SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) August 30, 1999
RESIDENTIAL FUNDING MORTGAGE SECURITIES I, INC. (as company under a Pooling and
Servicing Agreement, dated as of August 1, 1999, providing for, inter alia, the
issuance of Mortgage Pass-Through Certificates, Series 1999-S18)
Residential Funding Mortgage Securities I, Inc.
(Exact name of registrant as specified in its charter)
DELAWARE 333-72493 75-2006294
(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
8400 Normandale Lake Blvd.
Suite 600
Minneapolis, Minnesota 55437
(Address of Principal (Zip Code)
Executive Offices)
Registrant's telephone number, including area code, is (612) 832-7000
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Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(a) Not applicable
(b) Not applicable
(c) Exhibits:
1. Series Supplement, dated as of August 1, 1999, to the Standard
Terms of Pooling and Servicing Agreement, dated as of August 1, 1999, among
Residential Funding Mortgage Securities I, Inc., as company, Residential Funding
Corporation, as master servicer, and The First National Bank of Chicago, as
trustee.
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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: August 30, 1999
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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: /s/ Randy Van Zee
Name: Randy Van Zee
Title: Vice President
Dated: August 30, 1999
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EXHIBITS
RESIDENTIAL FUNDING MORTGAGE SECURITIES I, INC.,
Company,
RESIDENTIAL FUNDING CORPORATION,
Master Servicer,
and
THE FIRST NATIONAL BANK OF CHICAGO,
Trustee
SERIES SUPPLEMENT,
Dated as of August 1, 1999,
TO
STANDARD TERMS OF
POOLING AND SERVICING AGREEMENT
Dated as of August 1, 1999
Mortgage Pass-Through Certificates
Series 1999-S18
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TABLE OF CONTENTS
Page
ARTICLE I
DEFINITIONS
<S> <C> <C>
Section 1.01 Definitions............................................................3
Section 1.02 Use of Words and Phrases..............................................11
Section 1.03 Determination of LIBOR................................................11
ARTICLE II
CONVEYANCE OF MORTGAGE LOANS;
ORIGINAL ISSUANCE OF CERTIFICATES
Section 2.01 Conveyance of Mortgage Loans..........................................13
Section 2.02 Acceptance by Trustee.................................................13
Section 2.03 Representations, Warranties and Covenants of the Master Servicer and the
Company...............................................................13
Section 2.04 Representations and Warranties of Sellers.............................15
Section 2.05 Execution and Authentication of Certificates..........................15
ARTICLE III
ADMINISTRATION AND SERVICING
OF MORTGAGE LOANS
ARTICLE IV
PAYMENTS TO CERTIFICATEHOLDERS
Section 4.01 Certificate Account...................................................18
Section 4.02 Distributions.........................................................18
Section 4.03 Statements to Certificateholders......................................28
Section 4.04 Distribution of Reports to the Trustee and the Company; Advances by the
Master Servicer.......................................................28
Section 4.05 Allocation of Realized Losses.........................................28
Section 4.06 Reports of Foreclosures and Abandonment of Mortgaged Property.........29
Section 4.07 Optional Purchase of Defaulted Mortgage Loans.........................29
Section 4.08 Surety Bond...........................................................29
ARTICLE V
THE CERTIFICATES
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ARTICLE VI
THE COMPANY AND THE MASTER SERVICER
ARTICLE VII
DEFAULT
ARTICLE VIII
CONCERNING THE TRUSTEE
ARTICLE IX
TERMINATION
ARTICLE X
REMIC PROVISIONS
Section 10.01 REMIC Administration..................................................35
Section 10.02 Master Servicer; REMIC Administrator and Trustee Indemnification......35
Section 10.03 Designation of REMIC(s)...............................................35
ARTICLE XI
MISCELLANEOUS PROVISIONS
Section 11.01 Amendment.............................................................36
Section 11.02 Recordation of Agreement. Counterparts...............................36
Section 11.03 Limitation on Rights of Certificateholders............................36
Section 11.04 Governing Laws........................................................36
Section 11.05 Notices...............................................................36
Section 11.06 Required Notices to Rating Agency and Subservicer.....................37
Section 11.07 Severability of Provisions............................................37
Section 11.08 Supplemental Provisions for Resecuritization..........................37
Section 11.09 Allocation of Voting Rights...........................................37
ARTICLE XII
[RESERVED]
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EXHIBITS
Exhibit One: Mortgage Loan Schedule
Exhibit Two: Schedule of Discount Fractions
Exhibit Three: Information to be Included in
Monthly Distribution Date Statement
Exhibit Four: Standard Terms of Pooling and Servicing
Agreement dated as of August 1, 1999
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This is a Series Supplement, dated as of August 1, 1999 (the "Series
Supplement"), to the Standard Terms of Pooling and Servicing Agreement, dated as
of August 1, 1999 and attached as Exhibit Four hereto (the "Standard Terms" and,
together with this Series Supplement, the "Pooling and Servicing Agreement" or
"Agreement"), 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 provided herein, the REMIC Administrator will make an
election to treat the entire segregated pool of assets described in the
definition of Trust Fund, and subject to this Agreement (including the Mortgage
Loans but excluding the Initial Monthly Payment Fund), as one or more real
estate mortgage investment conduits (each, a "REMIC") for federal income tax
purposes.
The terms and provisions of the Standard Terms are hereby incorporated
by reference herein as though set forth in full herein. If any term or provision
contained herein shall conflict with or be inconsistent with any provision
contained in the Standard Terms, the terms and provisions of this Series
Supplement shall govern. All capitalized terms not otherwise defined herein
shall have the meanings set forth in the Standard Terms. The Pooling and
Servicing Agreement shall be dated as of the date of the Series Supplement.
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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.
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Aggregate
Initial
Certificate Standard &
Pass-Through Principal Maturity Poor's/ Minimum
Designation Rate Balance Features1 Date Fitch IBCA Denominations2
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Class A-1 7.00% $ 153,751,000.00 Senior August 25, 2029 AAA/AAA $25,000
Class A-2 7.00% $ 57,334,000.00 Senior August 25, 2029 AAA/AAA $25,000
Class A-3 7.00% $ 14,599,000.00 Senior August 25, 2029 AAA/AAA $25,000
Class A-4 7.00% $ 12,312,000.00 Senior August 25, 2029 AAA/AAA $25,000
Class A-5 7.00% $ 13,580,000.00 Senior August 25, 2029 AAA/AAA $25,000
Class A-6 7.00% $ 26,469,000.00 Senior August 25, 2029 AAA/AAA $25,000
Class A-7 Adjustable Rate $ 28,356,222.00 Senior/Floater August 25, 2029 AAA/AAA $25,000
Class A-8 Adjustable Rate $ 8,101,778.00 Sr/Inverse/Floater August 25, 2029 AAAr/AAA $25,000
Class A-9 7.00% $ 35,364,000.00 Senior/Lockout August 25, 2020 AAA/AAA $25,000
Class A-P 0.00% $ 3,727,200.39 Principal Only August 25, 2029 AAAr/AAA $25,000
Class A-V Variable Rate $ 0.00 Variable Strip August 25, 2029 AAAr/AAA 20%
Class R 7.00% $ 100.00 Residual/Senior August 25, 2029 AAA/AAA 20%
Class M-1 7.00% $ 8,678,500.00 Mezzanine August 25, 2029 N/A/AA $25,000
Class M-2 7.00% $ 2,769,700.00 Mezzanine August 25, 2029 N/A/A $250,000
Class M-3 7.00% $ 1,661,800.00 Mezzanine August 25, 2029 N/A/BBB $250,000
Class B-1 7.00% $ 1,107,900.00 Subordinate August 25, 2029 N/A/BB $250,000
Class B-2 7.00% $ 738,600.00 Subordinate August 25, 2029 N/A/B $250,000
Class B-3 7.00% $ 738,626.29 Subordinate August 25, 2029 N/A $250,000
</TABLE>
In consideration of the mutual agreements herein contained, the Company, the
Master Servicer and the Trustee agree as follows:
1 The Class A-1-Class A-9 Certificates and Class M Certificates shall be
Book-Entry Certificates. The Class A-P, Class A-V, Class R and Class B
Certificates shall be delivered to the holders thereof in physical form.
2 The Certificates, other than the Class A-V and Class R Certificates, shall
be issuable in minimum dollar denominations as indicated above (by
Certificate Principal Balance or Notional Amount, as applicable) and
integral multiples of $1 (or $1,000 in the case of the Class A-P, Class
B-1, Class B-2 and Class B-3 Certificates) in excess thereof, except that
one Certificate of any of the Class A-P and Class B Certificates that
contain an uneven multiple of $1,000 shall be issued in a denomination
equal to the sum of the related minimum denomination set forth above and
such uneven multiple for such Class or the sum of such denomination and an
integral multiple of $1,000. The Class R Certificates and Class A-V
Certificates shall be issuable in minimum denominations of not less than a
20% Percentage Interest; provided, however, that one Class R 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%.
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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.
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)
$137,216 over (B) the aggregate amount of Bankruptcy Losses allocated solely to
one or more specific Classes of Certificates in accordance with Section 4.05 of
this Series Supplement. As of any date of determination on or after the first
anniversary of the Cut-off Date, an amount equal to the excess, if any, of
(1) the lesser of (a) the Bankruptcy Amount calculated as of the
close of business on the Business Day immediately preceding the most
recent anniversary of the Cut-off Date coinciding with or preceding such
date of determination (or, if such date of determination is an
anniversary of the Cut-off Date, the Business Day immediately preceding
such date of determination) (for purposes of this definition, the
"Relevant Anniversary") and (b) the greater of
(A) the greater of (i) 0.0006 times the aggregate
principal balance of all the Mortgage Loans in the Mortgage Pool
as of the Relevant Anniversary (other than Additional Collateral
Loans) 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 (other
than Additional Collateral Loans) which had an original
Loan-to-Value Ratio of 80% or greater that would result if the
Net Mortgage Rate thereof was equal to the weighted average
(based on the principal balance of the Mortgage Loans as of the
Relevant Anniversary) of the Net Mortgage Rates of all Mortgage
Loans as of the Relevant Anniversary less 1.25% per annum, (y) a
number equal to the weighted average remaining term to maturity,
in months, of all Non-Primary Residence Loans remaining in the
Mortgage Pool as of the Relevant Anniversary, and (z) one plus
the quotient of the number of all Non-Primary Residence Loans
remaining in the Mortgage Pool divided by the total number of
Outstanding Mortgage Loans in the Mortgage Pool as of the
Relevant Anniversary, and (ii) $50,000, over (2) the aggregate
amount of Bankruptcy Losses allocated solely to one or more
specific Classes of Certificates in accordance with Section 4.05
since the Relevant Anniversary.
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The Bankruptcy Amount may be further reduced by the Master Servicer
(including accelerating the manner in which such coverage is reduced) provided
that prior to any such reduction, the Master Servicer shall (i) obtain written
confirmation from each Rating Agency that such reduction shall not reduce the
rating assigned to any Class of Certificates by such Rating Agency below the
lower of the then-current rating or the rating assigned to such Certificates as
of the Closing Date by such Rating Agency and (ii) provide a copy of such
written confirmation to the Trustee.
Certificate: Any Class A, Class M, Class B or Class R Certificate.
Certificate Account: The separate account or accounts created and
maintained pursuant to Section 4.01 of the Standard Terms, which shall be
entitled "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 1999-S18" and which must be an Eligible
Account.
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-P or
Class A-V Certificates, executed by the Trustee and authenticated by the
Certificate Registrar substantially in the form annexed to the Standard Terms as
Exhibit A.
Class R Certificate: Any one of the Class R Certificates executed by the
Trustee and authenticated by the Certificate Registrar substantially in the form
annexed to the Standard Terms as Exhibit D and evidencing an interest designated
as a "residual interest" in the REMIC for purposes of the REMIC Provisions.
Closing Date: August 30, 1999.
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 One First National Plaza, Suite IL1-0126 Chicago,
Illinois 60670-0126, Attention: Residential Funding Corporation Series 1999-S18.
Cut-off Date: August 1, 1999.
Discount Net Mortgage Rate: 7.00% per annum.
Due Period: With respect to each Distribution Date and any Mortgage
Loan, the period commencing on the second day of the month prior to the month in
which such Distribution Date occurs and ending on the first day of the month in
which such Distribution Date occurs.
Eligible Funds: On any Distribution Date, the portion, if any, of the
Available Distribution Amount remaining after reduction by the sum of (i) the
aggregate amount of Accrued Certificate Interest on the Senior Certificates,
(ii) the Senior Principal Distribution Amount (determined without regard to
Section 4.02(a)(ii)(Y)(D) hereof), (iii) the Class A-P Principal Distribution
Amount
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(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.
Floater Certificates: Class A-7 Certificates.
Fraud Loss Amount: As of any date of determination after the Cut-off
Date, an amount equal to: (X) prior to the third anniversary of the Cut-off Date
an amount equal to 1.00% of the aggregate outstanding principal balance of all
of the Mortgage Loans as of the Cut-off Date minus the aggregate amount of Fraud
Losses allocated solely to one or more specific Classes of Certificates in
accordance with Section 4.05 of this Series Supplement since the Cut-off Date up
to such date of determination and (Y) from the third 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) 0.50% of the
aggregate outstanding principal balance of all of the Mortgage Loans as of the
most recent anniversary of the Cut-off Date minus (2) the aggregate amount of
Fraud Losses allocated solely to one or more specific Classes of Certificates in
accordance with Section 4.05 since the most recent anniversary of the Cut-off
Date up to such date of determination. On and after the fifth anniversary of the
Cut-off Date, the Fraud Loss Amount shall be zero.
The Fraud Loss Amount may be further reduced by the Master Servicer
(including accelerating the manner in which such coverage is reduced) provided
that prior to any such reduction, the Master Servicer shall (i) obtain written
confirmation from each Rating Agency that such reduction shall not reduce the
rating assigned to any Class of Certificates by such Rating Agency below the
lower of the then-current rating or the rating assigned to such Certificates as
of the Closing Date by such Rating Agency and (ii) provide a copy of such
written confirmation to the Trustee.
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.
Initial Monthly Payment Fund: $79,622, representing scheduled principal
amortization and interest at the Net Mortgage Rate during the Due Period ending
on September 1999, for those Mortgage Loans for which the Trustee will not be
entitled to receive such payment in accordance with Section 2.01(g) of the
Standard Terms.
Initial Notional Amount: With respect to the Class A-V Certificates or
Subclass thereof issued pursuant to Section 5.01(c), the aggregate Cut-off Date
Principal Balance of the Mortgage Loans corresponding to the Uncertificated
Class A-V REMIC Regular Interests represented by such Class or Subclass on such
date.
Initial Subordinate Class Percentage: With respect to each Class of
Subordinate Certificates, an amount which is equal to the initial aggregate
Certificate Principal Balance of such Class of Subordinate Certificates divided
by the aggregate Stated Principal Balance of all the Mortgage Loans as of the
Cut-off Date as follows:
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Class M-1: 2.35% Class B-1: 0.30%
Class M-2: 0.75% Class B-2: 0.20%
Class M-3: 0.45% Class B-3: 0.20%
Interest Accrual Period: With respect to any Certificates (other than
the Floater Certificates and Inverse Floater Certificates) and any Distribution
Date, the calendar month preceding the month in which such Distribution Date
occurs. With respect to the Floater Certificates and Inverse Floater
Certificates, the one-month period commencing on the 25th day of the month
preceding the month in which the distribution date occurs and ending on the 24th
day of the month in which the distribution date occurs.
Interest Only Certificates: Any one of the Class A-V Certificates. The
Interest Only Certificates will have no Certificate Principal Balance.
Inverse Floater Certificates: Class A-8 Certificates.
LIBOR Rate Adjustment Date: With respect to each Distribution Date and
the Floater Certificates and Inverse Floater Certificates, the second LIBOR
Business Day immediately preceding the commencement of the related Interest
Accrual Period on which banks are open for dealing in foreign currency and
exchange in London, England.
Lockout Certificates: Class A-9 Certificates.
Lockout Prepayment Percentage: For any Distribution Date occurring prior
to the Distribution Date in September 2004, 0%; for any Distribution Date
occurring after August 2004 but prior to September 2005, 30%; for any
Distribution Date occurring after August 2005 but prior to September 2006, 40%;
for any Distribution Date occurring after August 2006 but prior to September
2007, 60%; for any Distribution Date occurring after August 2007 but prior to
September 2008, 80%; for any Distribution Date after August 2008, 100%.
Lockout Scheduled Percentage: for any Distribution Date occurring prior to
the Distribution Date in September 2004 will be 0% and for any Distribution Date
thereafter, will be 100%.
Maturity Date: August 25, 2029, the Distribution Date immediately following
the latest scheduled maturity date of any Mortgage Loan.
Mortgage Loan Schedule: The list or lists of the Mortgage Loans attached
hereto as Exhibit One (as amended from time to time to reflect the addition of
Qualified Substitute Mortgage Loans), which list or lists shall set forth the
following information as to each Mortgage Loan:
(a) the Mortgage Loan identifying number ("RFC LOAN #");
(b) the street address of the Mortgaged Property (or, with respect to
a Cooperative Loan, the related Cooperative Apartment) including
state and zip code ("ADDRESS");
(c) the maturity of the Mortgage Note ("MATURITY DATE"); (d) the
Mortgage Rate ("ORIG RATE"); (e) the Subservicer pass-through rate
("CURR NET");
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(f) the Net Mortgage Rate ("NET MTG RT"); (g) the Pool Strip Rate
("STRIP");
(h) the initial scheduled monthly payment of principal, if any, and
interest ("ORIGINAL P & I");
(i) the Cut-off Date Principal Balance ("PRINCIPAL BAL"); (j) the
Loan-to-Value Ratio at origination ("LTV");
(k) the rate at which the Subservicing Fee accrues ("SUBSERV FEE")
and at which the Servicing Fee accrues ("MSTR SERV FEE");
(l) 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
(m) a code "N" under the column "OCCP CODE," indicating that the
Mortgage Loan is secured by a non-owner occupied residence.
Such schedule may consist of multiple reports that collectively set forth all of
the information required.
Notional Amount: As of any Distribution Date, with respect to any Class
A-V Certificates or Subclass thereof issued pursuant to Section 5.01(c), the
aggregate Stated Principal Balance of the Mortgage Loans corresponding to the
Uncertificated Class A-V REMIC Regular Interests represented by such Class or
Subclass immediately prior to such date.
Pass-Through Rate: With respect to the Class A Certificates (other than
the Floater, Inverse Floater, Class A-V and Class A-P Certificates), Class M
Certificates, Class B Certificates and Class R Certificates and any Distribution
Date, the per annum rates set forth in the Preliminary Statement hereto. With
respect to the Floater Certificates and the initial Interest Accrual Period,
6.010% per annum, and as to any Interest Accrual Period thereafter, a per annum
rate equal to LIBOR plus 0.80%, subject to a maximum rate of 9.00% per annum and
a minimum rate of 0.80% per annum. With respect to the Inverse Floater
Certificates and the initial Interest Accrual Period, 10.465% per annum, and as
to any Interest Accrual Period thereafter, a per annum rate equal to 28.70%
minus the product of 3.5 and LIBOR, subject to a maximum rate of 28.70% per
annum and a minimum rate of 0.00% per annum. With respect to the Class A-V
Certificates (other than any Subclass thereof) and any Distribution Date, a rate
equal to the weighted average, expressed as a percentage, of the Pool Strip
Rates of all Mortgage Loans as of the Due Date in the related Due Period,
weighted on the basis of the respective Stated Principal Balances of such
Mortgage Loans as of the day immediately preceding such Distribution Date (or,
with respect to the initial Distribution Date, at the close of business on the
Cut-off Date). With respect to the Class A-V Certificates and the initial
Distribution Date the Pass-Through Rate is equal to 0.2950% per annum. With
respect to any Subclass of Class A-V Certificates and any Distribution Date, a
rate equal to the weighted average, expressed as a percentage, of the Pool Strip
Rates of all Mortgage Loans corresponding to the Uncertificated Class A-V REMIC
Regular Interests represented by such Subclass as of the Due Date in the related
Due Period, weighted on the basis of the respective Stated Principal Balances of
such Mortgage Loans as of the day immediately preceding such Distribution Date
(or with respect to the initial Distribution Date, at the close of business on
the Cut-off Date). The Principal Only Certificates have no Pass-Through Rate and
are not entitled to Accrued Certificate Interest.
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Prepayment Assumption: A prepayment assumption of 200% of the prepayment
speed assumption, used for determining the accrual of original issue discount
and market discount and premium on the Certificates for federal income tax
purposes. The prepayment speed 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 Subordinate Certificates, under the applicable
circumstances set forth below, the respective percentages set forth below:
(i) For any Distribution Date prior to the Distribution Date in
September 2004 (unless the Certificate Principal Balances of the Senior
Certificates (other than the Class A-P Certificates) have been reduced
to zero), 0%.
(ii) For any Distribution Date not discussed in clause (i) above
on which any Class of Subordinate Certificates are outstanding:
in the case of the Class of Subordinate Certificates then
outstanding with the Highest Priority and each other Class of
Subordinate Certificates for which the related Prepayment
Distribution Trigger has been satisfied, a fraction, expressed as
a percentage, the numerator of which is the Certificate Principal
Balance of such Class immediately prior to such date and the
denominator of which is the sum of the Certificate Principal
Balances immediately prior to such date of (1) the Class of
Subordinate Certificates then outstanding with the Highest
Priority and (2) all other Classes of Subordinate Certificates
for which the respective Prepayment Distribution Triggers have
been satisfied; and
in the case of each other Class of Subordinate
Certificates for which the Prepayment Distribution Triggers have
not been satisfied, 0%; and
(iii) Notwithstanding the foregoing, if the application of the
foregoing percentages on any Distribution Date as provided in Section
4.02 of this Series Supplement (determined without regard to the proviso
to the definition of "Subordinate Principal Distribution Amount") would
result in a distribution in respect of principal of any Class or Classes
of Subordinate Certificates in an amount greater than the remaining
Certificate Principal Balance thereof (any such class, a "Maturing
Class"), then: (a) the Prepayment Distribution Percentage of each
Maturing Class shall be reduced to a level that, when applied as
described above, would exactly reduce the Certificate Principal Balance
of such Class to zero; (b) the Prepayment Distribution Percentage of
each other Class of Subordinate Certificates (any such Class, a
"Non-Maturing Class") shall be recalculated in accordance with the
provisions in paragraph (ii) above, as if the Certificate Principal
Balance of each Maturing Class had been reduced to zero (such percentage
as recalculated, the "Recalculated Percentage"); (c) the total amount of
the reductions in the Prepayment Distribution Percentages of the
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Maturing Class or Classes pursuant to clause (a) of this sentence,
expressed as an aggregate percentage, shall be allocated among the
Non-Maturing Classes in proportion to their respective Recalculated
Percentages (the portion of such aggregate reduction so allocated to any
Non-Maturing Class, the "Adjustment Percentage"); and (d) for purposes
of such Distribution Date, the Prepayment Distribution Percentage of
each Non-Maturing Class shall be equal to the sum of (1) the Prepayment
Distribution Percentage thereof, calculated in accordance with the
provisions in paragraph (ii) above as if the Certificate Principal
Balance of each Maturing Class had not been reduced to zero, plus (2)
the related Adjustment Percentage.
Principal Only Certificates: Any one of the Class A-P Certificates.
Related Classes: As to any Uncertificated REMIC Regular Interest, those
classes of Certificates identified as Related Classes of Certificates to such
Uncertificated REMIC Regular Interest in the definition of Uncertificated REMIC
Regular Interest.
Senior Certificate: Any one of the Class A, Class A-V, Class A-P or
Class R Certificates, executed by the Trustee and authenticated by the
Certificate Registrar substantially in the form annexed to the Standard Terms as
Exhibit A and Exhibit D.
Senior Percentage: As of any Distribution Date, the lesser of 100% and a
fraction, expressed as a percentage, the numerator of which is the aggregate
Certificate Principal Balance of the Senior Certificates (other than the Class
A-P Certificates) immediately prior to such Distribution Date and the
denominator of which is the aggregate Stated Principal Balance of all of the
Mortgage Loans (or related REO Properties) (other than the related Discount
Fraction of each Discount Mortgage Loan) immediately prior to such Distribution
Date.
Senior Principal Distribution Amount: As to any Distribution Date, the
lesser of (a) the balance of the Available Distribution Amount remaining after
the distribution of all amounts required to be distributed pursuant to Section
4.02(a)(i) and Section 4.02(a)(ii)(X) of this Series Supplement, or, after the
Credit Support Depletion Date, the amount required to be distributed to the
Class A-P Certificateholders pursuant to Section 4.02(c) of this Series
Supplement and (b) the sum of the amounts required to be distributed to the
Senior Certificateholders on such Distribution Date pursuant to Section
4.02(a)(ii)(Y), (xvi) and (xvii) of this Series Supplement.
Special Hazard Amount: As of any Distribution Date, an amount equal to
$3,692,894 minus the sum of (i) the aggregate amount of Special Hazard Losses
allocated solely to one or more specific Classes of Certificates in accordance
with Section 4.05 of this Series Supplement and (ii) the Adjustment Amount (as
defined below) as most recently calculated. For each anniversary of the Cut-off
Date, the Adjustment Amount shall be equal to the amount, if any, by which the
amount calculated in accordance with the preceding sentence (without giving
effect to the deduction of the Adjustment Amount for such anniversary) exceeds
the greater of (A) the greatest of (i) twice the outstanding principal balance
of the Mortgage Loan in the Trust Fund which has the largest outstanding
principal balance on the Distribution Date immediately preceding such
anniversary, (ii) the product of 1.00% multiplied by the outstanding principal
balance of all Mortgage Loans on the
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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 48.7% (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 (or, with respect to a Cooperative Loan, the
related Cooperative Apartment) located in the State of California.
The Special Hazard Amount may be further reduced by the Master Servicer
(including accelerating the manner in which coverage is reduced) provided that
prior to any such reduction, the Master Servicer shall (i) obtain written
confirmation from each Rating Agency that such reduction shall not reduce the
rating assigned to any Class of Certificates by such Rating Agency below the
lower of the then-current rating or the rating assigned to such Certificates as
of the Closing Date by such Rating Agency and (ii) provide a copy of such
written confirmation to the Trustee.
Subordinate Principal Distribution Amount: With respect to any
Distribution Date and each Class of Subordinate Certificates, (a) the sum of (i)
the product of (x) the related Subordinate Class Percentage for such Class and
(y) the aggregate of the amounts calculated for such Distribution Date under
clauses (1), (2) and (3) of Section 4.02(a)(ii)(Y)(A) of the Series Supplement
to the extent not payable to the Senior Certificates; (ii) such Class's pro rata
share, based on the Certificate Principal Balance of each Class of Subordinate
Certificates then outstanding, of the principal collections described in Section
4.02(a)(ii)(Y)(B)(b) of this Series Supplement to the extent such collections
are not otherwise distributed to the Senior Certificates; (iii) the product of
(x) the related Prepayment Distribution Percentage and (y) the aggregate of all
Principal Prepayments in Full and Curtailments received in the related
Prepayment Period (other than the related Discount Fraction of such Principal
Prepayments in Full and Curtailments with respect to a Discount Mortgage Loan)
to the extent not payable to the Senior Certificates; (iv) if such Class is the
Class of Subordinate Certificates with the Highest Priority, any Excess
Subordinate Principal Amount for such Distribution Date; and (v) any amounts
described in clauses (i), (ii) and (iii) as determined for any previous
Distribution Date, that remain undistributed to the extent that such amounts are
not attributable to Realized Losses which have been allocated to a Class of
Subordinate Certificates minus (b) 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.
Uncertificated Accrued Interest: With respect to each Distribution Date, as
to each Uncertificated REMIC Regular Interest, an amount equal to the aggregate
amount of Accrued
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Certificate Interest that would result under the terms of the definition thereof
on each such uncertificated interest, if the Pass-Through Rate on such
uncertificated interest were equal to the related Uncertificated Pass-Through
Rate and the notional amount of such uncertificated interest were equal to the
related Uncertificated Notional Amount, and any reduction in the amount of
Accrued Certificate Interest resulting from the allocation of Prepayment
Interest Shortfalls, Realized Losses or other amounts to the Class A-V
Certificateholders pursuant to Section 4.05 hereof shall be allocated to the
Uncertificated REMIC Regular Interests pro rata in accordance with the amount of
interest accrued with respect to each related Uncertificated Notional Amount and
such Distribution Date.
Uncertificated Notional Amount: With respect to each Uncertificated REMIC
Regular Interest, the aggregate Stated Principal Balance of the related Mortgage
Loan.
Uncertificated Pass-Through Rate: With respect to each Uncertificated REMIC
Regular Interest, the related Uncertificated REMIC Regular Interest Pool Strip
Rate.
Uncertificated REMIC Regular Interest Pool Strip Rate: With respect to each
Uncertificated REMIC Regular Interest, the Pool Strip Rate for the related
Mortgage Loan.
Uncertificated REMIC Regular Interest Distribution Amount: With respect
to any Distribution Date, the sum of the amounts deemed to be distributed on the
Uncertificated REMIC Regular Interest for such Distribution Date pursuant to
Section 10.04(a).
Uncertificated REMIC Regular Interests: The 848 uncertificated partial
undivided beneficial ownership interests in the Trust Fund, each relating to a
Mortgage Loan with a Net Mortgage Rate in excess of 7.00%, each having no
principal balance and each bearing interest at the respective Uncertificated
Pass-Through Rate on the respective Uncertificated Notional Amount.
Section 1.02 Use of Words and Phrases.
"Herein," "hereby," "hereunder," "hereof," "hereinbefore," "hereinafter"
and other equivalent words refer to the Pooling and Servicing Agreement as a
whole. All references herein to Articles, Sections or Subsections shall mean the
corresponding Articles, Sections and Subsections in the Pooling and Servicing
Agreement. The definitions set forth herein include both the singular and the
plural.
Section 1.03 Determination of LIBOR.
LIBOR applicable to the calculation of the Pass-Through Rates on the
Floater Certificates and Inverse Floater Certificates, if any, 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 (other than for the initial Interest
Accrual Period), 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
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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 Floater Certificates and Inverse Floater Certificates
then outstanding. The 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, with respect to each of
the Floater Certificates and Inverse Floater Certificates, the Certificate
Principal Balances of the Floater Certificates and Inverse Floater Certificates,
respectively, 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 Rates
applicable to each of the Floater Certificates and Inverse Floater 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 Rates on each of the Floater
Certificates and Inverse Floater Certificates for the current and the
immediately preceding Interest Accrual Period.
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ARTICLE II
CONVEYANCE OF MORTGAGE LOANS;
ORIGINAL ISSUANCE OF CERTIFICATES
Section 2.01 Conveyance of Mortgage Loans. (See Section 2.01 of the Standard
Terms)
Section 2.02 Acceptance by Trustee. (See Section 2.02 of the Standard Terms)
Section 2.03 Representations, Warranties and Covenants of the Master Servicer
and the Company.
(a) For representations, warranties and covenants of the Master
Servicer, see Section 2.03(a) of the Standard Terms.
(b) The Company hereby represents and warrants to the Trustee for
the benefit of Certificateholders that as of the Closing Date (or, if
otherwise specified below, as of the date so specified):
(i) No Mortgage Loan is 30 or more days Delinquent in
payment of principal and interest as of the Cut-off Date and no
Mortgage Loan has been so Delinquent more than once in the
12-month period prior to the Cut-off Date;
(ii) The information set forth in Exhibit One hereto with
respect to each Mortgage Loan or the Mortgage Loans, as the case
may be, is true and correct in all material respects at the date
or dates respecting which such information is furnished;
(iii) The Mortgage Loans are fully-amortizing, fixed-rate
mortgage loans with level Monthly Payments due 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 that (a) at
least 30% of the Stated Principal Balance of the Mortgage Loan at
origination if the Loan-to-Value Ratio is between 95.00% and
90.01%, (b) at least 25% 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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(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;
(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) 11.45% of the Mortgage Loans were underwritten under
a reduced loan documentation program;
(x) Each Mortgagor represented in its loan application
with respect to the related Mortgage Loan that the Mortgaged
Property would be owner-occupied and therefore would not be an
investor property as of the date of origination of such Mortgage
Loan. No Mortgagor is a corporation or a partnership;
(xi) 0.042% of the Mortgage Loans are Buydown Mortgage
Loans;
(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) None of the Mortgage Loans are Cooperative Loans;
(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;
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(xvi) Interest on each Mortgage Loan is calculated on the
basis of a 360-day year consisting of twelve 30-day months;
(xvii) One of the Mortgage Loans contain in the related
Mortgage File a Destroyed Mortgage Note; and
(xviii)0.2% of the Mortgage Loans are Pledged Asset Loans and
none of the Mortgage Loans are Additional Collateral Loans.
It is understood and agreed that the representations and warranties set forth in
this Section 2.03(b) shall survive delivery of the respective Mortgage Files to
the Trustee or any Custodian.
Upon discovery by any of the Company, the Master Servicer, the Trustee
or any Custodian of a breach of any of the representations and warranties set
forth in this Section 2.03(b) that materially and adversely affects the
interests of the Certificateholders in any Mortgage Loan, the party discovering
such breach shall give prompt written notice to the other parties (any Custodian
being so obligated under a Custodial Agreement); provided, however, that in the
event of a breach of the representation and warranty set forth in Section
2.03(b)(xii), the party discovering such breach shall give such notice within
five days of discovery. Within 90 days of its discovery or its receipt of notice
of breach, the Company shall either (i) cure such breach in all material
respects or (ii) purchase such Mortgage Loan from the Trust Fund at the Purchase
Price and in the manner set forth in Section 2.02; provided that the Company
shall have the option to substitute a Qualified Substitute Mortgage Loan or
Loans for such Mortgage Loan if such substitution occurs within two years
following the Closing Date; provided that if the omission or defect would cause
the Mortgage Loan to be other than a "qualified mortgage" as defined in Section
860G(a)(3) of the Code, any such cure or repurchase must occur within 90 days
from the date such breach was discovered. Any such substitution shall be
effected by the Company under the same terms and conditions as provided in
Section 2.04 for substitutions by Residential Funding. It is understood and
agreed that the obligation of the Company to cure such breach or to so purchase
or substitute for any Mortgage Loan as to which such a breach has occurred and
is continuing shall constitute the sole remedy respecting such breach available
to the Certificateholders or the Trustee on behalf of the Certificateholders.
Notwithstanding the foregoing, the Company shall not be required to cure
breaches or purchase or substitute for Mortgage Loans as provided in this
Section 2.03(b) if the substance of the breach of a representation set forth
above also constitutes fraud in the origination of the Mortgage Loan.
Section 2.04 Representations and Warranties of Sellers. (See Section 2.04 of the
Standard Terms)
Section 2.05 Execution and Authentication of Certificates.
The Trustee acknowledges the assignment to it of the Mortgage Loans and
the delivery of the Mortgage Files to it, or any Custodian on its behalf,
subject to any exceptions noted, together with the assignment to it of all other
assets included in the Trust Fund, 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
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to be authenticated and delivered to or upon the order of the Company the
Certificates in authorized denominations which evidence ownership of the entire
Trust Fund.
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ARTICLE III
ADMINISTRATION AND SERVICING
OF MORTGAGE LOANS
(See Article III of the Standard Terms)
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ARTICLE IV
PAYMENTS TO CERTIFICATEHOLDERS
Section 4.01 Certificate Account. (See Section 4.01 of the Standard
Terms)
Section 4.02 Distributions.
(a) On each Distribution Date (x) the Master Servicer on behalf
of the Trustee or (y) the Paying Agent appointed by the Trustee, shall
distribute to the Master Servicer, in the case of a distribution
pursuant to Section 4.02(a)(iii) below, the amount required to be
distributed to the Master Servicer or a Sub-Servicer pursuant to Section
4.02(a)(iii) below, and to each Certificateholder of record on the next
preceding Record Date (other than as provided in Section 9.01 respecting
the final distribution) either in immediately available funds (by wire
transfer or otherwise) to the account of such Certificateholder at a
bank or other entity having appropriate facilities therefor, if such
Certificateholder has so notified the Master Servicer or the Paying
Agent, as the case may be, or, if such Certificateholder has not so
notified the Master Servicer or the Paying Agent by the Record Date, by
check mailed to such Certificateholder at the address of such Holder
appearing in the Certificate Register such Certificateholder's share
(which share (A) with respect to each Class of Certificates (other than
any Subclass of the Class A-V Certificates), shall be based on the
aggregate of the Percentage Interests represented by Certificates of the
applicable Class held by such Holder or (B) with respect to any Subclass
of the Class A-V Certificates, shall be equal to the amount (if any)
distributed pursuant to Section 4.02(a)(i) below to each Holder of a
Subclass thereof) of the following amounts, in the following order of
priority (subject to the provisions of Section 4.02(b) below), in each
case to the extent of the Available Distribution Amount:
(i) to the Senior Certificates (other than the Class A-P
Certificates) on a pro rata basis based on Accrued Certificate
Interest payable on such Certificates with respect to such
Distribution Date, Accrued Certificate Interest on such Classes
of Certificates (or Subclasses, if any, with respect to the Class
A-V Certificates) for such Distribution Date, plus any Accrued
Certificate Interest thereon remaining unpaid from any previous
Distribution Date except as provided in the last paragraph of
this Section 4.02(a); and
(ii) (X) to the Class A-P Certificates, the Class A-P
Principal Distribution Amount (as defined in Section 4.02(b)(i)
herein); and
(Y) to the Senior Certificates (other than the
Class A-P Certificates), in the priorities and amounts set forth
in Section 4.02(b) through (e), the sum of the following (applied
to reduce the Certificate Principal Balances of such Senior
Certificates, as applicable):
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(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) of
the Standard Terms) pursuant to Sections 2.02,
2.03, 2.04 or 4.07 of the Standard Terms and the
amount of any shortfall deposited in the Custodial
Account in connection with the substitution of a
Deleted Mortgage Loan pursuant to Sections 2.03 or
2.04 of the Standard Terms during the related
Prepayment Period (other than the related Discount
Fraction of such Stated Principal Balance or
shortfall with respect to each Discount Mortgage
Loan); and
(3) the principal portion of all other
unscheduled collections (other than Principal
Prepayments in Full and Curtailments and amounts
received in connection with a Cash Liquidation or
REO Disposition of a Mortgage Loan described in
Section 4.02(a)(ii)(Y)(B) of this Series
Supplement, including without limitation Insurance
Proceeds, Liquidation Proceeds and REO Proceeds)
received during the related Prepayment Period (or
deemed to have been so received in accordance with
Section 3.07(b) of the Standard Terms) to the
extent applied by the Master Servicer as recoveries
of principal of the related Mortgage Loan pursuant
to Section 3.14 of the Standard Terms (other than
the related Discount Fraction of the principal
portion of such unscheduled collections, with
respect to each Discount Mortgage Loan);
(B) with respect to each Mortgage Loan for which a
Cash Liquidation or a REO Disposition occurred during the
related Prepayment Period (or was deemed to have occurred
during such period in accordance with Section 3.07(b) of
the Standard Terms) and did not result in any Excess
Special Hazard Losses, Excess Fraud Losses, Excess
Bankruptcy Losses or Extraordinary Losses, an amount equal
to the lesser of (a) the Senior
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Percentage for such Distribution Date times the Stated
Principal Balance of such Mortgage Loan (other than the
related Discount Fraction of such Stated Principal
Balance, with respect to each Discount Mortgage Loan) and
(b) the Senior Accelerated Distribution Percentage for
such Distribution Date times the related unscheduled
collections (including without limitation Insurance
Proceeds, Liquidation Proceeds and REO Proceeds) to the
extent applied by the Master Servicer as recoveries of
principal of the related Mortgage Loan pursuant to Section
3.14 of the Standard Terms (in each case other than the
portion of such unscheduled collections, with respect to a
Discount Mortgage Loan, included in Section 4.02(b)(i)(C)
of this Series Supplement);
(C) the Senior Accelerated Distribution Percentage
for such Distribution Date times the aggregate of all
Principal Prepayments in Full and Curtailments received in
the related Prepayment Period (other than the related
Discount Fraction of such Principal Prepayments in Full
and Curtailments, with respect to each Discount Mortgage
Loan);
(D) any Excess Subordinate Principal Amount for such
Distribution Date; and
(E) any amounts described in subsection (ii)(Y),
clauses (A), (B) and (C) of this Section 4.02(a), as
determined for any previous Distribution Date, which
remain unpaid after application of amounts previously
distributed pursuant to this clause (E) to the extent that
such amounts are not attributable to Realized Losses which
have been allocated to the Subordinate Certificates;
(iii) if the Certificate Principal Balances of the
Subordinate Certificates have not been reduced to zero, to the
Master Servicer or a Sub-Servicer, by remitting for deposit to
the Custodial Account, to the extent of and in reimbursement for
any Advances or Sub-Servicer Advances previously made with
respect to any Mortgage Loan or REO Property which remain
unreimbursed in whole or in part following the Cash Liquidation
or REO Disposition of such Mortgage Loan or REO Property, minus
any such Advances that were made with respect to delinquencies
that ultimately constituted Excess Special Hazard Losses, Excess
Fraud Losses, Excess Bankruptcy Losses or Extraordinary Losses;
(iv) to the Holders of the Class M-1 Certificates, the
Accrued Certificate Interest thereon for such Distribution Date,
plus any Accrued Certificate Interest thereon remaining unpaid
from any previous Distribution Date, except as provided below;
(v) to the Holders of the Class M-1 Certificates, an
amount equal to (x) the Subordinate Principal Distribution Amount
for such Class of Certificates for such Distribution Date, minus
(y) the amount of any Class A-P Collection Shortfalls for
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such Distribution Date or remaining unpaid for all previous
Distribution Dates, to the extent the amounts available pursuant
to clause (x) of Sections 4.02(a)(vii), (ix), (xi), (xiii), (xiv)
and (xv) of this Series Supplement are insufficient therefor,
applied in reduction of the Certificate Principal Balance of the
Class M-1 Certificates;
(vi) to the Holders of the Class M-2 Certificates, the
Accrued Certificate Interest thereon for such Distribution Date,
plus any Accrued Certificate Interest thereon remaining unpaid
from any previous Distribution Date, except as provided below;
(vii) to the Holders of the Class M-2 Certificates, an
amount equal to (x) the Subordinate Principal Distribution Amount
for such Class of Certificates for such Distribution Date, minus
(y) the amount of any Class A-P Collection Shortfalls for such
Distribution Date or remaining unpaid for all previous
Distribution Dates, to the extent the amounts available pursuant
to clause (x) of Sections 4.02(a)(ix), (xi), (xiii), (xiv) and
(xv) are insufficient therefor, applied in reduction of the
Certificate Principal Balance of the Class M-2 Certificates;
(viii) to the Holders of the Class M-3 Certificates, the
Accrued Certificate Interest thereon for such Distribution Date,
plus any Accrued Certificate Interest thereon remaining unpaid
from any previous Distribution Date, except as provided below;
(ix) to the Holders of the Class M-3 Certificates, an
amount equal to (x) the Subordinate Principal Distribution Amount
for such Class of Certificates for such Distribution Date minus
(y) the amount of any Class A-P Collection Shortfalls for such
Distribution Date or remaining unpaid for all previous
Distribution Dates, to the extent the amounts available pursuant
to clause (x) of Sections 4.02(a)(xi), (xiii), (xiv) and (xv) are
insufficient therefor, applied in reduction of the Certificate
Principal Balance of the Class M-3 Certificates;
(x) to the Holders of the Class B-1 Certificates, the
Accrued Certificate Interest thereon for such Distribution Date,
plus any Accrued Certificate Interest thereon remaining unpaid
from any previous Distribution Date, except as provided below;
(xi) to the Holders of the Class B-1 Certificates, an
amount equal to (x) the Subordinate Principal Distribution Amount
for such Class of Certificates for such Distribution Date minus
(y) the amount of any Class A-P Collection Shortfalls for such
Distribution Date or remaining unpaid for all previous
Distribution Dates, to the extent the amounts available pursuant
to clause (x) of Sections 4.02(a)(xiii), (xiv) and (xv) are
insufficient therefor, applied in reduction of the Certificate
Principal Balance of the Class B-1 Certificates;
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(xii) to the Holders of the Class B-2 Certificates, the
Accrued Certificate Interest thereon for such Distribution Date,
plus any Accrued Certificate Interest thereon remaining unpaid
from any previous Distribution Date, except as provided below;
(xiii) to the Holders of the Class B-2 Certificates, an
amount equal to (x) the Subordinate Principal Distribution Amount
for such Class of Certificates for such Distribution Date minus
(y) the amount of any Class A-P Collection Shortfalls for such
Distribution Date or remaining unpaid for all previous
Distribution Dates, to the extent the amounts available pursuant
to clause (x) of Sections 4.02(a)(xiv) and (xv) are insufficient
therefor, applied in reduction of the Certificate Principal
Balance of the Class B-2 Certificates;
(xiv) to the Holders of the Class B-3 Certificates, an
amount equal to (x) the Accrued Certificate Interest thereon for
such Distribution Date, plus any Accrued Certificate Interest
thereon remaining unpaid from any previous Distribution Date,
except as provided below, minus (y) the amount of any Class A-P
Collection Shortfalls for such Distribution Date or remaining
unpaid for all previous Distribution Dates, to the extent the
amounts available pursuant to clause (x) of Section 4.02(a) (xv)
are insufficient therefor;
(xv) to the Holders of the Class B-3 Certificates, an
amount equal to (x) the Subordinate Principal Distribution Amount
for such Class of Certificates for such Distribution Date minus
(y) the amount of any Class A-P Collection Shortfalls for such
Distribution Date or remaining unpaid for all previous
Distribution Dates applied in reduction of the Certificate
Principal Balance of the Class B-3 Certificates;
(xvi) to the Senior Certificates, 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
Senior Certificates, but in no event more than the aggregate of
the outstanding Certificate Principal Balances of each such Class
of Senior Certificates, and thereafter, to each Class of
Subordinate Certificates then outstanding beginning with such
Class with the Highest Priority, any portion of the Available
Distribution Amount remaining after the Senior Certificates have
been retired, applied to reduce the Certificate Principal Balance
of each such Class of Subordinate Certificates, but in no event
more than the outstanding Certificate Principal Balance of each
such Class of Subordinate Certificates; and
(xvii) to the Class R Certificates, the balance, if any,
of the Available Distribution Amount.
Notwithstanding the foregoing, on any Distribution Date, with respect to
the Class of Subordinate Certificates outstanding on such Distribution Date with
the Lowest Priority, or in the event the Subordinate Certificates are no longer
outstanding, the Senior Certificates, Accrued
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<PAGE>
Certificate Interest thereon remaining unpaid from any previous Distribution
Date will be distributable only to the extent that such unpaid Accrued
Certificate Interest was attributable to interest shortfalls relating to the
failure of the Master Servicer to make any required Advance, or the
determination by the Master Servicer that any proposed Advance would be a
Nonrecoverable Advance with respect to the related Mortgage Loan where such
Mortgage Loan has not yet been the subject of a Cash Liquidation or REO
Disposition.
(b) Distributions of principal on the Senior Certificates on each
Distribution Date occurring prior to the Credit Support Depletion Date
will be made as follows:
(i) first, to the Class A-P Certificates, until the
Certificate Principal Balance thereof is reduced to zero, an
amount (the "Class A-P Principal Distribution Amount") equal to
the aggregate of:
(A) the related Discount Fraction of the principal
portion of each Monthly Payment on each Discount Mortgage
Loan due during the related Due Period, whether or not
received on or prior to the related Determination Date,
minus the Discount Fraction of the principal portion of
any related Debt Service Reduction which together with
other Bankruptcy Losses exceeds the Bankruptcy Amount;
(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 the
Standard Terms) of Discount Mortgage Loans (or, in the
case of a substitution of a Deleted Mortgage Loan, the
Discount Fraction of the amount of any shortfall deposited
in the Custodial Account in connection with such
substitution);
(C) in connection with the Cash Liquidation or REO
Disposition of a Discount Mortgage Loan that did not
result in any Excess Special Hazard Losses, Excess Fraud
Losses, Excess Bankruptcy Losses or Extraordinary Losses,
an amount equal to the lesser of (1) the applicable
Discount Fraction of the Stated Principal Balance of such
Discount Mortgage Loan immediately prior to such
Distribution Date and (2) the aggregate amount of the
collections on such Mortgage Loan to the extent applied as
recoveries of principal;
(D) any amounts allocable to principal for any
previous Distribution Date (calculated pursuant to clauses
(A) through (C) above) that remain undistributed; and
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<PAGE>
(E) the amount of any Class A-P Collection
Shortfalls for such Distribution Date and the amount of
any Class A-P Collection Shortfalls remaining unpaid for
all previous Distribution Dates, but only to the extent of
the Eligible Funds for such Distribution Date;
(ii) the Senior Principal Distribution Amount shall be
distributed to the Lockout Certificates in reduction of the
Certificate Principal Balance thereof, in an amount equal to the
sum of the following:
(A) the Lockout Scheduled Percentage of the Lockout
Certificates' pro rata share (based on the Certificate
Principal Balance thereof relative to the aggregate
Certificate Principal Balance of all classes of
Certificates (other than the Principal Only Certificates))
of the aggregate of the collections described in clauses
(ii)(Y)(A), (B) and (E) of Section 4.02(a) of this Series
Supplement (without application of the Senior Percentage
and Senior Accelerated Distribution Percentage); and
(B) the Lockout Prepayment Percentage of the
Lockout Certificates' pro rata share (based on the
Certificate Principal Balance thereof relative to the
aggregate Certificate Principal Balance of all classes of
Certificates (other than the Principal Only Certificates))
of the aggregate of the collections described in clause
(ii)(Y)(C) of Section 4.02(a) of this Series Supplement
(without application of the Senior Accelerated
Distribution Percentage);
provided that, if the aggregate of the amounts set forth in
clauses (ii)(Y)(A), (B), (C) and (E) of Section 4.02(a) is more
than the balance of the Available Distribution Amount remaining
after the Senior Interest Distribution Amount and the Principal
Only Distribution Amount have been distributed, the amount paid
to the Lockout Certificates pursuant to this clause (ii) shall be
reduced by an amount equal to the Lockout Certificates' pro rata
share (based on the aggregate Certificate Principal Balance
thereof relative to the aggregate Certificate Principal Balance
of the Senior Certificates (other than the Principal Only
Certificates)) of such difference;
(iii) the balance of the Senior Principal Distribution Amount
remaining after the distributions, if any, described in clause (ii)
above shall be distributed to the Class R Certificates, until the
Certificate Principal Balance thereof has been reduced to zero;
(iv) the balance of the Senior Principal Distribution Amount
remaining after the distributions, if any, described in clauses (ii) and
(iii) above shall be distributed concurrently as follows, until the
Certificate Principal Balance of the Class A-3 Certificates has been
reduced to zero:
(A) 61.1151302191% to the Class A-1 Certificates;
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<PAGE>
(B) 28.1879034566% to the Class A-2 Certificates; and
(C) 10.6969663243% to the Class A-3 Certificates;
(v) the balance of the Senior Principal Distribution Amount
remaining after the distributions, if any, described in clauses (ii)
through (iv) above shall be distributed concurrently as follows, until
the Certificate Principal Balance of the Class A-2 Certificates has been
reduced to zero:
(A) 61.1151302191% to the Class A-1 Certificates;
(B) 28.1879034566% to the Class A-2 Certificates; and
(C) 10.6969663243% to the Class A-4 Certificates;
(vi) the balance of the Senior Principal Distribution Amount
remaining after the distributions, if any, described in clauses (ii)
through (v) above shall be distributed concurrently as follows, until
the Certificate Principal Balances thereof have been reduced to zero:
(A) 61.1151302191% to the Class A-1 Certificates;
(B) 10.6969663243% to the Class A-4 Certificates; and
(C) 28.1879034566% to the Class A-5 Certificates;
(vii) the balance of the Senior Principal Distribution Amount
remaining after the distributions, if any, described in clauses (ii)
through (vi) above shall be distributed to the Class A-6 Certificates,
until the Certificate Principal Balance thereof has been reduced to
zero;
(viii) the balance of the Senior Principal Distribution Amount
remaining after the distributions, if any, described in clauses (ii)
through (vii) above shall be distributed, concurrently on a pro rata
basis, to the Class A-7 Certificates and Class A-8 Certificates, until
the Certificate Principal Balances thereof have been reduced to zero;
and
(ix) the balance of the Senior Principal Distribution Amount
remaining after the distributions, if any, described in clauses (ii)
through (viii) above shall be distributed to the Lockout Certificates,
until the Certificate Principal Balance thereof has been reduced to
zero.
(c) On or after the Credit Support Depletion Date, all priorities
relating to distributions as described in Section 4.02(b) above in
respect of principal among the various classes of Senior Certificates
(other than the Class A-P Certificates) will be disregarded, and (i) an
amount equal to the Discount Fraction of the principal portion of
scheduled payments and unscheduled collections received or advanced in
respect of the Discount Mortgage Loans
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will be distributed to the Class A-P Certificates, (ii) the Senior
Principal Distribution Amount will be distributed to the remaining
Senior Certificates (other than the Class A-P Certificates) pro rata in
accordance with their respective outstanding Certificate Principal
Balances, and (iii) the amount set forth in Section 4.02(a)(i) will be
distributed as set forth therein.
(d) After the reduction of the Certificate Principal Balances of
the Senior Certificates (other than the Class A-P Certificates) to zero
but prior to the Credit Support Depletion Date, the Senior Certificates
(other than the Class A-P Certificates) will be entitled to no further
distributions of principal thereon and the Available Distribution Amount
will be paid solely to the holders of the Class A-P, Class A-V and
Subordinate Certificates, in each case as described herein.
(e) In addition to the foregoing distributions, with respect to
any Mortgage Loan that was previously the subject of a Cash Liquidation
or an REO Disposition that resulted in a Realized Loss, in the event
that within two years of the date on which such Realized Loss was
determined to have occurred the Master Servicer receives amounts, which
the Master Servicer reasonably believes to represent subsequent
recoveries (net of any related liquidation expenses), or determines that
it holds surplus amounts previously reserved to cover estimated
expenses, specifically related to such Mortgage Loan (including, but not
limited to, recoveries in respect of the representations and warranties
made by the related Seller pursuant to the applicable Seller's
Agreement), the Master Servicer shall distribute such amounts to the
applicable Certificateholders of the Class or Classes to which such
Realized Loss was allocated (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 11.01(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 with respect to the
Certificates of any Class shall be distributed by the Master Servicer to
the Certificateholders of record as of the Record Date immediately
preceding the date of such distribution (i) with respect to the
Certificates of any Class (other than the Class A-V Certificates), on a
pro rata basis based on the Percentage Interest represented by each
Certificate of such Class as of such Record
-26-
<PAGE>
Date and (ii) with respect to the Class A-V Certificates, to the Class
A-V 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.
(f) Each distribution with respect to a Book-Entry Certificate
shall be paid to the Depository, as Holder thereof, and the Depository
shall be solely responsible for crediting the amount of such
distribution to the accounts of its Depository Participants in
accordance with its normal procedures. Each Depository Participant shall
be responsible for disbursing such distribution to the Certificate
Owners that it represents and to each indirect participating brokerage
firm (a "brokerage firm") for which it acts as agent. Each brokerage
firm shall be responsible for disbursing funds to the Certificate Owners
that it represents. None of the Trustee, the Certificate Registrar, the
Company or the Master Servicer shall have any responsibility therefor.
(g) Except as otherwise provided in Section 9.01, if the Master
Servicer anticipates that a final distribution with respect to any Class
of Certificates will be made on the next Distribution Date, the Master
Servicer shall, no later than the Determination Date in the month of
such final distribution, notify the Trustee and the Trustee shall, no
later than two (2) Business Days after such Determination Date, mail on
such date to each Holder of such Class of Certificates a notice to the
effect that: (i) the Trustee anticipates that the final distribution
with respect to such Class of Certificates will be made on such
Distribution Date but only upon presentation and surrender of such
Certificates at the office of the Trustee or as otherwise specified
therein, and (ii) no interest shall accrue on such Certificates from and
after the end of the related Interest Accrual Period. In the event that
Certificateholders required to surrender their Certificates pursuant to
Section 9.01(c) do not surrender their Certificates for final
cancellation, the Trustee shall cause funds distributable with respect
to such Certificates to be withdrawn from the Certificate Account and
credited to a separate escrow account for the benefit of such
Certificateholders as provided in Section 9.01(d).
Section 4.03 Statements to Certificateholders. (See Section 4.03 of
the Standard Terms and Exhibit Three attached hereto)
Section 4.04 Distribution of Reports to the Trustee and the Company;
Advances by the Master Servicer. (See Section 4.04 of the
Standard Terms)
Section 4.05 Allocation of Realized Losses.
Prior to each Distribution Date, the Master Servicer shall determine the
total amount of Realized Losses, if any, that resulted from any Cash
Liquidation, Servicing Modification, Debt Service Reduction, Deficient Valuation
or REO Disposition that occurred during the related Prepayment Period or, in the
case of a Servicing Modification that constitutes a reduction of the interest
rate on a Mortgage Loan, the amount of the reduction in the interest portion of
the Monthly Payment due during the related Due Period. The amount of each
Realized Loss shall be evidenced
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by an Officers' Certificate. All Realized Losses, other than Excess Special
Hazard Losses, Extraordinary Losses, Excess Bankruptcy Losses or Excess Fraud
Losses, shall be allocated as follows: first, to the Class B-3 Certificates
until the Certificate Principal Balance thereof has been reduced to zero;
second, to the Class B-2 Certificates until the Certificate Principal Balance
thereof has been reduced to zero; third, to the Class B-1 Certificates until the
Certificate Principal Balance thereof has been reduced to zero; fourth, to the
Class M-3 Certificates until the Certificate Principal Balance thereof has been
reduced to zero; fifth, to the Class M-2 Certificates until the Certificate
Principal Balance thereof has been reduced to zero; sixth, to the Class M-1
Certificates until the Certificate Principal Balance thereof has been reduced to
zero; and, thereafter, if any such Realized Losses are on a Discount Mortgage
Loan, to the Class A-P Certificates in an amount equal to the Discount Fraction
of the principal portion thereof, and the remainder of such Realized Losses on
the Discount Mortgage Loans and the entire amount of such Realized Losses on
Non-Discount Mortgage Loans will be allocated among all the Senior Certificates
(other than the Class A-P Certificates) on a pro rata basis, as described below.
The principal portion of any Excess Special Hazard Losses, Excess Bankruptcy
Losses, Excess Fraud Losses and Extraordinary Losses on the Discount Mortgage
Loans will be allocated to the Class A-P Certificates in an amount equal to the
Discount Fraction thereof and the remainder of such Realized Losses on the
Discount Mortgage Loans and the entire amount of such Realized Losses on
Non-Discount Mortgage Loans will be allocated among the Senior Certificates
(other than the Class A-P Certificates) and Subordinate 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 means an allocation on a pro
rata basis, among the various Classes so specified, to each such Class of
Certificates on the basis of their then outstanding Certificate Principal
Balances prior to giving effect to distributions to be made on such Distribution
Date in the case of the principal portion of a Realized Loss or based on the
Accrued Certificate Interest thereon payable on such Distribution Date (without
regard to any Compensating Interest for such Distribution Date) in the case of
an interest portion of a Realized Loss. Except as provided in the following
sentence, any allocation of the principal portion of Realized Losses (other than
Debt Service Reductions) to a Class of Certificates shall be made by reducing
the Certificate Principal Balance thereof by the amount so allocated, which
allocation shall be deemed to have occurred on such Distribution Date. Any
allocation of the principal portion of Realized Losses (other than Debt Service
Reductions) to the Subordinate Certificates then outstanding with the Lowest
Priority shall be made by operation of the definition of "Certificate Principal
Balance" and by operation of the provisions of Section 4.02(a). Allocations of
the interest portions of Realized Losses shall be made in proportion to the
amount of Accrued Certificate Interest and by operation of the definition of
"Accrued Certificate Interest" and by operation of the provisions of Section
4.02(a). Allocations of the principal portion of Debt Service Reductions shall
be made by operation of the provisions of Section 4.02(a). All Realized Losses
and all other losses allocated to a Class of Certificates hereunder will be
allocated among the Certificates of such Class in proportion to the Percentage
Interests evidenced thereby; provided that if any Subclasses of the Class A-V
Certificates have been issued pursuant to Section 5.01(c), such Realized Losses
and other losses allocated to the Class A-V Certificates shall be allocated
among such Subclasses in proportion to the respective amounts of Accrued
Certificate Interest payable on such Distribution Date that would have resulted
absent such reductions.
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Section 4.06 Reports of Foreclosures and Abandonment of Mortgaged
Property. (See Section 4.06 of the Standard Terms)
Section 4.07 Optional Purchase of Defaulted Mortgage Loans. (See
Section 4.07 of the Standard Terms)
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ARTICLE V
THE CERTIFICATES
(See Article V of the Standard Terms)
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ARTICLE VI
THE COMPANY AND THE MASTER SERVICER
(See Article VI of the Standard Terms)
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ARTICLE VII
DEFAULT
(See Article VII of the Standard Terms)
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ARTICLE VIII
CONCERNING THE TRUSTEE
(See Article VIII of the Standard Terms)
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ARTICLE IX
TERMINATION
(See Article IX of the Standard Terms)
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ARTICLE X
REMIC PROVISIONS
Section 10.01 REMIC Administration. (See Section 10.01 of the Standard
Terms)
Section 10.02 Master Servicer; REMIC Administrator and Trustee
Indemnification. (See Section 10.02 of the Standard Terms)
Section 10.03 Designation of REMIC(s).
The REMIC Administrator will make an election to treat the entire
segregated pool of assets described in the definition of Trust Fund, and subject
to this Agreement (including the Mortgage Loans but excluding the Initial
Monthly Payment Fund) as a REMIC for federal income tax purposes.
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-P, Class M-1, Class M-2, Class M-3,
Class B-1, Class B-2 and Class B-3 Certificates and the rights in and to which
will be represented by the Class A-V Certificates, will be "regular interests"
in the REMIC, and the Class R Certificates will be the sole class of "residual
interests" therein for purposes of the REMIC Provisions (as defined in the
Standard Terms) under federal income tax law. On and after the date of issuance
of any Subclass of Class A-V Certificates pursuant to Section 5.01(c) of the
Standard Terms, any such Subclass will represent the Uncertificated Class A-V
REMIC Regular Interest or Interests specified by the initial Holder of the Class
A-V Certificates pursuant to said Section.
Section 10.04 Distributions on the Uncertificated REMIC Regular
Interests.
(a) On each Distribution Date the Trustee shall be deemed to distribute
to itself, as the holder of the Uncertificated REMIC Regular Interests,
Uncertificated Accrued Interest on the Uncertificated REMIC Regular Interests
for such Distribution Date, plus any Uncertificated Accrued Interest thereon
remaining unpaid from any previous Distribution Date.
(b) In determining from time to time the Uncertificated REMIC Regular
Interest Distribution Amounts, Realized Losses allocated to the Class A-V
Certificates under Section 4.05 shall be deemed allocated to Uncertificated
REMIC Regular Interests on a pro rata basis based on the Uncertificated Accrued
Interest for the related Distribution Date.
(c) On each Distribution Date, the Trustee shall be deemed to distribute
from the Trust Fund, in the priority set forth in Section 4.02(a), to the Class
A-V Certificates, the amounts distributable thereon from the Uncertificated
REMIC Regular Interest Distribution Amounts deemed to have been received by the
Trustee from the Trust Fund under this Section 10.04. The amount deemed
distributable hereunder with respect to the Class A-V Certificates shall equal
100% of the amounts payable with respect to the Uncertificated REMIC Regular
Interests.
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<PAGE>
(d) Notwithstanding the deemed distributions on the Uncertificated REMIC
Regular Interests described in this Section 10.04, distributions of funds from
the Certificate Account shall be made only in accordance with Section 4.02.
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<PAGE>
ARTICLE XI
MISCELLANEOUS PROVISIONS
Section 11.01 Amendment. (See Section 11.01 of the Standard Terms)
Section 11.02 Recordation of Agreement. Counterparts. (See Section
11.02 of the Standard Terms)
Section 11.03 Limitation on Rights of Certificateholders. (See Section
11.03 of the Standard Terms)
Section 11.04 Governing Laws. (See Section 11.04 of the Standard Terms)
Section 11.05 Notices. All demands and notices hereunder shall be
in writing and shall be deemed to have been duly given if
personally delivered at or mailed by registered mail,
postage prepaid (except for notices to the Trustee which
shall be deemed to have been duly given only when
received), to the appropriate address for each recipient
listed in the table below or, in each case, such other
address as may hereafter be furnished in writing to the
Master Servicer, the Trustee and the Company, as
applicable:
Recipient Address
8400 Normandale Lake Boulevard
Suite 600, Minneapolis, Minnesota 55437,
Company Attention: President
10 Universal City Plaza, Suite 2100
Universal City, California 91608,
Master Servicer Attention: Managing Director/Master Servicing
Corporate Trust Office
The Trustee designates its offices located at
14 Wall Street, 8th Floor New York, New York
10005, for the purposes of Section 8.12
Trustee of the Standard Terms
One State Street Plaza
Fitch IBCA New York, New York 10004
55 Water Street
Standard & Poor's New York, New York 10041
Any notice required or permitted to be mailed to a Certificateholder shall be
given by first class mail, postage prepaid, at the address of such holder as
shown in the Certificate Register. Any notice so
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<PAGE>
mailed within the time prescribed in this Agreement shall be conclusively
presumed to have been duly given, whether or not the Certificateholder receives
such notice.
Section 11.06 Required Notices to Rating Agency and Subservicer. (See
Section 11.06 of the Standard Terms)
Section 11.07 Severability of Provisions. (See Section 11.07 of the
Standard Terms)
Section 11.08 Supplemental Provisions for Resecuritization. (See
Section 11.08 of the Standard Terms)
Section 11.09 Allocation of Voting Rights.
98.0% of all of the Voting Rights shall be allocated among Holders of
Certificates, other than the Class A-V Certificates and Class R Certificates, in
proportion to the outstanding Certificate Principal Balances of their respective
Certificates; 1% of all Voting Rights shall be allocated among the Holders of
the Class A-V Certificates in accordance with their respective Percentage
Interests, and 1% of all Voting Rights shall be allocated among the Holders of
the Class R Certificates in accordance with their respective Percentage
Interests.
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ARTICLE XII
[RESERVED]
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<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.
[Seal] RESIDENTIAL FUNDING MORTGAGE
SECURITIES I, INC.
Attest: By:
Name: Timothy Pillar Name: Randy Van Zee
Title: Vice President Title: Vice President
[Seal]
RESIDENTIAL FUNDING CORPORATION
Attest: By:
Name: Randy Van Zee Name: Timothy Pillar
Title: Director Title: Director
[Seal] THE FIRST NATIONAL BANK OF
CHICAGO
as Trustee
Attest:
Name:
Title: By:
Name:
Title:
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<PAGE>
STATE OF MINNESOTA )
) ss.:
COUNTY OF HENNEPIN )
On the 30th day of August, 1999 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]
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<PAGE>
STATE OF MINNESOTA )
) ss.:
COUNTY OF HENNEPIN )
On the 30th day of August, 1999 before me, a notary public in and
for said State, personally appeared Timothy Pillar, 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>
STATE OF )
) ss.:
COUNTY OF )
On the 30th day of August, 1999 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, 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 banking corporation and acknowledged to
me that such banking corporation executed the within instrument.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed my
official seal the day and year in this certificate first above written.
Notary Public
[Notarial Seal]
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<PAGE>
EXHIBIT ONE
MORTGAGE LOAN SCHEDULE
1
RUN ON : 08/20/99 RFC DISCLOSURE SYSTEM RFFSD177-01
AT : 12.54.32 FIXED RATE LOAN LISTING AMORTIZED BALANCE
SERIES : RFMSI 1 1999 S-18 CUTOFF : 08/01/99
POOL : 0004391
:
:
POOL STATUS: F
RFC LOAN # S/S CODE PMT TYPE ORIGINAL BAL LOAN FEATURE
ORIG TERM PRINCIPAL BAL # OF UNITS
ADDRESS ORIG RATE ORIGINAL P+I LTV
ADDRESS LINE 2 CURR NET CURRENT P+I VALUE
CITY STATE ZIP LOAN PURP NOTE DATE MI CO CODE
SERVICER LOAN # PROP TYPE 1ST PMT DATE MI CVG
SELLER LOAN # OCCP CODE MATURITY DATE
INVESTOR LOAN #
______________________________________________________________________________
1807729 367/367 F 308,247.64 ZZ
336 300,897.15 1
1712 KILBOURNE PL NW 7.250 2,145.89 79
7.000 2,145.89 394,000.00
WASHINGTON DC 20010 2 09/14/98 00
240080 07 10/01/98 0
240080 O 09/01/26
0
1854046 543/543 F 261,200.00 ZZ
360 257,933.78 1
LOT 10 SURREY LANE 6.750 1,694.14 80
6.500 1,694.14 326,500.00
FALMOUTH ME 04105 1 05/22/98 00
7210501050 05 07/01/98 0
7210501050 O 06/01/28
0
1857713 076/076 F 400,000.00 ZZ
360 396,752.69 1
19 E PALISADES 6.625 2,561.25 75
6.375 2,561.25 540,000.00
LITTLE ROCK AR 72207 5 10/26/98 00
7412543 05 12/01/98 0
7412543 O 11/01/28
0
1859683 K65/G01 F 319,100.00 ZZ
360 317,171.23 1
1773 PIEDMONT WAY NE 7.250 2,182.96 77
7.000 2,182.96 417,000.00
ATLANTA GA 30324 2 01/20/99 00
0431191949 05 02/01/99 0
1
9900814B O 01/01/29
0
1860193 F27/F27 F 413,700.00 ZZ
360 410,863.19 1
13608 KALMBACKS MILL DRIVE 6.875 2,717.71 83
6.625 2,717.71 500,000.00
FREDERICKSBURG VA 22407 2 11/02/98 04
146294151 03 01/01/99 12
146294151 O 12/01/28
0
1881442 F25/G01 F 415,000.00 ZZ
360 413,660.66 1
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0
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0
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20500230 O 05/01/29
0
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0
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5618505 O 04/01/29
1673053434
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0
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0
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0
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ELGIN IL 60123 2 05/25/99 01
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0
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1
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HEMET CA 92544 2 06/03/99 00
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002200167925 O 07/01/29
0
1907675 M65/G01 F 160,000.00 ZZ
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2161 O 08/01/29
0
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0431379510 05 08/01/99 0
93101796 O 07/01/29
0
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0
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1
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5000040190 O 08/01/29
0
1910862 R35/G01 F 332,000.00 ZZ
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1649521 O 04/01/27
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99030298 O 08/01/29
0
1
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6108534 O 04/01/29
0
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0431373000 05 07/01/99 0
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0
1912733 470/G01 F 267,900.00 ZZ
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0431388529 05 08/01/99 0
56001295 O 07/01/29
0
1913589 588/G01 F 276,000.00 ZZ
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12644 O 07/01/29
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0009554973 O 05/01/29
0
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315 378,440.42 1
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0459907580 05 08/01/99 0
1438851 O 10/01/25
0
1914834 R12/G01 F 325,000.00 ZZ
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0361653 O 08/01/29
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3626020544 O 07/01/29
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GREAT FALLS VA 22066 1 07/09/99 00
0431389469 03 09/01/99 0
0359250 O 08/01/29
0
1
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106052938 O 06/01/29
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0
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1121443 O 07/01/29
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9918038 O 07/01/29
0
1917510 E23/G01 F 272,000.00 ZZ
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0431348325 05 07/01/99 0
60603826 O 06/01/29
0
1918746 A50/A50 F 400,000.00 ZZ
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0
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0018343871 O 06/01/29
0
1918890 A48/G01 F 152,250.00 ZZ
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0431387141 05 08/01/99 0
1
8111092782 O 07/01/29
0
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1309 BRISTOL RIDGE PLACE 6.750 2,393.98 80
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30012418 O 07/01/29
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61399 O 08/01/29
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360 165,000.00 1
95 STEWART DRIVE 7.625 1,167.86 56
7.375 1,167.86 295,000.00
MAPLECREST NY 12454 1 07/02/99 00
0431392125 05 09/01/99 0
0000 O 08/01/29
0
1922921 R22/G01 F 299,250.00 ZZ
360 299,038.80 1
1955 EAST INNSBRUCK WAY 7.750 2,143.86 95
7.500 2,143.86 315,000.00
SALT LAKE CITY UT 84121 1 06/04/99 04
0431385558 03 08/01/99 30
1
99000476 O 07/01/29
0
1923024 624/G01 F 109,900.00 ZZ
360 109,900.00 1
6385 ITO COURT 8.000 806.41 58
7.750 806.41 189,900.00
SAN DIEGO CA 92114 1 07/01/99 00
0431384726 05 09/01/99 0
37006290083 O 08/01/29
0
1923124 J95/J95 F 550,000.00 ZZ
342 548,882.02 1
27 BANCROFT PLACE 6.500 3,536.65 66
6.250 3,536.65 835,000.00
NASHVILLE TN 37215 2 05/25/99 00
0005892252 05 07/01/99 0
0005892252 O 12/01/27
0
1923159 K21/G01 F 207,200.00 ZZ
360 207,200.00 1
2800 PLAZA DEL AMO #203 7.625 1,466.55 80
7.375 1,466.55 259,000.00
TORRANCE CA 90503 1 06/30/99 00
0431384924 01 09/01/99 0
9911226 O 08/01/29
0
1923284 638/G01 F 205,600.00 ZZ
360 205,427.27 1
913 ROCKY FOUNTAIN TERRACE 6.875 1,350.65 80
6.625 1,350.65 257,000.00
MYERSVILLE MD 21773 1 06/14/99 00
0431371426 05 08/01/99 0
8841950 O 07/01/29
0
1923566 637/G01 F 312,150.00 ZZ
360 311,918.34 1
34605 CASCADES CIRCLE 7.500 2,182.60 80
7.250 2,182.60 390,195.00
UNION CITY CA 94587 1 06/08/99 00
0431387430 05 08/01/99 0
0016894883 O 07/01/29
0
1
1923583 E11/G01 F 143,000.00 ZZ
360 142,911.12 1
3750 BAYSIDE ROAD 8.375 1,086.90 39
8.125 1,086.90 370,000.00
ORONDO MN 55356 2 06/18/99 00
0431369479 05 08/01/99 0
0002001017078 O 07/01/29
0
1923631 637/G01 F 45,000.00 ZZ
360 44,970.56 1
3103 MININO COURT 8.125 334.13 31
7.875 334.13 149,061.00
SPARKS NV 89436 1 06/10/99 00
0431389717 03 08/01/99 0
0012572145 O 07/01/29
0
1923662 B98/G01 F 118,750.00 ZZ
360 118,750.00 1
9837 E STREET 8.250 892.13 95
8.000 892.13 125,000.00
OAKLAND CA 94603 2 07/09/99 01
0431396324 05 09/01/99 30
0000 O 08/01/29
0
1923825 R43/G01 F 40,000.00 ZZ
360 40,000.00 1
6703 RIDGEWOOD AVE 8.875 318.26 37
8.625 318.26 110,000.00
PARMA OH 44129 1 07/07/99 00
0431390772 05 09/01/99 0
000002055 O 08/01/29
0
1923845 K21/G01 F 157,250.00 ZZ
360 157,250.00 1
6209 PACIFIC AVENUE #101 7.250 1,072.72 70
7.000 1,072.72 225,000.00
PLAYA DEL REY CA 90293 1 07/14/99 00
0431400423 02 09/01/99 0
9911303 O 08/01/29
0
1923851 J95/J95 F 622,400.00 ZZ
360 622,003.11 1
1845 OLD STAGE ROAD 8.250 4,675.89 80
8.000 4,675.89 778,000.00
1
CENTRAL POINT OR 97502 1 06/10/99 00
0016810061 05 08/01/99 0
0016810061 O 07/01/29
0
1923912 A50/A50 F 108,200.00 ZZ
360 107,934.22 1
425 BRIARWOOD ROAD 7.375 747.31 80
7.125 747.31 135,300.00
TYRONE GA 30290 2 05/05/99 00
123186 05 07/01/99 0
123186 O 06/01/29
0
1923944 B75/G01 F 337,050.00 ZZ
360 336,840.51 1
1376 PANOLA COVE 8.375 2,561.82 90
8.125 2,561.82 376,000.00
COLLIERVILLE TN 38017 1 06/16/99 01
0431372416 05 08/01/99 25
8464992 O 07/01/29
0
1923956 J95/J95 F 295,900.00 ZZ
360 295,363.55 1
1228 SHAKER DR 6.500 1,870.29 80
6.250 1,870.29 369,900.00
HERNDON VA 20170 1 05/28/99 00
0009820663 05 07/01/99 0
0009820663 O 06/01/29
0
1923981 822/G01 F 375,000.00 ZZ
360 374,684.95 1
1314 RICHMOND PLACE 6.875 2,463.49 75
6.625 2,463.49 500,000.00
DOWNINGTOWN PA 19335 5 06/18/99 00
0431387067 05 08/01/99 0
3626020625 O 07/01/29
0
1923986 562/G01 F 780,000.00 ZZ
360 779,527.47 1
48 LAKE SHORE DRIVE 8.500 5,997.53 65
8.250 5,997.53 1,200,000.00
EASTCHESTER NY 10709 1 06/28/99 00
0431373372 05 08/01/99 0
603571 O 07/01/29
0
1
1924003 J95/J95 F 272,000.00 ZZ
360 271,798.14 1
2028 FEDERAL AVENUE EAST 7.500 1,901.86 80
7.250 1,901.86 340,000.00
SEATTLE WA 98102 1 06/08/99 00
0014318679 05 08/01/99 0
0014318679 O 07/01/29
0
1924073 731/G01 F 180,600.00 ZZ
360 180,484.84 1
1689 LAGUNA STREET 8.250 1,356.79 70
8.000 1,356.79 258,000.00
SEASIDE CA 93955 1 06/09/99 00
0431371509 05 08/01/99 0
114258263 O 07/01/29
0
1924088 A91/G01 F 252,000.00 ZZ
360 251,826.57 2
2348 EAST 2ND STREET 7.875 1,827.18 70
7.625 1,827.18 360,000.00
BROOKLYN NY 11223 2 06/21/99 00
0431374933 05 08/01/99 0
1100032882 O 07/01/29
0
1924120 L84/G01 F 412,000.00 ZZ
360 412,000.00 1
3220 MENLO DRIVE 7.875 2,987.29 80
7.625 2,987.29 515,000.00
GLENDALE CA 91208 1 07/23/99 00
0431404128 05 09/01/99 0
0000 O 08/01/29
0
1924160 A26/G01 F 360,000.00 ZZ
360 359,776.23 1
1631 59TH STREET 8.375 2,736.27 79
8.125 2,736.27 460,000.00
BROOKLYN NY 11204 1 06/18/99 00
0431375195 01 08/01/99 0
12704 O 07/01/29
0
1924187 665/G01 F 422,400.00 ZZ
360 422,109.31 1
1
2087 WENDOVER LANE 7.875 3,062.69 80
7.625 3,062.69 528,000.00
SAN JOSE CA 95121 1 06/11/99 00
0431372234 05 08/01/99 0
9901230085 O 07/01/29
0
1924215 K31/G01 F 313,000.00 ZZ
360 312,773.46 1
1300 COLD HARBOR DRIVE 7.625 2,215.39 75
7.375 2,215.39 422,000.00
ROSWELL GA 30075 2 06/24/99 00
0431372226 03 08/01/99 0
00000 O 07/01/29
0
1924223 948/G01 F 271,900.00 ZZ
360 271,708.09 1
7235 CHELTENHAM WAY 7.750 1,947.93 80
7.500 1,947.93 339,900.00
RENO NV 89502 1 06/17/99 00
0431382563 05 08/01/99 0
40115 O 07/01/29
0
1924304 A50/A50 F 280,800.00 ZZ
360 280,564.09 1
116 WEST LAKE DRIVE 6.875 1,844.66 80
6.625 1,844.66 351,000.00
MCDONOUGH GA 30252 2 06/21/99 00
123280 05 08/01/99 0
123280 O 07/01/29
0
1924417 J40/G01 F 293,850.00 ZZ
360 293,620.77 1
3251 RAYS CREEK DRIVE 7.250 2,004.57 90
7.000 2,004.57 326,500.00
ACWORTH GA 30101 1 06/23/99 10
0431395235 05 08/01/99 25
7637404 O 07/01/29
0
1924420 A50/A50 F 300,000.00 ZZ
360 299,518.76 1
1066 RIDGE ROAD 7.125 2,021.16 72
6.875 2,021.16 417,600.00
VALDOSTA GA 31605 1 05/28/99 00
123480 05 07/01/99 0
1
123480 O 06/01/29
0
1924428 A50/A50 F 397,800.00 ZZ
360 397,161.89 1
2825 PORCHER DRIVE 7.125 2,680.05 90
6.875 2,680.05 442,000.00
SUMTER SC 29150 1 05/28/99 19
7504748750 05 07/01/99 25
7504748750 O 06/01/29
0
1924429 B90/G01 F 488,000.00 ZZ
360 487,688.82 1
6123 EAST MC GREGOR ROAD 8.250 3,666.18 80
8.000 3,666.18 610,000.00
BYRON IL 61010 2 06/30/99 00
0431373125 05 08/01/99 0
0 O 07/01/29
0
1924492 685/G01 F 256,000.00 ZZ
360 255,832.53 1
3139 PEORIA AVENUE 8.125 1,900.80 80
7.875 1,900.80 320,000.00
SIMI VALLEY CA 93063 1 06/25/99 00
0431377688 05 08/01/99 0
118523 O 07/01/29
0
1924524 E48/G01 F 291,200.00 ZZ
360 290,989.23 1
316 MANSFIELD COURT 7.625 2,061.10 80
7.375 2,061.10 364,000.00
FRANKLIN TN 37069 1 06/09/99 00
0431376250 03 08/01/99 0
03933451 O 07/01/29
0
1924544 562/G01 F 431,250.00 ZZ
360 430,981.95 1
1190 BRIDGE POINTE LANE 8.375 3,277.82 75
8.125 3,277.82 575,000.00
YORKTOWN HEIGHT NY 10598 1 06/30/99 00
0431376920 05 08/01/99 0
599415 O 07/01/29
0
1
1924697 L86/G01 F 215,200.00 ZZ
360 215,200.00 1
7 VIA LINDA 7.750 1,541.72 80
7.500 1,541.72 269,000.00
RANCHO SANTA MA CA 92688 1 07/12/99 00
0431395250 03 09/01/99 0
20500756 O 08/01/29
0
1924715 L48/G01 F 252,400.00 ZZ
360 252,221.86 1
7436 OLD LANTERN DRIVE 7.750 1,808.22 77
7.500 1,808.22 330,000.00
CALEDONIA MI 49316 1 06/30/99 00
0431374230 05 08/01/99 0
48718 O 07/01/29
0
1924856 637/G01 F 320,000.00 ZZ
360 319,774.15 1
489 CLIPPER HILL ROAD 7.750 2,292.52 80
7.500 2,292.52 400,000.00
DANVILLE CA 94526 1 06/07/99 00
0431395078 05 08/01/99 0
0018357947 O 07/01/29
0
1925007 575/G01 F 154,000.00 BB
360 153,879.87 1
18057 CLARIDON TROY ROAD 7.250 1,050.55 70
7.000 1,050.55 220,000.00
TROY TOWNSHIP OH 44234 1 06/04/99 00
0431379635 05 08/01/99 0
178709295726 O 07/01/29
0
1925030 811/G01 F 317,200.00 ZZ
360 316,992.51 1
1681 ASPEN CREEK ROAD 8.125 2,355.20 80
7.875 2,355.20 396,507.00
RENO NV 89509 1 06/21/99 00
0431378066 03 08/01/99 0
FM02211465 O 07/01/29
0
1925036 811/G01 F 290,400.00 ZZ
360 290,205.15 1
23461 DARCY LANE 8.000 2,130.85 80
7.750 2,130.85 363,000.00
1
SANTA CLARITA CA 91321 1 06/23/99 00
0431379585 03 08/01/99 0
FM2300839 O 07/01/29
0
1925041 195/G01 F 1,000,000.00 ZZ
360 1,000,000.00 1
1022 BARBERRY ROAD 7.625 7,077.94 39
7.375 7,077.94 2,600,000.00
BRYN MAWR PA 19010 1 07/02/99 00
0431377928 05 09/01/99 0
62959 O 08/01/29
0
1925044 195/G01 F 340,000.00 ZZ
360 339,766.01 1
13250 SW 67TH AVENUE 7.875 2,465.24 80
7.625 2,465.24 425,000.00
MIAMI FL 33156 1 06/30/99 00
0431380153 05 08/01/99 0
63911 O 07/01/29
0
1925050 M51/G01 F 312,800.00 G
360 312,800.00 1
1782 CAMDEN DRIVE 8.000 2,295.22 80
7.750 2,295.22 391,061.00
GLENVIEW IL 60025 1 07/15/99 00
0431389816 09 09/01/99 0
0000 O 08/01/29
0
1925118 A91/G01 F 250,000.00 ZZ
360 249,819.05 1
162-28 86TH STREET 7.625 1,769.49 67
7.375 1,769.49 375,000.00
HOWARD BEACH NY 11414 1 07/01/99 00
0431377605 05 08/01/99 0
9918762 O 07/01/29
0
1925319 637/G01 F 253,650.00 ZZ
360 253,488.25 1
3719 SUMMIT DRIVE 8.250 1,905.59 95
8.000 1,905.59 267,000.00
MT. SHASTA CA 96067 1 06/17/99 04
0431381169 05 08/01/99 30
0015263478 O 07/01/29
0
1
1925322 637/G01 F 262,400.00 ZZ
360 262,219.41 1
32208 DEBORAH DRIVE 7.875 1,902.59 80
7.625 1,902.59 332,000.00
UNION CITY CA 94587 1 06/16/99 00
0431379171 05 08/01/99 0
0010184117 O 07/01/29
0
1925339 685/G01 F 269,000.00 ZZ
360 268,814.87 1
2534 WILSON DRIVE 7.875 1,950.44 75
7.625 1,950.44 360,000.00
TUSTIN CA 92782 2 06/28/99 00
0431379130 09 08/01/99 0
118079 O 07/01/29
0
1925345 F18/G01 F 287,200.00 ZZ
360 287,200.00 1
3219 SAGEWOOD LANE 8.000 2,107.38 80
7.750 2,107.38 359,000.00
SAN JOSE CA 95132 1 06/25/99 00
0431378454 05 09/01/99 0
00943 O 08/01/29
0
1925346 B64/B64 F 400,000.00 ZZ
360 399,103.83 1
11 SOUTHWINDS LN 7.500 2,796.86 64
7.250 2,796.86 630,000.00
MALVERN PA 19355 1 06/24/99 00
00070296 05 08/01/99 0
00070296 O 07/01/29
0
1925350 624/G01 F 472,000.00 ZZ
360 471,675.17 1
5200 DOOLAN ROAD 7.875 3,422.33 80
7.625 3,422.33 590,000.00
LIVERMORE CA 94550 1 06/17/99 00
0431378249 05 08/01/99 0
31300190836 O 07/01/29
0
1925354 731/G01 F 297,000.00 ZZ
360 296,790.38 1
1
231 PARK HILL DRIVE 7.750 2,127.74 90
7.500 2,127.74 330,000.00
MILPITAS CA 95035 1 06/15/99 01
0431378231 05 08/01/99 25
114258332 O 07/01/29
0
1925364 G52/G01 F 399,000.00 ZZ
360 398,718.39 1
625 OMAOPIO ROAD 7.750 2,858.48 70
7.500 2,858.48 570,000.00
KULA HI 96790 1 06/29/99 00
0431378082 05 08/01/99 0
92500330 O 07/01/29
0
1925527 A50/A50 F 280,000.00 ZZ
360 279,797.35 1
5154 LAKE CREST CIRCLE 7.625 1,981.82 77
7.375 1,981.82 365,000.00
BIRMINGHAM AL 35226 4 06/14/99 00
117953 05 08/01/99 0
117953 O 07/01/29
0
1925536 811/G01 F 210,000.00 ZZ
360 209,855.48 1
1768 IBIS LANE 7.875 1,522.65 68
7.625 1,522.65 312,601.00
WESTON FL 33327 1 06/29/99 00
0431382704 03 08/01/99 0
00110752 O 07/01/29
0
1925537 F96/G01 F 400,000.00 ZZ
360 400,000.00 1
11 ARROWHEAD DRIVE 7.750 2,865.65 90
7.500 2,865.65 445,000.00
UPPER SADDLE RI NJ 07458 1 07/06/99 01
0431379015 05 09/01/99 25
9901080 O 08/01/29
0
1925538 F96/G01 F 302,500.00 ZZ
360 302,500.00 1
29 FLORIE FARM ROAD 7.500 2,115.12 88
7.250 2,115.12 345,000.00
MENDHAM BOROUGH NJ 07945 1 07/01/99 10
0431378991 05 09/01/99 25
1
9901058 O 08/01/29
0
1925547 K56/G01 F 91,600.00 ZZ
360 91,536.97 1
1703 LEONARD ROAD 7.875 664.16 70
7.625 664.16 131,500.00
GRANTS PASS OR 97527 1 06/25/99 00
0431383678 05 08/01/99 0
5000710 O 07/01/29
0
1925548 638/G01 F 472,500.00 ZZ
360 472,190.92 1
563 WOODSIDE AVENUE 8.125 3,508.30 70
7.875 3,508.30 675,000.00
PARK CITY UT 84060 2 06/23/99 00
0431380401 05 08/01/99 0
08901601 O 07/01/29
0
1925550 F18/G01 F 338,000.00 ZZ
360 338,000.00 1
170 LASSEN DRIVE 8.250 2,539.29 75
8.000 2,539.29 451,000.00
SAN BRUNO CA 94066 2 06/30/99 00
0431378447 05 09/01/99 0
R00959 O 08/01/29
0
1925551 638/G01 F 125,000.00 ZZ
360 124,913.97 1
3699 NORTH 550 EAST 7.875 906.34 66
7.625 906.34 191,000.00
PROVO UT 84604 2 06/25/99 00
0431380799 05 08/01/99 0
08902152 O 07/01/29
0
1925553 964/G01 F 297,600.00 ZZ
360 297,384.60 1
8471 CLARKDALE DRIVE 7.625 2,106.40 80
7.375 2,106.40 372,000.00
HUNTINGTON BEAC CA 92646 1 06/25/99 00
0431383827 05 08/01/99 0
56398 O 07/01/29
0
1
1925555 964/G01 F 324,800.00 ZZ
360 324,800.00 1
62 SAN GABRIEL AVENUE 7.500 2,271.05 80
7.250 2,271.05 406,000.00
SAN FRANCISCO CA 94112 1 06/29/99 00
0431377910 05 09/01/99 0
52343 O 08/01/29
0
1925557 964/G01 F 281,600.00 ZZ
360 281,406.20 1
34 JEFFERSON AVENUE 7.875 2,041.80 80
7.625 2,041.80 352,000.00
SAN RAFAEL CA 94903 1 06/22/99 00
0431377878 05 08/01/99 0
58970 O 07/01/29
0
1925584 638/G01 F 385,250.00 ZZ
360 384,971.16 1
620 VIA LINDA COURT 7.625 2,726.78 78
7.375 2,726.78 500,000.00
LAS VEGAS NV 89134 1 06/09/99 00
0431385152 03 08/01/99 0
08840238 O 07/01/29
0
1925596 638/G01 F 429,400.00 ZZ
360 429,039.25 1
1109 FIRETHORNE CLUB DR 6.875 2,820.85 80
6.625 2,820.85 536,800.00
WAXHAW NC 28173 1 06/21/99 00
0431387018 03 08/01/99 0
08883307 O 07/01/29
0
1925611 420/G01 F 380,000.00 ZZ
360 379,731.80 1
11990 WEST ROAD 7.750 2,722.37 80
7.500 2,722.37 475,000.00
REDWOOD VALLEY CA 95470 1 06/21/99 00
0431379221 05 08/01/99 0
0000421560 O 07/01/29
0
1925614 638/G01 F 306,000.00 ZZ
360 305,799.83 1
5N466 LEOLA LANE 8.125 2,272.04 90
7.875 2,272.04 340,000.00
1
ST CHARLES IL 60175 1 06/25/99 10
0431380575 05 08/01/99 25
8890213 O 07/01/29
0
1925619 638/G01 F 270,000.00 ZZ
360 269,809.44 1
226 COMMONWEALTH AVENUE 7.750 1,934.31 75
UNIT #1 7.500 1,934.31 363,750.00
NEWTON MA 02467 1 06/22/99 00
0431379791 01 08/01/99 0
8888703 O 07/01/29
0
1925634 638/G01 F 328,100.00 ZZ
360 327,874.21 1
50 HUNTER DRIVE 7.875 2,378.95 75
7.625 2,378.95 437,500.00
WEST HARTFORD CT 06107 1 06/18/99 00
0431380971 05 08/01/99 0
8892426 O 07/01/29
0
1925635 462/G01 F 283,700.00 ZZ
360 283,504.75 1
1514 TURQUOISE DRIVE 7.875 2,057.03 80
7.625 2,057.03 354,664.00
CARLSBAD CA 92009 1 06/24/99 00
0431384510 03 08/01/99 0
512421389 O 07/01/29
0
1925638 765/G01 F 308,000.00 ZZ
360 307,798.52 1
5 ALONDA 8.125 2,286.90 80
7.875 2,286.90 385,000.00
FOOTHILL RANCH CA 92610 1 06/25/99 00
0431378314 03 08/01/99 0
346658 O 07/01/29
0
1925643 765/G01 F 126,000.00 ZZ
360 125,917.57 1
1600 ROAD A 8.125 935.55 67
7.875 935.55 190,000.00
REDWOOD VALLEY CA 95470 2 06/23/99 00
0431394303 05 08/01/99 0
181651 O 07/01/29
0
1
1925652 765/G01 F 150,000.00 ZZ
360 149,891.43 1
14162 SAARINEN AVENUE 7.625 1,061.70 54
7.375 1,061.70 281,000.00
IRVINE CA 92606 1 06/21/99 00
0431378413 03 08/01/99 0
346493 O 07/01/29
0
1925660 462/G01 F 376,450.00 ZZ
360 376,177.54 1
7421 MAGELLAN STREET 7.625 2,664.49 80
7.375 2,664.49 470,623.00
CARLSBAD CA 92009 1 06/09/99 00
0431384445 03 08/01/99 0
0006572408 O 07/01/29
0
1925665 462/G01 F 350,200.00 ZZ
360 348,675.32 1
5 CONCHITO 6.750 2,271.40 90
6.500 2,271.40 389,156.00
RANCHO SANTA MA CA 92688 1 02/02/99 04
0431384486 03 04/01/99 25
0006079206 O 03/01/29
0
1925666 026/G01 F 550,000.00 ZZ
360 550,000.00 1
1015 STOVALL BLVD 7.750 3,940.27 43
7.500 3,940.27 1,300,000.00
ATLANTA GA 30319 1 07/06/99 00
0431379379 05 09/01/99 0
200020935 O 08/01/29
0
1925668 462/G01 F 288,250.00 ZZ
360 288,025.13 1
45946 CORTE CARMELLO 7.250 1,966.38 80
7.000 1,966.38 360,370.00
TEMECULA CA 92592 1 06/18/99 00
0431384940 03 08/01/99 0
0006515506 O 07/01/29
0
1925677 462/G01 F 350,000.00 ZZ
360 349,740.24 1
1
15 PEONY WAY 7.500 2,447.26 59
7.250 2,447.26 594,950.00
COTO DE CAZA AR CA 92679 1 06/14/99 00
0431384890 03 08/01/99 0
0007002702 O 07/01/29
0
1925683 462/G01 F 301,500.00 ZZ
360 301,264.79 1
60 FERDINAND WAY 7.250 2,056.77 80
7.000 2,056.77 376,890.00
NOVATO CA 94949 1 06/04/99 00
0431384171 03 08/01/99 0
0006414908 O 07/01/29
0
1925688 462/G01 F 267,300.00 ZZ
360 267,111.33 1
15012 EAST VERMILLION DRIVE 7.750 1,914.98 95
7.500 1,914.98 281,415.00
FOUNTAIN HILLS AZ 85260 1 06/09/99 11
0431384635 03 08/01/99 30
0005965108 O 07/01/29
0
1925690 462/G01 F 330,300.00 ZZ
360 330,060.93 1
35373 TERRA COTTA CIRCLE 7.625 2,337.85 80
7.375 2,337.85 412,985.00
FREMONT CA 94536 1 06/10/99 00
0431384585 03 08/01/99 0
0006876601 O 07/01/29
0
1925695 462/G01 F 265,600.00 ZZ
360 265,194.54 1
7630 GUINEVERE DR 7.375 1,834.44 80
7.125 1,834.44 332,000.00
SUGARLAND TX 77479 1 05/26/99 00
0431384692 03 07/01/99 0
0006915607 O 06/01/29
0
1925699 026/G01 F 500,000.00 ZZ
360 499,619.54 1
4408 COLUMNS DR 7.375 3,453.38 67
7.125 3,453.38 757,000.00
MARIETTA GA 30067 1 07/01/99 00
0431380864 05 08/01/99 0
1
0200015257 O 07/01/29
0
1925700 462/G01 F 251,900.00 ZZ
360 251,708.32 1
511 ERIE AVENUE 7.375 1,739.82 80
7.125 1,739.82 315,000.00
TAMPA FL 33606 1 06/15/99 00
0431384742 05 08/01/99 0
0007040405 O 07/01/29
0
1925701 462/G01 F 485,600.00 ZZ
360 485,221.18 1
505 VIA CISCO 7.250 3,312.65 80
7.000 3,312.65 607,000.00
SAN CLEMENTE CA 92672 1 06/04/99 00
0431384767 05 08/01/99 0
0006966105 O 07/01/29
0
1925706 462/G01 F 465,750.00 ZZ
360 465,412.90 1
2781 AVENIDA DE AUTLAN 7.625 3,296.55 80
7.375 3,296.55 582,236.00
CAMARILLO CA 93010 1 06/10/99 00
0431397157 03 08/01/99 0
0006948905 O 07/01/29
0
1925711 195/G01 F 392,000.00 ZZ
360 391,701.72 1
23 HANCOCK STREET 7.375 2,707.45 80
7.125 2,707.45 490,000.00
WINCHESTER MA 01890 1 06/30/99 00
0431382001 05 08/01/99 0
99999999 O 07/01/29
0
1925718 889/G01 F 320,750.00 ZZ
360 320,534.78 1
663 TERRYLNN PLACE 8.000 2,353.55 90
7.750 2,353.55 356,400.00
LONG BEACH CA 90807 1 06/30/99 19
0431379544 09 08/01/99 25
51005060 O 07/01/29
0
1
1925721 Q27/G01 F 255,000.00 ZZ
360 255,000.00 1
7 COTTONCLOUD 8.000 1,871.10 75
7.750 1,871.10 340,000.00
IRVINE CA 92614 1 07/01/99 00
0431378009 01 09/01/99 0
000 O 08/01/29
0
1925777 637/G01 F 400,000.00 ZZ
360 399,687.96 1
63 CARTER STREET 7.250 2,728.71 61
7.000 2,728.71 664,875.00
MAMMOTH LAKES CA 93546 1 06/17/99 00
0431393685 05 08/01/99 0
0015249501 O 07/01/29
0
1925781 637/G01 F 325,600.00 ZZ
360 325,364.34 1
40739 CAPA DRIVE 7.625 2,304.58 80
7.375 2,304.58 407,000.00
FREMONT CA 94539 1 06/17/99 00
0431397223 05 08/01/99 0
0010177913 O 07/01/29
0
1925783 637/G01 F 252,227.00 ZZ
360 252,048.98 1
3774 WALDWICK CIRCLE 7.750 1,806.99 95
7.500 1,806.99 265,503.00
EL DORADO HILLS CA 95762 1 06/09/99 10
0431383702 03 08/01/99 30
0016898645 O 07/01/29
0
1925787 637/G01 F 328,500.00 ZZ
360 328,262.23 1
212 GRISSOM STREET 7.625 2,325.11 90
7.375 2,325.11 365,000.00
HERCULES CA 94547 1 06/22/99 04
0431397256 05 08/01/99 25
0015265127 O 07/01/29
0
1925793 637/G01 F 303,300.00 ZZ
360 303,085.93 1
2113 LIME ROCK COURT 7.750 2,172.88 90
7.500 2,172.88 337,000.00
1
EL CAJON CA 92019 2 06/17/99 04
0431383736 05 08/01/99 25
0010739381 O 07/01/29
0
1925835 E82/G01 F 124,000.00 ZZ
360 124,000.00 1
3958 SEDGEWICK PLACE SOUTH EAS 7.875 899.09 80
7.625 899.09 155,000.00
ALBANY OR 97321 1 07/07/99 00
0400214987 05 09/01/99 0
0400214987 O 08/01/29
0
1925942 M17/G01 F 306,000.00 ZZ
360 305,789.42 1
2763 VIA SINALOA 7.875 2,218.71 80
7.625 2,218.71 382,500.00
CLAREMONT CA 91711 1 06/25/99 00
0431378660 05 08/01/99 0
199100186 O 07/01/29
0
1925951 573/G01 F 274,400.00 ZZ
360 274,185.94 1
418 DOGWOOD WAY 7.250 1,871.89 90
7.000 1,871.89 306,000.00
CANTON GA 30114 1 06/25/99 14
0431390285 03 08/01/99 25
989011 O 07/01/29
0
1925981 A52/G01 F 272,000.00 ZZ
360 271,798.14 1
320 WINDSOR FALLS DRIVE 7.500 1,901.86 80
7.250 1,901.86 340,000.00
CANTON GA 30114 1 06/30/99 00
0431378926 05 08/01/99 0
8784 O 07/01/29
0
1926008 638/G01 F 420,000.00 ZZ
360 419,703.57 1
2507 SAFFRON GLEN 7.750 3,008.93 80
7.500 3,008.93 525,000.00
ESCONDIDO CA 92029 1 06/17/99 00
0431383124 03 08/01/99 0
8901617 O 07/01/29
0
1
1926020 638/G01 F 622,850.00 ZZ
360 622,387.75 1
4084 VIA CANGREJO 7.500 4,355.06 80
7.250 4,355.06 778,623.00
SAN DIEGO CA 92130 1 06/25/99 00
0431383157 03 08/01/99 0
8898474 O 07/01/29
0
1926031 638/G01 F 367,960.00 ZZ
360 367,693.68 1
4660 CLAY PEAK DRIVE 7.625 2,604.40 80
7.375 2,604.40 459,950.00
LAS VEGAS NV 89129 1 06/23/99 00
0431384684 03 08/01/99 0
8895379 O 07/01/29
0
1926041 562/G01 F 312,000.00 ZZ
360 312,000.00 1
41 OSLO PATH 7.500 2,181.55 80
7.250 2,181.55 390,000.00
CARMEL NY 10512 1 07/06/99 00
0431380120 05 09/01/99 0
604173 O 08/01/29
0
1926053 638/G01 F 217,000.00 ZZ
360 216,842.94 1
947 CHUMASH TRAIL 7.625 1,535.91 62
7.375 1,535.91 350,000.00
VISTA CA 92084 2 06/16/99 00
0431382480 05 08/01/99 0
8899119 O 07/01/29
0
1926056 638/G01 F 285,200.00 ZZ
360 285,003.73 1
5225 FELICIA AVENUE 7.875 2,067.90 80
7.625 2,067.90 356,500.00
LIVERMORE CA 94550 2 06/21/99 00
0431382571 05 08/01/99 0
8898850 O 07/01/29
0
1926071 A46/G01 F 241,000.00 ZZ
360 240,825.56 1
1
2807 CARNEGIE STREET 7.625 1,705.79 38
7.375 1,705.79 649,000.00
HOUSTON TX 77005 1 06/30/99 00
0431378272 05 08/01/99 0
0132415 O 07/01/29
0
1926126 637/G01 F 106,300.00 ZZ
360 106,219.11 1
5165 WEST MURIEL DRIVE 7.375 734.19 69
7.125 734.19 156,300.00
GLENDALE AZ 85308 1 06/18/99 00
0431387182 03 08/01/99 0
001525484 O 07/01/29
0
1926152 638/G01 F 137,750.00 ZZ
360 137,662.16 1
41 JACKSON AVENUE 8.250 1,034.87 95
8.000 1,034.87 145,000.00
CUMBERLAND RI 02864 2 06/17/99 14
0431382324 05 08/01/99 30
8898687 O 07/01/29
0
1926157 638/G01 F 136,000.00 ZZ
360 135,906.41 1
1803 PANDA WAY 7.875 986.09 80
7.625 986.09 170,000.00
HAYWARD CA 94541 1 06/18/99 00
0431383942 03 08/01/99 0
8897980 O 07/01/29
0
1926163 638/G01 F 208,000.00 ZZ
360 207,860.44 1
841 AVENIDA LADERA 8.000 1,526.23 80
7.750 1,526.23 260,000.00
SAN DIMAS CA 91773 1 06/16/99 00
0431383967 05 08/01/99 0
8896458 O 07/01/29
0
1926170 638/G01 F 249,900.00 ZZ
360 249,728.02 1
20692 PORTER RANCH ROAD 7.875 1,811.95 77
7.625 1,811.95 328,750.00
TRABUCO CANYON CA 92679 2 06/16/99 00
0431382381 03 08/01/99 0
1
8892112 O 07/01/29
0
1926182 638/G01 F 439,200.00 ZZ
360 438,890.02 1
40 EVERGREEN DRIVE 7.750 3,146.48 80
7.500 3,146.48 555,000.00
ORINDA CA 94563 1 06/17/99 00
0431382647 05 08/01/99 0
8887876 O 07/01/29
0
1926284 Q69/G01 F 280,000.00 ZZ
360 280,000.00 1
11909 GATE WAY 8.500 2,152.96 63
8.250 2,152.96 449,900.00
AUSTIN TX 78727 1 07/06/99 00
0431383082 05 09/01/99 0
9903014 O 08/01/29
0
1926332 964/G01 F 351,920.00 ZZ
360 351,920.00 1
1858 CLEVELAND AVENUE 7.625 2,490.87 80
7.375 2,490.87 439,900.00
SAN JOSE CA 95126 1 06/30/99 00
0431380245 05 09/01/99 0
59708 O 08/01/29
0
1926335 964/G01 F 312,000.00 ZZ
360 312,000.00 1
518 CHESTERTON AVENUE 8.125 2,316.59 80
7.875 2,316.59 390,000.00
BELMONT CA 94002 1 06/30/99 00
0431379528 05 09/01/99 0
59318 O 08/01/29
0
1926338 F26/G01 F 255,000.00 ZZ
360 254,820.02 1
4323 143RD AVE SE 7.750 1,826.85 66
7.500 1,826.85 391,000.00
SNOHOMISH WA 98290 1 06/25/99 00
0431381185 05 08/01/99 0
7142631003 O 07/01/29
0
1
1926340 561/561 F 600,000.00 T
360 600,000.00 1
8507 OLD OREGON INLET ROAD 7.625 4,246.77 75
7.375 4,246.77 800,000.00
NAGS HEAD NC 27959 2 07/06/99 00
9511502 05 09/01/99 0
9511502 O 08/01/29
0
1926352 253/253 F 275,000.00 ZZ
360 274,785.47 1
1604 TELLER BELL LANE 7.250 1,875.99 70
7.000 1,875.99 395,000.00
GRANDBURY TX 76049 2 06/24/99 00
923350 05 08/01/99 0
923350 O 07/01/29
0
1926355 808/G01 F 382,400.00 ZZ
360 381,830.63 1
37760 SKY HIGH DRIVE 7.500 2,673.80 80
7.250 2,673.80 478,000.00
MURRIETA CA 92562 1 05/24/99 00
0431394204 03 07/01/99 0
9310917 O 06/01/29
0
1926358 H47/G01 F 340,000.00 ZZ
360 340,000.00 1
9278 EAST ASPEN HILL PLACE 7.375 2,348.30 66
7.125 2,348.30 520,809.00
LITTLETON CO 80124 1 07/08/99 00
0431384429 03 09/01/99 0
633085 O 08/01/29
0
1926385 700/G01 F 95,200.00 ZZ
360 95,200.00 1
2842 CAMARILLO DRIVE 7.500 665.65 70
7.250 665.65 137,000.00
SACRAMENTO CA 95833 2 06/30/99 00
0431386606 05 09/01/99 0
000 O 08/01/29
0
1926392 731/G01 F 111,900.00 ZZ
360 111,824.92 1
684 NORTH STANFORD AVENUE 8.000 821.08 70
7.750 821.08 159,950.00
1
CLOVIS CA 93611 1 06/21/99 00
0431379569 05 08/01/99 0
C99117DCJ O 07/01/29
0
1926404 808/G01 F 513,000.00 ZZ
360 512,619.27 1
134 SHORECLIFF ROAD 7.500 3,586.98 45
7.250 3,586.98 1,150,000.00
NEWPORT BEACH CA 92625 5 06/09/99 00
0431394246 05 08/01/99 0
9310980 O 07/01/29
0
1926405 E62/G01 F 650,000.00 ZZ
360 649,552.68 1
4350 DAVIDSON AVENUE NE 7.875 4,712.95 37
7.625 4,712.95 1,800,000.00
ATLANTA GA 30319 5 06/11/99 00
0431384353 05 08/01/99 0
103202 O 07/01/29
0
1926420 808/G01 F 280,000.00 ZZ
360 279,797.34 1
479 SOUTH WESTRIDGE CIRCLE 7.625 1,981.83 80
7.375 1,981.83 350,000.00
ANAHEIM CA 92807 1 06/10/99 00
0431394220 03 08/01/99 0
9311081 O 07/01/29
0
1926435 811/G01 F 280,000.00 ZZ
360 279,807.31 1
2891 CARLSON DRIVE 7.875 2,030.19 80
7.625 2,030.19 350,000.00
SHINGLE SPRINGS CA 95682 1 06/28/99 00
0431382597 05 08/01/99 0
FMOO204055 O 07/01/29
0
1926441 253/253 F 228,800.00 ZZ
360 228,638.51 1
12597 DOWNEY MILL ROAD 7.750 1,639.16 80
ROUTE 663 7.500 1,639.16 286,000.00
LOVETTSVILLE VA 20180 1 06/25/99 00
937240 05 08/01/99 0
937240 O 07/01/29
0
1
1926446 253/253 F 271,200.00 ZZ
360 271,022.59 1
7921 TIRE SWING ROAD 8.125 2,013.66 80
7.875 2,013.66 339,000.00
DUNN LORING VA 22027 1 06/29/99 00
923626 05 08/01/99 0
923626 O 07/01/29
0
1926478 253/253 F 131,000.00 ZZ
360 130,905.19 1
10941 BLUE SKY DR 7.625 927.21 80
7.375 927.21 163,791.00
HASLET TX 76052 1 06/18/99 00
936533 05 08/01/99 0
936533 O 07/01/29
0
1926560 624/G01 F 486,400.00 ZZ
360 486,073.64 1
1290 RIBBON STREET 8.000 3,569.03 80
7.750 3,569.03 608,000.00
FOSTER CITY CA 94404 1 06/21/99 00
0431383322 05 08/01/99 0
0000 O 07/01/29
0
1926616 808/G01 F 452,000.00 ZZ
360 451,292.65 1
3116 LAKE HOLLYWOOD DRIVE 7.250 3,083.44 80
7.000 3,083.44 565,000.00
LOS ANGELES CA 90068 1 05/20/99 00
0431394170 05 07/01/99 0
9500295 O 06/01/29
0
1926618 808/G01 F 398,000.00 ZZ
360 397,373.12 1
4021 MEADOW LARK DRIVE 7.250 2,715.07 79
7.000 2,715.07 510,000.00
CALABASAS CA 91302 2 05/20/99 00
0431394212 05 07/01/99 0
9500278 O 06/01/29
0
1926626 808/G01 F 104,000.00 ZZ
360 103,833.17 1
1
2000 WHEELWRIGHT LANE 7.125 700.67 60
6.875 700.67 175,000.00
NEWBURY PARK AR CA 91320 2 05/13/99 00
0431394196 05 07/01/99 0
9500238 O 06/01/29
0
1926658 D13/D13 F 308,000.00 ZZ
360 307,765.64 1
110 FRANKLIN AVE 7.375 2,127.28 80
7.125 2,127.28 385,000.00
VALHALLA NY 10595 1 07/01/99 00
629011037 05 08/01/99 0
629011037 O 07/01/29
0
1926665 D13/D13 F 334,800.00 ZZ
360 334,800.00 1
197 BROMPTON ROAD 7.625 2,369.69 90
7.375 2,369.69 372,000.00
GARDEN CITY NY 11530 1 07/06/99 04
076582719 05 09/01/99 25
076582719 O 08/01/29
0
1926802 P86/G01 F 236,800.00 ZZ
360 236,649.00 1
1005 W 6TH STREET 8.250 1,779.00 80
8.000 1,779.00 296,000.00
GILROY CA 95020 1 06/24/99 00
0431388719 05 08/01/99 0
0000 O 07/01/29
0
1926813 685/G01 F 260,000.00 ZZ
360 259,821.06 1
404 KITTY HAWK ROAD 7.875 1,885.19 80
7.625 1,885.19 325,000.00
ALAMEDA CA 94501 2 06/23/99 00
0431380823 05 08/01/99 0
119022 O 07/01/29
0
1926815 E82/G01 F 226,900.00 ZZ
360 226,900.00 1
18700 SOUTHWEST 7TH STREET 7.750 1,625.54 70
7.500 1,625.54 324,195.00
PEMBROKE PINES FL 33029 1 07/08/99 00
0400197059 03 09/01/99 0
1
0400197059 O 08/01/29
0
1926826 637/G01 F 187,500.00 ZZ
360 187,367.66 1
635 DEBBIE DRIVE 7.750 1,343.28 75
7.500 1,343.28 250,000.00
BOULDER CREEK CA 95006 1 06/22/99 00
0431397389 05 08/01/99 0
0010988715 O 07/01/29
0
1926829 637/G01 F 507,500.00 ZZ
360 507,132.68 1
1718 ELIZABETH STREET 7.625 3,592.06 70
7.375 3,592.06 725,000.00
SAN CARLOS CA 94070 1 06/18/99 00
0431397298 05 08/01/99 0
0018348821 O 07/01/29
0
1926834 637/G01 F 260,000.00 ZZ
360 259,821.07 1
3219 TROUT GULCH ROAD 7.875 1,885.18 54
7.625 1,885.18 488,000.00
APTOS CA 95003 5 06/24/99 00
0431400290 05 08/01/99 0
0018348698 O 07/01/29
0
1926836 637/G01 F 450,000.00 ZZ
360 449,682.39 1
2977 OCEAN STREET 7.750 3,223.86 28
7.500 3,223.86 1,625,000.00
CARLSBAD CA 92008 5 06/23/99 00
0431397306 05 08/01/99 0
0017717026 O 07/01/29
0
1926898 F27/F27 F 333,000.00 ZZ
360 332,727.04 1
1920 N ODE STREET 7.000 2,215.46 70
6.750 2,215.46 475,760.00
ARLINGTON VA 22209 1 06/11/99 00
6060074869 09 08/01/99 0
6060074869 O 07/01/29
0
1
1926903 F27/F27 F 300,000.00 ZZ
360 299,575.15 1
1801 OAKENGATE LANE 7.750 2,149.24 52
7.500 2,149.24 580,000.00
MIDLOTHIAN VA 23113 4 05/03/99 00
146287510 05 07/01/99 0
146287510 O 06/01/29
0
1926906 F27/F27 F 310,000.00 ZZ
360 309,719.75 1
6817 CARAWOOD COURT 6.500 1,959.42 69
6.250 1,959.42 452,740.00
SPRINGFIELD VA 22150 1 06/10/99 00
6060083213 03 08/01/99 0
6060083213 O 07/01/29
0
1926908 637/G01 F 260,200.00 ZZ
360 260,006.89 1
7353 WEST ACAPULCO LANE 7.500 1,819.36 80
7.250 1,819.36 326,062.00
PEORIA AZ 85381 1 06/23/99 00
0431383553 03 08/01/99 0
9834888 O 07/01/29
0
1926909 637/G01 F 262,500.00 ZZ
360 262,319.35 1
475 WILDWOOD WAY 7.875 1,903.31 75
7.625 1,903.31 350,000.00
SANTA CLARA CA 95054 2 06/17/99 00
0431397355 05 08/01/99 0
0010984169 O 07/01/29
0
1926919 637/G01 F 327,350.00 ZZ
360 327,107.06 1
7425 EAST SANDIA CIRCLE 7.500 2,288.88 80
7.250 2,288.88 409,204.00
MESA AZ 85207 1 06/28/99 00
0431383538 03 08/01/99 0
8992968 O 07/01/29
0
1926926 637/G01 F 292,000.00 ZZ
360 291,788.66 1
21600 PHEASANT WOODS DRIVE 7.625 2,066.76 80
7.375 2,066.76 365,000.00
1
CASTRO VALLEY CA 94552 1 06/16/99 00
0431396845 05 08/01/99 0
0010982494 O 07/01/29
0
1926929 637/G01 F 263,950.00 ZZ
360 263,758.95 1
7573 SOURDOUGH DRIVE 7.625 1,868.23 80
7.375 1,868.23 329,950.00
MORRISON CO 80465 1 06/29/99 00
0431396829 05 08/01/99 0
0014964266 O 07/01/29
0
1926933 637/G01 F 261,250.00 ZZ
360 261,083.40 1
419 INVERNESS DRIVE 8.250 1,962.69 95
8.000 1,962.69 275,000.00
PACIFICA CA 94044 1 06/24/99 04
0431392000 05 08/01/99 30
0018348672 O 07/01/29
0
1926934 811/G01 F 330,000.00 ZZ
360 329,772.90 1
430 BLANCO COURT 7.875 2,392.73 75
7.625 2,392.73 440,000.00
SAN RAMON CA 94583 1 06/24/99 00
0431386150 05 08/01/99 0
FM02211731 O 07/01/29
0
1926935 637/G01 F 335,200.00 ZZ
360 334,986.25 1
776 RIVERA STREET 8.250 2,518.25 80
8.000 2,518.25 419,000.00
MILPITAS CA 95035 1 06/23/99 00
0431397041 05 08/01/99 0
0010987956 O 07/01/29
0
1926948 420/G01 F 281,200.00 ZZ
360 281,200.00 1
1190 MONTEREY AVENUE 7.750 2,014.56 80
7.500 2,014.56 351,500.00
BERKELEY CA 94707 1 06/17/99 00
0431381672 05 09/01/99 0
0000421107 O 08/01/29
0
1
1926976 573/G01 F 300,000.00 ZZ
360 299,777.36 1
6230 BROWNS BRIDGE ROAD 7.500 2,097.64 58
7.250 2,097.64 520,000.00
CUMMING GA 30041 1 06/30/99 00
0431381714 05 08/01/99 0
989050 O 07/01/29
0
1926982 B57/G01 F 290,000.00 ZZ
360 290,000.00 1
1674 SAN PABLO COURT 7.875 2,102.71 80
7.625 2,102.71 362,500.00
HOLLISTER CA 95023 1 07/01/99 00
0431381847 05 09/01/99 0
9970027 O 08/01/29
0
1927041 G52/G01 F 263,200.00 ZZ
360 263,200.00 1
24682 BENJAMIN CIRCLE 7.500 1,840.33 80
7.250 1,840.33 329,000.00
DANA POINT CA 92629 1 07/06/99 00
0431382753 05 09/01/99 0
89501297 O 08/01/29
0
1927048 964/G01 F 194,300.00 ZZ
360 194,300.00 1
4402 JOSIE AVENUE 7.500 1,358.57 80
7.250 1,358.57 242,900.00
LAKEWOOD CA 90713 1 07/06/99 00
0431382506 05 09/01/99 0
59272 O 08/01/29
0
1927055 665/G01 F 266,400.00 ZZ
360 266,216.67 1
2532 ROLLING RANCH ROAD 7.875 1,931.58 80
7.625 1,931.58 333,000.00
SHINGLE SPRINGS CA 95682 2 06/23/99 00
0431381136 05 08/01/99 0
9901229589 O 07/01/29
0
1927066 685/G01 F 365,200.00 ZZ
360 365,200.00 1
1
5941 FOOTHILL DRIVE 8.125 2,711.60 74
7.875 2,711.60 495,000.00
LOS ANGELES CA 90068 2 07/02/99 00
0431383512 05 09/01/99 0
118994 O 08/01/29
0
1927071 M51/G01 F 375,000.00 ZZ
360 375,000.00 1
1601 CENTRAL AVENUE 7.875 2,719.02 63
7.625 2,719.02 600,000.00
WILMETTE IL 60091 1 07/12/99 00
0431383306 05 09/01/99 0
0000 O 08/01/29
0
1927133 765/G01 F 286,900.00 ZZ
360 286,717.05 1
4191 HOUNDSBROOK WAY 8.250 2,155.39 95
8.000 2,155.39 302,000.00
SAN JOSE CA 95119 1 06/24/99 11
0431381144 05 08/01/99 30
181713L O 07/01/29
0
1927150 637/G01 F 456,000.00 ZZ
360 455,694.03 1
14409 EAGLE POINTE DRIVE 8.000 3,345.97 80
7.750 3,345.97 570,000.00
CLEARWATER FL 33762 1 06/28/99 00
0431382472 03 08/01/99 0
0017551383 O 07/01/29
0
1927158 637/G01 F 350,000.00 ZZ
360 349,765.15 1
139 DOLTON AVENUE 8.000 2,568.18 72
7.750 2,568.18 489,900.00
SAN CARLOS CA 94070 1 06/25/99 00
0431397280 05 08/01/99 0
0015276413 O 07/01/29
0
1927174 B57/G01 F 279,200.00 ZZ
360 279,200.00 1
11209 KLING STREET 7.875 2,024.40 80
7.625 2,024.40 349,000.00
LOS ANGELES CA 91602 1 07/07/99 00
0431381235 05 09/01/99 0
1
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0
1927233 665/G01 F 309,600.00 ZZ
360 309,375.92 1
5681 MILTON RANCH ROAD 7.625 2,191.33 80
7.375 2,191.33 387,000.00
SHINGLE SPRINGS CA 95682 1 06/23/99 00
0431384601 03 08/01/99 0
9901230175 O 07/01/29
0
1927234 685/G01 F 226,000.00 ZZ
360 225,852.16 1
28362 EL SUR 8.125 1,678.05 67
7.875 1,678.05 340,000.00
LAGUNA NIGUEL CA 92677 2 06/25/99 00
0431385004 03 08/01/99 0
118968 O 07/01/29
0
1927235 685/G01 F 392,300.00 ZZ
360 392,023.11 1
18651 TOPANGA CANYON ROAD 7.750 2,810.49 62
7.500 2,810.49 642,394.00
SILVERADO CA 92676 1 06/10/99 00
0431384395 03 08/01/99 0
600025 O 07/01/29
0
1927271 375/G01 F 280,150.00 ZZ
360 279,931.45 1
17221 SOUTHEAST 187TH STREET 7.250 1,911.12 95
7.000 1,911.12 294,900.00
RENTON WA 98058 1 06/01/99 10
0431386457 03 08/01/99 30
5810935055 O 07/01/29
0
1927273 375/G01 F 360,000.00 ZZ
360 359,422.51 1
844 9TH STREET 7.125 2,425.39 64
6.875 2,425.39 565,000.00
HERMOSA BEACH CA 90254 5 05/26/99 00
0431386481 05 07/01/99 0
5810935709 O 06/01/29
0
1
1927274 375/G01 F 355,000.00 ZZ
360 354,444.45 1
3265 COUNTRYSIDE DRIVE 7.250 2,421.73 55
7.000 2,421.73 650,000.00
SAN MATEO CA 94403 5 05/28/99 00
0431387851 05 07/01/99 0
5810936137 O 06/01/29
0
1927276 375/G01 F 532,000.00 ZZ
360 531,125.30 1
23 WINDY RIDGE PLACE 7.000 3,539.41 70
6.750 3,539.41 760,000.00
WILTON CT 06897 1 05/28/99 00
0431387893 05 07/01/99 0
5810859040 O 06/01/29
0
1927277 375/G01 F 314,000.00 ZZ
360 313,761.07 1
22 LONGMEADOW WAY 7.375 2,168.72 80
7.125 2,168.72 395,000.00
ACTON MA 01720 2 05/28/99 00
0431387638 29 08/01/99 0
5810925593 O 07/01/29
0
1927279 375/G01 F 320,000.00 ZZ
360 319,473.87 2
199 SAN FRANCISCO BOULEVARD 7.000 2,128.97 80
6.750 2,128.97 400,000.00
SAN ANSELMO CA 94960 1 05/19/99 00
0431387646 05 07/01/99 0
5810927979 O 06/01/29
0
1927280 375/G01 F 266,700.00 ZZ
360 266,261.48 1
2312 BROWNING STREET 7.000 1,774.37 70
6.750 1,774.37 381,000.00
BERKELEY CA 94702 1 05/26/99 00
0431387836 05 07/01/99 0
5810930882 O 06/01/29
0
1927281 375/G01 F 267,000.00 ZZ
360 266,582.16 1
6311 JOSHUA ROAD 7.250 1,821.42 73
7.000 1,821.42 369,000.00
1
FT WASHINGTON PA 19034 2 05/24/99 00
0431387844 05 07/01/99 0
5810917269 O 06/01/29
0
1927283 375/G01 F 314,100.00 ZZ
360 313,620.51 1
230 CHERRY LANE 7.375 2,169.42 90
7.125 2,169.42 349,000.00
CAMPBELL CA 95008 1 05/21/99 10
0431388818 05 07/01/99 25
5810944016 O 06/01/29
0
1927286 375/G01 F 360,000.00 ZZ
360 359,732.82 1
155 SPRING GROVE AVENUE 7.500 2,517.18 80
7.250 2,517.18 450,000.00
SAN ANSELMO CA 94960 1 06/01/99 00
0431388883 05 08/01/99 0
5810949882 O 07/01/29
0
1927289 375/G01 F 295,000.00 ZZ
360 294,188.90 1
144 PLEASANT KNOLL WAY 6.750 1,913.37 54
6.500 1,913.37 547,618.00
FREEHOLD NJ 07728 1 05/24/99 00
0431388735 05 07/01/99 0
5810956895 O 06/01/29
0
1927291 375/G01 F 295,000.00 ZZ
360 294,526.78 1
9 VINCENT PLACE 7.125 1,987.47 73
6.875 1,987.47 405,000.00
NORWALK CT 06853 2 05/17/99 00
0431388958 05 07/01/99 0
5810899830 O 06/01/29
0
1927292 375/G01 F 258,000.00 ZZ
360 257,586.13 1
935 OLD COUNTY ROAD #47 7.125 1,738.20 80
6.875 1,738.20 322,500.00
BELMONT CA 94002 1 05/12/99 00
0431388966 01 07/01/99 0
5810898923 O 06/01/29
0
1
1927295 375/G01 F 305,250.00 ZZ
360 304,795.49 1
7555 ARROWHEAD DRIVE 7.500 2,134.36 75
7.250 2,134.36 407,000.00
SALINAS CA 93907 5 05/19/99 00
0431388594 03 07/01/99 0
5810914779 O 06/01/29
0
1927296 375/G01 F 382,500.00 ZZ
360 381,871.11 1
6914 57TH AVE NE 7.000 2,544.78 90
6.750 2,544.78 425,000.00
SEATTLE WA 98115 1 05/05/99 14
0431388941 05 07/01/99 25
5810914514 O 06/01/29
0
1927298 375/G01 F 400,000.00 ZZ
360 399,342.31 1
12286 MILLWOOD POND COURT 7.000 2,661.22 77
6.750 2,661.22 521,051.00
HERNDON VA 20170 1 05/18/99 00
0431389006 03 07/01/99 0
5810913623 O 06/01/29
0
1927308 375/G01 F 326,400.00 ZZ
360 325,863.34 1
763 N 163RD STREET 7.000 2,171.55 80
6.750 2,171.55 412,000.00
OMAHA NE 68118 1 05/28/99 00
0431387679 05 07/01/99 0
5810936335 O 06/01/29
0
1927313 375/G01 F 376,000.00 ZZ
360 375,366.41 1
3323 OAK TREE COURT 6.875 2,470.06 80
6.625 2,470.06 470,000.00
SUGAR LAND TX 77479 1 05/28/99 00
0431386309 03 07/01/99 0
5810937903 O 06/01/29
0
1927315 375/G01 F 344,700.00 ZZ
360 343,688.51 1
1
1616 ASHFORD OAKS COURT 7.125 2,322.31 90
6.875 2,322.31 383,000.00
WILDWOOD MO 63038 1 05/14/99 11
0431386259 03 07/01/99 25
5810938679 O 06/01/29
0
1927323 375/G01 F 443,200.00 ZZ
360 442,453.18 1
1324 WEBER STREET 6.875 2,911.51 80
6.625 2,911.51 554,000.00
ALAMEDA CA 94501 1 05/24/99 00
0431387687 05 07/01/99 0
5810939917 O 06/01/29
0
1927333 624/G01 F 326,150.00 ZZ
360 326,150.00 1
253 AUGUSTA LANE 7.750 2,336.58 70
7.500 2,336.58 465,950.00
APTOS CA 95003 1 07/02/99 00
0431384718 05 09/01/99 0
46000990156 O 08/01/29
0
1927338 K56/G01 F 170,400.00 ZZ
360 170,400.00 1
1159 NW ROCKWOOD LANE 7.625 1,206.08 80
7.375 1,206.08 213,000.00
BEND OR 97701 1 06/29/99 00
0431383520 05 09/01/99 0
1020103 O 08/01/29
0
1927341 920/G01 F 468,000.00 ZZ
346 468,000.00 1
8721 ACACIA DRIVE 7.875 3,427.80 75
7.625 3,427.80 625,000.00
CYPRESS CA 90630 4 07/13/99 00
0431399153 05 09/01/99 0
000 O 06/01/28
0
1927354 964/G01 F 273,000.00 ZZ
360 273,000.00 1
1501 PINEWOOD PLACE 7.875 1,979.44 78
7.625 1,979.44 350,000.00
LA HABRA CA 90631 2 07/01/99 00
0431386325 05 09/01/99 0
1
58959 O 08/01/29
0
1927356 F18/G01 F 324,000.00 ZZ
360 324,000.00 1
5133 BOLTON PLACE 8.000 2,377.40 80
7.750 2,377.40 405,000.00
NEWARK CA 94560 2 07/02/99 00
0431383546 05 09/01/99 0
00971 O 08/01/29
0
1927359 F26/G01 F 569,250.00 ZZ
360 569,250.00 1
6160 90TH AVENUE SOUTHEAST 7.625 4,029.12 75
7.375 4,029.12 759,000.00
MERCER ISLAND WA 98040 1 07/01/99 00
0431383371 05 09/01/99 0
7142629203 O 08/01/29
0
1927373 253/253 F 97,700.00 ZZ
360 97,619.91 1
1529 SPRUCE ST 7.000 650.01 56
2 6.750 650.01 176,500.00
BOULDER CO 80302 2 06/28/99 00
000 01 08/01/99 0
000 O 07/01/29
0
1927377 A46/G01 F 275,000.00 ZZ
360 275,000.00 1
5005 MIGUEL COURT NE 7.750 1,970.13 75
7.500 1,970.13 370,000.00
ALBUQUERQUE NM 87111 1 07/08/99 00
0431385459 05 09/01/99 0
000 O 08/01/29
0
1927403 L13/G01 F 88,350.00 ZZ
360 88,350.00 1
395 EAST 300 SOUTH 7.875 640.60 95
7.625 640.60 93,000.00
NEPHI UT 84648 2 07/22/99 10
0431403674 05 09/01/99 30
0000 O 08/01/29
0
1
1927404 K21/G01 F 268,000.00 ZZ
360 268,000.00 1
1073 GRANADA DRIVE 7.625 1,896.89 80
7.375 1,896.89 335,000.00
ORANGE CA 92869 1 07/14/99 00
0431392448 05 09/01/99 0
9911293 O 08/01/29
0
1927410 003/G01 F 204,000.00 ZZ
360 204,000.00 1
200 PARK CREEK DR 8.000 1,496.88 80
7.750 1,496.88 255,000.00
ALPHARETTA GA 30005 1 07/09/99 00
0431386440 03 09/01/99 0
0010704971 O 08/01/29
0
1927413 F96/G01 F 299,250.00 ZZ
360 299,250.00 1
5832 MARINER STREET 8.250 2,248.17 95
8.000 2,248.17 316,000.00
TAMPA FL 33609 1 07/09/99 01
0431385863 05 09/01/99 30
990078A O 08/01/29
0
1927450 375/G01 F 280,000.00 ZZ
360 278,568.23 1
2342 TANGLEY STREET 6.875 1,839.40 76
6.625 1,839.40 370,000.00
HOUSTON TX 77005 2 01/15/99 00
0431387612 05 03/01/99 0
5810710227 O 02/01/29
0
1927456 375/G01 F 332,100.00 ZZ
360 331,567.27 1
8001 EXODUS DRIVE 7.125 2,237.42 90
6.875 2,237.42 369,000.00
GAITHERSBURG MD 20882 1 05/14/99 12
0431387810 05 07/01/99 25
5810880756 O 06/01/29
0
1927459 375/G01 F 288,400.00 ZZ
360 287,937.37 1
305 GRANITE STREET 7.125 1,943.01 70
6.875 1,943.01 412,000.00
1
PACIFIC GROVE CA 93950 1 05/17/99 00
0431387752 05 07/01/99 0
5810919034 O 06/01/29
0
1927462 375/G01 F 650,000.00 ZZ
360 648,931.29 1
8900 ABBEY TERRACE 7.000 4,324.47 73
6.750 4,324.47 891,000.00
POTOMAC MD 20854 2 05/20/99 00
0431387695 03 07/01/99 0
5810919059 O 06/01/29
0
1927464 375/G01 F 354,685.00 ZZ
360 353,022.40 1
34 WOOD VIEW DRIVE 7.250 2,419.58 90
7.000 2,419.58 394,099.00
MOUNT LAUREL TW NJ 08054 1 03/20/99 11
0431388701 05 05/01/99 25
5810458454 O 04/01/29
0
1927467 375/G01 F 348,000.00 ZZ
360 347,180.63 1
82-24 192ND STREET 7.250 2,373.98 80
7.000 2,373.98 435,000.00
JAMAICA ESTATES NY 11423 1 05/05/99 00
0431388982 05 06/01/99 0
5810811777 O 05/01/29
0
1927468 375/G01 F 417,600.00 ZZ
360 416,348.64 1
10005 SEVILLE 7.500 2,919.92 80
7.250 2,919.92 522,000.00
FORT WORTH TX 76179 1 04/02/99 00
0431388925 05 05/01/99 0
5810834639 O 04/01/29
0
1927501 F27/F27 F 349,250.00 ZZ
360 348,956.58 1
18220 WICKHAM ROAD 6.875 2,294.33 80
6.625 2,294.33 436,595.00
OLNEY MD 20832 1 06/30/99 00
6060074907 03 08/01/99 0
6060074907 O 07/01/29
0
1
1927504 F27/F27 F 300,000.00 ZZ
360 299,771.72 1
17787 SANDS ROAD 7.375 2,072.03 95
7.125 2,072.03 318,000.00
HAMILTON VA 20158 1 06/29/99 11
6060077310 05 08/01/99 30
6060077310 O 07/01/29
0
1927506 F27/F27 F 136,950.00 ZZ
360 136,845.79 1
9241 GREENSHIRE DRIVE 7.375 945.88 79
7.125 945.88 174,810.00
MANASSAS PARK VA 20111 1 06/24/99 00
6060068761 03 08/01/99 0
6060068761 O 07/01/29
0
1927509 F27/F27 F 356,850.00 ZZ
360 356,557.48 1
912 LINCOLNAVENUE 7.000 2,374.14 80
6.750 2,374.14 446,100.00
FALLS CHURCH VA 22046 1 06/23/99 00
6060079631 05 08/01/99 0
6060079631 O 07/01/29
0
1927514 638/G01 F 257,000.00 ZZ
360 256,836.12 1
4664 TELESCOPE AVENUE 8.250 1,930.76 68
8.000 1,930.76 380,500.00
CARLSBAD CA 92008 2 06/23/99 00
0431386424 05 08/01/99 0
08874948 O 07/01/29
0
1927516 638/G01 F 583,000.00 ZZ
360 582,588.53 1
5003 TIERRA DEL ORO STREET 7.750 4,176.68 63
7.500 4,176.68 935,000.00
CARLSBAD CA 92008 2 06/18/99 00
0431386408 05 08/01/99 0
08842100 O 07/01/29
0
1927520 588/G01 F 288,000.00 ZZ
360 287,763.92 1
1
773 NORGATE 7.000 1,916.08 80
6.750 1,916.08 360,000.00
WESTFIELD TOWNS NJ 07091 2 06/25/99 00
0431387455 05 08/01/99 0
1005050 O 07/01/29
0
1927529 638/G01 F 215,000.00 ZZ
360 214,848.25 1
5113 BARTONS ENCLAVE LANE 7.750 1,540.29 71
7.500 1,540.29 303,335.00
RALEIGH NC 27613 1 06/25/99 00
0431396589 05 08/01/99 0
08904865 O 07/01/29
0
1927531 638/G01 F 419,000.00 ZZ
360 418,704.27 1
1679 BEACH PARK BOULEVARD 7.750 3,001.77 69
7.500 3,001.77 610,000.00
FOSTER CITY CA 94404 1 06/22/99 00
0431387992 05 08/01/99 0
08904466 O 07/01/29
0
1927535 638/G01 F 152,000.00 ZZ
360 151,895.39 1
10440 WEST 82ND PLACE 7.875 1,102.11 80
7.625 1,102.11 190,000.00
ARVADA CO 80005 1 06/28/99 00
0431387760 05 08/01/99 0
08903270 O 07/01/29
0
1927541 638/G01 F 330,000.00 ZZ
360 329,778.58 1
2013 MEDALLION DRIVE 8.000 2,421.42 75
7.750 2,421.42 445,000.00
UNION CITY CA 94587 2 06/18/99 00
0431387794 05 08/01/99 0
08900833 O 07/01/29
0
1927545 638/G01 F 380,000.00 ZZ
360 379,738.49 1
17340 RAYEN STREET 7.875 2,755.26 80
7.625 2,755.26 480,000.00
NORTHRIDGE AREA CA 91325 2 06/18/99 00
0431387828 05 08/01/99 0
1
08900271 O 07/01/29
0
1927556 638/G01 F 263,500.00 ZZ
360 263,336.22 1
4 CAROL TERRACE 8.375 2,002.79 89
8.125 2,002.79 298,000.00
WARREN NJ 07059 2 06/17/99 14
0431387976 05 08/01/99 25
08899725 O 07/01/29
0
1927559 637/G01 F 61,000.00 ZZ
360 60,950.00 1
8440 NW 25TH STREET 7.000 405.83 63
6.750 405.83 98,000.00
SUNRISE FL 33322 1 06/15/99 00
0431384072 05 08/01/99 0
0013665369 O 07/01/29
0
1927562 638/G01 F 460,000.00 ZZ
360 459,675.33 1
2590 DOS LOMAS 7.750 3,295.50 76
7.500 3,295.50 608,350.00
FALLBROOK CA 92028 2 06/16/99 00
0431387984 05 08/01/99 0
0889563 O 07/01/29
0
1927564 F27/F27 F 305,000.00 ZZ
360 304,773.65 1
19012 RAINES DRIVE 7.500 2,132.60 73
7.250 2,132.60 420,335.00
ROCKVILLE MD 20855 1 06/01/99 00
6060035308 05 08/01/99 0
6060035308 O 07/01/29
0
1927596 638/G01 F 274,000.00 ZZ
360 273,811.44 1
5427 NOBLE AVENUE 7.875 1,986.69 80
7.625 1,986.69 345,500.00
SHERMAN OAKS CA 91411 2 06/14/99 00
0431386622 05 08/01/99 0
08899531 O 07/01/29
0
1
1927606 638/G01 F 266,520.00 ZZ
360 266,296.09 1
4812 SOUTH 9TH STREET 6.875 1,750.85 80
6.625 1,750.85 333,150.00
ARLINGTON VA 22204 1 06/25/99 00
0431386572 05 08/01/99 0
08867435 O 07/01/29
0
1927620 F27/F27 F 248,200.00 ZZ
360 248,015.80 1
4354 SOUTH CREEK COURT 7.500 1,735.45 90
7.250 1,735.45 275,810.00
HUNTINGTOWN MD 20639 1 06/01/99 11
6060052709 05 08/01/99 25
6060052709 O 07/01/29
0
1927633 F27/F27 F 310,000.00 ZZ
360 309,764.11 1
15 SECRETARIAT DRIVE 7.375 2,141.10 90
7.125 2,141.10 345,000.00
STAFFORD VA 22554 1 07/02/99 12
6060048019 03 08/01/99 25
6060048019 O 07/01/29
0
1927641 F27/F27 F 342,800.00 ZZ
360 342,519.01 1
15615 THISTLEBRIDGE DRIVE 7.000 2,280.66 80
6.750 2,280.66 428,500.00
ROCKVILLE MD 20853 1 06/24/99 00
6060066386 03 08/01/99 0
6060066386 O 07/01/29
0
1927669 313/G01 F 265,600.00 ZZ
360 265,412.53 1
6408 LOCHRIDGE DRIVE 7.750 1,902.80 80
7.500 1,902.80 332,000.00
PLANO TX 75093 1 06/25/99 00
0431385202 03 08/01/99 0
0006867006 O 07/01/29
0
1927671 F27/F27 F 181,850.00 ZZ
360 181,708.14 1
2411 SAINT ALBERT TERRACE 7.250 1,240.54 80
7.000 1,240.54 227,320.00
1
BROOKEVILLE MD 20833 1 06/25/99 00
6060084880 09 08/01/99 0
6060084880 O 07/01/29
0
1927680 B57/G01 F 399,950.00 ZZ
360 399,950.00 1
4726 FORMAN LANE 7.500 2,796.51 80
7.250 2,796.51 500,000.00
LOS ANGELES CA 91602 1 07/09/99 00
0431386226 05 09/01/99 0
9912204 O 08/01/29
0
1927683 637/G01 F 284,000.00 ZZ
360 283,799.56 1
39465 ZACATE AVENUE 7.750 2,034.61 80
7.500 2,034.61 355,000.00
FREMONT CA 94539 1 06/22/99 00
0431392356 05 08/01/99 0
0015262298 O 07/01/29
0
1927688 637/G01 F 284,000.00 ZZ
360 283,794.44 1
12012 SE WILLIAM OTTY ROAD 7.625 2,010.14 80
7.375 2,010.14 355,000.00
CLACKAMAS OR 97015 1 06/23/99 00
0431392166 03 08/01/99 0
0015265465 O 07/01/29
0
1927692 637/G01 F 306,000.00 ZZ
360 305,789.41 1
1047 SANDALWOOD LANE 7.875 2,218.72 80
7.625 2,218.72 382,500.00
MILPITAS CA 95035 1 06/22/99 00
0431397272 03 08/01/99 0
0018360693 O 07/01/29
0
1927697 637/G01 F 293,000.00 ZZ
360 292,793.20 1
2160 GLENVIEW DRIVE 7.750 2,099.09 80
7.500 2,099.09 368,000.00
HOLLISTER CA 95023 1 06/22/99 00
0431397405 05 08/01/99 0
0013971083 O 07/01/29
0
1
1927703 637/G01 F 280,000.00 ZZ
360 279,792.20 1
103 OAKES ST 7.500 1,957.80 80
7.250 1,957.80 350,000.00
PORT JEFFERSON NY 11777 1 06/25/99 00
0431385574 05 08/01/99 0
0016519654 O 07/01/29
0
1927705 637/G01 F 400,000.00 T
360 399,724.72 1
355 HEATHER CIRCLE 7.875 2,900.28 73
7.625 2,900.28 550,000.00
SOUTH LAKE TAHO CA 96150 1 06/14/99 00
0431392216 05 08/01/99 0
0016898280 O 07/01/29
0
1927708 637/G01 F 288,888.00 ZZ
360 288,668.18 1
32441 SEASIDE DRIVE 7.375 1,995.28 66
7.125 1,995.28 440,888.00
UNION CITY CA 94587 1 06/21/99 00
0431392026 05 08/01/99 0
0015257082 O 07/01/29
0
1927721 637/G01 F 302,000.00 ZZ
360 301,781.42 1
2027 108TH AVENUE SE 7.625 2,137.54 72
7.375 2,137.54 421,000.00
BELLEVUE WA 98004 1 06/22/99 00
0431395334 05 08/01/99 0
0010537009 O 07/01/29
0
1927730 E60/G01 F 357,100.00 ZZ
360 356,866.40 1
2670 BARCELONA 8.125 2,651.46 90
7.875 2,651.46 397,000.00
PISMO BEACH CA 93449 1 06/22/99 01
0431391606 09 08/01/99 25
511747 O 07/01/29
0
1927734 665/G01 F 312,000.00 ZZ
360 312,000.00 1
1
420 DONALD DRIVE 7.625 2,208.32 80
7.375 2,208.32 390,000.00
HOLLISTER CA 95023 1 07/01/99 00
0431385269 03 09/01/99 0
9901229977 O 08/01/29
0
1927737 665/G01 F 320,000.00 ZZ
360 320,000.00 1
37 WILDER STREET 7.750 2,292.52 76
7.500 2,292.52 422,000.00
SAN FRANCISCO CA 94131 1 07/01/99 00
0431384452 07 09/01/99 0
9901229809 O 08/01/29
0
1927739 685/G01 F 200,000.00 ZZ
360 199,855.24 1
8 TIDEWATER COVE 7.625 1,415.59 51
7.375 1,415.59 392,455.00
BUENA PARK CA 90621 1 06/23/99 00
0431387091 03 08/01/99 0
118897 O 07/01/29
0
1927743 356/G01 F 336,000.00 ZZ
360 335,774.55 1
31408 MARLIN COURT 8.000 2,465.45 80
7.750 2,465.45 420,000.00
UNION CITY CA 94587 2 06/18/99 00
0431384668 03 08/01/99 0
2735546 O 07/01/29
0
1927785 637/G01 F 320,000.00 ZZ
360 319,762.51 1
15714 LEGACY COURT 7.500 2,237.49 76
7.250 2,237.49 426,597.00
BAKERSFIELD CA 93312 1 06/23/99 00
0431387158 05 08/01/99 0
0013948179 O 07/01/29
0
1927787 637/G01 F 280,000.00 ZZ
360 279,764.77 1
9615 TRAIL HILL DRIVE 6.875 1,839.40 80
6.625 1,839.40 350,000.00
DALLAS TX 75238 2 06/22/99 00
0431387927 05 08/01/99 0
1
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0
1927791 637/G01 F 114,000.00 ZZ
360 113,917.49 1
3 CANYON RIM ROAD 7.625 806.89 60
7.375 806.89 193,000.00
POMONA CA 91766 2 06/24/99 00
0431397314 05 08/01/99 0
0015175060 O 07/01/29
0
1927826 195/G01 F 948,500.00 ZZ
360 948,500.00 1
3239 OAK KNOLL DRIVE 7.250 6,470.45 70
7.000 6,470.45 1,355,000.00
REDWOOD CITY CA 94062 1 07/06/99 00
0431392828 05 09/01/99 0
63788 O 08/01/29
0
1927899 738/738 F 436,000.00 ZZ
360 435,699.94 1
3419 BROOKE EDGE LANE 7.875 3,161.31 80
7.625 3,161.31 545,000.00
COLLIERVILLE TN 38017 1 06/29/99 00
5046937 05 08/01/99 0
5046937 O 07/01/29
0
1927904 738/738 F 598,500.00 ZZ
360 598,044.58 1
4711 MENLO PARK DRIVE 7.375 4,133.70 75
7.125 4,133.70 798,000.00
SUGAR LANDS TX 77479 1 06/25/99 00
4904562 03 08/01/99 0
4904562 O 07/01/29
0
1927925 822/G01 F 648,000.00 ZZ
360 648,000.00 1
2410 WHITE HORSE ROAD 7.250 4,420.51 80
7.000 4,420.51 810,000.00
BERWYN PA 19312 1 07/09/99 00
0431385418 05 09/01/99 0
3626022034 O 08/01/29
0
1
1927937 411/411 F 392,000.00 ZZ
360 392,000.00 1
88 RIPLEY STREET 7.375 2,707.45 80
7.125 2,707.45 490,000.00
NEWTON MA 02458 1 07/02/99 00
0020017784 01 09/01/99 0
0020017784 O 08/01/29
0
1928000 E11/G01 F 420,000.00 ZZ
360 420,000.00 1
1987 FAGERNESS POINT ROAD 7.250 2,865.14 61
7.000 2,865.14 690,000.00
ORONO MN 55364 1 07/14/99 00
0431385848 05 09/01/99 0
0009001015973 O 08/01/29
0
1928009 738/738 F 283,200.00 ZZ
360 282,989.82 1
505 PARK HILL CIRCLE 7.500 1,980.18 80
7.250 1,980.18 354,000.00
BIRMINGHAM AL 35242 2 06/15/99 00
5100815 03 08/01/99 0
5100815 O 07/01/29
0
1928042 E76/G01 F 180,000.00 ZZ
360 180,000.00 1
1501 WEST BRAIRWOOD AVENUE 7.875 1,305.13 60
7.625 1,305.13 305,000.00
LITTLETON CO 80120 1 07/06/99 00
0431387000 05 09/01/99 0
S9906021 O 08/01/29
0
1928043 637/G01 F 328,000.00 ZZ
360 327,484.17 1
2356 HAMPTON ROAD 7.625 2,321.57 80
7.375 2,321.57 410,000.00
LIVERMORE CA 94550 1 06/22/99 00
0431396894 05 08/01/99 0
0015264740 O 07/01/29
0
1928047 637/G01 F 378,750.00 ZZ
360 378,750.00 1
18440 CARMELO COURT 7.625 2,680.77 75
7.375 2,680.77 505,462.00
1
MORGAN HILL CA 95037 1 07/01/99 00
0431396886 03 09/01/99 0
0010972529 O 08/01/29
0
1928051 E76/G01 F 316,000.00 ZZ
360 315,782.53 1
4033 HERSCHEL AVENUE 7.875 2,291.22 70
7.625 2,291.22 455,000.00
DALLAS TX 75219 1 06/30/99 00
0431386952 05 08/01/99 0
100027200199060 O 07/01/29
0
1928053 637/G01 F 360,000.00 ZZ
360 360,000.00 1
2222 HERITAGE HILLS DRIVE 7.500 2,517.18 80
7.250 2,517.18 452,000.00
PLEASANT HILL CA 94523 1 07/01/99 00
0431400316 05 09/01/99 0
0015262413 O 08/01/29
0
1928055 738/738 F 349,250.00 ZZ
360 348,990.80 1
9545 STONEY RIDGE LANE 7.500 2,442.01 80
7.250 2,442.01 436,605.00
ALPHARETTA GA 30022 1 07/01/99 00
4657602 03 08/01/99 0
4657602 O 07/01/29
0
1928058 637/G01 F 270,750.00 ZZ
360 270,750.00 1
4062 CASTAWAY COVE 7.875 1,963.13 95
7.625 1,963.13 285,920.00
LA MIRADA (AREA CA 90638 1 07/01/99 04
0431397702 03 09/01/99 30
0010732436 O 08/01/29
0
1928061 637/G01 F 300,000.00 ZZ
360 299,793.54 1
8 WESTCOTT RD 7.875 2,175.21 75
7.625 2,175.21 400,000.00
STAMFORD CT 06902 2 06/18/99 00
0431386192 05 08/01/99 0
0013295498 O 07/01/29
0
1
1928071 F96/G01 F 290,000.00 ZZ
360 290,000.00 1
10 YORKSHIRE DRIVE 7.250 1,978.31 77
7.000 1,978.31 380,000.00
TOWSHIP OF WASH NJ 07853 1 07/08/99 00
0431385350 05 09/01/99 0
9901069 O 08/01/29
0
1928073 470/G01 F 360,000.00 ZZ
360 359,739.44 1
19112 MESA DRIVE 7.625 2,548.06 60
7.375 2,548.06 610,000.00
VILLA PARK CA 92861 1 06/16/99 00
0431385194 05 08/01/99 0
93102092 O 07/01/29
0
1928078 253/253 F 173,040.00 ZZ
360 173,040.00 1
5505 FIRESIDE COURT 7.125 1,165.81 80
6.875 1,165.81 216,300.00
FAIRFAX VA 22032 1 07/09/99 00
938662 05 09/01/99 0
938662 O 08/01/29
0
1928093 738/738 F 467,500.00 ZZ
360 466,786.35 1
397 LAKE VALLEY DRIVE 7.375 3,228.91 68
7.125 3,228.91 690,000.00
FRANKLIN TN 37069 2 06/01/99 00
5006155 03 07/01/99 0
5006155 O 06/01/29
0
1928131 637/G01 F 372,000.00 ZZ
360 371,730.75 1
67 ARROYO WAY 7.625 2,633.00 80
7.375 2,633.00 465,000.00
SAN FRANCISCO CA 94127 1 06/25/99 00
0431397363 05 08/01/99 0
0010987444 O 07/01/29
0
1928192 163/G01 F 351,200.00 T
360 350,945.81 1
1
7155 SHELTON LANE 7.625 2,485.77 80
7.375 2,485.77 439,000.00
VACAVILLE CA 95688 1 06/22/99 00
0431386994 05 08/01/99 0
217003676 O 07/01/29
0
1928196 462/462 F 251,150.00 ZZ
360 250,756.96 1
22 CALLE PROSPERO 7.250 1,713.29 80
7.000 1,713.29 313,990.00
SAN CLEMENTE CA 92673 1 05/18/99 00
6459200 03 07/01/99 0
6459200 O 06/01/29
0
1928223 E82/G01 F 650,000.00 ZZ
360 650,000.00 1
2231 OAK KNOLL ROAD 8.000 4,769.47 75
7.750 4,769.47 875,000.00
NOVATO CA 94947 1 07/13/99 00
0400213070 05 09/01/99 0
0400213070 O 08/01/29
0
1928331 889/G01 F 204,000.00 ZZ
360 203,859.61 1
723 EAST SUNRISE BOULEVARD 7.875 1,479.14 80
7.625 1,479.14 255,000.00
LONG BEACH CA 90806 1 06/22/99 00
0431388099 05 08/01/99 0
51004967 O 07/01/29
0
1928361 738/738 F 275,000.00 ZZ
360 274,785.47 1
3701 WHITE CHAPEL WAY 7.250 1,875.99 49
7.000 1,875.99 564,000.00
RALEIGH NC 27615 2 06/30/99 00
4924733 03 08/01/99 0
4924733 O 07/01/29
0
1928364 F27/F27 F 256,000.00 ZZ
360 255,784.93 1
13352 GLEN TAYLOR LANE 6.875 1,681.74 80
6.625 1,681.74 320,000.00
HERNDON VA 22071 1 06/30/99 00
6060073331 03 08/01/99 0
1
6060073331 O 07/01/29
0
1928367 F27/F27 F 264,000.00 ZZ
360 263,804.07 1
11 WALLACE FARM LANE 7.500 1,845.93 80
7.250 1,845.93 330,000.00
STAFFORD VA 22406 4 06/01/99 00
6060049392 03 08/01/99 0
6060049392 O 07/01/29
0
1928369 738/738 F 304,000.00 ZZ
360 303,524.26 1
1131 CHADWICK LANE 7.250 2,073.82 80
7.000 2,073.82 380,000.00
AUBURN AL 36830 2 05/21/99 00
4936705 05 07/01/99 0
4936705 O 06/01/29
0
1928375 738/738 F 260,000.00 ZZ
360 259,797.17 1
17302 FOUNTAIN MIST 7.250 1,773.66 80
7.000 1,773.66 325,000.00
SAN ANTONIO TX 78248 1 06/24/99 00
5112010 05 08/01/99 0
5112010 O 07/01/29
0
1928379 738/738 F 272,000.00 ZZ
360 271,412.23 1
1521 FAIRWAY VIEW DRIVE 7.250 1,855.22 80
7.000 1,855.22 340,000.00
BIRMINGHAM AL 35244 1 06/17/99 00
5078992 03 08/01/99 0
5078992 O 07/01/29
0
1928396 738/738 F 431,500.00 ZZ
360 430,790.52 1
91 SOUTH BATTERY 7.000 2,870.79 45
6.750 2,870.79 975,000.00
CHARLESTON NC 29401 2 04/30/99 00
4994608 05 07/01/99 0
4994608 O 06/01/29
0
1
1928412 738/738 F 266,000.00 ZZ
360 265,792.49 1
305 WHISPERWOOD DRIVE 7.250 1,814.59 80
7.000 1,814.59 332,500.00
CARY NC 27511 1 06/23/99 00
5075872 03 08/01/99 0
5075872 O 07/01/29
0
1928434 026/G01 F 256,410.00 ZZ
360 256,410.00 1
2812 CROIX PLACE 7.250 1,749.17 90
7.000 1,749.17 284,900.00
RALEIGH NC 27614 1 07/12/99 12
0431387497 03 09/01/99 25
200358081 O 08/01/29
0
1928468 950/G01 F 341,100.00 ZZ
360 340,876.87 1
24012 SOUTHEAST 10TH COURT 8.125 2,532.66 90
7.875 2,532.66 379,000.00
ISSAQUAH WA 98029 1 06/29/99 14
0431387232 05 08/01/99 25
401990414163 O 07/01/29
0
1928542 B57/G01 F 362,400.00 ZZ
360 362,400.00 1
2711 DORESTA ROAD 7.750 2,596.28 80
7.500 2,596.28 453,000.00
SAN MARINO CA 91108 1 07/07/99 00
0431386010 05 09/01/99 0
9930477 O 08/01/29
0
1928553 B75/G01 F 299,250.00 ZZ
360 299,064.00 1
5834 SERRANIA AVENUE 8.375 2,274.52 89
8.125 2,274.52 340,000.00
WOODLAND HILLS CA 91367 1 06/28/99 11
0431390814 05 08/01/99 30
8465759 O 07/01/29
0
1928589 904/G01 F 331,500.00 ZZ
360 331,500.00 1
13304 SOUTH AKAGI LANE 7.625 2,346.34 80
7.375 2,346.34 414,418.00
1
DRAPER UT 84020 1 07/15/99 00
0431389444 05 09/01/99 0
311749 O 08/01/29
0
1928599 638/G01 F 108,000.00 ZZ
360 107,919.85 1
4516 OLD MYSTIC COURT 7.500 755.15 80
7.250 755.15 135,000.00
SALIDA CA 95368 1 06/24/99 00
0431393313 05 08/01/99 0
8863168 O 07/01/29
0
1928607 638/G01 F 315,000.00 ZZ
360 314,766.22 1
1516 CASCADE COURT 7.500 2,202.53 90
7.250 2,202.53 350,000.00
NAPERVILLE IL 60565 1 06/30/99 10
0431393305 05 08/01/99 25
8873351 O 07/01/29
0
1928610 638/G01 F 140,000.00 ZZ
360 139,903.65 1
41 NORTH LAKESIDE WEST DRIVE 7.875 1,015.10 80
7.625 1,015.10 175,000.00
MEDFORD NJ 08055 1 06/28/99 00
0431390129 05 08/01/99 0
08902247 O 07/01/29
0
1928615 638/G01 F 503,000.00 ZZ
360 502,653.84 1
1067 NORTH CHEYENNE STREET 7.875 3,647.10 78
7.625 3,647.10 650,000.00
ORANGE CA 92869 2 06/18/99 00
0431393347 05 08/01/99 0
8897466 O 07/01/29
0
1928619 638/G01 F 272,000.00 ZZ
360 271,803.13 1
182 WERNER AVENUE 7.625 1,925.20 80
7.375 1,925.20 340,000.00
DALY CITY CA 94014 1 06/22/99 00
0431393362 05 08/01/99 0
8897007 O 07/01/29
0
1
1928630 F27/F27 F 399,000.00 ZZ
360 399,000.00 1
14013 FOX RUN COURT 7.500 2,789.87 68
7.250 2,789.87 589,000.00
PHOENIX MD 21120 1 07/08/99 00
6060087073 03 09/01/99 0
6060087073 O 08/01/29
0
1928631 638/G01 F 295,905.00 ZZ
360 295,690.83 1
21323 EAST BRIARWOOD DRIVE 7.625 2,094.40 44
7.375 2,094.40 679,900.00
AURORA CO 80016 1 06/25/99 00
0431389378 05 08/01/99 0
8895029 O 07/01/29
0
1928637 638/G01 F 300,000.00 ZZ
360 299,782.87 1
6764 NORTH OAK AVENUE 7.625 2,123.38 60
7.375 2,123.38 500,000.00
ARCADIA AREA CA 91007 1 06/21/99 00
0431390137 05 08/01/99 0
8897888 O 07/01/29
0
1928642 638/G01 F 288,000.00 ZZ
360 287,791.55 1
203 WEST 32ND STREET 7.625 2,038.45 80
7.375 2,038.45 360,000.00
AUSTIN TX 78705 1 06/29/99 00
0431392307 05 08/01/99 0
8901173 O 07/01/29
0
1928644 F27/F27 F 307,350.00 ZZ
360 307,133.08 1
40115 CHARLES TOWN PIKE 7.750 2,201.89 90
7.500 2,201.89 341,540.00
HAMILTON VA 20158 4 06/15/99 12
6060043742 05 08/01/99 25
6060043742 O 07/01/29
0
1928646 638/G01 F 404,000.00 ZZ
360 403,714.86 1
1
7 PHILIP STREET 7.750 2,894.31 70
7.500 2,894.31 580,000.00
MEDFIELD MA 02052 2 06/24/99 00
0431392299 05 08/01/99 0
8902793 O 07/01/29
0
1928651 638/G01 F 247,500.00 ZZ
360 247,333.93 1
15 NORTH BRUCE CIRCLE 8.000 1,816.07 90
7.750 1,816.07 275,000.00
HAWTHORN WOODS IL 60047 1 06/29/99 19
0431393388 05 08/01/99 25
8904287 O 07/01/29
0
1928656 638/G01 F 265,000.00 ZZ
360 264,826.65 1
7930 WILSON TERRACE 8.125 1,967.62 80
7.875 1,967.62 331,500.00
MORTON GROVE IL 60053 1 06/28/99 00
0431392372 05 08/01/99 0
08891653 O 07/01/29
0
1928663 069/G01 F 284,000.00 ZZ
360 283,799.55 1
1100 LAS POSAS 7.750 2,034.62 80
7.500 2,034.62 355,000.00
SAN CLEMENTE CA 92673 1 06/29/99 00
0431391614 01 08/01/99 0
35123607864 O 07/01/29
0
1928671 069/G01 F 205,000.00 ZZ
360 204,858.91 1
6986 CEDAR BASIN AVENUE 7.875 1,486.40 71
7.625 1,486.40 290,252.00
LAS VEGAS NV 89122 1 06/28/99 00
0431390087 03 08/01/99 0
25325001785 O 07/01/29
0
1928675 E87/G01 F 450,000.00 ZZ
360 450,000.00 1
628 VEREDA DEL CIERVO 8.125 3,341.24 71
7.875 3,341.24 635,000.00
GOLETA CA 93117 2 07/01/99 00
0431390202 05 09/01/99 0
1
70002490 O 08/01/29
0
1928739 588/G01 F 256,000.00 ZZ
360 255,779.58 1
9312 JANPHIL LANE 6.750 1,660.42 80
6.500 1,660.42 320,000.00
SPRINGFIELD VA 22153 1 06/14/99 00
0431387398 03 08/01/99 0
1002494 O 07/01/29
0
1928747 588/G01 F 421,000.00 ZZ
360 420,687.55 1
900 TRAIL RUN LANE 7.500 2,943.70 67
7.250 2,943.70 635,145.00
EAST BRADFORD T PA 19380 1 06/30/99 00
0431389055 03 08/01/99 0
1004321 O 07/01/29
0
1928757 588/G01 F 413,834.00 ZZ
360 413,468.88 1
246 BALMORAL COURT 6.625 2,649.83 80
6.375 2,649.83 519,598.00
WEST PIKELAND T PA 19425 1 06/24/99 00
0431389048 03 08/01/99 0
981104021 O 07/01/29
0
1928760 588/G01 F 340,000.00 ZZ
360 339,747.67 1
68 GRAHAM AVENUE 7.500 2,377.33 90
7.250 2,377.33 380,000.00
BOROUGH OF METU NJ 08840 1 06/29/99 11
0431388198 05 08/01/99 25
990603003 O 07/01/29
0
1928763 588/G01 F 315,000.00 ZZ
360 314,766.22 1
33 FELCH ROAD 7.500 2,202.53 90
7.250 2,202.53 350,000.00
FLORHAM PARK BO NJ 07932 1 06/17/99 10
0431388206 05 08/01/99 25
1001867 O 07/01/29
0
1
1928765 588/G01 F 272,000.00 ZZ
360 271,765.81 1
63 HILLCREST ROAD 6.750 1,764.19 69
6.500 1,764.19 397,000.00
BRIDGEWATER TOW NJ 08836 1 06/10/99 00
0431388172 05 08/01/99 0
1002987 O 07/01/29
0
1928768 588/G01 F 379,700.00 ZZ
360 379,381.00 1
12681 AUTUMN CREST DRIVE 6.875 2,494.36 80
6.625 2,494.36 474,685.00
OAK HILL VA 20171 1 06/09/99 00
0431388081 03 08/01/99 0
981007316 O 07/01/29
0
1928773 588/G01 F 250,900.00 ZZ
360 250,713.80 1
375 TWIG LANE 7.500 1,754.33 80
7.250 1,754.33 313,665.00
LOWER MAKEFIELD PA 19067 1 06/08/99 00
0431387745 05 08/01/99 0
980906009 O 07/01/29
0
1928776 588/G01 F 304,000.00 ZZ
360 303,744.60 1
43 DOHERTY DRIVE 6.875 1,997.07 80
6.625 1,997.07 380,000.00
TOWNSHIP OF MID NJ 07748 1 06/28/99 00
0431387653 05 08/01/99 0
990503006 O 07/01/29
0
1928931 638/G01 F 280,000.00 ZZ
360 279,821.45 1
3590 CURLEW STREET 8.250 2,103.55 70
8.000 2,103.55 400,000.00
SAN DIEGO CA 92103 4 06/23/99 00
0431393883 05 08/01/99 0
08901842 O 07/01/29
0
1928935 638/G01 F 280,000.00 ZZ
360 279,802.38 1
5958 COLHURST STREET 7.750 2,005.95 80
7.500 2,005.95 350,000.00
1
DALLAS TX 75230 1 06/28/99 00
0431392109 05 08/01/99 0
08901636 O 07/01/29
0
1928938 638/G01 F 319,200.00 ZZ
360 318,974.71 1
1931 FAIR AVENUE 7.750 2,286.79 76
7.500 2,286.79 420,000.00
LAS VEGAS NV 89106 2 06/16/99 00
0431392364 05 08/01/99 0
08899997 O 07/01/29
0
1928943 638/G01 F 172,800.00 ZZ
360 172,678.04 1
2446 LEMUR STREET 7.750 1,237.96 80
7.500 1,237.96 216,000.00
SANTA ROSA CA 95401 1 06/23/99 00
0431394683 05 08/01/99 0
08898794 O 07/01/29
0
1928947 638/G01 F 284,000.00 ZZ
360 283,789.23 1
8102 DRY RIDGE ROAD 7.500 1,985.77 74
7.250 1,985.77 384,000.00
GAITHERSBURG MD 20879 1 06/22/99 00
0431393693 03 08/01/99 0
08898314 O 07/01/29
0
1928954 638/G01 F 440,000.00 ZZ
360 439,673.46 1
30032 HAWKSET STREET 7.500 3,076.54 80
7.250 3,076.54 550,000.00
CASTAIC AREA CA 91384 5 06/17/99 00
0431394394 05 08/01/99 0
08897873 O 07/01/29
0
1928957 638/G01 F 500,000.00 ZZ
360 499,638.11 1
476 EL PINTADO 7.625 3,538.97 79
7.375 3,538.97 635,000.00
DANVILLE CA 94526 1 06/24/99 00
0431394428 05 08/01/99 0
08897204 O 07/01/29
0
1
1928964 638/G01 F 50,000.00 ZZ
360 49,962.89 1
3803 GETTYSBURG ROAD 7.500 349.61 56
7.250 349.61 90,000.00
CAMP HILL PA 17011 1 06/30/99 00
0431394378 05 08/01/99 0
08895497 O 07/01/29
0
1928967 638/G01 F 583,150.00 ZZ
360 582,695.09 1
4145 VIA CANGREJO 7.250 3,978.11 80
7.000 3,978.11 728,981.00
SAN DIEGO CA 92130 1 06/25/99 00
0431394352 03 08/01/99 0
08890600 O 07/01/29
0
1928973 638/G01 F 287,550.00 ZZ
360 287,336.60 1
11012 MONTESA DRIVE 7.500 2,010.59 80
7.250 2,010.59 362,000.00
AUSTIN TX 78726 1 06/25/99 00
0431398908 03 08/01/99 0
08886547 O 07/01/29
0
1928983 638/G01 F 90,000.00 ZZ
360 89,939.61 1
5404 BRIMFIELD LANE 8.000 660.39 61
7.750 660.39 148,890.00
SALIDA CA 95368 1 06/25/99 00
0431393701 05 08/01/99 0
08883348 O 07/01/29
0
1928996 638/G01 F 360,000.00 ZZ
360 359,752.25 1
5707 GRAND FLORAL COURT 7.875 2,610.25 80
7.625 2,610.25 450,000.00
HOUSTON TX 77041 1 06/30/99 10
0431393149 03 08/01/99 25
08902956 O 07/01/29
0
1929000 638/G01 F 172,000.00 ZZ
360 171,869.12 1
1
2191 GREENLEAF DRIVE EAST 7.375 1,187.96 80
7.125 1,187.96 215,000.00
FREDERICK MD 21702 1 06/29/99 00
0431393586 03 08/01/99 0
08857201 O 07/01/29
0
1929002 638/G01 F 263,400.00 ZZ
360 263,199.57 1
1506 BLOSSOM COURT 7.375 1,819.24 80
7.125 1,819.24 329,270.00
ALLEN TX 75013 1 06/25/99 00
0431393552 03 08/01/99 0
08863375 O 07/01/29
0
1929007 638/G01 F 95,000.00 ZZ
360 94,934.62 1
12 DARRYL LANE 7.875 688.82 66
7.625 688.82 144,000.00
SALEM NH 03079 1 06/30/99 00
0431393495 05 08/01/99 0
08879300 O 07/01/29
0
1929010 638/G01 F 264,000.00 ZZ
360 263,818.32 1
410 ELMIRA STREET 7.875 1,914.18 80
7.625 1,914.18 330,000.00
SAN FRANCISCO CA 94124 1 06/25/99 00
0431393818 05 08/01/99 0
08904470 O 07/01/29
0
1929013 638/G01 F 124,650.00 ZZ
360 124,572.52 1
1941 HAMMOND AVENUE 8.375 947.43 70
8.125 947.43 178,120.00
DUPONT WA 98327 1 06/28/99 00
0431393636 03 08/01/99 0
08903770 O 07/01/29
0
1929017 A36/A36 F 448,000.00 ZZ
360 446,949.31 1
3745 GREENHILL ROAD 7.625 3,170.92 80
7.375 3,170.92 560,000.00
PASENA CA 91107 2 06/23/99 00
000 05 08/01/99 0
1
000 O 07/01/29
0
1929020 E45/G01 F 248,300.00 ZZ
360 248,300.00 1
116 HORSESHOE CIRCLE 7.750 1,778.85 90
7.500 1,778.85 275,900.00
EATONTON GA 31024 1 07/09/99 11
0431390434 05 09/01/99 25
54952 O 08/01/29
0
1929048 665/G01 F 261,600.00 ZZ
360 261,600.00 1
685 MALARIN AVENUE 8.125 1,942.37 80
7.875 1,942.37 327,000.00
SANTA CLARA CA 95050 1 07/02/99 00
0431388115 05 09/01/99 0
9901230583 O 08/01/29
0
1929054 685/G01 F 295,150.00 ZZ
360 295,150.00 1
10 LYON RIDGE 7.500 2,063.73 75
7.250 2,063.73 393,534.00
ALISO VIEJO CA 92656 1 07/07/99 00
0431388644 03 09/01/99 0
600067 O 08/01/29
0
1929081 964/G01 F 400,000.00 ZZ
360 400,000.00 1
550 SEQUOIA DRIVE 8.250 3,005.07 73
8.000 3,005.07 555,000.00
SAN ANSELMO CA 94960 5 07/09/99 00
0431388990 05 09/01/99 0
58631 O 08/01/29
0
1929088 588/G01 F 288,000.00 ZZ
360 287,752.03 1
604 JOHN STREET 6.750 1,867.97 80
6.500 1,867.97 360,000.00
RIVER VALE TOWN NJ 07675 1 06/08/99 00
0431389014 05 08/01/99 0
1003516 O 07/01/29
0
1
1929089 964/G01 F 275,000.00 ZZ
360 275,000.00 1
3626 LAKE SHORE AVENUE 7.750 1,970.13 72
7.500 1,970.13 385,000.00
OAKLAND CA 94610 5 07/07/99 00
0431396837 05 09/01/99 0
60397 O 08/01/29
0
1929091 964/G01 F 262,700.00 ZZ
360 262,700.00 1
601 EAST EDGEWARE ROAD 7.875 1,904.76 80
7.625 1,904.76 328,450.00
LOS ANGELES CA 90026 1 07/01/99 00
0431388891 05 09/01/99 0
59627 O 08/01/29
0
1929096 588/G01 F 271,650.00 ZZ
360 271,432.76 1
229 JOHNSON ROAD 7.125 1,830.16 80
6.875 1,830.16 339,600.00
READINGTON TOWN NJ 08889 1 06/18/99 00
0431388974 03 08/01/99 0
1002897 O 07/01/29
0
1929102 H47/G01 F 517,455.00 ZZ
357 515,792.01 1
204 LUXAIRE COURT 7.250 3,538.29 80
7.000 3,538.29 646,821.00
LAS VEGAS NV 89134 1 12/17/98 00
0431392729 03 05/01/99 0
24093000 O 01/01/29
0
1929110 026/G01 F 292,500.00 ZZ
360 292,500.00 1
975 KING WILLIAM DRIVE 7.500 2,045.21 90
7.250 2,045.21 325,000.00
CHARLOTTESVILLE VA 22901 1 07/15/99 19
0431390095 03 09/01/99 25
200103849 O 08/01/29
0
1929125 588/G01 F 280,000.00 ZZ
360 279,776.08 1
10807 CROSS SCHOOL ROAD 7.125 1,886.42 80
6.875 1,886.42 350,000.00
1
RESTON VA 20191 1 06/30/99 00
0431389741 03 08/01/99 0
1004931 O 07/01/29
0
1929129 588/G01 F 554,000.00 ZZ
360 553,588.85 1
17 COBBLESTONE LANE 7.500 3,873.65 80
7.250 3,873.65 692,500.00
CLINTON TOWNSHI NJ 08801 1 06/25/99 00
0431389030 05 08/01/99 0
990503191 O 07/01/29
0
1929152 K68/G01 F 319,500.00 ZZ
360 319,500.00 1
409 NORTHWIND DRIVE 8.000 2,344.38 90
7.750 2,344.38 355,000.00
BRANDON MS 39047 1 07/12/99 10
0431394691 05 09/01/99 25
1003003 O 08/01/29
0
1929160 588/G01 F 294,400.00 ZZ
360 294,175.98 1
5000 BATTERY LANE UNIT 1003 7.375 2,033.35 80
7.125 2,033.35 368,000.00
BETHESDA MD 20814 1 06/23/99 00
0431389782 06 08/01/99 0
990307109 O 07/01/29
0
1929165 665/G01 F 280,000.00 ZZ
360 280,000.00 1
591 MORSE AVENUE 8.000 2,054.54 75
7.750 2,054.54 375,000.00
SACRAMENTO CA 95864 5 07/06/99 00
0431392174 05 09/01/99 0
9901230351 O 08/01/29
0
1929166 588/G01 F 269,600.00 ZZ
360 269,409.72 1
105 ROSEMONT COURT 7.750 1,931.45 80
7.500 1,931.45 337,000.00
MARLBORO NJ 07751 1 06/29/99 00
0431388628 05 08/01/99 0
981103270 O 07/01/29
0
1
1929170 562/G01 F 344,000.00 ZZ
360 344,000.00 1
69 HANDSOME AVENUE 7.875 2,494.24 80
7.625 2,494.24 430,000.00
SAYVILLE NY 11782 1 07/14/99 00
0431402155 05 09/01/99 0
603670 O 08/01/29
0
1929174 588/G01 F 395,000.00 ZZ
360 394,741.62 1
116 CHOPIN DRIVE 8.125 2,932.86 75
7.875 2,932.86 527,000.00
WAYNE TOWNSHIP NJ 07470 1 06/11/99 00
0431388677 05 08/01/99 0
1003728 O 07/01/29
0
1929177 588/G01 F 316,400.00 ZZ
360 316,153.17 1
5106 FAIRGLEN LANE 7.250 2,158.41 80
7.000 2,158.41 395,500.00
CHEVY CHASE MD 20815 1 06/14/99 00
0431390111 05 08/01/99 0
1003210 O 07/01/29
0
1929181 588/G01 F 263,700.00 ZZ
360 263,494.29 1
31 DOGWOOD ROAD 7.250 1,798.90 90
7.000 1,798.90 293,000.00
MORRIS PLAINS B NJ 07950 1 06/14/99 10
0431390194 05 08/01/99 25
1002663 O 07/01/29
0
1929192 B60/G01 F 285,000.00 ZZ
360 284,777.68 1
10122 CRAILET DRIVE 7.250 1,944.20 75
7.000 1,944.20 385,000.00
HUNTINGTON BEAC CA 92646 1 06/07/99 00
0431388446 05 08/01/99 0
266556 O 07/01/29
0
1929213 P60/G01 F 495,000.00 T
360 495,000.00 1
1
864 LAKE DRIVE CLEAR LK 7.500 3,461.11 75
7.250 3,461.11 660,000.00
FREMONT IN 46737 1 07/15/99 00
0431393016 05 09/01/99 0
6100041262 O 08/01/29
0
1929222 M11/G01 F 479,850.00 ZZ
360 479,850.00 1
6524 TWIN OAKS 7.875 3,479.25 80
7.625 3,479.25 599,850.00
PLANO TX 75024 1 07/22/99 00
0431402064 03 09/01/99 0
001904 O 08/01/29
0
1929458 638/G01 F 600,000.00 ZZ
360 600,000.00 1
1004 BROOKLANDWOOD ROAD 7.875 4,350.42 47
7.625 4,350.42 1,300,000.00
BROOKLANDWOOD MD 21093 2 07/09/99 00
0431393875 05 09/01/99 0
8842513 O 08/01/29
0
1929461 638/G01 F 89,000.00 ZZ
360 88,937.18 1
1137 EAST SAPINERO DRIVE 7.750 637.61 75
7.500 637.61 119,000.00
PUEBLO WEST CO 81007 1 07/02/99 00
0431393867 05 08/01/99 0
8854844 O 07/01/29
0
1929462 638/G01 F 263,510.00 ZZ
360 263,510.00 1
8320 TOBIANO DRIVE 7.500 1,842.50 80
7.250 1,842.50 329,388.00
SACRAMENTO CA 95829 1 06/30/99 00
0431393859 05 09/01/99 0
8859477 O 08/01/29
0
1929467 638/G01 F 330,000.00 ZZ
360 330,000.00 1
1506 HAAS COURT 7.375 2,279.23 63
7.125 2,279.23 527,000.00
DAVIDSONVILLE MD 21035 4 07/14/99 00
0431396811 05 09/01/99 0
1
8868044 O 08/01/29
0
1929469 638/G01 F 356,400.00 ZZ
360 356,400.00 1
5422 PINEGLEN ROAD 7.875 2,584.15 80
7.625 2,584.15 445,500.00
LA CRESCENTA AR CA 91214 1 06/30/99 00
0431393941 05 09/01/99 0
8880989 O 08/01/29
0
1929470 638/G01 F 295,000.00 ZZ
360 294,775.53 1
3357 KENSINGTON DRIVE 7.375 2,037.49 89
7.125 2,037.49 332,000.00
EL DORADO HILLS CA 95762 1 06/18/99 19
0431393966 05 08/01/99 25
8886222 O 07/01/29
0
1929477 638/G01 F 308,800.00 ZZ
360 308,800.00 1
6425 WILLOWDALE DRIVE 7.750 2,212.28 80
7.500 2,212.28 386,000.00
PLANO TX 75093 1 07/01/99 00
0431393891 05 09/01/99 0
8898669 O 08/01/29
0
1929478 638/G01 F 260,550.00 ZZ
360 260,550.00 1
9284 BAY HEAD COURT 8.000 1,911.82 80
7.750 1,911.82 325,731.00
ELK GROVE CA 95758 1 07/06/99 00
0431394048 03 09/01/99 0
8898786 O 08/01/29
0
1929480 638/G01 F 342,400.00 ZZ
360 342,400.00 1
2416 SPINDRIFT ROAD 7.500 2,394.11 80
7.250 2,394.11 428,000.00
VIRGINIA BEACH VA 23451 1 07/13/99 00
0431394030 05 09/01/99 0
8899434 O 08/01/29
0
1
1929486 638/G01 F 283,000.00 ZZ
360 282,805.24 1
1310 44TH AVENUE 7.875 2,051.95 80
7.625 2,051.95 353,800.00
SAN FRANCISCO CA 94122 1 06/21/99 00
0431394006 07 08/01/99 0
8900839 O 07/01/29
0
1929501 811/G01 F 328,000.00 ZZ
360 328,000.00 1
1984 SCHRADER DRIVE 7.750 2,349.83 80
7.500 2,349.83 410,000.00
SAN JOSE CA 95124 1 07/12/99 00
0431392661 05 09/01/99 0
FM02211495 O 08/01/29
0
1929505 B57/G01 F 298,000.00 ZZ
360 298,000.00 1
7448 BOBBYBOYER AVE 7.750 2,134.91 80
7.500 2,134.91 373,000.00
LOS ANGELES CA 91307 1 07/07/99 00
0431390335 05 09/01/99 0
000 O 08/01/29
0
1929525 964/G01 F 86,400.00 ZZ
360 86,400.00 1
644 EAST BIRCH STREET #B 7.750 618.98 80
7.500 618.98 108,000.00
BREA CA 92821 2 07/09/99 00
0431390459 01 09/01/99 0
60010 O 08/01/29
0
1929529 964/G01 F 252,000.00 ZZ
360 252,000.00 1
19 SAN GABRIEL 7.875 1,827.17 75
7.625 1,827.17 336,000.00
RANCHO SANTA MA CA 92688 1 07/15/99 00
0431389998 03 09/01/99 0
60496 O 08/01/29
0
1929546 731/G01 F 500,000.00 ZZ
360 500,000.00 1
7600 BALL MILL ROAD 7.625 3,538.97 56
7.375 3,538.97 900,881.00
1
DUNWOODY GA 30350 1 07/14/99 00
0431388636 05 09/01/99 0
3140673229 O 08/01/29
0
1929572 A50/A50 F 385,000.00 ZZ
360 384,714.27 1
3212 ROCKLEDGE ROAD 7.500 2,691.98 43
7.250 2,691.98 900,000.00
BIRMINGHAM AL 35213 4 06/25/99 00
122387 05 08/01/99 0
122387 O 07/01/29
0
1929576 J40/G01 F 130,000.00 ZZ
360 130,000.00 1
2824 BOARDTOWN ROAD 8.125 965.25 68
7.875 965.25 192,000.00
ELLIJAY GA 30540 4 07/09/99 00
0431388727 05 09/01/99 0
7648299 O 08/01/29
0
1929608 B60/G01 F 390,000.00 ZZ
360 390,000.00 1
2203 COBBLEHILL PLACE 8.000 2,861.68 75
7.750 2,861.68 520,000.00
SAN MATEO CA 94402 5 06/18/99 00
0431388826 05 09/01/99 0
000 O 08/01/29
0
1929661 E85/G01 F 384,800.00 ZZ
360 384,800.00 1
651 PANORAMA DRIVE 8.125 2,857.13 80
7.875 2,857.13 481,000.00
SAN FRANCISCO CA 94131 1 07/12/99 00
0431395417 05 09/01/99 0
9605589 O 08/01/29
0
1929671 F27/F27 F 477,850.00 ZZ
360 477,504.15 1
17421 CANBY ROAD 7.625 3,382.19 80
7.375 3,382.19 600,000.00
LEESBURG VA 20175 1 06/01/99 00
6060050838 05 08/01/99 0
6060050838 O 07/01/29
0
1
1929673 E85/G01 F 545,000.00 ZZ
360 545,000.00 1
44 MYRTLE AVENUE 8.000 3,999.02 59
7.750 3,999.02 929,000.00
MILL VALLEY CA 94941 1 07/07/99 00
0431396852 05 09/01/99 0
9604856 O 08/01/29
0
1929728 E82/G01 F 549,000.00 ZZ
360 549,000.00 1
10 JACOBS LANE 7.875 3,980.63 65
7.625 3,980.63 850,000.00
SOUTHBOROUGH MA 01772 2 07/15/99 00
0400209854 05 09/01/99 0
0400209854 O 08/01/29
0
1929730 E82/G01 F 252,000.00 ZZ
360 252,000.00 1
105 BRIDGESIDE CIRCLE 8.000 1,849.09 90
7.750 1,849.09 280,000.00
DANVILLE CA 94506 2 07/15/99 04
0400214086 09 09/01/99 25
0400214086 O 08/01/29
0
1929745 683/G01 F 288,600.00 ZZ
360 288,600.00 1
18 AUTUMN GLEN CIRCLE 8.125 2,142.85 95
7.875 2,142.85 303,847.00
NASHUA NH 03062 1 07/09/99 14
0431395086 05 09/01/99 30
110505 O 08/01/29
0
1929773 765/G01 F 312,000.00 ZZ
360 312,000.00 1
11356 PORTER VALLEY DRIVE 7.500 2,181.55 75
7.250 2,181.55 416,000.00
PORTER RANCH (A CA 91326 2 07/01/99 00
0431390004 05 09/01/99 0
345978L O 08/01/29
0
1929873 026/G01 F 534,236.00 ZZ
360 534,236.00 1
1
902 THORNBLADE BLVD 6.875 3,509.56 80
6.625 3,509.56 668,236.00
GREER SC 29650 1 07/15/99 00
0431391796 03 09/01/99 0
200519158 O 08/01/29
0
1929874 F27/F27 F 287,000.00 ZZ
360 286,807.42 1
42107 SELMA LANE 8.000 2,105.91 65
7.750 2,105.91 444,029.00
LEESBURG VA 20176 4 06/15/98 00
6060026678 05 08/01/99 0
6060026678 O 07/01/29
0
1929927 637/G01 F 312,000.00 ZZ
360 311,790.65 1
214-14 33RD ROAD 8.000 2,289.35 80
7.750 2,289.35 390,000.00
BAYSIDE NY 11361 1 07/01/99 00
0431390533 05 08/01/99 0
0018325134 O 07/01/29
0
1929933 470/G01 F 279,900.00 ZZ
360 279,900.00 1
29352 CROWN RIDGE 7.625 1,981.12 80
7.375 1,981.12 349,900.00
LAGUNA NIGUEL CA 92677 1 07/07/99 00
0431392240 03 09/01/99 0
01182997 O 08/01/29
0
1930014 637/G01 F 304,000.00 ZZ
360 303,790.79 1
21101 KENSINGTON LANE 7.875 2,204.21 80
7.625 2,204.21 380,000.00
LAKE FOREST CA 92630 1 06/28/99 00
0431400332 03 08/01/99 0
0010742815 O 07/01/29
0
1930057 003/G01 F 209,600.00 ZZ
360 209,600.00 1
6290 STERLING DRIVE 7.750 1,501.61 80
7.500 1,501.61 262,000.00
SUWANEE GA 30024 1 07/16/99 00
0431395144 03 09/01/99 0
1
0010237931 O 08/01/29
0
1930061 F96/G01 F 442,400.00 ZZ
360 442,400.00 1
590 WEST UPPER SADDLE RIVER RD 7.750 3,169.41 65
7.500 3,169.41 690,000.00
UPPER SADDLE RI NJ 07458 5 07/13/99 00
0431391341 05 09/01/99 0
9901096 O 08/01/29
0
1930062 638/G01 F 324,900.00 ZZ
360 324,900.00 1
3060 NORTH 1670 EAST 7.875 2,355.75 90
7.625 2,355.75 361,000.00
NORTH LOGAN UT 84341 1 07/06/99 14
0431394915 05 09/01/99 25
8906181 O 08/01/29
0
1930066 638/G01 F 77,500.00 ZZ
360 77,500.00 1
575 WEST 700 SOUTH 8.125 575.44 66
7.875 575.44 118,000.00
PAYSON UT 84651 1 07/02/99 00
0431397322 05 09/01/99 0
8903999 O 08/01/29
0
1930078 638/G01 F 320,000.00 ZZ
360 319,774.15 1
1075 NORTH MICHIGAN AVENUE 7.750 2,292.52 80
7.500 2,292.52 400,000.00
PASADENA CA 91104 2 06/25/99 00
0431396399 05 08/01/99 0
8905493 O 07/01/29
0
1930079 638/G01 F 256,000.00 ZZ
360 256,000.00 1
515 GOLDEN WEST DRIVE 7.750 1,834.02 80
7.500 1,834.02 320,000.00
REDLANDS CA 92373 1 07/08/99 00
0431396258 03 09/01/99 0
8909312 O 08/01/29
0
1
1930111 975/G01 F 370,000.00 ZZ
360 370,000.00 1
27 GROVESIDE DRIVE 8.250 2,779.69 75
8.000 2,779.69 494,564.00
ALISO VIEJO ARE CA 92656 1 07/14/99 00
0431393784 03 09/01/99 0
991001 O 08/01/29
0
1930119 975/G01 F 345,000.00 ZZ
360 345,000.00 1
2627 CAMINO DEL SOL 8.000 2,531.49 75
7.750 2,531.49 460,000.00
FULLERTON CA 92833 1 07/07/99 00
0431393560 05 09/01/99 0
991818 O 08/01/29
0
1930125 638/G01 F 307,500.00 ZZ
360 307,500.00 1
61 ARLINGTON COURT 7.500 2,150.08 75
7.250 2,150.08 410,000.00
KENSINGTON CA 94707 1 06/30/99 00
0431394832 05 09/01/99 0
8904472 O 08/01/29
0
1930127 638/G01 F 305,325.00 ZZ
360 305,120.13 1
4305 LEXI CIRCLE 8.000 2,240.37 90
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BROOMFILED CO 80020 1 06/30/99 14
0431394873 03 08/01/99 25
8905823 O 07/01/29
0
1930128 698/G01 F 338,000.00 ZZ
360 338,000.00 1
3108 BONNER COURT 8.000 2,480.12 89
7.750 2,480.12 380,000.00
LAKEWOOD CA 90712 2 07/15/99 10
0431393511 05 09/01/99 25
0401392 O 08/01/29
0
1930134 638/G01 F 78,000.00 ZZ
360 77,942.11 1
2226 RIM ROCK ROAD 7.500 545.39 61
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1
ABILENE TX 79606 1 06/29/99 00
0431394899 05 08/01/99 0
8901472 O 07/01/29
0
1930241 F27/F27 F 336,400.00 ZZ
360 336,162.57 1
18244 CALUMET LANE 7.750 2,410.01 80
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ROUNDHILL VA 20141 4 06/01/99 00
6060041375 05 08/01/99 0
6060041375 O 07/01/29
0
1930405 E85/G01 F 272,000.00 ZZ
360 272,000.00 1
53 GABLE COURT 8.250 2,043.45 80
8.000 2,043.45 340,000.00
SAN RAFAEL CA 94903 1 07/13/99 00
0431396795 01 09/01/99 0
9605496 O 08/01/29
0
1930412 P86/G01 F 147,200.00 ZZ
360 147,098.70 1
253 BELLINGTON COMMON #4 7.875 1,067.30 80
7.625 1,067.30 184,000.00
LIVERMORE CA 94550 1 06/29/99 00
0431395326 01 08/01/99 0
99100013 O 07/01/29
0
1930428 638/G01 F 150,000.00 ZZ
360 150,000.00 1
1021 PLASKON LANE 8.375 1,140.11 67
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POTRERO CA 91963 1 07/07/99 00
0431396787 05 09/01/99 0
08878624 O 08/01/29
0
1930429 638/G01 F 318,000.00 ZZ
360 318,000.00 1
3 GALLERY LANE 7.625 2,250.78 75
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CHERRY HILL TOW NJ 08003 2 07/02/99 00
0431396779 05 09/01/99 0
999999999 O 08/01/29
0
1
1930430 964/G01 F 426,500.00 ZZ
360 426,500.00 1
140 14TH AVENUE 8.125 3,166.75 60
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SAN MATEO CA 94402 5 07/02/99 00
0431392273 05 09/01/99 0
58199 O 08/01/29
0
1930431 638/G01 F 528,000.00 ZZ
360 528,000.00 1
7905 FENWAY ROAD 7.625 3,737.15 80
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BETHESDA MD 20817 1 07/15/99 00
0431396753 05 09/01/99 0
08882651 O 08/01/29
0
1930436 638/G01 F 135,000.00 ZZ
360 135,000.00 1
1607 FREMONT AVENUE 7.875 978.84 73
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SIMI VALLEY CA 93065 2 07/06/99 00
0431396738 05 09/01/99 0
08899522 O 08/01/29
0
1930441 638/G01 F 440,000.00 ZZ
360 440,000.00 1
295 CAMERON RIDGE DRIVE 7.750 3,152.21 69
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ATLANTA GA 30328 1 07/12/99 00
0431396597 05 09/01/99 0
08904121 O 08/01/29
0
1930443 638/G01 F 112,500.00 ZZ
360 112,500.00 1
4151 CLAIREMONT DRIVE 8.000 825.49 75
7.750 825.49 150,000.00
SAN DIEGO CA 92117 1 07/07/99 00
0431396571 05 09/01/99 0
08905041 O 08/01/29
0
1930446 638/G01 F 320,000.00 ZZ
360 320,000.00 1
1
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7.500 2,292.52 400,000.00
OAKLAND CA 94602 2 06/30/99 00
0431396548 05 09/01/99 0
08906511 O 08/01/29
0
1930461 A52/G01 F 200,000.00 ZZ
240 199,665.70 1
6825 POLO FIELDS PARKWAY 8.125 1,688.47 63
7.875 1,688.47 317,500.00
CUMMING GA 30040 1 06/28/99 00
0431393107 03 08/01/99 0
000 O 07/01/19
0
1930465 B57/G01 F 650,000.00 ZZ
360 650,000.00 1
464 MIDWAY AVENUE 7.875 4,712.96 72
7.625 4,712.96 908,000.00
SAN MATEO CA 94402 1 07/19/99 00
0431393834 05 09/01/99 0
9930350 O 08/01/29
0
1930471 E82/G01 F 436,800.00 ZZ
360 436,800.00 1
50 VAN BUREN STREET 7.500 3,054.17 67
7.250 3,054.17 657,000.00
SAN FRANCISCO CA 94131 5 07/16/99 00
0400211561 05 09/01/99 0
0400211561 O 08/01/29
0
1930479 575/G01 F 91,000.00 ZZ
360 90,940.48 1
10705 GREGORY STREET 8.125 675.67 70
7.875 675.67 130,000.00
SILVER SPRING MD 20901 1 07/01/99 00
0431394337 05 08/01/99 0
9310905 O 07/01/29
0
1930484 Q89/G01 F 209,501.53 ZZ
327 209,501.53 1
3988 LAKELAND 8.625 1,665.96 74
8.375 1,665.96 285,000.00
BLOOMFIELD TWP MI 48302 1 06/29/99 00
0430106336 05 09/01/99 0
1
1545622 O 11/01/26
0
1930513 253/253 F 128,000.00 ZZ
360 127,897.64 1
7104 PLEASANT POINT COURT 7.125 862.36 80
6.875 862.36 160,000.00
ALEXADRIA VA 22315 1 06/25/99 00
000 05 08/01/99 0
000 O 07/01/29
0
1930522 731/G01 F 105,000.00 ZZ
360 105,000.00 1
315 WEST VISTA AVENUE SOUTH 7.750 752.23 70
7.500 752.23 150,000.00
SALEM OR 97302 1 07/01/99 00
0431398809 05 09/01/99 0
220337400 O 08/01/29
0
1930598 737/G01 F 284,283.00 ZZ
273 284,283.00 1
4823 CORSICA DRIVE 8.375 2,333.54 62
8.125 2,333.54 465,000.00
CYPRESS CA 90630 2 07/10/99 00
0431396241 05 09/01/99 0
589947 O 05/01/22
0
1930620 Q51/G01 F 390,000.00 ZZ
360 390,000.00 1
21102 WOODLAND COURT 7.875 2,827.77 80
7.625 2,827.77 490,000.00
WALNUT CA 91789 1 07/27/99 00
0431401165 05 09/01/99 0
193062099072304 O 08/01/29
0
1930662 638/G01 F 306,000.00 ZZ
360 306,000.00 1
3243 SMOKEY RIDGE COURT 8.000 2,245.32 89
7.750 2,245.32 345,000.00
CARMEL IN 46032 1 07/19/99 19
0431397967 03 09/01/99 25
08910341 O 08/01/29
0
1
1930665 638/G01 F 304,200.00 ZZ
360 304,200.00 1
12 AMARYLISS LANE 7.875 2,205.66 90
7.625 2,205.66 338,500.00
LUMBERTON NJ 08048 1 07/15/99 10
0431398080 05 09/01/99 25
08909840 O 08/01/29
0
1930666 638/G01 F 301,200.00 ZZ
360 301,200.00 1
6716 EAST KENTUCKY AVENUE 8.125 2,236.40 80
7.875 2,236.40 376,500.00
ANAHEIM CA 92807 1 07/08/99 00
0431398098 05 09/01/99 0
08907771 O 08/01/29
0
1930671 638/G01 F 210,000.00 ZZ
360 210,000.00 1
9724 SAN REMO COURT 8.250 1,577.66 78
8.000 1,577.66 272,000.00
SANTEE CA 92071 1 07/09/99 00
0431398064 05 09/01/99 0
08907387 O 08/01/29
0
1930677 665/G01 F 275,000.00 ZZ
360 275,000.00 1
762 POKER FLAT ROAD 8.000 2,017.85 75
7.750 2,017.85 370,000.00
COPPEROPOLIS CA 95228 1 07/15/99 00
0431395359 03 09/01/99 0
9901230892 O 08/01/29
0
1930678 624/G01 F 559,200.00 ZZ
360 559,200.00 1
253 TABOR DRIVE 7.875 4,054.59 80
7.625 4,054.59 699,000.00
SCOTTS VALLEY CA 95066 1 07/12/99 00
0431396274 05 09/01/99 0
88611090396 O 08/01/29
0
1930687 356/G01 F 285,000.00 ZZ
360 285,000.00 1
1039 FIESTA DR 8.375 2,166.21 70
8.125 2,166.21 410,000.00
1
SAN MATEO CA 94403 5 07/01/99 00
0431394493 05 09/01/99 0
2768463 O 08/01/29
0
1930688 356/G01 F 350,000.00 ZZ
360 350,000.00 1
42 MISSION CIELO AVENUE 8.375 2,660.26 54
8.125 2,660.26 649,000.00
FREMONT CA 94539 1 06/28/99 00
0431394485 05 09/01/99 0
2768489 O 08/01/29
0
1930696 E76/G01 F 145,000.00 ZZ
360 145,000.00 1
1007 WOODRIDGE ROAD WEST 8.250 1,089.34 67
8.000 1,089.34 217,500.00
WAXAHACHIE TX 75165 2 07/08/99 00
0431394113 05 09/01/99 0
000 O 08/01/29
0
1930702 F63/G01 F 332,400.00 ZZ
360 332,400.00 1
901 FERNGROVE DRIVE 7.875 2,410.13 70
7.625 2,410.13 475,000.00
CUPERTINO CA 95014 1 07/08/99 00
0431395201 05 09/01/99 0
24310 O 08/01/29
0
1930720 F44/G01 F 148,200.00 ZZ
360 148,200.00 1
2048 FALLSBURG WAY 8.375 1,126.43 95
8.125 1,126.43 156,000.00
HENDERSON NV 89015 2 07/16/99 10
0431395730 05 09/01/99 30
209177 O 08/01/29
0
1930792 026/G01 F 475,164.00 ZZ
360 475,164.00 1
234 EAGLES LANDING WAY 7.500 3,322.42 80
7.250 3,322.42 593,955.00
MCDONOUGH GA 30253 1 07/20/99 00
0431401645 03 09/01/99 0
0200436635 O 08/01/29
0
1
1930890 637/G01 F 255,955.00 ZZ
360 255,955.00 1
19033 29TH AVENUE SE 7.875 1,855.86 76
7.625 1,855.86 339,950.00
BOTHELL WA 98012 1 07/07/99 00
0431396639 03 09/01/99 0
0010745016 O 08/01/29
0
1930903 637/G01 F 495,000.00 ZZ
360 494,650.63 1
515 PALOMA AVENUE 7.750 3,546.24 76
7.500 3,546.24 655,000.00
EL GRANADA CA 94018 1 06/01/99 00
0431397397 05 08/01/99 0
0010982593 O 07/01/29
0
1930952 638/G01 F 228,000.00 ZZ
360 228,000.00 1
5 NORTH RANCHO COURT 8.000 1,672.98 80
7.750 1,672.98 285,000.00
PINOLE CA 94564 1 07/02/99 00
0431400142 05 09/01/99 0
8903158 O 08/01/29
0
1930954 369/G01 F 355,000.00 ZZ
360 354,709.00 1
1311 TORREY STREET 7.000 2,361.83 69
6.750 2,361.83 515,000.00
DAVIS CA 95616 1 06/07/99 00
0431400704 05 08/01/99 0
0071470504 O 07/01/29
0
1930955 369/G01 F 400,000.00 ZZ
360 399,703.14 1
412 AVOCET AVENUE 7.500 2,796.86 80
7.250 2,796.86 500,000.00
DAVIS CA 95616 1 06/04/99 00
0431400498 05 08/01/99 0
0071523492 O 07/01/29
0
1930957 369/G01 F 431,250.00 ZZ
360 430,921.85 1
1
249 CARLTON COURT 7.375 2,978.54 75
7.125 2,978.54 575,000.00
LOS GATOS CA 95032 1 06/01/99 00
0431401199 05 08/01/99 0
0071403380 O 07/01/29
0
1930959 369/G01 F 298,400.00 ZZ
360 298,167.21 1
451 ROSE POINT DRIVE 7.250 2,035.62 80
7.000 2,035.62 373,000.00
CARY NC 27511 1 06/21/99 00
0431401090 03 08/01/99 0
0071523096 O 07/01/29
0
1930960 369/G01 F 432,000.00 ZZ
360 431,710.14 1
6449 ELM CREST COURT 8.000 3,169.86 80
7.750 3,169.86 540,000.00
FORT WORTH TX 76132 4 06/17/99 00
0431400738 03 08/01/99 0
0071545891 O 07/01/29
0
1930962 369/G01 F 287,900.00 ZZ
360 287,701.86 1
549 STRAUSS DRIVE 7.875 2,087.48 90
7.625 2,087.48 319,900.00
THOUSAND OAKS CA 91320 1 06/29/99 12
0431401140 05 08/01/99 25
0071305445 O 07/01/29
0
1930964 637/G01 F 344,000.00 ZZ
360 344,000.00 1
19312 TANAGER COURT 8.375 2,614.65 80
8.125 2,614.65 430,000.00
PENN VALLEY CA 95946 1 07/08/99 00
0431400357 03 09/01/99 0
0018363507 O 08/01/29
0
1930965 369/G01 F 340,000.00 ZZ
360 339,734.77 1
34757 PAINTRIDGE ROAD 7.250 2,319.40 80
7.000 2,319.40 425,000.00
WOODLAND CA 95695 1 06/15/99 00
0431400670 05 08/01/99 0
1
0071463293 O 07/01/29
0
1930966 637/G01 F 220,960.00 ZZ
360 220,960.00 1
910 2ND STREET 7.500 1,544.99 75
7.250 1,544.99 294,617.00
EAST NORTHPORT NY 11731 1 07/02/99 00
0431396613 05 09/01/99 0
0013294442 O 08/01/29
0
1930968 356/G01 F 300,000.00 ZZ
360 300,000.00 1
986 LORNE WAY 8.250 2,253.80 71
8.000 2,253.80 425,000.00
SUNNYVALE CA 94087 1 07/02/99 00
0431395177 05 09/01/99 0
2735140 O 08/01/29
0
1930974 369/G01 F 252,700.00 ZZ
360 252,517.10 1
354 SAYBROOK WAY 7.625 1,788.60 95
7.375 1,788.60 266,000.00
VALLEJO CA 94591 1 06/23/99 21
0431400324 05 08/01/99 30
0071560874 O 07/01/29
0
1930978 369/G01 F 540,000.00 ZZ
360 539,628.38 1
12335 N 119TH STREET 7.875 3,915.37 80
7.625 3,915.37 675,000.00
SCOTTSDALE AZ 85259 1 06/25/99 00
0431400183 03 08/01/99 0
0071596290 O 07/01/29
0
1930980 624/G01 F 408,000.00 ZZ
360 408,000.00 1
11 ARCANGEL COURT 8.000 2,993.76 80
7.750 2,993.76 510,000.00
FAIRFAX CA 94930 1 07/12/99 00
0431396431 05 09/01/99 0
36800190376 O 08/01/29
0
1
1930983 964/G01 F 272,000.00 ZZ
360 272,000.00 1
6725 EAST LEAFWOOD DRIVE 7.875 1,972.19 80
7.625 1,972.19 340,000.00
ANAHEIM CA 92807 1 07/15/99 00
0431395193 03 09/01/99 0
59592 O 08/01/29
0
1930985 964/G01 F 120,000.00 ZZ
360 120,000.00 1
7163 BIRCH CREEK CIRCLE 8.250 901.52 80
8.000 901.52 150,000.00
LAS VEGAS NV 89119 2 07/13/99 00
0431395268 05 09/01/99 0
59843 O 08/01/29
0
1930988 964/G01 F 268,000.00 ZZ
360 268,000.00 1
8 KERR AVENUE 8.000 1,966.49 80
7.750 1,966.49 335,000.00
KENSINGTON CA 94707 1 07/08/99 00
0431395300 05 09/01/99 0
57041 O 08/01/29
0
1930997 369/G01 F 285,600.00 ZZ
360 285,371.60 1
5 RIVERSHORE COURT 7.125 1,924.15 80
6.875 1,924.15 357,000.00
SACRAMENTO CA 95831 1 06/01/99 00
0431399849 05 08/01/99 0
0071486484 O 07/01/29
0
1931003 369/G01 F 409,600.00 ZZ
360 409,310.91 1
190 KAHA STREET 7.750 2,934.42 80
7.500 2,934.42 512,000.00
KAILUA HI 96734 1 06/09/99 00
0431399914 05 08/01/99 0
0071468375 O 07/01/29
0
1931013 A39/G01 F 431,200.00 ZZ
360 431,200.00 1
4443 LEMP AVE 7.750 3,089.17 80
7.500 3,089.17 542,000.00
1
STUDIO CITY CA 91602 1 07/08/99 00
0431395441 05 09/01/99 0
9900882 O 08/01/29
0
1931015 536/536 F 368,000.00 ZZ
360 367,690.83 1
98-1227 PAKALANA STREET 6.875 2,417.50 80
6.625 2,417.50 460,000.00
ALEA HI 96701 2 06/04/99 00
1234681 05 08/01/99 0
1234681 O 07/01/29
0
1931020 B57/G01 F 438,000.00 ZZ
360 438,000.00 1
202 EAST LA SIERRA DRIVE 7.750 3,137.89 64
7.500 3,137.89 688,000.00
ARCADIA CA 91006 1 07/22/99 00
0431395508 05 09/01/99 0
9930438 O 08/01/29
0
1931021 369/G01 F 267,900.00 ZZ
360 267,656.37 1
4013 CHERRY VALLEY DRIVE 7.625 1,896.18 95
7.375 1,896.18 282,000.00
OLNEY MD 20832 1 06/25/99 14
0431398981 03 08/01/99 30
0071555759 O 07/01/29
0
1931025 369/G01 F 267,550.00 ZZ
360 267,336.05 1
11117 E TURNBERRY ROAD 7.125 1,802.53 80
6.875 1,802.53 334,461.00
SCOTTSDALE AZ 85255 1 06/07/99 00
0431398825 03 08/01/99 0
0071465991 O 07/01/29
0
1931029 076/076 F 767,000.00 ZZ
360 759,019.48 1
22530 SKYLINE DRIVE 7.500 5,362.98 63
7.250 5,362.98 1,224,000.00
YORBA LINDA CA 92887 5 06/25/98 00
7239774 05 08/01/98 0
7239774 O 07/01/28
0
1
1931056 624/G01 F 298,000.00 ZZ
360 298,000.00 1
301 GOUGH STREET #D 7.875 2,160.71 80
7.625 2,160.71 372,500.00
SAN FRANCISCO CA 94102 1 07/22/99 00
0431396621 08 09/01/99 0
86025590166 O 08/01/29
0
1931064 637/G01 F 432,000.00 ZZ
360 432,000.00 1
108 CORAL DRIVE 7.875 3,132.30 80
7.625 3,132.30 540,000.00
ORINDA CA 94563 1 07/07/99 00
0431399187 05 09/01/99 0
0018361378 O 08/01/29
0
1931065 637/G01 F 130,650.00 ZZ
360 130,550.58 1
3128 ZEUS LANE 7.375 902.37 75
7.125 902.37 176,000.00
ROSEVILLE CA 95661 1 06/30/99 00
0431398890 05 08/01/99 0
0015255169 O 07/01/29
0
1931066 637/G01 F 256,000.00 ZZ
360 255,819.31 1
7987 SOUTH FARM CREEK CIRCLE 7.750 1,834.02 80
7.500 1,834.02 320,000.00
SANDY UT 84093 1 06/25/99 00
0431398676 05 08/01/99 0
0010988368 O 07/01/29
0
1931089 E23/G01 F 115,000.00 ZZ
360 115,000.00 1
2429 SOUTH CATALINA STREET 7.500 804.10 68
7.250 804.10 170,000.00
LOS ANGELES CA 90007 1 07/19/99 00
0431397710 05 09/01/99 0
10509039 O 08/01/29
0
1931129 511/511 F 351,900.00 ZZ
360 351,900.00 1
1
1895 SAWMILL 7.750 2,521.05 80
7.500 2,521.05 439,900.00
LUCAS TX 75002 1 07/15/99 00
112105 05 09/01/99 0
112105 O 08/01/29
0
1931250 665/G01 F 271,400.00 ZZ
360 271,400.00 1
2374 WILLOW CREEK COURT 8.250 2,038.94 85
8.000 2,038.94 322,000.00
COOL CA 95614 2 07/15/99 19
0431398650 03 09/01/99 12
9901230523 O 08/01/29
0
1931349 163/G01 F 438,750.00 ZZ
360 438,424.39 1
8139 BRITTANY DRIVE 7.500 3,067.80 75
7.250 3,067.80 585,000.00
DUBLIN CA 94568 1 06/22/99 00
0431399641 03 08/01/99 0
716998322 O 07/01/29
0
1931390 638/G01 F 285,500.00 ZZ
240 284,992.27 1
618 ELLINGTON ROAD 7.625 2,321.84 80
7.375 2,321.84 360,000.00
RIDGEWOOD NJ 07450 2 06/10/99 00
0431400787 05 08/01/99 0
8893035 O 07/01/19
0
1931410 Q95/G01 F 145,000.00 ZZ
360 145,000.00 1
3205 MOREFIELD COURT 7.750 1,038.80 80
7.500 1,038.80 181,335.00
MANCHESTER MD 21102 1 07/15/99 00
0431400910 05 09/01/99 0
990746 O 08/01/29
0
1931545 F88/G01 F 328,000.00 ZZ
360 328,000.00 1
4659 MAYFIELD DRIVE 8.000 2,406.75 80
7.750 2,406.75 410,000.00
FREMONT CA 94536 1 07/01/99 00
0431400209 05 09/01/99 0
1
99060122 O 08/01/29
0
1931610 H47/G01 F 283,612.00 ZZ
360 283,612.00 1
4131 SOUTH DEFRAME STREET 7.500 1,983.06 90
7.250 1,983.06 315,165.00
MORRISON CO 80465 1 07/27/99 04
0431400241 03 09/01/99 25
24093 O 08/01/29
0
1931615 E82/G01 F 306,000.00 ZZ
360 306,000.00 1
575 ESCONDIDO CIRCLE 7.875 2,218.71 75
7.625 2,218.71 408,000.00
LIVERMORE CA 94550 5 07/23/99 00
0400214037 05 09/01/99 0
0400214037 O 08/01/29
0
1931636 811/G01 F 372,000.00 ZZ
360 372,000.00 1
695 MCCARTY AVENUE 8.375 2,827.47 80
8.125 2,827.47 465,000.00
MOUNTAIN VIEW CA 94041 1 07/19/99 00
0431398643 05 09/01/99 0
2212097 O 08/01/29
0
1931642 003/G01 F 208,000.00 ZZ
360 208,000.00 1
1490 LAVISTA PROPER 8.000 1,526.24 80
7.750 1,526.24 260,000.00
DECATUR GA 30033 1 07/23/99 00
0431401496 09 09/01/99 0
10652352 O 08/01/29
0
1931654 F27/F27 F 159,600.00 ZZ
360 159,600.00 1
2445 EPSTEIN COURT 7.375 1,102.32 80
7.125 1,102.32 199,530.00
BROOKEVILLE MD 20833 1 07/16/99 00
XXX 03 09/01/99 0
XXX O 08/01/29
0
1
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360 133,600.00 1
352 WASHINGTON AVENUE 7.875 968.69 80
7.625 968.69 167,000.00
CLIFTON NJ 07011 1 07/28/99 00
0400213344 05 09/01/99 0
0400213344 O 08/01/29
0
1931688 964/G01 F 240,000.00 ZZ
360 240,000.00 1
102 QUINNTERRA LANE 8.250 1,803.04 80
8.000 1,803.04 300,000.00
DANVILLE CA 94526 1 07/14/99 00
0431399195 05 09/01/99 0
58114 O 08/01/29
0
1931691 356/G01 F 550,000.00 ZZ
360 550,000.00 1
19489 DORCHESTER DR 8.125 4,083.74 62
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SARATOGA CA 95070 1 07/02/99 00
0431401116 05 09/01/99 0
2730182 O 08/01/29
0
1931694 356/G01 F 300,000.00 ZZ
360 300,000.00 1
3718 OAK BROOK CT 8.125 2,227.50 72
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PLEASANTON CA 94588 5 07/06/99 00
0431401405 05 09/01/99 0
2780401 O 08/01/29
0
1931749 637/G01 F 263,000.00 ZZ
360 263,000.00 1
16241 FIELDCREST COURT 7.500 1,838.94 77
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LA MIRADA CA 90638 2 07/01/99 00
0431398932 03 09/01/99 0
0010830230 O 08/01/29
0
1931751 637/G01 F 368,000.00 ZZ
360 368,000.00 1
17816 WILLOW LAKE DRIVE 7.625 2,604.68 80
7.375 2,604.68 460,000.00
1
ODESSA FL 33556 1 07/09/99 00
0431398882 05 09/01/99 0
0017488313 O 08/01/29
0
1931757 E82/G01 F 285,000.00 ZZ
360 285,000.00 1
124 EAST AVENIDA CORNELIO 7.375 1,968.42 50
7.125 1,968.42 580,000.00
SAN CLEMENTE CA 92672 2 07/26/99 00
0400208633 05 09/01/99 0
0400208633 O 08/01/29
0
1931767 637/G01 F 202,500.00 ZZ
360 202,500.00 1
1576 MADEIRA DRIVE 7.625 1,433.29 75
7.375 1,433.29 270,000.00
PACIFICA CA 94044 1 07/06/99 00
0431400308 05 09/01/99 0
0015275076 O 08/01/29
0
1931792 637/G01 F 310,500.00 ZZ
360 310,500.00 1
5173 HIGEL AVE 8.250 2,332.69 90
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SARASOTA FL 34242 1 07/14/99 01
0431399799 05 09/01/99 25
0011402195 O 08/01/29
0
1931809 944/G01 F 408,000.00 ZZ
360 408,000.00 1
3920 MARSHALL AVENUE 8.000 2,993.76 80
7.750 2,993.76 510,000.00
SAN MATEO CA 94403 1 07/13/99 00
0431404920 05 09/01/99 0
990500216 O 08/01/29
0
1931849 R89/G01 F 455,000.00 ZZ
360 455,000.00 1
1226 28TH AVENUE 7.500 3,181.43 70
7.250 3,181.43 650,000.00
SAN FRANCISCO CA 94122 1 07/20/99 00
0431398866 05 09/01/99 0
70516384 O 08/01/29
0
1
1931862 F27/F27 F 209,650.00 ZZ
360 209,650.00 1
13600 MONARCH VISTA DRIVE 7.625 1,483.89 80
7.375 1,483.89 262,080.00
GERMANTOWN MD 20874 1 07/16/99 00
6060089041 03 09/01/99 0
6060089041 O 08/01/29
0
1931864 F27/F27 F 271,900.00 ZZ
360 271,900.00 1
7407 RIVER ROAD 7.500 1,901.17 80
7.250 1,901.17 339,900.00
FREDERICKSBURG VA 22407 1 07/19/99 00
6060089815 05 09/01/99 0
6060089815 O 08/01/29
0
1931869 F27/F27 F 339,600.00 ZZ
360 339,600.00 1
18238 WICKHAM ROAD 7.375 2,345.54 80
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OLNEY MD 20832 1 07/16/99 00
6060074893 03 09/01/99 0
6060074893 O 08/01/29
0
1931882 026/G01 F 251,920.00 ZZ
360 251,920.00 1
2616 WHISLTING QUAIL RUN 7.250 1,718.54 80
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APEX NC 27502 1 07/19/99 00
0431400134 05 09/01/99 0
0200365231 O 08/01/29
0
1931890 455/G01 F 278,760.00 ZZ
360 278,760.00 1
245 COLTON CREST DRIVE 8.125 2,069.79 83
7.875 2,069.79 338,458.00
ALPHARETTA GA 30005 1 07/29/99 01
0431400456 03 09/01/99 12
85467 O 08/01/29
0
1931899 411/411 F 340,000.00 ZZ
360 340,000.00 1
1
58 BIRCHWOOD LANE 8.375 2,584.25 80
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LINCOLN MA 01773 2 07/23/99 00
20018524 09 09/01/99 0
20018524 O 08/01/29
0
1931904 819/819 F 380,000.00 ZZ
360 379,731.80 1
1012 VICTORIA PL 7.750 2,722.37 80
7.500 2,722.37 475,000.00
GIBSONIA PA 15044 1 06/30/99 00
1686609 05 08/01/99 0
1686609 O 07/01/29
0
1931911 638/G01 F 219,089.00 ZZ
360 219,089.00 1
LOT 22 STRATFORD GLEN 7.750 1,569.58 80
7.500 1,569.58 273,862.00
CHARLOTTESVILLE VA 22901 1 07/21/99 00
0431402254 03 09/01/99 0
8864081 O 08/01/29
0
1931918 470/G01 F 359,650.00 ZZ
360 359,650.00 1
12181 MC CULLA DRIVE 7.750 2,576.58 80
7.500 2,576.58 449,600.00
TUSTIN CA 92782 1 07/15/99 00
0431401728 05 09/01/99 0
01182880 O 08/01/29
0
1931928 638/G01 F 130,000.00 ZZ
360 130,000.00 1
10126 LILAC ROAD 7.625 920.13 62
7.375 920.13 210,000.00
ESCONDIDO CA 92026 1 07/07/99 00
0431401371 05 09/01/99 0
8901594 O 08/01/29
0
1931952 F03/G01 F 189,000.00 ZZ
360 189,000.00 1
1726 BROKEN ARROW DRIVE 7.375 1,305.38 66
7.125 1,305.38 289,000.00
PRESCOTT AZ 86303 1 07/14/99 00
0431399674 05 09/01/99 0
1
LAG11905 O 08/01/29
0
1931957 624/G01 F 265,000.00 ZZ
360 265,000.00 1
709 BREWINGTON AVENUE 7.750 1,898.49 87
7.500 1,898.49 305,000.00
WATSONVILLE CA 95076 1 07/13/99 01
0431401454 05 09/01/99 25
46000690356 O 08/01/29
0
1931975 813/813 F 480,000.00 ZZ
360 480,000.00 1
2839 PUUHONUA STREET 7.875 3,480.34 80
7.625 3,480.34 600,000.00
HONOLULU HI 96822 1 07/19/99 00
990625002 05 09/01/99 0
990625002 O 08/01/29
0
1931986 B57/G01 F 260,000.00 ZZ
360 260,000.00 1
11218 SHADYRIDGE ROAD 8.000 1,907.79 80
7.750 1,907.79 325,000.00
MOORPARK CA 93021 1 07/08/99 00
0431400076 03 09/01/99 0
9940245 O 08/01/29
0
1931990 A39/G01 F 384,000.00 ZZ
360 384,000.00 1
5247 CALDERSON ROAD 8.000 2,817.66 80
7.750 2,817.66 480,000.00
WOODLANDS HILLS CA 91364 5 07/13/99 00
0431400282 05 09/01/99 0
9900867 O 08/01/29
0
1932022 562/G01 F 160,000.00 ZZ
360 160,000.00 2
27 MOUNTAIN AVENUE 8.000 1,174.03 42
7.750 1,174.03 390,000.00
MOUNT KISCO NY 10549 1 07/23/99 00
0431399609 05 09/01/99 0
603316 O 08/01/29
0
1
1932263 624/G01 F 478,400.00 ZZ
360 478,400.00 1
886 GULL AVENUE 8.000 3,510.33 80
7.750 3,510.33 598,000.00
FOSTER CITY CA 94404 1 07/21/99 00
0431401751 05 09/01/99 0
86022990306 O 08/01/29
0
1932268 F19/G01 F 310,000.00 ZZ
360 310,000.00 1
253 YOUNGLOVE AVENUE 7.625 2,194.17 65
7.375 2,194.17 480,000.00
SANTA CRUZ CA 95060 1 07/19/99 00
0431402601 05 09/01/99 0
979903 O 08/01/29
0
1932286 966/G01 F 269,500.00 ZZ
360 269,500.00 1
2800 CRESTED BUTTE DRIVE 7.750 1,930.73 80
7.500 1,930.73 336,916.00
RICHARDSON TX 75082 1 07/15/99 00
0431401280 05 09/01/99 0
30012646 O 08/01/29
0
1932299 638/G01 F 295,200.00 ZZ
360 295,200.00 1
5862 HIGHWOOD ROAD 8.000 2,166.07 80
7.750 2,166.07 369,000.00
CASTRO VALLEY CA 94552 1 07/07/99 00
0431401769 05 09/01/99 0
08907399 O 08/01/29
0
1932300 731/G01 F 436,000.00 ZZ
360 436,000.00 1
1627 POPPY PEAK DRIVE 8.000 3,199.21 80
7.750 3,199.21 545,000.00
PASADENA CA 91105 1 07/16/99 00
0431401009 05 09/01/99 0
412019057 O 08/01/29
0
1932309 638/G01 F 264,000.00 ZZ
360 264,000.00 1
819 LIRA COURT 8.250 1,983.34 80
8.000 1,983.34 330,000.00
1
SAN RAMON CA 94583 5 07/07/99 00
0431401983 05 09/01/99 0
08908300 O 08/01/29
0
1932317 638/G01 F 388,000.00 ZZ
360 388,000.00 1
1264 CROWN COURT 7.750 2,779.68 78
7.500 2,779.68 500,000.00
WALNUT CREEK CA 94596 1 07/16/99 00
0431401991 05 09/01/99 0
08884332 O 08/01/29
0
1932321 638/G01 F 269,500.00 ZZ
360 269,500.00 1
11456 SWAN LAKE DRIVE 7.875 1,954.06 80
7.625 1,954.06 340,000.00
SAN DIEGO CA 92131 1 07/16/99 00
0431402007 03 09/01/99 0
08888914 O 08/01/29
0
1932323 638/G01 F 283,400.00 ZZ
360 283,400.00 1
2 SENECA LANE 7.875 2,054.85 90
7.625 2,054.85 314,900.00
WILMINGTON MA 01887 1 07/23/99 10
0431403054 05 09/01/99 25
08899663 O 08/01/29
0
1932325 638/G01 F 299,400.00 ZZ
360 299,400.00 1
24670 GREENVIEW DRIVE 7.250 2,042.44 60
7.000 2,042.44 499,000.00
HOLLYWOOD MD 20636 1 07/23/99 00
0431403070 05 09/01/99 0
08906544 O 08/01/29
0
1932326 638/G01 F 273,400.00 ZZ
360 273,400.00 1
3401 JORDAN ROAD 7.500 1,911.65 80
7.250 1,911.65 341,800.00
OAKLAND CA 94602 1 07/08/99 00
0431403062 05 09/01/99 0
08908232 O 08/01/29
0
1
1932383 026/G01 F 288,000.00 ZZ
360 288,000.00 1
5703 PICKENS AVE 7.375 1,989.15 72
7.125 1,989.15 400,000.00
MYRTLE BEACH SC 29577 5 07/19/99 00
0431403104 05 09/01/99 0
0200484079 O 08/01/29
0
1932599 638/G01 F 300,000.00 ZZ
360 300,000.00 1
218 PACKING PLACE 7.875 2,175.21 80
7.625 2,175.21 376,500.00
SAN JOSE CA 95116 5 07/12/99 00
0431403864 05 09/01/99 0
08900207 O 08/01/29
0
1932603 638/G01 F 252,000.00 ZZ
360 252,000.00 1
5555 WEST IDA DRIVE 8.250 1,893.19 68
8.000 1,893.19 375,000.00
LITTLETON CO 80123 1 07/07/99 00
0431403872 05 09/01/99 0
08903266 O 08/01/29
0
1932636 026/G01 F 300,900.00 ZZ
360 300,900.00 1
330 RED FOX CIRCLE 7.750 2,155.69 70
7.500 2,155.69 429,900.00
ASHEVILLE NC 28803 1 07/28/99 00
0431402858 05 09/01/99 0
200582038 O 08/01/29
0
1932666 685/G01 F 335,000.00 ZZ
360 335,000.00 1
129 GOLDEN GLEN DRIVE 7.750 2,399.99 71
7.500 2,399.99 475,000.00
SIMI VALLEY CA 93065 2 07/22/99 00
0431402759 03 09/01/99 0
119204 O 08/01/29
0
1932668 685/G01 F 223,900.00 ZZ
360 223,900.00 1
1
22341 PLATINO 7.750 1,604.05 80
7.500 1,604.05 279,900.00
MISSION VIEJO CA 92691 1 07/12/99 00
0431403898 03 09/01/99 0
119056 O 08/01/29
0
1932671 685/G01 F 228,000.00 ZZ
360 228,000.00 1
723 WESTMOUNT DRIVE #306 8.250 1,712.89 80
8.000 1,712.89 285,000.00
WEST HOLLYWOOD CA 90069 1 07/28/99 00
0431403336 01 09/01/99 0
119265 O 08/01/29
0
1932874 208/G01 F 462,000.00 ZZ
360 462,000.00 1
433 DELGADO LANE 8.125 3,430.34 70
7.875 3,430.34 660,000.00
SANTA FE NM 87501 1 07/30/99 00
0431402874 05 09/01/99 0
34861 O 08/01/29
0
1932889 L47/G01 F 190,400.00 ZZ
360 190,400.00 1
128 BUNCING DRIVE 7.625 1,347.64 80
7.375 1,347.64 238,000.00
WILMINGTON DE 19808 1 07/30/99 00
0431403765 03 09/01/99 0
XX O 08/01/29
0
1933051 E38/G01 F 428,000.00 ZZ
360 428,000.00 1
27325 DUXBURY PLACE 7.875 3,103.30 80
7.625 3,103.30 535,000.00
SANTA CLARITA V CA 91354 1 07/08/99 00
0431407725 03 09/01/99 0
989205 O 08/01/29
0
1933123 573/G01 F 650,000.00 ZZ
360 650,000.00 1
13004 POLVERA AVENUE 7.750 4,656.68 67
7.500 4,656.68 975,000.00
SAN DIEGO CA 92128 1 07/19/99 00
0431405141 03 09/01/99 0
1
154312 O 08/01/29
0
1933228 470/G01 F 252,000.00 ZZ
360 252,000.00 1
1008 BOXWOOD AVENUE 7.875 1,827.18 80
7.625 1,827.18 315,000.00
FULLERTON CA 92835 1 07/23/99 00
0431405356 05 09/01/99 0
93102134 O 08/01/29
0
1933231 665/G01 F 300,000.00 ZZ
360 300,000.00 1
5162 CAMPO ROAD 7.875 2,175.21 69
7.625 2,175.21 435,000.00
LOS ANGELES CA 91364 1 07/21/99 00
0431404987 05 09/01/99 0
9920231050 O 08/01/29
0
1933351 665/G01 F 170,050.00 ZZ
360 170,050.00 1
1838 CAPITOLA WAY 8.125 1,262.62 95
7.875 1,262.62 179,000.00
FAIRFIELD CA 94533 2 07/23/99 10
0431405018 05 09/01/99 30
9901230801 O 08/01/29
0
1933379 H47/G01 F 415,000.00 ZZ
360 415,000.00 1
13837 MUIRFIELD POINT 8.125 3,081.37 80
7.875 3,081.37 518,820.00
BROOMFIELD CO 80020 1 07/29/99 00
0431405224 03 09/01/99 0
24093000 O 08/01/29
0
1933421 562/G01 F 180,000.00 ZZ
360 180,000.00 1
5 GODFREY TERRACE 8.250 1,352.28 68
8.000 1,352.28 266,000.00
GLEN ROCK NJ 07452 1 07/29/99 00
0431405802 05 09/01/99 0
602151 O 08/01/29
0
1
1933504 462/G01 F 300,000.00 ZZ
360 299,765.97 1
11 PEONY WAY 7.250 2,046.53 56
7.000 2,046.53 540,900.00
COTO DE CAZA AR CA 92679 1 06/10/99 00
0431409861 03 08/01/99 0
0006435804 O 07/01/29
0
1933507 462/G01 F 273,100.00 ZZ
360 272,902.33 1
1711 KNOLL COURT 7.625 1,932.99 80
7.375 1,932.99 341,441.00
LIVERMORE CA 94550 1 06/17/99 00
0431409853 05 08/01/99 0
0006726103 O 07/01/29
0
1933512 462/G01 F 380,900.00 ZZ
360 380,900.00 1
2020 SOUTH FLOYD COURT 7.500 2,663.31 80
7.250 2,663.31 476,135.00
LA HABRA CA 90631 1 07/01/99 00
0431408061 03 09/01/99 0
0006657407 O 08/01/29
0
1933514 R04/G01 F 371,000.00 ZZ
360 371,000.00 1
3103 AZAHAR STREET 8.250 2,787.20 70
8.000 2,787.20 530,000.00
CARLSBAD CA 92009 5 07/21/99 00
0431406438 05 09/01/99 0
0700639 O 08/01/29
0
1933536 462/G01 F 284,900.00 ZZ
360 284,693.79 1
54 MALLORN DRIVE 7.625 2,016.51 95
7.375 2,016.51 299,900.00
ALISO VIEJO CA 92656 1 06/21/99 04
0431409879 03 08/01/99 30
0006952600 O 07/01/29
0
1933539 462/G01 F 306,100.00 ZZ
360 305,883.96 1
2340 SEACREST COURT 7.750 2,192.94 80
7.500 2,192.94 382,705.00
1
SAN LEANDRO CA 94579 1 06/15/99 00
0431407998 03 08/01/99 0
0006756902 O 07/01/29
0
1933550 462/G01 F 290,900.00 ZZ
360 290,689.45 1
6 MONSTAD STREET 7.625 2,058.98 80
7.375 2,058.98 363,642.00
ALISO VIEJO ARE CA 92656 1 06/21/99 00
0431409390 03 08/01/99 0
0007062508 O 07/01/29
0
1933555 462/G01 F 261,550.00 ZZ
360 261,360.69 1
22 MONSTAD STREET 7.625 1,851.24 80
7.375 1,851.24 326,990.00
ALISO VIEJO ARE CA 92656 1 06/23/99 00
0431409440 03 08/01/99 0
0007060809 O 07/01/29
0
1933562 462/G01 F 393,300.00 ZZ
360 393,300.00 1
1510 CALCO CREEK DRIVE 7.750 2,817.65 73
7.500 2,817.65 543,620.00
SAN JOSE CA 95127 1 07/01/99 00
0431409846 05 09/01/99 0
0006637102 O 08/01/29
0
1933564 B57/G01 F 70,000.00 ZZ
360 70,000.00 1
2636 GALLEON AVENUE 7.625 495.46 54
7.375 495.46 130,000.00
PORT HUENEME CA 93041 1 07/21/99 00
0431406859 01 09/01/99 0
9912346 O 08/01/29
0
1933898 420/G01 F 416,000.00 ZZ
360 416,000.00 1
528 SEASTORM DRIVE 7.875 3,016.29 80
7.625 3,016.29 520,000.00
REDWOOD CITY CA 94065 1 07/22/99 00
0431407188 03 09/01/99 0
0000425538 O 08/01/29
0
1
1933922 638/G01 F 300,000.00 ZZ
360 300,000.00 1
18555 WILDFLOWER DRIVE 7.750 2,149.24 43
7.500 2,149.24 700,000.00
PENN VALLEY CA 95946 5 07/16/99 00
0431407386 03 09/01/99 0
8910790 O 08/01/29
0
1933952 638/G01 F 629,000.00 ZZ
360 629,000.00 1
3445 WOODSTOCK LANE 7.375 4,344.35 78
7.125 4,344.35 815,000.00
MOUNTAIN VIEW CA 94040 2 07/16/99 00
0431407782 05 09/01/99 0
8907396 O 08/01/29
0
1933955 638/G01 F 393,750.00 ZZ
360 393,750.00 1
29672 ZUMA BAY WAY 7.875 2,854.96 90
7.625 2,854.96 437,500.00
MALIBU CA 90265 1 07/14/99 10
0431408905 01 09/01/99 25
8910823 O 08/01/29
0
1934170 665/G01 F 307,500.00 ZZ
360 307,500.00 1
2405 MONTEREY BOULEVARD 7.750 2,202.97 75
7.500 2,202.97 410,000.00
OAKLAND CA 94611 1 07/28/99 00
0431410323 05 09/01/99 0
9901229944 O 08/01/29
0
1934456 665/G01 F 212,000.00 ZZ
360 212,000.00 1
4351 CEDAR STREET 7.500 1,482.33 80
7.250 1,482.33 265,000.00
EUREKA CA 95503 1 07/30/99 00
0431410331 05 09/01/99 0
9901230317 O 08/01/29
0
2762569 K08/G01 F 289,500.00 ZZ
360 288,565.67 1
1
2202 GRAHAM AVENUE 7.125 1,950.42 75
6.875 1,950.42 386,000.00
REDONDO BEACH CA 90278 1 03/12/99 00
0411330772 01 05/01/99 0
0411330772 O 04/01/29
0
2807404 286/286 F 340,000.00 ZZ
360 338,624.26 1
1414 KURTZ RD 7.125 2,290.65 80
6.875 2,290.65 425,000.00
MCLEAN VA 22101 1 02/22/99 00
0009481462 05 04/01/99 0
0009481462 O 03/01/29
0
2818365 K08/G01 F 182,600.00 ZZ
360 182,341.41 1
3233 ROYAL MELBOURNE DRIVE 7.750 1,308.17 80
7.500 1,308.17 228,300.00
PLANO TX 75093 1 06/02/99 00
0411455744 03 07/01/99 0
0411455744 O 06/01/29
0
2819839 E82/G01 F 946,000.00 ZZ
360 944,591.47 1
27401 NORTH 112TH STREET 7.500 6,614.57 56
7.250 6,614.57 1,700,000.00
SCOTTSDALE AZ 85255 2 06/02/99 00
0400208583 05 07/01/99 0
2614769 O 06/01/29
0
2820384 K08/G01 F 100,000.00 ZZ
360 97,886.36 1
8260 BELLEVUE 8.250 751.27 40
8.000 751.27 255,000.00
GROSSE ILE MI 48138 2 05/28/99 00
0411421035 05 07/01/99 0
0411421035 O 06/01/29
0
2822167 K08/G01 F 130,000.00 ZZ
360 129,905.91 1
131 HITCHRACK ROAD 7.625 920.13 70
7.375 920.13 186,000.00
BAILEY CO 80421 1 06/07/99 00
0411434129 05 08/01/99 0
1
0411434129 O 07/01/29
0
2822171 K08/G01 F 51,800.00 ZZ
360 51,629.92 1
3625 GRASSMERE DRIVE 8.000 380.09 70
7.750 380.09 74,000.00
CORPUS CHRISTI TX 78415 1 06/04/99 00
0411440605 05 07/01/99 0
0411440605 O 06/01/29
0
2822183 K08/G01 F 115,500.00 ZZ
360 115,424.45 1
1556 ADRIAN DRIVE 8.125 857.58 75
7.875 857.58 154,000.00
RIVERDALE GA 30298 1 06/07/99 00
0411458888 05 08/01/99 0
0411458888 O 07/01/29
0
2822184 K08/G01 F 158,400.00 ZZ
360 158,288.20 1
919 GRANVIEW DRIVE 7.750 1,134.80 80
7.500 1,134.80 198,000.00
LEWISVILLE TX 75067 1 06/04/99 00
0411460736 05 08/01/99 0
0411460736 O 07/01/29
0
2823836 K08/G01 F 99,750.00 ZZ
360 99,686.39 1
21917 BELMONT DRIVE 8.250 749.39 95
8.000 749.39 105,000.00
PALO CEDRO CA 96073 1 06/01/99 04
0411410772 05 08/01/99 30
0411410772 O 07/01/29
0
2824960 K08/G01 F 308,000.00 ZZ
360 307,771.42 1
1004 OCEAN DR 7.500 2,153.58 80
UNIT # 3 7.250 2,153.58 385,000.00
JUNO BEACH FL 33408 1 06/10/99 00
0411463078 01 08/01/99 0
0411463078 O 07/01/29
0
1
2826350 K08/G01 F 527,200.00 ZZ
360 526,788.74 1
1840 EMORY STREET 7.250 3,596.43 80
7.000 3,596.43 659,000.00
SAN JOSE CA 95126 1 06/08/99 00
0411455637 05 08/01/99 0
0411455637 O 07/01/29
0
2826854 976/R97 F 320,000.00 ZZ
360 319,499.22 1
10 HICKORY DRIVE 7.250 2,182.97 54
7.000 2,182.97 595,000.00
MEDFIELD MA 02052 1 05/21/99 00
TO BE ASSIGNED 05 07/01/99 0
5638367 O 06/01/29
0
2826857 976/R97 F 272,000.00 ZZ
360 271,830.93 1
12652 GROVEVIEW STREET 8.375 2,067.40 80
8.125 2,067.40 340,000.00
GARDEN GROVE CA 92840 2 06/04/99 00
TO BE ASSIGNED 05 08/01/99 0
5716183 O 07/01/29
0
2826864 976/R97 F 280,250.00 ZZ
360 280,047.16 1
2119 MISSION DRIVE 7.625 1,983.60 95
7.375 1,983.60 295,000.00
NAPLES FL 34109 1 06/01/99 10
TO BE ASSIGNED 03 08/01/99 30
5669708 O 07/01/29
0
2826873 976/R97 F 332,600.00 ZZ
360 331,879.06 1
998 COTTRELL WAY 7.625 2,354.13 43
7.375 2,354.13 775,000.00
STANFORD CA 94305 2 05/21/99 00
TO BE ASSIGNED 05 07/01/99 0
5623419 O 06/01/29
0
2826875 976/R97 F 268,000.00 ZZ
360 267,769.25 1
1715 FAIRMONT DRIVE 6.750 1,738.25 80
6.500 1,738.25 335,000.00
1
REDLANDS CA 92373 1 06/04/99 00
TO BE ASSIGNED 05 08/01/99 0
5749277 O 07/01/29
0
2826877 976/R97 F 635,000.00 ZZ
360 634,516.81 1
625 POWDER HORN COURT 7.375 4,385.79 75
7.125 4,385.79 853,000.00
SAN MARTIN CA 95046 2 05/26/99 00
TO BE ASSIGNED 05 08/01/99 0
5622152 O 07/01/29
0
2826886 976/R97 F 330,000.00 ZZ
360 323,490.10 1
30822 VIA CONQUISTA 7.375 2,279.23 36
7.125 2,279.23 930,000.00
SAN JUAN CAPIST CA 92675 1 05/19/99 00
TO BE ASSIGNED 03 07/01/99 0
5486859 O 06/01/29
0
2826890 976/R97 F 97,778.00 ZZ
360 97,632.41 1
ROUTE 4 BOX 175 7.500 683.68 47
7.250 683.68 209,000.00
WHITESBORO TX 76240 2 05/20/99 00
TO BE ASSIGNED 05 07/01/99 0
5702546 O 06/01/29
0
2826894 976/R97 F 306,000.00 ZZ
360 305,566.65 1
15 BOULDER TRAIL 7.750 2,192.23 73
7.500 2,192.23 420,000.00
MAHWAH NJ 07430 2 05/24/99 00
TO BE ASSIGNED 05 07/01/99 0
5738120 O 06/01/29
0
2826897 976/R97 F 367,550.00 ZZ
360 367,290.58 1
135 WEST 70 STREET, UNIT 7-C 7.750 2,633.18 49
7.500 2,633.18 750,000.00
NEW YORK NY 10023 2 06/10/99 00
TO BE ASSIGNED 01 08/01/99 0
5701302 O 07/01/29
0
1
2826903 976/R97 F 284,000.00 ZZ
360 283,597.80 1
635 NORTH OAK PARK AVENUE 7.750 2,034.62 80
7.500 2,034.62 355,000.00
OAK PARK IL 60302 1 05/26/99 00
TO BE ASSIGNED 05 07/01/99 0
5728530 O 06/01/29
0
2826910 976/R97 F 273,600.00 ZZ
360 273,231.60 1
1868 NORTH OAKLEY 8.000 2,007.59 80
7.750 2,007.59 342,000.00
CHICAGO IL 60647 1 05/27/99 00
TO BE ASSIGNED 05 07/01/99 0
5728777 O 06/01/29
0
2826914 976/R97 F 263,600.00 ZZ
360 263,418.59 1
10 PEABODY COURT 7.875 1,911.29 80
7.625 1,911.29 329,500.00
TEANECK NJ 07666 1 06/07/99 00
TO BE ASSIGNED 01 08/01/99 0
5677286 O 07/01/29
0
2826915 976/R97 F 498,000.00 ZZ
360 497,665.85 1
2 THOREAU CIRCLE 8.000 3,654.15 74
7.750 3,654.15 682,000.00
WINCHESTER MA 01890 1 06/15/99 00
TO BE ASSIGNED 05 08/01/99 0
5634855 O 07/01/29
0
2826922 976/R97 F 167,000.00 ZZ
360 166,828.53 1
1017 17TH TERRACE 7.750 1,196.41 68
7.500 1,196.41 248,000.00
KEY WEST FL 33040 2 06/03/99 00
TO BE ASSIGNED 05 08/01/99 0
5735789 O 07/01/29
0
2826933 976/R97 F 514,000.00 ZZ
360 513,637.22 1
1
13124 FOX PATH LANE 7.750 3,682.36 79
7.500 3,682.36 655,000.00
WEST FRIENDSHIP MD 21794 2 06/04/99 00
TO BE ASSIGNED 03 08/01/99 0
5732059 O 07/01/29
0
2826938 976/R97 F 548,000.00 ZZ
360 547,223.96 1
3252 N STREET, NW 7.750 3,925.94 80
7.500 3,925.94 685,000.00
WASHINGTON DC 20007 1 06/01/99 00
TO BE ASSIGNED 07 07/01/99 0
5583142 O 06/01/29
0
2826955 976/R97 F 537,000.00 T
360 536,200.44 1
602 BAY VIEW DRIVE 7.500 3,754.78 54
7.250 3,754.78 1,000,000.00
APTOS CA 95003 2 05/06/99 00
TO BE ASSIGNED 05 07/01/99 0
5715694 O 06/01/29
0
2826996 976/R97 F 532,000.00 ZZ
360 531,677.71 1
1628 VIA LAZO 8.500 4,090.62 80
8.250 4,090.62 665,000.00
PALOS VERDES ES CA 90274 1 06/08/99 00
TO BE ASSIGNED 05 08/01/99 0
5716155 O 07/01/29
0
2826997 976/R97 F 498,500.00 ZZ
240 496,748.46 1
3261 LA MIRADA AVENUE 7.750 4,092.43 77
7.500 4,092.43 650,000.00
LAS VEGAS NV 89120 2 05/26/99 00
TO BE ASSIGNED 03 07/01/99 0
5623984 O 06/01/19
0
2827009 976/R97 F 280,800.00 ZZ
360 280,412.23 1
6001 ASCENDING MOON PATH 7.875 2,036.00 80
7.625 2,036.00 351,041.00
CLARKSVILLE MD 21029 1 06/02/99 00
TO BE ASSIGNED 05 07/01/99 0
1
5757729 O 06/01/29
0
2827021 976/R97 F 267,600.00 ZZ
360 267,221.04 1
6927 ALPHA ROAD 7.750 1,917.12 80
7.500 1,917.12 334,500.00
DALLAS TX 75240 1 05/21/99 00
TO BE ASSIGNED 05 07/01/99 0
5702639 O 06/01/29
0
2827033 976/R97 F 345,000.00 ZZ
360 344,762.57 1
196 CAMINO BAILEN 7.875 2,501.49 74
7.625 2,501.49 471,084.00
ESCONDIDO CA 92029 1 06/10/99 00
TO BE ASSIGNED 03 08/01/99 0
5732419 O 07/01/29
0
2827041 976/R97 F 290,000.00 ZZ
360 289,795.32 1
656 WEST BUENA AVENUE, UNIT 1 7.750 2,077.60 88
7.500 2,077.60 330,000.00
CHICAGO IL 60613 1 06/14/99 11
TO BE ASSIGNED 01 08/01/99 25
5562899 O 07/01/29
0
2827066 976/R97 F 328,000.00 ZZ
360 327,535.49 1
37 GOVERNORS AVENUE 7.750 2,349.84 80
7.500 2,349.84 410,000.00
MEDFORD MA 02155 1 05/28/99 00
TO BE ASSIGNED 05 07/01/99 0
5683357 O 06/01/29
0
2827077 976/R97 F 358,600.00 ZZ
300 357,827.88 1
200 CHRISTIE HEIGHTS STREET 7.875 2,738.11 80
7.625 2,738.11 450,000.00
LEONIA BOROUGH NJ 07605 2 05/19/99 00
TO BE ASSIGNED 05 07/01/99 0
5623730 O 06/01/24
0
1
2829427 076/076 F 125,000.00 ZZ
348 124,688.03 1
1432 PINEWOOD WAY 7.375 871.58 45
7.125 871.58 280,000.00
UNIONTOWN OH 44685 1 04/14/99 00
7329146 05 06/01/99 0
7329146 O 05/01/28
0
2829488 076/076 F 310,000.00 ZZ
360 309,437.98 1
29 WOODSVIEW DR 6.500 1,959.42 90
6.250 1,959.42 348,000.00
BOOTHWYN PA 19061 1 05/14/99 14
9778151 05 07/01/99 25
9778151 O 06/01/29
0
2829538 K08/G01 F 45,000.00 ZZ
360 44,971.31 1
425 W. IVY LANE 8.250 338.07 27
8.000 338.07 168,000.00
ARLINGTON HEIGH IL 60004 1 06/15/99 00
0411461049 01 08/01/99 0
0411461049 O 07/01/29
0
2830009 K08/G01 F 266,400.00 ZZ
360 266,202.29 1
4741 PARKWOOD 7.500 1,862.71 80
7.250 1,862.71 333,000.00
ROCKWALL TX 75087 1 06/15/99 00
0411475361 03 08/01/99 0
0411475361 O 07/01/29
0
2830449 K08/G01 F 392,150.00 ZZ
360 391,873.23 1
4553 BELFORT AVENUE 7.750 2,809.41 80
7.500 2,809.41 490,245.00
HIGHLAND PARK TX 75205 1 06/15/99 00
0411455587 03 08/01/99 0
0411455587 O 07/01/29
0
2830461 K08/G01 F 228,450.00 ZZ
360 228,300.57 1
2513 ALEXA COURT 8.125 1,696.23 70
7.875 1,696.23 326,403.00
1
PLANO TX 75075 1 06/17/99 00
0411480825 05 08/01/99 0
0411480825 O 07/01/29
0
2830985 K08/G01 F 191,200.00 ZZ
360 191,058.10 1
862 EAST 500 NORTH 7.500 1,336.90 80
7.250 1,336.90 239,000.00
OREM UT 84097 1 06/10/99 00
0411452394 05 08/01/99 0
0411452394 O 07/01/29
0
2832568 696/G01 F 299,900.00 ZZ
360 299,654.18 1
692 OLD HUNT WAY 7.000 1,995.24 80
6.750 1,995.24 375,000.00
HERNDON VA 20170 1 06/24/99 00
0431366483 03 08/01/99 0
21799092 O 07/01/29
0
2832570 696/G01 F 283,600.00 ZZ
360 283,352.72 1
15199 WINDY HOLLOW CIRCLE 6.750 1,839.42 80
6.500 1,839.42 355,000.00
GAINESVILLE VA 20155 1 06/23/99 00
0431366632 03 08/01/99 0
21799120 O 07/01/29
0
2833108 K08/G01 F 73,000.00 ZZ
360 72,953.46 1
955 MEREDITH DRIVE 8.250 548.42 52
8.000 548.42 142,000.00
TOMS RIVER NJ 08753 2 06/18/99 00
0411356801 05 08/01/99 0
0411356801 O 07/01/29
0
2834022 K08/G01 F 84,000.00 ZZ
360 83,939.20 1
3080 W. PRENTICE AVE. #I 7.625 594.55 80
7.375 594.55 105,000.00
LITTLETON CO 80123 1 06/24/99 00
0411459506 01 08/01/99 0
0411459506 O 07/01/29
0
1
2834042 K08/G01 F 89,600.00 ZZ
360 89,538.34 1
1034 BOONES HOLLOW DRIVE 7.875 649.66 70
7.625 649.66 128,000.00
CORDOVA TN 38018 1 06/24/99 00
0411489172 05 08/01/99 0
0411489172 O 07/01/29
0
2834651 K08/G01 F 272,000.00 ZZ
360 271,803.13 1
0173 LEWIS LANE 7.625 1,925.20 62
7.375 1,925.20 442,000.00
BASALT CO 81621 1 06/23/99 00
0411403314 03 08/01/99 0
0411403314 O 07/01/29
0
2834671 K08/G01 F 107,200.00 ZZ
360 107,124.34 1
10 DOVETAIL PLACE 7.750 767.99 80
7.500 767.99 134,000.00
THE WOODLANDS TX 77381 1 06/25/99 00
0411466659 03 08/01/99 0
0411466659 O 07/01/29
0
2834709 K08/G01 F 262,350.00 ZZ
360 262,164.83 1
115 BRISTOL COURT 7.750 1,879.51 80
7.500 1,879.51 327,990.00
COPPELL TX 75019 1 06/25/99 00
0411492424 03 08/01/99 0
0411492424 O 07/01/29
0
2834761 E82/G01 F 142,000.00 ZZ
360 141,530.34 1
688 SECOND STREET 8.000 1,041.95 62
7.750 1,041.95 231,000.00
SECAUCUS NJ 07094 1 06/30/99 00
0400199964 05 08/01/99 0
0400199964 O 07/01/29
0
2835595 K08/G01 F 228,000.00 ZZ
360 227,858.29 1
1
5352 STARFLOWER WAY 8.375 1,732.96 80
8.125 1,732.96 285,000.00
LIVERMORE CA 94550 1 06/16/99 00
0411460140 05 08/01/99 0
0411460140 O 07/01/29
0
2835611 K08/G01 F 145,350.00 ZZ
360 145,249.97 1
3611 CEDAR SPRINGS DR SOUTHWES 7.875 1,053.89 95
7.625 1,053.89 153,000.00
CONCORD NC 28027 2 06/22/99 10
0411481377 05 08/01/99 30
0411481377 O 07/01/29
0
2835617 K08/G01 F 70,000.00 ZZ
360 69,955.36 1
2974 EGLINGTON DRIVE 8.250 525.89 50
8.000 525.89 142,500.00
ORLANDO FL 32806 1 06/28/99 00
0411494594 03 08/01/99 0
0411494594 O 07/01/29
0
2836314 K08/G01 F 240,000.00 ZZ
360 239,025.00 1
2441 EAST AVENIDA OTONO 7.625 1,698.70 61
7.375 1,698.70 399,900.00
THOUSAND OAKS CA 91362 1 06/11/99 00
0411377302 05 08/01/99 0
0411377302 O 07/01/29
0
2836808 638/G01 F 325,350.00 ZZ
360 325,114.52 1
1002 JUNESONG WAY 7.625 2,302.81 90
7.375 2,302.81 361,500.00
SAN JOSE CA 95133 1 06/15/99 10
0431374800 05 08/01/99 25
08894908 O 07/01/29
0
2836974 K08/G01 F 76,000.00 ZZ
360 75,946.36 1
509 EBONY LANE 7.750 544.47 74
7.500 544.47 103,000.00
LAGUNA VISTA TX 78578 4 06/25/99 00
0411276223 05 08/01/99 0
1
0411276223 O 07/01/29
0
2836980 K08/G01 F 370,400.00 ZZ
360 370,145.09 1
6589 CHESAPEAKE PLACE 7.875 2,685.66 80
7.625 2,685.66 463,000.00
WARRENTON VA 20187 1 06/30/99 00
0411364326 03 08/01/99 0
0411364326 O 07/01/29
0
2837005 K08/G01 F 69,300.00 ZZ
360 69,254.67 1
332 CATHRINE STREET 8.125 514.55 70
7.875 514.55 99,000.00
WALLA WALLA WA 99362 1 06/28/99 00
0411452659 05 08/01/99 0
0411452659 O 07/01/29
0
2837015 K08/G01 F 375,000.00 ZZ
360 374,748.38 1
20 LA CROSS COURT 8.000 2,751.62 67
7.750 2,751.62 567,558.00
HENDERSON NV 89014 1 06/28/99 00
0411462252 03 08/01/99 0
0411462252 O 07/01/29
0
2837029 K08/G01 F 184,600.00 ZZ
360 184,091.52 1
9307 BIRCHBARK AVENUE 7.625 1,306.59 74
7.375 1,306.59 250,000.00
DOWNEY CA 90240 2 06/21/99 00
0411471154 05 08/01/99 0
0411471154 O 07/01/29
0
2837032 K08/G01 F 132,950.00 ZZ
360 132,860.79 1
19024 108TH STREET COURT EAST 8.000 975.54 70
7.750 975.54 190,000.00
BONNEY LAKE WA 98390 1 06/23/99 00
0411474000 03 08/01/99 0
0411474000 O 07/01/29
0
1
2837047 K08/G01 F 91,900.00 ZZ
360 91,836.75 1
4521 FARGO DRIVE 7.875 666.34 80
7.625 666.34 114,900.00
PLANO TX 75093 1 06/29/99 00
0411476849 05 08/01/99 0
0411476849 O 07/01/29
0
2837054 K08/G01 F 650,000.00 ZZ
360 649,541.24 1
7801 SOUTH WEST 48TH COURT 7.750 4,656.68 78
7.500 4,656.68 840,000.00
MIAMI FL 33143 1 06/30/99 00
0411480106 05 08/01/99 0
0411480106 O 07/01/29
0
2837063 K08/G01 F 160,000.00 ZZ
360 159,889.89 1
1105 MARCELLA 7.875 1,160.11 70
7.625 1,160.11 230,000.00
WEST CHICAGO IL 60185 1 06/30/99 00
0411483720 05 08/01/99 0
0411483720 O 07/01/29
0
2837064 K08/G01 F 281,850.00 ZZ
360 281,656.03 1
8308 BARBER OAK DRIVE 7.875 2,043.61 80
7.625 2,043.61 352,368.00
PLANO TX 75025 1 06/25/99 00
0411483761 03 08/01/99 0
0411483761 O 07/01/29
0
2837075 K08/G01 F 115,900.00 ZZ
240 115,712.23 1
9918 NW 42 COURT 8.375 996.66 93
8.125 996.66 125,000.00
SUNRISE FL 33351 2 06/25/99 10
0411491145 05 08/01/99 30
0411491145 O 07/01/19
0
2837082 K08/G01 F 249,000.00 ZZ
360 245,910.38 1
12103 WINDEMERE 7.500 1,741.04 75
7.250 1,741.04 334,000.00
1
SAN ANTONIO TX 78230 2 06/25/99 00
0411492770 03 08/01/99 0
0411492770 O 07/01/29
0
2837086 K08/G01 F 103,400.00 ZZ
360 103,332.36 1
8559 BIRCH CREEK ROAD 8.125 767.74 70
7.875 767.74 147,745.00
FORT WORTH TX 76248 1 06/29/99 00
0411496805 05 08/01/99 0
0411496805 O 07/01/29
0
2837317 286/286 F 312,000.00 ZZ
360 311,461.23 1
1435 BRIAN CT 6.750 2,023.63 78
6.500 2,023.63 400,000.00
BROOKFIELD WI 53045 2 05/13/99 00
0000625151 05 07/01/99 0
0000625151 O 06/01/29
0
2837325 286/286 F 300,000.00 ZZ
360 299,518.76 1
4575 SOMERSET LN 7.125 2,021.16 70
6.875 2,021.16 430,000.00
BROOKFIELD WI 53045 1 06/03/99 00
0000626014 05 07/01/99 0
0000626014 O 06/01/29
0
2837334 286/286 F 350,000.00 ZZ
360 349,726.96 1
1337 MEADOW LANE 7.250 2,387.62 69
7.000 2,387.62 512,000.00
DEERFIELD IL 60015 1 06/03/99 00
0000626794 05 08/01/99 0
0000626794 O 07/01/29
0
2837343 286/286 F 350,000.00 ZZ
360 349,465.72 1
2804 LAKEVIEW DR 7.375 2,417.36 42
7.125 2,417.36 850,000.00
RALEIGH NC 27609 1 06/01/99 00
0000628124 05 07/01/99 0
0000628124 O 06/01/29
0
1
2837351 286/286 F 126,400.00 ZZ
360 126,315.19 1
4 BELLEVIEW BLVD #501 8.000 927.48 80
7.750 927.48 158,000.00
BELLEAIRE FL 33756 1 06/01/99 00
0000629090 01 08/01/99 0
0000629090 O 07/01/29
0
2837368 286/286 F 435,000.00 ZZ
360 433,975.80 1
2303 FLEETWOOD CT 7.250 2,967.47 67
7.000 2,967.47 650,000.00
NAPERVILLE IL 60565 1 04/16/99 00
0009462670 05 06/01/99 0
0009462670 O 05/01/29
0
2837369 286/286 F 415,000.00 ZZ
360 414,022.88 1
1051 N STUART ST 7.250 2,831.04 79
7.000 2,831.04 527,000.00
ARLINGTON VA 22201 1 05/05/99 00
0009482076 03 06/01/99 0
0009482076 O 05/01/29
0
2837380 286/286 F 268,000.00 ZZ
360 267,425.78 1
43181 CARDSTON PL 6.625 1,716.04 80
6.375 1,716.04 335,000.00
LEESBURG VA 20176 1 05/27/99 00
0009538156 03 07/01/99 0
0009538156 O 06/01/29
0
2838294 638/G01 F 448,000.00 ZZ
360 447,675.75 1
1202 SHARON PARK DRIVE #66 7.625 3,170.92 69
7.375 3,170.92 655,000.00
MENLO PARK CA 94025 1 06/14/99 00
0431379916 01 08/01/99 0
8897668 O 07/01/29
0
2838655 K08/G01 F 284,000.00 ZZ
360 283,809.44 1
1
5925 S. JEBEL COURT 8.000 2,083.89 80
7.750 2,083.89 355,000.00
AURORA CO 80016 2 06/28/99 00
0411486160 03 08/01/99 0
0411486160 O 07/01/29
0
2838659 K08/G01 F 650,000.00 ZZ
360 649,574.81 1
4713 WINDRUSH CIRCLE 8.125 4,826.23 65
7.875 4,826.23 1,000,000.00
NORMAN OK 73072 4 07/02/99 00
0411492358 05 08/01/99 0
0411492358 O 07/01/29
0
2838664 K08/G01 F 273,350.00 ZZ
360 273,350.00 1
908 HANOVER DRIVE 8.375 2,077.66 70
8.125 2,077.66 393,000.00
SOUTHLAKE TX 76092 4 07/01/99 00
0411499569 03 09/01/99 0
0411499569 O 08/01/29
0
2839151 638/G01 F 319,100.00 ZZ
360 318,880.39 1
717 SANTA CAMELIA DRIVE 7.875 2,313.70 90
7.625 2,313.70 355,000.00
SOLANA BEACH CA 92075 1 06/15/99 10
0431379908 03 08/01/99 25
8899039 O 07/01/29
0
2839196 M32/M32 F 395,000.00 ZZ
360 394,714.11 1
40455 PARADO DEL SOL 7.625 2,795.79 99
7.375 2,795.79 400,000.00
TEMECULA CA 92592 1 06/30/99 00
122974405 03 08/01/99 0
122974405 O 07/01/29
0
2839857 K08/G01 F 297,600.00 ZZ
360 297,600.00 1
411 AQUA MARINE DRIVE 7.625 2,106.39 80
7.375 2,106.39 372,000.00
OAK POINT TX 75068 4 07/06/99 00
0411469554 03 09/01/99 0
1
0411469554 O 08/01/29
0
2839862 K08/G01 F 72,100.00 ZZ
360 72,051.63 1
125 ELMARG DRIVE 8.000 529.04 70
7.750 529.04 103,000.00
KINGS MOUNTAIN NC 28086 2 06/29/99 00
0411481104 05 08/01/99 0
0411481104 O 07/01/29
0
2839868 K08/G01 F 69,000.00 ZZ
360 68,956.01 1
155 FLORIDA BOULEVARD 8.250 518.37 48
8.000 518.37 146,000.00
MIAMI FL 33144 5 06/30/99 00
0411490675 05 08/01/99 0
0411490675 O 07/01/29
0
2839873 K08/G01 F 131,250.00 ZZ
360 131,250.00 1
419 EAST 700 NORTH 8.250 986.04 75
8.000 986.04 175,000.00
NEPHI UT 84648 4 07/02/99 00
0411499296 05 09/01/99 0
0411499296 O 08/01/29
0
2841046 696/G01 F 375,900.00 ZZ
360 375,900.00 1
2708 REMINGTON ROAD 8.000 2,758.22 80
7.750 2,758.22 470,000.00
OAKTON VA 22124 1 07/09/99 00
0431378918 03 09/01/99 0
23699054 O 08/01/29
0
2841519 313/G01 F 400,000.00 ZZ
360 399,757.67 1
760 MYRTLE STREET 8.500 3,075.66 75
8.250 3,075.66 535,000.00
ATLANTA GA 30308 5 06/25/99 00
0431379940 05 08/01/99 0
0006816342 O 07/01/29
0
1
2841870 K08/G01 F 286,000.00 ZZ
360 286,000.00 1
1621 SHORT STREET 8.000 2,098.57 73
7.750 2,098.57 392,000.00
ALGONQUIN IL 60102 2 07/02/99 00
0411461544 05 09/01/99 0
0411461544 O 08/01/29
0
2841876 K08/G01 F 190,000.00 ZZ
360 190,000.00 1
1032 N. PARKWOOD AVE. 8.375 1,444.14 57
8.125 1,444.14 338,000.00
PARK RIDGE IL 60068 5 07/02/99 00
0411476617 05 09/01/99 0
0411476617 O 08/01/29
0
2841885 K08/G01 F 135,000.00 ZZ
360 135,000.00 1
23211 VIA MIRLO 7.375 932.41 61
7.125 932.41 223,000.00
MISSION VIEJO CA 92691 5 07/01/99 00
0411498181 05 09/01/99 0
0411498181 O 08/01/29
0
2842020 M32/M32 F 471,000.00 ZZ
360 471,000.00 1
5401 DAKOTA AVENUE #1 7.125 3,173.22 100
6.875 3,173.22 471,000.00
DENVER CO 80246 1 07/01/99 00
121484109 03 09/01/99 0
121484109 O 08/01/29
0
2842260 E82/G01 F 170,000.00 ZZ
360 170,000.00 1
132 GREENLAWN AVENUE 7.750 1,217.90 73
7.500 1,217.90 235,000.00
CLIFTON NJ 07013 1 07/12/99 00
0400210878 05 09/01/99 0
0400210878 O 08/01/29
0
2842386 076/076 F 436,000.00 ZZ
360 435,668.23 1
28 BRAELOCH WAY 7.375 3,011.35 80
7.125 3,011.35 550,000.00
1
MONROE CT 06468 1 06/04/99 00
0193413 05 08/01/99 0
0193413 O 07/01/29
0
2842387 076/076 F 580,000.00 ZZ
360 578,634.39 1
25 CIRCLE RD 7.250 3,956.63 75
7.000 3,956.63 780,000.00
DARIEN CT 06820 1 04/16/99 00
0199909 05 06/01/99 0
0199909 O 05/01/29
0
2842388 076/076 F 300,834.00 ZZ
360 300,581.26 1
1708 JERMYN LANE 6.875 1,976.27 80
6.625 1,976.27 378,000.00
VIRGINIA BEACH VA 23454 2 05/28/99 00
0551168 05 08/01/99 0
0551168 O 07/01/29
0
2842389 076/076 F 270,000.00 ZZ
360 269,577.47 1
105 BATTERY PARK DR 7.250 1,841.88 75
7.000 1,841.88 360,000.00
BRIDGEPORT CT 06605 5 05/24/99 00
0838714 05 07/01/99 0
0838714 O 06/01/29
0
2842390 076/076 F 341,900.00 ZZ
360 341,583.32 1
8453 BRANDON CT 6.375 2,133.02 79
6.125 2,133.02 435,000.00
MATTAWAN MI 49071 1 06/04/99 00
1048313 05 08/01/99 0
1048313 O 07/01/29
0
2842391 076/076 F 337,500.00 ZZ
360 336,945.09 1
81 SUNSET BEACH RD 7.000 2,245.40 75
6.750 2,245.40 450,000.00
BRANFORD CT 06405 5 05/21/99 00
1208271 05 07/01/99 0
1208271 O 06/01/29
0
1
2842392 076/076 F 375,000.00 ZZ
240 374,290.98 1
51 TRAILS END RD 7.125 2,935.58 58
6.875 2,935.58 650,000.00
WESTON CT 06883 5 06/01/99 00
1208446 05 08/01/99 0
1208446 O 07/01/19
0
2842393 076/076 F 243,750.00 ZZ
360 243,404.83 1
1123 OLD NORTHERN BLVD 7.750 1,746.25 75
7.500 1,746.25 325,000.00
ROSLYN NY 11576 5 05/21/99 00
1230703 05 07/01/99 0
1230703 O 06/01/29
0
2842394 076/076 F 292,000.00 ZZ
360 291,766.49 1
1341 W HAMPTON WOODS 7.125 1,967.26 80
6.875 1,967.26 365,000.00
CHESTERFIELD MO 63005 1 06/04/99 00
1268634 03 08/01/99 0
1268634 O 07/01/29
0
2842395 076/076 F 356,000.00 ZZ
360 355,456.55 1
17207 FAWN BRK 7.375 2,458.81 80
7.125 2,458.81 445,000.00
SAN ANTONIO TX 78248 2 05/26/99 00
1436767 03 07/01/99 0
1436767 O 06/01/29
0
2842400 076/076 F 350,000.00 ZZ
360 349,424.54 1
4388 SE232ND CT 7.000 2,328.56 74
6.750 2,328.56 475,000.00
ISSAQUAH WA 98029 5 05/19/99 00
1821003 05 07/01/99 0
1821003 O 06/01/29
0
2842401 076/076 F 484,900.00 ZZ
360 484,082.91 1
1
430 LYNCHELL PL 6.875 3,185.45 80
6.625 3,185.45 608,000.00
RICHMOND VA 23233 1 05/27/99 00
1848045 03 07/01/99 0
1848045 O 06/01/29
0
2842402 076/076 F 283,500.00 ZZ
360 283,056.35 1
944 BEGONIA CT 7.250 1,933.97 79
7.000 1,933.97 360,000.00
CARLSBAD CA 92009 2 05/25/99 00
1849563 05 07/01/99 0
1849563 O 06/01/29
0
2842404 076/076 F 270,000.00 ZZ
360 269,577.47 1
17428 CINNAMON CIR 7.250 1,841.88 90
7.000 1,841.88 300,000.00
OMAHA NE 68135 1 05/27/99 12
1989260 05 07/01/99 25
1989260 O 06/01/29
0
2842407 076/076 F 276,000.00 ZZ
360 275,534.93 1
834 PERSHING AVE 6.875 1,813.12 80
6.625 1,813.12 345,000.00
SAN JOSE CA 95126 1 05/17/99 00
2338593 05 07/01/99 0
2338593 O 06/01/29
0
2842408 076/076 F 500,000.00 T
360 499,619.54 1
4000 WAILEA ALANUI 7.375 3,453.38 64
7.125 3,453.38 785,000.00
WAILEA HI 96753 1 06/05/99 00
2383054 01 08/01/99 0
2383054 O 07/01/29
0
2842409 076/076 F 354,000.00 ZZ
300 353,157.48 1
5 VALLEY ST 7.250 2,558.74 80
7.000 2,558.74 445,000.00
WATERFORD CT 06385 1 05/28/99 00
2408811 05 07/01/99 0
1
2408811 O 06/01/24
0
2842410 076/076 F 350,000.00 ZZ
360 349,733.67 1
25 WHITE BIRCH LN 7.375 2,417.37 59
7.125 2,417.37 600,000.00
GREENWICH CT 06807 1 06/04/99 00
2431838 05 08/01/99 0
2431838 O 07/01/29
0
2842411 076/076 F 438,000.00 ZZ
360 436,270.78 1
60 LONG LOTS RD 7.250 2,987.94 47
7.000 2,987.94 940,000.00
WESTPORT CT 06880 1 03/01/99 00
2568836 05 04/01/99 0
2568836 O 03/01/29
0
2842412 076/076 F 310,500.00 ZZ
360 310,014.09 1
4779 LANCASHURE LN 7.250 2,118.16 90
7.000 2,118.16 345,000.00
TALLAHASSEE FL 32308 1 05/25/99 10
4006245 03 07/01/99 25
4006245 O 06/01/29
0
2842413 076/076 F 298,600.00 ZZ
360 297,126.67 1
2651 PREAKNESS WAY 7.250 2,036.98 80
7.000 2,036.98 373,500.00
NORCO CA 91760 1 05/17/99 00
4047054 03 07/01/99 0
4047054 O 06/01/29
0
2842415 076/076 F 400,000.00 ZZ
360 399,342.33 1
3214 S YORKTOWN AVE 7.000 2,661.21 88
6.750 2,661.21 455,000.00
TULSA OK 74105 2 05/26/99 12
4474363 05 07/01/99 25
4474363 O 06/01/29
0
1
2842416 076/076 F 252,000.00 ZZ
360 251,624.77 1
107 CRYSTAL SPRINGS 7.500 1,762.03 80
7.250 1,762.03 317,500.00
CHESTERFIELD MO 63005 2 05/28/99 00
4571937 05 07/01/99 0
4571937 O 06/01/29
0
2842417 076/076 F 270,400.00 ZZ
360 269,966.26 1
344 DUBOIS RD 7.125 1,821.73 80
6.875 1,821.73 338,000.00
ANNAPOLIS MD 21401 1 05/28/99 00
5857149 05 07/01/99 0
5857149 O 06/01/29
0
2842419 076/076 F 275,000.00 ZZ
360 274,525.14 1
1 GREENE ST 6.750 1,783.64 73
6.500 1,783.64 380,000.00
JERSEY CITY NJ 07302 1 05/28/99 00
5963995 06 07/01/99 0
5963995 O 06/01/29
0
2842421 076/076 F 323,900.00 ZZ
360 323,367.47 1
19 CARY DR 7.000 2,154.91 90
6.750 2,154.91 360,000.00
ASHLAND MA 01721 1 05/28/99 21
7285541 05 07/01/99 25
7285541 O 06/01/29
0
2842424 076/076 F 282,500.00 T
347 281,276.24 1
1435 BEAR PAW DR 7.250 1,947.64 67
7.000 1,947.64 425,000.00
TABERNASH CO 80478 1 03/01/99 00
7325456 05 04/01/99 0
7325456 O 02/01/28
0
2842425 076/076 F 400,000.00 T
348 399,336.53 1
27707 N LUCERO DR 7.375 2,789.05 66
7.125 2,789.05 615,000.00
1
RIO VERDE AZ 85263 1 06/01/99 00
7336975 03 07/01/99 0
7336975 O 06/01/28
0
2842426 076/076 F 340,000.00 ZZ
360 339,506.27 1
17COACHMAN RIDGE 7.625 2,406.50 50
7.375 2,406.50 689,000.00
SHREWSBURY MA 01545 2 05/20/99 00
7397729 05 07/01/99 0
7397729 O 06/01/29
0
2842428 076/076 F 649,950.00 ZZ
360 648,957.82 1
4709 TONYAWATHA TRAIL 7.375 4,489.05 65
7.125 4,489.05 1,000,000.00
MONONA WI 53716 5 05/25/99 00
7845122 05 07/01/99 0
7845122 O 06/01/29
0
2842429 076/076 F 450,000.00 ZZ
360 449,278.14 1
150 QUAIL CREEK CT 7.125 3,031.74 57
6.875 3,031.74 800,000.00
HOUSTON TX 77024 1 05/20/99 00
7851854 05 07/01/99 0
7851854 O 06/01/29
0
2842430 076/076 F 550,000.00 ZZ
360 549,139.30 1
22389 JANICE AVE 7.250 3,751.97 73
7.000 3,751.97 760,000.00
CUPERTINO CA 95014 1 05/13/99 00
7859285 05 07/01/99 0
7859285 O 06/01/29
0
2842431 076/076 F 315,000.00 ZZ
360 313,676.32 1
71 DIMOND AVE 6.625 2,016.98 79
6.375 2,016.98 400,000.00
CORTLANDT MANOR NY 10566 2 03/30/99 00
8836600 05 05/01/99 0
8836600 O 04/01/29
0
1
2842432 076/076 F 530,200.00 ZZ
360 529,306.57 1
3810 CAMPUS DR 6.875 3,483.04 80
6.625 3,483.04 663,000.00
THOUSAND OAKS CA 91360 1 05/20/99 00
9128885 03 07/01/99 0
9128885 O 06/01/29
0
2842434 076/076 F 320,000.00 ZZ
360 319,724.49 1
3207 DRY RUN VIEW 6.750 2,075.51 79
6.500 2,075.51 410,000.00
CINCINNATI OH 45244 1 06/09/99 00
9176191 03 08/01/99 0
9176191 O 07/01/29
0
2842435 076/076 F 640,000.00 ZZ
360 638,734.82 1
505 EMBARCADERO RD 7.000 4,257.94 80
6.750 4,257.94 800,000.00
PALO ALTO CA 94301 1 05/18/99 00
9225781 05 07/01/99 0
9225781 O 06/01/29
0
2842436 076/076 F 332,300.00 ZZ
360 331,753.45 1
3416 HAZELNUT CT 7.000 2,210.80 80
6.750 2,210.80 415,500.00
SIMI VALLEY CA 93065 1 05/17/99 00
9227573 05 07/01/99 0
9227573 O 06/01/29
0
2842437 076/076 F 275,000.00 ZZ
360 274,383.89 1
58 BARTLETT LN 7.500 1,922.84 66
7.250 1,922.84 420,000.00
STAMFORD CT 06903 2 04/06/99 00
9245977 05 06/01/99 0
9245977 O 05/01/29
0
2842438 076/076 F 590,000.00 ZZ
360 589,099.34 1
1
217 LEXINGTON DR 7.375 4,074.99 80
7.125 4,074.99 740,000.00
MENLO PARK CA 94025 1 05/27/99 00
9276686 05 07/01/99 0
9276686 O 06/01/29
0
2842439 076/076 F 400,000.00 ZZ
360 399,663.95 1
754 A AVE 6.875 2,627.72 57
6.625 2,627.72 710,000.00
CORONADO CA 92118 1 05/28/99 00
9402761 05 08/01/99 0
9402761 O 07/01/29
0
2842440 076/076 F 250,000.00 ZZ
360 249,578.72 1
2 WESTLEDGE RD 6.875 1,642.33 42
6.625 1,642.33 600,000.00
MARBLEHEAD MA 01945 1 05/19/99 00
9475215 05 07/01/99 0
9475215 O 06/01/29
0
2842441 076/076 F 312,000.00 ZZ
360 311,440.84 1
1849 WINTER RUN CT 7.000 2,075.75 78
6.750 2,075.75 400,000.00
CHESTERFIELD MO 63017 2 05/21/99 00
9599491 03 07/01/99 0
9599491 O 06/01/29
0
2842442 076/076 F 340,000.00 ZZ
360 339,398.39 1
594 WINTHROP MANOR CT 6.625 2,177.06 76
6.375 2,177.06 450,000.00
MARIETTA GA 30064 1 05/26/99 00
9645500 03 07/01/99 0
9645500 O 06/01/29
0
2842443 076/076 F 480,000.00 ZZ
360 479,606.55 1
19714 WINGED FOOT WAY 7.000 3,193.45 80
6.750 3,193.45 600,027.00
NORTH RIDGE CA 91326 1 06/04/99 00
9697770 03 08/01/99 0
1
9697770 O 07/01/29
0
2842444 076/076 F 294,600.00 ZZ
360 294,352.50 1
2640 COACHMANS CIRCLE 6.875 1,935.31 78
6.625 1,935.31 380,000.00
ALPHARETTA GA 30022 2 06/01/99 00
9745980 03 08/01/99 0
9745980 O 07/01/29
0
2842445 076/076 F 366,000.00 ZZ
360 365,714.48 1
1772 POPP LN 7.250 2,496.77 75
7.000 2,496.77 490,000.00
LONG GROVE IL 60047 2 06/04/99 00
9776084 03 08/01/99 0
9776084 O 07/01/29
0
2842446 076/076 F 353,600.00 ZZ
360 353,018.63 1
3542 MILL RD 7.000 2,352.51 80
6.750 2,352.51 445,000.00
GAINESVILLE GA 30504 2 05/28/99 00
9779581 05 07/01/99 0
9779581 O 06/01/29
0
2842447 076/076 F 308,700.00 ZZ
360 308,476.57 1
8145 ORCHARD VIEW DR 7.625 2,184.96 90
7.375 2,184.96 343,000.00
WASHINGTON MI 48095 2 05/28/99 12
9938320 05 08/01/99 25
9938320 O 07/01/29
0
2842448 076/076 F 490,000.00 ZZ
360 489,174.32 1
7800 GOLD FLINT DR 6.875 3,218.95 76
6.625 3,218.95 650,000.00
CLIFTON VA 20124 2 06/01/99 00
9970510 05 07/01/99 0
9970510 O 06/01/29
0
1
2842449 076/076 F 289,600.00 ZZ
360 289,087.57 1
1626N 41ST ST 6.625 1,854.34 80
6.375 1,854.34 364,000.00
MCLEAN VA 22101 1 05/13/99 00
9991423 05 07/01/99 0
9991423 O 06/01/29
0
2842730 K08/G01 F 390,000.00 ZZ
360 390,000.00 1
2945 EMERALD SOUND DRIVE 7.625 2,760.40 75
7.375 2,760.40 520,000.00
CEDAR HILL TX 75104 4 07/09/99 00
0411391543 03 09/01/99 0
0411391543 O 08/01/29
0
2842731 K08/G01 F 289,100.00 ZZ
360 289,100.00 1
507 NORTH FIRESTONE LANE 7.500 2,021.43 80
7.250 2,021.43 361,422.00
PLACENTIA CA 92870 1 07/07/99 00
0411408859 03 09/01/99 0
0411408859 O 08/01/29
0
2842744 K08/G01 F 77,000.00 ZZ
360 77,000.00 1
2265 FEDERAL PARKWAY 8.250 578.48 44
8.000 578.48 177,000.00
LINDENHURST IL 60046 1 07/09/99 00
0411476674 05 09/01/99 0
0411476674 O 08/01/29
0
2842751 K08/G01 F 196,000.00 ZZ
360 195,861.66 1
2913 VERDE VIEW ROAD 7.750 1,404.17 70
7.500 1,404.17 280,000.00
ALPINE CA 91901 1 06/28/99 00
0411488463 05 08/01/99 0
0411488463 O 07/01/29
0
2842759 K08/G01 F 112,500.00 ZZ
360 112,422.58 1
430 HAW ROAD 7.875 815.70 80
7.625 815.70 141,000.00
1
BROWN SUMMIT NC 27214 2 07/02/99 00
0411499304 05 08/01/99 0
0411499304 O 07/01/29
0
2842763 K08/G01 F 85,000.00 ZZ
360 85,000.00 1
940 LAKEVIEW AVENUE 7.625 601.62 55
7.375 601.62 155,000.00
SOUTH LAKE TAHO CA 96150 5 06/30/99 00
0411503865 05 09/01/99 0
0411503865 O 08/01/29
0
2842939 E82/G01 F 256,000.00 ZZ
360 256,000.00 1
13750 NEW DISCOVERY ROAD 7.500 1,789.99 80
7.250 1,789.99 320,000.00
COLORADO SPRING CO 80908 1 07/14/99 00
0400213864 05 09/01/99 0
0400213864 O 08/01/29
0
2842942 E82/G01 F 124,000.00 ZZ
360 124,000.00 1
82 GARDEN HILLS DRIVE 7.625 877.66 80
7.375 877.66 155,000.00
CRANSTON RI 02920 2 07/09/99 00
0400211801 05 09/01/99 0
0400211801 O 08/01/29
0
2842943 E82/G01 F 240,000.00 ZZ
360 240,000.00 1
12136 EDGECLIFF AVENUE 7.625 1,698.70 80
7.375 1,698.70 302,000.00
SYLMAR AREA CA 91342 2 07/07/99 00
0400212098 03 09/01/99 0
0400212098 O 08/01/29
0
2842944 E82/G01 F 295,200.00 ZZ
360 295,200.00 1
11200 CROSS BEAM COURT 8.125 2,191.85 80
7.875 2,191.85 369,000.00
RESTON VA 20194 2 07/02/99 00
0400209706 03 09/01/99 0
0400209706 O 08/01/29
0
1
2844917 696/G01 F 199,400.00 ZZ
360 199,400.00 1
5203 BELLE PLAINS DRIVE 7.625 1,411.34 70
7.375 1,411.34 286,000.00
CENTREVILLE VA 20120 1 07/12/99 00
0431384056 03 09/01/99 0
21799145 O 08/01/29
0
2844949 K08/G01 F 193,500.00 ZZ
360 193,500.00 1
95 INNER CIRCLE DRIVE 7.875 1,403.01 75
7.625 1,403.01 258,000.00
DES PLAINES IL 60016 1 07/12/99 00
0411475148 05 09/01/99 0
0411475148 O 08/01/29
0
2844951 K08/G01 F 161,000.00 ZZ
360 161,000.00 1
525 SWEETBRIER LANE 7.875 1,167.36 69
7.625 1,167.36 235,000.00
BENICIA CA 94510 2 07/02/99 00
0411478472 05 09/01/99 0
0411478472 O 08/01/29
0
2844964 K08/G01 F 128,250.00 ZZ
360 128,250.00 1
13266 N 40TH LANE 8.375 974.79 95
8.125 974.79 135,000.00
ROYAL PALM BEAC FL 33411 2 07/06/99 04
0411495658 05 09/01/99 30
0411495658 O 08/01/29
0
2845027 623/G01 F 265,655.00 ZZ
360 265,260.30 1
3610 ALLENTON SIX FLAGS 7.500 1,857.50 66
7.250 1,857.50 407,420.00
PACIFIC MO 63069 1 05/24/99 00
0431384361 05 07/01/99 0
0959238 O 06/01/29
0
2845028 623/G01 F 290,000.00 ZZ
360 288,205.87 1
1
108 ARCADIA COURT 6.875 1,905.09 80
6.625 1,905.09 365,800.00
MURFREESBORO TN 37130 4 04/01/99 00
0431384593 05 06/01/99 0
1095747 O 05/01/29
0
2845029 623/G01 F 279,000.00 ZZ
360 278,798.07 1
1628 RYMAN RIDGE ROAD 7.625 1,974.74 80
7.375 1,974.74 350,000.00
DALTON GA 30720 2 06/11/99 00
0431385483 05 08/01/99 0
1192413 O 07/01/29
0
2845030 623/G01 F 332,000.00 ZZ
240 330,105.66 1
18 SOUTH MAIN STREET 7.125 2,598.96 80
6.875 2,598.96 415,000.00
CRANBURY NJ 08512 2 04/07/99 00
0431393453 05 06/01/99 0
1194362 O 05/01/19
0
2845031 623/G01 F 352,000.00 ZZ
360 351,449.14 1
29910 FM 3009 7.250 2,401.27 80
7.000 2,401.27 440,000.00
NEW BRAUNFELS TX 78132 1 05/26/99 00
0431383959 05 07/01/99 0
1194538 O 06/01/29
0
2845032 623/G01 F 316,413.00 ZZ
360 315,391.84 1
42305 YOUNG LANE 7.125 2,131.73 80
6.875 2,131.73 395,957.00
LEESBURG VA 20176 1 03/31/99 00
0431384866 05 05/01/99 0
1210707 O 04/01/29
0
2845033 623/G01 F 310,000.00 ZZ
360 309,549.84 1
180 CHESHAM DRIVE 7.625 2,194.16 80
7.375 2,194.16 388,000.00
MIDDLEBURY CT 06762 2 05/26/99 00
0431385178 05 07/01/99 0
1
1210790 O 06/01/29
0
2845035 623/G01 F 360,800.00 ZZ
360 360,518.54 1
44 HARVESTWOOD LANE 7.250 2,461.29 80
7.000 2,461.29 451,000.00
MANSFIELD MA 02048 1 06/18/99 00
0431385632 05 08/01/99 0
1225895 O 07/01/29
0
2845037 623/G01 F 250,000.00 ZZ
360 249,366.30 1
50 WOODHILL TRACE 6.875 1,642.32 79
6.625 1,642.32 316,600.00
WETUMPKA AL 36092 1 04/30/99 00
0431384288 05 06/01/99 0
1237695 O 05/01/29
0
2845038 623/G01 F 280,000.00 ZZ
360 279,073.86 1
8691 SHADOWBROOK CV 7.000 1,862.85 80
6.750 1,862.85 350,000.00
GERMANTOWN TN 38139 1 03/15/99 00
0431385665 05 05/01/99 0
1244759 O 04/01/29
0
2845040 623/G01 F 260,000.00 ZZ
360 259,593.12 1
11 VIA SPES NOSTRA ST 7.250 1,773.66 80
7.000 1,773.66 325,000.00
LAS VEGAS NV 89124 1 05/24/99 00
0431384320 03 07/01/99 0
1323773 O 06/01/29
0
2845041 623/G01 F 300,000.00 ZZ
360 299,310.95 1
44 SUTTON HILL ROAD 7.375 2,072.03 80
7.125 2,072.03 375,000.00
NORTH ANDOVER MA 01845 1 04/28/99 00
0431385020 05 06/01/99 0
1336202 O 05/01/29
0
1
2845042 623/G01 F 268,100.00 ZZ
360 267,499.37 1
9940 LONETREE LANE 7.500 1,874.59 70
7.250 1,874.59 383,000.00
ORLANDO FL 32836 5 04/12/99 00
0431384064 05 06/01/99 0
1340013 O 05/01/29
0
2845043 623/G01 F 315,000.00 ZZ
360 314,153.79 1
1444 SADDLERIDGE PLACE 7.250 2,148.86 73
7.000 2,148.86 434,759.00
BARTLETT IL 60103 1 05/25/99 00
0431384122 05 07/01/99 0
1340178 O 06/01/29
0
2845044 623/G01 F 325,000.00 ZZ
360 324,478.67 1
19 W 561 COUNTRY LANE 7.125 2,189.58 76
6.875 2,189.58 430,000.00
LOMBARD IL 60148 2 05/28/99 00
0431384205 05 07/01/99 0
1340376 O 06/01/29
0
2845045 623/G01 F 348,300.00 ZZ
360 348,047.91 1
2 GLENBROOKE CIRCLE WEST 7.625 2,465.25 90
7.375 2,465.25 387,000.00
RICHMOND VA 23229 1 06/11/99 10
0431393214 05 08/01/99 25
1344015 O 07/01/29
0
2845046 623/G01 F 444,000.00 ZZ
360 443,305.19 1
835 UTTERBACK STORE ROAD 7.250 3,028.86 80
7.000 3,028.86 555,000.00
GREAT FALLS VA 22066 1 05/14/99 00
0431389089 05 07/01/99 0
1345205 O 06/01/29
0
2845047 623/G01 F 450,000.00 ZZ
360 449,278.16 1
15 EVERGREEN PARKWAY 7.125 3,031.73 75
6.875 3,031.73 600,000.00
1
WESTPORT CT 06880 5 05/24/99 00
0431384817 05 07/01/99 0
1345875 O 06/01/29
0
2845048 623/G01 F 276,000.00 ZZ
360 275,795.17 1
2766 BRIARCLIFF PLACE 7.500 1,929.83 70
7.250 1,929.83 395,000.00
VALENCIA CA 91354 5 06/03/99 00
0431384049 03 08/01/99 0
1346204 O 07/01/29
0
2845051 623/G01 F 324,800.00 ZZ
360 324,552.86 1
3232 VOLTA PLACE NW 7.375 2,243.31 80
7.125 2,243.31 406,000.00
WASHINGTON DC 20007 1 06/15/99 00
0431389105 05 08/01/99 0
1347790 O 07/01/29
0
2845052 623/G01 F 318,000.00 ZZ
360 317,758.02 1
2175 SCOTT LAKE ROAD 7.375 2,196.35 80
7.125 2,196.35 397,500.00
WATERFORD MI 48328 1 06/12/99 00
0431386770 05 08/01/99 0
1348178 O 07/01/29
0
2845053 623/G01 F 400,000.00 ZZ
360 399,374.03 1
40 DEPETRIS WAY 7.250 2,728.71 48
7.000 2,728.71 850,000.00
GROSSE POINTE F MI 48236 1 05/25/99 00
0431393396 05 07/01/99 0
1348196 O 06/01/29
0
2845054 623/G01 F 275,500.00 ZZ
360 275,305.55 1
11858 RAMSBURG ROAD 7.750 1,973.72 95
7.500 1,973.72 293,000.00
MARRIOTTSVILLE MD 21104 1 06/07/99 11
0431385095 05 08/01/99 30
1350155 O 07/01/29
0
1
2845055 623/G01 F 325,000.00 ZZ
360 324,746.47 1
410 CHERRY HILL DRIVE 7.250 2,217.07 73
7.000 2,217.07 450,000.00
MARIETTA GA 30067 5 06/11/99 00
0431384783 05 08/01/99 0
1351012 O 07/01/29
0
2845056 623/G01 F 329,500.00 ZZ
360 328,997.02 1
26 KINGSBURY PLACE 7.375 2,275.77 72
7.125 2,275.77 464,000.00
SAINT LOUIS MO 63112 5 05/28/99 00
0431386721 03 07/01/99 0
1353783 O 06/01/29
0
2845058 623/G01 F 327,600.00 ZZ
360 327,374.55 1
7824 WHITERIM TERRACE 7.875 2,375.33 90
7.625 2,375.33 364,000.00
POTOMAC MD 20854 1 06/17/99 10
0431386689 05 08/01/99 25
1361330 O 07/01/29
0
2845059 623/G01 F 304,500.00 ZZ
360 304,285.08 1
265 SOUTH 9500 EAST 7.750 2,181.48 75
7.500 2,181.48 406,000.00
HUNTSVILLE UT 84317 1 06/11/99 00
0431385541 05 08/01/99 0
1439583 O 07/01/29
0
2845060 623/G01 F 265,540.00 ZZ
360 253,774.02 1
4663 W 21ST CIR 7.500 1,856.69 80
7.250 1,856.69 331,925.00
GREELEY CO 80634 1 05/28/99 00
0431385590 03 07/01/99 0
1462731 O 06/01/29
0
2845062 623/G01 F 248,000.00 ZZ
360 247,820.50 1
1
50415 E 88TH AVE 7.625 1,755.33 80
7.375 1,755.33 310,000.00
BENNETT CO 80102 2 06/07/99 00
0431386515 05 08/01/99 0
1462938 O 07/01/29
0
2845063 623/G01 F 310,000.00 ZZ
360 309,752.10 1
54 WIND RIDGE CIRCLE 7.125 2,088.53 70
6.875 2,088.53 447,000.00
THE WOODLANDS TX 77381 1 06/01/99 00
0431383934 03 08/01/99 0
5212975 O 07/01/29
0
2845064 623/G01 F 321,000.00 ZZ
360 320,767.67 1
908 CREEK HOLLOW LANE 7.625 2,272.02 74
7.375 2,272.02 435,000.00
FORT WORTH TX 76131 2 06/16/99 00
0431386697 03 08/01/99 0
5214668 O 07/01/29
0
2845065 623/G01 F 343,500.00 ZZ
360 343,307.43 1
30112 BRIDGEVIEW WAY 8.875 2,733.04 80
8.625 2,733.04 429,379.00
HAYWARD CA 94544 1 06/01/99 00
0431384130 05 08/01/99 0
6200335 O 07/01/29
0
2845066 623/G01 F 280,000.00 ZZ
360 279,572.57 1
18 SUNLIT DRIVE EAST 7.375 1,933.89 80
7.125 1,933.89 350,000.00
SANTA FE NM 87505 1 05/28/99 00
0431386648 05 07/01/99 0
6201121 O 06/01/29
0
2845068 623/G01 F 328,000.00 ZZ
360 327,750.41 1
11089 HUMMINGBIRD LANE 7.375 2,265.42 80
7.125 2,265.42 410,000.00
APACHE JUNCTION AZ 85219 1 06/04/99 00
0431386580 05 08/01/99 0
1
6202740 O 07/01/29
0
2845069 623/G01 F 323,400.00 ZZ
360 322,566.34 1
28781 CHARREADAS 7.625 2,289.01 80
7.375 2,289.01 405,000.00
LAGUNA NIGUEL CA 92677 2 04/30/99 00
0431384759 05 06/01/99 0
6204288 O 05/01/29
0
2845070 623/G01 F 264,000.00 ZZ
360 263,037.15 1
18412 MANHATTAN PLACE 7.375 1,823.38 80
7.125 1,823.38 330,000.00
TORRANCE CA 90504 5 05/07/99 00
0431384023 05 06/01/99 0
6205084 O 05/01/29
0
2845071 623/G01 F 264,000.00 ZZ
360 263,606.92 1
2831 ALTA STREET 7.500 1,845.93 80
7.250 1,845.93 330,000.00
LOS OLIVOS CA 93441 1 06/03/99 00
0431391077 05 07/01/99 0
6205253 O 06/01/29
0
2845072 623/G01 F 397,500.00 ZZ
360 396,862.37 1
385 MESA WAY 7.125 2,678.03 75
6.875 2,678.03 530,000.00
SAN DIEGO CA 92037 5 05/14/99 00
0431384148 05 07/01/99 0
6206018 O 06/01/29
0
2845074 623/G01 F 368,000.00 ZZ
360 366,841.24 1
135 CYPRESS ST 7.250 2,510.41 80
7.000 2,510.41 460,000.00
CAYUCOS CA 93430 2 03/29/99 00
0431383975 05 05/01/99 0
6226038 O 04/01/29
0
1
2845075 623/G01 F 483,000.00 ZZ
360 482,225.21 1
5365 CANDELABRA PLACE 7.125 3,254.06 67
6.875 3,254.06 725,000.00
SAN LUIS OBISPO CA 93401 2 05/21/99 00
0431393222 05 07/01/99 0
6238786 O 06/01/29
0
2845076 623/G01 F 305,600.00 ZZ
360 305,349.50 1
239 ROSITA STREET 7.000 2,033.17 80
6.750 2,033.17 382,000.00
SAN LUIS OBISPO CA 93405 1 06/01/99 00
0431393263 05 08/01/99 0
6238811 O 07/01/29
0
2845077 623/G01 F 277,000.00 ZZ
360 276,794.42 1
6088 MARSHALL WAY 7.500 1,936.83 72
7.250 1,936.83 390,000.00
SAN LUIS OBISPO CA 93401 5 05/27/99 00
0431384312 05 08/01/99 0
6238813 O 07/01/29
0
2845078 623/G01 F 411,500.00 ZZ
360 411,170.93 1
18441 CARMELO COURT 7.125 2,772.35 80
6.875 2,772.35 514,724.00
MORGAN HILL CA 95037 1 06/04/99 00
0431384163 03 08/01/99 0
6242695 O 07/01/29
0
2845079 623/G01 F 375,450.00 ZZ
360 375,164.31 1
18401 PADUA COURT 7.375 2,593.14 80
7.125 2,593.14 469,336.00
MORGAN HILL CA 95037 1 06/16/99 00
0431384254 03 08/01/99 0
6242770 O 07/01/29
0
2845080 623/G01 F 403,500.00 ZZ
360 403,192.97 1
18421 CARMELO COURT 7.375 2,786.87 80
7.125 2,786.87 504,393.00
1
MORGAN HILL CA 95037 1 06/08/99 00
0431386390 03 08/01/99 0
6242857 O 07/01/29
0
2845081 623/G01 F 281,500.00 ZZ
360 281,280.40 1
556 & 558 FELL STREET 7.250 1,920.33 57
7.000 1,920.33 500,000.00
SAN FRANCISCO CA 94102 2 06/10/99 00
0431384080 05 08/01/99 0
6245742 O 07/01/29
0
2845082 623/G01 F 260,900.00 ZZ
360 260,471.05 1
10545 SELKIRK LANE 7.000 1,735.77 90
6.750 1,735.77 290,000.00
LOS ANGELES CA 90077 1 06/10/99 14
0431393297 05 07/01/99 25
6269610 O 06/01/29
0
2845084 623/G01 F 285,000.00 ZZ
360 284,542.82 1
545 TAYLOR AVENUE 7.125 1,920.10 95
6.875 1,920.10 300,000.00
ALAMEDA CA 94501 1 05/19/99 10
0431384007 05 07/01/99 30
6273257 O 06/01/29
0
2845086 623/G01 F 350,000.00 ZZ
360 349,713.11 1
26716 EL MAR DRIVE 7.000 2,328.56 90
6.750 2,328.56 389,900.00
MISSION VIEJO CA 92691 1 05/21/99 11
0431393255 05 08/01/99 25
6279188 O 07/01/29
0
2845087 623/G01 F 299,000.00 ZZ
360 297,408.17 1
83 ANTIGUA CT 7.125 2,014.42 79
6.875 2,014.42 380,000.00
CORONADO CA 92118 2 04/07/99 00
0431393438 07 05/01/99 0
6288627 O 04/01/29
0
1
2845088 623/G01 F 253,000.00 ZZ
360 252,584.01 1
24872 EL CORTIJO LANE 7.000 1,683.22 90
6.750 1,683.22 283,300.00
MISSION VIEJO CA 92691 1 05/28/99 10
0431386820 05 07/01/99 25
6291010 O 06/01/29
0
2845090 623/G01 F 350,000.00 ZZ
360 349,733.68 1
4222 STANBRIDGE AVENUE 7.375 2,417.36 80
7.125 2,417.36 439,500.00
LONG BEACH CA 90808 1 06/02/99 00
0431389097 05 08/01/99 0
6297676 O 07/01/29
0
2845091 623/G01 F 448,000.00 ZZ
360 447,298.93 1
1836 8TH STREET 7.250 3,056.15 60
7.000 3,056.15 748,000.00
MANHATTAN BEACH CA 90266 1 05/28/99 00
0431385525 05 07/01/99 0
6314602 O 06/01/29
0
2845092 623/G01 F 312,000.00 ZZ
360 311,762.59 1
1616 IDLEWOOD ROAD 7.375 2,154.91 80
7.125 2,154.91 390,000.00
GLENDALE CA 91202 1 06/04/99 00
0431384106 05 08/01/99 0
6397538 O 07/01/29
0
2845093 623/G01 F 326,400.00 ZZ
360 326,157.76 1
1809 LAURINDA DRIVE 7.500 2,282.24 80
7.250 2,282.24 408,000.00
SAN JOSE CA 95124 1 06/15/99 00
0431384809 05 08/01/99 0
6399101 O 07/01/29
0
2845094 623/G01 F 350,000.00 ZZ
360 349,740.25 1
1
13576 N 105 EAST 7.500 2,447.25 63
7.250 2,447.25 558,000.00
IDAHO FALLS ID 83401 2 06/11/99 00
0431384908 05 08/01/99 0
7066534 O 07/01/29
0
2845095 623/G01 F 284,650.00 ZZ
360 284,204.56 1
3575 EAST MILLCREEK ROAD 7.250 1,941.81 76
7.000 1,941.81 375,000.00
SALT LAKE CITY UT 84109 2 05/25/99 00
0431393354 05 07/01/99 0
7125914 O 06/01/29
0
2845356 K08/G01 F 76,000.00 ZZ
360 76,000.00 1
3778 OLIVE STREET 7.750 544.47 80
7.500 544.47 95,000.00
SHASTA LAKE CA 96019 2 07/06/99 00
0411466451 05 09/01/99 0
0411466451 O 08/01/29
0
2845366 K08/G01 F 112,000.00 ZZ
360 112,000.00 1
2501 NW 7TH AVENUE 7.250 764.04 67
7.000 764.04 168,168.00
WILTON MANORS FL 33311 2 07/08/99 00
0411498512 05 09/01/99 0
0411498512 O 08/01/29
0
2846624 696/G01 F 341,200.00 ZZ
360 341,200.00 1
16417 FOX VALLEY TERRACE 7.625 2,414.99 80
7.375 2,414.99 430,000.00
ROCKVILLE MD 20853 1 07/09/99 00
0431385038 03 09/01/99 0
3198221 O 08/01/29
0
2846625 696/G01 F 798,650.00 ZZ
360 798,650.00 1
3824 VILLAGE PARK DRIVE 7.750 5,721.63 80
7.500 5,721.63 998,328.00
CHEVY CHASE MD 20815 1 07/12/99 00
0431385061 03 09/01/99 0
1
32999079 O 08/01/29
0
2847267 K08/G01 F 175,000.00 ZZ
360 175,000.00 1
13730 SUNTAN AVENUE 8.125 1,299.37 61
7.875 1,299.37 290,000.00
CORPUS CHRISTI TX 78418 4 07/13/99 00
0411192313 03 09/01/99 0
0411192313 O 08/01/29
0
2847279 K08/G01 F 192,750.00 ZZ
360 192,620.67 1
535 EAST ANGELA STREET 8.000 1,414.33 65
7.750 1,414.33 300,000.00
PLEASANTON CA 94566 2 06/28/99 00
0411483837 05 08/01/99 0
0411483837 O 07/01/29
0
2847691 E82/G01 F 495,000.00 ZZ
360 495,000.00 1
4701 TRAILS END 7.250 3,376.77 71
7.000 3,376.77 705,000.00
FORT COLLINS CO 80526 2 07/12/99 00
0400211512 03 09/01/99 0
1545658 O 08/01/29
0
2847692 E82/G01 F 240,000.00 ZZ
360 240,000.00 1
634 EAST CAPITOL STREET N 8.125 1,781.99 54
7.875 1,781.99 450,000.00
WASHINGTON DC 20003 2 07/14/99 00
0400215182 05 09/01/99 0
0400215182 O 08/01/29
0
2847693 E82/G01 F 353,700.00 ZZ
360 353,700.00 1
3230 ORION DRIVE 7.375 2,442.92 80
7.125 2,442.92 442,143.00
COLORADO SPRING CO 80906 1 07/16/99 00
0400159406 05 09/01/99 0
0400159406 O 08/01/29
0
1
2847694 E82/G01 F 294,600.00 ZZ
360 294,600.00 1
1038 NORTH KENTER AVENUE 7.875 2,136.05 55
7.625 2,136.05 542,000.00
LOS ANGELES CA 90049 2 07/12/99 00
0400214367 05 09/01/99 0
1532989 O 08/01/29
0
2847831 696/G01 F 207,600.00 ZZ
360 207,600.00 1
635 NORTH WEST STREET 7.125 1,398.64 80
6.875 1,398.64 259,500.00
ALEXANDRIA VA 22314 1 07/15/99 00
0431386069 05 09/01/99 0
22799068 O 08/01/29
0
2847832 696/G01 F 228,600.00 ZZ
360 228,600.00 1
621 N. ST. ASAPH STREET, #303 7.750 1,637.72 80
7.500 1,637.72 287,500.00
ALEXANDRIA VA 22314 1 07/09/99 00
0431385996 01 09/01/99 0
24699136 O 08/01/29
0
2847833 696/G01 F 340,000.00 ZZ
360 340,000.00 1
9226 VERNON DRIVE 7.375 2,348.30 80
7.125 2,348.30 425,000.00
GREAT FALLS VA 22066 1 07/15/99 00
0431386036 03 09/01/99 0
23799138 O 08/01/29
0
2848417 976/R18 F 312,000.00 ZZ
360 311,737.88 1
11109 ROBERT CARTER ROAD 6.875 2,049.62 80
6.625 2,049.62 390,000.00
FAIRFAX STATION VA 22039 1 06/28/99 00
TO BE ASSIGNED 03 08/01/99 0
5740511 O 07/01/29
0
2848420 976/R18 F 296,500.00 ZZ
360 296,274.38 1
17265 EAST VIEW DRIVE 7.375 2,047.86 80
7.125 2,047.86 370,677.00
1
CHINO HILLS CA 91710 1 06/07/99 00
TO BE ASSIGNED 05 08/01/99 0
5479614 O 07/01/29
0
2848421 976/R18 F 270,750.00 ZZ
360 270,538.78 1
3268 SANTA PAULA WAY 7.250 1,847.00 95
7.000 1,847.00 285,000.00
UNION CITY CA 94587 1 06/04/99 10
TO BE ASSIGNED 05 08/01/99 30
5621104 O 07/01/29
0
2848422 976/R18 F 328,100.00 ZZ
360 327,862.52 2
1420 15TH STREET 7.625 2,322.28 67
7.375 2,322.28 495,000.00
MANHATTAN BEACH CA 90266 2 06/08/99 00
TO BE ASSIGNED 05 08/01/99 0
5623871 O 07/01/29
0
2848423 976/R18 F 347,200.00 ZZ
360 346,922.34 1
1302 CAPULET COURT 7.125 2,339.16 80
6.875 2,339.16 434,000.00
MCLEAN VA 22102 1 06/25/99 00
TO BE ASSIGNED 05 08/01/99 0
5740443 O 07/01/29
0
2848429 976/R18 F 264,000.00 ZZ
360 263,813.67 1
3132 OLIVE KNOLL PLACE 7.750 1,891.33 80
7.500 1,891.33 330,000.00
ESCONDIDO CA 92027 2 06/14/99 00
TO BE ASSIGNED 03 08/01/99 0
5717913 O 07/01/29
0
2848431 976/R18 F 261,800.00 ZZ
360 261,619.82 1
28715 N. HASKELL CANYON ROAD 7.875 1,898.24 80
7.625 1,898.24 327,257.00
SANTA CLARITA A CA 91350 1 06/21/99 00
TO BE ASSIGNED 05 08/01/99 0
5529575 O 07/01/29
0
1
2848435 976/R18 F 269,500.00 ZZ
360 269,500.00 1
35 ANPELL DRIVE 7.750 1,930.74 70
7.500 1,930.74 385,000.00
SCARSDALE NY 10583 1 07/06/99 00
TO BE ASSIGNED 05 09/01/99 0
5705097 O 08/01/29
0
2848436 976/R18 F 295,200.00 ZZ
360 294,677.66 1
4815 WESTERN AVENUE, NW 6.625 1,890.20 80
6.375 1,890.20 369,000.00
WASHINGTON DC 20016 1 05/14/99 00
TO BE ASSIGNED 05 07/01/99 0
5649120 O 06/01/29
0
2848438 976/R18 F 264,000.00 ZZ
360 263,813.67 1
6728 WILDARE ROAD SOUTHWEST 7.750 1,891.33 80
7.500 1,891.33 330,000.00
TACOMA WA 98499 1 06/14/99 00
TO BE ASSIGNED 05 08/01/99 0
5569903 O 07/01/29
0
2848439 976/R18 F 400,000.00 ZZ
360 399,703.14 1
26710 COUNTY ROAD 98 7.500 2,796.86 80
7.250 2,796.86 500,000.00
DAVIS CA 95616 1 06/14/99 00
TO BE ASSIGNED 05 08/01/99 0
5756232 O 07/01/29
0
2848440 976/R18 F 100,700.00 ZZ
360 100,613.30 1
62 ELIZABETH AVENUE 6.750 653.14 95
6.500 653.14 106,000.00
BLOOMFIELD CT 06002 2 06/10/99 04
TO BE ASSIGNED 05 08/01/99 30
5705008 O 07/01/29
0
2848442 976/R18 F 354,000.00 ZZ
360 353,750.15 1
1
18132 WELLBROOK CIRCLE 7.750 2,536.10 80
7.500 2,536.10 442,500.00
HUNTINGTON BEAC CA 92647 1 06/23/99 00
TO BE ASSIGNED 05 08/01/99 0
5752086 O 07/01/29
0
2848443 976/R18 F 112,000.00 ZZ
360 111,916.87 1
20540 FOOTHILL DRIVE 7.500 783.13 80
7.250 783.13 140,000.00
MONTE RIO CA 95462 1 06/23/99 00
TO BE ASSIGNED 05 08/01/99 0
5749290 O 07/01/29
0
2848444 976/R18 F 600,000.00 ZZ
360 599,294.90 1
33 MONTICELLO AVENUE 7.625 4,246.77 64
7.375 4,246.77 945,000.00
PIEDMONT CA 94611 1 06/22/99 00
TO BE ASSIGNED 05 08/01/99 0
5756570 O 07/01/29
0
2848445 976/R18 F 319,960.00 ZZ
360 319,734.17 1
104 TOMLINSON DRIVE 7.750 2,292.24 80
7.500 2,292.24 399,950.00
FOLSOM CA 95630 1 06/14/99 00
TO BE ASSIGNED 03 08/01/99 0
5756451 O 07/01/29
0
2848447 976/R18 F 373,600.00 ZZ
360 373,301.23 1
1124 TROTTING HORSE LANE 7.125 2,517.02 80
6.875 2,517.02 467,000.00
GREAT FALLS VA 22066 1 07/01/99 00
TO BE ASSIGNED 03 08/01/99 0
5649228 O 07/01/29
0
2848448 976/R18 F 261,500.00 ZZ
360 260,941.32 1
4426 WEST 233RD STREET 7.375 1,806.12 79
7.125 1,806.12 335,000.00
TORRANCE CA 90505 1 05/28/99 00
TO BE ASSIGNED 05 07/01/99 0
1
5716085 O 06/01/29
0
2848450 976/R18 F 263,600.00 ZZ
360 263,409.21 1
26508 CANYON TERRACE WAY 7.625 1,865.75 80
7.375 1,865.75 329,500.00
SANTA CLARITA CA 91351 1 06/14/99 00
TO BE ASSIGNED 03 08/01/99 0
5717857 O 07/01/29
0
2848452 976/R18 F 315,000.00 ZZ
360 314,777.67 1
905 SOUTH CLOVERDALE DRIVE 7.750 2,256.70 75
7.500 2,256.70 420,000.00
ANAHEIM CA 92808 5 06/16/99 00
TO BE ASSIGNED 03 08/01/99 0
5486935 O 07/01/29
0
2848453 976/R18 F 204,000.00 ZZ
360 203,859.60 1
249 WILSON STREET 7.875 1,479.15 70
7.625 1,479.15 292,000.00
SIERRA MADRE CA 91024 1 06/21/99 00
TO BE ASSIGNED 05 08/01/99 0
5714197 O 07/01/29
0
2848455 976/R18 F 268,000.00 ZZ
360 266,993.15 1
1819 MELVIN ROAD 7.500 1,873.89 56
7.250 1,873.89 485,000.00
OAKLAND CA 94602 2 03/16/99 00
TO BE ASSIGNED 05 05/01/99 0
5599876 O 04/01/29
0
2848459 976/R18 F 251,200.00 ZZ
360 251,018.19 1
6419 PAT AVENUE 7.625 1,777.98 80
7.375 1,777.98 314,000.00
LOS ANGELES CA 91307 1 06/21/99 00
TO BE ASSIGNED 05 08/01/99 0
5714161 O 07/01/29
0
1
2848462 976/R18 F 312,000.00 ZZ
240 311,462.02 1
8192 CANTERSHIRE WAY 7.875 2,585.48 79
7.625 2,585.48 395,000.00
GRANITE BAY CA 95746 2 06/24/99 00
TO BE ASSIGNED 05 08/01/99 0
5756455 O 07/01/19
0
2848464 976/R18 F 331,000.00 ZZ
360 330,772.21 1
118 CROW PLACE 7.875 2,399.98 77
7.625 2,399.98 430,000.00
CLAYTON CA 94517 2 06/15/99 00
TO BE ASSIGNED 05 08/01/99 0
5738484 O 07/01/29
0
2848465 976/R18 F 287,900.00 ZZ
360 287,438.17 1
4709 PASEO MARAVILLA 7.125 1,939.64 80
6.875 1,939.64 359,889.00
CAMARILLO CA 93012 1 05/10/99 00
TO BE ASSIGNED 03 07/01/99 0
5303599 O 06/01/29
0
2848468 976/R18 F 443,800.00 ZZ
360 443,453.79 1
4030 LA CANADA ROAD 7.250 3,027.50 80
7.000 3,027.50 554,800.00
FALLBROOK CA 92028 1 06/14/99 00
TO BE ASSIGNED 03 08/01/99 0
5680643 O 07/01/29
0
2848469 976/R18 F 286,000.00 ZZ
360 285,387.50 1
2879 CLUB HOUSE ROAD 7.500 1,999.76 80
7.250 1,999.76 357,500.00
COSTA MESA CA 92626 1 06/17/99 00
TO BE ASSIGNED 05 08/01/99 0
5716175 O 07/01/29
0
2848470 976/R18 F 331,200.00 ZZ
360 330,960.28 1
1717 ASHFORD OAKS COURT 7.625 2,344.22 80
7.375 2,344.22 414,000.00
1
ST. LOUIS MO 63038 1 06/29/99 00
TO BE ASSIGNED 03 08/01/99 0
5636779 O 07/01/29
0
2848472 976/R18 F 294,400.00 ZZ
360 294,175.98 1
32725 EMPIRE STREET 7.375 2,033.35 80
7.125 2,033.35 368,000.00
UNION CITY CA 94587 1 06/15/99 00
TO BE ASSIGNED 05 08/01/99 0
5621123 O 07/01/29
0
2848473 976/R18 F 279,600.00 ZZ
360 279,365.10 1
4696 BRENTWALL COURT 6.875 1,836.78 80
6.625 1,836.78 349,515.00
CHANTILLY VA 20151 1 06/25/99 00
TO BE ASSIGNED 03 08/01/99 0
5686105 O 07/01/29
0
2848474 976/R18 F 395,000.00 ZZ
360 394,721.21 1
4012 FERNWOOD STREET 7.750 2,829.83 80
7.500 2,829.83 493,800.00
SAN MATEO CA 94403 1 06/18/99 00
TO BE ASSIGNED 05 08/01/99 0
5621751 O 07/01/29
0
2848477 976/R18 F 412,800.00 ZZ
360 412,501.22 1
4076 LARK STREET 7.625 2,921.78 80
7.375 2,921.78 516,000.00
SAN DIEGO CA 92103 1 06/24/99 00
TO BE ASSIGNED 05 08/01/99 0
5732692 O 07/01/29
0
2848478 976/R18 F 260,700.00 ZZ
360 260,516.00 1
2933 AUDUBON CIRCLE 7.750 1,867.69 80
7.500 1,867.69 325,914.00
DAVIS CA 95616 1 06/10/99 00
TO BE ASSIGNED 05 08/01/99 0
5590579 O 07/01/29
0
1
2848479 976/R18 F 308,000.00 ZZ
360 307,771.41 1
18 DURANT STREET 7.500 2,153.59 60
7.250 2,153.59 515,000.00
NEWTON MA 02458 5 06/28/99 00
TO BE ASSIGNED 05 08/01/99 0
5378458 O 07/01/29
0
2848481 976/R18 F 330,400.00 ZZ
360 330,154.79 1
24 REGALO DRIVE 7.500 2,310.21 80
7.250 2,310.21 413,000.00
MISSION VIEJO CA 92692 1 06/18/99 00
TO BE ASSIGNED 03 08/01/99 0
5717915 O 07/01/29
0
2848482 976/G01 F 396,000.00 ZZ
360 396,000.00 1
5420 EAST LONG PLACE 7.375 2,735.08 80
7.125 2,735.08 495,000.00
LITTLETON CO 80122 1 07/09/99 00
TO BE ASSIGNED 03 09/01/99 0
5716246 O 08/01/29
0
2848483 976/R18 F 359,000.00 ZZ
360 358,655.94 1
5028 FOXPOINT LANE 7.875 2,603.00 75
7.625 2,603.00 479,000.00
ROLLING HILLS E CA 90274 1 06/15/99 00
TO BE ASSIGNED 05 08/01/99 0
5754801 O 07/01/29
0
2848485 976/R18 F 389,900.00 ZZ
360 389,900.00 1
8711 NORTH VIA LA SERENA 7.750 2,793.30 70
7.500 2,793.30 557,000.00
PARADISE VALLEY AZ 85253 1 07/08/99 00
TO BE ASSIGNED 05 09/01/99 0
5674240 O 08/01/29
0
2848487 976/R18 F 544,000.00 ZZ
360 542,621.04 1
1
20 WELLS HILL ROAD 6.875 3,573.70 80
6.625 3,573.70 680,000.00
EASTON CT 06612 1 05/04/99 00
TO BE ASSIGNED 05 06/01/99 0
5629657 O 05/01/29
0
2848494 976/R18 F 287,000.00 ZZ
360 286,797.43 1
2066 20TH AVENUE 7.750 2,056.11 70
7.500 2,056.11 410,000.00
SAN FRANCISCO CA 94116 2 06/10/99 00
TO BE ASSIGNED 05 08/01/99 0
5577408 O 07/01/29
0
2848496 976/R18 F 350,000.00 ZZ
360 350,000.00 1
6037 RENO AVENUE 8.000 2,568.18 71
7.750 2,568.18 498,000.00
TEMPLE CITY CA 91780 1 07/09/99 00
TO BE ASSIGNED 05 09/01/99 0
5797635 O 08/01/29
0
2848498 976/R18 F 330,700.00 ZZ
360 330,472.41 1
28203 NORTH INFINITY CIRCLE 7.875 2,397.81 80
7.625 2,397.81 413,447.00
SAUGUS AREA CA 91350 1 06/14/99 00
TO BE ASSIGNED 05 08/01/99 0
5529597 O 07/01/29
0
2848500 976/G01 F 149,250.00 ZZ
360 149,141.97 1
18861-39 CAMINITO CANTILENA 7.625 1,056.39 63
7.375 1,056.39 239,838.00
SAN DIEGO CA 92128 1 06/01/99 00
TO BE ASSIGNED 01 08/01/99 0
5659388 O 07/01/29
0
2848502 976/R18 F 301,000.00 ZZ
360 301,000.00 1
10280 MEADOWVIEW DRIVE 8.000 2,208.64 86
7.750 2,208.64 350,000.00
SAN DIEGO CA 92131 2 07/01/99 11
TO BE ASSIGNED 05 09/01/99 25
1
5681303 O 08/01/29
0
2848503 976/R18 F 307,300.00 ZZ
360 307,083.11 1
2913 HARBOUR SHORE LANE 7.750 2,201.54 80
7.500 2,201.54 384,207.00
ELK GROVE CA 95758 1 06/25/99 00
TO BE ASSIGNED 03 08/01/99 0
5648115 O 07/01/29
0
2848504 976/R18 F 344,000.00 ZZ
360 343,751.01 1
5264 HIGHCREST DRIVE 7.625 2,434.82 80
7.375 2,434.82 430,000.00
CAMERON PARK CA 95682 1 06/22/99 00
TO BE ASSIGNED 05 08/01/99 0
5756345 O 07/01/29
0
2848506 976/R18 F 303,250.00 ZZ
360 303,030.51 1
3073 FLORENCE AVENUE 7.625 2,146.39 80
7.375 2,146.39 379,120.00
SAN JOSE CA 95127 1 06/15/99 00
TO BE ASSIGNED 03 08/01/99 0
5622316 O 07/01/29
0
2848507 976/R18 F 294,000.00 ZZ
360 293,003.47 1
79 SLEEPY HOLLOW ROAD 6.875 1,931.38 80
6.625 1,931.38 367,500.00
SLEEPY HOLLOW NY 10591 1 03/26/99 00
TO BE ASSIGNED 05 05/01/99 0
5624331 O 04/01/29
0
2848508 976/R18 F 399,900.00 ZZ
360 399,304.58 1
2016 WATERMILL LANE 7.500 2,796.16 80
7.250 2,796.16 499,900.00
BIRMINGHAM AL 35242 1 05/28/99 00
TO BE ASSIGNED 05 07/01/99 0
5616224 O 06/01/29
0
1
2848511 976/R18 F 147,000.00 ZZ
360 146,885.33 1
25355 VIA SALUDO 7.250 1,002.80 75
7.000 1,002.80 196,000.00
VALENCIA AREA, CA 91355 1 06/08/99 00
TO BE ASSIGNED 05 08/01/99 0
5529342 O 07/01/29
0
2848514 976/R18 F 335,200.00 ZZ
360 335,200.00 1
19326 BROOKTRAIL LANE 7.875 2,430.44 80
7.625 2,430.44 419,000.00
HUNTINGTON BEAC CA 92648 1 07/02/99 00
TO BE ASSIGNED 09 09/01/99 0
5752122 O 08/01/29
0
2848518 976/R18 F 420,000.00 ZZ
360 420,000.00 1
3312 CROWN POINT DRIVE 7.750 3,008.94 80
7.500 3,008.94 525,000.00
SAN DIEGO CA 92109 1 07/09/99 00
TO BE ASSIGNED 05 09/01/99 0
5791457 O 08/01/29
0
2848521 976/R18 F 220,000.00 ZZ
360 219,844.72 1
19660 STANTON AVENUE 7.750 1,576.11 80
7.500 1,576.11 275,000.00
HAYWARD CA 94546 1 06/17/99 00
TO BE ASSIGNED 05 08/01/99 0
5482744 O 07/01/29
0
2848522 976/R18 F 255,000.00 ZZ
360 254,837.39 1
16430 MOUNT NEWBERRY CIRCLE 8.250 1,915.74 93
8.000 1,915.74 275,000.00
FOUNTAIN VALLEY CA 92708 1 06/23/99 21
TO BE ASSIGNED 05 08/01/99 30
5714178 O 07/01/29
0
2848523 976/R18 F 138,850.00 ZZ
360 138,746.95 1
32884 PATERNO STREET 7.500 970.86 75
7.250 970.86 185,148.00
1
TEMECULA CA 92592 1 06/07/99 00
TO BE ASSIGNED 03 08/01/99 0
5292028 O 07/01/29
0
2848526 976/R18 F 247,500.00 ZZ
360 246,931.51 1
2627 MAUDE STREET 7.375 1,709.43 90
7.125 1,709.43 275,000.00
RIVERSIDE CA 92506 1 04/14/99 21
TO BE ASSIGNED 05 06/01/99 25
5632198 O 05/01/29
0
2848527 976/R18 F 205,000.00 ZZ
360 204,869.28 1
3360 LAWNDALE ROAD 8.250 1,540.10 61
8.000 1,540.10 339,000.00
RESISTERSTOWN MD 21136 1 06/30/99 00
TO BE ASSIGNED 05 08/01/99 0
5757296 O 07/01/29
0
2848528 976/R18 F 372,000.00 ZZ
360 371,762.78 1
1845 LEAVENWORTH STREET #203 8.250 2,794.72 80
8.000 2,794.72 465,000.00
SAN FRANCISCO CA 94109 1 06/24/99 00
TO BE ASSIGNED 01 08/01/99 0
5576462 O 07/01/29
0
2848529 976/R18 F 387,950.00 ZZ
360 387,950.00 1
5203 ASHLEY WAY 7.500 2,712.61 70
7.250 2,712.61 557,950.00
SAN JOSE CA 95135 1 07/01/99 00
TO BE ASSIGNED 05 09/01/99 0
5622408 O 08/01/29
0
2848531 976/R18 F 416,400.00 ZZ
360 416,075.16 1
11158 EAST BECK LANE 7.250 2,840.59 80
7.000 2,840.59 520,577.00
SCOTTSDALE AZ 85259 1 06/15/99 00
TO BE ASSIGNED 03 08/01/99 0
5500659 O 07/01/29
0
1
2848533 976/R18 F 368,000.00 ZZ
360 367,719.98 1
1770 LINWOOD STREET 7.375 2,541.69 80
7.125 2,541.69 460,000.00
SAN DIEGO CA 92110 1 06/14/99 00
TO BE ASSIGNED 05 08/01/99 0
5704816 O 07/01/29
0
2848535 976/R18 F 262,800.00 ZZ
360 261,199.16 1
LOT #2 DEMPSEY WAY 7.500 1,837.54 90
7.250 1,837.54 292,000.00
WESTFORD MA 01886 1 02/26/99 11
TO BE ASSIGNED 05 04/01/99 25
7502357 O 03/01/29
0
2848537 976/R18 F 298,900.00 ZZ
360 298,900.00 1
28634 N. HASKELL CANYON ROAD 7.750 2,141.36 80
7.500 2,141.36 373,643.00
SANTA CLARITA A CA 91350 1 07/01/99 00
TO BE ASSIGNED 05 09/01/99 0
5529567 O 08/01/29
0
2848540 976/R18 F 236,000.00 ZZ
360 235,853.30 1
270 DELIA STREET 8.375 1,793.78 80
8.125 1,793.78 295,000.00
SAN JOSE CA 95127 1 06/25/99 00
TO BE ASSIGNED 05 08/01/99 0
5577744 O 07/01/29
0
2848541 976/R18 F 308,000.00 ZZ
360 307,780.21 1
2947 EL DORADO STREET 7.750 2,206.56 80
7.500 2,206.56 385,000.00
TORRANCE CA 90503 1 06/24/99 00
TO BE ASSIGNED 05 08/01/99 0
5601386 O 07/01/29
0
2848544 976/R18 F 260,000.00 ZZ
360 259,792.08 1
1
144 ESTATES DRIVE 7.125 1,751.67 80
6.875 1,751.67 325,000.00
BEN LOMOND CA 95005 1 06/03/99 00
TO BE ASSIGNED 05 08/01/99 0
5527204 O 07/01/29
0
2848545 976/R18 F 452,550.00 ZZ
360 452,214.14 1
5216 ASHLEY WAY 7.500 3,164.30 80
7.250 3,164.30 565,725.00
SAN JOSE CA 95135 1 06/11/99 00
TO BE ASSIGNED 05 08/01/99 0
5577968 O 07/01/29
0
2848546 976/R18 F 500,000.00 ZZ
360 500,000.00 1
4014 MILLAGRA DRIVE 7.000 3,326.52 80
6.750 3,326.52 625,000.00
FALLBROOK CA 92028 1 07/02/99 00
TO BE ASSIGNED 03 09/01/99 0
5649238 O 08/01/29
0
2848547 976/R18 F 324,000.00 ZZ
360 323,771.32 1
627 PRECITA AVENUE 7.750 2,321.18 80
7.500 2,321.18 405,000.00
SAN FRANCISCO CA 94110 1 06/22/99 00
TO BE ASSIGNED 05 08/01/99 0
5622238 O 07/01/29
0
2848548 976/R18 F 475,000.00 ZZ
360 474,664.75 1
44366 CLUBHOUSE DRIVE 7.750 3,402.96 78
7.500 3,402.96 610,000.00
EL MACERO CA 95618 2 06/09/99 00
TO BE ASSIGNED 03 08/01/99 0
5704707 O 07/01/29
0
2848549 976/R18 F 242,250.00 ZZ
360 242,079.02 1
20912 ENRIQUE STREET 7.750 1,735.51 95
WOODLAND HILLS AREA 7.500 1,735.51 255,000.00
LOS ANGELES CA 91364 1 06/21/99 11
TO BE ASSIGNED 05 08/01/99 30
1
5529297 O 07/01/29
0
2848553 976/R18 F 267,500.00 ZZ
360 267,275.26 1
28705 N. HASKELL CANYON ROAD 6.875 1,757.29 80
6.625 1,757.29 334,383.00
SANTA CLARITA A CA 91350 1 06/23/99 00
TO BE ASSIGNED 05 08/01/99 0
5529578 O 07/01/29
0
2848555 976/R18 F 350,000.00 ZZ
360 350,000.00 1
2041 RAVEN ROAD 7.500 2,447.26 77
7.250 2,447.26 455,000.00
PLEASANTON CA 94566 1 07/09/99 00
TO BE ASSIGNED 05 09/01/99 0
5756673 O 08/01/29
0
2848556 976/R18 F 317,600.00 ZZ
360 317,600.00 1
2505 GLEN ISLE AVENUE 7.625 2,247.96 80
7.375 2,247.96 397,000.00
PLEASANTON CA 94588 1 07/01/99 00
TO BE ASSIGNED 09 09/01/99 0
5738070 O 08/01/29
0
2848557 976/R18 F 391,300.00 ZZ
360 390,994.74 1
12731 OAK FARMS DRIVE 7.250 2,669.36 80
7.000 2,669.36 489,135.00
OAK HILL VA 20171 1 06/30/99 00
TO BE ASSIGNED 03 08/01/99 0
5485695 O 07/01/29
0
2848559 976/R18 F 382,800.00 ZZ
360 382,529.82 1
3443 LA PLAYA DRIVE 7.750 2,742.43 80
7.500 2,742.43 478,500.00
DAVIS CA 95616 1 06/14/99 00
TO BE ASSIGNED 03 08/01/99 0
5704719 O 07/01/29
0
1
2848560 976/R18 F 200,000.00 ZZ
360 199,862.36 1
1113 MITCHELL STREET 7.875 1,450.14 53
7.625 1,450.14 379,980.00
ANNAPOLIS MD 21403 1 06/28/99 00
TO BE ASSIGNED 05 08/01/99 0
5757647 O 07/01/29
0
2848561 976/R18 F 368,000.00 ZZ
360 367,719.98 1
7905 WOODROW PLACE 7.375 2,541.69 80
7.125 2,541.69 460,000.00
CABIN JOHN MD 20818 1 06/24/99 00
TO BE ASSIGNED 05 08/01/99 0
5740577 O 07/01/29
0
2848567 976/R18 F 376,000.00 ZZ
360 375,747.71 1
33491 CALLE MIRAMAR 8.000 2,758.96 80
7.750 2,758.96 470,000.00
SAN JUAN CAPIST CA 92675 1 06/29/99 00
TO BE ASSIGNED 03 08/01/99 0
5745258 O 07/01/29
0
2848571 976/R18 F 312,000.00 ZZ
360 312,000.00 1
695 5TH STREET #11 8.250 2,343.96 80
8.000 2,343.96 390,000.00
SAN FRANCISCO CA 94107 1 07/01/99 00
TO BE ASSIGNED 01 09/01/99 0
5527292 O 08/01/29
0
2848575 976/R18 F 260,000.00 ZZ
360 259,802.16 1
20125 OAK RIVER DRIVE 7.375 1,795.76 77
7.125 1,795.76 340,000.00
COVINGTON LA 70433 2 06/11/99 00
TO BE ASSIGNED 05 08/01/99 0
7980563 O 07/01/29
0
2849050 K08/G01 F 148,800.00 ZZ
360 148,800.00 1
105 HARBOURSIDE CIRCLE 7.625 1,053.20 80
7.375 1,053.20 186,000.00
1
JUPITER FL 33477 1 07/08/99 00
0411450026 03 09/01/99 0
0411450026 O 08/01/29
0
2849056 K08/G01 F 500,000.00 ZZ
360 500,000.00 1
11952 EDGEWATER DRIVE 7.875 3,625.35 51
7.625 3,625.35 990,000.00
PALM BEACH GARD FL 33410 1 07/15/99 00
0411479934 05 09/01/99 0
0411479934 O 08/01/29
0
2849057 K08/G01 F 74,700.00 ZZ
360 74,700.00 1
64 MARDELL CIRCLE 8.500 574.38 87
8.250 574.38 86,000.00
ASHEVILLE NC 28806 4 07/15/99 14
0411481054 05 09/01/99 25
0411481054 O 08/01/29
0
2849063 K08/G01 F 159,600.00 ZZ
360 159,600.00 1
115 CAMBRIDGE CIRCLE 7.750 1,143.39 60
7.500 1,143.39 266,000.00
LONGMEADOW MA 01106 1 07/15/99 00
0411493000 05 09/01/99 0
0411493000 O 08/01/29
0
2849068 K08/G01 F 260,800.00 ZZ
360 260,800.00 1
6107 UTE DRIVE 7.875 1,890.98 80
7.625 1,890.98 326,000.00
SAN JOSE CA 95123 1 07/06/99 00
0411500689 05 09/01/99 0
0411500689 O 08/01/29
0
2849101 696/G01 F 595,000.00 ZZ
360 595,000.00 1
7547 KEITH ROAD 7.625 4,211.37 70
7.375 4,211.37 850,000.00
WARRENTON VA 20186 1 07/15/99 00
0431387471 05 09/01/99 0
50199061 O 08/01/29
0
1
2849689 461/461 F 325,600.00 ZZ
360 325,600.00 1
41770 JOHN WARNER ROAD 7.250 2,221.17 80
7.000 2,221.17 407,000.00
TEMECULA CA 92592 1 07/01/99 00
9022355739 05 09/01/99 0
9022355739 O 08/01/29
0
2849690 461/461 F 304,000.00 ZZ
360 303,475.05 1
2250 SQUAK MOUNTAIN LOOP ROAD 6.750 1,971.74 80
6.500 1,971.74 380,000.00
ISSAQUAH WA 98027 2 05/20/99 00
9022355853 05 07/01/99 0
9022355853 O 06/01/29
0
2849691 461/461 F 357,000.00 ZZ
360 356,707.37 1
1218 DOVER DRIVE 7.000 2,375.13 79
6.750 2,375.13 457,000.00
NEWPORT BEACH CA 92660 1 06/04/99 00
9022357180 05 08/01/99 0
9022357180 O 07/01/29
0
2849692 461/461 F 256,000.00 ZZ
360 255,584.93 1
867 DOROTHEA ROAD 6.875 1,681.74 80
6.625 1,681.74 320,000.00
LA HABRA HEIGHT CA 90631 1 06/07/99 00
9022358030 05 08/01/99 0
9022358030 O 07/01/29
0
2849693 461/461 F 359,200.00 ZZ
360 358,898.23 1
1635 BELMONT AVENUE 6.875 2,359.69 80
6.625 2,359.69 449,000.00
SAN CARLOS CA 94070 1 06/03/99 00
9022358063 05 08/01/99 0
9022358063 O 07/01/29
0
2849694 461/461 F 300,000.00 ZZ
360 299,765.97 1
1
4909 ENCINO TERRACE 7.250 2,046.53 50
7.000 2,046.53 610,000.00
ENCINO CA 91316 1 06/09/99 00
9022358972 05 08/01/99 0
9022358972 O 07/01/29
0
2849695 461/461 F 380,000.00 ZZ
360 379,668.40 1
1751 CHERRYTREE LANE 7.000 2,528.15 63
6.750 2,528.15 610,000.00
MOUNTAIN VIEW CA 94040 2 05/26/99 00
9022392385 05 08/01/99 0
9022392385 O 07/01/29
0
2849697 461/461 F 320,800.00 ZZ
360 320,561.91 1
1105 LYNHURST WAY 7.500 2,243.09 80
7.250 2,243.09 401,000.00
SAN JOSE CA 95118 1 06/09/99 00
9022533517 05 08/01/99 0
9022533517 O 07/01/29
0
2849698 461/461 F 298,450.00 ZZ
360 298,233.98 1
10272 HUMBOLT STREET 7.625 2,112.42 68
7.375 2,112.42 439,000.00
LOS ALAMITOS CA 90720 1 06/15/99 00
9022537088 05 08/01/99 0
9022537088 O 07/01/29
0
2849701 461/461 F 279,000.00 ZZ
360 278,807.99 1
1465 COLT WAY 7.875 2,022.95 90
7.625 2,022.95 310,000.00
SAN JOSE CA 95121 1 06/07/99 10
9022548622 05 08/01/99 25
9022548622 O 07/01/29
0
2849702 461/461 F 439,200.00 ZZ
360 438,848.77 1
859 HEMLOCK STREET 7.125 2,958.98 80
6.875 2,958.98 549,000.00
SAN CARLOS CA 94070 1 06/04/99 00
9022548713 05 08/01/99 0
1
9022548713 O 07/01/29
0
2849704 461/461 F 525,000.00 ZZ
360 524,590.45 1
6590 OAKWOOD DRIVE 7.250 3,581.43 75
7.000 3,581.43 700,000.00
OAKLAND CA 94611 1 06/03/99 00
9022558076 05 08/01/99 0
9022558076 O 07/01/29
0
2849706 461/461 F 380,000.00 ZZ
360 379,414.73 1
6319 IMBLER COURT 6.625 2,433.19 66
6.375 2,433.19 577,500.00
AGOURA HILLS CA 91301 1 06/18/99 00
9022561542 05 08/01/99 0
9022561542 O 07/01/29
0
2849709 461/461 F 245,000.00 ZZ
360 244,794.17 1
3940 GRESHAM STREET #432 6.875 1,609.48 75
6.625 1,609.48 330,000.00
SAN DIEGO CA 92109 1 06/14/99 00
9022579692 05 08/01/99 0
9022579692 O 07/01/29
0
2849710 461/461 F 273,000.00 ZZ
360 272,753.20 1
8519 SOUTHRIDGE PLACE 6.500 1,725.55 70
6.250 1,725.55 390,000.00
ANACORTES WA 98221 2 06/03/99 00
9022588628 05 08/01/99 0
9022588628 O 07/01/29
0
2849711 461/461 F 500,000.00 ZZ
360 499,569.50 1
9735 LOS LAGOS CIRCLE NORTH 6.750 3,243.00 70
6.500 3,243.00 715,000.00
GRANITE BAY CA 95746 1 06/11/99 00
9022589378 05 08/01/99 0
9022589378 O 07/01/29
0
1
2849713 461/461 F 377,400.00 ZZ
360 377,082.94 1
18929 SOUTH ROCHELLE AVENUE 6.875 2,479.25 85
6.625 2,479.25 444,000.00
CERRITOS CA 90703 1 06/15/99 10
9022598767 05 08/01/99 12
9022598767 O 07/01/29
0
2849716 461/461 F 522,000.00 ZZ
360 521,602.79 1
5955 LAKE VISTA DRIVE 7.375 3,605.33 70
7.125 3,605.33 756,000.00
BONSALL CA 92003 2 06/04/99 00
9022605315 05 08/01/99 0
9022605315 O 07/01/29
0
2849717 461/461 F 380,000.00 ZZ
360 379,724.96 1
5826 SUNMIST DRIVE 7.625 2,689.62 61
7.375 2,689.62 630,000.00
RNCHO PALOS VER CA 90275 2 05/26/99 00
9022605893 05 08/01/99 0
9022605893 O 07/01/29
0
2849718 461/461 F 319,920.00 ZZ
360 319,651.23 1
18861 NEWTON AVENUE 6.875 2,101.65 80
6.625 2,101.65 400,000.00
SANTA ANA CA 92705 1 06/18/99 00
9022607931 05 08/01/99 0
9022607931 O 07/01/29
0
2849719 461/461 F 275,000.00 ZZ
360 274,790.74 1
444 S 21ST STREET 7.375 1,899.36 75
7.125 1,899.36 370,000.00
SAN JOSE CA 95116 5 06/03/99 00
9022608194 05 08/01/99 0
9022608194 O 07/01/29
0
2849720 461/461 F 269,500.00 ZZ
360 269,284.48 1
14012 GALLIANO COURT 7.125 1,815.68 84
6.875 1,815.68 323,000.00
1
RANCHO CUCAMONG CA 91739 2 06/21/99 10
9022616957 05 08/01/99 12
9022616957 O 07/01/29
0
2849721 461/461 F 374,325.00 ZZ
360 374,040.17 1
6050 LOCKRIDGE DRIVE 7.375 2,585.37 80
7.125 2,585.37 471,000.00
GRANITE BAY CA 95746 1 06/08/99 00
9022618185 05 08/01/99 0
9022618185 O 07/01/29
0
2849722 461/461 F 270,750.00 ZZ
360 270,522.53 1
3 SILKLEAF 6.875 1,778.64 95
6.625 1,778.64 285,000.00
IRVINE CA 92614 2 06/04/99 10
9022618227 03 08/01/99 30
9022618227 O 07/01/29
0
2849724 461/461 F 400,000.00 ZZ
360 399,687.96 1
17621 LANCIA DRIVE 7.250 2,728.71 79
7.000 2,728.71 508,000.00
MORGAN HILL CA 95037 1 06/16/99 00
9022618581 05 08/01/99 0
9022618581 O 07/01/29
0
2849725 461/461 F 286,000.00 ZZ
360 285,753.75 1
6032 AVENIDA DE CASTILLO 6.750 1,855.00 64
6.500 1,855.00 450,000.00
LONG BEACH CA 90803 2 06/01/99 00
9022619365 05 08/01/99 0
9022619365 O 07/01/29
0
2849728 461/461 F 360,000.00 ZZ
360 359,697.55 1
631 DARTMOUTH AVENUE 6.875 2,364.95 75
6.625 2,364.95 485,000.00
SAN CARLOS CA 94070 2 06/23/99 00
9022622120 05 08/01/99 0
9022622120 O 07/01/29
0
1
2849729 461/461 F 404,000.00 ZZ
360 403,660.58 1
76 POMONA AVENUE 6.875 2,654.00 80
6.625 2,654.00 505,000.00
LONG BEACH CA 90803 1 06/01/99 00
9022637599 05 08/01/99 0
9022637599 O 07/01/29
0
2849730 461/461 F 296,000.00 ZZ
360 295,513.32 1
20640 E RANCHO SAN JOSE DRIVE 7.000 1,969.30 83
6.750 1,969.30 360,000.00
COVINA CA 91724 2 05/24/99 10
9022647663 05 07/01/99 12
9022647663 O 06/01/29
0
2849731 461/461 F 411,000.00 ZZ
360 410,654.71 1
11440 SHEAN COURT 6.875 2,699.98 69
6.625 2,699.98 600,000.00
GILROY CA 95020 2 06/04/99 00
9022647762 05 08/01/99 0
9022647762 O 07/01/29
0
2849733 461/461 F 318,000.00 ZZ
360 317,758.02 1
3036 NICHOLS CANYON ROAD 7.375 2,196.35 51
7.125 2,196.35 625,000.00
LOS ANGELES CA 90046 2 06/01/99 00
9022652697 05 08/01/99 0
9022652697 O 07/01/29
0
2849735 461/461 F 367,000.00 ZZ
360 366,699.16 1
3146 CADET COURT 7.000 2,441.67 90
6.750 2,441.67 410,000.00
LOS ANGELES CA 90068 2 05/27/99 10
9022655187 05 08/01/99 25
9022655187 O 07/01/29
0
2849736 461/461 F 390,000.00 ZZ
360 389,680.32 1
1
2229 SOUTH CANFIELD AVENUE 7.000 2,594.68 68
6.750 2,594.68 580,000.00
LOS ANGELES CA 90034 1 06/23/99 00
9022657274 05 08/01/99 0
9022657274 O 07/01/29
0
2849737 461/461 F 344,000.00 ZZ
360 343,710.99 1
717 AVENIDA PRESIDIO 6.875 2,259.84 80
6.625 2,259.84 430,000.00
SAN CLEMENTE CA 92672 5 06/08/99 00
9022664312 05 08/01/99 0
9022664312 O 07/01/29
0
2849738 461/461 F 302,000.00 ZZ
360 301,746.28 1
425 SAN PALO PLACE 6.875 1,983.93 71
6.625 1,983.93 430,000.00
PASADENA CA 91107 2 06/23/99 00
9022664346 05 08/01/99 0
9022664346 O 07/01/29
0
2849739 461/461 F 380,000.00 ZZ
360 379,710.85 1
21445 BIRDHOLLOW DRIVE 7.375 2,624.57 80
7.125 2,624.57 475,000.00
TRABUCO CANYON CA 92679 5 06/01/99 00
9022669246 05 08/01/99 0
9022669246 O 07/01/29
0
2849741 461/461 F 373,000.00 ZZ
360 372,709.02 1
459 WEST NORMAN AVENUE 7.250 2,544.52 80
7.000 2,544.52 470,000.00
ARCADIA CA 91007 2 06/09/99 00
9022671242 05 08/01/99 0
9022671242 O 07/01/29
0
2849742 461/461 F 450,000.00 ZZ
360 449,648.95 1
8807 BENNETT VALLEY ROAD 7.250 3,069.80 50
7.000 3,069.80 900,000.00
GLEN ELLEN CA 95442 1 06/16/99 00
9022671408 05 08/01/99 0
1
9022671408 O 07/01/29
0
2849743 461/461 F 300,000.00 ZZ
360 299,771.72 1
2180 KINNELOA CANYON ROAD 7.375 2,072.03 55
7.125 2,072.03 550,000.00
PASADENA CA 91107 2 07/06/99 00
9022674311 05 08/01/99 0
9022674311 O 07/01/29
0
2849744 461/461 F 297,000.00 ZZ
360 296,750.48 1
26912 WINDEMERE CIRCLE 6.875 1,951.08 75
6.625 1,951.08 397,000.00
LAKE FOREST CA 92630 2 06/23/99 00
9022675243 05 08/01/99 0
9022675243 O 07/01/29
0
2849745 461/461 F 320,000.00 ZZ
360 319,737.70 1
17694 WARWICK CIRCLE 7.000 2,128.97 77
6.750 2,128.97 417,000.00
FOUNTAIN VALLEY CA 92708 5 06/03/99 00
9022676464 05 08/01/99 0
9022676464 O 07/01/29
0
2849746 461/461 F 471,000.00 ZZ
360 470,186.67 1
204 SOUTH CANON DRIVE 6.750 3,054.90 65
6.500 3,054.90 725,000.00
BEVERLY HILLS CA 90212 2 05/21/99 00
9022681316 05 07/01/99 0
9022681316 O 06/01/29
0
2849747 461/461 F 333,000.00 ZZ
360 332,752.86 1
9766 SUNDERLAND STREET 7.500 2,328.39 69
7.250 2,328.39 485,000.00
SANTA ANA CA 92705 2 06/17/99 00
9022682603 05 08/01/99 0
9022682603 O 07/01/29
0
1
2849748 461/461 F 270,000.00 ZZ
360 269,794.54 1
1581 AGAVE AVENUE 7.375 1,864.83 69
7.125 1,864.83 395,000.00
LA HABRA HEIGHT CA 90631 5 06/16/99 00
9022683494 05 08/01/99 0
9022683494 O 07/01/29
0
2849749 461/461 F 640,000.00 ZZ
360 639,462.32 1
23565 OAK VALLEY ROAD 6.875 4,204.35 46
6.625 4,204.35 1,413,000.00
CUPERTINO CA 95014 1 06/04/99 00
9022685135 05 08/01/99 0
9022685135 O 07/01/29
0
2849750 461/461 F 320,000.00 ZZ
360 319,768.39 1
9 MIRADOR 7.625 2,264.94 66
7.375 2,264.94 485,000.00
IRVINE CA 92612 2 06/15/99 00
9022685192 05 08/01/99 0
9022685192 O 07/01/29
0
2849752 461/461 F 315,000.00 ZZ
360 314,741.79 1
3977 PERIE LANE 7.000 2,095.71 78
6.750 2,095.71 409,000.00
SAN JOSE CA 95132 1 06/23/99 00
9022692891 05 08/01/99 0
9022692891 O 07/01/29
0
2849754 461/461 F 263,000.00 ZZ
360 262,794.83 1
3132 WOODCREST DRIVE 7.250 1,794.13 78
7.000 1,794.13 340,000.00
SAN JOSE CA 95118 2 06/21/99 00
9022697965 05 08/01/99 0
9022697965 O 07/01/29
0
2849756 461/461 F 360,000.00 ZZ
360 359,764.50 1
5839 SOUTH CHARITON AVENUE 8.125 2,672.99 68
7.875 2,672.99 536,000.00
1
LOS ANGELES CA 90056 5 06/09/99 00
9022702526 05 08/01/99 0
9022702526 O 07/01/29
0
2849759 461/461 F 282,000.00 ZZ
360 281,785.41 1
7558 TRASK AVENUE 7.375 1,947.71 60
7.125 1,947.71 470,000.00
LOS ANGELES CA 90293 5 06/16/99 00
9022705917 05 08/01/99 0
9022705917 O 07/01/29
0
2849760 461/461 F 253,000.00 ZZ
360 252,613.79 1
7600 ROSANNA STREET 7.375 1,747.41 78
7.125 1,747.41 327,500.00
GILROY CA 95020 2 05/20/99 00
9022706790 05 07/01/99 0
9022706790 O 06/01/29
0
2849761 461/461 F 281,000.00 ZZ
360 280,786.18 1
115 TOYON LANE 7.375 1,940.80 80
7.125 1,940.80 352,000.00
UNION CITY CA 94587 5 06/07/99 00
9022706949 05 08/01/99 0
9022706949 O 07/01/29
0
2849762 461/461 F 565,000.00 ZZ
360 564,536.87 1
602 CALLE DE ARBOLES 7.000 3,758.96 70
6.750 3,758.96 810,000.00
TORRANCE CA 90277 2 06/24/99 00
9022706956 05 08/01/99 0
9022706956 O 07/01/29
0
2849765 461/461 F 330,400.00 ZZ
360 330,115.53 1
3215 9TH AVENUE COURT NW 6.750 2,142.97 80
6.500 2,142.97 413,000.00
GIG HARBOR WA 98335 2 06/10/99 00
9022707863 05 08/01/99 0
9022707863 O 07/01/29
0
1
2849766 461/461 F 280,000.00 ZZ
360 279,781.57 1
1470 WOODBERRY AVENUE 7.250 1,910.10 48
7.000 1,910.10 585,000.00
SAN MATEO CA 94403 5 06/02/99 00
9022708341 05 08/01/99 0
9022708341 O 07/01/29
0
2849769 461/461 F 340,000.00 ZZ
360 339,734.77 3
347 347 1/2 347 1/2 B 6TH AVE 7.250 2,319.40 80
7.000 2,319.40 425,000.00
VENICE CA 90291 1 06/04/99 00
9022711667 05 08/01/99 0
9022711667 O 07/01/29
0
2849770 461/461 F 284,000.00 ZZ
360 283,778.44 1
223 14TH STREET 7.250 1,937.39 80
7.000 1,937.39 355,000.00
HUNTINGTON BEAC CA 92648 1 06/09/99 00
9022711824 05 08/01/99 0
9022711824 O 07/01/29
0
2849771 461/461 F 464,000.00 ZZ
360 463,672.51 1
5424 298TH AVENUE SOUTHEAST 7.750 3,324.16 80
7.500 3,324.16 580,000.00
PRESTON WA 98050 2 06/15/99 00
9022712640 05 08/01/99 0
9022712640 O 07/01/29
0
2849772 461/461 F 276,000.00 ZZ
360 275,805.20 1
3663 WEST ROAD 7.750 1,977.30 80
7.500 1,977.30 345,000.00
LAFAYETTE CA 94549 2 06/03/99 00
9022715197 05 08/01/99 0
9022715197 O 07/01/29
0
2849777 461/461 F 320,000.00 ZZ
360 319,756.50 1
1
27505 FREETOWN LANE 7.375 2,210.17 80
7.125 2,210.17 400,000.00
AGOURA HILLS CA 91301 1 06/08/99 00
9022720601 05 08/01/99 0
9022720601 O 07/01/29
0
2849779 461/461 F 270,000.00 ZZ
360 263,796.08 1
1110 CRESTVIEW DR 7.000 1,796.32 27
6.750 1,796.32 1,000,000.00
FULLERTON CA 92833 2 06/09/99 00
9022721526 05 08/01/99 0
9022721526 O 07/01/29
0
2849781 461/461 F 400,000.00 ZZ
360 399,680.12 1
289 ARUNDEL ROAD 7.125 2,694.88 80
6.875 2,694.88 500,000.00
SAN CARLOS CA 94070 1 06/14/99 00
9022723258 05 08/01/99 0
9022723258 O 07/01/29
0
2849782 461/461 F 416,800.00 ZZ
360 416,482.84 1
126 CARMODY CIRCLE 7.375 2,878.74 80
7.125 2,878.74 521,000.00
FOLSOM CA 95630 1 06/09/99 00
9022723274 05 08/01/99 0
9022723274 O 07/01/29
0
2849783 461/461 F 251,900.00 ZZ
360 251,703.49 1
1962 GROVE PLACE 7.250 1,718.41 90
7.000 1,718.41 279,900.00
ESCONDIDO CA 92027 1 06/10/99 10
9022723449 05 08/01/99 25
9022723449 O 07/01/29
0
2849784 461/461 F 416,000.00 ZZ
360 415,380.59 1
1029 SUGARBUSH DRIVE 7.500 2,908.74 80
7.250 2,908.74 520,000.00
VISTA CA 92084 1 05/20/99 00
9022723464 05 07/01/99 0
1
9022723464 O 06/01/29
0
2849785 461/461 F 255,000.00 ZZ
360 254,805.96 1
132 BAYCREST CT 7.375 1,761.23 75
7.125 1,761.23 340,000.00
NEWPORT BEACH CA 92660 5 06/10/99 00
9022724363 05 08/01/99 0
9022724363 O 07/01/29
0
2849788 461/461 F 367,100.00 ZZ
360 366,813.63 1
668 ALTA VISTA WAY 7.250 2,504.27 50
7.000 2,504.27 734,300.00
LAGUNA BEACH CA 92651 1 06/23/99 00
9022726731 05 08/01/99 0
9022726731 O 07/01/29
0
2849790 461/461 F 332,000.00 ZZ
360 331,771.51 1
11691 TARA CIRCLE 7.875 2,407.24 79
7.625 2,407.24 425,000.00
SANTA ANA CA 92705 1 06/21/99 00
9022726905 05 08/01/99 0
9022726905 O 07/01/29
0
2849795 461/461 F 250,600.00 ZZ
360 250,409.31 1
10640 WILKINS AVENUE #204 7.375 1,730.84 69
7.125 1,730.84 364,000.00
LOS ANGELES CA 90024 1 06/07/99 00
9022729511 01 08/01/99 0
9022729511 O 07/01/29
0
2849796 461/461 F 260,000.00 ZZ
360 259,781.56 1
3357 JORDAN ROAD 6.875 1,708.02 80
6.625 1,708.02 325,000.00
OAKLAND CA 94602 5 06/07/99 00
9022730949 05 08/01/99 0
9022730949 O 07/01/29
0
1
2849800 461/461 F 375,000.00 ZZ
360 374,741.92 1
3844 PASEO GRANDE 7.875 2,719.02 63
7.625 2,719.02 600,000.00
MORAGA CA 94556 5 06/09/99 00
9022732846 05 08/01/99 0
9022732846 O 07/01/29
0
2849801 461/461 F 315,000.00 ZZ
360 314,760.31 1
1466 BOB WHITE PLACE 7.375 2,175.63 72
7.125 2,175.63 438,000.00
SAN JOSE CA 95131 5 06/10/99 00
9022733455 05 08/01/99 0
9022733455 O 07/01/29
0
2849802 461/461 F 497,000.00 ZZ
360 496,640.28 1
21 PAVONA 7.625 3,517.74 70
7.375 3,517.74 710,000.00
NEWPORT BEACH CA 92657 1 06/01/99 00
9022735062 05 08/01/99 0
9022735062 O 07/01/29
0
2849805 461/461 F 276,000.00 ZZ
360 275,795.16 1
5543 N MUSCATEL AVENUE 7.500 1,929.84 80
7.250 1,929.84 345,000.00
SAN GABRIEL CA 91776 1 05/27/99 00
9022736359 05 08/01/99 0
9022736359 O 07/01/29
0
2849806 461/461 F 600,000.00 ZZ
360 599,543.44 1
59 CEDAR TERRACE 7.375 4,144.06 70
7.125 4,144.06 860,000.00
ORINDA CA 94563 5 06/09/99 00
9022738082 05 08/01/99 0
9022738082 O 07/01/29
0
2849808 461/461 F 320,000.00 ZZ
360 319,744.10 1
1588 COOL RIDGE HEIGHTS 7.125 2,155.90 54
6.875 2,155.90 600,000.00
1
ESCONDIDO CA 92025 2 06/08/99 00
9022738736 05 08/01/99 0
9022738736 O 07/01/29
0
2849809 461/461 F 256,450.00 ZZ
360 256,254.86 1
10434 HANNA AVENUE 7.375 1,771.24 95
7.125 1,771.24 270,000.00
CHATSWORTH CA 91311 1 06/03/99 10
9022738959 05 08/01/99 30
9022738959 O 07/01/29
0
2849810 461/461 F 315,000.00 ZZ
360 314,741.79 1
20825 NORTHEAST 141ST STREET 7.000 2,095.71 63
6.750 2,095.71 505,000.00
WOODINVILLE WA 98072 5 06/21/99 00
9022739007 05 08/01/99 0
9022739007 O 07/01/29
0
2849811 461/461 F 545,000.00 ZZ
360 544,605.54 1
1363 COTTONTAIL LANE 7.625 3,857.48 69
7.375 3,857.48 801,000.00
SAN DIEGO CA 92037 2 06/01/99 00
9022739239 05 08/01/99 0
9022739239 O 07/01/29
0
2849814 461/461 F 341,000.00 ZZ
360 340,727.30 1
20917 ANNRITA AVE 7.125 2,297.39 75
6.875 2,297.39 455,000.00
TORRANCE CA 90503 5 06/08/99 00
9022740419 05 08/01/99 0
9022740419 O 07/01/29
0
2849817 461/461 F 293,400.00 ZZ
360 293,176.74 1
359 EAST BRAYDEN WAY 7.375 2,026.45 89
7.125 2,026.45 332,000.00
DRAPER UT 84020 1 06/28/99 10
9022740930 05 08/01/99 25
9022740930 O 07/01/29
0
1
2849819 461/461 F 300,000.00 ZZ
360 299,765.97 1
1565 AUTUMN LN 7.250 2,046.53 75
7.000 2,046.53 400,000.00
PASADENA CA 91107 5 06/23/99 00
9022741136 05 08/01/99 0
9022741136 O 07/01/29
0
2849820 461/461 F 252,000.00 ZZ
360 251,808.24 1
164 NORTHWOOD DRIVE 7.375 1,740.51 80
7.125 1,740.51 315,000.00
SOUTH SAN FRANC CA 94080 1 06/03/99 00
9022741276 05 08/01/99 0
9022741276 O 07/01/29
0
2849822 461/461 F 481,000.00 ZZ
360 480,624.77 1
4150 SOUTH PALOS VERDES DRIVE 7.250 3,281.27 75
7.000 3,281.27 645,000.00
RANCHO PALOS VE CA 90275 2 06/22/99 00
9022742399 05 08/01/99 0
9022742399 O 07/01/29
0
2849825 461/461 F 520,000.00 ZZ
360 519,584.16 1
130 GABARDA WAY 7.125 3,503.34 62
6.875 3,503.34 843,000.00
PORTOLA VALLEY CA 94025 1 06/16/99 00
9022743447 05 08/01/99 0
9022743447 O 07/01/29
0
2849826 461/461 F 290,000.00 ZZ
360 288,583.04 1
11447 CYPRESS TERRACE PLACE 7.250 1,978.32 71
7.000 1,978.32 410,000.00
SAN DIEGO CA 92131 2 06/15/99 00
9022743827 05 08/01/99 0
9022743827 O 07/01/29
0
2849827 461/461 F 268,000.00 ZZ
360 267,389.66 1
1
2417 WEST 230TH PLACE 7.375 1,851.01 80
7.125 1,851.01 335,000.00
TORRANCE CA 90501 1 06/24/99 00
9022743926 05 08/01/99 0
9022743926 O 07/01/29
0
2849829 461/461 F 286,000.00 ZZ
360 285,787.74 1
2421 NORTH DOMINGO ROAD 7.500 1,999.76 65
7.250 1,999.76 440,000.00
FULLERTON CA 92835 5 06/08/99 00
9022744114 05 08/01/99 0
9022744114 O 07/01/29
0
2849831 461/461 F 528,750.00 ZZ
360 528,367.31 1
402 AVENIDA DE LA RIVIERA 7.625 3,742.46 75
7.375 3,742.46 705,000.00
SAN CLEMENTE CA 92672 1 06/18/99 00
9022744841 05 08/01/99 0
9022744841 O 07/01/29
0
2849832 461/461 F 328,300.00 ZZ
360 328,062.38 1
970 TERRA BELLA AVENUE 7.625 2,323.69 77
7.375 2,323.69 428,000.00
SAN JOSE CA 95125 2 06/07/99 00
9022745020 05 08/01/99 0
9022745020 O 07/01/29
0
2849834 461/461 F 241,000.00 ZZ
360 240,838.29 1
2500 CLEARVIEW AVENUE 8.000 1,768.38 60
7.750 1,768.38 402,000.00
VENTURA CA 93001 2 06/14/99 00
9022745137 05 08/01/99 0
9022745137 O 07/01/29
0
2849836 461/461 F 278,000.00 ZZ
360 277,783.12 1
11349 SWAN CANYON ROAD 7.250 1,896.46 90
7.000 1,896.46 310,000.00
SAN DIEGO CA 92131 1 06/16/99 10
9022745368 05 08/01/99 25
1
9022745368 O 07/01/29
0
2849838 461/461 F 329,000.00 ZZ
360 328,755.83 1
1747 DEL VALLE AVENUE 7.500 2,300.42 85
7.250 2,300.42 389,000.00
GLENDALE CA 91208 1 06/08/99 10
9022747158 05 08/01/99 12
9022747158 O 07/01/29
0
2849843 461/461 F 336,000.00 ZZ
360 335,756.81 1
18701 HANNA DR 7.625 2,378.19 80
7.375 2,378.19 420,000.00
CUPERTINO CA 95014 1 06/16/99 00
9022748453 05 08/01/99 0
9022748453 O 07/01/29
0
2849845 461/461 F 265,000.00 ZZ
360 264,812.96 1
4381 CAMPHOR AVENUE 7.750 1,898.50 76
7.500 1,898.50 350,000.00
YORBA LINDA CA 92886 2 06/30/99 00
9022750061 05 08/01/99 0
9022750061 O 07/01/29
0
2849863 461/461 F 383,200.00 ZZ
360 382,922.65 1
6209 GIRVIN DRIVE 7.625 2,712.27 80
7.375 2,712.27 479,000.00
OAKLAND CA 94611 1 06/16/99 00
9022762975 05 08/01/99 0
9022762975 O 07/01/29
0
2849864 461/461 F 384,600.00 ZZ
360 384,314.57 1
31592 VIA CRUZADA 7.500 2,689.18 60
7.250 2,689.18 641,000.00
SAN JUAN CAPIST CA 92693 5 06/30/99 00
9022764385 05 08/01/99 0
9022764385 O 07/01/29
0
1
2849865 461/461 F 515,000.00 ZZ
360 514,617.79 1
645 17TH STREET 7.500 3,600.96 66
7.250 3,600.96 785,000.00
MANHATTAN BEACH CA 90266 5 06/22/99 00
9022764500 05 08/01/99 0
9022764500 O 07/01/29
0
2849866 461/461 F 451,000.00 ZZ
360 450,665.29 1
6 MORNING SUN 7.500 3,153.46 80
7.250 3,153.46 564,000.00
IRVINE CA 92612 1 06/21/99 00
9022764526 05 08/01/99 0
9022764526 O 07/01/29
0
2849870 461/461 F 700,000.00 ZZ
360 700,000.00 1
6984 VIA ESTRADA 7.500 4,894.51 49
7.250 4,894.51 1,450,000.00
SAN DIEGO CA 92037 1 07/01/99 00
9022767859 05 09/01/99 0
9022767859 O 08/01/29
0
2849871 461/461 F 252,000.00 ZZ
360 252,000.00 1
4631 BUFFALO AVENUE 8.250 1,893.20 79
8.000 1,893.20 323,000.00
SHERMAN OAKS CA 91423 1 07/06/99 00
9022768121 05 09/01/99 0
9022768121 O 08/01/29
0
2849872 461/461 F 265,950.00 ZZ
360 265,757.51 1
33442 INTERA WAY 7.625 1,882.38 91
7.375 1,882.38 295,000.00
DANA POINT CA 92629 1 06/21/99 10
9022770432 05 08/01/99 30
9022770432 O 07/01/29
0
2849879 461/461 F 290,000.00 ZZ
360 289,819.75 1
4161 NORTH CLUBHOUSE DRIVE 8.375 2,204.21 69
8.125 2,204.21 425,000.00
1
SOMIS CA 93066 2 06/23/99 00
9022784706 05 08/01/99 0
9022784706 O 07/01/29
0
2849881 461/461 F 375,000.00 ZZ
360 374,707.46 1
6147 AVALON COURT 7.250 2,558.17 79
7.000 2,558.17 480,000.00
LONG BEACH CA 90803 1 06/22/99 00
9022787576 05 08/01/99 0
9022787576 O 07/01/29
0
2849882 461/461 F 322,000.00 ZZ
360 322,000.00 1
3514 OLD TOPANGA CANYON ROAD 7.875 2,334.73 80
7.625 2,334.73 404,000.00
CALABASAS CA 90290 5 06/22/99 00
9022789531 05 09/01/99 0
9022789531 O 08/01/29
0
2849883 461/461 F 304,800.00 ZZ
360 304,600.61 1
956 MIRAFLORES AVENUE 8.125 2,263.14 80
7.875 2,263.14 381,000.00
SAN PEDRO CA 90731 5 06/24/99 00
9022794234 05 08/01/99 0
9022794234 O 07/01/29
0
2849884 461/461 F 492,000.00 ZZ
360 491,596.71 1
2128 RUSTY SPUR ROAD 7.000 3,273.29 80
6.750 3,273.29 620,000.00
DIAMOND BAR CA 91765 1 06/02/99 00
9022929764 05 08/01/99 0
9022929764 O 07/01/29
0
2849885 461/461 F 560,000.00 ZZ
360 559,529.52 1
45 OTIS WAY 6.875 3,678.81 74
6.625 3,678.81 761,000.00
LOS ALTOS CA 94022 5 06/07/99 00
9022929921 05 08/01/99 0
9022929921 O 07/01/29
0
1
2849886 461/461 F 288,200.00 ZZ
360 287,775.17 1
391 SILVERA AVENUE 7.250 1,966.04 70
7.000 1,966.04 415,000.00
LONG BEACH CA 90803 5 06/03/99 00
9022929962 05 08/01/99 0
9022929962 O 07/01/29
0
2849887 461/461 F 355,000.00 ZZ
360 354,723.06 1
1318 S STELLING ROAD 7.250 2,421.73 45
7.000 2,421.73 790,000.00
CUPERTINO CA 95014 2 06/10/99 00
9022930358 05 08/01/99 0
9022930358 O 07/01/29
0
2849888 461/461 F 260,800.00 ZZ
360 260,580.89 1
647 PANTERA DRIVE 6.875 1,713.28 75
6.625 1,713.28 349,000.00
DIAMOND BAR CA 91765 1 06/04/99 00
9022930416 05 08/01/99 0
9022930416 O 07/01/29
0
2849889 461/461 F 450,000.00 ZZ
360 449,631.13 1
453 DEODARA DRIVE 7.000 2,993.87 43
6.750 2,993.87 1,050,000.00
LOS ALTOS CA 94024 1 06/14/99 00
9022930739 05 08/01/99 0
9022930739 O 07/01/29
0
2849890 461/461 F 278,000.00 ZZ
360 277,777.69 1
1029 LOMA LISA LANE 7.125 1,872.94 76
6.875 1,872.94 370,000.00
ARCADIA CA 91006 2 07/01/99 00
9022930903 05 08/01/99 0
9022930903 O 07/01/29
0
2849891 461/461 F 305,000.00 ZZ
360 304,779.24 1
1
800 ALAMEDA DE LAS PULGAS 7.625 2,158.78 63
7.375 2,158.78 485,000.00
BELMONT CA 94002 2 06/15/99 00
9022931133 05 08/01/99 0
9022931133 O 07/01/29
0
2849892 461/461 F 405,000.00 ZZ
360 404,578.13 1
3577 TRIPP ROAD 6.750 2,626.83 17
6.500 2,626.83 2,400,000.00
WOODSIDE CA 94062 2 06/14/99 00
9022931406 05 08/01/99 0
9022931406 O 07/01/29
0
2849893 461/461 F 315,000.00 ZZ
360 314,748.09 1
2057 CALLE RICARDO 7.125 2,122.22 57
6.875 2,122.22 560,000.00
PLEASANTON CA 94566 1 06/09/99 00
9022931828 05 08/01/99 0
9022931828 O 07/01/29
0
2849895 461/461 F 260,000.00 ZZ
360 259,807.04 1
320 KOCH AVENUE 7.500 1,817.96 73
7.250 1,817.96 360,000.00
PLACENTIA CA 92870 2 06/28/99 00
9022931877 05 08/01/99 0
9022931877 O 07/01/29
0
2849897 461/461 F 408,000.00 ZZ
360 407,689.54 1
10208 VISTA DRIVE 7.375 2,817.96 80
7.125 2,817.96 510,000.00
CUPERTINO CA 95014 1 06/17/99 00
9022932495 05 08/01/99 0
9022932495 O 07/01/29
0
2849898 461/461 F 250,000.00 ZZ
360 249,795.07 1
4987 TIFTON WAY 7.000 1,663.26 79
6.750 1,663.26 320,000.00
SAN JOSE CA 95118 5 06/21/99 00
9022939698 05 08/01/99 0
1
9022939698 O 07/01/29
0
2849899 461/461 F 388,000.00 ZZ
360 387,689.72 1
6222 EAST INVERNESS PLACE 7.125 2,614.03 80
6.875 2,614.03 485,000.00
ORANGE CA 92869 1 06/15/99 00
9022939888 05 08/01/99 0
9022939888 O 07/01/29
0
2849900 461/461 F 475,000.00 ZZ
360 475,000.00 1
478 FELTON DRIVE 7.125 3,200.17 65
6.875 3,200.17 735,000.00
MENLO PARK CA 94025 5 07/01/99 00
9022940308 05 09/01/99 0
9022940308 O 08/01/29
0
2850135 K08/G01 F 373,000.00 ZZ
360 373,000.00 1
300 STURGES ROAD 7.750 2,672.22 70
7.500 2,672.22 532,857.00
FAIRFIELD CT 06430 5 07/12/99 00
0411464738 05 09/01/99 0
0411464738 O 08/01/29
0
2850155 K08/G01 F 72,000.00 ZZ
360 72,000.00 1
109 BIBB DRIVE 8.250 540.91 80
8.000 540.91 90,000.00
MADISON AL 35758 2 07/12/99 00
0411507395 05 09/01/99 0
0411507395 O 08/01/29
0
2850272 696/G01 F 191,200.00 ZZ
360 191,200.00 1
2231 N. UNDERWOOD STREET 7.875 1,386.33 80
7.625 1,386.33 239,000.00
FALLS CHURCH VA 22043 1 07/15/99 00
0431389659 05 09/01/99 0
23799088 O 08/01/29
0
1
2851313 K08/G01 F 172,000.00 ZZ
360 172,000.00 1
90 PERSONETTE AVENUE 8.000 1,262.08 80
7.750 1,262.08 215,000.00
VERONA NJ 07044 2 07/13/99 00
0411450034 05 09/01/99 0
0411450034 O 08/01/29
0
2851326 K08/G01 F 221,500.00 ZZ
360 221,500.00 1
345 VALMY STREET 7.875 1,606.03 79
7.625 1,606.03 283,000.00
MILPITAS CA 95035 2 07/08/99 00
0411497563 05 09/01/99 0
0411497563 O 08/01/29
0
2851343 K08/G01 F 240,000.00 ZZ
360 240,000.00 1
3580 FINCHLEY COURT 7.625 1,698.70 79
7.375 1,698.70 305,000.00
SIMI VALLEY CA 93063 2 07/12/99 00
0411517303 05 09/01/99 0
0411517303 O 08/01/29
0
2851352 K08/G01 F 326,000.00 ZZ
360 326,000.00 1
1217 N CLINTON AVENUE 7.750 2,335.50 70
7.500 2,335.50 467,000.00
DALLAS TX 75208 2 07/14/99 00
0411528631 05 09/01/99 0
0411528631 O 08/01/29
0
2851353 696/G01 F 284,000.00 ZZ
360 284,000.00 1
4000 CRESTAR COURT 6.875 1,865.68 80
6.625 1,865.68 355,000.00
FAIRFAX VA 22032 1 07/19/99 00
0431389907 03 09/01/99 0
21799158 O 08/01/29
0
2851967 K08/G01 F 175,000.00 ZZ
360 175,000.00 1
7105 CARNATION COURT 7.750 1,253.72 70
7.500 1,253.72 250,000.00
1
SPRINGFIELD VA 22152 1 07/20/99 00
0411425697 03 09/01/99 0
0411425697 O 08/01/29
0
2851979 K08/G01 F 203,000.00 ZZ
360 203,000.00 1
5613 FREEMAN AVENUE 8.250 1,525.07 70
8.000 1,525.07 290,000.00
LA CRESCENTA AR CA 91214 1 07/12/99 00
0411478803 05 09/01/99 0
0411478803 O 08/01/29
0
2851987 K08/G01 F 218,600.00 ZZ
360 218,600.00 1
65 W KENSINGTON ROAD 7.750 1,566.08 75
7.500 1,566.08 291,500.00
ASHEVILLE NC 28804 1 07/20/99 00
0411507379 05 09/01/99 0
0411507379 O 08/01/29
0
2851993 K08/G01 F 74,400.00 ZZ
360 74,400.00 1
1329 PENNSYLVANIA AVENUE 8.500 572.07 80
8.250 572.07 93,000.00
PALM HARBOR FL 34683 2 07/15/99 00
0411515174 05 09/01/99 0
0411515174 O 08/01/29
0
2851997 K08/G01 F 166,250.00 ZZ
360 166,250.00 1
2105 WILSON DRIVE 8.625 1,293.08 95
8.375 1,293.08 175,000.00
ARLINGTON TX 76011 2 07/15/99 04
0411521909 05 09/01/99 30
0411521909 O 08/01/29
0
2852054 696/G01 F 252,000.00 ZZ
360 252,000.00 1
6150 RIDGEMONT DRIVE 7.250 1,719.08 80
7.000 1,719.08 315,000.00
CENTREVILLE VA 20120 1 07/15/99 00
0431390806 03 09/01/99 0
22899087 O 08/01/29
0
1
2852758 K08/G01 F 103,000.00 ZZ
360 103,000.00 1
255 BROOK AVENUE 8.125 764.77 75
7.875 764.77 138,000.00
PASSAIC NJ 07055 2 07/16/99 00
0411481575 05 09/01/99 0
0411481575 O 08/01/29
0
2852763 K08/G01 F 264,050.00 ZZ
360 264,050.00 1
3718 ACOSTA ROAD 7.750 1,891.69 80
7.500 1,891.69 330,100.00
FAIRFAX VA 22031 2 07/16/99 00
0411492903 05 09/01/99 0
0411492903 O 08/01/29
0
2852775 K08/G01 F 129,350.00 ZZ
360 129,350.00 1
7221 ANDREA STREET 8.000 949.12 70
7.750 949.12 184,821.00
FONTANA CA 92336 1 07/12/99 00
0411521313 05 09/01/99 0
0411521313 O 08/01/29
0
2853334 E82/G01 F 1,090,700.00 ZZ
360 1,090,700.00 1
22880 NORTH WESTERN AVENUE 8.125 8,098.42 55
7.875 8,098.42 2,000,000.00
EDMOND OK 73003 2 07/20/99 00
0400212908 05 09/01/99 0
1551678 O 08/01/29
0
2853467 168/168 F 355,200.00 ZZ
360 355,200.00 1
4480 RIVER BOTTOM DRIVE 7.250 2,423.09 80
7.000 2,423.09 444,000.00
NORCROSS GA 30092 1 07/13/99 00
169517543 03 09/01/99 0
169517543 O 08/01/29
0
2853477 168/168 F 393,600.00 ZZ
360 393,300.50 1
1
175 EXECUTIVE DRIVE 7.375 2,718.50 80
7.125 2,718.50 492,000.00
MANHASSET HILLS NY 11040 1 06/29/99 00
189493704 05 08/01/99 0
189493704 O 07/01/29
0
2853479 168/168 F 345,000.00 ZZ
360 345,000.00 1
275 COLLEGE ROAD 7.000 2,295.29 77
6.750 2,295.29 450,000.00
BRONX NY 10471 1 07/09/99 00
189496711 05 09/01/99 0
189496711 O 08/01/29
0
2853480 168/168 F 304,000.00 ZZ
360 303,779.98 1
193 WINCHESTER STREET 7.625 2,151.69 73
7.375 2,151.69 420,000.00
NEWTON MA 02461 5 06/24/99 00
189499052 05 08/01/99 0
189499052 O 07/01/29
0
2853485 168/168 F 264,100.00 ZZ
360 263,888.80 1
125 OLD HICKORY ROAD 7.125 1,779.29 95
6.875 1,779.29 278,000.00
ORANGE CT 06477 1 06/29/99 04
209368829 05 08/01/99 30
209368829 O 07/01/29
0
2853491 168/168 F 300,000.00 ZZ
360 300,000.00 1
5371 COYOTE COURT 7.625 2,123.38 76
7.375 2,123.38 395,000.00
CLARENCE NY 14221 2 07/06/99 00
249357488 05 09/01/99 0
249357488 O 08/01/29
0
2853500 168/168 F 370,000.00 ZZ
360 369,489.15 1
1305 CARPERS FARM WAY 6.875 2,430.64 79
6.625 2,430.64 470,000.00
VIENNA VA 22182 1 06/30/99 00
249395126 03 08/01/99 0
1
249395126 O 07/01/29
0
2853513 168/168 F 296,800.00 ZZ
360 296,550.66 1
6348 SHARON HILLS ROAD 6.875 1,949.76 80
6.625 1,949.76 371,000.00
CHARLOTTE NC 28210 1 06/25/99 00
249418509 05 08/01/99 0
249418509 O 07/01/29
0
2853518 168/168 F 285,000.00 ZZ
360 284,760.56 1
128 TWIN LAKES DRIVE 6.875 1,872.25 75
6.625 1,872.25 385,000.00
MOORE SC 29369 5 06/24/99 00
249426463 05 08/01/99 0
249426463 O 07/01/29
0
2853804 696/G01 F 364,250.00 ZZ
360 364,250.00 1
1944 SYCAMORE SPRING COURT 7.875 2,641.07 80
7.625 2,641.07 455,440.00
COOKSVILLE MD 21723 1 07/22/99 00
0431393503 03 09/01/99 0
30199142 O 08/01/29
0
2853805 696/G01 F 415,200.00 ZZ
360 415,200.00 1
1314A ALPS DRIVE 7.125 2,797.28 80
6.875 2,797.28 519,000.00
MCLEAN VA 22102 1 07/21/99 00
0431393537 05 09/01/99 0
21399062 O 08/01/29
0
2853809 B57/G01 F 141,750.00 ZZ
360 141,750.00 1
14713 MACNEIL STREET 8.125 1,052.49 70
MISSION HILLS AREA 7.875 1,052.49 202,500.00
LOS ANGELES CA 91345 1 07/16/99 00
0431394618 05 09/01/99 0
9912397 O 08/01/29
0
1
2854576 K08/G01 F 78,000.00 ZZ
360 78,000.00 1
6734 SANDPIPER COURT 8.375 592.86 70
8.125 592.86 111,500.00
FREDERICK MD 21703 1 07/22/99 00
0411532161 09 09/01/99 0
0411532161 O 08/01/29
0
2854652 696/G01 F 303,200.00 ZZ
360 303,200.00 1
4859 PARK AVENUE 7.750 2,172.16 80
7.500 2,172.16 379,000.00
BETHESDA MD 20816 1 07/23/99 00
0431395532 05 09/01/99 0
31199104 O 08/01/29
0
2854653 696/G01 F 150,700.00 ZZ
360 150,700.00 1
5215 IVYWOOD DRIVE SOUTH 8.000 1,105.78 70
7.750 1,105.78 215,290.00
FREDERICK MD 21703 1 07/23/99 00
0431395672 03 09/01/99 0
31999081 O 08/01/29
0
2854654 696/G01 F 600,000.00 ZZ
360 600,000.00 1
5118 WARREN PLACE, N.W. 7.625 4,246.76 73
7.375 4,246.76 825,000.00
WASHINGTON DC 20016 1 07/23/99 00
0431395524 05 09/01/99 0
32999114 O 08/01/29
0
2854655 696/G01 F 327,900.00 ZZ
360 327,900.00 1
4610 4TH STREET SOUTH 7.375 2,264.72 80
7.125 2,264.72 409,978.00
ARLINGTON VA 22204 1 07/26/99 00
0431395714 05 09/01/99 0
22699118 O 08/01/29
0
2854656 696/G01 F 175,500.00 ZZ
360 175,500.00 1
2416 GARNETT DRIVE 7.750 1,257.30 78
7.500 1,257.30 225,000.00
1
ALEXANDRIA VA 22311 1 07/23/99 00
0431395284 07 09/01/99 0
22699145 O 08/01/29
0
2854666 E82/G01 F 150,000.00 ZZ
360 150,000.00 1
22 CLARENDON STREET 7.875 1,087.60 80
7.625 1,087.60 187,500.00
DIX HILLS NY 11746 2 07/22/99 00
0400211850 05 09/01/99 0
0400211850 O 08/01/29
0
2854670 E82/G01 F 606,700.00 ZZ
360 606,700.00 1
5410 EAST SANNA STREET 7.500 4,242.13 72
7.250 4,242.13 850,000.00
PARADISE VALLEY AZ 85253 2 07/21/99 00
0400212056 05 09/01/99 0
0400212056 O 08/01/29
0
2855107 638/G01 F 400,000.00 ZZ
360 400,000.00 1
197 ROUTE 80 8.125 2,969.99 80
7.875 2,969.99 500,000.00
KILLINGWORTH CT 06419 2 07/13/99 00
0431396555 05 09/01/99 0
8907674 O 08/01/29
0
2855192 K08/G01 F 121,000.00 ZZ
360 121,000.00 1
900 HOWE ROAD 8.125 898.42 65
7.875 898.42 189,000.00
LARAMIE WY 82070 5 07/19/99 00
0411515612 05 09/01/99 0
0411515612 O 08/01/29
0
2855194 K08/G01 F 307,000.00 ZZ
360 307,000.00 1
16322 148TH AVENUE NORTHEAST 7.875 2,225.96 77
7.625 2,225.96 400,000.00
WOODINVILLE WA 98072 2 07/13/99 00
0411519010 05 09/01/99 0
0411519010 O 08/01/29
0
1
2855199 K08/G01 F 400,000.00 ZZ
360 400,000.00 1
5425 PALM VALLEY DRIVE NORTH 8.000 2,935.06 75
7.750 2,935.06 535,000.00
HARLINGEN TX 78552 4 07/23/99 00
0411522121 05 09/01/99 0
0411522121 O 08/01/29
0
2855247 696/G01 F 571,200.00 ZZ
360 571,200.00 1
10629 OAKLYN DRIVE 8.000 4,191.26 80
7.750 4,191.26 714,000.00
POTOMAC MD 20854 1 07/26/99 00
0431396027 05 09/01/99 0
30299054 O 08/01/29
0
2855248 696/G01 F 262,000.00 ZZ
360 262,000.00 1
10758 BREWER HOUSE ROAD 7.875 1,899.68 80
7.625 1,899.68 327,500.00
ROCKVILLE MD 20852 1 07/26/99 00
0431396035 07 09/01/99 0
30599071 O 08/01/29
0
2855250 696/G01 F 316,000.00 ZZ
360 316,000.00 1
8502 HERON POND LANE 7.750 2,263.86 80
7.500 2,263.86 395,000.00
FAIRFAX STATION VA 22039 1 07/27/99 00
0431395920 03 09/01/99 0
23799151 O 08/01/29
0
2855251 696/G01 F 251,900.00 ZZ
360 251,900.00 1
2947 TIMBER WOOD WAY 7.500 1,761.32 80
7.250 1,761.32 314,900.00
HERNDON VA 20171 1 07/26/99 00
0431396001 03 09/01/99 0
21799164 O 08/01/29
0
2855402 638/G01 F 373,500.00 ZZ
360 373,500.00 1
1
8860 SOUTH TENAYA WAY 7.875 2,708.13 90
7.625 2,708.13 415,000.00
LAS VEGAS NV 89113 2 07/01/99 04
0431400662 05 09/01/99 25
8900820 O 08/01/29
0
2855414 638/G01 F 271,800.00 ZZ
360 271,800.00 1
1037 PERAZZO CIRCLE 7.875 1,970.74 90
7.625 1,970.74 302,132.00
FOLSOM CA 95630 1 07/16/99 10
0431400654 03 09/01/99 25
8863105 O 08/01/29
0
2855437 638/G01 F 268,000.00 ZZ
360 268,000.00 1
789 IRIS AVENUE 8.000 1,966.49 67
7.750 1,966.49 403,000.00
SUNNYVALE CA 94086 1 07/15/99 00
0431398163 05 09/01/99 0
8903246 O 08/01/29
0
2855443 638/G01 F 280,000.00 ZZ
360 280,000.00 1
32282 CREST LANE 8.375 2,128.20 80
8.125 2,128.20 350,000.00
UNION CITY CA 94587 2 07/02/99 00
0431398171 05 09/01/99 0
8906512 O 08/01/29
0
2855665 168/168 F 436,000.00 ZZ
360 436,000.00 1
3601 ALBEMARLE STREET, N.W. 7.125 2,937.41 80
6.875 2,937.41 545,000.00
WASHINGTON DC 20008 1 07/20/99 00
169516776 05 09/01/99 0
169516776 O 08/01/29
0
2855863 K08/G01 F 103,000.00 ZZ
360 103,000.00 1
10566 GRANDE PALLADIUM WAY 8.125 764.77 63
7.875 764.77 165,000.00
BOYNTON BEACH FL 33436 2 07/21/99 00
0411508112 03 09/01/99 0
1
0411508112 O 08/01/29
0
2855948 696/G01 F 560,000.00 ZZ
360 560,000.00 1
622 FORT WILLIAMS PARKWAY 7.875 4,060.39 80
7.625 4,060.39 700,000.00
ALEXANDRIA VA 22304 1 07/27/99 00
0431397553 05 09/01/99 0
24699155 O 08/01/29
0
2855949 696/G01 F 191,600.00 ZZ
360 191,600.00 1
8604 GRANT STREET 7.875 1,389.23 80
7.625 1,389.23 239,500.00
BETHESDA MD 20817 1 07/28/99 00
0431397421 05 09/01/99 0
31199106 O 08/01/29
0
2855950 696/G01 F 282,400.00 ZZ
360 282,400.00 1
5202 WHISPER WILLOW DRIVE 7.500 1,974.58 80
7.250 1,974.58 353,000.00
FAIRFAX VA 22030 1 07/27/99 00
0431397454 03 09/01/99 0
22399104 O 08/01/29
0
2856064 638/G01 F 296,000.00 ZZ
360 296,000.00 1
2914 ROUND TABLE ROAD 7.875 2,146.21 80
7.625 2,146.21 370,000.00
AUSTIN TX 78746 1 07/15/99 00
0431400993 05 09/01/99 0
8911014 O 08/01/29
0
2856082 638/G01 F 650,000.00 ZZ
360 650,000.00 1
1226 ALGONQUIN ROAD 7.875 4,712.95 78
7.625 4,712.95 835,000.00
CROWNSVILLE MD 21032 1 07/20/99 00
0431401066 05 09/01/99 0
8907634 O 08/01/29
0
1
2856102 638/G01 F 270,000.00 ZZ
360 270,000.00 1
2015 EAST TERRA LINDA DRIVE 7.625 1,911.04 80
7.375 1,911.04 340,000.00
SALT LAKE CITY UT 84124 5 07/19/99 00
0431400100 05 09/01/99 0
8911334 O 08/01/29
0
2856354 623/G01 F 285,000.00 ZZ
360 284,793.73 1
4870 FLAKES MILL ROAD 7.625 2,017.21 95
7.375 2,017.21 300,000.00
ELLENWOOD GA 30294 4 06/11/99 10
0431400860 05 08/01/99 30
1183545 O 07/01/29
0
2856356 623/G01 F 450,000.00 ZZ
360 448,886.95 1
2115 PAINTERS LAKE ROAD 7.000 2,993.86 54
6.750 2,993.86 840,000.00
HIGHLAND PARK IL 60035 5 04/16/99 00
0431399658 03 06/01/99 0
1224769 O 05/01/29
0
2856357 623/G01 F 260,000.00 ZZ
360 259,811.82 1
1 FERRY RD 7.625 1,840.26 80
7.375 1,840.26 325,000.00
CHESTER CT 06412 1 06/21/99 00
0431399591 05 08/01/99 0
1238732 O 07/01/29
0
2856359 623/G01 F 399,000.00 ZZ
360 398,138.67 1
6962 TEMPERANCE POINT STREET 7.250 2,721.88 80
7.000 2,721.88 500,000.00
WESTERVILLE OH 43082 1 06/15/99 00
0431399385 05 08/01/99 0
1348140 O 07/01/29
0
2856360 623/G01 F 339,200.00 ZZ
360 338,935.39 1
5209 M0RGAN AVENUE SOUTH 7.250 2,313.94 80
7.000 2,313.94 424,000.00
1
MINNEAPOLIS MN 55419 2 06/18/99 00
0431400407 05 08/01/99 0
1348664 O 07/01/29
0
2856362 623/G01 F 342,400.00 ZZ
360 341,823.03 1
9590 ROD ROAD 6.875 2,249.33 80
6.625 2,249.33 428,000.00
ALPHARETTA GA 30022 1 05/14/99 00
0431400381 03 07/01/99 0
1353029 O 06/01/29
0
2856363 623/G01 F 384,000.00 ZZ
360 383,715.02 1
1444 WATERFORD GREEN DRIVE 7.500 2,684.98 80
7.250 2,684.98 480,000.00
MARIETTA GA 30068 1 06/30/99 00
0431400480 03 08/01/99 0
1359821 O 07/01/29
0
2856365 623/G01 F 259,150.00 ZZ
360 258,539.85 1
384 WINTERTHUR WAY 7.250 1,767.86 84
7.000 1,767.86 309,100.00
HIGHLANDS RANCH CO 80126 1 04/28/99 11
0431400092 03 06/01/99 12
1443418 O 05/01/29
0
2856368 623/G01 F 288,000.00 ZZ
360 287,775.33 1
13403 GRAND MASTERPIECE LANE 7.250 1,964.67 80
7.000 1,964.67 360,000.00
HOUSTON TX 77041 1 06/11/99 00
0431399864 03 08/01/99 0
5213259 O 07/01/29
0
2856370 623/G01 F 276,325.00 ZZ
360 276,098.50 1
4914 APRICOT COURT 7.000 1,838.40 70
6.750 1,838.40 394,750.00
CASTRO VALLEY CA 94546 1 06/23/99 00
0431403377 05 08/01/99 0
6200406 O 07/01/29
0
1
2856371 623/G01 F 360,000.00 ZZ
360 359,109.56 1
1760 HILLCREST AVENUE 7.000 2,395.09 80
6.750 2,395.09 450,000.00
GLENDALE CA 91202 2 04/08/99 00
0431402791 05 06/01/99 0
6203625 O 05/01/29
0
2856372 623/G01 F 300,000.00 ZZ
360 299,765.97 1
641 SERRANO LN 7.250 2,046.53 80
7.000 2,046.53 375,000.00
CHULA VISTA CA 91910 1 06/22/99 00
0431402742 05 08/01/99 0
6206346 O 07/01/29
0
2856373 623/G01 F 365,000.00 ZZ
360 364,755.09 1
30034 TORREPINES PLACE 8.000 2,678.24 74
7.750 2,678.24 495,000.00
AGOURA HILLS CA 91301 5 06/24/99 00
0431402544 05 08/01/99 0
6206603 O 07/01/29
0
2856374 623/G01 F 450,000.00 ZZ
360 449,682.40 1
117 PHELAN CT 7.750 3,223.85 65
7.500 3,223.85 695,000.00
SANTA CRUZ CA 95060 1 06/23/99 00
0431402502 05 08/01/99 0
6249442 O 07/01/29
0
2856375 623/G01 F 268,000.00 ZZ
360 267,796.07 1
1343 ETHEL ST 7.375 1,851.01 80
7.125 1,851.01 335,000.00
GLENDALE CA 91207 1 06/09/99 00
0431402445 05 08/01/99 0
6251513 O 07/01/29
0
2856376 623/G01 F 392,000.00 ZZ
360 391,694.20 1
1
827 EAST MOUNTAIN STREET 7.250 2,674.13 73
7.000 2,674.13 542,000.00
GLENDALE CA 91207 1 06/21/99 00
0431401637 05 08/01/99 0
6251582 O 07/01/29
0
2856377 623/G01 F 436,000.00 ZZ
360 435,668.24 1
1910 DEL MAR AVENUE 7.375 3,011.34 80
7.125 3,011.34 545,000.00
LAGUNA BEACH CA 92651 1 06/01/99 00
0431399906 05 08/01/99 0
6279182 O 07/01/29
0
2856378 623/G01 F 448,000.00 ZZ
360 447,632.77 1
181 TAN OAK DRIVE 7.000 2,980.56 80
6.750 2,980.56 560,000.00
SCOTTS VALLEY CA 95066 1 06/23/99 00
0431400878 05 08/01/99 0
6299199 O 07/01/29
0
2856380 623/G01 F 650,000.00 ZZ
360 649,480.21 1
14 LANDPORT 7.125 4,379.17 60
6.875 4,379.17 1,084,580.00
NEWPORT BEACH CA 92660 1 06/11/99 00
0431400829 03 08/01/99 0
6313971 O 07/01/29
0
2856381 623/G01 F 392,000.00 ZZ
360 391,386.56 1
37 GOLFVIEW DRIVE 7.250 2,674.13 80
7.000 2,674.13 490,000.00
RANCHO SANTA MA CA 92679 5 05/27/99 00
0431400852 03 07/01/99 0
6397623 O 06/01/29
0
2856383 623/G01 F 336,000.00 ZZ
360 335,737.89 1
1780 COTTLE AVENUE 7.250 2,292.11 80
7.000 2,292.11 420,000.00
SAN JOSE CA 95125 1 06/07/99 00
0431400688 05 08/01/99 0
1
6399230 O 07/01/29
0
2856384 623/G01 F 382,000.00 ZZ
360 381,709.33 1
16480 RUSTLING OAK COURT 7.375 2,638.38 80
7.125 2,638.38 477,500.00
MORGAN HILL CA 95037 1 06/16/99 00
0431400605 03 08/01/99 0
6399238 O 07/01/29
0
2856419 E60/G01 F 421,600.00 ZZ
360 421,600.00 1
2110 CROSS STREET 7.875 3,056.90 80
7.625 3,056.90 527,000.00
LA CANADA FLINT CA 91011 2 07/20/99 00
0431401215 05 09/01/99 0
521359 O 08/01/29
0
2856611 K08/G01 F 127,900.00 ZZ
360 127,900.00 1
1301 MICHIGAN AVENUE 7.875 927.36 95
7.625 927.36 135,000.00
KENNER LA 70062 2 07/20/99 10
0411476153 05 09/01/99 30
0411476153 O 08/01/29
0
2856734 696/G01 F 136,000.00 ZZ
360 136,000.00 1
6201 EVERGLADES DRIVE 7.625 962.60 80
7.375 962.60 170,000.00
ALEXANDRIA VA 22312 1 07/28/99 00
0431399138 05 09/01/99 0
22399107 O 08/01/29
0
2857270 696/G01 F 260,000.00 ZZ
360 260,000.00 1
3202 CUNNINGHAM DRIVE 7.375 1,795.76 80
7.125 1,795.76 325,000.00
ALEXANDRIA VA 22309 1 07/28/99 00
0431400761 03 09/01/99 0
24699143 O 08/01/29
0
1
2857272 696/G01 F 139,300.00 ZZ
360 139,300.00 1
12104 PUTNAM ROAD 8.000 1,022.13 70
7.750 1,022.13 199,000.00
ROCKVILLE MD 20852 1 07/28/99 00
0431401033 05 09/01/99 0
32799203 O 08/01/29
0
2857453 116/116 F 630,000.00 ZZ
360 630,000.00 1
47 SOUTH BENTON WOODS CIRCLE 7.500 4,405.05 75
7.250 4,405.05 840,000.00
THE WOODLANDS TX 77382 1 07/29/99 00
091067266 03 09/01/99 0
091067266 O 08/01/29
0
2857797 G75/G75 F 277,950.00 ZZ
360 277,727.72 1
1164 HAMPTON GARDENS LANE 7.125 1,872.61 90
6.875 1,872.61 308,871.00
CHARLOTTE NC 28209 1 06/17/99 14
03848201 01 08/01/99 25
03848201 O 07/01/29
0
2857800 G75/G75 F 310,400.00 ZZ
360 309,622.45 1
16013 PHEASANT RIDGE COURT 7.125 2,091.23 79
6.875 2,091.23 393,000.00
WOODBINE MD 21797 2 04/19/99 00
03836535 05 06/01/99 0
03836535 O 05/01/29
0
2857806 G75/G75 F 252,000.00 ZZ
360 251,403.82 1
3926 BENTON STREET, NW 6.625 1,613.59 78
6.375 1,613.59 325,000.00
WASHINGTON DC 20007 1 05/19/99 00
03854317 05 07/01/99 0
03854317 O 06/01/29
0
2857807 G75/G75 F 124,000.00 ZZ
360 123,805.95 1
1957 STATE ROUTE 50 7.250 845.90 79
7.000 845.90 157,000.00
1
BATAVIA OH 45103 1 05/26/99 00
03869875 05 07/01/99 0
03869875 O 06/01/29
0
2857808 G75/G75 F 200,000.00 ZZ
360 199,633.68 1
1967 WESTRIDGE BLVD. 7.625 1,415.59 80
7.375 1,415.59 250,000.00
BARTLETT IL 60103 1 05/21/99 00
03863493 05 07/01/99 0
03863493 O 06/01/29
0
2857816 G75/G75 F 280,000.00 ZZ
360 279,340.74 1
3537 RUSSELL THOMAS LANE 7.250 1,910.10 76
7.000 1,910.10 369,000.00
DAVIDSONVILLE MD 21035 2 04/20/99 00
03820556 03 06/01/99 0
03820556 O 05/01/29
0
2857819 G75/G75 F 245,600.00 ZZ
360 245,215.65 1
3431 OAKWOOD TERRACE NW 7.250 1,675.43 80
7.000 1,675.43 307,000.00
WASHINGTON DC 20010 1 05/10/99 00
03856602 05 07/01/99 0
03856602 O 06/01/29
0
2857826 G75/G75 F 280,000.00 ZZ
360 279,550.83 1
717 SOUTH ROYAL STREET 7.125 1,886.42 78
6.875 1,886.42 360,000.00
ALEXANDRIA VA 22314 1 05/27/99 00
03861918 05 07/01/99 0
03861918 O 06/01/29
0
2857827 G75/G75 F 264,200.00 ZZ
360 263,593.16 1
12298 NEW MARKET MILL RD 7.375 1,824.77 78
7.125 1,824.77 342,500.00
BEAVERDAM VA 23015 2 04/26/99 00
03848566 05 06/01/99 0
03848566 O 05/01/29
0
1
2857828 G75/G75 F 306,000.00 ZZ
360 305,509.14 1
10029 CIRCLEVIEW DRIVE 7.125 2,061.58 80
6.875 2,061.58 385,000.00
AUSTIN TX 78733 1 05/14/99 00
03855232 03 07/01/99 0
03855232 O 06/01/29
0
2857830 G75/G75 F 277,800.00 ZZ
360 277,365.27 1
2112 CARTER MILL WAY 7.250 1,895.09 77
7.000 1,895.09 365,000.00
BROOKEVILLE MD 20833 2 05/25/99 00
03867162 03 07/01/99 0
03867162 O 06/01/29
0
2857832 G75/G75 F 259,950.00 ZZ
360 259,726.18 1
6424 PRESTWICK DRIVE 6.750 1,686.04 79
6.500 1,686.04 330,000.00
CLARKSVILLE MD 21029 1 06/10/99 00
03698682 03 08/01/99 0
03698682 O 07/01/29
0
2857834 G75/G75 F 206,150.00 ZZ
360 205,858.06 1
7101 TANWORTH DRIVE 7.750 1,476.89 95
7.500 1,476.89 217,000.00
SPRINGFIELD VA 22152 2 05/21/99 01
03757020 09 07/01/99 30
03757020 O 06/01/29
0
2857839 G75/G75 F 272,550.00 ZZ
360 272,164.02 1
5577 VANDERBILT ROAD 7.750 1,952.59 95
7.500 1,952.59 287,000.00
OLD HICKORY TN 37138 1 05/19/99 10
03850408 05 07/01/99 30
03850408 O 06/01/29
0
2857840 G75/G75 F 159,900.00 ZZ
360 159,637.10 1
1
5061 TIMBER VIEW LANE 7.000 1,063.82 79
6.750 1,063.82 203,000.00
ST. LEONARD MD 20685 1 05/14/99 00
03868455 05 07/01/99 0
03868455 O 06/01/29
0
2857842 G75/G75 F 260,000.00 ZZ
360 259,807.04 1
633 SECOTAN ROAD 7.500 1,817.96 70
7.250 1,817.96 372,000.00
VIRGINIA BEACH VA 23451 5 06/22/99 00
03879814 05 08/01/99 0
03879814 O 07/01/29
0
2857843 G75/G75 F 249,600.00 ZZ
360 249,410.06 1
119 GWYNEDD LEA DR 7.375 1,723.93 80
7.125 1,723.93 312,000.00
NORTH WALES PA 19454 1 06/15/99 00
03882758 05 08/01/99 0
03882758 O 07/01/29
0
2857846 G75/G75 F 244,625.00 ZZ
360 244,278.56 1
17260 LITTLE SPRING RD 7.750 1,752.53 95
7.500 1,752.53 259,000.00
LEESBURG VA 20175 1 05/20/99 01
03870385 05 07/01/99 30
03870385 O 06/01/29
0
2857849 G75/G75 F 174,400.00 ZZ
360 174,257.04 1
13571 DEER BROOK COURT 7.000 1,160.29 80
6.750 1,160.29 219,000.00
MT. AIRY MD 21771 1 06/17/99 00
03889714 03 08/01/99 0
03889714 O 07/01/29
0
2857853 G75/G75 F 307,900.00 ZZ
360 307,653.78 1
2050 HERMITAGE HILLS DR. 7.125 2,074.38 77
6.875 2,074.38 400,000.00
GAMBRILLS MD 21054 1 06/15/99 00
03896682 05 08/01/99 0
1
03896682 O 07/01/29
0
2857859 G75/G75 F 256,000.00 ZZ
360 255,764.74 1
2622 GRANT AVE 7.375 1,768.13 80
7.125 1,768.13 320,000.00
RALEIGH NC 27608 1 06/16/99 00
03898561 05 08/01/99 0
03898561 O 07/01/29
0
2857861 G75/G75 F 280,000.00 ZZ
360 279,781.57 1
3428 LISBURN RD. 7.250 1,910.10 78
7.000 1,910.10 360,000.00
MECHANICSBURG PA 17055 1 06/07/99 00
03855749 05 08/01/99 0
03855749 O 07/01/29
0
2857867 G75/G75 F 188,700.00 ZZ
360 188,559.96 1
8013 ROLAND COURT 7.500 1,319.42 79
7.250 1,319.42 239,000.00
ELKRIDGE MD 21075 1 06/17/99 00
03784572 03 08/01/99 0
03784572 O 07/01/29
0
2858174 696/G01 F 228,300.00 ZZ
360 228,300.00 1
43477 ORSON STREET 7.625 1,615.89 80
7.375 1,615.89 285,405.00
SOUTH RIDING VA 20152 1 07/30/99 00
0431401777 03 09/01/99 0
23399027 O 08/01/29
0
2858177 696/G01 F 147,200.00 ZZ
360 147,200.00 1
7614 DUNSTON STREET 7.750 1,054.56 80
7.500 1,054.56 184,000.00
SPRINGFIELD VA 22151 1 07/30/99 00
0431401819 05 09/01/99 0
23199041 O 08/01/29
0
1
2858178 696/G01 F 173,100.00 ZZ
360 173,100.00 1
2511 EAST RANDOLPH AVENUE 8.125 1,285.26 80
7.875 1,285.26 216,400.00
ALEXANDRIA VA 22301 1 07/29/99 00
0431401835 05 09/01/99 0
22699100 O 08/01/29
0
2858347 K08/G01 F 231,000.00 ZZ
360 231,000.00 1
1029 BURNELL OAKS LANE 8.000 1,695.00 70
7.750 1,695.00 330,000.00
ARCADIA CA 91006 1 07/20/99 00
0411454051 05 09/01/99 0
0411454051 O 08/01/29
0
2858525 685/G01 F 204,750.00 ZZ
360 204,750.00 1
20682 MOUNTAIN VIEW ROAD 7.500 1,431.65 70
7.250 1,431.65 292,500.00
TRABUCO CANYON CA 92678 1 07/22/99 00
0431404367 05 09/01/99 0
119003 O 08/01/29
0
2858616 F18/G01 F 280,000.00 ZZ
360 280,000.00 1
1965 STONEWOOD LANE 8.125 2,079.00 80
7.875 2,079.00 350,000.00
SAN JOSE CA 95132 1 07/12/99 00
0431403575 05 09/01/99 0
00995 O 08/01/29
0
2860019 696/G01 F 335,200.00 ZZ
360 335,200.00 1
720 WEST VIEW TERRACE 7.500 2,343.77 80
7.250 2,343.77 419,000.00
ALEXANDRIA VA 22301 1 07/30/99 00
0431404771 05 09/01/99 0
22899115 O 08/01/29
0
2864736 944/G01 F 525,000.00 ZZ
360 525,000.00 1
3485 EDGEFIELD PLACE 8.375 3,990.38 80
8.125 3,990.38 656,250.00
1
CARMEL CA 93923 1 07/30/99 00
0431410307 05 09/01/99 0
990700101 O 08/01/29
0
TOTAL NUMBER OF LOANS : 1,176
TOTAL ORIGINAL BALANCE : 369,640,068.28
TOTAL PRINCIPAL BALANCE : 369,289,426.68
TOTAL ORIGINAL P+I : 2,598,335.47
TOTAL CURRENT P+I : 2,598,335.47
***************************
* END OF REPORT *
***************************
1
RUN ON : 08/20/99 RFC DISCLOSURE SYSTEM RFFSDFIX-01
AT : 12.54.32 FIXED PASSTHRU REPORT AMORTIZED BALANCE
SERIES : RFMSI 1 1999 S-18 CUTOFF : 08/01/99
POOL : 0004391
:
:
POOL STATUS: F
RFC LOAN NUMBER SUB SERV FEE
PRINCIPAL BALANCE MSTR SERV FEE
CURR NOTE RATE ALL EXP
RFC NET RATE MISC EXP
NET MTG RATE(INVSTR RATE) SPREAD
POST STRIP RATE STRIP
------------------------------------------------------------------------------
1807729 .2500
300,897.15 .0300
7.2500 .0000
7.0000 .0000
6.9700 .0000
6.9700 .0000
1854046 .2500
257,933.78 .0300
6.7500 .0000
6.5000 .0000
6.4700 .0000
6.4700 .0000
1857713 .2500
396,752.69 .0300
6.6250 .0000
6.3750 .0000
6.3450 .0000
6.3450 .0000
1859683 .2500
317,171.23 .0300
7.2500 .0000
7.0000 .0000
6.9700 .0000
6.9700 .0000
1860193 .2500
410,863.19 .0300
6.8750 .0000
6.6250 .0000
6.5950 .0000
6.5950 .0000
1881442 .2500
413,660.66 .0300
7.1250 .0000
6.8750 .0000
6.8450 .0000
6.8450 .0000
1
1884448 .2500
285,471.74 .0800
7.6250 .0000
7.3750 .0000
7.2950 .0000
7.0000 .2950
1892605 .2500
554,467.12 .0300
7.2500 .0000
7.0000 .0000
6.9700 .0000
6.9700 .0000
1892952 .2500
414,690.12 .0300
7.2500 .0000
7.0000 .0000
6.9700 .0000
6.9700 .0000
1893202 .2500
298,411.92 .0800
7.5000 .0000
7.2500 .0000
7.1700 .0000
7.0000 .1700
1893640 .2500
304,720.68 .0300
6.8750 .0000
6.6250 .0000
6.5950 .0000
6.5950 .0000
1893744 .2500
334,150.84 .0300
6.8750 .0000
6.6250 .0000
6.5950 .0000
6.5950 .0000
1895071 .2500
399,058.21 .0300
7.2500 .0000
7.0000 .0000
6.9700 .0000
6.9700 .0000
1896139 .2500
229,471.73 .0800
7.3750 .0000
7.1250 .0000
7.0450 .0000
7.0000 .0450
1
1899206 .2500
157,265.49 .0800
7.5000 .0000
7.2500 .0000
7.1700 .0000
7.0000 .1700
1900581 .2500
258,095.47 .0300
7.2500 .0000
7.0000 .0000
6.9700 .0000
6.9700 .0000
1900699 .2500
381,265.51 .0300
7.1250 .0000
6.8750 .0000
6.8450 .0000
6.8450 .0000
1900907 .2500
144,694.78 .0800
7.7500 .0000
7.5000 .0000
7.4200 .0000
7.0000 .4200
1901288 .2500
127,117.94 .0800
7.5000 .0000
7.2500 .0000
7.1700 .0000
7.0000 .1700
1903197 .2500
430,695.80 .0800
7.7500 .0000
7.5000 .0000
7.4200 .0000
7.0000 .4200
1903752 .2500
209,866.09 .0800
8.2500 .0000
8.0000 .0000
7.9200 .0000
7.0000 .9200
1903753 .2500
848,702.46 .0800
7.3750 .0000
7.1250 .0000
7.0450 .0000
7.0000 .0450
1
1905018 .2500
624,045.93 .0800
7.3750 .0000
7.1250 .0000
7.0450 .0000
7.0000 .0450
1906272 .2500
200,000.00 .0800
7.8750 .0000
7.6250 .0000
7.5450 .0000
7.0000 .5450
1907184 .2500
381,944.54 .0800
7.6250 .0000
7.3750 .0000
7.2950 .0000
7.0000 .2950
1907266 .2500
148,897.45 .0800
7.8750 .0000
7.6250 .0000
7.5450 .0000
7.0000 .5450
1907675 .2500
160,000.00 .0800
8.0000 .0000
7.7500 .0000
7.6700 .0000
7.0000 .6700
1908503 .2500
641,419.36 .0800
7.3750 .0000
7.1250 .0000
7.0450 .0000
7.0000 .0450
1908980 .2500
449,690.31 .0800
7.8750 .0000
7.6250 .0000
7.5450 .0000
7.0000 .5450
1909053 .2500
439,000.00 .0800
7.5000 .0000
7.2500 .0000
7.1700 .0000
7.0000 .1700
1
1909437 .2500
209,766.15 .0800
8.2500 .0000
8.0000 .0000
7.9200 .0000
7.0000 .9200
1909728 .2500
103,000.00 .0800
8.2500 .0000
8.0000 .0000
7.9200 .0000
7.0000 .9200
1910862 .2500
330,846.92 .0300
6.7500 .0000
6.5000 .0000
6.4700 .0000
6.4700 .0000
1911065 .2500
160,682.93 .0800
7.5000 .0000
7.2500 .0000
7.1700 .0000
7.0000 .1700
1911292 .2500
407,712.03 .0800
7.7500 .0000
7.5000 .0000
7.4200 .0000
7.0000 .4200
1911492 .2500
316,000.00 .0800
7.6250 .0000
7.3750 .0000
7.2950 .0000
7.0000 .2950
1911804 .2500
267,069.22 .0300
6.7500 .0000
6.5000 .0000
6.4700 .0000
6.4700 .0000
1912162 .2500
335,580.84 .0800
8.3750 .0000
8.1250 .0000
8.0450 .0000
7.0000 1.0450
1
1912733 .2500
267,696.15 .0800
7.3750 .0000
7.1250 .0000
7.0450 .0000
7.0000 .0450
1913589 .2500
275,789.98 .0800
7.3750 .0000
7.1250 .0000
7.0450 .0000
7.0000 .0450
1913823 .2500
214,936.33 .0800
7.3750 .0000
7.1250 .0000
7.0450 .0000
7.0000 .0450
1913887 .2500
274,649.04 .0300
6.5000 .0000
6.2500 .0000
6.2200 .0000
6.2200 .0000
1914366 .2500
378,440.42 .0800
7.7500 .0000
7.5000 .0000
7.4200 .0000
7.0000 .4200
1914834 .2500
325,000.00 .0800
7.3750 .0000
7.1250 .0000
7.0450 .0000
7.0000 .0450
1914849 .2500
71,100.00 .0800
8.3750 .0000
8.1250 .0000
8.0450 .0000
7.0000 1.0450
1915237 .2500
374,669.14 .0300
6.6250 .0000
6.3750 .0000
6.3450 .0000
6.3450 .0000
1
1915691 .2500
368,000.00 .0300
7.0000 .0000
6.7500 .0000
6.7200 .0000
6.7200 .0000
1915899 .2500
87,344.27 .0800
8.2500 .0000
8.0000 .0000
7.9200 .0000
7.0000 .9200
1915957 .2500
439,162.84 .0300
6.2500 .0000
6.0000 .0000
5.9700 .0000
5.9700 .0000
1916674 .2500
369,725.41 .0800
7.5000 .0000
7.2500 .0000
7.1700 .0000
7.0000 .1700
1916977 .2500
416,858.02 .0300
7.0000 .0000
6.7500 .0000
6.7200 .0000
6.7200 .0000
1917044 .2500
272,321.75 .0800
8.1250 .0000
7.8750 .0000
7.7950 .0000
7.0000 .7950
1917305 .2500
59,956.57 .0800
7.6250 .0000
7.3750 .0000
7.2950 .0000
7.0000 .2950
1917437 .2500
104,833.05 .0800
8.2500 .0000
8.0000 .0000
7.9200 .0000
7.0000 .9200
1
1917510 .2500
271,584.78 .0800
7.3750 .0000
7.1250 .0000
7.0450 .0000
7.0000 .0450
1918746 .2500
399,358.36 .0300
7.1250 .0000
6.8750 .0000
6.8450 .0000
6.8450 .0000
1918781 .2500
287,798.90 .0300
7.2500 .0000
7.0000 .0000
6.9700 .0000
6.9700 .0000
1918890 .2500
152,155.37 .0800
8.3750 .0000
8.1250 .0000
8.0450 .0000
7.0000 1.0450
1919030 .2500
347,599.60 .0300
6.5000 .0000
6.2500 .0000
6.2200 .0000
6.2200 .0000
1919079 .2500
330,760.43 .0800
7.6250 .0000
7.3750 .0000
7.2950 .0000
7.0000 .2950
1919102 .2500
279,290.22 .0300
6.8750 .0000
6.6250 .0000
6.5950 .0000
6.5950 .0000
1919244 .2500
399,906.58 .0300
6.5000 .0000
6.2500 .0000
6.2200 .0000
6.2200 .0000
1
1919393 .2500
40,000.00 .0800
7.8750 .0000
7.6250 .0000
7.5450 .0000
7.0000 .5450
1919567 .2500
469,633.35 .0300
7.2500 .0000
7.0000 .0000
6.9700 .0000
6.9700 .0000
1920095 .2500
275,824.00 .0800
8.2500 .0000
8.0000 .0000
7.9200 .0000
7.0000 .9200
1920146 .2500
261,037.65 .0800
8.3750 .0000
8.1250 .0000
8.0450 .0000
7.0000 1.0450
1920170 .2500
163,087.69 .0800
7.8750 .0000
7.6250 .0000
7.5450 .0000
7.0000 .5450
1920183 .2500
368,462.63 .0300
6.7500 .0000
6.5000 .0000
6.4700 .0000
6.4700 .0000
1920188 .2500
283,267.61 .0300
7.0000 .0000
6.7500 .0000
6.7200 .0000
6.7200 .0000
1920323 .2500
351,000.00 .0800
8.2500 .0000
8.0000 .0000
7.9200 .0000
7.0000 .9200
1
1920344 .2500
336,000.00 .0800
7.7500 .0000
7.5000 .0000
7.4200 .0000
7.0000 .4200
1920449 .2500
305,484.36 .0300
6.8750 .0000
6.6250 .0000
6.5950 .0000
6.5950 .0000
1920846 .2500
84,941.51 .0800
7.8750 .0000
7.6250 .0000
7.5450 .0000
7.0000 .5450
1920871 .2500
255,000.00 .0800
8.2500 .0000
8.0000 .0000
7.9200 .0000
7.0000 .9200
1920949 .2500
89,190.12 .0800
8.0000 .0000
7.7500 .0000
7.6700 .0000
7.0000 .6700
1921030 .2500
275,310.40 .0800
7.8750 .0000
7.6250 .0000
7.5450 .0000
7.0000 .5450
1921037 .2500
544,595.53 .0800
7.5000 .0000
7.2500 .0000
7.1700 .0000
7.0000 .1700
1921621 .2500
116,808.80 .0300
7.2500 .0000
7.0000 .0000
6.9700 .0000
6.9700 .0000
1
1921881 .2500
260,591.54 .0300
7.2500 .0000
7.0000 .0000
6.9700 .0000
6.9700 .0000
1922234 .2500
266,502.07 .0800
7.5000 .0000
7.2500 .0000
7.1700 .0000
7.0000 .1700
1922831 .2500
603,800.00 .0800
7.7500 .0000
7.5000 .0000
7.4200 .0000
7.0000 .4200
1922854 .2500
279,572.57 .0800
7.3750 .0000
7.1250 .0000
7.0450 .0000
7.0000 .0450
1922887 .2500
86,250.00 .0800
8.0000 .0000
7.7500 .0000
7.6700 .0000
7.0000 .6700
1922905 .2500
165,000.00 .0800
7.6250 .0000
7.3750 .0000
7.2950 .0000
7.0000 .2950
1922921 .2500
299,038.80 .0800
7.7500 .0000
7.5000 .0000
7.4200 .0000
7.0000 .4200
1923024 .2500
109,900.00 .0800
8.0000 .0000
7.7500 .0000
7.6700 .0000
7.0000 .6700
1
1923124 .2500
548,882.02 .0300
6.5000 .0000
6.2500 .0000
6.2200 .0000
6.2200 .0000
1923159 .2500
207,200.00 .0800
7.6250 .0000
7.3750 .0000
7.2950 .0000
7.0000 .2950
1923284 .2500
205,427.27 .0300
6.8750 .0000
6.6250 .0000
6.5950 .0000
6.5950 .0000
1923566 .2500
311,918.34 .0800
7.5000 .0000
7.2500 .0000
7.1700 .0000
7.0000 .1700
1923583 .2500
142,911.12 .0800
8.3750 .0000
8.1250 .0000
8.0450 .0000
7.0000 1.0450
1923631 .2500
44,970.56 .0800
8.1250 .0000
7.8750 .0000
7.7950 .0000
7.0000 .7950
1923662 .2500
118,750.00 .0800
8.2500 .0000
8.0000 .0000
7.9200 .0000
7.0000 .9200
1923825 .2500
40,000.00 .0800
8.8750 .0000
8.6250 .0000
8.5450 .0000
7.0000 1.5450
1
1923845 .2500
157,250.00 .0300
7.2500 .0000
7.0000 .0000
6.9700 .0000
6.9700 .0000
1923851 .2500
622,003.11 .0800
8.2500 .0000
8.0000 .0000
7.9200 .0000
7.0000 .9200
1923912 .2500
107,934.22 .0800
7.3750 .0000
7.1250 .0000
7.0450 .0000
7.0000 .0450
1923944 .2500
336,840.51 .0800
8.3750 .0000
8.1250 .0000
8.0450 .0000
7.0000 1.0450
1923956 .2500
295,363.55 .0300
6.5000 .0000
6.2500 .0000
6.2200 .0000
6.2200 .0000
1923981 .2500
374,684.95 .0300
6.8750 .0000
6.6250 .0000
6.5950 .0000
6.5950 .0000
1923986 .2500
779,527.47 .0800
8.5000 .0000
8.2500 .0000
8.1700 .0000
7.0000 1.1700
1924003 .2500
271,798.14 .0800
7.5000 .0000
7.2500 .0000
7.1700 .0000
7.0000 .1700
1
1924073 .2500
180,484.84 .0800
8.2500 .0000
8.0000 .0000
7.9200 .0000
7.0000 .9200
1924088 .2500
251,826.57 .0800
7.8750 .0000
7.6250 .0000
7.5450 .0000
7.0000 .5450
1924120 .2500
412,000.00 .0800
7.8750 .0000
7.6250 .0000
7.5450 .0000
7.0000 .5450
1924160 .2500
359,776.23 .0800
8.3750 .0000
8.1250 .0000
8.0450 .0000
7.0000 1.0450
1924187 .2500
422,109.31 .0800
7.8750 .0000
7.6250 .0000
7.5450 .0000
7.0000 .5450
1924215 .2500
312,773.46 .0800
7.6250 .0000
7.3750 .0000
7.2950 .0000
7.0000 .2950
1924223 .2500
271,708.09 .0800
7.7500 .0000
7.5000 .0000
7.4200 .0000
7.0000 .4200
1924304 .2500
280,564.09 .0300
6.8750 .0000
6.6250 .0000
6.5950 .0000
6.5950 .0000
1
1924417 .2500
293,620.77 .0300
7.2500 .0000
7.0000 .0000
6.9700 .0000
6.9700 .0000
1924420 .2500
299,518.76 .0300
7.1250 .0000
6.8750 .0000
6.8450 .0000
6.8450 .0000
1924428 .2500
397,161.89 .0300
7.1250 .0000
6.8750 .0000
6.8450 .0000
6.8450 .0000
1924429 .2500
487,688.82 .0800
8.2500 .0000
8.0000 .0000
7.9200 .0000
7.0000 .9200
1924492 .2500
255,832.53 .0800
8.1250 .0000
7.8750 .0000
7.7950 .0000
7.0000 .7950
1924524 .2500
290,989.23 .0800
7.6250 .0000
7.3750 .0000
7.2950 .0000
7.0000 .2950
1924544 .2500
430,981.95 .0800
8.3750 .0000
8.1250 .0000
8.0450 .0000
7.0000 1.0450
1924697 .2500
215,200.00 .0800
7.7500 .0000
7.5000 .0000
7.4200 .0000
7.0000 .4200
1
1924715 .2500
252,221.86 .0800
7.7500 .0000
7.5000 .0000
7.4200 .0000
7.0000 .4200
1924856 .2500
319,774.15 .0800
7.7500 .0000
7.5000 .0000
7.4200 .0000
7.0000 .4200
1925007 .2500
153,879.87 .0300
7.2500 .0000
7.0000 .0000
6.9700 .0000
6.9700 .0000
1925030 .2500
316,992.51 .0800
8.1250 .0000
7.8750 .0000
7.7950 .0000
7.0000 .7950
1925036 .2500
290,205.15 .0800
8.0000 .0000
7.7500 .0000
7.6700 .0000
7.0000 .6700
1925041 .2500
1,000,000.00 .0800
7.6250 .0000
7.3750 .0000
7.2950 .0000
7.0000 .2950
1925044 .2500
339,766.01 .0800
7.8750 .0000
7.6250 .0000
7.5450 .0000
7.0000 .5450
1925050 .2500
312,800.00 .0800
8.0000 .0000
7.7500 .0000
7.6700 .0000
7.0000 .6700
1
1925118 .2500
249,819.05 .0800
7.6250 .0000
7.3750 .0000
7.2950 .0000
7.0000 .2950
1925319 .2500
253,488.25 .0800
8.2500 .0000
8.0000 .0000
7.9200 .0000
7.0000 .9200
1925322 .2500
262,219.41 .0800
7.8750 .0000
7.6250 .0000
7.5450 .0000
7.0000 .5450
1925339 .2500
268,814.87 .0800
7.8750 .0000
7.6250 .0000
7.5450 .0000
7.0000 .5450
1925345 .2500
287,200.00 .0800
8.0000 .0000
7.7500 .0000
7.6700 .0000
7.0000 .6700
1925346 .2500
399,103.83 .0800
7.5000 .0000
7.2500 .0000
7.1700 .0000
7.0000 .1700
1925350 .2500
471,675.17 .0800
7.8750 .0000
7.6250 .0000
7.5450 .0000
7.0000 .5450
1925354 .2500
296,790.38 .0800
7.7500 .0000
7.5000 .0000
7.4200 .0000
7.0000 .4200
1
1925364 .2500
398,718.39 .0800
7.7500 .0000
7.5000 .0000
7.4200 .0000
7.0000 .4200
1925527 .2500
279,797.35 .0800
7.6250 .0000
7.3750 .0000
7.2950 .0000
7.0000 .2950
1925536 .2500
209,855.48 .0800
7.8750 .0000
7.6250 .0000
7.5450 .0000
7.0000 .5450
1925537 .2500
400,000.00 .0800
7.7500 .0000
7.5000 .0000
7.4200 .0000
7.0000 .4200
1925538 .2500
302,500.00 .0800
7.5000 .0000
7.2500 .0000
7.1700 .0000
7.0000 .1700
1925547 .2500
91,536.97 .0800
7.8750 .0000
7.6250 .0000
7.5450 .0000
7.0000 .5450
1925548 .2500
472,190.92 .0800
8.1250 .0000
7.8750 .0000
7.7950 .0000
7.0000 .7950
1925550 .2500
338,000.00 .0800
8.2500 .0000
8.0000 .0000
7.9200 .0000
7.0000 .9200
1
1925551 .2500
124,913.97 .0800
7.8750 .0000
7.6250 .0000
7.5450 .0000
7.0000 .5450
1925553 .2500
297,384.60 .0800
7.6250 .0000
7.3750 .0000
7.2950 .0000
7.0000 .2950
1925555 .2500
324,800.00 .0800
7.5000 .0000
7.2500 .0000
7.1700 .0000
7.0000 .1700
1925557 .2500
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6.9700 .0000
6.9700 .0000
2857826 .2500
279,550.83 .0300
7.1250 .0000
6.8750 .0000
6.8450 .0000
6.8450 .0000
2857827 .2500
263,593.16 .0800
7.3750 .0000
7.1250 .0000
7.0450 .0000
7.0000 .0450
2857828 .2500
305,509.14 .0300
7.1250 .0000
6.8750 .0000
6.8450 .0000
6.8450 .0000
2857830 .2500
277,365.27 .0300
7.2500 .0000
7.0000 .0000
6.9700 .0000
6.9700 .0000
2857832 .2500
259,726.18 .0300
6.7500 .0000
6.5000 .0000
6.4700 .0000
6.4700 .0000
2857834 .2500
205,858.06 .0800
7.7500 .0000
7.5000 .0000
7.4200 .0000
7.0000 .4200
1
2857839 .2500
272,164.02 .0800
7.7500 .0000
7.5000 .0000
7.4200 .0000
7.0000 .4200
2857840 .2500
159,637.10 .0300
7.0000 .0000
6.7500 .0000
6.7200 .0000
6.7200 .0000
2857842 .2500
259,807.04 .0800
7.5000 .0000
7.2500 .0000
7.1700 .0000
7.0000 .1700
2857843 .2500
249,410.06 .0800
7.3750 .0000
7.1250 .0000
7.0450 .0000
7.0000 .0450
2857846 .2500
244,278.56 .0800
7.7500 .0000
7.5000 .0000
7.4200 .0000
7.0000 .4200
2857849 .2500
174,257.04 .0300
7.0000 .0000
6.7500 .0000
6.7200 .0000
6.7200 .0000
2857853 .2500
307,653.78 .0300
7.1250 .0000
6.8750 .0000
6.8450 .0000
6.8450 .0000
2857859 .2500
255,764.74 .0800
7.3750 .0000
7.1250 .0000
7.0450 .0000
7.0000 .0450
1
2857861 .2500
279,781.57 .0300
7.2500 .0000
7.0000 .0000
6.9700 .0000
6.9700 .0000
2857867 .2500
188,559.96 .0800
7.5000 .0000
7.2500 .0000
7.1700 .0000
7.0000 .1700
2858174 .2500
228,300.00 .0800
7.6250 .0000
7.3750 .0000
7.2950 .0000
7.0000 .2950
2858177 .2500
147,200.00 .0800
7.7500 .0000
7.5000 .0000
7.4200 .0000
7.0000 .4200
2858178 .2500
173,100.00 .0800
8.1250 .0000
7.8750 .0000
7.7950 .0000
7.0000 .7950
2858347 .2500
231,000.00 .0800
8.0000 .0000
7.7500 .0000
7.6700 .0000
7.0000 .6700
2858525 .2500
204,750.00 .0800
7.5000 .0000
7.2500 .0000
7.1700 .0000
7.0000 .1700
2858616 .2500
280,000.00 .0800
8.1250 .0000
7.8750 .0000
7.7950 .0000
7.0000 .7950
1
2860019 .2500
335,200.00 .0800
7.5000 .0000
7.2500 .0000
7.1700 .0000
7.0000 .1700
2864736 .2500
525,000.00 .0800
8.3750 .0000
8.1250 .0000
8.0450 .0000
7.0000 1.0450
TOTAL NUMBER OF LOANS: 1176
TOTAL BALANCE........: 369,289,426.68
1
RUN ON : 08/20/99 RFC DISCLOSURE SYSTEM RFFSDFIX-01
AT : 12.54.32 INITIAL SECURITY FEES AMORTIZED BALANCE
SERIES : RFMSI 1 1999 S-18 FIXED SUMMARY REPORT CUTOFF : 08/01/99
POOL : 0004391
:
:
POOL STATUS: F
WEIGHTED AVERAGES FROM TO
------------------------------------------------------------------------------
CURR NOTE RATE 7.5392 6.2500 8.8750
RFC NET RATE 7.2892 6.0000 8.6250
NET MTG RATE(INVSTR RATE) 7.2243 5.9700 8.5450
POST STRIP RATE 6.9293 5.9700 7.0000
SUB SERV FEE .2500 .2500 .2500
MSTR SERV FEE .0649 .0300 .0800
ALL EXP .0000 .0000 .0000
MISC EXP .0000 .0000 .0000
SPREAD .0000 .0000 .0000
STRIP .2950 .0000 1.5450
TOTAL NUMBER OF LOANS: 1176
TOTAL BALANCE........: 369,289,426.68
***************************
* END OF REPORT *
***************************
-1-
<PAGE>
EXHIBIT TWO
SCHEDULE OF DISCOUNT FRACTIONS
Loan Number Current Balance Net Mortgage Rate Discount Fraction PO Balance
1915957 "$439,162.84 " 0.0597 0.147142857 "$64,619.68 "
2842390 "$341,583.32 " 0.06095 0.129285714 "$44,161.84 "
1923124 "$548,882.02 " 0.0622 0.111428571 "$61,161.14 "
2829488 "$309,437.98 " 0.0622 0.111428571 "$34,480.23 "
1926906 "$309,719.75 " 0.0622 0.111428571 "$34,511.63 "
2849710 "$272,753.20 " 0.0622 0.111428571 "$30,392.50 "
1923956 "$295,363.55 " 0.0622 0.111428571 "$32,911.94 "
1913887 "$274,649.04 " 0.0622 0.111428571 "$30,603.75 "
1919030 "$347,599.60 " 0.0622 0.111428571 "$38,732.53 "
1919244 "$399,906.58 " 0.0622 0.111428571 "$44,561.02 "
2837380 "$267,425.78 " 0.06345 0.093571429 "$25,023.41 "
2842431 "$313,676.32 " 0.06345 0.093571429 "$29,351.14 "
2842442 "$339,398.39 " 0.06345 0.093571429 "$31,757.99 "
1928757 "$413,468.88 " 0.06345 0.093571429 "$38,688.87 "
2848436 "$294,677.66 " 0.06345 0.093571429 "$27,573.41 "
2849706 "$379,414.73 " 0.06345 0.093571429 "$35,502.38 "
2842449 "$289,087.57 " 0.06345 0.093571429 "$27,050.34 "
1857713 "$396,752.69 " 0.06345 0.093571429 "$37,124.72 "
2857806 "$251,403.82 " 0.06345 0.093571429 "$23,524.21 "
1915237 "$374,669.14 " 0.06345 0.093571429 "$35,058.33 "
2849892 "$404,578.13 " 0.0647 0.075714286 "$30,632.34 "
1928765 "$271,765.81 " 0.0647 0.075714286 "$20,576.55 "
1929088 "$287,752.03 " 0.0647 0.075714286 "$21,786.94 "
2842434 "$319,724.49 " 0.0647 0.075714286 "$24,207.71 "
2826875 "$267,769.25 " 0.0647 0.075714286 "$20,273.96 "
2849725 "$285,753.75 " 0.0647 0.075714286 "$21,635.64 "
2849711 "$499,569.50 " 0.0647 0.075714286 "$37,824.55 "
2837317 "$311,461.23 " 0.0647 0.075714286 "$23,582.06 "
2848440 "$100,613.30 " 0.0647 0.075714286 "$7,617.86 "
2842419 "$274,525.14 " 0.0647 0.075714286 "$20,785.47 "
2849746 "$470,186.67 " 0.0647 0.075714286 "$35,599.85 "
2849690 "$303,475.05 " 0.0647 0.075714286 "$22,977.40 "
2849765 "$330,115.53 " 0.0647 0.075714286 "$24,994.46 "
2832570 "$283,352.72 " 0.0647 0.075714286 "$21,453.85 "
1927289 "$294,188.90 " 0.0647 0.075714286 "$22,274.30 "
1928739 "$255,779.58 " 0.0647 0.075714286 "$19,366.17 "
1920183 "$368,462.63 " 0.0647 0.075714286 "$27,897.88 "
1911804 "$267,069.22 " 0.0647 0.075714286 "$20,220.96 "
1925665 "$348,675.32 " 0.0647 0.075714286 "$26,399.70 "
2857832 "$259,726.18 " 0.0647 0.075714286 "$19,664.98 "
1854046 "$257,933.78 " 0.0647 0.075714286 "$19,529.27 "
1910862 "$330,846.92 " 0.0647 0.075714286 "$25,049.84 "
2848553 "$267,275.26 " 0.06595 0.057857143 "$15,463.78 "
2845037 "$249,366.30 " 0.06595 0.057857143 "$14,427.62 "
2848417 "$311,737.88 " 0.06595 0.057857143 "$18,036.26 "
2849722 "$270,522.53 " 0.06595 0.057857143 "$15,651.66 "
1919102 "$279,290.22 " 0.06595 0.057857143 "$16,158.93 "
2848473 "$279,365.10 " 0.06595 0.057857143 "$16,163.27 "
2849718 "$319,651.23 " 0.06595 0.057857143 "$18,494.11 "
2848507 "$293,003.47 " 0.06595 0.057857143 "$16,952.34 "
1860193 "$410,863.19 " 0.06595 0.057857143 "$23,771.37 "
2845028 "$288,205.87 " 0.06595 0.057857143 "$16,674.77 "
2849713 "$377,082.94 " 0.06595 0.057857143 "$21,816.94 "
2842444 "$294,352.50 " 0.06595 0.057857143 "$17,030.39 "
1893744 "$334,150.84 " 0.06595 0.057857143 "$19,333.01 "
2849692 "$255,584.93 " 0.06595 0.057857143 "$14,787.41 "
2849693 "$358,898.23 " 0.06595 0.057857143 "$20,764.83 "
1893640 "$304,720.68 " 0.06595 0.057857143 "$17,630.27 "
2849709 "$244,794.17 " 0.06595 0.057857143 "$14,163.09 "
2848487 "$542,621.04 " 0.06595 0.057857143 "$31,394.50 "
2842388 "$300,581.26 " 0.06595 0.057857143 "$17,390.77 "
1928364 "$255,784.93 " 0.06595 0.057857143 "$14,798.99 "
1927787 "$279,764.77 " 0.06595 0.057857143 "$16,186.39 "
1928768 "$379,381.00 " 0.06595 0.057857143 "$21,949.90 "
1928776 "$303,744.60 " 0.06595 0.057857143 "$17,573.79 "
1927606 "$266,296.09 " 0.06595 0.057857143 "$15,407.13 "
1929873 "$534,236.00 " 0.06595 0.057857143 "$30,909.37 "
1927501 "$348,956.58 " 0.06595 0.057857143 "$20,189.63 "
1927450 "$278,568.23 " 0.06595 0.057857143 "$16,117.16 "
2849728 "$359,697.55 " 0.06595 0.057857143 "$20,811.07 "
1920449 "$305,484.36 " 0.06595 0.057857143 "$17,674.45 "
1927313 "$375,366.41 " 0.06595 0.057857143 "$21,717.63 "
1931015 "$367,690.83 " 0.06595 0.057857143 "$21,273.54 "
1925596 "$429,039.25 " 0.06595 0.057857143 "$24,822.99 "
2842401 "$484,082.91 " 0.06595 0.057857143 "$28,007.65 "
2842407 "$275,534.93 " 0.06595 0.057857143 "$15,941.66 "
1924304 "$280,564.09 " 0.06595 0.057857143 "$16,232.64 "
1923981 "$374,684.95 " 0.06595 0.057857143 "$21,678.20 "
2842432 "$529,306.57 " 0.06595 0.057857143 "$30,624.17 "
2842439 "$399,663.95 " 0.06595 0.057857143 "$23,123.41 "
2842440 "$249,578.72 " 0.06595 0.057857143 "$14,439.91 "
1923284 "$205,427.27 " 0.06595 0.057857143 "$11,885.43 "
2842448 "$489,174.32 " 0.06595 0.057857143 "$28,302.23 "
1927323 "$442,453.18 " 0.06595 0.057857143 "$25,599.08 "
2853500 "$369,489.15 " 0.06595 0.057857143 "$21,377.59 "
2849885 "$559,529.52 " 0.06595 0.057857143 "$32,372.78 "
2856362 "$341,823.03 " 0.06595 0.057857143 "$19,776.90 "
2851353 "$284,000.00 " 0.06595 0.057857143 "$16,431.43 "
2849888 "$260,580.89 " 0.06595 0.057857143 "$15,076.47 "
2849749 "$639,462.32 " 0.06595 0.057857143 "$36,997.46 "
2849744 "$296,750.48 " 0.06595 0.057857143 "$17,169.13 "
2853518 "$284,760.56 " 0.06595 0.057857143 "$16,475.43 "
2849729 "$403,660.58 " 0.06595 0.057857143 "$23,354.65 "
2853513 "$296,550.66 " 0.06595 0.057857143 "$17,157.57 "
2849738 "$301,746.28 " 0.06595 0.057857143 "$17,458.18 "
2849737 "$343,710.99 " 0.06595 0.057857143 "$19,886.14 "
2849731 "$410,654.71 " 0.06595 0.057857143 "$23,759.31 "
2849796 "$259,781.56 " 0.06595 0.057857143 "$15,030.22 "
1927509 "$356,557.48 " 0.0672 0.04 "$14,262.30 "
1927280 "$266,261.48 " 0.0672 0.04 "$10,650.46 "
2856370 "$276,098.50 " 0.0672 0.04 "$11,043.94 "
1926898 "$332,727.04 " 0.0672 0.04 "$13,309.08 "
2842443 "$479,606.55 " 0.0672 0.04 "$19,184.26 "
2849898 "$249,795.07 " 0.0672 0.04 "$9,991.80 "
2842400 "$349,424.54 " 0.0672 0.04 "$13,976.98 "
1927279 "$319,473.87 " 0.0672 0.04 "$12,778.95 "
2845086 "$349,713.11 " 0.0672 0.04 "$13,988.52 "
2842421 "$323,367.47 " 0.0672 0.04 "$12,934.70 "
2845088 "$252,584.01 " 0.0672 0.04 "$10,103.36 "
1916977 "$416,858.02 " 0.0672 0.04 "$16,674.32 "
2845076 "$305,349.50 " 0.0672 0.04 "$12,213.98 "
2842436 "$331,753.45 " 0.0672 0.04 "$13,270.14 "
1930954 "$354,709.00 " 0.0672 0.04 "$14,188.36 "
2832568 "$299,654.18 " 0.0672 0.04 "$11,986.17 "
2842446 "$353,018.63 " 0.0672 0.04 "$14,120.75 "
1927276 "$531,125.30 " 0.0672 0.04 "$21,245.01 "
2853479 "$345,000.00 " 0.0672 0.04 "$13,800.00 "
2849810 "$314,741.79 " 0.0672 0.04 "$12,589.67 "
2845038 "$279,073.86 " 0.0672 0.04 "$11,162.95 "
2842435 "$638,734.82 " 0.0672 0.04 "$25,549.39 "
2842441 "$311,440.84 " 0.0672 0.04 "$12,457.63 "
1920188 "$283,267.61 " 0.0672 0.04 "$11,330.70 "
2856378 "$447,632.77 " 0.0672 0.04 "$17,905.31 "
2856371 "$359,109.56 " 0.0672 0.04 "$14,364.38 "
2849762 "$564,536.87 " 0.0672 0.04 "$22,581.47 "
2857849 "$174,257.04 " 0.0672 0.04 "$6,970.28 "
2857840 "$159,637.10 " 0.0672 0.04 "$6,385.48 "
1927641 "$342,519.01 " 0.0672 0.04 "$13,700.76 "
2849695 "$379,668.40 " 0.0672 0.04 "$15,186.74 "
2849745 "$319,737.70 " 0.0672 0.04 "$12,789.51 "
2849691 "$356,707.37 " 0.0672 0.04 "$14,268.29 "
1927462 "$648,931.29 " 0.0672 0.04 "$25,957.25 "
2849752 "$314,741.79 " 0.0672 0.04 "$12,589.67 "
2849735 "$366,699.16 " 0.0672 0.04 "$14,667.97 "
1927298 "$399,342.31 " 0.0672 0.04 "$15,973.69 "
1927559 "$60,950.00 " 0.0672 0.04 "$2,438.00 "
2849736 "$389,680.32 " 0.0672 0.04 "$15,587.21 "
2842391 "$336,945.09 " 0.0672 0.04 "$13,477.80 "
2848546 "$500,000.00 " 0.0672 0.04 "$20,000.00 "
2842415 "$399,342.33 " 0.0672 0.04 "$15,973.69 "
1927373 "$97,619.91 " 0.0672 0.04 "$3,904.80 "
2849884 "$491,596.71 " 0.0672 0.04 "$19,663.87 "
1928396 "$430,790.52 " 0.0672 0.04 "$17,231.62 "
2856356 "$448,886.95 " 0.0672 0.04 "$17,955.48 "
1927520 "$287,763.92 " 0.0672 0.04 "$11,510.56 "
1927308 "$325,863.34 " 0.0672 0.04 "$13,034.53 "
2849730 "$295,513.32 " 0.0672 0.04 "$11,820.53 "
2845082 "$260,471.05 " 0.0672 0.04 "$10,418.84 "
2849779 "$263,796.08 " 0.0672 0.04 "$10,551.84 "
2849889 "$449,631.13 " 0.0672 0.04 "$17,985.25 "
1927296 "$381,871.11 " 0.0672 0.04 "$15,274.84 "
1915691 "$368,000.00 " 0.0672 0.04 "$14,720.00 "
2837325 "$299,518.76 " 0.06845 0.022142857 "$6,632.20 "
2842392 "$374,290.98 " 0.06845 0.022142857 "$8,287.87 "
1926626 "$103,833.17 " 0.06845 0.022142857 "$2,299.16 "
2842020 "$471,000.00 " 0.06845 0.022142857 "$10,429.29 "
2842394 "$291,766.49 " 0.06845 0.022142857 "$6,460.54 "
2849899 "$387,689.72 " 0.06845 0.022142857 "$8,584.56 "
1927459 "$287,937.37 " 0.06845 0.022142857 "$6,375.76 "
1928078 "$173,040.00 " 0.06845 0.022142857 "$3,831.60 "
1927456 "$331,567.27 " 0.06845 0.022142857 "$7,341.85 "
2853805 "$415,200.00 " 0.06845 0.022142857 "$9,193.71 "
2853485 "$263,888.80 " 0.06845 0.022142857 "$5,843.25 "
2855665 "$436,000.00 " 0.06845 0.022142857 "$9,654.29 "
1927315 "$343,688.51 " 0.06845 0.022142857 "$7,610.25 "
2849900 "$475,000.00 " 0.06845 0.022142857 "$10,517.86 "
1929096 "$271,432.76 " 0.06845 0.022142857 "$6,010.30 "
2849825 "$519,584.16 " 0.06845 0.022142857 "$11,505.08 "
2849890 "$277,777.69 " 0.06845 0.022142857 "$6,150.79 "
1927291 "$294,526.78 " 0.06845 0.022142857 "$6,521.66 "
1929125 "$279,776.08 " 0.06845 0.022142857 "$6,195.04 "
1930513 "$127,897.64 " 0.06845 0.022142857 "$2,832.02 "
1930997 "$285,371.60 " 0.06845 0.022142857 "$6,318.94 "
2849893 "$314,748.09 " 0.06845 0.022142857 "$6,969.42 "
1931025 "$267,336.05 " 0.06845 0.022142857 "$5,919.58 "
2762569 "$288,565.67 " 0.06845 0.022142857 "$6,389.67 "
2807404 "$338,624.26 " 0.06845 0.022142857 "$7,498.11 "
1927273 "$359,422.51 " 0.06845 0.022142857 "$7,958.64 "
1927292 "$257,586.13 " 0.06845 0.022142857 "$5,703.69 "
2847831 "$207,600.00 " 0.06845 0.022142857 "$4,596.86 "
2849781 "$399,680.12 " 0.06845 0.022142857 "$8,850.06 "
2856380 "$649,480.21 " 0.06845 0.022142857 "$14,381.35 "
2845044 "$324,478.67 " 0.06845 0.022142857 "$7,184.88 "
2845047 "$449,278.16 " 0.06845 0.022142857 "$9,948.30 "
2845063 "$309,752.10 " 0.06845 0.022142857 "$6,858.80 "
2845072 "$396,862.37 " 0.06845 0.022142857 "$8,787.67 "
2845075 "$482,225.21 " 0.06845 0.022142857 "$10,677.84 "
2845078 "$411,170.93 " 0.06845 0.022142857 "$9,104.50 "
1918746 "$399,358.36 " 0.06845 0.022142857 "$8,842.94 "
2845084 "$284,542.82 " 0.06845 0.022142857 "$6,300.59 "
2845032 "$315,391.84 " 0.06845 0.022142857 "$6,983.68 "
2857800 "$309,622.45 " 0.06845 0.022142857 "$6,855.93 "
2857797 "$277,727.72 " 0.06845 0.022142857 "$6,149.69 "
2848423 "$346,922.34 " 0.06845 0.022142857 "$7,681.85 "
2857826 "$279,550.83 " 0.06845 0.022142857 "$6,190.05 "
2848447 "$373,301.23 " 0.06845 0.022142857 "$8,265.96 "
2848465 "$287,438.17 " 0.06845 0.022142857 "$6,364.70 "
1900699 "$381,265.51 " 0.06845 0.022142857 "$8,442.31 "
2857828 "$305,509.14 " 0.06845 0.022142857 "$6,764.85 "
2848544 "$259,792.08 " 0.06845 0.022142857 "$5,752.54 "
1881442 "$413,660.66 " 0.06845 0.022142857 "$9,159.63 "
2849702 "$438,848.77 " 0.06845 0.022142857 "$9,717.37 "
2849720 "$269,284.48 " 0.06845 0.022142857 "$5,962.73 "
2857853 "$307,653.78 " 0.06845 0.022142857 "$6,812.33 "
2845087 "$297,408.17 " 0.06845 0.022142857 "$6,585.47 "
2849814 "$340,727.30 " 0.06845 0.022142857 "$7,544.68 "
2845030 "$330,105.66 " 0.06845 0.022142857 "$7,309.48 "
1924420 "$299,518.76 " 0.06845 0.022142857 "$6,632.20 "
2842429 "$449,278.14 " 0.06845 0.022142857 "$9,948.30 "
2842417 "$269,966.26 " 0.06845 0.022142857 "$5,977.82 "
2849808 "$319,744.10 " 0.06845 0.022142857 "$7,080.05 "
1924428 "$397,161.89 " 0.06845 0.022142857 "$8,794.30 "
1926352 "$274,785.47 " 0.0697 0.004285714 "$1,177.65 "
1925951 "$274,185.94 " 0.0697 0.004285714 "$1,175.08 "
1900581 "$258,095.47 " 0.0697 0.004285714 "$1,106.12 "
1895071 "$399,058.21 " 0.0697 0.004285714 "$1,710.25 "
2857819 "$245,215.65 " 0.0697 0.004285714 "$1,050.92 "
1925007 "$153,879.87 " 0.0697 0.004285714 $659.49
2857807 "$123,805.95 " 0.0697 0.004285714 $530.60
1892952 "$414,690.12 " 0.0697 0.004285714 "$1,777.24 "
1927464 "$353,022.40 " 0.0697 0.004285714 "$1,512.95 "
1927467 "$347,180.63 " 0.0697 0.004285714 "$1,487.92 "
1892605 "$554,467.12 " 0.0697 0.004285714 "$2,376.29 "
2856365 "$258,539.85 " 0.0697 0.004285714 "$1,108.03 "
1925668 "$288,025.13 " 0.0697 0.004285714 "$1,234.39 "
1859683 "$317,171.23 " 0.0697 0.004285714 "$1,359.31 "
1925777 "$399,687.96 " 0.0697 0.004285714 "$1,712.95 "
1925701 "$485,221.18 " 0.0697 0.004285714 "$2,079.52 "
2857830 "$277,365.27 " 0.0697 0.004285714 "$1,188.71 "
2856359 "$398,138.67 " 0.0697 0.004285714 "$1,706.31 "
1927274 "$354,444.45 " 0.0697 0.004285714 "$1,519.05 "
1921621 "$116,808.80 " 0.0697 0.004285714 $500.61
1921881 "$260,591.54 " 0.0697 0.004285714 "$1,116.82 "
1919567 "$469,633.35 " 0.0697 0.004285714 "$2,012.71 "
1927271 "$279,931.45 " 0.0697 0.004285714 "$1,199.71 "
2856381 "$391,386.56 " 0.0697 0.004285714 "$1,677.37 "
2856376 "$391,694.20 " 0.0697 0.004285714 "$1,678.69 "
1925683 "$301,264.79 " 0.0697 0.004285714 "$1,291.13 "
2857816 "$279,340.74 " 0.0697 0.004285714 "$1,197.17 "
1927281 "$266,582.16 " 0.0697 0.004285714 "$1,142.50 "
1924417 "$293,620.77 " 0.0697 0.004285714 "$1,258.37 "
1918781 "$287,798.90 " 0.0697 0.004285714 "$1,233.42 "
2856372 "$299,765.97 " 0.0697 0.004285714 "$1,284.71 "
2856360 "$338,935.39 " 0.0697 0.004285714 "$1,452.58 "
1923845 "$157,250.00 " 0.0697 0.004285714 $673.93
1933504 "$299,765.97 " 0.0697 0.004285714 "$1,284.71 "
1926618 "$397,373.12 " 0.0697 0.004285714 "$1,703.03 "
1926616 "$451,292.65 " 0.0697 0.004285714 "$1,934.11 "
2856383 "$335,737.89 " 0.0697 0.004285714 "$1,438.88 "
2856368 "$287,775.33 " 0.0697 0.004285714 "$1,233.32 "
2849788 "$366,813.63 " 0.0697 0.004285714 "$1,572.06 "
2845074 "$366,841.24 " 0.0697 0.004285714 "$1,572.18 "
2845055 "$324,746.47 " 0.0697 0.004285714 "$1,391.77 "
2845053 "$399,374.03 " 0.0697 0.004285714 "$1,711.60 "
2845046 "$443,305.19 " 0.0697 0.004285714 "$1,899.88 "
2845043 "$314,153.79 " 0.0697 0.004285714 "$1,346.37 "
2845040 "$259,593.12 " 0.0697 0.004285714 "$1,112.54 "
2845035 "$360,518.54 " 0.0697 0.004285714 "$1,545.08 "
2849826 "$288,583.04 " 0.0697 0.004285714 "$1,236.78 "
2849783 "$251,703.49 " 0.0697 0.004285714 "$1,078.73 "
2845095 "$284,204.56 " 0.0697 0.004285714 "$1,218.02 "
2842445 "$365,714.48 " 0.0697 0.004285714 "$1,567.35 "
2849819 "$299,765.97 " 0.0697 0.004285714 "$1,284.71 "
2857861 "$279,781.57 " 0.0697 0.004285714 "$1,199.06 "
2849822 "$480,624.77 " 0.0697 0.004285714 "$2,059.82 "
1807729 "$300,897.15 " 0.0697 0.004285714 "$1,289.56 "
2842430 "$549,139.30 " 0.0697 0.004285714 "$2,353.45 "
1931882 "$251,920.00 " 0.0697 0.004285714 "$1,079.66 "
2845031 "$351,449.14 " 0.0697 0.004285714 "$1,506.21 "
2849754 "$262,794.83 " 0.0697 0.004285714 "$1,126.26 "
2849724 "$399,687.96 " 0.0697 0.004285714 "$1,712.95 "
2849741 "$372,709.02 " 0.0697 0.004285714 "$1,597.32 "
2849742 "$449,648.95 " 0.0697 0.004285714 "$1,927.07 "
2849704 "$524,590.45 " 0.0697 0.004285714 "$2,248.24 "
2849694 "$299,765.97 " 0.0697 0.004285714 "$1,284.71 "
2849689 "$325,600.00 " 0.0697 0.004285714 "$1,395.43 "
2848557 "$390,994.74 " 0.0697 0.004285714 "$1,675.69 "
2845081 "$281,280.40 " 0.0697 0.004285714 "$1,205.49 "
2848511 "$146,885.33 " 0.0697 0.004285714 $629.51
2845091 "$447,298.93 " 0.0697 0.004285714 "$1,917.00 "
2849766 "$279,781.57 " 0.0697 0.004285714 "$1,199.06 "
2848468 "$443,453.79 " 0.0697 0.004285714 "$1,900.52 "
2849769 "$339,734.77 " 0.0697 0.004285714 "$1,456.01 "
2849770 "$283,778.44 " 0.0697 0.004285714 "$1,216.19 "
2848421 "$270,538.78 " 0.0697 0.004285714 "$1,159.45 "
2847691 "$495,000.00 " 0.0697 0.004285714 "$2,121.43 "
2845366 "$112,000.00 " 0.0697 0.004285714 $480.00
2842413 "$297,126.67 " 0.0697 0.004285714 "$1,273.40 "
2848531 "$416,075.16 " 0.0697 0.004285714 "$1,783.18 "
1928375 "$259,797.17 " 0.0697 0.004285714 "$1,113.42 "
1929181 "$263,494.29 " 0.0697 0.004285714 "$1,129.26 "
1929177 "$316,153.17 " 0.0697 0.004285714 "$1,354.94 "
1929102 "$515,792.01 " 0.0697 0.004285714 "$2,210.54 "
1928967 "$582,695.09 " 0.0697 0.004285714 "$2,497.26 "
2852054 "$252,000.00 " 0.0697 0.004285714 "$1,080.00 "
2853467 "$355,200.00 " 0.0697 0.004285714 "$1,522.29 "
1928434 "$256,410.00 " 0.0697 0.004285714 "$1,098.90 "
2842424 "$281,276.24 " 0.0697 0.004285714 "$1,205.47 "
1928379 "$271,412.23 " 0.0697 0.004285714 "$1,163.20 "
1930965 "$339,734.77 " 0.0697 0.004285714 "$1,456.01 "
1928369 "$303,524.26 " 0.0697 0.004285714 "$1,300.82 "
1928361 "$274,785.47 " 0.0697 0.004285714 "$1,177.65 "
1928196 "$250,756.96 " 0.0697 0.004285714 "$1,074.67 "
1928071 "$290,000.00 " 0.0697 0.004285714 "$1,242.86 "
1928000 "$420,000.00 " 0.0697 0.004285714 "$1,800.00 "
1927925 "$648,000.00 " 0.0697 0.004285714 "$2,777.14 "
1927826 "$948,500.00 " 0.0697 0.004285714 "$4,065.00 "
1928412 "$265,792.49 " 0.0697 0.004285714 "$1,139.11 "
2849886 "$287,775.17 " 0.0697 0.004285714 "$1,233.32 "
2842412 "$310,014.09 " 0.0697 0.004285714 "$1,328.63 "
2842411 "$436,270.78 " 0.0697 0.004285714 "$1,869.73 "
2842409 "$353,157.48 " 0.0697 0.004285714 "$1,513.53 "
2849836 "$277,783.12 " 0.0697 0.004285714 "$1,190.50 "
2842404 "$269,577.47 " 0.0697 0.004285714 "$1,155.33 "
2842402 "$283,056.35 " 0.0697 0.004285714 "$1,213.10 "
2849881 "$374,707.46 " 0.0697 0.004285714 "$1,605.89 "
1929192 "$284,777.68 " 0.0697 0.004285714 "$1,220.48 "
2842387 "$578,634.39 " 0.0697 0.004285714 "$2,479.86 "
1930959 "$298,167.21 " 0.0697 0.004285714 "$1,277.86 "
2837369 "$414,022.88 " 0.0697 0.004285714 "$1,774.38 "
2837368 "$433,975.80 " 0.0697 0.004285714 "$1,859.90 "
2837334 "$349,726.96 " 0.0697 0.004285714 "$1,498.83 "
2849887 "$354,723.06 " 0.0697 0.004285714 "$1,520.24 "
2826854 "$319,499.22 " 0.0697 0.004285714 "$1,369.28 "
2826350 "$526,788.74 " 0.0697 0.004285714 "$2,257.67 "
1932325 "$299,400.00 " 0.0697 0.004285714 "$1,283.14 "
1927671 "$181,708.14 " 0.0697 0.004285714 $778.75
2842389 "$269,577.47 " 0.0697 0.004285714 "$1,155.33 "
328 "$111,425,437.85 " 3.3450% "$3,727,200.39 "
<PAGE>
EXHIBIT THREE
INFORMATION TO BE INCLUDED IN
MONTHLY DISTRIBUTION DATE STATEMENT
(i) (a) the amount of such distribution to the Certificateholders
of such Class applied to reduce the Certificate Principal Balance
thereof, and (b) the aggregate amount included therein representing
Principal Prepayments;
(ii) the amount of such distribution to Holders of such Class of
Certificates allocable to interest;
(iii) if the distribution to the Holders of such Class of
Certificates is less than the full amount that would be distributable to
such Holders if there were sufficient funds available therefor, the
amount of the shortfall;
(iv) the amount of any Advance by the Master Servicer pursuant to
Section 4.04;
(v) the number and Pool Stated Principal Balance of the Mortgage
Loans after giving effect to the distribution of principal on such
Distribution Date;
(vi) the aggregate Certificate Principal Balance of each Class of
Certificates and the Senior Percentage, after giving effect to the
amounts distributed on such Distribution Date, separately identifying
any reduction thereof due to Realized Losses other than pursuant to an
actual distribution of principal;
(vii) the related Subordinate Principal Distribution Amount and
Prepayment Distribution Percentage, if applicable;
(viii) on the basis of the most recent reports furnished to it by
Sub-Servicers, the number and aggregate principal balances of Mortgage
Loans that are Delinquent (A) 30-59 days, (B) 60-89 days and (C) 90 or
more days and the number and aggregate principal balance of Mortgage
Loans that are in foreclosure;
(ix) the number, aggregate principal balance and book value of
any REO Properties;
(x) the aggregate Accrued Certificate Interest remaining unpaid,
if any, for each Class of Certificates, after giving effect to the
distribution made on such Distribution Date;
(xi) the Special Hazard Amount, Fraud Loss Amount and Bankruptcy
Amount as of the close of business on such Distribution Date and a
description of any change in the calculation of such amounts;
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<PAGE>
(xii) the weighted average Pool Strip Rate for such Distribution
Date and the Pass-Through Rate with respect to the Class A-V
Certificates and each Subclass, if any, thereof;
(xiii) the Pass-Through Rates on the Floater Certificates and
Inverse Floater Certificates for such Distribution Date, separately
identifying LIBOR for such Distribution Date;
(xiv) the Notional Amount with respect to each class of Interest
Only Certificates and each Subclass Notional Amount;
(xv) the occurrence of the Credit Support Depletion Date;
(xvi) the related Senior Accelerated Distribution Percentage
applicable to such distribution;
(xvii) the related Senior Percentage for such Distribution Date;
(xviii)the aggregate amount of Realized Losses for such
Distribution Date;
(xix) the aggregate amount of any recoveries on previously
foreclosed loans from Sellers due to a breach of representation or
warranty;
(xx) the weighted average remaining term to maturity of the
Mortgage Loans after giving effect to the amounts distributed on such
Distribution Date;
(xxi) the weighted average Mortgage Rates of the Mortgage Loans
after giving effect to the amounts distributed on such Distribution
Date;
(xxii) if any of the Class M Certificates are held by a
Depository, a legend substantially in the form of Exhibit H-3 to the
Standard Terms, referencing such Certificates.
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.
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<PAGE>
EXHIBIT FOUR
STANDARD TERMS OF
POOLING AND SERVICING AGREEMENT
Dated as of August 1, 1999
Residential Funding Mortgage Securities I, Inc.
Mortgage Pass-Through Certificates
<PAGE>
<TABLE>
<CAPTION>
TABLE OF CONTENTS
Page
ARTICLE I
DEFINITIONS
<S> <C> <C>
Section 1.01 Definitions............................................................1
Section 1.02 Use of Words and Phrases..............................................29
ARTICLE II
CONVEYANCE OF MORTGAGE LOANS;
ORIGINAL ISSUANCE OF CERTIFICATES
Section 2.01 Conveyance of Mortgage Loans..........................................29
Section 2.02 Acceptance by Trustee.................................................35
Section 2.03 Representations, Warranties and Covenants of the Master Servicer
and the Company.................................36
---------------
Section 2.04 Representations and Warranties of Sellers.............................38
ARTICLE III
ADMINISTRATION AND SERVICING
OF MORTGAGE LOANS
Section 3.01 Master Servicer to Act as Servicer....................................40
Section 3.02 Subservicing Agreements Between Master Servicer and
Subservicers; Enforcement of Subservicers' and
Sellers' Obligations............................41
Section 3.03 Successor Subservicers................................................42
Section 3.04 Liability of the Master Servicer......................................42
Section 3.05 No Contractual Relationship Between Subservicer and
Trustee or Certificateholders...................43
Section 3.06 Assumption or Termination of Subservicing Agreements by Trustee.......43
Section 3.07 Collection of Certain Mortgage Loan Payments; Deposits to
Custodial Account...............................43
Section 3.08 Subservicing Accounts; Servicing Accounts.............................46
Section 3.09 Access to Certain Documentation and Information
Regarding the Mortgage Loans....................47
Section 3.10 Permitted Withdrawals from the Custodial Account......................47
Section 3.11 Maintenance of the Primary Insurance Policies; Collections Thereunder
.....................................................................49
Section 3.12 Maintenance of Fire Insurance and Omissions and Fidelity Coverage.....50
Section 3.13 Enforcement of Due-on-Sale Clauses; Assumption and Modification
Agreements; Certain Assignments.......................................52
Section 3.14 Realization Upon Defaulted Mortgage Loans.............................53
Section 3.15 Trustee to Cooperate; Release of Mortgage Files.......................57
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Section 3.16 Servicing and Other Compensation; Compensating Interest...............58
Section 3.17 Reports to the Trustee and the Company................................59
Section 3.18 Annual Statement as to Compliance.....................................59
Section 3.19 Annual Independent Public Accountants' Servicing Report...............60
Section 3.20 Rights of the Company in Respect of the Master Servicer...............60
Section 3.21 Administration of Buydown Funds.......................................60
ARTICLE IV
PAYMENTS TO CERTIFICATEHOLDERS
Section 4.01 Certificate Account...................................................61
Section 4.02 Distributions.........................................................62
Section 4.03 Statements to Certificateholders......................................62
Section 4.04 Distribution of Reports to the Trustee and the Company;
Advances by the Master Servicer.................63
Section 4.05 Allocation of Realized Losses.........................................64
Section 4.06 Reports of Foreclosures and Abandonment of Mortgaged Property.........64
Section 4.07 Optional Purchase of Defaulted Mortgage Loans.........................64
Section 4.08 Surety Bond...........................................................65
ARTICLE V
THE CERTIFICATES
Section 5.01 The Certificates......................................................65
Section 5.02 Registration of Transfer and Exchange of Certificates.................67
Section 5.03 Mutilated, Destroyed, Lost or Stolen Certificates.....................73
Section 5.04 Persons Deemed Owners.................................................73
Section 5.05 Appointment of Paying Agent...........................................73
Section 5.06 Optional Purchase of Certificates.....................................74
ARTICLE VI
THE COMPANY AND THE MASTER SERVICER
Section 6.01 Respective Liabilities of the Company and the Master Servicer.........75
Section 6.02 Merger or Consolidation of the Company or the Master Servicer;
Assignment of Rights and Delegation of Duties by
Master Servicer.................................76
Section 6.03 Limitation on Liability of the Company, the Master Servicer and Others
.....................................................................76
Section 6.04 Company and Master Servicer Not to Resign.............................77
ARTICLE VII
DEFAULT
Section 7.01 Events of Default.....................................................78
Section 7.02 Trustee or Company to Act; Appointment of Successor...................80
ii
<PAGE>
Section 7.03 Notification to Certificateholders....................................80
Section 7.04 Waiver of Events of Default...........................................81
ARTICLE VIII
CONCERNING THE TRUSTEE
Section 8.01 Duties of Trustee.....................................................81
Section 8.02 Certain Matters Affecting the Trustee.................................83
Section 8.03 Trustee Not Liable for Certificates or Mortgage Loans.................84
Section 8.04 Trustee May Own Certificates..........................................85
Section 8.05 Master Servicer to Pay Trustee's Fees and Expenses; Indemnification...85
Section 8.06 Eligibility Requirements for Trustee..................................86
Section 8.07 Resignation and Removal of the Trustee................................86
Section 8.08 Successor Trustee.....................................................87
Section 8.09 Merger or Consolidation of Trustee....................................87
Section 8.10 Appointment of Co-Trustee or Separate Trustee.........................88
Section 8.11 Appointment of Custodians.............................................89
Section 8.12 Appointment of Office or Agency.......................................89
ARTICLE IX
TERMINATION
Section 9.01 Termination Upon Purchase by the Master Servicer or the
Company or Liquidation of All Mortgage Loans
...............................................89
Section 9.02 Additional Termination Requirements...................................92
Section 9.03 Termination of Multiple REMICs........................................92
ARTICLE X
REMIC PROVISIONS
Section 10.01 REMIC Administration..................................................93
Section 10.02 Master Servicer, REMIC Administrator and Trustee Indemnification......96
Section 10.03 Designation of REMIC(s)...............................................97
ARTICLE XI
MISCELLANEOUS PROVISIONS
Section 11.01 Amendment.............................................................97
Section 11.02 Recordation of Agreement; Counterparts...............................100
Section 11.03 Limitation on Rights of Certificateholders...........................100
Section 11.04 Governing Law........................................................101
Section 11.05 Notices..............................................................101
Section 11.06 Required Notices to Rating Agency and Subservicer....................101
Section 11.07 Severability of Provisions...........................................102
Section 11.08 Supplemental Provisions for Resecuritization.........................102
</TABLE>
iii
<PAGE>
EXHIBITS
Exhibit A: Form of Class A Certificate
Exhibit B: Form of Class M Certificate
Exhibit C: Form of Class B Certificate
Exhibit D: Form of Class R Certificate
Exhibit E: Form of Seller/Servicer Contract
Exhibit F: Forms of Request for Release
Exhibit G-1: Form of Transfer Affidavit and Agreement
Exhibit G-2: Form of Transferor Certificate
Exhibit H-1: Form of Investor Representation Letter
Exhibit H-2: Form of ERISA Representation Letter
Exhibit H-3: Form of ERISA Legend
Exhibit I: Form of Transferor Representation Letter
Exhibit J: Form of Rule 144A Investment Representation Letter
Exhibit K: Text of Amendment to Pooling and Servicing Agreement
Pursuant to Section 11.01(e) for a Limited Guaranty
Exhibit L: Form of Limited Guaranty
Exhibit M: Form of Lender Certification for Assignment of Mortgage Loan
Exhibit N: Request for Exchange Form
iv
<PAGE>
This is the Standard Terms of Pooling and Servicing Agreement, dated as
of August 1, 1999 (the "Standard Terms", and as incorporated by reference into a
Series Supplement dated as of the Cut-off Date, the "Pooling and Servicing
Agreement" or "Agreement"), among RESIDENTIAL 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 trustee
named in the applicable Series Supplement (together with its permitted
successors and assigns, the "Trustee").
PRELIMINARY STATEMENT:
The Company intends to sell certain mortgage pass-through certificates
(collectively, the "Certificates"), to be issued under the Agreement in multiple
classes, which in the aggregate will evidence the entire beneficial ownership
interest in the Mortgage Loans.
In consideration of the mutual agreements herein contained, the Company,
the Master Servicer and the Trustee agree as follows:
ARTICLE I
DEFINITIONS
Section 1.01 Definitions.
Whenever used in this Agreement, the following words and phrases, unless
the context otherwise requires, shall have the meanings specified in this
Article.
Accretion Termination Date: As defined in the Series Supplement.
Accrual Certificates: As defined in the Series Supplement.
Accrued Certificate Interest: With respect to each Distribution Date, as
to any Class or Subclass of Certificates (other than any Principal Only
Certificates), interest accrued during the related Interest Accrual Period at
the related Pass-Through Rate on the Certificate Principal Balance or Notional
Amount thereof immediately prior to such Distribution Date. Accrued Certificate
Interest will be calculated on the basis of a 360-day year, consisting of twelve
30-day months. In each case Accrued Certificate Interest on any Class or
Subclass of Certificates will be reduced by the amount of:
(i) Prepayment Interest Shortfalls on all Mortgage Loans or, if the
Mortgage Pool is comprised of two or more Loan Groups, on the
Mortgage Loans in the related Loan Group (to the extent not
offset by the Master Servicer with a payment of Compensating
Interest as provided in Section 4.01),
(ii) the interest portion (adjusted to the Net Mortgage Rate (or the
Modified Net Mortgage Rate in the case of a Modified Mortgage
Loan)) of Realized Losses on all Mortgage Loans or, if the
Mortgage Pool is comprised of two or more Loan Groups, on the
Mortgage Loans in the related Loan Group (including Excess
Special Hazard
1
<PAGE>
Losses, Excess Fraud Losses, Excess Bankruptcy Losses and
Extraordinary Losses) not allocated solely to one or more
specific Classes of Certificates pursuant to Section 4.05,
(iii) the interest portion of Advances that were (A) previously made
with respect to a Mortgage Loan or REO Property on all Mortgage
Loans or, if the Mortgage Pool is comprised of two or more Loan
Groups, on the Mortgage Loans in the related Loan Group, which
remained unreimbursed following the Cash Liquidation or REO
Disposition of such Mortgage Loan or REO Property or (B) made
with respect to delinquencies that were ultimately determined to
be Excess Special Hazard Losses, Excess Fraud Losses, Excess
Bankruptcy Losses or Extraordinary Losses, and
(iv) any other interest shortfalls not covered by the subordination
provided by the Class M Certificates and Class B Certificates,
including interest that is not collectible from the Mortgagor
pursuant to the Soldiers' and Sailors' Civil Relief Act of 1940,
as amended, or similar legislation or regulations as in effect
from time to time,
with all such reductions allocated (A) among all of the Certificates in
proportion to their respective amounts of Accrued Certificate Interest payable
on such Distribution Date absent such reductions or (B) if the Mortgage Pool is
comprised of two or more Loan Groups, among the related Senior Certificates in
proportion to the amounts of Accrued Certificate Interest payable from the
related Loan Group on such Distribution Date absent such reductions, with the
remainder of such reductions allocated among the holders of the Class M
Certificates and Class B Certificates in proportion to their respective amounts
of Accrued Certificate Interest payable on such Distribution Date absent such
reductions. In addition to that portion of the reductions described in the
preceding sentence that are allocated to any Class of Class B Certificates or
any Class of Class M Certificates, Accrued Certificate Interest on such Class of
Class B Certificates or such Class of Class M Certificates will be reduced by
the interest portion (adjusted to the Net Mortgage Rate) of Realized Losses that
are allocated solely to such Class of Class B Certificates or such Class of
Class M Certificates pursuant to Section 4.05.
Addendum and Assignment Agreement: The Addendum and Assignment Agreement,
dated as of January 31, 1995, between MLCC and the Master Servicer.
Additional Collateral: Any of the following held, in addition to the
related Mortgaged Property, as security for a Mortgage Loan: (i) all money,
securities, security entitlements, accounts, general intangibles, instruments,
documents, certificates of deposit, commodities contracts and other investment
property and other property of whatever kind or description now existing or
hereafter acquired which is pledged as security for the repayment of such
Mortgage Loan, (ii) third-party guarantees, and (A) all money, securities,
security entitlements, accounts, general intangibles, instruments, documents,
certificates of deposit, commodities contracts and other investment property and
other property of whatever kind or description now existing or hereafter
acquired which is pledged as collateral for such guarantee or (B) any mortgaged
property securing the performance of such guarantee, or (iii) such other
collateral as may be set forth in the Series Supplement.
Additional Collateral Loan: Each Mortgage Loan that is supported by
Additional Collateral.
2
<PAGE>
Adjusted Mortgage Rate: With respect to any Mortgage Loan and any date
of determination, the Mortgage Rate borne by the related Mortgage Note, less the
rate at which the related Subservicing Fee accrues.
Advance: As to any Mortgage Loan, any advance made by the Master Servicer,
pursuant to Section 4.04.
Affiliate: With respect to any Person, any other Person controlling,
controlled by or under common control with such first Person. For the purposes
of this definition, "control" means the power to direct the management and
policies of such Person, directly or indirectly, whether through the ownership
of voting securities, by contract or otherwise; and the terms "controlling" and
"controlled" have meanings correlative to the foregoing.
Ambac: Ambac Assurance Corporation (formerly known as AMBAC Indemnity
Corporation).
Amount Held for Future Distribution: As to any Distribution Date and,
with respect to any Mortgage Pool that is comprised of two or more Loan Groups,
each Loan Group, the total of the amounts held in the Custodial Account at the
close of business on the preceding Determination Date on account of (i)
Liquidation Proceeds, Insurance Proceeds, Principal Prepayments, Mortgage Loan
purchases made pursuant to Section 2.02, 2.03, 2.04 or 4.07 and Mortgage Loan
substitutions made pursuant to Section 2.03 or 2.04 received or made in the
month of such Distribution Date (other than such Liquidation Proceeds, Insurance
Proceeds and purchases of Mortgage Loans that the Master Servicer has deemed to
have been received in the preceding month in accordance with Section 3.07(b))
and (ii) payments which represent early receipt of scheduled payments of
principal and interest due on a date or dates subsequent to the related Due
Date.
Appraised Value: As to any Mortgaged Property, the lesser of (i) the
appraised value of such Mortgaged Property based upon the appraisal made at the
time of the origination of the related Mortgage Loan, and (ii) the sales price
of the Mortgaged Property at such time of origination, except in the case of a
Mortgaged Property securing a refinanced or modified Mortgage Loan as to which
it is either the appraised value determined above or the appraised value
determined in an appraisal at the time of refinancing or modification, as the
case may be.
Assigned Contracts: With respect to any Pledged Asset Loan: the Credit
Support Pledge Agreement; the Funding and Pledge Agreement, among GMAC Mortgage
Corporation, National Financial Services Corporation and the Mortgagor or other
person pledging the related Pledged Assets; the Additional Collateral Agreement,
between GMAC Mortgage Corporation and the Mortgagor or other person pledging the
related Pledged Assets; or such other contracts as may be set forth in the
Series Supplement.
Assignment: An assignment of the Mortgage, notice of transfer or
equivalent instrument, in recordable form, sufficient under the laws of the
jurisdiction wherein the related Mortgaged Property is located to reflect of
record the sale of the Mortgage Loan to the Trustee for the benefit of
Certificateholders, which assignment, notice of transfer or equivalent
instrument may be in the form
3
<PAGE>
of one or more blanket assignments covering Mortgages secured by Mortgaged
Properties located in the same county, if permitted by law and accompanied by an
Opinion of Counsel to that effect.
Assignment Agreement: The Assignment and Assumption Agreement, dated the
Closing Date, between Residential Funding and the Company relating to the
transfer and assignment of the Mortgage Loans.
Assignment of Proprietary Lease: With respect to a Cooperative Loan, the
assignment of the related Cooperative Lease from the Mortgagor to the originator
of the Cooperative Loan.
Available Distribution Amount: As to any Distribution Date and, with
respect to any Mortgage Pool comprised of two or more Loan Groups, each Loan
Group, an amount equal to (a) the sum of (i) the amount relating to the Mortgage
Loans on deposit in the Custodial Account as of the close of business on the
immediately preceding Determination Date and amounts deposited in the Custodial
Account in connection with the substitution of Qualified Substitute Mortgage
Loans, (ii) the amount of any Advance made on the immediately preceding
Certificate Account Deposit Date, (iii) any amount deposited in the Certificate
Account on the related Certificate Account Deposit Date pursuant to the second
paragraph of Section 3.12(a), (iv) any amount deposited in the Certificate
Account pursuant to Section 4.07, (v) any amount that the Master Servicer is not
permitted to withdraw from the Custodial Account or the Certificate Account
pursuant to Section 3.16(e), (vi) any amount received by the Trustee pursuant to
the Surety Bond in respect of such Distribution Date and (vii) the proceeds of
any Pledged Assets received by the Master Servicer, reduced by (b) the sum as of
the close of business on the immediately preceding Determination Date of (w)
aggregate Foreclosure Profits, (x) the Amount Held for Future Distribution, and
(y) amounts permitted to be withdrawn by the Master Servicer from the Custodial
Account in respect of the Mortgage Loans pursuant to clauses (ii)-(x),
inclusive, of Section 3.10(a). Such amount shall be determined separately for
each Loan Group. Additionally, with respect to any Mortgage Pool that is
comprised of two or more Loan Groups, if on any Distribution Date Compensating
Interest provided pursuant to this Section 3.16(e) is less than Prepayment
Interest Shortfalls incurred on the Mortgage Loans in the related Prepayment
Period, such Compensating Interest shall be allocated on such Distribution Date
to the Available Distribution Amount for each Loan Group on a pro rata basis in
accordance with the respective amounts of Prepayment Interest Shortfalls
incurred on the Mortgage Loans in such Loan Group in respect of such
Distribution Date.
Bankruptcy Code: The Bankruptcy Code of 1978, as amended.
Bankruptcy Loss: With respect to any Mortgage Loan, a Deficient
Valuation or Debt Service Reduction; provided, however, that neither a Deficient
Valuation nor a Debt Service Reduction shall be deemed a Bankruptcy Loss
hereunder so long as the Master Servicer has notified the Trustee in writing
that the Master Servicer is diligently pursuing any remedies that may exist in
connection with the representations and warranties made regarding the related
Mortgage Loan and either (A) the related Mortgage Loan is not in default with
regard to payments due thereunder or (B) delinquent payments of principal and
interest under the related Mortgage Loan and any premiums on any applicable
primary hazard insurance policy and any related escrow payments in respect of
such Mortgage Loan are being advanced on a current basis by the Master Servicer
or a Subservicer, in either case without giving effect to any Debt Service
Reduction.
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Book-Entry Certificate: Any Certificate registered in the name of the
Depository or its nominee, and designated as such in the Preliminary Statement
to the Series Supplement.
Business Day: Any day other than (i) a Saturday or a Sunday or (ii) a
day on which banking institutions in the State of New York, the State of
Michigan, the State of California or the State of Illinois (and such other state
or states in which the Custodial Account or the Certificate Account are at the
time located) are required or authorized by law or executive order to be closed.
Buydown Funds: Any amount contributed by the seller of a Mortgaged
Property, the Company or other source in order to enable the Mortgagor to reduce
the payments required to be made from the Mortgagor's funds in the early years
of a Mortgage Loan. Buydown Funds are not part of the Trust Fund prior to
deposit into the Custodial or Certificate Account.
Buydown Mortgage Loan: Any Mortgage Loan as to which a specified amount
of interest is paid out of related Buydown Funds in accordance with a related
buydown agreement.
Cash Liquidation: As to any defaulted Mortgage Loan other than a
Mortgage Loan as to which an REO Acquisition occurred, a determination by the
Master Servicer that it has received all Insurance Proceeds, Liquidation
Proceeds and other payments or cash recoveries which the Master Servicer
reasonably and in good faith expects to be finally recoverable with respect to
such Mortgage Loan.
Certificate Account Deposit Date: As to any Distribution Date, the Business
Day prior thereto.
Certificateholder or Holder: The Person in whose name a Certificate is
registered in the Certificate Register, except that neither a Disqualified
Organization nor a Non-United States Person shall be a holder of a Class R
Certificate for purposes hereof and, solely for the purpose of giving any
consent or direction pursuant to this Agreement, any Certificate, other than a
Class R Certificate, registered in the name of the Company, the Master Servicer
or any Subservicer or any Affiliate thereof shall be deemed not to be
outstanding and the Percentage Interest or Voting Rights evidenced thereby shall
not be taken into account in determining whether the requisite amount of
Percentage Interests or Voting Rights necessary to effect any such consent or
direction has been obtained. All references herein to "Holders" or
"Certificateholders" shall reflect the rights of Certificate Owners as they may
indirectly exercise such rights through the Depository and participating members
thereof, except as otherwise specified herein; provided, however, that the
Trustee shall be required to recognize as a "Holder" or "Certificateholder" only
the Person in whose name a Certificate is registered in the Certificate
Register.
Certificate Owner: With respect to a Book-Entry Certificate, the Person
who is the beneficial owner of such Certificate, as reflected on the books of an
indirect participating brokerage firm for which a Depository Participant acts as
agent, if any, and otherwise on the books of a Depository Participant, if any,
and otherwise on the books of the Depository.
Certificate Principal Balance: With respect to each Certificate (other than
any Interest Only Certificate), on any date of determination, an amount equal
to:
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(i) the Initial Certificate Principal Balance of such Certificate as
specified on the face thereof, plus
(ii) in the case of each Accrual Certificate, an amount equal to the
aggregate Accrued Certificate Interest added to the Certificate
Principal Balance thereof prior to such date of determination,
minus
(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 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 the Class of Subordinate
Certificates with the Lowest Priority 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.
Certificate Register and Certificate Registrar: The register maintained and
the registrar appointed pursuant to Section 5.02.
Class: Collectively, all of the Certificates bearing the same
designation. The initial Class A-V Certificates and any Subclass thereof issued
pursuant to Section 5.01(c) shall be a single Class for purposes of this
Agreement.
Class A-P Certificate: Any one of the Certificates designated as a Class
A-P Certificate.
Class A-P Collection Shortfall: With respect to the Cash Liquidation or
REO Disposition of a Discount Mortgage Loan and any Distribution Date, the
excess of the amount described in Section 4.02(b)(i)(C)(1) over the amount
described in Section 4.02(b)(i)(C)(2).
Class A-P Principal Distribution Amount: As defined in Section 4.02.
Class A-V Certificate: Any one of the Certificates designated as a Class
A-V Certificate, including any Subclass thereof.
Class B Certificate: Any one of the Certificates designated as a Class
B-1 Certificate, Class B-2 Certificate or Class B-3 Certificate.
Class M Certificate: Any one of the Certificates designated as a Class
M-1 Certificate, Class M-2 Certificate or Class M-3 Certificate.
Closing Date: As defined in the Series Supplement.
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Code: The Internal Revenue Code of 1986.
Combined Collateral LLC: Combined Collateral LLC, a Delaware limited
liability company.
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 which owns or
leases land and all or part of a building or buildings, including apartments,
spaces used for commercial purposes and common areas therein and whose board of
directors authorizes, among other things, the sale of Cooperative Stock.
Cooperative Apartment: A dwelling unit in a multi-dwelling building
owned or leased by a Cooperative, which unit the Mortgagor has an exclusive
right to occupy pursuant to the terms of a proprietary lease or occupancy
agreement.
Cooperative Lease: With respect to a Cooperative Loan, the proprietary
lease or occupancy agreement with respect to the Cooperative Apartment occupied
by the Mortgagor and relating to the related Cooperative Stock, which lease or
agreement confers an exclusive right to the holder of such Cooperative Stock to
occupy such apartment.
Cooperative Loans: Any of the Mortgage Loans made in respect of a
Cooperative Apartment, evidenced by a Mortgage Note and secured by (i) a
Security Agreement, (ii) the related Cooperative Stock Certificate, (iii) an
assignment of the Cooperative Lease, (iv) financing statements and (v) a stock
power (or other similar instrument), and ancillary thereto, a recognition
agreement between the Cooperative and the originator of the Cooperative Loan,
each of which was transferred and assigned to the Trustee pursuant to Section
2.01 and are from time to time held as part of the Trust Fund.
Cooperative Stock: With respect to a Cooperative Loan, the single
outstanding class of stock, partnership interest or other ownership instrument
in the related Cooperative.
Cooperative Stock Certificate: With respect to a Cooperative Loan, the
stock certificate or other instrument evidencing the related Cooperative Stock.
Credit Support Depletion Date: The first Distribution Date on which the
Certificate Principal Balances of the Subordinate Certificates have been reduced
to zero.
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Credit Support Pledge Agreement: The Credit Support Pledge Agreement,
dated as of November 24, 1998, among the Master Servicer, GMAC Mortgage
Corporation, Combined Collateral LLC and The First National Bank of Chicago, as
custodian.
Curtailment: Any Principal Prepayment made by a Mortgagor which is not a
Principal Prepayment in Full.
Custodial Account: The custodial account or accounts created and
maintained pursuant to Section 3.07 in the name of a depository institution, as
custodian for the holders of the Certificates, for the holders of certain other
interests in mortgage loans serviced or sold by the Master Servicer and for the
Master Servicer, into which the amounts set forth in Section 3.07 shall be
deposited directly. Any such account or accounts shall be an Eligible Account.
Custodial Agreement: An agreement that may be entered into among the
Company, the Master Servicer, the Trustee and a Custodian pursuant to which the
Custodian will hold certain documents relating to the Mortgage Loans on behalf
of the Trustee.
Custodian: A custodian appointed pursuant to a Custodial Agreement.
Cut-off Date Principal Balance: As to any Mortgage Loan, the unpaid
principal balance thereof at the Cut-off Date after giving effect to all
installments of principal due on or prior thereto, whether or not received.
DCR: Duff & Phelps Credit Rating Company, or its successor in interest.
Debt Service Reduction: With respect to any Mortgage Loan, a reduction
in the scheduled Monthly Payment for such Mortgage Loan by a court of competent
jurisdiction in a proceeding under the Bankruptcy Code, except such a reduction
constituting a Deficient Valuation or any reduction that results in a permanent
forgiveness of principal.
Deficient Valuation: With respect to any Mortgage Loan, a valuation by a
court of competent jurisdiction of the Mortgaged Property in an amount less than
the then outstanding indebtedness under the Mortgage Loan, or any reduction in
the amount of principal to be paid in connection with any scheduled Monthly
Payment that constitutes a permanent forgiveness of principal, which valuation
or reduction results from a proceeding under the Bankruptcy Code.
Definitive Certificate: Any Certificate other than a Book-Entry
Certificate.
Deleted Mortgage Loan: A Mortgage Loan replaced or to be replaced with a
Qualified Substitute Mortgage Loan.
Delinquent: As used herein, a Mortgage Loan is considered to be: "30 to
59 days" or "30 or more days" delinquent when a payment due on any scheduled due
date remains unpaid as of the close of business on the last business day
immediately prior to the next following monthly scheduled due date; "60 to 89
days" or "60 or more days" delinquent when a payment due on any scheduled due
date remains unpaid as of the close of business on the last business day
immediately prior to the
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second following monthly scheduled due date; and so on. The determination as to
whether a Mortgage Loan falls into these categories is made as of the close of
business on the last business day of each month. For example, a Mortgage Loan
with a payment due on July 1 that remained unpaid as of the close of business on
July 31 would then be considered to be 30 to 59 days delinquent. Delinquency
information as of the Cut-off Date is determined and prepared as of the close of
business on the last business day immediately prior to the Cut-off Date.
Depository: The Depository Trust Company, or any successor Depository
hereafter named. The nominee of the initial Depository for purposes of
registering those Certificates that are to be Book-Entry Certificates is Cede &
Co. The Depository shall at all times be a "clearing corporation" as defined in
Section 8-102(a)(5) of the Uniform Commercial Code of the State of New York and
a "clearing agency" registered pursuant to the provisions of Section 17A of the
Securities Exchange Act of 1934, as amended.
Depository Participant: A broker, dealer, bank or other financial
institution or other Person for whom from time to time a Depository effects
book-entry transfers and pledges of securities deposited with the Depository.
Destroyed Mortgage Note: A Mortgage Note the original of which was
permanently lost or destroyed and has not been replaced.
Determination Date: With respect to any Distribution Date, the 20th day
(or if such 20th day is not a Business Day, the Business Day immediately
following such 20th day) of the month of the related Distribution Date.
Discount Fraction: With respect to each Discount Mortgage Loan, the
fraction expressed as a percentage, the numerator of which is the Discount Net
Mortgage Rate minus the Net Mortgage Rate (or the initial Net Mortgage Rate with
respect to any Discount Mortgage Loans as to which the Mortgage Rate is modified
pursuant to 3.07(a)) for such Mortgage Loan and the denominator of which is the
Discount Net Mortgage Rate. The Discount Fraction with respect to each Discount
Mortgage Loan is set forth as an exhibit attached to the Series Supplement.
Discount Mortgage Loan: Any Mortgage Loan having a Net Mortgage Rate (or
the initial Net Mortgage Rate) of less than the Discount Net Mortgage Rate per
annum and any Mortgage Loan deemed to be a Discount Mortgage Loan pursuant to
the definition of Qualified Substitute Mortgage Loan.
Discount Net Mortgage Rate: As defined in the Series Supplement.
Disqualified Organization: Any organization defined as a "disqualified
organization" under Section 860E(e)(5) of the Code, and if not otherwise
included, any of the following: (i) the United States, any State or political
subdivision thereof, any possession of the United States, or any agency or
instrumentality of any of the foregoing (other than an instrumentality which is
a corporation if all of its activities are subject to tax and, except for the
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
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farmers' cooperatives described in Section 521 of the Code) which is exempt from
the tax imposed by Chapter 1 of the Code (including the tax imposed by Section
511 of the Code on unrelated business taxable income), (iv) rural electric and
telephone cooperatives described in Section 1381(a)(2)(C) of the Code, (v) any
"electing large partnership," as defined in Section 775(a) of the Code and (vi)
any other Person so designated by the Trustee based upon an Opinion of Counsel
that the holding of an Ownership Interest in a Class R Certificate by such
Person may cause the Trust Fund or any Person having an Ownership Interest in
any Class of Certificates (other than such Person) to incur a liability for any
federal tax imposed under the Code that would not otherwise be imposed but for
the Transfer of an Ownership Interest in a Class R Certificate to such Person.
The terms "United States", "State" and "international organization" shall have
the meanings set forth in Section 7701 of the Code or successor provisions.
Distribution Date: The 25th day of any month beginning in the month
immediately following the month of the initial issuance of the Certificates or,
if such 25th day is not a Business Day, the Business Day immediately following
such 25th day.
Due Date: With respect to any Distribution Date and any Mortgage Loan, the
day during the related Due Period on which the Monthly Payment is due.
Due Period: With respect to any Distribution Date, the one-month period set
forth in the Series Supplement.
Eligible Account: An account that is any of the following: (i)
maintained with a depository institution the debt obligations of which have been
rated by each Rating Agency in its highest rating available, or (ii) an account
or accounts in a depository institution in which such accounts are fully insured
to the limits established by the FDIC, provided that any deposits not so insured
shall, to the extent acceptable to each Rating Agency, as evidenced in writing,
be maintained such that (as evidenced by an Opinion of Counsel delivered to the
Trustee and each Rating Agency) the registered Holders of Certificates have a
claim with respect to the funds in such account or a perfected first security
interest against any collateral (which shall be limited to Permitted
Investments) securing such funds that is superior to claims of any other
depositors or creditors of the depository institution with which such account is
maintained, or (iii) in the case of the Custodial Account, a trust account or
accounts maintained in the corporate trust department of The First National Bank
of Chicago, or (iv) in the case of the Certificate Account, a trust account or
accounts maintained in the corporate trust division of the Trustee, or (v) an
account or accounts of a depository institution acceptable to each Rating Agency
(as evidenced in writing by each Rating Agency that use of any such account as
the Custodial Account or the Certificate Account will not reduce the rating
assigned to any Class of Certificates by such Rating Agency below the lower of
the then-current rating or the rating assigned to such Certificates as of the
Closing Date by such Rating Agency).
Event of Default: As defined in Section 7.01.
Excess Bankruptcy Loss: Any Bankruptcy Loss, or portion thereof, which
exceeds the then applicable Bankruptcy Amount.
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Excess Fraud Loss: Any Fraud Loss, or portion thereof, which exceeds the
then applicable Fraud Loss Amount.
Excess Special Hazard Loss: Any Special Hazard Loss, or portion thereof,
that exceeds the then applicable Special Hazard Amount.
Excess Subordinate Principal Amount: With respect to any Distribution
Date on which the aggregate Certificate Principal Balance of the Class of
Subordinate Certificates then outstanding with the Lowest Priority is to be
reduced to zero and on which Realized Losses are to be allocated to such class
or classes, the excess, if any, of (i) the amount that would otherwise be
distributable in respect of principal on such class or classes of Certificates
on such Distribution Date over (ii) the excess, if any, of the aggregate
Certificate Principal Balance of such class or classes of Certificates
immediately prior to such Distribution Date over the aggregate amount of
Realized Losses to be allocated to such classes of Certificates on such
Distribution Date as reduced by any amount calculated pursuant to Section
4.02(b)(i)(E). With respect to any Mortgage Pool that is comprised of two or
more Loan Groups, the Excess Subordinate Principal Amount will be allocated
between each Loan Group on a pro rata basis in accordance with the amount of
Realized Losses attributable to each Loan Group and allocated to the
Certificates on such Distribution Date.
Extraordinary Events: Any of the following conditions with respect to a
Mortgaged Property (or, with respect to a Cooperative Loan, the Cooperative
Apartment) or Mortgage Loan causing or resulting in a loss which causes the
liquidation of such Mortgage Loan:
(a) losses that are of the type that would be covered by the fidelity
bond and the errors and omissions insurance policy required to be maintained
pursuant to Section 3.12(b) but are in excess of the coverage maintained
thereunder;
(b) nuclear reaction or nuclear radiation or radioactive contamination,
all whether controlled or uncontrolled, and whether such loss be direct or
indirect, proximate or remote or be in whole or in part caused by, contributed
to or aggravated by a peril covered by the definition of the term "Special
Hazard Loss";
(c) hostile or warlike action in time of peace or war, including action
in hindering, combating or defending against an actual, impending or expected
attack:
1. by any government or sovereign power, de jure or de facto, or
by any authority maintaining or using military, naval or air forces;
or
2. by military, naval or air forces; or
3. by an agent of any such government, power, authority or
forces;
(d) any weapon of war employing atomic fission or radioactive force
whether in time of peace or war; or
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(e) insurrection, rebellion, revolution, civil war, usurped power or
action taken by governmental authority in hindering, combating or defending
against such an occurrence, seizure or destruction under quarantine or customs
regulations, confiscation by order of any government or public authority; or
risks of contraband or illegal transportation or trade.
Extraordinary Losses: Any loss incurred on a Mortgage Loan caused by or
resulting from an Extraordinary Event.
FASIT: A "financial asset securitization investment trust" within the
meaning of Section 860L of the Code.
FDIC: Federal Deposit Insurance Corporation or any successor thereto.
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 9.02.
Fitch IBCA: Fitch IBCA, Inc. 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.
Fraud Losses: Losses on Mortgage Loans as to which there was fraud in the
origination of such Mortgage Loan.
Highest Priority: As of any date of determination, the Class of
Subordinate Certificates then outstanding with the earliest priority for
payments pursuant to Section 4.02(a), in the following order: Class M-1, Class
M-2, Class M-3, Class B-1, Class B-2 and Class B-3 Certificates.
Independent: When used with respect to any specified Person, means such a
Person who (i) is in fact independent of the Company, the Master Servicer and
the Trustee, or any Affiliate thereof,
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(ii) does not have any direct financial interest or any material indirect
financial interest in the Company, the Master Servicer or the Trustee or in an
Affiliate thereof, and (iii) is not connected with the Company, the Master
Servicer or the Trustee as an officer, employee, promoter, underwriter, trustee,
partner, director or person performing similar functions.
Initial Certificate Principal Balance: With respect to each Class of
Certificates, the Certificate Principal Balance of such Class of Certificates as
of the Cut-off Date, as set forth in the Series Supplement.
Initial Monthly Payment Fund: An amount representing scheduled principal
amortization and interest at the Net Mortgage Rate for the Due Date in the first
Due Period commencing subsequent to the Cut-off Date for those Mortgage Loans
for which the Trustee will not be entitled to receive such payment, and as more
specifically defined in the Series Supplement.
Initial Notional Amount: With respect to any Class or Subclass of
Interest Only Certificates, the amount initially used as the principal basis for
the calculation of any interest payment amount, as more specifically defined in
the Series Supplement.
Initial Subordinate Class Percentage: As defined in the Series Supplement.
Insurance Proceeds: Proceeds paid in respect of the Mortgage Loans
pursuant to any Primary Insurance Policy or any other related insurance policy
covering a Mortgage Loan (excluding any Certificate Policy (as defined in the
Series Supplement)), to the extent such proceeds are payable to the mortgagee
under the Mortgage, any Subservicer, the Master Servicer or the Trustee and are
not applied to the restoration of the related Mortgaged Property (or, with
respect to a Cooperative Loan, the related Cooperative Apartment) or released to
the Mortgagor in accordance with the procedures that the Master Servicer would
follow in servicing mortgage loans held for its own account.
Insurer: Any named insurer under any Primary Insurance Policy or any
successor thereto or the named insurer in any replacement policy.
Interest Accrual Period: As defined in the Series Supplement.
Interest Only Certificates: A Class or Subclass of Certificates not
entitled to payments of principal, and designated as such in the Series
Supplement. The Interest Only Certificates will have no Certificate Principal
Balance.
Junior Certificateholder: The Holder of not less than 95% of the Percentage
Interests of the Junior Class of Certificates.
Junior Class of Certificates: The Class of Subordinate Certificates
outstanding as of the date of the repurchase of a Mortgage Loan pursuant to
Section 4.07 herein that has the Lowest Priority.
Late Collections: With respect to any Mortgage Loan, all amounts received
during any Due Period, whether as late payments of Monthly Payments or as
Insurance Proceeds, Liquidation
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Proceeds or otherwise, which represent late payments or collections of Monthly
Payments due but delinquent for a previous Due Period and not previously
recovered.
Liquidation Proceeds: Amounts (other than Insurance Proceeds) received
by the Master Servicer in connection with the taking of an entire Mortgaged
Property by exercise of the power of eminent domain or condemnation or in
connection with the liquidation of a defaulted Mortgage Loan through trustee's
sale, foreclosure sale or otherwise, other than REO Proceeds.
Loan Group: Any group of Mortgage Loans designated as a separate loan
group in the Series Supplement. The Certificates relating to each Loan Group
will be designated in the Series Supplement.
Loan-to-Value Ratio: As of any date, the fraction, expressed as a
percentage, the numerator of which is the current principal balance of the
related Mortgage Loan at the date of determination and the denominator of which
is the Appraised Value of the related Mortgaged Property.
Lower Priority: As of any date of determination and any Class of
Subordinate Certificates, any other Class of Subordinate Certificates then
outstanding with a later priority for payments pursuant to Section 4.02(a).
Lowest Priority: As of any date of determination, the Class of
Subordinate Certificates then outstanding with the latest priority for payments
pursuant to Section 4.02(a), in the following order: Class B-3, Class B-2, Class
B-1, Class M-3, Class M-2 and Class M-1 Certificates.
Maturity Date: The latest possible maturity date, solely for purposes of
Section 1.860G-1(a)(4)(iii) of the Treasury regulations, by which the
Certificate Principal Balance of each Class of Certificates (other than the
Interest Only Certificates which have no Certificate Principal Balance) and each
Uncertificated REMIC Regular Interest would be reduced to zero, as designated in
the Series Supplement.
MLCC: Merrill Lynch Credit Corporation, or its successor in interest.
Modified Mortgage Loan: Any Mortgage Loan that has been the subject of a
Servicing Modification.
Modified Net Mortgage Rate: As to any Mortgage Loan that is the subject
of a Servicing Modification, the Net Mortgage Rate minus the rate per annum by
which the Mortgage Rate on such Mortgage Loan was reduced.
Monthly Payment: With respect to any Mortgage Loan (including any REO
Property) and any Due Date, the payment of principal and interest due thereon in
accordance with the amortization schedule at the time applicable thereto (after
adjustment, if any, for Curtailments and for Deficient Valuations occurring
prior to such Due Date but before any adjustment to such amortization schedule
by reason of any bankruptcy, other than a Deficient Valuation, or similar
proceeding or any moratorium or similar waiver or grace period and before any
Servicing Modification that constitutes a reduction of the interest rate on such
Mortgage Loan).
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Moody's: Moody's Investors Service, Inc., or its successor in interest.
Mortgage: With respect to each Mortgage Note related to a Mortgage Loan
which is not a Cooperative Loan, the mortgage, deed of trust or other comparable
instrument creating a first lien on an estate in fee simple or leasehold
interest in real property securing a Mortgage Note.
Mortgage File: The mortgage documents listed in Section 2.01 pertaining
to a particular Mortgage Loan and any additional documents required to be added
to the Mortgage File pursuant to this Agreement.
Mortgage Loans: Such of the mortgage loans transferred and assigned to
the Trustee pursuant to Section 2.01 as from time to time are held or deemed to
be held as a part of the Trust Fund, the Mortgage Loans originally so held being
identified in the initial Mortgage Loan Schedule, and Qualified Substitute
Mortgage Loans held or deemed held as part of the Trust Fund including, without
limitation, (i) with respect to each Cooperative Loan, the related Mortgage
Note, Security Agreement, Assignment of Proprietary Lease, Cooperative Stock
Certificate, Cooperative Lease and Mortgage File and all rights appertaining
thereto, and (ii) with respect to each Mortgage Loan other than a Cooperative
Loan, each related Mortgage Note, Mortgage and Mortgage File and all rights
appertaining thereto.
Mortgage Loan Schedule: As defined in the Series Supplement.
Mortgage Note: The originally executed note or other evidence of
indebtedness evidencing the indebtedness of a Mortgagor under a Mortgage Loan,
together with any modification thereto.
Mortgage Pool: The pool of mortgage loans, including all Loan Groups, if
any, consisting of the Mortgage Loans.
Mortgage Rate: As to any Mortgage Loan, the interest rate borne by the
related Mortgage Note, or any modification thereto other than a Servicing
Modification.
Mortgaged Property: The underlying real property securing a Mortgage
Loan or, with respect to a Cooperative Loan, the related Cooperative Lease and
Cooperative Stock.
Mortgagor: The obligor on a Mortgage Note.
Net Mortgage Rate: As to each Mortgage Loan, a per annum rate of
interest equal to the Adjusted Mortgage Rate less the per annum rate at which
the Servicing Fee is calculated.
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.
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Nonrecoverable Advance: Any Advance previously made or proposed to be
made by the Master Servicer in respect of a Mortgage Loan (other than a Deleted
Mortgage Loan) which, in the good faith judgment of the Master Servicer, will
not, or, in the case of a proposed Advance, would not, be ultimately recoverable
by the Master Servicer from related Late Collections, Insurance Proceeds,
Liquidation Proceeds, REO Proceeds or amounts reimbursable to the Master
Servicer pursuant to Section 4.02(a) hereof. The determination by the Master
Servicer that it has made a Nonrecoverable Advance or that any proposed Advance
would constitute a Nonrecoverable Advance, shall be evidenced by an Officers'
Certificate delivered to the Company and the Trustee.
Nonsubserviced Mortgage Loan: Any Mortgage Loan that, at the time of
reference thereto, is not subject to a Subservicing Agreement.
Notional Amount: With respect to any Class or Subclass of Interest Only
Certificates, an amount used as the principal basis for the calculation of any
interest payment amount, as more specifically defined in the Series Supplement.
Officers' Certificate: A certificate signed by the Chairman of the
Board, the President or a Vice President or Assistant Vice President, or a
Director or Managing Director, and by the Treasurer, the Secretary, or one of
the Assistant Treasurers or Assistant Secretaries of the Company or the Master
Servicer, as the case may be, and delivered to the Trustee, as required by this
Agreement.
Opinion of Counsel: A written opinion of counsel acceptable to the
Trustee and the Master Servicer, who may be counsel for the Company or the
Master Servicer, provided that any opinion of counsel (i) referred to in the
definition of "Disqualified Organization" or (ii) relating to the qualification
of any REMIC formed under the Series Supplement or compliance with the REMIC
Provisions must, unless otherwise specified, be an opinion of Independent
counsel.
Outstanding Mortgage Loan: As to any Due Date, a Mortgage Loan
(including an REO Property) which was not the subject of a Principal Prepayment
in Full, Cash Liquidation or REO Disposition and which was not purchased,
deleted or substituted for prior to such Due Date pursuant to Section 2.02,
2.03, 2.04 or 4.07.
Ownership Interest: As to any Certificate, any ownership or security
interest in such Certificate, including any interest in such Certificate as the
Holder thereof and any other interest therein, whether direct or indirect, legal
or beneficial, as owner or as pledgee.
Pass-Through Rate: As defined in the Series Supplement.
Paying Agent: The Trustee or any successor Paying Agent appointed by the
Trustee.
Percentage Interest: With respect to any Certificate (other than a Class
R Certificate), the undivided percentage ownership interest in the related Class
evidenced by such Certificate, which percentage ownership interest shall be
equal to the Initial Certificate Principal Balance thereof or Initial Notional
Amount (in the case of any Interest Only Certificate) thereof divided by the
aggregate Initial Certificate Principal Balance or the aggregate of the Initial
Notional Amounts, as applicable, of all the Certificates of the same Class. With
respect to a Class R Certificate, the interest in
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distributions to be made with respect to such Class evidenced thereby, expressed
as a percentage, as stated on the face of each such Certificate.
Permitted Investments: One or more of the following:
(i) obligations of or guaranteed as to principal and interest by
the United States or any agency or instrumentality thereof when such
obligations are backed by the full faith and credit of the United
States;
(ii) repurchase agreements on obligations specified in clause (i)
maturing not more than one month from the date of acquisition thereof,
provided that the unsecured obligations of the party agreeing to
repurchase such obligations are at the time rated by each Rating Agency
in its highest short-term rating available;
(iii) federal funds, certificates of deposit, demand deposits,
time deposits and bankers' acceptances (which shall each have an
original maturity of not more than 90 days and, in the case of bankers'
acceptances, shall in no event have an original maturity of more than
365 days or a remaining maturity of more than 30 days) denominated in
United States dollars of any U.S. depository institution or trust
company incorporated under the laws of the United States or any state
thereof or of any domestic branch of a foreign depository institution or
trust company; provided that the debt obligations of such depository
institution or trust company (or, if the only Rating Agency is Standard
& Poor's, in the case of the principal depository institution in a
depository institution holding company, debt obligations of the
depository institution holding company) at the date of acquisition
thereof have been rated by each Rating Agency in its highest short-term
rating available; and provided further that, if the only Rating Agency
is Standard & Poor's and if the depository or trust company is a
principal subsidiary of a bank holding company and the debt obligations
of such subsidiary are not separately rated, the applicable rating shall
be that of the bank holding company; and, provided further that, if the
original maturity of such short-term obligations of a domestic branch of
a foreign depository institution or trust company shall exceed 30 days,
the short-term rating of such institution shall be A-1+ in the case of
Standard & Poor's if Standard & Poor's is the Rating Agency;
(iv) commercial paper and demand notes (having original
maturities of not more than 365 days) of any corporation incorporated
under the laws of the United States or any state thereof which on the
date of acquisition has been rated by each Rating Agency in its highest
short-term rating available; provided that such commercial paper shall
have a remaining maturity of not more than 30 days;
(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
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assigned to such Certificates as of the Closing Date by such Rating
Agency, as evidenced in writing;
provided, however, no instrument shall be a Permitted Investment if it
represents, either (1) the right to receive only interest payments with respect
to the underlying debt instrument or (2) the right to receive both principal and
interest payments derived from obligations underlying such instrument and the
principal and interest payments with respect to such instrument provide a yield
to maturity greater than 120% of the yield to maturity at par of such underlying
obligations. References herein to the highest rating available on unsecured
long-term debt shall mean AAA in the case of Standard & Poor's, Fitch IBCA and
DCR 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, D-1 in
the case of DCR and either A-1 by Standard & Poor's, P-1 by Moody's or F-1 by
Fitch IBCA in the case of Fitch IBCA.
Permitted Transferee: Any Transferee of a Class R Certificate, other than a
Disqualified Organization or Non-United States Person.
Person: Any individual, corporation, limited liability company,
partnership, joint venture, association, joint-stock company, trust,
unincorporated organization or government or any agency or political subdivision
thereof.
Pledged Amount: With respect to any Pledged Asset Loan, the amount of money
remitted to Combined Collateral LLC, at the direction of or for the benefit of
the related Mortgagor.
Pledged Asset Loan: Any Mortgage Loan supported by Pledged Assets or
such other collateral, other than the related Mortgaged Property, set forth in
the Series Supplement.
Pledged Assets: With respect to any Mortgage Loan, all money,
securities, security entitlements, accounts, general intangibles, instruments,
documents, certificates of deposit, commodities contracts and other investment
property and other property of whatever kind or description pledged by Combined
Collateral LLC as security in respect of any Realized Losses in connection with
such Mortgage Loan up to the Pledged Amount for such Mortgage Loan, and any
related collateral, or such other collateral as may be set forth in the Series
Supplement.
Pledged Asset Mortgage Servicing Agreement: The Pledged Asset Mortgage
Servicing Agreement, dated as of February 28, 1996 between MLCC and the Master
Servicer.
Pooling and Servicing Agreement or Agreement: With respect to any
Series, this Standard Terms together with the related Series Supplement.
Pool Stated Principal Balance: As to any Distribution Date, the aggregate
of the Stated Principal Balances of each Mortgage Loan.
Pool Strip Rate: With respect to each Mortgage Loan, a per annum rate
equal to the excess of (a) the Net Mortgage Rate of such Mortgage Loan over (b)
the Discount Net Mortgage Rate (but not less than 0.00%) per annum.
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Prepayment Distribution Trigger: With respect to any Distribution Date
and any Class of Subordinate Certificates (other than the Class M-1
Certificates), a test that shall be satisfied if the fraction (expressed as a
percentage) equal to the sum of the Certificate Principal Balances of such Class
and each Class of Subordinate Certificates with a Lower Priority than such Class
immediately prior to such Distribution Date divided by the aggregate Stated
Principal Balance of all of the Mortgage Loans (or related REO Properties)
immediately prior to such Distribution Date is greater than or equal to the sum
of the related Initial Subordinate Class Percentages of such Classes of
Subordinate Certificates.
Prepayment Interest Shortfall: As to any Distribution Date and any
Mortgage Loan (other than a Mortgage Loan relating to an REO Property) that was
the subject of (a) a Principal Prepayment in Full during the related Prepayment
Period, an amount equal to the excess of one month's interest at the Net
Mortgage Rate (or Modified Net Mortgage Rate in the case of a Modified Mortgage
Loan) on the Stated Principal Balance of such Mortgage Loan over the amount of
interest (adjusted to the Net Mortgage Rate (or Modified Net Mortgage Rate in
the case of a Modified Mortgage Loan)) paid by the Mortgagor for such 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 (or Modified Net Mortgage Rate in the case of a Modified
Mortgage Loan) on the amount of such Curtailment.
Prepayment Period: As to any Distribution Date, 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).
Principal Only Certificates: A Class of Certificates not entitled to
payments of interest, and more specifically designated as such in the Series
Supplement.
Principal Prepayment: Any payment of principal or other recovery on a
Mortgage Loan, including a recovery that takes the form of Liquidation Proceeds
or Insurance Proceeds, which is received in advance of its scheduled Due Date
and is not accompanied by an amount as to interest representing scheduled
interest on such payment due on any date or dates in any month or months
subsequent to the month of prepayment.
Principal Prepayment in Full: Any Principal Prepayment of the entire
principal balance of a Mortgage Loan.
Program Guide: Collectively, the Client 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
Modified
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Net Mortgage Rate plus the rate per annum at which the Servicing Fee is
calculated in the case of a Modified Mortgage Loan) (or at the Net Mortgage Rate
(or Modified Net Mortgage Rate in the case of a Modified Mortgage Loan) in the
case of a purchase made by the Master Servicer) on the Stated Principal Balance
thereof to the Due Date in the Due Period related to the Distribution Date
occurring in the month following the month of purchase from the Due Date to
which interest was last paid by the Mortgagor.
Qualified Substitute Mortgage Loan: A Mortgage Loan substituted by
Residential Funding or the Company for a Deleted Mortgage Loan which must, on
the date of such substitution, as confirmed in an Officers' Certificate
delivered to the Trustee, with a copy to the Custodian,
(i) have an outstanding principal balance, after deduction of the
principal portion of the monthly payment due in the month of
substitution (or in the case of a substitution of more than one
Mortgage Loan for a Deleted Mortgage Loan, an aggregate
outstanding principal balance, after such deduction), not in
excess of the Stated Principal Balance of the Deleted Mortgage
Loan (the amount of any shortfall to be deposited by Residential
Funding in the Custodial Account in the month of substitution);
(ii) have a Mortgage Rate and a Net Mortgage Rate no lower than and
not more than 1% per annum higher than the Mortgage Rate and Net
Mortgage Rate, respectively, of the Deleted Mortgage Loan as of
the date of substitution;
(iii) have a Loan-to-Value Ratio at the time of substitution no higher
than that of the Deleted Mortgage Loan at the time of
substitution;
(iv) have a remaining term to stated maturity not greater than (and
not more than one year less than) that of the Deleted Mortgage
Loan;
(v) comply with each representation and warranty set forth in
Sections 2.03 and 2.04 hereof and Section 4 of the Assignment
Agreement; and
(vi) have a Pool Strip Rate equal to or greater than that of the Deleted
Mortgage Loan.
Notwithstanding any other provisions herein, (x) with respect to any Qualified
Substitute Mortgage Loan substituted for a Deleted Mortgage Loan which was a
Discount Mortgage Loan, such Qualified Substitute Mortgage Loan shall be deemed
to be a Discount Mortgage Loan and to have a Discount Fraction equal to the
Discount Fraction of the Deleted Mortgage Loan and (y) in the event that the
"Pool Strip Rate" of any Qualified Substitute Mortgage Loan as calculated
pursuant to the definition of "Pool Strip Rate" is greater than the Pool Strip
Rate of the related Deleted Mortgage Loan
(i) the Pool Strip Rate of such Qualified Substitute Mortgage Loan
shall be equal to the Pool Strip Rate of the related Deleted
Mortgage Loan for purposes of calculating the Pass-Through Rate
on the Class A-V Certificates and
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(ii) the excess of the Pool Strip Rate on such Qualified Substitute
Mortgage Loan as calculated pursuant to the definition of "Pool
Strip Rate" over the Pool Strip Rate on the related Deleted
Mortgage Loan shall be payable to the Class R Certificates
pursuant to Section 4.02 hereof.
Rating Agency: Each of the statistical credit rating agencies specified
in the Preliminary Statement of the Series Supplement. If any agency or a
successor is no longer in existence, "Rating Agency" shall be such statistical
credit rating agency, or other comparable Person, designated by the Company,
notice of which designation shall be given to the Trustee and the Master
Servicer.
Realized Loss: With respect to each Mortgage Loan (or REO Property):
(a) as to which a Cash Liquidation or REO Disposition has occurred,
an amount (not less than zero) equal to (i) the Stated Principal
Balance of the Mortgage Loan (or REO Property) as of the date of
Cash Liquidation or REO Disposition, plus (ii) interest (and REO
Imputed Interest, if any) at the Net Mortgage Rate from the Due
Date as to which interest was last paid or advanced to
Certificateholders up to the Due Date in the Due Period related
to the Distribution Date on which such Realized Loss will be
allocated pursuant to Section 4.05 on the Stated Principal
Balance of such Mortgage Loan (or REO Property) outstanding
during each Due Period that such interest was not paid or
advanced, minus (iii) the proceeds, if any, received during the
month in which such Cash Liquidation (or REO Disposition)
occurred, to the extent applied as recoveries of interest at the
Net Mortgage Rate and to principal of the Mortgage Loan, net of
the portion thereof reimbursable to the Master Servicer or any
Subservicer with respect to related Advances or expenses as to
which the Master Servicer or Subservicer is entitled to
reimbursement thereunder but which have not been previously
reimbursed,
(b) which is the subject of a Servicing Modification, (i) the amount
by which the interest portion of a Monthly Payment or the
principal balance of such Mortgage Loan was reduced, and (ii) any
such amount with respect to a Monthly Payment that was or would
have been due in the month immediately following the month in
which a Principal Prepayment or the Purchase Price of such
Mortgage Loan is received or is deemed to have been received,
(c) which has become the subject of a Deficient Valuation, the
difference between the principal balance of the Mortgage Loan
outstanding immediately prior to such Deficient Valuation and the
principal balance of the Mortgage Loan as reduced by the
Deficient Valuation, or
(d) which has become the object of a Debt Service Reduction, the
amount of such Debt Service Reduction.
Notwithstanding the above, neither a Deficient Valuation nor a Debt Service
Reduction shall be deemed a Realized Loss hereunder so long as the Master
Servicer has notified the Trustee in writing that the Master Servicer is
diligently pursuing any remedies that may exist in connection with the
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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.
Record Date: With respect to each Distribution Date, the close of
business on the last Business Day of the month next preceding the month in which
the related Distribution Date occurs.
Regular Certificate: Any of the Certificates other than a Class R
Certificate.
REMIC: A "real estate mortgage investment conduit" within the meaning of
Section 860D of the Code.
REMIC Administrator: Residential Funding Corporation. If Residential
Funding Corporation is found by a court of competent jurisdiction to no longer
be able to fulfill its obligations as REMIC Administrator under this Agreement
the Master Servicer or Trustee acting as Master Servicer shall appoint a
successor REMIC Administrator, subject to assumption of the REMIC Administrator
obligations under this Agreement.
REMIC Provisions: Provisions of the federal income tax law relating to
real estate mortgage investment conduits, which appear at Sections 860A through
860G of Subchapter M of Chapter 1 of the Code, and related provisions, and
temporary and final regulations (or, to the extent not inconsistent with such
temporary or final regulations, proposed regulations) and published rulings,
notices and announcements promulgated thereunder, as the foregoing may be in
effect from time to time.
REO Acquisition: The acquisition by the Master Servicer on behalf of the
Trustee for the benefit of the Certificateholders of any REO Property pursuant
to Section 3.14.
REO Disposition: As to any REO Property, a determination by the Master
Servicer that it has received all Insurance Proceeds, Liquidation Proceeds, REO
Proceeds and other payments and recoveries (including proceeds of a final sale)
which the Master Servicer expects to be finally recoverable from the sale or
other disposition of the REO Property.
REO Imputed Interest: As to any REO Property, for any period, an amount
equivalent to interest (at the Net Mortgage Rate that would have been applicable
to the related Mortgage Loan had it been outstanding) on the unpaid principal
balance of the Mortgage Loan as of the date of acquisition thereof for such
period.
REO Proceeds: Proceeds, net of expenses, received in respect of any REO
Property (including, without limitation, proceeds from the rental of the related
Mortgaged Property or, with respect to a Cooperative Loan, the related
Cooperative Apartment) which proceeds are required to be deposited into the
Custodial Account only upon the related REO Disposition.
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REO Property: A Mortgaged Property acquired by the Master Servicer
through foreclosure or deed in lieu of foreclosure in connection with a
defaulted Mortgage Loan.
Request for Release: A request for release, the forms of which are
attached as Exhibit F hereto, or an electronic request in a form acceptable to
the Custodian.
Required Insurance Policy: With respect to any Mortgage Loan, any
insurance policy which is required to be maintained from time to time under this
Agreement, the Program Guide or the related Subservicing Agreement in respect of
such Mortgage Loan.
Required Surety Payment: With respect to any Additional Collateral Loan
that becomes a Liquidated Mortgage Loan, the lesser of (i) the principal portion
of the Realized Loss with respect to such Mortgage Loan and (ii) the excess, if
any, of (a) the amount of Additional Collateral required at origination with
respect to such Mortgage Loan over (b) the net proceeds realized by the
Subservicer from the related Additional Collateral.
Residential Funding: Residential Funding Corporation, a Delaware
corporation, in its capacity as seller of the Mortgage Loans to the Company and
any successor thereto.
Responsible Officer: When used with respect to the Trustee, any officer
of the Corporate Trust Department of the Trustee, including any Senior Vice
President, any Vice President, any Assistant Vice President, any Assistant
Secretary, any Trust Officer or Assistant Trust Officer, or any other officer of
the Trustee customarily performing functions similar to those performed by any
of the above designated officers to whom, with respect to a particular matter,
such matter is referred.
Retail Certificates: A Senior Certificate, if any, offered in smaller
minimum denominations than other Senior Certificates, and designated as such in
the Series Supplement.
Schedule of Discount Fractions: The schedule setting forth the Discount
Fractions with respect to the Discount Mortgage Loans, attached as an exhibit to
the Series Supplement.
Security Agreement: With respect to a Cooperative Loan, the agreement
creating a security interest in favor of the originator in the related
Cooperative Stock.
Seller: As to any Mortgage Loan, a Person, including any Subservicer, that
executed a Seller's Agreement applicable to such Mortgage Loan.
Seller's Agreement: An agreement for the origination and sale of
Mortgage Loans generally in the form of the Seller Contract referred to or
contained in the Program Guide, or in such other form as has been approved by
the Master Servicer and the Company, each containing representations and
warranties in respect of one or more Mortgage Loans consistent in all material
respects with those set forth in the Program Guide.
Senior Accelerated Distribution Percentage: With respect to any
Distribution Date occurring on or prior to the 60th Distribution Date and, with
respect to any Mortgage Pool comprised of two
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or more Loan Groups, any Loan Group, 100%. With respect to any Distribution Date
thereafter and any such Loan Group, if applicable, as follows:
(i) for any Distribution Date after the 60th Distribution Date but on
or prior to the 72nd Distribution Date, the related Senior
Percentage for such Distribution Date plus 70% of the related
Subordinate Percentage for such Distribution Date;
(ii) for any Distribution Date after the 72nd Distribution Date but on
or prior to the 84th Distribution Date, the related Senior
Percentage for such Distribution Date plus 60% of the related
Subordinate Percentage for such Distribution Date;
(iii) for any Distribution Date after the 84th Distribution Date but on
or prior to the 96th Distribution Date, the related Senior
Percentage for such Distribution Date plus 40% of the related
Subordinate Percentage for such Distribution Date;
(iv) for any Distribution Date after the 96th Distribution Date but on
or prior to the 108th Distribution Date, the related Senior
Percentage for such Distribution Date plus 20% of the related
Subordinate Percentage for such Distribution Date; and
(v) for any Distribution Date thereafter, the Senior Percentage for such
Distribution Date;
provided, however,
(i) that any scheduled reduction to the Senior Accelerated
Distribution Percentage described above shall not occur as of any
Distribution Date unless either
(a)(1)(X) the outstanding principal balance of the Mortgage Loans
delinquent 60 days or more averaged over the last six months, as a
percentage of the aggregate outstanding Certificate Principal Balance of
the Subordinate Certificates, is less than 50% or (Y) the outstanding
principal balance of Mortgage Loans delinquent 60 days or more averaged
over the last six months, as a percentage of the aggregate outstanding
principal balance of all Mortgage Loans averaged over the last six
months, does not exceed 2% and (2) Realized Losses on the Mortgage Loans
to date for such Distribution Date if occurring during the sixth,
seventh, eighth, ninth or tenth year (or any year thereafter) after the
Closing Date are less than 30%, 35%, 40%, 45% or 50%, respectively, of
the sum of the Initial Certificate Principal Balances of the Subordinate
Certificates or
(b)(1) the outstanding principal balance of Mortgage Loans
delinquent 60 days or more averaged over the last six months, as a
percentage of the aggregate outstanding principal balance of all
Mortgage Loans averaged over the last six months, does not exceed 4% and
(2) Realized Losses on the Mortgage Loans to date for such Distribution
Date, if occurring during the sixth, seventh, eighth, ninth or tenth
year (or any year thereafter) after the Closing Date are less than 10%,
15%, 20%, 25% or 30%, respectively, of the sum of the Initial
Certificate Principal Balances of the Subordinate Certificates, and
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(ii) that for any Distribution Date on which the Senior Percentage is
greater than the Percentage as of the Closing Date, the Senior
Accelerated Distribution Percentage for such Distribution Date
shall be 100%, or, if the Mortgage Pool is comprised of two or
more Loan Groups, for any Distribution Date on which the weighted
average of the Senior Percentages for each Loan Group, weighted
on the basis of the Stated Principal Balances of the Mortgage
Loans in the related Loan Group, exceeds the weighted average of
the initial Senior Percentages (calculated on such basis) for
each Loan Group, each of the Senior Accelerated Distribution
Percentages for such Distribution Date will equal 100%.
Notwithstanding the foregoing, upon the reduction of the Certificate Principal
Balances of the related Senior Certificates (other than the Class A-P
Certificates, if any) to zero, the related Senior Accelerated Distribution
Percentage shall thereafter be 0%.
Senior Certificate: As defined in the Series Supplement.
Senior Percentage: As defined in the Series Supplement.
Senior Support Certificate: A Senior Certificate that provides
additional credit enhancement to certain other classes of Senior Certificates
and designated as such in the Preliminary Statement of the Series Supplement.
Series: All of the Certificates issued pursuant to a Pooling and Servicing
Agreement and bearing the same series designation.
Series Supplement: The agreement into which this Standard Terms is
incorporated and pursuant to which, together with this Standard Terms, a Series
of Certificates is issued.
Servicing Accounts: The account or accounts created and maintained pursuant
to Section 3.08.
Servicing Advances: All customary, reasonable and necessary "out of
pocket" costs and expenses incurred in connection with a default, delinquency or
other unanticipated event by the Master Servicer in the performance of its
servicing obligations, including, but not limited to, the cost of (i) the
preservation, restoration and protection of a Mortgaged Property or, with
respect to a Cooperative Loan, the related Cooperative Apartment, (ii) any
enforcement or judicial proceedings, including foreclosures, (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.
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Servicing Modification: Any reduction of the interest rate on or the
outstanding principal balance of a Mortgage Loan that is in default, or for
which, in the judgment of the Master Servicer, default is reasonably
foreseeable, pursuant to a modification of such Mortgage Loan in accordance with
Section 3.07(a).
Servicing Officer: Any officer of the Master Servicer involved in, or
responsible for, the administration and servicing of the Mortgage Loans whose
name and specimen signature appear on a list of servicing officers furnished to
the Trustee by the Master Servicer, as such list may from time to time be
amended.
Special Hazard Loss: Any Realized Loss not in excess of the cost of the
lesser of repair or replacement of a Mortgaged Property (or, with respect to a
Cooperative Loan, the related Cooperative Apartment) suffered by such Mortgaged
Property (or Cooperative Apartment) on account of direct physical loss,
exclusive of (i) any loss of a type covered by a hazard policy or a flood
insurance policy required to be maintained in respect of such Mortgaged Property
pursuant to Section 3.12(a), except to the extent of the portion of such loss
not covered as a result of any coinsurance provision and (ii) any Extraordinary
Loss.
Standard & Poor's: Standard & Poor's, a division of The McGraw-Hill
Companies, Inc., or its successor in interest.
Stated Principal Balance: With respect to any Mortgage Loan or related
REO Property, at any given time, (i) the Cut-off Date Principal Balance of the
Mortgage Loan, minus (ii) the sum of (a) the principal portion of the Monthly
Payments due with respect to such Mortgage Loan or REO Property during each Due
Period ending prior to the most recent Distribution Date which were received or
with respect to which an Advance was made, and (b) all Principal Prepayments
with respect to such Mortgage Loan or REO Property, and all Insurance Proceeds,
Liquidation Proceeds and REO Proceeds, to the extent applied by the Master
Servicer as recoveries of principal in accordance with Section 3.14 with respect
to such Mortgage Loan or REO Property, in each case which were distributed
pursuant to Section 4.02 on any previous Distribution Date, and (c) any Realized
Loss allocated to Certificateholders with respect thereto for any previous
Distribution Date.
Subclass: With respect to the Class A-V Certificates, any Subclass
thereof issued pursuant to Section 5.01(c). Any such Subclass will represent the
Uncertificated Class A-V REMIC Regular Interest or Interests specified by the
initial Holder of the Class A-V Certificates pursuant to Section 5.01(c).
Subordinate Certificate: Any one of the Class M Certificates or Class B
Certificates, executed by the Trustee and authenticated by the Certificate
Registrar substantially in the form annexed hereto as Exhibit B and Exhibit C,
respectively.
Subordinate Class Percentage: With respect to any Distribution Date and
any Class of Subordinate Certificates, a fraction, expressed as a percentage,
the numerator of which is the aggregate Certificate Principal Balance of such
Class of Subordinate Certificates immediately prior to such date and the
denominator of which is the aggregate Stated Principal Balance of all of the
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Mortgage Loans (or related REO Properties) (other than the related Discount
Fraction of each Discount Mortgage Loan) immediately prior to such Distribution
Date.
Subordinate Percentage: As of any Distribution Date and, with respect to
any Mortgage Pool comprised of two or more Loan Groups, any Loan Group, 100%
minus the related Senior Percentage as of such Distribution Date.
Subserviced Mortgage Loan: Any Mortgage Loan that, at the time of reference
thereto, is subject to a Subservicing Agreement.
Subservicer: Any Person with whom the Master Servicer has entered into a
Subservicing Agreement and who generally satisfied the requirements set forth in
the Program Guide in respect of the qualification of a Subservicer as of the
date of its approval as a Subservicer by the Master Servicer.
Subservicer Advance: Any delinquent installment of principal and
interest on a Mortgage Loan which is advanced by the related Subservicer (net of
its Subservicing Fee) pursuant to the Subservicing Agreement.
Subservicing Account: An account established by a Subservicer in accordance
with Section 3.08.
Subservicing Agreement: The written contract between the Master Servicer
and any Subservicer relating to servicing and administration of certain Mortgage
Loans as provided in Section 3.02, generally in the form of the servicer
contract referred to or contained in the Program Guide or in such other form as
has been approved by the Master Servicer and the Company. With respect to
Additional Collateral Loans subserviced by MLCC, the Subservicing Agreement
shall also include the Addendum and Assignment Agreement and the Pledged Asset
Mortgage Servicing Agreement. With respect to any Pledged Asset Loan subserviced
by GMAC Mortgage Corporation, the Addendum and Assignment Agreement, dated as of
November 24, 1998, between the Master Servicer and GMAC Mortgage Corporation, as
such agreement may be amended from time to time.
Subservicing Fee: As to any Mortgage Loan, the fee payable monthly to
the related Subservicer (or, in the case of a Nonsubserviced Mortgage Loan, to
the Master Servicer) in respect of subservicing and other compensation that
accrues at an annual rate equal to the excess of the Mortgage Rate borne by the
related Mortgage Note over the rate per annum designated on the Mortgage Loan
Schedule as the "CURR NET" for such Mortgage Loan.
Surety: Ambac, or its successors in interest, or such other surety as may
be identified in the Series Supplement.
Surety Bond: The Limited Purpose Surety Bond (Policy No. AB0039BE),
dated February 28, 1996 in respect to Mortgage Loans originated by MLCC, or the
Surety Bond (Policy No. AB0240BE), dated March 17, 1999 in respect to Mortgage
Loans originated by Novus Financial Corporation, in each case issued by Ambac
for the benefit of certain beneficiaries, including the Trustee for the benefit
of the Holders of the Certificates, but only to the extent that such Surety Bond
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covers any Additional Collateral Loans, or such other Surety Bond as may be
identified in the Series Supplement.
Tax Returns: The federal income tax return on Internal Revenue Service
Form 1066, U.S. Real Estate Mortgage Investment Conduit Income Tax Return,
including Schedule Q thereto, Quarterly Notice to Residual Interest Holders of
REMIC Taxable Income or Net Loss Allocation, or any successor forms, to be filed
on behalf of any REMIC formed under the Series Supplement and under the REMIC
Provisions, together with any and all other information, reports or returns that
may be required to be furnished to the Certificateholders or filed with the
Internal Revenue Service or any other governmental taxing authority under any
applicable provisions of federal, state or local tax laws.
Transfer: Any direct or indirect transfer, sale, pledge, hypothecation or
other form of assignment of any Ownership Interest in a Certificate.
Transferee: Any Person who is acquiring by Transfer any Ownership Interest
in a Certificate.
Transferor: Any Person who is disposing by Transfer of any Ownership
Interest in a Certificate.
Trust Fund: The segregated pool of assets related to a Series, with
respect to which one or more REMIC elections are to be made pursuant to this
Agreement, consisting of:
(i) the Mortgage Loans and the related Mortgage Files and collateral
securing such Mortgage Loans,
(ii) all payments on and collections in respect of the Mortgage Loans
due after the Cut-off Date as shall be on deposit in the
Custodial Account or in the Certificate Account and identified as
belonging to the Trust Fund, including the proceeds from the
liquidation of Additional Collateral for any Additional
Collateral Loan or Pledged Assets for any Pledged Asset Loan, but
not including amounts on deposit in the Initial Monthly Payment
Fund,
(iii) property that secured a Mortgage Loan and that has been acquired
for the benefit of the Certificateholders by foreclosure or deed
in lieu of foreclosure,
(iv) the hazard insurance policies and Primary Insurance Policies, if
any, the Pledged Assets with respect to each Pledged Asset Loan,
and the interest in the Surety Bond transferred to the Trustee
pursuant to Section 2.01, and
(v) all proceeds of clauses (i) through (iv) above.
Uniform Single Attestation Program for Mortgage Bankers: The Uniform
Single Attestation Program for Mortgage Bankers, as published by the Mortgage
Bankers Association of America and effective with respect to fiscal periods
ending on or after December 15, 1995.
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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, any state thereof, or the District of Columbia
(except in the case of a partnership, to the extent provided in Treasury
regulations) 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, and more specifically designated in
Article XI of the Series Supplement.
Section 1.02 Use of Words and Phrases.
"Herein," "hereby," "hereunder," 'hereof," "hereinbefore," "hereinafter"
and other equivalent words refer to the Pooling and Servicing Agreement as a
whole. All references herein to Articles, Sections or Subsections shall mean the
corresponding Articles, Sections and Subsections in the Pooling and Servicing
Agreement. The definition set forth herein include both the singular and the
plural.
ARTICLE II
CONVEYANCE OF MORTGAGE LOANS;
ORIGINAL ISSUANCE OF CERTIFICATES
Section 2.01 Conveyance of Mortgage Loans.
(a) The Company, concurrently with the execution and delivery hereof,
does hereby assign to the Trustee without recourse all the right, title and
interest of the Company in and to the Mortgage Loans, including all interest and
principal received on or with respect to the Mortgage Loans after the Cut-off
Date (other than payments of principal and interest due on the Mortgage Loans on
or before the Cut-off Date). In connection with such transfer and assignment,
the Company does hereby deliver to the Trustee the Certificate Policy (as
defined in the Series Supplement), if any.
(b) In connection with such assignment, except as set forth in Section
2.01(c) and subject to Section 2.01(d) below, the Company does hereby deliver
to, and deposit with, the Trustee, or to and with one or more Custodians, as the
duly appointed agent or agents of the Trustee for such purpose, the following
documents or instruments (or copies thereof as permitted by this Section) (I)
with respect to each Mortgage Loan so assigned (other than a Cooperative Loan):
(i) The original Mortgage Note, endorsed without recourse
to the order of the Trustee and showing an unbroken chain of
endorsements from the originator thereof to the Person endorsing
it to the Trustee, or with respect to any Destroyed Mortgage
Note, an original lost note affidavit from the related Seller or
Residential Funding stating that the original Mortgage Note was
lost, misplaced or destroyed, together with a copy of the related
Mortgage Note;
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(ii) The original Mortgage with evidence of recording
indicated thereon or a copy of the Mortgage certified by the
public recording office in which such Mortgage has been recorded;
(iii) An original Assignment of the Mortgage to the
Trustee with evidence of recording indicated thereon or a copy of
such assignment certified by the public recording office in which
such assignment has been recorded;
(iv) The original recorded assignment or assignments of
the Mortgage showing an unbroken chain of title from the
originator thereof to the Person assigning it to the Trustee or a
copy of such assignment or assignments of the Mortgage certified
by the public recording office in which such assignment or
assignments have been recorded; and
(v) The original of each modification, assumption
agreement or preferred loan agreement, if any, relating to such
Mortgage Loan or a copy of each modification, assumption
agreement or preferred loan agreement certified by the public
recording office in which such document has been recorded.
and (II) with respect to each Cooperative Loan so assigned:
(i) The original Mortgage Note, endorsed without recourse
to the order of the Trustee and showing an unbroken chain of
endorsements from the originator thereof to the Person endorsing
it to the Trustee, or with respect to any Destroyed Mortgage
Note, an original lost note affidavit from the related Seller or
Residential Funding stating that the original Mortgage Note was
lost, misplaced or destroyed, together with a copy of the related
Mortgage Note;
(ii) A counterpart of the Cooperative Lease and the
Assignment of Proprietary Lease to the originator of the
Cooperative Loan with intervening assignments showing an unbroken
chain of title from such originator to the Trustee;
(iii) The related Cooperative Stock Certificate,
representing the related Cooperative Stock pledged with respect
to such Cooperative Loan, together with an undated stock power
(or other similar instrument) executed in blank;
(iv) The original recognition agreement by the Cooperative
of the interests of the mortgagee with respect to the related
Cooperative Loan;
(v) The Security Agreement;
(vi) Copies of the original UCC-1 financing statement, and
any continuation statements, filed by the originator of such
Cooperative Loan as secured party, each with evidence of
recording thereof, evidencing the interest of the originator
under the Security Agreement and the Assignment of Proprietary
Lease;
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(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 thirty Business Days following the earlier of (i)
the receipt of the original of each of the documents or instruments set forth in
Section 2.01(b)(I)(iv) and (v) and Section (b)(II)(ii), (iv), (vii), (ix) and
(x) (or copies thereof as permitted by such Section) for any Mortgage Loan and
(ii) a written request by the Trustee to deliver those documents with respect to
any or all of the Mortgage Loans then being held by the Master Servicer, the
Master Servicer shall deliver a complete set of such documents to the Trustee or
the Custodian or Custodians that are the duly appointed agent or agents of the
Trustee.
(d) In connection with any Mortgage Loan, if 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 because of (i) a delay caused by the public recording office
where such Mortgage, assignment, modification, assumption agreement or preferred
loan agreement as the case may be, has been delivered for recordation, or (ii) a
delay in the receipt of certain information necessary to prepare the related
assignments, the Company shall deliver or cause to be delivered to the Trustee
or the respective Custodian a 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
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Mortgage Loan and shall promptly cause to be filed the Form UCC-3 assignment and
UCC-1 financing statement referred to in clause (II)(vii) and (x), respectively,
of Section 2.01(b). If any Assignment, Form UCC-3 or Form UCC-1, as applicable,
is lost or returned unrecorded to the Company because of any defect therein, the
Company shall prepare a substitute Assignment, Form UCC-3 or Form UCC-1, as
applicable, or cure such defect, as the case may be, and cause such Assignment
to be recorded in accordance with this paragraph. The Company shall promptly
deliver or cause to be delivered to the Trustee or the respective Custodian such
Mortgage or Assignment or Form UCC-3 or Form UCC-1, as applicable, (or copy
thereof certified by the public recording office) with evidence of recording
indicated thereon upon receipt thereof from the public recording office or from
the related Subservicer. In connection with its servicing of Cooperative Loans,
the Master Servicer will use its best efforts to file timely continuation
statements with regard to each financing statement and assignment relating to
Cooperative Loans as to which the related Cooperative Apartment is located
outside of the State of New York.
If the Company delivers to the Trustee or Custodian any Mortgage Note or
Assignment of Mortgage in blank, the Company shall, or shall cause the Custodian
to, complete the endorsement of the Mortgage Note and the Assignment of Mortgage
in the name of the Trustee within 45 days after the Closing Date, as
contemplated by Section 2.02.
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 to the Trustee or the Custodian.
(e) Residential Funding hereby assigns to the Trustee its security
interest in and to any Additional Collateral or Pledged Assets, its right to
receive amounts due or to become due in respect of any Additional Collateral or
Pledged Assets pursuant to the related Subservicing Agreement and its rights as
beneficiary under the Surety Bond in respect of any Additional Collateral Loans.
With respect to any Additional Collateral Loan or Pledged Asset Loan,
Residential Funding shall cause to be filed in the appropriate recording office
a UCC-3 statement giving notice of the assignment of the related security
interest to the Trust Fund and shall thereafter cause the timely filing of all
necessary continuation statements with regard to such financing statements.
(f) It is intended that the conveyance by the Company to the Trustee of
the Mortgage Loans as provided for in this Section 2.01 be and the
Uncertificated REMIC Regular Interests, if any (as provided for in Section
2.06), be construed as a sale by the Company to the Trustee of the Mortgage
Loans and any Uncertificated REMIC Regular Interests for the benefit of the
Certificateholders. Further, it is not intended that such conveyance be deemed
to be a pledge of the Mortgage Loans and any Uncertificated REMIC Regular
Interests by the Company to the Trustee to secure a debt or other obligation of
the Company. However, if the Mortgage Loans and any Uncertificated REMIC 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 any Uncertificated REMIC Regular Interests, then it is
intended that (a) this Agreement shall 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 Section 2.01 shall be deemed to be, and hereby is, (1) a grant
by the Company to the Trustee of a security interest in all of the Company's
right (including the power to convey title thereto), title and interest, whether
now owned or hereafter acquired, in and to any
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and all general intangibles, accounts, chattel paper, instruments, documents,
money, deposit accounts, certificates of deposit, goods, letters of credit,
advices of credit and investment property and other property of whatever kind or
description now existing or hereafter acquired consisting of, arising from or
relating to any of the following: (A) the Mortgage Loans, including (i) with
respect to each Cooperative Loan, the related Mortgage Note, Security Agreement,
Assignment of Proprietary Lease, Cooperative Stock Certificate and Cooperative
Lease, (ii) with respect to each Mortgage Loan other than a Cooperative Loan,
the related Mortgage Note and Mortgage, and (iii) any insurance policies and all
other documents in the related Mortgage File, (B) all amounts payable pursuant
to the Mortgage Loans in accordance with the terms thereof, (C) any
Uncertificated REMIC Regular Interests and (D) all proceeds of the conversion,
voluntary or involuntary, of the foregoing into cash, instruments, securities or
other property, including without limitation all amounts from time to time held
or invested in the Certificate Account or the Custodial Account, whether in the
form of cash, instruments, securities or other property and (2) an assignment by
the Company to the Trustee of any security interest in any and all of
Residential Funding's right (including the power to convey title thereto), title
and interest, whether now owned or hereafter acquired, in and to the property
described in the foregoing clauses (1)(A), (B), (C) and (D) granted by
Residential Funding to the Company pursuant to the Assignment Agreement; (c) the
possession by the Trustee, the Custodian or any other agent of the Trustee of
Mortgage Notes or such other items of property as constitute instruments, money,
negotiable documents, goods, letters of credit, advices of credit, investment
property, certificated securities or chattel paper shall be deemed to be
"possession by the secured party," or possession by a purchaser or a person
designated by such secured party, for purposes of perfecting the security
interest pursuant to the Minnesota Uniform Commercial Code and the Uniform
Commercial Code of any other applicable jurisdiction (including, without
limitation, Sections 8-106, 9-305 and 9-115 thereof); and (d) notifications to
persons holding such property, and acknowledgments, receipts or confirmations
from persons holding such property, shall be deemed notifications to, or
acknowledgments, receipts or confirmations from, securities intermediaries,
bailees or agents of, or persons holding for (as applicable) the Trustee for the
purpose of perfecting such security interest under applicable law.
The Company and, at the Company's direction, Residential Funding and the
Trustee shall, to the extent consistent with this Agreement, take such
reasonable actions as may be necessary to ensure that, if this Agreement were
determined to create a security interest in the Mortgage Loans, any
Uncertificated REMIC Regular Interests and the other property described above,
such security interest would be determined to be a perfected security interest
of first priority under applicable law and will be maintained as such throughout
the term of this Agreement. Without limiting the generality of the foregoing,
the Company shall prepare and deliver to the Trustee not less than 15 days prior
to any filing date and, the Trustee shall forward for filing, or shall cause to
be forwarded for filing, at the expense of the Company, all filings necessary to
maintain the effectiveness of any original filings necessary under the Uniform
Commercial Code as in effect in any jurisdiction to perfect the Trustee's
security interest in or lien on the Mortgage Loans and any Uncertificated REMIC
Regular Interests, as evidenced by an Officers' Certificate of the Company,
including without limitation (x) continuation statements, and (y) such other
statements as may be occasioned by (1) any change of name of Residential
Funding, the Company or the Trustee (such preparation and filing shall be at the
expense of the Trustee, if occasioned by a change in the Trustee's name), (2)
any change of location of the place of business or the chief executive office of
Residential Funding or the Company, (3) any transfer of any interest of
Residential Funding or the Company in
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any Mortgage Loan or (4) any transfer of any interest of Residential Funding or
the Company in any Uncertificated REMIC Regular Interest.
(g) The Master Servicer hereby acknowledges the receipt by it of the
Initial Monthly Payment Fund. The Master Servicer shall hold such Initial
Monthly Payment Fund in the Custodial Account and shall include such Initial
Monthly Payment Fund in the Available Distribution Amount for the initial
Distribution Date. Notwithstanding anything herein to the contrary, the Initial
Monthly Payment Fund shall not be an asset of any REMIC. To the extent that the
Initial Monthly Payment Fund constitutes a reserve fund for federal income tax
purposes, (1) it shall be an outside reserve fund and not an asset of any REMIC,
(2) it shall be owned by the Seller and (3) amounts transferred by any REMIC to
the Initial Monthly Payment Fund shall be treated as transferred to the Seller
or any successor, all within the meaning of Section 1.860G-2(h) of the Treasury
Regulations.
(h) The Company agrees that the sale of each Pledged Asset Loan pursuant
to this Agreement will also constitute the assignment, sale, setting-over,
transfer and conveyance to the Trustee, without recourse (but subject to the
Company's covenants, representations and warranties specifically provided
herein), of all of the Company's obligations and all of the Company's right,
title and interest in, to and under, whether now existing or hereafter acquired
as owner of the Mortgage Loan with respect to all money, securities, security
entitlements, accounts, general intangibles, instruments, documents,
certificates of deposit, commodities contracts, and other investment property
and other property of whatever kind or description consisting of, arising from
or related to (i) the Assigned Contracts, (ii) all rights, powers and remedies
of the Company as owner of such Mortgage Loan under or in connection with the
Assigned Contracts, whether arising under the terms of such Assigned Contracts,
by statute, at law or in equity, or otherwise arising out of any default by the
Mortgagor under or in connection with the Assigned Contracts, including all
rights to exercise any election or option or to make any decision or
determination or to give or receive any notice, consent, approval or waiver
thereunder, (iii) all security interests in and lien of the Company as owner of
such Mortgage Loan in the Pledged Amounts and all money, securities, security
entitlements, accounts, general intangibles, instruments, documents,
certificates of deposit, commodities contracts, and other investment property
and other property of whatever kind or description and all cash and non-cash
proceeds of the sale, exchange, or redemption of, and all stock or conversion
rights, rights to subscribe, liquidation dividends or preferences, stock
dividends, rights to interest, dividends, earnings, income, rents, issues,
profits, interest payments or other distributions of cash or other property that
is credited to the Custodial Account, (iv) all documents, books and records
concerning the foregoing (including all computer programs, tapes, disks and
related items containing any such information) and (v) all insurance proceeds
(including proceeds from the Federal Deposit Insurance Corporation or the
Securities Investor Protection Corporation or any other insurance company) of
any of the foregoing or replacements thereof or substitutions therefor, proceeds
of proceeds and the conversion, voluntary or involuntary, of any thereof. The
foregoing transfer, sale, assignment and conveyance does not constitute and is
not intended to result in the creation, or an assumption by the Trustee, of any
obligation of the Company, or any other person in connection with the Pledged
Assets or under any agreement or instrument relating thereto, including any
obligation to the Mortgagor, other than as owner of the Mortgage Loan.
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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 acknowledgment
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, and the rights of
Residential Funding with respect to any Pledged Assets, Additional Collateral
and the Surety Bond assigned to the Trustee pursuant to Section 2.01, in trust
for the use and benefit of all present and future Certificateholders. The
Trustee or Custodian (such Custodian being so obligated under a Custodial
Agreement) agrees, for the benefit of Certificateholders, to review each
Mortgage File delivered to it pursuant to Section 2.01(b) within 45 days after
the Closing Date to ascertain that all required documents (specifically as set
forth in Section 2.01(b)), have been executed and received, and that such
documents relate to the Mortgage Loans identified on the Mortgage Loan Schedule,
as supplemented, that have been conveyed to it. Upon delivery of the Mortgage
Files by the Company or the Master Servicer, the Trustee shall acknowledge
receipt (or, with respect to Mortgage Loans subject to a Custodial Agreement,
and based solely upon a receipt or certification executed by the Custodian,
receipt by the respective Custodian as the duly appointed agent of the Trustee)
of the documents referred to in Section 2.01(c) above. The Trustee or Custodian
(such Custodian being so obligated under a Custodial Agreement) agrees to review
each Mortgage File delivered to it pursuant to Section 2.01(c) within 45 days
after receipt thereof to ascertain that all documents required to be delivered
pursuant to such Section have been received, and that such documents relate to
the Mortgage Loans identified on the Mortgage Loan Schedule, as supplemented,
that have been conveyed to it.
If the Custodian, as the Trustee's agent, finds any document or
documents constituting a part of a Mortgage File to be missing or defective in
any material respect, the Trustee shall promptly so notify the Master Servicer
and the Company. Pursuant to Section 2.3 of the Custodial Agreement, the
Custodian will notify the Master Servicer, the Company and the Trustee of any
such omission or defect found by it in respect of any Mortgage File held by it.
The Master Servicer shall promptly notify the related Subservicer or Seller of
such omission or defect and request that such Subservicer or Seller correct or
cure such omission or defect within 60 days from the date the Master Servicer
was notified of such omission or defect and, if such Subservicer or Seller does
not correct or cure such omission or defect within such period, that such
Subservicer or Seller purchase such Mortgage Loan from the Trust Fund at its
Purchase Price, in either case within 90 days from the date the Master Servicer
was notified of such omission or defect; provided that if the omission or defect
would cause the Mortgage Loan to be other than a "qualified mortgage" as defined
in Section 860G(a)(3) of the Code, any such cure or repurchase must occur within
90 days from the date such breach was discovered. The Purchase Price for any
such Mortgage Loan, whether purchased by the Seller or the Subservicer, shall be
deposited or caused to be deposited by the Master Servicer in the Custodial
Account maintained by it pursuant to Section 3.07 and, upon receipt by the
Trustee of written notification of such deposit signed by a Servicing Officer,
the Trustee or any Custodian, as the case may be, shall release to the Master
Servicer the related Mortgage File and the Trustee shall execute and deliver
such instruments of transfer or assignment prepared by the Master Servicer, in
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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. Notwithstanding the foregoing, it is understood and agreed
that the Master Servicer shall use its best efforts to substitute, within 60
days of the Closing Date, Qualified Substitute Mortgage Loans to replace any of
the Mortgage Loans identified on Schedule I hereto with respect to which any
document or documents constituting a part of the Mortgage File are missing or
defective in any material respect if the Master Servicer cannot cure such
omission or defect within such 60 day period.
Section 2.03 Representations, Warranties and Covenants of the Master
Servicer and the Company.
(a) The Master Servicer hereby represents and warrants to the Trustee
for the benefit of the Certificateholders that:
(i) The Master Servicer is a corporation duly organized,
validly existing and in good standing under the laws governing
its creation and existence and is or will be in compliance with
the laws of each state in which any Mortgaged Property is located
to the extent necessary to ensure the enforceability of each
Mortgage Loan in accordance with the terms of this Agreement;
(ii) The execution and delivery of this Agreement by the
Master Servicer and its performance and compliance with the terms
of this Agreement will not violate the Master Servicer's
Certificate of Incorporation or Bylaws or constitute a material
default (or an event which, with notice or lapse of time, or
both, would constitute a material default) under, or result in
the material breach of, any material contract, agreement or other
instrument to which the Master Servicer is a party or which may
be applicable to the Master Servicer or any of its assets;
(iii) This Agreement, assuming due authorization,
execution and delivery by the Trustee and the Company,
constitutes a valid, legal and binding obligation of the Master
Servicer, enforceable against it in accordance with the terms
hereof subject to applicable bankruptcy, insolvency,
reorganization, moratorium and other laws affecting the
enforcement of creditors' rights generally and to general
principles of equity, regardless of whether such enforcement is
considered in a proceeding in equity or at law;
(iv) The Master Servicer is not in default with respect to
any order or decree of any court or any order, regulation or
demand of any federal, state, municipal or governmental agency,
which default might have consequences that would materially and
adversely affect the condition (financial or other) or operations
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of the Master Servicer or its properties or might have
consequences that would materially adversely affect its
performance hereunder;
(v) No litigation is pending or, to the best of the Master
Servicer's knowledge, threatened against the Master Servicer
which would prohibit its entering into this Agreement or
performing its obligations under this Agreement;
(vi) The Master Servicer will comply in all material
respects in the performance of this Agreement with all reasonable
rules and requirements of each insurer under each Required
Insurance Policy;
(vii) No information, certificate of an officer, statement
furnished in writing or report delivered to the Company, any
Affiliate of the Company or the Trustee by the Master Servicer
will, to the knowledge of the Master Servicer, contain any untrue
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 or repurchase must occur within 90 days from the date such
breach was discovered. The obligation of the Master Servicer to cure such breach
or to so purchase such Mortgage Loan shall constitute the sole remedy in respect
of a breach of a representation and warranty set forth in this Section 2.03(a)
available to the Certificateholders or the Trustee on behalf of the
Certificateholders.
(b) Representations and warranties relating to the Mortgage Loans are
set forth in Section 2.03(b) of the Series Supplement.
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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 Certificateholders. Upon
the discovery by the Company, the Master Servicer, the Trustee or any Custodian
of a breach of any of the representations and warranties made in a Seller's
Agreement 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; provided that if the breach would cause the Mortgage Loan to be other than
a "qualified mortgage" as defined in Section 860G(a)(3) of the Code, any such
cure, repurchase or substitution must occur within 90 days from the date the
breach was discovered. In the event that Residential Funding elects to
substitute a Qualified Substitute Mortgage Loan or Loans for a Deleted Mortgage
Loan pursuant to this Section 2.04, Residential Funding shall deliver to the
Trustee for the benefit of the Certificateholders with respect to such Qualified
Substitute Mortgage Loan or Loans, the original Mortgage Note, the Mortgage, an
Assignment of the Mortgage in recordable form, and such other documents and
agreements as are required by Section 2.01, with the Mortgage Note endorsed as
required by Section 2.01. No substitution will be made in any calendar month
after the Determination Date for such month. Monthly Payments due with respect
to Qualified Substitute Mortgage Loans in the month of substitution shall not be
part of the Trust Fund and will be retained by the Master Servicer and remitted
by the Master Servicer to Residential Funding on the next succeeding
Distribution Date. For the month of substitution, distributions to the
Certificateholders will include the Monthly Payment due on a Deleted Mortgage
Loan for such month and thereafter Residential Funding shall be entitled to
retain all amounts received in respect of such Deleted Mortgage Loan. The Master
Servicer shall amend or cause to be amended the Mortgage Loan Schedule, and, if
the Deleted Mortgage Loan was a Discount Mortgage Loan, the Schedule of Discount
Fractions, for the benefit of the Certificateholders to reflect the removal of
such Deleted Mortgage Loan and the substitution of the Qualified Substitute
Mortgage Loan or Loans and the Master Servicer shall deliver the amended
Mortgage Loan Schedule, and, if the Deleted Mortgage Loan was a Discount
Mortgage Loan, the amended Schedule of Discount Fractions, to the Trustee. Upon
such substitution, the Qualified Substitute Mortgage Loan or Loans shall be
subject to the terms of this Agreement and the related Subservicing Agreement in
all respects, the related Seller shall be deemed to have made the
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representations and warranties with respect to the Qualified Substitute Mortgage
Loan contained in the related Seller's Agreement as of the date of substitution,
and the Company and the Master Servicer shall be deemed to have made with
respect to any Qualified Substitute Mortgage Loan or Loans, as of the date of
substitution, the covenants, representations and warranties set forth in this
Section 2.04, in Section 2.03 hereof and in Section 4 of the Assignment
Agreement, and the Master Servicer shall be obligated to repurchase or
substitute for any Qualified Substitute Mortgage Loan as to which a Repurchase
Event (as defined in the Assignment Agreement) has occurred pursuant to Section
4 of the Assignment Agreement.
In connection with the substitution of one or more Qualified Substitute
Mortgage Loans for one or more Deleted Mortgage Loans, the Master Servicer will
determine the amount (if any) by which the aggregate principal balance of all
such Qualified Substitute Mortgage Loans as of the date of substitution is less
than the aggregate Stated Principal Balance of all such Deleted Mortgage Loans
(in each case after application of the principal portion of the Monthly Payments
due in the month of substitution that are to be distributed to the
Certificateholders in the month of substitution). Residential Funding shall
deposit the amount of such shortfall into the Custodial Account on the day of
substitution, without any reimbursement therefor. Residential Funding shall give
notice in writing to the Trustee of such event, which notice shall be
accompanied by an Officers' Certificate as to the calculation of such shortfall
and (subject to Section 10.01(f)) by an Opinion of Counsel to the effect that
such substitution will not cause (a) any federal tax to be imposed on the Trust
Fund, including without limitation, any federal tax imposed on "prohibited
transactions" under Section 860F(a)(1) of the Code or on "contributions after
the startup date" under Section 860G(d)(1) of the Code or (b) any portion of any
REMIC to fail to qualify as such at any time that any Certificate is
outstanding.
It is understood and agreed that the obligation of the Seller or
Residential Funding, as the case may be, to cure such breach or purchase (or in
the case of Residential Funding to substitute for) such Mortgage Loan as to
which such a breach has occurred and is continuing shall constitute the sole
remedy respecting such breach available to the Certificateholders or the Trustee
on behalf of Certificateholders. If the Master Servicer is Residential Funding,
then the Trustee shall also have the right to give the notification and require
the purchase or substitution provided for in the second preceding paragraph in
the event of such a breach of a representation or warranty made by Residential
Funding in the Assignment Agreement. In connection with the purchase of or
substitution for any such Mortgage Loan by Residential Funding, the Trustee
shall assign to Residential Funding all of the right, title and interest in
respect of the Seller's Agreement and the Assignment Agreement applicable to
such Mortgage Loan.
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
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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 the related Insurer, the acquisition of any property
acquired by foreclosure or deed in lieu of foreclosure, or the management,
marketing and conveyance of any property acquired by foreclosure or deed in lieu
of foreclosure with respect to the Mortgage Loans and with respect to the
Mortgaged Properties. Notwithstanding the foregoing, subject to Section 3.07(a),
the Master Servicer shall not permit any modification with respect to any
Mortgage Loan that would both constitute a sale or exchange of such Mortgage
Loan within the meaning of Section 1001 of the Code and any proposed, temporary
or final regulations promulgated thereunder (other than in connection with a
proposed conveyance or assumption of such Mortgage Loan that is treated as a
Principal Prepayment in Full pursuant to Section 3.13(d) hereof) and cause any
REMIC formed under the Series Supplement to fail to qualify as a REMIC under the
Code. The Trustee shall furnish the Master Servicer with any powers of attorney
and other documents necessary or appropriate to enable the Master Servicer to
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
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Mortgage Loans, which payment obligation will thereafter be an obligation of the
Master Servicer hereunder.
Section 3.02 Subservicing Agreements Between Master Servicer and
Subservicers; Enforcement of Subservicers' and Sellers'
Obligations.
(a) The Master Servicer may continue in effect Subservicing Agreements
entered into by Residential Funding and Subservicers prior to the execution and
delivery of this Agreement, and may enter into new Subservicing Agreements with
Subservicers, for the servicing and administration of all or some of the
Mortgage Loans. Each Subservicer of a Mortgage Loan shall be entitled to receive
and retain, as provided in the related Subservicing Agreement and in Section
3.07, the related Subservicing Fee from payments of interest received on such
Mortgage Loan after payment of all amounts required to be remitted to the Master
Servicer in respect of such Mortgage Loan. For any Mortgage Loan that is a
Nonsubserviced Mortgage Loan, the Master Servicer shall be entitled to receive
and retain an amount equal to the Subservicing Fee from payments of interest.
Unless the context otherwise requires, references in this Agreement to actions
taken or to be taken by the Master Servicer in servicing the Mortgage Loans
include actions taken or to be taken by a Subservicer on behalf of the Master
Servicer. Each Subservicing Agreement will be upon such terms and conditions as
are generally required or permitted by the Program Guide and are not
inconsistent with this Agreement and as the Master Servicer and the Subservicer
have agreed. A representative form of Subservicing Agreement is attached to this
Agreement as Exhibit E. With the approval of the Master Servicer, a Subservicer
may delegate its servicing obligations to third-party servicers, but such
Subservicer will remain obligated under the related Subservicing Agreement. The
Master Servicer and a Subservicer may enter into amendments thereto or a
different form of Subservicing Agreement, and the form referred to or included
in the Program Guide is merely provided for information and shall not be deemed
to limit in any respect the discretion of the Master Servicer to modify or enter
into different Subservicing Agreements; provided, however, that any such
amendments or different forms shall be consistent with and not violate the
provisions of either this Agreement or the Program Guide in a manner which would
materially and adversely affect the interests of the Certificateholders.
(b) As part of its servicing activities hereunder, the Master Servicer,
for the benefit of the Trustee and the Certificateholders, shall use its best
reasonable efforts to enforce the obligations of each Subservicer under the
related Subservicing Agreement and of each Seller under the related Seller's
Agreement, 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
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related Mortgage Loan or (ii) from a specific recovery of costs, expenses or
attorneys fees against the party against whom such enforcement is directed.
Section 3.03 Successor Subservicers.
The Master Servicer shall be entitled to terminate any Subservicing
Agreement that may exist in accordance with the terms and conditions of such
Subservicing Agreement and without any limitation by virtue of this Agreement;
provided, however, that in the event of termination of any Subservicing
Agreement by the Master Servicer or the Subservicer, the Master Servicer shall
either act as servicer of the related Mortgage Loan or enter into a Subservicing
Agreement with a successor Subservicer which will be bound by the terms of the
related Subservicing Agreement. If the Master Servicer or any Affiliate of
Residential Funding acts as servicer, it will not assume liability for the
representations and warranties of the Subservicer which it replaces. If the
Master Servicer enters into a Subservicing Agreement with a successor
Subservicer, the Master Servicer shall use reasonable efforts to have the
successor Subservicer assume liability for the representations and warranties
made by the terminated Subservicer in respect of the related Mortgage Loans and,
in the event of any such assumption by the successor Subservicer, the Master
Servicer may, in the exercise of its business judgment, release the terminated
Subservicer from liability for such representations and warranties.
Section 3.04 Liability of the Master Servicer.
Notwithstanding any Subservicing Agreement, any of the provisions of
this Agreement relating to agreements or arrangements between the Master
Servicer or a Subservicer or reference to actions taken through a Subservicer or
otherwise, the Master Servicer shall remain obligated and liable to the Trustee
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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Section 3.06 Assumption or Termination of Subservicing Agreements by
Trustee.
(a) If the Master Servicer shall for any reason no longer be the master
servicer (including by reason of an Event of Default), the Trustee, its designee
or its successor shall thereupon assume all of the rights and obligations of the
Master Servicer under each Subservicing Agreement that may have been entered
into. The Trustee, its designee or the successor servicer for the Trustee shall
be deemed to have assumed all of the Master Servicer's interest therein and to
have replaced the Master Servicer as a party to the Subservicing Agreement to
the same extent as if the Subservicing Agreement had been assigned to the
assuming party except that the Master Servicer shall not thereby be relieved of
any liability or obligations under the Subservicing Agreement.
(b) The Master Servicer shall, upon request of the Trustee but at the
expense of the Master Servicer, deliver to the assuming party all documents and
records relating to each Subservicing Agreement and the Mortgage Loans then
being serviced and an accounting of amounts collected and held by it and
otherwise use its best efforts to effect the orderly and efficient transfer of
each Subservicing Agreement to the assuming party.
Section 3.07 Collection of Certain Mortgage Loan Payments; Deposits to
Custodial Account.
(a) The Master Servicer shall make reasonable efforts to collect all
payments called for under the terms and provisions of the Mortgage Loans, and
shall, to the extent such procedures shall be consistent with this Agreement and
the terms and provisions of any related Primary Insurance Policy, follow such
collection procedures as it would employ in its good faith business judgment and
which are normal and usual in its general mortgage servicing activities.
Consistent with the foregoing, the Master Servicer may in its discretion (i)
waive any late payment charge or any prepayment charge or penalty interest in
connection with the prepayment of a Mortgage Loan and (ii) extend the Due Date
for payments due on a Mortgage Loan in accordance with the Program Guide;
provided, however, that the Master Servicer shall first determine that any such
waiver or extension will not impair the coverage of any related Primary
Insurance Policy or materially adversely affect the lien of the related
Mortgage. In the event of any such arrangement, the Master Servicer shall make
timely advances on the related Mortgage Loan during the scheduled period in
accordance with the amortization schedule of such Mortgage Loan without
modification thereof by reason of such arrangements unless otherwise agreed to
by the Holders of the Classes of Certificates affected thereby; provided,
however, that no such extension shall be made if any such advance would be a
Nonrecoverable Advance. Consistent with the terms of this Agreement, the Master
Servicer may also waive, modify or vary any term of any Mortgage Loan or consent
to the postponement of strict compliance with any such term or in any manner
grant indulgence to any Mortgagor if in the Master Servicer's determination such
waiver, modification, postponement or indulgence is not materially adverse to
the interests of the Certificateholders (taking into account any estimated
Realized Loss that might result absent such action); provided, however, that the
Master Servicer may not modify materially or permit any Subservicer to modify
any Mortgage Loan, including without limitation any modification that would
change the Mortgage Rate, forgive the payment of any principal or interest
(unless in connection with the liquidation of the related Mortgage Loan or
except in connection with prepayments to the extent that such reamortization is
not inconsistent with the terms of the Mortgage Loan), or extend the final
maturity date of such Mortgage Loan, unless such
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Mortgage Loan is in default or, in the judgment of the Master Servicer, such
default is reasonably foreseeable; and provided, further, that no such
modification shall reduce the interest rate on a Mortgage Loan below the sum of
the Pool Strip Rate and the sum of the rates at which the Servicing Fee and the
Subservicing Fee with respect to such Mortgage Loan accrues. In connection with
any Curtailment of a Mortgage Loan, the Master Servicer, to the extent not
inconsistent with the terms of the Mortgage Note and local law and practice, may
permit the Mortgage Loan to be reamortized such that the Monthly Payment is
recalculated as an amount that will fully amortize the remaining Stated
Principal Balance thereof by the original Maturity Date based on the original
Mortgage Rate; provided, that such re-amortization shall not be permitted if it
would constitute a reissuance of the Mortgage Loan for federal income tax
purposes, except if such reissuance is described in Treasury Regulation Section
1.860G-2(b)(3).
(b) The Master Servicer shall establish and maintain a Custodial Account
in which the Master Servicer shall deposit or cause to be deposited on a daily
basis, except as otherwise specifically provided herein, the following payments
and collections remitted by Subservicers or received by it in respect of the
Mortgage Loans subsequent to the Cut-off Date (other than in respect of
principal and interest on the Mortgage Loans due on or before the Cut-off Date):
(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;
(vi) All amounts transferred from the Certificate Account
to the Custodial Account in accordance with Section 4.02(a);
(vii) Any amounts realized by the Subservicer and received
by the Master Servicer in respect of any Additional Collateral;
and
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(viii) Any amounts received by the Master Servicer in
respect of Pledged Assets.
The foregoing requirements for deposit in the Custodial Account shall be
exclusive, it being understood and agreed that, without limiting the generality
of the foregoing, payments on the Mortgage Loans which are not part of the Trust
Fund (consisting of payments in respect of principal and interest on the
Mortgage Loans due on or before the Cut-off Date) and payments or collections in
the nature of prepayment charges or late payment charges or assumption fees may
but need not be deposited by the Master Servicer in the Custodial Account. In
the event any amount not required to be deposited in the Custodial Account is so
deposited, the Master Servicer may at any time withdraw such amount from the
Custodial Account, any provision herein to the contrary notwithstanding. The
Custodial Account may contain funds that belong to one or more trust funds
created for mortgage pass-through certificates of other series and may contain
other funds respecting payments on mortgage loans belonging to the Master
Servicer or serviced or master serviced by it on behalf of others.
Notwithstanding such commingling of funds, the Master Servicer shall keep
records that accurately reflect the funds on deposit in the Custodial Account
that have been identified by it as being attributable to the Mortgage Loans.
With respect to Insurance Proceeds, Liquidation Proceeds, REO Proceeds
and the proceeds of the purchase of any Mortgage Loan pursuant to Sections 2.02,
2.03, 2.04 and 4.07 received in any calendar month, the Master Servicer may
elect to treat such amounts as included in the Available Distribution Amount for
the Distribution Date in the month of receipt, but is not obligated to do so. If
the Master Servicer so elects, such amounts will be deemed to have been received
(and any related Realized Loss shall be deemed to have occurred) on the last day
of the month prior to the receipt thereof.
(c) The Master Servicer shall use its best efforts to cause the
institution maintaining the Custodial Account to invest the funds in the
Custodial Account attributable to the Mortgage Loans in Permitted Investments
which shall mature not later than the Certificate Account Deposit Date next
following the date of such investment (with the exception of the Amount Held for
Future Distribution) and which shall not be sold or disposed of prior to their
maturities. All income and gain realized from any such investment shall be for
the benefit of the Master Servicer as additional servicing compensation and
shall be subject to its withdrawal or order from time to time. The amount of any
losses incurred in respect of any such investments attributable to the
investment of amounts in respect of the Mortgage Loans shall be deposited in the
Custodial Account by the Master Servicer out of its own funds immediately as
realized without any right of reimbursement.
(d) The Master Servicer shall give notice to the Trustee and the Company
of any change in the location of the Custodial Account and the location of the
Certificate Account prior to the use thereof.
Section 3.08 Subservicing Accounts; Servicing Accounts.
(a) In those cases where a Subservicer is servicing a Mortgage Loan
pursuant to a Subservicing Agreement, the Master Servicer shall cause the
Subservicer, pursuant to the Subservicing Agreement, to establish and maintain
one or more Subservicing Accounts which shall
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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 (or Modified Net Mortgage Rate plus the
rate per annum at which the Servicing Fee accrues in the case of a Modified
Mortgage Loan) on any Curtailment received by such Subservicer in respect of a
Mortgage Loan from the related Mortgagor during any month that is to be applied
by the Subservicer to reduce the unpaid principal balance of the related
Mortgage Loan as of the first day of such month, from the date of application of
such Curtailment to the first day of the following month. Any amounts paid by a
Subservicer pursuant to the preceding sentence shall be for the benefit of the
Master Servicer as additional servicing compensation and shall be subject to its
withdrawal or order from time to time pursuant to Sections 3.10(a)(iv) and (v).
(c) In addition to the Custodial Account and the Certificate Account,
the Master Servicer shall for any Nonsubserviced Mortgage Loan, and shall cause
the Subservicers for Subserviced Mortgage Loans to, establish and maintain one
or more Servicing Accounts and deposit and retain therein all collections from
the Mortgagors (or advances from Subservicers) for the payment of taxes,
assessments, hazard insurance premiums, Primary Insurance Policy premiums, if
applicable, or comparable items for the account of the Mortgagors. Each
Servicing Account shall satisfy the requirements for a Subservicing Account and,
to the extent permitted by the Program Guide or as is otherwise acceptable to
the Master Servicer, may also function as a Subservicing Account. Withdrawals of
amounts related to the Mortgage Loans from the Servicing Accounts may be made
only to effect timely payment of taxes, assessments, hazard insurance premiums,
Primary Insurance Policy premiums, if applicable, or comparable items, to
reimburse the Master Servicer or Subservicer out of related collections for any
payments made pursuant to Sections 3.11 (with respect to the Primary Insurance
Policy) and 3.12(a) (with respect to hazard insurance), to refund to any
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Mortgagors any sums as may be determined to be overages, to pay interest, if
required, to Mortgagors on balances in the Servicing Account or to clear and
terminate the Servicing Account at the termination of this Agreement in
accordance with Section 9.01 or in accordance with the Program Guide. As part of
its servicing duties, the Master Servicer shall, and the Subservicers will,
pursuant to the Subservicing Agreements, be required to pay to the Mortgagors
interest on funds in this account to the extent required by law.
(d) The Master Servicer shall advance the payments referred to in the
preceding subsection that are not timely paid by the Mortgagors or advanced by
the Subservicers on the date when the tax, premium or other cost for which such
payment is intended is due, but the Master Servicer shall be required so to
advance only to the extent that such advances, in the good faith judgment of the
Master Servicer, will be recoverable by the Master Servicer out of Insurance
Proceeds, Liquidation Proceeds or otherwise.
Section 3.09 Access to Certain Documentation and Information
Regarding the Mortgage Loans.
If compliance with this Section 3.09 shall make any Class of
Certificates legal for investment by federally insured savings and loan
associations, the Master Servicer shall provide, or cause the Subservicers to
provide, to the Trustee, the Office of Thrift Supervision or the FDIC and the
supervisory agents and examiners thereof access to the documentation regarding
the Mortgage Loans required by applicable regulations of the Office of Thrift
Supervision, such access being afforded without charge but only upon reasonable
request and during normal business hours at the offices designated by the Master
Servicer. The Master Servicer shall permit such representatives to photocopy any
such documentation and shall provide equipment for that purpose at a charge
reasonably approximating the cost of such photocopying to the Master Servicer.
Section 3.10 Permitted Withdrawals from the Custodial Account.
(a) The Master Servicer may, from time to time as provided herein, make
withdrawals from the Custodial Account of amounts on deposit therein pursuant to
Section 3.07 that are attributable to the Mortgage Loans for the following
purposes:
(i) to make deposits into the Certificate Account in the
amounts and in the manner provided for in Section 4.01;
(ii) to reimburse itself or the related Subservicer for
previously unreimbursed advances or expenses made pursuant to
Sections 3.01, 3.07(a), 3.08, 3.11, 3.12(a), 3.14 and 4.04 or
otherwise reimbursable pursuant to the terms of this Agreement,
such withdrawal right being limited to amounts received on
particular Mortgage Loans (including, for this purpose, REO
Proceeds, Insurance Proceeds, Liquidation Proceeds and proceeds
from the purchase of a Mortgage Loan pursuant to Section 2.02,
2.03, 2.04 or 4.07) which represent (A) Late Collections of
Monthly Payments for which any such advance was made in the case
of Subservicer Advances or Advances pursuant to Section 4.04 and
(B) recoveries of amounts in respect of which such advances were
made in the case of Servicing Advances;
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(iii) to pay to itself or the related Subservicer (if not
previously retained by such Subservicer) out of each payment
received by the Master Servicer on account of interest on a
Mortgage Loan as contemplated by Sections 3.14 and 3.16, an
amount equal to that remaining portion of any such payment as to
interest (but not in excess of the Servicing Fee and the
Subservicing Fee, if not previously retained) which, when
deducted, will result in the remaining amount of such interest
being interest at the Net Mortgage Rate (or Modified Net Mortgage
Rate in the case of a Modified Mortgage Loan) on the amount
specified in the amortization schedule of the related Mortgage
Loan as the principal balance thereof at the beginning of the
period respecting which such interest was paid after giving
effect to any previous Curtailments;
(iv) to pay to itself as additional servicing compensation
any interest or investment income earned on funds and other
property deposited in or credited to the Custodial Account that
it is entitled to withdraw pursuant to Section 3.07(c);
(v) to pay to itself as additional servicing compensation
any Foreclosure Profits, 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) below, any Advance made in
connection with a modification of a Mortgage Loan that is in
default or, in the judgment of the Master Servicer, default is
reasonably foreseeable pursuant to Section 3.07(a), to the extent
the amount of the Advance has been added to the outstanding
principal balance of the Mortgage Loan, or any Advance
reimbursable to the Master Servicer pursuant to Section 4.02(a);
(viii) to reimburse itself or the Company for expenses
incurred by and reimbursable to it or the Company pursuant to
Sections 3.13, 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
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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).
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
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hereunder unless the replacement Primary Insurance Policy for such canceled or
non-renewed policy is maintained with an insurer whose claims-paying ability is
acceptable to each Rating Agency for mortgage pass-through certificates having a
rating equal to or better than the lower of the then-current rating or the
rating assigned to the Certificates as of the Closing Date by such Rating
Agency.
(b) In connection with its activities as administrator and servicer of
the Mortgage Loans, the Master Servicer agrees to present or to cause the
related Subservicer to present, on behalf of the Master Servicer, the
Subservicer, if any, the Trustee and Certificateholders, claims to the related
Insurer under any Primary Insurance Policies, in a timely manner in accordance
with such policies, and, in this regard, to take or cause to be taken such
reasonable action as shall be necessary to permit recovery under any Primary
Insurance Policies respecting defaulted Mortgage Loans. Pursuant to Section
3.07, any Insurance Proceeds collected by or remitted to the Master Servicer
under any Primary Insurance Policies shall be deposited in the Custodial
Account, subject to withdrawal pursuant to Section 3.10.
Section 3.12 Maintenance of Fire Insurance and Omissions and Fidelity
Coverage.
(a) The Master Servicer shall cause to be maintained for each Mortgage
Loan (other than a Cooperative Loan) fire insurance with extended coverage in an
amount which is equal to the lesser of the principal balance owing on such
Mortgage Loan or 100 percent of the insurable value of the improvements;
provided, however, that such coverage may not be less than the minimum amount
required to fully compensate for any loss or damage on a replacement cost basis.
To the extent it may do so without breaching the related Subservicing Agreement,
the Master Servicer shall replace any Subservicer that does not cause such
insurance, to the extent it is available, to be maintained. The Master Servicer
shall also cause to be maintained on property acquired upon foreclosure, or deed
in lieu of foreclosure, of any Mortgage Loan (other than a Cooperative Loan),
fire insurance with extended coverage in an amount which is at least equal to
the amount necessary to avoid the application of any co-insurance clause
contained in the related hazard insurance policy. Pursuant to Section 3.07, any
amounts collected by the Master Servicer under any such policies (other than
amounts to be applied to the restoration or repair of the related Mortgaged
Property or property thus acquired or amounts released to the Mortgagor in
accordance with the Master Servicer's normal servicing procedures) shall be
deposited in the Custodial Account, subject to withdrawal pursuant to Section
3.10. Any cost incurred by the Master Servicer in maintaining any such insurance
shall not, for the purpose of calculating monthly distributions to the
Certificateholders, be added to the amount owing under the Mortgage Loan,
notwithstanding that the terms of the Mortgage Loan so permit. Such costs shall
be recoverable by the Master Servicer out of related late payments by the
Mortgagor or out of Insurance Proceeds and Liquidation Proceeds to the extent
permitted by Section 3.10. It is understood and agreed that no earthquake or
other additional insurance is to be required of any Mortgagor or maintained on
property acquired in respect of a Mortgage Loan other than pursuant to such
applicable laws and regulations as shall at any time be in force and as shall
require such additional insurance. Whenever the improvements securing a Mortgage
Loan (other than a Cooperative Loan) are located at the time of origination of
such Mortgage Loan in a federally designated special flood hazard area, the
Master Servicer shall cause flood insurance (to the extent available) to be
maintained in respect thereof. Such flood insurance shall be in an amount equal
to the lesser of (i) the amount required to compensate for any loss or damage to
the Mortgaged Property
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on a replacement cost basis and (ii) the maximum amount of such insurance
available for the related Mortgaged Property under the national flood insurance
program (assuming that the area in which such Mortgaged Property is located is
participating in such program).
If the Master Servicer shall obtain and maintain a blanket fire
insurance policy with extended coverage insuring against hazard losses on all of
the Mortgage Loans, it shall conclusively be deemed to have satisfied its
obligations as set forth in the first sentence of this Section 3.12(a), it being
understood and agreed that such policy may contain a deductible clause, in which
case the Master Servicer shall, in the event that there shall not have been
maintained on the related Mortgaged Property a policy complying with the first
sentence of this Section 3.12(a) and there shall have been a loss which would
have been covered by such policy, deposit in the Certificate Account the amount
not otherwise payable under the blanket policy because of such deductible
clause. Any such deposit by the Master Servicer shall be made on the Certificate
Account Deposit Date next preceding the Distribution Date which occurs in the
month following the month in which payments under any such policy would have
been deposited in the Custodial Account. In connection with its activities as
administrator and servicer of the Mortgage Loans, the Master Servicer agrees to
present, on behalf of itself, the Trustee and the Certificateholders, claims
under any such blanket policy.
(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
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or otherwise avoid enforcement of a due-on-sale clause contained
in any Mortgage Note or Mortgage, the Master Servicer shall not
be required to enforce the due-on-sale clause or to contest such
action.
(b) Subject to the Master Servicer's duty to enforce any due-on-sale
clause to the extent set forth in Section 3.13(a), in any case in which a
Mortgaged Property is to be conveyed to a Person by a Mortgagor, and such Person
is to enter into an assumption or modification agreement or supplement to the
Mortgage Note or Mortgage which requires the signature of the Trustee, or if an
instrument of release signed by the Trustee is required releasing the Mortgagor
from liability on the Mortgage Loan, the Master Servicer is authorized, subject
to the requirements of the sentence next following, to execute and deliver, on
behalf of the Trustee, the assumption agreement with the Person to whom the
Mortgaged Property is to be conveyed and such modification agreement or
supplement to the Mortgage Note or Mortgage or other instruments as are
reasonable or necessary to carry out the terms of the Mortgage Note or Mortgage
or otherwise to comply with any applicable laws regarding assumptions or the
transfer of the Mortgaged Property to such Person; provided, however, none of
such terms and requirements shall either (i) both (A) constitute a "significant
modification" effecting an exchange or reissuance of such Mortgage Loan under
the REMIC Provisions and (B) cause any portion of any REMIC formed under the
Series Supplement to fail to qualify as a REMIC under the Code or (subject to
Section 10.01(f)), result in the imposition of any tax on "prohibited
transactions" or (ii) constitute "contributions" after the start-up date under
the REMIC Provisions. The Master Servicer shall execute and deliver such
documents only if it reasonably determines that (i) its execution and delivery
thereof will not conflict with or violate any terms of this Agreement or cause
the unpaid balance and interest on the Mortgage Loan to be uncollectible in
whole or in part, (ii) any required consents of insurers under any Required
Insurance Policies have been obtained and (iii) subsequent to the closing of the
transaction involving the assumption or transfer (A) the Mortgage Loan will
continue to be secured by a first mortgage lien pursuant to the terms of the
Mortgage, (B) such transaction will not adversely affect the coverage under any
Required Insurance Policies, (C) the Mortgage Loan will fully amortize over the
remaining term thereof, (D) no material term of the Mortgage Loan (including the
interest rate on the Mortgage Loan) will be altered nor will the term of the
Mortgage Loan be changed and (E) if the seller/transferor of the Mortgaged
Property is to be released from liability on the Mortgage Loan, such release
will not (based on the Master Servicer's or Subservicer's good faith
determination) adversely affect the collectability of the Mortgage Loan. Upon
receipt of appropriate instructions from the Master Servicer in accordance with
the foregoing, the Trustee shall execute any necessary instruments for such
assumption or substitution of liability as directed in writing by the Master
Servicer. Upon the closing of the transactions contemplated by such documents,
the Master Servicer shall cause the originals or true and correct copies of the
assumption agreement, the release (if any), or the modification or supplement to
the Mortgage Note or Mortgage to be delivered to the Trustee or the Custodian
and deposited with the Mortgage File for such Mortgage Loan. Any fee collected
by the Master Servicer or such related Subservicer for entering into an
assumption or substitution of liability agreement will be retained by the Master
Servicer or such Subservicer as additional servicing compensation.
(c) The Master Servicer or the related Subservicer, as the case may be,
shall be entitled to approve a request from a Mortgagor for a partial release of
the related Mortgaged Property, the granting of an easement thereon in favor of
another Person, any alteration or demolition of the
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related Mortgaged Property (or, with respect to a Cooperative Loan, the related
Cooperative Apartment) without any right of reimbursement or other similar
matters if it has determined, exercising its good faith business judgment in the
same manner as it would if it were the owner of the related Mortgage Loan, that
the security for, and the timely and full collectability of, such Mortgage Loan
would not be adversely affected thereby and that any portion of any REMIC formed
under the Series Supplement would not fail to continue to qualify as a REMIC
under the Code as a result thereof and (subject to Section 10.01(f)) that no tax
on "prohibited transactions" or "contributions" after the startup day would be
imposed on any such REMIC as a result thereof. Any fee collected by the Master
Servicer or the related Subservicer for processing such a request will be
retained by the Master Servicer or such Subservicer as additional servicing
compensation.
(d) Subject to any other applicable terms and conditions of this
Agreement, the Trustee and Master Servicer shall be entitled to approve an
assignment in lieu of satisfaction with respect to any Mortgage Loan, provided
the obligee with respect to such Mortgage Loan following such proposed
assignment provides the Trustee and Master Servicer with a "Lender Certification
for Assignment of Mortgage Loan" in the form attached hereto as Exhibit M, in
form and substance satisfactory to the Trustee and Master Servicer, providing
the following: (i) that the substance of the assignment is, and is intended to
be, a refinancing of such Mortgage; (ii) that the Mortgage Loan following the
proposed assignment will have a rate of interest at least 0.25 percent below or
above the rate of interest on such Mortgage Loan prior to such proposed
assignment; and (iii) that such assignment is at the request of the borrower
under the related Mortgage Loan. Upon approval of an assignment in lieu of
satisfaction with respect to any Mortgage Loan, the Master Servicer shall
receive cash in an amount equal to the unpaid principal balance of and accrued
interest on such Mortgage Loan and the Master Servicer shall treat such amount
as a Principal Prepayment in Full with respect to such Mortgage Loan for all
purposes hereof.
Section 3.14 Realization Upon Defaulted Mortgage Loans.
(a) The Master Servicer shall foreclose upon or otherwise comparably
convert (which may include an REO Acquisition) the ownership of properties
securing such of the Mortgage Loans as come into and continue in default and as
to which no satisfactory arrangements can be made for collection of delinquent
payments pursuant to Section 3.07. In connection with such foreclosure or other
conversion, the Master Servicer shall, consistent with Section 3.11, follow such
practices and procedures as it shall deem necessary or advisable, as shall be
normal and usual in its general mortgage servicing activities and as shall be
required or permitted by the Program Guide; provided that the Master Servicer
shall not be liable in any respect hereunder if the Master Servicer is acting in
connection with any such foreclosure or other conversion in a manner that is
consistent with the provisions of this Agreement. The Master Servicer, however,
shall not be required to expend its own funds or incur other reimbursable
charges in connection with any foreclosure, or attempted foreclosure which is
not completed, or towards the restoration of any property unless it shall
determine (i) that such restoration and/or foreclosure will increase the
proceeds of liquidation of the Mortgage Loan to Holders of Certificates of one
or more Classes after reimbursement to itself for such expenses or charges and
(ii) that such expenses or charges will be recoverable to it through Liquidation
Proceeds, Insurance Proceeds, or REO Proceeds (respecting which it shall have
priority for purposes of withdrawals from the Custodial Account pursuant to
Section 3.10, whether or not such expenses and charges are actually recoverable
from related Liquidation Proceeds, Insurance
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Proceeds or REO Proceeds). In the event of such a determination by the Master
Servicer pursuant to this Section 3.14(a), the Master Servicer shall be entitled
to reimbursement of such amounts pursuant to Section 3.10.
In addition to the foregoing, the Master Servicer shall use its best
reasonable efforts to realize upon any Additional Collateral for such of the
Additional Collateral Loans as come into and continue in default and as to which
no satisfactory arrangements can be made for collection of delinquent payments
pursuant to Section 3.07; provided that the Master Servicer shall not, on behalf
of the Trustee, obtain title to any such Additional Collateral as a result of or
in lieu of the disposition thereof or otherwise; and provided further that (i)
the Master Servicer shall not proceed with respect to such Additional Collateral
in any manner that would impair the ability to recover against the related
Mortgaged Property, and (ii) the Master Servicer shall proceed with any REO
Acquisition in a manner that preserves the ability to apply the proceeds of such
Additional Collateral against amounts owed under the defaulted Mortgage Loan.
Any proceeds realized from such Additional Collateral (other than amounts to be
released to the Mortgagor or the related guarantor in accordance with procedures
that the Master Servicer would follow in servicing loans held for its own
account, subject to the terms and conditions of the related Mortgage and
Mortgage Note and to the terms and conditions of any security agreement,
guarantee agreement, mortgage or other agreement governing the disposition of
the proceeds of such Additional Collateral) shall be deposited in the Custodial
Account, subject to withdrawal pursuant to Section 3.10. Any other payment
received by the Master Servicer in respect of such Additional Collateral shall
be deposited in the Custodial Account subject to withdrawal pursuant to Section
3.10.
For so long as the Master Servicer is the Master Servicer under the
Credit Support Pledge Agreement, the Master Servicer shall perform its
obligations under the Credit Support Pledge Agreement in accordance with such
Agreement and in a manner that is in the best interests of the
Certificateholders. Further, the Master Servicer shall use its best reasonable
efforts to realize upon any Pledged Assets for such of the Pledged Asset Loans
as come into and continue in default and as to which no satisfactory
arrangements can be made for collection of delinquent payments pursuant to
Section 3.07; provided that the Master Servicer shall not, on behalf of the
Trustee, obtain title to any such Pledged Assets as a result of or in lieu of
the disposition thereof or otherwise; and provided further that (i) the Master
Servicer shall not proceed with respect to such Pledged Assets in any manner
that would impair the ability to recover against the related Mortgaged Property,
and (ii) the Master Servicer shall proceed with any REO Acquisition in a manner
that preserves the ability to apply the proceeds of such Pledged Assets against
amounts owed under the defaulted Mortgage Loan. Any proceeds realized from such
Pledged Assets (other than amounts to be released to the Mortgagor or the
related guarantor in accordance with procedures that the Master Servicer would
follow in servicing loans held for its own account, subject to the terms and
conditions of the related Mortgage and Mortgage Note and to the terms and
conditions of any security agreement, guarantee agreement, mortgage or other
agreement governing the disposition of the proceeds of such Pledged Assets)
shall be deposited in the Custodial Account, subject to withdrawal pursuant to
Section 3.10. Any other payment received by the Master Servicer in respect of
such Pledged Assets shall be deposited in the Custodial Account subject to
withdrawal pursuant to Section 3.10.
Concurrently with the foregoing, the Master Servicer may pursue any
remedies that may be available in connection with a breach of a representation
and warranty with respect to any such
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Mortgage Loan in accordance with Sections 2.03 and 2.04. However, the Master
Servicer is not required to continue to pursue both foreclosure (or similar
remedies) with respect to the Mortgage Loans and remedies in connection with a
breach of a representation and warranty if the Master Servicer determines in its
reasonable discretion that one such remedy is more likely to result in a greater
recovery as to the Mortgage Loan. Upon the occurrence of a Cash Liquidation or
REO Disposition, following the deposit in the Custodial Account of all Insurance
Proceeds, Liquidation Proceeds and other payments and recoveries referred to in
the definition of "Cash Liquidation" or "REO Disposition," as applicable, upon
receipt by the Trustee of written notification of such deposit signed by a
Servicing Officer, the Trustee or any Custodian, as the case may be, shall
release to the Master Servicer the related Mortgage File and the Trustee shall
execute and deliver such instruments of transfer or assignment prepared by the
Master Servicer, in each case without recourse, as shall be necessary to vest in
the Master Servicer or its designee, as the case may be, the related Mortgage
Loan, and thereafter such Mortgage Loan shall not be part of the Trust Fund.
Notwithstanding the foregoing or any other provision of this Agreement, in the
Master Servicer's sole discretion with respect to any defaulted Mortgage Loan or
REO Property as to either of the following provisions, (i) a Cash Liquidation or
REO Disposition may be deemed to have occurred if substantially all amounts
expected by the Master Servicer to be received in connection with the related
defaulted Mortgage Loan or REO Property have been received, and (ii) for
purposes of determining the amount of any Liquidation Proceeds, Insurance
Proceeds, REO Proceeds or any other unscheduled collections or the amount of any
Realized Loss, the Master Servicer may take into account minimal amounts of
additional receipts expected to be received or any estimated additional
liquidation expenses expected to be incurred in connection with the related
defaulted Mortgage Loan or REO Property.
(b) If title to any Mortgaged Property is acquired by the Trust Fund as
an REO Property by foreclosure or by deed in lieu of foreclosure, the deed or
certificate of sale shall be issued to the Trustee or to its nominee on behalf
of Certificateholders. Notwithstanding any such acquisition of title and
cancellation of the related Mortgage Loan, such REO Property shall (except as
otherwise expressly provided herein) be considered to be an Outstanding Mortgage
Loan held in the Trust Fund until such time as the REO Property shall be sold.
Consistent with the foregoing for purposes of all calculations hereunder so long
as such REO Property shall be considered to be an Outstanding Mortgage Loan it
shall be assumed that, notwithstanding that the indebtedness evidenced by the
related Mortgage Note shall have been discharged, such Mortgage Note and the
related amortization schedule in effect at the time of any such acquisition of
title (after giving effect to any previous Curtailments and before any
adjustment thereto by reason of any bankruptcy or similar proceeding or any
moratorium or similar waiver or grace period) remain in effect.
(c) If the Trust Fund acquires any REO Property as aforesaid or
otherwise in connection with a default or imminent default on a Mortgage Loan,
the Master Servicer on behalf of the Trust Fund shall dispose of such REO
Property within three full years after the taxable year of its acquisition by
the Trust Fund for purposes of Section 860G(a)(8) of the Code (or such shorter
period as may be necessary under applicable state (including any state in which
such property is located) law to maintain the status of any portion of any REMIC
formed under the Series Supplement as a REMIC under applicable state law and
avoid taxes resulting from such property failing to be foreclosure property
under applicable state law) or, at the expense of the Trust Fund, request, more
than 60 days before the day on which such grace period would otherwise expire,
an extension of such
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grace period unless the Master Servicer (subject to Section 10.01(f)) obtains
for the Trustee an Opinion of Counsel, addressed to the Trustee and the Master
Servicer, to the effect that the holding by the Trust Fund of such REO Property
subsequent to such period will not result in the imposition of taxes on
"prohibited transactions" as defined in Section 860F of the Code or cause any
REMIC formed under the Series Supplement to fail to qualify as a REMIC (for
federal (or any applicable State or local) income tax purposes) at any time that
any Certificates are outstanding, in which case the Trust Fund may continue to
hold such REO Property (subject to any conditions contained in such Opinion of
Counsel). The Master Servicer shall be entitled to be reimbursed from the
Custodial Account for any costs incurred in obtaining such Opinion of Counsel,
as provided in Section 3.10. Notwithstanding any other provision of this
Agreement, no REO Property acquired by the Trust Fund shall be rented (or
allowed to continue to be rented) or otherwise used by or on behalf of the Trust
Fund in such a manner or pursuant to any terms that would (i) cause such REO
Property to fail to qualify as "foreclosure property" within the meaning of
Section 860G(a)(8) of the Code or (ii) subject the Trust Fund to the imposition
of any federal income taxes on the income earned from such REO Property,
including any taxes imposed by reason of Section 860G(c) of the Code, unless the
Master Servicer has agreed to indemnify and hold harmless the Trust Fund with
respect to the imposition of any such taxes.
(d) The proceeds of any Cash Liquidation, REO Disposition or purchase or
repurchase of any Mortgage Loan pursuant to the terms of this Agreement, as well
as any recovery resulting from a collection of Liquidation Proceeds, Insurance
Proceeds or REO Proceeds, will be applied in the following order of priority:
first, to reimburse the Master Servicer or the related Subservicer in accordance
with Section 3.10(a)(ii); second, to the Certificateholders to the extent of
accrued and unpaid interest on the Mortgage Loan, and any related REO Imputed
Interest, at the Net Mortgage Rate (or the Modified Net Mortgage Rate in the
case of a Modified Mortgage Loan) to the Due Date prior to the Distribution Date
on which such amounts are to be distributed; third, to the Certificateholders as
a recovery of principal on the Mortgage Loan (or REO Property)(provided that, if
such recovery is of an amount previously allocated to one or more Classes of
Certificates as a Realized Loss, such recovery shall be allocated among such
Classes in the same proportions as the allocation of such Realized Losses and,
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.
(e) In the event of a default on a Mortgage Loan one or more of whose
obligors is not a United States Person, in connection with any foreclosure or
acquisition of a deed in lieu of foreclosure (together, "foreclosure") in
respect of such Mortgage Loan, the Master Servicer will cause compliance with
the provisions of Treasury Regulation Section 1.1445-2(d)(3) (or any successor
thereto) necessary to assure that no withholding tax obligation arises with
respect to the proceeds of such foreclosure except to the extent, if any, that
proceeds of such foreclosure are required to be remitted to the obligors on such
Mortgage Loan.
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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 F, or,
in the case of the Custodian, an electronic request in a form acceptable to the
Custodian, requesting delivery to it of the Mortgage File. Within two Business
Days of receipt of such certification and request, the Trustee shall release, or
cause the Custodian to release, the related Mortgage File to the Master
Servicer. The Master Servicer is authorized to execute and deliver to the
Mortgagor the request for reconveyance, deed of reconveyance or release or
satisfaction of mortgage or such instrument releasing the lien of the Mortgage,
together with the Mortgage Note with, as appropriate, written evidence of
cancellation thereon. No expenses incurred in connection with any instrument of
satisfaction or deed of reconveyance shall be chargeable to the Custodial
Account or the Certificate Account.
(b) From time to time as is appropriate for the servicing or foreclosure
of any Mortgage Loan, the Master Servicer shall deliver to the Custodian, with a
copy to the Trustee, a certificate of a Servicing Officer substantially in one
of the forms attached as Exhibit F hereto, or, in the case of the Custodian, an
electronic request in a form acceptable to the Custodian, requesting that
possession of all, or any document constituting part of, the Mortgage File be
released to the Master Servicer and certifying as to the reason for such release
and that such release will not invalidate any insurance coverage provided in
respect of the Mortgage Loan under any Required Insurance Policy. Upon receipt
of the foregoing, the Trustee shall deliver, or cause the Custodian to deliver,
the Mortgage File or any document therein to the Master Servicer. The Master
Servicer shall cause each Mortgage File or any document therein so released to
be returned to the Trustee, or the Custodian as agent for the Trustee when the
need therefor by the Master Servicer no longer exists, unless (i) the Mortgage
Loan has been liquidated and the Liquidation Proceeds relating to the Mortgage
Loan have been deposited in the Custodial Account or (ii) the Mortgage File or
such document has been delivered directly or through a Subservicer to an
attorney, or to a public trustee or other public official as required by law,
for purposes of initiating or pursuing legal action or other proceedings for the
foreclosure of the Mortgaged Property either judicially or non-judicially, and
the Master Servicer has delivered directly or through a Subservicer to the
Trustee a certificate of a Servicing Officer certifying as to the name and
address of the Person to which such Mortgage File or such document was delivered
and the purpose or purposes of such delivery. In the event of the liquidation of
a Mortgage Loan, the Trustee shall deliver the Request for Release with respect
thereto to the Master Servicer upon deposit of the related Liquidation Proceeds
in the Custodial Account.
(c) The Trustee or the Master Servicer on the Trustee's behalf shall
execute and deliver to the Master Servicer, if necessary, any court pleadings,
requests for trustee's sale or other documents necessary to the foreclosure or
trustee's sale in respect of a Mortgaged Property or to any legal action brought
to obtain judgment against any Mortgagor on the Mortgage Note or Mortgage or to
obtain a deficiency judgment, or to enforce any other remedies or rights
provided by the
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Mortgage Note or Mortgage or otherwise available at law or in equity. Together
with such documents or pleadings (if signed by the Trustee), the Master Servicer
shall deliver to the Trustee a certificate of a Servicing Officer requesting
that such pleadings or documents be executed by the Trustee and certifying as to
the reason such documents or pleadings are required and that the execution and
delivery thereof by the Trustee will not invalidate any insurance coverage under
any Required Insurance Policy or invalidate or otherwise affect the lien of the
Mortgage, except for the termination of such a lien upon completion of the
foreclosure or trustee's sale.
Section 3.16 Servicing and Other Compensation; Compensating Interest.
(a) The Master Servicer, as compensation for its activities hereunder,
shall be entitled to receive on each Distribution Date the amounts provided for
by clauses (iii), (iv), (v) and (vi) of Section 3.10(a), subject to clause (e)
below. The amount of servicing compensation provided for in such clauses shall
be accounted for on a Mortgage Loan-by-Mortgage Loan basis. In the event that
Liquidation Proceeds, Insurance Proceeds and REO Proceeds (net of amounts
reimbursable therefrom pursuant to Section 3.10(a)(ii)) in respect of a Cash
Liquidation or REO Disposition exceed the unpaid principal balance of such
Mortgage Loan plus unpaid interest accrued thereon (including REO Imputed
Interest) at a per annum rate equal to the related Net Mortgage Rate (or the
Modified Net Mortgage Rate in the case of a Modified Mortgage Loan), the Master
Servicer shall be entitled to retain therefrom and to pay to itself and/or the
related Subservicer, any Foreclosure Profits and any Servicing Fee or
Subservicing Fee considered to be accrued but unpaid.
(b) Additional servicing compensation in the form of prepayment charges,
assumption fees, late payment charges, investment income on amounts in the
Custodial Account or the Certificate Account or otherwise shall be retained by
the Master Servicer or the Subservicer to the extent provided herein, subject to
clause (e) below.
(c) The Master Servicer shall be required to pay, or cause to be paid,
all expenses incurred by it in connection with its servicing activities
hereunder (including payment of premiums for the Primary Insurance Policies, if
any, to the extent such premiums are not required to be paid by the related
Mortgagors, and the fees and expenses of the Trustee and any Custodian) and
shall not be entitled to reimbursement therefor except as specifically provided
in Sections 3.10 and 3.14.
(d) The Master Servicer's right to receive servicing compensation may
not be transferred in whole or in part except in connection with the transfer of
all of its responsibilities and obligations of the Master Servicer under this
Agreement.
(e) Notwithstanding any other provision herein, the amount of servicing
compensation that the Master Servicer shall be entitled to receive for its
activities hereunder for the period ending on each Distribution Date shall be
reduced (but not below zero) by an amount equal to Compensating Interest (if
any) for such Distribution Date. Such reduction shall be applied during such
period as follows: first, to any Servicing Fee or Subservicing Fee to which the
Master Servicer is entitled pursuant to Section 3.10(a)(iii); second, to any
income or gain realized from any investment of funds held in the Custodial
Account or the Certificate Account to which the Master Servicer is entitled
pursuant to Sections 3.07(c) or 4.01(b), respectively; and third, to any amounts
of servicing compensation to which the Master Servicer is entitled pursuant to
Section 3.10(a)(v) or (vi). In
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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 and the Trustee on or
before March 31 of each year, beginning with the first March 31 that occurs at
least six months after the Cut-off Date, an Officers' Certificate stating, as to
each signer thereof, that (i) a review of the activities of the Master Servicer
during the preceding calendar year related to its servicing of mortgage loans
and its performance under pooling and servicing agreements, including this
Agreement, has been made under such officers' supervision, (ii) to the best of
such officers' knowledge, based on such review, the Master Servicer has complied
in all material respects with the minimum servicing standards set forth in the
Uniform Single Attestation Program for Mortgage Bankers and has fulfilled all of
its material obligations relating to this Agreement in all material respects
throughout such year, or, if there has been material noncompliance with such
servicing standards or a default in the fulfillment in all material respects of
any such obligation relating to this Agreement, such statement shall include a
description of such noncompliance or specify each such default, as the case may
be, known to such officer and the nature and status thereof and (iii) to the
best of such officers' knowledge, each Subservicer has complied in all material
respects with the minimum servicing standards set forth in the Uniform Single
Attestation Program for Mortgage Bankers and has fulfilled all of its material
obligations under its Subservicing Agreement in all material respects throughout
such year, or, if there has been material noncompliance with such servicing
standards or a material default in the fulfillment of such obligations relating
to this Agreement, such statement shall include a description of such
noncompliance or specify each such default, as the case may be, known to such
officer and the nature and status thereof.
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Section 3.19 Annual Independent Public Accountants' Servicing Report.
On or before March 31 of each year, beginning with the first March 31
that occurs at least six months after the Cut-off Date, the Master Servicer at
its expense shall cause a firm of independent public accountants, which shall be
members of the American Institute of Certified Public Accountants, to furnish a
report to the Company and the Trustee stating its opinion that, on the basis of
an examination conducted by such firm substantially in accordance with standards
established by the American Institute of Certified Public Accountants, the
assertions made pursuant to Section 3.18 regarding compliance with the minimum
servicing standards set forth in the Uniform Single Attestation Program for
Mortgage Bankers during the preceding calendar year are fairly stated in all
material respects, subject to such exceptions and other qualifications that, in
the opinion of such firm, such accounting standards require it to report. In
rendering such statement, such firm may rely, as to matters relating to the
direct servicing of mortgage loans by Subservicers, upon comparable statements
for examinations conducted by independent public accountants substantially in
accordance with standards established by the American Institute of Certified
Public Accountants (rendered within one year of such statement) with respect to
such Subservicers.
Section 3.20 Rights of the Company in Respect of the Master Servicer.
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.
ARTICLE IV
PAYMENTS TO CERTIFICATEHOLDERS
Section 4.01 Certificate Account.
(a) The Master Servicer on behalf of the Trustee shall establish and
maintain a Certificate Account in which the Master Servicer shall cause to be
deposited on behalf of the Trustee on or before 2:00 P.M. New York time on each
Certificate Account Deposit Date by wire transfer of immediately available funds
an amount equal to the sum of (i) any Advance for the immediately succeeding
Distribution Date, (ii) any amount required to be deposited in the Certificate
Account pursuant to Section 3.12(a), (iii) any amount required to be deposited
in the Certificate Account pursuant to Section 3.16(e) or Section 4.07, (iv) any
amount required to be paid pursuant to Section 9.01 and (v) all other amounts
constituting the Available Distribution Amount for the immediately succeeding
Distribution Date.
(b) The Trustee shall, upon written request from the Master Servicer,
invest or cause the institution maintaining the Certificate Account to invest
the funds in the Certificate Account in Permitted Investments designated in the
name of the Trustee for the benefit of the Certificateholders, which shall
mature or be payable on demand not later than the Business Day next preceding
the Distribution Date next following the date of such investment (except that
(i) any investment in the institution with which the Certificate Account is
maintained may mature or be payable on demand on such Distribution Date and (ii)
any other investment may mature or be payable on demand on such Distribution
Date if the Trustee shall advance funds on such Distribution Date to the
Certificate Account in the amount payable on such investment on such
Distribution Date, pending receipt thereof to the extent necessary to make
distributions on the Certificates) and shall not be sold or disposed of prior to
maturity. Subject to Section 3.16(e), all income and gain realized from any such
investment shall be for the benefit of the Master Servicer and shall be subject
to its withdrawal or
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order from time to time. The amount of any losses incurred in respect of any
such investments shall be deposited in the Certificate Account by the Master
Servicer out of its own funds immediately as realized without any right of
reimbursement.
Section 4.02 Distributions.
As provided in Section 4.02 of the Series Supplement.
Section 4.03 Statements to Certificateholders.
(a) Concurrently with each distribution charged to the Certificate
Account and with respect to each Distribution Date the Master Servicer shall
forward to the Trustee and the Trustee shall forward by mail to each Holder and
the Company a statement setting forth information as to each Class of
Certificates, the Mortgage Pool and, if the Mortgage Pool is comprised of two or
more Loan Groups, each Loan Group, to the extent applicable. This statement will
include the information set forth in an exhibit to the Series Supplement. In
addition, the Master Servicer shall provide to any manager of a trust fund
consisting of some or all of the Certificates, upon reasonable request, such
additional information as is reasonably obtainable by the Master Servicer at no
additional expense to the Master Servicer.
(b) Within a reasonable period of time after the end of each calendar
year, the Master Servicer shall prepare, or cause to be prepared, and shall
forward, or cause to be forwarded, to each Person who at any time during the
calendar year was the Holder of a Certificate, other than a Class R Certificate,
a statement containing the information set forth in clauses (i) and (ii) of
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.
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Section 4.04 Distribution of Reports to the Trustee and the
Company; Advances by the Master Servicer.
(a) Prior to the close of business on the Business Day next succeeding
each Determination Date, the Master Servicer shall furnish a written statement
to the Trustee, any Paying Agent and the Company (the information in such
statement to be made available to Certificateholders by the Master Servicer on
request) setting forth (i) the Available Distribution Amount and (ii) the
amounts required to be withdrawn from the Custodial Account and deposited into
the Certificate Account on the immediately succeeding Certificate Account
Deposit Date pursuant to clause (iii) of Section 4.01(a). The determination by
the Master Servicer of such amounts shall, in the absence of obvious error, be
presumptively deemed to be correct for all purposes hereunder and the Trustee
shall be protected in relying upon the same without any independent check or
verification.
(b) On or before 2:00 P.M. New York time on each Certificate Account
Deposit Date, the Master Servicer shall either (i) deposit in the Certificate
Account from its own funds, or funds received therefor from the Subservicers, an
amount equal to the Advances to be made by the Master Servicer in respect of the
related Distribution Date, which shall be in an aggregate amount equal to the
aggregate amount of Monthly Payments (with each interest portion thereof
adjusted to the Net Mortgage Rate), less the amount of any related Servicing
Modifications, Debt Service Reductions or reductions in the amount of interest
collectable from the Mortgagor pursuant to the Soldiers' and Sailors' Civil
Relief Act of 1940, as amended, or similar legislation or regulations then in
effect, on the Outstanding Mortgage Loans as of the related Due Date, which
Monthly Payments were delinquent as of the close of business as of the related
Determination Date; provided that no Advance shall be made if it would be a
Nonrecoverable Advance, (ii) withdraw from amounts on deposit in the Custodial
Account and deposit in the Certificate Account all or a portion of the Amount
Held for Future Distribution in discharge of any such Advance, or (iii) make
advances in the form of any combination of (i) and (ii) aggregating the amount
of such Advance. Any portion of the Amount Held for Future Distribution so used
shall be replaced by the Master Servicer by deposit in the Certificate Account
on or before 11:00 A.M. New York time on any future Certificate Account Deposit
Date to the extent that funds attributable to the Mortgage Loans that are
available in the Custodial Account for deposit in the Certificate Account on
such Certificate Account Deposit Date shall be less than payments to
Certificateholders required to be made on the following Distribution Date. The
Master Servicer shall be entitled to use any Advance made by a Subservicer as
described in Section 3.07(b) that has been deposited in the Custodial Account on
or before such Distribution Date as part of the Advance made by the Master
Servicer pursuant to this Section 4.04. The amount of any reimbursement pursuant
to Section 4.02(a) in respect of outstanding Advances on any Distribution Date
shall be allocated to specific Monthly Payments due but delinquent for previous
Due Periods, which allocation shall be made, to the extent practicable, to
Monthly Payments which have been delinquent for the longest period of time. Such
allocations shall be conclusive for purposes of reimbursement to the Master
Servicer from recoveries on related Mortgage Loans pursuant to Section 3.10.
The determination by the Master Servicer that it has made a
Nonrecoverable Advance or that any proposed Advance, if made, would constitute a
Nonrecoverable Advance, shall be evidenced by an Officers' Certificate of the
Master Servicer delivered to the Company and the Trustee.
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If the Master Servicer determines as of the Business Day preceding any
Certificate Account Deposit Date that it will be unable to deposit in the
Certificate Account an amount equal to the Advance required to be made for the
immediately succeeding Distribution Date, it shall give notice to the Trustee of
its inability to advance (such notice may be given by telecopy), not later than
3:00 P.M., New York time, on such Business Day, specifying the portion of such
amount that it will be unable to deposit. Not later than 3:00 P.M., New York
time, on the Certificate Account Deposit Date the Trustee shall, unless by 12:00
Noon, New York time, on such day the Trustee shall have been notified in writing
(by telecopy) that the Master Servicer shall have directly or indirectly
deposited in the Certificate Account such portion of the amount of the Advance
as to which the Master Servicer shall have given notice pursuant to the
preceding sentence, pursuant to Section 7.01, (a) terminate all of the rights
and obligations of the Master Servicer under this Agreement in accordance with
Section 7.01 and (b) assume the rights and obligations of the Master Servicer
hereunder, including the obligation to deposit in the Certificate Account an
amount equal to the Advance for the immediately succeeding Distribution Date.
The Trustee shall deposit all funds it receives pursuant to this Section
4.04 into the Certificate Account.
Section 4.05 Allocation of Realized Losses.
As provided in Section 4.05 of the Series Supplement.
Section 4.06 Reports of Foreclosures and Abandonment of Mortgaged Property.
The Master Servicer or the Subservicers shall file information returns
with respect to the receipt of mortgage interests received in a trade or
business, the reports of foreclosures and abandonments of any Mortgaged Property
and the information returns relating to cancellation of indebtedness income with
respect to any Mortgaged Property required by Sections 6050H, 6050J and 6050P,
respectively, of the Code, and deliver to the Trustee an Officers' Certificate
on or before March 31 of each year stating that such reports have been filed.
Such reports shall be in form and substance sufficient to meet the reporting
requirements imposed by Sections 6050H, 6050J and 6050P of the Code.
Section 4.07 Optional Purchase of Defaulted Mortgage Loans.
As to any Mortgage Loan which is delinquent in payment by 90 days or
more, the Master Servicer may, at its option, purchase such Mortgage Loan from
the Trustee at the Purchase Price therefor. If at any time the Master Servicer
makes a payment to the Certificate Account covering the amount of the Purchase
Price for such a Mortgage Loan, and the Master Servicer provides to the Trustee
a certification signed by a Servicing Officer stating that the amount of such
payment has been deposited in the Certificate Account, then the Trustee shall
execute the assignment of such Mortgage Loan at the request of the Master
Servicer without recourse to the Master Servicer, which shall succeed to all the
Trustee's right, title and interest in and to such Mortgage Loan, and all
security and documents relative thereto. Such assignment shall be an assignment
outright and not for security. The Master Servicer will thereupon own such
Mortgage, and all such security and documents, free of any further obligation to
the Trustee or the Certificateholders with respect thereto.
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If, however the Master Servicer shall have exercised its right to
repurchase a Mortgage Loan pursuant to this Section 4.07 upon the written
request of and with funds provided by the Junior Certificateholder and thereupon
transferred such Mortgage Loan to the Junior Certificateholder, the Master
Servicer shall so notify the Trustee in writing.
Section 4.08 Surety Bond.
(a) If a Required Surety Payment is payable pursuant to the Surety Bond
with respect to any Additional Collateral Loan, the Master Servicer shall so
notify the Trustee as soon as reasonably practicable and the Trustee shall
promptly complete the notice in the form of Attachment 1 to the Surety Bond and
shall promptly submit such notice to the Surety as a claim for a Required
Surety. The Master Servicer shall upon request assist the Trustee in completing
such notice and shall provide any information requested by the Trustee in
connection therewith.
(b) Upon receipt of a Required Surety Payment from the Surety on behalf
of the Holders of Certificates, the Trustee shall deposit such Required Surety
Payment in the Certificate Account and shall distribute such Required Surety
Payment, or the proceeds thereof, in accordance with the provisions of Section
4.02.
(c) The Trustee shall (i) receive as attorney-in-fact of each Holder of
a Certificate any Required Surety Payment from the Surety and (ii) disburse the
same to the Holders of such Certificates as set forth in Section 4.02.
ARTICLE V
THE CERTIFICATES
Section 5.01 The Certificates.
(a) The Senior, Class M, Class B and Class R Certificates shall be
substantially in the forms set forth in Exhibits A, B, C and D, respectively,
and shall, on original issue, be executed and delivered by the Trustee to the
Certificate Registrar for authentication and delivery to or upon the order of
the Company upon receipt by the Trustee or one or more Custodians of the
documents specified in Section 2.01. The Certificates shall be issuable in the
minimum denominations designated in the Preliminary Statement to the Series
Supplement.
The Certificates shall be executed by manual or facsimile signature on
behalf of an authorized officer of the Trustee. Certificates bearing the manual
or facsimile signatures of individuals who were at any time the proper officers
of the Trustee shall bind the Trustee, notwithstanding that such individuals or
any of them have ceased to hold such offices prior to the authentication and
delivery of such Certificate or did not hold such offices at the date of such
Certificates. No Certificate shall be entitled to any benefit under this
Agreement, or be valid for any purpose, unless there appears on such Certificate
a certificate of authentication substantially in the form provided for herein
executed by the Certificate Registrar by manual signature, and such certificate
upon any Certificate shall be conclusive evidence, and the only evidence, that
such
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Certificate has been duly authenticated and delivered hereunder. All
Certificates shall be dated the date of their authentication.
(b) Except as provided below, registration of Book-Entry Certificates
may not be transferred by the Trustee except to another Depository that agrees
to hold such Certificates for the respective Certificate Owners with Ownership
Interests therein. The Holders of the Book-Entry Certificates shall hold their
respective Ownership Interests in and to each of such Certificates through the
book-entry facilities of the Depository and, except as provided below, shall not
be entitled to Definitive Certificates in respect of such Ownership Interests.
All transfers by Certificate Owners of their respective Ownership Interests in
the Book-Entry Certificates shall be made in accordance with the procedures
established by the Depository Participant or brokerage firm representing such
Certificate Owner. Each Depository Participant shall transfer the Ownership
Interests only in the Book-Entry Certificates of Certificate Owners it
represents or of brokerage firms for which it acts as agent in accordance with
the Depository's normal procedures.
The Trustee, the Master Servicer and the Company may for all purposes
(including the making of payments due on the respective Classes of Book-Entry
Certificates) deal with the Depository as the authorized representative of the
Certificate Owners with respect to the respective Classes of Book-Entry
Certificates for the purposes of exercising the rights of Certificateholders
hereunder. The rights of Certificate Owners with respect to the respective
Classes of Book-Entry Certificates shall be limited to those established by law
and agreements between such Certificate Owners and the Depository Participants
and brokerage firms representing such Certificate Owners. Multiple requests and
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-V Certificates, may exchange such Holder's Class A-V Certificates for
Subclasses of Class A-V Certificates to be issued under this Agreement by
delivering a "Request for Exchange" substantially in the form attached hereto as
Exhibit N executed by an authorized officer, which Subclasses, in the aggregate,
will represent the Uncertificated Class A-V REMIC Regular Interests
corresponding to the Class A-V Certificates so surrendered for exchange. Any
Subclass so issued shall bear a numerical designation commencing with Class
A-V-1 and continuing sequentially thereafter, and will evidence ownership of the
Uncertificated REMIC Regular Interest or Interests specified in writing by such
initial Holder to the Trustee. The Trustee may conclusively, without any
independent verification, rely on, and shall be protected in relying on,
Residential Funding's determinations of the Uncertificated Class A-V REMIC
Regular Interests corresponding to any Subclass, the Initial Notional Amount and
the initial Pass-Through Rate on a Subclass as set forth in such Request for
Exchange and the Trustee shall have no duty to determine if any Uncertificated
Class A-V REMIC Regular Interest designated on a Request for Exchange
corresponds to a Subclass which has previously been issued. Each Subclass so
issued shall be substantially in the form set forth in Exhibit A and shall, on
original issue, be executed and delivered by the Trustee to the Certificate
Registrar for authentication and delivery in accordance with Section 5.01(a).
Every Certificate presented or surrendered for exchange by the initial Holder
shall (if so required by the Trustee or the Certificate Registrar) be duly
endorsed by, or be accompanied by a written instrument of transfer attached to
such Certificate and shall be completed to the satisfaction of the Trustee and
the Certificate Registrar duly executed by, the initial Holder thereof or his
attorney duly authorized in writing. The Certificates of any Subclass of Class
A-V Certificates may be transferred in whole, but not in part, in accordance
with the provisions of Section 5.02.
Section 5.02 Registration of Transfer and Exchange of Certificates.
(a) The Trustee shall cause to be kept at one of the offices or agencies
to be appointed by the Trustee in accordance with the provisions of Section 8.12
a Certificate Register in which, subject to such reasonable regulations as it
may prescribe, the Trustee shall provide for the registration of Certificates
and of transfers and exchanges of Certificates as herein provided. The Trustee
is initially appointed Certificate Registrar for the purpose of registering
Certificates and transfers and exchanges of Certificates as herein provided. The
Certificate Registrar, or the Trustee, shall provide the Master Servicer with a
certified list of Certificateholders as of each Record Date prior to the related
Determination Date.
(b) Upon surrender for registration of transfer of any Certificate at
any office or agency of the Trustee maintained for such purpose pursuant to
Section 8.12 and, in the case of any Class M, Class B or Class R Certificate,
upon satisfaction of the conditions set forth below, the Trustee shall execute
and the Certificate Registrar shall authenticate and deliver, in the name of the
designated transferee or transferees, one or more new Certificates of a like
Class (or Subclass) and aggregate Percentage Interest.
(c) At the option of the Certificateholders, Certificates may be
exchanged for other Certificates of authorized denominations of a like Class (or
Subclass) and aggregate Percentage Interest, upon surrender of the Certificates
to be exchanged at any such office or agency. Whenever any Certificates are so
surrendered for exchange the Trustee shall execute and the Certificate
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Registrar shall authenticate and deliver the Certificates of such Class which
the Certificateholder making the exchange is entitled to receive. Every
Certificate presented or surrendered for transfer or exchange shall (if so
required by the Trustee or the Certificate Registrar) be duly endorsed by, or be
accompanied by a written instrument of transfer in form satisfactory to the
Trustee and the Certificate Registrar duly executed by, the Holder thereof or
his attorney duly authorized in writing.
(d) No transfer, sale, pledge or other disposition of a Class B
Certificate shall be made unless such transfer, sale, pledge or other
disposition is exempt from the registration requirements of the Securities Act
of 1933, as amended, and any applicable state securities laws or is made in
accordance with said Act and laws. In the event that a transfer of a Class B
Certificate is to be made either (i)(A) the Trustee shall require a written
Opinion of Counsel acceptable to and in form and substance satisfactory to the
Trustee and the Company that such transfer may be made pursuant to an exemption,
describing the applicable exemption and the basis therefor, from said Act and
laws or is being made pursuant to said Act and laws, which Opinion of Counsel
shall not be an expense of the Trustee, the Company or the Master Servicer
(except that, if such transfer is made by the Company or the Master Servicer or
any Affiliate thereof, the Company or the Master Servicer shall provide such
Opinion of Counsel at their own expense); provided that such Opinion of Counsel
will not be required in connection with the initial transfer of any such
Certificate by the Company or any Affiliate thereof to the Company or an
Affiliate of the Company and (B) the Trustee shall require the transferee to
execute a representation letter, substantially in the form of Exhibit H-1
hereto, and the Trustee shall require the transferor to execute a representation
letter, substantially in the form of Exhibit I hereto, each acceptable to and in
form and substance satisfactory to the Company and the Trustee certifying to the
Company and the Trustee the facts surrounding such transfer, which
representation letters shall not be an expense of the Trustee, the Company or
the Master Servicer; provided, however, that such representation letters will
not be required in connection with any transfer of any such Certificate by the
Company or any Affiliate thereof to the Company or an Affiliate of the Company,
and the Trustee shall be entitled to conclusively rely upon a representation
(which, upon the request of the Trustee, shall be a written representation) from
the Company, of the status of such transferee as an Affiliate of the Company or
(ii) the prospective transferee of such a Certificate shall be required to
provide the Trustee, the Company and the Master Servicer with an investment
letter substantially in the form of Exhibit J attached hereto (or such other
form as the Company in its sole discretion deems acceptable), which investment
letter shall not be an expense of the Trustee, the Company or the Master
Servicer, and which investment letter states that, among other things, such
transferee (A) is a "qualified institutional buyer" as defined under Rule 144A,
acting for its own account or the accounts of other "qualified institutional
buyers" as defined under Rule 144A, and (B) is aware that the proposed
transferor intends to rely on the exemption from registration requirements under
the Securities Act of 1933, as amended, provided by Rule 144A. The Holder of any
such Certificate desiring to effect any such transfer, sale, pledge or other
disposition shall, and does hereby agree to, indemnify the Trustee, the Company,
the Master Servicer and the Certificate Registrar against any liability that may
result if the transfer, sale, pledge or other disposition is not so exempt or is
not made in accordance with such federal and state laws.
(e) (i) In the case of any Senior Support, Class M, Class B or Class R
Certificate presented for registration in the name of any Person, either (A) the
Trustee shall require an Opinion of Counsel acceptable to and in form and
substance satisfactory to the Trustee, the Company and the Master Servicer to
the effect that the purchase or holding of such Senior Support, Class M, Class B
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or Class R Certificate is permissible under applicable law, will not constitute
or result in any non-exempt prohibited transaction under Section 406 of the
Employee Retirement Income Security Act of 1974, as amended ("ERISA"), or
Section 4975 of the Code (or comparable provisions of any subsequent
enactments), and will not subject the Trustee, the Company or the Master
Servicer to any obligation or liability (including obligations or liabilities
under ERISA or Section 4975 of the Code) in addition to those undertaken in this
Agreement, which Opinion of Counsel shall not be an expense of the Trustee, the
Company or the Master Servicer or (B) the prospective Transferee shall be
required to provide the Trustee, the Company and the Master Servicer with a
certification to the effect set forth in paragraph six of Exhibit H-1 (with
respect to any Class B Certificate), Exhibit H-2 (with respect to any Senior
Support Certificate or Class M Certificate) or paragraph fourteen of Exhibit G-1
(with respect to any Class R Certificate), which the Trustee may rely upon
without further inquiry or investigation, or such other certifications as the
Trustee may deem desirable or necessary in order to establish that such
Transferee or the Person in whose name such registration is requested either (a)
is not an employee benefit plan or other plan subject to the prohibited
transaction provisions of ERISA or Section 4975 of the Code, or any Person
(including an investment manager, a named fiduciary or a trustee of any such
plan) who is using "plan assets" of any such plan to effect such acquisition
(each, a "Plan Investor") or (b) in the case of any Class M Certificate or Class
B Certificate, the following conditions are satisfied: (i) such Transferee is an
insurance company, (ii) the source of funds used to purchase or hold such
Certificate (or interest therein) is an "insurance company general account" (as
defined in U.S. Department of Labor Prohibited Transaction Class Exemption
("PTCE") 95-60, and (iii) the conditions set forth in Sections I and III of PTCE
95-60 have been satisfied (each entity that satisfies this clause (b), a
"Complying Insurance Company").
(ii) Notwithstanding the foregoing, an Opinion of Counsel
or certification will not be required with respect to the
transfer of any Senior Support Certificate or Class M Certificate
to a Depository, or for any subsequent transfer of any interest
in a Senior Support Certificate or Class M Certificate for so
long as such Certificate is a Book-Entry Certificate (each such
Senior Support Certificate or Class M Certificate, a "Book-Entry
Mezzanine Certificate"). Any Transferee of a Book-Entry Mezzanine
Certificate will be deemed to have represented by virtue of its
purchase or holding of such Certificate (or interest therein)
that either (a) such Transferee is not a Plan Investor or (b)
such Transferee is a Complying Insurance Company.
(iii) (A) If any Senior Support Certificate or Class M
Certificate (or any interest therein) is acquired or held in
violation of the provisions of Section (ii) above, then the last
preceding Transferee that either (i) is not a Plan Investor or
(ii) is a Complying Insurance Company shall be restored, to the
extent permitted by law, to all rights and obligations as
Certificate Owner thereof retroactive to the date of such
Transfer of such Senior Support Certificate or Class M
Certificate. The Trustee shall be under no liability to any
Person for making any payments due on such Certificate to such
preceding Transferee.
(B) Any purported Certificate Owner whose
acquisition or holding of any Book-Entry Mezzanine
Certificate (or interest therein) was effected in
violation of the restrictions in this Section 5.02(e)
shall indemnify and hold
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harmless the Company, the Trustee, the Master Servicer,
any Subservicer, and the Trust Fund from and against any
and all liabilities, claims, costs or expenses incurred by
such parties as a result of such acquisition or holding.
(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 G-1)
from the proposed Transferee, in form and substance
satisfactory to the Master Servicer, representing and
warranting, among other things, that it is a Permitted
Transferee, that it is not acquiring its Ownership
Interest in the Class R Certificate that is the subject of
the proposed Transfer as a nominee, trustee or agent for
any Person who is not a Permitted Transferee, that for so
long as it retains its Ownership Interest in a Class R
Certificate, it will endeavor to remain a Permitted
Transferee, and that it has reviewed the provisions of
this Section 5.02(f) and agrees to be bound by them, and
(II) a certificate, in the form attached hereto as Exhibit
G-2, from the Holder wishing to transfer the Class R
Certificate, in form and substance satisfactory to the
Master Servicer, representing and warranting, among other
things, that no purpose of the proposed Transfer is to
impede the assessment or collection of tax.
(C) Notwithstanding the delivery of a Transfer
Affidavit and Agreement by a proposed Transferee under
clause (B) above, if a Responsible Officer of the Trustee
who is assigned to this Agreement has actual knowledge
that the proposed Transferee is not a Permitted
Transferee, no Transfer of an Ownership Interest in a
Class R Certificate to such proposed Transferee shall be
effected.
(D) Each Person holding or acquiring any Ownership
Interest in a Class R Certificate shall agree (x) to
require a Transfer Affidavit and Agreement from any other
Person to whom such Person attempts to transfer
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its Ownership Interest in a Class R Certificate and (y)
not to transfer its Ownership Interest unless it provides
a certificate to the Trustee in the form attached hereto
as Exhibit G-2.
(E) Each Person holding or acquiring an Ownership
Interest in a Class R Certificate, by purchasing an
Ownership Interest in such Certificate, agrees to give the
Trustee written notice that it is a "pass-through interest
holder" within the meaning of Temporary Treasury
Regulations Section 1.67-3T(a)(2)(i)(A) immediately upon
acquiring an Ownership Interest in a Class R Certificate,
if it is, or is holding an Ownership Interest in a Class R
Certificate on behalf of, a "pass-through interest
holder."
(ii) The Trustee will register the Transfer of any Class R
Certificate only if it shall have received the Transfer Affidavit
and Agreement, a certificate of the Holder requesting such
transfer in the form attached hereto as Exhibit G-2 and all of
such other documents as shall have been reasonably required by
the Trustee as a condition to such registration. Transfers of the
Class R Certificates to Non-United States Persons and
Disqualified Organizations (as defined in Section 860E(e)(5) of
the Code) are prohibited.
(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
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instructions of the Master Servicer. Such purchaser may be
the Master Servicer itself or any Affiliate of the Master
Servicer. The proceeds of such sale, net of the
commissions (which may include commissions payable to the
Master Servicer or its Affiliates), expenses and taxes
due, if any, will be remitted by the Master Servicer to
such purported Transferee. The terms and conditions of any
sale under this clause (iii)(B) shall be determined in the
sole discretion of the Master Servicer, and the Master
Servicer shall not be liable to any Person having an
Ownership Interest in a Class R Certificate as a result of
its exercise of such discretion.
(iv) The Master Servicer, on behalf of the Trustee, shall
make available, upon written request from the Trustee, all
information necessary to compute any tax imposed (A) as a result
of the Transfer of an Ownership Interest in a Class R Certificate
to any Person who is a Disqualified Organization, including the
information regarding "excess inclusions" of such Class R
Certificates required to be provided to the Internal Revenue
Service and certain Persons as described in Treasury Regulations
Sections 1.860D-1(b)(5) and 1.860E-2(a)(5), and (B) as a result
of any regulated investment company, real estate investment
trust, common trust fund, partnership, trust, estate or
organization described in Section 1381 of the Code that holds an
Ownership Interest in a Class R Certificate having as among its
record holders at any time any Person who is a Disqualified
Organization. Reasonable compensation for providing such
information may be required by the Master Servicer from such
Person.
(v) The provisions of this Section 5.02(f) set forth prior
to this clause (v) may be modified, added to or eliminated,
provided that there shall have been delivered to the Trustee the
following:
(A) written notification from each Rating Agency to
the effect that the modification, addition to or
elimination of such provisions will not cause such Rating
Agency to downgrade its then-current ratings, if any, of
any Class of the Senior, Class M or Class B Certificates
below the lower of the then-current rating or the rating
assigned to such Certificates as of the Closing Date by
such Rating Agency; and
(B) subject to Section 10.01(f), an Officers'
Certificate of the Master Servicer stating that the Master
Servicer has received an Opinion of Counsel, in form and
substance satisfactory to the Master Servicer, to the
effect that such modification, addition to or absence of
such provisions will not cause any portion of any REMIC
formed under the Series Supplement to cease to qualify as
a REMIC and will not cause (x) any portion of any REMIC
formed under the Series Supplement to be subject to an
entity-level tax caused by the Transfer of any Class R
Certificate to a Person that is a Disqualified
Organization or (y) a Certificateholder or another Person
to be subject to a REMIC-related tax caused by the
Transfer of a Class R Certificate to a Person that is not
a Permitted Transferee.
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(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.
Section 5.04 Persons Deemed Owners.
Prior to due presentation of a Certificate for registration of transfer,
the Company, the Master Servicer, the Trustee, the Certificate Registrar and any
agent of the Company, the Master Servicer, the Trustee or the Certificate
Registrar may treat the Person in whose name any Certificate is registered as
the owner of such Certificate for the purpose of receiving distributions
pursuant to Section 4.02 and for all other purposes whatsoever, except as and to
the extent provided in the definition of "Certificateholder," and neither the
Company, the Master Servicer, the Trustee, the Certificate Registrar nor any
agent of the Company, the Master Servicer, the Trustee or the Certificate
Registrar shall be affected by notice to the contrary except as provided in
Section 5.02(f).
Section 5.05 Appointment of Paying Agent.
The Trustee may appoint a Paying Agent for the purpose of making
distributions to the Certificateholders 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.
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The Trustee shall cause each Paying Agent to execute and deliver to the
Trustee an instrument in which such Paying Agent shall agree with the Trustee
that such Paying Agent will hold all sums held by it for the payment to the
Certificateholders 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,
prior to giving effect to distributions to be made on such Distribution Date, is
less than ten percent of the Cut-off Date Principal Balance of the Mortgage
Loans, either the Master Servicer or the Company shall have the right, at its
option, to purchase the Certificates in whole, but not in part, at a price equal
to the outstanding Certificate Principal Balance of such Certificates plus the
sum of Accrued Certificate Interest thereon for the related Interest Accrual
Period and any previously unpaid Accrued Certificate Interest.
(b) The Master Servicer or the Company, as applicable, shall give the
Trustee not less than 60 days' prior notice of the Distribution Date on which
the Master Servicer or the Company, as applicable, anticipates that it will
purchase the Certificates pursuant to Section 5.06(a). Notice of any such
purchase, specifying the Distribution Date upon which the Holders may surrender
their Certificates to the Trustee for payment in accordance with this Section
5.06, shall be given promptly by the Master Servicer or the Company, as
applicable, by letter to Certificateholders (with a copy to the Certificate
Registrar and each Rating Agency) mailed not earlier than the 15th day and not
later than the 25th day of the month next preceding the month of such final
distribution, specifying:
(i) the Distribution Date upon which purchase of the
Certificates is anticipated to be made upon presentation and
surrender of such Certificates at the office or agency of the
Trustee therein designated,
(ii) the purchase price therefor, if known, and
(iii) that the Record Date otherwise applicable to such
Distribution Date is not applicable, payments being made only
upon presentation and surrender of the Certificates at the office
or agency of the Trustee therein specified.
If either the Master Servicer or the Company gives the notice specified
above, the Master Servicer or the Company, as applicable, shall deposit in the
Certificate Account before the Distribution Date on which the purchase pursuant
to Section 5.06(a) is to be made, in immediately available funds, an amount
equal to the purchase price for the Certificates computed as provided above.
(c) Upon presentation and surrender of the Certificates to be purchased
pursuant to Section 5.06(a) by the Holders thereof, the Trustee shall distribute
to such Holders an amount equal to the outstanding Certificate Principal Balance
thereof plus the sum of Accrued Certificate Interest
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thereon for the related Interest Accrual Period and any previously unpaid
Accrued Certificate Interest with respect thereto.
(d) If any Certificateholders do not surrender their Certificates on or
before the Distribution Date on which a purchase pursuant to this Section 5.06
is to be made, the Trustee shall on such date cause all funds in the Certificate
Account deposited therein by the Master Servicer or the Company, as applicable,
pursuant to Section 5.06(b) to be withdrawn therefrom and deposited in a
separate escrow account for the benefit of such Certificateholders, and the
Master Servicer or the Company, as applicable, shall give a second written
notice to such Certificateholders to surrender their Certificates for payment of
the purchase price therefor. If within six months after the second notice any
Certificate shall not have been surrendered for cancellation, the Trustee shall
take appropriate steps as directed by the Master Servicer or the Company, as
applicable, to contact the Holders of such Certificates concerning surrender of
their Certificates. The costs and expenses of maintaining the escrow account and
of contacting Certificateholders shall be paid out of the assets which remain in
the escrow account. If within nine months after the second notice any
Certificates shall not have been surrendered for cancellation in accordance with
this Section 5.06, the Trustee shall pay to the Master Servicer or the Company,
as applicable, all amounts distributable to the Holders thereof and the Master
Servicer or the Company, as applicable, shall thereafter hold such amounts until
distributed to such Holders. No interest shall accrue or be payable to any
Certificateholder on any amount held in the escrow account or by the Master
Servicer or the Company, as applicable, as a result of such Certificateholder's
failure to surrender its Certificate(s) for payment in accordance with this
Section 5.06. Any Certificate that is not surrendered on the Distribution Date
on which a purchase pursuant to this Section 5.06 occurs as provided above will
be deemed to have been purchased and the Holder as of such date will have no
rights with respect thereto except to receive the purchase price therefor minus
any costs and expenses associated with such escrow account and notices allocated
thereto. Any Certificates so purchased or deemed to have been purchased on such
Distribution Date shall remain outstanding hereunder. The Master Servicer or the
Company, as applicable, shall be for all purposes the Holder thereof as of such
date.
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.
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Section 6.02 Merger or Consolidation of the Company or the Master
Servicer; Assignment of Rights and Delegation of Duties by
Master Servicer.
(a) The Company and the Master Servicer will each keep in full effect
its existence, rights and franchises as a corporation under the laws of the
state of its incorporation, and will each obtain and preserve its qualification
to do business as a foreign corporation in each jurisdiction in which such
qualification is or shall be necessary to protect the validity and
enforceability of this Agreement, the Certificates or any of the Mortgage Loans
and to perform its respective duties under this Agreement.
(b) Any Person into which the Company or the Master Servicer may be
merged or consolidated, or any corporation resulting from any merger or
consolidation to which the Company or the Master Servicer shall be a party, or
any Person succeeding to the business of the Company or the Master Servicer,
shall be the successor of the Company or the Master Servicer, as the case may
be, hereunder, without the execution or filing of any paper or any further act
on the part of any of the parties hereto, anything herein to the contrary
notwithstanding; provided, however, that the successor or surviving Person to
the Master Servicer shall be qualified to service mortgage loans on behalf of
FNMA or FHLMC; and provided further that each Rating Agency's ratings, if any,
of the Senior, Class M or Class B Certificates in effect immediately prior to
such merger or consolidation will not be qualified, reduced or withdrawn as a
result thereof (as evidenced by a letter to such effect from each Rating
Agency).
(c) Notwithstanding anything else in this Section 6.02 and Section 6.04
to the contrary, the Master Servicer may assign its rights and delegate its
duties and obligations under this Agreement; provided that the Person accepting
such assignment or delegation shall be a Person which is qualified to service
mortgage loans on behalf of 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
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or representations made herein or any liability which would otherwise be imposed
by reason of willful misfeasance, bad faith or gross negligence in the
performance of duties or by reason of reckless disregard of obligations and
duties hereunder. The Company, the Master Servicer and any director, officer,
employee or agent of the Company or the Master Servicer may rely in good faith
on any document of any kind prima facie properly executed and submitted by any
Person respecting any matters arising hereunder. The Company, the Master
Servicer and any director, officer, employee or agent of the Company or the
Master Servicer shall be indemnified by the Trust Fund and held harmless against
any loss, liability or expense incurred in connection with any legal action
relating to this Agreement or the Certificates, other than any loss, liability
or expense related to any specific Mortgage Loan or Mortgage Loans (except as
any such loss, liability or expense shall be otherwise reimbursable pursuant to
this Agreement) and any loss, liability or expense incurred by reason of willful
misfeasance, bad faith or gross negligence in the performance of duties
hereunder or by reason of reckless disregard of obligations and duties
hereunder.
Neither the Company nor the Master Servicer shall be under any
obligation to appear in, prosecute or defend any legal or administrative action,
proceeding, hearing or examination that is not incidental to its respective
duties under this Agreement and which in its opinion may involve it in any
expense or liability; provided, however, that the Company or the Master Servicer
may in its discretion undertake any such action, proceeding, hearing or
examination that it may deem necessary or desirable in respect to this Agreement
and the rights and duties of the parties hereto and the interests of the
Certificateholders hereunder. In such event, the legal expenses and costs of
such action, proceeding, hearing or examination and any liability resulting
therefrom shall be expenses, costs and liabilities of the Trust Fund, and the
Company and the Master Servicer shall be entitled to be reimbursed therefor out
of amounts attributable to the Mortgage Loans on deposit in the Custodial
Account as provided by Section 3.10 and, on the Distribution Date(s) following
such reimbursement, the aggregate of such expenses and costs shall be allocated
in reduction of the Accrued Certificate Interest on each Class entitled thereto
in the same manner as if such expenses and costs constituted a Prepayment
Interest Shortfall.
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 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
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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 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 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.
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(b) Within 60 days after the occurrence of any Event of Default, the
Trustee shall transmit by mail to all Holders of Certificates notice of each
such Event of Default hereunder known to the Trustee, unless such Event of
Default shall have been cured or waived.
Section 7.04 Waiver of Events of Default.
The Holders representing at least 66% of the Voting Rights affected by a
default or Event of Default hereunder may waive such default or Event of
Default; provided, however, that (a) a default or Event of Default under clause
(i) of Section 7.01 may be waived only by all of the Holders of Certificates
affected by such default or Event of Default and (b) no waiver pursuant to this
Section 7.04 shall affect the Holders of Certificates in the manner set forth in
Section 11.01(b)(i) or (ii). Upon any such waiver of a default or Event of
Default by the Holders representing the requisite percentage of Voting Rights
affected by such default or Event of Default, such default or Event of Default
shall cease to exist and shall be deemed to have been remedied for every purpose
hereunder. No such waiver shall extend to any subsequent or other default or
Event of Default or impair any right consequent thereon except to the extent
expressly so waived.
ARTICLE VIII
CONCERNING THE TRUSTEE
Section 8.01 Duties of Trustee.
(a) The Trustee, prior to the occurrence of an Event of Default and
after the curing or waiver of all Events of Default which may have occurred,
undertakes to perform such duties and only such duties as are specifically set
forth in this Agreement. In case an Event of Default has occurred (which has not
been cured or waived), the Trustee shall exercise such of the rights and powers
vested in it by this Agreement, and use the same degree of care and skill in
their exercise as a prudent investor would exercise or use under the
circumstances in the conduct of such investor's own affairs.
(b) The Trustee, upon receipt of all resolutions, certificates,
statements, opinions, reports, documents, orders or other instruments furnished
to the Trustee which are specifically required to be furnished pursuant to any
provision of this Agreement, shall examine them to determine whether they
conform to the requirements of this Agreement. The Trustee shall notify the
Certificateholders of any such documents which do not materially conform to the
requirements of this Agreement in the event that the Trustee, after so
requesting, does not receive satisfactorily corrected documents.
The Trustee shall forward or cause to be forwarded in a timely fashion
the notices, reports and statements required to be forwarded by the Trustee
pursuant to Sections 4.03, 4.06, 7.03 and 10.01. The Trustee shall furnish in a
timely fashion to the Master Servicer such information as the Master Servicer
may reasonably request from time to time for the Master Servicer to fulfill its
duties as set forth in this Agreement. The Trustee covenants and agrees that it
shall perform its obligations hereunder in a manner so as to maintain the status
of any portion of any REMIC formed under the Series Supplement as a REMIC under
the REMIC Provisions and (subject to Section 10.01(f)) to prevent the imposition
of any federal, state or local income, prohibited transaction, contribution or
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other tax on the Trust Fund to the extent that maintaining such status and
avoiding such taxes are reasonably within the control of the Trustee and are
reasonably within the scope of its duties under this Agreement.
(c) No provision of this Agreement shall be construed to relieve the
Trustee from liability for its own negligent action, its own negligent failure
to act or its own willful misconduct; provided, however, that:
(i) Prior to the occurrence of an Event of Default, and
after the curing or waiver of all such Events of Default which
may have occurred, the duties and obligations of the Trustee
shall be determined solely by the express provisions of this
Agreement, the Trustee shall not be liable except for the
performance of such duties and obligations as are specifically
set forth in this Agreement, no implied covenants or obligations
shall be read into this Agreement against the Trustee and, in the
absence of bad faith on the part of the Trustee, the Trustee may
conclusively rely, as to the truth of the statements and the
correctness of the opinions expressed therein, upon any
certificates or opinions furnished to the Trustee by the Company
or the Master Servicer and which on their face, do not contradict
the requirements of this Agreement;
(ii) The Trustee shall not be personally liable for an
error of judgment made in good faith by a Responsible Officer or
Responsible Officers of the Trustee, unless it shall be proved
that the Trustee was negligent in ascertaining the pertinent
facts;
(iii) The Trustee shall not be personally liable with
respect to any action taken, suffered or omitted to be taken by
it in good faith in accordance with the direction of
Certificateholders of any Class holding Certificates which
evidence, as to such Class, Percentage Interests aggregating not
less than 25% as to the time, method and place of conducting any
proceeding for any remedy available to the Trustee, or exercising
any trust or power conferred upon the Trustee, under this
Agreement;
(iv) The Trustee shall not be charged with knowledge of
any default (other than a default in payment to the Trustee)
specified in clauses (i) and (ii) of Section 7.01 or an Event of
Default under clauses (iii), (iv) and (v) of Section 7.01 unless
a Responsible Officer of the Trustee assigned to and working in
the Corporate Trust Office obtains actual knowledge of such
failure or event or the Trustee receives written notice of such
failure or event at its Corporate Trust Office from the Master
Servicer, the Company or any Certificateholder; and
(v) Except to the extent provided in Section 7.02, no
provision in this Agreement shall require the Trustee to expend
or risk its own funds (including, without limitation, the making
of any Advance) or otherwise incur any personal financial
liability in the performance of any of its duties as Trustee
hereunder, or in the exercise of any of its rights or powers, if
the Trustee shall have reasonable
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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 omitted
by it hereunder in good faith and in accordance with such Opinion
of Counsel;
(iii) The Trustee shall be under no obligation to exercise
any of the trusts or powers vested in it by this Agreement or to
institute, conduct or defend any litigation hereunder or in
relation hereto at the request, order or direction of any of the
Certificateholders, pursuant to the provisions of this Agreement,
unless such Certificateholders shall have offered to the Trustee
reasonable security or indemnity against the costs, expenses and
liabilities which may be incurred therein or thereby; nothing
contained herein shall, however, relieve the Trustee of the
obligation, upon the occurrence of an Event of Default (which has
not been cured or waived), to exercise such of the rights and
powers vested in it by this Agreement, and to use the same degree
of care and skill in their exercise as a prudent investor would
exercise or use under the circumstances in the conduct of such
investor's own affairs;
(iv) The Trustee shall not be personally liable for any
action taken, suffered or omitted by it in good faith and
believed by it to be authorized or within the discretion or
rights or powers conferred upon it by this Agreement;
(v) Prior to the occurrence of an Event of Default
hereunder and after the curing or waiver of all Events of Default
which may have occurred, the Trustee shall not be bound to make
any investigation into the facts or matters stated in any
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resolution, certificate, statement, instrument, opinion, report,
notice, request, consent, order, approval, bond or other paper or
document, unless requested in writing so to do by Holders of
Certificates of any Class evidencing, as to such Class,
Percentage Interests, aggregating not less than 50%; provided,
however, that if the payment within a reasonable time to the
Trustee of the costs, expenses or liabilities likely to be
incurred by it in the making of such investigation is, in the
opinion of the Trustee, not reasonably assured to the Trustee by
the security afforded to it by the terms of this Agreement, the
Trustee may require reasonable indemnity against such expense or
liability as a condition to so proceeding. The reasonable expense
of every such examination shall be paid by the Master Servicer,
if an Event of Default shall have occurred and is continuing, and
otherwise by the Certificateholder requesting the investigation;
(vi) The Trustee may execute any of the trusts or powers
hereunder or perform any duties hereunder either directly or by
or through agents or attorneys; and
(vii) To the extent authorized under the Code and the
regulations promulgated thereunder, each Holder of a Class R
Certificate hereby irrevocably appoints and authorizes the
Trustee to be its attorney-in-fact for purposes of signing any
Tax Returns required to be filed on behalf of the Trust Fund. The
Trustee shall sign on behalf of the Trust Fund and deliver to the
Master Servicer in a timely manner any Tax Returns prepared by or
on behalf of the Master Servicer that the Trustee is required to
sign as determined by the Master Servicer pursuant to applicable
federal, state or local tax laws, provided that the Master
Servicer shall indemnify the Trustee for signing any such Tax
Returns that contain errors or omissions.
(b) Following the issuance of the Certificates, the Trustee shall not
accept any contribution of assets to the Trust Fund unless (subject to Section
10.01(f)) it shall have obtained or been furnished with an Opinion of Counsel to
the effect that such contribution will not (i) cause any portion of any REMIC
formed under the Series Supplement to fail to qualify as a REMIC at any time
that any Certificates are outstanding or (ii) cause the Trust Fund to be subject
to any federal tax as a result of such contribution (including the imposition of
any federal tax on "prohibited transactions" imposed under Section 860F(a) of
the Code).
Section 8.03 Trustee Not Liable for Certificates or Mortgage Loans.
The recitals contained herein and in the Certificates (other than the
execution of the Certificates and relating to the acceptance and receipt of the
Mortgage Loans) shall be taken as the statements of the Company or the Master
Servicer as the case may be, and the Trustee assumes no responsibility for their
correctness. The Trustee makes no representations as to the validity or
sufficiency of this Agreement or of the Certificates (except that the
Certificates shall be duly and validly executed and authenticated by it as
Certificate Registrar) or of any Mortgage Loan or related document. 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
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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 the Trustee's part, arising out of, or in
connection with, the acceptance and administration of the Trust Fund, including
the costs and expenses (including reasonable legal fees and expenses) of
defending itself against any claim in connection with the exercise or
performance of any of its powers or duties under this Agreement and the
Custodial Agreement, provided that:
(i) with respect to any such claim, the Trustee shall have
given the Master Servicer written notice thereof promptly after
the Trustee shall have actual knowledge thereof;
(ii) while maintaining control over its own defense, the
Trustee shall cooperate and consult fully with the Master
Servicer in preparing such defense; and
(iii) notwithstanding anything in this Agreement to the
contrary, the Master Servicer shall not be liable for settlement
of any claim by the Trustee entered into without the prior
consent of the Master Servicer which consent shall not be
unreasonably withheld.
No termination of this Agreement shall affect the obligations created by
this Section 8.05(b) of the Master Servicer to indemnify the Trustee under the
conditions and to the extent set forth herein.
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Notwithstanding the foregoing, the indemnification provided by the
Master Servicer in this Section 8.05(b) shall not pertain to any loss, liability
or expense of the Trustee, including the costs and expenses of defending itself
against any claim, incurred in connection with any actions taken by the Trustee
at the direction of the Certificateholders pursuant to the terms of this
Agreement.
Section 8.06 Eligibility Requirements for Trustee.
The Trustee hereunder shall at all times be a corporation or a national
banking association having its principal office in a state and city acceptable
to the Company and organized and doing business under the laws of such state or
the United States of America, authorized under such laws to exercise corporate
trust powers, having a combined capital and surplus of at least $50,000,000 and
subject to supervision or examination by federal or state authority. If such
corporation or national banking association publishes reports of condition at
least annually, pursuant to law or to the requirements of the aforesaid
supervising or examining authority, then for the purposes of this Section the
combined capital and surplus of such corporation shall be deemed to be its
combined capital and surplus as set forth in its most recent report of condition
so published. In case at any time the Trustee shall cease to be eligible in
accordance with the provisions of this Section, the Trustee shall resign
immediately in the manner and with the effect specified in Section 8.07.
Section 8.07 Resignation and Removal of the Trustee.
(a) The Trustee may at any time resign and be discharged from the trusts
hereby created by giving written notice thereof to the Company. Upon receiving
such notice of resignation, the Company shall promptly appoint a successor
trustee by written instrument, in duplicate, one copy of which instrument shall
be delivered to the resigning Trustee and one copy to the successor trustee. If
no successor trustee shall have been so appointed and have accepted appointment
within 30 days after the giving of such notice of resignation, the resigning
Trustee may petition any court of competent jurisdiction for the appointment of
a successor trustee.
(b) If at any time the Trustee shall cease to be eligible in accordance
with the provisions of Section 8.06 and shall fail to resign after written
request therefor by the Company, or if at any time the Trustee shall become
incapable of acting, or shall be adjudged bankrupt or insolvent, or a receiver
of the Trustee or of its property shall be appointed, or any public officer
shall take charge or control of the Trustee or of its property or affairs for
the purpose of rehabilitation, conservation or liquidation, then the Company may
remove the Trustee and appoint a successor trustee by written instrument, in
duplicate, one copy of which instrument shall be delivered to the Trustee so
removed and one copy to the successor trustee. In addition, in the event that
the Company determines that the Trustee has failed (i) to distribute or cause to
be distributed to the Certificateholders any amount required to be distributed
hereunder, if such amount is held by the Trustee or its Paying Agent (other than
the Master Servicer or the Company) for distribution or (ii) to otherwise
observe or perform in any material respect any of its covenants, agreements or
obligations hereunder, and such failure shall continue unremedied for a period
of 5 days (in respect of clause (i) above) or 30 days (in respect of clause (ii)
above) after the date on which written notice of such failure, requiring that
the same be remedied, shall have been given to the Trustee by the Company, then
the Company may remove the Trustee and appoint a successor trustee by written
instrument delivered as provided in the preceding sentence. In connection with
the appointment of a successor trustee pursuant to the preceding
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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 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
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successor of the Trustee hereunder, provided such corporation or national
banking association shall be eligible under the provisions of Section 8.06,
without the execution or filing of any paper or any further act on the part of
any of the parties hereto, anything herein to the contrary notwithstanding. The
Trustee shall mail notice of any such merger or consolidation to the
Certificateholders at their address as shown in the Certificate Register.
Section 8.10 Appointment of Co-Trustee or Separate Trustee.
(a) Notwithstanding any other provisions hereof, at any time, for the
purpose of meeting any legal requirements of any jurisdiction in which any part
of the Trust Fund or property securing the same may at the time be located, the
Master Servicer and the Trustee acting jointly shall have the power and shall
execute and deliver all instruments to appoint one or more Persons approved by
the Trustee to act as co-trustee or co-trustees, jointly with the Trustee, or
separate trustee or separate trustees, of all or any part of the Trust Fund, and
to vest in such Person or Persons, in such capacity, such title to the Trust
Fund, or any part thereof, and, subject to the other provisions of this Section
8.10, such powers, duties, obligations, rights and trusts as the Master Servicer
and the Trustee may consider necessary or desirable. If the Master Servicer
shall not have joined in such appointment within 15 days after the receipt by it
of a request so to do, or in case an Event of Default shall have occurred and be
continuing, the Trustee alone shall have the power to make such appointment. No
co-trustee or separate trustee hereunder shall be required to meet the terms of
eligibility as a successor trustee under Section 8.06 hereunder and no notice to
Holders of Certificates of the appointment of co-trustee(s) or separate
trustee(s) shall be required under Section 8.08 hereof.
(b) In the case of any appointment of a co-trustee or separate trustee
pursuant to this Section 8.10 all rights, powers, duties and obligations
conferred or imposed upon the Trustee shall be conferred or imposed upon and
exercised or performed by the Trustee, and such separate trustee or co-trustee
jointly, except to the extent that under any law of any jurisdiction in which
any particular act or acts are to be performed (whether as Trustee hereunder or
as successor to the Master Servicer hereunder), the Trustee shall be incompetent
or unqualified to perform such act or acts, in which event such rights, powers,
duties and obligations (including the holding of title to the Trust Fund or any
portion thereof in any such jurisdiction) shall be exercised and performed by
such separate trustee or co-trustee at the direction of the Trustee.
(c) Any notice, request or other writing given to the Trustee shall be
deemed to have been given to each of the then separate trustees and co-trustees,
as effectively as if given to each of them. Every instrument appointing any
separate trustee or co-trustee shall refer to this Agreement and the conditions
of this Article VIII. Each separate trustee and co-trustee, upon its acceptance
of the trusts conferred, shall be vested with the estates or property specified
in its instrument of appointment, either jointly with the Trustee or separately,
as may be provided therein, subject to all the provisions of this Agreement,
specifically including every provision of this Agreement relating to the conduct
of, affecting the liability of, or affording protection to, the Trustee. Every
such instrument shall be filed with the Trustee.
(d) Any separate trustee or co-trustee may, at any time, constitute the
Trustee, its agent or attorney-in-fact, with full power and authority, to the
extent not prohibited by law, to do any lawful act under or in respect of this
Agreement on its behalf and in its name. If any separate trustee
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or co-trustee shall die, become incapable of acting, resign or be removed, all
of its estates, properties, rights, remedies and trusts shall vest in and be
exercised by the Trustee, to the extent permitted by law, without the
appointment of a new or successor trustee.
Section 8.11 Appointment of Custodians.
The Trustee may, with the consent of the Master Servicer and the
Company, appoint one or more Custodians who are not Affiliates of the Company,
the Master Servicer or any Seller to hold all or a portion of the Mortgage Files
as agent for the Trustee, by entering into a Custodial Agreement. Subject to
Article VIII, the Trustee agrees to comply with the terms of each Custodial
Agreement and to enforce the terms and provisions thereof against the Custodian
for the benefit of the Certificateholders. Each Custodian shall be a depository
institution subject to supervision by federal or state authority, shall have a
combined capital and surplus of at least $15,000,000 and shall be qualified to
do business in the jurisdiction in which it holds any Mortgage File. Each
Custodial Agreement may be amended only as provided in Section 11.01. The
Trustee shall notify the Certificateholders of the appointment of any Custodian
(other than the Custodian appointed as of the Closing Date) pursuant to this
Section 8.11.
Section 8.12 Appointment of Office or Agency.
The Trustee will maintain an office or agency in the City of New York at
the address designated in Section 11.05 of the Series Supplement where
Certificates may be surrendered for registration of transfer or exchange. The
Trustee will maintain an office at the address stated in Section 11.05 of the
Series Supplement where notices and demands to or upon the Trustee in respect of
this Agreement may be served.
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 9.02, the respective obligations and
responsibilities of the Company, the Master Servicer and the Trustee created
hereby in respect of the Certificates (other than the obligation of the Trustee
to make certain payments after the Final Distribution Date to Certificateholders
and the obligation of the Company to send certain notices as hereinafter set
forth) shall terminate upon the last action required to be taken by the Trustee
on the Final Distribution Date pursuant to this Article IX following the earlier
of:
(i) the later of the final payment or other liquidation
(or any Advance with respect thereto) of the last Mortgage Loan
remaining in the Trust Fund or the disposition of all property
acquired upon foreclosure or deed in lieu of foreclosure of any
Mortgage Loan, or
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(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 (or Modified Net Mortgage Rate in the case of any
Modified Mortgage Loan) to, but not including, the first day of
the month in which such repurchase price is distributed,
provided, however, that in no event shall the trust created
hereby continue beyond the expiration of 21 years from the death
of the last survivor of the descendants of Joseph P. Kennedy, the
late ambassador of the United States to the Court of St. James,
living on the date hereof and provided further that the purchase
price set forth above shall be increased as is necessary, as
determined by the Master Servicer, to avoid disqualification of
any portion of any REMIC formed under the Series Supplement as a
REMIC.
The right of the Master Servicer 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, prior to giving
effect to distributions to be made on such Distribution Date, being less than
ten percent of the Cut-off Date Principal Balance of the Mortgage Loans. If such
right is exercised by the Master Servicer, the Master Servicer shall be deemed
to have been reimbursed for the full amount of any unreimbursed Advances
theretofore made by it with respect to the Mortgage Loans. In addition, the
Master Servicer 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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(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
Senior Certificates and Class M 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 Senior, Class M or Class B 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 Accrued Certificate Interest for the related
Interest Accrual Period thereon and any previously unpaid Accrued Certificate
Interest, subject to the priority set forth in Section 4.02(a), and (B) with
respect to the Class R Certificates, any excess of the amounts available for
distribution (including the repurchase price specified in clause (ii) of
subsection (a) of this Section) over the total amount distributed under the
immediately preceding clause (A).
(d) If any Certificateholders shall not surrender their Certificates for
final payment and cancellation on or before the Final Distribution Date (if so
required by the terms hereof), the Trustee shall on such date cause all funds in
the Certificate Account not distributed in final distribution to
Certificateholders to be withdrawn therefrom and credited to the remaining
Certificateholders by depositing such funds in a separate escrow account for the
benefit of such Certificateholders, and the Master Servicer 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
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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 Additional Termination Requirements.
(a) Each REMIC that comprises the Trust Fund shall be terminated in
accordance with the following additional requirements, unless (subject to
Section 10.01(f)) the Trustee and the Master Servicer have received an Opinion
of Counsel (which Opinion of Counsel shall not be an expense of the Trustee) to
the effect that the failure of each such REMIC to comply with the requirements
of this Section 9.02 will not (i) result in the imposition on the Trust of taxes
on "prohibited transactions," as described in Section 860F of the Code, or (ii)
cause any such REMIC to fail to qualify as a REMIC at any time that any
Certificate is outstanding:
(i) The Master Servicer shall establish a 90-day
liquidation period for each such REMIC and specify the first day
of such period in a statement attached to the Trust Fund's final
Tax Return pursuant to Treasury regulations Section 1.860F-1. The
Master Servicer also shall satisfy all of the requirements of a
qualified liquidation for a REMIC under Section 860F of the Code
and regulations thereunder;
(ii) The Master Servicer shall notify the Trustee at the
commencement of such 90-day liquidation period and, at or prior
to the time of making of the final payment on the Certificates,
the Trustee shall sell or otherwise dispose of all of the
remaining assets of the Trust Fund in accordance with the terms
hereof; and
(iii) If the Master Servicer or the Company is exercising
its right to purchase the assets of the Trust Fund, the Master
Servicer shall, during the 90-day liquidation period and at or
prior to the Final Distribution Date, purchase all of the assets
of the Trust Fund for cash.
(b) Each Holder of a Certificate and the Trustee hereby irrevocably
approves and appoints the Master Servicer as its attorney-in-fact to adopt a
plan of complete liquidation for each REMIC at the expense of the Trust Fund in
accordance with the terms and conditions of this Agreement.
Section 9.03 Termination of Multiple REMICs.
If the REMIC Administrator makes two or more separate REMIC elections,
the applicable REMIC shall be terminated on the earlier of the Final
Distribution Date and the date on which it is deemed to receive the last deemed
distributions on the related Uncertificated REMIC Regular Interests and the last
distribution due on the Certificates is made.
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ARTICLE X
REMIC PROVISIONS
Section 10.01 REMIC Administration.
(a) The REMIC Administrator shall make an election to treat the Trust
Fund as one or more REMICs under the Code and, if necessary, under applicable
state law. The assets of each such REMIC will be set forth in the Series
Supplement. Such election will be made on Form 1066 or other appropriate federal
tax or information return (including Form 8811) or any appropriate state return
for the taxable year ending on the last day of the calendar year in which the
Certificates are issued. For the purposes of each REMIC election in respect of
the Trust Fund, Certificates and interests to be designated as the "regular
interests" and the sole class of "residual interests" in the REMIC will be set
forth in Section 10.03 of the Series Supplement. The REMIC Administrator and the
Trustee shall not permit the creation of any "interests" (within the meaning of
Section 860G of the Code) in any REMIC elected in respect of the Trust Fund
other than the "regular interests" and "residual interests" so designated.
(b) The Closing Date is hereby designated as the "startup day" of the
Trust Fund within the meaning of Section 860G(a)(9) of the Code.
(c) The REMIC Administrator shall hold a Class R Certificate
representing a 0.01% Percentage Interest each Class of the Class R Certificates
and shall be designated as "the tax matters person" with respect to each REMIC
in the manner provided under Treasury regulations section 1.860F-4(d) and
Treasury regulations section 301.6231(a)(7)-1. The REMIC Administrator, as tax
matters person, shall (i) act on behalf of each REMIC in relation to any tax
matter or controversy involving the Trust Fund and (ii) represent the Trust Fund
in any administrative or judicial proceeding relating to an examination or audit
by any governmental taxing authority with respect thereto. The legal expenses,
including without limitation attorneys' or accountants' fees, and costs of any
such proceeding and any liability resulting therefrom shall be expenses of the
Trust Fund and the REMIC Administrator shall be entitled to reimbursement
therefor out of amounts attributable to the Mortgage Loans on deposit in the
Custodial Account as provided by Section 3.10 unless such legal expenses and
costs are incurred by reason of the REMIC Administrator's willful misfeasance,
bad faith or gross negligence. If the REMIC Administrator is no longer the
Master Servicer hereunder, at its option the REMIC Administrator may continue
its duties as REMIC Administrator and shall be paid reasonable compensation not
to exceed $3,000 per year by any successor Master Servicer hereunder for so
acting as the REMIC Administrator.
(d) The REMIC Administrator shall prepare or cause to be prepared all of
the Tax Returns that it determines are required with respect to each REMIC
created hereunder and deliver such Tax Returns in a timely manner to the Trustee
and the Trustee shall sign and file such Tax Returns in a timely manner. The
expenses of preparing such returns shall be borne by the REMIC Administrator
without any right of reimbursement therefor. The REMIC Administrator agrees to
indemnify and hold harmless the Trustee with respect to any tax or liability
arising from the Trustee's signing of Tax Returns that contain errors or
omissions. The Trustee and Master Servicer shall promptly provide the REMIC
Administrator with such information as the REMIC
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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 REMIC.
(f) The Master Servicer and the REMIC Administrator shall take such
actions and shall cause each REMIC created hereunder to take such actions as are
reasonably within the Master Servicer's or the REMIC Administrator's control and
the scope of its duties more specifically set forth herein as shall be necessary
or desirable to maintain the status of each REMIC as a REMIC under the REMIC
Provisions (and the Trustee shall assist the Master Servicer and the REMIC
Administrator, to the extent reasonably requested by the Master Servicer and the
REMIC Administrator to do so). The Master Servicer and the REMIC Administrator
shall not knowingly or intentionally take any action, cause the Trust Fund to
take any action or fail to take (or fail to cause to be taken) any action
reasonably within their respective control that, under the REMIC Provisions, if
taken or not taken, as the case may be, could (i) endanger the status of any
portion of any REMIC formed under the Series Supplement as a REMIC or (ii)
result in the imposition of a tax upon any such REMIC (including but not limited
to the tax on prohibited transactions as defined in Section 860F(a)(2) of the
Code and the tax on contributions to a REMIC set forth in Section 860G(d) of the
Code) (either such event, in the absence of an Opinion of Counsel or the
indemnification referred to in this sentence, an "Adverse REMIC Event") unless
the Master Servicer or the REMIC Administrator, as applicable, has received an
Opinion of Counsel (at the expense of the party seeking to take such action or,
if such party fails to pay such expense, and the Master Servicer or the REMIC
Administrator, as applicable, determines that taking such action is in the best
interest of the Trust Fund and the Certificateholders, at the expense of the
Trust Fund, but in no event at the expense of the Master Servicer, the REMIC
Administrator or the Trustee) to the effect that the contemplated action will
not, with respect to each REMIC created hereunder, endanger such status or,
unless the Master Servicer, the REMIC Administrator or both, as applicable,
determine in its or their sole discretion to indemnify the Trust Fund against
the imposition of such a tax, result in the imposition of such a tax. Wherever
in this Agreement a contemplated action may not be taken because the timing of
such action might result in the imposition of a tax on the Trust Fund, or may
only be taken pursuant to an Opinion of Counsel that such action would not
impose a tax on the Trust Fund, such action may nonetheless be taken provided
that the indemnity given in the preceding sentence with respect to any taxes
that might be imposed on the Trust Fund has been given and that all other
preconditions to the taking of such action have been satisfied. The Trustee
shall not take or fail to take any action (whether or not authorized hereunder)
as to which the Master Servicer or the REMIC Administrator, as applicable, has
advised it in writing that it has received an Opinion of Counsel to the effect
that an Adverse REMIC Event could occur with respect to such action. In
addition, prior to taking any action with respect to any REMIC created hereunder
or any related assets thereof, or causing any such REMIC to take any action,
which is not expressly permitted under the terms of this
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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
any such REMIC, and the Trustee shall not take any such action or cause any such
REMIC to take any such action as to which the Master Servicer or the REMIC
Administrator, as applicable, has advised it in writing that an Adverse REMIC
Event could occur. The Master Servicer or the REMIC Administrator, as
applicable, may consult with counsel to make such written advice, and the cost
of same shall be borne by the party seeking to take the action not expressly
permitted by this Agreement, but in no event at the expense of the Master
Servicer or the REMIC Administrator. At all times as may be required by the
Code, the Master Servicer will to the extent within its control and the scope of
its duties more specifically set forth herein, maintain substantially all of the
assets of each REMIC created hereunder as "qualified mortgages" as defined in
Section 860G(a)(3) of the Code and "permitted investments" as defined in Section
860G(a)(5) of the Code.
(g) In the event that any tax is imposed on "prohibited transactions" of
any REMIC created hereunder as defined in Section 860F(a)(2) of the Code, on
"net income from foreclosure property" of any such REMIC as defined in Section
860G(c) of the Code, on any contributions to any such REMIC after the Startup
Day therefor pursuant to Section 860G(d) of the Code, or any other tax is
imposed by the Code or any applicable provisions of state or local tax laws,
such tax shall be charged (i) to the Master Servicer, if such tax arises out of
or results from a breach by the Master Servicer of any of its obligations under
this Agreement or the Master Servicer has in its sole discretion determined to
indemnify the Trust Fund against such tax, (ii) to the Trustee, if such tax
arises out of or results from a breach by the Trustee of any of its obligations
under this Article X, or (iii) otherwise against amounts on deposit in the
Custodial Account as provided by Section 3.10 and on the Distribution Date(s)
following such reimbursement the aggregate of such taxes shall be allocated in
reduction of the Accrued Certificate Interest on each Class entitled thereto in
the same manner as if such taxes constituted a Prepayment Interest Shortfall.
(h) The Trustee and the Master Servicer shall, for federal income tax
purposes, maintain books and records with respect to each REMIC created
hereunder on a calendar year and on an accrual basis or as otherwise may be
required by the REMIC Provisions.
(i) Following the Startup Day, neither the Master Servicer nor the
Trustee shall accept any contributions of assets to any REMIC created hereunder
unless (subject to Section 10.01(f)) the Master Servicer and the Trustee shall
have received an Opinion of Counsel (at the expense of the party seeking to make
such contribution) to the effect that the inclusion of such assets in such REMIC
will not cause the REMIC to fail to qualify as a REMIC at any time that any
Certificates are outstanding or subject the REMIC to any tax under the REMIC
Provisions or other applicable provisions of federal, state and local law or
ordinances.
(j) Neither the Master Servicer nor the Trustee shall (subject to
Section 10.01(f)) enter into any arrangement by which any REMIC created
hereunder will receive a fee or other compensation for services nor permit any
such REMIC to receive any income from assets other than "qualified mortgages" as
defined in Section 860G(a)(3) of the Code or "permitted investments" as defined
in Section 860G(a)(5) of the Code.
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(k) Solely for the purposes of Section 1.860G-1(a)(4)(iii) of the
Treasury Regulations, the "latest possible maturity date" by which the
Certificate Principal Balance of each Class of Certificates (other than the
Interest Only Certificates) representing a regular interest in the applicable
REMIC and the Uncertificated Principal Balance of each Uncertificated REMIC
Regular Interest (other than each Uncertificated Class A-V REMIC Regular
Interest, if any) and the rights to the Interest Only Certificates and
Uncertificated Class A-V REMIC Regular Interest would be reduced to zero is the
Maturity Date for each such Certificate and Interest.
(l) Within 30 days after the Closing Date, the REMIC Administrator shall
prepare and file with the Internal Revenue Service Form 8811, "Information
Return for Real Estate Mortgage Investment Conduits (REMIC) and Issuers of
Collateralized Debt Obligations" for each REMIC created hereunder.
(m) Neither the Trustee nor the Master Servicer shall sell, dispose of
or substitute for any of the Mortgage Loans (except in connection with (i) the
default, imminent default or foreclosure of a Mortgage Loan, including but not
limited to, the acquisition or sale of a Mortgaged Property acquired by deed in
lieu of foreclosure, (ii) the bankruptcy of any REMIC created hereunder, (iii)
the termination of any such REMIC pursuant to Article IX of this Agreement or
(iv) a purchase of Mortgage Loans pursuant to Article II or III of this
Agreement) nor acquire any assets for any such REMIC, nor sell or dispose of any
investments in the Custodial Account or the Certificate Account for gain nor
accept any contributions to any such REMIC after the Closing Date unless it has
received an Opinion of Counsel that such sale, disposition, substitution or
acquisition will not (a) affect adversely the status of such REMIC as a REMIC or
(b) unless the Master Servicer has determined in its sole discretion to
indemnify the Trust Fund against such tax, cause such REMIC to be subject to a
tax on "prohibited transactions" or "contributions" pursuant to the REMIC
Provisions.
Section 10.02 Master Servicer, REMIC Administrator and Trustee
Indemnification.
(a) The Trustee agrees to indemnify the Trust Fund, the Company, the
REMIC Administrator and the Master Servicer for any taxes and costs including,
without limitation, any reasonable attorneys fees imposed on or incurred by the
Trust Fund, the Company or the Master Servicer, as a result of a breach of the
Trustee's covenants set forth in Article VIII or this Article X.
(b) The REMIC Administrator agrees to indemnify the Trust Fund, the
Company, the Master Servicer and the Trustee for any taxes and costs (including,
without limitation, any reasonable attorneys' fees) imposed on or incurred by
the Trust Fund, the Company, the Master Servicer or the Trustee, as a result of
a breach of the REMIC Administrator's covenants set forth in this Article X with
respect to compliance with the REMIC Provisions, including without limitation,
any penalties arising from the Trustee's execution of Tax Returns prepared by
the REMIC Administrator that contain errors or omissions; provided, however,
that such liability will not be imposed to the extent such breach is a result of
an error or omission in information provided to the REMIC Administrator by the
Master Servicer in which case Section 10.02(c) will apply.
(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
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attorneys' fees) imposed on or incurred by the Trust Fund, the Company, the
REMIC Administrator or the Trustee, as a result of a breach of the Master
Servicer's covenants set forth in this Article X or in Article III with respect
to compliance with the REMIC Provisions, including without limitation, any
penalties arising from the Trustee's execution of Tax Returns prepared by the
Master Servicer that contain errors or omissions.
Section 10.03 Designation of REMIC(s).
As provided in Section 10.03 of the Series Supplement.
ARTICLE XI
MISCELLANEOUS PROVISIONS
Section 11.01 Amendment.
(a) This Agreement or any Custodial Agreement may be amended from time
to time by the Company, the Master Servicer and the Trustee, without the consent
of any of the Certificateholders:
(i) to cure any ambiguity,
(ii) to correct or supplement any provisions herein or
therein, which may be inconsistent with any other provisions
herein or therein or to correct any error,
(iii) to modify, eliminate or add to any of its provisions
to such extent as shall be necessary or desirable to maintain the
qualification of the Trust Fund as a REMIC at all times that any
Certificate is outstanding or to avoid or minimize the risk of
the imposition of any tax on the Trust Fund pursuant to the Code
that would be a claim against the Trust Fund, provided that the
Trustee has received an Opinion of Counsel to the effect that (A)
such action is necessary or desirable to maintain such
qualification or to avoid or minimize the risk of the imposition
of any such tax and (B) such action will not adversely affect in
any material respect the interests of any Certificateholder,
(iv) to change the timing and/or nature of deposits into
the Custodial Account or the Certificate Account or to change the
name in which the Custodial Account is maintained, provided that
(A) the Certificate Account Deposit Date shall in no event be
later than the related Distribution Date, (B) such change shall
not, as evidenced by an Opinion of Counsel, adversely affect in
any material respect the interests of any Certificateholder and
(C) such change shall not result in a reduction of the rating
assigned to any Class of Certificates below the lower of the
then-current rating or the rating assigned to such Certificates
as of the Closing Date, as evidenced by a letter from each Rating
Agency to such effect,
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(v) to modify, eliminate or add to the provisions of
Section 5.02(f) or any other provision hereof restricting
transfer of the Class R Certificates, by virtue of their being
the "residual interests" in a REMIC, provided that (A) such
change shall not result in reduction of the rating assigned to
any such Class of Certificates below the lower of the
then-current rating or the rating assigned to such Certificates
as of the Closing Date, as evidenced by a letter from each Rating
Agency to such effect, and (B) such change shall not (subject to
Section 10.01(f)), as evidenced by an Opinion of Counsel (at the
expense of the party seeking so to modify, eliminate or add such
provisions), cause any REMIC created hereunder or any of the
Certificateholders (other than the transferor) to be subject to a
federal tax caused by a transfer to a Person that is not a
Permitted Transferee,
(vi) to make any other provisions with respect to matters
or questions arising under this Agreement or such Custodial
Agreement which shall not be materially inconsistent with the
provisions of this Agreement, provided that such action shall
not, as evidenced by an Opinion of Counsel, adversely affect in
any material respect the interests of any Certificateholder, or
(vii) to amend any provision herein or therein that is not
material to any of the Certificateholders.
(b) This Agreement or any Custodial Agreement may also be amended from
time to time by the Company, the Master Servicer and the Trustee with the
consent of the Holders of Certificates evidencing in the aggregate not less than
66% of the Percentage Interests of each Class of Certificates affected thereby
for the purpose of adding any provisions to or changing in any manner or
eliminating any of the provisions of this Agreement or such Custodial Agreement
or of modifying in any manner the rights of the Holders of Certificates of such
Class; provided, however, that no such amendment shall:
(i) reduce in any manner the amount of, or delay the
timing of, payments which are required to be distributed on any
Certificate without the consent of the Holder of such
Certificate,
(ii) reduce the aforesaid percentage of Certificates of
any Class the Holders of which are required to consent to any
such amendment, in any such case without the consent of the
Holders of all Certificates of such Class then outstanding.
(c) Notwithstanding any contrary provision of this Agreement, the
Trustee shall not consent to any amendment to this Agreement unless it shall
have first received an Opinion of Counsel (subject to Section 10.01(f) and at
the expense of the party seeking such amendment) to the effect that such
amendment or the exercise of any power granted to the Master Servicer, the
Company or the Trustee in accordance with such amendment will not result in the
imposition of a federal tax on the Trust Fund or cause any REMIC created under
the Series Supplement to fail to qualify as a REMIC at any time that any
Certificate is outstanding.
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(d) Promptly after the execution of any such amendment the Trustee shall
furnish written notification of the substance of such amendment to the Custodian
and each Certificateholder. It shall not be necessary for the consent of
Certificateholders under this Section 11.01 to approve the particular form of
any proposed amendment, but it shall be sufficient if such consent shall approve
the substance thereof. The manner of obtaining such consents and of evidencing
the authorization of the execution thereof by Certificateholders shall be
subject to such reasonable regulations as the Trustee may prescribe.
(e) The Company shall have the option, in its sole discretion, to obtain
and deliver to the Trustee any corporate guaranty, payment obligation,
irrevocable letter of credit, surety bond, insurance policy or similar
instrument or a reserve fund, or any combination of the foregoing, for the
purpose of protecting the Holders of the Class B Certificates against any or all
Realized Losses or other shortfalls. Any such instrument or fund shall be held
by the Trustee for the benefit of the Class B Certificateholders, but shall not
be and shall not be deemed to be under any circumstances included in the Trust
Fund. To the extent that any such instrument or fund constitutes a reserve fund
for federal income tax purposes, (i) any reserve fund so established shall be an
outside reserve fund and not an asset of the Trust Fund, (ii) any such reserve
fund shall be owned by the Company, and (iii) amounts transferred by the Trust
Fund to any such reserve fund shall be treated as amounts distributed by the
Trust Fund to the Company or any successor, all within the meaning of Treasury
Regulations Section 1.860G-2(h) as it reads as of the Cut-off Date. In
connection with the provision of any such instrument or fund, this Agreement and
any provision hereof may be modified, added to, deleted or otherwise amended in
any manner that is related or incidental to such instrument or fund or the
establishment or administration thereof, such amendment to be made by written
instrument executed or consented to by the Company but without the consent of
any Certificateholder and without the consent of the Master Servicer or the
Trustee being required unless any such amendment would impose any additional
obligation on, or otherwise adversely affect the interests of the Senior
Certificateholders, the Class M Certificateholders, the Master Servicer or the
Trustee, as applicable; provided that the Company obtains (subject to Section
10.01(f)) an Opinion of Counsel (which need not be an opinion of Independent
counsel) to the effect that any such amendment will not cause (a) any federal
tax to be imposed on the Trust Fund, including without limitation, any federal
tax imposed on "prohibited transactions" under Section 860F(a)(1) of the Code or
on "contributions after the startup date" under Section 860G(d)(1) of the Code
and (b) any REMIC created hereunder to fail to qualify as a REMIC at any time
that any Certificate is outstanding. In the event that the Company elects to
provide such coverage in the form of a limited guaranty provided by General
Motors Acceptance Corporation, the Company may elect that the text of such
amendment to this Agreement shall be substantially in the form attached hereto
as Exhibit K (in which case Residential Funding's Subordinate Certificate Loss
Obligation as described in such exhibit shall be established by Residential
Funding's consent to such amendment) and that the limited guaranty shall be
executed in the form attached hereto as Exhibit K, 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.
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Section 11.02 Recordation of Agreement; Counterparts.
(a) To the extent permitted by applicable law, this Agreement is subject
to recordation in all appropriate public offices for real property records in
all the counties or other comparable jurisdictions in which any or all of the
properties subject to the Mortgages are situated, and in any other appropriate
public recording office or elsewhere, such recordation to be effected by the
Master Servicer and at its expense on direction by the Trustee (pursuant to the
request of Holders of Certificates entitled to at least 25% of the Voting
Rights), but only upon direction accompanied by an Opinion of Counsel to the
effect that such recordation materially and beneficially affects the interests
of the Certificateholders.
(b) For the purpose of facilitating the recordation of this Agreement as
herein provided and for other purposes, this Agreement may be executed
simultaneously in any number of counterparts, each of which counterparts shall
be deemed to be an original, and such counterparts shall constitute but one and
the same instrument.
Section 11.03 Limitation on Rights of Certificateholders.
(a) The death or incapacity of any Certificateholder shall not operate
to terminate this Agreement or the Trust Fund, nor entitle such
Certificateholder's legal representatives or heirs to claim an accounting or to
take any action or proceeding in any court for a partition or winding up of the
Trust Fund, nor otherwise affect the rights, obligations and liabilities of any
of the parties hereto.
(b) No Certificateholder shall have any right to vote (except as
expressly provided herein) or in any manner otherwise control the operation and
management of the Trust Fund, or the obligations of the parties hereto, nor
shall anything herein set forth, or contained in the terms of the Certificates,
be construed so as to constitute the Certificateholders from time to time as
partners or members of an association; nor shall any Certificateholder be under
any liability to any third person by reason of any action taken by the parties
to this Agreement pursuant to any provision hereof.
(c) No Certificateholder shall have any right by virtue of any provision
of this Agreement to institute any suit, action or proceeding in equity or at
law upon or under or with respect to this Agreement, unless such Holder
previously shall have given to the Trustee a written notice of default and of
the continuance thereof, as hereinbefore provided, and unless also the Holders
of Certificates of any Class evidencing in the aggregate not less than 25% of
the related Percentage Interests of such Class, shall have made written request
upon the Trustee to institute such action, suit or proceeding in its own name as
Trustee hereunder and shall have offered to the Trustee such reasonable
indemnity as it may require against the costs, expenses and liabilities to be
incurred therein or thereby, and the Trustee, for 60 days after its receipt of
such notice, request and offer of indemnity, shall have neglected or refused to
institute any such action, suit or proceeding it being understood and intended,
and being expressly covenanted by each Certificateholder with every other
Certificateholder and the Trustee, that no one or more Holders of Certificates
of any Class shall have any right in any manner whatever by virtue of any
provision of this Agreement to affect, disturb or prejudice the rights of the
Holders of any other of such Certificates of such Class or any other Class, or
to obtain or seek to obtain priority over or preference to any other such
Holder, or to enforce any right under this Agreement, except in the manner
herein provided and for the common benefit of
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Certificateholders of such Class or all Classes, as the case may be. For the
protection and enforcement of the provisions of this Section 11.03, each and
every Certificateholder and the Trustee shall be entitled to such relief as can
be given either at law or in equity.
Section 11.04 Governing Law.
This agreement and the Certificates shall be governed by and construed
in accordance with the laws of the State of New York and the obligations, rights
and remedies of the parties hereunder shall be determined in accordance with
such laws.
Section 11.05 Notices.
As provided in Section 11.05 of the Series Supplement.
Section 11.06 Required Notices to Rating Agency and Subservicer.
The Company, the Master Servicer or the Trustee, as applicable, shall
notify each Rating Agency and the Subservicer at such time as it is otherwise
required pursuant to this Agreement to give notice of the occurrence of, any of
the events described in clause (a), (b), (c), (d), (g), (h), (i) or (j) below or
provide a copy to each Rating Agency at such time as otherwise required to be
delivered pursuant to this Agreement of any of the statements described in
clauses (e) and (f) below:
(a) a material change or amendment to this Agreement,
(b) the occurrence of an Event of Default,
(c) the termination or appointment of a successor Master Servicer or
Trustee or a change in the majority ownership of the Trustee,
(d) the filing of any claim under the Master Servicer's blanket fidelity
bond and the errors and omissions insurance policy required by Section 3.12 or
the cancellation or modification of coverage under any such instrument,
(e) the statement required to be delivered to the Holders of each Class
of Certificates pursuant to Section 4.03,
(f) the statements required to be delivered pursuant to Sections 3.18
and 3.19,
(g) a change in the location of the Custodial Account or the Certificate
Account,
(h) the occurrence of any monthly cash flow shortfall to the Holders of
any Class of Certificates resulting from the failure by the Master Servicer to
make an Advance pursuant to Section 4.04,
(i) the occurrence of the Final Distribution Date, and
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(j) the repurchase of or substitution for any Mortgage Loan,
provided, however, that with respect to notice of the occurrence of the events
described in clauses (d), (g) or (h) above, the Master Servicer shall provide
prompt written notice to each Rating Agency and the Subservicer of any such
event known to the Master Servicer.
Section 11.07 Severability of Provisions.
If any one or more of the covenants, agreements, provisions or terms of
this Agreement shall be for any reason whatsoever held invalid, then such
covenants, agreements, provisions or terms shall be deemed severable from the
remaining covenants, agreements, provisions or terms of this Agreement and shall
in no way affect the validity or enforceability of the other provisions of this
Agreement or of the Certificates or the rights of the Holders thereof.
Section 11.08 Supplemental Provisions for Resecuritization.
This Agreement may be supplemented by means of the addition of a
separate Article hereto (a "Supplemental Article") for the purpose of
resecuritizing any of the Certificates issued hereunder, under the following
circumstances. With respect to any Class or Classes of Certificates issued
hereunder, or any portion of any such Class, as to which the Company or any of
its Affiliates (or any designee thereof) is the registered Holder (the
"Resecuritized Certificates"), the Company may deposit such Resecuritized
Certificates into a new REMIC, grantor trust, FASIT or custodial arrangement (a
"Restructuring Vehicle") to be held by the Trustee pursuant to a Supplemental
Article. The instrument adopting such Supplemental Article shall be executed by
the Company, the Master Servicer and the Trustee; provided, that neither the
Master Servicer nor the Trustee shall withhold their consent thereto if their
respective interests would not be materially adversely affected thereby. To the
extent that the terms of the Supplemental Article do not in any way affect any
provisions of this Agreement as to any of the Certificates initially issued
hereunder, the adoption of the Supplemental Article shall not constitute an
"amendment" of this Agreement.
Each Supplemental Article shall set forth all necessary provisions
relating to the holding of the Resecuritized Certificates by the Trustee, the
establishment of the Restructuring Vehicle, the issuing of various classes of
new certificates by the Restructuring Vehicle and the distributions to be made
thereon, and any other provisions necessary for the purposes thereof. In
connection with each Supplemental Article, the Company shall deliver to the
Trustee an Opinion of Counsel to the effect that (i) the Restructuring Vehicle
will qualify as a REMIC, grantor trust, FASIT or other entity not subject to
taxation for federal income tax purposes and (ii) the adoption of the
Supplemental Article will not endanger the status of the Trust Fund as a REMIC
or (subject to Section 10.01(f)) result in the imposition of a tax upon the
Trust Fund (including but not limited to the tax on prohibited transactions as
defined in Section 860F(a)(2) of the Code and the tax on contributions to a
REMIC as set forth in Section 860G(d) of the Code).
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