servicer pursuant to Section 3.16(e) hereof), and to the extent of
funds on deposit in the Insured Reserve Fund (the amount of such withdrawal for
any Distribution Date, the "Insured Reserve Withdrawal").
For federal income tax purposes, the Underwriter shall be the
owner of the Reserve Fund and shall report all items of income, deduction, gain
or loss arising therefrom. Notwithstanding anything herein to the contrary, the
Insured Reserve Fund shall not be an asset of the REMIC. The Insured Reserve
Fund shall be invested in Permitted Investments at the direction of the
Underwriter. All income and gain realized from investment of funds deposited in
the Insured Reserve Fund shall be deposited in the Insured Reserve Fund for the
sole use and exclusive benefit of the Insured Reserve Fund. The amount of any
loss incurred in respect of any such investments shall be deposited in the
Insured Reserve Fund by the Underwriter out of its own funds immediately as
realized without any right of reimbursement. The balance, if any, remaining in
the Insured Reserve Fund on the Distribution Date on which the Certificate
Principal Balance of the Insured Certificates is reduced to zero will be
distributed by the Trustee to the Underwriter. To the extent that the Insured
Reserve 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 and (2) it shall
be owned by the Underwriter, all within the meaning of Section 1.860G-2(h) of
the Treasury Regulations. The Insured Reserve Fund may not be owned by more than
one Person.
Section 4.10 Rounding Account.
No later than the Closing Date, the Trustee will establish and
maintain with itself a segregated trust account that is an Eligible Account,
which shall be titled "Rounding
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Account, The First National Bank of Chicago, as trustee for the registered
holders of Residential Funding Mortgage Securities I, Inc., Mortgage
Pass-Through Certificates, Series 1997-S2, Class A-4." On the Closing Date, the
Underwriter shall deposit with the Trustee, and the Trustee shall deposit into
the Rounding Account, cash in an amount equal to $999.99.
The Trustee on each Distribution Date shall, based upon
information provided by the Master Servicer for the related Distribution Date,
withdraw funds from the Rounding Account to pay to the holders of the Insured
Certificates pursuant to Section 4.02(e)(i) the Rounding Amount. In addition,
the Trustee on each Distribution Date shall, based upon information provided by
the Master Servicer for the related Distribution Date, withdraw funds from the
Certificate Account to repay to the Rounding Account the Rounding Amount from
the prior Distribution Date as contemplated in Section 4.02(e)(i).
Section 4.11. Principal Distributions on the Insured Certificates.
Distributions in reduction of the Certificate Principal Balance of the Insured
Certificates will be made in integral multiples of $1,000 at the request of the
appropriate representatives of Deceased Owners of Insured Certificates and at
the request of Living Owners of Insured Certificates or by mandatory
distributions by Random Lot, pursuant to clauses (a) and (d) below, or on a pro
rata basis pursuant to clause (e) below.
(a) On each Distribution Date on which distributions in
reduction of the Certificate Principal Balance of the Insured
Certificates are made, such distributions will be made in the following
priority:
(i) any request by the personal representatives of a Deceased
Owner or by a surviving tenant by the entirety, by a surviving joint tenant or
by a surviving tenant in common, but not exceeding an aggregate amount of
$100,000 per request; and
(ii) any request by a Living Owner, but not exceeding
an aggregate amount of $10,000 per request.
Thereafter, distributions will be made, with respect to
the Insured Certificates, as provided in clauses (i) and (ii)
above up to a second $100,000 and $10,000, respectively. This
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sequence of priorities will be repeated for each request for principal
distributions made by the Certificate Owners of the Insured Certificates until
all such requests have been honored.
Requests for distributions in reduction of the Certificate
Principal Balance of the Insured Certificates presented on behalf of Deceased
Owners in accordance with the provisions of clause (i) above will be accepted in
order of their receipt by the Depository. Requests for distributions in
reduction of the Certificate Principal Balance of the Insured Certificates
presented in accordance with the provisions of clause (ii) above will be
accepted in the order of their receipt by the Depository after all requests
presented in accordance with clause (i) have been honored. All requests for
distributions in reduction of the Certificate Principal Balance of the Insured
Certificates will be accepted in accordance with the provisions set forth in
Section 4.11(c). All requests for distributions in reduction of the Certificate
Principal Balance of the Insured Certificates with respect to any Distribution
Date must be received by the Depository and forwarded to, and received by, the
Trustee no later than the close of business on the related Record Date. Requests
for distributions that are received by the Depository and forwarded to the
Trustee after the related Record Date and requests, in either case, for
distributions not accepted with respect to any Distribution Date, will be
treated as requests for distributions in reduction of the Certificate Principal
Balance of Insured Certificates on the next succeeding Distribution Date, and
each succeeding Distribution Date thereafter, until each such request is
accepted or is withdrawn as provided in Section 4.11(c). Such requests as are
not so withdrawn shall retain their order of priority without the need for any
further action on the part of the appropriate Certificate Owner of the related
Insured Certificate, all in accordance with the procedures of the Depository and
the Trustee. Upon the transfer of beneficial ownership of any Insured
Certificate, any distribution request previously submitted with respect to such
Certificate will be deemed to have been withdrawn only upon the receipt by the
Trustee on or before the Record Date for such Distribution Date of notification
of such withdrawal in the manner set forth in Section 4.11(c) using a form
required by the Depository.
Distributions in reduction of the Certificate Principal
Balance of the Insured Certificates will be applied in an amount
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equal to the Senior Principal Distribution Amount allocable to such Class
pursuant to Section 4.02(b), plus any amounts available for distribution from
the Rounding Account established as provided in Section 4.09, provided that the
aggregate distribution in reduction of the Certificate Principal Balance of the
Insured Certificates on any Distribution Date shall be made in an integral
multiple of $1,000.
To the extent that the portion of the Senior Principal
Distribution Amount allocable to distributions in reduction of the Certificate
Principal Balance of the Insured Certificates on any Distribution Date exceeds
the aggregate Certificate Principal Balance of Insured Certificates with respect
to which distribution requests, as set forth above, have been received (plus any
amounts required to be distributed pursuant to the Rounding Account),
distributions in reduction of the Certificate Principal Balance of the Insured
Certificates will be made by mandatory distribution pursuant to Section 4.11(d).
(b) An Insured Certificate shall be deemed to be held by a
Deceased Owner for purposes of this Section 4.11 if the death of the Certificate
Owner thereof is deemed to have occurred. Insured Certificates beneficially
owned by tenants by the entirety, joint tenants or tenants in common will be
considered to be beneficially owned by a single owner. The death of a tenant by
the entirety, joint tenant or tenant in common will be deemed to be the death of
the Certificate Owner, and the Insured Certificates so beneficially owned will
be eligible for priority with respect to distributions in reduction of the
Certificate Principal Balance thereof, subject to the limitations stated above.
Insured Certificates beneficially owned by a trust will be considered to be
beneficially owned by each beneficiary of the trust to the extent of such
beneficiary's beneficial interest therein, but in no event will a trust's
beneficiaries collectively be deemed to be Certificate Owners of a number of
Individual Insured Certificates greater than the number of Individual Insured
Certificates of which such trust is the owner. The death of a beneficiary of a
trust will be deemed to be the death of a Certificate Owner of the Insured
Certificates, as applicable, owned by the trust to the extent of such
beneficiary's beneficial interest in such trust. The death of an individual who
was a tenant by the entirety, joint tenant or tenant in common in a tenancy
which is the beneficiary of a trust will be deemed to be the death of the
beneficiary of such trust.
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The death of a person who, during his or her lifetime, was entitled to
substantially all of the beneficial ownership interests in Individual Insured
Certificates will be deemed to be the death of the Certificate Owner of such
Insured Certificates regardless of the registration of ownership, if such
beneficial interest can be established to the satisfaction of the Trustee. Such
beneficial interest will be deemed to exist in typical cases of street name or
nominee ownership, ownership by a trustee, ownership under the Uniform Gifts to
Minors Act and community property or other joint ownership arrangements between
a husband and wife. Certificate interests shall include the power to sell,
transfer or otherwise dispose of an Insured Certificate and the right to receive
the proceeds therefrom, as well as interest and distributions in reduction of
the Certificate Principal Balance of the Insured Certificates, as applicable,
payable with respect thereto. The Trustee shall not be under any duty to
determine independently the occurrence of the death of any deceased Certificate
Owner. The Trustee may rely entirely upon documentation delivered to it pursuant
to Section 4.11(c) in establishing the eligibility of any Certificate Owner to
receive the priority accorded Deceased Owners in Section 4.11(a).
(c) Requests for distributions in reduction of the Certificate
Principal Balance of Insured Certificates must be made by delivering a written
request therefor to the Depository Participant or Indirect Depository
Participant that maintains the account evidencing such Certificate Owner's
interest in Insured Certificates. In the case of a request on behalf of a
Deceased Owner, appropriate evidence of death and any tax waivers are required
to be forwarded to the Trustee under separate cover. The Depository Participant
should in turn make the request of the Depository (or, in the case of an
Indirect Depository Participant, such Indirect Depository Participant must
notify the related Depository Participant of such request, which Depository
Participant should make the request of the Depository) on a form required by the
Depository and provided to the Depository Participant. Upon receipt of such
request, the Depository will date and time stamp such request and forward such
request to the Trustee. The Depository may establish such procedures as it deems
fair and equitable to establish the order of receipt of requests for such
distributions received by it on the same day. None of the Company, Master
Servicer, the Trustee or Financial Security shall be liable for any delay in
delivery of requests for distributions or withdrawals of such requests by the
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Depository, a Depository Participant or any Indirect Depository
Participant.
The Trustee shall maintain a list of those Depository
Participants representing the appropriate Certificate Owners of Insured
Certificates that have submitted requests for distributions in reduction of the
Certificate Principal Balance of Insured Certificates, together with the order
of receipt and the amounts of such requests. The Depository will honor requests
for distributions in the order of their receipt (subject to the priorities
described in Section 4.11(a) above). The Trustee shall notify the Depository as
to which requests should be honored on each Distribution Date at least three
Business Days prior to such Distribution Date based on the report received by
the Trustee pursuant to Section 4.04 and shall notify the Depository as to the
amount of the Senior Principal Distribution amount to be distributed to the
Insured Certificates by Random Lot pursuant to Section 4.11(d). Requests shall
be honored by the Depository in accordance with the procedures, and subject to
the priorities and limitations, described in this Section 4.11. The exact
procedures to be followed by the Trustee and the Depository for purposes of
determining such priorities and limitations will be those established from time
to time by the Trustee or the Depository, as the case may be. The decisions of
the Trustee and the Depository concerning such matters will be final and binding
on all affected persons.
Individual Insured Certificates that have been accepted for a
distribution shall be due and payable on the applicable Distribution Date. Such
Certificates shall cease to bear interest after the last day of the month
preceding the month in which such Distribution Date occurs, and notwithstanding
anything to the contrary herein, no amounts shall be due from Financial Security
or otherwise with respect to interest on such Certificates after such last day
of the month.
Any Certificate Owner of an Insured Certificate that has
requested a distribution may withdraw its request by so notifying in writing the
Depository Participant or Indirect Depository Participant that maintains such
Certificate Owner's account. In the event that such account is maintained by an
Indirect Depository Participant, such Indirect Depository Participant must
notify the related Depository Participant which in turn must forward the
withdrawal of such request, on a form
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required by the Depository, to the Trustee. If such notice of withdrawal of a
request for distribution has not been received by the Depository and forwarded
to the Trustee on or before the Record Date for the next Distribution Date, the
previously made request for distribution will be irrevocable with respect to the
making of distributions in reduction of the Certificate Principal Balance of the
Insured Certificates on such Distribution Date.
In the event any requests for distributions in reduction of
the Certificate Principal Balance of the Insured Certificates are rejected by
the Trustee for failure to comply with the requirements of this Section 4.11,
the Trustee shall return such request to the appropriate Depository Participant
with a copy to the Depository with an explanation as to the reason for such
rejection.
(d) To the extent, if any, that distributions in reduction of
the Certificate Principal Balance of the Insured Certificates on a Distribution
Date exceed the outstanding Certificate Principal Balance of Insured
Certificates with respect to which distribution requests have been received by
the related Record Date, as provided in Section 4.11(a) above, the additional
distributions in reduction of the Certificate Principal Balance of the Insured
Certificates will be made by mandatory distributions in reduction thereof. Such
mandatory distributions on Individual Insured Certificates will be made by
Random Lot in accordance with the then-applicable Random Lot procedures of the
Depository, the Depository Participants and the Indirect Depository Participants
representing the Certificate Owners; provided however, that, if after the
distribution in reduction of the Certificate Principal Balance of the Insured
Certificates on the next succeeding Distribution Date on which mandatory
distributions are to be made, the Certificate Principal Balance of the Insured
Certificates would not be reduced to zero, the Individual Insured Certificates
to which such distributions will be applied shall be selected by the Depository
from those Insured Certificates not otherwise receiving distributions in
reduction of the Certificate Principal Balance on such Distribution Date. The
Trustee shall notify the Depository of the aggregate amount of the mandatory
distribution in reduction of the Certificate Principal Balance of the Insured
Certificates to be made on the next Distribution Date. The Depository shall then
allocate such aggregate amount among its Depository Participants on a Random Lot
basis. Each Depository Participant
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and, in turn, each Indirect Depository Participant will then select, in
accordance with its own procedures, Individual Insured Certificates from among
those held in its accounts to receive mandatory distributions in reduction of
the Certificate Principal Balance of the Insured Certificates, such that the
total amount so selected is equal to the aggregate amount of such mandatory
distributions allocated to such Depository Participant by the Depository and to
such Indirect Depository Participant by its related Depository Participant, as
the case may be. Depository Participants and Indirect Depository Participants
that hold Insured Certificates selected for mandatory distributions in reduction
of the Certificate Principal Balance thereof are required to provide notice of
such mandatory distributions to the affected Certificate Owners. The Master
Servicer agrees to notify the Trustee of the amount of distributions in
reduction of the Certificate Principal Balance of the Insured Certificates to be
made on each Distribution Date in a timely manner such that the Trustee may
fulfill its obligations pursuant to the Letter of Representations dated the
Business Day immediately preceding the Closing Date among the Company, the
Trustee and the Depository.
(e) Notwithstanding any provisions herein to the contrary, on
each Distribution Date following the first Distribution Date on which any
Realized Losses are allocated to the Insured Certificates and with respect to
which a Financial Security Default has occurred, distributions in reduction of
the Certificate Principal Balance of the Insured Certificates will be made pro
rata among the Certificate Owners of the Insured Certificates and will not be
made in integral multiples of $1,000 nor pursuant to requests for distribution
as permitted by this Section 4.11 or mandatory distributions by Random Lot.
(f) In the event that Definitive Certificates representing the
Insured Certificates are issued pursuant to Section 5.01, an amendment to this
Agreement, which may be approved without the consent of any Certificateholders,
shall establish procedures relating to the manner in which distributions in
reduction of the Certificate Principal Balance of the Insured Certificates are
to be made; provided that such procedures shall be consistent, to the extent
practicable and customary for certificates similar to the Insured Certificates,
with the provisions of this Section 4.11.
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ARTICLE V
THE CERTIFICATES
Section 5.01. The Certificates.
(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 A-15
and Class R Certificates, shall be issuable in minimum dollar denominations (by
Certificate Principal Balance or Notional Amount) of $25,000 (or $1,000 in the
case of the Class A-4 Certificates and $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-5,
Class A-6, Class A-7, Class A-8, Class A-9, Class A-10, Class A-11, Class A-12
and Class A-13 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-14, Class M-1, Class M-2, Class M-3, 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-14 $ 25,810.08
Class M-1 $ 25,700.00
Class M-2 $250,900.00
Class M-3 $250,400.00
Class B-1 $250,400.00
Class B-2 $250,700.00
Class B-3 $250,338.32
The Class A-15, Class R-I and Class R-II Certificates shall be issuable
in minimum denominations of not less than a 20% Percentage Interest; provided,
however, that one Class R-I 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%. Each Subclass of
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Class A-15 Certificates shall be issuable in minimum denominations of not less
than a 100% Percentage Interest, except as provided in Section 5.01(c).
The Certificates shall be executed by manual or facsimile signature on
behalf of an authorized officer of the Trustee. Certificates bearing the manual
or facsimile signatures of individuals who were at any time the proper officers
of the Trustee shall bind the Trustee, notwithstanding that such individuals or
any of them have ceased to hold such offices prior to the authentication and
delivery of such Certificate or did not hold such offices at the date of such
Certificates. No Certificate shall be entitled to any benefit under this
Agreement, or be valid for any purpose, unless there appears on such Certificate
a certificate of authentication substantially in the form provided for herein
executed by the Certificate Registrar by manual signature, and such certificate
upon any Certificate shall be conclusive evidence, and the only evidence, that
such Certificate has been duly authenticated and delivered hereunder. All
Certificates shall be dated the date of their authentication.
(b) The Class A Certificates, other than the Class A-14 Certificates
and Class A-15 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-14 Certificates and
Class A- 15 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.
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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 Residential Funding, as the initial Holder of the
Class A-15 Certificates, may exchange such Holder's Class A-15 Certificates for
Subclasses of Class A-15 Certificates to be issued under this Agreement by
delivering a "Request for Exchange" substantially in the form attached hereto as
Exhibit R executed by an authorized officer, which Subclasses, in the aggregate,
will represent the Uncertificated REMIC II Regular Interests corresponding to
the Class A-15 Certificates so surrendered for exchange. Any Subclass so issued
shall bear a numerical designation commencing with Class A-15-1 and continuing
sequentially thereafter, and will evidence ownership of the Uncertificated REMIC
II Regular Interest or Interests specified in writing by such initial Holder to
the Trustee. Each Subclass so issued shall be substantially in the form set
forth in Exhibit A and shall, on original issue, be executed and delivered by
the Trustee to the Certificate Registrar for authentication and delivery in
accordance with Section 5.01(a). Every Certificate presented or surrendered for
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.
Section 5.02. Registration of Transfer and Exchange of
Certificates.
(a) The Trustee shall cause to be kept at one of the offices or
agencies to be appointed by the Trustee in accordance with the provisions of
Section 8.12 a Certificate Register in which, subject to such reasonable
regulations as it may prescribe, the Trustee shall provide for the registration
of Certificates and of transfers and exchanges of Certificates as herein
provided. The Trustee is initially appointed Certificate Registrar for the
purpose of registering Certificates and transfers and exchanges of Certificates
as herein provided. The Certificate Registrar, or the Trustee, shall provide the
Master Servicer with a certified list of Certificateholders as of each Record
Date prior to the related Determination Date.
(b) Upon surrender for registration of transfer of any Certificate at
any office or agency of the Trustee maintained for such purpose pursuant to
Section 8.12 and, in the case of any Class M, Class B or Class R Certificate,
upon satisfaction of the
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conditions set forth below, the Trustee shall execute and the Certificate
Registrar shall authenticate and deliver, in the name of the designated
transferee or transferees, one or more new Certificates of a like Class (or
Subclass) and aggregate Percentage Interest.
(c) At the option of the Certificateholders, Certificates may be
exchanged for other Certificates of authorized denominations of a like Class (or
Subclass) and aggregate Percentage Interest, upon surrender of the Certificates
to be exchanged at any such office or agency. Whenever any Certificates are so
surrendered for exchange the Trustee shall execute and the Certificate Registrar
shall authenticate and deliver the Certificates of such Class which the
Certificateholder making the exchange is entitled to receive. Every Certificate
presented or surrendered for transfer or exchange shall (if so required by the
Trustee or the Certificate Registrar) be duly endorsed by, or be accompanied by
a written instrument of transfer in form satisfactory to the Trustee and the
Certificate Registrar duly executed by, the Holder thereof or his attorney duly
authorized in writing.
(d) No transfer, sale, pledge or other disposition of a Class B
Certificate shall be made unless such transfer, sale, pledge or other
disposition is exempt from the registration requirements of the Securities Act
of 1933, as amended, and any applicable state securities laws or is made in
accordance with said Act and laws. Except as provided in Section 5.02(e), in the
event that a transfer of a Class B Certificate is to be made either (i)(A) the
Trustee shall require a written Opinion of Counsel acceptable to and in form and
substance satisfactory to the Trustee and the Company that such transfer may be
made pursuant to an exemption, describing the applicable exemption and the basis
therefor, from said Act and laws or is being made pursuant to said Act and laws,
which Opinion of Counsel shall not be an expense of the Trustee, the Company or
the Master Servicer and (B) the Trustee shall require the transferee to execute
a representation letter, substantially in the form of Exhibit J 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
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the Master Servicer 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 M, Class B or Class R Certificate
presented for registration in the name of any Person, either (i) the Trustee
shall require an Opinion of Counsel acceptable to and in form and substance
satisfactory to the Trustee, the Company and the Master Servicer to the effect
that the purchase or holding of such Class M, Class B or Class R Certificate is
permissible under applicable law, will not constitute or result in any
non-exempt prohibited transaction under Section 406 of the Employee Retirement
Income Security Act of 1974, as amended ("ERISA"), or Section 4975 of the Code
(or comparable provisions of any subsequent enactments), and will not subject
the Trustee, the Company or the Master Servicer to any obligation or liability
(including obligations or liabilities under ERISA or Section 4975 of the Code)
in addition to those undertaken in this Agreement, which Opinion of Counsel
shall not be an expense of the Trustee, the Company or the Master Servicer or
(ii) the prospective transferee shall be required to provide the Trustee, the
Company and the Master Servicer with a certification to the effect set forth in
paragraph six of Exhibit J (with respect to any Class M Certificate or any Class
B Certificate) or with a certification to the effect set forth in paragraph five
of Exhibit I-1 (with respect to any Class R Certificate), which the Trustee may
rely upon without further
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inquiry or investigation, or such other certifications as the Trustee may deem
desirable or necessary in order to establish that such transferee or the Person
in whose name such registration is requested is not an employee benefit plan or
other plan subject to the prohibited transaction provisions of ERISA or Section
4975 of the Code, or any Person (including an investment manager, a named
fiduciary or a trustee of any such plan) who is using "plan assets" of any such
plan to effect such acquisition.
(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
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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.
(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
Regulations Section 1.67-3T(a)(2)(i)(A) immediately upon acquiring an
Ownership Interest in a Class R Certificate, if it is, or is holding an
Ownership Interest in a Class R Certificate on behalf of, a
"pass-through interest holder."
(ii) The Trustee will register the Transfer of any Class R Certificate
only if it shall have received the Transfer Affidavit and Agreement, a
certificate of the Holder requesting such transfer in the form attached hereto
as Exhibit 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.
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(iii) (A) If any Disqualified Organization shall become a holder of a
Class R Certificate, then the last preceding Permitted Transferee shall be
restored, to the extent permitted by law, to all rights and obligations as
Holder thereof retroactive to the date of registration of such Transfer of such
Class R Certificate. If a Non-United States Person shall become a holder of a
Class R Certificate, then the last preceding United States Person shall be
restored, to the extent permitted by law, to all rights and obligations as
Holder thereof retroactive to the date of registration of such Transfer of such
Class R Certificate. If a transfer of a Class R Certificate is disregarded
pursuant to the provisions of Treasury Regulations Section 1.860E-1 or Section
1.860G-3, then the last preceding Permitted Transferee shall be restored, to the
extent permitted by law, to all rights and obligations as Holder thereof
retroactive to the date of registration of such Transfer of such Class R
Certificate. The Trustee shall be under no liability to any Person for any
registration of Transfer of a Class R Certificate that is in fact not permitted
by this Section 5.02(f) or for making any payments due on such Certificate to
the holder thereof or for taking any other action with respect to such holder
under the provisions of this Agreement.
(B) If any purported Transferee shall become a Holder of a
Class R Certificate in violation of the restrictions in this Section 5.02(f) and
to the extent that the retroactive restoration of the rights of the Holder of
such Class R Certificate as described in clause (iii)(A) above shall be invalid,
illegal or unenforceable, then the Master Servicer shall have the right, without
notice to the holder or any prior holder of such Class R Certificate, to sell
such Class R Certificate to a purchaser selected by the Master Servicer on such
terms as the Master Servicer may choose. Such purported Transferee shall
promptly endorse and deliver each Class R Certificate in accordance with the
instructions of the Master Servicer. Such purchaser may be the Master Servicer
itself or any Affiliate of the Master Servicer. The proceeds of such sale, net
of the commissions (which may include commissions payable to the Master Servicer
or its Affiliates), expenses and taxes due, if any, will be remitted by the
Master Servicer to such purported Transferee. The terms and conditions of any
sale under this clause (iii)(B) shall be determined in the sole discretion of
the Master Servicer, and the Master Servicer shall not be liable to any
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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
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Organization or (y) a Certificateholder or another Person to be subject
to a REMIC-related tax caused by the Transfer of a Class R Certificate
to a Person that is not a Permitted Transferee.
(g) No service charge shall be made for any transfer or exchange of
Certificates of any Class, but the Trustee may require payment of a sum
sufficient to cover any tax or governmental charge that may be imposed in
connection with any transfer or exchange of Certificates.
(h) All Certificates surrendered for transfer and exchange
shall be destroyed by the Certificate Registrar.
Section 5.03. Mutilated, Destroyed, Lost or Stolen
Certificates.
If (i) any mutilated Certificate is surrendered to the Certificate
Registrar, or the Trustee and the Certificate Registrar receive evidence to
their satisfaction of the destruction, loss or theft of any Certificate, and
(ii) there is delivered to the Trustee and the Certificate Registrar such
security or indemnity as may be required by them to save each of them harmless,
then, in the absence of notice to the Trustee or the Certificate Registrar that
such Certificate has been acquired by a bona fide purchaser, the Trustee shall
execute and the Certificate Registrar shall authenticate and deliver, in
exchange for or in lieu of any such mutilated, destroyed, lost or stolen
Certificate, a new Certificate of like tenor, Class and Percentage Interest but
bearing a number not contemporaneously outstanding. Upon the issuance of any new
Certificate under this Section, the Trustee may require the payment of a sum
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.
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Section 5.04. Persons Deemed Owners.
Prior to due presentation of a Certificate for registration of
transfer, the Company, the Master Servicer, the Trustee, Financial Security, the
Certificate Registrar and any agent of the Company, the Master Servicer, the
Trustee, Financial Security 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, Financial Security, the Certificate Registrar nor any agent of the
Company, the Master Servicer, the Trustee, Financial Security or the Certificate
Registrar shall be affected by notice to the contrary except as provided in
Section 5.02(g).
Section 5.05. Appointment of Paying Agent.
The Trustee may appoint a Paying Agent for the purpose of making
distributions to the Certificateholders pursuant to Section 4.02. In the event
of any such appointment, on or prior to each Distribution Date the Master
Servicer on behalf of the Trustee shall deposit or cause to be deposited with
the Paying Agent a sum sufficient to make the payments to the Certificateholders
in the amounts and in the manner provided for in Section 4.02, such sum to be
held in trust for the benefit of the Certificateholders.
The Trustee shall cause each Paying Agent to execute and deliver to the
Trustee an instrument in which such Paying Agent shall agree with the Trustee
that such Paying Agent will hold all sums held by it for the payment to the
Certificateholders in trust for the benefit of the Certificateholders entitled
thereto until such sums shall be paid to such Certificateholders. Any sums so
held by such Paying Agent shall be held only in Eligible Accounts to the extent
such sums are not distributed to the Certificateholders on the date of receipt
by such Paying Agent.
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
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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
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the outstanding Certificate Principal Balance thereof plus the sum of one
month's Accrued Certificate Interest thereon, any previously unpaid Accrued
Certificate Interest with respect thereto and any Prepayment Interest Shortfalls
allocated to the Insured Certificates to the extent covered by the Insured
Reserve Fund or a Guaranteed Distribution.
(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
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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 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
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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 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 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
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otherwise be imposed by reason of willful misfeasance, bad faith or gross
negligence in the performance of duties or by reason of reckless disregard of
obligations and duties hereunder. The Company, the Master Servicer and any
director, officer, employee or agent of the Company or the Master Servicer may
rely in good faith on any document of any kind prima facie properly executed and
submitted by any Person respecting any matters arising hereunder. The Company,
the Master Servicer and any director, officer, employee or agent of the Company
or the Master Servicer shall be indemnified by the Trust Fund and held harmless
against any loss, liability or expense incurred in connection with any legal
action relating to this Agreement or the Certificates, other than any loss,
liability or expense related to any specific Mortgage Loan or Mortgage Loans
(except as any such loss, liability or expense shall be otherwise reimbursable
pursuant to this Agreement) and any loss, liability or expense incurred by
reason of willful misfeasance, bad faith or gross negligence in the performance
of duties hereunder or by reason of reckless disregard of obligations and duties
hereunder.
Neither the Company nor the Master Servicer shall be under any
obligation to appear in, prosecute or defend any legal or administrative action,
proceeding, hearing or examination that is not incidental to its respective
duties under this Agreement and which in its opinion may involve it in any
expense or liability; provided, however, that the Company or the Master Servicer
may in its discretion undertake any such action, proceeding, hearing or
examination that it may deem necessary or desirable in respect to this Agreement
and the rights and duties of the parties hereto and the interests of the
Certificateholders hereunder. In such event, the legal expenses and costs of
such action, proceeding, hearing or examination and any liability resulting
therefrom shall be expenses, costs and liabilities of the Trust Fund, and the
Company and the Master Servicer shall be entitled to be reimbursed therefor out
of amounts attributable to the Mortgage Loans on deposit in the Custodial
Account as provided by Section 3.10 and, on the Distribution Date(s) following
such reimbursement, the aggregate of such expenses and costs shall be allocated
in reduction of the Accrued Certificate Interest on each Class entitled thereto
in the same manner as if such expenses and costs constituted a Prepayment
Interest Shortfall.
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Section 6.04. Company and Master Servicer Not to Resign.
Subject to the provisions of Section 6.02, neither the Company nor the
Master Servicer shall resign from its respective obligations and duties hereby
imposed on it except upon determination that its duties hereunder are no longer
permissible under applicable law. Any such determination permitting the
resignation of the Company or the Master Servicer shall be evidenced by an
Opinion of Counsel to such effect delivered to the Trustee. No such resignation
by the Master Servicer shall become effective until the Trustee or a successor
servicer shall have assumed the Master Servicer's responsibilities and
obligations in accordance with Section 7.02.
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ARTICLE VII
DEFAULT
Section 7.01. Events of Default.
Event of Default, wherever used herein, means any one of the following
events (whatever reason for such Event of Default and whether it shall be
voluntary or involuntary or be effected by operation of law or pursuant to any
judgment, decree or order of any court or any order, rule or regulation of any
administrative or governmental body):
(i) the Master Servicer shall fail to distribute or cause to
be distributed to the Holders of Certificates of any Class any
distribution required to be made under the terms of the Certificates of
such Class and this Agreement and, in either case, such failure shall
continue unremedied for a period of 5 days after the date upon which
written notice of such failure, requiring such failure to be remedied,
shall have been given to the Master Servicer by the Trustee or the
Company or to the Master Servicer, the Company and the Trustee by the
Holders of Certificates of such Class evidencing Percentage Interests
aggregating not less than 25%; or
(ii) the Master Servicer shall fail to observe or perform in
any material respect any other of the covenants or agreements on the
part of the Master Servicer contained in the Certificates of any Class
or in this Agreement and such failure shall continue unremedied for a
period of 30 days (except that such number of days shall be 15 in the
case of a failure to pay the premium for any Required Insurance Policy)
after the date on which written notice of such failure, requiring the
same to be remedied, shall have been given to the Master Servicer by
the Trustee or the Company, or to the Master Servicer, the Company and
the Trustee by the Holders of Certificates of any Class evidencing, in
the case of any such Class, Percentage Interests aggregating not less
than 25%; or
(iii) a decree or order of a court or agency or supervisory
authority having jurisdiction in the premises in an involuntary case
under any present or future federal or
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state bankruptcy, insolvency or similar law or appointing a conservator
or receiver or liquidator in any insolvency, readjustment of debt,
marshalling of assets and liabilities or similar proceedings, or for
the winding-up or liquidation of its affairs, shall have been entered
against the Master Servicer and such decree or order shall have
remained in force undischarged or unstayed for a period of 60 days; or
(iv) the Master Servicer shall consent to the appointment of a
conservator or receiver or liquidator in any insolvency, readjustment
of debt, marshalling of assets and liabilities, or similar proceedings
of, or relating to, the Master Servicer or of, or relating to, all or
substantially all of the property of the Master Servicer; or
(v) the Master Servicer shall admit in writing its inability
to pay its debts generally as they become due, file a petition to take
advantage of, or commence a voluntary case under, any applicable
insolvency or reorganization statute, make an assignment for the
benefit of its creditors, or voluntarily suspend payment of its
obligations; or
(vi) the Master Servicer shall notify the Trustee pursuant to
Section 4.04(b) that it is unable to deposit in the Certificate Account
an amount equal to the Advance.
If an Event of Default described in clauses (i)-(v) of this Section
shall occur, then, and in each and every such case, so long as such Event of
Default shall not have been remedied, either the Company or the Trustee may, and
at the direction of Holders of Certificates entitled to at least 51% of the
Voting Rights, the Trustee shall, by notice in writing to the Master Servicer
(and to the Company if given by the Trustee or to the Trustee if given by the
Company), terminate all of the rights and obligations of the Master Servicer
under this Agreement and in and to the Mortgage Loans and the proceeds thereof,
other than its rights as a Certificateholder hereunder. If an Event of Default
described in clause (vi) hereof shall occur, the Trustee shall, by notice to the
Master Servicer and the Company, immediately terminate all of the rights and
obligations of the Master Servicer under this Agreement and in and to the
Mortgage Loans and the proceeds thereof, other than its rights as a
Certificateholder hereunder as provided in Section 4.04(b). On
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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 and 2.03(a), excluding the duty to notify related Subservicers or
Sellers as set forth in such Sections, and its obligations to deposit amounts in
respect of losses incurred prior to such notice or termination on the investment
of funds in the Custodial Account or the Certificate Account pursuant to
Sections 3.07(c) and 4.01(b) by the terms and provisions hereof); provided,
however, that any failure to perform such duties or responsibilities caused by
the preceding Master Servicer's failure to provide information required by
Section 4.04 shall not be considered a default by the Trustee hereunder. As
compensation therefor, the Trustee shall be entitled to all funds relating to
the Mortgage Loans which the Master Servicer would have been entitled to charge
to the Custodial Account or the Certificate Account if the Master Servicer had
continued to act hereunder and, in addition, shall be entitled to the income
from any Permitted Investments made with amounts attributable to the Mortgage
Loans held in the Custodial Account or the Certificate Account. If the Trustee
has become the successor to the Master Servicer in accordance with Section 6.04
or Section 7.01, then notwithstanding the above, the Trustee may, if it shall be
unwilling to so act, or shall, if it is unable to so act, appoint, or petition a
court of competent jurisdiction to appoint, any established housing and home
finance institution, which is also a 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
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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.
(a) Upon any such termination or appointment of a successor to the
Master Servicer, the Trustee shall give prompt written notice thereof to the
Certificateholders at their respective addresses appearing in the Certificate
Register.
(b) Within 60 days after the occurrence of any Event of Default, the
Trustee shall transmit by mail to all Holders of Certificates notice of each
such Event of Default hereunder known to the Trustee, unless such Event of
Default shall have been cured or waived.
Section 7.04. Waiver of Events of Default.
The Holders representing at least 66% of the Voting Rights affected by
a default or Event of Default hereunder may waive such default or Event of
Default; provided, however, that (a) a default or Event of Default under clause
(i) of Section 7.01 may be waived only by all of the Holders of Certificates
affected by such default or Event of Default and (b) no waiver pursuant to this
Section 7.04 shall affect the Holders of Certificates in the manner set forth in
Section 12.01(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
affected by such default or Event of Default, such default or Event of
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<PAGE>
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 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.
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(c) No provision of this Agreement shall be construed to relieve the
Trustee from liability for its own negligent action, its own negligent failure
to act or its own willful misconduct; provided, however, that:
(i) Prior to the occurrence of an Event of Default, and after
the curing or waiver of all such Events of Default which may have
occurred, the duties and obligations of the Trustee shall be determined
solely by the express provisions of this Agreement, the Trustee shall
not be liable except for the performance of such duties and obligations
as are specifically set forth in this Agreement, no implied covenants
or obligations shall be read into this Agreement against the Trustee
and, in the absence of bad faith on the part of the Trustee, the
Trustee may conclusively rely, as to the truth of the statements and
the correctness of the opinions expressed therein, upon any
certificates or opinions furnished to the Trustee by the Company or the
Master Servicer and which on their face, do not contradict the
requirements of this Agreement;
(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
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Trustee receives written notice of such failure or event at its
Corporate Trust Office from the Master Servicer, the Company or any
Certificateholder; and
(v) Except to the extent provided in Section 7.02, no
provision in this Agreement shall require the Trustee to expend or risk
its own funds (including, without limitation, the making of any
Advance) or otherwise incur any personal financial liability in the
performance of any of its duties as Trustee hereunder, or in the
exercise of any of its rights or powers, if the Trustee shall have
reasonable grounds for believing that repayment of funds or adequate
indemnity against such risk or liability is not reasonably assured to
it.
(d) The Trustee shall timely pay, from its own funds, the amount of any
and all federal, state and local taxes imposed on the Trust Fund or its assets
or transactions including, without limitation, (A) "prohibited transaction"
penalty taxes as defined in Section 860F of the Code, if, when and as the same
shall be due and payable, (B) any tax on contributions to a REMIC after the
Closing Date imposed by Section 860G(d) of the Code and (C) any tax on "net
income from foreclosure property" as defined in Section 860G(c) of the Code, but
only if such taxes arise out of a breach by the Trustee of its obligations
hereunder, which breach constitutes negligence or willful misconduct of the
Trustee.
Section 8.02. Certain Matters Affecting the Trustee.
(a) Except as otherwise provided in Section 8.01:
(i) The Trustee may rely and shall be protected in acting or
refraining from acting upon any resolution, Officers' Certificate,
certificate of auditors or any other certificate, statement,
instrument, opinion, report, notice, request, consent, order,
appraisal, bond or other paper or document believed by it to be genuine
and to have been signed or presented by the proper party or parties;
(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
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omitted by it hereunder in good faith and in accordance with
such Opinion of Counsel;
(iii) The Trustee shall be under no obligation to exercise any
of the trusts or powers vested in it by this Agreement or to institute,
conduct or defend any litigation hereunder or in relation hereto at the
request, order or direction of any of the Certificateholders, pursuant
to the provisions of this Agreement, unless such Certificateholders
shall have offered to the Trustee reasonable security or indemnity
against the costs, expenses and liabilities which may be incurred
therein or thereby; nothing contained herein shall, however, relieve
the Trustee of the obligation, upon the occurrence of an Event of
Default (which has not been cured), 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
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<PAGE>
occurred and is continuing, and otherwise by the
Certificateholder requesting the investigation;
(vi) The Trustee may execute any of the trusts or
powers hereunder or perform any duties hereunder either
directly or by or through agents or attorneys; and
(vii) To the extent authorized under the Code and the
regulations promulgated thereunder, each Holder of a Class R
Certificate hereby irrevocably appoints and authorizes the Trustee to
be its attorney-in-fact for purposes of signing any Tax Returns
required to be filed on behalf of the Trust Fund. The Trustee shall
sign on behalf of the Trust Fund and deliver to the Master Servicer in
a timely manner any Tax Returns prepared by or on behalf of the Master
Servicer that the Trustee is required to sign as determined by the
Master Servicer pursuant to applicable federal, state or local tax
laws, provided that the Master Servicer shall indemnify the Trustee for
signing any such Tax Returns that contain errors or omissions.
(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
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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.
(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
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expenses) of defending itself against any claim in connection with the exercise
or performance of any of its powers or duties under this Agreement, provided
that:
(i) with respect to any such claim, the Trustee shall have
given the Master Servicer written notice thereof promptly after the
Trustee shall have actual knowledge thereof;
(ii) while maintaining control over its own defense, the
Trustee shall cooperate and consult fully with the Master Servicer in
preparing such defense; and
(iii) notwithstanding anything in this Agreement to the
contrary, the Master Servicer shall not be liable for settlement of any
claim by the Trustee entered into without the prior consent of the
Master Servicer which consent shall not be unreasonably withheld.
No termination of this Agreement shall affect the obligations created by this
Section 8.05(b) of the Master Servicer to indemnify the Trustee under the
conditions and to the extent set forth herein.
Notwithstanding the foregoing, the indemnification provided by the
Master Servicer in this Section 8.05(b) shall not pertain to any loss, liability
or expense of the Trustee, including the costs and expenses of defending itself
against any claim, incurred in connection with any actions taken by the Trustee
at the direction of the Certificateholders pursuant to the terms of this
Agreement.
Section 8.06. Eligibility Requirements for Trustee.
The Trustee hereunder shall at all times be a corporation or a national
banking association having its principal office in a state and city acceptable
to the Company and organized and doing business under the laws of such state or
the United States of America, authorized under such laws to exercise corporate
trust powers, having a combined capital and surplus of at least $50,000,000 and
subject to supervision or examination by federal or state authority. If such
corporation or national banking association publishes reports of condition at
least annually, pursuant to law or to the requirements of the aforesaid
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supervising or examining authority, then for the purposes of this Section the
combined capital and surplus of such corporation shall be deemed to be its
combined capital and surplus as set forth in its most recent report of condition
so published. In case at any time the Trustee shall cease to be eligible in
accordance with the provisions of this Section, the Trustee shall resign
immediately in the manner and with the effect specified in Section 8.07.
Section 8.07. Resignation and Removal of the Trustee.
(a) The Trustee may at any time resign and be discharged from the
trusts hereby created by giving written notice thereof to the Company. Upon
receiving such notice of resignation, the Company shall promptly appoint a
successor trustee by written instrument, in duplicate, one copy of which
instrument shall be delivered to the resigning Trustee and one copy to the
successor trustee. If no successor trustee shall have been so appointed and have
accepted appointment within 30 days after the giving of such notice of
resignation, the resigning Trustee may petition any court of competent
jurisdiction for the appointment of a successor trustee.
(b) If at any time the Trustee shall cease to be eligible in accordance
with the provisions of Section 8.06 and shall fail to resign after written
request therefor by the Company, or if at any time the Trustee shall become
incapable of acting, or shall be adjudged bankrupt or insolvent, or a receiver
of the Trustee or of its property shall be appointed, or any public officer
shall take charge or control of the Trustee or of its property or affairs for
the purpose of rehabilitation, conservation or liquidation, then the Company may
remove the Trustee and appoint a successor trustee by written instrument, in
duplicate, one copy of which instrument shall be delivered to the Trustee so
removed and one copy to the successor trustee. In addition, in the event that
the Company determines that the Trustee has failed (i) to distribute or cause to
be distributed to the Certificateholders any amount required to be distributed
hereunder, if such amount is held by the Trustee or its Paying Agent (other than
the Master Servicer or the Company) for distribution or (ii) to otherwise
observe or perform in any material respect any of its covenants, agreements or
obligations hereunder, and such failure shall continue unremedied for a period
of 5 days (in respect of clause (i) above) or 30 days (in respect of clause (ii)
above) after the
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date on which written notice of such failure, requiring that the same be
remedied, shall have been given to the Trustee by the Company, then the Company
may remove the Trustee and appoint a successor trustee by written instrument
delivered as provided in the preceding sentence. In connection with the
appointment of a successor trustee pursuant to the preceding sentence, the
Company shall, on or before the date on which any such appointment becomes
effective, obtain from each Rating Agency written confirmation that the
appointment of any such successor trustee will not result in the reduction of
the ratings on any class of the Certificates below the lesser of the then
current or original ratings on such Certificates.
(c) The Holders of Certificates entitled to at least 51% of the Voting
Rights may at any time remove the Trustee and appoint a successor trustee by
written instrument or instruments, in triplicate, signed by such Holders or
their attorneys-in-fact duly authorized, one complete set of which instruments
shall be delivered to the Company, one complete set to the Trustee so removed
and one complete set to the successor so appointed.
(d) Any resignation or removal of the Trustee and appointment of a
successor trustee pursuant to any of the provisions of this Section shall become
effective upon acceptance of appointment by the successor trustee as provided in
Section 8.08.
Section 8.08. Successor Trustee.
(a) Any successor trustee appointed as provided in Section 8.07 shall
execute, acknowledge and deliver to the Company and to its predecessor trustee
an instrument accepting such appointment hereunder, and thereupon the
resignation or removal of the predecessor trustee shall become effective and
such successor trustee shall become effective and such successor trustee,
without any further act, deed or conveyance, shall become fully vested with all
the rights, powers, 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
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deliver such instruments and do such other things as may reasonably be required
for more fully and certainly vesting and confirming in the successor trustee all
such rights, powers, duties and obligations.
(b) No successor trustee shall accept appointment as provided in this
Section unless at the time of such acceptance such successor trustee shall be
eligible under the provisions of Section 8.06.
(c) Upon acceptance of appointment by a successor trustee as provided
in this Section, the Company shall mail notice of the succession of such trustee
hereunder to all Holders of Certificates at their addresses as shown in the
Certificate Register. If the Company fails to mail such notice within 10 days
after acceptance of appointment by the successor trustee, the successor trustee
shall cause such notice to be mailed at the expense of the Company.
Section 8.09. Merger or Consolidation of Trustee.
Any corporation or national banking association into which the Trustee
may be merged or converted or with which it may be consolidated or any
corporation or national banking association resulting from any merger,
conversion or consolidation to which the Trustee shall be a party, or any
corporation or national banking association succeeding to the business of the
Trustee, shall be the successor of the Trustee hereunder, provided such
corporation or national banking association shall be eligible under the
provisions of Section 8.06, without the execution or filing of any paper or any
further act on the part of any of the parties hereto, anything herein to the
contrary notwithstanding. The Trustee shall mail notice of any such merger or
consolidation to the Certificateholders at their address as shown in the
Certificate Register.
Section 8.10. Appointment of Co-Trustee or Separate
Trustee.
(a) Notwithstanding any other provisions hereof, at any time, for the
purpose of meeting any legal requirements of any jurisdiction in which any part
of the Trust Fund or property securing the same may at the time be located, the
Master Servicer and the Trustee acting jointly shall have the power and shall
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execute and deliver all instruments to appoint one or more Persons approved by
the Trustee to act as co-trustee or co-trustees, jointly with the Trustee, or
separate trustee or separate trustees, of all or any part of the Trust Fund, and
to vest in such Person or Persons, in such capacity, such title to the Trust
Fund, or any part thereof, and, subject to the other provisions of this Section
8.10, such powers, duties, obligations, rights and trusts as the Master Servicer
and the Trustee may consider necessary or desirable. If the Master Servicer
shall not have joined in such appointment within 15 days after the receipt by it
of a request so to do, or in case an Event of Default shall have occurred and be
continuing, the Trustee alone shall have the power to make such appointment. No
co-trustee or separate trustee hereunder shall be required to meet the terms of
eligibility as a successor trustee under Section 8.06 hereunder and no notice to
Holders of Certificates of the appointment of co-trustee(s) or separate
trustee(s) shall be required under Section 8.08 hereof.
(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,
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specifically including every provision of this Agreement relating to the conduct
of, affecting the liability of, or affording protection to, the Trustee. Every
such instrument shall be filed with the Trustee.
(d) Any separate trustee or co-trustee may, at any time, constitute the
Trustee, its agent or attorney-in-fact, with full power and authority, to the
extent not prohibited by law, to do any lawful act under or in respect of this
Agreement on its behalf and in its name. If any separate trustee or co-trustee
shall die, become incapable of acting, resign or be removed, all of its estates,
properties, rights, remedies and trusts shall vest in and be exercised by the
Trustee, to the extent permitted by law, without the appointment of a new or
successor trustee.
Section 8.11. Appointment of Custodians.
The Trustee may, with the consent of the Master Servicer and the
Company, appoint one or more Custodians who are not Affiliates of the Company,
the Master Servicer or any Seller to hold all or a portion of the Mortgage Files
as agent for the Trustee, by entering into a Custodial Agreement. Subject to
Article VIII, the Trustee agrees to comply with the terms of each Custodial
Agreement and to enforce the terms and provisions thereof against the Custodian
for the benefit of the Certificateholders. Each Custodian shall be a depository
institution subject to supervision by federal or state authority, shall have a
combined capital and surplus of at least $15,000,000 and shall be qualified to
do business in the jurisdiction in which it holds any Mortgage File. Each
Custodial Agreement may be amended only as provided in Section 12.01. The
Trustee shall notify the Certificateholders of the appointment of any Custodian
(other than the Custodian appointed as of the Closing Date) pursuant to this
Section 8.11.
Section 8.12. Appointment of Office or Agency.
The Trustee will maintain an office or agency in the City of New York
where Certificates may be surrendered for registration of transfer or exchange.
The Trustee initially designates its offices located at 14 Wall Street, 8th
Floor, New York, NY 10005 for the purpose of keeping the Certificate Register.
The Trustee will maintain an office at the address stated in Section 12.05(c)
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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 (other than the obligation of the Trustee
to make certain payments after the Final Distribution Date to Certificateholders
and the obligation of the Company to send certain notices as hereinafter set
forth) shall terminate upon the last action required to be taken by the Trustee
on the Final Distribution Date pursuant to this Article IX following the earlier
of:
(i) the later of the final payment or other liquidation (or
any Advance with respect thereto) of the last Mortgage Loan remaining
in the Trust Fund or the disposition of all property acquired upon
foreclosure or deed in lieu of foreclosure of any Mortgage Loan, or
(ii) the purchase by the Master Servicer 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
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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.
(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 (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 mailed not earlier than the 15th day and not later than the
25th day of the month next preceding the month of such final distribution
specifying:
(i) the anticipated Final Distribution Date upon which final
payment of the Certificates is anticipated to be made upon presentation
and surrender of Certificates at the office or agency of the Trustee
therein designated,
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<PAGE>
(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 as aforesaid, it shall give such notice to the
Certificate Registrar at the time such notice is given to Certificateholders. 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, Class B and 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, any previously unpaid Accrued Certificate
Interest and any Prepayment Interest Shortfalls allocated to the Insured
Certificates to the extent covered by the Insured Reserve Fund or a Guaranteed
Distribution, 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).
(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
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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)
NY1-188094.6
<PAGE>
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;
(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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<PAGE>
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 Uncertificated
REMIC II Regular Interests 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 Uncertificated
REMIC II Regular Interests 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 each of the 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
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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 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.
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(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 either REMIC I or 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 either 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 other
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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
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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 or 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 or
REMIC II will not cause either REMIC I or REMIC II to fail to qualify as REMICs
at any time that any Certificates are outstanding or subject REMIC I or REMIC II
to any tax under the REMIC Provisions or other applicable provisions of federal,
state and local law or ordinances.
(j) Neither the Master Servicer nor the Trustee shall (subject to
Section 10.01(f)) enter into any arrangement by which REMIC I or 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" by which the
Certificate Principal Balance of each Class of Certificates (other than the
Class A-8, Class A-12 and Class A-15 Certificates) representing a regular
interest in REMIC II and the Uncertificated Principal Balance of each
Uncertificated REMIC I Regular Interest (other than each Uncertificated REMIC I
Regular Interest Z) and the rights to the Class A-8 Certificates and Class A-12
Certificates would be reduced to zero is January 25, 2027, which is the
Distribution Date immediately following the latest scheduled maturity of any
Mortgage Loan. The latest possible Maturity Date for each
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Uncertificated REMIC I Regular Interest Z and Uncertificated REMIC II Regular
Interest is January 25, 2027, which is the Distribution Date immediately
following the latest scheduled maturity date 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 or REMIC II, (iii) the
termination of REMIC I or 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 or 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 or
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.
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(b) The REMIC Administrator agrees to indemnify the Trust Fund, the
Company, the Master Servicer and the Trustee for any taxes and costs (including,
without limitation, any reasonable attorneys' fees) imposed on or incurred by
the Trust Fund, the Company, the Master Servicer or the Trustee, as a result of
a breach of the REMIC Administrator's covenants set forth in this Article X with
respect to compliance with the REMIC Provisions, including without limitation,
any penalties arising from the Trustee's execution of Tax Returns prepared by
the REMIC Administrator that contain errors or omissions; provided, however,
that such liability will not be imposed to the extent such breach is a result of
an error or omission in information provided to the REMIC Administrator by the
Master Servicer in which case Section 10.02(c) will apply.
(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
CERTAIN MATTERS
REGARDING FINANCIAL SECURITY
Section 11.01. Rights of Financial Security To Exercise
Rights of Insured Certificateholders.
By accepting its Certificate, each Insured Certificateholder
agrees that unless a Financial Security Default exists, Financial Security shall
have the right to exercise all consent, voting, direction and other control
rights of the Insured Certificateholders under this Agreement without any
further consent of the Insured Certificateholders.
Section 11.02. Claims Upon the FSA Policy; FSA Policy
Payments Account.
(a) If, on the Business Day next succeeding the Determination
Date the Master Servicer determines that (i) the funds that will be on deposit
in the Certificate Account, on the related Certificate Account Deposit Date, to
the extent distributable to the Insured Certificateholders pursuant to Section
4.02(a)(i), together with any Insured Reserve Withdrawal for the related
Distribution Date, are insufficient to pay the full amount of interest for the
related Interest Accrual Period on the Certificate Principal Balance of the
Insured Certificates at the related Pass-Through Rate (net of (a) any Prepayment
Interest Shortfalls allocated to the Insured Certificates but only to the extent
covered by the Master Servicer or the Insured Reserve Fund and (b) any interest
shortfalls relating to the Soldiers' and Sailors' Relief Act of 1940, as
amended) on such Distribution Date, (ii) the principal portion of any Realized
Loss is allocated to the Insured Certificates on such Distribution Date or (iii)
the funds available in connection with an optional termination of the Trust Fund
pursuant to Section 5.06 or Section 9.01 or on the Final Distribution Date will
be insufficient to reduce the Certificate Principal Balances of the Insured
Certificates to zero, the Master Servicer shall deliver to the Trustee not later
than 1:00 p.m. New York City time on the Business Day next succeeding the
Determination Date a certificate signed by a Servicing Officer directing the
Trustee to draw on the FSA Policy and stating the amount to be drawn and stating
the Guaranteed Distribution Amount for each Class of Insured
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Certificates, and the Trustee shall give notice by telephone or telecopy of the
aggregate amount of such deficiency, confirmed in writing in the form set forth
as Exhibit A to the endorsement of the FSA Policy, to Financial Security and the
Fiscal Agent (as defined in the FSA Policy), if any, at or before 12:00 noon,
New York City time, on the Business Day prior to such Distribution Date. If,
subsequent to such notice, and prior to payment by Financial Security pursuant
to such notice, additional amounts are deposited in the Certificate Account, the
Trustee shall reasonably promptly notify Financial Security and withdraw the
notice or reduce the amount claimed, as appropriate.
(b) The Trustee shall establish a separate special purpose
trust account for the benefit of Holders of the Insured Certificates and
Financial Security referred to herein as the "FSA Policy Payments Account" over
which the Trustee shall have exclusive control and sole right of withdrawal. The
Trustee shall deposit any amount paid under the FSA Policy in the FSA Policy
Payments Account and distribute such amount only for purposes of payment to
Holders of Insured Certificates of the Guaranteed Distribution for which a claim
was made. Such amount may not be applied to satisfy any costs, expenses or
liabilities of the Master Servicer, the Trustee or the Trust Fund. Amounts paid
under the FSA Policy shall be transferred to the Certificate Account in
accordance with the next succeeding paragraph and disbursed by the Trustee to
Holders of Certificates in accordance with Section 4.02(f), Section 5.06(c) or
Section 9.01(c), as applicable. It shall not be necessary for such payments to
be made by checks or wire transfers separate from the checks or wire transfers
used to pay the Guaranteed Distribution with other funds available to make such
payment. However, the amount of any payment of principal of or interest on the
Insured Certificates to be paid from funds transferred from the FSA Policy
Payments Account shall be noted as provided in paragraph (c) below and in the
statement to be furnished to Holders of the Certificates pursuant to Section
4.03. Funds held in the FSA Policy Payments Account shall not be invested by the
Master Servicer.
On any Distribution Date with respect to which a claim has
been made under the FSA Policy, the amount of any funds received by the Trustee
as a result of any claim under the FSA Policy, to the extent required to make
the Guaranteed Distribution on such Distribution Date shall be withdrawn from
the FSA Policy Payments Account and deposited in the Certificate
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Account and applied by the Master Servicer on behalf of the Trustee, together
with the other funds to be distributed to the Insured Certificateholders
pursuant to Section 4.02(a)(i), directly to the payment in full of the
Guaranteed Distribution due on the Insured Certificates. Any funds remaining in
the FSA Policy Payments Account on the first Business Day following a
Distribution Date shall be remitted to Financial Security, pursuant to the
instructions of Financial Security, by the end of such Business Day.
(c) The Trustee shall keep a complete and accurate record of
the amount of interest and principal paid into the FSA Policy Payments Account
in respect of any Certificate from moneys received under the FSA Policy.
Financial Security shall have the right to inspect such records at reasonable
times during normal business hours upon two Business Day's prior notice to the
Trustee.
Section 11.03. Effect of Payments by Financial
Security; Subrogation.
Anything herein to the contrary notwithstanding, for purposes
of this Section 11.03, any payment with respect to principal of or interest on
the Insured Certificates which is made with monies received pursuant to the
terms of the FSA Policy shall not be considered payment of the Insured
Certificates from the Trust Fund. The Master Servicer and the Trustee
acknowledge, and each Holder by its acceptance of an Insured Certificate agrees,
that without the need for any further action on the part of Financial Security,
the Master Servicer, the Trustee or the Certificate Registrar, to the extent
Financial Security makes payments, directly or indirectly, on account of
principal of or interest on the Insured Certificates to the Holders of such
Certificates, Financial Security will be fully subrogated to, and each Insured
Certificateholder, the Master Servicer and the Trustee hereby delegate and
assign to Financial Security, to the fullest extent permitted by law, the rights
of such Holders to receive such principal and interest from the Trust Fund;
provided that Financial Security shall be paid such amounts but only from the
sources and in the manner provided herein.
The Trustee and the Master Servicer shall cooperate in all
respects with any reasonable request by Financial Security for action to
preserve or enforce Financial Security's rights or
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interests under this Agreement without limiting the rights or affecting the
interests of the Holders as otherwise set forth herein.
Section 11.04. Notices and Information to Financial
Security.
(a) All notices, statements, reports, certificates or opinions
required by this Agreement to be sent to any other party hereto or to the
Certificateholders shall also be sent to Financial Security.
(b) The Master Servicer shall designate a Person who shall be
available to Financial Security to provide reasonable access to information
regarding the Mortgage Loans.
Section 11.05. Trustee to Hold FSA Policy.
The Trustee will hold the FSA Policy in trust as agent for the
Insured Certificateholders for the purpose of making claims thereof and
distributing the proceeds thereof. Neither the FSA Policy, nor the amounts paid
on the FSA Policy will constitute part of the Trust Fund or assets of the REMIC
created by this Agreement. Each Insured Certificateholder, by accepting its
Certificate, appoints the Trustee as attorney-in-fact for the purpose of making
claims on the FSA Policy. The Trustee shall surrender the Policy to Financial
Security for cancellation upon the expiration of the term of the Policy as
provided in the Policy following the retirement of the Insured Certificates.
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ARTICLE XII
MISCELLANEOUS PROVISIONS
Section 12.01. 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
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<PAGE>
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(g) 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
(vi) to make any other provisions with respect to matters or
questions arising under this Agreement or such Custodial Agreement
which shall not be materially inconsistent with the provisions of this
Agreement, provided that such action shall not, as evidenced by an
Opinion of Counsel, adversely affect in any material respect the
interests of any Certificateholder.
(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
for the purpose of adding any provisions to or changing in any manner or
eliminating any of the provisions of this Agreement or such Custodial Agreement
or of modifying in any manner the rights of the Holders of Certificates of such
Class; provided, however, that no such amendment shall:
(i) reduce in any manner the amount of, or delay
the timing of, payments which are required to be distributed
on any Certificate without the consent of the Holder of such
Certificate,
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<PAGE>
(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. It shall not be necessary for the consent of
Certificateholders under this Section 12.01 to approve the particular form of
any proposed amendment, but it shall be sufficient if such consent shall approve
the substance thereof. The manner of obtaining such consents and of evidencing
the authorization of the execution thereof by Certificateholders shall be
subject to such reasonable regulations as the Trustee may prescribe.
(e) The Company shall have the option, in its sole discretion, to
obtain and deliver to the Trustee any corporate guaranty, payment obligation,
irrevocable letter of credit, surety bond, insurance policy or similar
instrument or a reserve fund, or any combination of the foregoing, for the
purpose of protecting the Holders of the Class B Certificates against any or all
Realized Losses or other shortfalls. Any such instrument or fund shall be held
by the Trustee for the benefit of the Class B Certificateholders, but shall not
be and shall not be deemed to be under any circumstances included in the Trust
Fund. To the extent that any such instrument or fund constitutes a reserve fund
for federal income tax purposes, (i) any reserve fund so established shall be an
outside reserve fund and not an asset of the Trust Fund, (ii) any such reserve
fund shall be 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
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<PAGE>
Trust Fund to the Company or any successor, all within the meaning of Treasury
Regulations Section 1.860G-2(h) as it reads as of the Cut-off Date. In
connection with the provision of any such instrument or fund, this Agreement and
any provision hereof may be modified, added to, deleted or otherwise amended in
any manner that is related or incidental to such instrument or fund or the
establishment or administration thereof, such amendment to be made by written
instrument executed or consented to by the Company but without the consent of
any Certificateholder and without the consent of the Master Servicer or the
Trustee being required unless any such amendment would impose any additional
obligation on, or otherwise adversely affect the interests of the 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 12.02. 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
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<PAGE>
appropriate public recording office or elsewhere, such recordation to be
effected by the Master Servicer and at its expense on direction by the Trustee
(pursuant to the request of Holders of Certificates entitled to at least 25% of
the Voting Rights), but only upon direction accompanied by an Opinion of Counsel
to the effect that such recordation materially and beneficially affects the
interests of the Certificateholders.
(b) For the purpose of facilitating the recordation of this Agreement
as herein provided and for other purposes, this Agreement may be executed
simultaneously in any number of counterparts, each of which counterparts shall
be deemed to be an original, and such counterparts shall constitute but one and
the same instrument.
Section 12.03. Limitation on Rights of Certificateholders.
(a) The death or incapacity of any Certificateholder shall not operate
to terminate this Agreement or the Trust Fund, nor entitle such
Certificateholder's legal representatives or heirs to claim an accounting or to
take any action or proceeding in any court for a partition or winding up of the
Trust Fund, nor otherwise affect the rights, obligations and liabilities of any
of the parties hereto.
(b) No Certificateholder shall have any right to vote (except as
expressly provided herein) or in any manner otherwise control the operation and
management of the Trust Fund, or the obligations of the parties hereto, nor
shall anything herein set forth, or contained in the terms of the Certificates,
be construed so as to constitute the Certificateholders from time to time as
partners or members of an association; nor shall any Certificateholder be under
any liability to any third person by reason of any action taken by the parties
to this Agreement pursuant to any provision hereof.
(c) No Certificateholder shall have any right by virtue of any
provision of this Agreement to institute any suit, action or proceeding in
equity or at law upon or under or with respect to this Agreement, unless such
Holder previously shall have given to the Trustee a written notice of default
and of the continuance thereof, as hereinbefore provided, and unless also the
Holders of Certificates of any Class evidencing in the aggregate not less than
25% of the related Percentage Interests of such Class, shall
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have made written request upon the Trustee to institute such action, suit or
proceeding in its own name as Trustee hereunder and shall have offered to the
Trustee such reasonable indemnity as it may require against the costs, expenses
and liabilities to be incurred therein or thereby, and the Trustee, for 60 days
after its receipt of such notice, request and offer of indemnity, shall have
neglected or refused to institute any such action, suit or proceeding it being
understood and intended, and being expressly covenanted by each
Certificateholder with every other Certificateholder and the Trustee, that no
one or more Holders of Certificates of any Class shall have any right in any
manner whatever by virtue of any provision of this Agreement to affect, disturb
or prejudice the rights of the Holders of any other of such Certificates of such
Class or any other Class, or to obtain or seek to obtain priority over or
preference to any other such Holder, or to enforce any right under this
Agreement, except in the manner herein provided and for the common benefit of
Certificateholders of such Class or all Classes, as the case may be. For the
protection and enforcement of the provisions of this Section 12.03, each and
every Certificateholder and the Trustee shall be entitled to such relief as can
be given either at law or in equity.
Section 12.04. 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 12.05. 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, Financial Security 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: Ms. Becker or such other
address as may be hereafter furnished to the Company, Financial
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Security and the Trustee by the Master Servicer in writing, (c) in the case of
the Trustee, Corporate Trust Services Division, One First National Plaza,
Chicago, Illinois 60670-0126, Attention: Residential Funding Corporation Series
1997-S2 or such other address as may hereafter be furnished to the Company,
Financial Security 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, Trustee, Financial
Security 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, Trustee, Financial Security and
Master Servicer by Standard & Poor's and (g) in the case of Financial Security,
Financial Security Assurance Inc., 350 Park Avenue, New York, New York 10022,
Attention: Surveillance Department, Re: Residential Funding Mortgage Securities,
Inc., Mortgage Pass-Through Certificates, Series 1997-S2, (telecopy number (212)
339-3518 or (212) 339-3529) or such other address as may hereafter be furnished
to the Trustee, the Master Servicer and the Company in writing by Financial
Security. 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. In each case in which a notice or
other communication to Financial Security refers to a Financial Security Default
or a claim under the FSA Policy or with respect to which failure on the part of
Financial Security to respond shall be deemed to constitute consent or
acceptance, then a copy of such notice or other communication should also be
sent to the attention of the General Counsel and the Head-Financial Guaranty
Group at Financial Security Assurance Inc., 350 Park Avenue, New York, New York
10022 and shall be marked to indicate "URGENT MATERIAL ENCLOSED". 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 12.06. Notices to Rating Agency.
The Company, the Master Servicer or the Trustee, as applicable, shall
notify each Rating Agency, Financial Security 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),
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(h), (i) or (j) below or provide a copy to each Rating Agency at such time as
otherwise required to be delivered pursuant to this Agreement of any of the
statements described in clauses (e) and (f) below:
(a) a material change or amendment to this Agreement,
(b) the occurrence of an Event of Default,
(c) the termination or appointment of a successor
Master Servicer or Trustee or a change in the majority
ownership of the Trustee,
(d) the filing of any claim under the Master Servicer's
blanket fidelity bond and the errors and omissions insurance policy
required by Section 3.12 or the cancellation or modification of
coverage under any such instrument,
(e) the statement required to be delivered to the
Holders of each Class of Certificates pursuant to Section
4.03,
(f) the statements required to be delivered pursuant
to Sections 3.18 and 3.19,
(g) a change in the location of the Custodial Account
or the Certificate Account,
(h) the occurrence of any monthly cash flow shortfall to the
Holders of any Class of Certificates resulting from the failure by the
Master Servicer to make an Advance pursuant to Section 4.04,
(i) the occurrence of the Final Distribution Date,
(j) the repurchase of or substitution for any Mortgage
Loan, and
(k) any Financial Security Default that has not been
cured,
provided, however, that with respect to notice of the occurrence
of the events described in clauses (d), (g) or (h) above, the
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Master Servicer shall provide prompt written notice to each Rating Agency,
Financial Security and the Subservicer of any such event known to the Master
Servicer.
Section 12.07. 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 12.08. Supplemental Provisions for Resecuritization.
This Agreement may be supplemented by means of the addition of a
separate Article hereto (a "Supplemental Article") for the purpose of
resecuritizing any of the Certificates issued hereunder, under the following
circumstances. With respect to any Class or Classes of Certificates issued
hereunder, or any portion of any such Class, as to which the Company or any of
its Affiliates (or any designee thereof) is the registered Holder (the
"Resecuritized Certificates"), the Company may deposit such Resecuritized
Certificates into a new REMIC, grantor trust, FASIT or custodial arrangement (a
"Restructuring Vehicle") to be held by the Trustee pursuant to a Supplemental
Article. The instrument adopting such Supplemental Article shall be executed by
the Company, the Master Servicer and the Trustee; provided, that neither the
Master Servicer nor the Trustee shall withhold their consent thereto if their
respective interests would not be materially adversely affected thereby. To the
extent that the terms of the Supplemental Article do not in any way affect any
provisions of this Agreement as to any of the Certificates initially issued
hereunder, the adoption of the Supplemental Article shall not constitute an
"amendment" of this Agreement.
Each Supplemental Article shall set forth all necessary provisions
relating to the holding of the Resecuritized Certificates by the Trustee, the
establishment of the Restructuring Vehicle, the issuing of various classes of
new certificates by the Restructuring Vehicle and the distributions to be made
thereon, and any other provisions necessary for the
NY1-188094.6
<PAGE>
purposes thereof. In connection with each Supplemental Article, the Company
shall deliver to the Trustee an Opinion of Counsel to the effect that (i) the
Restructuring Vehicle will qualify as a REMIC, grantor trust, FASIT or other
entity not subject to taxation for federal income tax purposes and (ii) the
adoption of the Supplemental Article will not endanger the status of the Trust
Fund as a REMIC or (subject to Section 10.01(f)) result in the imposition of a
tax upon the Trust Fund (including but not limited to the tax on prohibited
transactions as defined in Section 860F(a)(2) of the Code and the tax on
contributions to a REMIC as set forth in Section 860G(d) of the Code).
NY1-188094.6
<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: Randy Van Zee
Title: Vice President
Attest:
Name: Diane S. Wold
Title: Vice President
RESIDENTIAL FUNDING CORPORATION
[Seal]
By:
Name: Diane S. Wold
Title: Director
Attest:
Name: Randy Van Zee
Title: Director
THE FIRST NATIONAL BANK OF CHICAGO,
as Trustee
[Seal]
By:
Name:
Title:
Attest:
Name:
Title:
NY1-188094.6
<PAGE>
STATE OF MINNESOTA )
) ss.:
COUNTY OF HENNEPIN )
On the 30th day of January 1997 before me, a notary public in
and for said State, personally appeared Randy Van Zee, 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]
NY1-188094.6
<PAGE>
STATE OF MINNESOTA )
) ss.:
COUNTY OF HENNEPIN )
On the 30th day of January 1997 before me, a notary public in
and for said State, personally appeared Diane S. Wold, 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]
NY1-188094.6
<PAGE>
STATE OF ILLINOIS )
) ss.:
COUNTY OF COOK )
On the 30th day of January 1997 before me, a notary public in
and for said State, personally appeared __________________________, known to me
to be a __________________________ of The First National Bank of Chicago, 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 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
[Notarial Seal]
NY1-188094.6
<PAGE>
EXHIBIT A
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.
[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 January 30, 1997.
ASSUMING THAT THE MORTGAGE LOANS PREPAY AT 200% 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] [$100,000] 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] [$100,000] OF [INITIAL CERTIFICATE PRINCIPAL BALANCE], COMPUTED USING
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 OR AS TO THE CONSTANCY OF THE PASS-THROUGH RATE.]
NY1-188094.6
A-1
<PAGE>
Certificate No. ____ [___%] Pass-Through Rate [based
on a Notional Amount]
Class A-__ Senior
Date of Pooling and Servicing
Agreement and Cut-off Date: [Percentage Interest:
---%]
January 1, 1997
Aggregate [Initial Certificate
Principal Balance] [Notional
Amount] of the Class
A-__ Certificates:
First Distribution Date:
February 25, 1997
Master Servicer: [Initial] [Certificate Principal
Residential Funding Balance] of this
Corporation Certificate: $_____________]
Assumed Final
Distribution Date: CUSIP 760944-_____
January 25, 2027
MORTGAGE PASS-THROUGH CERTIFICATE
Series 1997-S2
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
NY1-188094.6
A-2
<PAGE>
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
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 The First National Bank of Chicago, as
trustee (the "Trustee"), a summary of certain of the pertinent provisions of
which is set forth hereafter. To the extent not defined herein, the capitalized
terms used herein have the meanings assigned in the Agreement. This Certificate
is issued under and is subject to the terms, provisions and conditions of the
Agreement, to which Agreement the Holder of this Certificate by virtue of the
acceptance hereof assents and by which such Holder is bound.
Pursuant to the terms of the Agreement, a distribution will be
made on the 25th day of each month or, if such 25th day is not a Business Day,
the Business Day immediately following (the "Distribution Date"), commencing as
described in the Agreement, to the Person in whose name this Certificate is
registered at the close of business on the last day (or if such last day is not
a Business Day, the Business Day immediately preceding such last day) of the
month immediately preceding the month of such distribution (the "Record Date"),
from the Available Distribution Amount in an amount equal to the product of the
Percentage Interest evidenced by this Certificate and the amount [(of interest
and principal, if any)] required to be distributed to Holders of Class A-__
Certificates on such Distribution Date. [The Notional Amount of the Class A-8
Certificates as of any date of determination is equal
NY1-188094.6
A-3
<PAGE>
to the Certificate Principal Balance of the Class A-7 Certificates
immediately prior to such 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.]
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.
NY1-188094.6
A-4
<PAGE>
The Agreement permits, with certain exceptions therein
provided, the amendment of the Agreement and the modification of the rights and
obligations of the Company, the Master Servicer and the Trustee and the rights
of the Certificateholders under the Agreement at any time by the Company, the
Master Servicer and the Trustee with the consent of the Holders of Certificates
evidencing in the aggregate not less than 66% of the Percentage Interests of
each Class of Certificates affected thereby. Any such consent by the Holder of
this Certificate shall be conclusive and binding on such Holder and upon all
future holders of this Certificate and of any Certificate issued upon the
transfer hereof or in exchange herefor or in lieu hereof whether or not notation
of such consent is made upon the Certificate. The Agreement also permits the
amendment thereof in certain circumstances without the consent of the Holders of
any of the Certificates and, in certain additional circumstances, without the
consent of the Holders of certain Classes of Certificates.
As provided in the Agreement and subject to certain
limitations therein set forth, the transfer of this Certificate is registrable
in the Certificate Register upon surrender of this Certificate for registration
of transfer at the offices or agencies appointed by the Trustee in the City and
State of New York, duly endorsed by, or accompanied by an assignment in the form
below or other written instrument of transfer in form satisfactory to the
Trustee and the Certificate Registrar duly executed by the Holder hereof or such
Holder's attorney duly authorized in writing, and thereupon one or more new
Certificates of authorized denominations evidencing the same Class and aggregate
Percentage Interest will be issued to the designated transferee or transferees.
The Certificates are issuable only as registered Certificates
without coupons in Classes and in denominations specified in the Agreement. As
provided in the Agreement and subject to certain limitations therein set forth,
Certificates are exchangeable for new Certificates of authorized denominations
evidencing the same Class and aggregate Percentage Interest, as requested by the
Holder surrendering the same.
No service charge will be made for any such registration of
transfer or exchange, but the Trustee may require payment of a sum sufficient to
cover any tax or other governmental charge payable in connection therewith.
NY1-188094.6
A-5
<PAGE>
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.
NY1-188094.6
A-6
<PAGE>
IN WITNESS WHEREOF, the Trustee has caused this Certificate to
be duly executed.
Dated: THE FIRST NATIONAL BANK OF
CHICAGO, as Trustee
By:
Authorized Signatory
CERTIFICATE OF AUTHENTICATION
This is one of the Class A-__ Certificates referred to in the
within-mentioned Agreement.
THE FIRST NATIONAL BANK OF
CHICAGO,
as Certificate Registrar
By:
Authorized Signatory
NY1-188094.6
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.
NY1-188094.6
A-8
<PAGE>
EXHIBIT B
FORM OF CLASS M CERTIFICATE
THIS CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE CLASS A CERTIFICATES
AND CLASS R-I CERTIFICATES [AND] CLASS R-II CERTIFICATES [AND CLASS M-1
CERTIFICATES] AS DESCRIBED IN THE AGREEMENT (AS DEFINED BELOW).
SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A "REGULAR
INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT," AS THOSE TERMS ARE
DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF
1986 (THE "CODE").
NO TRANSFER OF THIS CERTIFICATE MAY BE MADE TO ANY PERSON, UNLESS THE TRANSFEREE
PROVIDES EITHER A CERTIFICATION PURSUANT TO SECTION 5.02(e) OF THE AGREEMENT OR
AN OPINION OF COUNSEL SATISFACTORY TO THE MASTER SERVICER, THE COMPANY AND THE
TRUSTEE THAT THE PURCHASE OF THIS CERTIFICATE WILL NOT CONSTITUTE OR RESULT IN A
NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF THE EMPLOYEE RETIREMENT
INCOME SECURITY ACT OF 1974, AS AMENDED, ("ERISA"), OR SECTION 4975 OF THE CODE
AND WILL NOT SUBJECT THE MASTER SERVICER, THE COMPANY OR THE TRUSTEE TO ANY
OBLIGATION OR LIABILITY IN ADDITION TO THOSE UNDERTAKEN IN THE AGREEMENT.
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 January 30, 1997. ASSUMING
THAT THE MORTGAGE LOANS PREPAY AT 200% 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
NY1-188094.6
B-1
<PAGE>
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.]
NY1-188094.6
B-2
<PAGE>
Certificate No. ___ 7.50% Pass-Through Rate
Class M- Subordinate Aggregate Certificate
Principal Balance
of the Class M Certificates:
Date of Pooling and Servicing $_______________
Agreement and Cut-off Date:
January 1, 1997 Initial Certificate Principal
Balance of this Certificate:
First Distribution Date: $_______________
February 25, 1997
CUSIP: 760944-_____
Master Servicer:
Residential Funding Corporation
Assumed Final Distribution Date:
January 25, 2027
MORTGAGE PASS-THROUGH CERTIFICATE,
Series 1997-S2
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.
NY1-188094.6
B-3
<PAGE>
This certifies that _________________________ is the
registered owner of the Percentage Interest evidenced by this Certificate
(obtained by dividing the Certificate Principal Balance of this Certificate by
the aggregate Certificate Principal Balance of all Class M-__ Certificates, both
as specified above) in certain distributions with respect to a Trust Fund
consisting primarily of a pool of conventional one- to four-family fixed
interest rate first mortgage loans (the "Mortgage Loans"), formed and sold by
Residential 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 The First National Bank of Chicago, 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.
NY1-188094.6
B-4
<PAGE>
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 Trustee has received either (i) an opinion of counsel acceptable to and in
form and substance satisfactory to the Trustee, the Company and the Master
Servicer with respect to the permissibility of such transfer under the Employee
Retirement Income Security Act of 1974, as amended ("ERISA") and Section 4975 of
the Internal Revenue Code (the "Code") and stating, among other things, that the
transferee's acquisition of a Class M Certificate will not constitute or result
in a non-exempt prohibited transaction under Section 406 of ERISA or Section
4975 of the Code or (ii) a representation letter, in the form as described by
the Agreement, either stating that the transferee is not an employee benefit or
other plan subject to the prohibited transaction provisions of ERISA or Section
4975 of the Code (a "Plan"), or any other person (including an investment
manager, a named fiduciary or a trustee of any Plan) acting, directly or
indirectly, on behalf of or purchasing any Certificate with "plan assets" of any
Plan, or stating that the transferee is an insurance company, the source of
funds to be used by it to purchase the Certificate is an "insurance company
general account" (within the meaning of Department of Labor Prohibited
Transaction Class Exemption ("PTCE") 95-60), and the purchase is being made in
reliance upon the availability of the exemptive relief afforded under Section
III of PTCE 95-60.
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,
NY1-188094.6
B-5
<PAGE>
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.
NY1-188094.6
B-6
<PAGE>
The Certificates are issuable only as registered Certificates
without coupons in Classes and in denominations specified in the Agreement. As
provided in the Agreement and subject to certain limitations therein set forth,
Certificates are exchangeable for new Certificates of authorized denominations
evidencing the same Class and aggregate Percentage Interest, as requested by the
Holder surrendering the same.
No service charge will be made for any such registration of
transfer or exchange, but the Trustee may require payment of a sum sufficient to
cover any tax or other governmental charge payable in connection therewith.
The Company, the Master Servicer, the Trustee and the
Certificate Registrar and any agent of the Company, the Master Servicer, the
Trustee or the Certificate Registrar may treat the Person in whose name this
Certificate is registered as the owner hereof for all purposes, and neither the
Company, the Master Servicer, the Trustee nor any such agent shall be affected
by notice to the contrary.
This Certificate shall be governed by and construed in
accordance with the laws of the State of New York.
The obligations created by the Agreement in respect of the
Certificates and the Trust Fund created thereby shall terminate upon the payment
to Certificateholders of all amounts held by or on behalf of the Trustee and
required to be paid to them pursuant to the Agreement following the earlier of
(i) the maturity or other liquidation of the last Mortgage Loan subject thereto
or the disposition of all property acquired upon foreclosure or deed in lieu of
foreclosure of any Mortgage Loan and (ii) the purchase by the Master Servicer 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
NY1-188094.6
B-7
<PAGE>
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.
NY1-188094.6
B-8
<PAGE>
IN WITNESS WHEREOF, the Trustee has caused this Certificate to
be duly executed.
Dated: THE FIRST NATIONAL BANK OF CHICAGO,
as Trustee
By:
Authorized Signatory
CERTIFICATE OF AUTHENTICATION
This is one of the Class M-__ Certificates referred to in the
within-mentioned Agreement.
THE FIRST NATIONAL BANK OF
CHICAGO,
as Certificate Registrar
By:
Authorized Signatory
NY1-188094.6
B-9
<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.
NY1-188094.6
B-10
<PAGE>
EXHIBIT C
FORM OF CLASS B CERTIFICATE
THIS CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE CLASS A
CERTIFICATES, CLASS R-I CERTIFICATES, CLASS R-II CERTIFICATES AND CLASS M
CERTIFICATES AS DESCRIBED IN THE AGREEMENT (AS DEFINED HEREIN).
THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE
RESOLD OR TRANSFERRED UNLESS IT IS REGISTERED PURSUANT TO SUCH ACT AND LAWS OR
IS SOLD OR TRANSFERRED IN TRANSACTIONS WHICH ARE EXEMPT FROM REGISTRATION UNDER
SUCH ACT AND UNDER APPLICABLE STATE LAW AND IS TRANSFERRED IN ACCORDANCE WITH
THE PROVISIONS OF SECTION 5.02 OF THE AGREEMENT.
NO TRANSFER OF THIS CERTIFICATE MAY BE MADE TO ANY PERSON, UNLESS THE TRANSFEREE
PROVIDES EITHER A CERTIFICATION PURSUANT TO SECTION 5.02(e) OF THE AGREEMENT OR
AN OPINION OF COUNSEL SATISFACTORY TO THE MASTER SERVICER, THE COMPANY AND THE
TRUSTEE THAT THE PURCHASE OF THIS CERTIFICATE WILL NOT CONSTITUTE OR RESULT IN A
NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF THE EMPLOYEE RETIREMENT
INCOME SECURITY ACT OF 1974, AS AMENDED, ("ERISA"), OR SECTION 4975 OF THE CODE
AND WILL NOT SUBJECT THE MASTER SERVICER, THE COMPANY OR THE TRUSTEE TO ANY
OBLIGATION OR LIABILITY IN ADDITION TO THOSE UNDERTAKEN IN THE AGREEMENT.
SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A "REGULAR
INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT," AS THOSE TERMS ARE
DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE CODE. THE FOLLOWING
INFORMATION IS PROVIDED SOLELY FOR THE PURPOSES OF APPLYING THE U.S. FEDERAL
INCOME TAX ORIGINAL ISSUE DISCOUNT ("OID") RULES TO THIS CERTIFICATE. THE ISSUE
DATE OF THIS CERTIFICATE IS January 30, 1997. ASSUMING THAT THE MORTGAGE LOANS
PREPAY AT 200% 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.
NY1-188094.6
C-1
<PAGE>
Certificate No. __ 7.000 % 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: $_______________
January 1, 1997
Initial Certificate Principal
Balance of this Certificate:
First Distribution Date: $_______________
February 25, 1997
Master Servicer:
Residential Funding Corporation
Assumed Final Distribution Date:
January 25, 2027
MORTGAGE PASS-THROUGH CERTIFICATE,
Series 1997-S2
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
NY1-188094.6
C-2
<PAGE>
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 Certificate Principal Balance of this
Certificate by the aggregate Certificate Principal Balance of all Class B-__
Certificates, both as specified above) in certain distributions with respect to
a Trust Fund consisting primarily of a pool of conventional one- to four-family
fixed interest rate first mortgage loans (the "Mortgage Loans"), formed and sold
by Residential 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 The First National Bank of Chicago, 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
NY1-188094.6
C-3
<PAGE>
or such Paying Agent, or by check mailed to the address of the Person entitled
thereto, as such name and address shall appear on the Certificate Register.
Notwithstanding the above, the final distribution on this
Certificate will be made after due notice of the pendency of such distribution
and only upon presentation and surrender of this Certificate at the office or
agency appointed by the Trustee for that purpose in the City and State of New
York. The Initial Certificate Principal Balance of this Certificate is set forth
above. The Certificate Principal Balance hereof will be reduced to the extent of
the distributions allocable to principal and any Realized Losses allocable
hereto.
No transfer of this Class B Certificate will be made unless
such transfer is exempt from the registration requirements of the Securities Act
of 1933, as amended, and any applicable state securities laws or is made in
accordance with said Act and laws. In the event that such a transfer is to be
made, (i) the Trustee or the Company may require an opinion of counsel
acceptable to and in form and substance satisfactory to the Trustee and the
Company that such transfer is exempt (describing the applicable exemption and
the basis therefor) from or is being made pursuant to the registration
requirements of the Securities Act of 1933, as amended, and of any applicable
statute of any state and (ii) the transferee shall execute an investment letter
in the form described by the Agreement. The Holder hereof desiring to effect
such transfer shall, and does hereby agree to, indemnify the Trustee, the
Company, the Master Servicer and the Certificate Registrar acting on behalf of
the Trustee against any liability that may result if the transfer is not so
exempt or is not made in accordance with such Federal and state laws. In
connection with any such transfer, the Trustee will also require either (i) an
opinion of counsel acceptable to and in form and substance satisfactory to the
Trustee, the Company and the Master Servicer with respect to the permissibility
of such transfer under the Employee Retirement Income Security Act of 1974, as
amended ("ERISA") and Section 4975 of the Internal Revenue Code (the "Code") and
stating, among other things, that the transferee's acquisition of a Class B
Certificate will not constitute or result in a non-exempt prohibited transaction
under Section 406 of ERISA or Section 4975 of the Code or (ii) a representation
letter, in the form as described by the Agreement, either stating that the
transferee is not an employee benefit or other plan subject to the prohibited
transaction
NY1-188094.6
C-4
<PAGE>
provisions of ERISA or Section 4975 of the Code (a "Plan"), or any other person
(including an investment manager, a named fiduciary or a trustee of any Plan)
acting, directly or indirectly, on behalf of or purchasing any Certificate with
"plan assets" of any Plan, or stating that the transferee is an insurance
company, the source of funds to be used by it to purchase the Certificate is an
"insurance company general account" (within the meaning of Department of Labor
Prohibited Transaction Class Exemption ("PTCE") 95-60), and the purchase is
being made in reliance upon the availability of the exemptive relief afforded
under Section III of PTCE 95-60.
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
NY1-188094.6
C-5
<PAGE>
herefor or in lieu hereof whether or not notation of such consent is made upon
the Certificate. The Agreement also permits the amendment thereof in certain
circumstances without the consent of the Holders of any of the Certificates and,
in certain additional circumstances, without the consent of the Holders of
certain Classes of Certificates.
As provided in the Agreement and subject to certain
limitations therein set forth, the transfer of this Certificate is registrable
in the Certificate Register upon surrender of this Certificate for registration
of transfer at the offices or agencies appointed by the Trustee in the City and
State of New York, duly endorsed by, or accompanied by an assignment in the form
below or other written instrument of transfer in form satisfactory to the
Trustee and the Certificate Registrar duly executed by the Holder hereof or such
Holder's attorney duly authorized in writing, and thereupon one or more new
Certificates of authorized denominations evidencing the same Class and aggregate
Percentage Interest will be issued to the designated transferee or transferees.
The Certificates are issuable only as registered Certificates
without coupons in Classes and in denominations specified in the Agreement. As
provided in the Agreement and subject to certain limitations therein set forth,
Certificates are exchangeable for new Certificates of authorized denominations
evidencing the same Class and aggregate Percentage Interest, as requested by the
Holder surrendering the same.
No service charge will be made for any such registration of
transfer or exchange, but the Trustee may require payment of a sum sufficient to
cover any tax or other governmental charge payable in connection therewith.
The Company, the Master Servicer, the Trustee and the
Certificate Registrar and any agent of the Company, the Master Servicer, the
Trustee or the Certificate Registrar may treat the Person in whose name this
Certificate is registered as the owner hereof for all purposes, and neither the
Company, the Master Servicer, the Trustee nor any such agent shall be affected
by notice to the contrary.
This Certificate shall be governed by and construed in
accordance with the laws of the State of New York.
NY1-188094.6
C-6
<PAGE>
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.
NY1-188094.6
C-7
<PAGE>
IN WITNESS WHEREOF, the Trustee has caused this Certificate to
be duly executed.
Dated: THE FIRST NATIONAL BANK OF CHICAGO,
as Trustee
By:
Authorized Signatory
CERTIFICATE OF AUTHENTICATION
This is one of the Class M-__ Certificates referred to in the
within-mentioned Agreement.
THE FIRST NATIONAL BANK OF
CHICAGO,
as Certificate Registrar
By:
Authorized Signatory
NY1-188094.6
C-8
<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.
NY1-188094.6
C-1
<PAGE>
EXHIBIT D
FORM OF CLASS R CERTIFICATE
THIS CERTIFICATE MAY NOT BE HELD BY OR TRANSFERRED TO A NON-UNITED STATES PERSON
OR A DISQUALIFIED ORGANIZATION (AS DEFINED BELOW).
SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A "RESIDUAL
INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT" AS THOSE TERMS ARE
DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF
1986 (THE "CODE").
NO TRANSFER OF THIS CERTIFICATE MAY BE MADE TO ANY PERSON, UNLESS THE TRANSFEREE
PROVIDES EITHER A CERTIFICATION PURSUANT TO SECTION 5.02(e) OF THE AGREEMENT OR
AN OPINION OF COUNSEL SATISFACTORY TO THE MASTER SERVICER, THE COMPANY AND THE
TRUSTEE THAT THE PURCHASE OF THIS CERTIFICATE WILL NOT CONSTITUTE OR RESULT IN A
NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF THE EMPLOYEE RETIREMENT
INCOME SECURITY ACT OF 1974, AS AMENDED, ("ERISA"), OR SECTION 4975 OF THE CODE
AND WILL NOT SUBJECT THE MASTER SERVICER, THE COMPANY OR THE TRUSTEE TO ANY
OBLIGATION OR LIABILITY IN ADDITION TO THOSE UNDERTAKEN IN THE AGREEMENT.
ANY RESALE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE MAY BE MADE ONLY
IF THE PROPOSED TRANSFEREE PROVIDES A TRANSFER AFFIDAVIT TO THE MASTER SERVICER
AND THE TRUSTEE THAT (1) SUCH TRANSFEREE IS NOT (A) THE UNITED STATES, ANY STATE
OR POLITICAL SUBDIVISION THEREOF, ANY 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
NY1-188094.6
D-1
<PAGE>
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.
NY1-188094.6
D-2
<PAGE>
Certificate No. ___ 7.50% 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:
January 1, 1997 Initial Certificate Principal
Balance of this Certificate:
First Distribution Date: $_______________
February 25, 1997
Percentage Interest:
Master Servicer: _______%
Residential Funding Corporation
CUSIP 760944-_____
Assumed Final Distribution Date:
January 25, 2027
MORTGAGE PASS-THROUGH CERTIFICATE,
Series 1997-S2
evidencing a percentage interest in any distributions allocable to the
Class [R-I][R-II] Certificates with respect to REMIC I. REMIC I is part
of 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.
NY1-188094.6
D-3
<PAGE>
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 REMIC I. REMIC I is part of 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 and
REMIC I were created pursuant to a Pooling and Servicing Agreement dated as
specified above (the "Agreement") among the Company, the Master Servicer and The
First National Bank of Chicago, 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
NY1-188094.6
D-4
<PAGE>
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.
No transfer of this Class R Certificate will be made unless
the Trustee has received either (i) an opinion of counsel acceptable to and in
form and substance satisfactory to the Trustee, the Company and the Master
Servicer with respect to the permissibility of such transfer under the Employee
Retirement Income Security Act of 1974, as amended ("ERISA") and Section 4975 of
the Internal Revenue Code (the "Code") and stating, among other things, that the
transferee's acquisition of a Class R Certificate will not constitute or result
in a non-exempt prohibited transaction under Section 406 of ERISA or Section
4975 of the Code or (ii) a representation letter, in the form as described by
the Agreement, stating that the transferee is not an employee benefit or other
plan subject to the prohibited transaction provisions of ERISA or Section 4975
of the Code (a "Plan"), or any other person (including an investment manager, a
named fiduciary or a trustee of
NY1-188094.6
D-5
<PAGE>
any Plan) acting, directly or indirectly, on behalf of or purchasing any
Certificate with "plan assets" of any Plan.
This Certificate is one of a duly authorized issue of
Certificates issued in several Classes designated as Mortgage 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.
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As provided in the Agreement and subject to certain
limitations therein set forth, the transfer of this Certificate is registrable
in the Certificate Register upon surrender of this Certificate for registration
of transfer at the offices or agencies appointed by the Trustee in the City and
State of New York, duly endorsed by, or accompanied by an assignment in the form
below or other written instrument of transfer in form satisfactory to the
Trustee and the Certificate Registrar duly executed by the Holder hereof or such
Holder's attorney duly authorized in writing, and thereupon one or more new
Certificates of authorized denominations evidencing the same Class and aggregate
Percentage Interest will be issued to the designated transferee or transferees.
The Certificates are issuable only as registered Certificates
without coupons in Classes and in denominations specified in the Agreement. As
provided in the Agreement and subject to certain limitations therein set forth,
Certificates are exchangeable for new Certificates of authorized denominations
evidencing the same Class and aggregate Percentage Interest, as requested by the
Holder surrendering the same.
No service charge will be made for any such registration of
transfer or exchange, but the Trustee may require payment of a sum sufficient to
cover any tax or other governmental charge payable in connection therewith.
The Company, the Master Servicer, the Trustee and the
Certificate Registrar and any agent of the Company, the Master Servicer, the
Trustee or the Certificate Registrar may treat the Person in whose name this
Certificate is registered as the owner hereof for all purposes, and neither the
Company, the Master Servicer, the Trustee nor any such agent shall be affected
by notice to the contrary.
This Certificate shall be governed by and construed in
accordance with the laws of the State of New York.
The obligations created by the Agreement in respect of the
Certificates and the Trust Fund created thereby shall terminate upon the payment
to Certificateholders of all amounts held by or on behalf of the Trustee and
required to be paid to them pursuant to the Agreement following the earlier of
(i) the maturity or other liquidation of the last Mortgage Loan subject thereto
or the disposition of all property acquired upon foreclosure or deed in
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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.
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IN WITNESS WHEREOF, the Trustee has caused this Certificate to
be duly executed.
Dated: THE FIRST NATIONAL BANK OF CHICAGO
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.
THE FIRST NATIONAL BANK OF
CHICAGO,
as Certificate Registrar
By:
Authorized Signatory
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<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.
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<PAGE>
EXHIBIT E
CUSTODIAL AGREEMENT
THIS CUSTODIAL AGREEMENT (as amended and supplemented from
time to time, the "Agreement"), dated as of January 1, 1997, by and among THE
FIRST NATIONAL BANK OF CHICAGO, as Trustee (including its successors under the
Pooling Agreement defined below, the "Trustee"), RESIDENTIAL FUNDING MORTGAGE
SECURITIES I, INC. (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 January 1, 1997,
relating to the issuance of Residential Funding Mortgage Securities I, Inc.,
Mortgage Pass-Through Certificates, Series 1997-S2 (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
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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.
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
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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 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
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<PAGE>
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 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
NY1-188094.6
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<PAGE>
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
NY1-188094.6
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<PAGE>
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. 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
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<PAGE>
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.
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
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$10,000,000 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
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<PAGE>
satisfactory to the Master Servicer to the effect that the 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.
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<PAGE>
IN WITNESS WHEREOF, this Agreement is executed as of the date
first above written.
Address: THE FIRST NATIONAL BANK OF
CHICAGO,
as Trustee
One North State Street
Chicago, Illinois 60602
Attention: Residential Funding Corporation
Series 1997-S2
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
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<PAGE>
STATE OF NEW YORK )
) ss.:
COUNTY OF NEW YORK )
On the 30th day of January, 1997, before me, a notary public
in and for said State, personally appeared _______________________, known to me
to be a Vice President of The First National Bank of Chicago, 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]
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<PAGE>
STATE OF MINNESOTA )
) ss.:
COUNTY OF HENNEPIN )
On the 30th day of January, 1997, 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]
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<PAGE>
STATE OF MINNESOTA )
) ss.:
COUNTY OF HENNEPIN )
On the 30th day of January, 1997, 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 30th day of January, 1997, 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]
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<PAGE>
EXHIBIT ONE
FORM OF CUSTODIAN
INITIAL CERTIFICATION
January 30, 1997
The First National Bank of Chicago
One North State Street
Chicago, Illinois 60602
Attention: Residential Funding Corporation Series 1997-S2
Re: Custodial Agreement dated as of January 1, 1997,
by and among The First National Bank of Chicago,
Residential Funding Mortgage Securities I, Inc.,
Residential Funding Corporation and Norwest Bank
Minnesota, National Association, Mortgage
Pass-Through Certificates, Series 1997-S2
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:
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<PAGE>
EXHIBIT TWO
FORM OF CUSTODIAN INTERIM CERTIFICATION
________________ ____, 1997
The First National Bank of Chicago
One North State Street
Chicago, Illinois 60602
Attention: Residential Funding Corporation Series 1997-S2
Re: Custodial Agreement dated as of January 1, 1997,
by and among The First National Bank of Chicago,
Residential Funding Mortgage Securities I, Inc.,
Residential Funding Corporation and Norwest Bank
Minnesota, National Association, Mortgage
Pass-Through Certificates, Series 1997-S2
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:
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Name:
Title:
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EXHIBIT THREE
FORM OF CUSTODIAN FINAL CERTIFICATION
_____________ ___, 1997
The First National Bank of Chicago
One North State Street
Chicago, Illinois 60602
Attention: Residential Funding Corporation Series 1997-S2
Re: Custodial Agreement dated as of January 1, 1997,
by and among The First National Bank of Chicago,
Residential Funding Mortgage Securities I, Inc.,
Residential Funding Corporation and Norwest Bank
Minnesota, National Association, Mortgage
Pass-Through Certificates, Series 1997-S2
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;
E-4
<PAGE>
(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 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;
E-5
<PAGE>
(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.
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:
E-6
<PAGE>
EXHIBIT F
MORTGAGE LOAN SCHEDULE
F-1
<PAGE>
RUN ON : 01/24/97 RFC DISCLOSURE SYSTEM RFFSD177-01
AT : 12.56.11 FIXED RATE LOAN LISTING AMORTIZED BALANCE
SERIES : RFMSI I 1997-S2 CUTOFF : 01/01/97
POOL : 0004236
:
:
POOL STATUS: U
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 #
______________________________________________________________________________
1466779 747/G01 F 177,300.00 ZZ
351 177,068.99 1
XX BIMINI & FIRWOOD CT 8.500 1,370.97 75
8.250 1,370.97 236,403.00
MARCO ISLAND FL 33937 4 11/01/96 00
0430091744 05 12/01/96 0
173168 O 02/01/26
0
1469933 920/G01 F 437,400.00 ZZ
348 437,400.00 1
1195 LOS TRANCOS ROAD 8.625 3,427.32 80
8.375 3,427.32 550,000.00
PORTOLA VALLEY CA 94028 4 12/24/96 00
0430120063 05 02/01/97 0
954711 O 01/01/26
0
1474765 074/728 F 450,000.00 ZZ
360 446,146.57 40
45 GRAMERCY PARK NORTH 7.875 3,262.82 50
APT 9B 7.625 3,262.82 900,000.00
NEW YORK NY 10010 1 12/27/95 00
0380362781 13 02/01/96 0
1111019333 O 01/01/26
0
1489357 B59/G48 F 76,500.00 T
360 76,075.15 1
100 LEHANE TERRACE 8.625 595.01 90
UNIT #6 8.375 595.01 85,000.00
NORTH PALM BEAC FL 33408 1 05/28/96 11
2555449 01 07/01/96 30
1
UNKNOWN O 06/01/26
0
1490869 668/728 F 400,000.00 ZZ
360 397,808.88 1
8211 EAST ADOBE DRIVE 9.000 3,218.50 75
8.750 3,218.50 540,000.00
SCOTTSDALE AZ 85255 5 03/14/96 00
0380413709 03 05/01/96 0
6379168 O 04/01/26
0
1491168 559/728 F 268,000.00 ZZ
353 265,362.40 1
1367 LEXINGTON STREET 8.375 2,046.09 80
8.125 2,046.09 335,000.00
SANTA CLARA CA 95050 2 04/10/96 00
0380426511 05 05/01/96 0
0361394 O 09/01/25
0
1492034 F45/163 F 348,192.59 ZZ
353 338,346.74 1
18 BROOKLAWN DRIVE 8.625 2,722.26 70
8.375 2,722.26 501,000.00
SHORT HILLS NJ 07078 5 09/09/93 00
202231918 05 11/01/93 0
154104 O 03/01/23
0
1497533 F45/163 F 299,359.55 ZZ
335 294,857.90 1
1424 GRANVIA ALTAMIRA 8.125 2,262.92 37
7.875 2,262.92 815,000.00
PALOS VERDES ES CA 90274 2 07/01/95 00
202354109 05 08/01/95 0
664680 O 06/01/23
0
1500459 232/076 F 278,800.00 ZZ
360 277,622.62 1
9101 DOWNCREST WAY 8.625 2,168.48 85
8.375 2,168.48 328,000.00
WINDERMERE FL 34786 2 05/06/96 19
377335 03 07/01/96 12
377335 O 06/01/26
0
1
1508489 966/G01 F 310,500.00 ZZ
360 309,973.91 1
840 HIGHWAY 205 8.875 2,470.48 90
8.625 2,470.48 345,000.00
ROCKWALL TX 75087 1 09/02/96 11
0430091751 05 11/01/96 25
UNKNOWN O 10/01/26
0
1514086 742/G01 F 214,000.00 ZZ
360 213,852.73 1
21 BROOK HOLLOW DRIVE 7.875 1,551.65 80
7.625 1,551.65 268,000.00
CORNWALL NY 12518 1 11/27/96 00
0430096958 05 01/01/97 0
4100335 O 12/01/26
0
1518960 705/G01 F 133,000.00 ZZ
360 132,919.43 1
186-08 JORDAN AVENUE 8.500 1,022.65 95
8.250 1,022.65 140,000.00
HOLLIS NY 11432 1 11/25/96 04
0430090332 05 01/01/97 30
96030191 O 12/01/26
0
1519178 882/G01 F 140,000.00 ZZ
360 140,000.00 1
3045-R ORANGE STREET 8.250 1,051.77 70
#B 8.000 1,051.77 200,000.00
MIAMI FL 33133 1 12/06/96 00
0430094292 01 02/01/97 0
960221 O 01/01/27
0
1519280 664/G01 F 261,250.00 ZZ
360 260,544.19 1
1242 W. FULLERTON #1M 9.125 2,125.62 95
8.875 2,125.62 275,000.00
CHICAGO IL 60614 1 08/07/96 11
0430012542 01 09/01/96 30
2215887 O 08/01/26
0
1519680 637/G01 F 216,700.00 ZZ
360 216,208.61 1
1537 NEW MEXICO HWY 28 8.875 1,724.17 84
8.625 1,724.17 259,682.00
1
LA UNION NM 88021 4 08/30/96 10
0430092288 05 10/01/96 12
3364890 O 09/01/26
0
1523614 637/G01 F 126,000.00 ZZ
360 125,925.61 2
191-08 120TH RD. 8.625 980.02 70
8.375 980.02 180,000.00
ST. ALBANS NY 11412 2 11/20/96 00
0430104224 05 01/01/97 0
9379587 O 12/01/26
0
1524961 776/G01 F 255,000.00 ZZ
360 254,359.37 1
2255 MCNELL ROAD 8.375 1,938.18 75
8.125 1,938.18 340,000.00
OJAI CA 93023 1 08/28/96 00
0430035378 05 10/01/96 0
7328873 O 09/01/26
0
1525191 A35/G01 F 300,000.00 ZZ
360 299,803.76 2
2292 NATIONAL DRIVE 8.125 2,227.49 71
7.875 2,227.49 423,000.00
BROOKLYN NY 11234 1 11/25/96 00
0430103705 05 01/01/97 0
UNKNOWN O 12/01/26
0
1527360 731/G01 F 742,000.00 ZZ
360 742,000.00 1
1018 POLARIS DRIVE 8.625 5,771.20 70
8.375 5,771.20 1,060,000.00
NEWPORT BEACH CA 92660 1 12/17/96 00
0430114900 05 02/01/97 0
411510784 O 01/01/27
0
1527363 A38/G01 F 70,000.00 ZZ
360 69,890.29 1
310 SPENCER'S GLEN DRIVE 9.250 575.87 42
9.000 575.87 170,000.00
SUGAR LAND TX 77479 1 09/13/96 00
0430100214 05 11/01/96 0
960319 O 10/01/26
0
1
1527610 F03/G01 F 103,500.00 ZZ
360 103,500.00 1
1384 SOUTH NIAGARA STREET 8.375 786.68 75
8.125 786.68 138,000.00
DENVER CO 80224 1 12/19/96 00
0430103838 05 02/01/97 0
1527610 O 01/01/27
0
1528623 637/G01 F 256,000.00 ZZ
360 255,629.10 1
43 COMMERCIAL WHARF #7 9.625 2,175.98 80
9.375 2,175.98 320,000.00
BOSTON MA 02110 1 09/17/96 00
0430092247 08 11/01/96 0
9396193 O 10/01/26
0
1528666 588/G01 F 335,200.00 ZZ
360 334,969.31 1
5337 MAC ARTHUR BOULEVARD 7.875 2,430.44 80
7.625 2,430.44 419,000.00
WASHINGTON DC 20016 1 11/22/96 00
0430102590 05 01/01/97 0
960908001 O 12/01/26
0
1528837 731/G01 F 56,000.00 ZZ
360 55,961.46 2
619 & 619 1/2 SOUTH 17TH AVE 7.875 406.04 63
7.625 406.04 90,000.00
YAKIMA WA 98902 2 11/13/96 00
0430114918 05 01/01/97 0
232532739 O 12/01/26
0
1529754 668/G01 F 94,500.00 T
360 94,447.02 1
1015 WEST BRIDLE PATH LANE 8.875 751.89 70
8.625 751.89 135,000.00
PAYSON AZ 85541 1 11/08/96 00
0430094466 05 01/01/97 0
0006931257 O 12/01/26
0
1530055 640/G01 F 205,000.00 ZZ
348 204,326.02 1
1
6409 SAIL POINT LANE 8.625 1,606.31 79
8.375 1,606.31 261,000.00
HIXSON TN 37343 2 07/22/96 00
0430111948 05 09/01/96 0
5717756 O 08/01/25
0
1530265 A83/G01 F 153,750.00 ZZ
360 153,576.98 1
7029 ELLIOT FAMILY PARKWAY 8.875 1,223.30 75
8.625 1,223.30 205,000.00
DAWSONVILLE GA 30534 2 10/11/96 00
0430101295 05 12/01/96 0
134379 O 11/01/26
0
1530666 668/G01 F 288,000.00 ZZ
360 287,397.27 1
4311 OLIVE AVENUE 9.250 2,369.31 90
9.000 2,369.31 320,000.00
LONG BEACH CA 90807 1 09/13/96 04
0430101170 05 11/01/96 25
6870091 O 10/01/26
0
1530921 637/G01 F 156,000.00 ZZ
360 155,905.49 1
6 WESTWOOD AVE. 8.500 1,199.51 64
8.250 1,199.51 245,000.00
STONY BROOK NY 11790 2 11/26/96 00
0430100636 05 01/01/97 0
9378852 O 12/01/26
0
1530971 387/387 F 620,000.00 ZZ
360 618,786.93 1
25781 WOLFF LANE 8.125 4,603.48 75
7.875 4,603.48 830,000.00
SALINAS CA 93908 2 10/18/96 00
823724 05 12/01/96 0
823724 O 11/01/26
0
1531455 593/593 F 220,000.00 ZZ
360 219,341.16 1
1417 N. 19TH STREET 8.625 1,711.14 80
8.375 1,711.14 275,000.00
BOISE ID 83702 1 07/10/96 00
6010870 05 09/01/96 0
1
6010870 O 08/01/26
0
1531568 952/G01 F 276,000.00 ZZ
360 276,000.00 1
252 MIDVALE LANE 8.375 2,097.80 80
8.125 2,097.80 345,000.00
RIDGEWOOD NJ 07450 1 12/30/96 00
0430116582 05 02/01/97 0
96091392 O 01/01/27
0
1531619 B68/G01 F 188,000.00 ZZ
360 187,503.07 1
2308 SANTA ANA AVENUE 8.125 1,395.89 80
7.875 1,395.89 235,000.00
COSTA MESA CA 92627 2 08/15/96 00
0430091801 05 10/01/96 0
87026006 O 09/01/26
0
1531676 F03/G01 F 400,000.00 ZZ
360 399,488.11 1
8901 S HILLVIEW ROAD 8.250 3,005.07 75
8.000 3,005.07 535,000.00
MORRISON CO 80465 5 10/29/96 00
0430100438 05 12/01/96 0
DEN10178 O 11/01/26
0
1531836 998/G01 F 318,600.00 ZZ
360 318,212.61 1
10024 PICO VISTA ROAD 8.500 2,449.76 90
8.250 2,449.76 354,000.00
DOWNEY CA 90240 1 10/30/96 11
0430100057 05 12/01/96 25
99606311 O 11/01/26
0
1531985 559/G01 F 600,000.00 ZZ
360 599,251.52 1
909 MUSTANG COURT 8.375 4,560.44 80
8.125 4,560.44 750,000.00
PETALUMA CA 94954 2 10/30/96 00
0430112979 05 12/01/96 0
5386909 O 11/01/26
0
1
1532139 637/G01 F 596,000.00 ZZ
360 595,629.55 1
17321 AVENIDA PEREGRINA 8.375 4,530.03 80
8.125 4,530.03 745,000.00
RANCHO SANTA FE CA 92067 1 11/01/96 00
0430102228 05 01/01/97 0
9194184 O 12/01/26
0
1532280 367/367 F 237,368.85 ZZ
337 236,688.16 1
20649 SHOAL PLACE 8.250 1,811.96 88
8.000 1,811.96 270,087.00
STERLING VA 20165 1 10/07/96 10
1237541 03 11/01/96 17
1237541 O 11/01/24
0
1532334 A83/G01 F 89,800.00 ZZ
360 89,696.28 1
310 HALF ROCK CIRCLE 8.750 706.46 60
8.500 706.46 149,810.00
LYMAN SC 29365 1 10/31/96 00
0430100867 05 12/01/96 0
150288 O 11/01/26
0
1532355 998/G01 F 248,500.00 ZZ
360 248,181.99 1
1238 PASEO LADERA LANE 8.250 1,866.90 59
8.000 1,866.90 425,000.00
ARROYO GRANDE CA 93420 2 10/23/96 00
0430100081 05 12/01/96 0
99685992 O 11/01/26
0
1532570 976/G01 F 368,000.00 ZZ
360 367,771.26 1
727 SOUTH JUANITA AVENUE 8.375 2,797.07 80
8.125 2,797.07 460,000.00
REDONDO BEACH CA 90277 2 11/06/96 00
0430098368 05 01/01/97 0
314085 O 12/01/26
0
1532978 638/G01 F 75,000.00 ZZ
360 74,856.85 1
239 ELIZABETH RD 8.750 590.03 50
8.500 590.03 150,000.00
1
SAN ANTONIO TX 78209 1 11/06/96 00
0430084509 05 01/01/97 0
8603905 O 12/01/26
0
1533001 998/G01 F 300,000.00 ZZ
360 299,827.39 1
38 CORTE PRINCESA 8.750 2,360.11 73
8.500 2,360.11 415,000.00
MILBRAE CA 94030 1 11/04/96 00
0430100107 05 01/01/97 0
59651422 O 12/01/26
0
1533059 776/G01 F 246,200.00 ZZ
360 245,803.97 1
1509 STRATFORD AVENUE 9.125 2,003.16 80
8.875 2,003.16 307,800.00
SOUTH PASADENA CA 91030 1 09/19/96 00
0430063768 05 11/01/96 0
2134960 O 10/01/26
0
1533275 601/G01 F 227,400.00 ZZ
360 227,004.63 1
1325 MAYFAIR LANE 8.750 1,788.96 80
8.500 1,788.96 284,306.00
GRAYSLAKE IL 60037 1 09/13/96 00
0430113399 05 11/01/96 0
873472 O 10/01/26
0
1533291 559/G01 F 192,000.00 ZZ
360 191,880.66 1
1811 WESTSIDE ROAD 8.375 1,459.34 80
8.125 1,459.34 240,000.00
CLE ELUM WA 98922 1 11/13/96 00
0430098491 05 01/01/97 0
5395512 O 12/01/26
0
1533328 387/387 F 320,000.00 ZZ
360 319,558.11 1
9202 NORTH 115TH STREET 7.875 2,320.22 80
7.625 2,320.22 400,000.00
SCOTTSDALE AZ 85259 1 10/25/96 00
828673 03 12/01/96 0
828673 O 11/01/26
0
1
1533398 E26/G01 F 168,750.00 ZZ
360 168,448.94 1
100 HICKORY HILL LANE 8.625 1,312.53 75
8.375 1,312.53 225,000.00
GREENVILLE SC 29609 1 09/25/96 00
0430060871 05 11/01/96 0
510099 O 10/01/26
0
1533446 227/G01 F 79,200.00 ZZ
360 79,062.04 1
829 SINGLE TREE DRIVE 8.750 623.07 60
8.500 623.07 132,000.00
LAS VEGAS NV 89123 1 09/06/96 00
0430105395 05 11/01/96 0
1663428 O 10/01/26
0
1533480 992/G01 F 298,000.00 ZZ
360 298,000.00 1
61-15 232ND STREET 8.500 2,291.37 80
8.250 2,291.37 372,500.00
BAYSIDE NY 11361 1 12/02/96 00
0430091868 01 02/01/97 0
324972 O 01/01/27
0
1533642 998/G01 F 520,000.00 ZZ
360 519,632.98 1
324 OAKVIEW DRIVE 7.750 3,725.35 80
7.500 3,725.35 650,000.00
SAN CARLOS CA 94070 1 11/08/96 00
0430100131 05 01/01/97 0
99701625 O 12/01/26
0
1533661 F03/G01 F 95,900.00 ZZ
360 95,900.00 1
1009 CAMELOT CIRCLE 8.375 728.91 66
8.125 728.91 145,900.00
FORT COLLINS CO 80525 1 12/19/96 00
0430116558 05 02/01/97 0
DEN10210 O 01/01/27
0
1533749 637/G01 F 276,800.00 ZZ
360 276,435.34 1
1
15 GAYLORD STREET 8.750 2,177.59 78
8.500 2,177.59 355,000.00
SAN CARLOS CA 94070 2 10/04/96 00
0430118604 05 12/01/96 0
9311119 O 11/01/26
0
1533870 E23/G01 F 430,400.00 ZZ
360 430,132.47 1
21000 WENDY DRIVE 8.375 3,271.36 80
8.125 3,271.36 538,000.00
TORRANCE CA 90503 1 11/12/96 00
0430100669 03 01/01/97 0
107582 O 12/01/26
0
1534206 074/G01 F 266,000.00 ZZ
360 265,237.27 1
103 MAPLE BROOK COURT 8.750 2,092.63 95
8.500 2,092.63 280,000.00
SIMPSONVILLE SC 29681 1 08/30/96 04
0430063834 05 10/01/96 30
1577045579 O 09/01/26
0
1534280 074/G01 F 268,000.00 ZZ
360 267,420.60 1
183 LITTLETON ROAD 8.750 2,108.36 80
8.500 2,108.36 335,000.00
HARVARD MA 01451 1 10/21/96 00
0430064782 05 10/01/96 0
1813077333 O 09/01/26
0
1534340 076/076 F 392,000.00 ZZ
360 391,015.16 1
546 ROLLING HILLS ROAD 8.375 2,979.48 80
8.125 2,979.48 493,000.00
COPPELL TX 75019 2 08/27/96 00
5736512 05 10/01/96 0
5736512 O 09/01/26
0
1534362 429/429 F 280,000.00 ZZ
360 279,816.83 1
94 MIDDLE RIDGE ROAD 8.125 2,079.00 74
7.875 2,079.00 380,000.00
STAMFORD CT 06903 1 11/07/96 00
0021676712 05 01/01/97 0
1
0021676712 O 12/01/26
0
1534420 076/076 F 220,000.00 ZZ
360 219,472.32 1
1154 KETTLE POND LANE 8.500 1,691.61 79
8.250 1,691.61 280,000.00
GREAT FALLS VA 22066 2 09/05/96 00
7053542 03 11/01/96 0
7053542 O 10/01/26
0
1534432 893/G01 F 292,000.00 ZZ
360 292,000.00 1
703 ADDISON AVENUE 8.750 2,297.17 80
8.500 2,297.17 365,000.00
PALO ALTO CA 94301 1 12/05/96 00
0430111401 05 02/01/97 0
1534432 O 01/01/27
0
1534452 776/G01 F 372,000.00 ZZ
360 371,511.67 1
29383 FOUNTAINWOOD STREET 8.125 2,762.09 80
7.875 2,762.09 465,000.00
AGOURA HILLS CA 91301 1 10/09/96 00
0430064204 05 12/01/96 0
2135334 O 11/01/26
0
1534515 076/076 F 396,000.00 ZZ
360 395,005.08 1
16319 ROBIE LANE 8.375 3,009.89 66
8.125 3,009.89 600,000.00
LOS GATOS CA 95032 2 08/22/96 00
6337062 05 10/01/96 0
6337062 O 09/01/26
0
1534688 076/076 F 355,200.00 ZZ
360 354,533.03 1
6949 MCBRIDE POINT 8.375 2,699.78 80
8.125 2,699.78 445,000.00
TALLAHASSEE FL 32312 1 09/16/96 00
7052504 05 11/01/96 0
7052504 O 10/01/26
0
1
1534768 076/076 F 294,000.00 ZZ
360 293,364.39 1
319 POUND RIDGE RD 9.500 2,472.12 66
9.250 2,472.12 450,000.00
BEDFORD NY 10506 5 08/09/96 00
7048420 05 10/01/96 0
7048420 O 09/01/26
0
1534970 593/593 F 353,600.00 ZZ
360 352,513.65 1
193 EASTRIDGE LANE 8.500 2,718.88 80
8.250 2,718.88 442,000.00
LOGAN UT 84321 1 07/30/96 00
6509335 05 09/01/96 0
6509335 O 08/01/26
0
1535023 208/G01 F 230,000.00 ZZ
360 229,698.08 1
#2 ENCANTADO LOOP 8.125 1,707.74 71
7.875 1,707.74 325,000.00
SANTE FE NM 87505 5 10/18/96 00
0430118398 03 12/01/96 0
34068 O 11/01/26
0
1535104 637/G01 F 276,500.00 ZZ
360 276,340.92 1
1040 EAST MAGNOLIA BLVD 8.750 2,175.23 70
8.500 2,175.23 400,000.00
BURBANK CA 91501 5 11/05/96 00
0430096305 05 01/01/97 0
9422080 O 12/01/26
0
1535113 744/G01 F 300,000.00 ZZ
360 300,000.00 1
4345 CHAUCER COURT 8.125 2,227.49 80
7.875 2,227.49 375,000.00
LIVERMORE CA 94550 1 12/04/96 00
0430098194 05 02/01/97 0
79025 O 01/01/27
0
1535118 470/G01 F 260,000.00 ZZ
360 259,829.92 1
4405 INTERLAKEN COURT 8.125 1,930.50 90
7.875 1,930.50 290,000.00
1
RENO NV 89509 1 11/07/96 10
0430088393 03 01/01/97 25
78003973 O 12/01/26
0
1535133 F18/G03 F 104,500.00 ZZ
360 104,436.70 1
420 ANNETTE AVENUE 8.500 803.51 95
8.250 803.51 110,000.00
VALLEJO CA 94591 2 11/26/96 12
0430101782 05 01/01/97 30
96143 O 12/01/26
0
1535171 E73/G01 F 231,000.00 ZZ
360 230,415.85 1
1103 GALLOP CIRCLE 8.375 1,755.77 90
8.125 1,755.77 257,345.00
NEW HOPE PA 18938 1 09/30/96 10
0430092833 03 11/01/96 25
7000007207 O 10/01/26
0
1535195 E73/G01 F 341,000.00 ZZ
360 340,375.85 1
5 MITCHELMORE COURT 8.500 2,622.00 78
8.250 2,622.00 440,000.00
REHOBOTH BEACH DE 19971 2 09/17/96 00
0430094540 05 11/01/96 0
6000001822 O 10/01/26
0
1535343 976/G01 F 254,000.00 ZZ
360 253,850.04 1
2002 CATTAIL LANE 8.625 1,975.59 79
8.375 1,975.59 325,000.00
SAN ANGELO TX 76904 1 11/08/96 00
0430100750 05 01/01/97 0
336101 O 12/01/26
0
1535344 976/G01 F 238,000.00 ZZ
360 237,848.23 1
16030 SILVERLEAF DRIVE 8.250 1,788.02 95
8.000 1,788.02 250,625.00
SAN LORENZO CA 94580 1 11/14/96 21
0430096719 03 01/01/97 30
321458 O 12/01/26
0
1
1535476 F03/G01 F 187,500.00 T
360 187,380.43 1
1401 LOWELL AVENUE 8.250 1,408.63 75
#33 8.000 1,408.63 250,000.00
PARK CITY UT 84060 1 11/15/96 00
0430089516 01 01/01/97 0
10217 O 12/01/26
0
1535767 B23/G01 F 193,600.00 ZZ
360 193,364.59 1
10054 NEWVILLE AVENUE 8.500 1,488.62 80
8.250 1,488.62 242,000.00
DOWNEY CA 90240 1 10/28/96 00
0430062570 05 12/01/96 0
88001547 O 11/01/26
0
1535818 F16/G01 F 326,300.00 ZZ
360 325,871.66 1
63 TRAILWOOD 8.125 2,422.77 80
7.875 2,422.77 407,890.00
IRVINE CA 92720 1 10/09/96 00
0430090118 03 12/01/96 0
96315805 O 11/01/26
0
1535925 561/G01 F 290,400.00 ZZ
360 290,037.74 1
12 ASHGROWN WAY 8.375 2,207.25 80
8.125 2,207.25 363,000.00
REISTERSTOWN MD 21136 1 10/16/96 00
0430091686 05 12/01/96 0
8728248 O 11/01/26
0
1535971 299/G01 F 230,400.00 ZZ
359 229,877.55 1
2010 LAVALE ROAD 8.875 1,833.17 80
8.625 1,833.17 288,000.00
MURRYSVILLE PA 15668 1 08/16/96 00
0430066894 05 10/01/96 0
669185 O 08/01/26
0
1536012 638/G01 F 210,000.00 ZZ
360 209,869.48 1
1
928 GARDENIA WAY 8.375 1,596.15 56
8.125 1,596.15 380,000.00
NEWPORT BEACH CA 92625 1 11/07/96 00
0430093427 05 01/01/97 0
8600928 O 12/01/26
0
1536060 624/G01 F 335,300.00 ZZ
360 335,091.59 1
1022 LLAGAS ROAD 8.375 2,548.52 70
8.125 2,548.52 479,000.00
MORGAN HILL CA 95037 1 11/05/96 00
0430090605 05 01/01/97 0
63081860016 O 12/01/26
0
1536096 624/G01 F 132,500.00 ZZ
360 132,326.07 1
1101 LIGHTLAND ROAD 8.125 983.81 73
7.875 983.81 182,500.00
SAN JOSE CA 95121 1 10/28/96 00
0430091520 05 12/01/96 0
87500360086 O 11/01/26
0
1536124 356/G01 F 345,000.00 ZZ
360 344,580.50 1
1504 CEDAR PLACE 8.500 2,652.76 60
8.250 2,652.76 575,000.00
LOS ALTOS CA 94024 2 10/04/96 00
0430098947 05 12/01/96 0
2380061 O 11/01/26
0
1536161 B25/G01 F 176,000.00 ZZ
360 175,884.87 1
3937 RICKOVER ROAD 8.125 1,306.80 80
7.875 1,306.80 220,000.00
SILVER SPRING MD 20902 1 11/22/96 00
0430093005 05 01/01/97 0
RS100 O 12/01/26
0
1536191 450/450 F 196,392.07 ZZ
308 196,392.07 1
12590 CROSS HOLLOW COURT 8.625 1,586.31 79
8.375 1,586.31 249,000.00
HERNDON VA 22070 1 12/09/96 04
2360337 05 02/01/97 17
1
2360337 O 09/01/22
0
1536283 105/G01 F 108,000.00 ZZ
360 107,881.58 1
5600 MONROE STREET 9.000 868.99 80
8.750 868.99 135,000.00
HYATTSVILLE MD 20784 2 10/18/96 00
0430113357 05 12/01/96 0
970228 O 11/01/26
0
1536355 526/526 F 243,200.00 ZZ
360 242,777.15 1
17104 LONE CYPRESS 8.750 1,913.26 95
8.500 1,913.26 256,000.00
HELOTES TX 78023 4 09/27/96 10
0110120 03 11/01/96 30
0110120 O 10/01/26
0
1536406 976/G01 F 240,000.00 ZZ
360 239,676.85 1
822 BOLIVAR PLACE 8.000 1,761.04 78
7.750 1,761.04 310,000.00
SAN RAMON CA 94583 2 10/10/96 00
0430072363 05 12/01/96 0
316240 O 11/01/26
0
1536459 638/G01 F 211,500.00 ZZ
360 211,354.45 1
1730 GRAND AVENUE 7.875 1,533.52 75
7.625 1,533.52 282,000.00
SANTA BARBARA CA 93103 1 11/27/96 00
0430101147 05 01/01/97 0
8607235 O 12/01/26
0
1536497 765/G01 F 412,000.00 ZZ
360 412,000.00 1
2440 ST ANDREWS DRIVE 8.000 3,023.12 65
7.750 3,023.12 640,000.00
GLENDALE CA 91206 2 12/11/96 00
0430110098 05 02/01/97 0
318595 O 01/01/27
0
1
1536514 E61/G01 F 313,600.00 ZZ
360 313,600.00 1
1362 GENEVA AVENUE 8.125 2,328.47 80
7.875 2,328.47 392,000.00
SAN CARLOS CA 94070 1 12/02/96 00
0430099580 05 02/01/97 0
13709 O 01/01/27
0
1536515 E61/G01 F 188,000.00 ZZ
360 187,880.12 1
4036 DEEP CREEK ROAD 8.250 1,412.38 80
8.000 1,412.38 235,000.00
FREMONT CA 94555 1 11/21/96 00
0430088682 05 01/01/97 0
12899 O 12/01/26
0
1536579 A91/G01 F 251,750.00 ZZ
360 251,612.49 1
86 68 MIDLAND PARKWAY 9.000 2,025.64 95
8.750 2,025.64 265,000.00
JAMAICA NY 11432 1 11/06/96 04
0430066746 05 01/01/97 30
174310 O 12/01/26
0
1536590 731/G01 F 215,000.00 ZZ
360 214,738.59 1
6978 DAL BON COURT 8.500 1,653.16 77
8.250 1,653.16 280,000.00
SAN JOSE CA 95119 2 10/17/96 00
0430095224 05 12/01/96 0
112152903 O 11/01/26
0
1536604 E73/G01 F 325,000.00 ZZ
360 324,226.88 1
2527 WEYHILL DRIVE 7.875 2,356.48 65
7.625 2,356.48 501,500.00
CENTER VALLEY PA 18034 5 09/25/96 00
0430108639 05 11/01/96 0
7600020244 O 10/01/26
0
1536606 776/G01 F 384,750.00 ZZ
360 384,282.19 1
9339 MONTE MAR DRIVE 8.500 2,958.39 90
8.250 2,958.39 427,500.00
1
LOS ANGELES CA 90035 1 10/14/96 11
0430077859 05 12/01/96 25
2135262 O 11/01/26
0
1536607 776/G01 F 84,000.00 ZZ
360 83,889.73 1
1094 CASCADE DRIVE NW 8.125 623.70 68
7.875 623.70 124,000.00
SALEM OR 97304 2 10/07/96 00
0430115642 05 12/01/96 0
5036251 O 11/01/26
0
1536609 776/G01 F 264,000.00 ZZ
360 263,687.16 1
5546 SOUTH SHERBOURNE DRIVE 8.625 2,053.36 80
8.375 2,053.36 330,000.00
LOS ANGELES ARE CA 90056 1 10/11/96 00
0430077727 03 12/01/96 0
2135033 O 11/01/26
0
1536772 668/G01 F 500,000.00 ZZ
360 499,664.50 1
1216 BERMUDA DRIVE 8.000 3,668.83 80
7.750 3,668.83 627,000.00
LAGUNA BEACH CA 92651 1 11/13/96 00
0430090472 05 01/01/97 0
6987770 O 12/01/26
0
1536816 470/G01 F 650,000.00 ZZ
360 649,595.99 1
3354 PALO VISTA DRIVE 8.375 4,940.47 61
8.125 4,940.47 1,075,000.00
RANCHO PALOS VE CA 90275 5 11/14/96 00
0430090266 05 01/01/97 0
24151726 O 12/01/26
0
1536821 744/G01 F 197,550.00 ZZ
360 197,550.00 1
22717 OLIVE PLACE 8.125 1,466.80 80
7.875 1,466.80 246,950.00
HAYWARD CA 94541 1 12/09/96 00
0430104356 05 02/01/97 0
78912 O 01/01/27
0
1
1536878 638/G01 F 240,000.00 ZZ
360 239,846.96 1
7 BLUE SPRUCE 8.250 1,803.04 75
8.000 1,803.04 322,705.00
IRVINE CA 92620 1 11/14/96 00
0430094920 03 01/01/97 0
08607323 O 12/01/26
0
1536881 638/G01 F 293,000.00 ZZ
360 292,822.50 1
534 NORTH STANLEY AVENUE 8.500 2,252.92 94
8.250 2,252.92 315,000.00
LOS ANGELES CA 90036 2 11/20/96 11
0430104307 05 01/01/97 30
08605588 O 12/01/26
0
1536889 731/G01 F 310,000.00 ZZ
360 309,560.99 1
2074 OCEAN WAY 7.750 2,220.88 56
7.500 2,220.88 557,000.00
LAGUNA BEACH CA 92651 1 10/25/96 00
0430090977 05 12/01/96 0
412610194 O 11/01/26
0
1536906 356/G01 F 248,000.00 ZZ
360 247,698.45 1
781 ANACAPA COURT 8.500 1,906.91 80
8.250 1,906.91 310,000.00
MILPITAS CA 95035 1 10/09/96 00
0430102038 05 12/01/96 0
2382067 O 11/01/26
0
1536945 131/G01 F 207,000.00 ZZ
360 205,299.69 1
120 SHATO PLACE 7.125 1,394.60 78
6.875 1,394.60 267,000.00
FREMONT CA 94539 1 02/13/96 00
0430094896 05 04/01/96 0
9417266 O 03/01/26
0
1536946 131/G01 F 220,000.00 ZZ
360 218,401.32 1
1
12205 LONG LAKE BLVD 7.750 1,576.11 94
7.500 1,576.11 235,000.00
OKLAHOMA CITY OK 73170 1 02/21/96 04
0430096727 05 04/01/96 30
6536244 O 03/01/26
0
1536972 668/G01 F 228,000.00 ZZ
360 227,854.61 1
6220 151ST AVENUE SOUTHEAST 8.250 1,712.89 80
8.000 1,712.89 285,000.00
BELLEVUE WA 98006 1 11/20/96 00
0430094532 05 01/01/97 0
0006994057 O 12/01/26
0
1536983 668/G01 F 232,000.00 ZZ
360 231,855.80 1
3563 PERADA DRIVE 8.375 1,763.37 80
8.125 1,763.37 290,000.00
WALNUT CREEK CA 94598 1 11/15/96 00
0430090654 05 01/01/97 0
6988588 O 12/01/26
0
1537033 A91/G01 F 110,200.00 ZZ
360 110,200.00 1
37 NIMS AVENUE 8.500 847.34 95
8.250 847.34 116,000.00
WEST BABYLON NY 11704 1 12/05/96 04
0430086595 05 02/01/97 30
UNK O 01/01/27
0
1537086 776/G01 F 225,600.00 ZZ
360 225,332.66 1
1933 WINTERSET PLACE 8.625 1,754.69 80
8.375 1,754.69 282,000.00
SIMI VALLEY CA 93065 1 10/23/96 00
0430077701 05 12/01/96 0
2135359 O 11/01/26
0
1537093 668/G01 F 238,000.00 ZZ
360 237,710.60 1
1147 ARBOLES WAY 8.500 1,830.02 80
8.250 1,830.02 297,500.00
ARROYO GRANDE CA 93420 1 10/22/96 00
0430083386 05 12/01/96 0
1
6968127 O 11/01/26
0
1537156 764/G01 F 340,000.00 ZZ
360 339,766.01 1
4260 SUZANNE DRIVE 7.875 2,465.24 44
7.625 2,465.24 790,000.00
PALO ALTO CA 94306 1 11/21/96 00
0430099689 05 01/01/97 0
890478 O 12/01/26
0
1537161 A07/G01 F 176,000.00 ZZ
360 175,901.33 1
52 HAINES BLVD 8.875 1,400.34 80
8.625 1,400.34 220,000.00
PORT CHESTER NY 10573 2 11/26/96 00
0430082701 05 01/01/97 0
177174 O 12/01/26
0
1537209 526/526 F 283,500.00 ZZ
360 283,197.11 1
10568 WILSON AVENUE 9.125 2,306.65 90
8.875 2,306.65 315,000.00
RANCHO CUCAMONG CA 91737 1 10/02/96 10
0150654 05 12/01/96 17
0150654 O 11/01/26
0
1537260 637/G01 F 211,850.00 ZZ
360 211,724.92 1
107 MANZANITA AVENUE 8.625 1,647.75 95
8.375 1,647.75 223,000.00
SOUTH SAN FRANC CA 94080 2 11/13/96 14
0430091124 05 01/01/97 30
3439635 O 12/01/26
0
1537263 976/G01 F 229,900.00 ZZ
360 229,764.27 1
8111 BLERIOT AVENUE 8.625 1,788.14 95
8.375 1,788.14 242,000.00
LOS ANGELES CA 90045 1 11/14/96 11
0430101360 05 01/01/97 30
326730 O 12/01/26
0
1
1537266 976/G01 F 240,000.00 ZZ
360 239,843.00 1
24981 EATON LANE 8.125 1,782.00 80
7.875 1,782.00 300,000.00
LAGUNA NIGUEL CA 92677 1 11/14/96 00
0430093096 03 01/01/97 0
325937 O 12/01/26
0
1537284 559/G01 F 160,750.00 ZZ
360 160,569.09 1
117 WEST GREEN VALE DRIVE 8.875 1,279.00 87
8.625 1,279.00 185,000.00
CAMARILLO CA 93010 2 10/21/96 01
0430096396 03 12/01/96 25
5389515 O 11/01/26
0
1537287 626/G01 F 636,000.00 ZZ
360 635,165.10 1
2408 LATIGO DRIVE 8.125 4,722.29 73
7.875 4,722.29 875,000.00
SOLVANG CA 93463 2 10/24/96 00
0430104687 03 12/01/96 0
6672695 O 11/01/26
0
1537300 267/267 F 416,000.00 ZZ
360 415,410.88 1
417 DEWEY BOULEVARD 7.750 2,980.25 80
7.500 2,980.25 520,000.00
SAN FRANCISCO CA 94116 1 10/22/96 00
4423420 05 12/01/96 0
4423420 O 11/01/26
0
1537337 A93/G01 F 243,000.00 ZZ
360 243,000.00 1
69 47 181ST STREET 8.625 1,890.03 90
8.375 1,890.03 270,000.00
FRESH MEADOWS NY 11365 1 12/27/96 04
0430104679 05 02/01/97 25
UNK O 01/01/27
0
1537425 828/G01 F 345,000.00 ZZ
360 344,801.51 1
606 BANDERA DRIVE 8.750 2,714.12 75
8.500 2,714.12 460,000.00
1
ALLEN TX 75002 1 11/14/96 00
0430097212 05 01/01/97 0
65010037 O 12/01/26
0
1537646 A71/G01 F 252,000.00 ZZ
360 252,000.00 1
12112 WOODLEY AVENUE 7.875 1,827.17 78
7.625 1,827.17 325,000.00
GRANADA HILLS CA 91344 2 12/04/96 00
0430092932 05 02/01/97 0
UNKNOWN O 01/01/27
0
1537694 976/G01 F 308,000.00 ZZ
360 308,000.00 1
153 EL CAMINITIO ROAD 7.875 2,233.22 80
7.625 2,233.22 385,000.00
CARMEL VALLEY CA 93924 1 12/04/96 00
0430111708 05 02/01/97 0
316139 O 01/01/27
0
1537726 491/491 F 555,000.00 ZZ
360 554,307.65 1
6730 WAGGONER DRIVE 8.375 4,218.41 69
8.125 4,218.41 805,000.00
DALLAS TX 75230 1 10/11/96 00
0061325279 05 12/01/96 0
0061325279 O 11/01/26
0
1537731 814/G01 F 190,400.00 ZZ
360 190,400.00 1
862 DERRY CIRCLE 8.375 1,447.18 80
8.125 1,447.18 238,000.00
VACAVILLE CA 95688 2 12/24/96 00
0430109777 05 02/01/97 0
809610187 O 01/01/27
0
1537773 180/G01 F 244,750.00 ZZ
360 244,581.56 1
16 CELANO COURT 7.875 1,774.61 90
7.625 1,774.61 271,990.00
NEWPORT COAST A CA 92657 1 11/21/96 19
0430105478 01 01/01/97 25
4623708 O 12/01/26
0
1
1537922 881/G01 F 232,500.00 ZZ
360 232,351.75 1
1656 PALISADES DRIVE 8.250 1,746.69 75
8.000 1,746.69 310,000.00
LOS ANGELES CA 90272 1 11/22/96 00
0430097048 01 01/01/97 0
602316 O 12/01/26
0
1537971 561/G01 F 213,750.00 ZZ
360 213,496.69 1
861 BULLEN DRIVE 8.625 1,662.53 95
8.375 1,662.53 225,000.00
MIDDLETOWN DE 19709 1 10/21/96 10
0430092163 05 12/01/96 30
8780884 O 11/01/26
0
1537981 637/G01 F 146,000.00 ZZ
360 145,822.47 1
1955 MURIFIELD AVENUE 8.500 1,122.62 75
8.250 1,122.62 196,000.00
ROCKWALL TX 75087 2 10/30/96 00
0430080929 05 12/01/96 0
3384039 O 11/01/26
0
1538156 E05/E05 F 250,000.00 ZZ
360 248,643.57 1
2720 HOLYOKE 7.375 1,726.69 70
7.125 1,726.69 359,900.00
ANN ARBOR MI 48103 1 05/15/96 00
1051029 05 07/01/96 0
1051029 O 06/01/26
0
1538160 E26/G01 F 132,000.00 ZZ
360 131,839.49 1
6803 BRADFORD PLACE 8.500 1,014.97 80
8.250 1,014.97 165,000.00
LAUREL MD 20707 1 10/15/96 00
0430077008 05 12/01/96 0
424961 O 11/01/26
0
1538187 253/253 F 232,500.00 ZZ
360 232,202.46 1
1
109 OVERLOOK DRIVE 8.250 1,746.70 75
8.000 1,746.70 310,000.00
POINT VEDRA BEA FL 32082 5 10/23/96 00
322866 05 12/01/96 0
322866 O 11/01/26
0
1538201 E19/G01 F 206,400.00 ZZ
360 206,264.98 1
2016 SOUTH RIMPAU BLVD 8.125 1,532.52 80
7.875 1,532.52 258,000.00
LOS ANGELES CA 90016 2 11/04/96 00
0430092510 05 01/01/97 0
100013458 O 12/01/26
0
1538237 E05/E05 F 245,000.00 ZZ
360 243,653.73 1
8200 SHIELD RD 8.000 1,797.73 90
7.750 1,797.73 275,000.00
DEXTER MI 48130 2 04/16/96 10
UNKNOWN 05 06/01/96 25
UNKNOWN O 05/01/26
0
1538263 B75/G01 F 301,500.00 ZZ
360 301,307.74 1
591 LUCILLE DRIVE 8.250 2,265.07 90
8.000 2,265.07 335,000.00
INCLINE VILLAGE NV 89450 1 11/20/96 01
0430093807 05 01/01/97 25
2720266 O 12/01/26
0
1538375 455/G01 F 170,000.00 ZZ
360 169,793.29 1
803 WELCOME ROAD 8.500 1,307.16 60
8.250 1,307.16 285,000.00
NEWNAN GA 30263 1 10/28/96 00
0430100263 05 12/01/96 0
52898 O 11/01/26
0
1538385 B64/B64 F 250,000.00 ZZ
360 250,000.00 1
1217 GALWAY COURT 8.250 1,878.17 80
8.000 1,878.17 315,000.00
HUMMELSTOWN PA 17036 2 12/19/96 00
00057581 01 02/01/97 0
1
00057581 O 01/01/27
0
1538452 668/G01 F 200,000.00 ZZ
360 199,737.45 1
24095 SCHULTIES ROAD 8.125 1,485.00 80
7.875 1,485.00 250,000.00
LOS GATOS CA 95030 1 10/25/96 00
0430117382 05 12/01/96 0
6973473 O 11/01/26
0
1538466 369/G01 F 221,350.00 ZZ
360 221,051.97 1
17235 THEISS MAIL ROUTE RD 8.000 1,624.19 90
7.750 1,624.19 245,965.00
SPRING TX 77379 1 10/31/96 14
0430076984 03 12/01/96 25
49670748 O 11/01/26
0
1538558 E82/G01 F 160,000.00 ZZ
360 159,795.24 1
29 WHITMAN ROAD 8.250 1,202.03 75
8.000 1,202.03 215,000.00
WORCESTER MA 01609 2 10/25/96 00
0400030052 05 12/01/96 0
400030052 O 11/01/26
0
1538655 776/G01 F 312,000.00 ZZ
360 311,806.07 1
1041 CACTUS COURT 8.375 2,371.43 80
8.125 2,371.43 390,000.00
THOUSAND OAKS CA 91320 2 11/01/96 00
0430102699 03 01/01/97 0
2135366 O 12/01/26
0
1538662 765/G01 F 272,000.00 ZZ
360 271,677.67 1
18195 MOCKINGBIRD CANYON ROAD 8.625 2,115.59 90
8.375 2,115.59 305,000.00
RIVERSIDE CA 92504 2 10/30/96 12
0430118802 05 12/01/96 25
140089 O 11/01/26
0
1
1538664 637/G01 F 270,000.00 ZZ
360 269,636.45 1
507 AVENUE CABRILLO 8.000 1,981.17 80
7.750 1,981.17 337,500.00
EL GRANADA CA 94018 1 10/15/96 00
0430076224 05 12/01/96 0
9311184 O 11/01/26
0
1538665 637/G01 F 492,000.00 ZZ
360 491,386.25 1
3595 SIERRA ROAD 8.375 3,739.56 80
8.125 3,739.56 615,000.00
SAN JOSE CA 95132 1 10/24/96 00
0430078196 05 12/01/96 0
912158 O 11/01/26
0
1538667 A91/G01 F 223,650.00 ZZ
360 223,510.99 1
26 WEEKS AVENUE 8.375 1,699.90 90
8.125 1,699.90 248,500.00
OYSTER BAY NY 11771 1 11/18/96 04
0430072769 05 01/01/97 25
UNKNOWN O 12/01/26
0
1538683 893/G01 F 260,000.00 ZZ
360 259,825.54 1
311 GRUNION COURT 8.000 1,907.79 65
7.750 1,907.79 400,000.00
FOSTER CITY CA 94404 1 11/22/96 00
0430093161 05 01/01/97 0
1538683 O 12/01/26
0
1538684 965/G01 F 90,000.00 ZZ
360 89,945.48 1
11260 NORTH 92ND STREET #1069 8.500 692.02 61
8.250 692.02 148,993.00
SCOTTSDALE AZ 85260 1 11/18/96 00
0430099234 05 01/01/97 0
1538684 O 12/01/26
0
1538690 637/G01 F 247,500.00 ZZ
360 247,357.60 1
2435 BEDFORD STREET 8.750 1,947.09 90
8.500 1,947.09 275,000.00
1
STAMFORD CT 06905 1 11/26/96 04
0430099358 03 01/01/97 25
9379405 O 12/01/26
0
1538692 637/G01 F 159,000.00 ZZ
360 159,000.00 1
213 ROSLYN AVENUE 8.375 1,208.52 75
8.125 1,208.52 212,000.00
CARLE PLACE NY 11514 1 12/09/96 00
0430110130 05 02/01/97 0
9383787 O 01/01/27
0
1538757 F03/G01 F 119,600.00 ZZ
360 119,523.73 1
215 30TH STREET 8.250 898.52 75
8.000 898.52 159,500.00
BOULDER CO 80303 1 11/22/96 00
0430096743 05 01/01/97 0
DEN10245 O 12/01/26
0
1538766 180/G01 F 236,000.00 ZZ
360 235,705.60 1
6410 RIDGEWOOD DRIVE 8.375 1,793.77 80
8.125 1,793.77 295,000.00
CASTRO VALLEY CA 94546 1 10/22/96 00
0430079707 03 12/01/96 0
4493128 O 11/01/26
0
1538793 B24/G01 F 346,500.00 ZZ
360 346,295.43 2
79 STRICKLAND ROAD 8.625 2,695.04 77
8.375 2,695.04 451,407.00
GREENWICH CT 06807 2 11/27/96 00
0430086686 05 01/01/97 0
173806 O 12/01/26
0
1538799 227/G01 F 281,000.00 ZZ
360 280,683.77 1
619 SIXTH STREET 8.875 2,235.76 75
8.625 2,235.76 375,000.00
LAKEWOOD NJ 08701 5 10/17/96 00
0430120055 05 12/01/96 0
1691978 O 11/01/26
0
1
1538800 A91/G01 F 106,800.00 ZZ
360 106,738.55 1
263 WOODHULL AVENUE 8.750 840.20 80
8.500 840.20 133,500.00
PORT JEFFERSON NY 11776 1 11/18/96 00
0430073213 05 01/01/97 0
UNKNOWN O 12/01/26
0
1538841 637/G01 F 191,200.00 ZZ
360 191,084.16 1
3667 MANDA DRIVE 8.500 1,470.17 80
8.250 1,470.17 239,000.00
SAN JOSE CA 95124 1 11/01/96 00
0430118570 05 01/01/97 0
9311648 O 12/01/26
0
1538859 E44/G01 F 650,000.00 ZZ
360 650,000.00 1
1737 SOUTH MILL LANE 8.250 4,883.23 73
8.000 4,883.23 900,000.00
HEBER CITY UT 84032 4 11/27/96 00
0430096248 05 02/01/97 0
11245366 O 01/01/27
0
1538938 702/702 F 245,000.00 ZZ
360 245,000.00 1
98 WHISPERING MEADOWS 8.050 1,806.27 90
7.800 1,806.27 275,000.00
CHARLOTTE VT 05445 1 12/03/96 11
5038286 05 02/01/97 25
5038286 O 01/01/27
0
1538957 B24/G01 F 148,350.00 ZZ
360 148,350.00 1
27 CONCORD STREET 8.500 1,140.68 69
8.250 1,140.68 215,000.00
GREENWICH CT 06831 1 12/05/96 00
0430086728 05 02/01/97 0
178954 O 01/01/27
0
1538958 998/G01 F 216,000.00 ZZ
360 215,847.54 1
1
265 ORIZABA AVENUE 7.750 1,547.46 80
7.500 1,547.46 270,000.00
LONG BEACH CA 90803 1 11/21/96 00
0430100008 05 01/01/97 0
99637266 O 12/01/26
0
1539025 744/G01 F 650,000.00 ZZ
360 649,606.23 1
407 NEVADA AVENUE 8.500 4,997.94 73
8.250 4,997.94 900,000.00
SAN MATEO CA 94402 2 10/31/96 00
0430102673 05 01/01/97 0
78877 O 12/01/26
0
1539031 776/G01 F 185,200.00 ZZ
360 185,093.45 1
4429 SAINT CLAIR AVENUE 8.750 1,456.97 78
STUDIO CITY AREA 8.500 1,456.97 237,500.00
LOS ANGELES CA 91604 1 11/04/96 00
0430079772 05 01/01/97 0
2135372 O 12/01/26
0
1539142 976/G01 F 285,000.00 ZZ
360 284,818.26 1
5845 SOUTH LAMB BOULEVARD 8.250 2,141.12 75
8.000 2,141.12 385,000.00
LAS VEGAS NV 89120 1 11/21/96 00
0430110544 05 01/01/97 0
331091 O 12/01/26
0
1539145 976/G01 F 467,500.00 ZZ
360 467,500.00 1
301 LA VERNE AVENUE 8.875 3,719.64 69
8.625 3,719.64 680,000.00
MILL VALLEY CA 94941 2 12/03/96 00
0430110502 05 02/01/97 0
343799 O 01/01/27
0
1539167 180/G01 F 290,650.00 ZZ
360 290,131.48 1
2405 EAST CEDAR AVENUE 8.625 2,260.65 66
8.375 2,260.65 445,000.00
DENVER CO 80206 1 10/10/96 00
0430093476 05 11/01/96 0
1
3947413 O 10/01/26
0
1539178 F64/G01 F 161,850.00 ZZ
360 161,746.79 1
21510 NORMAN SHORES DRIVE 8.250 1,215.93 75
8.000 1,215.93 215,850.00
CORNELIUS NC 28031 1 12/03/96 00
0430097717 05 01/01/97 0
176523 O 12/01/26
0
1539199 429/429 F 242,250.00 ZZ
360 241,955.44 1
126 REDWOOD DRIVE 8.500 1,862.70 95
8.250 1,862.70 255,000.00
TRUSSVILLE AL 35173 1 10/18/96 11
0021695253 03 12/01/96 30
0021695253 O 11/01/26
0
1539306 B26/G01 F 220,000.00 ZZ
360 220,000.00 1
58-51 230 STREET 8.750 1,730.74 88
8.500 1,730.74 250,000.00
BAYSIDE NY 11364 1 12/12/96 14
0430100032 05 02/01/97 25
1311011746 O 01/01/27
0
1539412 638/G01 F 341,550.00 ZZ
360 341,337.70 1
9827 NORTH VIEW COURT 8.375 2,596.03 90
8.125 2,596.03 379,500.00
ESCONDIDO CA 92026 1 11/19/96 01
0430090837 05 01/01/97 25
8607831 O 12/01/26
0
1539416 F03/G01 F 132,000.00 ZZ
360 132,000.00 1
52 SALLY CIRCLE 8.750 1,038.45 60
8.500 1,038.45 221,000.00
BRECKENRIDGE CO 80424 2 12/23/96 00
0430120709 05 02/01/97 0
DEN10271 O 01/01/27
0
1
1539424 976/G01 F 420,000.00 ZZ
360 420,000.00 1
1635 PLYMOUTH AVENUE 8.250 3,155.33 80
8.000 3,155.33 525,000.00
SAN FRANCISCO CA 94127 1 12/02/96 00
0430098913 05 02/01/97 0
920995 O 01/01/27
0
1539432 764/G01 F 588,000.00 ZZ
360 588,000.00 1
6 BRIGADIER 8.250 4,417.45 66
8.000 4,417.45 900,000.00
IRVINE CA 92715 2 12/03/96 00
0430103192 03 02/01/97 0
890496 O 01/01/27
0
1539433 731/G01 F 165,600.00 ZZ
360 165,504.72 1
3007 BARNES STREET 8.750 1,302.78 80
8.500 1,302.78 207,000.00
SIMI VALLEY CA 93065 2 11/20/96 00
0430095208 05 01/01/97 0
8000360 O 12/01/26
0
1539434 814/G01 F 260,800.00 ZZ
360 260,800.00 1
438 PORTOFINO DRIVE #102 7.750 1,868.41 80
7.500 1,868.41 326,000.00
SAN CARLOS CA 94070 1 12/03/96 00
0430098574 01 02/01/97 0
809611079 O 01/01/27
0
1539435 965/G01 F 330,000.00 ZZ
360 330,000.00 1
614 ESCALANTE 8.250 2,479.18 68
8.000 2,479.18 490,000.00
CARBONDALE CO 81623 2 12/17/96 00
0430111377 03 02/01/97 0
4405 O 01/01/27
0
1539449 626/G01 F 264,000.00 ZZ
360 263,670.65 1
10354 LINSCOTT COURT 8.375 2,006.60 80
8.125 2,006.60 330,000.00
1
ELK GROVE CA 95624 1 10/25/96 00
0430091512 05 12/01/96 0
6664791 O 11/01/26
0
1539473 F34/G01 F 206,250.00 ZZ
360 206,115.08 1
2340 ASHFORD LANE 8.125 1,531.40 80
7.875 1,531.40 257,815.00
WALDORF MD 20603 1 11/25/96 00
0430092676 03 01/01/97 0
100134 O 12/01/26
0
1539487 129/G01 F 270,750.00 ZZ
360 270,445.30 1
639 HOLLIS ST 8.875 2,154.21 95
8.625 2,154.21 285,000.00
DUNSTABLE MA 01827 1 11/01/96 01
0430102327 05 12/01/96 30
3900001532 O 11/01/26
0
1539533 B93/G01 F 332,000.00 ZZ
360 332,000.00 1
6020 EAST MARIPOSA STREET 8.125 2,465.10 61
7.875 2,465.10 550,000.00
SCOTTSDALE AZ 85251 1 12/04/96 00
0430105155 05 02/01/97 0
1100016822 O 01/01/27
0
1539608 661/661 F 120,000.00 ZZ
360 119,453.17 1
FOSSIL RIDGE ESTATES LOT 4 8.250 901.52 75
8.000 901.52 160,000.00
DECATUR TX 76234 1 05/24/96 00
UNKNOWN 05 07/01/96 0
UNKNOWN O 06/01/26
0
1539685 623/623 F 340,000.00 ZZ
360 340,000.00 1
61476 TAM MCARTHUR LOOP 8.125 2,524.49 80
7.750 2,524.49 425,000.00
BEND OR 97702 2 12/02/96 00
37090680 03 02/01/97 0
37090680 O 01/01/27
0
1
1539738 E57/G01 F 217,500.00 ZZ
360 217,378.06 1
2093 PALMETTO TERRACE 8.875 1,730.53 95
8.625 1,730.53 229,465.00
FULLERTON CA 92631 1 11/07/96 12
0430092403 09 01/01/97 30
76162005227 O 12/01/26
0
1539756 966/G01 F 230,200.00 ZZ
360 230,200.00 1
2704 WOODED TRAIL COURT 8.250 1,729.42 80
8.000 1,729.42 287,800.00
GRAPEVINE TX 76501 1 12/06/96 00
0430103317 05 02/01/97 0
30002683 O 01/01/27
0
1539771 624/G01 F 183,200.00 ZZ
360 183,079.90 1
115 JETER STREET 8.125 1,360.52 80
7.875 1,360.52 229,000.00
SANTA CRUZ CA 95060 1 11/05/96 00
0430080531 05 01/01/97 0
46001760093 O 12/01/26
0
1539809 E82/G01 F 220,250.00 ZZ
360 220,105.93 1
740 HERBGLEN COURT 8.125 1,635.35 80
7.875 1,635.35 278,000.00
COLORADO SPRING CO 80906 1 11/15/96 00
0400030177 05 01/01/97 0
400030177 O 12/01/26
0
1539853 575/G01 F 256,500.00 ZZ
360 256,211.34 1
300 N MOORELAND ROAD 8.875 2,040.83 90
8.625 2,040.83 285,000.00
RICHMOND VA 23229 1 10/24/96 14
0430112466 05 12/01/96 25
411007655 O 11/01/26
0
1539861 181/181 F 120,000.00 ZZ
360 119,748.92 1
1
2909 VIA SAN DELARRO 8.875 954.78 75
8.625 954.78 160,000.00
MONTEBELLO CA 90640 2 09/12/96 00
5102430 05 11/01/96 0
5102430 O 10/01/26
0
1539874 705/G01 F 185,000.00 ZZ
360 185,000.00 1
124 BAYVILLE AVENUE 8.625 1,438.91 62
8.375 1,438.91 300,000.00
BAYVILLE NY 11709 1 12/10/96 00
0430105429 05 02/01/97 0
96300303 O 01/01/27
0
1539888 F27/G01 F 224,400.00 ZZ
360 224,249.43 1
21474 TITHABLES CIRCLE 8.000 1,646.57 80
7.750 1,646.57 281,010.00
ASHBURN VA 22011 1 11/27/96 00
0430102798 03 01/01/97 0
UNKNOWN O 12/01/26
0
1539896 369/G01 F 263,700.00 ZZ
360 262,985.13 1
3 MONUMENT DRIVE 8.000 1,934.94 90
7.750 1,934.94 293,000.00
STAFFORD VA 22554 1 08/29/96 11
0430091173 03 10/01/96 25
47965983 O 09/01/26
0
1539900 455/G01 F 207,000.00 ZZ
360 206,857.54 1
295 CROSSTREE LANE 7.875 1,500.90 66
7.625 1,500.90 315,000.00
ATLANTA GA 30328 1 11/15/96 00
0430090720 03 01/01/97 0
53551 O 12/01/26
0
1539912 757/G01 F 94,750.00 ZZ
360 94,695.49 1
3640 DEER ISLE COVE 8.750 745.40 70
8.500 745.40 135,400.00
LAWRENCEVILLE GA 30244 1 11/15/96 00
0430084137 05 01/01/97 0
1
2869675 O 12/01/26
0
1539957 F03/G01 F 54,000.00 ZZ
360 53,967.28 1
2400 S MEADE STREET 8.500 415.22 60
8.250 415.22 91,000.00
DENVER CO 80219 1 11/27/96 00
0430099010 05 01/01/97 0
DEN10308 O 12/01/26
0
1539970 375/G01 F 335,000.00 ZZ
360 332,308.71 1
5965 CARNEGIE LANE 8.250 2,516.74 78
8.000 2,516.74 435,000.00
PLANO TX 75093 1 02/29/96 00
0430115071 03 04/01/96 0
387649 O 03/01/26
0
1539971 B64/B64 F 319,400.00 ZZ
360 319,058.75 1
LOT 128 GLENDOWER DRIVE 9.125 2,598.75 90
8.875 2,598.75 355,000.00
LANCASTER PA 17601 1 10/03/96 10
00004786 05 12/01/96 25
00004786 O 11/01/26
0
1539974 470/G01 F 137,750.00 ZZ
360 137,659.89 1
974 KINGWOOD STREET 8.125 1,022.79 95
7.875 1,022.79 145,000.00
SANTA ROSA CA 95401 2 11/26/96 11
0430092148 05 01/01/97 30
25082014 O 12/01/26
0
1539978 666/G01 F 138,400.00 ZZ
360 138,309.46 1
1008 HAGEN COURT 8.125 1,027.62 80
7.875 1,027.62 173,000.00
SIMI VALLEY CA 93065 1 11/26/96 00
0430096131 05 01/01/97 0
591000 O 12/01/26
0
1
1539990 624/G01 F 261,600.00 ZZ
360 261,600.00 1
1627 REBEL WAY 8.125 1,942.37 80
7.875 1,942.37 327,000.00
SAN JOSE CA 95118 1 11/26/96 00
0430095976 05 02/01/97 0
86020460076 O 01/01/27
0
1540072 731/G01 F 317,000.00 ZZ
360 316,812.85 1
2045 11TH STREET 8.625 2,465.59 75
8.375 2,465.59 425,000.00
SANTA MONICA CA 90405 5 11/07/96 00
0430103655 05 01/01/97 0
1001135 O 12/01/26
0
1540077 685/G01 F 411,900.00 ZZ
360 411,650.47 1
21006 MENDENHALL COURT 8.500 3,167.15 80
8.250 3,167.15 514,900.00
TOPANGA CANYON CA 90290 1 11/14/96 00
0430111914 03 01/01/97 0
105701 O 12/01/26
0
1540078 637/G01 F 298,400.00 ZZ
360 298,209.72 1
4379 GROVER DRIVE 8.250 2,241.78 80
8.000 2,241.78 373,000.00
FREMONT CA 94536 1 11/04/96 00
0430085092 03 01/01/97 0
3439791 O 12/01/26
0
1540079 637/G01 F 252,000.00 ZZ
360 251,851.22 1
67 HILLCREST AVENUE 8.625 1,960.03 90
8.375 1,960.03 280,000.00
LARCHMONT NY 10538 1 11/08/96 01
0430087718 05 01/01/97 25
9381252 O 12/01/26
0
1540081 637/G01 F 272,250.00 ZZ
360 272,076.39 1
23600 KIVIK STREET 8.250 2,045.33 90
8.000 2,045.33 302,500.00
1
WOODLAND HILLS CA 91367 1 11/05/96 11
0430086868 05 01/01/97 25
9426370 O 12/01/26
0
1540084 637/G01 F 320,000.00 ZZ
360 319,829.70 2
128 HEYWARD STREET 9.125 2,603.63 80
8.875 2,603.63 400,000.00
BROOKLYN NY 11206 1 11/07/96 00
0430086843 05 01/01/97 0
9382219 O 12/01/26
0
1540086 637/G01 F 253,000.00 ZZ
360 252,842.74 1
41 ITHACA AVENUE 8.375 1,922.99 75
8.125 1,922.99 337,500.00
ATLANTIC BEACH NY 11509 1 11/08/96 00
0430082685 05 01/01/97 0
9382078 O 12/01/26
0
1540109 E23/G01 F 351,350.00 ZZ
360 351,120.16 1
5887 KILLARNEY CIRCLE 8.125 2,608.77 80
7.875 2,608.77 439,220.00
SAN JOSE CA 95138 1 11/08/96 00
0430092262 03 01/01/97 0
107949 O 12/01/26
0
1540124 F16/G01 F 316,000.00 ZZ
360 315,793.28 1
148 LESSAY 8.125 2,346.30 80
7.875 2,346.30 395,000.00
NEWPORT COAST CA 92657 1 11/01/96 00
0430097907 01 01/01/97 0
96315816 O 12/01/26
0
1540156 439/439 F 95,000.00 ZZ
360 94,883.29 1
737 GREEN AVENUE 8.450 727.11 44
8.200 727.11 218,000.00
SAN BRUNO CA 94066 1 09/24/96 00
1876393 05 12/01/96 0
1876393 O 11/01/26
0
1
1540158 439/439 F 333,000.00 ZZ
360 332,556.14 1
1008 OCEAN LANE 8.050 2,455.06 61
7.800 2,455.06 550,000.00
IMPERIAL BEACH CA 91932 2 10/18/96 00
1879796 05 12/01/96 0
1879796 O 11/01/26
0
1540166 439/G01 F 260,000.00 ZZ
360 259,547.92 1
50 GENTRY DRIVE 8.750 2,045.43 56
8.500 2,045.43 470,000.00
HAWTHORN WOODS IL 60047 5 09/09/96 00
0430080176 05 11/01/96 0
1872117 O 10/01/26
0
1540171 439/G01 F 306,000.00 ZZ
360 305,587.99 1
4749 ARCOLA AVENUE 8.000 2,245.32 90
7.750 2,245.32 340,000.00
TOLUCA LAKE CA 91602 1 10/23/96 10
0430083881 05 12/01/96 25
1875272 O 11/01/26
0
1540180 439/G01 F 236,000.00 ZZ
360 235,691.76 1
2945 RODEO LANE 8.150 1,756.43 80
7.900 1,756.43 295,000.00
LIVERMORE CA 94550 1 10/14/96 00
0430079426 05 12/01/96 0
1877489 O 11/01/26
0
1540181 439/G01 F 384,800.00 ZZ
360 384,544.41 1
3126 DAVID AVENUE 8.050 2,836.96 80
7.800 2,836.96 481,000.00
PALO ALTO CA 94303 1 10/29/96 00
0430080051 05 01/01/97 0
1877501 O 12/01/26
0
1540185 439/G01 F 117,500.00 ZZ
360 117,346.52 1
1
1061 FAIR AVENUE 8.150 874.50 70
7.900 874.50 170,000.00
SAN JOSE CA 95122 2 10/16/96 00
0430080192 05 12/01/96 0
1877754 O 11/01/26
0
1540186 439/G01 F 408,000.00 ZZ
360 407,472.52 1
101 SOUTH ROCKINGHAM AVENUE 8.200 3,050.84 65
7.950 3,050.84 635,000.00
LOS ANGELES CA 90049 5 10/22/96 00
0430080788 05 12/01/96 0
1877822 O 11/01/26
0
1540188 439/G01 F 315,000.00 ZZ
360 314,788.64 1
34 HILLSHIRE DRIVE 8.000 2,311.36 68
7.750 2,311.36 463,235.00
LAKE OSWEGO OR 97034 1 10/28/96 00
0430079228 05 01/01/97 0
1878333 O 12/01/26
0
1540190 439/G01 F 155,000.00 ZZ
360 154,797.55 1
1942 VINEWOOD STREET 8.150 1,153.59 73
7.900 1,153.59 215,000.00
LA VERNE CA 91750 1 10/29/96 00
0430079277 05 12/01/96 0
1878647 O 11/01/26
0
1540193 439/G01 F 85,000.00 ZZ
360 84,895.58 1
6738 BUENA VISTA DRIVE 8.450 650.57 66
8.200 650.57 130,000.00
MARGATE FL 33063 1 10/09/96 00
0430079236 05 12/01/96 0
1879172 O 11/01/26
0
1540195 439/G01 F 60,000.00 ZZ
360 59,961.34 1
14481 E. SCHOOL STREET 8.200 448.66 69
7.950 448.66 88,000.00
AMADOR CITY CA 95601 1 11/04/96 00
0430079350 05 01/01/97 0
1
1879316 O 12/01/26
0
1540196 439/G01 F 325,000.00 ZZ
360 324,571.18 1
39075 CORTE DE OLLAS 8.100 2,407.44 55
7.850 2,407.44 600,000.00
MURRIETA CA 92562 5 10/23/96 00
0430081067 05 12/01/96 0
1879347 O 11/01/26
0
1540197 439/G01 F 121,000.00 ZZ
360 120,925.93 1
3508 C BRADFORD PLACE 8.450 926.11 71
8.200 926.11 171,000.00
HOUSTON TX 77025 2 11/01/96 00
0430079038 05 01/01/97 0
1879368 O 12/01/26
0
1540198 439/G01 F 88,800.00 ZZ
360 88,690.90 1
3617 46TH PLAZA EAST 8.450 679.66 60
8.200 679.66 148,000.00
BRADENTON FL 34203 1 10/24/96 00
0430080895 05 12/01/96 0
1879377 O 11/01/26
0
1540199 439/G01 F 400,000.00 ZZ
360 399,461.43 1
1 BOWDEN LANE 8.000 2,935.06 68
7.750 2,935.06 588,235.00
GLEN HEAD NY 11545 1 10/31/96 00
0430078667 05 12/01/96 0
1879573 O 11/01/26
0
1540200 439/G01 F 62,600.00 ZZ
360 62,520.69 1
10366 BUENA VENTURA DR. 8.300 472.50 34
8.050 472.50 189,000.00
BOCA RATON FL 33498 1 11/01/96 00
0430079327 05 12/01/96 0
1879652 O 11/01/26
0
1
1540201 439/G01 F 75,700.00 ZZ
360 75,607.00 1
3020 E HAZELTINE ST 8.450 579.39 75
8.200 579.39 101,000.00
ONTARIO CA 91761 1 10/16/96 00
0430079343 05 12/01/96 0
1879671 O 11/01/26
0
1540203 439/G01 F 151,000.00 ZZ
360 150,890.15 1
15144 PARADISE VIEW DRIVE 7.600 1,066.18 59
7.350 1,066.18 260,000.00
WILLIS TX 77378 2 11/01/96 00
0430080259 03 01/01/97 0
1879943 O 12/01/26
0
1540205 439/G01 F 51,000.00 T
360 50,940.49 1
7903 79TH WAY 8.700 399.40 75
8.450 399.40 68,000.00
WEST PALM BEACH FL 33407 1 10/29/96 00
0430078774 03 12/01/96 0
1880052 O 11/01/26
0
1540206 439/G01 F 178,100.00 ZZ
360 177,867.39 1
686 MADRONE AVENUE 8.150 1,325.51 75
7.900 1,325.51 237,500.00
SUNNYVALE CA 94086 1 10/23/96 00
0430080275 05 12/01/96 0
1880272 O 11/01/26
0
1540207 439/G01 F 40,000.00 ZZ
360 39,975.52 1
508-D SANTA CRUZ PLACE NE 8.450 306.15 65
8.200 306.15 62,000.00
ST PETERSBURG FL 33703 5 11/04/96 00
0430079137 01 01/01/97 0
1880422 O 12/01/26
0
1540208 439/G01 F 227,200.00 ZZ
360 226,912.18 1
2897 SUMMERHEIGHTS DRIVE 8.300 1,714.88 80
8.050 1,714.88 284,000.00
1
SAN JOSE CA 95132 2 10/22/96 00
0430080457 05 12/01/96 0
1880451 O 11/01/26
0
1540209 439/G01 F 341,600.00 ZZ
360 341,149.28 1
828 MILMADA DRIVE 8.100 2,530.40 80
7.850 2,530.40 427,000.00
LA CANADA-FLINT CA 91011 1 10/30/96 00
0430079244 05 12/01/96 0
1880997 O 11/01/26
0
1540212 439/G01 F 166,500.00 ZZ
360 166,387.14 1
13310 SW 14TH PLACE 7.950 1,215.92 75
7.700 1,215.92 222,000.00
DAVIE FL 33325 1 11/08/96 00
0430080135 05 01/01/97 0
1881317 O 12/01/26
0
1540213 439/G01 F 310,000.00 ZZ
360 309,796.18 1
5155 VIA MARGARITA 8.100 2,296.32 77
7.850 2,296.32 407,000.00
YORBA LINDA CA 92886 1 11/06/96 00
0430080010 03 01/01/97 0
1881613 O 12/01/26
0
1540215 439/G01 F 108,500.00 ZZ
360 108,355.38 1
2934 WOODLAND HILLS DR. 8.050 799.92 70
7.800 799.92 155,000.00
GRAPEVINE TX 76051 1 10/31/96 00
0430079418 05 12/01/96 0
1882615 O 11/01/26
0
1540216 439/G01 F 203,200.00 ZZ
360 203,062.26 1
1 NORDHOFF STREET 7.950 1,483.94 75
7.700 1,483.94 271,000.00
SAN FRANCISCO CA 94131 1 11/04/96 00
0430079194 05 01/01/97 0
1883086 O 12/01/26
0
1
1540280 375/G01 F 136,950.00 ZZ
360 136,791.83 1
13730 38TH AVENUE W 8.750 1,077.39 70
8.500 1,077.39 196,950.00
LYNNWOOD WA 98037 1 10/28/96 00
0430096230 03 12/01/96 0
UNKNOWN O 11/01/26
0
1540316 B75/G01 F 108,000.00 ZZ
360 108,000.00 1
302 UNDERHILL DRIVE 8.500 830.43 80
8.250 830.43 135,000.00
NAPA CA 94558 2 12/12/96 00
0430117176 05 02/01/97 0
2645646 O 01/01/27
0
1540324 936/G01 F 308,000.00 ZZ
360 307,421.64 1
30300 RED LURE PLACE 8.375 2,341.03 80
8.125 2,341.03 385,000.00
CANYON LAKE CA 92587 1 09/13/96 00
0430121384 03 11/01/96 0
6117204 O 10/01/26
0
1540326 624/G01 F 300,000.00 ZZ
360 299,822.88 1
32 MANU IHU PLACE 8.625 2,333.37 75
8.375 2,333.37 400,000.00
KIHEI HI 96753 1 11/01/96 00
0430103226 03 01/01/97 0
70006360076 O 12/01/26
0
1540328 480/G01 F 250,000.00 ZZ
360 249,832.26 1
1133 SAWGRASS DRIVE 8.000 1,834.41 53
7.750 1,834.41 477,300.00
GULF BREEZE FL 32561 1 11/14/96 00
0430081927 03 01/01/97 0
1011808 O 12/01/26
0
1540329 E23/G01 F 207,000.00 ZZ
360 206,861.10 1
1
3942 EAST FLOSSMOOR AVENUE 8.000 1,518.90 80
7.750 1,518.90 260,000.00
MESA AZ 85206 4 11/08/96 00
0430108803 05 01/01/97 0
107894 O 12/01/26
0
1540333 E19/G01 F 278,000.00 ZZ
360 277,803.79 1
43675 SKYE ROAD 7.750 1,991.63 80
7.500 1,991.63 350,000.00
FREMONT CA 94539 2 11/01/96 00
0430095653 03 01/01/97 0
100012742 O 12/01/26
0
1540343 976/G01 F 650,000.00 ZZ
360 649,168.17 1
9909 DESERT MOUNTAIN ROAD N.E. 8.250 4,883.24 76
8.000 4,883.24 863,848.00
ALBUQUERQUE NM 87122 4 10/29/96 00
0430117317 05 12/01/96 0
292967 O 11/01/26
0
1540346 976/G01 F 302,700.00 ZZ
360 302,511.85 1
1501 ANGELBERRY STREET 8.375 2,300.74 80
8.125 2,300.74 378,386.00
LAS VEGAS NV 89117 1 11/04/96 00
0430098921 03 01/01/97 0
281063 O 12/01/26
0
1540348 976/G01 F 389,000.00 ZZ
360 388,764.34 1
6450 DARELY COURT 8.500 2,991.08 80
8.250 2,991.08 487,000.00
CUMMING GA 30130 1 11/06/96 00
0430096008 03 01/01/97 0
325153897 O 12/01/26
0
1540351 976/G01 F 300,000.00 ZZ
360 299,803.75 1
7311 NEW DAWN COURT N.E. 8.125 2,227.50 71
7.875 2,227.50 422,500.00
ALBUQUERQUE NM 87122 1 11/14/96 00
0430096024 03 01/01/97 0
1
311074644 O 12/01/26
0
1540356 356/G01 F 284,000.00 ZZ
360 283,799.55 1
26373 PARKSIDE DRIVE 7.750 2,034.62 80
7.500 2,034.62 355,000.00
HAYWARD CA 94542 1 11/08/96 00
0430096032 05 01/01/97 0
2385185 O 12/01/26
0
1540361 B93/G01 F 304,000.00 ZZ
360 303,806.14 1
5477 EAST OAKHURST WAY 8.250 2,283.86 80
8.000 2,283.86 380,000.00
SCOTTSDALE AZ 85254 2 11/13/96 00
0430088971 05 01/01/97 0
1100016760 O 12/01/26
0
1540419 B88/G01 F 300,000.00 ZZ
360 299,818.25 1
8 PROUT PLACE 8.500 2,306.75 80
8.250 2,306.75 375,000.00
CAPE ELIZABETH ME 04107 1 11/22/96 00
0430086959 05 01/01/97 0
0 O 12/01/26
0
1540424 640/G01 F 229,900.00 ZZ
360 229,634.50 1
387 REVELL POINTE WEST 8.750 1,808.62 90
8.500 1,808.62 255,490.00
COLLIERVILLE TN 38017 1 10/31/96 14
0430098020 05 12/01/96 25
UNKNOWN O 11/01/26
0
1540435 F03/G01 F 188,200.00 ZZ
360 188,200.00 1
5500 NORTH LARIAT DRIVE 8.750 1,480.58 73
8.500 1,480.58 258,000.00
CASTLE ROCK CO 80104 2 12/04/96 00
0430101014 05 02/01/97 0
DEN10316 O 01/01/27
0
1
1540456 G30/G01 F 322,500.00 ZZ
360 322,500.00 1
5024 RUSHLIGHT PATH 8.250 2,422.84 75
8.000 2,422.84 430,000.00
COLUMBIA MD 21044 5 12/10/96 00
0430103606 05 02/01/97 0
096245 O 01/01/27
0
1540474 685/G01 F 145,000.00 ZZ
360 144,909.88 1
2206 HILLSBORO AVENUE 8.375 1,102.10 51
8.125 1,102.10 285,000.00
LOS ANGELES CA 90034 1 11/07/96 00
0430099317 05 01/01/97 0
105996 O 12/01/26
0
1540487 074/G01 F 365,000.00 ZZ
360 364,508.55 1
315 SOUTH BEVERLY GLEN 8.000 2,678.24 27
7.750 2,678.24 1,355,000.00
LOS ANGELES CA 90024 1 10/10/96 00
0430086058 05 12/01/96 0
1230002169 O 11/01/26
0
1540491 074/G01 F 347,000.00 ZZ
360 346,544.48 1
2693 CARMAR DRIVE 8.125 2,576.47 65
7.875 2,576.47 535,000.00
LOS ANGELES CA 90046 2 10/03/96 00
0430081950 05 12/01/96 0
1233004615 O 11/01/26
0
1540492 074/G01 F 227,000.00 ZZ
360 226,694.35 1
2117 GREEN HILLS PLACE 8.000 1,665.65 62
7.750 1,665.65 370,000.00
FALLBROOK CA 92028 2 10/22/96 00
0430086082 05 12/01/96 0
1235001108 O 11/01/26
0
1540493 074/G01 F 296,800.00 ZZ
360 296,429.77 1
4742 DREAM CATCHER AVENUE 8.375 2,255.89 80
8.125 2,255.89 371,000.00
1
LAS VEGAS NV 89129 1 10/25/96 00
0430083659 03 12/01/96 0
1251120312 O 11/01/26
0
1540502 074/G01 F 532,000.00 ZZ
360 530,521.04 1
6335 JOHNSON CHAPEL ROAD 7.875 3,857.37 80
7.625 3,857.37 665,000.00
BRENTWOOD TN 37027 1 08/15/96 00
0430086108 03 10/01/96 0
1341023195 O 09/01/26
0
1540503 074/G01 F 248,000.00 ZZ
360 247,184.95 1
9872 OAKS LANE 7.750 1,776.70 80
7.500 1,776.70 310,000.00
SEMINOLE FL 33772 1 08/15/96 00
0430086116 03 10/01/96 0
1381063424 O 09/01/26
0
1540505 074/G01 F 270,000.00 ZZ
360 269,636.47 1
8871 LITTLE CREEK DRIVE 8.000 1,981.16 90
7.750 1,981.16 300,000.00
ROSEVILLE CA 95661 1 10/21/96 14
0430081778 03 12/01/96 25
1483004756 O 11/01/26
0
1540506 074/G01 F 337,500.00 ZZ
360 337,045.57 1
456 NICHOLAS LANE 8.000 2,476.46 75
7.750 2,476.46 450,000.00
SANTA BARBARA CA 93108 1 10/21/96 00
0430086124 05 12/01/96 0
1484002097 O 11/01/26
0
1540516 074/G01 F 252,000.00 ZZ
240 251,180.61 1
35 W 813 BURR OAK LANE 8.375 2,167.02 80
8.125 2,167.02 315,000.00
WEST DUNDEE IL 60118 2 10/16/96 00
0430086173 05 12/01/96 0
1502055322 O 11/01/16
0
1
1540517 074/G01 F 280,000.00 ZZ
360 278,306.12 1
411 W. NOYES 8.125 2,079.00 80
7.875 2,079.00 350,000.00
ARLINGTON HEIGH IL 60005 5 03/21/96 00
0430080861 05 05/01/96 0
1503100193 O 04/01/26
0
1540528 074/G01 F 495,000.00 ZZ
360 494,366.54 1
16618 BOSQUE DRIVE 8.250 3,718.77 72
(ENCINO AREA) 8.000 3,718.77 695,000.00
LOS ANGELES CA 91436 1 10/08/96 00
0430082933 05 12/01/96 0
1506166915 O 11/01/26
0
1540531 074/G01 F 544,800.00 ZZ
360 544,084.85 1
1802 SUN MOUNTAIN DRIVE 8.125 4,045.12 69
7.875 4,045.12 800,000.00
SANTE FE NM 87505 2 10/10/96 00
0430082941 05 12/01/96 0
1507037281 O 11/01/26
0
1540534 074/G01 F 222,550.00 ZZ
360 221,830.63 1
2316 TOLER LANE 8.250 1,671.94 90
8.000 1,671.94 247,323.00
VIRGINIA BEACH VA 23456 1 07/16/96 11
0430086223 03 09/01/96 25
1507164573 O 08/01/26
0
1540542 074/G01 F 135,000.00 ZZ
360 134,831.59 1
13635 NORTH WOODSIDE DRIVE 8.375 1,026.10 75
8.125 1,026.10 182,333.00
FOUNTAIN HILLS AZ 85268 1 10/15/96 00
0430082875 03 12/01/96 0
1512044300 O 11/01/26
0
1540544 074/G01 F 230,000.00 ZZ
360 229,698.08 1
1
8283 ROBERT COURT 8.125 1,707.74 80
7.875 1,707.74 287,500.00
GRANITE BAY CA 95746 1 10/11/96 00
0430082883 03 12/01/96 0
1512047477 O 11/01/26
0
1540548 074/G01 F 232,870.00 ZZ
360 232,564.31 1
9930 BRIDGEPORT DRIVE 8.125 1,729.05 91
7.875 1,729.05 257,000.00
COLORADO SPRING CO 80920 1 10/18/96 10
0430082917 05 12/01/96 25
1513053395 O 11/01/26
0
1540553 074/G01 F 256,000.00 ZZ
360 255,340.28 1
6011 SIERRA ARBOR COURT 8.250 1,923.24 80
8.000 1,923.24 320,000.00
AUSTIN TX 78759 1 08/06/96 00
0430081901 03 10/01/96 0
1520001449 O 09/01/26
0
1540554 074/G01 F 406,500.00 ZZ
360 405,992.92 1
3124 MILTON STREET 8.375 3,089.69 80
8.125 3,089.69 508,200.00
UNIVERSITY PARK TX 75205 1 10/23/96 00
0430083527 05 12/01/96 0
1524003162 O 11/01/26
0
1540556 074/G01 F 450,000.00 ZZ
360 449,424.13 1
2173 HILLSTONE DRIVE 8.250 3,380.70 72
8.000 3,380.70 631,551.00
SAN JOSE CA 95138 1 10/01/96 00
0430083261 05 12/01/96 0
1561334613 O 11/01/26
0
1540558 074/G01 F 273,200.00 ZZ
360 272,841.35 1
1228 JESSICA DRIVE 8.125 2,028.51 80
7.875 2,028.51 341,500.00
LIVERMORE CA 94550 1 10/28/96 00
0430082289 05 12/01/96 0
1
1561337510 O 11/01/26
0
1540567 074/G01 F 86,000.00 ZZ
360 85,772.67 1
4415 E EVANS CREEK ROAD 8.125 638.55 79
7.875 638.55 109,000.00
ROGUE RIVER OR 97537 5 08/06/96 00
0430081919 05 10/01/96 0
1565133227 O 09/01/26
0
1540569 074/G01 F 250,000.00 ZZ
360 249,355.71 1
15557 N BANK RD 8.250 1,878.17 56
8.000 1,878.17 450,000.00
ROSEBURG OR 97470 1 08/01/96 00
0430084244 05 10/01/96 0
1565136495 O 09/01/26
0
1540570 074/G01 F 137,200.00 ZZ
360 136,828.05 1
23 234TH PL SE 8.000 1,006.73 80
7.750 1,006.73 171,500.00
BOTHELL WA 98021 2 08/09/96 00
0430084251 05 10/01/96 0
1565137567 O 09/01/26
0
1540571 074/G01 F 90,000.00 ZZ
360 89,887.72 1
16100 SOUTHWEST SUMAC STREET 8.375 684.07 37
8.125 684.07 247,000.00
BEAVERTON OR 97007 5 10/16/96 00
0430084269 05 12/01/96 0
1565142862 O 11/01/26
0
1540574 074/G01 F 139,100.00 ZZ
360 138,921.97 1
170 WINDVIEW PLACE 8.250 1,045.02 78
8.000 1,045.02 180,000.00
ALPHARETTA GA 30202 5 10/23/96 00
0430083428 03 12/01/96 0
1566078168 O 11/01/26
0
1
1540578 074/G01 F 292,600.00 ZZ
360 292,206.03 1
1435 VALLE GRANDE 8.000 2,147.00 95
7.750 2,147.00 308,000.00
ESCONDIDO CA 92025 1 10/17/96 10
0430079913 05 12/01/96 30
1567172503 O 11/01/26
0
1540580 074/G01 F 225,900.00 ZZ
360 225,287.59 1
26398 NORTH 115TH WAY 8.000 1,657.58 90
7.750 1,657.58 251,000.00
SCOTTSDALE AZ 85255 1 08/02/96 10
0430086280 03 10/01/96 25
1569144702 O 09/01/26
0
1540583 074/G01 F 130,500.00 ZZ
360 130,328.69 1
6334 EAST VIEWMONT DRIVE, #26 8.125 968.96 75
7.875 968.96 174,048.00
MESA AZ 85215 1 10/23/96 00
0430083899 03 12/01/96 0
1569154091 O 11/01/26
0
1540589 074/G01 F 259,200.00 ZZ
360 258,859.73 1
1115 HILLCREST DRIVE 8.125 1,924.56 80
7.875 1,924.56 324,000.00
LAFAYETTE CA 94549 1 10/24/96 00
0430082867 05 12/01/96 0
1573162005 O 11/01/26
0
1540594 074/G01 F 350,000.00 ZZ
360 349,491.75 1
SR 1402 AUGER HOLE ROAD 7.625 2,477.28 74
7.375 2,477.28 475,000.00
DUNCAN NC 27540 5 10/11/96 00
0430086322 05 12/01/96 0
1577048996 O 11/01/26
0
1540610 074/G01 F 344,000.00 ZZ
360 343,559.77 1
9892 CREEKWOOD TRAIL 8.250 2,584.36 90
8.000 2,584.36 382,304.00
1
SPRINGFIELD TWP MI 48350 1 10/25/96 11
0430086363 05 12/01/96 25
1581071903 O 11/01/26
0
1540619 074/G01 F 244,400.00 ZZ
360 244,070.91 1
85 OLD MILL DRIVE 8.000 1,793.33 75
7.750 1,793.33 329,106.00
MEDIA PA 19063 1 10/16/96 00
0430082172 03 12/01/96 0
1587030476 O 11/01/26
0
1540625 074/G01 F 313,000.00 ZZ
360 312,589.11 1
11504 TRILLUM STREET 8.125 2,324.02 90
7.875 2,324.02 350,000.00
MITCHELLVILLE MD 20721 2 10/22/96 14
0430086405 05 12/01/96 25
1587046126 O 11/01/26
0
1540627 074/G01 F 345,000.00 ZZ
360 344,558.50 1
5617 BRADDOCK FARMS WAY 8.250 2,591.87 75
8.000 2,591.87 460,000.00
CLIFTON VA 22024 1 10/28/96 00
0430083550 03 12/01/96 0
1587046840 O 11/01/26
0
1540669 B60/G01 F 248,000.00 ZZ
360 247,853.58 1
356 CLAREMONT AVENUE 8.625 1,928.92 85
8.375 1,928.92 293,000.00
LONG BEACH CA 90803 2 11/13/96 12
0430078345 05 01/01/97 12
7523 O 12/01/26
0
1540724 808/G01 F 79,000.00 ZZ
360 79,000.00 1
260 CORTE SAN MARCO 8.375 600.46 56
8.125 600.46 141,990.00
PALM DESERT CA 92260 1 12/03/96 00
0430105353 03 02/01/97 0
9301625 O 01/01/27
0
1
1540791 025/025 F 213,950.00 ZZ
360 213,689.86 1
195 STREAMVIEW COURT 8.500 1,645.09 90
8.250 1,645.09 237,737.00
FAYETTEVILLE GA 30215 1 10/23/96 01
136426 03 12/01/96 25
136426 O 11/01/26
0
1540805 E19/G01 F 257,750.00 ZZ
360 257,572.61 1
27707 MERAWEATHER PLACE 7.875 1,868.87 95
7.625 1,868.87 273,500.00
VALENCIA AREA CA 91354 1 11/13/96 10
0430103028 05 01/01/97 30
100011069 O 12/01/26
0
1540822 776/G01 F 136,800.00 ZZ
360 136,710.51 1
4735 JUSTIN COURT 8.125 1,015.74 80
7.875 1,015.74 171,000.00
MOORPARK CA 93021 1 11/08/96 00
0430091538 09 01/01/97 0
2135438 O 12/01/26
0
1540832 573/G01 F 300,000.00 ZZ
360 299,827.39 1
20442 PRESTINA WAY 8.750 2,360.11 72
8.500 2,360.11 420,000.00
WALNUT CA 91789 5 11/11/96 00
0430114983 05 01/01/97 0
706665 O 12/01/26
0
1540833 573/G01 F 222,300.00 ZZ
360 222,158.24 1
8662 PINYON STREET 8.250 1,670.07 90
8.000 1,670.07 247,000.00
BUENA PARK CA 90620 1 11/06/96 10
0430094128 05 01/01/97 25
111001 O 12/01/26
0
1540868 640/G01 F 308,000.00 ZZ
360 307,808.56 1
1
7819 STONEHENGE DRIVE 8.375 2,341.02 80
8.125 2,341.02 385,000.00
CHATTANOOGA TN 37421 2 11/04/96 00
0430104216 05 01/01/97 0
5743273 O 12/01/26
0
1540881 639/G01 F 369,000.00 ZZ
240 369,000.00 1
4010 MOUNTAIN ROAD 7.750 3,029.30 69
7.500 3,029.30 535,000.00
WEST SUFFIELD CT 06093 1 12/10/96 00
0430102954 05 02/01/97 0
40074189 O 01/01/17
0
1540882 B99/G01 F 483,000.00 ZZ
360 483,000.00 1
10 CEDAR SPRINGS LANE 8.000 3,544.08 70
7.750 3,544.08 690,000.00
NEEDHAM MA 02192 1 12/12/96 00
0430092155 05 02/01/97 0
LM965436 O 01/01/27
0
1540906 766/G01 F 100,000.00 ZZ
360 99,949.50 1
1720 SW 103 AVE 9.375 831.75 65
9.125 831.75 156,000.00
MIAMI FL 33165 1 11/12/96 00
0430091306 05 01/01/97 0
96OZ0733 O 12/01/26
0
1540921 964/G01 F 288,000.00 ZZ
360 287,811.61 1
1668 EAST CALAVERAS STREET 8.125 2,138.39 80
7.875 2,138.39 360,000.00
ALTADENA AREA CA 91001 1 11/26/96 00
0430098889 05 01/01/97 0
21300 O 12/01/26
0
1540962 686/G01 F 54,350.00 ZZ
360 54,317.07 1
716 SOUTH UNION STREET 8.500 417.91 75
8.250 417.91 72,500.00
KENNEWICK WA 99336 1 11/04/96 00
0430085027 05 01/01/97 0
1
817914146 O 12/01/26
0
1541005 F03/G01 F 251,250.00 ZZ
360 251,250.00 1
7739 OAKVIEW PLACE 7.875 1,821.74 75
7.625 1,821.74 335,000.00
CASTLE ROCK CO 80104 1 12/05/96 00
0430097790 05 02/01/97 0
DEN10322 O 01/01/27
0
1541029 624/G01 F 268,350.00 ZZ
360 268,350.00 1
6342 PEARLROTH DRIVE 8.500 2,063.38 95
8.250 2,063.38 282,500.00
SAN JOSE CA 95123 1 12/03/96 04
0430100941 05 02/01/97 30
6306166012 O 01/01/27
0
1541041 B60/G01 F 222,000.00 ZZ
360 221,868.94 1
20651 HORIZON LANE 8.625 1,726.69 90
8.375 1,726.69 248,000.00
HUNTINGTON BEAC CA 92646 2 11/21/96 01
0430079798 05 01/01/97 25
7557 O 12/01/26
0
1541042 F03/G01 F 55,125.00 ZZ
360 55,125.00 1
86 COUNTY ROAD 31 8.625 428.76 75
8.375 428.76 73,500.00
WALDEN CO 80480 2 12/06/96 00
0430110874 05 02/01/97 0
DEN10324 O 01/01/27
0
1541072 F63/G01 F 302,000.00 ZZ
360 301,797.36 1
55 BRENTWOOD DRIVE 8.000 2,215.97 80
7.750 2,215.97 380,000.00
SAN RAFAEL CA 94901 2 11/12/96 00
0430119412 05 01/01/97 0
21283 O 12/01/26
0
1
1541095 E87/G01 F 300,000.00 ZZ
360 299,803.76 1
6305 HIGHLAND KNOLLS DRIVE 8.125 2,227.49 79
7.875 2,227.49 380,000.00
BAKERSFIELD CA 93306 2 11/01/96 00
0430087627 05 01/01/97 0
70000198 O 12/01/26
0
1541120 227/G01 F 214,200.00 ZZ
360 214,063.41 1
683 IVY STREET 8.250 1,609.22 90
8.000 1,609.22 238,000.00
DENVER CO 80220 1 11/11/96 10
0430098848 05 01/01/97 25
1681663 O 12/01/26
0
1541126 A46/G01 F 236,250.00 ZZ
360 236,250.00 1
353 GARRATY ROAD 7.875 1,712.98 75
7.625 1,712.98 315,000.00
TERRELL HILLS TX 78209 1 12/16/96 00
0430104117 05 02/01/97 0
3302110535 O 01/01/27
0
1541323 375/G01 F 356,000.00 ZZ
360 354,418.24 1
4420 RED ROCK RANCH ROAD 8.375 2,705.86 69
8.125 2,705.86 520,000.00
PALMER LAKE CO 80133 2 05/14/96 00
0430111047 05 07/01/96 0
412659 O 06/01/26
0
1541327 A13/G01 F 289,800.00 ZZ
360 289,619.87 1
671 GARNER ROAD 8.375 2,202.69 90
8.125 2,202.69 322,000.00
MILFORD MI 48381 1 11/08/96 12
0430090969 05 01/01/97 25
960117860 O 12/01/26
0
1541334 375/G01 F 271,700.00 ZZ
360 268,777.77 1
3416 WESTWAY COURT 8.000 1,993.64 95
7.750 1,993.64 286,000.00
1
PLANO TX 75093 1 10/30/95 04
0430090290 03 12/01/95 30
95613 O 11/01/25
0
1541341 A13/G01 F 221,000.00 ZZ
360 220,847.90 1
10680 RED MAPLE DRIVE 7.875 1,602.41 85
7.625 1,602.41 263,000.00
PLYMOUTH MI 48170 1 11/13/96 14
0430090951 05 01/01/97 12
002042208 O 12/01/26
0
1541342 375/G01 F 107,000.00 ZZ
360 106,873.19 1
415 W 13TH AVENUE 8.625 832.24 69
8.375 832.24 157,000.00
SPOKANE WA 99204 1 10/29/96 00
0430088757 05 12/01/96 0
UNKNOWN O 11/01/26
0
1541360 387/387 F 275,000.00 ZZ
360 274,613.84 1
LOPEZ AVENUE 2ND NW OF 4TH AVE 8.250 2,065.98 29
7.625 2,065.98 950,000.00
CARMEL CA 93921 2 10/08/96 00
808071 05 12/01/96 0
808071 O 11/01/26
0
1541367 B60/G01 F 306,500.00 ZZ
360 306,319.04 1
2510 WEST 232ND STREET 8.625 2,383.93 82
8.375 2,383.93 378,000.00
TORRANCE CA 90505 2 11/22/96 12
0430081406 05 01/01/97 12
7580 O 12/01/26
0
1541372 B60/G01 F 480,000.00 ZZ
360 479,677.93 1
16552 SOMERSET LANE 8.000 3,522.07 59
7.750 3,522.07 820,000.00
HUNTINGTON BEAC CA 92649 2 11/20/96 00
0430081380 05 01/01/97 0
7551 O 12/01/26
0
1
1541391 B74/G01 F 52,700.00 ZZ
360 52,700.00 1
401 SOUTH EL CIELO ROAD, NO.66 8.375 400.56 80
8.125 400.56 66,000.00
PALM SPRINGS CA 92262 1 12/09/96 00
0430117325 01 02/01/97 0
964004 O 01/01/27
0
1541405 624/G01 F 62,000.00 ZZ
360 62,000.00 1
11160 NORTH 5100 WEST 8.500 476.73 36
8.250 476.73 175,000.00
HIGHLAND UT 84003 1 11/27/96 00
0430119271 05 02/01/97 0
66031960433 O 01/01/27
0
1541429 131/G01 F 75,000.00 ZZ
360 74,427.64 1
17109 R CIRCLE 8.000 550.32 33
7.750 550.32 228,350.00
OMAHA NE 68135 1 02/01/96 00
0430089813 05 03/01/96 0
8986770 O 02/01/26
0
1541434 131/G01 F 215,000.00 ZZ
360 214,606.50 1
2209 GREAT OAKS DR 8.500 1,653.16 88
8.250 1,653.16 245,000.00
BURNSVILLE MN 55337 1 09/26/96 10
0430104026 05 11/01/96 25
6841053 O 10/01/26
0
1541472 731/G01 F 283,500.00 ZZ
360 283,314.55 1
4287 HORTENSIA STREET 8.125 2,104.98 90
7.875 2,104.98 315,000.00
SAN DIEGO CA 92103 1 11/14/96 12
0430099606 05 01/01/97 25
413110312 O 12/01/26
0
1541479 267/267 F 248,000.00 ZZ
360 247,837.77 1
1
4936 VIA VENTOSA 8.125 1,841.40 80
7.875 1,841.40 310,000.00
YORBA LINDA CA 92886 1 11/08/96 00
4422432 05 01/01/97 0
4422432 O 12/01/26
0
1541481 267/267 F 322,000.00 ZZ
360 321,778.40 1
2612 CARLMONT DRIVE 7.875 2,334.73 80
7.625 2,334.73 402,500.00
BELMONT CA 94002 1 11/08/96 00
4423721 03 01/01/97 0
4423721 O 12/01/26
0
1541492 765/G01 F 506,250.00 ZZ
360 505,901.60 1
11261 LA VEREDA DRIVE 7.875 3,670.67 75
7.625 3,670.67 675,000.00
SANTA ANA AREA CA 92705 1 11/15/96 00
0430089110 05 01/01/97 0
318324 O 12/01/26
0
1541495 470/G01 F 423,200.00 ZZ
360 422,930.13 1
286 CUMBERLAND STREET 8.250 3,179.37 80
8.000 3,179.37 529,000.00
SAN FRANCISCO CA 94114 1 11/01/96 00
0430089151 05 01/01/97 0
83000541 O 12/01/26
0
1541510 E19/G01 F 590,000.00 ZZ
360 589,583.58 1
840 INVERNESS DRIVE 7.750 4,226.84 80
7.500 4,226.84 737,500.00
LA CANADA-FLINT CA 91011 1 11/12/96 00
0430090027 05 01/01/97 0
100014058 O 12/01/26
0
1541614 764/G01 F 300,000.00 ZZ
360 300,000.00 1
4 DELPHINUS 8.000 2,201.29 64
7.750 2,201.29 470,000.00
IRVINE CA 92715 1 12/09/96 00
0430103184 01 02/01/97 0
1
890506 O 01/01/27
0
1541617 976/G01 F 270,000.00 ZZ
360 270,000.00 1
967 IOPONO LOOP 8.000 1,981.17 80
7.750 1,981.17 337,500.00
KAILUA HI 96734 1 12/10/96 00
0430110528 05 02/01/97 0
235257 O 01/01/27
0
1541619 666/G01 F 172,000.00 ZZ
360 172,000.00 1
1329 SOUTH ORANGE GROVE AVE 8.250 1,292.18 80
8.000 1,292.18 217,000.00
LOS ANGELES CA 90019 1 12/09/96 00
0430101337 05 02/01/97 0
591054 O 01/01/27
0
1541624 470/G01 F 393,000.00 ZZ
360 393,000.00 1
12 MALEA 8.375 2,987.09 75
8.125 2,987.09 525,000.00
LAGUNA NIGUEL CA 92677 5 12/17/96 00
0430116301 03 02/01/97 0
24151847 O 01/01/27
0
1541637 E19/G01 F 396,000.00 ZZ
360 395,740.96 1
12500 HAZELTINE DRIVE 8.125 2,940.29 80
7.875 2,940.29 495,000.00
TUSTIN CA 92680 2 11/11/96 00
0430090894 03 01/01/97 0
111561 O 12/01/26
0
1541638 E19/G01 F 364,000.00 ZZ
360 363,749.50 1
4032 BALLINA DRIVE 7.875 2,639.25 80
7.625 2,639.25 455,000.00
ENCINO AREA CA 91436 2 11/08/96 00
0430098095 05 01/01/97 0
100013438 O 12/01/26
0
1
1541642 B57/G01 F 304,000.00 ZZ
360 303,801.13 1
8404 CHARLOMA DRIVE 8.125 2,257.20 80
7.875 2,257.20 380,000.00
DOWNEY CA 90240 1 11/14/96 00
0430089995 05 01/01/97 0
9620879 O 12/01/26
0
1541643 E87/G01 F 188,000.00 ZZ
360 187,873.85 1
2711 PYRITE PLACE 8.000 1,379.48 80
7.750 1,379.48 235,000.00
OXNARD CA 93030 1 11/04/96 00
0430096347 05 01/01/97 0
70000208 O 12/01/26
0
1541644 961/G01 F 326,250.00 ZZ
360 326,025.48 1
31592 VIA CRUZADA 7.875 2,365.54 75
7.625 2,365.54 435,000.00
SAN JUAN CAPIST CA 92675 2 11/12/96 00
0430092270 03 01/01/97 0
09109397 O 12/01/26
0
1541645 F16/G01 F 390,400.00 ZZ
360 390,131.32 1
12782 PERIWINKLE DRIVE 7.875 2,830.68 80
7.625 2,830.68 488,000.00
SANTA ANA CA 92705 1 11/21/96 00
0430095893 05 01/01/97 0
963136046 O 12/01/26
0
1541650 B74/G01 F 273,000.00 ZZ
360 272,821.42 1
6 WHISPERING PINE 8.125 2,027.02 80
7.875 2,027.02 341,259.00
IRVINE CA 92620 1 11/08/96 00
0430090993 03 01/01/97 0
963710 O 12/01/26
0
1541652 E19/G01 F 122,000.00 ZZ
360 121,918.14 1
1645 SMOKEY CREEK COVE 8.000 895.19 74
7.750 895.19 165,000.00
1
BLAIRSVILLE GA 30512 2 11/20/96 00
0430092486 05 01/01/97 0
100013403 O 12/01/26
0
1541661 E19/G01 F 328,000.00 ZZ
360 327,756.57 1
15771 SANTIAGO CANYON ROAD 7.500 2,293.43 73
7.250 2,293.43 450,000.00
ORANGE AREA CA 92667 2 11/21/96 00
0430091876 05 01/01/97 0
100014154 O 12/01/26
0
1541668 069/G01 F 200,000.00 ZZ
360 199,872.46 1
1721 WALNUT LEAF DRIVE 8.250 1,502.54 74
8.000 1,502.54 272,500.00
WALNUT CA 91789 1 11/12/96 00
0430091884 05 01/01/97 0
2362146660 O 12/01/26
0
1541670 069/G01 F 119,200.00 ZZ
360 119,125.91 1
608 NOTTINGHAM DRIVE 8.375 906.01 80
8.125 906.01 149,000.00
REDLANDS CA 92373 1 11/12/96 00
0430088955 05 01/01/97 0
2022139616 O 12/01/26
0
1541677 B27/G01 F 290,000.00 ZZ
360 289,815.07 1
332 STILL RIVER ROAD 8.250 2,178.68 69
8.000 2,178.68 425,000.00
HARVARD MA 01467 1 11/25/96 00
0430087478 05 01/01/97 0
0 O 12/01/26
0
1541679 776/G01 F 250,000.00 ZZ
360 249,832.26 1
6343 WEST 84TH PLACE 8.000 1,834.41 74
7.750 1,834.41 340,000.00
LOS ANGELES CA 90045 2 11/18/96 00
0430091314 05 01/01/97 0
2135011 O 12/01/26
0
1
1541691 E48/G01 F 227,200.00 ZZ
360 227,051.38 1
2410 DOUGLASS GLEN LANE 8.125 1,686.95 80
7.875 1,686.95 284,000.00
FRANKLIN TN 37064 1 11/25/96 00
0430113845 05 01/01/97 0
10708 O 12/01/26
0
1541699 776/G01 F 284,000.00 ZZ
360 283,818.90 1
300 HACIENDA DRIVE 8.250 2,133.60 80
8.000 2,133.60 355,000.00
SCOTTS VALLEY CA 95066 1 11/14/96 00
0430095943 05 01/01/97 0
6237642 O 12/01/26
0
1541700 976/G01 F 280,500.00 ZZ
360 280,325.65 1
2700 COLD SATURDAY DRIVE 8.375 2,132.01 65
8.125 2,132.01 435,000.00
FINKSBURG MD 21048 5 11/15/96 00
0430104596 05 01/01/97 0
310819 O 12/01/26
0
1541702 976/G01 F 384,000.00 ZZ
360 383,544.93 1
608 TYNER WAY 8.625 2,986.72 86
8.375 2,986.72 450,000.00
INCLINE VILLAGE NV 89451 2 10/24/96 04
0430090092 05 12/01/96 25
137745 O 11/01/26
0
1541730 976/G01 F 264,000.00 ZZ
360 263,835.90 1
7705 SAXEBOROUGH DRIVE 8.375 2,006.60 80
8.125 2,006.60 332,000.00
CASTLE ROCK CO 80104 1 11/06/96 00
0430095513 03 01/01/97 0
299468 O 12/01/26
0
1541734 731/G01 F 176,800.00 ZZ
360 176,684.35 1
1
9537 STARLING AVENUE 8.125 1,312.73 80
7.875 1,312.73 221,000.00
FOUNTAIN VALLEY CA 92708 1 11/14/96 00
0430098210 05 01/01/97 0
411510887 O 12/01/26
0
1541744 E57/G01 F 243,000.00 ZZ
360 242,836.95 1
14816 EDGERIDGE DRIVE 8.000 1,783.05 90
7.750 1,783.05 270,000.00
HACIENDA HEIGHT CA 91745 1 11/15/96 12
0430105502 05 01/01/97 25
85412005000 O 12/01/26
0
1541759 B57/G01 F 504,000.00 ZZ
360 503,670.31 1
18406 WEST COASTLINE DRIVE 8.125 3,742.19 80
7.875 3,742.19 630,000.00
MALIBU CA 90265 1 11/21/96 00
0430091777 05 01/01/97 0
9611973 O 12/01/26
0
1541760 731/G01 F 342,000.00 ZZ
360 341,776.28 1
269 CASTEEL ROAD 8.125 2,539.34 90
7.875 2,539.34 380,000.00
MARIETTA GA 30064 4 11/22/96 11
0430116566 05 01/01/97 25
3140662834 O 12/01/26
0
1541764 731/G01 F 278,000.00 ZZ
360 277,844.15 1
11150 MEADOW BROOK DRIVE 8.875 2,211.89 90
8.625 2,211.89 310,000.00
AUBURN CA 95602 1 11/06/96 10
0430097329 05 01/01/97 25
110541120 O 12/01/26
0
1541772 E87/G01 F 350,000.00 ZZ
360 349,765.15 1
1460 TWINRIDGE ROAD 8.000 2,568.18 65
7.750 2,568.18 545,416.00
SANTA BARBARA CA 93111 4 11/08/96 00
0430090159 05 01/01/97 0
1
70000218 O 12/01/26
0
1541775 F30/G01 F 255,000.00 ZZ
360 254,820.02 1
3118 EAST FAWNWOOD COVE 7.750 1,826.85 79
7.500 1,826.85 326,000.00
SANDY UT 84092 2 11/20/96 00
0430091207 05 01/01/97 0
102388 O 12/01/26
0
1541777 624/G01 F 224,000.00 ZZ
360 223,857.16 1
360 GROVE STREET 8.250 1,682.84 80
8.000 1,682.84 280,000.00
HALF MOON BAY CA 94019 1 11/08/96 00
0430088690 05 01/01/97 0
46001062386 O 12/01/26
0
1541780 069/G01 F 230,000.00 ZZ
360 229,734.36 1
29 AMISTAD 8.750 1,809.42 79
8.500 1,809.42 292,000.00
IRVINE CA 92620 2 10/24/96 00
0430099028 03 12/01/96 0
2362140895 O 11/01/26
0
1541781 069/G01 F 221,900.00 ZZ
360 221,608.70 1
905 EASTMAN PLACE 8.125 1,647.61 88
(SAN PEDRO AREA) 7.875 1,647.61 255,000.00
LOS ANGELES CA 90731 2 10/24/96 14
0430098863 05 12/01/96 25
2072138030 O 11/01/26
0
1541783 069/G01 F 260,000.00 ZZ
360 259,707.40 1
2350 SAN CLEMENTE AVENUE 8.875 2,068.68 75
8.625 2,068.68 348,939.00
VISTA CA 92084 1 10/25/96 00
0430120956 05 12/01/96 0
2362113280 O 11/01/26
0
1
1541793 369/G01 F 500,000.00 ZZ
360 499,689.21 1
14050 CLARENDON POINTE CT 8.375 3,800.37 63
8.125 3,800.37 800,000.00
HUNTERSVILLE NC 28078 1 11/15/96 00
0430092858 03 01/01/97 0
60080835 O 12/01/26
0
1541798 369/G01 F 227,200.00 ZZ
360 227,058.78 1
15 SHADY LANE 8.375 1,726.89 80
8.125 1,726.89 284,000.00
TEQUESTA FL 33469 1 11/12/96 00
0430089631 03 01/01/97 0
60282860 O 12/01/26
0
1541799 G81/G01 F 319,500.00 ZZ
360 319,500.00 1
1325 ALHAMBRA CIRCLE 7.875 2,316.60 90
7.625 2,316.60 355,000.00
CORAL GABLES FL 33134 1 12/16/96 01
0430112557 05 02/01/97 25
0216110149 O 01/01/27
0
1541804 E08/G01 F 280,000.00 ZZ
360 280,000.00 1
3100 SW 109 COURT 9.000 2,252.95 80
8.750 2,252.95 350,000.00
MIAMI FL 33165 2 12/20/96 00
0430113746 05 02/01/97 0
UNKNOWN O 01/01/27
0
1541837 617/617 F 337,500.00 ZZ
360 336,882.25 1
2600 ADAMSBROOKE DRIVE 8.500 2,595.09 90
8.250 2,595.09 375,000.00
CONWAY AR 72032 2 09/20/96 01
966374 05 11/01/96 25
966374 O 10/01/26
0
1541841 G33/G01 F 252,500.00 T
240 252,090.92 1
LOTS 38 AND 39 EAGLE POINT 8.375 2,171.32 72
8.125 2,171.32 353,500.00
1
MOUNT VERNON TX 75457 2 11/21/96 00
0430093039 05 01/01/97 0
9600000249 O 12/01/16
0
1541847 270/G01 F 398,050.00 ZZ
360 397,802.59 1
2004 CERCA VIEJO WAY 8.375 3,025.47 80
8.125 3,025.47 497,610.00
AUSTIN TX 78746 1 11/08/96 00
0430089409 03 01/01/97 0
4930822 O 12/01/26
0
1541849 737/G01 F 117,600.00 ZZ
360 117,525.01 1
241 COURTNEY LANE 8.250 883.49 70
8.000 883.49 168,000.00
ESTES PARK CO 80517 1 11/18/96 00
0430093955 05 01/01/97 0
572877 O 12/01/26
0
1541877 F03/G01 F 112,500.00 ZZ
360 112,500.00 1
1625 2500 ROAD 8.375 855.09 75
8.125 855.09 150,000.00
CEDAREDGE CO 81413 1 12/16/96 00
0430103945 05 02/01/97 0
DEN10284 O 01/01/27
0
1541913 666/G01 F 138,750.00 ZZ
360 138,750.00 1
19743 COLLINS ROAD 8.125 1,030.21 75
7.875 1,030.21 185,000.00
CANYON COUNTRY CA 91351 2 12/23/96 00
0430118745 01 02/01/97 0
591051 O 01/01/27
0
1541922 685/G01 F 168,200.00 ZZ
360 168,087.14 1
386 PISMO BAY COURT 8.000 1,234.19 80
7.750 1,234.19 210,347.00
OCEANSIDE CA 92057 1 11/21/96 00
0430084806 03 01/01/97 0
106178 O 12/01/26
0
1
1541936 E19/G01 F 120,000.00 ZZ
360 120,000.00 1
18 CHERRY ROAD 8.000 880.52 52
7.750 880.52 235,000.00
NORTH HAMPTON NH 03862 1 12/19/96 00
0430108977 05 02/01/97 0
0181122 O 01/01/27
0
1541938 757/G01 F 236,000.00 T
360 235,849.51 1
320 E48 MYRTLE AVENUE 8.250 1,772.99 80
8.000 1,772.99 295,000.00
PAWLEYS ISLAND SC 29585 1 11/21/96 00
0430090910 01 01/01/97 0
2875086 O 12/01/26
0
1541949 764/G01 F 210,000.00 ZZ
360 210,000.00 1
154 ALABAMA STREET 8.000 1,540.91 75
7.750 1,540.91 280,000.00
SAN GABRIEL CA 91775 2 12/17/96 00
0430115170 05 02/01/97 0
890508 O 01/01/27
0
1541953 399/399 F 240,000.00 ZZ
360 239,835.66 1
7812 NAYLOR AVE 7.900 1,744.34 80
7.650 1,744.34 300,000.00
LOS ANGELES CA 90045 1 11/18/96 00
6562375 05 01/01/97 0
6562375 O 12/01/26
0
1541965 685/G01 F 242,100.00 ZZ
360 241,933.39 1
190 IMAGES CIRCLE 7.875 1,755.39 80
7.625 1,755.39 302,666.00
MILPITAS CA 95035 1 11/21/96 00
0430084632 03 01/01/97 0
105527 O 12/01/26
0
1541971 A38/G01 F 140,000.00 ZZ
360 140,000.00 1
1
8900 LITTLE GERONIMO 8.625 1,088.91 70
8.375 1,088.91 200,000.00
SAN ANTONIO TX 78254 2 12/10/96 00
0430101345 05 02/01/97 0
812009 O 01/01/27
0
1541977 637/G01 F 330,000.00 ZZ
360 329,784.13 1
1515 RAY DRIVE 8.125 2,450.24 78
7.875 2,450.24 425,000.00
BURLINGAME CA 94010 1 11/07/96 00
0430098186 05 01/01/97 0
9309993 O 12/01/26
0
1541980 637/G01 F 164,250.00 ZZ
360 164,139.79 1
226 EAST FAIR LANE 8.000 1,205.21 75
7.750 1,205.21 219,000.00
LITTLETON CO 80121 4 11/15/96 00
0430094227 05 01/01/97 0
4456562 O 12/01/26
0
1541983 B57/G01 F 250,000.00 ZZ
360 249,836.46 1
147 NORTH NORTON AVENUE 8.125 1,856.25 51
7.875 1,856.25 497,000.00
LOS ANGELES CA 90004 1 11/23/96 00
0430090985 05 01/01/97 0
9630469 O 12/01/26
0
1541986 685/G01 F 225,800.00 ZZ
360 225,640.63 1
26073 SALINGER LANE 7.750 1,617.66 80
7.500 1,617.66 283,000.00
STEVENSON RANCH CA 91381 1 11/20/96 00
0430090183 05 01/01/97 0
106247 O 12/01/26
0
1541987 685/G01 F 162,800.00 ZZ
360 162,690.76 1
40566 NOB COURT 8.000 1,194.57 80
7.750 1,194.57 204,000.00
TEMECULA CA 92591 1 11/22/96 00
0430089508 05 01/01/97 0
1
106269 O 12/01/26
0
1542405 822/G01 F 240,000.00 ZZ
360 239,826.29 1
1030 RADLEY DRIVE 7.625 1,698.71 80
7.375 1,698.71 300,000.00
WEST CHESTER PA 19382 1 11/22/96 00
0430089003 05 01/01/97 0
0176228888 O 12/01/26
0
1542419 759/G01 F 230,000.00 ZZ
360 230,000.00 1
424 OCEANVIEW AVENUE 7.875 1,667.66 56
7.625 1,667.66 412,000.00
SANTA CRUZ CA 95062 2 12/12/96 00
0430120865 05 02/01/97 0
5350112682 O 01/01/27
0
1542423 E26/G01 F 164,000.00 ZZ
360 163,884.25 1
375 HOLMES DRIVE 7.750 1,174.92 80
N.W. 7.500 1,174.92 205,000.00
VIENNA VA 22180 1 11/15/96 00
0430089128 05 01/01/97 0
436166 O 12/01/26
0
1542424 637/G01 F 135,000.00 ZZ
360 135,000.00 1
8 ELTONA PLACE 8.500 1,038.04 73
8.250 1,038.04 185,500.00
EAST NORTHPORT NY 11731 1 12/23/96 00
0430120014 05 02/01/97 0
9383084 O 01/01/27
0
1542434 F96/G01 F 396,000.00 ZZ
360 396,000.00 1
12 DOGWOOD LANE 8.375 3,009.89 80
8.125 3,009.89 495,000.00
BOONTON TOWNSHI NJ 07005 1 12/02/96 00
0430088849 05 02/01/97 0
1230 O 01/01/27
0
1
1542457 776/G01 F 84,250.00 ZZ
360 84,198.96 1
165 ROSEWOOD LANE EAST 8.500 647.81 74
8.250 647.81 115,000.00
ALTON IL 62024 1 11/27/96 00
0430092551 05 01/01/97 0
8138246 O 12/01/26
0
1542459 776/G01 F 240,000.00 ZZ
360 239,854.61 1
1659 VIA CAMPO 8.500 1,845.39 80
8.250 1,845.39 300,000.00
LA VERNE CA 91750 2 11/20/96 00
0430092494 05 01/01/97 0
2135445 O 12/01/26
0
1542462 B75/G01 F 236,000.00 ZZ
360 235,837.59 1
5177 VIA ANGELINA 7.875 1,711.16 80
7.625 1,711.16 295,000.00
YORBA LINDA CA 92686 1 11/18/96 00
0430089771 03 01/01/97 0
2722221 O 12/01/26
0
1542463 776/G01 F 200,000.00 ZZ
360 199,862.36 1
1160 SONUCA AVENUE 7.875 1,450.14 80
7.625 1,450.14 250,000.00
CAMPBELL CA 95008 1 11/21/96 00
0430092577 05 01/01/97 0
6239302 O 12/01/26
0
1542464 776/G01 F 46,700.00 ZZ
360 46,670.98 1
1310 NORTH THIRD STREET 8.375 354.95 79
8.125 354.95 59,700.00
ST. CHARLES MO 63301 1 11/14/96 00
0430093385 05 01/01/97 0
8239528 O 12/01/26
0
1542466 776/G01 F 120,000.00 ZZ
360 119,923.48 1
34695 WALT ROAD 8.250 901.52 71
8.000 901.52 170,000.00
1
MENIFEE AREA CA 92562 1 11/21/96 00
0430095299 05 01/01/97 0
6139907 O 12/01/26
0
1542472 E19/G01 F 155,500.00 ZZ
360 155,400.84 1
9701 WEST CRESTWOOD LANE 8.250 1,168.22 95
8.000 1,168.22 164,000.00
ANAHEIM AREA CA 92804 2 11/19/96 14
0430097576 05 01/01/97 30
100014098 O 12/01/26
0
1542474 765/G01 F 231,500.00 ZZ
360 231,356.11 1
7361 ROSEWOOD AVENUE 8.375 1,759.57 74
8.125 1,759.57 315,000.00
LOS ANGELES CA 90036 2 11/20/96 00
0430093799 05 01/01/97 0
31894 O 12/01/26
0
1542475 765/G01 F 125,500.00 ZZ
360 125,415.79 1
1909 KLAUBER AVENUE 8.000 920.88 71
7.750 920.88 178,000.00
SAN DIEGO CA 92114 2 11/14/96 00
0430098129 05 01/01/97 0
140103 O 12/01/26
0
1542478 461/G01 F 337,500.00 ZZ
360 337,295.53 1
20419 SARTELL DRIVE 8.500 2,595.09 69
8.250 2,595.09 490,000.00
WALNUT CA 91789 2 11/18/96 00
0430093245 03 01/01/97 0
21069752 O 12/01/26
0
1542487 F16/G01 F 230,000.00 ZZ
360 229,860.66 1
8555 PALMA VISTA STREET 8.500 1,768.51 80
8.250 1,768.51 290,000.00
SAN GABRIEL CA 91755 1 11/22/96 00
0430093062 05 01/01/97 0
96816138 O 12/01/26
0
1
1542492 E23/G01 F 301,500.00 ZZ
360 301,302.78 1
5807 OWL HILL AVENUE 8.125 2,238.63 90
7.875 2,238.63 335,000.00
SANTA ROSA CA 95409 2 11/19/96 14
0430099457 05 01/01/97 25
108348 O 12/01/26
0
1542496 E87/G01 F 245,000.00 ZZ
360 244,835.61 1
4804 PASEO MONTELENA 8.000 1,797.72 72
7.750 1,797.72 345,000.00
CAMARILLO CA 93012 1 11/12/96 00
0430092528 05 01/01/97 0
70000219 O 12/01/26
0
1542497 E91/G01 F 192,550.00 ZZ
360 192,424.04 1
15 MEADOWOOD 8.125 1,429.68 72
7.875 1,429.68 267,443.00
LAS FLORES CA 92688 1 11/05/96 00
0430093930 03 01/01/97 0
1815101 O 12/01/26
0
1542500 E57/G01 F 245,700.00 ZZ
360 245,551.15 1
28501 SPRINGFIELD DRIVE 8.500 1,889.22 90
8.250 1,889.22 273,000.00
LAGUNA NIGUEL CA 92677 1 11/19/96 12
0430097626 03 01/01/97 25
77992005323 O 12/01/26
0
1542501 975/G01 F 236,250.00 ZZ
360 236,091.48 1
17854 TUSCAN DRIVE 8.000 1,733.52 75
(GRANADA HILLS AREA) 7.750 1,733.52 315,000.00
LOS ANGELES CA 91344 1 11/21/96 00
0430094284 03 01/01/97 0
962818 O 12/01/26
0
1542503 731/G01 F 264,550.00 ZZ
360 264,385.57 1
1
10361 VISTA GROVE STREET 8.375 2,010.77 95
8.125 2,010.77 278,500.00
RANCHO CUCAMONG CA 91737 1 11/19/96 01
0430092445 05 01/01/97 30
412610284 O 12/01/26
0
1542504 F03/G01 F 65,750.00 ZZ
360 65,750.00 1
330 WEST FLORIDA AVENUE 8.125 488.20 70
#98 7.875 488.20 93,950.00
DENVER CO 80219 1 12/06/96 00
0430110809 01 02/01/97 0
DEN10338 O 01/01/27
0
1542505 731/G01 F 195,960.00 ZZ
360 195,825.14 1
2658 SANTA YNEZ AVENUE 7.875 1,420.85 80
7.625 1,420.85 245,000.00
SIMI VALLEY CA 93063 1 11/20/96 00
0430092908 05 01/01/97 0
4001166 O 12/01/26
0
1542507 731/G01 F 218,400.00 ZZ
360 218,260.73 1
3179 OMEGA AVENUE 8.250 1,640.77 80
8.000 1,640.77 273,000.00
SIMI VALLEY CA 93063 1 11/20/96 00
0430095414 05 01/01/97 0
8000342 O 12/01/26
0
1542529 455/G01 F 550,000.00 ZZ
360 550,000.00 1
1405 SPYGLASS HILL DR 8.500 4,229.03 50
8.250 4,229.03 1,100,000.00
DULUTH GA 30155 1 12/09/96 00
0430097337 03 02/01/97 0
53696 O 01/01/27
0
1542548 A01/G01 F 220,800.00 ZZ
360 220,651.84 1
1232 VIA PRIVADA 8.000 1,620.16 80
7.750 1,620.16 276,000.00
ESCONDIDO CA 92029 1 11/22/96 00
0430105569 05 01/01/97 0
1
96118619 O 12/01/26
0
1542549 B60/G01 F 247,500.00 ZZ
360 247,346.16 1
516 9TH STREET 8.375 1,881.18 80
8.125 1,881.18 310,000.00
HUNTINGTON BEAC CA 92648 2 11/25/96 00
0430086835 05 01/01/97 0
7581 O 12/01/26
0
1542554 A71/G01 F 255,000.00 ZZ
360 255,000.00 1
9721 PORTADA DRIVE 8.125 1,893.37 70
7.875 1,893.37 365,000.00
WHITTIER CA 90603 2 12/04/96 00
0430095679 05 02/01/97 0
UNKNOWN O 01/01/27
0
1542574 181/181 F 217,000.00 ZZ
360 216,677.99 1
9124 IVEY HILL COURT 8.625 1,687.80 90
8.375 1,687.80 241,361.00
ORLANDO FL 32819 1 11/01/96 11
5373701 05 12/01/96 25
5373701 O 11/01/26
0
1542617 737/G01 F 189,700.00 T
360 189,582.09 1
7625 N 78TH STREET 8.375 1,441.86 70
8.125 1,441.86 271,000.00
SCOTTSDALE AZ 85258 1 11/15/96 00
0430093112 03 01/01/97 0
512030 O 12/01/26
0
1542625 369/G01 F 220,000.00 ZZ
360 219,664.15 1
7 GROVE ROAD 7.375 1,519.49 72
7.125 1,519.49 308,000.00
THORNBURY PA 19342 1 10/31/96 00
0430090696 03 12/01/96 0
49771769 O 11/01/26
0
1
1542628 369/G01 F 234,000.00 ZZ
360 233,850.79 1
11504 S W WOODLEE HEIGHTS 8.250 1,757.96 89
COURT 8.000 1,757.96 264,000.00
PORTLAND OR 97219 1 11/07/96 11
0430091579 05 01/01/97 25
49403470 O 12/01/26
0
1542629 369/G01 F 260,000.00 ZZ
360 259,829.93 1
251 NORTH HERITAGE OAK DRIVE 8.125 1,930.49 70
7.875 1,930.49 375,000.00
GLENDORA CA 91741 5 11/13/96 00
0430090308 05 01/01/97 0
4954716 O 12/01/26
0
1542630 025/025 F 229,600.00 ZZ
360 229,290.87 1
8009 COURTLEIGH DRIVE 8.000 1,684.72 80
7.750 1,684.72 287,000.00
ORLANDO FL 32835 1 10/31/96 00
119994 03 12/01/96 0
119994 O 11/01/26
0
1542632 369/G01 F 270,000.00 ZZ
360 269,827.83 1
3467 WOODEN VALLEY ROAD 8.250 2,028.42 90
8.000 2,028.42 300,000.00
SUISUN CITY CA 94585 1 11/11/96 01
0430092411 05 01/01/97 25
49178270 O 12/01/26
0
1542637 369/G01 F 580,000.00 ZZ
360 579,610.83 1
2201 DELAWARE AVENUE 8.000 4,255.84 78
7.750 4,255.84 750,000.00
WILMINGTON DE 19806 2 11/15/96 00
0430090548 05 01/01/97 0
60300076 O 12/01/26
0
1542660 G30/G01 F 225,000.00 ZZ
360 225,000.00 1
3290 LEEANN DRIVE 7.750 1,611.93 69
7.500 1,611.93 328,000.00
1
MT AIRY MD 21771 5 12/13/96 00
0430104620 05 02/01/97 0
096352 O 01/01/27
0
1542714 862/G01 F 225,000.00 ZZ
360 224,863.69 1
603 EAST SCENIC HILLS DRIVE 8.500 1,730.06 75
8.250 1,730.06 300,000.00
NORTH SALT LAKE UT 84054 5 11/20/96 00
0430094557 03 01/01/97 0
4296729 O 12/01/26
0
1542727 267/267 F 245,600.00 ZZ
360 245,435.20 1
5811 SYLVIA AVENUE 8.000 1,802.13 80
7.750 1,802.13 307,000.00
TARZANA CA 91356 1 11/08/96 00
4418996 05 01/01/97 0
4418996 O 12/01/26
0
1542733 E19/G01 F 256,200.00 ZZ
360 256,036.63 1
28470 BRUSH CANYON DRIVE 8.250 1,924.75 87
8.000 1,924.75 295,000.00
YORBA LINDA CA 92686 2 11/20/96 10
0430093849 05 01/01/97 25
100012814 O 12/01/26
0
1542735 B57/G01 F 183,200.00 ZZ
360 183,089.02 1
15352 FIELDSTON LANE 8.500 1,408.65 80
8.250 1,408.65 229,000.00
HUNTINGTON BEAC CA 92647 1 11/21/96 00
0430093450 05 01/01/97 0
9650042 O 12/01/26
0
1542736 685/G01 F 259,400.00 ZZ
360 259,216.96 1
160 NORTH MARTEL AVENUE 7.750 1,858.37 80
7.500 1,858.37 324,300.00
LOS ANGELES CA 90036 1 11/22/96 00
0430097220 05 01/01/97 0
105722 O 12/01/26
0
1
1542740 731/G01 F 232,000.00 ZZ
360 231,840.34 1
907 RIDGESIDE DRIVE 7.875 1,682.16 77
7.625 1,682.16 302,000.00
MONROVIA CA 91016 1 11/11/96 00
0430092890 05 01/01/97 0
412610250 O 12/01/26
0
1542742 731/G01 F 150,100.00 ZZ
360 149,999.29 1
61 CLEMENTINE STREET 8.000 1,101.38 80
7.750 1,101.38 187,660.00
TRABUCO CANYON CA 92679 1 11/22/96 00
0430092882 03 01/01/97 0
411510909 O 12/01/26
0
1542749 B85/G01 F 288,000.00 ZZ
360 287,801.80 1
40 HOWARD STREET 7.875 2,088.20 90
7.625 2,088.20 320,000.00
READING MA 01867 1 11/26/96 04
0430089821 05 01/01/97 25
96450 O 12/01/26
0
1542753 814/G01 F 175,750.00 ZZ
360 175,640.76 1
4728 STEVENSON BLVD 8.375 1,335.83 95
8.125 1,335.83 185,000.00
FREMONT CA 94538 2 11/21/96 14
0430091637 05 01/01/97 30
809611032 O 12/01/26
0
1542754 927/G01 F 162,300.00 ZZ
360 162,193.83 1
2049 GLORIETA LANE 8.125 1,205.08 75
7.875 1,205.08 216,420.00
LAS VEGAS NV 89134 1 11/19/96 00
0430115659 03 01/01/97 0
311100 O 12/01/26
0
1542760 B91/G01 F 650,000.00 ZZ
360 649,606.23 1
1
7822 OCEANUS DRIVE 8.500 4,997.94 70
8.250 4,997.94 929,000.00
LOS ANGELES CA 90046 2 11/04/96 00
0430104869 05 01/01/97 0
100003185 O 12/01/26
0
1542761 744/G01 F 500,000.00 ZZ
360 499,655.90 1
111 MEGAN COURT 7.875 3,625.35 74
7.625 3,625.35 680,000.00
ALAMO CA 94507 2 11/25/96 00
0430089615 05 01/01/97 0
79163 O 12/01/26
0
1542762 526/526 F 225,000.00 ZZ
360 224,202.79 1
4231 EAST THERESA STREET 8.500 1,730.06 75
8.250 1,730.06 300,000.00
LONG BEACH CA 90814 2 10/29/96 00
152806 05 12/01/96 0
152806 O 11/01/26
0
1542764 267/267 F 319,200.00 ZZ
360 319,001.59 1
1071 E WOODBURY RD 8.375 2,426.16 80
8.125 2,426.16 399,000.00
PASADENA CA 91104 1 11/13/96 00
4422343 05 01/01/97 0
4422343 O 12/01/26
0
1542765 181/181 F 249,300.00 ZZ
360 249,141.03 1
657 WILLIAMS WAY 8.250 1,872.91 90
8.000 1,872.91 277,000.00
VERNON HILLS IL 60061 1 11/25/96 12
5387779 05 01/01/97 25
5387779 O 12/01/26
0
1542766 550/550 F 315,000.00 ZZ
360 315,000.00 1
40 DARRELL PLACE #201 8.250 2,366.49 90
8.000 2,366.49 350,000.00
SAN FRANCISCO CA 94133 1 11/25/96 10
120214056 01 02/01/97 25
1
120214056 O 01/01/27
0
1542767 G37/G01 F 303,600.00 ZZ
360 303,600.00 1
2515 NORTH SEMINARY AVENUE 8.250 2,280.85 79
NO D 8.000 2,280.85 385,190.00
CHICAGO IL 60614 2 12/19/96 00
0430101048 09 02/01/97 0
1542767 O 01/01/27
0
1542768 356/G01 F 244,000.00 ZZ
360 243,840.38 1
16768 COLUMBIA DRIVE 8.125 1,811.70 78
7.875 1,811.70 315,000.00
CASTRO VALLEY CA 94552 1 11/25/96 00
0430091280 03 01/01/97 0
2385425 O 12/01/26
0
1542773 F03/G01 F 615,000.00 ZZ
360 615,000.00 1
20412 AMAPOLA AVENUE 9.250 5,059.46 69
9.000 5,059.46 900,000.00
ORANGE AREA CA 92869 2 12/16/96 00
0430119693 05 02/01/97 0
LAG10164 O 01/01/27
0
1542775 B74/G01 F 120,000.00 ZZ
360 119,921.50 1
40480 VIA CAMPOSECO 8.125 891.00 63
7.875 891.00 190,490.00
MURRIETA CA 92562 1 11/22/96 00
0430105254 03 01/01/97 0
963948 O 12/01/26
0
1542779 A89/G01 F 219,262.19 ZZ
349 219,121.18 1
19 WOODBURY STREET 8.625 1,716.96 76
8.375 1,716.96 288,975.00
BEVERLY MA 01915 4 12/03/96 00
0430110684 05 01/01/97 0
147301930 O 01/01/26
0
1
1542781 A89/G01 F 219,018.75 ZZ
350 218,868.19 1
LONGHILL ROAD 8.250 1,656.31 80
LOT 2 8.000 1,656.31 273,991.00
GEORGETOWN MA 01833 4 11/30/96 00
0430110429 05 01/01/97 0
147301963 O 02/01/26
0
1542799 696/G01 F 298,400.00 ZZ
360 298,219.23 1
5604 33RD STREET NW 8.500 2,294.44 80
8.250 2,294.44 373,000.00
WASHINGTON DC 20015 1 11/26/96 00
0430089250 05 01/01/97 0
3184715 O 12/01/26
0
1542805 685/G01 F 404,000.00 ZZ
360 403,742.38 1
735 LONDERRY LANE 8.250 3,035.12 80
8.000 3,035.12 505,000.00
ANAHEIM CA 92807 1 11/22/96 00
0430087585 05 01/01/97 0
105503 O 12/01/26
0
1542809 181/181 F 360,000.00 ZZ
360 359,739.44 1
350 CHERRY HILL DRIVE 7.625 2,548.06 80
7.375 2,548.06 450,000.00
MARIETTA GA 30067 1 11/15/96 00
5375703 05 01/01/97 0
5375703 O 12/01/26
0
1542813 181/181 F 221,200.00 ZZ
360 220,931.03 1
13000 DEER TRAIL 8.500 1,700.84 80
8.250 1,700.84 276,500.00
NATHROP CO 81236 1 10/28/96 00
5370141 05 12/01/96 0
5370141 O 11/01/26
0
1542814 822/G01 F 240,000.00 ZZ
360 239,817.37 1
579 CHURCH STREET 7.375 1,657.63 80
7.125 1,657.63 300,000.00
1
ROYERSFORD PA 19468 1 11/26/96 00
0430089300 05 01/01/97 0
0126054401 O 12/01/26
0
1542817 685/G01 F 164,800.00 ZZ
360 164,692.19 1
27804 DEYA 8.125 1,223.64 80
7.875 1,223.64 206,000.00
MISSION VIEJO CA 92692 1 11/18/96 00
0430087643 01 01/01/97 0
106065 O 12/01/26
0
1542821 696/G01 F 260,000.00 ZZ
360 259,811.82 1
5652 VALLEY GREEN DRIVE 7.625 1,840.26 80
7.375 1,840.26 325,000.00
BROAD RUN VA 20137 1 11/25/96 00
0430089706 03 01/01/97 0
2339091 O 12/01/26
0
1542829 696/G01 F 327,600.00 ZZ
360 327,380.19 1
2854 WILLOWMERE WOODS DRIVE 8.000 2,403.81 80
7.750 2,403.81 409,500.00
VIENNA VA 22180 1 11/27/96 00
0430089391 03 01/01/97 0
2379027 O 12/01/26
0
1542830 964/G01 F 250,000.00 ZZ
360 249,832.26 1
208 WEST GLENWOOD AVENUE 8.000 1,834.41 64
7.750 1,834.41 393,000.00
FULLERTON CA 92632 2 11/18/96 00
0430089359 05 01/01/97 0
21021 O 12/01/26
0
1542846 E22/G01 F 172,500.00 ZZ
360 172,392.79 1
6931 LAKE BARRINGTON DRIVE 8.375 1,311.12 75
8.125 1,311.12 230,000.00
NEW ORLEANS LA 70126 2 11/19/96 00
0410288427 05 01/01/97 0
410288427 O 12/01/26
0
1
1542865 E22/G01 F 120,000.00 ZZ
360 119,919.48 1
254 WHITLOCK AVENUE 8.000 880.52 75
7.750 880.52 160,000.00
MARIETTA GA 30064 5 11/20/96 00
0410251433 05 01/01/97 0
410251433 O 12/01/26
0
1542913 429/429 F 263,600.00 ZZ
360 263,277.65 1
1145 CAROLINA AVENUE 8.875 2,097.32 95
8.625 2,097.32 277,500.00
WEST CHESTER PA 19380 1 10/21/96 04
0021383641 05 12/01/96 30
0021383641 O 11/01/26
0
1542914 429/429 F 287,500.00 ZZ
360 286,759.09 1
4303 CURTIS MEADOW 8.250 2,159.89 78
8.000 2,159.89 372,500.00
CHAMPAIGN IL 61821 1 09/06/96 00
10336516 05 10/01/96 0
10336516 O 09/01/26
0
1542915 429/429 F 224,500.00 ZZ
360 223,964.07 1
LOT 6E, 78 TAYLOR STREET 8.625 1,746.14 90
8.375 1,746.14 249,500.00
PEMBROKE MA 02359 1 08/30/96 04
0021514208 05 10/01/96 25
0021514208 O 09/01/26
0
1542916 429/429 F 344,700.00 ZZ
360 343,968.80 1
45 BAYVIEW ROAD 8.375 2,619.97 90
8.125 2,619.97 383,000.00
KENTFIELD CA 94904 1 09/18/96 04
10148864 05 11/01/96 25
10148864 O 10/01/26
0
1542944 696/G01 F 360,000.00 ZZ
360 359,781.91 1
1
9924 PHOENIX LANE 8.500 2,768.09 80
8.250 2,768.09 450,000.00
GREAT FALLS VA 22066 5 11/26/96 00
0430099200 05 01/01/97 0
2138262 O 12/01/26
0
1542948 893/G01 F 305,000.00 ZZ
360 305,000.00 1
8 DESCANSO DRIVE 8.250 2,291.36 62
8.000 2,291.36 495,000.00
ORINDA CA 94563 2 12/19/96 00
0430120295 05 02/01/97 0
1542948 O 01/01/27
0
1542952 976/G01 F 311,950.00 ZZ
360 311,950.00 1
3439 WHITEHAVEN DRIVE 8.000 2,288.98 74
7.750 2,288.98 425,000.00
WALNUT CREEK CA 94598 2 12/16/96 00
0430120329 05 02/01/97 0
333362 O 01/01/27
0
1542959 B98/G01 F 292,000.00 ZZ
360 292,000.00 1
2135 PASEO DEL ORO 7.875 2,117.20 73
7.625 2,117.20 400,000.00
SAN JOSE CA 95124 2 12/20/96 00
0430110833 03 02/01/97 0
1542959 O 01/01/27
0
1542974 F03/G01 F 236,250.00 ZZ
360 236,250.00 1
424 3RD STREET 8.750 1,858.58 75
8.500 1,858.58 315,000.00
STEAMBOAT SPRIN CO 80477 2 12/13/96 00
0430112185 05 02/01/97 0
DEN10341 O 01/01/27
0
1542980 976/G01 F 260,000.00 ZZ
360 260,000.00 1
850 PINE FLAT ROAD 8.000 1,907.79 80
7.750 1,907.79 325,000.00
SANTA CRUZ CA 95060 1 12/12/96 00
0430116772 05 02/01/97 0
1
343844 O 01/01/27
0
1542986 429/429 F 307,000.00 ZZ
360 306,607.13 1
97 OLD QUARRY DRIVE 8.250 2,306.39 48
8.000 2,306.39 642,500.00
CARLISLE MA 01741 1 10/10/96 00
0021605777 05 12/01/96 0
0021605777 O 11/01/26
0
1542990 147/G01 F 296,000.00 ZZ
360 295,806.37 1
25072 BUCKBOARD LANE 8.125 2,197.80 80
7.875 2,197.80 370,000.00
LAGUNA HILLS CA 92653 1 11/04/96 00
0430095000 05 01/01/97 0
475179 O 12/01/26
0
1542995 147/G01 F 300,000.00 ZZ
360 297,606.17 1
13511 ELENA GALLEGOS PLACE N.E 8.125 2,227.50 80
7.875 2,227.50 379,000.00
ALBUQUERQUE NM 87111 4 10/30/96 00
0430109835 05 12/01/96 0
313029 O 11/01/26
0
1542996 429/429 F 277,950.00 ZZ
360 277,535.11 1
18 CAMPBELL ROAD 8.125 2,063.78 85
7.875 2,063.78 327,000.00
MILLBURN NJ 07078 1 10/30/96 10
0021669325 05 12/01/96 12
0021669325 O 11/01/26
0
1542999 147/G01 F 253,500.00 ZZ
360 252,695.99 1
37 ROCKROSE 8.625 1,971.70 90
8.375 1,971.70 281,670.00
ALISO VIEJO CA 92656 1 10/09/96 11
0430104554 03 12/01/96 25
624058 O 11/01/26
0
1
1543002 147/G01 F 284,000.00 ZZ
360 283,654.68 1
3765 CANTERBURY COURT 8.500 2,183.72 65
8.250 2,183.72 442,500.00
BOCA RATON FL 33434 1 10/29/96 00
0430094987 05 12/01/96 0
852016 O 11/01/26
0
1543006 147/G01 F 229,950.00 ZZ
360 229,645.49 1
21021 HEADLAND DRIVE 8.125 1,707.38 80
7.875 1,707.38 287,458.00
TRABUCO CANYON CA 92679 1 10/22/96 00
0430101998 03 12/01/96 0
655044 O 11/01/26
0
1543010 429/429 F 350,000.00 ZZ
360 349,098.04 1
1729 SOUTH 86TH CIRCLE 8.250 2,629.43 63
8.000 2,629.43 560,000.00
OMAHA NE 68124 1 08/12/96 00
0021572607 05 10/01/96 0
0021572607 O 09/01/26
0
1543011 147/G01 F 251,000.00 ZZ
360 250,686.87 1
4 COFFEEBERRY COURT 8.375 1,907.79 80
8.125 1,907.79 313,876.00
COTO DE CAZA CA 92679 1 10/16/96 00
0430094722 03 12/01/96 0
513334 O 11/01/26
0
1543015 147/G01 F 294,400.00 ZZ
360 294,042.02 1
9850 WISH AVENUE 8.500 2,263.69 80
8.250 2,263.69 368,000.00
NORTHRIDGE CA 91325 1 10/22/96 00
0430109827 05 12/01/96 0
641701 O 11/01/26
0
1543018 E19/G01 F 260,000.00 ZZ
360 259,838.39 1
269 SHADY HILLS COURT 8.375 1,976.19 75
8.125 1,976.19 347,000.00
1
SIMI VALLEY CA 93065 2 11/15/96 00
0430098145 05 01/01/97 0
100014300 O 12/01/26
0
1543020 E22/G01 F 548,000.00 ZZ
360 547,632.30 1
1720 GROUSE RIDGE ROAD 8.000 4,021.03 80
7.750 4,021.03 685,000.00
TRUCKEE CA 96161 1 10/30/96 00
0410230684 03 01/01/97 0
410230684 O 12/01/26
0
1543025 429/429 F 259,900.00 ZZ
360 259,583.98 1
3 MOONEY LANE 8.500 1,998.41 80
8.250 1,998.41 324,899.00
SOUTHBOROUGH MA 01772 1 10/11/96 00
0021518009 05 12/01/96 0
0021518009 O 11/01/26
0
1543026 470/G01 F 574,300.00 ZZ
360 573,924.32 1
1 MANSFIELD DRIVE 8.125 4,264.17 80
7.875 4,264.17 717,887.00
IRVINE CA 92620 1 11/01/96 00
0430095901 03 01/01/97 0
96022952 O 12/01/26
0
1543030 470/G01 F 281,600.00 ZZ
360 281,415.79 1
783 WISCONSIN STREET 8.125 2,090.88 80
7.875 2,090.88 352,000.00
SAN FRANCISCO CA 94107 1 11/18/96 00
0430109983 05 01/01/97 0
83000535 O 12/01/26
0
1543051 776/G01 F 269,700.00 ZZ
360 269,519.04 1
222 NORTH WHITNALL HWY 8.000 1,978.96 90
7.750 1,978.96 300,000.00
BURBANK CA 91505 2 11/18/96 14
0430098103 05 01/01/97 25
2135414 O 12/01/26
0
1
1543068 776/G01 F 252,000.00 ZZ
360 251,843.37 1
374 ANZIO WAY 8.375 1,915.38 80
8.125 1,915.38 315,000.00
AGOURA AREA CA 91301 1 11/19/96 00
0430095588 03 01/01/97 0
2135442 O 12/01/26
0
1543070 147/G01 F 169,170.00 ZZ
360 168,964.29 1
1520 CUTTER COURT 8.500 1,300.78 75
8.250 1,300.78 225,573.00
SAN RAMON CA 94583 1 10/24/96 00
0430105759 01 12/01/96 0
655028 O 11/01/26
0
1543071 147/G01 F 207,000.00 ZZ
360 206,748.29 1
29354 NORTH BEGONIAS LANE 8.500 1,591.66 80
8.250 1,591.66 258,759.00
CANYON COUNTRY CA 91351 1 10/07/96 00
0430104547 05 12/01/96 0
626119 O 11/01/26
0
1543072 147/G01 F 308,000.00 ZZ
360 307,813.41 1
7000 FAIRFIELD GREENS CT N.E 8.500 2,368.26 80
8.250 2,368.26 385,000.00
ALBUQUERQUE NM 87111 1 11/18/96 00
0430094714 03 01/01/97 0
313078 O 12/01/26
0
1543083 B74/G01 F 400,000.00 ZZ
360 399,744.93 1
957-A 15TH AVENUE 8.250 3,005.07 80
8.000 3,005.07 500,000.00
HONOLULU HI 96816 1 11/21/96 00
0430095646 01 01/01/97 0
963884 O 12/01/26
0
1543086 369/G01 F 324,000.00 ZZ
360 323,777.02 1
1
5549 EAST 106TH PLACE 7.875 2,349.23 90
7.625 2,349.23 360,000.00
TULSA OK 74137 1 11/22/96 12
0430091496 03 01/01/97 25
48915672 O 12/01/26
0
1543088 731/G01 F 137,600.00 ZZ
360 137,516.65 1
11356 SOUTH HAWKWOOD DRIVE 8.500 1,058.02 80
8.250 1,058.02 172,000.00
SANDY UT 84094 2 11/15/96 00
0430112334 05 01/01/97 0
411612788 O 12/01/26
0
1543092 814/G01 F 198,750.00 ZZ
360 198,623.26 1
1705 MORGAN STREET 8.250 1,493.15 75
8.000 1,493.15 265,000.00
MOUNTAIN VIEW CA 94043 2 11/20/96 00
0430099952 05 01/01/97 0
809611071 O 12/01/26
0
1543093 461/G01 F 330,000.00 ZZ
360 329,767.08 1
2185 BASIL LANE 7.750 2,364.17 74
7.500 2,364.17 450,000.00
LOS ANGELES CA 90077 2 11/20/96 00
0430096065 05 01/01/97 0
21068051 O 12/01/26
0
1543102 E22/G01 F 172,000.00 ZZ
360 171,906.05 3
749 NE 16 AVENUE 9.000 1,383.95 80
8.750 1,383.95 215,000.00
FT LAUDERDALE FL 33304 1 11/20/96 00
0410248595 05 01/01/97 0
410248595 O 12/01/26
0
1543111 724/G01 F 260,000.00 ZZ
360 259,816.49 1
4 SAGAMORE CIRCLE 7.750 1,862.68 77
7.500 1,862.68 340,000.00
ESSEX MA 01929 1 11/26/96 00
0430091041 05 01/01/97 0
1
9611809 O 12/01/26
0
1543115 724/G01 F 280,000.00 ZZ
360 280,000.00 1
21 HAWTHORNE ROAD 7.750 2,005.96 74
7.500 2,005.96 380,000.00
SWAMPSCOTT MA 01907 1 12/03/96 00
0430091132 05 02/01/97 0
9610802 O 01/01/27
0
1543116 375/G01 F 206,500.00 ZZ
360 206,371.65 1
143 ROBINSON LANE 8.375 1,569.55 75
8.125 1,569.55 275,345.00
SANTA CRUZ CA 95060 1 11/08/96 00
0430093211 03 01/01/97 0
UNKNOWN O 12/01/26
0
1543118 375/G01 F 135,000.00 ZZ
360 134,752.89 1
15 HANCOCK ST 8.500 1,038.04 71
8.250 1,038.04 191,000.00
PLAINVILLE MA 02762 2 09/30/96 00
0430105692 05 11/01/96 0
329251 O 10/01/26
0
1543119 696/G01 F 128,400.00 ZZ
360 128,311.64 1
43769 CLEMENS TERRACE 7.875 930.99 80
7.625 930.99 160,504.00
ASHBURN VA 20147 1 11/27/96 00
0430090043 09 01/01/97 0
2237728 O 12/01/26
0
1543134 696/G01 F 650,000.00 ZZ
360 649,606.23 1
10103 NEDRA DRIVE 8.500 4,997.94 79
8.250 4,997.94 825,000.00
GREAT FALLS VA 22066 2 11/25/96 00
0430097840 03 01/01/97 0
2159018 O 12/01/26
0
1
1543136 696/G01 F 94,000.00 ZZ
360 93,943.05 1
1628 CARTER LANE 8.500 722.78 90
8.250 722.78 105,000.00
WOODBRIDGE VA 22191 2 11/22/96 12
0430090019 05 01/01/97 25
2328927 O 12/01/26
0
1543151 163/163 F 520,000.00 ZZ
360 512,544.90 1
628 NALLS FARM WAY 8.125 3,860.99 73
7.875 3,860.99 712,500.00
GREAT FALLS VA 22066 2 04/21/95 00
5614681417 05 06/01/95 0
5614681417 O 05/01/25
0
1543154 F96/G01 F 650,000.00 ZZ
360 650,000.00 1
609 WARD CIRCLE 8.875 5,171.69 69
8.625 5,171.69 950,000.00
OLD HICKORY TN 37138 2 12/12/96 00
0430099697 03 02/01/97 0
35150 O 01/01/27
0
1543182 575/G01 F 218,700.00 T
360 218,570.88 1
400 ST JAMES PARK UNIT 5E 8.625 1,701.03 90
8.375 1,701.03 243,000.00
MYRTLE BEACH SC 29572 1 11/13/96 10
0430109819 01 01/01/97 35
962068526 O 12/01/26
0
1543187 E82/G01 F 340,000.00 ZZ
360 339,771.87 1
3879 ST. ANDREWS GREEN 8.000 2,494.80 79
7.750 2,494.80 435,000.00
MEMPHIS TN 38111 1 12/02/96 00
0400030276 09 01/01/97 0
400030276 O 12/01/26
0
1543194 181/181 F 325,000.00 ZZ
360 324,562.42 1
25 ABBEY CLOSE 8.000 2,384.73 80
7.750 2,384.73 407,000.00
1
SCARSDALE NY 10583 5 10/31/96 00
5381487 05 12/01/96 0
5381487 O 11/01/26
0
1543195 686/G01 F 91,500.00 ZZ
360 91,439.22 1
7135 SW 148TH COURT 8.050 674.59 75
7.800 674.59 122,000.00
MIAMI FL 33193 1 11/15/96 00
0430091397 05 01/01/97 0
817450505 O 12/01/26
0
1543196 686/G01 F 199,450.00 ZZ
360 199,316.17 1
3600 JAMES AVENUE 8.000 1,463.50 70
7.750 1,463.50 285,000.00
DEEPHAVEN MN 55391 1 11/15/96 00
0430091231 05 01/01/97 0
817712086 O 12/01/26
0
1543197 686/G01 F 67,500.00 ZZ
360 67,455.16 1
5223 DEL PRADO BLVD 8.050 497.65 73
7.800 497.65 92,500.00
CAPE CORAL FL 33904 1 11/15/96 00
0430091421 05 01/01/97 0
817806003 O 12/01/26
0
1543198 686/G01 F 100,000.00 ZZ
360 99,940.96 1
2480 WESTCHESTER 8.625 777.79 40
8.375 777.79 252,000.00
AURORA IL 60506 1 11/15/96 00
0430091447 05 01/01/97 0
817937022 O 12/01/26
0
1543201 686/G01 F 190,000.00 ZZ
360 189,876.97 1
10-11 149TH STREET 8.175 1,417.41 55
7.900 1,417.41 350,000.00
WHITESTONE NY 11357 5 11/12/96 00
0430091165 05 01/01/97 0
817830268 O 12/01/26
0
1
1543203 686/G01 F 106,600.00 ZZ
360 106,528.47 1
8916 SEASONS ROAD 8.000 782.20 64
7.750 782.20 169,000.00
STREETSBORO OH 44241 5 11/14/96 00
0430091546 05 01/01/97 0
817716301 O 12/01/26
0
1543204 686/G01 F 228,000.00 ZZ
360 227,843.09 1
654 FIESTA DRIVE 7.875 1,653.16 80
7.625 1,653.16 285,000.00
SAN MATEO CA 94403 1 11/14/96 00
0430091769 05 01/01/97 0
818021198 O 12/01/26
0
1543205 686/G01 F 116,250.00 ZZ
360 116,171.60 1
24 LUCERNE DRIVE 7.975 850.98 75
7.725 850.98 155,000.00
WEST BABYLON NY 11704 1 11/19/96 00
0430092007 05 01/01/97 0
817763188 O 12/01/26
0
1543206 686/G01 F 246,400.00 ZZ
360 246,241.26 1
5649 LINDA ROSA AVENUE 8.200 1,842.47 70
7.950 1,842.47 352,000.00
SAN DIEGO CA 92037 1 11/04/96 00
0430091991 05 01/01/97 0
817815038 O 12/01/26
0
1543207 686/G01 F 137,500.00 ZZ
360 137,410.05 1
7124 WEST LAKE DRIVE 8.125 1,020.94 71
7.875 1,020.94 195,000.00
LAKE CLARKE SHO FL 33406 2 11/14/96 00
0430092015 05 01/01/97 0
817906233 O 12/01/26
0
1543208 686/G01 F 100,000.00 ZZ
360 99,939.41 1
1
18925 STILL LAKE DR 8.500 768.92 50
8.250 768.92 203,667.00
JUPITER FL 33458 1 11/27/96 00
0430091942 03 01/01/97 0
817906910 O 12/01/26
0
1543209 686/G01 F 135,700.00 ZZ
360 135,613.47 1
2334 NE 92ND STREET 8.250 1,019.47 75
8.000 1,019.47 182,000.00
SEATTLE WA 98115 2 11/15/96 00
0430091892 05 01/01/97 0
817933013 O 12/01/26
0
1543210 686/G01 F 52,400.00 ZZ
360 52,368.25 1
2100 S 336TH STREET, #I-2 8.500 402.92 75
8.250 402.92 69,962.00
FEDERAL WAY WA 98003 1 11/18/96 00
0430090647 01 01/01/97 0
817933567 O 12/01/26
0
1543211 686/G01 F 116,250.00 ZZ
360 116,183.12 1
8500 SOUTH TRIPP AVE 8.750 914.54 75
8.500 914.54 155,000.00
CHICAGO IL 60652 1 11/20/96 00
0430091843 05 01/01/97 0
817937642 O 12/01/26
0
1543215 686/G01 F 76,400.00 ZZ
360 76,349.76 1
6301 FARM HILL DRIVE 8.100 565.94 75
7.850 565.94 101,900.00
MEMPHIS TN 38141 1 11/20/96 00
0430092056 05 01/01/97 0
817557168 O 12/01/26
0
1543216 686/G01 F 95,000.00 ZZ
360 94,940.95 1
11536 HADAR DRIVE 8.375 722.07 66
8.125 722.07 145,000.00
SAN DIEGO CA 92126 1 11/06/96 00
0430091090 01 01/01/97 0
1
817961170 O 12/01/26
0
1543217 686/G01 F 30,000.00 ZZ
360 29,981.21 1
89 WEST BAKER ST 8.340 227.29 51
8.090 227.29 58,900.00
MANCHESTER NH 03103 1 11/22/96 00
0430092114 05 01/01/97 0
817752553 O 12/01/26
0
1543218 686/G01 F 134,850.00 ZZ
360 134,757.66 1
5113 TEHACHAPI WAY 7.900 980.10 75
7.650 980.10 179,850.00
ANTIOCH CA 94509 1 11/14/96 00
0430092726 05 01/01/97 0
817869696 O 12/01/26
0
1543219 686/G01 F 85,500.00 ZZ
360 85,446.85 1
6320 NORTH 86TH STREET 8.375 649.87 75
8.125 649.87 114,000.00
SCOTTSDALE AZ 85250 1 11/18/96 00
0430092304 05 01/01/97 0
817961576 O 12/01/26
0
1543220 686/G01 F 309,700.00 ZZ
360 309,512.38 1
5712 SOUTHERN HILLS DRIVE 8.500 2,381.33 74
8.250 2,381.33 420,000.00
FRISCO TX 75034 2 11/19/96 00
0430092312 03 01/01/97 0
817829757 O 12/01/26
0
1543222 686/G01 F 54,000.00 ZZ
360 53,966.44 1
5482 1ST ROAD 8.375 410.44 48
8.125 410.44 114,000.00
LAKE WORTH FL 33467 1 11/22/96 00
0430091322 05 01/01/97 0
817906738 O 12/01/26
0
1
1543223 686/G01 F 99,000.00 ZZ
360 98,940.02 1
2947 N BEULAH AVE 8.500 761.23 70
8.250 761.23 142,000.00
RIVER GROVE IL 60171 1 11/25/96 00
0430092429 05 01/01/97 0
817938624 O 12/01/26
0
1543224 686/G01 F 140,000.00 ZZ
360 139,917.34 1
9701 HARBOR AVE 8.625 1,088.91 61
8.375 1,088.91 232,000.00
GLENN DALE MD 20769 2 11/14/96 00
0430092254 03 01/01/97 0
818023301 O 12/01/26
0
1543225 686/G01 F 73,500.00 ZZ
360 73,453.12 1
1303 LAVENDER LANE 8.250 552.19 41
8.000 552.19 180,365.00
BELCAMP MD 21017 1 11/22/96 00
0430092239 03 01/01/97 0
818024325 O 12/01/26
0
1543228 686/G01 F 81,750.00 ZZ
360 81,694.58 1
2674 FOREST WAY 7.950 597.01 75
7.700 597.01 109,000.00
MARIETTA GA 30066 1 11/26/96 00
0430092585 05 01/01/97 0
817651862 O 12/01/26
0
1543229 686/G01 F 260,000.00 ZZ
360 259,820.15 1
1857 - 173RD AVE NE 7.850 1,880.68 80
7.600 1,880.68 326,665.00
BELLEVUE WA 98008 1 11/22/96 00
0430092684 05 01/01/97 0
817896293 O 12/01/26
0
1543230 686/G01 F 148,000.00 ZZ
360 147,899.68 1
5356 DRESSAGE DRIVE 7.950 1,080.82 65
7.700 1,080.82 230,500.00
1
BONITA CA 91902 1 11/20/96 00
0430092593 05 01/01/97 0
817929235 O 12/01/26
0
1543231 686/G01 F 327,000.00 ZZ
360 326,798.61 1
16165 MARTINCOIT ROAD 8.420 2,495.84 68
8.170 2,495.84 485,000.00
POWAY CA 92064 5 11/15/96 00
0430092650 05 01/01/97 0
817929292 O 12/01/26
0
1543232 686/G01 F 420,000.00 ZZ
360 419,716.75 1
1929 FORDHAM WAY 7.975 3,074.50 74
7.725 3,074.50 575,000.00
MOUNTAIN VIEW CA 94040 2 11/20/96 00
0430092601 05 01/01/97 0
818021289 O 12/01/26
0
1543233 686/G01 F 268,000.00 ZZ
360 267,809.89 1
10865 WEST ESTATES DRIVE 7.725 1,915.36 80
7.475 1,915.36 335,000.00
CUPERTINO CA 95014 2 11/20/96 00
0430092627 05 01/01/97 0
818021297 O 12/01/26
0
1543236 E22/G01 F 375,000.00 ZZ
360 374,748.38 1
1590 EMORY STREET 8.000 2,751.62 72
7.750 2,751.62 525,000.00
SAN JOSE CA 95126 2 11/22/96 00
0410236376 05 01/01/97 0
410236376 O 12/01/26
0
1543237 E22/G01 F 268,000.00 ZZ
360 267,810.85 1
852 FAXON AVENUE 7.750 1,919.98 75
7.500 1,919.98 357,500.00
SAN FRANCISCO CA 94112 5 11/22/96 00
0410233001 03 01/01/97 0
410233001 O 12/01/26
0
1
1543239 E22/G01 F 231,000.00 ZZ
360 230,860.06 1
825 QUINTARA STREET 8.500 1,776.19 57
8.250 1,776.19 408,000.00
SAN FRANCISCO CA 94122 2 11/08/96 00
0410234694 05 01/01/97 0
410234694 O 12/01/26
0
1543240 E22/G01 F 273,400.00 ZZ
360 273,211.85 1
4312 ALAMEDA DE LAS PULGAS 7.875 1,982.34 80
7.625 1,982.34 342,000.00
SAN MATEO CA 94403 1 10/18/96 00
0410235956 05 01/01/97 0
410235956 O 12/01/26
0
1543241 E22/G01 F 184,000.00 ZZ
360 183,888.53 1
118 MEADOWLARK WAY 8.500 1,414.80 80
8.250 1,414.80 230,000.00
HERCULES CA 94547 2 11/12/96 00
0410235774 05 01/01/97 0
410235774 O 12/01/26
0
1543278 A13/G01 F 291,400.00 ZZ
360 291,218.87 1
29463 RIVERSIDE BAY CT 8.375 2,214.86 75
8.125 2,214.86 390,000.00
HARRISON TOWNSH MI 48045 2 11/22/96 00
0430104844 05 01/01/97 0
3168 O 12/01/26
0
1543285 685/G01 F 300,000.00 ZZ
360 299,818.26 1
1302 STEWART STREET 8.500 2,306.74 49
8.250 2,306.74 615,000.00
OCEANSIDE CA 92054 2 11/25/96 00
0430089540 05 01/01/97 0
106160 O 12/01/26
0
1543297 E22/G01 F 315,000.00 ZZ
360 315,000.00 1
1
20566 WARDELL ROAD 7.625 2,229.55 47
7.375 2,229.55 675,000.00
SARATOGA CA 95070 2 11/26/96 00
0410304653 05 02/01/97 0
410304653 O 01/01/27
0
1543301 731/G01 F 204,050.00 ZZ
360 204,050.00 1
1686 CINNAMON HILL DRIVE SE 8.500 1,568.97 93
8.250 1,568.97 220,000.00
SALEM OR 97306 2 12/18/96 11
0430116459 05 02/01/97 30
411510936 O 01/01/27
0
1543303 721/G01 F 285,859.30 ZZ
334 285,434.40 1
4150 EMPIRE LANE N 8.500 2,236.54 79
8.250 2,236.54 366,000.00
PLYMOUTH MN 55441 1 10/22/96 00
0430094052 05 12/01/96 0
0635706 O 09/01/24
0
1543320 573/G01 F 261,400.00 ZZ
360 261,400.00 1
8370 LOS MONTEROS STREET 8.500 2,009.94 95
8.250 2,009.94 275,616.00
LAS VEGAS NV 89129 1 12/13/96 01
0430108761 03 02/01/97 30
104702 O 01/01/27
0
1543354 764/G01 F 250,000.00 ZZ
360 250,000.00 1
1027 MONTROSE AVENUE 8.500 1,922.28 65
8.250 1,922.28 390,000.00
SOUTH PASADENA CA 91030 2 12/20/96 00
0430118257 05 02/01/97 0
890517 O 01/01/27
0
1543357 429/429 F 228,000.00 ZZ
360 227,708.22 1
NINE IRONS RANCH ROAD 8.250 1,712.89 90
8.000 1,712.89 255,000.00
WICKENBURG AZ 85390 1 10/18/96 11
0021683794 05 12/01/96 25
1
0021683794 O 11/01/26
0
1543364 A13/G01 F 228,000.00 ZZ
360 227,655.33 1
40750 COACHWOOD CIRCLE 8.375 1,732.97 80
8.125 1,732.97 287,000.00
NORTHVILLE MI 48167 1 11/26/96 00
0430093823 05 01/01/97 0
6360606 O 12/01/26
0
1543370 491/491 F 470,000.00 ZZ
360 467,392.71 1
7641 SPANISH LAKE DRIVE 8.375 3,572.34 65
8.125 3,572.34 725,000.00
LAS VEGAS NV 89113 2 10/16/96 00
0061007676 03 12/01/96 0
0061007676 O 11/01/26
0
1543375 491/491 F 366,400.00 ZZ
360 365,894.03 1
5510 EAST LONNA LINDA DRIVE 7.875 2,656.66 80
7.625 2,656.66 458,000.00
LONG BEACH CA 90815 1 10/21/96 00
0061247251 05 12/01/96 0
0061247251 O 11/01/26
0
1543378 491/491 F 348,000.00 ZZ
360 347,538.35 1
19301 VILLAGES SCENIC PARKWAY 8.500 2,675.82 80
8.250 2,675.82 435,000.00
ANCHORAGE AK 99516 2 10/17/96 00
0061192724 03 12/01/96 0
0061192724 O 11/01/26
0
1543382 491/491 F 230,000.00 ZZ
360 229,690.31 1
26692 WARWICK COURT 8.000 1,687.66 66
7.750 1,687.66 350,000.00
LAKE FOREST CA 92630 1 10/15/96 00
0061253243 03 12/01/96 0
0061253243 O 11/01/26
0
1
1543384 387/387 F 232,800.00 ZZ
360 232,486.56 1
2702 SAINT ALBANS DRIVE 8.000 1,708.20 80
7.750 1,708.20 291,000.00
LOS ALAMITOS CA 90720 1 10/17/96 00
824755 05 12/01/96 0
824755 O 11/01/26
0
1543385 387/387 F 380,000.00 ZZ
360 377,494.40 1
1724 THURSTON DRIVE 8.125 2,821.49 70
7.875 2,821.49 550,000.00
LAGUNA BEACH CA 92651 5 10/24/96 00
824847 05 12/01/96 0
824847 O 11/01/26
0
1543386 387/387 F 353,850.00 ZZ
360 353,348.91 1
4110 PEACHTREE-DUNWOODY ROAD 7.750 2,535.02 90
7.500 2,535.02 393,200.00
ATLANTA GA 30342 1 10/31/96 04
825208 05 12/01/96 25
825208 O 11/01/26
0
1543389 387/387 F 408,000.00 ZZ
360 407,719.22 1
6316 TAHOE DRIVE 7.875 2,958.28 80
7.625 2,958.28 510,000.00
LOS ANGELES CA 90068 1 11/01/96 00
828830 05 01/01/97 0
828830 O 12/01/26
0
1543391 A13/G01 F 272,000.00 ZZ
360 271,817.49 1
10779 HARVEST COURT 8.000 1,995.84 80
7.750 1,995.84 340,000.00
PLYMOUTH MI 48170 1 11/22/96 00
0430102269 05 01/01/97 0
4231287 O 12/01/26
0
1543392 387/387 F 289,000.00 ZZ
360 288,610.88 1
12700 PARK ROAD 8.000 2,120.58 79
7.750 2,120.58 370,000.00
1
AUSTIN TX 78732 2 10/23/96 00
817957 05 12/01/96 0
817957 O 11/01/26
0
1543396 387/387 F 249,350.00 ZZ
360 249,022.55 1
1862 FANNING STREET 8.625 1,939.42 95
8.375 1,939.42 262,500.00
LOS ANGELES CA 90026 1 10/25/96 12
827667 05 12/01/96 30
827667 O 11/01/26
0
1543397 491/491 F 540,000.00 ZZ
360 538,032.40 1
2330 CALLE DEL ORO 8.375 4,104.40 73
8.125 4,104.40 740,000.00
SAN DIEGO (LA J CA 92037 1 10/15/96 00
0061253987 05 12/01/96 0
0061253987 O 11/01/26
0
1543398 387/387 F 469,800.00 ZZ
360 469,198.80 1
8139 HYANNISPORT DRIVE 8.250 3,529.45 80
8.000 3,529.45 588,000.00
CUPERTINO CA 95014 2 10/24/96 00
830091 05 12/01/96 0
830091 O 11/01/26
0
1543401 387/387 F 271,450.00 ZZ
360 271,084.50 1
4512 STANHOPE AVENUE 8.000 1,991.81 68
7.750 1,991.81 400,000.00
UNIVERSITY PARK TX 75205 2 10/22/96 00
826834 05 12/01/96 0
826834 O 11/01/26
0
1543402 387/387 F 345,000.00 ZZ
360 343,728.04 1
577 KNOTTY PINE DRIVE 7.750 2,471.62 67
7.500 2,471.62 522,000.00
INCLINE VILLAGE NV 89451 1 10/23/96 00
826594 05 12/01/96 0
826594 O 11/01/26
0
1
1543406 387/387 F 350,000.00 ZZ
360 349,528.74 1
5607 WALNUT POINT DRIVE 8.000 2,568.18 55
7.750 2,568.18 640,000.00
KINGWOOD TX 77345 1 10/30/96 00
817049 03 12/01/96 0
817049 O 11/01/26
0
1543407 737/G01 F 112,000.00 ZZ
360 111,930.39 1
4007 EAST FAWN DRIVE 8.375 851.28 70
8.125 851.28 162,000.00
PHOENIZ AZ 85040 2 11/21/96 00
0430117630 05 01/01/97 0
512066 O 12/01/26
0
1543408 387/387 F 355,000.00 ZZ
360 354,579.32 1
101 SHIREOAKES PLACE 8.625 2,761.15 75
8.375 2,761.15 474,000.00
SAN RAMON CA 94583 2 10/18/96 00
828301 05 12/01/96 0
828301 O 11/01/26
0
1543410 387/387 F 300,000.00 ZZ
360 299,555.55 1
859 PRINCETON STREET 8.000 2,201.29 62
7.750 2,201.29 486,500.00
SANTA MONICA CA 90403 1 10/30/96 00
795708 05 12/01/96 0
795708 O 11/01/26
0
1543412 387/387 F 235,000.00 ZZ
360 234,706.84 1
4121 WALTON OAKS LANE 8.375 1,786.17 75
8.125 1,786.17 315,000.00
MONTROSE CA 91020 1 10/14/96 00
822106 05 12/01/96 0
822106 O 11/01/26
0
1543414 387/387 F 392,800.00 ZZ
360 392,297.32 1
1
4214 NOBLEMAN POINT 8.250 2,950.98 80
8.000 2,950.98 491,000.00
DULUTH GA 30155 1 10/31/96 00
823302 03 12/01/96 0
823302 O 11/01/26
0
1543415 387/387 F 288,000.00 ZZ
360 287,631.44 1
14540 BLEDSOE STREET 8.250 2,163.65 80
8.000 2,163.65 360,000.00
LOS ANGELES CA 91342 1 10/28/96 00
828855 05 12/01/96 0
828855 O 11/01/26
0
1543418 387/387 F 220,000.00 ZZ
360 219,718.46 1
5929 WESTMONT DRIVE 8.250 1,652.79 80
8.000 1,652.79 275,000.00
PLANO TX 75093 1 10/29/96 00
827329 03 12/01/96 0
827329 O 11/01/26
0
1543419 387/387 F 367,500.00 ZZ
360 367,029.71 1
1007 LOS ALISOS NORTH 8.250 2,760.90 75
8.000 2,760.90 490,000.00
FALLBROOK CA 92028 1 10/25/96 00
829457 05 12/01/96 0
829457 O 11/01/26
0
1543420 387/387 F 352,000.00 ZZ
360 351,537.92 1
2972 CLARA DRIVE 8.125 2,613.59 80
7.875 2,613.59 440,000.00
PALO ALTO CA 94303 1 10/24/96 00
829903 05 12/01/96 0
829903 O 11/01/26
0
1543421 721/G01 F 415,866.70 ZZ
338 415,267.49 1
4605 XENE LANE NORTH 8.500 3,244.27 79
8.250 3,244.27 530,000.00
PLYMOUTH MN 55446 1 10/28/96 00
0430094094 05 12/01/96 0
1
0632521 O 01/01/25
0
1543424 387/387 F 128,000.00 T
360 127,831.97 1
15 PLANTATION DRIVE 8.125 950.40 64
7.875 950.40 203,000.00
ATLANTA GA 30324 1 10/28/96 00
830240 01 12/01/96 0
830240 O 11/01/26
0
1543425 387/387 F 302,000.00 ZZ
360 301,582.97 1
8201 SAWTOOTH LANE 7.875 2,189.71 57
7.625 2,189.71 535,000.00
LONGMONT CO 80503 2 10/30/96 00
828970 03 12/01/96 0
828970 O 11/01/26
0
1543426 387/387 F 214,800.00 ZZ
360 214,503.38 1
11403 BETLEN DRIVE 7.875 1,557.45 80
7.625 1,557.45 268,500.00
DUBLIN CA 94568 1 10/21/96 00
827634 05 12/01/96 0
827634 O 11/01/26
0
1543427 387/387 F 255,500.00 ZZ
360 255,173.02 1
6031 SOUTH HAPPY CANYON DRIVE 8.250 1,919.49 62
8.000 1,919.49 415,000.00
ENGLEWOOD CO 80111 2 10/28/96 00
826271 03 12/01/96 0
826271 O 11/01/26
0
1543433 491/491 F 319,700.00 ZZ
360 319,269.53 1
4904 SANDESTIN DRIVE 8.000 2,345.85 71
7.750 2,345.85 454,710.00
DALLAS TX 75287 1 10/21/96 00
0061326011 05 12/01/96 0
0061326011 O 11/01/26
0
1
1543435 491/491 F 220,000.00 ZZ
360 219,696.19 1
87 PASEO WAY 7.875 1,595.16 47
7.625 1,595.16 475,000.00
GREENBRAE CA 94904 1 10/09/96 00
0061386081 05 12/01/96 0
0061386081 O 11/01/26
0
1543440 731/G01 F 252,000.00 ZZ
360 251,826.58 1
5930 SITTING BULL PLACE 7.875 1,827.17 80
7.625 1,827.17 315,000.00
SIMI VALLEY CA 93063 1 11/20/96 00
0430097394 05 01/01/97 0
800358 O 12/01/26
0
1543442 491/491 F 256,000.00 ZZ
360 255,696.61 1
311 FULTON STREET 8.625 1,991.15 80
8.375 1,991.15 320,000.00
REDWOOD CITY CA 94062 1 10/24/96 00
0061408743 05 12/01/96 0
0061408743 O 11/01/26
0
1543446 491/491 F 266,000.00 ZZ
360 265,530.38 1
1150 LORYN LANE 8.250 1,998.37 95
8.000 1,998.37 280,000.00
HALF MOON BAY CA 94019 1 11/01/96 11
0061410276 05 01/01/97 30
0061410276 O 12/01/26
0
1543449 491/491 F 375,200.00 ZZ
360 374,731.94 1
1969 DE MILLE DRIVE 8.375 2,851.80 80
8.125 2,851.80 469,000.00
LOS ANGELES CA 90027 1 10/08/96 00
0061440230 03 12/01/96 0
0061440230 O 11/01/26
0
1543450 664/G01 F 256,500.00 ZZ
360 256,336.44 1
29006 N.E. 16TH AVENUE 8.250 1,927.00 90
8.000 1,927.00 285,000.00
1
RIDGEFIELD WA 98642 1 11/15/96 11
0430096701 03 01/01/97 25
2243186 O 12/01/26
0
1543453 491/491 F 307,000.00 ZZ
360 306,636.18 1
2272 SKYLINE DRIVE 8.625 2,387.82 64
8.375 2,387.82 485,000.00
MILPITAS CA 95035 2 10/21/96 00
0061470490 05 12/01/96 0
0061470490 O 11/01/26
0
1543463 F16/G01 F 272,000.00 ZZ
360 271,822.07 1
1320 SOUTH MONTEZUMA WAY 8.125 2,019.60 80
7.875 2,019.60 340,000.00
WEST COVINA CA 91791 1 11/05/96 00
0430099143 05 01/01/97 0
96315942 O 12/01/26
0
1543466 685/G01 F 227,000.00 ZZ
360 226,847.68 1
1577 RANCHO HILLS DRIVE 8.000 1,665.65 72
7.750 1,665.65 318,762.00
CHINO HILLS CA 91709 1 11/25/96 00
0430102962 05 01/01/97 0
106278 O 12/01/26
0
1543474 B47/G01 F 285,000.00 ZZ
360 285,000.00 1
675 WEST WRIGHTWOOD 8.375 2,166.21 90
UNIT 3 8.125 2,166.21 320,000.00
CHICAGO IL 60614 2 12/18/96 11
0430099937 01 02/01/97 25
178707 O 01/01/27
0
1543475 744/G01 F 350,000.00 ZZ
360 349,803.78 1
32762 MEDITERRANEAN DRIVE 8.875 2,784.76 64
8.625 2,784.76 550,000.00
DANA POINT CA 92670 2 11/26/96 00
0430097618 05 01/01/97 0
79206 O 12/01/26
0
1
1543487 568/G01 F 207,500.00 ZZ
360 207,360.77 1
25712 WILDE AVENUE 8.000 1,522.56 65
7.750 1,522.56 321,460.00
STEVENSON RANCH CA 91381 1 11/22/96 00
0430097683 03 01/01/97 0
808026 O 12/01/26
0
1543488 550/550 F 526,000.00 ZZ
360 525,647.07 1
1815 FIR HILL DRIVE 8.000 3,859.60 68
7.750 3,859.60 776,000.00
ST HELENA CA 94574 1 11/18/96 00
120208934 05 01/01/97 0
120208934 O 12/01/26
0
1543490 757/G01 F 260,000.00 ZZ
360 259,825.54 1
1 STIRLINGSHIRE COURT 8.000 1,907.79 80
7.750 1,907.79 325,000.00
HENDERSONVILLE TN 37075 2 11/25/96 00
0430093674 05 01/01/97 0
2867646 O 12/01/26
0
1543508 638/G01 F 236,000.00 ZZ
360 235,853.31 1
2121 LIME ROCK COURT 8.375 1,793.77 80
8.125 1,793.77 295,000.00
EJ CAJON CA 92019 1 11/15/96 00
0430101253 05 01/01/97 0
8607142 O 12/01/26
0
1543513 976/G01 F 344,000.00 ZZ
360 343,786.18 1
431 WEST PACIFIC AVENUE, #A 8.375 2,614.65 80
8.125 2,614.65 430,000.00
TELLURIDE CO 81435 1 11/19/96 00
0430101444 01 01/01/97 0
332658 O 12/01/26
0
1543514 976/G01 F 255,000.00 ZZ
360 254,853.29 1
1
485 STUBBS BAY ROAD 8.750 2,006.09 75
8.500 2,006.09 340,000.00
LONG LAKE MN 55356 5 11/15/96 00
0430104349 05 01/01/97 0
324276 O 12/01/26
0
1543515 976/G01 F 236,250.00 ZZ
360 236,103.15 1
2715 SYCAMORE AVENUE 8.375 1,795.68 90
8.125 1,795.68 262,500.00
MONTROSE CA 91020 1 11/07/96 10
0430114314 05 01/01/97 25
304943 O 12/01/26
0
1543517 F28/G01 F 216,300.00 ZZ
360 216,023.19 1
6 PRIMROSE PL 8.250 1,624.99 90
8.000 1,624.99 242,000.00
FREDON TOWNSHIP NJ 07860 2 10/25/96 10
0430110742 05 12/01/96 25
1996507 O 11/01/26
0
1543518 F28/G01 F 392,100.00 ZZ
360 391,435.67 1
20 PRAIRIE CLOVER 8.875 3,119.72 90
8.625 3,119.72 437,000.00
LITTLETON CO 80127 1 09/18/96 10
0430110916 03 11/01/96 25
3038977 O 10/01/26
0
1543519 F28/G01 F 248,550.00 ZZ
360 248,395.51 1
1310 HIDDEN LAKES DR 8.375 1,889.16 90
8.125 1,889.16 276,200.00
MT. PLEASANT SC 29464 1 11/11/96 10
0430110924 03 01/01/97 25
3104595 O 12/01/26
0
1543520 F28/G01 F 240,250.00 ZZ
360 239,821.41 2
32-34 ALLEN STREET 8.625 1,868.64 78
8.375 1,868.64 310,000.00
ARLINGTON MA 02174 1 09/30/96 00
0430111039 05 11/01/96 0
1
3111087 O 10/01/26
0
1543521 F28/G01 F 240,000.00 ZZ
360 239,593.35 1
14322 DRAFT HORSE LANE 8.875 1,909.55 64
8.625 1,909.55 376,000.00
WELLINGTON FL 33414 5 09/18/96 00
0430111336 03 11/01/96 0
3124047 O 10/01/26
0
1543522 F28/G01 F 500,000.00 ZZ
360 499,084.84 1
1518 E. GOODRICH LANE 8.500 3,844.57 77
8.250 3,844.57 650,000.00
FOX POINT WI 53217 1 10/04/96 00
0430111724 05 11/01/96 0
3126566 O 10/01/26
0
1543523 F28/G01 F 324,000.00 ZZ
360 323,574.68 1
3201 PLANTATION 8.125 2,405.69 77
7.875 2,405.69 422,000.00
CHARLOTTE NC 28270 1 10/30/96 00
0430092460 05 12/01/96 0
3128438 O 11/01/26
0
1543524 F28/G01 F 264,000.00 ZZ
360 263,529.05 1
7400 NORTH ALBANY AVENUE 8.625 2,053.36 80
8.375 2,053.36 330,000.00
CHICAGO IL 60645 1 09/26/96 00
0430111310 05 11/01/96 0
3128968 O 10/01/26
0
1543525 F28/G01 F 251,750.00 ZZ
360 251,289.22 1
252 TROTTERS RUN 8.500 1,935.74 95
8.250 1,935.74 265,000.00
MACON GA 31210 1 10/04/96 10
0430111328 05 11/01/96 30
3129113 O 10/01/26
0
1
1543526 F28/G01 F 223,200.00 ZZ
360 222,948.81 1
11355 WOODIE GLEN 8.875 1,775.88 80
8.625 1,775.88 279,000.00
CHARDON OH 44024 1 10/24/96 00
0430111294 05 12/01/96 0
3130194 O 11/01/26
0
1543527 F28/G01 F 221,400.00 BB
360 221,005.02 1
33 PARTRIDGE LANE 8.625 1,722.03 90
8.375 1,722.03 246,000.00
CHERRY HILL NJ 08003 1 09/27/96 14
0430111476 05 11/01/96 25
3130739 O 10/01/26
0
1543528 F28/G01 F 286,200.00 ZZ
360 285,851.99 1
106 ASTER CIRCLE 8.500 2,200.64 80
8.250 2,200.64 357,840.00
GEORGETOWN TX 78628 1 10/15/96 00
0430111385 03 12/01/96 0
3132743 O 11/01/26
0
1543530 F28/G01 F 385,200.00 ZZ
360 384,966.64 1
2194 BRANDYWYN 8.500 2,961.86 90
8.250 2,961.86 428,000.00
BUFFALO GROVE IL 60089 1 11/15/96 10
0430111435 05 01/01/97 25
3134998 O 12/01/26
0
1543531 F28/G01 F 408,000.00 ZZ
360 406,847.50 1
806 WEST SAVANNA COURT 8.375 3,101.09 64
8.125 3,101.09 640,000.00
DUNLAP IL 61525 2 10/30/96 00
0430092197 05 01/01/97 0
3137787 O 12/01/26
0
1543532 F28/G01 F 239,100.00 ZZ
360 238,794.01 1
36410 NORTH ROMPING ROAD 8.250 1,796.28 90
8.000 1,796.28 265,678.00
1
CAREFREE AZ 85377 1 10/09/96 10
0430111260 03 12/01/96 25
3138694 O 11/01/26
0
1543533 F28/G01 F 240,300.00 ZZ
360 240,150.63 1
80 RODENBURG 8.375 1,826.46 90
8.125 1,826.46 267,000.00
ROSELLE IL 60172 1 11/15/96 04
0430111245 05 01/01/97 25
3138785 O 12/01/26
0
1543534 F28/G01 F 260,000.00 ZZ
360 259,499.17 1
1015 SOUTH CREEK VIEW 8.250 1,953.30 78
8.000 1,953.30 335,000.00
CHURCHTON MD 20733 2 10/11/96 00
0430111237 03 11/01/96 0
3140027 O 10/01/26
0
1543535 F28/G01 F 279,000.00 ZZ
360 278,602.46 1
521 N.W. 107 AVENUE 8.375 2,120.60 90
8.125 2,120.60 310,000.00
PLANTATION FL 33324 1 10/18/96 10
0430111443 03 12/01/96 25
3140647 O 11/01/26
0
1543536 F28/G01 F 256,000.00 ZZ
360 255,506.88 1
5108 FAIRVIEW LANE 8.250 1,923.24 80
8.000 1,923.24 320,000.00
BROAD RUN VA 22014 1 09/25/96 00
0430111203 05 11/01/96 0
3140698 O 10/01/26
0
1543537 F28/G01 F 316,000.00 ZZ
360 315,595.49 1
1011 NORTH LAKE SYBELIA DR 8.250 2,374.00 80
8.000 2,374.00 395,000.00
MAITLAND FL 32751 1 10/15/96 00
0430111195 05 12/01/96 0
3140936 O 11/01/26
0
1
1543538 F28/G01 F 238,500.00 ZZ
360 238,210.01 1
888 MARSHALL COURT 8.500 1,833.86 90
8.250 1,833.86 265,000.00
DEXTER MI 48130 1 10/29/96 10
0430111153 05 12/01/96 25
3140979 O 11/01/26
0
1543539 F28/G01 F 358,000.00 ZZ
360 357,505.64 1
6 CLOVERBROOKE COURT 7.875 2,595.75 80
7.625 2,595.75 447,619.00
POTOMAC MD 20854 1 10/31/96 00
0430111146 03 12/01/96 0
3146117 O 11/01/26
0
1543540 F28/G01 F 358,500.00 ZZ
360 358,085.96 1
3308 DUNWOOD RIDGE TERRACE 8.750 2,820.33 90
8.500 2,820.33 398,391.00
BOWIE MD 20721 1 10/30/96 14
0430111690 05 12/01/96 25
3148501 O 11/01/26
0
1543541 F28/G01 F 295,000.00 ZZ
360 294,602.80 1
157 WINDING CREEK DRIVE 8.000 2,164.61 72
7.750 2,164.61 415,000.00
PAWLEYS ISLAND SC 29585 4 10/28/96 00
0430111278 05 12/01/96 0
3152923 O 11/01/26
0
1543542 F28/G01 F 250,000.00 ZZ
360 249,840.58 1
3N759 BAERT LANE 8.250 1,878.17 74
8.000 1,878.17 340,000.00
ST. CHARLES IL 60175 1 11/21/96 00
0430111112 03 01/01/97 0
3153848 O 12/01/26
0
1543550 976/G01 F 220,000.00 ZZ
360 219,859.71 1
1
72 CONCORD ROAD 8.250 1,652.79 80
8.000 1,652.79 275,000.00
ACTON MA 01720 1 11/22/96 00
0430096511 05 01/01/97 0
119020 O 12/01/26
0
1543552 976/G01 F 263,000.00 ZZ
360 262,832.29 1
6317 HIDDEN CANYON ROAD 8.250 1,975.84 74
8.000 1,975.84 360,000.00
CENTREVILLE VA 22020 2 11/20/96 00
0430098079 05 01/01/97 0
329988 O 12/01/26
0
1543553 976/G01 F 253,000.00 ZZ
360 252,834.50 1
845 VERNON COURT 8.125 1,878.52 88
7.875 1,878.52 288,500.00
BUFFALO GROVE IL 60089 1 11/26/96 04
0430099051 05 01/01/97 25
337913 O 12/01/26
0
1543555 976/G01 F 243,000.00 ZZ
360 242,841.04 1
1172 WOLF LANE 8.125 1,804.27 59
7.875 1,804.27 416,000.00
CAPE GIRARDEAU MO 63701 2 11/22/96 00
0430103309 05 01/01/97 0
327489 O 12/01/26
0
1543604 E22/G01 F 45,000.00 ZZ
360 45,000.00 1
1519 HAVEN LANE 8.000 330.19 40
7.750 330.19 112,500.00
SANTA ANA CA 92703 5 11/27/96 00
0410303911 09 02/01/97 0
410303911 O 01/01/27
0
1543605 E22/G01 F 361,000.00 ZZ
360 361,000.00 1
12 RAWHIDE LANE 8.125 2,680.41 52
7.875 2,680.41 700,000.00
ROLLING HILLS E CA 90274 2 11/26/96 00
0410266787 05 02/01/97 0
1
410266787 O 01/01/27
0
1543659 E22/G01 F 60,500.00 ZZ
360 60,465.20 1
277 E ROELLER AVENUE 8.750 475.95 64
8.500 475.95 95,500.00
WEST ST. PAUL MN 55118 5 11/20/96 00
0410264998 05 01/01/97 0
410264998 O 12/01/26
0
1543664 617/617 F 236,700.00 ZZ
360 236,404.73 1
5360 E 93RD ST NORTH 8.375 1,799.09 90
8.125 1,799.09 263,000.00
VALLEY CENTER KS 67147 1 10/16/96 14
UNKNOWN 05 12/01/96 25
UNKNOWN O 11/01/26
0
1543670 744/G01 F 103,000.00 ZZ
360 103,000.00 1
10322 FREESIA AVENUE 8.250 773.80 74
8.000 773.80 140,000.00
STOCKTON CA 95212 2 12/19/96 00
0430116491 05 02/01/97 0
79302 O 01/01/27
0
1543686 814/G01 F 200,000.00 ZZ
360 200,000.00 1
1924 NOTRE DAME AVENUE 8.250 1,502.54 80
8.000 1,502.54 250,000.00
BELMONT CA 94002 1 12/19/96 00
0430116723 05 02/01/97 0
809612034 O 01/01/27
0
1543693 623/623 F 200,000.00 ZZ
360 200,000.00 1
7629 3RD STREET 8.250 1,502.54 67
8.000 1,502.54 300,000.00
DOWNEY CA 90241 1 12/16/96 00
67098604 05 02/01/97 0
67098604 O 01/01/27
0
1
1543712 975/G01 F 299,000.00 ZZ
360 299,000.00 1
4820 GRAND AVENUE 7.875 2,167.96 75
7.625 2,167.96 399,000.00
LA CANADA-FLINT CA 91011 1 12/03/96 00
0430097311 05 02/01/97 0
962854 O 01/01/27
0
1543714 698/G01 F 297,500.00 ZZ
360 297,500.00 1
1354 MILLER PLACE 8.000 2,182.95 70
7.750 2,182.95 425,000.00
LOS ANGELES CA 90069 1 12/03/96 00
0430098442 05 02/01/97 0
27702717 O 01/01/27
0
1543716 889/G01 F 221,600.00 ZZ
360 221,465.76 1
66 MONTE VEDA DRIVE 8.500 1,703.91 80
8.250 1,703.91 277,000.00
ORINDA CA 94563 1 11/26/96 00
0430099184 05 01/01/97 0
51600449 O 12/01/26
0
1543725 450/450 F 212,000.00 ZZ
360 210,750.16 1
2550 MEADOWBROOK LANE 7.750 1,518.79 90
7.500 1,518.79 237,493.00
SUMMIT TWP MI 49201 1 11/22/96 11
3991023 05 01/01/97 25
3991023 O 12/01/26
0
1543729 731/G01 F 87,000.00 ZZ
360 86,945.93 1
5300 MCGHEE ROAD 8.375 661.26 73
8.125 661.26 120,000.00
SANDPOINT ID 83864 2 11/21/96 00
0430114454 05 01/01/97 0
242540284 O 12/01/26
0
1543733 696/G01 F 228,000.00 ZZ
360 227,868.82 1
14606 FAIRACRES ROAD 8.750 1,793.68 95
8.500 1,793.68 240,000.00
1
SILVER SPRING MD 20905 1 11/27/96 12
0430091694 05 01/01/97 30
6010782 O 12/01/26
0
1543735 B57/G01 F 275,400.00 ZZ
360 275,400.00 1
22379 CASS AVENUE 8.375 2,093.24 90
(WOODLAND HILLS AREA) 8.125 2,093.24 306,000.00
LOS ANGELES CA 91364 1 12/02/96 14
0430101931 05 02/01/97 25
9611997 O 01/01/27
0
1543738 573/G01 F 89,900.00 ZZ
360 89,845.53 1
7992 DINSMORE DRIVE 8.500 691.26 75
8.250 691.26 119,900.00
LAS VEGAS NV 89117 1 11/25/96 00
0430102525 05 01/01/97 0
111715 O 12/01/26
0
1543741 976/G01 F 353,000.00 ZZ
360 352,786.15 1
2209 WEST AVENUE 0-4 8.500 2,714.27 65
8.250 2,714.27 550,000.00
PALMDALE AREA CA 93551 2 11/21/96 00
0430108985 05 01/01/97 0
289105 O 12/01/26
0
1543742 976/G01 F 280,000.00 ZZ
360 279,807.30 1
1412 WEST ORANGEWOOD AVENUE 7.875 2,030.20 80
7.625 2,030.20 350,000.00
PHOENIX AZ 85021 2 11/20/96 00
0430096651 03 01/01/97 0
643542 O 12/01/26
0
1543747 976/G01 F 285,000.00 ZZ
360 284,808.77 1
2028 CARMELITA AVENUE 8.000 2,091.23 33
7.750 2,091.23 865,000.00
BURLINGAME CA 94010 2 11/18/96 00
0430096149 05 01/01/97 0
343823 O 12/01/26
0
1
1543748 976/G01 F 301,400.00 ZZ
360 301,197.76 1
3 SANTA LUCIA 8.000 2,211.57 77
7.750 2,211.57 395,000.00
DANA POINT CA 92629 2 11/25/96 00
0430097469 03 01/01/97 0
344424 O 12/01/26
0
1543749 696/G01 F 252,000.00 ZZ
240 251,585.29 1
17017 SPATES HILL ROAD 8.250 2,147.21 80
8.000 2,147.21 318,000.00
POOLESVILLE MD 20837 2 11/26/96 00
0430092478 05 01/01/97 0
6020778 O 12/01/16
0
1543750 976/G01 F 269,600.00 ZZ
360 269,432.43 1
8051 HORIZON DRIVE SOUTH 8.375 2,049.15 80
8.125 2,049.16 337,000.00
SHAKOPEE MN 55379 2 11/22/96 00
0430102251 05 01/01/97 0
316747 O 12/01/26
0
1543751 881/G01 F 292,600.00 ZZ
360 292,418.13 1
1063 SUSAN WAY 8.375 2,223.97 95
8.125 2,223.97 308,000.00
SUNNYALE CA 94087 1 11/14/96 11
0430096339 05 01/01/97 30
104016 O 12/01/26
0
1543753 403/403 F 230,000.00 ZZ
360 229,857.04 1
22 BALLARO DRIVE 8.375 1,748.17 68
8.125 1,748.17 340,000.00
SHELTON CT 06484 5 11/22/96 00
00006531966 05 01/01/97 0
00006531966 O 12/01/26
0
1543757 696/G01 F 184,000.00 ZZ
360 183,866.83 1
1
5723 25TH ROAD NORTH 7.625 1,302.34 80
7.375 1,302.34 230,000.00
ARLINGTON VA 22207 1 11/27/96 00
0430092544 05 01/01/97 0
2179038 O 12/01/26
0
1543759 E26/G01 F 168,750.00 ZZ
360 168,630.89 1
28710 JACKS FIELD ROAD 7.750 1,208.95 75
7.500 1,208.95 225,000.00
WYE MILLS MD 21679 1 11/22/96 00
0430094334 05 01/01/97 0
4311402 O 12/01/26
0
1543761 E26/G01 F 300,000.00 ZZ
360 299,803.75 1
1308 LINKS COURT 8.125 2,227.50 80
7.875 2,227.50 375,000.00
CHESAPEAKE VA 23320 1 11/27/96 00
0430094367 03 01/01/97 0
516035 O 12/01/26
0
1543766 429/429 F 268,000.00 ZZ
360 267,390.33 1
301 DE LA FUENTE AVENUE 8.750 2,108.36 80
8.500 2,108.36 335,000.00
MONTEREY PARK CA 91754 2 09/27/96 00
10350225 05 11/01/96 0
10350225 O 10/01/26
0
1543770 731/G01 F 243,000.00 ZZ
360 243,000.00 1
2538 OLIVE AVENUE 7.875 1,761.92 90
7.625 1,761.92 270,000.00
LA CRESCENTA AR CA 91214 1 11/27/96 14
0430098558 05 02/01/97 25
411212841 O 01/01/27
0
1543813 163/163 F 288,000.00 ZZ
360 285,006.78 2
69-02 DITMARS BOULEVARD 8.500 2,214.48 90
8.250 2,214.48 320,000.00
ASTORIA NY 11105 1 08/31/95 14
371709847 05 10/01/95 25
1
371709847 O 09/01/25
0
1543828 664/G01 F 251,750.00 ZZ
360 251,585.32 1
464 BENEDICT DRIVE 8.125 1,869.24 95
7.875 1,869.24 265,000.00
LAS VEGAS NV 89110 1 11/26/96 12
0430098343 05 01/01/97 30
2154482 O 12/01/26
0
1543835 637/G01 F 231,200.00 ZZ
360 231,048.76 1
12 HORTEN COURT 8.125 1,716.66 80
7.875 1,716.66 289,000.00
PLEASANT HILL CA 94523 1 11/14/96 00
0430092791 05 01/01/97 0
9312760 O 12/01/26
0
1543836 B75/G01 F 119,200.00 ZZ
360 119,131.42 1
431 AVENUE A 8.750 937.75 80
8.500 937.75 149,000.00
SNOHOMISH WA 98290 1 11/21/96 00
0430103507 05 01/01/97 0
2654044 O 12/01/26
0
1543839 369/G01 F 296,250.00 ZZ
360 296,056.21 1
13720 CREEKSIDE DRIVE 8.125 2,199.65 75
7.875 2,199.65 395,000.00
SILVER SPRING MD 20904 1 11/26/96 00
0430099325 05 01/01/97 0
0049728231 O 12/01/26
0
1543846 700/G01 F 156,800.00 ZZ
360 156,700.01 1
5350 CAMINO DEVILLE 8.250 1,177.99 80
8.000 1,177.99 196,000.00
CAMARILLO CA 93012 2 11/01/96 00
0430102855 05 01/01/97 0
130213 O 12/01/26
0
1
1543849 480/G01 F 106,850.00 ZZ
360 106,783.58 1
2216 LAUREL PINE LANE 8.375 812.14 95
8.125 812.14 113,000.00
ORLANDO FL 32837 2 11/22/96 10
0430095034 03 01/01/97 30
1858067 O 12/01/26
0
1543858 757/G01 F 260,000.00 ZZ
354 260,000.00 1
555 INDIGO DRIVE 8.000 1,915.63 67
7.750 1,915.63 389,332.00
ROSWELL GA 30075 1 12/03/96 00
0430095026 03 02/01/97 0
2786481 O 07/01/26
0
1543863 A13/G01 F 389,600.00 ZZ
360 389,351.56 1
205 EDGEWATER DRIVE 8.250 2,926.94 80
8.000 2,926.94 487,000.00
NOBLESVILLE IN 46060 1 11/21/96 00
0430111740 05 01/01/97 0
960123310 O 12/01/26
0
1543875 696/G01 F 217,600.00 ZZ
360 217,446.42 1
7530 ROYCE COURT 7.750 1,558.91 80
7.500 1,558.91 272,000.00
ANNANDALE VA 22003 1 11/26/96 00
0430092692 05 01/01/97 0
2288989 O 12/01/26
0
1543878 638/G01 F 261,200.00 ZZ
360 261,200.00 1
1023 DON DIABLO DRIVE 8.125 1,939.40 72
7.875 1,939.40 365,000.00
ARCADIA CA 91006 2 12/17/96 00
0430116897 05 02/01/97 0
08613562 O 01/01/27
0
1543886 180/G01 F 283,500.00 ZZ
360 283,500.00 1
48 WINGREEN LOOP 8.000 2,080.22 67
7.750 2,080.22 428,000.00
1
AUSTIN TX 78738 2 12/12/96 00
0430117150 05 02/01/97 0
4682761 O 01/01/27
0
1543891 375/G01 F 298,900.00 ZZ
360 298,740.94 1
215 FALLING LEAVES COURT 9.125 2,431.95 70
8.875 2,431.95 427,000.00
CREVE COEUR MO 63141 5 11/15/96 00
0430095356 03 01/01/97 0
UNKNOWN O 12/01/26
0
1543898 638/G01 F 216,000.00 ZZ
360 215,855.07 1
458 SAVONA WAY 8.000 1,584.93 80
7.750 1,584.93 270,000.00
AGOURA CA 91301 1 11/19/96 00
0430094029 05 01/01/97 0
08606576 O 12/01/26
0
1543920 668/G01 F 314,000.00 ZZ
360 313,804.83 1
2405 NE 30TH AVENUE 8.375 2,386.63 74
8.125 2,386.63 426,000.00
PORTLAND OR 97212 5 11/19/96 00
0430095083 05 01/01/97 0
0007007222 O 12/01/26
0
1543940 640/G01 F 273,500.00 ZZ
356 273,324.77 1
9399 MAYFIELD ROAD SOUTH 8.375 2,084.03 80
8.125 2,084.03 341,911.00
COLLIERVILLE TN 38017 1 11/08/96 00
0430098061 05 01/01/97 0
5702766 O 08/01/26
0
1543960 640/G01 F 390,400.00 ZZ
360 390,157.35 1
708 WILDWIND TRAIL 8.375 2,967.32 80
8.125 2,967.32 488,000.00
CHATTANOOGA TN 37421 2 11/19/96 00
0430102574 05 01/01/97 0
UNKNOWN O 12/01/26
0
1
1543974 637/G01 F 232,500.00 ZZ
360 232,351.74 1
1646 SOUTH CROMWELL PLACE 8.250 1,746.70 75
8.000 1,746.70 310,000.00
WESTLAKE VILLAG CA 91361 2 11/07/96 00
0430096503 03 01/01/97 0
9111451 O 12/01/26
0
1543976 E22/G01 F 190,000.00 ZZ
360 190,000.00 1
4 WESTPORT 8.000 1,394.15 66
7.750 1,394.15 290,000.00
IRVINE CA 92620 1 11/26/96 00
0410304596 05 02/01/97 0
410304596 O 01/01/27
0
1543980 E22/G01 F 165,000.00 ZZ
360 164,897.44 1
34070 DANBURG DRIVE 8.375 1,254.12 75
8.125 1,254.12 220,000.00
KIRKWOOD CA 95646 5 11/22/96 00
0410307300 03 01/01/97 0
410307300 O 12/01/26
0
1543981 637/G01 F 310,000.00 ZZ
360 309,802.32 1
4117 56TH AVENUE SW 8.250 2,328.93 74
8.000 2,328.93 422,500.00
SEATTLE WA 98116 1 11/08/96 00
0430100412 05 01/01/97 0
4877825 O 12/01/26
0
1543986 E22/G01 F 239,900.00 ZZ
360 239,900.00 1
5 HOPI COURT 8.250 1,802.29 80
8.000 1,802.29 299,900.00
ZEPHYR COVE NV 89448 1 11/25/96 00
0410275176 05 02/01/97 0
410275176 O 01/01/27
0
1543987 637/G01 F 281,000.00 ZZ
360 280,829.77 1
1
12385 TED AVENUE 8.500 2,160.65 75
8.250 2,160.65 375,000.00
SARATOGA CA 95070 5 11/15/96 00
0430098277 05 01/01/97 0
9312851 O 12/01/26
0
1543993 637/G01 F 360,000.00 ZZ
360 359,770.44 1
25640 TIERRA GRANDE DRIVE 8.250 2,704.56 80
8.000 2,704.56 450,000.00
CARMEL CA 93923 1 11/20/96 00
0430097501 05 01/01/97 0
3439916 O 12/01/26
0
1543994 E22/G01 F 144,000.00 ZZ
360 144,000.00 1
2618 RIVIERA CIRCLE 8.375 1,094.50 75
8.125 1,094.50 192,000.00
EL DORADO HILLS CA 95762 2 11/27/96 00
0410274740 05 02/01/97 0
410274740 O 01/01/27
0
1543995 E22/G01 F 226,750.00 ZZ
360 226,750.00 1
1 HARVARD STREET 8.000 1,663.81 86
7.750 1,663.81 265,000.00
SAN FRANCISCO CA 94134 1 12/02/96 04
0410231179 07 02/01/97 25
410231179 O 01/01/27
0
1543997 637/G01 F 247,450.00 ZZ
360 247,288.13 1
8030 GREEN PASTURE AVENUE 8.125 1,837.31 90
7.875 1,837.31 274,962.00
LAS VEGAS NV 89129 1 11/19/96 10
0430105403 03 01/01/97 25
9216136 O 12/01/26
0
1543998 E22/G01 F 130,400.00 ZZ
360 130,400.00 1
2728 AIDA AVENUE 8.125 968.22 80
7.875 968.22 163,000.00
SAN JOSE CA 95122 2 11/26/96 00
0410304331 05 02/01/97 0
1
410304331 O 01/01/27
0
1544008 069/G01 F 206,400.00 ZZ
360 206,257.95 1
444 PALOS VERDES BLVD 7.875 1,496.55 80
7.625 1,496.55 258,000.00
TORRANCE CA 90277 1 11/18/96 00
0430099655 01 01/01/97 0
2362147502 O 12/01/26
0
1544009 E22/G01 F 131,250.00 ZZ
360 131,168.43 1
332 POINCINANA ISLAND 8.375 997.59 75
UNIT 1004 8.125 997.59 175,000.00
NORTH MIAMI FL 33160 1 12/02/96 00
0410250856 01 01/01/97 0
410250856 O 12/01/26
0
1544013 731/G01 F 335,200.00 ZZ
360 334,991.66 1
450 EAGLE CREST DRIVE 8.375 2,547.76 80
8.125 2,547.76 419,000.00
SCOTTS VALLEY CA 95066 1 11/25/96 00
0430105593 05 01/01/97 0
111753121 O 12/01/26
0
1544022 550/550 F 543,750.00 T
360 543,750.00 1
1731 VALLEJO STREET 8.000 3,989.84 75
7.750 3,989.84 725,000.00
SAN FRANCISCO CA 94123 1 11/25/96 00
120123561 01 02/01/97 0
120123561 O 01/01/27
0
1544025 573/G01 F 214,400.00 ZZ
360 214,252.45 1
9304 ANGELFISH DRIVE 7.875 1,554.55 80
7.625 1,554.55 268,000.00
LAS VEGAS NV 89117 1 11/27/96 00
0430098632 03 01/01/97 0
110257 O 12/01/26
0
1
1544032 B57/G01 F 315,000.00 ZZ
360 315,000.00 1
13348 RHODA DRIVE 7.875 2,283.97 37
7.625 2,283.97 872,000.00
LOS ALTOS HILLS CA 94022 5 12/02/96 00
0430099192 05 02/01/97 0
9660005 O 01/01/27
0
1544035 975/G01 F 315,000.00 ZZ
360 315,000.00 1
1747 NORTH PACIFIC AVENUE 7.875 2,283.97 90
7.625 2,283.97 350,000.00
GLENDALE CA 91202 1 12/03/96 01
0430101808 05 02/01/97 25
962842 O 01/01/27
0
1544036 765/G01 F 140,000.00 ZZ
360 139,910.72 1
13753 ASTORIA STREET 8.250 1,051.78 64
8.000 1,051.78 220,000.00
SYLMAR (AREA) CA 91342 1 11/05/96 00
0430097733 05 01/01/97 0
318181 O 12/01/26
0
1544037 975/G01 F 348,700.00 ZZ
360 348,700.00 1
1157 EDINBURGH ROAD 8.500 2,681.20 67
8.250 2,681.20 525,000.00
SAN DIMAS CA 91773 2 12/01/96 00
0430100065 05 02/01/97 0
962563 O 01/01/27
0
1544055 369/G01 F 376,600.00 ZZ
360 376,359.85 1
2015 PINE RIDGE DRIVE 8.250 2,829.28 80
8.000 2,829.28 470,800.00
WEST ST PAUL MN 55118 1 11/27/96 00
0430096859 05 01/01/97 0
0049703374 O 12/01/26
0
1544110 776/G01 F 86,250.00 ZZ
360 86,195.00 1
1041 N.W. CUMBERLAND AVENUE 8.250 647.97 75
8.000 647.97 115,000.00
1
BEND OR 97701 2 11/14/96 00
0430095984 05 01/01/97 0
5036234 O 12/01/26
0
1544116 825/G01 F 600,000.00 ZZ
360 600,000.00 1
1575 SILVERKING DRIVE 7.875 4,350.42 45
7.625 4,350.42 1,345,000.00
ASPEN CO 81611 1 12/04/96 00
0430100966 05 02/01/97 0
176711 O 01/01/27
0
1544141 B60/G01 F 242,500.00 ZZ
360 242,500.00 1
26328 REGENT AVENUE 7.875 1,758.29 80
7.625 1,758.29 305,000.00
LOMITA CA 90717 2 12/04/96 00
0430092379 05 02/01/97 0
7241 O 01/01/27
0
1544165 964/G01 F 260,000.00 ZZ
360 259,825.54 1
8671 HUDSON RIVER CIRCLE 8.000 1,907.79 80
7.750 1,907.79 325,000.00
FOUNTAIN VALLEY CA 92708 1 11/21/96 00
0430094607 03 01/01/97 0
20930 O 12/01/26
0
1544170 964/G01 F 188,000.00 ZZ
360 187,880.12 1
1011 ELECTRIC AVENUE 8.250 1,412.38 80
8.000 1,412.38 235,000.00
SEAL BEACH CA 90740 1 11/22/96 00
0430094573 05 01/01/97 0
21350 O 12/01/26
0
1544180 964/G01 F 124,000.00 ZZ
360 123,924.88 2
6911-6913 PURDY AVENUE 8.500 953.45 80
8.250 953.45 155,000.00
BELL GARDENS CA 90201 1 11/19/96 00
0430095505 05 01/01/97 0
21118 O 12/01/26
0
1
1544200 A91/G01 F 165,000.00 ZZ
360 165,000.00 1
8 HAMPTON ROAD 8.625 1,283.35 75
8.375 1,283.35 220,000.00
LYNBROOK NY 11562 1 12/13/96 00
0430092965 05 02/01/97 0
179135 O 01/01/27
0
1544220 367/367 F 313,202.83 ZZ
313 312,904.65 1
11144 POWDER HORN DRIVE 8.000 2,386.20 79
7.750 2,386.20 400,000.00
POTOMAC MD 20854 2 12/06/96 00
75143940 05 01/01/97 0
75143940 O 01/01/23
0
1544227 668/G01 F 277,500.00 ZZ
360 277,309.02 1
724 BALLESTRAL LANE 7.875 2,012.07 90
7.625 2,012.07 309,080.00
SANTA MARIA CA 93455 4 11/15/96 01
0430096255 05 01/01/97 25
0006984611 O 12/01/26
0
1544230 964/G01 F 208,000.00 ZZ
360 207,867.37 1
9751 KINGS CANYON DRIVE 8.250 1,562.63 80
8.000 1,562.63 260,000.00
HUNTINGTON BEAC CA 92646 1 11/20/96 00
0430093971 05 01/01/97 0
21275 O 12/01/26
0
1544232 964/G01 F 404,400.00 ZZ
360 404,135.46 1
20431 VIA GUADALUPE 8.125 3,002.66 80
7.875 3,002.66 505,500.00
YORBA LINDA CA 92887 1 11/14/96 00
0430094219 03 01/01/97 0
21193 O 12/01/26
0
1544234 668/G01 F 277,300.00 ZZ
360 277,109.16 1
1
859 SHORESIDE DRIVE 7.875 2,010.62 91
7.625 2,010.62 306,000.00
SACRAMENTO CA 95831 2 11/15/96 04
0430096537 05 01/01/97 30
0006987408 O 12/01/26
0
1544239 964/G01 F 240,000.00 ZZ
360 239,850.83 1
343 CHERRY DRIVE 8.375 1,824.17 77
8.125 1,824.17 315,000.00
PASADENA CA 91105 2 11/25/96 00
0430093815 05 01/01/97 0
21004 O 12/01/26
0
1544242 964/G01 F 292,450.00 ZZ
360 292,248.73 1
45 CALAVERA 7.875 2,120.47 80
7.625 2,120.47 365,611.00
IRVINE CA 92714 1 11/25/96 00
0430093781 03 01/01/97 0
20805 O 12/01/26
0
1544243 A06/G01 F 296,000.00 ZZ
360 296,000.00 1
1900 STRATHCONA DR 8.375 2,249.82 74
8.125 2,249.82 400,000.00
DETROIT MI 48203 2 12/11/96 00
0430093740 05 02/01/97 0
9607938 O 01/01/27
0
1544247 685/G01 F 116,000.00 ZZ
360 115,924.12 1
1209 SOUTH MEEKER AVENUE 8.125 861.30 80
7.875 861.30 145,000.00
WEST COVINA CA 91790 1 11/26/96 00
0430093153 05 01/01/97 0
106271 O 12/01/26
0
1544257 A13/G01 F 356,000.00 ZZ
360 355,761.13 1
1985 HUDSON STREET 8.000 2,612.20 80
7.750 2,612.20 445,000.00
DENVER CO 80220 1 12/03/96 00
0430097956 05 01/01/97 0
1
960123631 O 12/01/26
0
1544258 369/G01 F 606,000.00 ZZ
360 606,000.00 1
5775 SUNSET LANE 8.375 4,606.04 80
8.125 4,606.04 757,500.00
INDIANAPOLIS IN 46208 1 12/02/96 00
0430095786 05 02/01/97 0
0048441653 O 01/01/27
0
1544282 E22/G01 F 250,000.00 ZZ
360 249,848.55 1
54 IRONIA ROAD 8.500 1,922.28 63
8.250 1,922.28 400,000.00
MENDHAM NJ 07945 1 12/03/96 00
0410252886 05 01/01/97 0
410252886 O 12/01/26
0
1544290 E22/G01 F 250,000.00 ZZ
360 249,848.55 1
250 MIRROR LAKE DRIVE 8.500 1,922.28 65
8.250 1,922.28 390,000.00
ST. PETERSBURG FL 33701 5 11/27/96 00
0410253645 05 01/01/97 0
410253645 O 12/01/26
0
1544296 A01/G01 F 430,000.00 ZZ
360 430,000.00 1
123 N DOHENY DRIVE 7.750 3,080.57 80
7.500 3,080.57 540,000.00
BEVERLY HILLS CA 90211 2 12/02/96 00
0430098004 05 02/01/97 0
96125852 O 01/01/27
0
1544299 744/G01 F 143,900.00 ZZ
360 143,900.00 1
4737 BROOMTAIL COURT 7.750 1,030.92 80
7.500 1,030.92 179,900.00
ANTIOCH CA 94509 1 12/05/96 00
0430098954 05 02/01/97 0
79239 O 01/01/27
0
1
1544301 E22/G01 F 249,750.00 ZZ
360 249,750.00 1
141 MAGNOLIA AVENUE 7.875 1,810.86 75
7.625 1,810.86 333,000.00
MILLBRAE CA 94030 2 11/27/96 00
0410304497 05 02/01/97 0
410304497 O 01/01/27
0
1544302 975/G01 F 230,400.00 ZZ
360 230,249.29 1
7532 EAST BIG CANYON DRIVE 8.125 1,710.71 80
7.875 1,710.71 288,000.00
ANAHEIM CA 92808 1 11/25/96 00
0430099093 03 01/01/97 0
962674 O 12/01/26
0
1544310 E22/G01 F 242,000.00 ZZ
360 242,000.00 1
15150 VIA MARAVILLA 7.875 1,754.67 80
7.625 1,754.67 302,500.00
CHINO HILLS CA 91709 1 12/03/96 00
0410290845 05 02/01/97 0
410290845 O 01/01/27
0
1544312 E22/G01 F 475,000.00 ZZ
360 475,000.00 1
7829 ELECTRA DRIVE 8.250 3,568.52 75
8.000 3,568.52 635,000.00
LOS ANGELES CA 90046 2 12/02/96 00
0410290555 05 02/01/97 0
410290555 O 01/01/27
0
1544326 461/G01 F 270,000.00 ZZ
360 269,823.37 1
1209 ARNO DRIVE 8.125 2,004.75 68
7.875 2,004.75 400,000.00
SIERRA MADRE CA 91024 2 11/21/96 00
0430100768 05 01/01/97 0
21069679 O 12/01/26
0
1544327 461/G01 F 440,000.00 ZZ
360 440,000.00 1
1070 PESCADOR DRIVE 8.500 3,383.22 68
8.250 3,383.22 655,000.00
1
NEWPORT BEACH CA 92660 2 11/27/96 00
0430100735 05 02/01/97 0
21073903 O 01/01/27
0
1544330 776/G01 F 275,000.00 ZZ
360 274,824.65 1
15535 DONNYBROOK COURT 8.250 2,065.98 67
8.000 2,065.98 415,000.00
RENO NV 89511 4 11/25/96 00
0430098590 05 01/01/97 0
7636313 O 12/01/26
0
1544343 F03/G01 F 330,000.00 ZZ
360 330,000.00 1
300 HANEY TRACE 8.250 2,479.18 53
8.000 2,479.18 630,000.00
HORSESHOE BAY TX 78657 2 12/20/96 00
0430115402 03 02/01/97 0
UNKNOWN O 01/01/27
0
1544377 267/267 F 240,000.00 ZZ
360 239,834.83 1
665 FAIRVIEW AVENUE 7.875 1,740.17 80
7.625 1,740.17 300,000.00
SIERRA MADRE CA 91024 1 11/22/96 00
4422563 05 01/01/97 0
4422563 O 12/01/26
0
1544378 267/267 F 260,000.00 ZZ
360 259,807.04 1
1667 LOMA VISTA ST 7.500 1,817.96 77
7.250 1,817.96 340,000.00
PASADENA CA 91104 1 11/20/96 00
4426397 05 01/01/97 0
4426397 O 12/01/26
0
1544379 105/G01 F 181,000.00 ZZ
360 180,884.59 1
10933 PARK ROAD 8.250 1,359.79 73
8.000 1,359.79 250,000.00
FAIRFAX VA 22030 1 11/21/96 00
0430095810 05 01/01/97 0
0971325 O 12/01/26
0
1
1544382 267/267 F 291,950.00 ZZ
360 291,743.94 1
12130 NIKITA COURT 7.750 2,091.57 80
7.500 2,091.57 364,983.00
SAN DIEGO CA 92131 1 11/22/96 00
4436512 03 01/01/97 0
4436512 O 12/01/26
0
1544394 267/267 F 284,000.00 ZZ
360 283,163.75 1
810 COLUMBIA CIRCLE 7.875 2,059.20 80
7.625 2,059.20 355,000.00
REDWOOD CITY CA 94065 1 11/13/96 00
4422945 05 01/01/97 0
4422945 O 12/01/26
0
1544396 267/267 F 360,000.00 ZZ
360 357,251.80 1
132 BELVEDERE DRIVE 7.500 2,517.18 90
7.250 2,517.18 400,000.00
MILL VALLEY CA 94941 1 02/05/96 11
4388638 05 04/01/96 25
4388638 O 03/01/26
0
1544401 744/G01 F 320,000.00 ZZ
360 319,790.68 1
5768 SCARBOROUGH DRIVE 8.125 2,375.99 80
7.875 2,375.99 400,000.00
OAKLAND CA 94611 1 11/22/96 00
0430098905 05 01/01/97 0
78601 O 12/01/26
0
1544403 744/G01 F 257,600.00 ZZ
360 257,600.00 1
1025 GLASGOW PLACE 8.125 1,912.67 80
7.875 1,912.67 322,000.00
DANVILLE CA 94526 2 12/03/96 00
0430099309 03 02/01/97 0
79165 O 01/01/27
0
1544420 375/G01 F 302,200.00 ZZ
360 300,213.83 1
1
6743 KENT PLACE 8.250 2,270.33 88
8.000 2,270.33 345,781.00
CASTLE ROCK CO 80104 1 04/30/96 04
0430111021 03 06/01/96 25
410552 O 05/01/26
0
1544428 B27/G01 F 255,000.00 ZZ
360 255,000.00 1
12 FIORENZA DRIVE 8.375 1,938.19 80
8.125 1,938.19 320,000.00
WILMINGTON MA 01887 2 12/03/96 00
0430093997 05 02/01/97 0
3053000000203 O 01/01/27
0
1544456 559/G01 F 103,950.00 ZZ
360 103,950.00 1
420 SOUTH NECTARINE STREET 8.125 771.83 80
7.875 771.83 129,950.00
CORNELIUS OR 97113 1 12/23/96 00
0430119404 05 02/01/97 0
5373949 O 01/01/27
0
1544457 F16/G01 F 248,000.00 ZZ
360 248,000.00 1
1923 CLARK LANE 8.250 1,863.15 80
8.000 1,863.15 310,000.00
REDONDO BEACH CA 90278 1 12/20/96 00
0430118679 01 02/01/97 0
96316271 O 01/01/27
0
1544461 617/617 F 220,000.00 ZZ
360 219,870.11 1
14368 CEDAR SPRINGS DRIVE 8.625 1,711.14 76
8.375 1,711.14 292,500.00
TOWN & COUNTRY MO 63017 1 11/12/96 00
174389 03 01/01/97 0
174389 O 12/01/26
0
1544462 559/G01 F 143,950.00 ZZ
360 143,950.00 1
1426 TWILIGHT WAY 8.125 1,068.83 80
7.875 1,068.83 179,950.00
SANTA ROSA CA 95409 1 12/18/96 00
0430120006 05 02/01/97 0
1
5416797 O 01/01/27
0
1544466 E19/G01 F 371,250.00 ZZ
360 371,250.00 1
2238 ROSCOMARE ROAD 8.500 2,854.59 75
8.250 2,854.59 495,000.00
LOS ANGELES CA 90077 2 12/18/96 00
0430120113 05 02/01/97 0
100014855 O 01/01/27
0
1544494 208/G01 F 415,800.00 ZZ
360 415,800.00 1
821 CAMINO DE LAS TRANPAS 7.875 3,014.84 90
#59 7.625 3,014.84 462,000.00
SANTA FE NM 87501 1 12/11/96 10
0430115907 05 02/01/97 25
34102 O 01/01/27
0
1544499 E48/E48 F 308,000.00 ZZ
360 308,000.00 1
516 FRANKLIN ROAD 7.875 2,233.21 62
7.625 2,233.21 500,000.00
FRANKLIN TN 37064 2 12/05/96 00
176447 05 02/01/97 0
176447 O 01/01/27
0
1544503 696/G01 F 149,800.00 ZZ
360 149,704.48 1
4423 ROSEDALE AVENUE 8.250 1,125.40 80
8.000 1,125.40 187,300.00
BETHESDA MD 20814 1 11/22/96 00
0430096180 05 01/01/97 0
3274779 O 12/01/26
0
1544507 356/G01 F 325,000.00 ZZ
360 324,787.40 1
1046 FERNLEAF DRIVE 8.125 2,413.12 78
7.875 2,413.12 417,500.00
SUNNYVALE CA 94086 2 11/20/96 00
0430096313 05 01/01/97 0
2386308 O 12/01/26
0
1
1544512 975/G01 F 370,000.00 ZZ
360 370,000.00 1
1571 WEMBLY ROAD 7.875 2,682.76 53
7.625 2,682.76 700,000.00
SAN MARINO CA 91108 2 12/04/96 00
0430099598 05 02/01/97 0
962918 O 01/01/27
0
1544513 975/G01 F 304,000.00 ZZ
360 304,000.00 1
24041 LAPWING LANE 8.125 2,257.19 80
7.875 2,257.19 380,000.00
LAGUNA NIGUEL CA 92677 2 12/01/96 00
0430100040 03 02/01/97 0
962817 O 01/01/27
0
1544515 A35/A35 F 265,000.00 ZZ
360 264,826.65 1
134 84TH STREET 8.125 1,967.62 80
7.875 1,967.62 335,000.00
BROOKLYN NY 11209 1 11/26/96 00
UNKNOWN 05 01/01/97 0
UNKNOWN O 12/01/26
0
1544516 696/G01 F 229,100.00 ZZ
360 228,953.91 1
19506 CONLON COURT 8.250 1,721.15 80
8.000 1,721.15 286,400.00
POOLESVILLE MD 20837 1 11/27/96 00
0430095265 05 01/01/97 0
3194813 O 12/01/26
0
1544518 439/G01 F 270,000.00 ZZ
360 269,643.76 1
6630 SOUTH SHERBOURNE DRIVE 8.100 2,000.02 73
7.850 2,000.02 370,000.00
LOS ANGELES CA 90056 1 10/25/96 00
0430094847 05 12/01/96 0
18793174 O 11/01/26
0
1544519 267/267 F 222,500.00 ZZ
360 222,342.96 1
438 S 14TH STREET 7.750 1,594.02 80
7.500 1,594.02 280,000.00
1
SAN JOSE CA 95112 2 11/20/96 00
4423852 05 01/01/97 0
4423852 O 12/01/26
0
1544521 696/G01 F 400,000.00 ZZ
360 399,763.84 1
12445 FALKIRK DRIVE 8.625 3,111.16 80
8.375 3,111.16 500,500.00
FAIRFAX VA 22033 1 11/27/96 00
0430097543 03 01/01/97 0
2268910 O 12/01/26
0
1544522 267/267 F 223,000.00 ZZ
360 222,830.31 1
782 W. 27TH STREET 7.375 1,540.21 85
7.125 1,540.21 265,000.00
SAN PEDRO CA 90731 2 11/21/96 10
4422377 05 01/01/97 12
4422377 O 12/01/26
0
1544523 439/G01 F 70,000.00 ZZ
360 69,879.52 1
3098 FOUNTAINHEAD DRIVE 8.800 553.20 74
8.550 553.20 95,000.00
LARGO FL 34640 1 09/06/96 00
0430094821 05 11/01/96 0
18665034 O 10/01/26
0
1544524 267/267 F 296,000.00 ZZ
360 295,796.29 1
960 ROSEMOUNT RD 7.875 2,146.21 80
7.625 2,146.21 370,000.00
GLENDALE CA 91207 2 11/20/96 00
4425325 05 01/01/97 0
4425325 O 12/01/26
0
1544530 439/G01 F 80,000.00 ZZ
360 71,370.04 1
14724 DELL AVENUE 8.600 620.81 45
8.350 620.81 181,500.00
BELLFLOWER CA 90706 1 09/12/96 00
0430094771 05 11/01/96 0
18742841 O 10/01/26
0
1
1544532 439/G01 F 198,200.00 ZZ
360 198,081.16 1
5918 CAMINITO DE LA TAZA 8.550 1,531.02 65
8.300 1,531.02 305,000.00
SAN DIEGO CA 92120 5 11/11/96 00
0430095018 03 01/01/97 0
18825513 O 12/01/26
0
1544545 439/G01 F 259,000.00 ZZ
360 258,826.22 1
8116 CASTENADA LANE 8.000 1,900.46 68
7.750 1,900.46 385,000.00
ATASCADERO CA 93422 5 11/14/96 00
0430095075 05 01/01/97 0
18828145 O 12/01/26
0
1544547 377/G01 F 234,000.00 ZZ
360 234,000.00 1
6 TAMARACK DRIVE 7.875 1,696.67 80
7.625 1,696.67 292,990.00
ROXBURY TOWNSHI NJ 07876 1 12/06/96 00
0430100222 05 02/01/97 0
6169510 O 01/01/27
0
1544556 685/G01 F 396,000.00 ZZ
360 396,000.00 1
20529 BIG ROCK DIRVE 7.875 2,871.27 80
7.625 2,871.27 500,000.00
MALIBU CA 90265 1 12/05/96 00
0430102046 05 02/01/97 0
106246 O 01/01/27
0
1544561 E22/G01 F 312,000.00 ZZ
360 311,801.05 1
1 HATZIC COURT 8.250 2,343.95 80
8.000 2,343.95 390,000.00
LARKSPUR CA 94939 1 11/18/96 00
0410234991 05 01/01/97 0
410234991 O 12/01/26
0
1544586 E22/G01 F 236,000.00 ZZ
360 235,837.59 1
1
306 7TH STREET 7.875 1,711.16 80
7.625 1,711.16 295,000.00
HUNTINGTON BEAC CA 92648 1 11/15/96 00
0410290050 05 01/01/97 0
410290050 O 12/01/26
0
1544587 E22/G01 F 143,600.00 ZZ
360 143,506.06 1
2707 8TH STREET 8.125 1,066.23 80
7.875 1,066.23 179,500.00
LA VERNE CA 91750 1 11/20/96 00
0410235972 05 01/01/97 0
410235972 O 12/01/26
0
1544594 356/G01 F 245,000.00 ZZ
360 245,000.00 1
2097 ALTAIR AVENUE 8.000 1,797.73 58
7.750 1,797.73 425,000.00
LIVERMORE CA 94550 1 12/02/96 00
0430096198 05 02/01/97 0
2385326 O 01/01/27
0
1544599 439/439 F 155,000.00 ZZ
360 154,704.46 1
58 LYCETT CIRCLE 8.300 1,169.92 58
8.050 1,169.92 270,000.00
DALY CITY CA 94015 5 08/28/96 00
18718528 05 11/01/96 0
18718528 O 10/01/26
0
1544604 E22/G01 F 300,000.00 ZZ
360 299,822.88 1
12900 NORTH 66TH STREET 8.625 2,333.37 75
8.375 2,333.37 400,000.00
LONGMONT CO 80503 5 11/25/96 00
0410288583 05 01/01/97 0
410288583 O 12/01/26
0
1544612 698/698 F 296,000.00 ZZ
360 295,834.06 1
1360 DOREMUS ROAD 8.875 2,355.11 79
8.625 2,355.11 375,000.00
PASADENA CA 91105 2 11/19/96 00
10552694 05 01/01/97 0
1
10552694 O 12/01/26
0
1544616 927/G01 F 220,000.00 ZZ
360 219,856.08 1
2244 BOWIE CIRCLE 8.125 1,633.50 80
7.875 1,633.50 275,000.00
HENDERSON NV 89014 1 11/25/96 00
0430100693 05 01/01/97 0
312843 O 12/01/26
0
1544617 439/439 F 203,200.00 ZZ
360 202,824.25 1
4821 SUNRISE HILLS DRIVE 8.450 1,555.24 75
8.200 1,555.24 271,000.00
EL CAJON CA 92020 1 09/10/96 00
18732602 05 11/01/96 0
18732602 O 10/01/26
0
1544624 E87/G01 F 135,200.00 ZZ
360 135,200.00 1
1957 OLGA STREET 8.000 992.05 80
7.750 992.05 169,000.00
OXNARD CA 93030 2 12/01/96 00
0430102947 05 02/01/97 0
137507 O 01/01/27
0
1544639 369/G01 F 328,000.00 ZZ
360 327,774.27 1
155 AMANDA PINES DRIVE 7.875 2,378.23 80
7.625 2,378.23 410,000.00
PARKER CO 80134 1 11/21/96 00
0430097519 03 01/01/97 0
49287758 O 12/01/26
0
1544669 B88/G01 F 220,000.00 ZZ
360 220,000.00 1
36 SOUTH MAIN STREET 8.000 1,614.28 71
7.750 1,614.28 310,000.00
KENNEBUNKPORT ME 04046 2 12/20/96 00
0430110585 05 02/01/97 0
20002274 O 01/01/27
0
1
1544675 E26/G01 F 151,900.00 ZZ
360 151,795.45 1
4504 LANTERN PLACE 7.875 1,101.39 80
7.625 1,101.39 189,900.00
ALEXANDRIA VA 22306 1 11/27/96 00
0430096990 05 01/01/97 0
436154 O 12/01/26
0
1544676 E88/G01 F 245,950.00 ZZ
360 245,950.00 1
686 PRIOR AVENUE SOUTH 8.250 1,847.75 70
8.000 1,847.75 355,000.00
ST PAUL MN 55116 4 12/19/96 00
0430104927 05 02/01/97 0
1800100908 O 01/01/27
0
1544680 F98/G01 F 220,000.00 ZZ
360 220,000.00 1
8845 VIENNA ROAD 8.250 1,652.79 90
8.000 1,652.79 244,500.00
EVANSVILLE IN 47720 1 12/20/96 14
0430104877 05 02/01/97 25
1544680 O 01/01/27
0
1544683 964/G01 F 552,000.00 ZZ
360 551,638.91 1
7059 BUCKTOWN LANE 8.125 4,098.59 80
7.875 4,098.59 690,000.00
VACAVILLE CA 95688 1 11/26/96 00
0430098053 05 01/01/97 0
21116 O 12/01/26
0
1544692 A01/G01 F 260,000.00 ZZ
360 259,829.92 1
3071 WESTBRIDGE GLEN 8.125 1,930.50 80
7.875 1,930.50 327,000.00
ESCONDIDO CA 92029 1 11/26/96 00
0430097923 03 01/01/97 0
3102776 O 12/01/26
0
1544693 450/450 F 650,000.00 ZZ
360 649,552.68 1
15121 VIA LOMITA 7.875 4,712.95 51
7.625 4,712.95 1,290,000.00
1
MONTE SERENO CA 95030 4 11/18/96 00
4157772 05 01/01/97 0
4157772 O 12/01/26
0
1544695 685/G01 F 201,600.00 ZZ
360 201,600.00 1
10946 REMMET AVENUE 8.500 1,550.13 80
8.250 1,550.13 252,000.00
LOS ANGELES CA 91311 1 12/03/96 00
0430102053 05 02/01/97 0
106312 O 01/01/27
0
1544696 685/G01 F 227,400.00 ZZ
360 227,400.00 1
25 CANYON SAGE 7.875 1,648.81 80
7.625 1,648.81 284,366.00
IRVINE CA 92620 1 12/04/96 00
0430105387 03 02/01/97 0
106277 O 01/01/27
0
1544698 686/G01 F 296,000.00 ZZ
360 295,809.31 1
11408 S 162ND STREET 8.200 2,213.36 74
7.950 2,213.36 400,000.00
GILBERT AZ 85296 2 11/20/96 00
0430108993 05 01/01/97 0
817198351 O 12/01/26
0
1544699 686/G01 F 35,000.00 ZZ
360 34,976.75 1
10873 W CLAIR DRIVE 8.050 258.04 54
7.800 258.04 65,000.00
SUN CITY AZ 85351 1 11/25/96 00
0430109009 09 01/01/97 0
817578966 O 12/01/26
0
1544700 686/G01 F 327,200.00 ZZ
360 326,961.99 1
5 HERRICK DRIVE 7.600 2,310.28 80
7.350 2,310.28 409,000.00
MILTON MA 02186 1 11/29/96 00
0430109017 05 01/01/97 0
817590938 O 12/01/26
0
1
1544701 686/G01 F 59,500.00 ZZ
360 59,458.84 1
221 GREEN AVENUE 7.850 430.39 70
7.600 430.39 85,000.00
LANSDOWNE PA 19050 1 11/27/96 00
0430109025 05 01/01/97 0
817597933 O 12/01/26
0
1544702 686/G01 F 52,990.00 ZZ
360 52,952.98 1
1498 SURREY PARK BLVD 7.800 381.46 45
7.550 381.46 118,000.00
PORT ORANGE FL 32124 1 11/27/96 00
0430109033 03 01/01/97 0
817605314 O 12/01/26
0
1544703 686/G01 F 150,000.00 ZZ
360 149,906.77 1
5939 N MANTON AVENUE 8.375 1,140.11 75
8.125 1,140.11 200,000.00
CHICAGO IL 60646 1 11/29/96 00
0430109041 05 01/01/97 0
817715162 O 12/01/26
0
1544704 686/G01 F 65,000.00 ZZ
360 64,925.46 1
16021 LAUREL 8.250 488.33 48
8.000 488.33 136,900.00
ORLAND PARK IL 60462 1 11/27/96 00
0430109058 03 01/01/97 0
817716384 O 12/01/26
0
1544705 686/G01 F 350,000.00 ZZ
360 348,767.53 1
398 MALLARD LANE 8.050 2,580.39 88
7.800 2,580.39 399,623.00
FT LAUDERDALE FL 33327 1 11/27/96 10
0430109066 03 01/01/97 25
817801632 O 12/01/26
0
1544706 686/G01 F 55,000.00 ZZ
360 54,961.95 1
1
1801 US HIGHWAY ONE #8A 7.850 397.84 62
7.600 397.84 89,000.00
JUPITER FL 33477 1 11/29/96 00
0430109074 01 01/01/97 0
817802234 O 12/01/26
0
1544707 686/G01 F 70,000.00 ZZ
360 69,955.36 1
169 CHAPEL STREET 8.250 525.89 62
8.000 525.89 113,000.00
MILFORD CT 06460 1 11/27/96 00
0430109082 05 01/01/97 0
817829997 O 12/01/26
0
1544708 686/G01 F 84,900.00 ZZ
360 84,845.75 1
62 BONHAM ROAD 8.240 637.23 68
7.990 637.23 124,900.00
DEDHAM MA 02066 1 11/29/96 00
0430109090 05 01/01/97 0
817832348 O 12/01/26
0
1544709 686/G01 F 25,000.00 ZZ
360 24,982.17 1
31 CLARK ROAD 7.700 178.25 13
7.450 178.25 200,000.00
TRUMBULL CT 06611 5 11/22/96 00
0430095935 05 01/01/97 0
817842214 O 12/01/26
0
1544710 686/G01 F 201,500.00 ZZ
360 201,360.62 1
25921 FAIRCOURT LANE 7.850 1,457.53 45
7.600 1,457.53 450,000.00
LAGUNA HILLS CA 92653 2 11/22/96 00
0430109108 03 01/01/97 0
817848104 O 12/01/26
0
1544711 686/G01 F 95,490.00 ZZ
360 95,429.10 1
303 MERRYMOUNT COURT 8.250 717.39 75
8.000 717.39 127,330.00
PASADENA MD 21122 1 11/27/96 00
0430109116 03 01/01/97 0
1
817862162 O 12/01/26
0
1544713 686/G01 F 194,950.00 ZZ
360 194,828.82 1
5913 NW 110TH COURT 8.375 1,481.77 75
8.125 1,481.77 259,990.00
MIAMI FL 33178 1 11/27/96 00
0430109124 03 01/01/97 0
817906167 O 12/01/26
0
1544714 686/G01 F 102,000.00 ZZ
360 101,934.95 1
17874 COVEY TRAIL 8.250 766.30 75
8.000 766.30 136,000.00
BOCA RATON FL 33487 1 11/26/96 00
0430109132 03 01/01/97 0
817906506 O 12/01/26
0
1544715 686/G01 F 122,500.00 ZZ
360 122,427.67 1
8161 SW 203RD STREET 8.625 952.80 70
8.375 952.80 175,000.00
MIAMI FL 33189 5 11/22/96 00
0430109140 03 01/01/97 0
817907199 O 12/01/26
0
1544716 686/G01 F 346,900.00 ZZ
360 346,673.07 1
1277 STALLION DRIVE 8.125 2,575.73 80
7.875 2,575.73 433,650.00
LOXAHATCHEE FL 33470 1 11/26/96 00
0430109157 03 01/01/97 0
817907546 O 12/01/26
0
1544717 686/G01 F 166,850.00 ZZ
360 166,734.59 1
9964 EAST PINEWOOD AVE 7.850 1,206.89 75
7.600 1,206.89 222,500.00
ENGLEWOOD CO 80111 1 11/25/96 00
0430109165 03 01/01/97 0
817908064 O 12/01/26
0
1
1544718 686/G01 F 72,000.00 ZZ
360 71,950.19 1
56 ROGERS AVENUE UNIT A 7.850 520.81 48
7.600 520.81 152,000.00
MILFORD CT 06460 1 11/27/96 00
0430109173 01 01/01/97 0
817910102 O 12/01/26
0
1544719 686/G01 F 142,400.00 ZZ
360 142,306.85 1
3540 OLD PACIFIC HIGHWAY 8.125 1,057.32 80
7.875 1,057.32 178,000.00
KELSO WA 98626 5 11/20/96 00
0430109181 05 01/01/97 0
817933104 O 12/01/26
0
1544721 686/G01 F 111,000.00 ZZ
360 110,925.52 1
12311 OLD TIMBER 8.000 814.48 75
7.750 814.48 148,000.00
CHARLOTTE NC 28269 1 11/26/96 00
0430109207 03 01/01/97 0
817959513 O 12/01/26
0
1544722 686/G01 F 305,950.00 ZZ
360 305,739.45 1
11736 ANGELIQUE STREET 7.875 2,218.35 90
7.625 2,218.35 339,990.00
SAN DIEGO CA 92131 1 11/25/96 10
0430109215 03 01/01/97 25
817961188 O 12/01/26
0
1544724 686/G01 F 166,500.00 ZZ
360 166,296.50 1
440 SUMNER WAY 8.375 1,265.53 75
8.125 1,265.53 222,000.00
WEST CHESTER PA 19382 1 11/27/96 00
0430109223 09 01/01/97 0
818024069 O 12/01/26
0
1544725 686/G01 F 63,000.00 ZZ
360 62,874.59 1
7110 JENNIFER WAY 8.500 484.42 60
8.250 484.42 105,000.00
1
SYKESVILLE MD 21784 1 11/26/96 00
0430109231 07 01/01/97 0
818024234 O 12/01/26
0
1544726 686/G01 F 29,000.00 ZZ
360 28,980.34 1
6108 W KINGS AVENUE 7.950 211.79 37
7.700 211.79 79,000.00
GLENDALE AZ 85306 1 11/25/96 00
0430109249 05 01/01/97 0
818037012 O 12/01/26
0
1544735 686/G01 F 55,000.00 ZZ
360 54,963.09 1
3664 W 58TH PLACE 8.000 403.58 40
7.750 403.58 140,000.00
LOS ANGELES CA 90043 5 11/22/96 00
0430109363 05 01/01/97 0
817744964 O 12/01/26
0
1544736 686/G01 F 109,200.00 ZZ
360 109,132.13 1
2150 COX ROAD 8.375 830.00 70
8.125 830.00 156,000.00
COCOA FL 32926 5 11/25/96 00
0430109371 05 01/01/97 0
817905342 O 12/01/26
0
1544737 686/G01 F 67,500.00 ZZ
360 67,500.00 1
211 SUMMIT AVE E #N-101 8.000 495.30 75
7.750 495.30 90,000.00
SEATTLE WA 98102 5 11/25/96 00
0430109389 01 02/01/97 0
817933682 O 01/01/27
0
1544739 686/G01 F 60,000.00 ZZ
360 60,000.00 1
29465 SW MONTEBELLO DRIVE 7.850 434.01 42
7.600 434.01 143,000.00
WILSONVILLE OR 97070 5 11/22/96 00
0430109405 05 02/01/97 0
817635824 O 01/01/27
0
1
1544740 686/G01 F 60,000.00 ZZ
360 60,000.00 1
5190 OZARK LANE 8.250 450.77 32
8.000 450.77 190,000.00
MARIETTA GA 30062 5 11/27/96 00
0430109413 05 02/01/97 0
817907637 O 01/01/27
0
1544741 686/G01 F 151,000.00 ZZ
360 150,895.55 1
287 SWEENY STREET 7.850 1,092.24 72
7.600 1,092.24 210,000.00
SAN FRANCISCO CA 94134 2 11/19/96 00
0430109421 07 01/01/97 0
818021693 O 12/01/26
0
1544743 686/G01 F 170,000.00 ZZ
360 169,897.01 1
26322 DELOS DRIVE 8.500 1,307.16 65
8.250 1,307.16 265,000.00
TORRANCE CA 90505 2 11/27/96 00
0430109447 05 01/01/97 0
817866304 O 12/01/26
0
1544744 686/G01 F 90,000.00 ZZ
360 90,000.00 1
4 SW LINCOLN & SECOND 7.850 651.01 24
7.600 651.01 385,000.00
CARMEL CA 93921 1 11/27/96 00
0430109454 05 02/01/97 0
817870975 O 01/01/27
0
1544745 686/G01 F 105,000.00 ZZ
360 105,000.00 1
6108 S MEADOW LANE ROAD 8.500 807.36 70
8.250 807.36 151,000.00
SPOKANE WA 99224 1 11/26/96 00
0430109462 05 02/01/97 0
817894082 O 01/01/27
0
1544746 686/G01 F 85,000.00 ZZ
360 84,947.16 1
1
855 BENNET STREET 8.375 646.07 66
8.125 646.07 129,900.00
WALWORTH WI 53150 1 12/05/96 00
0430109470 05 01/01/97 0
817939317 O 12/01/26
0
1544747 686/G01 F 98,000.00 ZZ
360 98,000.00 1
2409 28TH AVENUE WEST 7.850 708.87 58
7.600 708.87 171,500.00
SEATTLE WA 98199 2 11/25/96 00
0430109488 05 02/01/97 0
817632524 O 01/01/27
0
1544748 686/G01 F 135,937.00 ZZ
360 135,937.00 1
2720 HILLSBORO ROAD 7.850 983.28 75
7.600 983.28 181,250.00
BRENTWOOD TN 37027 1 12/06/96 00
0430109496 05 02/01/97 0
817790439 O 01/01/27
0
1544749 686/G01 F 113,000.00 ZZ
360 113,000.00 1
28 BISHOP DRIVE 7.850 817.37 74
7.600 817.37 153,000.00
MANCHESTER CT 06040 1 12/06/96 00
0430109504 05 02/01/97 0
817842073 O 01/01/27
0
1544751 686/G01 F 62,445.00 ZZ
360 62,408.12 1
134 SCHILLING DRIVE 8.625 485.70 69
8.375 485.70 90,500.00
MOSES LAKE WA 98837 1 11/25/96 00
0430109512 05 01/01/97 0
817933500 O 12/01/26
0
1544760 686/G01 F 80,000.00 ZZ
360 80,000.00 1
13375 SW 41 STREET 8.500 615.14 49
8.250 615.14 165,000.00
MIAMI FL 33175 1 12/04/96 00
0430109595 05 02/01/97 0
1
817906597 O 01/01/27
0
1544761 686/G01 F 156,000.00 ZZ
360 156,000.00 1
1751 HAWTHORNE STREET 8.500 1,199.51 75
8.250 1,199.51 210,000.00
SARASOTA FL 34239 2 12/02/96 00
0430109603 05 02/01/97 0
817907124 O 01/01/27
0
1544766 686/G01 F 243,200.00 ZZ
360 243,200.00 1
6139 ARCTIC WAY 7.550 1,708.83 80
7.300 1,708.83 304,000.00
EDINA MN 55424 1 12/10/96 00
0430109660 05 02/01/97 0
817664493 O 01/01/27
0
1544767 686/G01 F 260,300.00 ZZ
360 260,300.00 1
7041 NIGHTHAWK COURT 7.850 1,882.85 75
7.600 1,882.85 347,131.00
CARLSBAD CA 92009 1 12/04/96 00
0430109678 03 02/01/97 0
817817331 O 01/01/27
0
1544768 686/G01 F 63,000.00 T
360 63,000.00 1
8670 SW 14TH COURT 8.375 478.85 62
8.125 478.85 103,000.00
PEMBROKE PINES FL 33025 1 12/09/96 00
0430109686 03 02/01/97 0
817907736 O 01/01/27
0
1544769 686/G01 F 253,350.00 ZZ
360 253,350.00 1
3520 WATERCREST DRIVE 8.375 1,925.65 73
8.125 1,925.65 350,000.00
PLANO TX 75093 2 12/06/96 00
0430109694 03 02/01/97 0
817925233 O 01/01/27
0
1
1544770 686/G01 F 39,350.00 ZZ
360 39,350.00 1
10977 LAVINIA DRIVE 8.500 302.57 75
8.250 302.57 52,500.00
ST LOUIS MO 63123 1 12/10/96 00
0430109702 01 02/01/97 0
817939473 O 01/01/27
0
1544771 686/G01 F 104,700.00 ZZ
360 104,700.00 1
781 NE 195TH STREET 8.375 795.80 75
8.125 795.80 139,600.00
NORTH MIAMI BEA FL 33179 1 12/09/96 00
0430109710 09 02/01/97 0
818032070 O 01/01/27
0
1544808 964/G01 F 358,000.00 ZZ
360 357,747.32 1
115 CASCADE DRIVE 7.750 2,564.76 72
7.500 2,564.76 499,000.00
FAIRFAX CA 94930 2 11/22/96 00
0430097253 05 01/01/97 0
18431 O 12/01/26
0
1544810 964/G01 F 248,000.00 ZZ
360 247,845.85 1
5956 SOUTH CITRUS AVENUE 8.375 1,884.98 85
8.125 1,884.98 295,000.00
LOS ANGELES CA 90043 2 11/26/96 12
0430097295 05 01/01/97 12
21546 O 12/01/26
0
1544826 E57/G01 F 581,600.00 ZZ
360 581,600.00 1
3920 LAKE VISTA COURT 8.250 4,369.37 80
8.000 4,369.37 727,000.00
ENCINO AREA CA 91436 1 12/26/96 00
0430121558 05 02/01/97 0
85992005000 O 01/01/27
0
1544850 696/G01 F 72,650.00 ZZ
360 72,650.00 1
10422 HEATHSIDE WAY 8.500 558.62 80
8.250 558.62 90,850.00
1
POTOMAC MD 20854 1 12/06/96 00
0430097139 09 02/01/97 0
3194835 O 01/01/27
0
1544866 526/526 F 420,000.00 ZZ
360 419,752.03 1
19102 229TH AVENUE NORTHEAST 8.625 3,266.72 75
8.375 3,266.72 560,000.00
WOODINVILLE WA 98072 5 11/21/96 00
0154737 03 01/01/97 0
0154737 O 12/01/26
0
1544868 E22/G01 F 226,700.00 ZZ
360 226,555.44 1
7771 SANTA THERESA DRIVE 8.250 1,703.12 80
8.000 1,703.12 283,500.00
GILROY CA 95020 1 11/06/96 00
0410237473 05 01/01/97 0
410237473 O 12/01/26
0
1544901 E22/G01 F 414,100.00 ZZ
360 414,100.00 1
1345 CASSINS STREET 8.250 3,111.00 80
8.000 3,111.00 517,684.00
CARLSBAD CA 92009 1 12/04/96 00
0410233977 03 02/01/97 0
410233977 O 01/01/27
0
1544908 814/G01 F 220,800.00 ZZ
360 220,640.19 1
18 DORADO TERRACE 7.625 1,562.81 80
#22 7.375 1,562.81 276,000.00
SAN FRANCISCO CA 94112 1 11/18/96 00
0430103259 09 01/01/97 0
809611026 O 12/01/26
0
1544922 961/G01 F 240,000.00 ZZ
360 240,000.00 1
3 BOW B 8.125 1,781.99 80
7.875 1,781.99 300,000.00
REDLANDS CA 92373 1 12/05/96 00
0430103747 05 02/01/97 0
09109513 O 01/01/27
0
1
1544923 B89/G01 F 385,200.00 ZZ
360 381,229.84 1
5105 CARY STREET ROAD 7.750 2,759.62 90
7.500 2,759.62 428,000.00
RICHMOND VA 23226 1 10/13/95 10
0430100487 05 12/01/95 25
697905 O 11/01/25
0
1544928 B89/G01 F 248,850.00 ZZ
360 247,085.89 1
12024 WALNUT HILL DR 7.875 1,804.34 90
7.625 1,804.34 276,500.00
ROCKVILLE VA 23146 1 02/29/96 12
0430100545 05 04/01/96 25
697905 O 03/01/26
0
1544932 B89/G01 F 247,000.00 ZZ
360 246,014.00 1
2211 CHARTSTONE DR 8.125 1,833.97 95
7.875 1,833.97 260,000.00
MIDLOTHIAN VA 23113 1 06/28/96 12
0430100537 05 08/01/96 30
697905 O 07/01/26
0
1544944 731/G01 F 270,000.00 ZZ
360 270,000.00 1
1757 NORTH BENTON WAY 8.500 2,076.07 90
8.250 2,076.07 300,000.00
LOS ANGELES CA 90026 1 12/02/96 04
0430099846 03 02/01/97 25
411212831 O 01/01/27
0
1544955 B89/G01 F 343,350.00 ZZ
360 342,863.77 1
5901 BROOKMEADE TERRACE 7.750 2,459.80 63
7.500 2,459.80 550,000.00
GLEN ALLEN VA 23060 1 10/30/96 00
0430100552 05 12/01/96 0
697905 O 11/01/26
0
1544957 B89/G01 F 300,000.00 ZZ
360 296,208.29 1
1
113 BROOKSCHASE LANE 7.750 2,149.24 53
7.500 2,149.24 575,000.00
RICHMOND VA 23229 4 07/14/95 00
0430100594 03 09/01/95 0
697905 O 08/01/25
0
1544962 B89/G01 F 384,550.00 ZZ
360 380,970.88 1
LOT 10 WOOD VALLEY ROAD 7.875 2,788.25 80
7.625 2,788.25 480,715.00
MECHANICSVILLE VA 23111 1 11/17/95 00
0430100495 03 01/01/96 0
697905 O 12/01/25
0
1544966 B89/G01 F 258,600.00 ZZ
360 254,779.35 1
9508 ARROWDEL ROAD 8.000 1,897.52 80
7.750 1,897.52 323,300.00
RICHMOND VA 23229 1 08/04/95 00
0430100503 05 11/01/95 0
697905 O 10/01/25
0
1544971 B89/G01 F 350,000.00 ZZ
360 348,364.44 1
14408 CLIPPER COVE COURT 8.125 2,598.74 85
7.875 2,598.74 414,296.00
MIDLOTHIAN VA 23112 4 05/09/96 10
0430100529 03 07/01/96 12
697905 O 06/01/26
0
1544972 676/676 F 385,000.00 ZZ
360 384,728.27 1
917 KAPOHO PLACE 7.750 2,758.19 77
7.500 2,758.19 505,000.00
HONOLULU HI 96825 2 11/26/96 00
96313611005 03 01/01/97 0
96313611005 O 12/01/26
0
1544973 353/353 F 502,000.00 ZZ
360 501,687.97 1
1720 A PAULA DRIVE 8.375 3,815.57 80
8.125 3,815.57 627,500.00
HONOLULU HI 96816 2 11/20/96 00
6097312 05 01/01/97 0
1
6097312 O 12/01/26
0
1544975 353/353 F 256,850.00 ZZ
360 256,681.98 1
98-1021 PIKU PLACE 8.125 1,907.11 75
7.875 1,907.11 342,500.00
AIEA HI 96701 1 11/20/96 00
6097299 05 01/01/97 0
6097299 O 12/01/26
0
1544976 B89/G01 F 400,000.00 ZZ
360 395,279.26 1
10808 CHERRY HILL DRIVE 7.875 2,900.28 80
7.625 2,900.28 500,000.00
GLEN ALLEN VA 23060 1 08/30/95 00
0430100578 03 10/01/95 0
697905 O 09/01/25
0
1544978 926/926 F 460,000.00 ZZ
360 460,000.00 1
7 DUCKFIELD ROAD 8.125 3,415.49 80
7.875 3,415.49 575,000.00
HILTON HEAD ISL SC 29928 1 12/11/96 00
UNKNOWN 03 02/01/97 0
UNKNOWN O 01/01/27
0
1545017 561/G01 F 450,000.00 ZZ
360 450,000.00 1
28485 GRANVILLE LANE 8.125 3,341.24 75
7.875 3,341.24 600,000.00
TRAPPE MD 21673 1 12/03/96 00
0430110593 05 02/01/97 0
8945651 O 01/01/27
0
1545027 181/181 F 157,500.00 ZZ
360 157,394.32 1
110 KNIGHTHOOD COURT 8.000 1,155.68 75
7.750 1,155.68 210,000.00
ALPHARETTA GA 30202 1 11/07/96 00
9660413 03 01/01/97 0
9660413 O 12/01/26
0
1
1545035 E19/G01 F 226,500.00 ZZ
360 226,351.83 1
18341 INDEX STREET 8.125 1,681.76 79
7.875 1,681.76 287,000.00
LOS ANGELES CA 91326 2 11/01/96 00
0430099085 05 01/01/97 0
100014165 O 12/01/26
0
1545036 E19/G01 F 229,500.00 ZZ
360 229,342.05 1
7136 ROCKSPRING LANE 7.875 1,664.04 90
7.625 1,664.04 255,000.00
HIGHLAND CA 92346 2 11/20/96 10
0430100651 03 01/01/97 25
100028076 O 12/01/26
0
1545040 227/G01 F 350,000.00 ZZ
360 349,803.78 1
16 QUAKER LANE 8.875 2,784.76 58
8.625 2,784.76 610,000.00
W HARRISON NY 10528 1 11/26/96 00
0430096081 03 01/01/97 0
114210005 O 12/01/26
0
1545042 227/G01 F 226,300.00 ZZ
360 226,162.91 1
2142 EAST CHEVY CHASE DRIVE 8.500 1,740.05 80
8.250 1,740.05 285,000.00
GLENDALE CA 91206 2 11/20/96 00
0430099150 05 01/01/97 0
9611001 O 12/01/26
0
1545051 181/181 F 350,000.00 ZZ
360 349,776.82 1
2022 BURR OAK DRIVE 8.250 2,629.43 63
8.000 2,629.43 560,000.00
GLENVIEW IL 60025 1 11/20/96 00
5387710 05 01/01/97 0
5387710 O 12/01/26
0
1545052 181/181 F 199,500.00 ZZ
360 199,369.49 1
7 BOTTLEBRUSH 8.125 1,481.29 74
7.875 1,481.29 270,000.00
1
ALISO VIEJO ARE CA 92656 2 11/13/96 00
5394490 03 01/01/97 0
5394490 O 12/01/26
0
1545055 E82/G01 F 650,000.00 ZZ
360 650,000.00 1
8215 ST. MARLO FAIRWAY DR 7.750 4,656.68 73
7.500 4,656.68 900,000.00
DULUTH GA 30155 2 12/06/96 00
0400022281 03 02/01/97 0
400022281 O 01/01/27
0
1545066 375/G01 F 592,000.00 ZZ
360 591,632.04 1
9431 E CALLE DE LAS BRISAS 8.375 4,499.63 80
8.125 4,499.63 740,000.00
SCOTTSDALE AZ 85255 1 11/07/96 00
0430110213 03 01/01/97 0
UNKNOWN O 12/01/26
0
1545103 E22/G01 F 500,000.00 ZZ
360 500,000.00 1
56 MARIN BAY PARK COURT 8.125 3,712.49 55
7.875 3,712.49 925,000.00
SAN RAFAEL CA 94901 2 12/03/96 00
0410304646 03 02/01/97 0
410304646 O 01/01/27
0
1545105 E22/G01 F 176,000.00 ZZ
360 176,000.00 1
1077 KOLLN STREET 7.750 1,260.89 80
7.500 1,260.89 220,000.00
PLEASANTON CA 94566 2 12/05/96 00
0410233167 05 02/01/97 0
410233167 O 01/01/27
0
1545106 E22/G01 F 168,000.00 ZZ
360 168,000.00 1
219 GUAYMAS PLACE 8.125 1,247.40 80
7.875 1,247.40 210,000.00
DAVIS CA 95616 2 12/04/96 00
0410275416 05 02/01/97 0
410275416 O 01/01/27
0
1
1545107 E22/G01 F 605,600.00 ZZ
360 605,600.00 1
8743 WONDERLAND PARK AVENUE 7.875 4,391.02 80
7.625 4,391.02 757,000.00
LOS ANGELES CA 90046 2 11/25/96 00
0410290209 05 02/01/97 0
410290209 O 01/01/27
0
1545111 601/G01 F 228,500.00 ZZ
360 228,350.53 1
2542 BRANDT FOREST COURT 8.125 1,696.61 88
7.875 1,696.61 260,880.00
GREENSBORO NC 27455 1 11/12/96 01
0430103564 05 01/01/97 25
1106617 O 12/01/26
0
1545120 601/G01 F 650,000.00 ZZ
360 649,517.60 1
133 BROOK FARM ROAD 7.500 4,544.90 55
7.250 4,544.90 1,189,000.00
SAINT DAVIDS PA 19087 1 11/22/96 00
0430099440 03 01/01/97 0
1113817 O 12/01/26
0
1545144 B38/G01 F 304,000.00 ZZ
360 304,000.00 1
1521 NORTH GENESE AVENUE 8.500 2,337.50 80
8.250 2,337.50 380,000.00
LOS ANGELES CA 90046 1 12/24/96 00
0430116947 05 02/01/97 0
961376 O 01/01/27
0
1545180 B23/G01 F 212,000.00 ZZ
360 212,000.00 1
9881 BIG SUR DRIVE 7.750 1,518.79 80
7.500 1,518.79 265,000.00
HUNTINGTON BEA CA 92646 1 12/26/96 00
0430111781 05 02/01/97 0
88001627 O 01/01/27
0
1545193 624/G01 F 221,400.00 ZZ
360 221,400.00 1
1
388 CONESTOGA WAY 8.500 1,702.37 95
8.250 1,702.37 235,000.00
SAN JOSE CA 95123 1 12/04/96 11
0430099887 05 02/01/97 30
63061660116 O 01/01/27
0
1545204 624/G01 F 334,000.00 ZZ
360 334,000.00 1
11 SOUTH 1200 EAST 8.250 2,509.23 75
8.000 2,509.23 449,000.00
LINDON UT 84042 5 12/02/96 00
0430100925 05 02/01/97 0
66033560116 O 01/01/27
0
1545209 B91/G01 F 239,900.00 ZZ
360 239,734.89 1
1241 BROOKDALE AVENUE 7.875 1,739.45 80
7.625 1,739.45 299,900.00
LA HABARA CA 90631 1 11/19/96 00
0430104612 05 01/01/97 0
1000003426 O 12/01/26
0
1545211 470/G01 F 400,000.00 ZZ
360 399,731.61 1
690 SEQUOIA COURT 8.000 2,935.06 65
7.750 2,935.06 616,000.00
MORRO BAY CA 93442 5 11/26/96 00
0430101626 05 01/01/97 0
32014193 O 12/01/26
0
1545219 731/G01 F 324,000.00 ZZ
360 324,000.00 1
12056 STONE GATE WAY 8.250 2,434.10 90
8.000 2,434.10 360,000.00
NORTHRIDGE AREA CA 91326 1 12/10/96 10
0430099820 03 02/01/97 25
411212853 O 01/01/27
0
1545221 461/G01 F 239,000.00 ZZ
360 239,000.00 1
934 HILMAR STREET 7.875 1,732.92 74
7.625 1,732.92 325,000.00
SANTA CLARA CA 95050 2 12/03/96 00
0430100917 05 02/01/97 0
1
21071576 O 01/01/27
0
1545226 387/387 F 276,000.00 ZZ
360 275,810.06 1
117 DEL CABO 7.875 2,001.19 80
7.625 2,001.19 345,000.00
SAN CLEMENTE CA 92673 1 11/13/96 00
829648 01 01/01/97 0
829648 O 12/01/26
0
1545228 387/387 F 462,000.00 ZZ
360 461,682.06 1
150 HELMSLEY DRIVE 7.875 3,349.82 70
7.625 3,349.82 660,000.00
ATLANTA GA 30327 1 11/15/96 00
825570 03 01/01/97 0
825570 O 12/01/26
0
1545229 387/387 F 559,000.00 ZZ
360 558,643.55 1
3160 SERENA AVENUE 8.250 4,199.58 80
8.000 4,199.58 700,000.00
CARPINTERIA CA 93013 2 11/07/96 00
832139 05 01/01/97 0
832139 O 12/01/26
0
1545231 387/387 F 340,000.00 ZZ
360 339,783.19 1
2111 NORTH BRONSON AVENUE 8.250 2,554.31 80
8.000 2,554.31 425,000.00
LOS ANGELES CA 90068 1 11/08/96 00
829234 05 01/01/97 0
829234 O 12/01/26
0
1545233 387/387 F 399,000.00 ZZ
360 398,764.43 1
210 EL BONITO WAY 8.625 3,103.38 79
8.375 3,103.38 510,000.00
MILLBRAE CA 94030 2 11/06/96 00
828848 05 01/01/97 0
828848 O 12/01/26
0
1
1545235 387/387 F 229,600.00 ZZ
360 229,437.95 1
654 CRESCENT RIDGE 7.750 1,644.88 80
7.500 1,644.88 287,000.00
MABLETON GA 30059 1 11/15/96 00
819938 03 01/01/97 0
819938 O 12/01/26
0
1545236 387/387 F 169,500.00 ZZ
360 169,380.37 1
1307 MILL STREAM COURT 7.750 1,214.32 80
7.500 1,214.32 211,900.00
SUGAR LAND TX 77479 1 11/13/96 00
833020 03 01/01/97 0
833020 O 12/01/26
0
1545237 387/387 F 309,900.00 ZZ
360 309,717.03 1
2 COBHAM WAY 8.625 2,410.38 80
8.375 2,410.38 387,416.00
SAN ANTONIO TX 78218 1 11/13/96 00
823617 03 01/01/97 0
823617 O 12/01/26
0
1545239 387/387 F 491,000.00 ZZ
360 490,686.91 1
955 PENINSULA WAY 8.250 3,688.72 73
8.000 3,688.72 680,000.00
MENLO PARK CA 94025 2 11/06/96 00
825331 05 01/01/97 0
825331 O 12/01/26
0
1545246 559/G01 F 204,000.00 ZZ
360 204,000.00 1
4866 CLYDELLE AVENUE 8.000 1,496.88 80
7.750 1,496.88 255,000.00
SAN JOSE CA 95124 1 12/02/96 00
0430113159 05 02/01/97 0
5391271 O 01/01/27
0
1545248 647/G01 F 191,250.00 ZZ
360 191,121.68 1
48880 EISENHOWER DRIVE 8.000 1,403.32 75
7.750 1,403.32 255,000.00
1
LA QUINTA CA 92253 2 11/21/96 00
0430101857 03 01/01/97 0
19417674 O 12/01/26
0
1545249 647/G01 F 229,400.00 ZZ
360 229,242.13 1
2952 SOUTH WESTBOURNE PLACE 7.875 1,663.31 80
7.625 1,663.31 286,800.00
ROWLAND HEIGHTS CA 91748 1 11/18/96 00
0430101840 03 01/01/97 0
1941740 O 12/01/26
0
1545258 491/491 F 232,000.00 ZZ
360 231,844.33 1
518 LAKEVIEW RD 8.000 1,702.34 80
7.750 1,702.34 290,000.00
LYNNWOOD WA 98037 1 11/06/96 00
0061488453 05 01/01/97 0
0061488453 O 12/01/26
0
1545266 450/450 F 259,600.00 ZZ
360 259,421.35 1
26723 SHADOW WOOD DRIVE 7.875 1,882.28 80
7.625 1,882.28 324,500.00
RANCHO PALO VER CA 90275 1 11/21/96 00
4318507 05 01/01/97 0
4318507 O 12/01/26
0
1545280 003/G01 F 212,000.00 ZZ
360 211,854.10 1
1095 N HIGHLAND AVENUE 7.875 1,537.15 80
7.625 1,537.15 265,000.00
ATLANTA GA 30306 2 11/22/96 00
0430099978 05 01/01/97 0
3762440 O 12/01/26
0
1545283 450/450 F 463,200.00 ZZ
360 463,200.00 1
739 PURDY 8.250 3,479.87 80
8.000 3,479.87 579,000.00
BIRMINGHAM MI 48009 1 12/03/96 00
NG 05 02/01/97 0
NG O 01/01/27
0
1
1545294 105/G01 F 243,750.00 ZZ
360 243,453.62 1
13165 ZEKIAH DRIVE 8.500 1,874.23 71
8.250 1,874.23 348,000.00
WALDORF MD 20601 5 11/20/96 00
0430099747 05 12/01/96 0
0921643 O 11/01/26
0
1545301 561/G01 F 264,500.00 ZZ
360 264,335.59 1
28 BEECHAM COURT 8.375 2,010.40 80
8.125 2,010.40 330,773.00
OWINGS MILLS MD 21117 4 11/22/96 00
0430100354 03 01/01/97 0
8822231 O 12/01/26
0
1545436 074/074 F 420,000.00 ZZ
360 418,828.99 1
13 CLAREMONT ROAD 8.000 3,081.82 74
7.750 3,081.82 574,000.00
SCARSDALE NY 10583 1 08/28/96 00
1106018761 05 10/01/96 0
1106018761 O 09/01/26
0
1545437 074/074 F 247,000.00 ZZ
360 246,581.48 1
7 RED HILL ROAD 8.875 1,965.25 95
8.625 1,965.25 260,000.00
PRINCETON NJ 08540 1 09/13/96 11
1106021562 05 11/01/96 30
1106021562 O 10/01/26
0
1545438 074/074 F 245,000.00 ZZ
360 244,831.38 1
21 PARK DRIVE 7.875 1,776.43 80
7.625 1,776.43 307,000.00
LIDO BEACH NY 11561 1 11/18/96 00
1106026715 05 01/01/97 0
1106026715 O 12/01/26
0
1545440 074/074 F 389,000.00 ZZ
360 388,781.92 1
1
20 MUIRFIELD COURT 8.875 3,095.06 80
8.625 3,095.06 490,000.00
PITTSFORD NY 14534 2 11/11/96 00
1107014890 05 01/01/97 0
1107014890 O 12/01/26
0
1545441 074/074 F 122,800.00 ZZ
360 122,729.35 1
5740 MARTHA'S VINEYARD 8.750 966.07 39
8.500 966.07 317,000.00
CLARENCE NY 14032 4 11/15/96 00
1107016342 05 01/01/97 0
1107016342 O 12/01/26
0
1545445 074/074 F 175,000.00 T
360 174,901.89 1
89 TEAL WALK 8.875 1,392.38 60
8.625 1,392.38 292,000.00
FIRE ISLAND PIN NY 11782 2 11/08/96 00
1111062263 05 01/01/97 0
1111062263 O 12/01/26
0
1545446 074/074 F 364,500.00 ZZ
360 364,255.42 1
275 & 295 GREENWICH STREET 8.000 2,674.58 90
UNIT #4K-S & #4L-S 7.750 2,674.58 405,000.00
NEW YORK NY 10007 1 11/06/96 14
1111066617 06 01/01/97 25
1111066617 O 12/01/26
0
1545447 074/074 F 250,200.00 ZZ
360 250,059.73 1
890 CLUBHOUSE ROAD 8.875 1,990.71 90
8.625 1,990.71 278,000.00
WOODMERE NY 11598 1 11/07/96 10
1111067289 05 01/01/97 25
1111067289 O 12/01/26
0
1545448 074/074 F 93,750.00 ZZ
360 93,652.42 1
2 ANTHONY DRIVE 9.250 771.26 75
9.000 771.26 125,000.00
NEW PALTZ NY 12515 1 10/31/96 00
1111068882 05 12/01/96 0
1
1111068882 O 11/01/26
0
1545449 074/074 F 650,000.00 ZZ
360 649,574.80 1
360 EAST 88TH STREET, UNIT 41B 8.125 4,826.24 69
7.875 4,826.24 950,000.00
NEW YORK NY 10028 1 11/14/96 00
1111069171 06 01/01/97 0
1111069171 O 12/01/26
0
1545450 074/074 F 322,500.00 ZZ
360 322,127.55 1
4995 SANDSTONE COURT 8.750 2,537.11 75
COUNTY OF ERIE 8.500 2,537.11 430,000.00
CLARENCE NY 14031 1 10/31/96 00
1111071060 05 12/01/96 0
1111071060 O 11/01/26
0
1545451 074/074 F 98,000.00 ZZ
360 97,946.46 1
123 PROSPECT PLACE 1 9.000 788.54 70
8.750 788.54 140,000.00
BROOKLYN NY 11217 1 11/13/96 00
1111072074 12 01/01/97 0
1111072074 O 12/01/26
0
1545453 074/074 F 19,950.00 ZZ
360 19,939.10 1
377 NORTH BROADWAY APT #627 9.000 160.53 70
8.750 160.53 28,500.00
YONKERS NY 10701 1 11/15/96 00
1111073281 11 01/01/97 0
1111073281 O 12/01/26
0
1545456 074/074 F 78,000.00 ZZ
360 77,952.74 1
121 LEDDON LANE 8.500 599.76 54
8.250 599.76 147,000.00
TURNERSVILLE NJ 08012 2 11/04/96 00
1507201997 05 01/01/97 0
1507201997 O 12/01/26
0
1
1545457 074/074 F 133,000.00 ZZ
360 132,921.48 1
264 HOBART STREET 8.625 1,034.46 70
8.375 1,034.46 190,000.00
SOUTHINGTON CT 06489 2 11/07/96 00
1580039880 05 01/01/97 0
1580039880 O 12/01/26
0
1545460 074/G01 F 217,700.00 ZZ
360 217,550.18 1
2623 BELAND BOULEVARD 7.875 1,578.48 90
7.625 1,578.48 241,900.00
REDONDO BEACH CA 90278 1 11/15/96 10
0430108175 05 01/01/97 25
1234002411 O 12/01/26
0
1545461 074/G01 F 343,550.00 ZZ
360 343,330.93 1
7055 LA PRESA DRIVE 8.250 2,580.98 90
8.000 2,580.98 381,750.00
LOS ANGELES CA 90068 1 11/13/96 10
0430108183 05 01/01/97 25
1234002604 O 12/01/26
0
1545462 074/G01 F 93,750.00 ZZ
360 93,613.90 1
2100 MURRAY KITTRELL RD 8.500 720.86 75
8.250 720.86 125,000.00
READYVILLE TN 37149 1 11/15/96 00
0430108191 05 01/01/97 0
1344001870 O 12/01/26
0
1545463 074/G01 F 500,000.00 ZZ
360 499,672.93 1
1518 WINDY HILL DRIVE 8.125 3,712.49 75
7.875 3,712.49 670,000.00
NORTHBROOK IL 60062 1 11/18/96 00
0430108209 03 01/01/97 0
1456000785 O 12/01/26
0
1545464 074/G01 F 289,600.00 ZZ
360 289,210.08 1
4531 AUHAY DRIVE 8.000 2,124.98 80
7.750 2,124.98 362,500.00
1
SANTA BARBARA CA 93110 1 10/28/96 00
0430108217 05 12/01/96 0
1484001185 O 11/01/26
0
1545466 074/G01 F 344,000.00 ZZ
360 342,109.81 1
4 JERUSALEM MILL COURT 8.000 2,524.15 80
7.750 2,524.15 430,000.00
KINGSVILLE MD 21087 1 04/10/96 00
0430108233 05 06/01/96 0
1500196913 O 05/01/26
0
1545467 074/G01 F 376,000.00 ZZ
360 375,542.81 1
26581 W 109TH STREET 8.500 2,891.12 77
8.250 2,891.12 490,000.00
OLATHE KS 66061 2 09/27/96 00
0430108241 05 12/01/96 0
1505058815 O 11/01/26
0
1545468 074/G01 F 341,100.00 ZZ
360 340,685.26 1
2984 SAINT GREGORY ROAD 8.500 2,622.76 90
8.250 2,622.76 379,000.00
GLENDALE CA 91206 1 10/03/96 10
0430108258 05 12/01/96 25
1506159750 O 11/01/26
0
1545469 074/G01 F 236,000.00 ZZ
360 235,682.23 1
21711 YBARRA ROAD 8.000 1,731.69 71
7.750 1,731.69 336,000.00
LOS ANGELES CA 91364 1 10/17/96 00
0430108266 05 12/01/96 0
1506172317 O 11/01/26
0
1545473 074/G01 F 406,800.00 ZZ
360 406,387.53 1
1296 NISKEY LAKE ROAD 9.375 3,383.56 90
9.125 3,383.56 452,000.00
ATLANTA GA 30331 4 10/30/96 14
0430108308 05 12/01/96 25
1511016354 O 11/01/26
0
1
1545474 074/G01 F 217,550.00 ZZ
360 217,181.38 1
170 SCENIC PASS 8.875 1,730.93 94
8.625 1,730.93 231,890.00
FAYETTEVILLE GA 30215 1 09/30/96 14
0430108316 03 11/01/96 30
1511042864 O 10/01/26
0
1545475 074/G01 F 372,000.00 ZZ
360 371,369.71 1
1029 SE 13 TERRACE 8.875 2,959.80 80
8.625 2,959.80 465,000.00
FORT LAUDERDALE FL 33316 1 10/04/96 00
0430108324 05 11/01/96 0
1511049615 O 10/01/26
0
1545476 074/G01 F 234,800.00 ZZ
360 234,528.84 1
405 SEATON DRIVE 8.750 1,847.17 90
8.500 1,847.17 260,892.00
FOLSOM CA 95630 1 10/08/96 10
0430108332 05 12/01/96 25
1512023639 O 11/01/26
0
1545477 074/G01 F 220,700.00 ZZ
360 220,431.65 1
1311 251ST AVENUE SOUTHEAST 8.500 1,696.99 95
8.250 1,696.99 232,365.00
ISSAQUAH WA 98029 1 10/01/96 10
0430108340 05 12/01/96 30
1513063311 O 11/01/26
0
1545479 074/G01 F 270,000.00 ZZ
360 269,617.63 1
135 FILBERT ROAD 7.750 1,934.32 56
7.500 1,934.32 490,000.00
WOODSIDE CA 94062 1 10/11/96 00
0430108365 05 12/01/96 0
1561336073 O 11/01/26
0
1545480 074/G01 F 338,400.00 ZZ
360 336,481.85 1
1
7607 ERIN WAY 8.250 2,542.29 80
8.000 2,542.29 423,000.00
CUPERTINO CA 95014 1 10/15/96 00
0430108373 05 12/01/96 0
1561338240 O 11/01/26
0
1545481 074/G01 F 520,000.00 ZZ
360 519,367.71 1
8676 ENRAMADA AVENUE 8.500 3,998.36 80
8.250 3,998.36 650,000.00
WHITTIER CA 90605 2 10/17/96 00
0430108381 05 12/01/96 0
1562168950 O 11/01/26
0
1545482 074/G01 F 262,200.00 ZZ
360 261,434.67 1
436 LAMAR DRIVE 8.750 2,062.73 95
8.500 2,062.73 276,000.00
MACON GA 31210 1 10/31/96 01
0430108399 05 12/01/96 30
1566080341 O 11/01/26
0
1545483 074/G01 F 881,250.00 ZZ
360 880,702.25 1
2211 VIA MEDIA 8.375 6,698.14 75
8.125 6,698.14 1,175,000.00
SAN DIEGO CA 92037 1 11/13/96 00
0430108407 05 01/01/97 0
1567166045 O 12/01/26
0
1545484 074/G01 F 242,250.00 ZZ
360 241,947.79 1
9355 VERVAIN STREET 8.375 1,841.28 95
8.125 1,841.28 255,000.00
SAN DIEGO CA 92129 1 10/21/96 10
0430108415 05 12/01/96 30
1567172977 O 11/01/26
0
1545485 074/G01 F 84,000.00 ZZ
360 83,895.20 1
4148 WEST FIRETHORN STREET 8.375 638.47 80
8.125 638.47 105,000.00
TUCSON AZ 85741 5 10/16/96 00
0430108423 05 12/01/96 0
1
1569153124 O 11/01/26
0
1545487 074/G01 F 289,985.46 ZZ
355 288,488.38 1
213 COVENTRY COURT 8.500 2,236.61 79
8.250 2,236.61 370,000.00
EDINA MN 55435 1 05/01/96 00
0430108449 03 06/01/96 0
1576015255 O 12/01/25
0
1545488 074/G01 F 68,800.00 ZZ
360 68,704.17 1
1964 SOULES CHAPEL ROAD 8.000 504.84 80
7.750 504.84 86,000.00
CUNNINGHAM TN 37052 2 10/31/96 00
0430108456 05 12/01/96 0
1577051775 O 11/01/26
0
1545489 074/G01 F 70,000.00 ZZ
360 69,914.88 1
418 DEER MEADOW DRIVE 8.500 538.24 80
8.250 538.24 87,500.00
YORK SC 29745 5 10/25/96 00
0430108464 05 12/01/96 0
1577054376 O 11/01/26
0
1545490 074/G01 F 328,000.00 T
360 327,601.18 1
515 OAK POINTE DRIVE 8.500 2,522.04 80
8.250 2,522.04 410,000.00
SEMORA NC 27343 1 10/31/96 00
0430108472 05 12/01/96 0
1577054387 O 11/01/26
0
1545491 074/G01 F 337,500.00 ZZ
360 337,273.54 1
6 TRAIL RIDGE ROAD 8.000 2,476.46 75
7.750 2,476.46 450,000.00
ASHEVILLE NC 28804 1 11/19/96 00
0430108480 05 01/01/97 0
1577057716 O 12/01/26
0
1
1545492 074/G01 F 375,000.00 ZZ
360 374,282.21 1
1037 NORTH COUNTY ROAD 27E 8.375 2,850.27 64
8.125 2,850.27 590,000.00
BERTHOUD CO 80513 5 10/17/96 00
0430108498 05 12/01/96 0
1579018090 O 11/01/26
0
1545493 074/G01 F 264,000.00 ZZ
360 263,702.89 1
11656 COUNTRY CLUB LANE 8.875 2,100.51 80
8.625 2,100.51 330,000.00
WESTMINSTER CO 80234 5 10/17/96 00
0430108506 03 12/01/96 0
1579034835 O 11/01/26
0
1545495 074/G01 F 251,450.00 ZZ
360 250,441.06 1
1752 WHITE WATER DRIVE 8.875 2,000.65 79
8.625 2,000.65 320,000.00
ROCHESTER HILLS MI 48309 2 05/16/96 00
0430108522 05 07/01/96 0
1581045153 O 06/01/26
0
1545496 074/G01 F 231,050.00 ZZ
360 230,526.09 1
3811 WINDING LAKE CIRCLE 8.875 1,838.34 80
8.625 1,838.34 288,850.00
ORLANDO FL 32835 1 08/30/96 00
0430108530 03 10/01/96 0
1590012665 O 09/01/26
0
1545497 074/G01 F 337,150.00 ZZ
360 336,729.41 1
1556 RANCHO HILLS DRIVE 8.375 2,562.59 90
8.125 2,562.59 374,626.00
CHINO HILLS CA 91709 1 10/22/96 10
0430108548 05 12/01/96 25
1595011830 O 11/01/26
0
1545498 074/G01 F 490,000.00 ZZ
360 489,434.10 1
528 LATIMER ROAD 8.750 3,854.84 38
8.500 3,854.84 1,300,000.00
1
SANTA MONICA CA 90402 5 10/24/96 00
0430108555 05 12/01/96 0
1596014550 O 11/01/26
0
1545499 074/G01 F 127,500.00 ZZ
360 127,352.76 1
5457 W HUTCHINSON 8.750 1,003.04 75
8.500 1,003.04 170,000.00
CHICAGO IL 60641 1 10/31/96 00
0430108563 05 12/01/96 0
1616009802 O 11/01/26
0
1545500 074/G01 F 288,000.00 ZZ
360 287,602.30 1
11008 GRAYMARSH PLACE 7.875 2,088.20 80
7.625 2,088.20 360,111.00
IJAMSVILLE MD 21754 1 10/31/96 00
0430108571 03 12/01/96 0
1731144011 O 11/01/26
0
1545501 074/G01 F 560,000.00 ZZ
360 559,642.91 1
237 LOWER FLYING POINT ROAD 8.250 4,207.09 85
8.000 4,207.09 660,000.00
FREEPORT ME 04032 2 11/22/96 04
0430108589 05 01/01/97 12
1809000470 O 12/01/26
0
1545504 074/074 F 233,000.00 ZZ
360 232,539.64 1
16 LINCOLN AVE 8.125 1,730.02 60
7.875 1,730.02 393,000.00
CHATHAM NJ 07928 1 09/16/96 00
1101197200 05 11/01/96 0
1101197200 O 10/01/26
0
1545505 074/074 F 284,000.00 ZZ
360 283,480.21 1
20 CEDRIC ROAD 8.500 2,183.71 80
8.250 2,183.71 355,000.00
SUMMIT NJ 07901 1 09/26/96 00
1101200575 05 11/01/96 0
1101200575 O 10/01/26
0
1
1545506 074/074 F 188,500.00 ZZ
360 188,391.55 1
614 BROOKLYN BLVD 8.750 1,482.93 65
8.500 1,482.93 290,000.00
SEA GIRT NJ 08750 5 11/04/96 00
1101200837 05 01/01/97 0
1101200837 O 12/01/26
0
1545507 074/074 F 250,000.00 ZZ
360 249,827.94 1
51 OLD POND ROAD 7.875 1,812.68 53
7.625 1,812.68 475,000.00
GREAT NECK NY 11023 1 11/04/96 00
1106015311 05 01/01/97 0
1106015311 O 12/01/26
0
1545508 074/074 F 260,000.00 ZZ
360 259,524.11 1
104 KILDARE ROAD 8.500 1,999.18 51
8.250 1,999.18 510,000.00
GARDEN CITY NY 11530 5 09/06/96 00
1106018003 05 11/01/96 0
1106018003 O 10/01/26
0
1545509 074/074 F 270,000.00 ZZ
360 269,827.83 1
19 ARBOR LANE 8.250 2,028.42 75
8.000 2,028.42 362,500.00
ROSLYN HEIGHTS NY 11577 1 11/08/96 00
1106021201 05 01/01/97 0
1106021201 O 12/01/26
0
1545510 074/074 F 275,000.00 ZZ
360 274,442.71 1
14 RANDOM FARMS DRIVE 8.000 2,017.86 43
7.750 2,017.86 640,000.00
CHAPPAQUA NY 10514 1 09/09/96 00
1106021325 03 11/01/96 0
1106021325 O 10/01/26
0
1545511 074/074 F 389,400.00 ZZ
360 388,649.93 1
1
TUDOR LANE 8.250 2,925.44 60
8.000 2,925.44 649,000.00
SANDS POINT NY 11050 1 09/16/96 00
1106021380 05 11/01/96 0
1106021380 O 10/01/26
0
1545512 074/074 F 233,900.00 ZZ
360 233,375.69 1
534 NORTH 12TH STREET 7.875 1,695.94 90
7.625 1,695.94 259,900.00
NEW HYDE PARK NY 11040 1 10/30/96 11
1106022270 05 12/01/96 25
1106022270 O 11/01/26
0
1545513 074/074 F 105,000.00 ZZ
360 104,872.33 1
42 SWEZEY PLACE 8.500 807.36 75
8.250 807.36 140,000.00
MONROE NY 10950 1 10/28/96 00
1106026544 05 12/01/96 0
1106026544 O 11/01/26
0
1545514 074/074 F 274,000.00 ZZ
360 273,666.83 1
11 BOLTON GARDENS 8.500 2,106.83 80
8.250 2,106.83 342,500.00
BRONXVILLE NY 10708 1 10/30/96 00
1106029655 09 12/01/96 0
1106029655 O 11/01/26
0
1545515 074/074 F 282,000.00 ZZ
360 281,629.80 1
27 FLOWER LANE 8.125 2,093.85 66
7.875 2,093.85 432,000.00
MANHASSET NY 11030 1 10/25/96 00
1106029699 05 12/01/96 0
1106029699 O 11/01/26
0
1545516 074/074 F 140,000.00 ZZ
360 139,917.34 1
5 GARFIELD STREET 8.625 1,088.91 59
8.375 1,088.91 238,500.00
DUMONT NJ 07628 1 11/08/96 00
1106030698 05 01/01/97 0
1
1106030698 O 12/01/26
0
1545518 074/074 F 272,000.00 ZZ
360 271,614.80 1
31 RAYCLIFFE DRIVE 7.750 1,948.65 80
7.500 1,948.65 340,000.00
WOODSTOCK NY 12498 1 11/01/96 00
1107016047 03 12/01/96 0
1107016047 O 11/01/26
0
1545519 074/074 F 380,000.00 ZZ
360 379,572.34 1
33 WALTERS AVENUE 8.875 3,023.46 75
8.625 3,023.46 507,500.00
COLD SPRING HAR NY 11724 1 10/28/96 00
1111027150 05 12/01/96 0
1111027150 O 11/01/26
0
1545520 074/074 F 400,000.00 ZZ
360 399,808.37 1
785 FIFTH AVENUE UNIT #12C 9.625 3,399.96 43
9.375 3,399.96 950,000.00
NEW YORK NY 10022 1 11/04/96 00
1111054174 12 01/01/97 0
1111054174 O 12/01/26
0
1545521 074/074 F 92,800.00 ZZ
360 92,638.66 1
211 EAST 53RD STREET #2F 8.750 730.06 80
8.500 730.06 116,000.00
NEW YORK NY 10022 1 09/11/96 00
1111056941 11 11/01/96 0
1111056941 O 10/01/26
0
1545522 074/074 F 265,000.00 ZZ
360 264,514.94 1
174 DEAN STREET 8.500 2,037.63 73
8.250 2,037.63 365,000.00
BROOKLYN NY 11217 1 09/13/96 00
1111058958 05 11/01/96 0
1111058958 O 10/01/26
0
1
1545523 074/074 F 143,000.00 ZZ
360 142,839.05 1
83 ROXBURY DRIVE 8.875 1,137.78 65
8.625 1,137.78 220,000.00
YONKERS NY 10710 5 10/18/96 00
1111060858 05 12/01/96 0
1111060858 O 11/01/26
0
1545524 074/074 F 86,000.00 ZZ
360 85,895.43 1
211-65 23RD AVENUE 6A 8.500 661.27 80
8.250 661.27 107,500.00
BAYSIDE NY 11360 1 10/25/96 00
1111062208 13 12/01/96 0
1111062208 O 11/01/26
0
1545525 074/074 F 112,000.00 ZZ
360 111,877.18 1
677 WEST END AVENUE 10D 9.000 901.18 70
8.750 901.18 160,000.00
NEW YORK NY 10025 1 10/28/96 00
1111064349 11 12/01/96 0
1111064349 O 11/01/26
0
1545526 074/074 F 95,900.00 ZZ
360 95,792.06 1
410 WEST 24TH STREET #3K 8.875 763.03 70
8.625 763.03 137,000.00
NEW YORK NY 10011 1 10/29/96 00
1111065228 11 12/01/96 0
1111065228 O 11/01/26
0
1545527 074/074 F 250,000.00 ZZ
360 249,711.27 1
47 VICTORIA PLACE EAST 8.750 1,966.76 53
8.500 1,966.76 475,000.00
FORT LEE NJ 07024 1 10/30/96 00
1111066560 01 12/01/96 0
1111066560 O 11/01/26
0
1545528 074/074 F 200,000.00 ZZ
360 199,737.45 1
120 MANHATTAN DRIVE 8.125 1,485.00 73
7.875 1,485.00 275,000.00
1
JERICHO NY 11753 1 10/16/96 00
1111066832 05 12/01/96 0
1111066832 O 11/01/26
0
1545529 074/074 F 568,000.00 ZZ
360 567,618.88 1
17 I U WILLETS ROAD 8.000 4,167.79 80
7.750 4,167.79 710,000.00
OLD WESTBURY NY 11568 1 11/04/96 00
1111067154 05 01/01/97 0
1111067154 O 12/01/26
0
1545530 074/074 F 98,000.00 ZZ
360 97,892.52 1
405 EAST 82ND STREET APT #2-E 9.000 788.54 70
8.750 788.54 140,000.00
NEW YORK NY 10028 1 10/23/96 00
1111067835 11 12/01/96 0
1111067835 O 11/01/26
0
1545531 074/074 F 48,000.00 ZZ
360 47,940.11 1
5700 ARLINGTON AVENUE, APT 8A 8.375 364.84 80
8.125 364.84 60,000.00
RIVERDALE NY 10471 2 10/17/96 00
1111067915 11 12/01/96 0
1111067915 O 11/01/26
0
1545532 074/074 F 337,500.00 ZZ
360 337,110.22 2
17 SOUTH ELLIOTT PLACE 8.750 2,655.12 75
8.500 2,655.12 450,000.00
BROOKLYN NY 11217 1 10/17/96 00
1111070126 05 12/01/96 0
1111070126 O 11/01/26
0
1545533 074/074 F 112,500.00 ZZ
360 112,366.67 1
22 GRANDVIEW AVENUE 8.625 875.02 75
8.375 875.02 150,000.00
NEW HEMPSTEAD NY 10977 1 10/29/96 00
1111070410 05 12/01/96 0
1111070410 O 11/01/26
0
1
1545534 074/074 F 105,000.00 ZZ
360 104,942.64 1
4 BEVERLY COURT 9.000 844.86 62
8.750 844.86 170,000.00
HOPEWELL JUNCTI NY 12533 1 11/05/96 00
1111070782 05 01/01/97 0
1111070782 O 12/01/26
0
1545535 074/074 F 140,000.00 ZZ
360 138,377.39 1
590 WEST END AVENUE, 10B 8.875 1,113.91 70
8.625 1,113.91 200,000.00
NEW YORK NY 10024 2 10/18/96 00
1111070975 11 12/01/96 0
1111070975 O 11/01/26
0
1545536 074/074 F 338,400.00 ZZ
360 338,189.66 1
14 WILSHIRE DRIVE 8.375 2,572.09 80
8.125 2,572.09 423,000.00
SYOSSET NY 11791 1 11/04/96 00
1111071130 05 01/01/97 0
1111071130 O 12/01/26
0
1545537 074/074 F 101,250.00 ZZ
360 101,133.06 2
21 PLEASANT DRIVE 8.750 796.54 75
8.500 796.54 135,000.00
CARMEL NY 10512 2 10/25/96 00
1111071639 05 12/01/96 0
1111071639 O 11/01/26
0
1545538 074/074 F 161,250.00 ZZ
360 161,073.17 1
1 MAIN PARKWAY 9.000 1,297.46 75
8.750 1,297.46 215,000.00
PLAINVIEW NY 11803 1 10/25/96 00
1111074003 05 12/01/96 0
1111074003 O 11/01/26
0
1545539 074/074 F 321,300.00 ZZ
360 320,928.93 1
1
9 RUNYON PLACE 8.750 2,527.67 90
8.500 2,527.67 357,000.00
SCARSDALE NY 10583 1 11/01/96 21
1111074218 05 12/01/96 25
1111074218 O 11/01/26
0
1545540 074/074 F 139,500.00 ZZ
360 139,343.00 1
5 BAY PLACE 8.875 1,109.93 75
8.625 1,109.93 186,000.00
BAY SHORE NY 11706 1 11/01/96 00
1111075108 05 12/01/96 0
1111075108 O 11/01/26
0
1545541 074/074 F 300,000.00 ZZ
360 299,436.68 1
4 BROWN COURT 8.375 2,280.22 80
8.125 2,280.22 375,000.00
HOLMDEL NJ 07733 1 09/27/96 00
1114002086 05 11/01/96 0
1114002086 O 10/01/26
0
1545542 074/074 F 280,000.00 ZZ
360 279,659.54 1
151 KENSINGTON STREET 8.500 2,152.96 66
8.250 2,152.96 425,000.00
BROOKLYN NY 11235 2 10/09/96 00
1500226570 05 12/01/96 0
1500226570 O 11/01/26
0
1545543 074/074 F 229,500.00 ZZ
360 229,228.03 1
30 JUDITH COURT 8.625 1,785.03 90
8.375 1,785.03 255,000.00
EAST ROCKAWAY NY 11518 1 10/29/96 04
1500240094 05 12/01/96 25
1500240094 O 11/01/26
0
1545544 074/074 F 232,000.00 ZZ
360 231,645.76 1
96 PALMER AVENUE 9.375 1,929.66 80
9.125 1,929.66 290,000.00
TENAFLY NJ 07670 1 09/06/96 00
1500243478 05 11/01/96 0
1
1500243478 O 10/01/26
0
1545545 074/074 F 82,400.00 T
360 82,237.19 1
LOT 2 NYS 97 8.125 611.82 80
7.875 611.82 103,000.00
NARROWSBURG NY 12764 5 08/30/96 00
1500244765 05 11/01/96 0
1500244765 O 10/01/26
0
1545546 074/074 F 150,000.00 ZZ
360 149,752.34 1
19 MANOR LANE 9.000 1,206.94 51
8.750 1,206.94 295,000.00
EASTON CT 06612 5 09/03/96 00
1500245269 05 11/01/96 0
1500245269 O 10/01/26
0
1545547 074/074 F 315,000.00 ZZ
360 311,411.29 1
139 KNIGHTSBRIDGE ROAD NORTH 8.000 2,311.36 76
7.750 2,311.36 415,000.00
MOUNTAINSIDE NJ 07092 1 08/15/96 00
1500247071 05 10/01/96 0
1500247071 O 09/01/26
0
1545549 074/074 F 314,100.00 ZZ
360 313,594.73 1
30 LAURELWOOD LANE 9.125 2,555.62 90
8.875 2,555.62 349,000.00
SOUTHBURY CT 06488 1 09/17/96 11
1500256833 05 11/01/96 25
1500256833 O 10/01/26
0
1545551 074/074 F 136,000.00 ZZ
360 135,838.84 1
2510 KERRY LANE 8.625 1,057.79 54
8.375 1,057.79 256,000.00
SOUTH BELLMORE NY 11710 1 11/01/96 00
1500259456 05 12/01/96 0
1500259456 O 11/01/26
0
1
1545556 074/074 F 484,800.00 ZZ
360 483,974.38 1
353 ROWAYTON AVENUE 8.375 3,684.84 80
8.125 3,684.84 606,000.00
NORWALK CT 06853 1 11/08/96 00
1580039279 05 01/01/97 0
1580039279 O 12/01/26
0
1545557 074/074 F 230,000.00 ZZ
360 229,849.54 1
27 BAYBERRY LANE 8.125 1,707.75 77
7.875 1,707.75 300,000.00
EASTON CT 06612 1 11/18/96 00
1580040631 05 01/01/97 0
1580040631 O 12/01/26
0
1545558 074/074 F 233,750.00 ZZ
360 233,299.74 1
273 GRANDVIEW TERRACE 8.250 1,756.09 85
8.000 1,756.09 275,000.00
FORT LEE NJ 07024 1 09/30/96 01
1587040844 05 11/01/96 12
1587040844 O 10/01/26
0
1545559 074/074 F 71,000.00 ZZ
360 70,922.13 1
87 SWARTZEL DRIVE 9.000 571.29 32
8.750 571.29 227,000.00
MIDDLETOWN NJ 07748 2 10/30/96 00
1587047683 05 12/01/96 0
1587047683 O 11/01/26
0
1545561 074/074 F 222,300.00 ZZ
360 221,234.76 1
2539 KIRKLYN STREET 8.000 1,631.16 95
7.750 1,631.16 234,000.00
FALLS CHURCH VA 22043 1 05/15/96 21
1761088077 05 07/01/96 30
1761088077 O 06/01/26
0
1545562 074/074 F 250,000.00 ZZ
360 249,565.35 1
33 HOLLOW TREE RIDGE ROAD 8.750 1,966.75 66
8.500 1,966.75 380,000.00
1
DARIEN CT 06820 5 09/05/96 00
1817105340 05 11/01/96 0
1817105340 O 10/01/26
0
1545564 074/G01 F 216,900.00 ZZ
360 216,541.89 1
29607 MUIRLAND 9.000 1,745.23 90
8.750 1,745.23 241,000.00
FARMINGTON HILL MI 48334 1 09/16/96 11
0430105767 05 11/01/96 25
1113020333 O 10/01/26
0
1545565 074/G01 F 416,000.00 ZZ
360 415,734.73 1
25 INDIAN SPRINGS RD 8.250 3,125.27 80
8.000 3,125.27 520,000.00
MEDIA PA 19063 1 11/14/96 00
0430105775 05 01/01/97 0
1171157834 O 12/01/26
0
1545566 074/G01 F 385,000.00 ZZ
360 384,199.89 1
11 CRESTWOOD CIRCLE 7.875 2,791.52 72
7.625 2,791.52 535,147.00
NEW HOPE PA 18938 1 09/27/96 00
0430105783 05 11/01/96 0
1175036208 O 10/01/26
0
1545567 074/G01 F 134,900.00 ZZ
360 133,247.63 1
22 RED RIDGE RD 8.750 1,061.26 75
8.500 1,061.26 179,900.00
LEVITTOWN PA 19056 1 09/30/96 00
0430105791 05 11/01/96 0
1175038134 O 10/01/26
0
1545568 074/G01 F 99,000.00 ZZ
360 98,833.57 1
130 E 5TH STREET 8.000 726.43 75
7.750 726.43 132,000.00
MEDIA PA 19063 1 11/07/96 00
0430105809 05 01/01/97 0
1175038779 O 12/01/26
0
1
1545569 074/G01 F 257,500.00 ZZ
360 257,040.63 1
3731 N BEAR CREEK CIRCLE 8.625 2,002.81 57
8.375 2,002.81 457,500.00
TUCSON AZ 85749 1 09/19/96 00
0430105817 05 11/01/96 0
1221161060 O 10/01/26
0
1545570 074/G01 F 235,000.00 ZZ
360 234,558.73 1
11980 WOOD RANCH ROAD 8.375 1,786.17 55
8.125 1,786.17 435,000.00
GRANADA HILLS CA 91344 1 09/10/96 00
0430105825 05 11/01/96 0
1230000141 O 10/01/26
0
1545571 074/G01 F 668,000.00 ZZ
360 667,574.04 1
1446 BELFAST DRIVE 8.250 5,018.46 80
8.000 5,018.46 835,000.00
LOS ANGELES CA 90069 1 11/05/96 00
0430105833 05 01/01/97 0
1230002588 O 12/01/26
0
1545572 074/G01 F 495,000.00 ZZ
360 493,996.96 1
734 FAIRFIELD CIRCLE 8.000 3,632.13 56
7.750 3,632.13 885,000.00
PASADENA CA 91106 1 09/23/96 00
0430105841 05 11/01/96 0
1233002857 O 10/01/26
0
1545573 074/G01 F 170,000.00 ZZ
360 169,726.52 1
525 MERIDIAN AVENUE 9.125 1,383.18 38
8.875 1,383.18 450,000.00
SOUTH PASADENA CA 91030 5 09/19/96 00
0430105858 05 11/01/96 0
1234001612 O 10/01/26
0
1545574 074/G01 F 237,000.00 ZZ
360 236,688.89 1
1
6054 DIRAC STREET 8.125 1,759.72 84
7.875 1,759.72 285,000.00
SAN DIEGO CA 92122 2 10/23/96 11
0430105866 05 12/01/96 12
1235001174 O 11/01/26
0
1545575 074/G01 F 125,700.00 ZZ
360 125,539.15 1
1259 TURTLE CAY WAY 8.250 944.34 75
8.000 944.34 167,632.00
CHULA VISTA CA 91915 1 10/29/96 00
0430105874 03 12/01/96 0
1243002365 O 11/01/26
0
1545576 074/G01 F 100,000.00 ZZ
360 99,895.90 1
2716 TRAMWAY CIRCLE NE 9.250 822.68 67
9.000 822.68 149,900.00
ALBUQUERQUE NM 87122 1 10/30/96 00
0430105882 05 12/01/96 0
1256001060 O 11/01/26
0
1545577 074/G01 F 261,600.00 ZZ
360 261,441.52 1
1725 SW 2ND AVENUE 8.500 2,011.48 80
8.250 2,011.48 327,000.00
BOCA RATON FL 33432 1 11/13/96 00
0430105890 03 01/01/97 0
1302013883 O 12/01/26
0
1545578 074/G01 F 255,000.00 ZZ
360 254,828.90 1
1330 BLUE ROAD 8.000 1,871.10 63
7.750 1,871.10 405,000.00
CORAL GABLES FL 33146 1 11/08/96 00
0430105908 05 01/01/97 0
1302018560 O 12/01/26
0
1545579 074/G01 F 396,000.00 ZZ
360 395,293.55 1
749 BAMBOO DR 8.625 3,080.05 80
8.375 3,080.05 495,000.00
BOCA RATON FL 33432 1 09/27/96 00
0430105916 05 11/01/96 0
1
1311260985 O 10/01/26
0
1545580 074/G01 F 282,150.00 ZZ
360 281,671.95 1
2230 NE 211 STREET 8.875 2,244.91 75
8.625 2,244.91 376,250.00
NORTH MIAMI BEA FL 33180 1 09/12/96 00
0430105924 05 11/01/96 0
1312021470 O 10/01/26
0
1545581 074/G01 F 476,000.00 ZZ
360 475,150.84 1
5181 PINETREE DR 8.625 3,702.28 85
8.375 3,702.28 560,000.00
MIAMI BEACH FL 33140 1 09/26/96 10
0430105932 05 11/01/96 30
1312022166 O 10/01/26
0
1545582 074/G01 F 305,600.00 ZZ
360 305,414.87 1
470 MELODY LN 8.500 2,349.80 80
8.250 2,349.80 382,000.00
MERRITT ISLAND FL 32953 1 11/08/96 00
0430105940 05 01/01/97 0
1391037373 O 12/01/26
0
1545583 074/G01 F 236,000.00 ZZ
360 235,860.67 1
4900 13TH LN 8.625 1,835.58 80
8.375 1,835.58 295,000.00
VERO BEACH FL 32966 1 11/15/96 00
0430105957 03 01/01/97 0
1391038140 O 12/01/26
0
1545584 074/G01 F 265,000.00 ZZ
360 264,527.26 1
925 BEAR CANYON LANE 8.625 2,061.14 55
8.375 2,061.14 485,000.00
ARROYO GRANDE CA 93420 5 09/23/96 00
0430105965 05 11/01/96 0
1480000657 O 10/01/26
0
1
1545585 074/G01 F 519,450.00 ZZ
360 519,083.38 1
29 JENNIFER HIGHLANDS CT 7.750 3,721.40 80
7.500 3,721.40 649,359.00
LAFAYETTE CA 94549 1 11/01/96 00
0430105973 03 01/01/97 0
1481002396 O 12/01/26
0
1545586 074/G01 F 285,000.00 ZZ
360 284,207.70 1
2140 JAMESTOWN WAY 7.875 2,066.45 75
7.625 2,066.45 380,000.00
OXNARD CA 93035 1 08/27/96 00
0430105981 05 10/01/96 0
1484001232 O 09/01/26
0
1545587 074/G01 F 280,000.00 ZZ
360 279,812.13 1
435 LA MARINA 8.000 2,054.54 80
7.750 2,054.54 350,000.00
SANTA BARBARA CA 93109 5 11/01/96 00
0430105999 05 01/01/97 0
1484002020 O 12/01/26
0
1545588 074/G01 F 336,000.00 ZZ
360 335,768.77 1
831 PASEO DEL ROBLEDO 7.875 2,436.23 80
7.625 2,436.23 420,000.00
THOUSAND OAKS CA 91360 2 11/04/96 00
0430106005 03 01/01/97 0
1487006640 O 12/01/26
0
1545589 074/G01 F 368,000.00 ZZ
360 367,575.00 1
40646 NORTH 27TH STREET WEST 8.750 2,895.06 80
8.500 2,895.06 460,000.00
PALMDALE CA 93551 2 10/28/96 00
0430106013 05 12/01/96 0
1487006822 O 11/01/26
0
1545590 074/G01 F 280,000.00 ZZ
360 279,549.58 1
438 LEVERING MILL ROAD 9.125 2,278.17 75
8.875 2,278.17 378,000.00
1
LOWER MERION TW PA 19066 2 09/13/96 00
0430106021 05 11/01/96 0
1500249292 O 10/01/26
0
1545591 074/G01 F 318,200.00 ZZ
360 317,587.07 1
932 RIVERWALK DRIVE EAST 8.250 2,390.54 89
8.000 2,390.54 360,000.00
MEMPHIS TN 38120 1 09/11/96 10
0430106039 03 11/01/96 25
1502046456 O 10/01/26
0
1545592 074/G01 F 259,350.00 ZZ
360 258,816.97 1
12 ROCK RIVER COURT 8.500 1,994.18 95
8.250 1,994.18 273,000.00
NAPERVILLE IL 60565 1 09/09/96 10
0430106047 05 11/01/96 30
1503101163 O 10/01/26
0
1545594 074/G01 F 258,350.00 ZZ
360 257,877.13 1
3903 TURKEY CREEK DRIVE 8.500 1,986.49 74
8.250 1,986.49 350,000.00
AUSTIN TX 78730 2 09/05/96 00
0430106062 03 11/01/96 0
1504069339 O 10/01/26
0
1545595 074/G01 F 241,500.00 ZZ
360 241,206.35 1
123 RICHARD ROAD 8.500 1,856.93 86
8.250 1,856.93 281,518.00
CORRALES NM 87048 1 10/25/96 12
0430106070 05 12/01/96 25
1504073391 O 11/01/26
0
1545596 074/G01 F 548,100.00 ZZ
360 547,416.26 1
18925 YORK LANE 8.375 4,165.96 80
8.125 4,165.96 685,200.00
HUNTINGTON BEAC CA 92648 1 10/01/96 00
0430106088 03 12/01/96 0
1504078952 O 11/01/26
0
1
1545597 074/G01 F 274,500.00 ZZ
360 273,827.72 1
5010 TIMBER CIRCLE DRIVE 8.500 2,110.67 90
8.250 2,110.67 305,000.00
MCKINNEY TX 75070 1 08/28/96 04
0430106096 03 10/01/96 25
1504079489 O 09/01/26
0
1545598 074/G01 F 520,000.00 ZZ
360 519,399.48 1
47 N. LONGSPUR DRIVE 8.750 4,090.84 80
8.500 4,090.84 650,000.00
THE WOODLANDS TX 77380 1 10/28/96 00
0430106104 03 12/01/96 0
1504080772 O 11/01/26
0
1545600 074/G01 F 300,000.00 ZZ
360 299,635.23 1
7170 S.W. 119TH STREET 8.500 2,306.74 80
8.250 2,306.74 375,000.00
MIAMI FL 33156 1 10/17/96 00
0430106120 05 12/01/96 0
1504085630 O 11/01/26
0
1545601 074/G01 F 237,250.00 ZZ
360 236,961.52 1
5321 NW BLUFFS WAY 8.500 1,824.25 75
8.250 1,824.25 320,000.00
PARKVILLE MO 64152 2 10/31/96 00
0430101766 03 12/01/96 0
1505065843 O 11/01/26
0
1545603 074/G01 F 305,200.00 ZZ
360 304,626.89 1
518 SERRANO DRIVE 8.375 2,319.75 80
8.125 2,319.75 381,500.00
SAN LUIS OBISPO CA 93405 1 09/05/96 00
0430106146 05 11/01/96 0
1506148968 O 10/01/26
0
1545604 074/G01 F 255,200.00 ZZ
360 254,574.99 1
1
7543 PENOBSCOT 8.500 1,962.27 80
(WEST HILLS AREA) 8.250 1,962.27 319,000.00
LOS ANGELES CA 91304 1 08/16/96 00
0430106153 03 10/01/96 0
1506152080 O 09/01/26
0
1545605 074/G01 F 184,950.00 ZZ
360 184,508.46 1
17326 WEST MOUNT STEPHEN AVE 8.625 1,438.53 75
8.375 1,438.53 246,658.00
SANTA CLARITA CA 91351 1 08/23/96 00
0430106161 05 10/01/96 0
1506153367 O 09/01/26
0
1545606 074/G01 F 270,000.00 ZZ
360 269,518.32 1
740 ARBOLADO DRIVE 8.625 2,100.04 73
8.375 2,100.04 370,000.00
FULLERTON CA 92835 1 09/03/96 00
0430106179 05 11/01/96 0
1506154472 O 10/01/26
0
1545607 074/G01 F 508,000.00 ZZ
360 506,787.28 1
26508 MACMILLAN RANCH ROAD 8.625 3,951.18 80
CANYON COUNTRY AREA 8.375 3,951.18 635,000.00
SANTA CLARITA CA 91351 1 08/22/96 00
0430106187 03 10/01/96 0
1506154949 O 09/01/26
0
1545608 074/G01 F 243,200.00 ZZ
360 242,766.16 1
22012 WEST LUCY COURT 8.625 1,891.58 95
8.375 1,891.58 256,000.00
SANTA CLARITA CA 91350 1 09/09/96 12
0430106195 03 11/01/96 30
1506156933 O 10/01/26
0
1545609 074/G01 F 242,250.00 ZZ
360 241,652.51 1
1611 CANYON CREST CIRCLE 8.500 1,862.69 95
8.250 1,862.69 255,000.00
CORONA CA 91720 1 09/11/96 04
0430106203 05 11/01/96 30
1
1506158291 O 10/01/26
0
1545610 074/G01 F 217,500.00 ZZ
360 217,242.24 1
25 KAMAKOI PLACE 8.625 1,691.70 75
8.375 1,691.70 290,000.00
KIHEI HI 96753 1 10/08/96 00
0430106211 05 12/01/96 0
1506167077 O 11/01/26
0
1545612 074/G01 F 396,900.00 ZZ
360 396,135.50 1
2001 PASEO SUSANA 8.250 2,981.78 90
8.000 2,981.78 441,000.00
SAN DIMAS CA 91773 1 09/17/96 14
0430106237 03 11/01/96 30
1506170719 O 10/01/26
0
1545614 074/G01 F 228,000.00 ZZ
360 227,693.00 1
27261 BRIO CIRCLE 8.000 1,672.99 80
7.750 1,672.99 285,000.00
MISSION VIEJO CA 92692 1 10/23/96 00
0430106252 03 12/01/96 0
1506171405 O 11/01/26
0
1545615 074/G01 F 404,200.00 ZZ
360 403,733.19 1
3505 TERRACE VIEW DRIVE 8.750 3,179.85 63
(ENCINO AREA) 8.500 3,179.85 650,000.00
LOS ANGELES CA 91436 1 10/28/96 00
0430106260 05 12/01/96 0
1506174185 O 11/01/26
0
1545617 074/G01 F 312,000.00 ZZ
360 311,216.12 1
3 COUNTRY SQUIRE LANE 8.375 2,371.43 80
8.125 2,371.43 390,000.00
RICHMOND VA 23229 1 08/22/96 00
0430106286 05 10/01/96 0
1507169908 O 09/01/26
0
1
1545619 074/G01 F 187,500.00 ZZ
360 187,276.95 1
9130 CHELSEY KNOLL CT 8.750 1,475.06 75
8.500 1,475.06 250,000.00
GAITHERSBURG MD 20879 2 10/23/96 00
0430106302 03 12/01/96 0
1507183240 O 11/01/26
0
1545621 074/G01 F 300,000.00 ZZ
360 299,635.23 1
4818 DON JUAN PL 8.500 2,306.74 87
8.250 2,306.74 345,000.00
WOODLAND HILLS CA 91364 1 10/16/96 14
0430106328 05 12/01/96 25
1507187921 O 11/01/26
0
1545622 074/G01 F 213,750.00 ZZ
360 213,521.64 1
3988 LAKELAND 9.125 1,739.14 75
8.875 1,739.14 285,000.00
BLOOMFIELD TWP. MI 48302 1 10/17/96 00
0430106336 05 12/01/96 0
1507188684 O 11/01/26
0
1545624 074/G01 F 235,350.00 ZZ
360 235,056.42 1
19588 CARLTON CT 8.375 1,788.83 90
8.125 1,788.83 261,500.00
CASTRO VALLEY CA 94546 1 10/07/96 14
0430106351 05 12/01/96 25
1507192320 O 11/01/26
0
1545625 074/G01 F 296,000.00 ZZ
360 295,691.91 1
1424 RIVERSEDGE ROAD 9.250 2,435.12 80
9.000 2,435.12 370,000.00
NEWPORT NEWS VA 23606 2 10/24/96 00
0430106369 05 12/01/96 0
1507193298 O 11/01/26
0
1545626 074/G01 F 300,000.00 ZZ
360 299,671.03 1
945 MANITOU LANE 9.000 2,413.87 75
8.750 2,413.87 405,000.00
1
LAKE ORION MI 48362 5 10/16/96 00
0430106377 05 12/01/96 0
1507193607 O 11/01/26
0
1545627 074/G01 F 275,400.00 ZZ
360 275,029.19 1
5101 FOXBRIAR TRAIL 8.000 2,020.79 95
7.750 2,020.79 289,900.00
CHARLOTTE NC 28269 1 10/31/96 11
0430106385 05 12/01/96 30
1507196263 O 11/01/26
0
1545629 074/G01 F 206,400.00 ZZ
360 205,733.15 1
536 HENRIETTA 8.500 1,587.04 64
8.250 1,587.04 325,000.00
BIRMINGHAM MI 48009 2 10/18/96 00
0430106401 05 12/01/96 0
1507197776 O 11/01/26
0
1545630 074/G01 F 206,400.00 ZZ
360 206,167.72 1
19733 NE 58TH PL 8.875 1,642.21 50
8.625 1,642.21 420,000.00
REDMOND WA 98053 5 10/24/96 00
0430106419 05 12/01/96 0
1507200575 O 11/01/26
0
1545631 074/G01 F 192,000.00 ZZ
360 191,496.33 1
6603 ORLAND ST 8.250 1,442.44 80
8.000 1,442.44 240,000.00
FALLS CHURCH VA 22043 5 09/30/96 00
0430106427 05 11/01/96 0
1507202592 O 10/01/26
0
1545632 074/G01 F 100,000.00 ZZ
360 99,890.33 1
13607 JACQUELINE COURT 9.000 804.63 80
8.750 804.63 125,000.00
SILVER SPRING MD 20904 2 10/25/96 00
0430106435 03 12/01/96 0
1507911278 O 11/01/26
0
1
1545633 074/G01 F 268,000.00 T
360 267,407.82 1
4901 GULF SHORE BLVD N, 1802 9.000 2,156.39 80
8.750 2,156.39 335,000.00
NAPLES FL 33940 1 08/29/96 00
0430106443 06 10/01/96 0
1511037161 O 09/01/26
0
1545634 074/G01 F 260,000.00 ZZ
360 259,547.92 1
165 S SEWALL'S PT ROAD 8.750 2,045.43 80
8.500 2,045.43 325,000.00
STUART FL 34996 1 09/13/96 00
0430106450 05 11/01/96 0
1511046402 O 10/01/26
0
1545635 074/G01 F 185,000.00 ZZ
360 184,523.26 1
1210 JENNIFER OAKS CIRCLE 8.250 1,389.84 71
8.000 1,389.84 262,500.00
ALPHARETTA GA 30201 1 08/30/96 00
0430106468 03 10/01/96 0
1511046672 O 09/01/26
0
1545636 074/G01 F 176,700.00 ZZ
360 176,278.21 1
4664 OAKLEIGH MANOR DRIVE 8.625 1,374.35 64
8.375 1,374.35 280,000.00
POWDER SPRINGS GA 30073 2 08/28/96 00
0430106476 03 10/01/96 0
1511046821 O 09/01/26
0
1545637 074/G01 F 158,000.00 ZZ
360 157,732.30 1
2040 NE 65TH TERRACE 8.875 1,257.12 64
8.625 1,257.12 250,000.00
FT LAUDERDALE FL 33308 1 09/23/96 00
0430106484 05 11/01/96 0
1511049251 O 10/01/26
0
1545638 074/G01 F 225,200.00 ZZ
360 224,933.12 1
1
2547 LAKEFAIR DRIVE 8.625 1,751.59 88
8.375 1,751.59 257,000.00
TALLAHASSEE FL 32312 2 10/23/96 10
0430106492 03 12/01/96 25
1511055243 O 11/01/26
0
1545639 074/G01 F 163,500.00 ZZ
360 162,910.43 1
26 SOUTH BLACKWATER LANE 8.750 1,286.26 75
8.500 1,286.26 218,000.00
KEY LARGO FL 33037 1 10/30/96 00
0430106500 05 12/01/96 0
1511059970 O 11/01/26
0
1545641 074/G01 F 87,500.00 ZZ
360 87,390.86 1
28402 PLANTATION DRIVE 8.375 665.06 70
8.125 665.06 125,000.00
ATLANTA GA 30324 1 10/28/96 00
0430106526 01 12/01/96 0
1511060480 O 11/01/26
0
1545642 074/G01 F 220,000.00 ZZ
360 219,758.76 1
210 DIX LEE'ON DRIVE 9.000 1,770.17 89
8.750 1,770.17 249,000.00
FAIRBURN GA 30213 2 10/29/96 04
0430106534 05 12/01/96 25
1511063412 O 11/01/26
0
1545643 074/G01 F 325,000.00 ZZ
360 324,634.25 1
3559 NW 61ST CIRCLE 8.875 2,585.85 52
8.625 2,585.85 626,000.00
BOCA RATON FL 33496 1 11/01/96 00
0430106542 03 12/01/96 0
1511065247 O 11/01/26
0
1545644 074/G01 F 275,000.00 ZZ
360 274,648.09 1
3909 SAINT ELISABETH SQUARE 8.250 2,065.98 62
8.000 2,065.98 443,965.00
DULUTH GA 30136 1 10/29/96 00
0430106559 03 12/01/96 0
1
1511065655 O 11/01/26
0
1545645 074/G01 F 240,825.00 ZZ
360 240,508.87 1
1205 JENNIFER OAKS CIRCLE 8.125 1,788.12 95
7.875 1,788.12 253,500.00
ALPHARETTA GA 30201 1 11/04/96 01
0430106567 03 12/01/96 30
1511067129 O 11/01/26
0
1545646 074/G01 F 450,000.00 ZZ
360 448,869.42 1
1760 TIBURON WAY 8.375 3,420.33 60
8.125 3,420.33 750,000.00
SAN LUIS OBISPO CA 93401 5 08/13/96 00
0430106575 05 10/01/96 0
1512018843 O 09/01/26
0
1545647 074/G01 F 223,650.00 ZZ
360 223,196.81 1
11431 BETLEN DRIVE 8.000 1,641.06 90
7.750 1,641.06 248,500.00
DUBLIN CA 94568 1 09/12/96 10
0430106583 05 11/01/96 25
1512030463 O 10/01/26
0
1545648 074/G01 F 265,000.00 ZZ
360 264,562.48 1
21120 HAZELBROOK DRIVE 9.000 2,132.25 56
8.750 2,132.25 475,000.00
CUPERTINO CA 95014 5 09/05/96 00
0430106591 05 11/01/96 0
1512038261 O 10/01/26
0
1545649 074/G01 F 273,600.00 ZZ
360 273,146.67 1
4133 CONTE DRIVE 9.125 2,226.10 90
8.875 2,226.10 304,000.00
CARSON CITY NV 89701 1 09/25/96 10
0430106609 05 11/01/96 25
1512045100 O 10/01/26
0
1
1545652 074/G01 F 245,850.00 ZZ
360 245,566.06 1
12650 EAST LUPINE AVENUE 8.750 1,934.11 95
8.500 1,934.11 258,798.00
SCOTTSDALE AZ 85259 1 10/23/96 10
0430106633 03 12/01/96 30
1512047218 O 11/01/26
0
1545653 074/G01 F 545,000.00 ZZ
360 544,302.57 1
2685 SPINNAKER DRIVE 8.250 4,094.40 74
8.000 4,094.40 745,000.00
RENO NV 89509 1 10/17/96 00
0430106641 03 12/01/96 0
1512052070 O 11/01/26
0
1545654 074/G01 F 125,900.00 ZZ
360 125,817.64 1
38065 N CAVE CREEK ROAD #29 8.125 934.81 75
7.875 934.81 169,000.00
CAVE CREEK AZ 85331 1 11/04/96 00
0430106658 01 01/01/97 0
1512055920 O 12/01/26
0
1545656 074/G01 F 295,000.00 ZZ
360 294,473.73 1
13633 231ST PLACE SOUTHEAST 8.625 2,294.48 75
8.375 2,294.48 395,000.00
ISSAQUAH WA 98027 1 09/06/96 00
0430106674 03 11/01/96 0
1513052428 O 10/01/26
0
1545657 074/G01 F 304,000.00 ZZ
360 303,414.45 1
420 SW 10TH STREET 8.250 2,283.85 80
8.000 2,283.85 380,000.00
LAKE OSWEGO OR 97034 1 09/11/96 00
0430106682 05 11/01/96 0
1513053781 O 10/01/26
0
1545658 074/G01 F 500,000.00 ZZ
360 499,061.14 1
4701 TRAILS END 8.375 3,800.36 75
8.125 3,800.36 670,000.00
1
FORT COLLINS CO 80526 2 09/06/96 00
0430106690 03 11/01/96 0
1513056134 O 10/01/26
0
1545660 074/G01 F 320,000.00 ZZ
360 319,600.82 1
17208 185TH AVENUE NORTHEAST 8.375 2,432.23 77
8.125 2,432.23 420,000.00
WOODINVILLE WA 98072 1 10/14/96 00
0430106716 05 12/01/96 0
1513059450 O 11/01/26
0
1545661 074/G01 F 266,250.00 ZZ
360 265,646.30 1
295 EAST 3625 NORTH 8.875 2,118.40 75
8.625 2,118.40 355,000.00
NORTH OGDEN UT 84414 4 08/30/96 00
0430106724 05 10/01/96 0
1513061633 O 09/01/26
0
1545662 074/G01 F 217,309.00 ZZ
360 217,064.44 1
5585 DARIEN WAY 8.875 1,729.01 86
8.625 1,729.01 254,000.00
COLORADO SPRING CO 80919 1 10/24/96 10
0430106732 03 12/01/96 25
1513062647 O 11/01/26
0
1545663 074/G01 F 100,000.00 ZZ
360 99,884.52 1
718 NORTHWEST 92ND STREET 8.750 786.70 59
8.500 786.70 170,000.00
SEATTLE WA 98117 5 10/29/96 00
0430106740 05 12/01/96 0
1513069840 O 11/01/26
0
1545664 074/G01 F 255,500.00 ZZ
360 255,197.21 1
2662 WEST 11275 SOUTH 8.625 1,987.26 80
8.375 1,987.26 322,000.00
SOUTH JORDAN UT 84095 5 10/18/96 00
0430106757 05 12/01/96 0
1513070394 O 11/01/26
0
1
1545665 074/G01 F 360,000.00 T
360 359,562.28 1
1120 ROCKWOOD LANE 8.500 2,768.09 80
8.250 2,768.09 450,000.00
ESTES PARK CO 80517 1 10/30/96 00
0430106765 05 12/01/96 0
1513071885 O 11/01/26
0
1545666 074/G01 F 253,000.00 ZZ
360 252,676.25 1
8290 WRANGLERS WAY 8.250 1,900.70 75
8.000 1,900.70 340,000.00
COLORADO SPRING CO 80908 2 10/21/96 00
0430106773 05 12/01/96 0
1513076878 O 11/01/26
0
1545668 074/G01 F 285,000.00 ZZ
360 284,625.00 1
38 MARINE VIEW DR 8.125 2,116.12 65
7.875 2,116.12 440,000.00
BLAKELY ISLAND WA 98222 5 10/24/96 00
0430106799 03 12/01/96 0
1513081131 O 11/01/26
0
1545670 074/G01 F 325,000.00 ZZ
360 324,562.40 1
89 ARDMORE CT 8.000 2,384.74 52
7.750 2,384.74 625,000.00
ASPEN CO 81611 1 11/04/96 00
0430106815 05 12/01/96 0
1513082735 O 11/01/26
0
1545671 074/G01 F 131,250.00 ZZ
360 131,050.95 1
4606 MARINE VIEW DRIVE NE 8.875 1,044.29 75
8.625 1,044.29 175,000.00
TACOMA WA 98422 1 10/25/96 00
0430106823 05 12/01/96 0
1513084800 O 11/01/26
0
1545672 074/G01 F 330,000.00 ZZ
360 329,082.59 1
1
860 BALLANTINE ROAD 7.875 2,392.73 78
7.625 2,392.73 425,000.00
GOLDEN CO 80401 5 08/19/96 00
0430106831 05 10/01/96 0
1513903467 O 09/01/26
0
1545673 074/G01 F 235,500.00 ZZ
360 233,214.60 1
11 SORRELL PLACE DR 8.250 1,769.23 80
8.000 1,769.23 295,000.00
SAN ANTONIO TX 78248 4 08/28/96 00
0430106849 03 10/01/96 0
1520003841 O 09/01/26
0
1545674 074/G01 F 251,750.00 ZZ
360 251,289.22 1
1003 PINE HOLLOW DRIVE 8.500 1,935.74 95
8.250 1,935.74 265,000.00
FRIENDSWOOD TX 77546 1 09/24/96 10
0430106856 05 11/01/96 30
1522015014 O 10/01/26
0
1545675 074/G01 F 220,850.00 ZZ
360 220,698.01 1
12540 DEGAS LANE 7.875 1,601.32 75
7.625 1,601.32 294,500.00
DALLAS TX 75230 1 11/13/96 00
0430106864 05 01/01/97 0
1524004020 O 12/01/26
0
1545676 074/G01 F 246,500.00 ZZ
360 245,275.26 1
1376 MARIA WAY 8.500 1,895.38 95
8.250 1,895.38 259,500.00
SAN JOSE CA 95117 1 04/11/96 11
0430106872 05 06/01/96 30
1561324176 O 05/01/26
0
1545677 074/G01 F 342,400.00 ZZ
360 342,176.01 1
70 AARON DRIVE 8.125 2,542.32 80
7.875 2,542.32 428,000.00
NOVATO CA 94949 1 11/01/96 00
0430106880 03 01/01/97 0
1
1561332083 O 12/01/26
0
1545678 074/G01 F 292,000.00 ZZ
360 291,451.68 1
3689 HUFF COURT 8.375 2,219.42 80
8.125 2,219.42 367,293.00
PLEASANTON CA 94588 1 09/11/96 00
0430106898 03 11/01/96 0
1561333654 O 10/01/26
0
1545679 074/G01 F 359,200.00 ZZ
360 358,952.80 1
3360 THOMAS DRIVE 7.875 2,604.45 80
7.625 2,604.45 449,000.00
PALO ALTO CA 94303 1 11/04/96 00
0430106906 05 01/01/97 0
1561334726 O 12/01/26
0
1545680 074/G01 F 619,950.00 ZZ
360 619,534.02 1
18877 BELLGROVE CIRCLE 8.000 4,548.98 80
7.750 4,548.98 774,950.00
SARATOGA CA 95070 1 11/05/96 00
0430106914 05 01/01/97 0
1561335401 O 12/01/26
0
1545682 074/G01 F 495,000.00 ZZ
360 494,707.75 1
165 BRODERICK STREET 8.625 3,850.06 74
8.375 3,850.06 675,000.00
SAN FRANCISCO CA 94117 5 11/04/96 00
0430106930 05 01/01/97 0
1561336506 O 12/01/26
0
1545683 074/G01 F 275,000.00 ZZ
360 274,648.07 1
1390 SYDNEY DRIVE 8.250 2,065.99 74
8.000 2,065.99 375,000.00
SUNNYVALE CA 94087 1 10/25/96 00
0430106948 05 12/01/96 0
1561338283 O 11/01/26
0
1
1545685 074/G01 F 265,000.00 ZZ
360 264,463.00 1
2736 ROSEDALE AVENUE 8.000 1,944.48 65
7.750 1,944.48 412,000.00
UNIVERSITY PARK TX 75205 2 09/05/96 00
0430106963 05 11/01/96 0
1563133408 O 10/01/26
0
1545686 074/G01 F 556,000.00 ZZ
360 555,341.10 1
6470 ABERDEEN AVENUE 8.625 4,324.52 77
8.375 4,324.52 725,000.00
DALLAS TX 75230 2 10/21/96 00
0430106971 05 12/01/96 0
1563136199 O 11/01/26
0
1545689 074/G01 F 304,000.00 ZZ
360 303,620.78 1
6526 PLANTATION DRIVE 8.375 2,310.62 80
8.125 2,310.62 380,000.00
BAYTOWN TX 77520 2 10/31/96 00
0430107003 05 12/01/96 0
1563137770 O 11/01/26
0
1545690 074/G01 F 215,000.00 ZZ
360 213,849.07 1
2535 ELDORADO PARKWAY 8.000 1,577.60 66
7.750 1,577.60 326,000.00
MC KINNEY TX 75070 4 11/06/96 00
0430107011 03 01/01/97 0
1563138092 O 12/01/26
0
1545691 074/G01 F 248,350.00 ZZ
360 247,991.63 1
3937 TEAL COVE LANE 8.250 1,865.77 95
8.000 1,865.77 261,435.00
THE COLONY TX 75056 1 11/14/96 11
0430107029 03 01/01/97 30
1563138762 O 12/01/26
0
1545692 074/G01 F 253,000.00 ZZ
360 252,536.90 1
18319 NE 146TH WAY 8.500 1,945.36 80
8.250 1,945.36 316,250.00
1
WOODINVILLE WA 98072 1 09/25/96 00
0430107037 03 11/01/96 0
1565132177 O 10/01/26
0
1545693 074/G01 F 277,000.00 ZZ
360 276,466.45 1
9911 SW STONECREEK DRIVE 8.250 2,081.01 62
8.000 2,081.01 450,000.00
BEAVERTON OR 97007 2 09/16/96 00
0430107045 05 11/01/96 0
1565139132 O 10/01/26
0
1545694 074/G01 F 55,000.00 ZZ
360 54,904.36 1
17521 BOTHELL WAY NORTHEAST 8.750 432.69 22
8.500 432.69 250,000.00
SEATTLE WA 98155 5 09/19/96 00
0430107052 05 11/01/96 0
1565140867 O 10/01/26
0
1545695 074/G01 F 241,200.00 ZZ
360 240,914.17 1
23411 49TH AVE SE 8.625 1,876.03 80
8.375 1,876.03 301,500.00
BOTHELL WA 98021 1 10/10/96 00
0430107060 05 12/01/96 0
1565141167 O 11/01/26
0
1545696 074/G01 F 129,600.00 ZZ
360 129,515.22 1
1505 SE CLAYBOURNE STREET 8.125 962.28 80
7.875 962.28 162,000.00
PORTLAND OR 97202 5 11/06/96 00
0430107078 05 01/01/97 0
1565142818 O 12/01/26
0
1545697 074/G01 F 258,500.00 ZZ
360 258,177.52 1
15508 27TH DR SE 8.375 1,964.79 79
8.125 1,964.79 330,000.00
MILL CREEK WA 98012 2 10/29/96 00
0430107086 05 12/01/96 0
1565143923 O 11/01/26
0
1
1545698 074/G01 F 52,400.00 ZZ
360 52,301.60 1
326 SECOND AVENUE 8.375 398.28 75
8.125 398.28 69,900.00
DECATUR GA 30030 1 09/26/96 00
0430107094 05 11/01/96 0
1566077176 O 10/01/26
0
1545699 074/G01 F 437,500.00 ZZ
360 436,994.73 1
6825 POLO DRIVE 8.750 3,441.82 80
8.500 3,441.82 550,000.00
CUMMING GA 30130 2 10/29/96 00
0430107102 03 12/01/96 0
1566078419 O 11/01/26
0
1545700 074/G01 F 73,600.00 ZZ
360 73,555.40 1
1917 IVY GLEN DRIVE 8.500 565.93 80
8.250 565.93 92,000.00
SMYRNA GA 30082 5 11/05/96 00
0430107110 07 01/01/97 0
1566081413 O 12/01/26
0
1545701 074/G01 F 462,000.00 ZZ
360 461,393.52 1
1005 FEATHERSTONE ROAD 8.125 3,430.34 77
7.875 3,430.34 602,000.00
ALPHARETTA GA 30202 1 11/01/96 00
0430107128 03 12/01/96 0
1566081479 O 11/01/26
0
1545703 074/G01 F 138,000.00 ZZ
360 137,909.72 1
4102 TROTTERS WAY DRIVE 8.125 1,024.65 75
7.875 1,024.65 184,000.00
LITHONIA GA 30058 1 11/18/96 00
0430107144 03 01/01/97 0
1566082529 O 12/01/26
0
1545704 074/G01 F 268,100.00 ZZ
360 267,949.69 1
1
118 HUNTINGDON PLACE 8.875 2,133.13 90
8.625 2,133.13 297,900.00
BIRMINGHAM AL 35242 1 11/15/96 04
0430107151 03 01/01/97 25
1566083113 O 12/01/26
0
1545705 074/G01 F 226,100.00 ZZ
360 225,706.90 1
4404 MARYLAND STREET 8.750 1,778.73 95
8.500 1,778.73 238,000.00
SAN DIEGO CA 92116 1 09/09/96 10
0430107169 05 11/01/96 30
1567168288 O 10/01/26
0
1545706 074/G01 F 400,000.00 ZZ
360 399,267.86 1
2882 CONESTOGA CIRCLE 8.500 3,075.66 80
8.250 3,075.66 500,000.00
ALPINE CA 91901 1 09/19/96 00
0430107177 03 11/01/96 0
1567168302 O 10/01/26
0
1545707 074/G01 F 310,000.00 ZZ
360 309,432.57 1
5576 CHELSEA AVENUE 8.500 2,383.64 78
8.250 2,383.64 400,000.00
SAN DIEGO CA 92037 2 09/06/96 00
0430107185 05 11/01/96 0
1567168437 O 10/01/26
0
1545708 074/G01 F 260,000.00 ZZ
360 258,932.01 1
5005 HIGHWAY 79 8.625 2,022.26 47
8.375 2,022.26 560,000.00
JULIAN CA 92036 5 09/20/96 00
0430107193 05 11/01/96 0
1567168889 O 10/01/26
0
1545709 074/G01 F 230,900.00 ZZ
360 230,455.24 1
305 SIDESADDLE CIRCLE 8.250 1,734.68 80
8.000 1,734.68 288,640.00
SCOTTS VALLEY CA 95066 1 09/04/96 00
0430107201 03 11/01/96 0
1
1567169305 O 10/01/26
0
1545710 074/G01 F 430,000.00 ZZ
360 429,212.96 1
1580 RIVERVIEW DRIVE 8.500 3,306.33 75
8.250 3,306.33 575,000.00
FALLBROOK CA 92028 1 09/26/96 00
0430107219 05 11/01/96 0
1567170949 O 10/01/26
0
1545711 074/G01 F 239,950.00 ZZ
360 239,521.93 1
5484 BLOCH STREET 8.625 1,866.31 80
8.375 1,866.31 299,999.00
SAN DIEGO CA 92122 1 09/25/96 00
0430107227 05 11/01/96 0
1567171103 O 10/01/26
0
1545712 074/G01 F 592,000.00 ZZ
360 591,298.45 1
2316 VIA ACALONES 8.625 4,604.52 80
8.375 4,604.52 740,000.00
PALOS VERDES ES CA 90274 5 10/25/96 00
0430107235 05 12/01/96 0
1567171850 O 11/01/26
0
1545713 074/G01 F 220,200.00 ZZ
360 220,055.96 1
7111 ROCK VALLEY COURT 8.125 1,634.98 80
7.875 1,634.98 275,300.00
SAN DIEGO CA 92122 1 11/01/96 00
0430107243 05 01/01/97 0
1567172966 O 12/01/26
0
1545714 074/G01 F 637,500.00 ZZ
360 637,113.80 1
8830 BIG BLUFF AVENUE 8.500 4,901.83 75
8.250 4,901.83 850,000.00
LAS VEGAS NV 89113 1 11/06/96 00
0430107250 03 01/01/97 0
1567174440 O 12/01/26
0
1
1545716 074/G01 F 300,000.00 ZZ
360 299,478.38 1
7100 NORTH CAMINO SIN VACAS 8.750 2,360.11 73
8.500 2,360.11 415,000.00
TUCSON AZ 85718 1 09/09/96 00
0430107276 03 11/01/96 0
1569137117 O 10/01/26
0
1545717 074/G01 F 334,700.00 ZZ
360 334,071.51 1
7124 HEARTLAND WAY 8.375 2,543.97 80
8.125 2,543.97 418,400.00
SAN JOSE CA 95135 1 09/19/96 00
0430107284 05 11/01/96 0
1573155983 O 10/01/26
0
1545718 074/G01 F 221,600.00 ZZ
360 221,150.92 1
2095 MADERA COURT 8.000 1,626.03 80
7.750 1,626.03 277,000.00
TRACY CA 95376 1 09/03/96 00
0430107292 05 11/01/96 0
1573158096 O 10/01/26
0
1545719 074/G01 F 334,000.00 ZZ
360 333,372.81 1
7085 WILDERNESS CIRCLE 8.375 2,538.65 80
8.125 2,538.65 417,622.00
SAN JOSE CA 95135 1 09/19/96 00
0430107300 05 11/01/96 0
1573159340 O 10/01/26
0
1545720 074/G01 F 292,000.00 ZZ
360 291,465.54 1
112 SUMMER SHADE COURT 8.500 2,245.23 80
8.250 2,245.23 365,000.00
FOLSOM CA 95630 2 09/20/96 00
0430107318 05 11/01/96 0
1573160065 O 10/01/26
0
1545721 074/G01 F 400,000.00 ZZ
360 399,513.63 1
11760 CEMENT HILL ROAD 8.500 3,075.66 77
8.250 3,075.66 520,000.00
1
NEVADA CITY CA 95959 2 10/30/96 00
0430107326 05 12/01/96 0
1573162016 O 11/01/26
0
1545722 074/G01 F 247,500.00 ZZ
360 247,342.17 1
1201 MARKHAM WAY 8.250 1,859.39 90
8.000 1,859.39 275,000.00
SACRAMENTO CA 95818 2 11/06/96 04
0430107334 05 01/01/97 25
1573163573 O 12/01/26
0
1545724 074/G01 F 210,000.00 ZZ
360 209,670.87 1
1258 HIGHWAY 35 NORTH 9.250 1,727.62 63
9.000 1,727.62 335,000.00
HUDSON WI 54016 5 09/20/96 00
0430107359 05 11/01/96 0
1576026116 O 10/01/26
0
1545725 074/G01 F 87,750.00 ZZ
360 87,646.01 1
3230 GREENBRIER STREET 8.625 682.51 75
8.375 682.51 117,000.00
VADNAIS HEIGHTS MN 55127 2 10/28/96 00
0430107367 05 12/01/96 0
1576029500 O 11/01/26
0
1545726 074/G01 F 120,000.00 ZZ
360 119,667.30 1
415 1/2 COUNTY ROAD 23 8.500 922.70 75
8.250 922.70 160,000.00
ISANTI MN 55040 1 11/08/96 00
0430107375 05 01/01/97 0
1576029748 O 12/01/26
0
1545728 074/G01 F 146,250.00 ZZ
360 146,072.17 1
1138 HOLLYBROOK DRIVE 8.500 1,124.54 75
8.250 1,124.54 195,000.00
WAYZATA MN 55391 1 11/05/96 00
0430107391 03 12/01/96 0
1576031218 O 11/01/26
0
1
1545729 074/G01 F 77,000.00 ZZ
360 76,954.54 1
2142 NORTHEAST 7TH AVENUE 8.625 598.90 65
8.375 598.90 120,000.00
OWATONNA MN 55060 5 11/08/96 00
0430107409 05 01/01/97 0
1576031433 O 12/01/26
0
1545730 074/G01 F 143,450.00 ZZ
360 143,271.04 1
7412 UPPER 136TH STREET WEST 8.375 1,090.33 72
8.125 1,090.33 201,000.00
APPLE VALLEY MN 55124 2 10/31/96 00
0430107417 05 12/01/96 0
1576031466 O 11/01/26
0
1545731 074/G01 F 205,000.00 ZZ
360 204,652.65 1
193 BROADVIEW LOOP 8.875 1,631.08 59
8.625 1,631.08 350,000.00
MOORESVILLE NC 28115 5 09/27/96 00
0430107425 05 11/01/96 0
1577036830 O 10/01/26
0
1545732 074/G01 F 169,600.00 ZZ
360 169,504.91 1
286 LANE HEDGECOCK ROAD 8.875 1,349.42 80
8.625 1,349.42 212,000.00
KINGSTON TN 37763 5 11/06/96 00
0430107433 05 01/01/97 0
1577052687 O 12/01/26
0
1545733 074/G01 F 275,500.00 ZZ
360 275,147.43 1
511 JONES LANE 8.250 2,069.74 95
8.000 2,069.74 290,000.00
HENDERSONVILLE TN 37075 1 11/01/96 11
0430107441 05 12/01/96 30
1577054194 O 11/01/26
0
1545734 074/G01 F 144,350.00 ZZ
360 144,169.92 1
1
205 CHESWICK COURT 8.375 1,097.17 75
8.125 1,097.17 192,500.00
NASHVILLE TN 37215 1 11/04/96 00
0430107458 01 12/01/96 0
1577055084 O 11/01/26
0
1545735 074/G01 F 127,400.00 T
360 127,172.71 1
0180 LA BONTE STREET #426 8.625 990.91 65
8.375 990.91 196,000.00
DILLON CO 80435 1 09/11/96 00
0430107466 01 11/01/96 0
1579031418 O 10/01/26
0
1545736 074/G01 F 140,100.00 ZZ
360 139,767.93 1
145 EAST 11800 SOUTH 8.750 1,102.17 63
8.500 1,102.17 224,000.00
DRAPER UT 84020 2 09/25/96 00
0430107474 05 11/01/96 0
1579032126 O 10/01/26
0
1545737 074/G01 F 56,000.00 ZZ
360 55,897.48 1
7462 EAST PRINCETON AVENUE 8.500 430.60 70
8.250 430.60 80,000.00
DENVER CO 80237 1 09/30/96 00
0430107482 01 11/01/96 0
1579032862 O 10/01/26
0
1545738 074/G01 F 352,000.00 ZZ
360 351,571.99 1
1790 KEARNEY STREET 8.500 2,706.58 80
8.250 2,706.58 440,000.00
DENVER CO 80220 5 10/29/96 00
0430107490 05 12/01/96 0
1579034530 O 11/01/26
0
1545739 074/G01 F 209,650.00 ZZ
360 209,529.38 1
535 NIELSON GULCH 8.750 1,649.32 70
8.500 1,649.32 299,500.00
EAGLE CO 81631 1 11/08/96 00
0430107508 03 01/01/97 0
1
1579034879 O 12/01/26
0
1545740 074/G01 F 131,250.00 ZZ
360 131,172.51 1
12164 STATE HIGHWAY 75 8.625 1,020.85 75
8.375 1,020.85 175,000.00
BLAINE COUNTY ID 83333 1 11/12/96 00
0430107516 05 01/01/97 0
1579035758 O 12/01/26
0
1545741 074/G01 F 91,800.00 ZZ
360 91,747.18 1
1521 CENTRAL STREET #2E 8.750 722.20 80
8.500 722.20 114,785.00
DENVER CO 80211 1 11/11/96 00
0430107524 01 01/01/97 0
1579035827 O 12/01/26
0
1545742 074/G01 F 375,000.00 T
360 374,760.88 1
116 SUNNYSIDE DRIVE 8.250 2,817.25 75
8.000 2,817.25 500,000.00
KETCHUM ID 83340 1 11/05/96 00
0430107532 05 01/01/97 0
1579035850 O 12/01/26
0
1545744 074/G01 F 390,000.00 ZZ
360 389,744.88 1
1337 LAKE CREEK ROAD 8.125 2,895.74 54
7.875 2,895.74 725,000.00
EDWARDS CO 81632 5 11/12/96 00
0430107557 05 01/01/97 0
1579036524 O 12/01/26
0
1545747 074/G01 F 67,200.00 ZZ
360 66,938.39 1
6420 SAVANNAH AVENUE 8.250 504.86 80
8.000 504.86 84,000.00
CINCINNATI OH 45239 5 06/13/96 00
0430107581 05 08/01/96 0
1581053377 O 07/01/26
0
1
1545748 074/G01 F 84,000.00 ZZ
360 83,923.35 1
5617 WOLF LAKE ROAD 9.875 729.42 80
9.625 729.42 105,000.00
GRASS LAKE MI 49240 5 10/28/96 00
0430107599 05 12/01/96 0
1581069209 O 11/01/26
0
1545749 074/G01 F 104,000.00 ZZ
360 103,870.25 1
186 SUNSET ROAD 8.375 790.48 80
8.125 790.48 130,000.00
PITTSBURGH PA 15237 5 10/31/96 00
0430107607 05 12/01/96 0
1581071109 O 11/01/26
0
1545750 074/G01 F 59,600.00 ZZ
360 59,560.00 1
RR 1 BOX 95 8.000 437.33 80
7.750 437.33 74,500.00
GENTRYVILLE IN 47537 5 11/01/96 00
0430107615 05 01/01/97 0
1581073035 O 12/01/26
0
1545751 074/G01 F 45,000.00 T
360 44,975.41 1
5760 WOODLAND DRIVE 9.000 362.09 50
8.750 362.09 90,000.00
KALKASKA MI 49646 1 11/13/96 00
0430107623 05 01/01/97 0
1581073080 O 12/01/26
0
1545752 074/G01 F 557,000.00 ZZ
360 556,711.23 1
2719 INDIAN MOUND ROAD 9.250 4,582.31 79
9.000 4,582.31 713,000.00
BLOOMFIELD HILL MI 48301 2 11/06/96 00
0430107631 05 01/01/97 0
1581073385 O 12/01/26
0
1545754 074/G01 F 291,600.00 ZZ
360 291,304.34 1
2168 PARMALEE LANE 9.375 2,425.38 71
9.125 2,425.38 415,000.00
1
BRIGHTON MI 48116 4 10/28/96 00
0430107656 05 12/01/96 0
1581075154 O 11/01/26
0
1545755 074/G01 F 108,700.00 ZZ
360 108,637.45 1
715 HIGHVIEW 8.750 855.15 75
8.500 855.15 145,000.00
DEARBORN MI 48124 1 11/14/96 00
0430107664 05 01/01/97 0
1581075540 O 12/01/26
0
1545757 074/G01 F 300,000.00 ZZ
360 299,831.82 1
6707 VIENNA WAY 8.875 2,386.93 93
8.625 2,386.93 325,000.00
BELLAIRE MI 49615 1 11/14/96 01
0430107680 05 01/01/97 30
1581077375 O 12/01/26
0
1545758 074/G01 F 135,000.00 ZZ
360 134,739.97 1
3012 NORTH WATERLOO COURT #5 8.250 1,014.21 64
8.000 1,014.21 212,000.00
CHICAGO IL 60657 2 09/25/96 00
0430107698 01 11/01/96 0
1583031830 O 10/01/26
0
1545759 074/G01 F 450,000.00 ZZ
360 449,294.72 1
908 WEST WEBSTER AVENUE 9.250 3,702.04 64
9.000 3,702.04 710,000.00
CHICAGO IL 60614 5 09/20/96 00
0430107706 05 11/01/96 0
1583033326 O 10/01/26
0
1545760 074/G01 F 350,000.00 ZZ
360 349,771.04 1
785 MT PLEASANT 8.125 2,598.75 37
7.875 2,598.75 959,875.00
WINNETKA IL 60093 1 11/08/96 00
0430107714 05 01/01/97 0
1583034067 O 12/01/26
0
1
1545761 074/G01 F 390,000.00 ZZ
360 389,763.73 1
2119 N BISSELL STREET 8.500 2,998.77 80
8.250 2,998.77 487,500.00
CHICAGO IL 60614 1 11/14/96 00
0430107722 07 01/01/97 0
1583035456 O 12/01/26
0
1545762 074/G01 F 210,750.00 ZZ
360 210,628.75 1
1480 CARRIAGE CROSSING LANE 8.750 1,657.97 75
8.500 1,657.97 281,000.00
CHESTERFIELD MO 63005 1 11/15/96 00
0430107730 03 01/01/97 0
1583036801 O 12/01/26
0
1545764 074/G01 F 260,000.00 ZZ
360 259,842.49 1
1700 BURNING OAK TRAIL 8.500 1,999.18 52
8.250 1,999.18 500,000.00
BARRINGTON HILL IL 60010 5 11/01/96 00
0430107755 05 01/01/97 0
1583037032 O 12/01/26
0
1545766 074/G01 F 115,237.00 ZZ
360 114,982.39 1
159 WEST HARBOR DRIVE 9.000 927.22 75
8.750 927.22 153,650.00
HENDERSONVILLE TN 37075 1 08/14/96 00
0430107771 03 10/01/96 0
1585033338 O 09/01/26
0
1545767 074/G01 F 220,000.00 ZZ
360 219,607.53 1
13949 MARBLESTONE DRIVE 8.625 1,711.14 79
8.375 1,711.14 280,000.00
CLIFTON VA 22024 5 09/20/96 00
0430107789 03 11/01/96 0
1587043740 O 10/01/26
0
1545768 074/G01 F 300,000.00 ZZ
360 299,798.70 1
1
14212 DUNWOOD VALLEY DRIVE 8.000 2,201.30 95
7.750 2,201.30 315,900.00
BOWIE MD 20721 1 11/13/96 14
0430107797 05 01/01/97 30
1587046691 O 12/01/26
0
1545769 074/G01 F 546,000.00 ZZ
360 545,301.27 1
9055 TOWER HOUSE PLACE 8.250 4,101.92 75
8.000 4,101.92 728,000.00
ALEXANDRIA VA 22308 4 11/04/96 00
0430107805 05 12/01/96 0
1587048154 O 11/01/26
0
1545770 074/G01 F 100,000.00 ZZ
360 99,826.11 1
18522 NORTH WEST 23RD STREET 8.750 786.71 68
8.500 786.71 148,000.00
PEMBROKE PINES FL 33029 1 09/27/96 00
0430107813 03 11/01/96 0
1589058760 O 10/01/26
0
1545771 074/G01 F 180,000.00 ZZ
360 179,896.42 1
2200 NE 17TH PLACE 8.750 1,416.06 75
8.500 1,416.06 240,000.00
FT LAUDERDALE FL 33305 1 11/15/96 00
0430107821 05 01/01/97 0
1589078757 O 12/01/26
0
1545772 074/G01 F 272,200.00 ZZ
360 271,869.02 1
21645 FALL RIVER DRIVE 8.500 2,092.99 80
8.250 2,092.99 340,339.00
BOCA RATON FL 33428 1 11/05/96 00
0430107839 09 12/01/96 0
1589078780 O 11/01/26
0
1545775 074/G01 F 120,000.00 ZZ
360 119,921.50 1
2249 SOUTHWEST 119 AVENUE 8.125 891.00 71
7.875 891.00 169,790.00
MIRAMAR FL 33025 1 11/08/96 00
0430107862 03 01/01/97 0
1
1590021484 O 12/01/26
0
1545776 074/G01 F 92,000.00 ZZ
360 91,893.74 1
2018 NW 21ST LANE 8.750 723.77 80
8.500 723.77 115,000.00
GAINESVILLE FL 32605 2 11/01/96 00
0430107870 05 12/01/96 0
1590025689 O 11/01/26
0
1545777 074/G01 F 584,000.00 ZZ
360 582,931.09 1
6881 CAMBRIA COVE 8.500 4,490.46 80
8.250 4,490.46 730,000.00
HUNTINGTON BEAC CA 92648 1 09/20/96 00
0430107888 05 11/01/96 0
1595006240 O 10/01/26
0
1545778 074/G01 F 223,250.00 ZZ
360 222,662.89 1
26523 AMADOR LANE 9.250 1,836.63 95
9.000 1,836.63 235,000.00
LAKE ARROWHEAD CA 92352 1 09/12/96 10
0430107896 05 11/01/96 30
1595010102 O 10/01/26
0
1545779 074/G01 F 395,950.00 ZZ
360 395,430.23 1
17 BLESSING 8.125 2,939.92 80
7.875 2,939.92 494,990.00
IRVINE CA 92612 1 10/28/96 00
0430107904 03 12/01/96 0
1595011932 O 11/01/26
0
1545780 074/G01 F 279,900.00 ZZ
360 279,721.51 1
1558 RANCHO HILLS DRIVE 8.250 2,102.80 80
8.000 2,102.80 349,928.00
CHINO HILLS CA 91709 1 11/04/96 00
0430107912 05 01/01/97 0
1595012028 O 12/01/26
0
1
1545781 074/G01 F 324,000.00 T
360 323,595.81 1
55089 FIRESTONE #211 8.375 2,462.64 80
8.125 2,462.64 405,000.00
LA QUINTA CA 92253 1 10/30/96 00
0430107920 01 12/01/96 0
1595012050 O 11/01/26
0
1545782 074/G01 F 380,000.00 ZZ
360 379,757.68 2
507 & 507 1/2 FERNLEAF AVENUE 8.250 2,854.82 80
8.000 2,854.82 475,000.00
NEWPORT BEACH CA 92625 1 11/05/96 00
0430107938 05 01/01/97 0
1595015161 O 12/01/26
0
1545783 074/G01 F 300,000.00 ZZ
360 299,184.66 1
3085 COUNTRY CLUB DRIVE 8.375 2,280.22 37
8.125 2,280.22 825,000.00
COSTA MESA CA 92626 5 10/29/96 00
0430107946 05 12/01/96 0
1595015310 O 11/01/26
0
1545785 074/G01 F 240,000.00 ZZ
360 239,843.00 1
1380 HEATHERIDGE LANE 8.125 1,782.00 80
7.875 1,782.00 300,000.00
CHINO HILLS CA 91709 1 11/04/96 00
0430107961 05 01/01/97 0
1595015820 O 12/01/26
0
1545786 074/G01 F 480,000.00 ZZ
360 479,693.92 1
332 L STREET 8.250 3,606.08 80
8.000 3,606.08 600,000.00
NEWPORT BEACH CA 92661 1 11/06/96 00
0430107979 05 01/01/97 0
1595015911 O 12/01/26
0
1545787 074/G01 F 164,500.00 T
360 164,407.77 1
6003 CALMFIELD AVENUE 8.875 1,308.84 70
8.625 1,308.84 235,000.00
1
AGOURA HILLS CA 91301 1 11/07/96 00
0430107987 03 01/01/97 0
1595016415 O 12/01/26
0
1545788 074/G01 F 384,000.00 ZZ
360 383,260.33 1
5754 MIDDLE CREST DRIVE 8.250 2,884.87 80
8.000 2,884.87 480,000.00
AGOURA HILLS CA 91301 2 09/09/96 00
0430107995 03 11/01/96 0
1596011188 O 10/01/26
0
1545789 074/G01 F 303,800.00 ZZ
360 303,620.63 1
17 HUMBOLDT STREET 8.625 2,362.93 90
8.375 2,362.93 338,000.00
SIMI VALLEY CA 93065 1 11/01/96 10
0430108001 03 01/01/97 25
1596013285 O 12/01/26
0
1545790 074/G01 F 450,000.00 ZZ
360 449,713.05 1
10380 ROCHESTER AVENUE 8.250 3,380.70 51
8.000 3,380.70 895,000.00
LOS ANGELES CA 90024 5 11/05/96 00
0430108019 05 01/01/97 0
1596013842 O 12/01/26
0
1545791 074/G01 F 110,250.00 ZZ
360 110,176.02 1
839 LARRABEE #8 8.000 808.98 70
7.750 808.98 157,500.00
WEST HOLLYWOOD CA 90069 1 11/04/96 00
0430108027 01 01/01/97 0
1596013922 O 12/01/26
0
1545793 074/G01 F 1,000,000.00 ZZ
360 999,453.77 1
31721 SEA LEVEL DRIVE 9.000 8,046.23 50
8.750 8,046.23 2,000,000.00
MALIBU CA 90265 2 11/08/96 00
0430108043 05 01/01/97 0
1596014834 O 12/01/26
0
1
1545795 074/G01 F 650,000.00 T
360 649,574.80 1
3087 JAMESON BEACH ROAD 8.125 4,826.24 39
7.875 4,826.24 1,700,000.00
SOUTH LAKE TAHO CA 96150 2 11/11/96 00
0430108068 05 01/01/97 0
1596016024 O 12/01/26
0
1545796 074/G01 F 548,000.00 ZZ
360 547,641.53 1
13545 NIGHTSKY DRIVE 8.125 4,068.89 80
7.875 4,068.89 685,000.00
CAMARILLO CA 93012 1 11/13/96 00
0430108076 03 01/01/97 0
1596017118 O 12/01/26
0
1545797 074/G01 F 337,600.00 ZZ
360 337,013.04 1
2770 GARRISON AVENUE 8.750 2,655.90 80
8.500 2,655.90 422,000.00
EVANSTON IL 60201 1 09/27/96 00
0430108084 05 11/01/96 0
1610000576 O 10/01/26
0
1545798 074/G01 F 486,200.00 ZZ
360 485,332.65 1
227 CARRIAGE TR 8.625 3,781.61 80
8.375 3,781.61 607,787.00
BARRINGTON IL 60010 1 09/13/96 00
0430108092 03 11/01/96 0
1612036938 O 10/01/26
0
1545799 074/G01 F 230,000.00 ZZ
360 229,849.55 1
823 RIDGE TER 8.125 1,707.74 67
7.875 1,707.74 346,150.00
EVANSTON IL 60201 1 11/04/96 00
0430108100 05 01/01/97 0
1614009233 O 12/01/26
0
1545800 074/G01 F 278,800.00 ZZ
360 278,188.29 1
1
10303 WINSTEAD COURT 8.500 2,143.73 80
8.250 2,143.73 350,000.00
WOODSTOCK MD 21163 2 09/25/96 00
0430108118 05 11/01/96 0
1741157166 O 10/01/26
0
1545801 074/G01 F 244,800.00 ZZ
360 244,277.21 1
11710 AYRESHIRE ROAD 8.125 1,817.63 90
7.875 1,817.63 272,000.00
OAKTON VA 22124 2 10/31/96 11
0430108126 03 12/01/96 25
1761090920 O 11/01/26
0
1545802 074/G01 F 476,250.00 ZZ
360 475,946.31 1
14 UNION PARK 8.250 3,577.91 75
8.000 3,577.91 635,000.00
BOSTON MA 02118 5 11/01/96 00
0430108134 07 01/01/97 0
1811065956 O 12/01/26
0
1545803 074/G01 F 440,000.00 ZZ
360 439,173.79 1
154 NEWTON STREET 8.375 3,344.32 80
8.125 3,344.32 550,000.00
WESTON MA 02193 1 09/30/96 00
0430108142 03 11/01/96 0
1813077050 O 10/01/26
0
1545810 623/623 F 258,750.00 ZZ
360 258,750.00 1
16221 GLENCOVE DRIVE 8.875 2,058.73 75
7.750 2,058.73 345,000.00
HACIENDA HEIGHT CA 91745 2 12/05/96 00
67096263 03 02/01/97 0
67096263 O 01/01/27
0
1545817 E22/G01 F 148,000.00 ZZ
360 147,903.18 1
17520 201ST AVENUE NORTHEAST 8.125 1,098.90 80
7.875 1,098.90 185,000.00
WOODINVILLE WA 98072 1 11/21/96 00
0410221303 05 01/01/97 0
1
410221303 O 12/01/26
0
1545830 731/G01 F 293,200.00 ZZ
360 293,026.90 1
3417 HAZELNUT COURT 8.625 2,280.48 80
8.375 2,280.48 366,511.00
SIMI VALLEY CA 93065 1 11/05/96 00
0430109801 05 01/01/97 0
4001154 O 12/01/26
0
1545842 439/G01 F 188,000.00 ZZ
360 187,883.74 1
104 LEDGEWOOD DRIVE 8.400 1,432.26 71
8.150 1,432.26 268,000.00
SMITHTOWN NY 11787 1 11/15/96 00
0430097949 05 01/01/97 0
18772960 O 12/01/26
0
1545847 E22/G01 F 93,700.00 ZZ
360 93,700.00 1
3981 REDONDO STREET 7.625 663.20 72
7.375 663.20 131,000.00
RIVERSIDE CA 92505 2 12/03/96 00
0410231856 05 02/01/97 0
410231856 O 01/01/27
0
1545849 E22/G01 F 80,500.00 ZZ
360 80,500.00 1
1820 N.W. 32ND COURT 8.000 590.68 70
7.750 590.68 116,000.00
OAKLAND PARK FL 33309 2 12/06/96 00
0410254213 05 02/01/97 0
410254213 O 01/01/27
0
1545851 E22/G01 F 238,500.00 ZZ
360 238,500.00 1
27180 BAPTIST CHURCH ROAD 8.750 1,876.28 70
8.500 1,876.28 341,000.00
MECHANICSVILLE MD 20659 2 12/06/96 00
0410253827 05 02/01/97 0
410253827 O 01/01/27
0
1
1545860 E22/G01 F 337,500.00 ZZ
360 337,300.74 1
7028 LAKESHORE DRIVE 8.625 2,625.04 90
8.375 2,625.04 375,000.00
DALLAS TX 75214 1 12/02/96 10
0410325906 05 01/01/97 25
410325906 O 12/01/26
0
1545866 E22/G01 F 116,250.00 ZZ
360 116,250.00 1
2450 N.E. 201ST STREET 8.625 904.18 75
8.375 904.18 155,000.00
NORTH MIAMI BEA FL 33180 1 12/12/96 00
0410255624 05 02/01/97 0
410255624 O 01/01/27
0
1545867 G09/G01 F 294,000.00 ZZ
360 294,000.00 1
2630 MANSFIELD MANOR NORTH 8.125 2,182.94 80
7.875 2,182.94 367,500.00
COLLIERVILLE TN 38017 1 12/27/96 00
0430113225 03 02/01/97 0
81536 O 01/01/27
0
1545871 439/G01 F 124,800.00 ZZ
360 124,725.17 1
22 FULLER STREET 8.550 964.03 65
8.300 964.03 192,000.00
HUNTINGTON STAT NY 11746 5 11/19/96 00
0430097980 05 01/01/97 0
18744516 O 12/01/26
0
1545872 526/526 F 261,150.00 ZZ
360 260,979.16 1
14503 N.E. 301ST CIRCLE 8.125 1,939.04 95
7.875 1,939.04 274,900.00
BATTLEGROUND WA 98604 1 11/01/96 12
0145778 05 01/01/97 30
0145778 O 12/01/26
0
1545882 E22/G01 F 229,500.00 ZZ
360 229,500.00 1
7184 SHAKESPEARE PLACE 7.875 1,664.03 90
7.625 1,664.03 255,000.00
1
MOORPARK CA 93021 2 12/03/96 04
0410291025 03 02/01/97 25
410291025 O 01/01/27
0
1545885 E22/G01 F 152,000.00 ZZ
360 152,000.00 1
1440 VICTORIA DRIVE 8.000 1,115.32 80
7.750 1,115.32 190,000.00
FULLERTON CA 92631 2 12/06/96 00
0410291322 05 02/01/97 0
410291322 O 01/01/27
0
1545899 439/G01 F 50,600.00 ZZ
360 50,510.17 1
425 WALNUT CREEK ROAD, #1606 8.650 394.47 75
8.400 394.47 67,500.00
LISLE IL 60532 1 09/17/96 00
0430098046 08 11/01/96 0
18728006 O 10/01/26
0
1545906 E19/G01 F 100,000.00 ZZ
360 100,000.00 1
8706 HERRICK AVENUE 8.625 777.79 77
8.375 777.79 130,000.00
LOS ANGELES CA 91352 1 12/16/96 00
0430117069 05 02/01/97 0
100013636 O 01/01/27
0
1545920 B98/G01 F 236,000.00 ZZ
360 236,000.00 1
706 NORTH GATE ROAD 8.375 1,793.77 80
8.125 1,793.77 295,000.00
WALNUT CREEK CA 94598 1 12/30/96 00
0430117804 05 02/01/97 0
1545920 O 01/01/27
0
1545929 E61/G01 F 204,000.00 ZZ
360 204,000.00 1
588 N. BAYWOOD AVENUE 7.750 1,461.48 80
7.500 1,461.48 255,000.00
SAN JOSE CA 95128 1 12/06/96 00
0430100982 05 02/01/97 0
13299 O 01/01/27
0
1
1545931 637/G01 F 390,000.00 ZZ
360 390,000.00 1
927 PARK AVENUE 7.875 2,827.77 68
7.625 2,827.77 580,000.00
MANHASSET NY 11030 1 12/03/96 00
0430103200 05 02/01/97 0
9381781 O 01/01/27
0
1545934 637/G01 F 145,000.00 ZZ
360 144,912.15 1
11 CREST HOLLOW LANE 8.500 1,114.93 62
8.250 1,114.93 235,000.00
MANORVILLE NY 11949 1 11/26/96 00
0430104133 05 01/01/97 0
9101247 O 12/01/26
0
1545942 637/G01 F 267,200.00 ZZ
360 267,006.60 1
2631 SIMMONS ROAD N.W. 7.625 1,891.23 80
7.375 1,891.23 334,000.00
OLYMPIA WA 98502 1 11/22/96 00
0430110114 05 01/01/97 0
9489022 O 12/01/26
0
1545944 637/G01 F 234,850.00 ZZ
360 234,692.42 1
23 HACIENDA COURT 8.000 1,723.25 90
7.750 1,723.25 261,000.00
SAN RAFAEL CA 94903 1 11/19/96 10
0430102806 05 01/01/97 25
9312646 O 12/01/26
0
1545947 637/G01 F 442,500.00 ZZ
360 442,203.09 1
475 VIA DEL REY 8.000 3,246.91 75
7.750 3,246.91 590,000.00
MONTEREY CA 93940 5 11/15/96 00
0430104893 05 01/01/97 0
9312968 O 12/01/26
0
1545958 387/387 F 274,000.00 ZZ
360 273,829.69 1
1
4646 FALLSTONE COURT 8.375 2,082.60 80
8.125 2,082.60 345,000.00
SAN JOSE CA 95124 2 11/11/96 00
836320 05 01/01/97 0
836320 O 12/01/26
0
1545959 387/387 F 259,500.00 ZZ
360 259,334.52 1
3738 MERU LANE 8.250 1,949.54 75
8.000 1,949.54 346,000.00
SANTA BARBARA CA 93105 1 11/14/96 00
836155 05 01/01/97 0
836155 O 12/01/26
0
1545961 387/387 F 343,000.00 ZZ
360 342,769.85 1
4900 FERN STREET 8.000 2,516.82 80
7.750 2,516.82 428,750.00
BELLAIRE TX 77401 1 11/15/96 00
836106 05 01/01/97 0
836106 O 12/01/26
0
1545962 387/387 F 300,000.00 ZZ
360 299,813.53 1
586 CLYDE COURT 8.375 2,280.22 74
8.125 2,280.22 409,000.00
MILPITAS CA 95035 2 11/08/96 00
834911 05 01/01/97 0
834911 O 12/01/26
0
1545963 387/387 F 630,000.00 ZZ
360 629,598.27 1
546-A MINER ROAD 8.250 4,732.98 75
8.000 4,732.98 840,000.00
ORINDA CA 94563 2 11/13/96 00
834580 05 01/01/97 0
834580 O 12/01/26
0
1545964 387/387 F 246,000.00 ZZ
360 245,847.10 1
1114 MANOR DRIVE 8.375 1,869.78 75
8.125 1,869.78 328,000.00
SAN JOSE CA 95125 2 11/11/96 00
834192 05 01/01/97 0
1
834192 O 12/01/26
0
1545966 387/387 F 380,000.00 ZZ
360 379,745.02 1
6531 LUPTON DRIVE 8.000 2,788.31 80
7.750 2,788.31 475,000.00
DALLAS TX 75225 1 11/15/96 00
833962 05 01/01/97 0
833962 O 12/01/26
0
1545967 387/387 F 240,000.00 ZZ
360 239,834.83 1
2565 LEXINGTON WAY 7.875 1,740.17 80
7.625 1,740.17 303,355.00
SAN BRUNO CA 94066 1 11/08/96 00
833665 05 01/01/97 0
833665 O 12/01/26
0
1545968 387/387 F 370,000.00 ZZ
360 369,751.74 1
248 LAS ALTURAS ROAD 8.000 2,714.93 80
7.750 2,714.93 462,600.00
SANTA BARBARA CA 93103 1 11/14/96 00
833509 05 01/01/97 0
833509 O 12/01/26
0
1545982 776/G01 F 223,250.00 ZZ
360 223,250.00 1
2808 CHIPPEWA AVENUE 8.500 1,716.60 95
8.250 1,716.60 235,000.00
SIMI VALLEY CA 93063 1 12/03/96 04
0430104091 05 02/01/97 30
2140313 O 01/01/27
0
1545984 961/G01 F 152,000.00 ZZ
360 151,898.01 1
6391 TRINETTE AVENUE 8.000 1,115.32 80
7.750 1,115.32 190,000.00
GARDEN GROVE CA 92645 1 11/18/96 00
0430110270 05 01/01/97 0
09109344 O 12/01/26
0
1
1545988 369/G01 F 216,800.00 ZZ
360 216,800.00 1
608 WELLINGTON ROAD 8.250 1,628.75 80
8.000 1,628.75 271,000.00
COPPELL TX 75019 2 12/02/96 00
0430115774 03 02/01/97 0
60172475 O 01/01/27
0
1546014 181/181 F 237,000.00 ZZ
360 236,856.42 1
1203 NORTH DUKE LANE 8.500 1,822.33 79
8.250 1,822.33 300,000.00
WALNUT CA 91789 2 11/14/96 00
5394643 05 01/01/97 0
5394643 O 12/01/26
0
1546020 E26/G01 F 200,000.00 ZZ
360 199,862.36 1
13829 TURNMORE ROAD 7.875 1,450.14 80
7.625 1,450.14 250,000.00
SILVER SPRING MD 20906 1 11/22/96 00
0430099994 05 01/01/97 0
421637 O 12/01/26
0
1546025 450/450 F 75,000.00 ZZ
360 74,952.18 1
671 VERNIER 8.250 563.45 72
8.000 563.45 105,000.00
GROSSE POINTE W MI 48236 1 11/15/96 00
4293635 05 01/01/97 0
4293635 O 12/01/26
0
1546049 B60/G01 F 245,500.00 ZZ
360 245,500.00 1
21726 ANZA AVENUE 8.625 1,909.47 76
8.375 1,909.47 326,000.00
TORRANCE CA 90503 2 12/11/96 00
0430098426 05 02/01/97 0
7593 O 01/01/27
0
1546056 757/G01 F 360,000.00 ZZ
360 360,000.00 1
800 PARKSIDE TRAIL 8.000 2,641.56 72
7.750 2,641.56 500,000.00
1
MARIETTA GA 30064 2 12/16/96 00
0430102509 03 02/01/97 0
2874329 O 01/01/27
0
1546131 387/387 F 397,000.00 ZZ
360 396,753.24 1
139 FOURTH STREET 8.375 3,017.49 65
8.125 3,017.49 620,000.00
ENCINITAS CA 92024 2 11/27/96 00
844506 05 01/01/97 0
844506 O 12/01/26
0
1546169 E22/G01 F 46,525.00 ZZ
360 46,525.00 1
12525 NORTHEAST 145TH PLACE 7.875 337.34 79
#F-96 7.625 337.34 59,500.00
KIRKLAND WA 98034 1 12/10/96 00
0410221253 01 02/01/97 0
410221253 O 01/01/27
0
1546172 E22/G01 F 151,150.00 ZZ
360 151,150.00 1
421 HERMOSA WAY 8.250 1,135.54 80
8.000 1,135.54 188,990.00
OXNARD CA 93030 1 12/09/96 00
0410303630 05 02/01/97 0
410303630 O 01/01/27
0
1546173 E22/G01 F 158,000.00 ZZ
360 158,000.00 1
1243 NORTH CATALPA AVENUE 7.875 1,145.61 95
7.625 1,145.61 167,000.00
ANAHEIM CA 92801 2 12/09/96 10
0410290266 05 02/01/97 30
410290266 O 01/01/27
0
1546177 E22/G01 F 353,500.00 ZZ
360 353,500.00 1
5 BAYLEAF LANE 7.875 2,563.12 80
7.625 2,563.12 441,876.00
IRVINE CA 92720 1 12/06/96 00
0410236004 03 02/01/97 0
410236004 O 01/01/27
0
1
1546183 E22/G01 F 126,400.00 ZZ
360 126,400.00 1
171 FARRELLY DRIVE 8.625 983.13 80
8.375 983.13 158,000.00
SAN LEANDRO CA 94577 2 12/04/96 00
0410232730 05 02/01/97 0
410232730 O 01/01/27
0
1546208 964/G01 F 416,000.00 ZZ
360 416,000.00 1
25361 STAGELINE DRIVE 8.250 3,125.27 80
8.000 3,125.27 522,000.00
LAGUNA HILLS CA 92653 2 12/03/96 00
0430099515 03 02/01/97 0
21278 O 01/01/27
0
1546213 E22/G01 F 88,000.00 ZZ
360 88,000.00 1
605 BROADWAY AVENUE UNIT 1 8.125 653.40 64
7.875 653.40 138,000.00
ORLANDO FL 32803 1 12/13/96 00
0410336721 01 02/01/97 0
410336721 O 01/01/27
0
1546225 601/G01 F 310,000.00 ZZ
360 309,802.32 1
15822 LAUGHLIN LANE 8.250 2,328.93 42
8.000 2,328.93 740,000.00
SILVER SPRING MD 20906 4 11/22/96 00
0430099101 05 01/01/97 0
1042228 O 12/01/26
0
1546226 696/G01 F 163,900.00 ZZ
360 163,787.20 1
5310 27TH STREET NORTH 7.875 1,188.39 80
7.625 1,188.39 204,900.00
ARLINGTON VA 22207 1 11/22/96 00
0430100164 05 01/01/97 0
2288881 O 12/01/26
0
1546230 731/G01 F 118,400.00 ZZ
360 118,400.00 1
1
14414 PARTHENIA STREET 8.250 889.50 80
8.000 889.50 148,000.00
PANORAMA CITY A CA 91402 2 12/06/96 00
0430102848 05 02/01/97 0
8000333 O 01/01/27
0
1546232 573/G01 F 271,200.00 T
360 271,200.00 1
968 NADELHORN DRIVE 8.500 2,085.30 80
8.250 2,085.30 339,000.00
LAKE ARROWHEAD CA 92352 1 12/06/96 00
0430116277 05 02/01/97 0
109825 O 01/01/27
0
1546235 731/G01 F 195,700.00 ZZ
360 195,700.00 1
430 22ND STREET 8.125 1,453.07 95
7.875 1,453.07 207,000.00
SACRAMENTO CA 95816 2 12/05/96 19
0430102715 05 02/01/97 30
3000849 O 01/01/27
0
1546236 573/G01 F 219,000.00 ZZ
360 219,000.00 1
5843 EAST CHAPARRAL COURT 7.875 1,587.91 90
7.625 1,587.91 243,630.00
ORANGE CA 92869 1 12/02/96 10
0430105049 03 02/01/97 25
110401 O 01/01/27
0
1546239 069/G01 F 270,000.00 ZZ
360 269,818.83 1
835 SONOMA DRIVE 8.000 1,981.17 90
7.750 1,981.17 300,000.00
LAKE ARROWHEAD CA 92352 1 11/21/96 14
0430103366 05 01/01/97 25
2072142743 O 12/01/26
0
1546240 069/G01 F 258,500.00 ZZ
360 258,500.00 1
23734 VIA SEGOVIA 7.875 1,874.31 80
7.625 1,874.31 323,500.00
MURRIETA CA 92562 1 12/02/96 00
0430103648 05 02/01/97 0
1
2362147791 O 01/01/27
0
1546253 267/267 F 324,000.00 ZZ
360 324,000.00 1
9126 DAVID AVE 7.750 2,321.18 80
7.500 2,321.18 405,000.00
LOS ANGELES CA 90034 1 12/03/96 00
4421583 05 02/01/97 0
4421583 O 01/01/27
0
1546257 267/267 F 650,000.00 ZZ
360 650,000.00 1
1522 OUTLOOK CIRCLE 7.500 4,544.90 71
7.250 4,544.90 925,000.00
WESTLAKE VILLAG CA 91362 1 12/04/96 00
4439641 03 02/01/97 0
4439641 O 01/01/27
0
1546300 A83/G01 F 250,000.00 ZZ
360 249,844.61 1
3326 SOUTH 98TH STREET 8.375 1,900.18 72
8.125 1,900.18 350,000.00
OMAHA NE 68124 1 11/15/96 00
0430100800 05 01/01/97 0
150986 O 12/01/26
0
1546306 A83/G01 F 265,000.00 ZZ
360 264,677.79 1
7 KATHERYN CT 8.500 2,037.62 68
8.250 2,037.62 390,000.00
PLACITAS NM 87043 1 10/28/96 00
0430100859 05 12/01/96 0
150291 O 11/01/26
0
1546310 A83/G01 F 232,500.00 ZZ
360 231,869.73 1
6 DOGWOOD DR 8.000 1,706.00 80
7.750 1,706.00 292,500.00
HILLSBOROUGH NJ 08853 1 08/30/96 00
0430101055 05 10/01/96 0
130920 O 09/01/26
0
1
1546311 A83/G01 F 292,500.00 ZZ
360 292,153.36 1
1029 MCKEAN CIRCLE 8.625 2,275.04 90
8.375 2,275.04 325,000.00
WINTER PARK FL 32789 2 11/01/96 04
0430100719 05 12/01/96 25
UNKNOWN O 11/01/26
0
1546313 A83/G01 F 318,750.00 ZZ
360 318,371.89 1
9806 FIELDCREST DRIVE 8.625 2,479.20 75
8.375 2,479.20 425,000.00
OMAHA NE 68114 5 10/16/96 00
0430100883 05 12/01/96 0
134264 O 11/01/26
0
1546327 F28/G01 F 315,000.00 ZZ
360 314,818.77 1
92 FORESIDE ROAD 8.750 2,478.11 90
8.500 2,478.11 350,000.00
CUMBERLAND ME 04110 2 11/29/96 10
0430111013 05 01/01/97 25
3125279 O 12/01/26
0
1546338 A83/G01 F 247,000.00 ZZ
360 246,547.90 1
592 HOLT LANE 8.500 1,899.22 95
8.250 1,899.22 260,000.00
TULLAHOMA TN 37388 1 09/24/96 01
0430101477 05 11/01/96 30
149253 O 10/01/26
0
1546339 A83/G01 F 240,000.00 ZZ
360 239,854.61 1
16 WILDFLOWER CT 8.500 1,845.39 80
8.250 1,845.39 302,685.00
MANALAPAN NJ 07726 1 11/12/96 00
0430101105 05 01/01/97 0
127073 O 12/01/26
0
1546340 A83/G01 F 256,000.00 ZZ
360 255,680.67 1
2184 NORTH 180 WEST 8.375 1,945.78 80
8.125 1,945.78 320,000.00
1
PLEASANT GROVE UT 84062 2 10/09/96 00
0430100701 05 12/01/96 0
UNKNOWN O 11/01/26
0
1546348 B23/G01 F 221,400.00 ZZ
360 221,400.00 1
5611 STANFORD AVENUE 8.125 1,643.89 90
7.875 1,643.89 246,000.00
GARDEN GROVE CA 92645 2 12/13/96 12
0430099465 05 02/01/97 25
88001204 O 01/01/27
0
1546349 668/G01 F 300,000.00 ZZ
360 299,793.54 1
764 VIA VAQUERO 7.875 2,175.21 79
7.625 2,175.21 380,000.00
ARROYO GRANDE CA 93420 2 11/20/96 00
0430103622 03 01/01/97 0
7014285 O 12/01/26
0
1546375 685/G01 F 247,000.00 ZZ
360 247,000.00 1
5879 KILLARNEY CIRCLE 8.250 1,855.63 63
8.000 1,855.63 397,000.00
SAN JOSE CA 95138 1 12/11/96 00
0430100461 03 02/01/97 0
105941 O 01/01/27
0
1546377 685/G01 F 332,000.00 ZZ
360 332,000.00 1
206 8TH STREET 8.375 2,523.44 80
8.125 2,523.44 415,000.00
HUNTINGTON BEAC CA 92648 1 12/13/96 00
0430100511 05 02/01/97 0
106362 O 01/01/27
0
1546381 685/G01 F 178,350.00 ZZ
360 178,350.00 1
31 MARSEILLE WAY 8.250 1,339.88 80
8.000 1,339.88 222,990.00
FOOTHILL RANCH CA 92610 1 12/10/96 00
0430100370 03 02/01/97 0
105813 O 01/01/27
0
1
1546382 685/G01 F 266,800.00 ZZ
360 266,800.00 1
25 CAMARIN STREET 8.000 1,957.68 80
7.750 1,957.68 333,551.00
FOOTHILL RANCH CA 92610 1 12/10/96 00
0430100305 03 02/01/97 0
106301 O 01/01/27
0
1546397 E22/G01 F 174,400.00 ZZ
360 174,400.00 1
7067 ROCHELLE AVENUE 8.500 1,340.99 80
8.250 1,340.99 218,000.00
NEWARK CA 94560 2 12/09/96 00
0410305148 05 02/01/97 0
410305148 O 01/01/27
0
1546398 E22/G01 F 348,000.00 ZZ
360 348,000.00 1
15227 VALLEY VISTA BOULEVARD 8.125 2,583.89 80
7.875 2,583.89 435,000.00
SHERMAN OAKS AR CA 91403 2 12/09/96 00
0410308399 05 02/01/97 0
410308399 O 01/01/27
0
1546422 696/G01 F 209,450.00 ZZ
360 209,450.00 1
12515 MILESTONE MANOR LANE 8.250 1,573.53 80
8.000 1,573.53 261,850.00
GERMANTOWN MD 20876 1 12/13/96 00
0430102624 03 02/01/97 0
3194795 O 01/01/27
0
1546423 A52/G01 F 100,000.00 ZZ
360 100,000.00 1
95 FAIRWAY COURT 8.375 760.07 66
8.125 760.07 153,500.00
NEWNAN GA 30265 2 12/16/96 00
0430099838 03 02/01/97 0
180845 O 01/01/27
0
1546435 E48/E48 F 315,000.00 ZZ
360 315,000.00 1
1
1022 STONEBRIDGE PARK DR 8.000 2,311.36 73
7.750 2,311.36 435,000.00
FRANKLIN TN 37069 1 12/12/96 00
UNKNOWN 03 02/01/97 0
UNKNOWN O 01/01/27
0
1546437 385/385 F 206,933.56 ZZ
320 206,762.53 1
14 ASHWOOD LANE 8.500 1,636.81 44
8.250 1,636.81 480,000.00
BASKING RIDGE NJ 07920 5 10/24/96 00
4093004144 05 01/01/97 0
4093004144 O 08/01/23
0
1546439 562/562 F 278,900.00 ZZ
360 278,359.06 1
10 MULBERRY LANE 9.625 2,370.63 95
9.000 2,370.63 293,600.00
NEW ROCHELLE NY 10804 1 08/07/96 04
517250 05 10/01/96 30
517250 O 09/01/26
0
1546460 685/G01 F 221,100.00 ZZ
360 221,100.00 1
1040 SEAHORSE COURT 7.875 1,603.13 90
7.625 1,603.13 245,694.00
CARLSBAD CA 92009 1 12/09/96 10
0430114066 03 02/01/97 25
106288 O 01/01/27
0
1546461 685/G01 F 256,750.00 ZZ
360 256,750.00 1
23410 WEST WINSLOW PLACE 7.875 1,861.62 80
7.625 1,861.62 320,990.00
VALENCIA AREA CA 91354 1 12/12/96 00
0430100248 03 02/01/97 0
106394 O 01/01/27
0
1546464 956/G01 F 296,000.00 ZZ
360 296,000.00 1
4124 LANTERMAN LANE 8.375 2,249.81 80
8.125 2,249.81 370,000.00
LA CANADA CA 91011 2 11/29/96 00
0430110635 05 02/01/97 0
1
611034 O 01/01/27
0
1546465 956/G01 F 217,700.00 ZZ
360 217,700.00 1
101 TREETOP DRIVE 8.625 1,693.25 70
8.375 1,693.25 311,000.00
SANTA CRUZ CA 95060 2 12/04/96 00
0430102640 05 02/01/97 0
2611112 O 01/01/27
0
1546467 B57/G01 F 340,000.00 ZZ
360 340,000.00 1
7738 CHANDELLE PLACE 7.875 2,465.24 80
7.625 2,465.24 425,000.00
LOS ANGELES CA 90046 1 12/04/96 00
0430108837 05 02/01/97 0
9611949 O 01/01/27
0
1546469 731/G01 F 250,000.00 ZZ
360 250,000.00 1
335 DAVID DRIVE 8.000 1,834.41 70
7.750 1,834.41 360,000.00
ALAMO CA 94507 5 12/06/96 00
0430105072 05 02/01/97 0
110453267 O 01/01/27
0
1546472 B74/G01 F 248,900.00 ZZ
360 248,900.00 1
1808 GOLDEN OAK STREET 8.375 1,891.82 80
8.125 1,891.82 311,178.00
NEWBURY PARK AR CA 91320 1 12/11/96 00
0430105544 03 02/01/97 0
963984 O 01/01/27
0
1546477 664/G01 F 575,000.00 ZZ
360 575,000.00 1
301 SOUTH EL CAMINO DRIVE 8.000 4,219.15 67
7.750 4,219.15 862,000.00
BEVERLY HILLS CA 90212 2 12/02/96 00
0430104083 05 02/01/97 0
2181402 O 01/01/27
0
1
1546479 624/G01 F 112,800.00 ZZ
360 112,800.00 1
5328 LEAVITT WAY 8.500 867.33 80
8.250 867.33 141,000.00
FAIR OAKS CA 95628 2 12/03/96 00
0430103283 05 02/01/97 0
34091660043 O 01/01/27
0
1546480 624/G01 F 224,000.00 ZZ
360 224,000.00 1
5530 CALLEJON DRIVE 7.875 1,624.16 80
7.625 1,624.16 280,000.00
CARPINTERIA CA 93013 1 12/10/96 00
0430105346 05 02/01/97 0
72014760016 O 01/01/27
0
1546484 313/G01 F 289,000.00 ZZ
360 289,000.00 1
16191 NW MISSION OAKS DRIVE 8.000 2,120.58 85
7.750 2,120.58 340,000.00
BEAVERTON OR 97006 1 12/10/96 10
0430100172 03 02/01/97 12
6008460 O 01/01/27
0
1546489 965/G01 F 80,000.00 ZZ
360 80,000.00 1
9090 NORTH SANGUINE DRIVE 7.750 573.13 80
7.500 573.13 100,000.00
TUCSON AZ 85743 2 12/02/96 00
0430105171 03 02/01/97 0
178227 O 01/01/27
0
1546491 765/G01 F 111,500.00 ZZ
360 111,430.69 1
19815 NORTH 78TH LANE 8.375 847.49 80
8.125 847.49 140,000.00
GLENDALE AZ 85308 2 11/25/96 00
0430104760 03 01/01/97 0
104102 O 12/01/26
0
1546492 369/G01 F 230,950.00 ZZ
360 230,802.73 1
4845 MALLARD VIEW LANE 8.250 1,735.05 88
8.000 1,735.05 264,980.00
1
INDIANAPOLIS IN 46226 1 11/26/96 14
0430104851 03 01/01/97 25
49992415 O 12/01/26
0
1546496 956/G01 F 275,900.00 ZZ
360 275,741.26 1
1848 TAMBOUR WAY 8.750 2,170.51 80
8.500 2,170.51 345,000.00
SAN JOSE CA 95131 2 11/18/96 00
0430111799 05 01/01/97 0
2611127 O 12/01/26
0
1546497 E19/G01 F 258,000.00 ZZ
360 257,826.89 1
11582 MORRISON STREET 8.000 1,893.11 74
7.750 1,893.11 350,000.00
NORTH HOLLYWOOD CA 91601 2 11/29/96 00
0430105262 05 01/01/97 0
100014768 O 12/01/26
0
1546498 369/G01 F 240,000.00 ZZ
360 239,838.97 1
834 HAYS CIRCLE 8.000 1,761.03 78
7.750 1,761.03 310,000.00
LONGMONT CO 80501 2 11/22/96 00
0430103440 05 01/01/97 0
60205879 O 12/01/26
0
1546501 369/G01 F 239,200.00 ZZ
360 239,200.00 1
4233 BLUE BARROW RIDE 8.000 1,755.17 80
7.750 1,755.17 299,000.00
ELLICOTT CITY MD 21042 1 12/06/96 00
0430111450 05 02/01/97 0
49729643 O 01/01/27
0
1546518 A13/G01 F 258,000.00 ZZ
360 258,000.00 1
49360 FOX DRIVE SOUTH 8.250 1,938.27 84
8.000 1,938.27 310,000.00
PLYMOUTH MI 48170 1 12/06/96 10
0430104018 05 02/01/97 25
002340412 O 01/01/27
0
1
1546590 593/593 F 235,000.00 ZZ
360 234,394.37 1
3075 RUSTIC MANOR CIRCLE 8.250 1,765.48 74
8.000 1,765.48 320,000.00
RENO NV 89509 2 08/22/96 00
6310254 05 10/01/96 0
6310254 O 09/01/26
0
1546593 E19/G01 F 228,500.00 ZZ
360 228,500.00 1
961 OAK STREET 8.250 1,716.65 70
8.000 1,716.65 330,500.00
CLAYTON CA 94517 2 12/04/96 00
0430110957 05 02/01/97 0
100021976 O 01/01/27
0
1546595 593/593 F 234,000.00 ZZ
360 233,269.47 1
211 EAST ROUNDTOFT DRIVE 8.250 1,757.97 90
8.000 1,757.97 260,000.00
SALT LAKE CITY UT 84103 1 09/30/96 12
6684922 05 11/01/96 25
6684922 O 10/01/26
0
1546596 593/593 F 265,500.00 ZZ
360 265,334.97 1
1708 EAST FOREST HILLS DRIVE 8.375 2,018.00 75
8.125 2,018.00 354,000.00
SALT LAKE CITY UT 84106 5 11/04/96 00
6685739 05 01/01/97 0
6685739 O 12/01/26
0
1546624 F13/F13 F 322,150.00 ZZ
360 322,150.00 1
3675 FOUNTAIN CIRCLE 8.125 2,391.95 85
7.875 2,391.95 379,000.00
FOUTAINVILLE PA 18923 1 12/18/96 04
112249233 05 02/01/97 12
112249233 O 01/01/27
0
1546640 526/526 F 294,500.00 ZZ
360 293,438.15 2
1
634 ANDERSON HILL ROAD 8.750 2,316.84 95
8.500 2,316.84 310,000.00
PURCHASE NY 10577 1 07/29/96 04
0132388 05 09/01/96 30
0132388 O 08/01/26
0
1546658 A39/G01 F 644,000.00 ZZ
360 644,000.00 1
9787 DONINGTON PLACE 7.875 4,669.45 80
7.625 4,669.45 805,000.00
BEVERLY HILLS A CA 90210 1 12/10/96 00
0430102210 05 02/01/97 0
9600982 O 01/01/27
0
1546693 998/G01 F 240,000.00 ZZ
360 240,000.00 1
8 GHILBERTI 8.000 1,761.04 75
7.750 1,761.04 320,000.00
IRVINE CA 92606 1 12/02/96 00
0430101493 03 02/01/97 0
59595207 O 01/01/27
0
1546695 G80/G80 F 268,000.00 ZZ
360 268,000.00 1
43 CLINTON STREET 8.375 2,037.00 80
8.125 2,037.00 335,000.00
MT VERNON NY 10552 1 12/05/96 00
665693800 05 02/01/97 0
665693800 O 01/01/27
0
1546715 E22/G01 F 105,000.00 ZZ
360 105,000.00 1
6674 LANGE CIRCLE 8.250 788.83 74
8.000 788.83 142,000.00
COLORADO SPRING CO 80918 5 12/03/96 00
0410311609 05 02/01/97 0
410311609 O 01/01/27
0
1546723 E22/G01 F 66,300.00 T
360 66,300.00 1
3383 W FARR RD 8.875 527.51 85
8.625 527.51 78,000.00
FRUITPORT MI 49415 1 12/06/96 04
0410166862 05 02/01/97 12
1
410166862 O 01/01/27
0
1546748 E22/G01 F 246,450.00 ZZ
360 246,300.70 1
2226 BIG WOODS DR 8.500 1,894.99 90
8.250 1,894.99 273,994.00
BATAVIA IL 60510 1 11/15/96 04
0410174353 05 01/01/97 25
410174353 O 12/01/26
0
1546749 893/G01 F 231,000.00 ZZ
360 231,000.00 1
6469 PURPLE HILLS DRIVE 7.875 1,674.91 79
7.625 1,674.91 295,000.00
SAN JOSE CA 95119 2 12/30/96 00
0430119396 05 02/01/97 0
182690 O 01/01/27
0
1546760 E22/G01 F 221,600.00 ZZ
360 221,600.00 1
374 MIDTEN HOF 8.250 1,664.81 80
8.000 1,664.81 277,000.00
SOLVANG CA 93463 1 12/10/96 00
0410291462 03 02/01/97 0
410291462 O 01/01/27
0
1546762 E22/G01 F 108,000.00 ZZ
360 108,000.00 1
1426 TIFFANY CIRCLE 8.625 840.01 80
8.375 840.01 136,000.00
ROSEVILLE CA 95661 2 12/06/96 00
0410290191 05 02/01/97 0
410290191 O 01/01/27
0
1546764 E22/G01 F 228,600.00 ZZ
360 228,600.00 1
1855 GLENNEYRE STREET 8.500 1,757.74 80
8.250 1,757.74 285,750.00
LAGUNA BEACH CA 92651 1 12/11/96 00
0410292007 05 02/01/97 0
410292007 O 01/01/27
0
1
1546769 E22/G01 F 180,000.00 ZZ
360 180,000.00 1
4 DUFFY COURT 7.875 1,305.12 80
7.625 1,305.12 225,000.00
PLEASANT HILL CA 94523 1 12/09/96 00
0410305288 05 02/01/97 0
410305288 O 01/01/27
0
1546780 E22/G01 F 76,900.00 ZZ
360 76,900.00 1
7957 NW 196 TERRACE 8.250 577.72 69
8.000 577.72 111,990.00
MIAMI FL 33015 1 12/17/96 00
0410249064 03 02/01/97 0
410249064 O 01/01/27
0
1546781 E22/G01 F 79,500.00 ZZ
360 79,500.00 1
4020 N W 2ND COURT 7.875 576.43 63
7.625 576.43 128,000.00
DELRAY BEACH FL 33445 5 12/12/96 00
0410252282 03 02/01/97 0
410252282 O 01/01/27
0
1546800 550/550 F 179,400.00 ZZ
360 179,400.00 1
1300 FELL STREET, #3 8.125 1,332.04 69
7.875 1,332.04 260,000.00
SAN FRANCISCO CA 94117 2 12/11/96 00
120209742 01 02/01/97 0
120209742 O 01/01/27
0
1546803 685/G01 F 199,950.00 ZZ
360 199,950.00 1
28 MARSEILLE WAY 8.000 1,467.16 80
7.750 1,467.16 249,957.00
FOOTHILL RANCH CA 92610 1 12/11/96 00
0430103127 03 02/01/97 0
106396 O 01/01/27
0
1546807 E45/G01 F 270,000.00 T
360 269,680.05 1
1051 LIBERTY CHAPEL LANE 8.625 2,100.03 59
8.375 2,100.03 460,000.00
1
GREENSBORO GA 30642 2 10/23/96 00
0430117127 03 12/01/96 0
70104 O 11/01/26
0
1546810 685/G01 F 68,000.00 ZZ
360 68,000.00 1
520 SOUTH 50 WEST 7.875 493.05 53
7.625 493.05 130,000.00
FARMINGTON UT 84025 2 12/11/96 00
0430102681 05 02/01/97 0
106406 O 01/01/27
0
1546813 685/G01 F 239,800.00 ZZ
360 239,800.00 1
154 IMAGES CIRCLE 8.000 1,759.57 80
7.750 1,759.57 299,800.00
MILPITAS CA 95035 1 12/13/96 00
0430103143 03 02/01/97 0
106356 O 01/01/27
0
1546827 317/G01 F 241,900.00 ZZ
360 241,720.48 1
7090 GARDEN WALK 7.500 1,691.40 80
7.250 1,691.40 302,415.00
COLUMBIA MD 21044 1 11/29/96 00
0430110460 05 01/01/97 0
256803 O 12/01/26
0
1546833 208/G01 F 246,000.00 ZZ
360 246,000.00 1
3101 OLD PECOS TRAIL 7.875 1,783.67 80
UNIT 725 7.625 1,783.67 307,500.00
SANTA FE NM 87505 1 12/12/96 00
0430109751 01 02/01/97 0
34104 O 01/01/27
0
1546857 375/G01 F 75,000.00 ZZ
360 74,879.36 1
3909 EAST 98TH STREET 9.125 610.22 21
8.875 610.22 359,000.00
TULSA OK 74137 1 09/30/96 00
0430105742 05 11/01/96 0
630961 O 10/01/26
0
1
1546873 227/G01 F 229,500.00 ZZ
360 229,342.05 1
1250 SOUTH WASHINGTON STREET 7.875 1,664.04 85
7.625 1,664.04 270,000.00
ALEXANDRIA VA 22314 1 11/27/96 10
0430101865 08 01/01/97 12
1652704 O 12/01/26
0
1546921 696/G01 F 236,000.00 ZZ
360 236,000.00 1
6244 UTAH AVENUE NW 8.000 1,731.68 80
7.750 1,731.68 295,000.00
WASHINGTON DC 20015 1 12/16/96 00
0430103556 05 02/01/97 0
3184807 O 01/01/27
0
1546962 685/G01 F 93,700.00 ZZ
360 93,700.00 1
6446 SOUTH 4125 WEST 7.875 679.39 80
7.625 679.39 118,000.00
WEST JORDAN UT 84084 2 12/10/96 00
0430103150 05 02/01/97 0
106388 O 01/01/27
0
1546985 E22/G01 F 99,200.00 ZZ
360 99,136.74 1
20802 REDBUD TRAIL 8.250 745.26 77
8.000 745.26 129,000.00
KINGWOOD TX 77346 1 11/27/96 00
0410284608 05 01/01/97 0
410284608 O 12/01/26
0
1547015 E22/G01 F 371,500.00 ZZ
360 371,500.00 1
2534 MONTEREY COURT 8.750 2,922.59 80
8.500 2,922.59 464,422.00
FORT LAUDERDALE FL 33326 1 12/17/96 00
0410256200 03 02/01/97 0
410256200 O 01/01/27
0
1547020 E22/G01 F 600,000.00 ZZ
360 600,000.00 1
1
8900 SW 61 COURT 8.375 4,560.43 56
8.125 4,560.43 1,084,990.00
PINECREST FL 33156 1 12/18/96 00
0410251748 05 02/01/97 0
410251748 O 01/01/27
0
1547056 638/G01 F 234,000.00 ZZ
360 234,000.00 1
8856 SOUTH SHADY MEADOW DRIVE 8.250 1,757.96 90
8.000 1,757.96 260,000.00
SANDY UT 84093 1 12/04/96 01
0430109785 05 02/01/97 25
UNKNOWN O 01/01/27
0
1547059 375/G01 F 168,750.00 ZZ
360 168,256.04 1
220 ANTHONY WAYNE DRIVE 8.375 1,282.62 75
8.125 1,282.62 225,000.00
WAYNE PA 19087 1 09/25/96 00
0430112888 05 11/01/96 0
UNKNOWN O 10/01/26
0
1547061 375/G01 F 94,500.00 ZZ
360 94,355.72 1
801 WOODSIDE TRAILS #826 DR 9.375 786.00 66
9.125 786.00 144,500.00
BALLWIN MO 63021 1 09/11/96 00
0430112151 01 11/01/96 0
0000420529 O 10/01/26
0
1547062 455/G01 F 315,000.00 ZZ
360 315,000.00 1
8645 SENTINAE CHASE DRIVE 8.000 2,311.36 62
7.750 2,311.36 515,000.00
ROSWELL GA 30076 1 12/12/96 00
0430111419 03 02/01/97 0
53753 O 01/01/27
0
1547073 664/G01 F 252,000.00 ZZ
360 252,000.00 1
22118 SE 358TH ST. 8.500 1,937.67 90
8.250 1,937.67 280,000.00
AUBURN WA 98092 1 12/12/96 10
0430111526 05 02/01/97 25
1
2260230 O 01/01/27
0
1547077 927/G01 F 350,000.00 ZZ
360 349,771.04 1
2364 VILLANDRY COURT 8.125 2,598.75 48
7.875 2,598.75 732,500.00
HENDERSON NV 89014 1 11/25/96 00
0430114470 03 01/01/97 0
310698 O 12/01/26
0
1547081 765/G01 F 190,000.00 ZZ
360 190,000.00 1
1836 LAKE STREET 7.750 1,361.19 80
7.500 1,361.19 237,500.00
HUNTINGTON BEAC CA 92648 1 12/06/96 00
0430111120 05 02/01/97 0
104935 O 01/01/27
0
1547094 776/G01 F 180,000.00 ZZ
360 180,000.00 1
530 ALISO PLACE 8.500 1,384.04 80
8.250 1,384.04 225,000.00
OXNARD CA 93030 1 12/10/96 00
0430113548 03 02/01/97 0
2140298 O 01/01/27
0
1547095 562/G01 F 234,000.00 ZZ
360 234,000.00 1
63 SURREY WAY 7.875 1,696.67 90
7.625 1,696.67 260,000.00
WHITE PLAINS NY 10607 1 12/20/96 04
0430104802 05 02/01/97 25
526822 O 01/01/27
0
1547096 927/G01 F 176,200.00 ZZ
360 176,200.00 1
22419 NORTHEAST 9TH DRIVE 7.875 1,277.58 75
7.625 1,277.58 234,950.00
REDMOND WA 98053 1 12/09/96 00
0430113472 05 02/01/97 0
288696 O 01/01/27
0
1
1547105 356/G01 F 240,500.00 ZZ
360 240,500.00 1
1809 SINCLAIR DRIVE 8.000 1,764.71 87
7.750 1,764.71 277,000.00
PLEASANTON CA 94588 2 11/29/96 11
0430105247 05 02/01/97 25
2386423 O 01/01/27
0
1547107 698/698 F 292,000.00 ZZ
360 292,000.00 1
2018 CLARK LANE NO. B 8.000 2,142.59 78
7.750 2,142.59 375,000.00
REDONDO BEACH CA 90278 2 12/12/96 00
6405208 01 02/01/97 0
6405208 O 01/01/27
0
1547108 637/G01 F 388,000.00 ZZ
360 388,000.00 1
207 CHIQUITA ROAD 8.000 2,847.01 80
7.750 2,847.01 485,000.00
HEALDSBURG CA 95448 1 12/03/96 00
0430113944 05 02/01/97 0
9312505 O 01/01/27
0
1547143 253/253 F 88,000.00 T
360 87,898.37 1
140 ENCINO DRIVE 8.750 692.30 80
8.500 692.30 110,000.00
KERRVILLE TX 78028 1 10/29/96 00
322859 05 12/01/96 0
322859 O 11/01/26
0
1547205 B75/G01 F 305,400.00 ZZ
360 305,195.08 1
10533 S GRIZZLY GULCH 8.000 2,240.92 90
7.750 2,240.92 339,359.00
HIGHLANDS RANCH CO 80126 1 11/27/96 11
0430112607 03 01/01/97 25
2523421 O 12/01/26
0
1547208 B75/G01 F 300,000.00 ZZ
360 299,818.26 1
28671 RANCHO MARALENA 8.500 2,306.74 89
8.250 2,306.74 339,000.00
1
LAGUNA NIGUEL CA 92677 1 11/21/96 01
0430112375 03 01/01/97 25
2640803 O 12/01/26
0
1547213 731/G01 F 105,000.00 ZZ
360 105,000.00 1
355 NORTH 102ND STREET 8.250 788.83 68
8.000 788.83 155,000.00
SEATTLE WA 98133 1 12/09/96 00
0430112508 05 02/01/97 0
230140297 O 01/01/27
0
1547214 069/G01 F 207,000.00 ZZ
360 207,000.00 1
17925 SCARECROW PLACE 7.750 1,482.98 60
7.500 1,482.98 345,000.00
ROWLAND HEIGHTS CA 91748 1 12/02/96 00
0430115337 05 02/01/97 0
2362150225 O 01/01/27
0
1547222 375/G01 F 167,250.00 ZZ
360 166,870.75 1
1116 NORTH BRANCIFORTE AVENUE 8.875 1,330.72 75
8.625 1,330.72 223,000.00
SANTA CRUZ CA 95062 1 08/01/96 00
0430109850 05 10/01/96 0
UNKNOWN O 09/01/26
0
1547232 568/G01 F 232,850.00 ZZ
360 232,850.00 1
11815 BLAKE ROAD 8.125 1,728.90 90
7.875 1,728.90 258,750.00
WILTON CA 95693 1 12/09/96 10
0430111286 05 02/01/97 25
808050 O 01/01/27
0
1547241 976/G01 F 58,400.00 ZZ
360 58,400.00 1
1249 CORKWOOD CIRCLE 8.250 438.74 80
8.000 438.74 73,000.00
CHESAPEAKE VA 23320 2 12/06/96 00
0430112136 07 02/01/97 0
338799 O 01/01/27
0
1
1547262 E22/G01 F 444,000.00 ZZ
360 444,000.00 1
1100 KENWOOD PLACE 8.375 3,374.72 80
8.125 3,374.72 555,000.00
FULLERTON CA 92631 2 12/11/96 00
0410303838 05 02/01/97 0
410303838 O 01/01/27
0
1547263 E22/G01 F 350,000.00 ZZ
360 350,000.00 1
1360 CASSINS STREET 8.375 2,660.25 67
8.125 2,660.25 524,990.00
CARLSBAD CA 92009 1 12/11/96 00
0410304919 03 02/01/97 0
410304919 O 01/01/27
0
1547264 E22/G01 F 256,900.00 ZZ
360 256,900.00 1
24622 MONITA CIRCLE 8.500 1,975.34 80
8.250 1,975.34 321,182.00
LAGUNA NIGUEL CA 92677 1 12/16/96 00
0410292080 03 02/01/97 0
410292080 O 01/01/27
0
1547265 E22/G01 F 260,000.00 ZZ
360 260,000.00 1
1967 DAGGETT COURT 8.375 1,976.19 65
8.125 1,976.19 405,000.00
SOUTH LAKE TAHO CA 96150 2 12/12/96 00
0410274864 03 02/01/97 0
410274864 O 01/01/27
0
1547266 E22/G01 F 173,375.00 ZZ
360 173,375.00 1
15740 PASEO DEL CAMPO 8.125 1,287.30 95
7.875 1,287.30 182,500.00
SAN LORENZO CA 94580 2 12/12/96 04
0410305569 05 02/01/97 30
410305569 O 01/01/27
0
1547272 E22/G01 F 207,000.00 ZZ
360 207,000.00 1
1
22721 WOOD LAKE LANE 8.250 1,555.12 80
8.000 1,555.12 259,000.00
LAKE FOREST CA 92630 2 12/11/96 00
0410303580 05 02/01/97 0
410303580 O 01/01/27
0
1547274 E22/G01 F 189,500.00 ZZ
360 189,500.00 1
25015 COMAL COURT 8.500 1,457.09 80
8.250 1,457.09 237,000.00
LOMITA CA 90717 2 12/09/96 00
0410304893 05 02/01/97 0
410304893 O 01/01/27
0
1547278 E22/G01 F 243,000.00 ZZ
360 243,000.00 1
667 WINDSOR DRIVE 7.875 1,761.92 75
7.625 1,761.92 325,000.00
BENICIA CA 94510 5 12/11/96 00
0410236517 05 02/01/97 0
410236517 O 01/01/27
0
1547279 E22/G01 F 356,000.00 ZZ
360 356,000.00 1
25090 CENTURY OAKS CIRCLE 8.125 2,643.29 80
7.875 2,643.29 445,000.00
CASTRO VALLEY CA 94552 2 12/06/96 00
0410267116 03 02/01/97 0
410267116 O 01/01/27
0
1547280 E22/G01 F 317,300.00 ZZ
360 317,300.00 1
7079 WILDERNESS CIRCLE 8.000 2,328.23 80
7.750 2,328.23 400,000.00
SAN JOSE CA 95135 2 12/06/96 00
0410305312 05 02/01/97 0
410305312 O 01/01/27
0
1547296 439/G01 F 303,700.00 ZZ
360 303,502.34 1
24576 LOLA LANE 8.150 2,260.29 80
7.900 2,260.29 379,634.00
SANTA CLARITA CA 91321 1 11/12/96 00
0430114660 05 01/01/97 0
1
1856988 O 12/01/26
0
1547297 439/G01 F 332,000.00 ZZ
360 331,779.48 1
21755 SUTHERLAND DRIVE 8.050 2,447.69 80
7.800 2,447.69 415,000.00
YORBA LINDA CA 92687 1 11/08/96 00
0430113480 05 01/01/97 0
1877549 O 12/01/26
0
1547298 439/G01 F 216,000.00 ZZ
360 215,862.26 1
15 SOMERSET DRIVE 8.250 1,622.74 80
8.000 1,622.74 270,000.00
HOLBROOK NY 11741 1 11/26/96 00
0430113522 05 01/01/97 0
1878897 O 12/01/26
0
1547299 439/G01 F 240,000.00 ZZ
360 239,843.80 1
6 NAN PLACE 8.150 1,786.20 78
7.900 1,786.20 310,000.00
KINGS PARK NY 11754 1 11/20/96 00
0430113555 05 01/01/97 0
1879833 O 12/01/26
0
1547300 439/G01 F 283,500.00 ZZ
360 283,315.49 1
14265 SHAFFI LANE 8.150 2,109.95 90
7.900 2,109.95 315,000.00
CASTROVILLE CA 95012 2 11/12/96 10
0430113589 05 01/01/97 25
1880152 O 12/01/26
0
1547301 439/G01 F 400,000.00 ZZ
360 399,723.33 1
1856 VIKING WAY 7.850 2,893.34 31
7.600 2,893.34 1,300,000.00
LA JOLLA CA 92037 1 11/07/96 00
0430113597 05 01/01/97 0
1880954 O 12/01/26
0
1
1547302 439/G01 F 272,000.00 ZZ
360 271,819.34 1
29 VENTURA STREET 8.050 2,005.33 80
7.800 2,005.33 340,000.00
HALF MOON BAY CA 94019 1 11/04/96 00
0430113605 05 01/01/97 0
1880976 O 12/01/26
0
1547303 439/G01 F 300,000.00 ZZ
360 299,794.58 1
925 PACIFIC COURT 7.900 2,180.42 80
7.650 2,180.42 375,500.00
WALNUT CREEK CA 94598 1 11/08/96 00
0430113613 05 01/01/97 0
1881344 O 12/01/26
0
1547304 439/G01 F 236,000.00 ZZ
360 235,838.40 1
1219 VISCANO DRIVE 7.900 1,715.27 72
7.650 1,715.27 330,000.00
GLENDALE CA 91207 2 11/18/96 00
0430113639 05 01/01/97 0
1881636 O 12/01/26
0
1547305 439/G01 F 228,200.00 ZZ
360 228,040.55 1
14749 COLE DRIVE 7.800 1,642.75 70
7.550 1,642.75 326,000.00
SAN JOSE CA 95124 1 11/18/96 00
0430113464 05 01/01/97 0
1881973 O 12/01/26
0
1547306 439/G01 F 266,400.00 ZZ
360 266,236.94 1
352 HILL STREET 8.450 2,038.96 80
8.200 2,038.96 333,000.00
MONROVIA CA 91016 1 11/19/96 00
0430113654 05 01/01/97 0
1882248 O 12/01/26
0
1547307 439/G01 F 232,700.00 ZZ
360 232,554.61 1
6872 LOS AMIGOS CIRCLE 8.350 1,764.59 95
8.100 1,764.59 244,947.00
1
HUNTINGTON BEAC CA 92648 1 11/22/96 10
0430113662 05 01/01/97 30
1883053 O 12/01/26
0
1547308 439/G01 F 251,200.00 ZZ
360 251,036.51 1
2040 FORSTER LANE 8.150 1,869.56 75
7.900 1,869.56 334,933.00
AUBURN CA 95603 5 11/14/96 00
0430113688 05 01/01/97 0
1883240 O 12/01/26
0
1547309 439/G01 F 218,500.00 ZZ
360 218,360.67 1
1541 CARMEN WAY 8.250 1,641.52 95
8.000 1,641.52 230,000.00
OXNARD CA 93030 1 11/20/96 10
0430113712 05 01/01/97 30
1883644 O 12/01/26
0
1547310 439/G01 F 274,500.00 ZZ
360 274,324.96 1
18829 PASEO NUEVO DRIVE 8.250 2,062.23 58
8.000 2,062.23 475,000.00
TARZANA CA 91356 2 11/18/96 00
0430113738 05 01/01/97 0
1883694 O 12/01/26
0
1547311 439/G01 F 251,900.00 ZZ
360 251,718.59 1
12903 SPRING LAKES DRIVE 7.650 1,787.27 80
7.400 1,787.27 314,890.00
COOPER CITY FL 33330 1 11/27/96 00
0430113753 03 01/01/97 0
1885272 O 12/01/26
0
1547312 439/G01 F 580,000.00 ZZ
360 580,000.00 1
38551 CALLE DE CAMPANERO 7.800 4,175.25 80
7.550 4,175.25 725,000.00
MURRIETA CA 92562 1 12/04/96 00
0430113761 05 02/01/97 0
1885446 O 01/01/27
0
1
1547315 369/G01 F 325,000.00 ZZ
360 325,000.00 1
320 GEORGIAN ROAD 7.875 2,356.48 51
7.625 2,356.48 640,000.00
LA CANADA-FLINT CA 91011 5 12/02/96 00
0430111518 05 02/01/97 0
49822224 O 01/01/27
0
1547322 E29/G01 F 190,050.00 ZZ
360 190,050.00 1
2466 WEST SUNSET DRIVE 8.375 1,444.52 80
8.125 1,444.52 237,580.00
LITTLETON CO 80120 1 12/31/96 00
0430116608 03 02/01/97 0
59604022 O 01/01/27
0
1547324 623/623 F 296,000.00 ZZ
360 296,000.00 1
8260 SOUTHWEST LIZ PLACE 7.750 2,120.58 80
7.500 2,120.58 370,000.00
BEAVERTON OR 97007 1 12/04/96 00
37092705 09 02/01/97 0
37092705 O 01/01/27
0
1547327 313/G01 F 120,000.00 ZZ
360 120,000.00 1
1067 WEST SUTTON COURT 8.375 912.09 42
8.125 912.09 292,000.00
PALATINE IL 60067 1 12/12/96 00
0430112995 09 02/01/97 0
6047633 O 01/01/27
0
1547328 601/G01 F 388,000.00 ZZ
360 388,000.00 1
6501 TWIN OAKS DRIVE 8.125 2,880.89 80
7.875 2,880.89 485,000.00
PLANO TX 75024 1 12/16/96 00
0430103382 03 02/01/97 0
896544 O 01/01/27
0
1547344 270/G01 F 218,250.00 ZZ
360 218,099.80 1
1
120 LONG BOW ROAD 7.875 1,582.47 90
7.625 1,582.47 242,500.00
SHAVANO PARK TX 78231 1 11/22/96 04
0430112532 05 01/01/97 25
7031313 O 12/01/26
0
1547348 685/G01 F 216,000.00 ZZ
360 216,000.00 1
2116 NORTH ROSS STREET 8.000 1,584.93 80
7.750 1,584.93 270,000.00
SANTA ANA CA 92706 1 12/13/96 00
0430109868 05 02/01/97 0
106298 O 01/01/27
0
1547354 317/G01 F 259,800.00 ZZ
360 259,611.96 1
1433 EAGLE RIDGE RUN 7.625 1,838.85 90
7.375 1,838.85 288,691.00
BEL AIR MD 21014 1 11/26/96 10
0430105205 03 01/01/97 25
251666 O 12/01/26
0
1547355 964/G01 F 187,200.00 ZZ
360 187,200.00 1
4542 TRAFALGAR DRIVE 8.250 1,406.37 80
8.000 1,406.37 234,000.00
LA PALMA CA 90623 1 12/09/96 00
0430103812 05 02/01/97 0
21610 O 01/01/27
0
1547356 317/G01 F 240,900.00 ZZ
360 240,734.21 1
10722 RIVER PLANTATION DRIVE 7.875 1,746.70 80
7.625 1,746.70 301,132.00
AUSTIN TX 78747 1 11/22/96 00
0430105239 03 01/01/97 0
242031 O 12/01/26
0
1547367 964/G01 F 169,600.00 ZZ
360 169,600.00 1
24 GRANDE VISTA 8.000 1,244.47 80
7.750 1,244.47 212,000.00
NOVATO CA 94947 1 12/03/96 00
0430104505 05 02/01/97 0
1
21265 O 01/01/27
0
1547380 E26/G01 F 207,000.00 ZZ
360 207,000.00 1
93 MARKET STREET 8.250 1,555.13 75
8.000 1,555.13 277,000.00
ANNAPOLIS MD 21401 1 12/09/96 00
0430105106 05 02/01/97 0
431254 O 01/01/27
0
1547381 964/G01 F 222,000.00 ZZ
360 222,000.00 1
28 MONTELEGRO 7.875 1,609.65 75
7.625 1,609.65 296,000.00
IRVINE CA 92714 1 12/10/96 00
0430105320 03 02/01/97 0
21435 O 01/01/27
0
1547382 G80/G80 F 275,600.00 ZZ
360 275,415.07 1
2030 WESTERN AVENUE 8.000 2,022.26 75
#612 7.750 2,022.26 367,500.00
SEATTLE WA 98121 1 11/22/96 00
802881600 08 01/01/97 0
802881600 O 12/01/26
0
1547397 964/G01 F 199,200.00 ZZ
360 199,200.00 1
316 MILTON DRIVE 8.375 1,514.06 80
8.125 1,514.06 249,000.00
SAN GABRIEL CA 91775 1 12/12/96 00
0430104422 05 02/01/97 0
21695 O 01/01/27
0
1547403 E19/G01 F 693,000.00 ZZ
360 693,000.00 1
2838 BENTLEY WAY 8.375 5,267.30 71
8.125 5,267.30 985,000.00
DIAMOND BAR CA 91765 2 12/05/96 00
0430116392 03 02/01/97 0
100018967 O 01/01/27
0
1
1547404 E19/G01 F 108,000.00 ZZ
360 108,000.00 1
1362 SANDERLING DRIVE 8.375 820.88 80
8.125 820.88 135,000.00
FAIRFIELD CA 94533 2 12/05/96 00
0430114157 05 02/01/97 0
100014231 O 01/01/27
0
1547418 731/G01 F 215,150.00 ZZ
360 215,150.00 1
6216 YEADON WAY 7.875 1,559.99 80
7.625 1,559.99 268,990.00
SAN JOSE CA 95119 1 12/11/96 00
0430110395 05 02/01/97 0
112152807 O 01/01/27
0
1547422 470/G01 F 337,000.00 ZZ
360 337,000.00 1
47 SUNLIT DRIVE 7.875 2,443.49 44
7.625 2,443.49 775,000.00
SANTA FE NM 87501 2 12/11/96 00
0430110791 05 02/01/97 0
51011148 O 01/01/27
0
1547429 267/267 F 223,920.00 ZZ
360 223,920.00 1
24255 OCEAN AVE 7.875 1,623.58 80
7.625 1,623.58 279,900.00
TORRANCE CA 90505 1 12/10/96 00
4425804 05 02/01/97 0
4425804 O 01/01/27
0
1547433 267/267 F 224,000.00 ZZ
360 224,000.00 1
23068 OSTRONIC DRIVE 7.625 1,585.46 80
7.375 1,585.46 280,000.00
WOODLAND HILLS CA 91367 1 12/03/96 00
4425684 05 02/01/97 0
4425684 O 01/01/27
0
1547441 069/G01 F 371,250.00 ZZ
360 371,250.00 1
4522 DORCHESTER ROAD 8.000 2,724.11 75
(CORONA DEL MAR AREA) 7.750 2,724.11 495,000.00
1
NEWPORT BEACH CA 92625 1 12/09/96 00
0430112482 03 02/01/97 0
2362152551 O 01/01/27
0
1547443 E22/G01 F 134,400.00 ZZ
360 134,320.65 1
553 STODARDS MILL DR 8.625 1,045.35 80
8.375 1,045.35 168,000.00
BALLWIN MO 63011 2 11/27/96 00
0410307334 05 01/01/97 0
410307334 O 12/01/26
0
1547444 E22/G01 F 175,000.00 ZZ
360 175,000.00 1
4360 PHYLLIS DRIVE 8.375 1,330.13 41
8.125 1,330.13 430,000.00
NORTHBROOK IL 60062 5 12/05/96 00
0410307169 05 02/01/97 0
410307169 O 01/01/27
0
1547445 069/G01 F 170,000.00 ZZ
360 170,000.00 1
2220 TALMADGE STREET 8.125 1,262.25 54
7.875 1,262.25 320,000.00
LOS ANGELES CA 90027 1 12/10/96 00
0430111930 05 02/01/97 0
2362148583 O 01/01/27
0
1547458 375/G01 F 259,400.00 ZZ
360 259,400.00 1
780 COE AVENUE 8.125 1,926.04 68
7.875 1,926.04 387,000.00
SAN JOSE CA 95125 1 12/02/96 00
0430114298 05 02/01/97 0
UNKNOWN O 01/01/27
0
1547470 369/G01 F 280,000.00 ZZ
360 279,821.45 1
3082 LANDINGS COURT 8.250 2,103.55 80
8.000 2,103.55 351,000.00
HAINES CITY FL 33844 2 12/04/96 00
0430113886 05 01/01/97 0
0060288933 O 12/01/26
0
1
1547474 369/G01 F 650,000.00 ZZ
360 649,585.52 1
9101 MEMORIAL DRIVE 8.250 4,883.23 78
8.000 4,883.23 839,470.00
HOUSTON TX 77024 2 11/26/96 00
0430110643 03 01/01/97 0
181028809 O 12/01/26
0
1547502 491/491 F 250,650.00 ZZ
360 250,481.81 1
188 SPANISH GARDEN DRIVE 8.000 1,839.19 90
7.750 1,839.19 278,500.00
CHICO CA 95928 1 11/19/96 04
0061476005 03 01/01/97 25
0061476005 O 12/01/26
0
1547504 491/491 F 279,900.00 ZZ
360 279,712.19 1
23121 LOS PADRES DRIVE 8.000 2,053.81 80
7.750 2,053.81 349,900.00
TRACY CA 95376 1 11/14/96 00
0061485497 05 01/01/97 0
0061485497 O 12/01/26
0
1547505 491/491 F 357,000.00 ZZ
360 356,783.72 1
10 CAMINO POR LOS ARBOLES 8.500 2,745.03 20
8.250 2,745.03 1,800,000.00
ATHERTON CA 94027 2 11/06/96 00
0061386464 05 01/01/97 0
0061386464 O 12/01/26
0
1547506 491/491 F 232,750.00 ZZ
360 232,597.74 1
745 GLEN EAGLE COURT 8.125 1,728.17 95
7.875 1,728.17 245,000.00
DANVILLE CA 94526 1 11/01/96 11
0061487791 09 01/01/97 30
0061487791 O 12/01/26
0
1547508 491/491 F 220,000.00 ZZ
360 219,660.85 1
1
1093 CHLOE COURT #A 8.125 1,633.50 78
7.875 1,633.50 285,000.00
CONCORD CA 94518 2 10/17/96 00
0061381306 05 12/01/96 0
0061381306 O 11/01/26
0
1547509 491/491 F 273,000.00 ZZ
360 272,816.82 1
5268 LAUREL DRIVE 8.000 2,003.18 84
7.750 2,003.18 325,000.00
CONCORD CA 94521 2 11/13/96 10
0061348601 05 01/01/97 12
0061348601 O 12/01/26
0
1547510 491/491 F 236,600.00 ZZ
360 236,229.74 1
20 SHEPHERD STREET 7.250 1,614.03 80
7.000 1,614.03 295,750.00
NORWALK CT 06851 1 10/24/96 00
0061386219 05 12/01/96 0
0061386219 O 11/01/26
0
1547511 491/491 F 242,400.00 ZZ
360 242,245.42 1
4386 DIAVILA AVENUE 8.250 1,821.08 80
8.000 1,821.08 303,000.00
PLEASANTON CA 94588 1 11/13/96 00
0061480053 03 01/01/97 0
0061480053 O 12/01/26
0
1547514 491/491 F 256,500.00 ZZ
360 256,079.33 1
1265 COLUMBUS DRIVE 8.375 1,949.59 90
8.125 1,949.59 285,000.00
MILPITAS CA 95035 1 10/28/96 11
0061410811 05 12/01/96 25
0061410811 O 11/01/26
0
1547520 A13/G01 F 315,000.00 ZZ
360 315,000.00 1
3672 EL DORADO LOOP S 8.250 2,366.49 75
8.000 2,366.49 420,000.00
SALEM OR 97302 5 12/11/96 00
0430104059 05 02/01/97 0
1
960361177 O 01/01/27
0
1547523 077/077 F 256,500.00 ZZ
360 256,500.00 1
1151 S CHARLEMAGNE 8.375 1,949.59 90
8.125 1,949.59 285,000.00
LAKE ST LOUIS MO 63367 1 12/06/96 11
286699 03 02/01/97 25
286699 O 01/01/27
0
1547534 B57/G01 F 275,600.00 ZZ
360 275,600.00 1
2139 PINECREST DRIVE 7.750 1,974.44 80
7.500 1,974.44 344,500.00
ALTADENA CA 91001 1 12/20/96 00
0430114546 05 02/01/97 0
9630538 O 01/01/27
0
1547549 724/G01 F 259,350.00 ZZ
360 259,350.00 1
23 CANTERBURY STREET 8.125 1,925.67 95
7.875 1,925.67 273,000.00
ANDOVER MA 01810 1 12/23/96 10
0430115154 05 02/01/97 35
119546 O 01/01/27
0
1547556 696/G01 F 188,000.00 ZZ
360 188,000.00 1
6902 OAK COURT 7.250 1,282.49 80
7.000 1,282.49 235,000.00
ANNANDALE VA 22003 1 12/16/96 00
0430109942 05 02/01/97 0
2379194 O 01/01/27
0
1547563 685/G01 F 167,800.00 ZZ
360 167,800.00 1
31 TOULON AVENUE 8.000 1,231.26 75
7.750 1,231.26 223,780.00
FOOTHILL RANCH CA 92610 1 12/23/96 00
0430104570 03 02/01/97 0
106498 O 01/01/27
0
1
1547569 246/G01 F 256,000.00 T
360 256,000.00 1
23368 BACK STREET 8.125 1,900.80 80
7.875 1,900.80 320,000.00
ACCOMAC VA 23301 1 12/10/96 00
0430108795 05 02/01/97 0
022579 O 01/01/27
0
1547570 246/G01 F 275,000.00 ZZ
360 275,000.00 1
227 SCOTT DRIVE 8.000 2,017.86 41
7.750 2,017.86 685,000.00
ANNAPOLIS MD 21401 1 12/03/96 00
0430111492 05 02/01/97 0
023326 O 01/01/27
0
1547571 696/G01 F 190,400.00 ZZ
360 190,400.00 1
1706 16TH STREET NW #2 7.875 1,380.53 80
7.625 1,380.53 238,000.00
WASHINGTON DC 20009 1 12/13/96 00
0430116905 01 02/01/97 0
3124815 O 01/01/27
0
1547573 E82/G01 F 344,800.00 ZZ
360 344,800.00 1
6910 DYLAN LANE 8.000 2,530.02 80
7.750 2,530.02 431,317.00
INDEPENDENCE MN 55357 1 12/20/96 00
0400021804 05 02/01/97 0
400021804 O 01/01/27
0
1547574 181/181 F 358,700.00 ZZ
360 358,465.36 1
9437 CECILIA STREET 8.125 2,663.34 90
7.875 2,663.34 399,000.00
DOWNEY CA 90241 1 11/27/96 19
5396573 05 01/01/97 25
5396573 O 12/01/26
0
1547586 E22/G01 F 95,000.00 ZZ
360 95,000.00 1
6157 NW 74TH COURT 8.750 747.37 75
8.500 747.37 126,900.00
1
PARKLAND FL 33067 1 12/20/96 00
0410250377 09 02/01/97 0
410250377 O 01/01/27
0
1547610 637/G01 F 229,500.00 ZZ
360 229,500.00 1
4852 CRESTONE NEEDLE WAY 8.250 1,724.16 90
8.000 1,724.16 255,000.00
ANTIOCH CA 94509 1 12/02/96 10
0430113951 05 02/01/97 25
3065869 O 01/01/27
0
1547612 637/G01 F 335,900.00 ZZ
360 335,900.00 1
335 BRITTANY PLACE 8.250 2,523.51 79
8.000 2,523.51 430,000.00
LIVERMORE CA 94550 2 12/05/96 00
0430114132 05 02/01/97 0
3440161 O 01/01/27
0
1547614 637/G01 F 230,000.00 ZZ
360 230,000.00 1
2502 57TH STREET S.W. 8.000 1,687.66 71
7.750 1,687.66 324,000.00
EVERETT WA 98203 1 12/02/96 00
0430113183 03 02/01/97 0
9489170 O 01/01/27
0
1547618 637/G01 F 255,000.00 ZZ
360 255,000.00 1
38323 KIMBRO STREET 7.875 1,848.93 70
7.625 1,848.93 365,000.00
FREMONT CA 94536 2 12/06/96 00
0430114330 03 02/01/97 0
9517525 O 01/01/27
0
1547624 637/G01 F 230,000.00 ZZ
360 230,000.00 1
2801 ASHWORTH CIRCLE 8.125 1,707.75 80
7.875 1,707.75 287,500.00
LAS VEGAS NV 89107 1 12/10/96 00
0430114108 05 02/01/97 0
9409433 O 01/01/27
0
1
1547626 637/G01 F 296,000.00 ZZ
360 296,000.00 1
1236 ELDERBERRY DRIVE 8.250 2,223.75 79
8.000 2,223.75 375,000.00
SUNNYVALE CA 94087 2 12/03/96 00
0430112367 05 02/01/97 0
3440112 O 01/01/27
0
1547633 822/G01 F 391,500.00 ZZ
360 391,500.00 1
379 CEDARCROFT DRIVE 7.750 2,804.76 90
7.500 2,804.76 435,000.00
BRICK NJ 08724 1 12/16/96 10
0430113407 05 02/01/97 25
0366025511 O 01/01/27
0
1547638 E87/G01 F 372,000.00 ZZ
360 372,000.00 1
2640 KRILL ROAD 7.875 2,697.26 80
7.625 2,697.26 465,000.00
SOLVANG CA 93463 1 12/04/96 00
0430112359 05 02/01/97 0
70000246 O 01/01/27
0
1547642 626/G01 F 300,000.00 ZZ
360 300,000.00 1
2301 SHOREWOOD DRIVE 8.375 2,280.22 64
8.125 2,280.22 470,000.00
CARMICHAEL CA 95608 2 12/05/96 00
0430112169 05 02/01/97 0
6682512 O 01/01/27
0
1547653 B74/G01 F 203,200.00 ZZ
360 203,200.00 1
1099 SOUTH RIMWOOD DRIVE 8.250 1,526.57 80
8.000 1,526.57 254,000.00
ANAHEIM CA 92807 1 12/19/96 00
0430120808 03 02/01/97 0
964250 O 01/01/27
0
1547655 698/G01 F 256,500.00 ZZ
360 256,500.00 1
1
1410 CALLE ESPANA 8.000 1,882.11 90
7.750 1,882.11 285,000.00
SAN DIMAS CA 91773 1 12/20/96 10
0430113506 05 02/01/97 25
2400298 O 01/01/27
0
1547661 685/G01 F 291,450.00 ZZ
360 291,450.00 1
28402 VIA DEL SERENO 8.250 2,189.57 80
8.000 2,189.57 364,364.00
SAN JUAN CAPIST CA 92675 1 12/23/96 00
0430114512 03 02/01/97 0
106275 O 01/01/27
0
1547676 E22/G01 F 40,000.00 ZZ
360 40,000.00 1
1849 GROSSE POINTE CIRCLE 8.125 297.00 30
7.875 297.00 135,000.00
HANOVER PARK IL 60103 1 12/06/96 00
0410204994 05 02/01/97 0
410204994 O 01/01/27
0
1547679 F30/G01 F 307,000.00 ZZ
360 307,000.00 1
1948 EAST PRINCETON AVENUE 7.875 2,225.96 85
7.625 2,225.96 363,000.00
SALT LAKE CITY UT 84108 2 12/20/96 10
0430112326 05 02/01/97 12
102611 O 01/01/27
0
1547688 181/181 F 73,600.00 ZZ
360 73,558.73 1
109 NORTH SPRAY PLACE 8.875 585.60 80
8.625 585.60 92,000.00
HAW RIVER NC 27258 5 11/26/96 00
5374154 05 01/01/97 0
5374154 O 12/01/26
0
1547693 698/698 F 269,950.00 ZZ
360 269,950.00 1
25926 WEST BRYANT PLACE 7.875 1,957.32 80
7.625 1,957.32 338,174.00
STEVENSON RANCH CA 91381 1 12/10/96 00
17352710 03 02/01/97 0
1
17352710 O 01/01/27
0
1547698 776/G01 F 238,500.00 ZZ
360 238,500.00 1
21301 MONTERRA 7.875 1,729.30 89
7.625 1,729.30 270,000.00
LAKE FOREST CA 92630 2 12/05/96 01
0430114025 03 02/01/97 25
6139097 O 01/01/27
0
1547711 E22/G01 F 252,000.00 ZZ
360 252,000.00 1
2787 SUSSEX WAY 8.375 1,915.38 75
8.125 1,915.38 336,000.00
REDWOOD CITY CA 94061 5 12/16/96 00
0410310403 05 02/01/97 0
410310403 O 01/01/27
0
1547726 685/G01 F 317,800.00 ZZ
360 317,800.00 1
16202 ALPINE PLACE 8.125 2,359.66 80
7.875 2,359.66 397,297.00
LA MIRADA CA 90638 1 12/16/96 00
0430104638 03 02/01/97 0
106207 O 01/01/27
0
1547731 181/181 F 260,800.00 ZZ
360 260,625.01 1
8910 BAY VIEW COURT 8.000 1,913.66 80
7.750 1,913.66 326,038.00
GAINESVILLE GA 30506 1 11/27/96 00
5374421 05 01/01/97 0
5374421 O 12/01/26
0
1547749 688/G01 F 154,400.00 ZZ
360 154,400.00 1
2862 EAST FAIRFIELD STREET 7.875 1,119.51 75
7.625 1,119.51 206,145.00
MESA AZ 85213 1 12/11/96 00
0430113878 05 02/01/97 0
36246 O 01/01/27
0
1
1547756 181/181 F 228,000.00 ZZ
360 227,854.61 1
8 ARIES COURT 8.250 1,712.89 80
8.000 1,712.89 285,000.00
NEWPORT BEACH CA 92663 2 11/27/96 00
NG 01 01/01/97 0
NG O 12/01/26
0
1547760 181/181 F 372,150.00 ZZ
360 371,906.57 1
1522 BROOKSIDE ROAD 8.125 2,763.20 90
7.875 2,763.20 413,500.00
MCLEAN VA 22101 1 11/26/96 12
5373751 05 01/01/97 25
5373751 O 12/01/26
0
1547761 640/G01 F 367,600.00 ZZ
349 367,363.59 1
11281 COUNTRY FOREST COVE 8.625 2,878.54 80
8.375 2,878.54 459,500.00
COLLIERVILLE TN 38017 4 11/22/96 00
0430117820 05 01/01/97 0
5648670 O 01/01/26
0
1547765 181/181 F 148,350.00 ZZ
360 148,250.46 1
10 NORTHLAKE 8.000 1,088.54 70
7.750 1,088.54 212,000.00
IRVINE CA 92604 1 11/26/96 00
5396719 01 01/01/97 0
5396719 O 12/01/26
0
1547767 181/181 F 238,500.00 ZZ
360 238,327.38 1
9613 AMBLESIDE DR 7.625 1,688.09 90
7.375 1,688.09 265,000.00
WINDERMERE FL 34786 1 11/27/96 12
5547156 05 01/01/97 25
5547156 O 12/01/26
0
1547772 737/G01 F 224,500.00 ZZ
360 224,500.00 1
4201 E 63RD PLACE 8.125 1,666.91 65
7.875 1,666.91 347,000.00
1
SCOTTSDALE AZ 85251 2 12/12/96 00
0430112854 05 02/01/97 0
512113 O 01/01/27
0
1547773 181/181 F 300,000.00 ZZ
360 299,808.69 1
1207 VIA CIELITO 8.250 2,253.81 80
8.000 2,253.81 375,000.00
VENTURA CA 93003 2 11/18/96 00
5392578 05 01/01/97 0
5392578 O 12/01/26
0
1547779 181/181 F 331,000.00 ZZ
360 331,000.00 1
929 S BRUNER 8.125 2,457.67 75
7.875 2,457.67 445,000.00
HINSDALE IL 60521 5 12/05/96 00
5560209 05 02/01/97 0
5560209 O 01/01/27
0
1547781 181/181 F 293,200.00 ZZ
360 292,998.23 1
644 PRAIRIE 7.875 2,125.90 80
7.625 2,125.90 366,562.00
WILMETTE IL 60091 1 11/21/96 00
5384508 03 01/01/97 0
5384508 O 12/01/26
0
1547789 181/181 F 332,000.00 ZZ
360 332,000.00 1
1464 MCDANIELS AVE 8.375 2,523.44 66
8.125 2,523.44 510,000.00
HIGHLAND PARK IL 60035 2 12/06/96 00
5561175 05 02/01/97 0
5561175 O 01/01/27
0
1547790 369/G01 F 221,800.00 ZZ
360 221,800.00 1
7447 E QUILL LANE 8.375 1,685.85 75
8.125 1,685.85 296,000.00
SCOTTSDALE AZ 85255 1 12/11/96 00
0430112649 03 02/01/97 0
0048829097 O 01/01/27
0
1
1547820 964/G01 F 187,900.00 ZZ
360 187,900.00 1
30 CALABRIA LANE 7.875 1,362.41 80
7.625 1,362.41 234,900.00
FOOTHILL RANCH CA 92610 1 12/17/96 00
0430108621 03 02/01/97 0
21140 O 01/01/27
0
1547830 696/G01 F 235,000.00 ZZ
360 235,000.00 1
21498 TITHABLES CIRCLE 7.500 1,643.15 80
7.250 1,643.15 293,789.00
ASHBURN VA 20148 1 12/24/96 00
0430110361 03 02/01/97 0
2339162 O 01/01/27
0
1547848 956/G01 F 208,000.00 ZZ
360 208,000.00 1
3403 PINEWOOD DRIVE 7.750 1,490.14 80
7.500 1,490.14 260,000.00
HAYWARD CA 94542 1 12/16/96 00
0430113894 05 02/01/97 0
612038 O 01/01/27
0
1547853 956/G01 F 228,800.00 ZZ
360 228,800.00 1
2708 REMBRANDT PLACE 8.000 1,678.85 80
7.750 1,678.85 286,000.00
MODESTO CA 95356 1 12/06/96 00
0430113498 05 02/01/97 0
611258 O 01/01/27
0
1547856 267/267 F 260,000.00 ZZ
360 260,000.00 1
451 S GIBSON CT 8.000 1,907.79 80
7.750 1,907.79 327,000.00
BURBANK CA 91501 1 12/12/96 00
4439829 05 02/01/97 0
4439829 O 01/01/27
0
1547860 267/267 F 274,800.00 ZZ
360 274,800.00 1
1
3518 MICHAEL DRIVE 7.750 1,968.71 80
7.500 1,968.71 343,500.00
SAN MATEO CA 94403 1 12/06/96 00
4421266 05 02/01/97 0
4421266 O 01/01/27
0
1547862 267/267 F 238,740.00 ZZ
360 238,740.00 1
3768 SOUTHRIDGE WAY 7.750 1,710.37 95
7.500 1,710.37 251,306.00
OCEANSIDE CA 92056 1 12/05/96 10
4425537 03 02/01/97 30
4425537 O 01/01/27
0
1547865 267/267 F 484,000.00 ZZ
360 484,000.00 1
20 SANTA BELLA RD 7.500 3,384.20 80
7.250 3,384.20 605,000.00
ROLLING HILLS E CA 90274 1 12/11/96 00
4420529 05 02/01/97 0
4420529 O 01/01/27
0
1547873 E22/G01 F 425,100.00 ZZ
360 425,100.00 1
22 CANYONWOOD 7.875 3,082.27 80
7.625 3,082.27 531,434.00
IRVINE CA 92720 1 12/18/96 00
0410235733 03 02/01/97 0
410235733 O 01/01/27
0
1547874 267/267 F 240,000.00 ZZ
360 240,000.00 1
34 EASTWOOD DRIVE 7.500 1,678.12 70
7.250 1,678.12 345,000.00
ORINDA CA 94563 1 12/12/96 00
4437592 05 02/01/97 0
4437592 O 01/01/27
0
1547875 E22/G01 F 385,500.00 ZZ
360 385,500.00 1
8 BAYLEAF LANE 8.250 2,896.13 80
8.000 2,896.13 481,937.00
IRVINE CA 92720 1 12/18/96 00
0410235667 03 02/01/97 0
1
410235667 O 01/01/27
0
1547879 267/267 F 231,800.00 ZZ
360 231,800.00 1
4373 LA COSA AVENUE 7.750 1,660.65 95
7.500 1,660.65 244,000.00
FREMONT CA 94536 1 12/09/96 11
4436994 05 02/01/97 30
4436994 O 01/01/27
0
1547880 E22/G01 F 119,000.00 ZZ
360 119,000.00 1
4601 MEADOW CREEK ROAD 8.000 873.18 68
7.750 873.18 175,000.00
PLACERVILLE CA 95667 5 12/19/96 00
0410309132 05 02/01/97 0
410309132 O 01/01/27
0
1547882 E22/G01 F 124,750.00 ZZ
360 124,750.00 1
10839 MORNING STAR LANE 8.000 915.37 65
7.750 915.37 194,500.00
NEVADA CITY CA 95959 1 12/20/96 00
0410309686 05 02/01/97 0
410309686 O 01/01/27
0
1547889 E22/G01 F 123,750.00 ZZ
360 123,750.00 1
1943 OTOWI DRIVE 7.875 897.27 75
7.625 897.27 165,000.00
SANTA FE NM 87501 1 12/13/96 00
0410325864 05 02/01/97 0
410325864 O 01/01/27
0
1547896 E23/G01 F 266,000.00 ZZ
360 266,000.00 1
16502 SHADY OAKS DRIVE 8.375 2,021.79 95
8.125 2,021.79 280,000.00
RAMONA CA 92065 2 12/20/96 10
0430114272 05 02/01/97 30
109011 O 01/01/27
0
1
1547904 E22/G01 F 285,000.00 ZZ
360 285,000.00 1
235 KENTUCKY AVENUE S 8.375 2,166.21 75
8.125 2,166.21 380,000.00
GOLDEN VALLEY MN 55426 5 12/11/96 00
0410203871 05 02/01/97 0
410203871 O 01/01/27
0
1547907 E22/G01 F 120,000.00 ZZ
360 120,000.00 1
510 COPPERLEAF ROAD 8.750 944.05 58
8.500 944.05 210,000.00
AUSTIN TX 78734 1 12/02/96 00
0410311500 05 02/01/97 0
410311500 O 01/01/27
0
1547919 E19/G01 F 435,000.00 ZZ
360 435,000.00 1
7409 ATHERTON LANE 7.875 3,154.05 80
7.625 3,154.05 544,000.00
WEST HILLS AREA CA 91304 2 12/13/96 00
0430114389 05 02/01/97 0
100018349 O 01/01/27
0
1547920 356/G01 F 475,000.00 ZZ
360 475,000.00 1
14110 SHADOW OAKS WAY 8.000 3,485.39 66
7.750 3,485.39 725,000.00
SARATOGA CA 95070 2 12/04/96 00
0430110023 05 02/01/97 0
2387843 O 01/01/27
0
1547922 356/G01 F 267,000.00 ZZ
360 267,000.00 1
6766 MISTY WILLOW COURT 8.000 1,959.16 69
7.750 1,959.16 390,000.00
SAN JOSE CA 95120 5 12/04/96 00
0430110056 05 02/01/97 0
2392827 O 01/01/27
0
1547924 975/G01 F 271,100.00 ZZ
360 271,100.00 1
1848 MONTAGE COURT 7.875 1,965.66 80
7.625 1,965.66 338,891.00
1
SAN JOSE CA 95131 1 12/16/96 00
0430116269 05 02/01/97 0
963029 O 01/01/27
0
1547926 975/G01 F 239,750.00 ZZ
360 239,750.00 1
1566 RANCHO HILLS DRIVE 8.250 1,801.16 75
8.000 1,801.16 319,733.00
CHINO HILLS CA 91709 1 12/20/96 00
0430114827 05 02/01/97 0
962726 O 01/01/27
0
1547959 686/G01 F 101,250.00 ZZ
360 101,250.00 1
2411 NE 22ND AVENUE 8.500 778.53 75
8.250 778.53 135,000.00
LIGHTHOUSE POIN FL 33064 1 12/17/96 00
0430109256 05 02/01/97 0
17907397 O 01/01/27
0
1547960 686/G01 F 100,000.00 ZZ
360 100,000.00 1
2911 NE 55TH PLACE 8.375 760.08 34
8.125 760.08 295,000.00
FT LAUDERDALE FL 33308 5 12/10/96 00
0430109520 05 02/01/97 0
17906670 O 01/01/27
0
1547965 686/G01 F 180,000.00 ZZ
360 180,000.00 1
368 EL CAMINO REAL 8.375 1,368.13 60
8.125 1,368.13 300,000.00
VALLEJO CA 94590 5 12/04/96 00
0430109538 05 02/01/97 0
17892326 O 01/01/27
0
1547981 638/G01 F 192,500.00 T
360 192,500.00 1
23058 US HIGHWAY 6 8.625 1,497.25 70
#141 W 8.375 1,497.25 275,000.00
KEYSTONE CO 80435 1 12/17/96 00
0430115022 01 02/01/97 0
08613807 O 01/01/27
0
1
1547990 369/G01 F 220,000.00 ZZ
360 219,825.18 1
11804 MOORFOOTE COURT 7.625 1,557.15 69
7.375 1,557.15 320,000.00
RALEIGH NC 27614 2 12/05/96 00
0430119081 03 01/01/97 0
60275260 O 12/01/26
0
1548003 686/G01 F 204,000.00 ZZ
360 204,000.00 1
422 S RIOS AVE 8.250 1,532.59 66
8.000 1,532.59 310,000.00
SOLANA BEACH CA 92075 5 12/05/96 00
0430109611 05 02/01/97 0
17961873 O 01/01/27
0
1548009 696/G01 F 325,000.00 ZZ
360 325,000.00 1
1836 MASSACHUSETTS AVENUE 7.625 2,300.33 74
7.375 2,300.33 440,000.00
MCLEAN VA 22101 2 12/24/96 00
0430110510 05 02/01/97 0
2237494 O 01/01/27
0
1548052 964/G01 F 520,000.00 ZZ
360 520,000.00 1
204 BRET HARTE ROAD 8.000 3,815.58 80
7.750 3,815.58 650,000.00
SAN RAFAEL CA 94901 1 12/17/96 00
0430109967 05 02/01/97 0
21718 O 01/01/27
0
1548053 637/G01 F 327,000.00 ZZ
360 327,000.00 1
5824 ANTIGUA DRIVE 8.375 2,485.44 79
8.125 2,485.44 414,000.00
SAN JOSE CA 95120 2 12/07/96 00
0430115287 05 02/01/97 0
9518036 O 01/01/27
0
1548055 637/G01 F 270,000.00 ZZ
360 270,000.00 1
1
1838 TAMBOUR WAY 8.375 2,052.20 79
8.125 2,052.20 343,500.00
SAN JOSE CA 95131 2 12/02/96 00
0430120873 05 02/01/97 0
9517053 O 01/01/27
0
1548056 637/G01 F 272,000.00 ZZ
360 272,000.00 1
1825 TAMBOUR WAY 8.375 2,067.40 80
8.125 2,067.40 340,500.00
SAN JOSE CA 95131 2 12/07/96 00
0430115485 05 02/01/97 0
9312992 O 01/01/27
0
1548057 637/G01 F 95,000.00 ZZ
360 95,000.00 1
6 GANNET COURT 8.500 730.47 55
8.250 730.47 175,000.00
COMMACK NY 11725 1 12/11/96 00
0430114249 05 02/01/97 0
9221342 O 01/01/27
0
1548059 637/G01 F 250,000.00 ZZ
360 250,000.00 1
3175 NASSAU POINT ROAD 8.125 1,856.25 65
7.875 1,856.25 390,000.00
CUTCHOGUE NY 11935 1 12/23/96 00
0430115527 05 02/01/97 0
9382599 O 01/01/27
0
1548064 573/G01 F 327,600.00 ZZ
360 327,600.00 1
11608 NORTH 80TH PLACE 8.500 2,518.97 90
8.250 2,518.97 364,046.00
SCOTTSDALE AZ 85260 1 12/10/96 01
0430115923 03 02/01/97 25
110560 O 01/01/27
0
1548065 369/G01 F 240,750.00 ZZ
360 240,750.00 1
3145 210TH STREET EAST 8.125 1,787.57 80
7.875 1,787.57 300,988.00
PRIOR LAKE MN 55372 1 12/18/96 00
0430115949 05 02/01/97 0
1
49703044 O 01/01/27
0
1548067 776/G01 F 248,000.00 ZZ
360 247,833.59 1
783 STARLIGHT HEIGHTS DRIVE 8.000 1,819.74 80
7.750 1,819.74 310,000.00
LA CANADA-FLINT CA 91011 1 11/21/96 00
0430114603 09 01/01/97 0
2135440 O 12/01/26
0
1548069 776/G01 F 207,200.00 ZZ
360 207,200.00 1
1206 MCKNIGHT ROAD 8.125 1,538.45 80
7.875 1,538.45 260,000.00
NEWBURY PARK AR CA 91320 1 12/11/96 00
0430116061 05 02/01/97 0
2140305 O 01/01/27
0
1548081 776/G01 F 107,000.00 ZZ
360 107,000.00 1
2031 SOUTH CHIPPEWA PLACE 8.500 822.74 71
8.250 822.74 151,000.00
BOISE ID 83709 5 12/10/96 00
0430116079 05 02/01/97 0
2540039 O 01/01/27
0
1548090 550/550 F 400,000.00 ZZ
360 400,000.00 1
347 LOMBARD STREET 7.875 2,900.28 45
7.625 2,900.28 899,000.00
SAN FRANCISCO CA 94133 1 12/23/96 00
120213819 01 02/01/97 0
120213819 O 01/01/27
0
1548098 E22/G01 F 258,400.00 ZZ
360 258,400.00 1
3924 JEFFERSON CIRCLE 7.875 1,873.58 80
7.625 1,873.58 323,000.00
PLANO TX 75023 2 12/12/96 00
0410326045 03 02/01/97 0
410326045 O 01/01/27
0
1
1548099 403/403 F 230,000.00 ZZ
240 229,633.17 1
83 WEED AVENUE 8.500 1,996.00 74
8.250 1,996.00 315,000.00
NORWALK CT 06850 5 11/14/96 00
6530158 05 01/01/97 0
6530158 O 12/01/16
0
1548107 664/G01 F 456,000.00 ZZ
360 456,000.00 1
2353 TUSCANY AVENUE 8.000 3,345.97 80
7.750 3,345.97 570,000.00
MERCED CA 95340 1 12/04/96 00
0430113381 05 02/01/97 0
2023547 O 01/01/27
0
1548110 G22/G01 F 238,200.00 ZZ
360 238,200.00 1
205 RATTO ROAD 8.125 1,768.63 80
7.875 1,768.63 297,800.00
ALAMEDA CA 94502 1 12/20/96 00
0430113142 03 02/01/97 0
310048 O 01/01/27
0
1548114 E22/G01 F 244,000.00 ZZ
360 244,000.00 1
1911 MALCOLM AVENUE UNIT 302 8.125 1,811.69 80
7.875 1,811.69 305,000.00
LOS ANGELES CA 90025 2 12/13/96 00
0410305841 01 02/01/97 0
410305841 O 01/01/27
0
1548115 E22/G01 F 144,000.00 ZZ
360 144,000.00 1
2669 CROOKED CREEK DRIVE 8.250 1,081.82 80
8.000 1,081.82 180,000.00
DIAMOND BAR CA 91765 2 12/20/96 00
0410291769 05 02/01/97 0
410291769 O 01/01/27
0
1548126 E22/G01 F 300,000.00 ZZ
360 300,000.00 1
5930 SW 102ND ST 8.750 2,360.10 71
8.500 2,360.10 428,000.00
1
MIAMI FL 33156 5 12/18/96 00
0410254189 05 02/01/97 0
410254189 O 01/01/27
0
1548127 E22/G01 F 86,250.00 ZZ
360 86,250.00 1
504 S. PARK DRIVE 8.500 663.19 75
8.250 663.19 115,000.00
SALISBURY MD 21804 1 12/20/96 00
0410255285 05 02/01/97 0
410255285 O 01/01/27
0
1548150 G41/G01 F 276,000.00 ZZ
360 276,000.00 3
2302 DELANCEY STREET 8.000 2,025.20 80
7.750 2,025.20 345,000.00
PHILADELPHIA PA 19103 1 12/20/96 00
0430112896 05 02/01/97 0
60000078 O 01/01/27
0
1548156 E16/G01 F 283,000.00 ZZ
360 283,000.00 1
18 GRAFTON ROAD 8.250 2,126.09 90
8.000 2,126.09 315,000.00
STOCKTON NJ 08559 2 12/17/96 01
0430110007 05 02/01/97 25
118801136 O 01/01/27
0
1548167 450/450 F 345,000.00 ZZ
360 345,000.00 1
8430 EDWIN DRIVE 8.625 2,683.37 74
8.375 2,683.37 467,011.00
LOS ANGELES CA 90046 2 12/02/96 00
NG 05 02/01/97 0
NG O 01/01/27
0
1548168 623/623 F 397,500.00 ZZ
360 397,500.00 1
4735 ANGELES CREST HWY 7.875 2,882.15 90
7.625 2,882.15 443,000.00
LA CANADA FLINT CA 91011 2 12/13/96 10
67098500 05 02/01/97 25
67098500 O 01/01/27
0
1
1548174 822/G01 F 97,000.00 ZZ
360 97,000.00 1
880 O'DONNELL AVENUE 7.875 703.32 57
7.625 703.32 171,000.00
SCOTCH PLAINS NJ 07076 2 12/12/96 00
0430113035 05 02/01/97 0
0366025406 O 01/01/27
0
1548208 696/G01 F 260,000.00 ZZ
360 260,000.00 1
609 NORTH WEST STREET 7.875 1,885.18 80
7.625 1,885.18 325,000.00
FALLS CHURCH VA 22046 1 12/19/96 00
0430111575 05 02/01/97 0
2288981 O 01/01/27
0
1548212 A39/G01 F 596,000.00 ZZ
360 596,000.00 1
15930 ROYAL OAK ROAD 7.875 4,321.41 80
7.625 4,321.41 745,000.00
ENCINO CA 91436 1 12/23/96 00
0430112433 05 02/01/97 0
9601151 O 01/01/27
0
1548228 757/G01 F 258,750.00 ZZ
360 258,750.00 1
1040 LAKE WELLBROOK DRIVE 8.000 1,898.62 75
7.750 1,898.62 345,000.00
ATHENS GA 30606 2 12/24/96 00
0430115931 05 02/01/97 0
2880433 O 01/01/27
0
1548231 685/G01 F 393,000.00 ZZ
360 393,000.00 1
417 9TH STREET 8.375 2,987.08 76
8.125 2,987.08 520,000.00
MANHATTAN BEACH CA 90266 2 12/12/96 00
0430110650 05 02/01/97 0
106035 O 01/01/27
0
1548248 208/G01 F 168,000.00 ZZ
360 168,000.00 1
1
2590 AVENIDA DE ISIDRO 7.875 1,218.12 80
7.625 1,218.12 210,000.00
SANTA FE NM 87505 2 12/27/96 00
0430120725 05 02/01/97 0
34126 O 01/01/27
0
1548335 E87/G01 F 126,100.00 ZZ
360 126,100.00 1
4692 CARPINTERIA AVENUE 8.250 947.35 78
UNIT #21 8.000 947.35 162,000.00
CARPINTERIA CA 93013 1 12/04/96 00
0430118323 01 02/01/97 0
70000240 O 01/01/27
0
1548338 624/G01 F 189,500.00 ZZ
360 189,500.00 1
6735 ALTIPLANO WAY 8.250 1,423.65 80
8.000 1,423.65 236,900.00
SAN JOSE CA 95119 1 12/18/96 00
0430121301 05 02/01/97 0
21007360336 O 01/01/27
0
1548341 E19/G01 F 156,500.00 ZZ
360 156,500.00 1
31348 HURON STREET 8.375 1,189.51 95
8.125 1,189.51 165,000.00
TEMECULA CA 92592 2 12/09/96 11
0430116285 05 02/01/97 30
100014518 O 01/01/27
0
1548342 B74/G01 F 290,150.00 ZZ
360 290,150.00 1
2000 WREN WAY 8.500 2,231.00 90
8.250 2,231.00 322,500.00
FULLERTON CA 92833 1 12/26/96 12
0430116798 05 02/01/97 25
964332 O 01/01/27
0
1548345 811/G01 F 168,750.00 ZZ
360 168,627.87 2
3025 WHEELER STREET 7.625 1,194.40 75
7.375 1,194.40 225,000.00
BERKELEY CA 94705 1 11/21/96 00
0430117911 05 01/01/97 0
1
166722 O 12/01/26
0
1548347 757/G01 F 128,000.00 ZZ
360 128,000.00 1
3630 LAKE SEMINOLE DRIVE 8.000 939.22 72
7.750 939.22 180,000.00
BUFORD GA 30519 1 12/27/96 00
0430117077 03 02/01/97 0
2881530 O 01/01/27
0
1548349 668/G01 F 228,000.00 ZZ
360 228,000.00 1
5430 EAST LAS LOMAS STREET 7.875 1,653.16 80
7.625 1,653.16 285,000.00
LONG BEACH CA 90815 1 12/04/96 00
0430115451 05 02/01/97 0
7029697 O 01/01/27
0
1548369 664/G01 F 318,750.00 ZZ
360 318,750.00 1
4015 DECLARATION AVENUE 8.125 2,366.71 75
7.875 2,366.71 425,000.00
CALABASAS CA 91302 1 12/16/96 00
0430117028 05 02/01/97 0
2180669 O 01/01/27
0
1548380 601/G01 F 381,459.00 ZZ
360 381,459.00 1
255 LANDMARK DR 8.375 2,899.37 78
8.125 2,899.37 490,000.00
ORONO MN 55356 2 12/19/96 00
0430112383 05 02/01/97 0
893871 O 01/01/27
0
1548395 181/181 F 247,200.00 ZZ
360 247,200.00 1
724 ANGELUS PLACE 7.750 1,770.98 90
VENICE AREA 7.500 1,770.98 275,000.00
LOS ANGELES CA 90291 1 12/04/96 19
5102286 05 02/01/97 25
5102286 O 01/01/27
0
1
1548406 181/181 F 236,000.00 ZZ
360 236,000.00 1
269 SOUTH WOLF ROAD 8.500 1,814.64 80
8.250 1,814.64 298,000.00
DES PLAINES IL 60016 5 12/13/96 00
5385865 05 02/01/97 0
5385865 O 01/01/27
0
1548423 181/181 F 385,500.00 ZZ
360 385,500.00 1
2413 FOX CREEK LANE 7.875 2,795.14 65
7.625 2,795.14 600,000.00
DAVIDSONVILLE MD 21035 4 12/06/96 00
5547601 05 02/01/97 0
5547601 O 01/01/27
0
1548424 696/G01 F 280,000.00 ZZ
360 280,000.00 1
6412 DAMASCUS ROAD 8.250 2,103.55 80
8.000 2,103.55 351,000.00
GAITHERSBURG MD 20882 1 12/20/96 00
0430113126 05 02/01/97 0
3014608 O 01/01/27
0
1548425 450/450 F 238,500.00 ZZ
360 238,500.00 1
5974 PERRYTOWN COURT 8.375 1,812.77 90
8.125 1,812.77 265,000.00
WEST BLOOMFIELD MI 48322 1 12/27/96 11
4279733 05 02/01/97 25
4279733 O 01/01/27
0
1548436 181/181 F 300,000.00 ZZ
360 300,000.00 1
1 WINDSOR CT 7.875 2,175.21 53
7.625 2,175.21 575,000.00
SOUTH BARRINGTO IL 60010 1 12/13/96 00
5560918 05 02/01/97 0
5560918 O 01/01/27
0
1548442 181/181 F 205,000.00 ZZ
360 205,000.00 1
127 ENTRADA MESA ROAD 8.250 1,540.10 74
8.000 1,540.10 280,000.00
1
DANVILLE CA 94526 2 12/04/96 00
5396123 05 02/01/97 0
5396123 O 01/01/27
0
1548445 181/181 F 305,000.00 ZZ
360 305,000.00 1
25 MIDDLETREE LANE 7.875 2,211.46 65
7.625 2,211.46 470,000.00
HAWTHORNE WOODS IL 60047 4 12/10/96 00
4442831 05 02/01/97 0
4442831 O 01/01/27
0
1548468 461/G01 F 78,000.00 ZZ
360 78,000.00 1
3159 SHULER CIRCLE 7.875 565.56 37
7.625 565.56 216,000.00
MARINA CA 93933 2 12/06/96 00
0430115147 05 02/01/97 0
21076385 O 01/01/27
0
1548470 731/G01 F 131,920.00 ZZ
360 131,920.00 1
815 MILLSTEAD COURT 8.000 967.98 80
7.750 967.98 164,900.00
JONESBORO GA 30236 1 12/27/96 00
0430116376 05 02/01/97 0
3140963288 O 01/01/27
0
1548473 E60/G01 F 243,000.00 ZZ
360 243,000.00 1
3480 TROY DRIVE 8.375 1,846.98 90
8.125 1,846.98 270,000.00
LOS ANGELES CA 90068 1 12/24/96 10
0430116780 05 02/01/97 25
520215 O 01/01/27
0
1548488 450/450 F 340,454.13 ZZ
304 340,454.13 1
1861 LAKEVIEW COURT 8.375 2,702.30 69
8.125 2,702.30 500,000.00
BLOOMFIELD HILL MI 48304 1 12/09/96 00
2320059 05 02/01/97 0
2320059 O 05/01/22
0
1
1548489 765/G01 F 226,575.00 ZZ
360 226,575.00 1
11030 SUNNYBRAE STREET 8.750 1,782.47 90
8.500 1,782.47 251,750.00
CHATSWORTH AREA CA 91311 1 12/18/96 10
0430117473 05 02/01/97 25
319380 O 01/01/27
0
1548492 765/G01 F 267,500.00 ZZ
360 267,500.00 1
10232 SOUTH SHERWOOD CIRCLE 8.125 1,986.18 71
7.875 1,986.18 380,000.00
VILLA PARK CA 92667 2 12/20/96 00
0430116509 05 02/01/97 0
319597 O 01/01/27
0
1548498 E19/G01 F 650,000.00 ZZ
360 650,000.00 1
119 STARCREST 8.375 4,940.47 80
8.125 4,940.47 815,000.00
IRVINE CA 92714 2 12/19/96 00
0430116467 03 02/01/97 0
100014100 O 01/01/27
0
1548513 E22/G01 F 454,400.00 ZZ
360 454,400.00 1
27401 RAINBOW RIDGE ROAD 8.125 3,373.91 80
7.875 3,373.91 568,000.00
PALOS VERDES AR CA 90274 1 12/11/96 00
0410284178 05 02/01/97 0
410284178 O 01/01/27
0
1548520 776/G01 F 154,000.00 ZZ
360 153,896.67 1
463 JEANNE COURT 8.000 1,130.00 77
7.750 1,130.00 200,000.00
NEWBURY PARK AR CA 91320 2 11/22/96 00
0430119552 05 01/01/97 0
2135507 O 12/01/26
0
1548521 776/G01 F 202,000.00 ZZ
360 202,000.00 1
1
10320 ALMAYO AVENUE #4 8.250 1,517.56 80
8.000 1,517.56 252,500.00
LOS ANGELES CA 90064 1 12/06/96 00
0430116335 01 02/01/97 0
2140338 O 01/01/27
0
1548522 776/G01 F 212,000.00 ZZ
360 211,864.81 1
27 1/2 MAST STREET #7 8.250 1,592.69 80
(MARINA DEL REY AREA) 8.000 1,592.69 265,000.00
LOS ANGELES CA 90292 1 11/21/96 00
0430117499 01 01/01/97 0
2135495 O 12/01/26
0
1548523 776/G01 F 268,000.00 ZZ
360 268,000.00 1
1508 MURRAY DRIVE 8.250 2,013.39 80
8.000 2,013.39 335,000.00
LOS ANGELES CA 90026 2 12/20/96 00
0430117432 05 02/01/97 0
2140275 O 01/01/27
0
1548539 561/G01 F 556,000.00 ZZ
360 556,000.00 1
7308 DRUM POINT ROAD 8.000 4,079.74 68
7.750 4,079.74 820,000.00
ST. MICHAELS MD 21663 5 12/13/96 00
0430113902 05 02/01/97 0
8951337 O 01/01/27
0
1548542 561/G01 F 293,400.00 ZZ
360 293,400.00 1
8678 MOON BAY CIRCLE 8.375 2,230.06 90
8.125 2,230.06 326,000.00
INDIANAPOLIS IN 46236 2 12/13/96 04
0430113233 03 02/01/97 25
8919169 O 01/01/27
0
1548581 455/G01 F 336,000.00 ZZ
360 336,000.00 1
3900 PEACHTREE DUNWOODY ROAD 7.875 2,436.24 80
7.625 2,436.24 420,000.00
ATLANTA GA 30342 1 12/27/96 00
0430118018 05 02/01/97 0
1
53867 O 01/01/27
0
1548587 623/623 F 350,000.00 ZZ
360 350,000.00 1
5724 PEBBLE BEACH WAY 8.125 2,598.74 89
7.875 2,598.74 397,500.00
SAN LUIS OBISPO CA 93401 1 12/13/96 01
6274598 03 02/01/97 25
6274598 O 01/01/27
0
1548588 E22/G01 F 70,400.00 ZZ
360 70,400.00 1
1440 SHERIDAN STREET UNIT # 22 8.500 541.32 75
8.250 541.32 93,900.00
HOLLYWOOD FL 33020 2 12/20/96 00
0410254429 01 02/01/97 0
410254429 O 01/01/27
0
1548591 E22/G01 F 498,500.00 ZZ
360 498,500.00 1
397 CORRAL DE TIERRA ROAD # A 8.000 3,657.82 68
7.750 3,657.82 735,000.00
SALINAS CA 93908 2 12/20/96 00
0410305684 05 02/01/97 0
410305684 O 01/01/27
0
1548595 E22/G01 F 252,000.00 ZZ
360 252,000.00 1
918 43RD STREET NORTHWEST 8.375 1,915.38 65
8.125 1,915.38 390,000.00
MARYSVILLE WA 98271 5 12/23/96 00
0410221196 05 02/01/97 0
410221196 O 01/01/27
0
1548597 E22/G01 F 153,600.00 ZZ
360 153,600.00 1
2286 TIMBERLANE AVENUE 8.375 1,167.47 80
8.125 1,167.47 192,000.00
SIMI VALLEY CA 93063 1 12/24/96 00
0410278766 05 02/01/97 0
410278766 O 01/01/27
0
1
1548598 E22/G01 F 224,100.00 ZZ
360 224,100.00 1
207 EAGLEVIEW PL, NEWBURY PARK 8.250 1,683.59 90
AREA 8.000 1,683.59 249,000.00
THOUSAND OAKS CA 91320 1 12/23/96 04
0410291413 05 02/01/97 25
410291413 O 01/01/27
0
1548620 375/G01 F 90,000.00 ZZ
360 89,944.06 1
120 COMPASS ROAD 8.375 684.07 58
8.125 684.07 155,750.00
STAFFORD TOWNSH NJ 08050 1 11/06/96 00
0430119602 05 01/01/97 0
601036 O 12/01/26
0
1548635 E22/G01 F 154,400.00 ZZ
360 154,400.00 1
18124 ANTONIO AVENUE 8.625 1,200.91 80
8.375 1,200.91 193,000.00
CERRITOS CA 90703 2 12/23/96 00
0410309959 05 02/01/97 0
410309959 O 01/01/27
0
1548694 E22/G01 F 100,000.00 ZZ
360 99,940.96 1
6504 MOJAVE STREET NW 8.625 777.79 39
8.375 777.79 262,000.00
ALBUQUERQUE NM 87120 5 11/21/96 00
0410288575 05 01/01/97 0
410288575 O 12/01/26
0
1548698 E22/G01 F 105,000.00 ZZ
360 105,000.00 1
25799 STATE HWY 74 8.250 788.83 75
8.000 788.83 141,000.00
EVERGREEN CO 80439 5 12/04/96 00
0410288716 05 02/01/97 0
410288716 O 01/01/27
0
1548699 E22/G01 F 235,000.00 ZZ
360 235,000.00 1
0175 BLACK BEAR TRAIL 7.875 1,703.91 75
7.625 1,703.91 316,000.00
1
CARBONDALE CO 81623 5 12/11/96 00
0410325856 03 02/01/97 0
410325856 O 01/01/27
0
1548719 976/G01 F 288,000.00 ZZ
360 287,999.99 1
2625 WHITNEY PLACE 8.000 2,113.24 72
7.750 2,113.24 400,000.00
FORT GRATIOT MI 48059 2 12/20/96 00
0430119917 05 02/01/97 0
358622 O 01/01/27
0
1548722 F30/G01 F 47,500.00 T
360 47,500.00 1
3615 NO.WOLF CREEK DRIVE #206 8.875 377.93 72
8.625 377.93 66,000.00
EDEN UT 84310 1 12/20/96 00
0430118273 01 02/01/97 0
102972 O 01/01/27
0
1548735 976/G01 F 350,000.00 ZZ
360 350,000.00 1
5 EVERGREEN LANE 8.125 2,598.75 77
7.875 2,598.75 457,000.00
NORTH OAKS MN 55127 1 12/20/96 00
0430118661 05 02/01/97 0
324434 O 01/01/27
0
1548738 664/G01 F 391,500.00 ZZ
360 391,500.00 1
18518 BRYMER STREET 8.500 3,010.30 90
8.250 3,010.30 435,000.00
NORTHRIDGE AREA CA 91326 2 12/19/96 19
0430118620 05 02/01/97 25
2182111 O 01/01/27
0
1548741 731/G01 F 135,000.00 ZZ
360 135,000.00 1
1051 NORTH CORDOVA STREET 8.125 1,002.37 58
7.875 1,002.37 235,000.00
BURBANK CA 91505 1 12/18/96 00
0430119487 05 02/01/97 0
411510923 O 01/01/27
0
1
1548752 A13/G01 F 265,500.00 ZZ
360 265,500.00 1
9 SPRUCE HILL LANE 7.625 1,879.20 90
7.375 1,879.20 295,000.00
GOSHEN NY 10924 1 12/20/96 12
0430116939 05 02/01/97 25
960115636 O 01/01/27
0
1548790 E22/G01 F 232,000.00 ZZ
360 232,000.00 1
112 TORCH VIEW DRIVE 7.875 1,682.17 46
7.625 1,682.17 505,000.00
KEWADIN MI 49648 2 12/17/96 00
0410309355 05 02/01/97 0
410309355 O 01/01/27
0
1548821 E22/G01 F 85,450.00 ZZ
360 85,391.20 1
19823 CREEKSHORE DR 7.875 619.57 63
7.625 619.57 137,325.00
KATY TX 77449 1 11/29/96 00
0410309041 03 01/01/97 0
410309041 O 12/01/26
0
1548828 E22/G01 F 54,000.00 ZZ
360 54,000.00 1
3047 RENAISSANCE COURT 8.125 400.95 55
7.875 400.95 99,000.00
DALLAS TX 75287 1 12/20/96 00
0410321830 03 02/01/97 0
410321830 O 01/01/27
0
1548832 E22/G01 F 80,000.00 ZZ
360 80,000.00 1
# 40 PATRICIO ROAD 8.625 622.23 35
8.375 622.23 230,000.00
LOS LUNAS NM 87031 5 12/13/96 00
0410312003 05 02/01/97 0
410312003 O 01/01/27
0
1548852 640/G01 F 230,000.00 ZZ
360 230,000.00 1
1
342 STERLING PARK TERRACE 8.000 1,687.66 89
7.750 1,687.66 260,291.00
FRANKLIN TN 37069 1 12/27/96 04
0430120394 03 02/01/97 25
5693205 O 01/01/27
0
1548857 668/G01 F 236,000.00 ZZ
360 236,000.00 1
11349 SE HIGHLAND LOOP 7.750 1,690.74 80
7.500 1,690.74 295,000.00
CLACKAMAS OR 97015 1 12/03/96 00
0430118208 03 02/01/97 0
0006991020 O 01/01/27
0
1548858 668/G01 F 422,000.00 ZZ
360 422,000.00 1
1224 TYNDALL COURT 8.500 3,244.82 69
8.250 3,244.82 615,000.00
LAKE OSWEGO OR 97034 2 12/16/96 00
0430117747 03 02/01/97 0
0007037823 O 01/01/27
0
1548960 403/403 F 240,000.00 ZZ
360 240,000.00 1
110 JOHNSON LANE 7.750 1,719.39 67
7.500 1,719.39 360,000.00
STRATFORD CT 06497 2 12/24/96 00
00006538995 05 02/01/97 0
00006538995 O 01/01/27
0
1548969 E22/G01 F 182,400.00 ZZ
360 182,400.00 1
10103 SCARLET CIRCLE 7.875 1,322.53 80
7.625 1,322.53 228,000.00
FAIRFAX VA 22030 1 12/30/96 00
0410251862 05 02/01/97 0
410251862 O 01/01/27
0
1548971 992/G01 F 346,400.00 ZZ
360 346,400.00 1
13 PLEASANT DRIVE 7.500 2,422.08 80
7.250 2,422.08 433,000.00
WESTLONG BRANCH NJ 07764 1 12/30/96 00
0430115345 05 02/01/97 0
1
318912 O 01/01/27
0
1548984 E22/G01 F 375,000.00 ZZ
360 375,000.00 1
13409 BONNIE DALE DRIVE 8.125 2,784.36 75
7.875 2,784.36 502,000.00
NORTH POTOMAC MD 20878 2 12/20/96 00
0410337190 05 02/01/97 0
410337190 O 01/01/27
0
1548989 E22/G01 F 150,000.00 ZZ
360 150,000.00 1
1105 GUAVA ISLE 8.500 1,153.37 75
8.250 1,153.37 200,000.00
FORT LAUDERDALE FL 33315 1 12/27/96 00
0410336663 05 02/01/97 0
410336663 O 01/01/27
0
1548992 E22/G01 F 650,000.00 ZZ
360 650,000.00 1
6056 BRIDGEVIEW DRIVE 8.125 4,826.23 67
7.875 4,826.23 982,000.00
VENTURA CA 93003 1 12/23/96 00
0410292270 05 02/01/97 0
410292270 O 01/01/27
0
1549049 E22/G01 F 83,200.00 ZZ
360 83,200.00 1
230 1ST STREET SW 8.625 647.12 80
8.375 647.12 104,000.00
CARMEL IN 46032 1 12/19/96 00
0410167506 05 02/01/97 0
410167506 O 01/01/27
0
1549067 E22/G01 F 245,250.00 ZZ
360 245,250.00 1
2703 MEADOW DRIVE 8.875 1,951.32 75
8.625 1,951.32 327,000.00
ZEELAND MI 49461 5 12/24/96 00
0410167373 05 02/01/97 0
410167373 O 01/01/27
0
1
1549153 313/G01 F 327,900.00 ZZ
360 327,900.00 1
3160 CATHEDRAL SPIRES DRIVE 8.250 2,463.41 80
8.000 2,463.41 409,900.00
COLORADO SPRING CO 80904 1 12/20/96 00
0430116574 03 02/01/97 0
6253850 O 01/01/27
0
1549170 776/G01 F 70,000.00 ZZ
360 70,000.00 1
1309 ASHLAND MINE ROAD 8.125 519.75 52
7.875 519.75 135,000.00
ASHLAND OR 97520 1 12/02/96 00
0430118596 05 02/01/97 0
5038748 O 01/01/27
0
1549171 776/G01 F 224,900.00 ZZ
360 224,900.00 1
1242 LERIDA WAY 7.875 1,630.68 90
7.625 1,630.68 250,000.00
PACIFICA CA 94044 1 12/19/96 04
0430118422 05 02/01/97 25
2140392 O 01/01/27
0
1549184 E87/G01 F 126,000.00 ZZ
360 126,000.00 1
1718 SAN NICHOLAS STREET 8.000 924.54 80
7.750 924.54 157,500.00
VENTURA CA 93001 1 12/11/96 00
0430118521 05 02/01/97 0
70000255 O 01/01/27
0
1549197 964/G01 F 167,850.00 ZZ
360 167,850.00 1
12041 REICHLING LANE 8.125 1,246.28 80
7.875 1,246.28 209,870.00
WHITTIER AREA CA 90606 1 12/05/96 00
0430114116 05 02/01/97 0
21227 O 01/01/27
0
1549202 964/G01 F 196,000.00 ZZ
360 196,000.00 1
19561 VASILE CIRCLE #63 8.625 1,524.47 80
8.375 1,524.47 245,000.00
1
HUNTINGTON BEAC CA 92646 2 12/17/96 00
0430114686 01 02/01/97 0
21453 O 01/01/27
0
1549206 181/181 F 89,600.00 ZZ
360 89,542.87 1
3347 MAPLEWOOD LANE 8.250 673.13 80
8.000 673.13 112,000.00
ACWORTH GA 30101 5 11/26/96 00
2033652 05 01/01/97 0
2033652 O 12/01/26
0
1549210 964/G01 F 226,750.00 ZZ
360 226,750.00 1
2438 BYRON PLACE 8.000 1,663.81 80
7.750 1,663.81 283,491.00
CARLSBAD CA 92008 1 12/19/96 00
0430114694 03 02/01/97 0
21826 O 01/01/27
0
1549211 181/181 F 207,000.00 ZZ
360 207,000.00 1
260 GLEN MEADOW COURT 8.000 1,518.90 73
7.750 1,518.90 285,000.00
ATLANTA GA 30328 1 12/04/96 00
9680385 05 02/01/97 0
9680385 O 01/01/27
0
1549230 356/G01 F 315,500.00 ZZ
360 315,500.00 1
2606 DERBY DRIVE 8.125 2,342.58 78
7.875 2,342.58 408,000.00
SAN RAMON CA 94583 2 12/17/96 00
0430118174 03 02/01/97 0
2392702 O 01/01/27
0
1549236 640/G01 F 528,000.00 ZZ
360 528,000.00 1
2500 BIRNAM WOOD DRIVE 8.125 3,920.39 80
7.875 3,920.39 660,000.00
GERMANTOWN TN 38138 2 12/19/96 00
0430117671 05 02/01/97 0
5784590 O 01/01/27
0
1
1549241 757/G01 F 247,500.00 ZZ
354 247,500.00 1
230 ORCHARD BEND TRAIL 8.125 1,845.05 90
7.875 1,845.05 275,003.00
ALPHARETTA GA 30201 4 12/30/96 01
0430117903 03 02/01/97 25
2786085 O 07/01/26
0
1549268 369/G01 F 600,000.00 ZZ
360 600,000.00 1
5 BACKRIVER CIRCLE 7.875 4,350.42 61
7.625 4,350.42 985,000.00
SAVANNAH GA 31411 2 12/20/96 00
0430117572 03 02/01/97 0
60351343 O 01/01/27
0
1549299 E22/G01 F 131,500.00 ZZ
360 131,500.00 1
8114 COUNSELOR RD 8.500 1,011.12 60
8.250 1,011.12 220,010.00
MANASSAS VA 20112 5 12/24/96 00
0410255558 05 02/01/97 0
410255558 O 01/01/27
0
1549306 E22/G01 F 134,000.00 ZZ
360 134,000.00 1
645 E PALACE AVENUE 8.125 994.95 64
7.875 994.95 210,000.00
SANTA FE NM 87501 5 12/20/96 00
0410325583 05 02/01/97 0
410325583 O 01/01/27
0
1549314 696/G01 F 320,200.00 ZZ
360 320,200.00 1
2136 TYSONS EXECUTIVE COURT 8.000 2,349.51 80
7.750 2,349.51 400,250.00
DUNN LORING VA 22027 1 12/30/96 00
0430115584 03 02/01/97 0
3014747 O 01/01/27
0
1549318 696/G01 F 167,900.00 ZZ
360 167,900.00 1
1
2305 MERIDIAN STREET 7.625 1,188.39 80
7.375 1,188.39 209,900.00
FALLS CHURCH VA 22046 1 12/27/96 00
0430116046 05 02/01/97 0
8028892 O 01/01/27
0
1549320 696/G01 F 196,000.00 BB
360 196,000.00 1
21265 BULLRUSH PLACE 8.125 1,455.29 80
7.875 1,455.29 245,000.00
STERLING VA 20164 1 12/30/96 00
0430116145 03 02/01/97 0
2359256 O 01/01/27
0
1549326 685/G01 F 236,000.00 ZZ
360 236,000.00 1
30311 CLEAR WATER DRIVE 8.375 1,793.77 80
8.125 1,793.77 295,000.00
CANYON LAKE CA 92587 1 12/19/96 00
0430114561 03 02/01/97 0
106140 O 01/01/27
0
1549335 601/G01 F 320,000.00 ZZ
360 320,000.00 1
3109 FOX VALLEY DRIVE 8.250 2,404.05 72
8.000 2,404.05 450,000.00
WEST FRIENDSHIP MD 21794 1 12/11/96 00
0430117622 03 02/01/97 0
0183080 O 01/01/27
0
1549369 E22/G01 F 139,500.00 ZZ
360 139,500.00 1
3337 W 114TH CIRCLE, UNIT A 8.250 1,048.02 75
8.000 1,048.02 186,000.00
WESTMINSTER CO 80030 2 12/20/96 00
0410325922 01 02/01/97 0
410325922 O 01/01/27
0
1549402 744/G01 F 108,000.00 ZZ
360 108,000.00 1
171 EAST CLARION DRIVE 8.500 830.43 80
8.250 830.43 135,000.00
CARSON CA 90745 1 12/20/96 00
0430119503 05 02/01/97 0
1
79352 O 01/01/27
0
1549409 664/G01 F 260,000.00 ZZ
360 260,000.00 1
14571 VALLEY VISTA BOULEVARD 8.500 1,999.18 69
8.250 1,999.18 380,000.00
SHERMAN OAKS AR CA 91403 2 12/24/96 00
0430118554 05 02/01/97 0
2182483 O 01/01/27
0
1549420 976/G01 F 116,000.00 ZZ
360 116,000.00 1
11642 NORTHEAST 155TH STREET 8.125 861.30 65
7.875 861.30 180,000.00
BOTHELL WA 98011 2 12/23/96 00
0430121244 05 02/01/97 0
291768 O 01/01/27
0
1549422 698/698 F 392,000.00 ZZ
360 392,000.00 1
6113 GRANBY ROAD 7.875 2,842.27 80
7.625 2,842.27 490,000.00
DERWOOD MD 20855 1 12/30/96 00
15552775 05 02/01/97 0
15552775 O 01/01/27
0
1549446 A39/G01 F 448,000.00 ZZ
360 448,000.00 1
30 COOLWATER ROAD 8.000 3,287.27 80
7.750 3,287.27 560,000.00
BELL CANYON ARE CA 91307 1 12/27/96 00
0430114975 03 02/01/97 0
9600899 O 01/01/27
0
1549490 601/G01 F 430,000.00 ZZ
360 430,000.00 1
2006 MILL POND COURT 8.625 3,344.50 72
8.375 3,344.50 600,000.00
WALL NJ 07719 5 12/26/96 00
0430115667 05 02/01/97 0
1113249 O 01/01/27
0
1
1549502 964/G01 F 250,000.00 ZZ
360 250,000.00 1
6522 GOLDEN DAWN COURT 8.375 1,900.18 76
8.125 1,900.18 330,000.00
SPARKS NV 89436 1 12/19/96 00
0430119149 05 02/01/97 0
21438 O 01/01/27
0
1549504 964/G01 F 128,400.00 ZZ
360 128,400.00 1
3 FREEDOM LANE SOUTH 8.125 953.37 80
7.875 953.37 160,500.00
PETALUMA CA 94952 2 12/18/96 00
0430117010 09 02/01/97 0
21510 O 01/01/27
0
1549528 696/G01 F 211,900.00 ZZ
360 211,900.00 1
15102 WINDY HOLLOW CIRCLE 7.500 1,481.64 80
7.250 1,481.64 264,900.00
GAINESVILLE VA 20155 1 12/17/96 00
0430117796 03 02/01/97 0
2179215 O 01/01/27
0
1549546 403/G01 F 320,000.00 ZZ
360 319,779.77 1
131 LYNN DRIVE 7.875 2,320.23 87
7.625 2,320.23 369,000.00
MONROE CT 06468 1 11/22/96 04
0430117895 05 01/01/97 25
00006534952 O 12/01/26
0
1549601 637/G01 F 218,000.00 ZZ
360 218,000.00 1
29806 TROUTDALE SCENIC DR. 8.000 1,599.61 79
7.750 1,599.61 278,000.00
EVERGREEN CO 80439 2 12/23/96 00
0430119230 03 02/01/97 0
4457370 O 01/01/27
0
1549623 696/G01 F 232,050.00 ZZ
360 232,050.00 1
5969 AVALON DRIVE 7.750 1,662.43 80
7.500 1,662.43 290,123.00
1
ELKRIDGE MD 21227 1 12/27/96 00
0430120352 03 02/01/97 0
3014844 O 01/01/27
0
1549660 638/G01 F 296,900.00 ZZ
360 296,900.00 1
2770 AUTUMN RIDGE DRIVE 7.750 2,127.03 75
7.500 2,127.03 395,890.00
THOUSAND OAKS CA 91362 1 12/26/96 00
0430120089 05 02/01/97 0
08582649 O 01/01/27
0
1549671 136/G01 F 94,000.00 ZZ
360 94,000.00 1
49 BERKSHIRE ROAD 8.500 722.78 62
8.250 722.78 154,000.00
BETHPAGE NY 11714 1 12/17/96 00
0430117978 05 02/01/97 0
1109365 O 01/01/27
0
1549690 369/G01 F 501,000.00 ZZ
360 501,000.00 1
5 CHARLEY LAKE COURT 8.500 3,852.26 80
8.250 3,852.26 626,335.00
NORTH OAKS MN 55127 1 12/20/96 00
0430119420 05 02/01/97 0
0049703432 O 01/01/27
0
1549712 A13/G01 F 275,400.00 ZZ
360 275,400.00 1
2085 NATURES WAY 7.875 1,996.85 90
7.625 1,996.85 306,000.00
PRINCE FREDERIC MD 20678 2 12/12/96 12
0430117119 05 02/01/97 25
960129422 O 01/01/27
0
1549801 975/G01 F 650,000.00 ZZ
360 650,000.00 1
1457 WESTHAVEN ROAD 8.500 4,997.94 69
8.250 4,997.94 950,000.00
SAN MARINO CA 91108 1 12/20/96 00
0430121202 05 02/01/97 0
962567 O 01/01/27
0
1
1549811 461/G01 F 397,500.00 ZZ
360 397,500.00 1
10715 ROCHESTER AVENUE 7.875 2,882.16 75
7.625 2,882.16 530,000.00
WESTWOOD CA 90024 5 12/06/96 00
0430120162 05 02/01/97 0
21055165 O 01/01/27
0
1549814 E22/G01 F 124,000.00 ZZ
360 124,000.00 1
4325 WEST 182ND STREET UNIT 16 8.625 964.46 80
8.375 964.46 155,000.00
TORRANCE CA 90504 2 12/26/96 00
0410292783 01 02/01/97 0
410292783 O 01/01/27
0
1549836 776/G01 F 494,400.00 ZZ
360 494,400.00 1
705 GREENTREE ROAD 8.250 3,714.26 80
PACIFIC PALISADES AREA 8.000 3,714.26 618,000.00
LOS ANGELES CA 90272 1 12/13/96 00
0430121517 05 02/01/97 0
2135437 O 01/01/27
0
1549838 776/G01 F 265,950.00 ZZ
360 265,950.00 1
3131 NORTH ZANE GREY TERRACE 8.250 1,997.99 80
8.000 1,997.99 332,450.00
ALTADENA AREA CA 91001 1 12/23/96 00
0430121525 05 02/01/97 0
2135434 O 01/01/27
0
1549853 450/450 F 229,000.00 ZZ
360 229,000.00 1
20203 WELLESLEY 8.250 1,720.40 67
8.000 1,720.40 344,000.00
VILLAGE OF BEVE MI 48025 1 12/30/96 00
3979093 05 02/01/97 0
3979093 O 01/01/27
0
1549860 E22/G01 F 133,500.00 ZZ
360 133,500.00 1
1
484 MANCOS 8.125 991.23 75
7.875 991.23 178,000.00
CARBONDALE CO 81623 5 12/10/96 00
0410325781 05 02/01/97 0
410325781 O 01/01/27
0
1549881 696/G01 F 205,000.00 ZZ
360 205,000.00 1
13109 LOU ALICE WAY 8.250 1,540.10 74
8.000 1,540.10 280,175.00
HERNDON VA 20171 1 12/27/96 00
0430118919 03 02/01/97 0
3014841 O 01/01/27
0
1549882 696/G01 F 220,000.00 ZZ
360 220,000.00 1
7201 BELTON COURT 8.250 1,652.79 80
8.000 1,652.79 275,000.00
MCLEAN VA 22101 1 01/03/97 00
0430118737 05 02/01/97 0
2379190 O 01/01/27
0
1549908 696/G01 F 238,400.00 ZZ
360 238,400.00 1
12017 ARISTA MANOR WAY 7.875 1,728.57 80
7.625 1,728.57 298,800.00
GERMANTOWN MD 20876 1 12/26/96 00
0430119255 03 02/01/97 0
3194782 O 01/01/27
0
1549931 696/G01 F 179,200.00 ZZ
360 179,200.00 1
3900 MONTROSE DRIVEWAY 8.000 1,314.91 80
7.750 1,314.91 224,000.00
CHEVY CHASE MD 20815 1 01/03/97 00
0430117812 05 02/01/97 0
3274850 O 01/01/27
0
1549965 696/G01 F 203,200.00 ZZ
360 203,200.00 1
3 HARROWGATE COURT 7.750 1,455.75 80
7.500 1,455.75 254,000.00
ROCKVILLE MD 20854 1 12/20/96 00
0430118042 05 02/01/97 0
1
6090782 O 01/01/27
0
1549966 696/G01 F 225,000.00 ZZ
360 225,000.00 1
5238 BALTIMORE AVENUE 7.625 1,592.54 90
7.375 1,592.54 250,000.00
BETHESDA MD 20816 1 12/28/96 10
0430120212 05 02/01/97 25
6090789 O 01/01/27
0
1549975 696/G01 F 234,650.00 ZZ
360 234,650.00 1
1907 KALORAMA PLACE NW #1017 8.125 1,742.27 90
7.875 1,742.27 260,750.00
WASHINGTON DC 20009 1 12/30/96 10
0430119990 01 02/01/97 25
3264739 O 01/01/27
0
1549991 696/G01 F 261,250.00 ZZ
360 261,250.00 1
5443 SIMPKINS COURT 8.125 1,939.77 80
7.875 1,939.77 326,575.00
ELLICOTT CITY MD 21043 1 12/16/96 00
0430118844 05 02/01/97 0
3014777 O 01/01/27
0
1550129 181/181 F 240,300.00 ZZ
360 240,300.00 1
1458 W HOOD AVE 8.250 1,805.29 90
8.000 1,805.29 267,000.00
CHICAGO IL 60660 1 12/27/96 12
5563852 05 02/01/97 25
5563852 O 01/01/27
0
1550141 181/181 F 275,200.00 ZZ
360 275,200.00 1
4703 WEST 86TH STREET 8.000 2,019.32 80
7.750 2,019.32 344,000.00
PRAIRIE VILLAGE KS 66207 1 12/12/96 00
5559278 09 02/01/97 0
5559278 O 01/01/27
0
1550155 181/181 F 271,000.00 ZZ
360 271,000.00 1
3429 DANNER CIRCLE 8.125 2,012.17 71
7.875 2,012.17 385,000.00
BIRMINGHAM AL 35243 5 12/03/96 00
558742 05 02/01/97 0
558742 O 01/01/27
0
1550554 964/G01 F 620,000.00 ZZ
360 620,000.00 1
21110 CANYON VIEW DRIVE 8.750 4,877.54 69
8.500 4,877.54 902,000.00
SARATOGA CA 95070 2 12/26/96 00
0430121111 05 02/01/97 0
21653 O 01/01/27
0
TOTAL NUMBER OF LOANS : 1,631
TOTAL ORIGINAL BALANCE : 424,252,017.98
TOTAL PRINCIPAL BALANCE : 423,830,448.40
TOTAL ORIGINAL P+I : 3,191,000.91
TOTAL CURRENT P+I : 3,191,000.92
***************************
* END OF REPORT *
***************************
RUN ON : 01/24/97 RFC DISCLOSURE SYSTEM RFFSDFIX-01
AT : 12.56.11 FIXED PASSTHRU REPORT AMORTIZED BALANCE
SERIES : RFMSI I 1997-S2 CUTOFF : 01/01/97
POOL : 0004236
:
:
POOL STATUS: U
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
------------------------------------------------------------------------------
1466779 .2500
177,068.99 .0300
8.5000 .0000
8.2500 .0000
8.2200 .0000
7.5000 .7200
1469933 .2500
437,400.00 .0300
8.6250 .0000
8.3750 .0000
8.3450 .0000
7.5000 .8450
1474765 .2500
446,146.57 .0300
7.8750 .0000
7.6250 .0000
7.5950 .0000
7.5000 .0950
1489357 .2500
76,075.15 .0800
8.6250 .0000
8.3750 .0000
8.2950 .0000
7.5000 .7950
1490869 .2500
397,808.88 .0300
9.0000 .0000
8.7500 .0000
8.7200 .0000
7.5000 1.2200
1491168 .2500
265,362.40 .0300
8.3750 .0000
8.1250 .0000
8.0950 .0000
7.5000 .5950
1
1492034 .2500
338,346.74 .0800
8.6250 .0000
8.3750 .0000
8.2950 .0000
7.5000 .7950
1497533 .2500
294,857.90 .0800
8.1250 .0000
7.8750 .0000
7.7950 .0000
7.5000 .2950
1500459 .2500
277,622.62 .0800
8.6250 .0000
8.3750 .0000
8.2950 .0000
7.5000 .7950
1508489 .2500
309,973.91 .0300
8.8750 .0000
8.6250 .0000
8.5950 .0000
7.5000 1.0950
1514086 .2500
213,852.73 .0300
7.8750 .0000
7.6250 .0000
7.5950 .0000
7.5000 .0950
1518960 .2500
132,919.43 .0300
8.5000 .0000
8.2500 .0000
8.2200 .0000
7.5000 .7200
1519178 .2500
140,000.00 .0300
8.2500 .0000
8.0000 .0000
7.9700 .0000
7.5000 .4700
1519280 .2500
260,544.19 .0300
9.1250 .0000
8.8750 .0000
8.8450 .0000
7.5000 1.3450
1
1519680 .2500
216,208.61 .0300
8.8750 .0000
8.6250 .0000
8.5950 .0000
7.5000 1.0950
1523614 .2500
125,925.61 .0300
8.6250 .0000
8.3750 .0000
8.3450 .0000
7.5000 .8450
1524961 .2500
254,359.37 .0300
8.3750 .0000
8.1250 .0000
8.0950 .0000
7.5000 .5950
1525191 .2500
299,803.76 .0300
8.1250 .0000
7.8750 .0000
7.8450 .0000
7.5000 .3450
1527360 .2500
742,000.00 .0300
8.6250 .0000
8.3750 .0000
8.3450 .0000
7.5000 .8450
1527363 .2500
69,890.29 .0300
9.2500 .0000
9.0000 .0000
8.9700 .0000
7.5000 1.4700
1527610 .2500
103,500.00 .0300
8.3750 .0000
8.1250 .0000
8.0950 .0000
7.5000 .5950
1528623 .2500
255,629.10 .0300
9.6250 .0000
9.3750 .0000
9.3450 .0000
7.5000 1.8450
1
1528666 .2500
334,969.31 .0300
7.8750 .0000
7.6250 .0000
7.5950 .0000
7.5000 .0950
1528837 .2500
55,961.46 .0300
7.8750 .0000
7.6250 .0000
7.5950 .0000
7.5000 .0950
1529754 .2500
94,447.02 .0300
8.8750 .0000
8.6250 .0000
8.5950 .0000
7.5000 1.0950
1530055 .2500
204,326.02 .0300
8.6250 .0000
8.3750 .0000
8.3450 .0000
7.5000 .8450
1530265 .2500
153,576.98 .0300
8.8750 .0000
8.6250 .0000
8.5950 .0000
7.5000 1.0950
1530666 .2500
287,397.27 .0300
9.2500 .0000
9.0000 .0000
8.9700 .0000
7.5000 1.4700
1530921 .2500
155,905.49 .0300
8.5000 .0000
8.2500 .0000
8.2200 .0000
7.5000 .7200
1530971 .2500
618,786.93 .0800
8.1250 .0000
7.8750 .0000
7.7950 .0000
7.5000 .2950
1
1531455 .2500
219,341.16 .0800
8.6250 .0000
8.3750 .0000
8.2950 .0000
7.5000 .7950
1531568 .2500
276,000.00 .0300
8.3750 .0000
8.1250 .0000
8.0950 .0000
7.5000 .5950
1531619 .2500
187,503.07 .0300
8.1250 .0000
7.8750 .0000
7.8450 .0000
7.5000 .3450
1531676 .2500
399,488.11 .0300
8.2500 .0000
8.0000 .0000
7.9700 .0000
7.5000 .4700
1531836 .2500
318,212.61 .0300
8.5000 .0000
8.2500 .0000
8.2200 .0000
7.5000 .7200
1531985 .2500
599,251.52 .0300
8.3750 .0000
8.1250 .0000
8.0950 .0000
7.5000 .5950
1532139 .2500
595,629.55 .0300
8.3750 .0000
8.1250 .0000
8.0950 .0000
7.5000 .5950
1532280 .2500
236,688.16 .0800
8.2500 .0000
8.0000 .0000
7.9200 .0000
7.5000 .4200
1
1532334 .2500
89,696.28 .0300
8.7500 .0000
8.5000 .0000
8.4700 .0000
7.5000 .9700
1532355 .2500
248,181.99 .0300
8.2500 .0000
8.0000 .0000
7.9700 .0000
7.5000 .4700
1532570 .2500
367,771.26 .0300
8.3750 .0000
8.1250 .0000
8.0950 .0000
7.5000 .5950
1532978 .2500
74,856.85 .0300
8.7500 .0000
8.5000 .0000
8.4700 .0000
7.5000 .9700
1533001 .2500
299,827.39 .0300
8.7500 .0000
8.5000 .0000
8.4700 .0000
7.5000 .9700
1533059 .2500
245,803.97 .0300
9.1250 .0000
8.8750 .0000
8.8450 .0000
7.5000 1.3450
1533275 .2500
227,004.63 .0300
8.7500 .0000
8.5000 .0000
8.4700 .0000
7.5000 .9700
1533291 .2500
191,880.66 .0300
8.3750 .0000
8.1250 .0000
8.0950 .0000
7.5000 .5950
1
1533328 .2500
319,558.11 .0800
7.8750 .0000
7.6250 .0000
7.5450 .0000
7.5000 .0450
1533398 .2500
168,448.94 .0300
8.6250 .0000
8.3750 .0000
8.3450 .0000
7.5000 .8450
1533446 .2500
79,062.04 .0300
8.7500 .0000
8.5000 .0000
8.4700 .0000
7.5000 .9700
1533480 .2500
298,000.00 .0300
8.5000 .0000
8.2500 .0000
8.2200 .0000
7.5000 .7200
1533642 .2500
519,632.98 .0300
7.7500 .0000
7.5000 .0000
7.4700 .0000
7.4700 .0000
1533661 .2500
95,900.00 .0300
8.3750 .0000
8.1250 .0000
8.0950 .0000
7.5000 .5950
1533749 .2500
276,435.34 .0300
8.7500 .0000
8.5000 .0000
8.4700 .0000
7.5000 .9700
1533870 .2500
430,132.47 .0300
8.3750 .0000
8.1250 .0000
8.0950 .0000
7.5000 .5950
1
1534206 .2500
265,237.27 .0300
8.7500 .0000
8.5000 .0000
8.4700 .0000
7.5000 .9700
1534280 .2500
267,420.60 .0300
8.7500 .0000
8.5000 .0000
8.4700 .0000
7.5000 .9700
1534340 .2500
391,015.16 .0800
8.3750 .0000
8.1250 .0000
8.0450 .0000
7.5000 .5450
1534362 .2500
279,816.83 .0800
8.1250 .0000
7.8750 .0000
7.7950 .0000
7.5000 .2950
1534420 .2500
219,472.32 .0800
8.5000 .0000
8.2500 .0000
8.1700 .0000
7.5000 .6700
1534432 .2500
292,000.00 .0300
8.7500 .0000
8.5000 .0000
8.4700 .0000
7.5000 .9700
1534452 .2500
371,511.67 .0300
8.1250 .0000
7.8750 .0000
7.8450 .0000
7.5000 .3450
1534515 .2500
395,005.08 .0800
8.3750 .0000
8.1250 .0000
8.0450 .0000
7.5000 .5450
1
1534688 .2500
354,533.03 .0800
8.3750 .0000
8.1250 .0000
8.0450 .0000
7.5000 .5450
1534768 .2500
293,364.39 .0800
9.5000 .0000
9.2500 .0000
9.1700 .0000
7.5000 1.6700
1534970 .2500
352,513.65 .0800
8.5000 .0000
8.2500 .0000
8.1700 .0000
7.5000 .6700
1535023 .2500
229,698.08 .0300
8.1250 .0000
7.8750 .0000
7.8450 .0000
7.5000 .3450
1535104 .2500
276,340.92 .0300
8.7500 .0000
8.5000 .0000
8.4700 .0000
7.5000 .9700
1535113 .2500
300,000.00 .0300
8.1250 .0000
7.8750 .0000
7.8450 .0000
7.5000 .3450
1535118 .2500
259,829.92 .0300
8.1250 .0000
7.8750 .0000
7.8450 .0000
7.5000 .3450
1535133 .2500
104,436.70 .0800
8.5000 .0000
8.2500 .0000
8.1700 .0000
7.5000 .6700
1
1535171 .2500
230,415.85 .0300
8.3750 .0000
8.1250 .0000
8.0950 .0000
7.5000 .5950
1535195 .2500
340,375.85 .0300
8.5000 .0000
8.2500 .0000
8.2200 .0000
7.5000 .7200
1535343 .2500
253,850.04 .0300
8.6250 .0000
8.3750 .0000
8.3450 .0000
7.5000 .8450
1535344 .2500
237,848.23 .0300
8.2500 .0000
8.0000 .0000
7.9700 .0000
7.5000 .4700
1535476 .2500
187,380.43 .0300
8.2500 .0000
8.0000 .0000
7.9700 .0000
7.5000 .4700
1535767 .2500
193,364.59 .0300
8.5000 .0000
8.2500 .0000
8.2200 .0000
7.5000 .7200
1535818 .2500
325,871.66 .0300
8.1250 .0000
7.8750 .0000
7.8450 .0000
7.5000 .3450
1535925 .2500
290,037.74 .0300
8.3750 .0000
8.1250 .0000
8.0950 .0000
7.5000 .5950
1
1535971 .2500
229,877.55 .0300
8.8750 .0000
8.6250 .0000
8.5950 .0000
7.5000 1.0950
1536012 .2500
209,869.48 .0300
8.3750 .0000
8.1250 .0000
8.0950 .0000
7.5000 .5950
1536060 .2500
335,091.59 .0300
8.3750 .0000
8.1250 .0000
8.0950 .0000
7.5000 .5950
1536096 .2500
132,326.07 .0300
8.1250 .0000
7.8750 .0000
7.8450 .0000
7.5000 .3450
1536124 .2500
344,580.50 .0300
8.5000 .0000
8.2500 .0000
8.2200 .0000
7.5000 .7200
1536161 .2500
175,884.87 .0300
8.1250 .0000
7.8750 .0000
7.8450 .0000
7.5000 .3450
1536191 .2500
196,392.07 .0800
8.6250 .0000
8.3750 .0000
8.2950 .0000
7.5000 .7950
1536283 .2500
107,881.58 .0300
9.0000 .0000
8.7500 .0000
8.7200 .0000
7.5000 1.2200
1
1536355 .2500
242,777.15 .0800
8.7500 .0000
8.5000 .0000
8.4200 .0000
7.5000 .9200
1536406 .2500
239,676.85 .0300
8.0000 .0000
7.7500 .0000
7.7200 .0000
7.5000 .2200
1536459 .2500
211,354.45 .0300
7.8750 .0000
7.6250 .0000
7.5950 .0000
7.5000 .0950
1536497 .2500
412,000.00 .0300
8.0000 .0000
7.7500 .0000
7.7200 .0000
7.5000 .2200
1536514 .2500
313,600.00 .0300
8.1250 .0000
7.8750 .0000
7.8450 .0000
7.5000 .3450
1536515 .2500
187,880.12 .0300
8.2500 .0000
8.0000 .0000
7.9700 .0000
7.5000 .4700
1536579 .2500
251,612.49 .0300
9.0000 .0000
8.7500 .0000
8.7200 .0000
7.5000 1.2200
1536590 .2500
214,738.59 .0300
8.5000 .0000
8.2500 .0000
8.2200 .0000
7.5000 .7200
1
1536604 .2500
324,226.88 .0300
7.8750 .0000
7.6250 .0000
7.5950 .0000
7.5000 .0950
1536606 .2500
384,282.19 .0300
8.5000 .0000
8.2500 .0000
8.2200 .0000
7.5000 .7200
1536607 .2500
83,889.73 .0300
8.1250 .0000
7.8750 .0000
7.8450 .0000
7.5000 .3450
1536609 .2500
263,687.16 .0300
8.6250 .0000
8.3750 .0000
8.3450 .0000
7.5000 .8450
1536772 .2500
499,664.50 .0300
8.0000 .0000
7.7500 .0000
7.7200 .0000
7.5000 .2200
1536816 .2500
649,595.99 .0300
8.3750 .0000
8.1250 .0000
8.0950 .0000
7.5000 .5950
1536821 .2500
197,550.00 .0300
8.1250 .0000
7.8750 .0000
7.8450 .0000
7.5000 .3450
1536878 .2500
239,846.96 .0300
8.2500 .0000
8.0000 .0000
7.9700 .0000
7.5000 .4700
1
1536881 .2500
292,822.50 .0300
8.5000 .0000
8.2500 .0000
8.2200 .0000
7.5000 .7200
1536889 .2500
309,560.99 .0300
7.7500 .0000
7.5000 .0000
7.4700 .0000
7.4700 .0000
1536906 .2500
247,698.45 .0300
8.5000 .0000
8.2500 .0000
8.2200 .0000
7.5000 .7200
1536945 .2500
205,299.69 .0300
7.1250 .0000
6.8750 .0000
6.8450 .0000
6.8450 .0000
1536946 .2500
218,401.32 .0300
7.7500 .0000
7.5000 .0000
7.4700 .0000
7.4700 .0000
1536972 .2500
227,854.61 .0300
8.2500 .0000
8.0000 .0000
7.9700 .0000
7.5000 .4700
1536983 .2500
231,855.80 .0300
8.3750 .0000
8.1250 .0000
8.0950 .0000
7.5000 .5950
1537033 .2500
110,200.00 .0300
8.5000 .0000
8.2500 .0000
8.2200 .0000
7.5000 .7200
1
1537086 .2500
225,332.66 .0300
8.6250 .0000
8.3750 .0000
8.3450 .0000
7.5000 .8450
1537093 .2500
237,710.60 .0300
8.5000 .0000
8.2500 .0000
8.2200 .0000
7.5000 .7200
1537156 .2500
339,766.01 .0300
7.8750 .0000
7.6250 .0000
7.5950 .0000
7.5000 .0950
1537161 .2500
175,901.33 .0300
8.8750 .0000
8.6250 .0000
8.5950 .0000
7.5000 1.0950
1537209 .2500
283,197.11 .0800
9.1250 .0000
8.8750 .0000
8.7950 .0000
7.5000 1.2950
1537260 .2500
211,724.92 .0300
8.6250 .0000
8.3750 .0000
8.3450 .0000
7.5000 .8450
1537263 .2500
229,764.27 .0300
8.6250 .0000
8.3750 .0000
8.3450 .0000
7.5000 .8450
1537266 .2500
239,843.00 .0300
8.1250 .0000
7.8750 .0000
7.8450 .0000
7.5000 .3450
1
1537284 .2500
160,569.09 .0300
8.8750 .0000
8.6250 .0000
8.5950 .0000
7.5000 1.0950
1537287 .2500
635,165.10 .0300
8.1250 .0000
7.8750 .0000
7.8450 .0000
7.5000 .3450
1537300 .2500
415,410.88 .0800
7.7500 .0000
7.5000 .0000
7.4200 .0000
7.4200 .0000
1537337 .2500
243,000.00 .0300
8.6250 .0000
8.3750 .0000
8.3450 .0000
7.5000 .8450
1537425 .2500
344,801.51 .0300
8.7500 .0000
8.5000 .0000
8.4700 .0000
7.5000 .9700
1537646 .2500
252,000.00 .0300
7.8750 .0000
7.6250 .0000
7.5950 .0000
7.5000 .0950
1537694 .2500
308,000.00 .0300
7.8750 .0000
7.6250 .0000
7.5950 .0000
7.5000 .0950
1537726 .2500
554,307.65 .0800
8.3750 .0000
8.1250 .0000
8.0450 .0000
7.5000 .5450
1
1537731 .2500
190,400.00 .0300
8.3750 .0000
8.1250 .0000
8.0950 .0000
7.5000 .5950
1537773 .2500
244,581.56 .0300
7.8750 .0000
7.6250 .0000
7.5950 .0000
7.5000 .0950
1537922 .2500
232,351.75 .0300
8.2500 .0000
8.0000 .0000
7.9700 .0000
7.5000 .4700
1537971 .2500
213,496.69 .0300
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8.0000 .0000
7.7500 .0000
7.7200 .0000
7.5000 .2200
1547922 .2500
267,000.00 .0300
8.0000 .0000
7.7500 .0000
7.7200 .0000
7.5000 .2200
1547924 .2500
271,100.00 .0300
7.8750 .0000
7.6250 .0000
7.5950 .0000
7.5000 .0950
1547926 .2500
239,750.00 .0300
8.2500 .0000
8.0000 .0000
7.9700 .0000
7.5000 .4700
1547959 .2500
101,250.00 .0300
8.5000 .0000
8.2500 .0000
8.2200 .0000
7.5000 .7200
1547960 .2500
100,000.00 .0300
8.3750 .0000
8.1250 .0000
8.0950 .0000
7.5000 .5950
1547965 .2500
180,000.00 .0300
8.3750 .0000
8.1250 .0000
8.0950 .0000
7.5000 .5950
1547981 .2500
192,500.00 .0300
8.6250 .0000
8.3750 .0000
8.3450 .0000
7.5000 .8450
1
1547990 .2500
219,825.18 .0300
7.6250 .0000
7.3750 .0000
7.3450 .0000
7.3450 .0000
1548003 .2500
204,000.00 .0300
8.2500 .0000
8.0000 .0000
7.9700 .0000
7.5000 .4700
1548009 .2500
325,000.00 .0300
7.6250 .0000
7.3750 .0000
7.3450 .0000
7.3450 .0000
1548052 .2500
520,000.00 .0300
8.0000 .0000
7.7500 .0000
7.7200 .0000
7.5000 .2200
1548053 .2500
327,000.00 .0300
8.3750 .0000
8.1250 .0000
8.0950 .0000
7.5000 .5950
1548055 .2500
270,000.00 .0300
8.3750 .0000
8.1250 .0000
8.0950 .0000
7.5000 .5950
1548056 .2500
272,000.00 .0300
8.3750 .0000
8.1250 .0000
8.0950 .0000
7.5000 .5950
1548057 .2500
95,000.00 .0300
8.5000 .0000
8.2500 .0000
8.2200 .0000
7.5000 .7200
1
1548059 .2500
250,000.00 .0300
8.1250 .0000
7.8750 .0000
7.8450 .0000
7.5000 .3450
1548064 .2500
327,600.00 .0300
8.5000 .0000
8.2500 .0000
8.2200 .0000
7.5000 .7200
1548065 .2500
240,750.00 .0300
8.1250 .0000
7.8750 .0000
7.8450 .0000
7.5000 .3450
1548067 .2500
247,833.59 .0300
8.0000 .0000
7.7500 .0000
7.7200 .0000
7.5000 .2200
1548069 .2500
207,200.00 .0300
8.1250 .0000
7.8750 .0000
7.8450 .0000
7.5000 .3450
1548081 .2500
107,000.00 .0300
8.5000 .0000
8.2500 .0000
8.2200 .0000
7.5000 .7200
1548090 .2500
400,000.00 .0800
7.8750 .0000
7.6250 .0000
7.5450 .0000
7.5000 .0450
1548098 .2500
258,400.00 .0300
7.8750 .0000
7.6250 .0000
7.5950 .0000
7.5000 .0950
1
1548099 .2500
229,633.17 .0800
8.5000 .0000
8.2500 .0000
8.1700 .0000
7.5000 .6700
1548107 .2500
456,000.00 .0300
8.0000 .0000
7.7500 .0000
7.7200 .0000
7.5000 .2200
1548110 .2500
238,200.00 .0300
8.1250 .0000
7.8750 .0000
7.8450 .0000
7.5000 .3450
1548114 .2500
244,000.00 .0300
8.1250 .0000
7.8750 .0000
7.8450 .0000
7.5000 .3450
1548115 .2500
144,000.00 .0300
8.2500 .0000
8.0000 .0000
7.9700 .0000
7.5000 .4700
1548126 .2500
300,000.00 .0300
8.7500 .0000
8.5000 .0000
8.4700 .0000
7.5000 .9700
1548127 .2500
86,250.00 .0300
8.5000 .0000
8.2500 .0000
8.2200 .0000
7.5000 .7200
1548150 .2500
276,000.00 .0300
8.0000 .0000
7.7500 .0000
7.7200 .0000
7.5000 .2200
1
1548156 .2500
283,000.00 .0300
8.2500 .0000
8.0000 .0000
7.9700 .0000
7.5000 .4700
1548167 .2500
345,000.00 .0800
8.6250 .0000
8.3750 .0000
8.2950 .0000
7.5000 .7950
1548168 .2500
397,500.00 .0800
7.8750 .0000
7.6250 .0000
7.5450 .0000
7.5000 .0450
1548174 .2500
97,000.00 .0300
7.8750 .0000
7.6250 .0000
7.5950 .0000
7.5000 .0950
1548208 .2500
260,000.00 .0300
7.8750 .0000
7.6250 .0000
7.5950 .0000
7.5000 .0950
1548212 .2500
596,000.00 .0300
7.8750 .0000
7.6250 .0000
7.5950 .0000
7.5000 .0950
1548228 .2500
258,750.00 .0300
8.0000 .0000
7.7500 .0000
7.7200 .0000
7.5000 .2200
1548231 .2500
393,000.00 .0300
8.3750 .0000
8.1250 .0000
8.0950 .0000
7.5000 .5950
1
1548248 .2500
168,000.00 .0300
7.8750 .0000
7.6250 .0000
7.5950 .0000
7.5000 .0950
1548335 .2500
126,100.00 .0300
8.2500 .0000
8.0000 .0000
7.9700 .0000
7.5000 .4700
1548338 .2500
189,500.00 .0300
8.2500 .0000
8.0000 .0000
7.9700 .0000
7.5000 .4700
1548341 .2500
156,500.00 .0300
8.3750 .0000
8.1250 .0000
8.0950 .0000
7.5000 .5950
1548342 .2500
290,150.00 .0300
8.5000 .0000
8.2500 .0000
8.2200 .0000
7.5000 .7200
1548345 .2500
168,627.87 .0300
7.6250 .0000
7.3750 .0000
7.3450 .0000
7.3450 .0000
1548347 .2500
128,000.00 .0300
8.0000 .0000
7.7500 .0000
7.7200 .0000
7.5000 .2200
1548349 .2500
228,000.00 .0300
7.8750 .0000
7.6250 .0000
7.5950 .0000
7.5000 .0950
1
1548369 .2500
318,750.00 .0300
8.1250 .0000
7.8750 .0000
7.8450 .0000
7.5000 .3450
1548380 .2500
381,459.00 .0300
8.3750 .0000
8.1250 .0000
8.0950 .0000
7.5000 .5950
1548395 .2500
247,200.00 .0800
7.7500 .0000
7.5000 .0000
7.4200 .0000
7.4200 .0000
1548406 .2500
236,000.00 .0800
8.5000 .0000
8.2500 .0000
8.1700 .0000
7.5000 .6700
1548423 .2500
385,500.00 .0800
7.8750 .0000
7.6250 .0000
7.5450 .0000
7.5000 .0450
1548424 .2500
280,000.00 .0300
8.2500 .0000
8.0000 .0000
7.9700 .0000
7.5000 .4700
1548425 .2500
238,500.00 .0800
8.3750 .0000
8.1250 .0000
8.0450 .0000
7.5000 .5450
1548436 .2500
300,000.00 .0800
7.8750 .0000
7.6250 .0000
7.5450 .0000
7.5000 .0450
1
1548442 .2500
205,000.00 .0800
8.2500 .0000
8.0000 .0000
7.9200 .0000
7.5000 .4200
1548445 .2500
305,000.00 .0800
7.8750 .0000
7.6250 .0000
7.5450 .0000
7.5000 .0450
1548468 .2500
78,000.00 .0300
7.8750 .0000
7.6250 .0000
7.5950 .0000
7.5000 .0950
1548470 .2500
131,920.00 .0300
8.0000 .0000
7.7500 .0000
7.7200 .0000
7.5000 .2200
1548473 .2500
243,000.00 .0300
8.3750 .0000
8.1250 .0000
8.0950 .0000
7.5000 .5950
1548488 .2500
340,454.13 .0800
8.3750 .0000
8.1250 .0000
8.0450 .0000
7.5000 .5450
1548489 .2500
226,575.00 .0300
8.7500 .0000
8.5000 .0000
8.4700 .0000
7.5000 .9700
1548492 .2500
267,500.00 .0300
8.1250 .0000
7.8750 .0000
7.8450 .0000
7.5000 .3450
1
1548498 .2500
650,000.00 .0300
8.3750 .0000
8.1250 .0000
8.0950 .0000
7.5000 .5950
1548513 .2500
454,400.00 .0300
8.1250 .0000
7.8750 .0000
7.8450 .0000
7.5000 .3450
1548520 .2500
153,896.67 .0300
8.0000 .0000
7.7500 .0000
7.7200 .0000
7.5000 .2200
1548521 .2500
202,000.00 .0300
8.2500 .0000
8.0000 .0000
7.9700 .0000
7.5000 .4700
1548522 .2500
211,864.81 .0300
8.2500 .0000
8.0000 .0000
7.9700 .0000
7.5000 .4700
1548523 .2500
268,000.00 .0300
8.2500 .0000
8.0000 .0000
7.9700 .0000
7.5000 .4700
1548539 .2500
556,000.00 .0300
8.0000 .0000
7.7500 .0000
7.7200 .0000
7.5000 .2200
1548542 .2500
293,400.00 .0300
8.3750 .0000
8.1250 .0000
8.0950 .0000
7.5000 .5950
1
1548581 .2500
336,000.00 .0300
7.8750 .0000
7.6250 .0000
7.5950 .0000
7.5000 .0950
1548587 .2500
350,000.00 .0800
8.1250 .0000
7.8750 .0000
7.7950 .0000
7.5000 .2950
1548588 .2500
70,400.00 .0300
8.5000 .0000
8.2500 .0000
8.2200 .0000
7.5000 .7200
1548591 .2500
498,500.00 .0300
8.0000 .0000
7.7500 .0000
7.7200 .0000
7.5000 .2200
1548595 .2500
252,000.00 .0300
8.3750 .0000
8.1250 .0000
8.0950 .0000
7.5000 .5950
1548597 .2500
153,600.00 .0300
8.3750 .0000
8.1250 .0000
8.0950 .0000
7.5000 .5950
1548598 .2500
224,100.00 .0300
8.2500 .0000
8.0000 .0000
7.9700 .0000
7.5000 .4700
1548620 .2500
89,944.06 .0300
8.3750 .0000
8.1250 .0000
8.0950 .0000
7.5000 .5950
1
1548635 .2500
154,400.00 .0300
8.6250 .0000
8.3750 .0000
8.3450 .0000
7.5000 .8450
1548694 .2500
99,940.96 .0300
8.6250 .0000
8.3750 .0000
8.3450 .0000
7.5000 .8450
1548698 .2500
105,000.00 .0300
8.2500 .0000
8.0000 .0000
7.9700 .0000
7.5000 .4700
1548699 .2500
235,000.00 .0300
7.8750 .0000
7.6250 .0000
7.5950 .0000
7.5000 .0950
1548719 .2500
287,999.99 .0300
8.0000 .0000
7.7500 .0000
7.7200 .0000
7.5000 .2200
1548722 .2500
47,500.00 .0300
8.8750 .0000
8.6250 .0000
8.5950 .0000
7.5000 1.0950
1548735 .2500
350,000.00 .0300
8.1250 .0000
7.8750 .0000
7.8450 .0000
7.5000 .3450
1548738 .2500
391,500.00 .0300
8.5000 .0000
8.2500 .0000
8.2200 .0000
7.5000 .7200
1
1548741 .2500
135,000.00 .0300
8.1250 .0000
7.8750 .0000
7.8450 .0000
7.5000 .3450
1548752 .2500
265,500.00 .0300
7.6250 .0000
7.3750 .0000
7.3450 .0000
7.3450 .0000
1548790 .2500
232,000.00 .0300
7.8750 .0000
7.6250 .0000
7.5950 .0000
7.5000 .0950
1548821 .2500
85,391.20 .0300
7.8750 .0000
7.6250 .0000
7.5950 .0000
7.5000 .0950
1548828 .2500
54,000.00 .0300
8.1250 .0000
7.8750 .0000
7.8450 .0000
7.5000 .3450
1548832 .2500
80,000.00 .0300
8.6250 .0000
8.3750 .0000
8.3450 .0000
7.5000 .8450
1548852 .2500
230,000.00 .0300
8.0000 .0000
7.7500 .0000
7.7200 .0000
7.5000 .2200
1548857 .2500
236,000.00 .0300
7.7500 .0000
7.5000 .0000
7.4700 .0000
7.4700 .0000
1
1548858 .2500
422,000.00 .0300
8.5000 .0000
8.2500 .0000
8.2200 .0000
7.5000 .7200
1548960 .2500
240,000.00 .0800
7.7500 .0000
7.5000 .0000
7.4200 .0000
7.4200 .0000
1548969 .2500
182,400.00 .0300
7.8750 .0000
7.6250 .0000
7.5950 .0000
7.5000 .0950
1548971 .2500
346,400.00 .0300
7.5000 .0000
7.2500 .0000
7.2200 .0000
7.2200 .0000
1548984 .2500
375,000.00 .0300
8.1250 .0000
7.8750 .0000
7.8450 .0000
7.5000 .3450
1548989 .2500
150,000.00 .0300
8.5000 .0000
8.2500 .0000
8.2200 .0000
7.5000 .7200
1548992 .2500
650,000.00 .0300
8.1250 .0000
7.8750 .0000
7.8450 .0000
7.5000 .3450
1549049 .2500
83,200.00 .0300
8.6250 .0000
8.3750 .0000
8.3450 .0000
7.5000 .8450
1
1549067 .2500
245,250.00 .0300
8.8750 .0000
8.6250 .0000
8.5950 .0000
7.5000 1.0950
1549153 .2500
327,900.00 .0300
8.2500 .0000
8.0000 .0000
7.9700 .0000
7.5000 .4700
1549170 .2500
70,000.00 .0300
8.1250 .0000
7.8750 .0000
7.8450 .0000
7.5000 .3450
1549171 .2500
224,900.00 .0300
7.8750 .0000
7.6250 .0000
7.5950 .0000
7.5000 .0950
1549184 .2500
126,000.00 .0300
8.0000 .0000
7.7500 .0000
7.7200 .0000
7.5000 .2200
1549197 .2500
167,850.00 .0300
8.1250 .0000
7.8750 .0000
7.8450 .0000
7.5000 .3450
1549202 .2500
196,000.00 .0300
8.6250 .0000
8.3750 .0000
8.3450 .0000
7.5000 .8450
1549206 .2500
89,542.87 .0800
8.2500 .0000
8.0000 .0000
7.9200 .0000
7.5000 .4200
1
1549210 .2500
226,750.00 .0300
8.0000 .0000
7.7500 .0000
7.7200 .0000
7.5000 .2200
1549211 .2500
207,000.00 .0800
8.0000 .0000
7.7500 .0000
7.6700 .0000
7.5000 .1700
1549230 .2500
315,500.00 .0300
8.1250 .0000
7.8750 .0000
7.8450 .0000
7.5000 .3450
1549236 .2500
528,000.00 .0300
8.1250 .0000
7.8750 .0000
7.8450 .0000
7.5000 .3450
1549241 .2500
247,500.00 .0300
8.1250 .0000
7.8750 .0000
7.8450 .0000
7.5000 .3450
1549268 .2500
600,000.00 .0300
7.8750 .0000
7.6250 .0000
7.5950 .0000
7.5000 .0950
1549299 .2500
131,500.00 .0300
8.5000 .0000
8.2500 .0000
8.2200 .0000
7.5000 .7200
1549306 .2500
134,000.00 .0300
8.1250 .0000
7.8750 .0000
7.8450 .0000
7.5000 .3450
1
1549314 .2500
320,200.00 .0300
8.0000 .0000
7.7500 .0000
7.7200 .0000
7.5000 .2200
1549318 .2500
167,900.00 .0300
7.6250 .0000
7.3750 .0000
7.3450 .0000
7.3450 .0000
1549320 .2500
196,000.00 .0300
8.1250 .0000
7.8750 .0000
7.8450 .0000
7.5000 .3450
1549326 .2500
236,000.00 .0300
8.3750 .0000
8.1250 .0000
8.0950 .0000
7.5000 .5950
1549335 .2500
320,000.00 .0300
8.2500 .0000
8.0000 .0000
7.9700 .0000
7.5000 .4700
1549369 .2500
139,500.00 .0300
8.2500 .0000
8.0000 .0000
7.9700 .0000
7.5000 .4700
1549402 .2500
108,000.00 .0300
8.5000 .0000
8.2500 .0000
8.2200 .0000
7.5000 .7200
1549409 .2500
260,000.00 .0300
8.5000 .0000
8.2500 .0000
8.2200 .0000
7.5000 .7200
1
1549420 .2500
116,000.00 .0300
8.1250 .0000
7.8750 .0000
7.8450 .0000
7.5000 .3450
1549422 .2500
392,000.00 .0800
7.8750 .0000
7.6250 .0000
7.5450 .0000
7.5000 .0450
1549446 .2500
448,000.00 .0300
8.0000 .0000
7.7500 .0000
7.7200 .0000
7.5000 .2200
1549490 .2500
430,000.00 .0300
8.6250 .0000
8.3750 .0000
8.3450 .0000
7.5000 .8450
1549502 .2500
250,000.00 .0300
8.3750 .0000
8.1250 .0000
8.0950 .0000
7.5000 .5950
1549504 .2500
128,400.00 .0300
8.1250 .0000
7.8750 .0000
7.8450 .0000
7.5000 .3450
1549528 .2500
211,900.00 .0300
7.5000 .0000
7.2500 .0000
7.2200 .0000
7.2200 .0000
1549546 .2500
319,779.77 .0300
7.8750 .0000
7.6250 .0000
7.5950 .0000
7.5000 .0950
1
1549601 .2500
218,000.00 .0300
8.0000 .0000
7.7500 .0000
7.7200 .0000
7.5000 .2200
1549623 .2500
232,050.00 .0300
7.7500 .0000
7.5000 .0000
7.4700 .0000
7.4700 .0000
1549660 .2500
296,900.00 .0300
7.7500 .0000
7.5000 .0000
7.4700 .0000
7.4700 .0000
1549671 .2500
94,000.00 .0300
8.5000 .0000
8.2500 .0000
8.2200 .0000
7.5000 .7200
1549690 .2500
501,000.00 .0300
8.5000 .0000
8.2500 .0000
8.2200 .0000
7.5000 .7200
1549712 .2500
275,400.00 .0300
7.8750 .0000
7.6250 .0000
7.5950 .0000
7.5000 .0950
1549801 .2500
650,000.00 .0300
8.5000 .0000
8.2500 .0000
8.2200 .0000
7.5000 .7200
1549811 .2500
397,500.00 .0300
7.8750 .0000
7.6250 .0000
7.5950 .0000
7.5000 .0950
1
1549814 .2500
124,000.00 .0300
8.6250 .0000
8.3750 .0000
8.3450 .0000
7.5000 .8450
1549836 .2500
494,400.00 .0300
8.2500 .0000
8.0000 .0000
7.9700 .0000
7.5000 .4700
1549838 .2500
265,950.00 .0300
8.2500 .0000
8.0000 .0000
7.9700 .0000
7.5000 .4700
1549853 .2500
229,000.00 .0800
8.2500 .0000
8.0000 .0000
7.9200 .0000
7.5000 .4200
1549860 .2500
133,500.00 .0300
8.1250 .0000
7.8750 .0000
7.8450 .0000
7.5000 .3450
1549881 .2500
205,000.00 .0300
8.2500 .0000
8.0000 .0000
7.9700 .0000
7.5000 .4700
1549882 .2500
220,000.00 .0300
8.2500 .0000
8.0000 .0000
7.9700 .0000
7.5000 .4700
1549908 .2500
238,400.00 .0300
7.8750 .0000
7.6250 .0000
7.5950 .0000
7.5000 .0950
1
1549931 .2500
179,200.00 .0300
8.0000 .0000
7.7500 .0000
7.7200 .0000
7.5000 .2200
1549965 .2500
203,200.00 .0300
7.7500 .0000
7.5000 .0000
7.4700 .0000
7.4700 .0000
1549966 .2500
225,000.00 .0300
7.6250 .0000
7.3750 .0000
7.3450 .0000
7.3450 .0000
1549975 .2500
234,650.00 .0300
8.1250 .0000
7.8750 .0000
7.8450 .0000
7.5000 .3450
1549991 .2500
261,250.00 .0300
8.1250 .0000
7.8750 .0000
7.8450 .0000
7.5000 .3450
1550129 .2500
240,300.00 .0800
8.2500 .0000
8.0000 .0000
7.9200 .0000
7.5000 .4200
1550141 .2500
275,200.00 .0800
8.0000 .0000
7.7500 .0000
7.6700 .0000
7.5000 .1700
1550155 .2500
271,000.00 .0800
8.1250 .0000
7.8750 .0000
7.7950 .0000
7.5000 .2950
1
1550554 .2500
620,000.00 .0300
8.7500 .0000
8.5000 .0000
8.4700 .0000
7.5000 .9700
TOTAL NUMBER OF LOANS: 1631
TOTAL BALANCE........: 423,830,448.40
RUN ON : 01/24/97 RFC DISCLOSURE SYSTEM RFFSDFIX-01
AT : 12.56.11 INITIAL SECURITY FEES AMORTIZED BALANCE
SERIES : RFMSI I 1997-S2 FIXED SUMMARY REPORT CUTOFF : 01/01/97
POOL : 0004236
:
:
POOL STATUS: U
WEIGHTED AVERAGES FROM TO
CURR NOTE RATE 8.2539 7.1250 9.8750
RFC NET RATE 8.0028 6.8750 9.6250
NET MTG RATE(INVSTR RATE) 7.9635 6.8450 9.5950
POST SPREAD RATE 7.4914 6.8450 7.5000
SUB SERV FEE .2511 .2500 1.1250
MSTR SERV FEE .0393 .0300 .0800
ALL EXP .0000 .0000 .0000
MISC EXP .0000 .0000 .0000
SPREAD .0000 .0000 .0000
STRIP .4721 .0000 2.0950
TOTAL NUMBER OF LOANS: 1631
TOTAL BALANCE........: 423,830,448.40
***************************
* END OF REPORT *
***************************
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.
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Such a written waiver or amendment must expressly reference this Contract.
However, by their terms, the Guides may be amended or supplemented by
Residential Funding from time to time. Any such amendment(s) to the Guides shall
be binding upon the parties hereto.
3. Representations and Warranties.
a. Reciprocal Representations and Warranties.
The Seller/Servicer and Residential Funding each represents
and warrants to the other that as of the date of this Contract:
(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
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of, and performance pursuant to, this Contract
will not result in a violation of any of the
foregoing.
b. Seller/Servicer's Representations, Warranties and
Covenants.
In addition to the representations, warranties and covenants
made by the Seller/Servicer pursuant to subparagraph (a) of
this paragraph 3, the Seller/Servicer makes the
representations, warranties and covenants set forth in the
Guides and, upon request, agrees to deliver to Residential
Funding the certified Resolution of Board of Directors which
authorizes the execution and delivery of this Contract.
4. Remedies of Residential Funding.
If an Event of Seller Default or an Event of Servicer Default shall
occur, Residential Funding may, at its option, exercise one or more of those
remedies set forth in the Guides.
5. Seller/Servicer's Status as Independent Contractor.
At no time shall the Seller/Servicer represent that it is acting as an
agent of Residential Funding. The Seller/Servicer shall, at all times, act as an
independent contractor.
6. Prior Agreements Superseded.
This Contract restates, amends and supersedes any and all prior Seller
Contracts or Servicer Contracts between the parties except that any subservicing
agreement executed by the Seller/Servicer in connection with any loan-security
exchange transaction shall not be affected.
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.
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8. Notices.
All notices, requests, demands or other communications that are to be
given under this Contract shall be in writing, addressed to the appropriate
parties and sent by telefacsimile or by overnight courier or by United States
mail, postage prepaid, to the addresses and telefacsimile numbers specified
below. However, another name, address and/or telefacsimile number may be
substituted by the Seller/Servicer pursuant to the requirements of this
paragraph 8, or Residential Funding pursuant to an amendment to the Guides.
If to Residential Funding, notices must be sent to the appropriate address or
telefacsimile number specified in the Guides.
If to the Seller/Servicer, notice must be sent to:
Attention:
Telefacsimile Number: (___) ___-____
9. Jurisdiction and Venue.
Each of the parties irrevocably submits to the jurisdiction of any
state or federal court located in Hennepin County, Minnesota, over any action,
suit or proceeding to enforce or defend any right under this Contract or
otherwise arising from any loan sale or servicing relationship existing in
connection with this Contract, and each of the parties irrevocably agrees that
all claims in respect of any such action or proceeding may be heard or
determined in such state or federal court. Each of the parties irrevocably
waives the defense of an inconvenient forum to the maintenance of any such
action or proceeding and any other substantive or procedural rights or remedies
it may have with respect to the maintenance of any such action or proceeding in
any such forum. Each of the parties agrees that a final judgment in any such
action or proceeding shall be conclusive and may be enforced in any other
jurisdiction by suit on the judgment
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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.
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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:
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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:
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Name
Title
Date
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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 1997-S2,
Class R (the "Owner")), a [savings institution] [corporation] duly organized and
existing under the laws of [the State of __________________] [the United
States], on behalf of which he makes this affidavit and agreement.
2. That the Owner (i) is not and will not be a "disqualified
organization" 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,
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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.
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. The Purchaser is not an employee benefit plan or other
plan subject to the prohibited transaction provisions of the Employee Retirement
Income Security Act of 1974, as amended ("ERISA"), or Section 4975 of the
Internal Revenue Code of 1986, as amended (the "Code"), or an investment
manager, named fiduciary or a trustee of any such plan, or any other Person
acting, directly or indirectly, on behalf of or purchasing any Certificate with
"plan assets" of any such plan.]
6. 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.
7. 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
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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.
8. 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.
9. The Owner's Taxpayer Identification Number is
- --------------.
10. 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.
11. 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.
12. 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.
13. 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.
14. The Owner is a citizen or resident of the United
States, a corporation, partnership or other entity created or
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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.
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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__.
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EXHIBIT I-2
FORM OF TRANSFEROR CERTIFICATE
__________________, 19__
Residential Funding Mortgage
Securities I, Inc.
8400 Normandale Lake Boulevard
Suite 600
Minneapolis, Minnesota 55437
The First National Bank of Chicago
One North State Street
Chicago, Illinois 60602
Attention: Residential Funding Corporation Series 1997-S2
Re: Mortgage Pass-Through Certificates,
Series 1997-S2, 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
1997-S2, 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 January 1, 1997 among Residential Funding Mortgage Securities I, Inc., as
seller (the "Company"), Residential Funding Corporation, as master servicer, and
The First National Bank of Chicago, 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
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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.
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:
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EXHIBIT J
FORM OF INVESTOR REPRESENTATION LETTER
______________, 19__
Residential Funding Mortgage
Securities I, Inc.
8400 Normandale Lake Boulevard
Suite 600
Minneapolis, MN 55437
The First National Bank of Chicago
One North State Street
Chicago, Illinois 60602
Attention: Residential Funding Corporation Series 1997-S2
RE: Mortgage Pass-Through Certificates,
Series 1997-S2, [Class B-]
Ladies and Gentlemen:
_________________________ (the "Purchaser") intends to
purchase from ___________________________ (the "Seller") $_____________ Initial
Certificate Principal Balance of Mortgage Pass-Through Certificates, Series
1997-S2, Class __ (the "Certificates"), issued pursuant to the Pooling and
Servicing Agreement (the "Pooling and Servicing Agreement"), dated as of January
1, 1997 among Residential Funding Mortgage Securities I, Inc., as seller (the
"Company"), Residential Funding Corporation, as master servicer, and The First
National Bank of Chicago, 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
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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 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 ___________________, 19__, 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
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solely to the Seller and not to the Company with respect to
any damage, liability, claim or expense arising out of,
resulting from or in connection with (a) error or omission, or
alleged error or omission, contained in the Memorandum, or (b)
any information, development or event arising after the date
of the Memorandum.]
5. The Purchaser has not and will not nor has it
authorized or will it authorize any person to (a) offer,
pledge, sell, dispose of or otherwise transfer any
Certificate, any interest in any Certificate or any other
similar security to any person in any manner, (b) solicit any
offer to buy or to accept a pledge, disposition of other
transfer of any Certificate, any interest in any Certificate
or any other similar security from any person in any manner,
(c) otherwise approach or negotiate with respect to any
Certificate, any interest in any Certificate or any other
similar security with any person in any manner, (d) make any
general solicitation by means of general advertising or in any
other manner or (e) take any other action, that (as to any of
(a) through (e) above) would constitute a distribution of any
Certificate under the Act, that would render the disposition
of any Certificate a violation of Section 5 of the Act or any
state securities law, or that would require registration or
qualification pursuant thereto. The Purchaser will not sell or
otherwise transfer any of the Certificates, except in
compliance with the provisions of the Pooling and Servicing
Agreement.
[6. The Purchaser
(a) is not an employee benefit or other
plan subject to the prohibited transaction provisions of the
Employee Retirement Income Security Act of 1974, as amended
("ERISA"), or Section 4975 of the Internal Revenue Code of
1986, as amended (the "Code") (a "Plan"), or any other person
(including an investment manager, a named fiduciary or a
trustee of any Plan) acting, directly or indirectly, on behalf
of or purchasing any Certificate with "plan assets" of any
Plan; or
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(b) is an insurance company, the source of
funds to be used by it to purchase the Certificates is an
"insurance company general account" (within the meaning of
Department of Labor Prohibited Transaction Class Exemption
("PTCE") 95-60), and the purchase is being made in reliance
upon the availability of the exemptive relief afforded under
Section III of PTCE 95-60.]
Very truly yours,
By:
Name:
Title:
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EXHIBIT K
FORM OF TRANSFEROR REPRESENTATION LETTER
, 19
Residential Funding Mortgage
Securities I, Inc.
8400 Normandale Lake Boulevard
Suite 600
Minneapolis, MN 55437
The First National Bank of Chicago
One North State Street
Chicago, Illinois 60602
Attention: Residential Funding Corporation Series 1997-S2
Re: Mortgage Pass-Through Certificates,
Series 1997-S2, [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 1997-S2, Class (the "Certificates"), issued pursuant to the
Pooling and Servicing Agreement (the "Pooling and Servicing Agreement"), dated
as of January 1, 1997 among Residential Funding Mortgage Securities I, Inc., as
seller (the "Company"), Residential Funding Corporation, as master servicer, and
The First National Bank of Chicago, 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
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security with any person in any manner, (d) has made any general solicitation by
means of general advertising or in any other manner, or (e) has taken any other
action, that (as to any of (a) through (e) above) would constitute a
distribution of the Certificates under the Securities Act of 1933 (the "Act"),
that would render the disposition of any Certificate a violation of Section 5 of
the Act or any state securities law, or that would require registration or
qualification pursuant thereto. The Seller will not act, in any manner set forth
in the foregoing sentence with respect to any Certificate. The Seller has not
and will not sell or otherwise transfer any of the Certificates, except in
compliance with the provisions of the Pooling and Servicing Agreement.
Very truly yours,
(Seller)
By:
Name:
Title:
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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 January 1, 1997 among
Residential Funding Corporation as Master Servicer, Residential Funding Mortgage
Securities I, Inc. as depositor pursuant to Section 5.02 of the Agreement and
The First National Bank of Chicago, as trustee, as follows:
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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.
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
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that the resale, pledge or transfer is being made in reliance on Rule
144A, or (ii) pursuant to another exemption from registration under the
1933 Act.
[3. The Buyer
a. is not an employee benefit or other plan subject to
the prohibited transaction provisions of the Employee Retirement Income
Security Act of 1974, as amended ("ERISA"), or Section 4975 of the
Internal Revenue Code of 1986, as amended (the "Code") (a "Plan"), or
any other person (including an investment manager, a named fiduciary or
a trustee of any Plan) acting, directly or indirectly, on behalf of or
purchasing any Certificate with "plan assets" of any Plan; or
b. is an insurance company, the source of funds to be
used by it to purchase the Certificates is an "insurance company
general account" (within the meaning of Department of Labor Prohibited
Transaction Class Exemption ("PTCE") 95-60), and the purchase is being
made in reliance upon the availability of the exemptive relief afforded
under Section III of PTCE 95-60.]
4. This document may be executed in one or more counterparts
and by the different parties hereto on separate counterparts, each of which,
when so executed, shall be deemed to be an original; such counterparts,
together, shall constitute one and the same document.
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:
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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.
----------------------------------
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___ 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
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instrumentality of the State or its political subdivisions, for the
benefit of its employees, or (b) employee benefit plans within the
meaning of Title I of the Employee Retirement Income Security Act
of 1974, but is not a trust fund that includes as participants
individual retirement accounts or H.R. 10 plans.
3. The term "securities" as used herein does not include (i)
securities of issuers that are affiliated with the Buyer, (ii) securities that
are part of an unsold allotment to or subscription by the Buyer, if the Buyer is
a dealer, (iii) bank deposit notes and certificates of deposit, (iv) loan
participations, (v) repurchase agreements, (vi) securities owned but subject to
a repurchase agreement and (vii) currency, interest rate and commodity swaps.
4. For purposes of determining the aggregate amount of securities
owned and/or invested on a discretionary basis by the Buyer, the Buyer used the
cost of such securities to the Buyer and did not include any of the securities
referred to in the preceding paragraph. Further, in determining such aggregate
amount, the Buyer may have included securities owned by subsidiaries of the
Buyer, but only if such subsidiaries are consolidated with the Buyer in its
financial statements prepared in accordance with generally accepted accounting
principles and if the investments of such subsidiaries are managed under the
Buyer's direction. However, such securities were not included if the Buyer is a
majority-owned, consolidated subsidiary of another enterprise and the Buyer is
not itself a reporting company under the Securities Exchange Act of 1934.
5. The Buyer acknowledges that it is familiar with Rule 144A and
understands that the seller to it and other parties related to the Certificates
are relying and will continue to rely on the statements made herein because one
or more sales to the Buyer may be in reliance on Rule 144A.
___ ___ 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
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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:
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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
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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.
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:
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EXHIBIT M
[TEXT OF AMENDMENT TO POOLING AND SERVICING
AGREEMENT PURSUANT TO SECTION 12.01(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
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in the Certificate Principal Balances of the Class B Certificates on such
Distribution Date due to such Realized Loss or Losses. Notwithstanding such
payment, such Realized Losses shall be deemed to have been borne by the
Certificateholders for purposes of Section 4.05. Excess Special Hazard Losses,
Excess Fraud Losses, Excess Bankruptcy Losses and Extraordinary Losses allocated
to the Class B Certificates will not be covered by the Subordinate Certificate
Loss Obligation.
(c) Demands for payments pursuant to this Section shall be
made prior to the later of the third Business Day prior to each Distribution
Date or the related Determination Date by the Master Servicer with written
notice thereof to the Trustee. The maximum amount that Residential Funding shall
be required to pay pursuant to this Section on any Distribution Date (the
"Amount 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.
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(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) either REMIC I or REMIC II to fail
to qualify as a REMIC at any time that any Certificate is outstanding, and (ii)
no such substitution shall be made unless (A) the substitute Limited Guaranty or
Subordinate Certificate Loss Obligation is for an initial amount not less than
the then current Amount Available and contains provisions that are in all
material respects equivalent to the original Limited Guaranty or Subordinate
Certificate Loss Obligation (including that no portion of the fees,
reimbursements or other obligations under any such instrument will be borne by
the Trust Fund), (B) the long term debt obligations of any obligor of any
substitute Limited Guaranty or Subordinate Certificate Loss Obligation (if not
supported by the Limited Guaranty) shall be rated at least the lesser of (a) the
rating of the long term debt obligations of General Motors Acceptance
Corporation as of the date of issuance of the Limited Guaranty and (b) the
rating of the long term debt obligations of General Motors Acceptance
Corporation at the date of such substitution and (C) the Company obtains written
confirmation from each nationally recognized credit rating agency that rated the
Class B Certificates at the request of the Company that such substitution shall
not lower the rating on the Class B Certificates below the lesser of (a) the
then-current rating assigned to the Class B Certificates by such rating agency
and (b) the original rating assigned to the Class B Certificates by such rating
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
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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 12.01 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 12.01(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) either REMIC I or REMIC II to fail to qualify as a REMIC at any time that
any Certificate is
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<PAGE>
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.
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EXHIBIT N
[FORM OF LIMITED GUARANTY]
LIMITED GUARANTY
RESIDENTIAL FUNDING MORTGAGE SECURITIES I, INC.
Mortgage Pass-Through Certificates
Series 1997-S2
, 199__
The First National Bank of Chicago
One North State Street
Chicago, Illinois 60602
Attention: Residential Funding Corporation Series 1997-S2
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 January 1, 1997 (the "Servicing Agreement"),
among Residential Funding Mortgage Securities I, Inc. (the "Company"),
Residential Funding and The First National Bank of Chicago (the "Trustee") as
amended by Amendment No. ___ thereto, dated as of ________, with respect to the
Mortgage Pass-Through Certificates, Series 1997-S2 (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;
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NOW THEREFORE, in consideration of the premises herein
contained and certain other good and valuable consideration, the receipt of
which is hereby acknowledged, GMAC agrees as follows:
1. Provision of Funds. (a) GMAC agrees to contribute and
deposit in the Certificate Account on behalf of Residential Funding (or
otherwise provide to Residential Funding, or to cause to be made available to
Residential Funding), either directly or through a subsidiary, in any case prior
to the related Distribution Date, such moneys as may be required by Residential
Funding to perform its Subordinate Certificate Loss Obligation when and as the
same arises from time to time upon the demand of the Trustee in accordance with
Section 12.01 of the Servicing Agreement.
(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
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<PAGE>
this Limited Guaranty shall continue and remain in effect so long as the
Servicing Agreement is not modified or amended in any way that might affect the
obligations of GMAC under this Limited Guaranty without the prior written
consent of GMAC.
4. Successor. Except as otherwise expressly provided
herein, the guarantee herein set forth shall be binding upon GMAC
and its respective successors.
5. Governing Law. This Limited Guaranty shall be
governed by the laws of the State of New York.
6. Authorization and Reliance. GMAC understands that
a copy of this Limited Guaranty shall be delivered to the Trustee
in connection with the execution of Amendment No. 1 to the
Servicing Agreement and GMAC hereby authorizes the Company and
the Trustee to rely on the covenants and agreements set forth
herein.
7. Definitions. Capitalized terms used but not
otherwise defined herein shall have the meaning given them in the
Servicing Agreement.
8. Counterparts. This Limited Guaranty may be
executed in any number of counterparts, each of which shall be
deemed to be an original and such counterparts shall constitute
but one and the same instrument.
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:
THE FIRST NATIONAL BANK OF CHICAGO,
as Trustee
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By:
Name:
Title:
RESIDENTIAL FUNDING MORTGAGE
SECURITIES I, INC.
By:
Name:
Title:
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<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
The First National Bank of Chicago
One North State Street
Chicago, Illinois 60602
Attention: Residential Funding Corporation Series 1997-S2
Re: Mortgage Pass-Through Certificates, Series 1997-S2
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 January 1, 1997 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;
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(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 FRACTIONS
Schedule of Discount Fractions
PRINCIPAL NET MORTGAGE DISCOUNT PO
LOAN # BALANCE RATE FRACTION BALANCE
1536945 205,299.69 6.845 8.7333333333% 17,929.51
1547510 236,229.74 6.920 7.7333333333% 18,268.43
1547556 188,000.00 6.970 7.0666666667% 13,285.33
1538156 248,643.57 7.045 6.0666666667% 15,084.38
1544522 222,830.31 7.045 6.0666666667% 13,518.37
1542625 219,664.15 7.095 5.4000000000% 11,861.86
1542814 239,817.37 7.095 5.4000000000% 12,950.14
1544378 259,807.04 7.170 4.4000000000% 11,431.51
1544396 357,251.80 7.170 4.4000000000% 15,719.08
1546257 650,000.00 7.170 4.4000000000% 28,600.00
1547865 484,000.00 7.170 4.4000000000% 21,296.00
1547874 240,000.00 7.170 4.4000000000% 10,560.00
1541661 327,756.57 7.220 3.7333333333% 12,236.25
1545120 649,517.60 7.220 3.7333333333% 24,248.66
1546827 241,720.48 7.220 3.7333333333% 9,024.23
1547830 235,000.00 7.220 3.7333333333% 8,773.33
1548971 346,400.00 7.220 3.7333333333% 12,932.27
1549528 211,900.00 7.220 3.7333333333% 7,910.93
1544766 243,200.00 7.270 3.0666666667% 7,458.13
1542809 359,739.44 7.295 2.7333333333% 9,832.88
1547433 224,000.00 7.295 2.7333333333% 6,122.67
1547767 238,327.38 7.295 2.7333333333% 6,514.28
1540203 150,890.15 7.320 2.4000000000% 3,621.36
1544700 326,961.99 7.320 2.4000000000% 7,847.09
1540594 349,491.75 7.345 2.0666666667% 7,222.83
1542405 239,826.29 7.345 2.0666666667% 4,956.41
1542821 259,811.82 7.345 2.0666666667% 5,369.44
1543297 315,000.00 7.345 2.0666666667% 6,510.00
1543757 183,866.83 7.345 2.0666666667% 3,799.91
1544908 220,640.19 7.345 2.0666666667% 4,559.90
1545847 93,700.00 7.345 2.0666666667% 1,936.47
1545942 267,006.60 7.345 2.0666666667% 5,518.14
1547354 259,611.96 7.345 2.0666666667% 5,365.31
1547990 219,825.18 7.345 2.0666666667% 4,543.05
1548009 325,000.00 7.345 2.0666666667% 6,716.67
1548345 168,627.87 7.345 2.0666666667% 3,484.98
1548752 265,500.00 7.345 2.0666666667% 5,487.00
1549318 167,900.00 7.345 2.0666666667% 3,469.93
P-1
<PAGE>
1549966 225,000.00 7.345 2.0666666667% 4,650.00
1547311 251,718.59 7.370 1.7333333333% 4,363.12
1537300 415,410.88 7.420 1.0666666667% 4,431.05
1543386 353,348.91 7.420 1.0666666667% 3,769.06
1543402 343,728.04 7.420 1.0666666667% 3,666.43
1543725 210,750.16 7.420 1.0666666667% 2,248.00
1544382 291,743.94 7.420 1.0666666667% 3,111.94
1544519 222,342.96 7.420 1.0666666667% 2,371.66
1544709 24,982.17 7.420 1.0666666667% 266.48
1544972 384,728.27 7.420 1.0666666667% 4,103.77
1545235 229,437.95 7.420 1.0666666667% 2,447.34
1545236 169,380.37 7.420 1.0666666667% 1,806.72
1545518 271,614.80 7.420 1.0666666667% 2,897.22
1546253 324,000.00 7.420 1.0666666667% 3,456.00
1547324 296,000.00 7.420 1.0666666667% 3,157.33
1547860 274,800.00 7.420 1.0666666667% 2,931.20
1547862 238,740.00 7.420 1.0666666667% 2,546.56
1547879 231,800.00 7.420 1.0666666667% 2,472.53
1548395 247,200.00 7.420 1.0666666667% 2,636.80
1548960 240,000.00 7.420 1.0666666667% 2,560.00
1543233 267,809.89 7.445 0.7333333333% 1,963.94
1533642 519,632.98 7.470 0.4000000000% 2,078.53
1536889 309,560.99 7.470 0.4000000000% 1,238.24
1536946 218,401.32 7.470 0.4000000000% 873.61
1538958 215,847.54 7.470 0.4000000000% 863.39
1539434 260,800.00 7.470 0.4000000000% 1,043.20
1540333 277,803.79 7.470 0.4000000000% 1,111.22
1540356 283,799.55 7.470 0.4000000000% 1,135.20
1540503 247,184.95 7.470 0.4000000000% 988.74
1540881 369,000.00 7.470 0.4000000000% 1,476.00
1541510 589,583.58 7.470 0.4000000000% 2,358.33
1541775 254,820.02 7.470 0.4000000000% 1,019.28
1541986 225,640.63 7.470 0.4000000000% 902.56
1542423 163,884.25 7.470 0.4000000000% 655.54
1542660 225,000.00 7.470 0.4000000000% 900.00
1542736 259,216.96 7.470 0.4000000000% 1,036.87
1543093 329,767.08 7.470 0.4000000000% 1,319.07
1543111 259,816.49 7.470 0.4000000000% 1,039.27
1543115 280,000.00 7.470 0.4000000000% 1,120.00
1543237 267,810.85 7.470 0.4000000000% 1,071.24
1543759 168,630.89 7.470 0.4000000000% 674.52
1543875 217,446.42 7.470 0.4000000000% 869.79
1544296 430,000.00 7.470 0.4000000000% 1,720.00
1544299 143,900.00 7.470 0.4000000000% 575.60
1544808 357,747.32 7.470 0.4000000000% 1,430.99
1544923 381,229.84 7.470 0.4000000000% 1,524.92
P-2
<PAGE>
1544955 342,863.77 7.470 0.4000000000% 1,371.46
1544957 296,208.29 7.470 0.4000000000% 1,184.83
1545055 650,000.00 7.470 0.4000000000% 2,600.00
1545105 176,000.00 7.470 0.4000000000% 704.00
1545180 212,000.00 7.470 0.4000000000% 848.00
1545479 269,617.63 7.470 0.4000000000% 1,078.47
1545585 519,083.38 7.470 0.4000000000% 2,076.33
1545929 204,000.00 7.470 0.4000000000% 816.00
1546489 80,000.00 7.470 0.4000000000% 320.00
1547081 190,000.00 7.470 0.4000000000% 760.00
1547214 207,000.00 7.470 0.4000000000% 828.00
1547534 275,600.00 7.470 0.4000000000% 1,102.40
1547633 391,500.00 7.470 0.4000000000% 1,566.00
1547848 208,000.00 7.470 0.4000000000% 832.00
1548857 236,000.00 7.470 0.4000000000% 944.00
1549623 232,050.00 7.470 0.4000000000% 928.20
1549660 296,900.00 7.470 0.4000000000% 1,187.60
1549965 203,200.00 7.470 0.4000000000% 812.80
$28,203,851.22 1.7260411516% $486,810.08
P-3
<PAGE>
EXHIBIT Q
COPY OF FSA POLICY
FINANCIAL GUARANTY
INSURANCE POLICY
Policy No.: 50555-N
Date of Issuance: 1/30/97
Trust: As described in Endorsement No. 1
Certificates: $23,875,000 Original Principal Amount Residential Funding
Mortgage Securities I, Inc. Mortgage Pass-Through
Certificates, Series 1997-S2, Class A-4
FINANCIAL SECURITY ASSURANCE INC. ("Financial Security"), for
consideration received, hereby UNCONDITIONALLY AND IRREVOCABLY GUARANTEES to the
Trustee for the benefit of each Holder, subject only to the terms of this Policy
(which includes each endorsement hereto), the full and complete payment of
Guaranteed Distributions with respect to the Certificates of the Trust referred
to above.
For the further protection of each Holder, Financial Security
irrevocably and unconditionally guarantees payment of the amount of any
distribution of principal or interest with respect to the Certificates made
during the Term of this Policy to such Holder that is subsequently avoided in
whole or in part as a preference payment under applicable law.
Payment of any amount required to be paid under this Policy will be
made following receipt by Financial Security of notice as described in
Endorsement No. 1 hereto.
Financial Security shall be subrogated to the rights of each Holder to
receive distributions with respect to each Certificate held by such Holder to
the extent of any payment by Financial Security hereunder.
Except to the extent expressly modified by Endorsement No. 1 hereto,
the following terms shall have the meanings specified for all purposes of this
Policy. "Holder" means the registered owner of any Certificate as indicated on
the registration books maintained by or on behalf of the Trustee for such
purpose or, if the Certificate is in bearer form, the holder of the Certificate.
"Trustee", "Guaranteed Distributions" and "Term of this Policy" shall have the
meanings set forth in Endorsement No. 1 hereto.
This Policy sets forth in full the undertaking of Financial Security,
and shall not be modified, altered or affected by any other agreement or
instrument, including any modification or amendment thereto. Except to the
extent expressly modified by an endorsement hereto, the premiums paid in respect
of this Policy are nonrefundable for any reason whatsoever. This Policy may not
be canceled or revoked during the Term of this Policy. An acceleration payment
shall not be due under this Policy unless such acceleration is at the sole
option of Financial Security. THIS POLICY IS NOT COVERED BY THE
PROPERTY/CASUALTY INSURANCE SECURITY FUND SPECIFIED IN ARTICLE 76 OF THE NEW
YORK INSURANCE LAW.
In witness whereof, FINANCIAL SECURITY ASSURANCE INC. has caused this Policy
to be executed on its behalf by its Authorized Officer.
FINANCIAL SECURITY ASSURANCE INC.
NY1-190539.1
6863-244-DM2-02/06/97
Q-1
<PAGE>
A subsidiary of Financial Security Assurance Holdings Ltd.
<SAF> 350 Park Avenue, New York, N.Y. 10022-6022 (212) 826-0100
Form 101NY (5/89)
ENDORSEMENT NO. 1 TO
FINANCIAL GUARANTY INSURANCE POLICY
FINANCIAL SECURITY ASSURANCE INC.
TRUST: The Trust Fund held by the Trustee under the
Pooling and Servicing Agreement, dated as of
January 1, 1997, among The First National
Bank of Chicago, as Trustee, Residential
Funding Mortgage Securities I, Inc., and
Residential Funding Corporation, as Master
Servicer.
Policy No.: 50555-N
CERTIFICATES: $23,875,000 Original Principal Amount Residential Funding
Mortgage Securities I, Inc. Mortgage Pass-Through Certifi
cates, Series 1997-S2, Class A-4.
Date of Issuance: January 30, 1997
1. Definitions. For all purposes of this Policy, the terms specified below
shall have the meanings or constructions provided below. Capitalized terms
used herein and not otherwise defined herein shall have the meanings
provided in the Pooling and Servicing Agreement unless the context shall
otherwise require.
"Accrued Certificate Interest" has the meaning set forth in the Pooling and
Servicing Agreement, provided, however, that, for all purposes of this Policy,
Accrued Certificate Interest on the Certificates will be deemed to include any
portion of the amounts allocated to the Certificates described in clause (i) of
the definition thereof (to the extent such amounts are not offset by payments
made by the Master Servicer or from the Insured Reserve Withdrawal); clauses
(ii) and (iii) of the definition thereof; and clause (iv) of the definition
thereof (in each case, to the extent such shortfalls are not covered by the
subordination provided by the Class M and Class B Certificates and provided that
such shortfalls shall not include interest not collectible pursuant to the
Soldiers' and Sailors' Relief Act of 1940).
"Business Day" means any day other than (i) a Saturday or Sunday, or (ii) a
day on which banking institutions in the City of New York, the State of
Michigan, the State of California or the State of Illinois (or such other state
or states in which the Custodial Account or the Certificate Account are at the
time located) are authorized or obligated by law or executive order to be
closed.
"Guaranteed Distributions" means, with respect to each Distribution Date,
the distribution to be made to Holders of the Certificates in an aggregate
amount equal to the sum of (1) the Accrued Certificate Interest thereon, (2) the
principal portion of any Realized Losses allocable to the Certificates on such
Distribution Date, and (3) the Certificate Principal Balances of the
Certificates to the extent unpaid on the final Distribution Date or earlier
termination of the Trust Fund pursuant to the terms of the Pooling and Servicing
Agreement, in accordance with the original terms of the Certificates when issued
and without regard to any amendment or modification of the Certificates or the
Pooling and Servicing Agreement except amendments or modifications to which
Financial Security has given its prior written consent. Guaranteed Distributions
shall not include, nor shall coverage be provided under this Policy in respect
of, any taxes, withholding or other charge imposed by any governmental
authority.
"Policy" means this Financial Guaranty Insurance Policy and includes each
endorsement thereto.
"Pooling and Servicing Agreement" means the Pooling and Servicing
Agreement, dated as of January 1, 1997 among The First National Bank of Chicago,
as Trustee, Residential Funding Mortgage Securities I, Inc., and Residential
Funding Corporation, as Master Servicer relating to the Certificates, as amended
from time to time with the consent of Financial Security.
"Receipt" and "Received" mean actual delivery to Financial Security and to
the Fiscal Agent (as defined below), if any, prior to 12:00 noon, New York City
time, on a Business Day; delivery either on a day that is not a Business Day, or
after 12:00 noon, New York City time, shall be deemed to be receipt on the next
succeeding Business Day. If any notice or certificate given hereunder by the
Trustee is not in proper form or is not properly completed, executed or
delivered, it shall be deemed not to have been Received, and Financial Security
or its Fiscal Agent shall promptly so advise the Trustee and the Trustee may
submit an amended notice.
"Term of This Policy" means the period from and including the Date of
Issuance to and including the date on which the Certificate Principal Balance on
the Certificates is zero.
"Trustee" means The First National Bank of Chicago in its capacity as
Trustee under the Pooling and Servicing Agreement and any successor in such
capacity.
2. Deletions from Policy. The second paragraph of the
Financial Guaranty Insurance Policy to which this Endorsement relates (regarding
Policy payments subsequently avoided in whole or in part as a preference payment
under applicable law) is hereby deleted.
3. Notices and Conditions to Payment in Respect of Guaranteed
Distributions. Following Receipt by Financial Security of a notice and
certificate from the Trustee in the form attached as Exhibit A to this
Endorsement, Financial Security will pay any amount payable hereunder in respect
of Guaranteed Distributions out of the funds of Financial Security on the later
to occur of (a) 12:00 noon, New York City time, on the Business Day following
such Receipt; and (b) 12:00 noon, New York City time, on the Distribution Date
to which such claim relates. Payments due hereunder in respect of Guaranteed
Distributions will be disbursed by wire transfer of immediately available funds
to the FSA Policy Payments Account established pursuant to the Pooling and
Servicing Agreement or, if no such FSA Policy Payments Account has been
established, to the Trustee for deposit to the Certificate Account.
Financial Security shall be entitled to pay, at any time after
a claim is made under the Policy, any amount hereunder in respect of Guaranteed
Distributions, including any acceleration payment, whether or not any notice and
certificate shall have been Received by Financial Security as provided above.
Financial Security shall be entitled to pay hereunder any amount in respect of
Guaranteed Distributions on an accelerated basis, at any time after a claim is
made under the Policy, or from time to time, in whole or in part, prior to the
scheduled date of payment thereof; Guaranteed Distributions insured hereunder
shall not include interest, in respect of principal paid hereunder on an
accelerated basis, accruing from after the date of such payment of principal.
Financial Security's obligations hereunder in respect of Guaranteed
Distributions shall be discharged to the extent funds are disbursed by Financial
Security as provided herein whether or not such funds are properly applied by
the Trustee.
4. Governing Law. This Policy shall be governed by and construed in
accordance with the laws of the State of New York, without giving effect to the
conflict of laws principles thereof.
5. Fiscal Agent. At any time during the Term of this Policy,
Financial Security may appoint a fiscal agent (the "Fiscal Agent") for purposes
of this Policy by written notice to the Trustee at the notice address specified
in the Pooling and Servicing Agreement specifying the name and notice address of
the Fiscal Agent. From and after the date of receipt of such notice by the
Trustee, (i) copies of all notices and documents required to be delivered to
Financial Security pursuant to this Policy shall be simultaneously delivered to
the Fiscal Agent and to Financial Security and shall not be deemed Received
until Received by both and (ii) all payments required to be made by Financial
Security under this Policy may be made directly by Financial Security or by the
Fiscal Agent on behalf of Financial Security. The Fiscal Agent is the agent of
Financial Security only and the Fiscal Agent shall in no event be liable to any
Holder for any acts of the Fiscal Agent or any failure of Financial Security to
deposit, or cause to be deposited, sufficient funds to make payments due under
this Policy.
6. Waiver of Defenses. To the fullest extent permitted by
applicable law, Financial Security agrees not to assert, and hereby waives, for
the benefit of each Holder of any Certificates, all rights (whether by
counterclaim, set off or otherwise) and defenses (including, without limitation,
the defense of fraud), whether acquired by subrogation, assignment or otherwise,
to the extent that such rights and defenses may be available to Financial
Security to avoid payment of its obligations under this Policy in accordance
with the express provisions of this Policy.
7. Notices. All notices to be given hereunder shall be in writing (except
as otherwise specifically provided herein) and shall be mailed by registered
mail or personally delivered or telecopied to Financial Security as follows:
Financial Security Assurance Inc.
350 Park Avenue
New York, New York 10022
Attention: Senior Vice President
- Surveillance
Telecopy No.: (212) 339-3518
(212) 826-0100
Financial Security may specify a different address or addresses by writing
mailed or delivered to the Trustee.
8. Priorities. In the event any term or provision of the face of this
Policy is inconsistent with the provisions of this Endorsement, the provisions
of this Endorsement shall take precedence and shall be binding.
9. Exclusions From Insurance Guaranty Funds. This Policy is
not covered by the Property/Casualty Insurance Security Fund specified in
Article 76 of the New York Insurance Law. This Policy is not covered by the
Florida Insurance Guaranty Association created under Part II of Chapter 631 of
the Florida Insurance Code. In the event Financial Security were to become
insolvent, any claims arising under this Policy are excluded from coverage by
the California Insurance Guaranty Association, established pursuant to Article
14.2 of Chapter 1 of Part 2 of Division 1 of the California Insurance Code.
10. Surrender of Policy. The Trustee shall surrender this Policy to
Financial Security for cancellation upon expiration of the Term of this Policy.
IN WITNESS WHEREOF, FINANCIAL SECURITY ASSURANCE INC. has
caused this Endorsement No. 1 to be executed by its Authorized Officer.
FINANCIAL SECURITY ASSURANCE INC.
By
Authorized Officer
Exhibit A
To Endorsement 1
NOTICE OF CLAIM AND CERTIFICATE
Financial Security Assurance Inc.
350 Park Avenue
New York, NY 10022
The undersigned, a duly authorized officer of The First National Bank of
Chicago (the "Trustee"), hereby certifies to Financial Security Assurance Inc.
("Financial Security"), with reference to Financial Guaranty Insurance Policy
No. 50555-N dated
By________________________________
(i) The Trustee is the Trustee under the Pooling and Servicing Agreement
for the Holders of the Certificates.
(ii) The sum of all amounts on deposit (or scheduled to be on
deposit) in the Certificate Account (after giving effect to any applications of
funds from the Insured Reserve Fund) and available for distribution to the
Holders pursuant to the Pooling and Servicing Agreement will be $___________
(the "Shortfall") less than the sum of (a) the Guaranteed Distributions with
respect to the Distribution Date ($____________) and (b) the aggregate amount on
deposit (or scheduled to be on deposit) in the Certificate Account (after giving
effect to any applications of funds from the Insured Reserve Fund) that will be
applied to make payments of principal or interest on the Certificates on such
Distribution Date pursuant to the Pooling and Servicing Agreement, but without
giving effect to any payments to be made under the Policy.
(iii) The Trustee is making a claim under the Policy for the
lesser of (a) the Shortfall and (b) the Guaranteed Distributions with respect to
the Distribution Date, to be applied to distributions of principal or interest
or both with respect to the Certificates.
(iv) The Trustee agrees that, following receipt of funds from
Financial Security, it shall (a) hold such amounts in trust and apply the same
directly to the payment of Guaranteed Distributions on the Certificates when
due; (b) not apply such funds for any other purpose; (c) not commingle such
funds with other funds held by the Trustee and (d) maintain an accurate record
of such payments with respect to each Certificate and the corresponding claim on
the Policy and proceeds thereof and, if the Certificate is required to be
presented for such payment, shall stamp on each such Certificate the legend
"$[insert applicable amount] paid by Financial Security and the balance hereof
has been canceled and reissued" and then shall deliver such Certificate to
Financial Security.
(v) The Trustee, on behalf of the Holders, hereby assigns to
Financial Security the rights of the Holders with respect to the Certificates to
the extent of any payments under the Policy, including, without limitation, any
amounts due to the Holders in respect of securities law violations arising from
the offer and sale of the Certificates. The foregoing assignment is in addition
to, and not in limitation of, rights of subrogation otherwise available to
Financial Security in respect of such payments. The Trustee shall take such
action and deliver such instruments as may be reasonably requested or required
by Financial Security to effectuate the purpose or provisions of this clause
(v).
(vi) The Trustee, on its behalf and on behalf of the Holders,
hereby appoints Financial Security as agent and attorney-in-fact for the Trustee
and each such Holder in any legal proceeding with respect to the Certificates.
The Trustee hereby agrees that, so long as a Financial Security Default shall
not exist, Financial Security may at any time during the continuation of any
proceeding by or against the Depositor under the United States Bankruptcy Code
or any other applicable bankruptcy, insolvency, receivership, rehabilitation or
similar law (an "Insolvency Proceeding") direct all matters relating to such
Insolvency Proceeding with respect to the Certificates. In addition, the Trustee
hereby agrees that Financial Security shall be subrogated to, and the Trustee on
its behalf and on behalf of each Holder, hereby delegates and assigns, to the
fullest extent permitted by law, the rights of the Trustee and each Holder in
the conduct of any Insolvency Proceeding, including, without limitation, all
rights of any party to an adversary proceeding or action with respect to any
court order issued in connection with any such Insolvency Proceeding.
(vii) Payments should be made by wire transfer directed to
[SPECIFY FSA POLICY PAYMENTS ACCOUNT OR CERTIFICATE ACCOUNT].
Unless the context otherwise requires, capitalized terms used
in this Notice of Claim and Certificate and not defined herein shall have the
meanings provided in the Policy.
IN WITNESS WHEREOF, the Trustee has executed and delivered
this Notice of Claim and Certificate as of the ____ day of _______, _________.
------------------------------
By:
Title:
- -----------------------------------------------------------------
For Financial Security or Fiscal Agent Use Only
Wire transfer sent on _________ by
Confirmation Number
6863-244-DM2-02/06/97
Q-2
<PAGE>
AUTHORIZED OFFICER
(i) The Trustee is the Trustee under the Pooling and Servicing Agreement
for the Holders of the Certificates.
(ii) The sum of all amounts on deposit (or scheduled to be on
deposit) in the Certificate Account (after giving effect to any applications of
funds from the Insured Reserve Fund) and available for distribution to the
Holders pursuant to the Pooling and Servicing Agreement will be $___________
(the "Shortfall") less than the sum of (a) the Guaranteed Distributions with
respect to the Distribution Date ($____________) and (b) the aggregate amount on
deposit (or scheduled to be on deposit) in the Certificate Account (after giving
effect to any applications of funds from the Insured Reserve Fund) that will be
applied to make payments of principal or interest on the Certificates on such
Distribution Date pursuant to the Pooling and Servicing Agreement, but without
giving effect to any payments to be made under the Policy.
(iii) The Trustee is making a claim under the Policy for the
lesser of (a) the Shortfall and (b) the Guaranteed Distributions with respect to
the Distribution Date, to be applied to distributions of principal or interest
or both with respect to the Certificates.
(iv) The Trustee agrees that, following receipt of funds from
Financial Security, it shall (a) hold such amounts in trust and apply the same
directly to the payment of Guaranteed Distributions on the Certificates when
due; (b) not apply such funds for any other purpose; (c) not commingle such
funds with other funds held by the Trustee and (d) maintain an accurate record
of such payments with respect to each Certificate and the corresponding claim on
the Policy and proceeds thereof and, if the Certificate is required to be
presented for such payment, shall stamp on each such Certificate the legend
"$[insert applicable amount] paid by Financial Security and the balance hereof
has been canceled and reissued" and then shall deliver such Certificate to
Financial Security.
(v) The Trustee, on behalf of the Holders, hereby assigns to
Financial Security the rights of the Holders with respect to the Certificates to
the extent of any payments under the Policy, including, without limitation, any
amounts due to the Holders in respect of securities law violations arising from
the offer and sale of the Certificates. The foregoing assignment is in addition
to, and not in limitation of, rights of subrogation otherwise available to
Financial Security in respect of such payments. The Trustee shall take such
action and deliver such instruments as may be reasonably requested or required
by Financial Security to effectuate the purpose or provisions of this clause
(v).
(vi) The Trustee, on its behalf and on behalf of the Holders,
hereby appoints Financial Security as agent and attorney-in-fact for the Trustee
and each such Holder in any legal proceeding with respect to the Certificates.
The Trustee hereby agrees that, so long as a Financial Security Default shall
not exist, Financial Security may at any time during the continuation of any
proceeding by or against the Depositor under the United States Bankruptcy Code
or any other applicable bankruptcy, insolvency, receivership, rehabilitation or
similar law (an "Insolvency Proceeding") direct all matters relating to such
Insolvency Proceeding with respect to the Certificates. In addition, the Trustee
hereby agrees that Financial Security shall be subrogated to, and the Trustee on
its behalf and on behalf of each Holder, hereby delegates and assigns, to the
fullest extent permitted by law, the rights of the Trustee and each Holder in
the conduct of any Insolvency Proceeding, including, without limitation, all
rights of any party to an adversary proceeding or action with respect to any
court order issued in connection with any such Insolvency Proceeding.
(vii) Payments should be made by wire transfer directed to
[SPECIFY FSA POLICY PAYMENTS ACCOUNT OR CERTIFICATE ACCOUNT].
Unless the context otherwise requires, capitalized terms used
in this Notice of Claim and Certificate and not defined herein shall have the
meanings provided in the Policy.
IN WITNESS WHEREOF, the Trustee has executed and delivered
this Notice of Claim and Certificate as of the ____ day of _______, _________.
------------------------------
By:
Title:
- -----------------------------------------------------------------
For Financial Security or Fiscal Agent Use Only
Wire transfer sent on _________ by
Confirmation Number
6863-244-DM2-02/06/97
Q-3
<PAGE>
(i) The Trustee is the Trustee under the Pooling and Servicing Agreement
for the Holders of the Certificates.
(ii) The sum of all amounts on deposit (or scheduled to be on
deposit) in the Certificate Account (after giving effect to any applications of
funds from the Insured Reserve Fund) and available for distribution to the
Holders pursuant to the Pooling and Servicing Agreement will be $___________
(the "Shortfall") less than the sum of (a) the Guaranteed Distributions with
respect to the Distribution Date ($____________) and (b) the aggregate amount on
deposit (or scheduled to be on deposit) in the Certificate Account (after giving
effect to any applications of funds from the Insured Reserve Fund) that will be
applied to make payments of principal or interest on the Certificates on such
Distribution Date pursuant to the Pooling and Servicing Agreement, but without
giving effect to any payments to be made under the Policy.
(iii) The Trustee is making a claim under the Policy for the
lesser of (a) the Shortfall and (b) the Guaranteed Distributions with respect to
the Distribution Date, to be applied to distributions of principal or interest
or both with respect to the Certificates.
(iv) The Trustee agrees that, following receipt of funds from
Financial Security, it shall (a) hold such amounts in trust and apply the same
directly to the payment of Guaranteed Distributions on the Certificates when
due; (b) not apply such funds for any other purpose; (c) not commingle such
funds with other funds held by the Trustee and (d) maintain an accurate record
of such payments with respect to each Certificate and the corresponding claim on
the Policy and proceeds thereof and, if the Certificate is required to be
presented for such payment, shall stamp on each such Certificate the legend
"$[insert applicable amount] paid by Financial Security and the balance hereof
has been canceled and reissued" and then shall deliver such Certificate to
Financial Security.
(v) The Trustee, on behalf of the Holders, hereby assigns to
Financial Security the rights of the Holders with respect to the Certificates to
the extent of any payments under the Policy, including, without limitation, any
amounts due to the Holders in respect of securities law violations arising from
the offer and sale of the Certificates. The foregoing assignment is in addition
to, and not in limitation of, rights of subrogation otherwise available to
Financial Security in respect of such payments. The Trustee shall take such
action and deliver such instruments as may be reasonably requested or required
by Financial Security to effectuate the purpose or provisions of this clause
(v).
(vi) The Trustee, on its behalf and on behalf of the Holders,
hereby appoints Financial Security as agent and attorney-in-fact for the Trustee
and each such Holder in any legal proceeding with respect to the Certificates.
The Trustee hereby agrees that, so long as a Financial Security Default shall
not exist, Financial Security may at any time during the continuation of any
proceeding by or against the Depositor under the United States Bankruptcy Code
or any other applicable bankruptcy, insolvency, receivership, rehabilitation or
similar law (an "Insolvency Proceeding") direct all matters relating to such
Insolvency Proceeding with respect to the Certificates. In addition, the Trustee
hereby agrees that Financial Security shall be subrogated to, and the Trustee on
its behalf and on behalf of each Holder, hereby delegates and assigns, to the
fullest extent permitted by law, the rights of the Trustee and each Holder in
the conduct of any Insolvency Proceeding, including, without limitation, all
rights of any party to an adversary proceeding or action with respect to any
court order issued in connection with any such Insolvency Proceeding.
(vii) Payments should be made by wire transfer directed to
[SPECIFY FSA POLICY PAYMENTS ACCOUNT OR CERTIFICATE ACCOUNT].
Unless the context otherwise requires, capitalized terms used
in this Notice of Claim and Certificate and not defined herein shall have the
meanings provided in the Policy.
IN WITNESS WHEREOF, the Trustee has executed and delivered
this Notice of Claim and Certificate as of the ____ day of _______, _________.
------------------------------
By:
Title:
- -----------------------------------------------------------------
For Financial Security or Fiscal Agent Use Only
Wire transfer sent on _________ by
Confirmation Number
6863-244-DM2-02/06/97
Q-4
<PAGE>
EXHIBIT R
FORM OF REQUEST FOR EXCHANGE
[DATE]
The First National Bank of Chicago
One First National Plaza
Suite 0126
Chicago, Illinois 60670
Re: Residential Funding Mortgage Securities I,
Inc., Mortgage Pass-Through Certificates,
Series 1997-2
Residential Funding Corporation, as the Holder of a ___%
Percentage Interest of the [Class/Subclass] of Class A-15[-_] Certificates,
hereby requests the Trustee to exchange the above-referenced Certificates for
the Subclasses referred to below:
1. Class A-15-_ Certificates, corresponding to
the following Uncertificated REMIC II
Regular Interests: [List numbers
corresponding to the related loans and Pool
Strip Rates from the Mortgage Loan
Schedule]. The Initial Class A-15 Notional
Amount and the Initial Pass-Through Rate on
the Class A-15-_ Certificates will be
$__________ and ____%, respectively.
[2. Repeat as appropriate.]
The Subclasses requested above will represent in the aggregate
all of the Uncertificated REMIC II Regular Interests represented by the Class
A-15[_] Certificates surrendered for exchange.
(i) The Trustee is the Trustee under the Pooling and Servicing Agreement
for the Holders of the Certificates.
(ii) The sum of all amounts on deposit (or scheduled to be on
deposit) in the Certificate Account (after giving effect to any applications of
funds from the Insured Reserve Fund) and available for distribution to the
Holders pursuant to the Pooling and Servicing Agreement will be $___________
(the "Shortfall") less than the sum of (a) the Guaranteed Distributions with
respect to the Distribution Date ($____________) and (b) the aggregate amount on
deposit (or scheduled to be on deposit) in the Certificate Account (after giving
effect to any applications of funds from the Insured Reserve Fund) that will be
applied to make payments of principal or interest on the Certificates on such
Distribution Date pursuant to the Pooling and Servicing Agreement, but without
giving effect to any payments to be made under the Policy.
(iii) The Trustee is making a claim under the Policy for the
lesser of (a) the Shortfall and (b) the Guaranteed Distributions with respect to
the Distribution Date, to be applied to distributions of principal or interest
or both with respect to the Certificates.
(iv) The Trustee agrees that, following receipt of funds from
Financial Security, it shall (a) hold such amounts in trust and apply the same
directly to the payment of Guaranteed Distributions on the Certificates when
due; (b) not apply such funds for any other purpose; (c) not commingle such
funds with other funds held by the Trustee and (d) maintain an accurate record
of such payments with respect to each Certificate and the corresponding claim on
the Policy and proceeds thereof and, if the Certificate is required to be
presented for such payment, shall stamp on each such Certificate the legend
"$[insert applicable amount] paid by Financial Security and the balance hereof
has been canceled and reissued" and then shall deliver such Certificate to
Financial Security.
(v) The Trustee, on behalf of the Holders, hereby assigns to
Financial Security the rights of the Holders with respect to the Certificates to
the extent of any payments under the Policy, including, without limitation, any
amounts due to the Holders in respect of securities law violations arising from
the offer and sale of the Certificates. The foregoing assignment is in addition
to, and not in limitation of, rights of subrogation otherwise available to
Financial Security in respect of such payments. The Trustee shall take such
action and deliver such instruments as may be reasonably requested or required
by Financial Security to effectuate the purpose or provisions of this clause
(v).
(vi) The Trustee, on its behalf and on behalf of the Holders,
hereby appoints Financial Security as agent and attorney-in-fact for the Trustee
and each such Holder in any legal proceeding with respect to the Certificates.
The Trustee hereby agrees that, so long as a Financial Security Default shall
not exist, Financial Security may at any time during the continuation of any
proceeding by or against the Depositor under the United States Bankruptcy Code
or any other applicable bankruptcy, insolvency, receivership, rehabilitation or
similar law (an "Insolvency Proceeding") direct all matters relating to such
Insolvency Proceeding with respect to the Certificates. In addition, the Trustee
hereby agrees that Financial Security shall be subrogated to, and the Trustee on
its behalf and on behalf of each Holder, hereby delegates and assigns, to the
fullest extent permitted by law, the rights of the Trustee and each Holder in
the conduct of any Insolvency Proceeding, including, without limitation, all
rights of any party to an adversary proceeding or action with respect to any
court order issued in connection with any such Insolvency Proceeding.
(vii) Payments should be made by wire transfer directed to
[SPECIFY FSA POLICY PAYMENTS ACCOUNT OR CERTIFICATE ACCOUNT].
Unless the context otherwise requires, capitalized terms used
in this Notice of Claim and Certificate and not defined herein shall have the
meanings provided in the Policy.
IN WITNESS WHEREOF, the Trustee has executed and delivered
this Notice of Claim and Certificate as of the ____ day of _______, _________.
------------------------------
By:
Title:
- -----------------------------------------------------------------
For Financial Security or Fiscal Agent Use Only
Wire transfer sent on _________ by
Confirmation Number
6863-244-DM2-02/06/97
R-1
<PAGE>
All capitalized terms used but not defined herein shall have
the meanings set forth in the Pooling and Servicing Agreement, dated as of
January 1, 1997, among Residential Funding Mortgage Securities I, Inc.,
Residential Funding Corporation and The First National Bank of Chicago, as
trustee.
RESIDENTIAL FUNDING
CORPORATION
By:______________________________
Name:
Title:
(i) The Trustee is the Trustee under the Pooling and Servicing Agreement
for the Holders of the Certificates.
(ii) The sum of all amounts on deposit (or scheduled to be on
deposit) in the Certificate Account (after giving effect to any applications of
funds from the Insured Reserve Fund) and available for distribution to the
Holders pursuant to the Pooling and Servicing Agreement will be $___________
(the "Shortfall") less than the sum of (a) the Guaranteed Distributions with
respect to the Distribution Date ($____________) and (b) the aggregate amount on
deposit (or scheduled to be on deposit) in the Certificate Account (after giving
effect to any applications of funds from the Insured Reserve Fund) that will be
applied to make payments of principal or interest on the Certificates on such
Distribution Date pursuant to the Pooling and Servicing Agreement, but without
giving effect to any payments to be made under the Policy.
(iii) The Trustee is making a claim under the Policy for the
lesser of (a) the Shortfall and (b) the Guaranteed Distributions with respect to
the Distribution Date, to be applied to distributions of principal or interest
or both with respect to the Certificates.
(iv) The Trustee agrees that, following receipt of funds from
Financial Security, it shall (a) hold such amounts in trust and apply the same
directly to the payment of Guaranteed Distributions on the Certificates when
due; (b) not apply such funds for any other purpose; (c) not commingle such
funds with other funds held by the Trustee and (d) maintain an accurate record
of such payments with respect to each Certificate and the corresponding claim on
the Policy and proceeds thereof and, if the Certificate is required to be
presented for such payment, shall stamp on each such Certificate the legend
"$[insert applicable amount] paid by Financial Security and the balance hereof
has been canceled and reissued" and then shall deliver such Certificate to
Financial Security.
(v) The Trustee, on behalf of the Holders, hereby assigns to
Financial Security the rights of the Holders with respect to the Certificates to
the extent of any payments under the Policy, including, without limitation, any
amounts due to the Holders in respect of securities law violations arising from
the offer and sale of the Certificates. The foregoing assignment is in addition
to, and not in limitation of, rights of subrogation otherwise available to
Financial Security in respect of such payments. The Trustee shall take such
action and deliver such instruments as may be reasonably requested or required
by Financial Security to effectuate the purpose or provisions of this clause
(v).
(vi) The Trustee, on its behalf and on behalf of the Holders,
hereby appoints Financial Security as agent and attorney-in-fact for the Trustee
and each such Holder in any legal proceeding with respect to the Certificates.
The Trustee hereby agrees that, so long as a Financial Security Default shall
not exist, Financial Security may at any time during the continuation of any
proceeding by or against the Depositor under the United States Bankruptcy Code
or any other applicable bankruptcy, insolvency, receivership, rehabilitation or
similar law (an "Insolvency Proceeding") direct all matters relating to such
Insolvency Proceeding with respect to the Certificates. In addition, the Trustee
hereby agrees that Financial Security shall be subrogated to, and the Trustee on
its behalf and on behalf of each Holder, hereby delegates and assigns, to the
fullest extent permitted by law, the rights of the Trustee and each Holder in
the conduct of any Insolvency Proceeding, including, without limitation, all
rights of any party to an adversary proceeding or action with respect to any
court order issued in connection with any such Insolvency Proceeding.
(vii) Payments should be made by wire transfer directed to
[SPECIFY FSA POLICY PAYMENTS ACCOUNT OR CERTIFICATE ACCOUNT].
Unless the context otherwise requires, capitalized terms used
in this Notice of Claim and Certificate and not defined herein shall have the
meanings provided in the Policy.
IN WITNESS WHEREOF, the Trustee has executed and delivered
this Notice of Claim and Certificate as of the ____ day of _______, _________.
------------------------------
By:
Title:
- -----------------------------------------------------------------
For Financial Security or Fiscal Agent Use Only
Wire transfer sent on _________ by
Confirmation Number
6863-244-DM2-02/06/97
R-2
<PAGE>
