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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) September 29, 1997
CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORP. (as depositor under a
Pooling and Servicing Agreement dated as of September 1, 1997 providing for,
inter alia, the issuance of Chevy Chase Bank, F.S.B. Mortgage-Backed Pass-
Through Certificates, Series 1997-CCB1)
Credit Suisse First Boston Mortgage Securities Corp.
- -----------------------------------------------------------------
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
DELAWARE 333-33807 13-3320910
- --------------------------------------------------------------------------------
(STATE OR OTHER JURISDICTION (COMMISSION) (I.R.S. EMPLOYER
OF INCORPORATION) FILE NUMBER) IDENTIFICATION NO.)
11 Madison Avenue, New York, New York 10010
- --------------------------------------------------------------------------------
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) (ZIP CODE)
Registrant's telephone number, including area code (212) 325-2000
Not Applicable
- --------------------------------------------------------------------------------
(FORMER NAME OR FORMER ADDRESS, IF CHANGED SINCE LAST REPORT)
Exhibit Index Located on Page 2
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Items 1 through 6 and Item 8 are not included because they are not applicable.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
------------------------------------------------------------------
(a) Not applicable
(b) Not applicable
(c) Exhibits (executed copies) - The following execution copies of
Exhibits to the Form S-3 Registration Statement of the Registrant are hereby
filed:
Sequentially
Exhibit Numbered
Number Exhibit
- ------- Page
-----------
10.1 Pooling and Servicing Agreement, dated 004
as of September 1, 1997 among Credit
Suisse First Boston Mortgage Securities
Corp., as depositor, Chevy Chase Bank,
F.S.B., as seller and servicer,
and U.S. Bank National Association, as trustee
10.2 Certificate Guarantee Insurance
Policy issued by MBIA
Insurance Corporation in
connection with the Chevy
Chase Bank, F.S.B. Mortgage-Backed
Pass-Through Certificates,
Series 1997-CCB1, Class A.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES
CORP., Registrant
By: /s/ Allan J. Baum
----------------------------------------
Name: Allan J. Baum
Title: Vice President
Dated: September 29, 1997
3
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EXHIBIT 10.1
EXECUTION COPY
______________________________________________________________________________
______________________________________________________________________________
CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORP.,
Depositor,
CHEVY CHASE BANK, F.S.B.,
Seller and Servicer,
and
U.S. BANK NATIONAL ASSOCIATION,
Trustee
-----------
POOLING AND SERVICING AGREEMENT
Dated as of September 1, 1997
relating to
CHEVY CHASE BANK, F.S.B.
MORTGAGE-BACKED PASS-THROUGH CERTIFICATES, SERIES 1997-CCB1
______________________________________________________________________________
______________________________________________________________________________
<PAGE>
TABLE OF CONTENTS
ARTICLE I
DEFINITIONS
ARTICLE II
<TABLE>
<CAPTION>
<S> <C> <C>
CONVEYANCE OF TRUST FUND;
REPRESENTATIONS AND WARRANTIES
SECTION 2.01. Conveyance of Trust Fund............................................. 27
SECTION 2.02. Acceptance by Trustee................................................ 29
SECTION 2.03. Representations, Warranties and
Covenants of the Servicer and Seller................................. 30
SECTION 2.04. Representations, Warranties and
Covenants of the Servicer and the Seller with respect
to the Mortgage Loans................................................ 31
SECTION 2.05. Issuance of Certificates............................................. 39
SECTION 2.06. REMIC Provisions..................................................... 40
ARTICLE III
ADMINISTRATION AND SERVICING
OF MORTGAGE LOANS
SECTION 3.01. Servicing Standard................................................... 44
SECTION 3.02. Enforcement of the Obligations of Sub-Servicers...................... 45
SECTION 3.03. Termination of the Rights of Sub-Servicers........................... 46
SECTION 3.04. Liability of the Servicer............................................ 47
SECTION 3.05. Rights of the Depositor and the Trustee
in Respect of the Servicer........................................... 47
SECTION 3.06. Trustee to Act as Servicer........................................... 47
SECTION 3.07. Collection of Mortgage Loan Payments................................. 48
SECTION 3.08. Collection of Taxes, Assessments and
Similar Items; Escrow Accounts....................................... 50
SECTION 3.09. Permitted Withdrawals from the Custodial Account..................... 50
SECTION 3.10. Maintenance of Primary Mortgage Insurance Policies;
Collections Thereunder............................................... 52
SECTION 3.11. Maintenance of Hazard Insurance and Other Insurance.................. 53
SECTION 3.12. Enforcement of Due-On-Sale Clauses;
Assumption Agreements................................................ 54
SECTION 3.13. Realization Upon Defaulted Mortgage Loans............................ 55
SECTION 3.14. Trustee to Cooperate; Release of Trustee Mortgage Files.............. 57
SECTION 3.15. Documents, Records and Funds in Possession of Servicer
to be Held for the Depositor and the Trustee for the Benefit
of the Certificateholders............................................ 58
SECTION 3.16. Servicing Compensation............................................... 58
</TABLE>
ii
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<TABLE>
<S> <C> <C>
SECTION 3.17. Reports to the Depositor; Account Statements......................... 59
SECTION 3.18. Annual Statement as to Compliance.................................... 59
SECTION 3.19. Annual Independent Public Accountants' Servicing
Report............................................................... 59
SECTION 3.20. Reports to Trustee................................................... 60
SECTION 3.21. Converted Mortgage Loans; Certain Procedures and
Purchases............................................................ 60
ARTICLE IV
PAYMENTS AND STATEMENTS TO CERTIFICATEHOLDERS
SECTION 4.01. Certificate Account.................................................. 61
SECTION 4.02. Distributions........................................................ 62
SECTION 4.03. Allocation of Realized Losses........................................ 63
SECTION 4.04. Monthly Statements to Certificateholders............................. 64
SECTION 4.05. Prepayment Interest Shortfalls and Relief Act Shortfalls............. 66
SECTION 4.06. The Policy........................................................... 66
ARTICLE V
ADVANCES
SECTION 5.01. Monthly Advances by the Servicer..................................... 67
SECTION 5.02. Advances for Attorneys' Fees......................................... 68
SECTION 5.03. Nonrecoverable Advances.............................................. 68
SECTION 5.04. Advance Procedures................................................... 68
ARTICLE VI
THE CERTIFICATES
SECTION 6.01. The Certificates..................................................... 69
SECTION 6.02. Registration of Transfer and Exchange of Certificates................ 70
SECTION 6.03. Mutilated, Destroyed, Lost or Stolen Certificates.................... 75
SECTION 6.04. Persons Deemed Owners................................................ 75
SECTION 6.05. Access to List of Certificateholders' Names and
Addresses............................................................ 75
SECTION 6.06. Maintenance of Office or Agency...................................... 75
SECTION 6.07. Book-Entry Certificates.............................................. 76
SECTION 6.08. Notices to Clearing Agency........................................... 77
SECTION 6.09. Definitive Certificates.............................................. 77
ARTICLE VII
THE DEPOSITOR AND THE SERVICER
SECTION 7.01. Liabilities of the Depositor and the Servicer........................ 77
SECTION 7.02. Merger or Consolidation of the
Depositor or the Servicer............................................ 78
</TABLE>
iii
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<TABLE>
<S> <C> <C>
SECTION 7.03. Limitation on Liability of the Depositor, the Servicer
and Others........................................................... 79
SECTION 7.04. Servicer Not to Resign............................................... 79
SECTION 7.05. Errors and Omissions Insurance; Fidelity Bonds....................... 80
SECTION 7.06. Servicer May Own Certificates........................................ 80
ARTICLE VIII
DEFAULT
SECTION 8.01. Events of Default.................................................... 80
SECTION 8.02. Trustee to Act; Appointment of Successor............................. 82
SECTION 8.03. Notification to Certificateholders................................... 83
SECTION 8.04. Waiver of Events of Default.......................................... 83
ARTICLE IX
CONCERNING THE TRUSTEE
SECTION 9.01. Duties of Trustee.................................................... 84
SECTION 9.02. Certain Matters Affecting the Trustee................................ 86
SECTION 9.03. Trustee Not Liable for Certificates or Mortgage Loans................ 87
SECTION 9.04. Trustee May Own Certificates......................................... 87
SECTION 9.05. Trustee's Fees and Expenses.......................................... 87
SECTION 9.06. Eligibility Requirements for Trustee................................. 88
SECTION 9.07. Resignation and Removal of Trustee................................... 88
SECTION 9.08. Successor Trustee.................................................... 89
SECTION 9.09. Merger or Consolidation of Trustee................................... 89
SECTION 9.10. Appointment of Co-Trustee or Separate Trustee........................ 90
SECTION 9.11. Office of the Trustee................................................ 91
SECTION 9.12. Tax Returns.......................................................... 91
ARTICLE X
TERMINATION
SECTION 10.01. Termination upon Liquidation or
Repurchase of all Mortgage Loans.................................... 91
SECTION 10.02. Procedure Upon Optional Termination................................. 92
SECTION 10.03. Additional Termination Requirements................................. 93
ARTICLE XI
MISCELLANEOUS PROVISIONS
SECTION 11.01. Amendment........................................................... 94
SECTION 11.02. Recordation of Agreement; Counterparts.............................. 95
SECTION 11.03. Governing Law....................................................... 95
SECTION 11.04. Intention of Parties................................................ 95
SECTION 11.05. Notices............................................................. 97
</TABLE>
iv
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<TABLE>
<S> <C> <C>
SECTION 11.06. Severability of Provisions.......................................... 97
SECTION 11.07. Limitation on Rights of Certificateholders.......................... 97
SECTION 11.08. Certificates Nonassessable and Fully Paid........................... 98
SECTION 11.09. Rights of the Insurer............................................... 98
EXHIBITS
Exhibit A: Form of Class A Certificate........................................A-1
Exhibit B: Form of Class S Certificate........................................B-1
Exhibit C: Form of Class R Certificate........................................C-1
Exhibit D: Schedule of Mortgage Loans.........................................D-1
Exhibit E: Form of Initial Certification of Trustee...........................E-1
Exhibit F: Form of Final Certification of Trustee.............................F-1
Exhibit G: Form of Request for Release........................................G-1
Exhibit H: Form of Investor Representation Letter ............................H-1
Exhibit I: Form of Transferor Representation Letter ..........................I-1
Exhibit J: Form of Investor Transfer Affidavit and Agreement..................J-1
Exhibit K: Form of Transfer Certificate ......................................K-1
Exhibit L: Certificate Guaranty Insurance Policy..............................L-1
</TABLE>
v
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THIS POOLING AND SERVICING AGREEMENT, dated as of September 1, 1997,
is hereby executed by and between CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES
CORP., depositor (the "Depositor"), CHEVY CHASE BANK, F.S.B. ("Chevy Chase"), in
its capacity as seller (the "Seller") and in its capacity as servicer (the
"Servicer") and U.S. BANK NATIONAL ASSOCIATION, a national banking association,
as trustee (the "Trustee"). Capitalized terms used in this Agreement and not
otherwise defined will have the meanings assigned to them in Article I below.
PRELIMINARY STATEMENT
The Depositor is the owner of the Mortgage Loans and the other
property being conveyed by it to the Trustee in its capacity as trustee of the
Trust Fund, in accordance with this Agreement, and the Depositor has duly
authorized the execution and delivery of this Agreement to provide for the
conveyance to the Trustee of the Trust Fund. As provided herein, the Depositor
will make an election to treat the assets consisting of Mortgage Loans and
certain other assets as described herein as a real estate mortgage investment
conduit (a "REMIC") for federal income tax purposes and such pool of assets will
be designated as "REMIC I". The Class R-I Certificates will represent the sole
class of "residual interests" in REMIC I for purposes of the REMIC Provisions
(as defined herein) under federal income tax law. The following table
irrevocably sets forth the designation, the REMIC I Remittance Rate, the initial
Uncertificated Balance, and solely for purposes of satisfying Treasury
regulation Section 1.860G-1(a)(4)(iii), the "latest possible maturity date" for
each of the REMIC I Regular Interests. None of the REMIC I Regular Interests
will be certificated.
Designation REMIC I Initial Latest
- ------------- Remittance Uncertificated Possible
Date Rate Balance Maturity(1)
- ---- ---------- --------------- ----------------
I-LT1-I Variable(2) $722,584,222.76 June 25, 2031
I-LT2-I Variable(2) $ 1,625,113.35 June 25, 2031
I-LT3-I Variable(2) $ 2,016,094.28 June 25, 2031
I-LT4-I Variable(2) $ 2,016,094.28 June 25, 2031
___________________
(1) Solely for purposes of Section 1.860G-1(a)(4)(iii) of the Treasury
regulations, the Distribution Date immediately following the maturity date
for the Mortgage Loan with the latest maturity date has been designated as
the "latest possible maturity date" for each REMIC I Regular Interest.
(2) Calculated in accordance with the definition of "REMIC I Remittance
Rate" herein.
As provided herein, the Depositor will elect to treat the segregated pool
of assets consisting of the REMIC I Regular Interests as a REMIC for federal
income tax purposes, and such segregated pool of assets will be designated as
REMIC II. The Class R-II Certificates will represent the sole class of
"residual interests" in REMIC II for purposes of the REMIC Provisions under
federal income tax law. The following table irrevocably sets forth the
designation, Certificate Rate, aggregate Initial Certificate Principal Balance
and Maturity Date for each Class of Certificates comprising the interests
representing "regular interests" in REMIC II (the "REMIC II Regular
Certificates"). The "latest possible maturity date" (determined solely
1
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for purposes of satisfying Treasury Regulation Section 1.860G-1(a)(4)(iii)) for
each Class of REMIC II Regular Certificates shall be the first Distribution Date
that follows the stated maturity date for the Mortgage Loan included in the
Trust Fund as of the Closing Date with the longest remaining term to stated
maturity.
<TABLE>
<CAPTION>
Aggregate Initial
Certificate
Designation Type Certificate Rate Principal Balances Maturity Date
- ------------- ----------- ----------------- ------------------ -------------
<S> <C> <C> <C> <C>
Class A Senior Adjustable $728,241,524.66 June 25, 2031
Class S Subordinate * N/A June 25, 2031
</TABLE>
*As defined under "Certificate Rate" herein.
All covenants and agreements made by the Depositor herein are for the benefit
and security of the Certificateholders and the Insurer. The Depositor is
entering into this Agreement, and the Trustee is accepting the trusts created
hereby and thereby, for good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged. The principal balance of the
Mortgage Loans as of the Cut-off Date is $728,241,524.66.
The parties hereto intend to effect an absolute sale and assignment of
the Mortgage Loans to the Trustee for the benefit of Certificateholders and the
Insurer under the Mortgage Loan Purchase Agreement and this Agreement. However,
the Seller will hereunder absolutely assign and, as a precautionary matter grant
a security interest, in and to its rights, if any, in the Mortgage Loans to the
Trustee on behalf of Certificateholders and the Insurer to ensure that the
interest of the Insurer hereunder in the Mortgage Loans is fully protected.
W I T N E S S E T H T H A T:
In consideration of the mutual agreements herein contained, the
Depositor, the Servicer, the Seller and the Trustee agree as follows:
ARTICLE I
DEFINITIONS
Whenever used in this Agreement, the following words and phrases,
unless the context otherwise requires, shall have the following meanings:
Adjustment Date: As to each Mortgage Loan, each date set forth in the
---------------
related Mortgage Note on which an adjustment to the interest rate on such
Mortgage Loan becomes effective.
Adverse REMIC Event: As defined in Section 2.06(f).
-------------------
2
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Agreement: This Pooling and Servicing Agreement and any and all
---------
amendments or supplements hereto.
Appraised Value: The appraised value of the Mortgaged Property based
---------------
upon the appraisal made for the originator at the time of the origination of the
related Mortgage Loan or the sales price of the Mortgaged Property at the time
of such origination, whichever is less, or with respect to any Mortgage Loan
that represents a refinancing, the lower of the appraised value at origination
or the appraised value of the Mortgaged Property based upon the appraisal made
at the time of such refinancing.
Available Distribution Amount: With respect to any Distribution Date,
-----------------------------
the excess of (a) the sum of (i) the aggregate amount of payments and
collections received by the Servicer in respect of each Mortgage Loan on or
prior to the related Determination Date and not previously remitted, from any
source, including amounts received from the related Mortgagor, Insurance
Proceeds, Liquidation Proceeds (net of related Liquidation Expenses) and
condemnation awards, and amounts received in connection with the purchase of any
Mortgage Loans by the Seller or Servicer and the substitution of Replacement
Mortgage Loans, and excluding interest and other earnings on amounts on deposit
in the Custodial Account and the Certificate Account, (ii) the aggregate amount
of Monthly Advances required to be remitted by the Servicer relating to such
Distribution Date and (iii) Insured Payments payable pursuant to the Policy;
over (b) the sum of (i) the aggregate amount of the servicing compensation to be
paid to the Servicer pursuant to the terms hereof (including, without
limitation, Servicing Fees, prepayment penalties, fees or premiums, late payment
charges and assumption fees and any excess interest charges payable by the
Mortgagor by virtue of any default or other non-compliance by the Mortgagor with
the terms of the Mortgage Loan or any other instrument or document executed in
connection therewith or otherwise), (ii) any amount included therein
representing late payments or other recoveries of principal or interest
(including Liquidation Proceeds (net of Liquidation Expenses), Insurance
Proceeds and condemnation awards) with respect to any Mortgage Loans in respect
of which the Servicer has made a previously unreimbursed Monthly Advance to the
extent of such Monthly Advance, (iii) amounts included therein representing
reimbursement of Nonrecoverable Advances and other amounts permitted to be
withdrawn from the Custodial Account or the Certificate Account, (iv) all
Monthly Payments or portions thereof (other than Principal Prepayments and other
unscheduled collections of principal) received in respect of scheduled principal
and interest on any Mortgage Loan due after the related Due Period and included
therein, (v) all payments due on any Mortgage Loan on or prior to the Cut-off
Date and included therein, (vi) an amount equal to the Principal Balance of each
Mortgage Loan immediately prior to such Distribution Date multiplied by one-
twelfth of the Trustee Fee Rate, (vii) Principal Prepayments and other
unscheduled collections of principal received after the related Prepayment
Period and included therein and (viii) the Certificate Insurer Premium payable
as of such Distribution Date.
Bankruptcy Code: The United States Bankruptcy Code, as amended from
---------------
time to time (11 U.S.C.).
3
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Beneficial Holder: A Person holding a beneficial interest in any
-----------------
Certificate through a Participant or an Indirect Participant or a Person holding
a beneficial interest in any Definitive Certificate, as defined in Section 6.07.
Book-Entry Certificates: Certificates evidencing a beneficial
-----------------------
interest in the Trust Fund, ownership and transfers of which shall be made
through book entries, as described in Section 6.07.
Business Day: Any day other than (i) a Saturday or a Sunday, or (ii)
------------
a day on which the Insurer or banking institutions in New York or the state in
which the Servicer or the Corporate Trust Office are located are authorized or
obligated by law or executive order to be closed.
Certificate: Any Class A, Class S or Class R Certificate executed and
-----------
authenticated by the Trustee for the benefit of the Certificateholders in
substantially the form or forms attached as Exhibits hereto.
Certificate Account: The separate account or accounts created and
-------------------
maintained by the Trustee pursuant to Section 4.01, in the name of the Trustee
for the benefit of the Certificateholders and the Insurer for deposit of
payments and collections in respect of the Mortgage Loans pursuant to Section
4.01 hereof, which account or accounts must be an Eligible Account or Accounts.
Certificate Principal Balance: On any date and with respect to the
-----------------------------
Class A Certificates, the Initial Certificate Principal Balance of such Class
less the sum of (i) all amounts previously distributed to Holders of such Class
with respect to principal pursuant to Section 4.02 and (ii) all amounts of
Realized Losses previously allocated to such Class pursuant to Section 4.03,
unless an Insured Payment in respect of such amount has been paid by the Insurer
and is included in clause (i) above.
Certificate Rate: In the case of the Class A Certificates a per annum
----------------
rate equal to the weighted average, expressed as a percentage, of the Net
Mortgage Rates of the Mortgage Loans, weighted on the basis of the respective
Principal Balances of such Mortgage Loans at the close of business on the Due
Date immediately preceding the related Due Period after giving effect to
distributions on such date allocable to principal. With respect to the Class S
Certificates and any Distribution Date, a rate per annum equal to the sum of the
following components:
(A) the REMIC I Remittance Rate for REMIC I Regular Interest I-LT1-I
minus two (2) times the weighted average of the REMIC I Remittance Rates for
REMIC I Regular Interest I-LT2-I and I-LT3-I applied to a notional amount
equal to the Uncertificated Balance of I-LT1-I.
(B) the REMIC I Remittance Rate for REMIC I Regular Interest I-LT2-I
minus two (2) times the weighted average of the REMIC I Remittance
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Rates for REMIC I Regular Interests I-LT2-I and I-LT3-I applied to a notional
amount equal to the Uncertificated Balance of I-LT2-I.
(C) the REMIC I Remittance Rate for REMIC I Regular Interest I-LT4-I
minus four (4) times the weighted average of the REMIC I Remittance
Rates for REMIC I Regular Interests I-LT2-I and I-LT3-I applied to a notional
amount equal to the Uncertificated Balance of I-LT4-I.
Interest on the Certificates will be computed on the basis of a 360-day year
comprised of twelve 30-day months.
Certificate Register: The register maintained pursuant to Section
--------------------
6.02(a) hereof.
Certificateholder or Holder: The Person in whose name a Certificate
----------------- ------
is registered in the Certificate Register.
Class: Each of the Class A, Class S or Class R Certificates, as
-----
appropriate.
Class A Certificate: A Certificate executed and authenticated by the
-------------------
Trustee in substantially the form set forth in Exhibit A hereto and designated
---------
as a Class A Certificate and evidencing ownership of interests designated as
"regular interests" in REMIC II for purposes of the REMIC Provisions.
Class A Cumulative Interest Shortfall Amount: On any Distribution
--------------------------------------------
Date, an amount equal to (i) any portion of a Class A Interest Distribution
Amount that was not distributed to the Holders of the Class A Certificates on
any preceding Distribution Date less (ii) any amount described in clause (i)
hereof that is included in a Realized Loss that has been allocated to the Class
A Certificates on or prior to such Distribution Date.
Class A Interest Distribution Amount: On any Distribution Date, (a)
------------------------------------
one-twelfth of the product of (i) the Certificate Principal Balance of the Class
A Certificates immediately prior to such Distribution Date and (ii) the
applicable Certificate Rate, minus (b) the Insurer Premium and the aggregate
amount of Prepayment Interest Shortfalls and Relief Act Shortfalls allocated to
such Certificates pursuant to Section 4.05 on such Distribution Date.
Class A Principal Distribution Amount: (a) On any Distribution Date,
-------------------------------------
the sum of (i) the principal due on the related Due Date for each Mortgage Loan
and received during the related Due Period or with respect to which a Monthly
Advance was made with respect to the related Due Period, (ii) for each Mortgage
Loan that was prepaid during the related Prepayment Period, the amount of the
Principal Prepayment including, with respect to any Mortgage Loan that was the
subject of a Debt Service Reduction in any prior Prepayment Period, the amount
of any such Principal Prepayment that exceeds the Principal Balance of such
Mortgage Loan as of the date of the prepayment, (iii) for each Mortgage Loan
that was purchased by the Seller or Servicer during the related Prepayment
Period pursuant to Section 2.01, 2.02, 2.04, 3.12, 3.21 or 10.01 hereof, the
principal amount of the Purchase Price (net of any amounts with respect to which
a distribution of principal has already been made) and the amount of any
shortfall
5
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deposited in the Custodial Account in connection with the substitution of a
Deleted Mortgage Loan pursuant to Section 2.01, 2.02 or 2.04 hereof during the
related Prepayment Period, (iv) the aggregate amount of the principal portion of
Liquidation Proceeds and the principal portion of Insurance Proceeds received
with respect to such Mortgage Loan net of any withdrawals permitted hereunder to
be made by the Servicer from the Custodial Account with respect to such Mortgage
Loan, (v) for each Mortgage Loan with respect to which any other unscheduled
recovery of principal has been received during the related Prepayheduled
recovery, (vi) the amount of any related Overcollateralization Increase Amount
for such Distribution Date, and (vii) the payment of any Overcollateralization
Deficit pursuant to the Policy; minus (viii) the amount of any related
-----
Overcollateralization Reduction Amount for such Distribution Date and (b) on the
Scheduled Final Distribution Date, the outstanding Certificate Principal Balance
of the Class A Certificates.
Class I-LT-I Principal Reduction Amounts: For any Distribution Date,
----------------------------------------
the amounts by which the principal balances of the Class I-LT1-I, Class I-LT2-I,
Class I-LT3-I and Class I-LT4-I Certificates respectively will be reduced on
such Distribution Date by the allocation of Realized Losses and the distribution
of principal, determined as follows:
For purposes of the succeeding formulas the following symbols shall have the
meanings set forth below:
Y\1\ = the principal balance of the Class I-LT1-I Certificates after
distributions on the prior Distribution Date.
Y\2\ = the principal balance of the Class I-LT2-I Certificates after
distributions on the prior Distribution Date.
Y\3\ = the principal balance of the Class I-LT3-I Certificates after
distributions on the prior Distribution Date.
Y\4\ = the principal balance of the Class I-LT4-I Certificates after
distributions on the prior Distribution Date (note: Y\3\ = Y\4\).
(Delta)Y\1\ = the Class I-LT1-I Principal Reduction Amount.
(Delta)Y\2\ = the Class I-LT2-I Principal Reduction Amount.
(Delta)Y\3\ = the Class I-LT3-I Principal Reduction Amount.
(Delta)Y\4\ = the Class I-LT4-I Principal Reduction Amount.
P\0\ = the aggregate principal balance of the Class I-LT1-I, Class I-LT2-I,
Class I-LT3-I, and Class I-LT4-I Certificates after distributions and
the allocation of Realized Losses on the prior Distribution Date.
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P\1\ = the aggregate principal balance of the Class I-LT1-I, Class I-LT2-I,
Class I-LT3-I and Class I-LT4-I Certificates after distributions and
the allocation of Realized Losses to be made on such Distribution
Date.
(Delta)P = P\0\ - P\1\ = the aggregate of the Class I-LT1-I, Class I-LT2-I,
Class I-LT3-I and Class I-LT4-I Principal Reduction Amounts.
= the aggregate of the principal portions of Realized Losses to be
allocated to, and the principal distributions to be made on, the
Certificates on such Distribution Date (including distributions of
accredited and unpaid interest on the Class S Certificates for prior
Distribution Dates).
R\0\ = the weighted average of the Net Mortgage Rates for the Mortgage Loans
after giving effect to amounts distributed and Realized Losses
allocated on the prior Distribution Date plus 0.70%.
R\1\ = the weighted average of the Net Mortgage Rates for the Mortgage Loans
after giving effect to amounts to be distributed and Realized
Losses to be allocated on such Distribution Date plus 0.70%.
(Alpha) = .005
(Sigma)\0\ = the sum for the Class A Certificates of the product of (a) the per
annum interest rate for such Class plus the Insurer Premium Rate and
(b) the aggregate Certificate Principal Balance for such Class after
distributions and the allocation of Realized Losses on the prior
Distribution Date.
(Sigma)\1\ = the sum for the Class A Certificates of the product of (a) the per
annum interest rate for such Class plus the Insurer Premium Rate and
(b) the aggregate Certificate Principal Balance for such Class after
distributions and the allocation of Realized Losses to be made on such
Distribution Date.
Then, based on the foregoing definitions:
(Delta)Y\1\ = (Delta)P - (Delta)Y\2\ - (Delta)Y\3\ - (Delta)Y\4\.
(Delta)Y\2\ = ((Alpha)/2){(Sigma)\0\R\1\ - (Sigma)\1\R\0\)/R\0\R\1\}.
(Delta)Y\3\ = (Alpha)(Delta)P - (Delta)Y\2\.
(Delta)Y\4\ = (Delta)Y\3\.
Class I-LT1-I Principal Distribution Amount: For any Distribution
-------------------------------------------
Date, the excess, if any, of the Class I-LT1-I Principal Reduction Amount for
such Distribution Date over the principal Realized Losses allocated to the Class
I-LT1-I Certificates on such Distribution Date.
7
<PAGE>
Class I-LT2-I Principal Distribution Amount: For any Distribution
-------------------------------------------
Date, the excess, if any, of the Class I-LT2-I Principal Reduction Amount for
such Distribution Date over the principal Realized Losses allocated to the Class
I-LT2-I Certificates on such Distribution Date.
Class I-LT3-I Principal Distribution Amount: For any Distribution
-------------------------------------------
Date, the excess, if any, of the Class I-LT3-I Principal Reduction Amount for
such Distribution Date over the principal Realized Losses allocated to the Class
I-LT3-I Certificates on such Distribution Date.
Class I-LT4-I Principal Distribution Amount: For any Distribution
-------------------------------------------
Date, the excess, if any, of the Class I-LT4-I Principal Reduction Amount for
such Distribution Date over the principal Realized Losses allocated to the Class
I-LT4-I Certificates on such Distribution Date.
Class R Certificate: Any one of the Class R-I or Class R-II
-------------------
Certificates.
Class R-I Certificate: A Certificate executed and authenticated by
---------------------
the Trustee in substantially the form set forth in Exhibit C and designated as a
Class R-I Certificate and evidencing an interest designated as a "residual
interest" in REMIC I for purposes of the REMIC Provisions.
Class R-II Certificate: A Certificate executed and authenticated by
----------------------
the Trustee in substantially the form set forth in Exhibit C and designated as a
Class R-II Certificate and evidencing an interest designated as a "residual
interest" in REMIC II for purposes of the REMIC Provisions.
Class S Certificate: A Certificate executed and authenticated by the
-------------------
Trustee in substantially the form set forth in Exhibit C hereto and designated
as a Class S Certificate and evidencing ownership of interests designated as
"regular interests" in REMIC II for purposes of the REMIC Provisions.
Class S Cumulative Interest Shortfall Amount: On any Distribution
--------------------------------------------
Date, an amount equal to (i) any portion of a Class S Interest Distribution
Amount that was not distributed to the Holders of the Class S Certificates on
any preceding Distribution Date less (ii) any amount described in clause (i)
hereof that is included in a Realized Loss that has been allocated to the Class
S Certificates on or prior to such Distribution Date.
Class S Interest Distribution Amount: On any Distribution Date, (a)
------------------------------------
the aggregate of the product of (i) the Principal Balance of each Mortgage Loan
immediately after the Distribution Date preceding such Distribution Date
(or, with respect to the first Distribution Date, immediately prior to the
Closing Date) and (ii) one-twelfth of 0.70%, plus (b) the product of (i) the
Class S Cumulative Interest Shortfall Amount and (ii) the Certificate Rate for
the Class A Certificates (the sum of (a) and (b) being equal to the sum, for
each of the components of the Certificate Rate with respect to the Class S
Certificates of the product of such Certificate Rate and the applicable notional
amount as specified in the definition of Certificate Rate), minus (c) the
8
<PAGE>
aggregate amount of Prepayment Interest Shortfalls and Relief Act Shortfalls
allocated to the Class S Certificates pursuant to Section 4.05 on such
Distribution Date.
Clearing Agency: An organization registered as a "clearing agency"
---------------
pursuant to Section 17A of the Securities Exchange Act of 1934, as amended,
which initially shall be DTC.
Code: The Internal Revenue Code of 1986, as amended.
----
Convertible Mortgage Loan: Any Mortgage Loan which by its terms
-------------------------
grants to the related Mortgagor the option to convert the interest rate borne by
such Mortgage Loan from an adjustable interest rate to a fixed interest rate.
Converting Mortgage Loan: Any Convertible Mortgage Loan with respect
------------------------
to which the related Mortgagor has given notice of its intent to convert from an
adjustable interest rate to a fixed interest rate and prior to the conversion of
such Convertible Mortgage Loan.
Corporate Trust Office: The designated office of the Trustee in the
----------------------
State of Minnesota at which at any particular time its corporate trust business
shall be administered, which office at the date of the execution of this
Agreement is located at 180 East Fifth Street, Minneapolis, Minnesota 55101.
Cumulative Insurance Payments: As of any time of determination, the
-----------------------------
aggregate amount of all Insured Payments previously made by the Insurer under
the Policy plus any unpaid Insurer Premium, plus interest thereon from the date
such amounts became due until paid in full, at a rate of interest equal to the
Late Payment Rate and in accordance with Section 3.03(a) of the Insurance
Agreement, minus the sum of the aggregate of all payments previously made to the
Insurer pursuant to Section 4.02 hereof as reimbursement for such amounts.
Custodial Account: The deposit account or accounts created and
-----------------
maintained by the Servicer pursuant to Section 3.07 hereof in the name of a
depository institution which may be the Servicer for the benefit of the
Certificateholders and the Insurer, which account or accounts must be Eligible
Accounts.
Cut-off Date: September 1, 1997.
------------
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.
Deficiency Amount: With respect to the Class A Certificates as of any
-----------------
Distribution Date, the sum of (i) any shortfall in the Available Distribution
Amount to pay the interest portion of a Realized Loss, net of any interest
shortfalls relating to any Prepayment Interest Shortfalls and Relief Act
Shortfalls allocated to the Class A Certificates and (ii) the
Overcollateralization Deficit.
9
<PAGE>
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 that results
in a permanent forgiveness of principal, which valuation in either case results
from a proceeding under the Bankruptcy Code.
Deleted Mortgage Loan: A Mortgage Loan replaced or to be replaced by a
---------------------
Replacement Mortgage Loan.
Delinquency Amount: As of any Distribution Date, the product of the
------------------
Rolling Three Month Delinquency Percentage and the aggregate Principal Balances
of the Mortgage Loans as of the close of business on the last day of the related
Due Period immediately preceding such Distribution Date.
Delinquency Percentage: With respect to any Distribution Date, the
----------------------
percentage equivalent of a fraction (a) the numerator of which equals the
aggregate Principal Balances of all Mortgage Loans that are 90 or more days
delinquent, in foreclosure or converted to REO Properties as of the close of
business on the last day of the related Due Period and (b) the denominator of
which is the aggregate Principal Balance of the Mortgage Loans as of the close
of business on the last day of such Due Period.
Delivery Date: September 29, 1997.
-------------
Depositor: Credit Suisse First Boston Mortgage Securities Corp., a
---------
Delaware corporation, or its successor in interest.
Depository Agreement: The Letter of Representation dated as of
--------------------
September 29, 1997 by and among DTC, the Depositor and the Trustee.
Determination Date: The 15th day (or if such 15th day is not a
------------------
Business Day, the Business Day immediately preceding such 15th day) of the month
of the related Distribution Date.
Disqualified Organization: Any organization defined as a
-------------------------
"disqualified organization" under Section 860E(e)(5) of the Code, which includes
any of the following: (i) the United States, any State or political subdivision
thereof, any possession of the United States, or any agency or instrumentality
of any of the foregoing (other than an instrumentality which is a corporation if
all of its activities are subject to tax and, except for the FHLMC, a majority
of its board of directors is not selected by such governmental unit), (ii) a
foreign government, any international organization, or any agency or
instrumentality of any of the foregoing, (iii) any organization (other than
certain farmers' cooperatives described in Section 521 of the Code) which is
exempt from the tax imposed by Chapter 1 of the Code (including the tax imposed
by Section 511 of the Code on unrelated business taxable income), (iv) rural
electric and telephone cooperatives described in Section 1381(a)(2)(C) of the
Code and (v) any other Person so designated by the Trustee based upon an Opinion
of Counsel that the holding of an Ownership Interest in a Class R-I Certificate
or Class R-II Certificate by such Person may cause the related REMIC or any
Person having an Ownership Interest in any Class of Certificates (other than
such
10
<PAGE>
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-I Certificate or Class R-II 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 each calendar month, or if such
-----------------
25th day is not a Business Day, the next succeeding Business Day, commencing
October 27, 1997.
DTC: The Depository Trust Company.
---
Due Date: The first day of the calendar month in which the related
--------
Distribution Date occurs.
Due Period: The period from and including the second day of the
----------
calendar month preceding the calendar month in which any Distribution Date
occurs to and including the first day of the calendar month in which such
Distribution Date occurs.
Eligible Account: Either (i) an account or accounts maintained with a
----------------
federal or state-chartered depository institution or trust company (which may be
the Servicer or an affiliate of the Servicer or which may be the Trustee or an
affiliate of the Trustee) the short-term unsecured debt obligations of which
(or, in the case of a depository institution or trust company that is the
principal subsidiary of a holding company, the short-term unsecured debt
obligations of such holding company) are rated by each Rating Agency not lower
than P-1 in the case of Moody's and A-1+ in the case of Standard & Poor's, (ii)
an account or accounts the deposits in which are fully insured by the FDIC,
provided that any such deposits not so insured shall be otherwise maintained
such that (as evidenced by an Opinion of Counsel delivered to the Trustee and
the Rating Agencies) the applicable Certificateholders have a claim with respect
to the funds in such account or a perfected first priority security interest
against any collateral (which shall be limited to Eligible Investments) securing
such funds that is superior to claims of any other depositors or creditors of
the depository institution or trust company with which such account is
maintained, (iii) a trust account or accounts maintained with the trust
department of a federal or state chartered depository institution or trust
company acting in its fiduciary capacity, provided that any such state chartered
depository institution is subject to regulation regarding funds on deposit
substantially similar to the regulations set forth in 12 C.F.R. (S) 9.10(b), or
(iv) any account maintained at any Federal Home Loan Bank.
Eligible Investments: At any time, any one or more of the following
--------------------
obligations, instruments and securities:
(i) obligations of the United States or any agency thereof, provided
such obligations are backed by the full faith and credit of the United
States;
(ii) general obligations of or obligations guaranteed by any state of
the United States or the District of Columbia receiving the highest long-
term rating of Moody's and Standard & Poor's, or such lower ratings as are
acceptable to the Insurer and will not
11
<PAGE>
result in the downgrading or withdrawal of the rating, if any, then
assigned to the Class A Certificates by each applicable Rating Agency;
(iii) commercial paper (having original maturities of not more than
270 days) which is then rated in the highest commercial paper rating
category of Moody's and Standard & Poor's, or such lower category as is
acceptable to the Insurer and will not result in the downgrading or
withdrawal of the rating then assigned to the Class A Certificates by each
applicable Rating Agency;
(iv) certificates of deposit, demand or time deposits, federal funds
or bankers' acceptances (in each case having maturities of not more than
365 days) issued by any depository institution or trust company
incorporated under the laws of the United States or of any state thereof
and subject to supervision and examination by federal and/or state banking
authorities, provided that the commercial paper and/or long-term debt
obligations of such depository institution or trust company (or in the case
of a depository institution or trust company that is the principal
subsidiary of a holding company, the commercial paper or long-term debt
obligations of such holding company) are then rated in the highest rating
category of Moody's and Standard & Poor's, in the case of commercial paper,
and in the highest category in the case of long-term debt obligations, or
such lower categories as is acceptable to the Insurer and will not result
in the downgrading or withdrawal of the rating then assigned to the Class A
Certificates by each applicable Rating Agency, and, in the case of short-
term debt obligations which have maturities of 30 days or less, a rating of
P-1 by Moody's, and a rating of A-1+ by Standard & Poor's;
(v) demand or time deposits or certificates of deposit issued by (a)
any Federal Home Loan Bank or (b) any bank or trust company or savings
association which is rated at least "A" by Standard & Poor's which has
combined capital, surplus and undistributed profits of not less than $50
million and fully insured by the FDIC;
(vi) repurchase obligations with respect to any security described in
(i) and (ii) above or any other security issued or guaranteed by an agency
or instrumentality of the United States, in either case entered into with a
depository institution or trust company (acting as principal) described in
(iv) above;
(vii) securities bearing interest or sold at a discount issued by any
corporation incorporated under the laws of the United States or any state
thereof which, at the time of such investment or contractual commitment
providing for such investments are then rated in the highest rating
category of Moody's and Standard & Poor's or in such lower rating category
as will not result in the downgrading or withdrawal of the rating, if any,
then assigned to the Class A Certificates by each applicable Rating Agency;
(viii) such other investments which are acceptable to the Insurer and
do not adversely affect the rating, if any, on the Class A Certificates by
each applicable Rating Agency; and
12
<PAGE>
(ix) units of taxable money-market portfolios rated in the highest
rating category by Moody's and Standard & Poor's and not restricted to
obligations issued or guaranteed by any agency or instrumentality of the
United States or entities whose obligations are backed by the full faith
and credit of the United States and repurchase agreements collateralized by
such obligations.
provided that (A) such obligation or security is held for a temporary period
pursuant to Treasury Regulations Section 1.860G-2(g)(1), and (B) Eligible
Investments shall include only such obligations or securities that mature on or
before the (i) Business Day immediately preceding the next Distribution Date
with respect to amounts on deposit in the Certificate Account and (ii) the
second Business Day immediately preceding the next Distribution Date with
respect to amounts on deposit in the Custodial Account. In addition, no
Eligible Investment which incorporates a penalty for early withdrawal will be
used unless the maturity of such Eligible Investment is on or before the
Business Day immediately preceding the next Distribution Date.
Escrow Account: As defined in Section 3.08.
--------------
Event of Default: As defined in Section 8.01 hereof.
----------------
FDIC: The Federal Deposit Insurance Corporation, or any successor
----
thereto.
FHLMC: The 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
10.01, which Final Distribution Date shall in no event be later than the end of
the 90-day liquidation period described in Section 10.03.
FNMA: The 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.
Index: With respect to any Mortgage Loan and as to any Adjustment
-----
Date therefor, a per annum rate equal to the weekly average yield on U.S.
Treasury securities adjusted to a constant maturity of one year as reported by
the Federal Reserve Board in statistical Release No. H.15(519) as of the date
specified in the related Mortgage Note, or, in the event that such index is no
longer available, an index selected by the Servicer and reasonably acceptable to
the Trustee that is based on comparable information.
Indirect Participants: Entities, such as banks, brokers, dealers and
---------------------
trust companies, that clear through or maintain a custodial relationship with a
Participant, either directly or indirectly.
13
<PAGE>
Initial Certificate Principal Balance: With respect to the Class A
-------------------------------------
Certificates, $728,241,524.66.
Insurance Account: The account or accounts created and maintained
-----------------
pursuant to Section 4.06, which shall be entitled "U.S. Bank National
Association, as trustee, in trust for the registered holders of Chevy Chase
Bank, F.S.B., Mortgage-Backed Pass-Through Certificates, Series 1997-CCB1, Class
A," and which must be an Eligible Account.
Insurance Agreement: The Insurance Agreement dated as of September
-------------------
1, 1997 among the Insurer, the Trustee, the Servicer, the Seller and the
Depositor.
Insurance Proceeds: Amounts paid pursuant to any insurance policy
------------------
with respect to a Mortgage Loan that have not been used to restore the related
property.
Insured Payment: With respect to the Class A Certificates, as of any
---------------
Distribution Date, the Deficiency Amount, if any, for such Distribution Date.
Insurer: MBIA Insurance Corporation or its successors in interest.
-------
Insurer Default: The existence and continuance of any of the
---------------
following: (a) a failure by the Insurer to make a payment required under the
Policy in accordance with its terms; or (b)(i) the Insurer (A) files any
petition or commences any case or proceeding under any provision or chapter of
the Bankruptcy Code or any other similar federal or state law relating to
insolvency, bankruptcy, rehabilitation, liquidation or reorganization, (B) makes
a general assignment for the benefit of its creditors, or (C) has an order for
relief entered against it under the Bankruptcy Code or any other similar federal
or state law relating to insolvency, bankruptcy, rehabilitation, liquidation or
reorganization which is final and nonappealable; or (ii) a court of competent
jurisdiction, the New York Department of Insurance or other competent regulatory
authority enters a final and nonappealable order, judgment or decree (A)
appointing a custodian, trustee, agent or receiver for the Insurer or for all or
any material portion of its property or (B) authorizing the taking of possession
by a custodian, trustee, agent or receiver of the Insurer (or the taking of
possession of all or any material portion of the property of the Insurer).
Insurer Premium: With respect to any Distribution Date, an amount
---------------
equal to one-twelfth of the product of the Insurer Premium Rate and the
aggregate Certificate Principal Balance of the Class A Certificates immediately
prior to such Distribution Date.
Insurer Premium Rate: The rate set forth in the Insurance Agreement.
--------------------
Late Payment Rate: As defined in the Insurance Agreement.
-----------------
Liquidated Loan: With respect to any Distribution Date, a Mortgage
---------------
Loan which, as of the close of business on the Business Day next preceding the
related Determination Date, (a) has been liquidated through deed in lieu of
foreclosure, sale in foreclosure, trustee's sale or other realization as
provided by applicable law of real property subject to the related Mortgage and
any security agreements or (b) with respect to which payment under related
private mortgage
14
<PAGE>
insurance or hazard insurance and/or from any public or governmental authority
on account of a taking or condemnation of any such property has been received;
provided, however, that any REO Property shall not be treated as a Liquidated
Loan until such property has been finally liquidated.
Liquidation Expenses: Customary and reasonable "out of pocket"
--------------------
expenses incurred by the Servicer (or the related Sub-Servicer) in connection
with the liquidation of any defaulted Mortgage Loan and not recovered by the
Servicer (or the related Sub-Servicer) under a Primary Mortgage Insurance Policy
for reasons other than the Servicer's failure to comply with Section 3.10
hereof, such expenses including, without limitation, legal fees and expenses,
any unreimbursed amount expended by the Servicer pursuant to Section 3.11 hereof
respecting the related Mortgage and any related and unreimbursed expenditures
for real estate property taxes or for property restoration or preservation to
the extent not previously reimbursed under any hazard insurance policy for
reasons other than the Servicer's failure to comply with Section 3.11 hereof.
Liquidation Proceeds: Amounts other than Insurance Proceeds received
--------------------
in connection with the liquidation of a defaulted Mortgage Loan, whether through
trustee's sale, foreclosure sale or otherwise or amounts received in connection
with any condemnation or partial release of a Mortgaged Property.
Loan-to-Value Ratio: As of any date, the fraction, expressed as a
-------------------
percentage, the numerator of which is the Principal Balance of the related
Mortgage Loan at the date of determination and the denominator of which is the
Appraised Value of the Mortgaged Property or, in the case of a Replacement
Mortgage Loan, is the appraised value of the Mortgaged Property based upon an
appraisal made within 180 days prior to the date of substitution of such
Replacement Mortgage Loan for a Deleted Mortgage Loan.
Margin: As to each Mortgage Loan, the fixed percentage set forth in
------
the related Mortgage Note, which percentage is added to the Index on each
Adjustment Date to determine (subject to rounding in accordance with the related
Mortgage Note, the applicable Periodic Cap, Maximum Interest Rate and Minimum
Interest Rate) the interest rate to be borne by such Mortgage Loan until the
next Adjustment Date thereof.
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, if any, of each Class of Regular Certificates
would be reduced to zero as determined under a hypothetical scenario which
assumes that such date is the Distribution Date in the month of the maturity
date of the Mortgage Loan with the latest scheduled maturity date. The Maturity
Date for each Class of Regular Certificates is June 25, 2031.
Maximum Interest Rate: As to any Mortgage Loan, the maximum interest
---------------------
rate that may be borne by such Mortgage Loan as set forth in the related
Mortgage Note, which rate may be applicable to such Mortgage Loan at any time
during the life of such Mortgage Loan.
15
<PAGE>
Minimum Interest Rate: As to any Mortgage Loan, the minimum interest
---------------------
rate that may be borne by such Mortgage Loan as set forth in the related
Mortgage Note, which rate may be applicable to such Mortgage Loan at any time
during the life of such Mortgage Loan.
Monthly Advance: The aggregate of the advances made by or on behalf
---------------
of the Servicer with respect to any Distribution Date pursuant to Section 5.01
hereof, the amount of any such advances being equal to the regular monthly
installments of principal and interest on the Mortgage Loans that were due on
the related Due Date and delinquent as of the close of business on the related
Determination Date, after adjustment of any delinquent interest payment to be
equal to interest at a rate equal to the Mortgage Rate less the Servicing Fee
Rate on the Principal Balance of the Mortgage Loans, less the aggregate amount
of any such delinquent payments that the Servicer has determined would
constitute a Nonrecoverable Advance if made.
Monthly Payment: The scheduled monthly payment of principal and
---------------
interest on a Mortgage Loan.
Moody's: Moody's Investors Service or any successor thereto.
-------
Mortgage: The mortgage, deed of trust or other instrument creating a
--------
first lien on a fee simple or leasehold estate in real property securing a
Mortgage Note.
Mortgage File: For each Mortgage Loan, the Trustee Mortgage File and
-------------
the Servicer Mortgage File.
Mortgage Loan: Each of the mortgage loans transferred and assigned to
-------------
the Trustee pursuant to the provisions hereof as from time to time are held as a
part of the Trust Fund, evidenced by a Mortgage Note and secured by a Mortgage,
the mortgage loans so held being identified in the Mortgage Loan Schedule, as
amended from time to time.
Mortgage Loan Purchase Agreement: The Mortgage Loan Purchase
--------------------------------
Agreement dated as of September 1, 1997 between the Depositor, Credit Suisse
First Boston Corporation and the Seller, pursuant to which the Depositor
purchased the Mortgage Loans from the Seller.
Mortgage Loan Repurchase Price: The price, calculated as set forth in
------------------------------
Section 10.01, to be paid in connection with the repurchase of the Mortgage
Loans pursuant to an Optional Termination of the Trust Fund.
Mortgage Loan Schedule: The list of Mortgage Loans transferred to the
----------------------
Trustee as part of the Trust Fund for the Certificates and from time to time
subject to this Agreement (as from time to time amended by the Servicer to
reflect the addition of Replacement Mortgage Loans and the deletion of Deleted
Mortgage Loans pursuant to the provisions of this Agreement), attached hereto as
Exhibit D, setting forth the following information with respect to each Mortgage
- ---------
Loan:
(i)the loan number;
16
<PAGE>
(ii) the city, state and zip code for each Mortgaged Property;
(iii) the Index;
(iv) the Margin;
(v) the Maximum Interest Rate;
(vi) the Minimum Interest Rate;
(vii) the original term to maturity;
(viii) the remaining term to maturity;
(ix) the original principal balance;
(x) the Principal Balance as of the Cut-off Date;
(xi) the first Due Date;
(xii) the Monthly Payment in effect as of the Cut-off Date;
(xiii) the Loan-to-Value Ratio at origination;
(xiv) the Appraised Value of the Mortgaged Property;
(xv) the Net Mortgage Rate;
(xvi) a code indicating whether the Mortgaged Property is
either (a) a detached single-family dwelling or a de minimis planned unit
development, (b) a condominium unit or a dwelling in a planned unit development,
or (c) a two- to four-family residential property;
(xvii) a code indicating whether the Mortgaged Property at the
time of origination was represented to be owner-occupied; and
(xviii) the purpose for which the financing was made.
Such schedule shall also set forth the total of the amounts described under (ix)
above for all of the Mortgage Loans. Such schedule may be in the form of more
than one list collectively setting forth all of the information required and
shall also be in a computer-readable format acceptable to the Trustee and the
Insurer.
Mortgage Note: The original executed note or other evidence of the
-------------
indebtedness of a Mortgagor under a Mortgage Loan.
17
<PAGE>
Mortgage Rate: The annual rate of interest borne by a Mortgage Note,
-------------
which is set forth in the related Mortgage Note. The Mortgage Rate for each
Mortgage Loan as of the Cut-off Date will be adjusted on each Adjustment Date to
a rate equal to the sum of the Index applicable to such Adjustment Date and the
Margin, rounded to or up to the nearest multiple of 0.125%, as specified in the
related Mortgage Note, subject to the application of the applicable Periodic
Cap, Maximum Interest Rate and Minimum Interest Rate.
Mortgaged Property: The underlying property securing a Mortgage Loan.
------------------
Mortgagor: The obligor on a Mortgage Note.
---------
Net Mortgage Rate: As to each Mortgage Loan, with respect to any
-----------------
Distribution Date, a rate per annum equal to (a) the Mortgage Rate in effect as
of the Due Date in the preceding calendar month minus (b) the Servicing Fee Rate
minus (c) the Trustee Fee Rate minus (d) 0.70% per annum.
1933 Act: The Securities Act of 1933, as amended.
--------
Nonrecoverable Advance: The portion of any Monthly Advance previously
----------------------
made or proposed to be made by the Servicer or other advance previously made by
the Servicer that, in the good faith judgment of the Servicer, will not or, in
the case of a current delinquency, would not be, ultimately recoverable by the
Servicer from Insurance Proceeds or Liquidation Proceeds (net of Liquidation
Expenses) with respect to the related Mortgage Loan.
Officers' Certificate: A certificate signed by the Chairman of the
---------------------
Board, any Vice Chairman of the Board, the President, an Executive Vice
President, Senior Vice President, a Vice President, or other authorized officer,
and by the Treasurer, the Secretary, or one of the Assistant Treasurers or
Assistant Secretaries of the Depositor, the Seller, the Servicer, a Sub-Servicer
or the Trustee, as the case may be, and delivered to the Insurer, the Depositor,
the Servicer or the Trustee, as required by this Agreement.
Opinion of Counsel: A written opinion of counsel, who may be counsel
------------------
for the Depositor or the Servicer, reasonably acceptable to the Trustee and the
Insurer. With respect to the definition of Eligible Account in this Article I
and Sections 2.04 and 7.04 hereof and any opinion dealing with the qualification
of a REMIC or compliance with the REMIC Provisions, such counsel must (i) in
fact be independent of the Depositor and the Servicer, (ii) not have any direct
financial interest in the Depositor or the Servicer or in any affiliate of
either of them and (iii) not be connected with the Depositor or the Servicer as
an officer, employee, promoter, underwriter, trustee, partner, director or
Person performing similar functions.
Optional Termination: The purchase of the Mortgage Loans pursuant to
--------------------
Section 10.01.
Optional Termination Date: The date fixed by the Servicer for the
-------------------------
purchase of the Mortgage Loans pursuant to Section 10.01.
18
<PAGE>
Original Overcollateralization Amount: $7,282,415.25.
-------------------------------------
Overcollateralization Amount: As of any Distribution Date, the
----------------------------
excess, if any, of (a) the aggregate Principal Balances of the Mortgage Loans
immediately following such Distribution Date over (b) the Certificate Principal
Balance of the Class A Certificates as of such Distribution Date (after taking
into account the payment of the amounts described in clauses (i) through (v) of
the definition of Class A Principal Distribution Amount on such Distribution
Date).
Overcollateralization Deficiency Amount: With respect to any
---------------------------------------
Distribution Date, the excess, if any, of (a) the Specified
Overcollateralization Amount applicable to such Distribution Date over (b) the
related Overcollateralization Amount applicable to such Distribution Date prior
to taking into account the payment of any related Overcollateralization Increase
Amounts on such Distribution Date.
Overcollateralization Deficit: With respect to any Distribution Date,
-----------------------------
the excess of (x) the aggregate outstanding Class A Certificate Principal
Balance (after giving effect to all distributions to be made on such
Distribution Date) as of such Distribution Date over (y) the aggregate
outstanding Principal Balance of the Mortgage Loans as of the close of business
on the last day of the related Due Period (after giving effect to all
distributions during such period).
Overcollateralization Increase Amount: With respect to any
-------------------------------------
Distribution Date, the lesser of (a) the Overcollateralization Deficiency Amount
as of such Distribution Date (after taking into account the payment of the
related Class A Principal Distribution Amount on such Distribution Date
(exclusive of the payment of any related Overcollateralization Increase Amount))
and (b) the Class S Interest Distribution Amount with respect to such
Distribution Date as reduced by (i) the interest portion of any Realized Losses
and (ii) Cumulative tribution Date, an amount equal to the lesser of (a) the
excess, if any, of (x) the related Overcollateralization Amount that would exist
following such Distribution Date following payment of the related Class A
Principal Distribution Amount (exclusive of any reductions thereto attributable
to the related Overcollateralization Reduction Amount) over (y) the related
Specified Overcollateralization Amount for such Distribution Date and (b) the
sum of the amounts for such Distribution Date specified in clauses (i)-(v) of
the definition of Class A Principal Distribution Amount.
Participant: A broker, dealer, bank, other financial institution or
-----------
other Person for whom DTC effects book-entry transfers and pledges of securities
deposited with DTC.
Pass-Through Entity: (a) a regulated investment company described in
-------------------
Section 851 of the Code, a real estate investment trust described in Section 856
of the Code, a common trust fund or an organization described in Section 1381(a)
of the Code, (b) any partnership, trust or estate or (c) any person holding a
Class A Certificate as nominee for another person.
19
<PAGE>
Percentage Interest: The percentage interest (which may be expressed
-------------------
as a fraction) evidenced by any Certificate, which (a) in the case of the Class
A Certificates, is equal to a fraction, the numerator of which is the Initial
Certificate Principal Balance of such Certificate, and the denominator of which
is equal to the aggregate Initial Certificate Principal Balances of all
Certificates of the same Class and (b) in the case of the Class S or Class R
Certificates, is set forth on the face thereof.
Periodic Cap: With respect to each Mortgage Loan, the maximum
------------
increase or decrease in the Mortgage Rate on any Adjustment Date (other than
with respect to certain of the Mortgage Loans, the first Adjustment Date for
such Mortgage Loan), as specified in the related Mortgage Note.
Person: Any individual, corporation, partnership, joint venture,
------
association, joint-stock company, trust, unincorporated organization or
government, or any agency or political subdivision thereof.
Policy: The Certificate Guaranty Insurance Policy No. 24906 issued by
------
the Insurer in respect of the Class A Certificates, a copy of which is attached
hereto as Exhibit L.
Prepayment Interest Shortfall: As to any Distribution Date and any
-----------------------------
Mortgage Loan (other than a Mortgage Loan secured by an REO Property) that was
the subject of a Principal Prepayment during the related Prepayment Period, an
amount equal to the excess of one month's interest at the Mortgage Rate on the
Principal Balance of such Mortgage Loan over the amount of interest paid by the
Mortgagor for such Prepayment Period to the date of such Principal Prepayment.
Prepayment Period: With respect to any Distribution Date, the
-----------------
calendar month prior to the month in which such Distribution Date occurs.
Primary Mortgage Insurance Policy: Each primary policy of mortgage
---------------------------------
guaranty insurance with respect to the Mortgage Loans or any replacement policy
therefor.
Principal Balance: With respect to any Mortgage Loan, as of the date
-----------------
of any determination, the principal balance of such Mortgage Loan remaining to
be paid by the Mortgagor as of the Cut-off Date after deduction of all payments
due on or before the Cut-off Date, reduced (but not below zero) by the sum of
(i) all amounts previously received or collected by the Servicer in respect of
principal of such Mortgage Loan subsequent to the Cut-off Date, other than
amounts representing payments due on such Mortgage Loan on or prior to the Cut-
off Date; (ii) all Liquidation Proceeds (net of Liquidation Expenses) and
Insurance Proceeds allocated to principal; (iii) all amounts allocable to the
principal of such Mortgage Loan previously paid by the Servicer as part of a
Monthly Advance, in each case which were distributed to Certificateholders
pursuant to Section 4.02; and (iv) all Realized Losses allocated to
Certificateholders with respect thereto on any previous Distribution Date. In
the case of a Replacement Mortgage Loan, "Principal Balance" shall mean, at the
time of any determination, the principal balance of such Replacement Mortgage
Loan on the date of substitution after
20
<PAGE>
deduction of all payments due on or before the Due Date in the month of
substitution, reduced by the sums described in (i) through (iv), above, after
such Due Date.
Principal Prepayment: Any Mortgagor payment or other recovery of
--------------------
principal on a Mortgage Loan that is received in advance of its scheduled Due
Date and is not accompanied by an amount as to interest representing scheduled
interest due on any date or dates in any month or months subsequent to the month
of prepayment.
Purchase Price: With respect to any Mortgage Loan required to be
--------------
purchased by the Seller or Servicer pursuant to Section 2.01, 2.02, 2.04 or 3.12
or which the Servicer purchases pursuant to Section 3.21 the sum of (i) 100% of
the Principal Balance of the Mortgage Loan on the date of such purchase, (ii)
accrued and unpaid interest on the Mortgage Loan at a rate equal to the sum of
the Net Mortgage Rate, the Trustee Fee Rate and 0.70% per annum to the next Due
Date and (iii) the amount of any unreimbursed Monthly Advances and other
advances made by the Servicer with respect to such Mortgage Loan and
reimbursable to the Servicer hereunder. With respect to any Mortgage Loan
required or allowed to be purchased, the Servicer or Seller, as applicable,
shall deliver to the Trustee an Officers' Certificate as to the calculation of
the Purchase Price.
Qualified Insurer: A mortgage guaranty insurance company duly
-----------------
qualified as such under the laws of the state of its principal place of business
and each other state having jurisdiction over such insurer in connection with
the insurance policy issued by such insurer, duly authorized and licensed by the
insurance regulatory authority of the state of its principal place of business
and, to the extent required by applicable law, each such other state, to
transact a mortgage guaranty insurance business in such state and each such
other state and to write the insurance provided by the insurance policy issued
by it and approved as an insurer by FHLMC or FNMA and whose claims-paying
ability will not adversely affect the rating on the Certificates.
Rating Agency: Moody's and Standard & Poor's or any successor
-------------
thereto.
Realized Loss: An amount determined by the Servicer and evidenced by
-------------
an Officers' Certificate delivered to the Trustee, in connection with any
Mortgage Loan equal to (a) with respect to any Liquidated Loan, the excess of
the Principal Balance of such Liquidated Loan plus interest thereon at a rate
equal to the sum of the applicable Net Mortgage Rate and the Trustee Fee Rate
from the Due Date as to which interest was last paid up to the Due Date next
succeeding such liquidation over proceeds, if any, received in connection with
such liquidation, after application of all withdrawals permitted to be made by
the Servicer from the related Custodial Account with respect to such Mortgage
Loan, (b) with respect to any Mortgage Loan which has become the subject of a
Deficient Valuation, the excess of the Principal Balance of the Mortgage Loan
over the principal amount as reduced in connection with the proceedings
resulting in the Deficient Valuation or (c) with respect to any Mortgage Loan
which has become the subject of a Debt Service Reduction, the present value of
all monthly Debt Service Reductions on such Mortgage Loan, assuming that the
Mortgagor pays each Monthly Payment on the applicable Due Date and that no
Principal Prepayments are received with respect to such Mortgage Loan,
discounted monthly at the applicable Mortgage Rate.
21
<PAGE>
Record Date: With respect to any Distribution Date, the close of
-----------
business on the last Business Day of the month preceding the month in which the
applicable Distribution Date occurs.
Regular Certificates: All of the Certificates other than the Class R
--------------------
Certificates.
Relief Act: The Soldiers' and Sailors' Civil Relief Act of 1940, as
----------
amended.
Relief Act Shortfalls: With respect to any Distribution Date and any
---------------------
Mortgage Loan, the amount of any interest that is not collectible from the
Mortgagor during the related Due Period pursuant to the Relief Act or similar
legislation or regulations as in effect from time to time.
REMIC: A "real estate mortgage investment conduit", within the
-----
meaning of Section 860D of the Code.
REMIC Election: An election, for federal income tax purposes, to
--------------
treat certain assets as a REMIC.
REMIC I: The corpus of the trust created by this Agreement consisting
-------
of (a) the Mortgage Loans listed in the Mortgage Loan Schedule, including all
interest and principal received or receivable by the Depositor on or with
respect to the Mortgage Loans after the Cut-off Date, but not including payments
of principal and interest due and payable on the Mortgage Loans on or before the
Cut-off Date, together with the Mortgage Files relating to the Mortgage Loans,
(b) REO Property, (c) the Custodial Account and the Certificate Account and all
amounts deposited therein pursuant to the applicable provisions of this
Agreement, (d) any insurance policies with respect to the Mortgage Loans and (e)
all proceeds of the conversion, voluntary or involuntary, of any of the
foregoing into cash or other liquid property.
REMIC I Realized Losses: For any Distribution Date, Realized Losses
-----------------------
on the Mortgage Loans for the prior calendar month shall be allocated as
follows: The interest portion of Realized Losses, if any, shall be allocated
among the classes of REMIC I Certificates pro-rata according to the interest
accruing thereon at the REMIC I Remittance Rate thereon to the extent of such
interest accruing thereon at the REMIC I Remittance Rate in reduction thereof.
Any interest Realized Losses in excess of the amount allocated pursuant to the
preceding sentence shall be treated as principal Realized Losses not
attributable to any specific Mortgage Loan and allocated pursuant to the
succeeding sentences. The principal Realized Losses shall be allocated (i) to
the Class I-LT1-I, Class I-LT2-I, Class I-LT3-I and Class I-LT4-I Certificates
pro-rata according to their respective principal balances, provided that such
allocation to each of the Class I-LT2-I, Class I-LT3-I and Class I-LT4-I
Certificates shall not exceed their respective Class I-LT-I Principal Reduction
Amounts for such Distribution Date, and (ii) any principal Realized Losses not
allocated to either the Class I-LT2-I, Class I-LT3-I, or Class I-LT4-I
Certificates pursuant to the proviso of clause (i) shall be allocated to the
Class I-LT1-I Certificates.
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<PAGE>
REMIC I Regular Interest: Any of the four separate non-certificated
------------------------
beneficial ownership interests in REMIC I issued hereunder and designated as a
"regular interest" in REMIC I. Each REMIC I Regular Interest shall accrue
interest at the related REMIC I Remittance Rate in effect from time to time, and
shall be entitled to distributions of principal, subject to the terms and
conditions hereof, in an aggregate amount equal to its initial Uncertificated
Balance as set forth in the preliminary statement hereto. The designations for
the respective REMIC I Regular Interests are set forth in the Preliminary
Statement hereto.
REMIC I Remittance Rate: With respect to REMIC I Regular Interests I-
-----------------------
LT1-I and I-LT2-I, the weighted average of Net Mortgage Rates on the then
outstanding Mortgage Loans and REO Properties, plus 0.70% per annum. With
respect to REMIC I Regular Interest I-LT3-I, zero. With respect to REMIC I
Regular Interest I-LT4-I, twice the weighted average of Net Mortgage Rates on
the then outstanding Mortgage Loans and REO Properties, plus 1.40% per annum.
REMIC II: The segregated pool of assets consisting of all of the
--------
REMIC I Regular Interests, with respect to which a separate REMIC election is to
be made.
REMIC II Regular Interest: Any of the Class A Certificates and Class
-------------------------
S Certificates. The Class A Certificates shall accrue interest at the related
Certificate Rate in effect from time to time minus the Insurer Premium Rate, and
shall be entitled to distributions of principal, subject to the terms and
conditions hereof, in an aggregate amount equal to their initial Certificate
Principal Balance as set forth in the preliminary statement hereto. The Class S
Certificates shall accrue interest at the related Certificate Rate and shall not
be entitled to any distributions of principal.
REMIC Provisions: Provisions of the federal income tax law relating
----------------
to REMICs, which appear at Section 860A through 860G of the Subchapter M of
Chapter 1 of the Code and related provisions, and regulations promulgated
thereunder, as the foregoing may be in effect from time to time.
REO Property: Any Mortgaged Property acquired by or in the name of
------------
the Trustee for the benefit of the Certificateholders and the Insurer in
foreclosure or by deed-in-lieu of foreclosure.
Replacement Mortgage Loan: A Mortgage Loan substituted by the
-------------------------
Servicer or Seller for a Deleted Mortgage Loan which must, on the date of such
substitution, as confirmed in an Officers' Certificate delivered to the Trustee,
(i) have an outstanding Principal Balance, after deduction of the principal
portion of the Monthly Payment due in the month of substitution (or in the case
of a substitution of more than one Mortgage Loan for a Deleted Mortgage Loan, an
aggregate Principal Balance, after such deduction), not in excess of the
Principal Balance of the Deleted Mortgage Loan (the amount of any shortage to be
deposited by the Servicer or Seller, as the case may be, in the Certificate
Account in the month of substitution as set forth in Section 2.03 of this
Agreement); (ii) at the time of substitution have a Net Mortgage Rate equal to
or exceeding the Net Mortgage Rate of the Deleted Mortgage Loan; (iii) have a
Loan-to-Value Ratio no higher than the Loan-to-Value Ratio of the Deleted
Mortgage Loan; (iv) have a remaining term to maturity no greater than (and not
more than one year less than) the Deleted Mortgage Loan; (v) be of the same or
better credit quality classification as that of the Deleted
23
<PAGE>
Mortgage Loan; and (vi) comply with each representation and warranty relating to
the Mortgage Loans set forth in Section 2.04 hereof.
Required Insurance Policy: With respect to any Mortgage Loan, any
-------------------------
insurance policy that is required to be maintained from time to time under this
Agreement in respect of such Mortgage Loan, including each standard hazard and,
if applicable, flood insurance policy.
Responsible Officer: When used with respect to the Trustee, the
-------------------
Chairman or Vice Chairman of the Board of Directors or Trustees, the Chairman or
Vice Chairman of the Executive or Standing Committee of the Board of Directors
or Trustees, the President, the Chairman of the Committee on Trust Matters, any
Vice President, any Assistant Vice President, the Secretary, any Assistant
Secretary, the Treasurer, any Assistant Treasurer, the Cashier, any Assistant
Cashier, any Trust Officer or Assistant Trust Officer, the Controller and any
Assistant Controller or any other officer of the Trustee customarily performing
functions similar to those performed by any of the above designated officers and
also, with respect to a particular matter, any other officer to whom such matter
is referred because of such officer's knowledge of and familiarity with the
particular subject.
Rolling Three-Month Delinquency Percentage: As of any Distribution
------------------------------------------
Date, the fraction, expressed as a percentage, equal to the average of the
Delinquency Percentage for each of the three (or one and two in the case of the
first and second Distribution Dates) immediately preceding Due Periods.
Rule 144A: Rule 144A under the 1933 Act, as in effect from time to
---------
time.
Scheduled Final Distribution Date: May 25, 2032.
---------------------------------
Seller: Chevy Chase Bank, F.S.B. or its successor in interest.
------
Servicer: Chevy Chase Bank, F.S.B. or any successor under the terms
--------
of this Agreement.
Servicer Advance Date: The date on which the Servicer is required to
---------------------
make a Monthly Advance pursuant to Section 5.04 hereof.
Servicer Mortgage File: All documents pertaining to a Mortgage Loan
----------------------
not required to be included in the Trustee Mortgage File and held by the
Servicer or any Sub-Servicer.
Servicer Trigger Event: The occurrence of any of the following
----------------------
events:
(a) cumulative Realized Losses since the Delivery Date equal or exceed
1.00% of the Principal Balances of the Mortgage Loans as of the Cut-off
Date;
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<PAGE>
(b) cumulative Realized Losses for the three year period commencing on
the Delivery Date equal or exceed 0.75% of the Principal Balances of the
Mortgage Loans as of the Cut-off Date; or
(c) as of any date of determination, the Rolling Three Month
Delinquency Percentage exceeds 4.0%.
Servicing Fee: For each calendar month, as to each Mortgage Loan, (i)
-------------
an amount equal to one month's interest (or in the event of any payment of
interest which accompanies a Principal Prepayment in full made by the Mortgagor,
interest for the number of days covered by such payment of interest) at the
applicable Servicing Fee Rate on the Principal Balance of such Mortgage Loan
immediately preceding the Distribution Date occurring in such month and (ii)
increased by any late payment charges, assumption fees and other usual and
customary fees collected from the Mortgagor and by any net income on Eligible
Investments held in the Custodial Account.
Servicing Fee Rate: 0.375% per annum.
------------------
Servicing Officer: Any officer of the Servicer involved in, or
-----------------
responsible for, the administration and servicing of the Mortgage Loans whose
name appears on a list of servicing officers furnished to the Trustee and the
Insurer on the Delivery Date by the Servicer pursuant to this Agreement, as such
list may from time to time be amended.
Specified Overcollateralization Amount:
--------------------------------------
(a) As of the Delivery Date, zero;
(b) for any Distribution Date occurring during the period commencing
on the Delivery Date and ending on the later of the thirtieth distribution
date following the Delivery Date and the date upon which an aggregate
amount equal to one-half of the aggregate Principal Balance of the Mortgage
Loans as of the Cut-off Date has been received by the Class A
Certificateholders with respect to the Class A Principal Distribution
Amount, the greater of: (i) the Original Overcollateralization Amount, and
(ii) 0.60 multiplied by the Delinquency Amount as of such Distribution
Date; and
(c) for any Distribution Date occurring after the end of the period in
clause (b) above, the greater of (i) 2% of the aggregate Principal Balance
of the Mortgage Loans as of the close of business on the last day of the
related Due Period preceding such Distribution Date, (ii) 0.60 multiplied
by the Delinquency Amount and (iii) the greater of (x) 0.25% of the
aggregate Principal Balance of the Mortgage Loans as of the Cut-off Date
and (y) the aggregate Principal Balance of the three Mortgage Loans with
the greatest Principal Balance as of such Distribution Date.
Notwithstanding the above, in the event of a claim on the Policy, the Specified
Overcollateralization Amount shall not step down from the amount of the
Specified
25
<PAGE>
Overcollateralization Amount in effect as of the Distribution Date immediately
preceding such claim on the Policy until such time as the amount of such claim
is reimbursed to the Insurer.
Standard & Poor's: Standard & Poor's Ratings Services, a division of
-----------------
the McGraw-Hill Companies, or its successor in interest.
Sub-Servicer: Any other entity with respect to any Mortgage Loan
------------
under any Sub-Servicing Agreement applicable to such Mortgage Loan and any
successors and assigns under such Sub-Servicing Agreement.
Sub-Servicing Agreement: Any servicing agreement between the Servicer
-----------------------
and a Sub-Servicer pursuant to which the Servicer delegates any of its servicing
responsibilities with respect to any of the Mortgage Loans.
Transferee Affidavit and Agreement: As defined in Section
----------------------------------
6.02(g)(i)(B).
Trust Fund: Collectively, the assets of REMIC I and REMIC II.
----------
Trustee: U.S. Bank National Association, a national banking
-------
association, not in its individual capacity, but solely in its capacity as
trustee for the benefit of the Certificateholders and the Insurer under this
Agreement, and any successor thereto, as provided herein.
Trustee Fee: The fee payable to the Trustee on each Distribution Date
-----------
for its services as Trustee hereunder, in an amount equal to one-twelfth of the
Trustee Fee Rate multiplied by the Principal Balance of the Mortgage Loans
immediately prior to such Distribution Date.
Trustee Fee Rate: 0.0032% per annum.
----------------
Trustee Mortgage File: The mortgage documents listed in Section 2.01
---------------------
hereof pertaining to a particular Mortgage Loan and any additional documents
required to be added to the Trustee Mortgage File pursuant to this Agreement.
Uncertificated Balance: The amount of any REMIC I Regular Interest
----------------------
outstanding as of any date of determination. As of the Closing Date, the
Uncertificated Balance of each REMIC I Regular Interest shall equal the amount
set forth in the Preliminary Statement hereto as its initial Uncertificated
Balance. On each Distribution Date, the Uncertificated Balance of each REMIC I
Regular Interest shall be reduced by all distributions of principal made on such
REMIC I Regular Interest on such Distribution Date pursuant to Section 4.02 and
if, and to the extent, necessary and appropriate, shall be further reduced on
such Distribution Date by Realized Losses as provided in Section 4.05. The
Uncertificated Balance of each REMIC I Regular Interest shall never be less than
zero.
Uncertificated Interest: With respect to any REMIC I Regular Interest
-----------------------
for any Distribution Date, one month's interest at the REMIC I Remittance Rate
applicable to such
26
<PAGE>
REMIC I Regular Interest for such Distribution Date, accrued on the
Uncertificated Balance thereof immediately prior to such Distribution Date.
Uncertificated Interest in respect of any REMIC I Regular Interest I-LT1-I, I-
LT2-I, I-LT3-I or I-LT4-I shall accrue on the basis of a 360-day year consisting
of twelve 30-day months. Uncertificated Interest with respect to each
Distribution Date, as to any REMIC I Regular Interest, shall be reduced by any
interest shortfalls with respect to the Mortgage Loans to time. In addition,
Uncertificated Interest with respect to each Distribution Date, as to any REMIC
I Regular Interest shall be reduced by the interest portion of Realized Losses
allocable to such REMIC I Regular Interest, if any, pursuant to Section 4.05(b)
hereof.
U.S. Person: A citizen or resident of the United States, a
-----------
corporation, partnership or other entity created or organized in, or under the
laws of, the United States or any political subdivision thereof, or an estate or
trust whose income from sources without the United States is includable in gross
income for United States federal income tax purposes regardless of its
connection with the conduct of a trade or business within the United States.
Voting Rights: The portion of the aggregate voting rights of all the
-------------
Certificates evidenced by a Certificate. 98% of all Voting Rights will be
allocated to the Class A Certificates in proportion to their Certificate
Principal Balances, 1% of all Voting Rights will be allocated among the Class S
Certificates in proportion to their Percentage Interests and 0.5% and 0.5% of
all Voting Rights will be allocated to the Class R-I and Class R-II
Certificates, respectively.
ARTICLE II
CONVEYANCE OF TRUST FUND;
REPRESENTATIONS AND WARRANTIES
SECTION 2.01. Conveyance of Trust Fund.
------------------------
The Depositor hereby sells, transfers, assigns, delivers, sets over
and otherwise conveys to the Trustee for the benefit of the Certificateholders
and the Insurer, without recourse, the Depositor's right, title and interest in
and to (a) the Mortgage Loans listed in the Mortgage Loan Schedule, including
all interest and principal received or receivable by the Depositor on or with
respect to the Mortgage Loans after the Cut-off Date, but not including payments
of principal and interest due and payable on the Mortgage Loans on or before the
Cut-off Date, which Mortgage Loans the Depositor shall cause to be delivered to
the Trustee on or prior to the Delivery Date, together with the Trustee Mortgage
Files relating to the Mortgage Loans, (b) REO Property, (c) the Custodial
Account, the Certificate Account and all amounts deposited therein pursuant to
the applicable provisions of this Agreement, (d) any insurance policy with
respect to the Mortgage Loans and (e) all proceeds of the conversion, voluntary
or involuntary, of any of the foregoing into cash or other liquid property.
The Seller hereby sells, transfers, assigns, delivers, sets over and
otherwise conveys to the Trustee for the benefit of the Insurer and
Certificateholders, without recourse,
27
<PAGE>
any and all right, title and interest of the Seller, if any, in and to (a) the
Mortgage Loans listed in the Mortgage Loan Schedule, including all interest and
principal received or receivable by the Seller on or with respect to the
Mortgage Loans after the Cut-off Date, but not including payments of principal
and interest due and payable on the Mortgage Loans on or before the Cut-off
Date, (b) REO Property, (c) the Custodial Account, the Certificate Account and
all amounts deposited therein pursuant to the applicable provisions of this
Agreement, (d) any insurance policy with respect to the Mortgage Loans and (e)
all proceeds of the conversion, voluntary or involuntary, of any of the
foregoing into cash or other liquid property.
In connection with any such transfer and assignment, the Depositor
shall deliver to, and deposit with, the Trustee the following documents or
instruments with respect to each Mortgage Loan so assigned:
(i) the Mortgage Note, endorsed without recourse to the order of the
Trustee, with all intervening endorsements showing a complete chain of
endorsement from the originator to the last endorser, and if the Mortgage
Note or Mortgage or any other material document or instrument relating to
the Mortgage Loan has been signed on behalf of the Mortgagor by another
person, the original power of attorney or other instrument that authorized
and empowered such person to sign, or a copy of the original power of
attorney or other instrument certified by the relevant public recording
office in those instances in which the public recording office retains the
original;
(ii) the original Mortgage, and any intervening assignment thereof, in
each case as recorded, with evidence of recording indicated thereon;
(iii) an original assignment or assignments of Mortgage showing an
unbroken chain of title from the originator to the preceding assignee to
the Trustee with evidence of recording indicated thereon; and
(iv) the original copy of each assumption, modification, written
assurance or substitution agreement, if any, with respect to such Mortgage
Loan, as identified on the Mortgage Loan Schedule.
Notwithstanding the foregoing, in the event that in connection with
any Mortgage Loan the Depositor cannot deliver an original recorded counterpart
of any of the documents required to be delivered pursuant to clauses (ii) or
(iii) above with evidence of recording thereon concurrently with the execution
and delivery hereof, the Depositor shall deliver, or cause the Servicer to
deliver, to the Trustee a duplicate original or true copy of such document
certified by the Depositor or the Servicer or the applicable public recording
office to be a true and complete duplicate original or copy of the original
thereof submitted for recording, or a copy of the Mortgage certified by a title
insurance or escrow company or companies reasonably acceptable to the Insurer,
evidencing that such Mortgage or assignment of Mortgage has been delivered to
the appropriate public recording office for recordation. In the event that the
Depositor cannot deliver a duplicate original or true copy certified as stated
above of such document required to be delivered pursuant to clauses (ii) or
(iii) above, within 45 days of the Delivery Date, the Servicer shall purchase
the related Mortgage Loan at the Purchase Price
28
<PAGE>
therefor. The Depositor shall promptly deliver, or cause the Servicer to
deliver, to the Trustee (A) such original document with evidence of recording
indicated thereon or a photocopy of such document certified by the appropriate
county recorder's office to be a true and complete copy of the original thereof,
upon receipt thereof from the public recording official or from the Servicer,
and (B) upon discovery of any defect or omission in the deliveries of any of
items (ii) through (iv) above with respect to any Mortgage Loan, a correct and
complete document or instrument meeting the requirements of such item or a
certified copy thereof, certified by the relevant recording office, but in no
event shall any such delivery be made later than 90 days following the Delivery
Date (unless such document has not been returned from the relevant recording
office at such time, in which case the Servicer shall make such delivery within
270 days of the Delivery Date). From time to time the Servicer may forward or
cause to be forwarded to the Trustee for the benefit of the Certificateholders
and the Insurer additional original documents evidencing an assumption or
modification of a Mortgage Loan.
The Trustee shall promptly complete the endorsement of the Mortgage
Note referred to in (i) above and the assignment of Mortgage referred to in
(iii) above to the Trustee for the benefit of the Holders of the Chevy Chase
Bank, F.S.B. Mortgage-Backed Pass-Through Certificates, Series 1997-CCB1 and
MBIA Insurance Corporation. The Trustee on behalf of the Servicer shall
promptly record in the appropriate public office for real property records each
original assignment referred to in (iii) above with respect to each Mortgaged
Property, and the Trustee shall release any such assignment to the Depositor or
the Servicer, as applicable, for such purpose. The Depositor or the Servicer
shall promptly deliver to the Trustee each original assignment with evidence of
recording indicated thereon or a photocopy thereof certified by the appropriate
county recorder's office to be a true and complete copy of the original thereof,
upon receipt thereof from the public recording official. If any assignment is
returned unrecorded to the Depositor or the Servicer because of any defect
therein, the Depositor or the Servicer shall cure or correct such defect and
cause such assignment to be recorded in accordance with this paragraph and if
such defect is not cured the Servicer shall purchase the Mortgage Loan at the
Purchase Price therefor.
SECTION 2.02. Acceptance by Trustee.
---------------------
The Trustee will hold the documents referred to in Section 2.01 above
and the other documents constituting a part of the Trustee Mortgage Files
delivered to it in trust for the use and benefit of all present and future
Certificateholders and the Insurer. Upon execution and delivery of this
Agreement and within 45 days after the execution and delivery of this Agreement,
the Trustee shall ascertain whether all documents required to be delivered to it
pursuant to Section 2.01 hereof are in its possession, and shall deliver to the
Depositor, the Insurer and the Servicer a certification (upon execution and
delivery of this Agreement, the "Initial Certification" and within 45 days
thereof, the "Final Certification", respectively) in the forms set forth as
Exhibits E and F hereto to the effect that, as to each Mortgage Loan listed in
- ---------- -
the Mortgage Loan Schedule: (a) all documents required to be delivered to the
Trustee pursuant to this Agreement are in its possession, (b) such documents
have been reviewed by it and have not been mutilated, damaged, defaced, torn or
otherwise physically altered, and such documents relate to such Mortgage Loan,
(c) based on its examination and only as to the foregoing documents, the
information set forth in items (i) through (vi) of the definition of
29
<PAGE>
Mortgage Loan Schedule respecting such Mortgage Loan accurately reflects the
information contained in the documents in the Trustee Mortgage File and (d) each
Mortgage Note has been endorsed and each assignment of Mortgage has been
delivered as provided in Section 2.01 hereof. The Trustee shall deliver to the
Depositor, the Insurer and the Servicer a copy of such Final Certification. If,
in the course of such review, the Trustee finds any document or documents
constituting a part of a Mortgage File which do not meet the requirements of
(a)-(d) above, the Trustee shall promptly notify the Servicer, the Insurer and
the Depositor in writing, and request that the Servicer correct or cure such
defect. The Trustee shall promptly notify the Depositor in writing if any
original assignment referred to in clause (iii) above has not been received by
it prior to December 31, 1997. In the event the Servicer or Depositor shall fail
to cure any document deficiency or defect reflected in the Final Certification
or as otherwise required under Section 2.01, it shall not be the obligation of
the Trustee hereunder to cure the same, and the Servicer shall purchase the
Mortgage Loan at the Purchase Price therefor.
The Depositor agrees that at any time and from time to time upon
written request of the Trustee or the Insurer, the Depositor shall promptly and
duly execute and deliver any and all such further documents and assurances, and
take such further actions as the Trustee reasonably may request in order to
obtain or more fully vest the benefits of the assignment intended hereunder (as
set forth hereinabove in Section 2.01 and hereinbelow in Section 2.03) and of
the rights and powers herein granted.
The Trustee shall retain possession and custody of each Trustee
Mortgage File in accordance with and subject to the terms and conditions set
forth herein.
SECTION 2.03. Representations, Warranties and
--------------------------------
Covenants of the Servicer and Seller.
------------------------------------
Chevy Chase, as Seller and Servicer, hereby represents and warrants
to, and covenants with, the Depositor, the Insurer and the Trustee that, as of
the date hereof:
(i) Chevy Chase is a federal savings bank, validly existing and
in good standing under the laws of the United States of America and is duly
authorized and qualified to transact any and all business contemplated by
this Agreement in any state in which a Mortgaged Property is located or is
otherwise not required under applicable law to effect such qualification
and, in any event, is in compliance with the doing business laws of any
such State, to the extent necessary to ensure the enforceability of each
Mortgage Loan and the servicing of the Mortgage Loans in accordance with
the terms of this Agreement;
(ii) Chevy Chase has the full corporate power and authority to
service each Mortgage Loan, and to execute, deliver and perform, and to
enter into and consummate the transactions contemplated by this Agreement
and has duly authorized by all necessary corporate action on the part of
Chevy Chase the execution, delivery and performance of this Agreement; and
this Agreement, assuming the due authorization, execution and delivery
thereof by the Depositor and the Trustee, constitutes a legal, valid and
binding obligation of Chevy Chase, enforceable against Chevy Chase in
accordance
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with its terms, except that (A) the enforceability thereof may be limited
to bankruptcy, insolvency, moratorium, receivership and other similar laws
relating to creditors' rights generally and (B) the remedy of specific
performance and injunctive and other forms of equitable relief may be
subject to the equitable defenses and to the discretion of the court before
which any proceeding therefor may be brought;
(iii) the execution and delivery of this Agreement by Chevy
Chase, the servicing of the Mortgage Loans by Chevy Chase hereunder, the
consummation of any other of the transactions herein contemplated, and the
fulfillment of or compliance with the terms hereof are in the ordinary
course of business of Chevy Chase and will not (A) result in a material
breach of any term or provision of the charter or by-laws of Chevy Chase or
(B) materially conflict with, result in a material breach, violation or
acceleration of, or result in a material default under, the terms of any
other material agreement or instrument to which Chevy Chase is a party or
by which it may be bound, or any statute, order or regulation applicable to
Chevy Chase of any court, regulatory body, administrative agency or
governmental body having jurisdiction over Chevy Chase; and Chevy Chase is
not a party to, bound by, or in breach or violation of any material
indenture or other material agreement or instrument, or subject to or in
violation of any statute, order or regulation of any court, regulatory
body, administrative agency or governmental body having jurisdiction over
it, which materially and adversely affects, or, to Chevy Chase's knowledge
would in the future materially and adversely affect, (1) the ability of
Chevy Chase to perform its obligations under this Agreement or (2) the
business, operations, financial condition, properties or assets of the
Servicer taken as a whole;
(iv) Chevy Chase is, and will remain, subject to supervision and
examination by any state or federal authority as may be applicable and will
remain in good standing and qualified to do business where so required by
applicable law and is, and will remain an approved servicer of conventional
mortgage loans for FNMA or FHLMC;
(v) no litigation is pending or, to the best of Chevy Chase's
knowledge, threatened, against Chevy Chase that would materially and
adversely affect the execution, delivery or enforceability of this
Agreement or the ability of Chevy Chase to service the Mortgage Loans or to
perform any of its other obligations hereunder in accordance with the terms
hereof;
(vi) Chevy Chase will at all times comply in the performance of
its obligations under this Agreement with all reasonable rules and
requirements of the insurer under each Required Insurance Policy;
(vii) no written information, certificate of an officer,
statement furnished in writing or written report delivered to the Insurer,
the Depositor, any affiliate of the Depositor or the Trustee and prepared
by Chevy Chase pursuant to this Agreement will contain any untrue statement
of a material fact or omit to state a material fact necessary to make the
information, certificate, statement or report not misleading;
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(viii) except for permits and similar authorizations required
under the securities or "blue sky" laws no consent, approval, authorization
or order of any court or governmental agency or body is required for the
execution, delivery and performance by Chevy Chase of, or compliance by
Chevy Chase with, this Agreement or the consummation of the transactions
contemplated hereby, or if any such consent, approval, authorization or
order is required, Chevy Chase has obtained the same; and
(ix) Chevy Chase will service the Mortgage Loans in accordance
with the standards set forth in this Agreement.
SECTION 2.04. Representations, Warranties and Covenants of the
------------------------------------------------
Servicer and the Seller with respect to the Mortgage Loans.
-----------------------------------------------------------
The Seller and the Servicer hereby represents and warrants to, and
covenants with, the Depositor, the Insurer and the Trustee for the benefit of
the Certificateholders that, as to each Mortgage Loan, as of the Cut-off Date or
such other date specifically set forth herein, and with respect to
representation (i) listed below, as of the Delivery Date:
(i) The information set forth in the Mortgage Loan Schedule is
complete, true and correct.
(ii) All payments required to be made up to, but excluding, the
Cut-off Date for such Mortgage Loan under the terms of the Mortgage Note
have been made, except with respect to 1.25% of the Mortgage Loans which
are more than 30 days but 60 days or less delinquent; Chevy Chase has not
advanced funds, or induced, solicited or knowingly received any advance of
funds from a party other than the owner of the Mortgaged Property subject
to the Mortgage, directly or indirectly, for the payment of any amount
required by the Mortgage Loan.
(iii) To the best of the Servicer's knowledge, there are no
delinquent taxes, ground rents, water charges, sewer rents, assessments,
insurance premiums, leasehold payments, including assessments payable in
future installments or other outstanding charges affecting the related
Mortgaged Property.
(iv) The terms of the Mortgage Note and the Mortgage have not
been impaired, waived, altered or modified in any respect, except by
written instruments which have been recorded, if necessary to protect the
interests of the Trustee, and which have been delivered to the Trustee or
the Trustee's designee, the substance of which waiver, alteration or
modification has been approved by the primary mortgage guaranty insurer, if
any, and by the title insurer, to the extent required by the related policy
and is reflected on the Mortgage Loan Schedule. No instrument of waiver,
alteration or modification has been executed, and no Mortgagor has been
released, in whole or in part, except in connection with an assumption
agreement approved by the primary mortgage insurer, if any, and title
insurer, to the extent required by the policy, and which assumption
agreement is part of the Mortgage File and the terms of which are reflected
in the Mortgage Loan Schedule.
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(v) The Mortgage Note and the Mortgage are not subject to any
right of rescission, set-off, counterclaim or defense, including the
defense of usury, nor will the operation of any of the terms of the
Mortgage Note and Mortgage, or the exercise of any right thereunder, render
the Mortgage unenforceable, in whole or in part, or subject to any right of
rescission, set-off, counterclaim or defense, including the defense of
usury and no such right of rescission, set-off, counterclaim or defense has
been asserted with respect thereto.
(vi) All buildings upon the Mortgaged Property are insured by a
generally acceptable insurer against loss by fire, hazards of extended
coverage and such other hazards as are customary in the area where the
Mortgaged Property is located. All such insurance policies contain a
standard mortgagee clause naming the Servicer, its successors and assigns
as mortgagee and all premiums thereon have been paid. If upon origination
of the Mortgage Loan, the Mortgaged Property was in an area identified in
the Federal Register by the Federal Emergency Management Agency as having
special flood hazards (and such flood insurance has been made available) a
flood insurance policy meeting the requirements of the current guidelines
of the Federal Insurance Administration is in effect which policy conforms
to the requirements of FNMA and FHLMC. The Mortgage obligates the
Mortgagor thereunder to maintain all such insurance at Mortgagor's cost and
expense, and on the Mortgagor's failure to do so, authorizes the holder of
the Mortgage to maintain such insurance at Mortgagor's cost and expense and
to seek reimbursement therefor from the Mortgagor.
(vii) Any and all requirements of any federal, state or local
law including, without limitation, environmental, usury, truth in lending,
real estate settlement procedures, consumer credit protection, equal credit
opportunity or disclosure laws applicable to the Mortgage Loan and the
related Mortgaged Property have been complied with.
(viii) The Mortgage has not been satisfied, canceled or
subordinated, or rescinded, in whole or in part, and the Mortgaged Property
has not been released from the lien of the Mortgage, in whole or in part,
nor has any instrument been executed that would effect any such release,
cancellation, subordination or rescission.
(ix) The Mortgage is a valid, existing and enforceable first
lien on the Mortgaged Property, including all improvements on the Mortgaged
Property subject only to (A) the lien of current real property taxes and
assessments not yet due and payable, (B) covenants, conditions and
restrictions, rights of way, easements and other matters of the public
record as of the date of recording being acceptable to mortgage lending
institutions generally and specifically referred to in lender's title
insurance policy delivered to the originator of the Mortgage Loan and which
do not adversely affect the Appraised Value of the Mortgaged Property, and
(C) other matters to which like properties are commonly subject which do
not materially interfere with the benefits of the security intended to be
provided by the Mortgage or the use, enjoyment, value or marketability of
the related Mortgaged Property. Any security agreement, chattel mortgage or
equivalent document related to and delivered in connection with the
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Mortgage Loan establishes and creates a valid, existing and enforceable
first lien and first priority security interest on the property described
therein and the Seller has full right to sell and assign the same to the
Depositor. The Mortgaged Property was not, as of the date of origination
of the Mortgaged Loan, subject to a mortgage, deed of trust, deed to secure
debt or other security instrument creating a lien subordinate to the lien
of the Mortgage.
(x) The Mortgage Note and the related Mortgage are genuine and
each is the legal, valid and binding obligation of the maker thereof,
enforceable in accordance with its terms, except as the enforceability
thereof may be limited by bankruptcy, insolvency, or reorganization.
(xi) All parties to the Mortgage Note and the Mortgage had legal
capacity to enter into the Mortgage Loan and to execute and deliver the
Mortgage Note and the Mortgage, and the Mortgage Note and the Mortgage have
been duly and properly executed by such parties.
(xii) The proceeds of the Mortgage Loan have been fully
disbursed and there is no requirement for future advances thereunder and
any and all requirements as to completion of any on-site or off-site
improvement and as to disbursements of any escrow funds therefor have been
complied with. All costs, fees and expenses incurred in making or closing
the Mortgage Loan and the recording of the Mortgage were paid, and the
Mortgagor is not entitled to any refund of any amounts paid or due under
the Mortgage Note or Mortgage.
(xiii) The Mortgage Note and the Mortgage are not assigned or
pledged, and immediately prior to the sale of the Mortgage Loan to the
Depositor the Seller was the sole owner of record and holder thereof and
with full right to transfer and sell the Mortgage Loan to the Depositor
free and clear of any encumbrance, equity, lien, pledge, charge, claim or
security interest and with full right and authority subject to no interest
or participation of, or agreement with, any other party, to sell and assign
each Mortgage Loan pursuant to the Mortgage Loan Purchase Agreement.
(xiv) All parties which have had any interest in the Mortgage,
whether as mortgagee, assignee, pledgee or otherwise, are (or, during the
period in which they held and disposed of such interest, were) (A) in
compliance with any and all applicable licensing requirements of the laws
of the state wherein the Mortgaged Property is located, and (B) organized
under the laws of such state, or (C) qualified to do business in such
state, or (D) federal savings and loan associations or national banks
having principal offices in such state, or (E) not doing business in such
state.
(xv) The Mortgage Loan is covered by an ALTA lender's title
insurance policy acceptable to FNMA or FHLMC, issued by a title insurer
acceptable to FNMA and FHLMC and qualified to do business in the
jurisdiction where the Mortgaged Property is located, insuring (subject to
the exceptions contained in (ix)(A) and (B) above) the Seller, its
successors and assigns as to the first priority lien of the Mortgage in the
original principal amount of the Mortgage Loan. The original title policy
and all
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riders thereto are in the possession of the Servicer. Additionally, such
lender's title insurance policy affirmatively insures ingress and egress,
and against encroachments by or upon the Mortgaged Property or any interest
therein. The Seller is the sole insured of such lender's title insurance
policy, and such lender's title insurance policy is in full force and
effect and will be in full force and effect upon the consummation of the
transactions contemplated by this Agreement. No claims have been made under
such lender's title insurance policy, and no prior holder of the related
Mortgage, including the Seller, has done, by act or omission, anything
which would impair the coverage of such lender's title insurance policy.
(xvi) There is no default, breach, violation or event of
acceleration existing under the Mortgage or the Mortgage Note and no event
which, with the passage of time or with notice and the expiration of any
grace or cure period, would constitute a default, breach, violation or
event of acceleration, and the Seller has not waived any default, breach,
violation or event of acceleration.
(xvii) There are no mechanics' or similar liens or claims which
have been filed for work, labor or material (and no rights are outstanding
that under law could give rise to such lien) affecting the related
Mortgaged Property which are or may be liens prior to, or equal or
coordinate with, the lien of the related Mortgage.
(xviii) All improvements which were considered in determining
the Appraised Value of the related Mortgaged Property lay wholly within the
boundaries and building restriction lines of the Mortgaged Property, and no
improvements on adjoining properties encroach upon the Mortgaged Property.
(xix) The Mortgage Loan was originated by the Seller or a
subsidiary of the Seller which is a FNMA-approved, FHLMC-approved or HUD-
approved mortgage banker, or savings and loan association, a savings bank,
a commercial bank or similar banking institution which is supervised and
examined by a federal or state authority. Principal payments on the
Mortgage Loan commenced no more than sixty days after funds were disbursed
in connection with the Mortgage Loan. The Mortgage Note is payable on the
first day of each month in monthly installments of principal and interest,
with interest in arrears, and requires Monthly Payments sufficient to
amortize the original principal balance of the Mortgage Loan over a term of
30 years, except for fifteen Mortgage Loans with an amortization term and
maturity of 40 years. No Mortgage Loans have provisions which will require
negative amortization. No Mortgage Loan requires a balloon payment at the
end of its term.
(xx) The origination practices used by the Seller and the
collection practices used by the Servicer with respect to each Mortgage
Note and Mortgage have been in all respects legal, proper, prudent and
customary in the mortgage origination and servicing business. With respect
to escrow deposits and escrow payments, if any, all such payments are in
the possession of, or under the control of, the Servicer and there exist no
deficiencies in connection therewith for which customary arrangements for
repayment thereof have not been made. No escrow deposits or escrow payments
or other
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charges or payments due the Seller have been capitalized under any
Mortgage or the related Mortgage Note.
(xxi) The Mortgaged Property is free of damage and waste and
there is no proceeding pending for the total or partial condemnation
thereof.
(xxii) The Mortgage contains customary and enforceable
provisions such as to render the rights and remedies of the holder thereof
adequate for the realization against the Mortgaged Property of the benefits
of the security provided thereby, including, (A) in the case of a Mortgage
designated as a deed of trust, by trustee's sale, and (B) otherwise by
judicial foreclosure. There is no other exemption available to the
Mortgagor which would interfere with the right to sell the Mortgaged
Property at a trustee's sale or the right to foreclose the Mortgage. The
Mortgagor has not notified the Servicer and the Servicer has no knowledge
of any relief requested or allowed to the Mortgagor under the Relief Act.
(xxiii) The Mortgage Loan was underwritten generally in
accordance with the Seller's underwriting standards in effect at the time
the Mortgage Loan was originated.
(xxiv) The Mortgage Note is not and has not been secured by any
collateral except the lien of the corresponding Mortgage and the security
interest of any applicable security agreement or chattel mortgage referred
to in (ix) above.
(xxv) The Mortgage File contains an appraisal of the related
Mortgaged Property signed prior to the approval of the Mortgage Loan
application by a qualified appraiser, duly appointed by the originator of
the Mortgage Loan, who had no interest, direct or indirect in the Mortgaged
Property or in any loan made on the security thereof, and whose
compensation is not affected by the approval or disapproval of the Mortgage
Loan.
(xxvi) In the event the Mortgage constitutes a deed of trust, a
trustee, duly qualified under applicable law to serve as such, has been
properly designated and currently so serves and is named in the Mortgage,
and no fees or expenses are or will become payable by the Depositor to the
trustee under the deed of trust, except, in connection with a trustee's
sale after default by the Mortgagor.
(xxvii) No Mortgage Loan contains provisions pursuant to which
Monthly Payments are (A) paid or partially paid with funds deposited in any
separate account established by the Seller, the Mortgagor, or anyone on
behalf of the Mortgagor, (B) paid by any source other than the Mortgagor or
(C) contains any other similar provisions which may constitute a "buydown"
provision. The Mortgage Loan is not a graduated payment mortgage loan and
the Mortgage Loan does not have a shared appreciation or other contingent
interest feature.
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(xxviii) The Seller does not expect, as to any particular
Mortgage Loan included in the Trust Fund, that such Mortgage Loan will
become a defaulted Mortgage Loan and that the related Mortgaged Property
will be foreclosed upon (or acquired by deed-in-lieu of foreclosure).
(xxix) No Mortgage Loan was made in connection with (A) the
construction or rehabilitation of a Mortgaged Property or (B) facilitating
the trade-in or exchange of a Mortgaged Property.
(xxx) The Seller has no knowledge of any circumstances or
condition with respect to the Mortgage, the Mortgaged Property, the
Mortgagor or the Mortgagor's credit standing that can reasonably be
expected to cause the Mortgage Loan to be an unacceptable investment, cause
the Mortgage Loan to become delinquent, or adversely affect the value of
the Mortgage Loan.
(xxxi) Each such Mortgage Loan with a Loan-to-Value Ratio at
origination in excess of 80% is and will be subject to a Primary Mortgage
Insurance Policy, issued by a FNMA or FHLMC approved insurer, which insures
that portion of the Mortgage Loan over 75% of the Loan-to-Value Ratio. All
provisions of such Primary Mortgage Insurance Policy have been and are
being complied with, such policy is in full force and effect, and all
premiums due thereunder have been paid. Any Mortgage subject to any such
Primary Mortgage Insurance Policy obligates the Mortgagor thereunder to
maintain such insurance and to pay all premiums and charges in connection
therewith. The Mortgage Interest Rate for the Mortgage Loan is net of any
such insurance premium.
(xxxii) To the best of the Servicer's knowledge, the Mortgaged
Property is lawfully occupied under applicable law. All inspections,
licenses and certificates required to be made or issued with respect to all
occupied portions of the Mortgaged Property and, with respect to the use
and occupance of the same, including but not limited to certificates of
occupancy, have been made or obtained from the appropriate authorities.
(xxxiii) No action has been taken or failed to be taken, no
event has occurred and no state of facts exists or has existed on or prior
to the Cut-off Date (whether or not known to the Seller on or prior to such
date) which has resulted or will result in an exclusion from, denial of, or
defense coverage under any private mortgage insurance (including, without
limitation, any exclusions, denials or defenses which would limit or reduce
the availability of the timely payment of the full amount of the loss
otherwise due thereunder to the insured) whether arising out of actions,
representations, errors, omissions, negligence, or fraud of the Seller, the
related Mortgagor or any party involved in the application for such
coverage, including the appraisal, plans and specifications and other
exhibits or documents submitted therewith to the insurer under such
insurance policy, or for any other reason under such coverage, but not
including the failure of such insurer to pay by reason of such insurer's
breach of such insurance policy or such insurer's financial inability to
pay.
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(xxxiv) The Assignment of Mortgage, is in recordable form and is
acceptable for recording under the laws of the jurisdiction in which the
Mortgaged Property is located.
(xxxv) Any future advances made to the Mortgagor prior to the
Cut-off Date have been consolidated with the outstanding principal amount
secured by the Mortgage, and the secured principal amount, as consolidated,
bears a single interest rate and single repayment term. The lien of the
Mortgage securing the consolidated principal amount is expressly insured as
having consolidated principal amount is expressly insured as having first
lien priority by a title insurance policy, an endorsement to the policy
insuring the mortgagee's consolidated interest or by other title evidence
acceptable to FNMA and FHLMC. The consolidated principal amount does not
exceed the original principal amount of the Mortgage Loan.
(xxxvi) If the Mortgaged Property is a condominium unit or a
planned unit development (other than a de minimis planned unit development)
such condominium or planned unit development project meets FNMA or FHLMC
eligibility requirements.
(xxxvii) With respect to each Convertible Mortgage Loan, (x) the
related Mortgagor has the option to convert the interest rate borne by such
Mortgage Loan from an adjustable interest rate to a fixed interest rate
determined pursuant to the terms of the related Mortgage Note and (y) the
fixed interest rate to be borne by each such Convertible Mortgage Loan upon
the conversion of the interest rate on such Mortgage Loan is intended to
approximate a market rate of interest for newly originated mortgages at the
time of the conversion.
(xxxviii) Each Mortgage is a "qualified mortgage" for purposes
of the REMIC Provisions.
Upon the discovery by the Depositor, the Servicer, the Insurer or the
Trustee (or upon notice thereof in writing from a Certificateholder) of a breach
or breaches of any of the representations and warranties made in Section 2.04 in
respect of any Mortgage Loan, or any breach of a representation or warranty of
the Servicer set forth in Section 2.03, which breach or breaches, individually
or in the aggregate, materially and adversely affect the interests of the
Certificateholders or the Insurer, the party discovering such breach shall give
prompt written notice to the other parties. The Trustee shall promptly notify
the Seller and Servicer of such breach and request that the Seller or Servicer,
as the case may be, cure such breach within 60 days from the date of such
notice, and if the Seller or Servicer does not cure such breach in all material
respects, the Seller or Servicer, as the case may be, shall either (i)
substitute a Replacement Mortgage Loan or Loans for the related Mortgage Loan,
which substitution must be made as specified in this Section or (ii) purchase
such Mortgage Loan held for the benefit of the Certificateholders and the
Insurer from the Trustee at the Purchase Price therefor.
The Seller or Servicer shall not have any right to substitute a
Replacement Mortgage Loan or Loans for the affected Mortgage Loan more than
three months after the Delivery Date (or more than two years after the Delivery
Date if the related Mortgage Loan is
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a "defective obligation" within the meaning of Section 860G(a)(4)(B)(ii) of the
Code), and any substitution must be accompanied by an Officers' Certificate
delivered to the Trustee and the Insurer, certifying that such Replacement
Mortgage Loan conforms to the requirements of this Agreement, and by an Opinion
of Counsel to the effect that such substitution will not cause either REMIC I or
REMIC II to fail to qualify as a REMIC and will not result in a prohibited
transaction tax, which Opinion of Counsel shall be paidbe. Notwithstanding the
foregoing, if any such breach would cause a Mortgage Loan to be other than a
"qualified mortgage loan" as described in Section 860G(a)(3) of the Code, any
substitution shall occur within 90 days of the discovery of the breach.
As to any Replacement Mortgage Loan or Loans, the Seller or Servicer
shall deliver to the Trustee for such Replacement Mortgage Loan or Loans, the
Mortgage Note, the Mortgage, the related assignment of the Mortgage, and such
other documents and agreements as are required by Section 2.01, with the
Mortgage Note endorsed to the Trustee for the benefit of the Insurer and the
Holders of the Chevy Chase Bank, F.S.B. Mortgage-Backed Pass-Through
Certificates, Series 1997-CCB1. No substitution will be made in any calendar
month after the Determination Date for such month. Monthly payments due with
respect to Replacement Mortgage Loans in the month of substitution shall not be
part of the Trust Fund and will be remitted by the Servicer or Seller to the
Depositor on the next succeeding Distribution Date. For the month of
substitution, distributions to Certificateholders will include the Monthly
Payment due on such Deleted Mortgage Loan for such month and thereafter the
Seller or Servicer, as the case may be, shall be entitled to retain all amounts
received in respect of such Deleted Mortgage Loan.
Upon such substitution, the Servicer shall amend or cause to be
amended the Mortgage Loan Schedule to reflect the removal of such Deleted
Mortgage Loan and the substitution of the Replacement Mortgage Loan or Loans.
Upon such substitution, the Replacement Mortgage Loan or Loans shall be subject
to the terms of this Agreement in all respects and the Seller shall be deemed to
have made, as of the date of substitution, with respect to the Replacement
Mortgage Loan or Loans, the representations and warranties pertaining to the
Mortgage Loans contained in Section 2.04 hereof. Upon receipt of the Trustee
Mortgage File pertaining to any Replacement Mortgage Loans, the Trustee shall
release the Trustee Mortgage File held for the benefit of the Certificateholders
and the Insurer relating to such Deleted Mortgage Loan to the Seller or Servicer
as applicable and shall execute and deliver such instruments of transfer or
assignment, in each case without recourse, as shall be necessary to vest title
(to the extent that such title was transferred to the Trustee) in the Seller or
Servicer as applicable, or its designee to any Deleted Mortgage Loan substituted
for pursuant to this Section 2.04.
In any month in which the Seller or Servicer substitutes one or more
Replacement Mortgage Loans for one or more Deleted Mortgage Loans, the Servicer
will determine the amount (if any) by which the aggregate Principal Balance of
all such Replacement Mortgage Loans as of the date of substitution is less than
the aggregate Principal Balance of all such Deleted Mortgage Loans (in each case
after application of scheduled principal portion of the monthly payments
received in the month of substitution). The amount of such shortage shall be
deposited into the Custodial Account by the Seller or Servicer in the month of
substitution
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pursuant to Section 3.07, without any reimbursement thereof. The Servicer 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 shortage.
In the event that the Seller or Servicer shall have repurchased a
Mortgage Loan, upon receipt by the Trustee of written notification of the
deposit of the Purchase Price, the Trustee shall release the related Trustee
Mortgage File held for the benefit of the Certificateholders and the Insurer to
the Seller or Servicer as applicable and the Trustee shall execute and deliver
the related instruments of transfer or assignment, in each case without
recourse, as shall be necessary to transfer title (to the extent that such title
was transferred to the Trustee) from the Trustee for the benefit of the
Certificateholders and the Insurer and vest title in the Seller or Servicer, or
the designee thereof, as the case may be, to any Mortgage Loan purchased
pursuant to this Section 2.04. It is understood and agreed that the obligation
under this Agreement of any Person to repurchase or substitute any Mortgage Loan
as to which such breach has occurred and is continuing shall constitute the sole
and exclusive remedy respecting such breach available to Certificateholders or
the Trustee on their behalf (except for the Insurer's rights under the Insurance
Agreement).
SECTION 2.05. Issuance of Certificates.
------------------------
The Trustee acknowledges the assignment to it of the Mortgage Loans
together with the assignment to it of all other assets included in the Trust
Fund, receipt of which is hereby acknowledged. Concurrently with such
assignment and delivery and in exchange therefor, the Trustee, pursuant to the
written request of the Depositor executed by an officer of the Depositor, has
executed the Class A, Class S and Class R Certificates and caused them to be
authenticated and delivered to or upon the order of the Depositor in authorized
denominations which evidence ownership of the Trust Fund. The rights of the
Holders of such Certificates to receive distributions from the Trust Fund and
all ownership interests of the Holders of the Class A, Class S and Class R
Certificates in such distributions shall be as set forth in this Agreement.
SECTION 2.06. REMIC Provisions.
----------------
(a) The Depositor hereby elects and authorizes the Trustee to treat
each of REMIC I and REMIC II as a REMIC under the Code and, if necessary, under
applicable state law. Each such election will be made on Form 1066 or other
appropriate federal tax or information return (including Form 8811) or any
appropriate state return (x) for the taxable year ending on the last day of the
calendar year in which the Certificates are issued and (y) for the taxable year
ending on the last day of the calendar year in which Certificates are first sold
by Chevy Chase to a third party. The Delivery Date is hereby designated as the
"startup day" of each of REMIC I and REMIC II within the meaning of Section
860G(a)(9) of the Code. The "regular interests" (within the meaning of Section
860G of the Code) in REMIC I shall consist of the REMIC I Regular Interests and
the "residual interest" in REMIC I shall consist of the Class R-I Certificates.
The "regular interests" (within the meaning of Section 860G of the Code) in
REMIC II shall consist of the Class A and Class S Certificates and the "residual
interest" in REMIC II shall consist of the Class R-II Certificates. The
Depositor and the Trustee shall not permit the creation of any "interests"
(within the meaning of Section 860G of the Code) in
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REMIC I or REMIC II other than the REMIC I Regular Interests and Class R-I
Certificates and the Class A Certificates, Class S Certificates and Class R-II
Certificates, respectively.
(b) Chevy Chase Bank, F.S.B. on behalf of the Holders of the Class R-I
Certificates and Class R-II Certificates, shall act as agent for the Class R-I
Certificateholder and Class R-II Certificateholder as the "tax matters person"
(within the meaning of the REMIC Provisions) for REMIC I and REMIC II,
respectively, in the manner provided under Treasury regulations section 1.860F-
4(d) and temporary Treasury regulations section 301.6231(a)(7)-1T. By its
acceptance of a Class R Certificate, each Holder thereof shall have agreed to
such appointment and shall have consented to the appointment of the Trustee as
its agent to act on behalf of REMIC I and REMIC II pursuant to the specific
duties outlined herein.
(c) A Holder of the Class R-I or Class R-II Certificates, by the
purchase of such Certificates, shall be deemed to have agreed to timely pay,
upon demand by the Trustee, the amount of any minimum California state franchise
taxes due with respect to REMIC I or REMIC II, respectively, under Sections
23151(a) and 23153(a) of the California Revenue and Taxation Code.
Notwithstanding the foregoing, the Trustee shall be authorized to retain the
amount of such tax from amounts otherwise distributable to such Holder in the
event such Holder does not promptly pay such amount upon demand by the Trustee.
In the event that any other federal, state or local tax is imposed, including
without limitation taxes imposed on a "prohibited transaction" of a REMIC as
defined in Section 860F of the Code, such tax shall be charged against amounts
otherwise available for distribution to the applicable Holder of a Class R
Certificate and then against amounts otherwise available for distribution to the
Holders of Regular Certificates in accordance with the provisions set forth in
Sections 4.02 and 4.03, respectively. The Trustee shall promptly deposit in the
Certificate Account any amount of "prohibited transaction" tax that results from
a breach of the Trustee's duties under this Agreement. The Servicer shall
promptly deposit in the Certificate Account any amount of "prohibited
transaction" tax that results from a breach of the Servicer's duties under this
Agreement.
(d) The Trustee shall act as attorney-in-fact and as agent on behalf
of the tax matters person of REMIC I and REMIC II and in such capacity the
Trustee shall: (i) prepare, sign and file, or cause to be prepared, signed and
filed, federal and state tax returns using a calendar year as the taxable year
for REMIC I and REMIC II when and as required by the REMIC Provisions and other
applicable federal income tax laws as the direct representative of REMIC I and
REMIC II in compliance with the Code and shall provide copies of such returns as
required by the Code; (ii) make an election, on behalf of REMIC I and REMIC II,
to be treated as a REMIC on the federal tax return of such REMIC for its first
taxable year, in accordance with the REMIC Provisions; and (iii) prepare and
forward, or cause to be prepared and forwarded, to the Certificateholders and to
any governmental taxing authority all information reports as and when required
to be provided to them in accordance with the REMIC Provisions. The expenses of
preparing and filing such returns shall be borne by the Trustee. The Depositor
and Servicer shall provide on a prompt and timely basis to the Trustee or its
designee such information with respect to REMIC I and REMIC II as is in their
possession and reasonably required or requested by the Trustee to enable it to
perform its obligations under this subsection.
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In its capacity as attorney-in-fact and as agent on behalf of the tax
matters person, Chevy Chase shall also: (A) act on behalf of REMIC I and REMIC
II in relation to any tax matter or controversy involving the Trust Fund, (B)
represent the Trust Fund in any administrative or judicial proceeding relating
to an examination or audit by any governmental taxing authority with respect
thereto and (C) cause to be paid solely from the sources provided herein the
amount of any taxes imposed on REMIC I or REMIC II when and as the same shall be
due and payable (but such obligation shall not prevent the Trustee or any other
appropriate Person from contesting any such tax in appropriate proceedings and
shall not prevent the Trustee from withholding payment of such tax, if permitted
by law, pending the outcome of such proceedings).
(e) The Trustee 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 and (iii) to the Internal Revenue
Service the name, title, address and telephone number of the person who will
serve as the representative of each of REMIC I and REMIC II.
(f) The Trustee, the Depositor and the Holder of the Class R
Certificates shall take any action or cause the Trust Fund to take any action
necessary to create or maintain the status of each of REMIC I and REMIC II as a
REMIC under the REMIC Provisions and shall assist each other as necessary to
create or maintain such status. Neither the Trustee nor the Holder of the Class
R Certificates shall take any action, cause the Trust Fund to take any action or
fail to take (or fail to cause the Trust Fund to take) any action that, under
the REMIC Provisions, if taken or not taken, as the case may be, could (i)
endanger the status of either REMIC I or REMIC II as a REMIC or (ii) result in
the imposition of a tax upon either REMIC I or REMIC II (including, but not
limited to, the tax on prohibited transactions as defined in Code Section
860F(a)(2) and the tax on prohibited contributions set forth in Section 860G(d)
of the Code) (either such event, an "Adverse REMIC Event") unless the Trustee
has received an Opinion of Counsel (at the expense of the party seeking to take
such action) to the effect that the contemplated action will not endanger such
status or result in the imposition of such a tax.
The Trustee shall not take or fail to take any action (whether or not
authorized hereunder) as to which the Servicer or Depositor has advised it in
writing that it has received an Opinion of Counsel to the effect that an Adverse
REMIC Event could occur with respect to such action. In addition, prior to
taking any action with respect to REMIC I or REMIC II or their assets, or
causing REMIC I and REMIC II to take any action, which is not expressly
permitted under the terms of this Agreement, the Trustee will consult with the
Servicer and Depositor or their designees, in writing, with respect to whether
such action could cause an Adverse REMIC Event to occur with respect to REMIC I
or REMIC II, and the Trustee shall not take any such action or cause REMIC I or
REMIC II to take any such action as to which the Servicer or Depositor has
advised it in writing that an Adverse REMIC Event could occur.
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In addition, prior to taking any action with respect to either REMIC I
or REMIC II or the assets therein, or causing either REMIC I or REMIC II to take
any action, which is not expressly permitted under the terms of this Agreement,
the Holder of the Class R Certificates will consult with the Trustee or its
designee, in writing, with respect to whether such action could cause an Adverse
REMIC Event to occur with respect to either REMIC I or REMIC II, and no such
Person shall take any action or cause the Trust Fund to take any such action as
to which the Trustee has advised it in writing that an Adverse REMIC Event could
occur. The Trustee may consult with counsel to make such written advice, and
the cost of same shall be borne by the party seeking to take action not
permitted byred by the Code, the Servicer will to the extent within its control
and the scope of its duties more specifically set forth herein, maintain
substantially all of the assets of REMIC I and REMIC II as "qualified mortgages"
as defined in Section 860G(a)(3) of the Code and "permitted investments" as
defined in Section 860G(a)(5) of the Code.
(g) In the event that any tax is imposed on "prohibited transactions"
of REMIC I or REMIC II, as defined in Section 860F(a)(2) of the Code, on "net
income from foreclosure property" of REMIC I or REMIC II, as defined in Section
860G(c) of the Code, on any contributions to REMIC I or REMIC II after the
Startup Day therefor pursuant to Section 860G(d) of the Code, or any other tax
is imposed by the Code or any applicable provisions of state or local tax laws,
such tax shall be charged (i) to the Servicer, if such tax arises out of or
results from a breach by the Servicer of any of its obligations under this
Agreement or if the 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 II, or (iii) otherwise against amounts on deposit in the Custodial
Account as provided by Section 3.09 and on the Distribution Date(s) following
such reimbursement the aggregate of such taxes shall be allocated in reduction
of the Interest Distribution Amount on each Class entitled thereto in the same
manner as if such taxes constituted a Prepayment Interest Shortfall.
(h) The Trustee and the Servicer shall, for federal income tax
purposes, maintain books and records with respect to REMIC I and REMIC II on a
calendar year and on an accrual basis or as otherwise may be required by the
REMIC Provisions.
(i) Following the Startup Day, neither the Servicer nor the Trustee
shall accept any contributions of assets to REMIC I or REMIC II unless (subject
to 2.06(f)) the Servicer and the Trustee shall have received an Opinion of
Counsel (at the expense of the party seeking to make such contribution) to the
effect that the inclusion of such assets in REMIC I or REMIC II will not cause
either REMIC I or REMIC II to fail to qualify as a REMIC at any time that any
Certificates are outstanding, or subject REMIC I or REMIC II to any tax under
the REMIC Provisions or other applicable provisions of federal, state and local
law or ordinances.
(j) Neither the Servicer nor the Trustee shall (subject to Section
2.06(f)) enter into any arrangement by which REMIC I or REMIC II will receive a
fee or other compensation for services nor permit either such REMIC to receive
any income from assets
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other than "qualified mortgages" as defined in Section 860G(a)(3) of the Code or
"permitted investments" as defined in Section 860G(a)(5) of the Code.
(k) Within 30 days after the Closing Date, the Trustee shall prepare
and file with the Internal Revenue Service Form 8811, "Information Return for
Real Estate Mortgage Investment Conduits (REMIC) and Issuers of Collateralized
Debt Obligations" for REMIC I and REMIC II.
(m) Neither the Trustee nor the Servicer shall sell, dispose of or
substitute for any of the Mortgage Loans (except in connection with (i) the
default, imminent default or foreclosure of a Mortgage Loan, including but not
limited to, the acquisition or sale of a Mortgaged Property acquired by deed in
lieu of foreclosure, (ii) the bankruptcy of REMIC I or REMIC II, (iii) the
termination of REMIC I or REMIC II pursuant to Article X of this Agreement or
(iv) a purchase of Mortgage Loans pursuant to Article II or III of this
Agreement) nor acquire any assets for REMIC I or REMIC II, nor sell or dispose
of any investments in the Custodial Account or the Certificate Account for gain
nor accept any contributions to REMIC I or REMIC II after the Closing Date (a)
unless it has received an Opinion of Counsel that such sale, disposition,
substitution or acquisition will not affect adversely the status of REMIC I and
REMIC II as REMICs or (b) unless the Servicer has determined in its sole
discretion to indemnify the Trust Fund against such tax.
(n) In order to enable the Trustee to perform itys after the Delivery
Date, all information or data that the Trustee determines to be relevant for tax
purposes to the valuations and offering prices of the Certificates, including,
without limitation, the price, yield, prepayment assumption and projected cash
flows of the Certificates and the Mortgage Loans and the Trustee shall be
entitled to rely upon any and all such information and data in the performance
of its duties set forth herein. Thereafter, the Servicer shall provide,
promptly upon request therefor, any such additional information or data that the
Trustee may from time to time reasonably request in order to enable the Trustee
to perform its duties as set forth herein and the Trustee shall be entitled to
rely upon any and all such information and data in the performance of its duties
set forth herein. The Depositor shall indemnify the Trustee and hold its
harmless for any loss, liability, damage, claim or expense of the Trustee
arising from any failure of the Depositor to provide, or to cause to be
provided, accurate information or data to the Trustee on a timely basis. The
Servicer shall indemnify the Trustee and hold it harmless for any loss,
liability, damage, claim or expense of the Trustee arising from any failure of
the Servicer to provide, or to cause to be provided, accurate information or
data to the Trustee on a timely basis. The indemnification provisions hereunder
shall survive the termination of this Agreement and shall extend to any co-
trustee appointed pursuant to this Agreement.
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ARTICLE III
ADMINISTRATION AND SERVICING
OF MORTGAGE LOANS
SECTION 3.01. Servicing Standard.
------------------
For and on behalf of the Trustee, the Insurer and the
Certificateholders, the Servicer shall service and administer the Mortgage Loans
in accordance with prudent mortgage loan servicing standards and procedures
generally accepted in the mortgage banking industry and generally in a manner
consistent with FNMA guidelines except as otherwise expressly provided in this
Agreement. In connection with such servicing and administration, the Servicer
shall have full power and authority, acting alone and/or through any Sub-
Servicer as provided in Section 3.02 hereof, to do or cause to be done any and
all things that it may deem necessary or desirable in connection with such
servicing and administration, including but not limited to, the power and
authority, subject to the terms hereof (a) to execute and deliver, on behalf of
the Certificateholders and the Trustee, customary consents or waivers and other
instruments and documents (including, without limitation, estoppel
certificates), (b) to consent to transfers of any Mortgaged Property and
assumptions of the Mortgage Notes and related Mortgages (but only in the manner
provided in this Agreement), (c) to collect any Insurance Proceeds and
Liquidation Proceeds, (d) to consent to any subordinate financings to be secured
by any Mortgaged Property to the extent that such consent is required pursuant
to the terms of the related Mortgage, (e) to consent to the application of any
proceeds of insurance policies or condemnation awards to the restoration of the
applicable Mortgaged Property or otherwise, and (f) subject to the provisions of
Section 3.07 and 3.13, to effectuate foreclosure or other conversion of the
ownership of the Mortgage Property securing any Mortgage Loan; provided,
however, that the Servicer shall take no action that is materially inconsistent
with or materially prejudices the interest of the Trustee, the Insurer or the
Certificateholders in any Mortgage Loan or the rights and interest of the
Depositor, the Insurer, the Trustee and the Certificateholders under the terms
of this Agreement unless such action is specifically called for by the terms
hereof.
Without limiting the generality of the foregoing, but subject to the
terms hereof, the Servicer, in its own name or in the name of the Depositor and
the Trustee, is hereby authorized and empowered by the Depositor and the
Trustee, when the Servicer believes it appropriate in its best judgment, to
execute and deliver, on behalf of the Trustee, the Depositor, the
Certificateholders nts of modification, satisfaction, cancellation or
assignment, or of partial or full release or discharge and all other comparable
instruments, with respect to the Mortgage Loans, and with respect to the
Mortgaged Properties held for the benefit of the Certificateholders. The
Servicer shall promptly notify the Trustee of any such execution and delivery.
The Depositor and the Trustee for the benefit of the Certificateholders shall
furnish the Servicer with any powers of attorney and other documents necessary
or appropriate to enable the Servicer to service and administer the Mortgage
Loans.
In accordance with the standards of the preceding paragraph, the
Servicer shall advance or cause to be advanced funds as necessary for the
purpose of effecting the timely payment of taxes and assessments on each
Mortgaged Property or any related unpaid insurance
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premiums that are not timely paid by the Mortgagors prior to any such time as a
Mortgage Loan is in foreclosure; provided, however, that the Servicer shall be
required to advance only to the extent that such advances, in the good faith
judgment of the Servicer, will be recoverable by the Servicer out of Insurance
Proceeds, Liquidation Proceeds (net of Liquidation Expenses) or otherwise; and
provided further, that such payments shall be advanced when the tax, premium or
other cost for which such payment is intended is due. Any such advances shall be
reimbursable in the first instance from related collections from the related
Mortgagors pursuant to Section 3.07 hereof, and further as Liquidation Expenses
as provided in Section 3.13 hereof and may be withdrawn from the Custodial
Account pursuant to Section 3.09 hereof. All costs incurred by the Servicer or
by the related Sub-Servicer in effecting the timely payments of taxes and
assessments on the Mortgaged Properties and related insurance premiums shall
not, for the purpose of calculating monthly distributions to the
Certificateholders, be added to the Principal Balance under the related Mortgage
Loans, notwithstanding that the terms of such Mortgage Loans so permit.
Notwithstanding anything in this Agreement to the contrary, the
Servicer shall not (unless the Mortgagor is in default with respect to the
Mortgage Loan or such default is, in the judgment of the Servicer, imminent)
permit any modification with respect to any Mortgage Loan that would change the
Net Mortgage Rate or, reduce or increase the principal balance (except for
reductions resulting from actual payments of principal), except for conversions
to a fixed rate in accordance with the terms of the Mortgage Loan.
SECTION 3.02. Enforcement of the Obligations of Sub-Servicers.
-----------------------------------------------
(a) For purposes of this Agreement, the Servicer shall be deemed to
have received the payments on the Mortgage Loans referred to in Sections 3.07
and 3.08 hereof when the related Sub-Servicer has received such payments and
shall remain obligated to deposit such payments in accordance with Sections 3.07
and 3.08 hereof, regardless of whether such payments are remitted by the Sub-
Servicer to the Servicer. The Servicer and the related Sub-Servicer may enter
into amendments to any applicable Sub-Servicing Agreement; provided, however,
that any such amendments shall be consistent with and shall not violate the
provisions of this Agreement; and provided further, that the substance of any
such material amendment or material change shall be transmitted promptly to the
Depositor, the Trustee, the Insurer and the Rating Agencies.
(b) As part of its servicing activities hereunder, the Servicer, for
the benefit of the Depositor, the Trustee, the Insurer and the
Certificateholders, shall supervise, administer, monitor and oversee the
servicing of the Mortgage Loans that are not serviced by it directly, and shall
enforce the obligations of each Sub-Servicer under the related Sub-Servicing
Agreement. Such enforcement shall include, without limitation, the legal
prosecution of claims, termination of Sub-Servicing Agreements, as appropriate,
and the pursuit of other appropriate remedies, and shall be in such form and
carried out to such an extent and at such time as the Servicer, in its good
faith business judgment, would require were it the owner of the related Mortgage
Loans. The Servicer shall pay the costs of such enforcement at its own expense,
but shall be reimbursed therefor only (i) from a general recovery resulting from
such enforcement only to the extent, if any, that such recovery exceeds all
amounts due in respect of the related Mortgage Loans or (ii)
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from a specific recovery of costs, expenses or attorneys fees against the party
against whom such enforcement is directed. The Servicer shall not waive any
event of default by a Sub-Servicer under a Sub-Servicing Agreement which is a
failure to remit any payment required to be made by such Sub-Servicer that would
result in an Event of Default under this Agreement.
(c) During the term of this Agreement, the Servicer shall consult
fully with each of the Sub-Servicers as may be necessary from time to time to
perform and carry out the Servicer's obligations hereunder and receive, review
and evaluate all reports, information and other data that are provided to the
Servicer by each Sub-Servicer and otherwise exercise reasonable efforts to cause
each Sub-Servicer to perform and observe the covenants, obligations and
conditions to be performed or observed by it under its Sub-Servicing Agreement.
If any Sub-Servicer materially breaches or fails to perform or observe any
material obligations or conditions of its Sub-Servicing Agreement, the Servicer
shall promptly deliver to the Depositor, the Insurer and to the Trustee an
Officers' Certificate certifying that such Sub-Servicer is in default and
describing the events and circumstances giving rise to the default and what
action (if any) has been, or is to be, taken by the Sub-Servicer to cure the
default and setting forth the action to be taken by the Servicer.
SECTION 3.03. Termination of the Rights of Sub-Servicers.
------------------------------------------
If the Servicer terminates the rights of a Sub-Servicer under any Sub-
Servicing Agreement, the Servicer shall service the Mortgage Loans directly
pursuant to and in accordance with the terms of this Agreement, or at the
Servicer's election, enter into a substitute servicing agreement with another
mortgage loan servicing company reasonably acceptable to the Trustee and the
Servicer under which such mortgage loan servicing company shall assume, satisfy,
perform and carry out all liabilities, duties, responsibilities and obligations
that are to be, or otherwise were to have been, satisfied, performed and carried
out by the terminated Sub-Servicer, regardless of whether such liabilities,
duties, responsibilities or obligations shall have accrued before or after the
termination of the rights of such Sub-Servicer; provided, however, that any such
substitute servicer and any such substitute servicing shall satisfy the
requirements of Sections 3.01 and 3.02. If the Servicer does not elect to enter
into a substitute servicing agreement with a successor servicer, the Servicer
shall nevertheless service the Mortgage Loans directly pursuant to and in
accordance with the terms of this Agreement, until a substitute Sub-Servicer has
been appointed and designated and a substitute servicing agreement has been
entered into by the Servicer and such substitute Sub-Servicer. The Servicer
shall give notice to the Trustee, the Insurer and the Rating Agencies of any
termination of a Sub-Servicer and any appointment or designation of a substitute
Sub-Servicer.
SECTION 3.04. Liability of the Servicer.
-------------------------
Notwithstanding the provisions of any Sub-Servicing Agreement, any of
the provisions of this Agreement relating to agreements or arrangements between
the Servicer or a Sub-Servicer or reference to actions taken through a Sub-
Servicer or otherwise, the Servicer shall remain obligated and liable to the
Depositor, the Trustee, the Insurer and the Certificateholders for the servicing
and administering of the Mortgage Loans included in the Trust Fund in accordance
with (and subject to the limitations contained within) the provisions
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of this Agreement without diminution of such obligation or liability by virtue
of such Sub-Servicing Agreements or agreements or arrangements or by virtue of
indemnification from the Sub-Servicer and to the same extent and under the same
terms and conditions as if the Servicer alone were servicing and administering
the Mortgage Loans. The Servicer shall be entitled to enter into any agreement
with the Depositor or a Sub-Servicer for indemnification of the Servicer and
nothing contained in this Agreement shall be deemed to limit or modify such
indemnification.
SECTION 3.05. Rights of the Depositor and the Trustee
---------------------------------------
in Respect of the Servicer.
--------------------------
The Servicer shall afford the Depositor, the Insurer and the Trustee,
without charge but only upon reasonable notice and during normal business hours,
access to all records and documentation in the Servicer's possession regarding
the Mortgage Loans and to all accounts, insurance policies and other matters in
the Servicer's possession relating to this Agreement and access to officers of
the Servicer responsible for its obligations hereunder. The Depositor may, but
is not obligated to, enforce the obligations of the Servicer hereunder. The
Depositor shall not have any responsibility or liability for any action or
failure to act by the Servicer and is not obligated to supervise the performance
of the Servicer hereunder or otherwise.
SECTION 3.06. Trustee to Act as Servicer.
--------------------------
In the event that the Servicer shall for any reason no longer be the
Servicer hereunder (including by reason of an Event of Default), the Trustee
shall thereupon assume all of the rights and obligations of the Servicer
hereunder arising thereafter (except that the Trustee shall not be liable for
losses of the Servicer pursuant to Section 3.07 hereof, obligated to make
Monthly Advances if prohibited by applicable law, nor to effectuate repurchases
or substitutions of Mortgage Loans hereunder as substitute Servicer, including
pursuant to Section 2.04 hereof and except that the Trustee makes no
representations and warranties hereunder, including pursuant to Section 2.04
hereof). If the Servicer shall for any reason no longer be the Servicer
(including by reason of any Event of Default), the Trustee (or any other
successor servicer) shall succeed to any rights and obligations of the Servicer
under any Sub-Servicing Agreement and shall be deemed to have assumed the
Servicer's interest therein; provided, however, that the Servicer shall not
thereby be relieved of any liability or obligations under this Agreement, any
Sub-Servicing or substitute servicing agreement arising prior to the date of
such succession.
The Servicer shall, upon request of the Trustee, but at the expense of
the Servicer, deliver to the assuming party all documents and records relating
to the Mortgage Loans then being serviced thereunder and an accounting of
amounts collected held by it and otherwise use its best efforts to effect the
orderly and efficient transfer of servicing to the assuming party.
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SECTION 3.07. Collection of Mortgage Loan Payments.
------------------------------------
The 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, follow such
collection procedures as it follows with respect to mortgage loans comparable to
the Mortgage Loans held in its own portfolio and serviced by the Servicer.
Consistent with the foregoing, the Servicer may in its discretion (a) waive any
late payment charge or any prepayment charge or penalty interest in connection
with the prepayment of a Mortgage Loan and (b) only upon determining that the
coverage of such Mortgage Loan by any related Primary Mortgage Insurance Policy
will not be affected, extend the due dates for payments due on a Mortgage Note
for a period not greater than 270 days, but in no event beyond the maturity date
of any Mortgage Loan. In the event of any such arrangement described in clause
(b) of the preceding sentence, the Servicer shall continue to make timely
Monthly Advances on the related Mortgage Loan, pursuant to and in accordance
with Section 5.01 of this Agreement (but subject to any limitations contained
therein), during the scheduled period in accordance with the amortization
schedule of such Mortgage Loan without modification thereof by reason of such
arrangements.
The Servicer shall establish and maintain, in its name on behalf of
the Certificateholders and the Insurer, the Custodial Account. The Servicer
shall deposit into the Custodial Account within two Business Days of receipt by
the Servicer, or receipt from the Sub-Servicers except as otherwise specifically
provided herein, the following payments and collections received or made by it
subsequent to the Cut-off Date (other than in respect of principal of and
interest and any other payments on the Mortgage Loans due on or before the Cut-
off Date):
(i) all payments on account of principal, including Principal
Prepayments, on the Mortgage Loans;
(ii) all payments on account of interest on the Mortgage Loans;
(iii) all Insurance Proceeds and Liquidation Proceeds, other
than proceeds to be applied to the restoration or repair of the Mortgaged
Property or released to the Mortgagor in accordance with the Servicer's
normal servicing procedures, net of Liquidation Expenses, unpaid servicing
compensation and unreimbursed Monthly Advances;
(iv) all Monthly Advances made by the Servicer pursuant to
Section 5.01 hereof;
(v) any amount of any losses required to be deposited by the
Servicer pursuant to the second succeeding paragraph of this Section 3.07
in connection with any losses on Eligible Investments;
(vi) any amounts required to be deposited by the Servicer
pursuant to Section 3.11 hereof;
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(vii) all proceeds of any purchase by the Seller or the
Servicer, as the case may be, of any Mortgage Loans or property acquired in
respect of the Mortgage Loans pursuant to Sections 2.01, 2.02, 2.04, 3.12,
3.21 or 10.01 hereof and all amounts required to be deposited in connection
with the substitution of Replacement Mortgage Loans pursuant to Sections
2.01, 2.02 or 2.04 hereof; and
(viii) any other amounts required to be deposited in the
Custodial Account pursuant to this Agreement including, without limitation,
the amounts required to be deposited therein pursuant to Section 3.13
hereof.
The foregoing requirements for remittance by the Servicer shall be
exclusive, it being understood and agreed that, without limiting the generality
of the foregoing, payments in the nature of prepayment penalties, fees or
premiums, late payment charges, assumption fees and any excess interest charges
payable by the Mortgagor by virtue of any default or other non-compliance by the
Mortgagor with the terms of the Mortgage or any other instrument or document
executed in connection therewith or otherwise, if collected, need not be
remitted or deposited into the Custodial Account by the Servicer. In the event
that the Servicer shall remit or deposit any amount not required to be remitted
or deposited and not otherwise subject to withdrawal pursuant to Section 3.09
hereof, it may at any time withdraw such amount from the Custodial Account on
the following Distribution Date, any provision herein to the contrary
notwithstanding. Such direction may be accomplished by delivering an Officers'
Certificate to the Trustee which describes the amounts deposited in error in the
Custodial Account. All funds deposited in the Custodial Account shall be held
by the Servicer in trust for the Certificateholders and the Insurer until
disbursed in accordance with this Agreement or withdrawn in accordance with
Section 3.09. In no event shall the Trustee incur liability for withdrawals
from the Custodial Account at the direction of the Servicer.
The Servicer shall invest the funds in the Custodial Account in
Eligible Investments, which shall mature not later than the second Business Day
preceding the Distribution Date following the date of such investment (except
that if such Eligible Investment is an obligation of the institution that
maintains the Custodial Account, then such Eligible Investment shall mature not
later than such Distribution Date). All such Eligible Investments shall be made
in the name of the Trustee for the benefit of the Certificateholders and the
Insurer (in its capacity as such) or its nominee. All income and gain net of
any losses realized from any such investment shall be for the benefit of the
Servicer and shall be subject to withdrawal at its direction from time to time.
The amount of any losses net of any gains not paid to the Servicer incurred in
respect of any such investments shall be remitted to the Trustee or deposited in
the Custodial Account out of the Servicer's own funds promptly following the
date that same are realized.
The Servicer shall promptly give notice to the Trustee, the Rating
Agencies, the Insurer and the Depositor of the location of the Custodial Account
and of any change thereof.
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SECTION 3.08. Collection of Taxes, Assessments and
------------------------------------
Similar Items; Escrow Accounts.
------------------------------
In addition to the Custodial Account, the Servicer shall establish and
maintain one or more custodial accounts (each, an "Escrow Account") and deposit
and retain therein all collections from the Mortgagors (or advances by the
Servicer) for the payment of taxes, assessments and hazard insurance premiums or
comparable items for the account of the Mortgagors. Escrow Accounts shall be
Eligible Accounts.
Withdrawals of amounts so collected from the Escrow Accounts may be
made only to effect timely payment of taxes, assessments, hazard insurance
premiums or Primary Mortgage Insurance Policy premiums, condominium or PUD
association dues, or comparable items, to reimburse the Servicer pursuant to
Sections 3.10 hereof (with respect to the Primary Mortgage Insurance Policy) and
3.08 hereof (with respect to taxes and assessments) and 3.11 hereof (with
respect to hazard insurance), to refund to any Mortgagors any sums as may be
determined to be overages, to pay interest, if required, to Mortgagors on
balances in the Escrow Account or to clear and terminate the Escrow Account at
the termination of this Agreement in accordance with Section 10.01 hereof. As
part of its servicing duties, the Servicer shall, and the Sub-Servicers shall,
pursuant to any Sub-Servicing Agreement, be required to, pay to the Mortgagors
interest on funds in the Escrow Account, to the extent required by law.
The Servicer shall, with respect to each Mortgage Loan, to the extent
any related Sub-Servicer does not do so, advance the payments referred to in the
preceding paragraph that are not timely paid by the Mortgagors; provided,
however, that the Servicer shall be required to so advance only to the extent
that such advances, in the good faith judgment of the Servicer, will be
recoverable by the Servicer out of Insurance Proceeds, Liquidation Proceeds or
otherwise of the related Mortgage Loan; and provided further, that such payments
shall be advanced when the tax, premium or other cost for which such payment is
intended is due.
SECTION 3.09. Permitted Withdrawals from the Custodial Account.
------------------------------------------------
The Servicer may (and, with respect to clauses (e) and (g) below,
shall), from time to time, direct the Trustee to make, and the Trustee shall
make, to the extent required or authorized hereunder, withdrawals from the
Custodial Account for the following purposes:
(a) to pay to the Servicer as additional servicing compensation,
earnings on or investment income with respect to funds in the Custodial
Account credited to the Custodial Account;
(b) to reimburse the Servicer for advances made pursuant to
Sections 3.01, 3.10, 3.13, 5.01 and 5.02 hereof, such right of
reimbursement pursuant to this subclause (b) being limited to amounts
received in respect of the particular Mortgage Loan (including, for this
purpose, Insurance Proceeds, Liquidation Proceeds, amounts representing
proceeds of other insurance policies, if any, covering the related
Mortgaged Property, rental and other income from REO Property and proceeds
of any purchase or repurchase of the related Mortgage Loan);
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(c) to reimburse the Servicer for any Nonrecoverable Advances;
(d) to reimburse the Servicer from Liquidation Proceeds for
Liquidation Expenses and, to the extent that Liquidation Proceeds after
such reimbursement are in excess of the Principal Balance of the related
Mortgage Loan together with accrued and unpaid interest thereon at a rate
equal to the sum of the Net Mortgage Rate and the Trustee Fee Rate, to pay
out of such excess the amount of any unpaid servicing compensation with
respect to the related Mortgage Loan to the Servicer, which may include any
unpaid servicing compensation to the Sub-Servicer (for disbursement in
accordance with Section 3.16 hereof);
(e) to pay to the Seller or the Servicer, as the case may be,
with respect to each Mortgage Loan or property acquired in respect thereof
that has been purchased pursuant to Sections 2.01, 2.02, 2.04 or 3.12
hereof all amounts received thereon and not taken into account in
determining the Purchase Price of such repurchased Mortgage Loan;
(f) to reimburse the Servicer or the Depositor for expenses
incurred by and reimbursable to the Servicer or the Depositor pursuant to
Section 7.03 hereof;
(g) to withdraw any amount deposited in the Custodial Account
pursuant to Section 3.07 and not required to be deposited therein; and
(h) to clear and terminate the Custodial Account upon termination
of this Agreement pursuant to Section 10.01 hereof.
The 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 subclauses (a), (b), (c),
(d), (e) and (f). The Servicer may apply Liquidation Proceeds and Insurance
Proceeds received with respect to a particular Mortgage Loan to reimbursements
permitted by clauses (b), (c) and (d) above in any order as the Servicer deems
appropriate.
On or prior to the second Business Day preceding each Distribution
Date after payment of items (a) through (h) above, the Servicer shall withdraw
from the Custodial Account and remit to the Trustee, in immediately available
funds, and the Trustee, upon receipt thereof, shall deposit in the Certificate
Account, an amount equal to the sum of the Available Distribution Amount, the
Trustee Fee, the Servicing Fee and the Insurer Premium for such Distribution
Date.
SECTION 3.10. Maintenance of Primary Mortgage Insurance Policies;
---------------------------------------------------
Collections Thereunder.
----------------------
The Servicer shall not take, or permit any Sub-Servicer to take, any
action that would result in loss of coverage under any applicable Primary
Mortgage Insurance Policy for any loss which, but for the actions of the
Servicer or Sub-Servicer, would have been covered thereunder. The Servicer
shall use its best reasonable efforts to cause such Sub-Servicer to keep
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in full force and effect each Primary Mortgage Insurance Policy applicable to a
Mortgage Loan being serviced by it, until the principal balance of the related
Mortgage Loan, in the case of a Mortgage Loan having a Loan-to-Value Ratio at
origination in excess of 80%, is reduced to (a) 80% or less of the Appraised
Value or (b) 80% or less of its current value based on a new appraisal. The
Servicer agrees to pay to the extent the related Sub-Servicer does not do so,
the premiums for each Primary Mortgage Insurance Policy on a timely basis and
shall use its best reasonable efforts to cause itself or the Sub-Servicer to be
named as loss payee. In the event that the insurer under any Primary Mortgage
Insurance Policy shall cease to be qualified to transact a mortgage guaranty
insurance business under the laws of the state of its organization or any other
state that has jurisdiction over such insurer (or if such insurer's claims-
paying ability shall adversely affect the rating on the Class A Certificates) or
such Primary Mortgage Insurance Policy is cancelled or terminated for any
reason, the Servicer shall exercise its best reasonable efforts to obtain, or to
cause the related Sub-Servicer to obtain, from another Qualified Insurer, a
replacement policy comparable to such Primary Mortgage Insurance Policy at the
expense of the Mortgagor. The Servicer shall not consent to the cancellation or
refusal to renew any such Primary Mortgage Insurance Policy applicable to any
Mortgage Loan, which is in effect at the date of the initial issuance of the
Certificates and is required to be kept in force hereunder unless the
replacement Primary Mortgage Insurance Policy for such cancelled or non-renewed
policy is maintained with an insurer with a rating not lower than the insurer
issuing the Primary Mortgage Insurance Policy in effect at the date of the
initial issuance of the Certificates or whose claims-paying will not adversely
affect the rating on the Class A Certificates or unless any such cancellation or
refusal, or consent thereto, will not adversely affect the rating on the Class A
Certificates. In connection with any assumption and modification agreement
entered into by the Servicer or a Sub-Servicer pursuant to Section 3.12, the
Servicer shall obtain a replacement Primary Mortgage Insurance Policy, as
provided above.
In connection with its activities as administrator and servicer of the
Mortgage Loans, the Servicer agrees to present, on behalf of itself, the
Depositor, the Trustee for the benefit of the Certificateholders and the
Insurer, claims to the insurer under any Primary Mortgage Insurance Policies
and, in this regard, to take such reasonable action as shall be necessary to
permit recovery under any Primary Mortgage Insurance Policies respecting
defaulted Mortgage Loans. Pursuant to Section 3.07 hereof, any amounts
collected by the Servicer under any Primary Mortgage Insurance Policy shall be
deposited in the Custodial Account, subject to withdrawal pursuant to Section
3.09 hereof.
SECTION 3.11. Maintenance of Hazard Insurance and Other Insurance.
----------------------------------------------------
The Servicer shall cause to be maintained for each Mortgage Loan,
hazard insurance with extended coverage in an amount that is at least equal to
the maximum insurable value of improvements securing such Mortgage Loan or its
Principal Balance, whichever is less.
Each policy of standard hazard insurance shall contain, or have an
accompanying endorsement that contains, a standard mortgagee clause complying in
all material respects in form and substance to applicable FNMA guidelines. The
Servicer shall cause to be maintained on property acquired upon foreclosure or
deed in lieu of foreclosure of any Mortgage Loan, liability insurance and, to
the extent described below, flood insurance. Pursuant to Section 3.07
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hereof, any amounts collected by the 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 terms of the applicable Mortgage or the Servicer's normal
servicing procedures) shall be deposited in the Custodial Account, subject to
withdrawal pursuant to Section 3.09 hereof.
Any cost incurred by the Servicer or the related Sub-Servicer in
maintaining any such insurance shall not, for the purpose of calculating monthly
distributions to the Certificateholders or remittances to the Trustee for their
benefit, be added to the Principal Balance of the Mortgage Loan, notwithstanding
that the terms of the Mortgage Loan so permit. Such costs shall be recoverable
by the Servicer out of payments by the related Mortgagor or out of Insurance
Proceeds or Liquidation Proceeds to the extent permitted by Section 3.09 hereof.
If the Mortgaged Property is located at the time of origination of the Mortgage
Loan in a federally designated special flood hazard area, the Servicer shall
cause flood insurance to be maintained. Such flood insurance shall be in an
amount equal to the lesser of (i) the unpaid Principal Balance of the related
Mortgage Loan or (ii) the maximum amount of such insurance available for the
related Mortgaged Property under the national flood insurance program, if the
area in which such Mortgaged Property is located is participating in such
program.
In the event that the Servicer shall obtain and maintain a blanket
policy 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 3.11, it being understood and agreed that such
policy may contain a deductible clause on terms substantially equivalent to
those commercially available and maintained by comparable servicers, and
provided that the provider of such blanket policy is rated by A.M. Best Company
A:V or higher and the claims-paying ability of such provider is rated in one of
the three highest rating categories by at least one nationally recognized
statistical rating organization. If such policy contains a deductible clause,
the Servicer shall, to the extent that there shall not have been maintained on
the related Mortgaged Property a policy complying with the first sentence of
this Section 3.11 and there shall have been a loss that would have been covered
by such policy, remit to the Trustee for deposit in the Custodial Account the
amount not otherwise payable under the blanket policy because of such deductible
clause, accompanied by an Officers' Certificate describing the calculation of
such amount. In connection with its activities as administrator and servicer of
the Mortgage Loans, the Servicer agrees to present, on behalf of itself, the
Depositor, the Trustee for the benefit of the Certificateholders, claims under
any such blanket policy.
SECTION 3.12. Enforcement of Due-On-Sale Clauses;
-----------------------------------
Assumption Agreements.
---------------------
(a) Except as otherwise provided in this Section 3.12(a), when any
property subject to a Mortgage has been conveyed by the Mortgagor, the Servicer
shall, to the extent that it has knowledge of such conveyance, 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. In the event that the Servicer or the
related Sub-Servicer is prohibited by law from enforcing any such due-on-sale
clause, or if coverage under any
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Required Insurance Policy would be adversely affected, the Servicer is
authorized, subject to Section 3.12(b), to take or enter into an assumption and
modification agreement from or with the person to whom such property has been or
is about to be conveyed, pursuant to which such person becomes liable under the
Mortgage Note and, unless prohibited by applicable state law, the Mortgagor
remains liable thereon, provided that the Mortgage Loan shall continue to be
covered (if so covered before the Servicer enters such agreement) by the
applicable Required Insurance Policies. The Servicer, subject to Section
3.12(b), is also authorized with the prior approval of the insurers under any
Required Insurance Policies to enter into a substitution of liability agreement
with such person, pursuant to which the original Mortgagor is released from
liability and such person is substituted as Mortgagor and becomes liable under
the Mortgage Note. Notwithstanding the foregoing, the Servicer shall not be
deemed to be in default under this Section 3.12(a) by reason of any transfer or
assumption which the Servicer is restricted by law from preventing, for any
reason whatsoever.
(b) Subject to the Servicer's duty to enforce any due-on-sale clause
to the extent set forth in Section 3.12(a) hereof, in any case in which a
Mortgaged Property has been conveyed to a Person by a Mortgagor, if an
assumption is permitted under Section 3.12(a) and such Person is to enter into
an assumption agreement or modification agreement or supplement to the Mortgage
Note or Mortgage held for the benefit of the Certificateholders and the Insurer
that 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 Servicer shall deliver or cause to be delivered to the
Trustee for signature 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. The Servicer shall also
deliver or cause to be delivered to the Trustee with the foregoing documents a
letter explaining the nature of such documents and the reason or reasons why the
Trustee's signature is required.
With such letter, the Servicer shall deliver to the Trustee a
certificate of a Servicing Officer certifying that: (i) a Servicing Officer has
examined and approved such documents as to form and substance, (ii) the
Trustee's 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, (iii) any required consents of
insurers under any Required Insurance Policies have been obtained and (iv)
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 or, if the
Mortgage Loan provided that the amortization period on which the Monthly
Payments were based was a longer period, such period has not been extended, (D)
the interest rate on the Mortgage Loan will not be altered nor will the term of
the Mortgage Loan be increased as a result of such assumption or transfer and
(E) if the seller/transferor of the Mortgaged Property is to be released from
liability on the Mortgage Loan, the Servicer used the same underwriting
standards in evaluating the creditworthiness of the purchaser/transferee as were
used in making the original Mortgage Loan,
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and such release will not (based on the Servicer's good faith determination)
adversely affect the collectibility of the Mortgage Loan. Upon receipt of such
certificate, the Trustee for the benefit of the Certificateholders and the
Insurer shall execute any necessary instruments for such assumption or
substitution of liability. Upon the closing of the transactions contemplated by
such documents, the Servicer shall cause the originals 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 for the benefit of the
Certificateholders and the Insurer and deposited with the Trustee Mortgage File
for such Mortgage Loan. Any fee collected by the Servicer for entering into an
assumption or substitution of liability agreement will be retained by the
Servicer as additional servicing compensation.
In the event that the Servicer, in connection with any such assumption
or modification agreement or supplement to the Mortgage Note, is unable to
deliver the certificate of the Servicing Officer set forth above, the Servicer
shall purchase, or cause the related Sub-Servicer to purchase the related
Mortgage Loan in the manner, and at the Purchase Price, set forth in Section
2.04 hereof.
SECTION 3.13. Realization Upon Defaulted Mortgage Loans.
-----------------------------------------
The Servicer shall foreclose upon or otherwise comparably convert the
ownership of properties securing such of the Mortgage Loans as come into and
continue in default and as to which, in the reasonable judgment of the Servicer,
no satisfactory arrangements can, in accordance with prudent lending practices,
be made for collection of delinquent payments pursuant to Section 3.01 hereof.
In connection with such foreclosure or other conversion, the Servicer shall
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 for
its own portfolio and as are in accordance with the requirements of the insurer
under any Required Insurance Policy and shall deliver to the Insurer a
liquidation report with respect to the related Mortgage Loan on the form of
report customarily prepared by the Servicer. The Servicer shall not be required
to expend its own funds in connection with any foreclosure or towards the
restoration, repair, protection or maintenance of any property unless it shall
determine in its sole discretion that such expenses will be recoverable to it as
Liquidation Expenses either through Liquidation Proceeds (respecting which it
shall have priority for purposes of withdrawals from the Custodial Account
pursuant to Section 3.09 hereof) or through Insurance Proceeds (respecting which
it shall have similar priority). The Servicer shall be responsible for all
other costs and expenses incurred by it in any such proceedings; provided,
however, that it shall be entitled to reimbursement thereof from the proceeds of
liquidation of the related Mortgaged Property, as contemplated in Section 3.09
hereof.
In the event that any Mortgaged Property becomes an REO Property, the
deed or certificate of sale shall be taken in the name of the Trustee for the
benefit of the Certificateholders and the Insurer, or its nominee, on behalf of
the Certificateholders and the Insurer. Pursuant to its efforts to sell such
REO Property, the Servicer shall either itself or through an agent selected by
the Servicer protect and conserve such REO Property in the same manner and to
such extent as is customary in the locality where such REO Property is located
and may, incident to its conservation and protection of the interests of the
Certificateholders and
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the Insurer, rent the same, or any part thereof, as the Servicer deems to be
in the best interest of the Servicer, the Insurer and the Certificateholders for
the period prior to the sale of such REO Property on such terms and conditions
and for such periods as the Servicer deems to be in the best interest of the
Servicer, the Insurer and the Certificateholders.
The decision of the Servicer to foreclose on a defaulted Mortgage Loan
shall be subject to a determination by the Servicer that the proceeds of such
foreclosure would exceed the costs and expenses of bringing such a proceeding.
The income earned from the management of any Mortgaged Properties acquired
through foreclosure or other judicial proceeding on behalf of the
Certificateholders and the Insurer, net of reimbursement to the Servicer for
expenses incurred (including any taxes) in connection with such management,
advances made by the Servicer pursuant to Sections 3.01, 3.11, 3.13 or 5.01 in
connection with the related Mortgage Loan or REO Property and Liquidation
Expenses incurred by the Servicer in connection with the related Mortgage Loan,
shall be applied to the payment of principal of and interest on the related
defaulted Mortgage Loans (with interest accruing and principal amortizing as
though such Mortgage Loans were still current) and all such income shall be
deemed, for all purposes in this Agreement, to be payments on account of
principal of and interest on the related Mortgage Notes and shall be deposited
into the Custodial Account.
Prior to obtaining or causing the Trustee to obtain a deed as a result
of or in lieu of foreclosure, or otherwise acquiring (or causing the Trustee to
acquire) possession of or title to any Mortgaged Property, if the Servicer
determines that obtaining a deed or otherwise acquiring title or possession of
such Mortgaged Property would likely subject the Servicer, the Trustee or the
Trust Fund to substantial liability in respect of environmental conditions
concerning the Mortgaged Property, (a) the Servicer shall (i) notify the Trustee
and the Depositor of such determination and (ii) refrain from obtaining or
directing the Trustee to obtain a deed as a result of or in lieu of foreclosure
or otherwise acquiring title or possession to such Mortgaged Property and (b)
the obligations of the Servicer to make advances, including, without limitation,
Monthly Advances, in connection with the Mortgage Loan in question shall cease
as of the date that the Servicer makes such determination.
SECTION 3.14. Trustee to Cooperate; Release of Trustee Mortgage
-------------------------------------------------
Files.
Upon the payment in full of any Mortgage Loan, or the receipt by the
Servicer of a notification that payment in full will be escrowed in a manner
customary for such purposes, and upon notification by the Servicer in the form
of a certification (which certification shall include a statement to the effect
that all amounts received or to be received in connection with such payment
which are required to be deposited in the Custodial Account have been or will be
so deposited) of a Servicing Officer and a Request for Release of the Trustee
Mortgage File in the form of Exhibit G hereto the Trustee shall promptly release
the related Trustee Mortgage File to the Servicer, and the Trustee shall execute
and deliver to the Servicer the request for reconveyance, deed of reconveyance
or release, satisfaction or assignment of mortgage or such instrument releasing
the lien of the Mortgage, and, in each case, such other documents or instruments
as may be reasonably required in connection therewith, as directed by the
Servicer, together with the Mortgage Note with written evidence of cancellation
thereon. The provisions of the immediately preceding sentence shall not, in any
manner, limit or impair the right of the
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Servicer to execute and deliver, on behalf of the Trustee, the Depositor, the
Certificateholders or any of them, any and all instruments of satisfaction,
cancellation or assignment, or of partial or full release or discharge and all
other comparable instruments, with respect to the Mortgage Loans, and with
respect to the Mortgaged Properties held for the benefit of the
Certificateholders. No expenses incurred in connection with any instrument of
satisfaction or deed of reconveyance shall be chargeable to the Certificate
Account but shall be paid by the Servicer. From time to time and as shall be
appropriate for the servicing or foreclosure of any Mortgage Loan, including,
without limitation, for such purpose, collection under any policy of flood
insurance, any fidelity bond or errors or omissions poliurposes of effecting a
partial or total release of any Mortgaged Property from the lien of the Mortgage
or the making of any corrections to the Mortgage Note or the Mortgage or any of
the other documents included in the Trustee Mortgage File, the Trustee shall,
upon request of the Servicer and the delivery to the Trustee of a Request for
Release signed by a Servicing Officer, in the form of Exhibit G hereto, release
the Trustee Mortgage File to the Servicer. If the Servicer at any time seeks to
initiate a foreclosure proceeding in respect of any Mortgaged Property, the
Servicer shall deliver to the Depositor or the Trustee, for signature as
appropriate, any court pleadings, requests for trustee's sale or other documents
necessary to effectuate such foreclosure or any legal action brought to obtain
judgment against the Mortgagor on the Mortgage Note or the Mortgage or to obtain
a deficiency judgment or to enforce any other remedies or rights provided by the
Mortgage Note or the Mortgage or otherwise available at law or in equity,
together with a certificate of a Servicing Officer requesting that such
pleadings or documents be executed by the Trustee. A Servicing Officer shall
certify as to the reason such documents or pleadings are required and that the
execution and delivery thereof by the Trustee will not invalidate the insurance
coverage under any Required Insurance Policy or invalidate or otherwise affect
the lien of the Mortgage except for the termination of such lien upon completion
of the foreclosure.
SECTION 3.15. Documents, Records and Funds in Possession of Servicer
------------------------------------------------------
to be Held for the Depositor and the Trustee for the Benefit of the
-------------------------------------------------------------------
Certificateholders.
------------------
Notwithstanding any other provisions of this Agreement, the Servicer
shall transmit to the Trustee to the extent required by this Agreement all
documents and instruments coming into the possession of the Servicer from time
to time and shall account fully to the Trustee for the benefit of the
Certificateholders and the Insurer for any funds received by the Servicer or
which otherwise are collected by the Servicer as Liquidation Proceeds or
Insurance Proceeds in respect of any Mortgage Loan. All Servicer Mortgage Files
or Trustee Mortgage Files and funds collected or held by, or under the control
of, the Servicer in respect of any Mortgage Loans, whether from the collection
of principal and interest payments or from Liquidation Proceeds or Insurance
Proceeds, including but not limited to, any funds on deposit in the Custodial
Account, shall be held by the Servicer for and on behalf of the Depositor, the
Trustee for the benefit of the Certificateholders and the Insurer and shall be
and remain the sole and exclusive property of the Trustee, subject to the
applicable provisions of this Agreement. The Servicer also agrees that it shall
not create, incur or subject any Servicer Mortgage File or Trustee Mortgage File
or any funds that are deposited in the Custodial Account or any Servicing or
Escrow Account, or any funds that otherwise are or may become due or payable to
the Trustee for the benefit of the Certificateholders, to any claim, lien,
security interest, judgment,
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levy, writ of attachment or other encumbrance, or assert by legal action or
otherwise any claim or right of setoff against any Servicer Mortgage File or
Trustee Mortgage File or any funds collected on, or in connection with, a
Mortgage Loan, except, however, that the Servicer shall be entitled to set off
against and deduct from any such funds any amounts that are properly due and
payable to the Servicer under this Agreement subject to the terms of this
Agreement.
SECTION 3.16. Servicing Compensation.
----------------------
As compensation for its activities hereunder, the Servicer shall be
entitled to retain from the Custodial Account or withdraw from the Custodial
Account the amounts specified in subclause (a) of Section 3.09 hereof as payable
to it.
Additional servicing compensation in the form of prepayment penalties,
fees or premiums, assumption fees, modification fees, late payment charges or
otherwise or any excess interest charges payable by the Mortgagor by virtue of
any default or other non-compliance by the Mortgagor with the terms of the
Mortgage or any other instrument or document executed in connection therewith or
otherwise shall be retained by the Servicer to the extent not required to be
deposited in the Custodial Account pursuant to Section 3.07 hereof. The
Servicer shall be required to pay all expenses incurred by it in connection with
its servicing activities hereunder (including payment of premiums for Primary
Mortgage Insurance Policies, to the extent such premiums are not required to be
paid or have not been paid by the related Mortgagor or the related Sub-Servicer,
payment of any premiums for hazard insurance, as required by Section 3.11 hereof
and maintenance of the other forms of insurance coverage required by Section
3.11 hereof) the payment of servicing compensation to any Sub-Servicers pursuant
to any Sub-Servicing Agreement and the payment of the expenses of the Trustee to
the extent provided in Section 9.05, and shall not be entitled to reimbursement
therefor except as specifically provided in Sections 3.09, 3.13 and 5.03 hereof.
SECTION 3.17. Reports to the Depositor; Account Statements.
--------------------------------------------
Within five Business Days following each Distribution Date, the
Servicer shall deliver to the Trustee, the Insurer and the Depositor a statement
setting forth the status of the Custodial Account, if any, as of the close of
business on such Distribution Date showing, for the period covered by such
statement, the aggregate of deposits in or withdrawals from the Custodial
Account, if any, for each category of deposit specified in Section 3.07 hereof
and each category of withdrawal specified in Section 3.09 hereof. The Servicer
shall forward a copy of such statement to the Rating Agencies. Within ten
Business Days following each Distribution Date, the Trustee shall deliver to the
Depositor and the Insurer a statement setting forth the status of the
Certificate Account as of the close of business on such Distribution Date
showing, for the period covered by such statement, the aggregate of deposits in
or withdrawals from the Certificate Account. The Trustee shall forward a copy
of such statement to the Rating Agencies.
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SECTION 3.18. Annual Statement as to Compliance.
---------------------------------
The Servicer shall deliver to the Depositor, the Insurer and the
Trustee on or before January 31 of each year, commencing January 31, 1999, an
Officers' Certificate stating, as to each signer thereof, that (a) a review of
the activities of the Servicer during the year ended on the preceding September
30 and of the performance of the Servicer under this Agreement has been
made under such officer's supervision, (b) to the best of such officer's
knowledge, based on such review, the Servicer has fulfilled all its obligations
under this Agreement in all material respects throughout such year, or, if there
has been a default in the fulfillment of any such obligation, specifying each
such default known to such officer and the nature and status thereof, (c) a
Servicing Officer has conducted an examination of the activities of each Sub-
Servicer during the immediately preceding year and its performance under any
Sub-Servicing Agreement, and (d) to the best of such Servicing Officer's
knowledge, based on such examination, each Sub-Servicer has performed and
fulfilled its duties, responsibilities and obligations under such Sub-Servicing
Agreement in all material respects throughout such year, or if there has been a
default in the performance or fulfillment of any such duties, responsibilities
or obligations, specifying each such default known to such Servicing Officer and
the nature and status thereof. The Servicer shall forward a copy of each such
statement to the Rating Agencies.
SECTION 3.19. Annual Independent Public Accountants' Servicing
------------------------------------------------
Report.
------
On or before January 31 of each year, beginning with the first January
31 that occurs at least six months after the Cut-off Date, the Servicer, at its
expense, shall cause a firm of independent public accounts that is a member of
the American Institute of Certified Public Accountants to furnish a statement to
the Depositor, the Insurer and the Trustee for the benefit of the
Certificateholders to the effect that such firm has examined certain documents
substantially similar to this Agreement and records relating to the servicing of
mortgage loans serviced by the Servicer or any successor servicer that are
substantially similar to the Mortgage Loans and that, on the basis of an
examination conducted substantially in compliance with the Uniform Single Audit
Program for Mortgage Bankers or the Audit Program for Mortgages serviced for
FHLMC, such servicing has been conducted in compliance with such agreements
except for such significant exceptions or errors in records that, in the opinion
of such firm, the Uniform Single Audit Program for Mortgage Bankers or the Audit
Program for Mortgages serviced for FHLMC requires it to report. In rendering
such statement such firm may rely, as to matters relating to direct servicing of
Mortgage Loans by Sub-Servicers, if any, upon comparable statements for
examinations conducted substantially in compliance with the Uniform Single Audit
Program for Mortgage Bankers or the Audit Program for Mortgages serviced for
FHLMC (rendered within one year of such statement) of independent public
accounts with respect to the related Sub-Servicer. The Servicer shall forward a
copy of each such report to the Rating Agencies.
SECTION 3.20. Reports to Trustee.
------------------
On or before the third Business Day prior to each Distribution Date,
the Servicer shall deliver to the Trustee and the Insurer a monthly Servicing
Report containing the information set forth in Section 4.04(a) and the Servicer
shall notify the Trustee of the Deficiency Amount, if any, with respect to such
Distribution Date. The Trustee may
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conclusively rely on information provided by the Servicer and shall have no
obligation to recompute, recalculate, or verify the accuracy of such
information.
SECTION 3.21. Converted Mortgage Loans; Certain Procedures and
------------------------------------------------
Purchases.
---------
(a) The Trustee, as Note Holder (as defined in the Mortgage Notes for
the Mortgage Loans) on behalf of the Certificateholders and the Insurer is
hereby authorized and hereby authorizes and directs the Servicer, on behalf of
the Note Holder, to determine fixed interest rates into which Mortgagors under
Convertible Mortgage Loans may convert the adjustable interest rates on their
Mortgage Notes in accordance with the terms set forth in such Mortgage Notes.
The Servicer agrees to make such determinations and otherwise administer the
program contemplated in the Mortgage Notes for the Convertible Mortgage Loans
until the later to occur of (i) the date on which all the Convertible Mortgage
Loans have become Converted Mortgage Loans, and (ii) the last date on which
Mortgagors have the option to convert the adjustable interest rates on their
Mortgage Notes to fixed interest rates.
(b) The Servicer may, but is not obligated to, purchase such
Converting Mortgage Loan. All amounts paid by the Servicer in connection with
the purchase of a Converting Mortgage Loan or Converted Mortgage Loan, as the
case may be, will be deposited in the Custodial Account. No party to this
Agreement or any successor to any party shall be required to purchase any
Converted or Converting Mortgage Loan.
(c) Notwithstanding that a Mortgage Loan becomes a Converting Mortgage
Loan or Converted Mortgage Loan in any month, such Converting Mortgage Loan or
Converted Mortgage Loan shall remain in the Trust Fund and all payments in
respect thereof shall remain in the Trust Fund unless and until such Converting
Mortgage Loan or Converted Mortgage Loan, as the case may be, is purchased by
the Servicer, pursuant to Section 3.21(b).
(d) Upon any purchase of a Converting Mortgage Loan or Converted
Mortgage Loan, as the case may be, by the Servicer pursuant to Section 3.21(b)
and the deposit in the Custodial Account of the Purchase Pri cause any Custodian
to release, the related Mortgage File and convey such Mortgage Loan to the
purchaser whereupon such purchased Converted Mortgage Loan shall cease to be
part of the Trust Fund.
ARTICLE IV
PAYMENTS AND STATEMENTS TO CERTIFICATEHOLDERS
SECTION 4.01. Certificate Account.
-------------------
The Trustee shall establish, prior to the Delivery Date, and shall
maintain, in the name of the Trustee on behalf of the Holders of interests in
the Trust Fund, the Certificate Account, which shall be an Eligible Account,
into which the Trustee upon receipt from the
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Servicer shall deposit all payments remitted by the Servicer and any amounts
required to be remitted by the Depositor pursuant to the terms hereof. All
distributions to be made from time to time to Holders of interests in the Trust
Fund out of funds in the Certificate Account shall be made by or on behalf of
the Trustee. The Trustee will give notice to the Servicer, the Rating Agencies,
the Insurer and the Depositor of the location of the Certificate Account and of
any change thereof, prior to the use thereof. Funds held in the Certificate
Account and delivered to the Trustee earlier than one Business Day prior to the
next Distribution Date shall be invested by the Trustee in Eligible Investments
as directed by the Servicer or shall remain uninvested. All income and gain net
of any losses realized from any such investment shall be for the benefit of the
Servicer and shall be subject to withdrawal at the Servicer's direction from
time to time. The amount of any losses net of any gains not paid to the Servicer
incurred in respect of any such investments shall be deposited in the
Certificate Account out of the Servicer's own funds immediately as realized.
In addition, the Trustee shall withdraw from the Insurance Account and
deposit into the Certificate Account the amount necessary to make the Insured
Payment on each Distribution Date to the extent received from the Insurer.
The Trustee shall make, to the extent required or authorized
hereunder, withdrawals from the Certificate Account for the following purposes:
(i) to withdraw any amount deposited in the Certificate Account and
not required to be deposited therein;
(ii) to reimburse the Servicer for any unreimbursed Nonrecoverable
Advance;
(iii) to make required distributions pursuant to Section 4.02; and
(iv) to pay to the Depositor any amount to which it is entitled
pursuant to Section 7.03.
SECTION 4.02. Distributions.
-------------
(a) On each Distribution Date, the following amounts, in the following
order of priority, shall be distributed by REMIC I to REMIC II on account of the
REMIC I Regular Interests or withdrawn from the Certificate Account and
distributed to the holders of the Class R-I Certificates, as the case may be:
(i) to the Holders of REMIC Regular Interests, in an amount equal to
(A) the Uncertificated Interest for such Distribution Date, plus (B)
any amounts in respect thereof remaining unpaid from previous
Distribution Dates; and
(ii) on each Distribution Date, to the Holders of REMIC I Regular
Interests, in an amount equal to the remainder of the Available
Distribution Amount for such Distribution Date after the distributions
made pursuant to clause (i) above, allocated as follows (except as
provided below):
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(x) first, to the Holders of the REMIC I Regular Interests I-LT2-I,
REMIC I Regular Interests I-LT3-I and REMIC I Regular Interests I-LT4-
I, respectively, the Class I-LT2-I Principal Distribution Amount, the
Class I-LT3-I Principal Distribution Amount, and the Class I-LT4-I
Principal Distribution Amount from such remainder;
(y) second, to the Holders of the REMIC I Regular Interests I-LT1-I,
any remaining portion of such remainder.
(b) On each Distribution Date the Trustee shall apply amounts in the
Certificate Account plus the Insured Payment, if any, transferred from the
Insurance Account and payable to the Class A Certificateholders in accordance
with Section 4.06, to pay the following amounts in the following order of
priority:
(i) to pay to the Insurer, the Insurer Premium;
(ii) to pay to itself on each Distribution Date an amount equal to
the Principal Balance of each Mortgage Loan immediately prior such
Distribution Date multiplied by one-twelfth of the Trustee Fee Rate;
(iii) to pay to the Servicer, on any Distribution Date, the Servicing
Fee due on such Distribution Date, if the Servicer has remitted prior to
the related Distribution Date funds directly to the Trustee for deposit in
the Certificate Account;
(iv) to pay to the Insurer the amount of Cumulative Insurance Payments
as of such Distribution Date;
(v) to the holders of the Class A Certificates, the Class A Interest
Distribution Amount and the Class A Cumulative Interest Shortfall Amount
for which no Insured Payment has been previously paid to the Class A
Certificateholders;
(vi) to the holders of the Class A Certificates, to the extent of the
Available Distribution Amount remaining, the Class A Principal Distribution
Amount; and
(vii) to the holders of the Class S Certificates, to the extent of the
Available Distribution Amount remaining, the Class S Interest Distribution
Amount and the Class S Cumulative Interest Shortfall Amount; and
(v) to the holders of the Class R-II Certificates, the balance, if
any, of the Available Distribution Amount.
(c) Within five Business Days before the related Distribution Date,
the Servicer shall notify the Trustee of the amounts, if any, payable to the
Insurer pursuant to Sections 4.02(b)(iv).
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(d) The Servicer shall be responsible for the calculations with
respect to distributions from the Certificate Account so long as the Trust Fund
has not been terminated in accordance with this Agreement. All distributions
made to Certificateholders of any Class on such Distribution Date will be made
to the Certificateholders of the respective Class of record on the immediately
preceding Record Date, except for the final distribution, which shall be made as
provided in the form of Certificate. All distributions made to the
Certificateholders shall be based upon the Percentage Interest represented by
their respective Certificates. If on any Determination Date, the Trustee
determines that there are no Mortgage Loans outstanding and no other funds or
assets in the Trust Fund other than the funds in the Certificate Account, the
Trustee shall promptly send the final distribution notice to each
Certificateholder specifying the manner in which the final distribution will be
made.
(e) Any Certificateholder shall be entitled to receive distributions
hereunder on a Distribution Date (other than as provided in Section 10.02
respecting the final distribution) by wire transfer to the account specified in
writing by the Certificateholder to the Trustee if the Initial Certificate
Principal Balance evidenced by such Holder's Certificate is at least equal to
$2,500,000 or the Percentage Interest thereof is 100%. In each case, the
account must be specified in writing at least five Business Days prior to the
Record Date for the Distribution Date on which wire transfers will commence.
All other distributions shall be made by check payable to the Certificateholder
mailed by first class mail to the address of such Certificateholder reflected in
the Certificate Register.
SECTION 4.03. Allocation of Realized Losses.
-----------------------------
Prior to each Distribution Date, the Servicer shall determine the
total of Realized Losses, if any, incurred with respect to the Mortgage Loans
during the previous Prepayment Period. On each Distribution Date, Realized
Losses will be allocated after the distribution of principal and interest on
such Distribution Date; provided, however, that if the Certificate Principal
Balance of any Class of Certificates would be reduced to zero as a result of
Realized Losses to be allocated on such Distribution Date if no funds were
available for distributions on the Certificates, then Realized Losses will be
allocated to such Class prior to the distribution of principal and interest. In
every case, such Realized Losses shall be allocated as follows:
(a) first, by application of clause (vi) of the definition of
Class A Principal Distribution Amount, to the Class S Interest Distribution
Amount for the related Distribution Date; second, to any Class S Cumulative
Interest Shortfall Amount; and third, to the Class A Certificates. All
such allocations to a Class of Certificates shall be on a pro rata basis in
accordance with the shortfall amount or distribution amount, as applicable,
for each Certificate of such Class.
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(b) All Realized Losses on the Mortgage Loans shall be allocated
to the REMIC I Regular Interests in accordance with the definition of REMIC
I Realized Losses.
SECTION 4.04. Monthly Statements to Certificateholders.
----------------------------------------
(a) Not later than each Distribution Date, the Servicer shall prepare
and the Trustee shall cause to be forwarded by mail to each Certificateholder,
the Servicer, the Insurer, the Depositor and the Rating Agencies a statement
setting forth:
(i) the amount of such distribution representing principal of the
Mortgage Loans, separately identifying the aggregate amount of any
Principal Prepayments included therein, and the portion of such
distribution, if any, representing a Monthly Advance of principal and the
Certificate Principal Balance of the Class A Certificates after giving
effect to such distributions;
(ii) the amount of such distribution representing interest on the
Mortgage Loans and the portion of such distribution, if any, representing a
Monthly Advance of interest;
(iii) the aggregate Principal Balances of the Mortgage Loans as
of the close of business on such Distribution Date and the amount of
Principal Prepayments received during the immediately preceding Prepayment
Period;
(iv) the related amount of the Servicing Fees retained or
withdrawn from the Custodial Account or the Certificate Account;
(v) the amount of Monthly Advances paid by the Servicer;
(vi) the number and aggregate principal amounts of Mortgage Loans
(A) delinquent (1) one month, (2) two months, (3) three months or more and
(B) in foreclosure and (C) in bankruptcy;
(vii) the book value (within the meaning of 12 C.F.R. (S) 571.13
or comparable provision) of any REO Property;
(viii) the respective amounts, if any, of Realized Losses
allocated to the respective Classes of Certificates with respect to such
Distribution Date;
(ix) all Monthly Advances recovered during the related Due
Period;
(x) the amount of any tax imposed on a "prohibited transaction"
of the Trust Fund as defined in Section 860F of the Code during the related
Due Period;
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(xi) the amount of any reduction in Certificate Principal
Balance, cumulative interest shortfall amount or interest distribution
amount for any Class attributable to the application of Realized Losses
thereto on such Distribution Date;
(xii) the amount of any Insured Payment made on such
Distribution Date, the amount of any reimbursement payment made to the
Insurer on such Distribution Date pursuant to Section 4.02(c) and the
amount of Cumulative Insurance Payments after giving effect to any such
Insured Payment or any such reimbursement payment to the Insurer;
(xiii) the Certificate Rate on the Class A Certificates for such
Distribution Date;
(xiv) the aggregate principal balance of all Converting Mortgage
Loans and Converted Mortgage Loans, as the case may be, purchased by the
Servicer pursuant to Section 3.21, the proceeds of which are being
distributed on such Distribution Date and the aggregate principal balance
of all Converted Mortgage Loans which have not been so purchased pursuant
to Section 3.21;
(xv) the Rolling Three Month Delinquency Percentage; and
(xvi) cumulative Realized Losses since the Delivery Date and for
the three year period commencing on the Delivery Date.
(b) Upon reasonable advance notice in writing, if required by federal
regulation, the Trustee will provide to each Certificateholder that is a savings
association, bank or insurance company certain reports and access to information
and documentation regarding the Mortgage Loans sufficient to permit such
Certificateholder to comply with applicable regulations of the Office of Thrift
Supervision or other regulatory authorities with respect to investment in the
Certificates and the Servicer shall cooperate with the Trustee in providing such
information; provided, however, that the Trustee shall be entitled to be
reimbursed by each such Certificateholder for the Trustee's actual expenses
incurred in providing such reports and access. The Trustee will provide to any
Certificateholder upon request the outstanding Certificate Principal Balance as
of such dates and, if then known by the Trustee, the outstanding Certificate
Principal Balances after giving effect to any distribution to be made on the
next following Distribution Date.
SECTION 4.05. Prepayment Interest Shortfalls and Relief Act
---------------------------------------------
Shortfalls.
----------
Prepayment Interest Shortfalls resulting from a Principal Prepayment
of a Mortgage Loan during any Prepayment Period and Relief Act Shortfalls will
be applied first, to reduce the Class A Interest Distribution Amount payable on
the related Distribution Date as set forth in the definition of the Class A
Interest Distribution Amount and second, to reduce the Class S Interest
Distribution Amount payable on the related Distribution Date, in respect of such
Mortgage Loan.
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SECTION 4.06. The Policy.
----------
(a) If the Servicer determines that the Deficiency Amount is greater
than zero with respect to any Distribution Date, the Trustee shall complete the
notice in the Form of Exhibit A to the Policy (the "Notice") and submit such
Notice in accordance with the Policy to the Insurer no later than 12:00 P.M.,
New York City time, on the third Business Day immediately preceding each
Distribution Date, as a claim for an Insured Payment in an amount equal to such
Deficiency Amount.
(b) The Trustee shall establish and maintain the Insurance Account on
behalf of the Holders of the Class A Certificates. Upon receipt of an Insured
Payment from the Insurer on behalf of the Class A Certificateholders, the
Trustee shall deposit such Insured Payment in the Insurance Account. All
amounts on deposit in the Insurance Account shall remain uninvested. On each
Distribution Date, the Trustee shall transfer any Insured Payment then on
deposit in the Insurance Account to the Certificate Account. The Trustee shall
distribute on each Distribution Date the Deficiency Amount for such Distribution
Date from the Certificate Account, together with the distributions to be made to
the Class A Certificateholders on such Distribution Date, as distributions of
interest and principal, respectively.
(c) The Trustee shall (i) receive as attorney-in-fact of each Class A
Certificateholder any Insured Payment from the Insurer and (ii) distribute such
Insured Payment to such Class A Certificateholders as set forth in subsection
(b) above. Insured Payments disbursed by the Trustee from proceeds of the
Policy shall not be considered payment by the Trust Fund with respect to the
Class A Certificates, nor shall such disbursement of such Insured Payments
discharge the obligations of the Trust Fund with respect to the amounts thereof,
and the Insurer shall become owner of such amounts to the extent covered by such
Insured Payments as the deemed assignee of such Class A Certificateholders. The
Trustee hereby agrees on behalf of each Class A Certificateholder (and each
Class A Certificateholder, by its acceptance of its Class A Certificates, hereby
agrees) for the benefit of the Insurer that the Trustee shall recognize that to
the extent the Insurer pays Insured Payments, either directly or indirectly (as
by paying through the Trustee), to the Class A Certificateholders, the Insurer
will be entitled to be subrogated to the rights of the Class A
Certificateholders to the extent of such payments.
ARTICLE V
ADVANCES
SECTION 5.01. Monthly Advances by the Servicer.
--------------------------------
Subject to the conditions of this Article V, the Servicer, as required
below, shall make a Monthly Advance to the Certificate Account maintained by the
Trustee, in the amount, if any, of the aggregate Monthly Payments less
Prepayment Interest Shortfalls and Relief Act Shortfalls, after adjustment of
the interest portion of each such Monthly Payment to the Mortgage Rate less the
applicable Servicing Fee Rate, on the Mortgage Loans that were due on the Due
Date but that were not received and remitted to the Certificate Account on or
prior to
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the Servicer Advance Date. The Servicer shall be obligated to make any such
Monthly Advance only to the extent that such advance, in the good faith judgment
of the Servicer, will be recoverable by the Servicer from Insurance Proceeds,
Liquidation Proceeds (less Liquidation Expenses), or otherwise on the related
Mortgage Loan.
On the Determination Date immediately preceding the related
Distribution Date, the Servicer shall determine whether and to what extent any
Mortgagor has failed to make any Monthly Payment due on the Due Date and whether
such deficiencies, if advanced by the Servicer, would be recoverable by the
Servicer from related Insurance Proceeds or Liquidation Proceeds (net of
Liquidation Expenses). If the Servicer shall have determined that it is not
obligated to make the entire Monthly Advance because all or a lesser portion of
such Monthly Advance would not be recoverable by the Servicer from related
Insurance Proceeds or Liquidation Proceeds (net of Liquidation Expenses), the
Servicer shall deliver to the Trustee, not less than two Business Days prior to
the related Distribution Date, for the benefit of the Certificateholders and the
Insurer, an Officers' Certificate setting forth the reasons for such
determination.
In lieu of making all or a portion of any Monthly Advance, the
Servicer may cause to be made an appropriate entry in its records relating to
the Custodial Account that funds in such account, including but not limited to
any amounts received in respect of scheduled principal and interest on any
Mortgage due aailable Distribution Amount (less the amount of such Monthly
Advance) for the related Distribution Date have been used by the Servicer in
discharge of its obligation to make any such Monthly Advance. Any funds so
applied shall be replaced by the Servicer by deposit, in the manner set forth
above, in the Custodial Account no later than the Servicer Advance Date to the
extent that funds in the Custodial Account on such date are less than the
amounts required to be distributed on the related Distribution Date. The
Servicer shall be entitled to be reimbursed from the Custodial Account for all
Monthly Advances of its own funds made pursuant to this Section as provided in
Section 3.09.
SECTION 5.02. Advances for Attorneys' Fees.
----------------------------
The Servicer shall make advances from time to time for attorneys' fees
and court costs incurred, or which reasonably can be expected to be incurred,
for the foreclosure of any Mortgage Loan or for any transaction in which the
Trustee for the benefit of the Certificateholders and the Insurer is expected to
receive a deed-in-lieu of foreclosure, unless the Servicer has made a good faith
determination that such advances would not be recoverable from Insurance
Proceeds or Liquidation Proceeds relating to the Mortgage Loan. If the Servicer
shall make a good faith determination that such advances would not be so
recoverable, the Servicer shall promptly deliver to the Trustee an Officers'
Certificate setting forth the reasons for such determination. The Servicer
shall be entitled to reimbursement for any such advance as provided in Section
3.09 hereof.
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SECTION 5.03. Nonrecoverable Advances.
-----------------------
The determination by the Servicer that it has made a Nonrecoverable
Advance shall be evidenced by an Officers' Certificate of the Servicer promptly
delivered to the Trustee setting forth the reasons for such determination.
Following the Trustee's receipt of the Officers' Certificate, the Servicer shall
be entitled to reimbursement for such Nonrecoverable Advance as provided in
Section 3.09 hereof.
SECTION 5.04. Advance Procedures.
------------------
(a) If, on any Determination Date, the Servicer determines to make a
Monthly Advance in accordance with Section 5.01, it shall make such Monthly
Advance on or before noon, St. Paul time, on the second Business Day prior to
the related Distribution Date (the "Servicer Advance Date"). The Servicer shall
notify the Trustee of the aggregate amount of Monthly Advances for a
Distribution Date on or before three Business Days prior to such Distribution
Date. Any such Monthly Advance shall be included with the distribution on the
related Distribution Date pursuant to Section 4.02.
(b) In the event that the Servicer fails to make a Monthly Advance
required to be made pursuant to Section 5.01 on or before 3 p.m., St. Paul,
Minnesota time, on the Servicer Advance Date, the Trustee shall on or before 12
noon, New York time on the next Business Day provide to the Servicer, by
telecopy, written notice of such failure and the amount of such failure and that
continuance of such failure for a period of one Business Day will be an Event of
Default.
ARTICLE VI
THE CERTIFICATES
SECTION 6.01. The Certificates.
----------------
The Certificates shall be in substantially the forms set forth in
Exhibits A, B and C hereto, with such appropriate insertions, omissions,
substitutions and other variations as are required or permitted by this
Agreement or as may in the reasonable judgment of the Trustee or the Depositor
be necessary, appropriate or convenient to comply, or facilitate compliance,
with applicable laws, and may have such letters, numbers or other marks of
identification and such legends or endorsements placed thereon as may be
required to comply with the rules of any securities exchange on which any of the
Certificates may be listed, or as may, consistently herewith, be determined by
the officers executing such Certificates, as evidenced by their execution
thereof.
The definitive Certificates shall be printed, typewritten,
lithographed or engraved or produced by any combination of these methods or may
be produced in any other manner permitted by the rules of any securities
exchange on which any of the Certificates may be listed,
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all as determined by the officers executing such Certificates, as evidenced by
their execution thereof.
The Class A Certificates will be in fully-registered form only in
minimum denominations of $100,000 Certificate Principal Balance and integral
multiples of $1,000 in excess thereof, provided that one Class A Certificate may
be issued in such other amount as is required so that the aggregate of the Class
A Certificate equals its aggregate Certificate Principal Balance. The Class S
Certificates will be issued in fully-registered form only in minimum Percentage
Interests of 20% and integral multiples thereof. The Class R-I and Class R-II
Certificates will each be issuable only as a single Certificate.
The Certificates shall be executed by manual or facsimile signature on
behalf of the Trustee by a Responsible Officer. Certificates bearing the manual
or facsimile signatures of individuals who were, at the time when such
signatures were affixed, authorized to sign on behalf of the Trustee shall bind
the Trustee, notwithstanding that such individuals or any of them have ceased to
be so authorized prior to the authentication and delivery of such Certificates
or did not hold such offices at the date of such Certificate. 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 executed by the Trustee by manual signature, and such certificate
of authentication upon any Certificate shall be conclusive evidence, and the
only evidence, that such Certificate has been duly authenticated and delivered
hereunder. All Certificates shall be dated the date of their authentication.
SECTION 6.02. Registration of Transfer and Exchange of Certificates.
-----------------------------------------------------
(a) The Trustee shall maintain, or cause to be maintained, 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. Upon surrender for
registration of transfer of any Certificate, the Trustee shall execute,
authenticate and deliver, in the name of the designated transferee or
transferees, one or more new Certificates in like aggregate interest and of the
same Class.
(b) At the option of a Certificateholder, Certificates may be
exchanged for other Certificates of authorized denominations and the same
aggregate interest in the Trust Fund and of the same Class, upon surrender of
the Certificates to be exchanged at the office or agency of the Trustee set
forth in Section 9.11. Whenever any Certificates are so surrendered for
exchange, the Trustee shall execute, authenticate and deliver the Certificates
which the Certificateholder making the exchange is entitled to receive. Every
Certificate presented or surrendered for registration of transfer or exchange
shall be accompanied by a written instrument of transfer in form satisfactory to
the Trustee duly executed by the Holder thereof or his attorney duly authorized
in writing.
(c) No service charge to the Certificateholders shall be made for any
registration of transfer or exchange of Certificates, but 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 may be required.
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(d) All Certificates surrendered for registration of transfer and
exchange shall be canceled and subsequently destroyed by the Trustee in
accordance with the Trustee's customary procedures.
(e) No transfer of any Class S or Class R Certificate shall be made
unless that transfer is made pursuant to an effective registration statement
under the 1933 Act and effective registration or qualification under applicable
state securities laws, or is made in a transaction which does not require such
registration or qualification. In the event that a transfer is to be made
without registration or qualification, (i) the Trustee shall require, in order
to assure compliance with such laws, that the Certificateholder desiring to
effect the transfer and such Certificateholder's prospective transferee each
certify to the Trustee in writing in the forms set forth in Exhibit H and
Exhibit I, respectively, the facts surrounding the transfer and (ii) the
Depositor or the Trustee shall require an opinion of counsel reasonably
satisfactory to the requesting party that such transfer may be made without such
registration or qualification, which Opinion of Counsel shall not be required to
be an expense of the Depositor or the Trustee. Neither the Depositor nor the
Trustee is obligated to register or qualify any Class S or Class R Certificate
under the 1933 Act or any other securities law or to take any action not
otherwise required under this Agreement to permit the transfer of such
Certificate or interest without registration or qualification. Any such Holder
desiring to effect such transfer shall, and does hereby agree to, indemnify the
Trustee and the Depositor against any liability that may result if the transfer
is not so exempt, or is not made in accordance with federal and state laws.
(f) No transfer of a Class S or Class R Certificate shall be made to
any employee benefit or other plan that is subject to the Employee Retirement
Income Security Act of 1974, as amended ("ERISA"), or Section 4975 of the Code,
to a trustee or other person acting on behalf of any such plan, or to any other
person using "plan assets" to effect such acquisition, unless the prospective
transferee of a Certificateholder desiring to transfer its Certificate provides
the Trustee with a certification as set forth in paragraph 6 of Exhibit I or an
Opinion of Counsel which establishes to the reasonable satisfaction of the
Depositor and the Trustee that the purchase and holding of a Class S or Class R
Certificate by, on behalf of or with "plan assets" of such plan is permissible
under applicable local law, would not constitute or result in a prohibited
transaction under Section 406 of ERISA or Section 4975 of the Code, and would
not subject the Depositor or the Trustee to any obligation or liability
(including liabilities under ERISA or Section 4975 of the Code) in addition to
those undertaken in this Agreement or any other liability. The Trustee shall
require that such prospective transferee certify to the Trustee in writing the
facts establishing that such transferee is not such a plan and is not acting on
behalf of or using "plan assets" of any such plan to effect such acquisition.
(g) Additional restrictions on transfers of the Class R Certificates
to Disqualified Organizations are set forth below:
(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
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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 other than a Disqualified Organization and
shall promptly notify the Trustee of any change or impending change in its
status as other than a Disqualified Organization.
(B) In connection with any proposed transfer of any ownership
interest in a Class R Certificate to a U.S. Person, the Trustee shall
require delivery to it, and shall not register the transfer of a Class R
Certificate until its receipt of (1) an affidavit and agreement (a
"Transferee Affidavit and Agreement" attached hereto as Exhibit J) from the
proposed transferee, in form and substance satisfactory to the Servicer,
representing and warranting, among other things, that it is not a non-U.S.
Person, that such transferee is other than a Disqualified Organization,
that it is not acquiring its ownership interest in a Class R Certificate
that is the subject of the proposed Transfer as a nominee, trustee or agent
for any Person who is not other than a Disqualified Organization, that for
so long as it retains its ownership interest in a Class R Certificate, it
will endeavor to remain other than a Disqualified Organization, and that it
has reviewed the provisions of this Section 6.02(g) and agrees to be bound
by them, and (2) a certificate, attached hereto as Exhibit K, from the
Holder wishing to transfer a Class R Certificate, in form and substance
satisfactory to the Servicer, representing and warranting, among other
things, that no purpose of the proposed transfer is to allow such Holder to
impede the assessment or collection of tax.
(C) Notwithstanding the delivery of a Transferee Affidavit and
Agreement by a proposed transferee under clause (B) above, if the Trustee
has actual knowledge that the proposed transferee is not other than a
Disqualified Organization, 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 agrees, by holding or acquiring such ownership
interest, (1) to require a Transferee Affidavit and Agreement from the
other Person to whom such Person attempts to transfer its ownership
interest and to provide a certificate to the Trustee in the form attached
hereto as Exhibit K, and (2) to obtain the express written consent of the
Servicer prior to any transfer of such ownership interest, which consent
may be withheld in the Servicer's sole discretion.
(ii) The Trustee shall register the transfer of any Class R
Certificate only if it shall have received the Transferee Affidavit and
Agreement, a certificate of the Holder requesting such transfer in the form
attached hereto as Exhibit J and all of such
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other documents as shall have been reasonably required by the Trustee as a
condition to such registration.
(iii) (A) If any Disqualified Organization shall become a
Holder of a Class R Certificate, then the last preceding Holder that was
other than a Disqualified Organization 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 any non-U.S. Person shall become a Holder of a Class R
Certificate, then the last preceding Holder that is a U.S. 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 the transfer to
such non-U.S. Person 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
Holder that was other than a Disqualified Organization 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 6.02(g) 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 of a Class R Certificate
shall become a Holder of a Class R Certificate in violation of the
restrictions in this Section 6.02(g) 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 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 Servicer on such terms
as the Servicer may choose. Such purported transferee shall promptly
endorse and deliver a Class R Certificate in accordance with the
instructions of the Servicer. Such purchaser may be the Servicer itself or
any affiliate of the Servicer. The proceeds of such sale, net of the
commissions (which may include commissions payable to the Servicer or its
affiliates), expenses and taxes due, if any, shall be remitted by the
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 Servicer, and the Servicer shall not be liable to any Person having an
ownership interest or a purported ownership interest in a Class R
Certificate as a result of its exercise of such discretion.
(iv) The Servicer, on behalf of the Trustee, shall make
available, upon written request from the Trustee, all information reasonably
available to it that is 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 not other than a Disqualified Organization, including the information
regarding "excess inclusions" of such Residual Certificate required to be
provided to the Internal Revenue Service and certain Persons
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as described in Treasury Regulation Section 1.860D-1(b)(5), and (B) as a result
of any regulated investment company, real estate investment trust, common trust
fund, partnership, trust, estate or organizations described in Section 1381 of
the Code having as among its record holders at any time any Person who is not
other than a Disqualified Organization. Reasonable compensation for providing
such information may be required by the Servicer from such Person.
(v) The provisions of this Section 6.02(g) set forth prior to
this Section (v) may be modified, added to or eliminated by the Servicer,
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 rating of the Certificates; and
(B) a certificate of the Servicer stating that the Servicer
has received an Opinion of Counsel, in form and substance satisfactory
to the Servicer, to the effect that such modification, addition to or
elimination of such provisions will not cause either REMIC to cease to
qualify as a REMIC and will not create a risk that (i) the REMIC may
be subject to an entity-level tax caused by the transfer of a Class R
Certificate to a Person which is not other than a Disqualified
Organization or (2) a Certificateholder or another Person will be
subject to a REMIC-related tax caused by the transfer of applicable
Class R Certificate to a Person which is not other than a Disqualified
Organization.
(vi) The following legend shall appear on each Class R
Certificate:
ANY RESALE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE MAY BE
MADE ONLY IF THE PROPOSED TRANSFEREE PROVIDES A TRANSFER AFFIDAVIT TO THE
Servicer AND THE TRUSTEE THAT (1) SUCH TRANSFEREE IS NOT (A) THE UNITED
STATES, ANY STATE OR POLITICAL SUBDIVISION THEREOF, ANY FOREIGN GOVERNMENT,
ANY INTERNATIONAL ORGANIZATION, OR ANY AGENCY OR INSTRUMENTALITY OF ANY OF
THE FOREGOING, (B) ANY ORGANIZATION (OTHER THAN A COOPERATIVE DESCRIBED IN
SECTION 521 OF THE CODE) WHICH IS EXEMPT FROM THE TAX IMPOSED BY CHAPTER 1
OF THE CODE UNLESS SUCH ORGANIZATION IS SUBJECT TO THE TAX IMPOSED BY
SECTION 511 OF THE CODE, (C) ANY ORGANIZATION DESCRIBED IN SECTION
1381(a)(2)(C) OF THE CODE (ANY SUCH PERSON DESCRIBED IN THE FOREGOING
CLAUSES (A), (B), OR (C) BEING HEREINAFTER REFERRED TO AS A "DISQUALIFIED
ORGANIZATION"), OR (D) AN AGENT OF A DISQUALIFIED ORGANIZATION AND (2) NO
PURPOSE OF SUCH TRANSFER IS TO ENABLE THE TRANSFEROR TO IMPEDE THE
ASSESSMENT OR COLLECTION OF TAX. SUCH AFFIDAVIT SHALL INCLUDE CERTAIN
REPRESENTATIONS AS TO THE FINANCIAL
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CONDITION OF THE PROPOSED TRANSFEREE. NOTWITHSTANDING THE REGISTRATION IN
THE CERTIFICATE REGISTER OF ANY TRANSFER, SALE OR OTHER DISPOSITION OF THIS
CLASS R CERTIFICATE TO A DISQUALIFIED ORGANIZATION OR AN AGENT OF A
DISQUALIFIED ORGANIZATION, SUCH REGISTRATION SHALL BE DEEMED TO BE OF NO
LEGAL FORCE OR EFFECT WHATSOEVER AND SUCH PERSON SHALL NOT BE DEEMED TO BE
A CERTIFICATEHOLDER FOR ANY PURPOSE HEREUNDER, INCLUDING, BUT NOT LIMITED
TO, THE RECEIPT OF DISTRIBUTIONS ON THIS CERTIFICATE. EACH HOLDER OF THE
CLASS R CERTIFICATE BY ACCEPTANCE OF THIS CERTIFICATE SHALL BE DEEMED TO
HAVE CONSENTED TO THE PROVISIONS OF THIS PARAGRAPH.
(h) The Trustee shall have no liability to the Trust Fund arising from
a transfer of any such Certificate in reliance upon a certification, ruling or
Opinion of Counsel described in this Section 6.02; provided, however, that the
Trustee shall not register the transfer of any Class R Certificate if it has
actual knowledge that the proposed transferee does not meet the qualifications
of a permitted Holder of a Class R Certificate as set forth in this Section
6.02.
SECTION 6.03. Mutilated, Destroyed, Lost or Stolen Certificates.
-------------------------------------------------
If (a) any mutilated Certificate is surrendered to the Trustee, or the
Trustee receives evidence to its satisfaction of the destruction, loss or theft
of any Certificate and (b) there is delivered to the Servicer, the Insurer and
the Trustee 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 that such
Certificate has been acquired by a bona fide purchaser, the Trustee shall
execute, authenticate and deliver, in exchange for or in lieu of any such
mutilated, destroyed, lost or stolen Certificate, a new Certificate of like
tenor and interest in the Trust Fund. In connection with the issuance of any
new Certificate under this Section 6.03, 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) connected therewith. Any replacement Certificate
issued pursuant to this Section 6.03 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 6.04. Persons Deemed Owners.
---------------------
Prior to due presentation of a Certificate for registration of
transfer, the Servicer, the Trustee, and any agent of the Servicer, the Insurer
or the Trustee may treat the person in whose name any Certificate is registered
as the owner of such Certificate for the purpose of receiving distributions as
provided in this Agreement and for all other purposes whatsoever, and neither
the Servicer, the Trustee, the Insurer nor any agent of the Servicer, the
Insurer or the Trustee shall be affected by any notice to the contrary.
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SECTION 6.05. Access to List of Certificateholders' Names and
-----------------------------------------------
Addresses.
---------
(a) If three or more Certificateholders (i) request in writing from
the Trustee a list of the names and addresses of Certificateholders, (ii) state
that such Certificateholders desire to communicate with other Certificateholders
with respect to their rights under this Agreement or under the Certificates and
(iii) provide a copy of the communication which such Certificateholders propose
to transmit, then the Trustee shall, within ten Business Days after the receipt
of such request, afford such Certificateholders access during normal business
hours to a current list of the Certificateholders. The expense of providing any
such information requested by a Certificateholder shall be borne by the
Certificateholders requesting such information and shall not be borne by the
Trustee. Every Certificateholder, by receiving and holding a Certificate,
agrees that the Trustee shall not be held accountable by reason of the
disclosure of any such information as to the list of the Certificateholders
hereunder, regardless of the source from which such information was derived.
(b) The Servicer, so long as it is the master servicer hereunder,
shall have unlimited access to a list of the names and addresses of the
Certificateholders which list shall be provided by the Trustee promptly upon the
request of the Servicer.
SECTION 6.06. Maintenance of Office or Agency.
-------------------------------
The Trustee will maintain or cause to be maintained at its expense an
office or offices or agency or agencies in St. Paul, Minnesota where
Certificates may be surrendered for registration of transfer or exchange and
where notices and demands to or upon the Trustee in respect of the Certificates
and this Agreement may be served. The Trustee initially designates the office
described in Section 9.11 as its office for such purpose. The Trustee will give
prompt written notice to the Certificateholders of any change in the location of
any such office or agency.
SECTION 6.07. Book-Entry Certificates.
-----------------------
Notwithstanding the foregoing, the Class A Certificates, upon original
issuance, shall be issued in the form of one or more typewritten Certificates
representing the Book-Entry Certificates, to be delivered to DTC, the initial
Clearing Agency, by, or on behalf of, the Depositor. The Class A Certificates
shall initially be registered on the Certificate Register in the name of Cede &
Co., the nominee of DTC, as the initial Clearing Agency, and no Beneficial
Holder will receive a definitive certificate representing such Beneficial
Holder's interest in the Certificates, except as provided in Section 6.09.
Unless and until definitive, fully registered Certificates ("Definitive
Certificates") have been issued to the Beneficial Holders pursuant to Section
6.09:
(a) the provisions of this Section 6.07 shall be in full force
and effect with respect to the Class A Certificates;
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(b) the Depositor and the Trustee may deal with the Clearing
Agency for all purposes with respect to the Class A Certificates (including
the making of distributions on such Certificates) as the sole Holder of
such Certificates;
(c) to the extent that the provisions of this Section 6.07
conflict with any other provisions of this Agreement, the provisions of
this Section 6.07 shall control; and
(d) the rights of the Beneficial Holders of the Class A
Certificates shall be exercised only through the Clearing Agency and the
Participants and shall be limited to those established by law and
agreements between such Beneficial Holders and the Clearing Agency and/or
the Participants. Pursuant to the Depository Agreement, unless and until
Definitive Certificates are issued pursuant to Section 6.09, the initial
Clearing Agency will make book-entry transfers among the Participants and
receive and transmit distributions of principal and interest on the related
Certificates to such Participants.
For purposes of any provision of this Agreement requiring or
permitting actions with the consent of, or at the direction of, Holders of the
Class A Certificates evidencing a specified percentage of the aggregate unpaid
principal amount of such Certificates, such direction or consent may be given by
the Clearing Agency at the direction of Beneficial Holders owning such
Certificates evidencing the requisite percentage of principal amount of such
Certificates. The Clearing Agency may take conflicting actions with respect to
the Class A Certificates to the extent that such actions are taken on behalf of
the Beneficial Holders.
SECTION 6.08. Notices to Clearing Agency.
--------------------------
Whenever notice or other communication to the Holders of Class A
Certificates is required under this Agreement, unless and until Definitive
Certificates shall have been issued to the related Certificateholders pursuant
to Section 6.09, the Trustee shall give all such notices and communications
specified herein to be given to Holders of the Class A Certificates to the
Clearing Agency which shall give such notices and communications to the related
Participants in accordance with its applicable rules, regulations and
procedures.
SECTION 6.09. Definitive Certificates.
-----------------------
If (a) the Depositor advises the Trustee in writing that the Clearing
Agency is no longer willing or able to properly discharge its responsibilities
under the Depository Agreement with respect to the Certificates and the Trustee
or the Depositor is unable to locate a qualified successor, (b) the Depositor,
at its option, advises the Trustee in writing that it elects to terminate the
book-entry system with respect to the Class A Certificates through the Clearing
Agency or (c) after the occurrence of an Event of Default, Holders of Class A
Certificates evidencing not less than 66% of the aggregate Certificate Principal
Balance of the Class A Certificates advise the Trustee in writing that the
continuation of a book-entry system with respect to the such Certificates
through the Clearing Agency is no longer in the best interests of the Holders of
such Certificates with respect to the Class A Certificates, the Trustee shall
notify all Holders of such Certificates of the occurrence of any such event and
the availability
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of Definitive Certificates. Upon surrender to the Trustee of the such
Certificates by the Clearing Agency, accompanied by registration instructions
from the Clearing Agency for registration, the Trustee shall authenticate and
deliver the Definitive Certificates. Neither the Depositor nor the Trustee shall
be liable for 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 Clearing Agency shall be deemed to be imposed
upon and performed by the Trustee, to the extent applicable with respect to such
Definitive Certificates, and the Trustee shall recognize the Holders of
Definitive Certificates as Certificateholders hereunder.
ARTICLE VII
THE DEPOSITOR AND THE SERVICER
SECTION 7.01. Liabilities of the Depositor and the Servicer.
---------------------------------------------
The Depositor and the Servicer shall each be liable in accordance
herewith only to the extent of the obligations specifically and respectively
imposed upon and undertaken by them herein.
SECTION 7.02. Merger or Consolidation of the
------------------------------
Depositor or the Servicer.
-------------------------
The Depositor and the Servicer will each do or cause to be done all
things necessary to preserve and keep in full force and effect its existence,
rights and franchises (charter and statutory) 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, or any of the Mortgage Loans and to perform
its respective duties under this Agreement.
Any Person into which the Depositor or the Servicer may be merged or
consolidated, or any Person resulting from any merger or consolidation to which
the Depositor or the Servicer shall be a party, or any Person succeeding to the
business of the Depositor or the Servicer, shall be the successor of the
Depositor or the 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 Servicer shall be qualified to sell
mortgage loans to, and to service mortgage loans on behalf of, FNMA or FHLMC.
Notwithstanding anything else in this Section 7.02 or in Section 7.04
hereof to the contrary, the Servicer may assign its rights and delegate its
duties and obligations under this Agreement (except for the obligation of the
Servicer or Seller to effectuate repurchases or substitutions of Mortgage Loans
hereunder, including pursuant to Section 2.01, 2.02 or 2.04 hereof, which shall
remain with Chevy Chase hereunder); provided, however, that the Servicer gives
the Depositor, the Insurer and the Trustee notice of such assignment; and
provided further,
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that such purchaser or transferee accepting such assignment and delegation shall
be an institution that is a FNMA and FHLMC approved seller/servicer in good
standing, which has a net worth of at leates and delivers to the Depositor and
the Trustee an agreement accepting such delegation and assignment, which
contains an assumption by such Person of the rights, powers, duties,
responsibilities, obligations and liabilities of the Servicer, with like effect
as if originally named as a party to this Agreement; and provided further, that
each of the Rating Agencies acknowledge that its rating of the Certificates in
effect immediately prior to such assignment and delegation or its rating of the
risk undertaken by the Insurer with respect to the Policy will not be qualified
or reduced as a result of such assignment and delegation. In the case of any
such assignment and delegation, the Servicer shall be released from its
obligations under this Agreement (except as provided above), except that the
Servicer shall remain liable for all liabilities and obligations incurred by it
as Servicer hereunder prior to the satisfaction of the conditions to such
assignment and delegation set forth in the preceding sentence.
SECTION 7.03. Limitation on Liability of the Depositor, the Servicer
------------------------------------------------------
and Others.
----------
Neither the Depositor, the Servicer, any Sub-Servicer nor any of the
directors, officers, employees or agents of the Depositor, the Servicer or any
Sub-Servicer shall be under any liability to 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 Depositor or the Servicer against any
breach of representations or warranties made by it herein or protect the
Depositor or the Servicer or any such person from any liability which would
otherwise be imposed by reasons of willful misfeasance, bad faith or negligence
in the performance of duties or by reason of reckless disregard of obligations
and duties hereunder. The Depositor, the Servicer, any Sub-Servicer and any
director, officer, employee or agent of the Depositor, the Servicer or any Sub-
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 Depositor, the Servicer, any Sub-Servicer and any director, officer,
employee or agent of the Depositor, the Servicer or any Sub-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 incurred by
reason of willful misfeasance, bad faith or negligence in the performance of
duties hereunder or by reason of reckless disregard of obligations and duties
hereunder, provided that the foregoing indemnification by the Trust Fund shall
be limited to amounts that would otherwise be distributable with respect to the
Class S Certificates. Neither the Depositor, the Servicer nor any Sub-Servicer
shall be under any obligation to appear in, prosecute or defend any legal action
that is not incidental to their respective duties hereunder and which in its
opinion may involve it in any expense or liability; provided, however, that
either the Depositor, the Servicer or any Sub-Servicer may in its discretion
undertake any such action that it may deem necessary or desirable in respect of
this Agreement and the rights and duties of the parties hereto and interests of
the Trustee and the Certificateholders hereunder.
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SECTION 7.04. Servicer Not to Resign.
----------------------
The Servicer shall not resign from the obligations and duties imposed
upon it hereunder except upon determination that such obligations and duties
hereunder are no longer permissible under applicable law. Any such
determination permitting the resignation of the Servicer under this Section 7.04
shall be evidenced by an Opinion of Counsel to such effect delivered to the
Trustee and the Insurer. The Servicer shall give notice of any proposed
resignation to the Trustee, the Certificateholders, the Insurer and the Rating
Agencies. No such resignation by the Servicer shall become effective until the
Trustee or a successor servicer acceptable to the Insurer shall have assumed the
Servicer's responsibilities and obligations in accordance with Section 8.02
hereof.
SECTION 7.05. Errors and Omissions Insurance; Fidelity Bonds.
----------------------------------------------
The Servicer shall, for so long as it acts as servicer under this
Agreement, obtain and maintain in force (a) a policy or policies of insurance
covering errors and omissions in the performance of its obligations as servicer
hereunder, and (b) a fidelity bond in respect of its officers, employees and
agents. Each such policy or policies and bond shall, together, comply with the
requirements from time to time of FNMA or FHLMC for persons performing servicing
for mortgage loans purchased by FNMA or FHLMC. In the event that any such
policy or bond ceases to be in effect, the Servicer shall obtain a comparable
replacement policy or bond from an insurer or issuer, meeting the requirements
set forth above as of the date of such replacement.
SECTION 7.06. Servicer May Own Certificates.
-----------------------------
The Servicer in its individual or any other capacity may become the
owner or pledgee of Certificates with the same rights as it would have if it
were not the Servicer.
ARTICLE VIII
DEFAULT
SECTION 8.01. 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):
(a) any failure by the Servicer to remit to the
Certificateholders, the Insurer or to the Trustee any payment other than a
Monthly Advance required to be made by the Servicer under the terms of this
Agreement, which failure shall continue unremedied for a period of one
Business Day after the date upon which written notice of such failure shall
have been given to the Servicer by the Trustee, the Insurer or the
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Depositor or to the Servicer, the Insurer and the Trustee by the Holders of
Certificates having not less than 25% of the Voting Rights evidenced by the
Certificates; or
(b) any failure by the Servicer to observe or perform in any
material respect any other of the covenants or agreements on the part of
the Servicer contained in this Agreement (except as set forth in (c) below)
which failure (i) materially affects the rights of the Certificateholders
or the Insurer and (ii) shall continue unremedied for a period of 60 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 shall have been given to the Servicer by the
Trustee or the Depositor, or to the Servicer and the Trustee by the Holders
of Certificates evidencing not less than 25% of the Voting Rights evidenced
by the Certificates; or
(c) if a representation or warranty set forth in Section 2.03 or
2.04 hereof shall prove to be materially incorrect as of the time made in
any respect that materially and adversely affects interests of the
Certificateholders or the Insurer, and the circumstances or condition in
respect of which such representation or warranty was incorrect shall not
have been eliminated or cured, or the affected Mortgage Loan shall not have
been substituted for or repurchased, within 60 days after the date on which
written notice thereof shall have been given to the Servicer and Seller by
the Trustee for the benefit of the Certificateholders and the Insurer or by
the Depositor; or
(d) a decree or order of a court or agency or supervisory
authority having jurisdiction in the premises for the appointment of 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 Servicer and such decree or order shall have remained in force
undischarged or unstayed for a period of 60 days; or
(e) the 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 Servicer or all or substantially all of the property of the
Servicer; or
(f) the Servicer shall admit in writing its inability to pay its
debts generally as they become due, file a petition to take advantage of,
or commence a voluntary case under, any applicable insolvency or
reorganization statute, make an assignment for the benefit of its
creditors, or voluntarily suspend payment of its obligations; or
(g) either Rating Agency shall lower or withdraw the outstanding
rating of the Certificates because the existing or prospective financial
condition or mortgage loan servicing capability of the Servicer is
insufficient to maintain such outstanding rating; or
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(h) any failure of the Servicer to make any Monthly Advance in
the manner and at the time required to be made from its own funds pursuant
to this Agreement and after receipt of notice from the Trustee pursuant to
Section 5.04, which failure continues unremedied after 5 p.m., St. Paul,
Minnesota time, on the Business Day immediately preceding the Distribution
Date; or
(i) a Servicer Trigger Event occurs.
If an Event of Default due to the actions or inaction of the Servicer
described in clauses (a) through (g) or (i) 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, the Trustee shall at the direction of the Insurer (unless an
Insurer Default is continuing) or, if so directed by the Holders of Certificates
evidencing not less than 25% of the Voting Rights evidenced by the Certificates,
by notice in writing to the Servicer (with the prior written consent of the
Insurer and with a copy to the Rating Agencies), terminate all of the rights and
obligations of the Servicer under this (other than rights to reimbursement for
Monthly Advances or other advances previously made, as provided in Section 3.09)
provided, however, that unless an Insurer Default is continuing the successor
- -------- -------
to the Servicer appointed pursuant to Section 7.02 shall be acceptable to the
Insurer and shall have accepted the duties of Servicer effective upon the
resignation of the Servicer.
If an Event of Default described in clause (h) shall occur, the
Trustee with the consent of the Insurer (which shall not be unreasonably
withheld) shall, prior to the next Distribution Date, terminate the rights and
obligations of the Servicer hereunder and succeed to the rights and obligations
of the Servicer hereunder pursuant to Section 8.02, including the obligation to
make Monthly Advances on such Distribution Date pursuant to the terms hereof.
SECTION 8.02. Trustee to Act; Appointment of Successor.
----------------------------------------
On and after the time the Servicer receives a notice of termination
pursuant to Section 8.01 hereof or resigns pursuant to Section 7.04 hereof,
subject to the provisions of Section 3.06 hereof, the Trustee shall be the
successor in all respects to the Servicer in its capacity as servicer under this
Agreement and with respect to the transactions set forth or provided for herein
and shall be subject to all the responsibilities, duties and liabilities
relating thereto placed on the Servicer by the terms and provisions hereof,
provided that the Trustee shall not be deemed to have made any representation or
warranty as to any Mortgage Loan made by the Servicer and shall not effect any
repurchases or substitutions of any Mortgage Loan. As compensation therefor,
the Trustee shall be entitled to all funds relating to the Mortgage Loans that
the Servicer would have been entitled to charge to the related Custodial Account
if the Servicer had continued to act hereunder (except that the terminated
Servicer shall retain the right to be reimbursed for advances (including,
without limitation, Monthly Advances) theretofore made by the Servicer with
respect to which it would be entitled to be reimbursed if it had not been so
terminated as Servicer). Notwithstanding the foregoing, if the Trustee has
become the successor to the Servicer in accordance with this Section 8.02, the
Insurer may, and if the Insurer fails to the Trustee may, if it shall be
unwilling to so act, or shall, if it is unable to so act (exclusive of the
obligations with respect to Monthly Advances), appoint, or petition a court
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of competent jurisdiction to appoint, any established mortgage loan servicing
institution acceptable to the Insurer, the appointment of which does not
adversely affect the then current rating of the Certificates, as the successor
to the Servicer hereunder in the assumption of all or any part of the
responsibilities, duties or liabilities of the Servicer, provided that such
successor to the Servicer shall not be deemed toepresentation or warranty as to
any Mortgage Loan made by the Servicer. Pending appointment of a successor to
the Servicer hereunder, the Trustee, unless the Trustee is prohibited by law
from so acting, shall act in such capacity as provided herein. 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 Servicer hereunder. The Trustee and such
successor shall take such action, consistent with this Agreement, as shall be
necessary to effectuate any such succession. Neither the Trustee nor any other
successor servicer shall be deemed to be in default hereunder by reason of any
failure to make, or any delay in making, any distribution hereunder or any
portion thereof caused by the failure of the Servicer to deliver, or any delay
in delivering, cash, documents or records to it.
The Servicer that has been terminated shall, at the request of the
Trustee but at the expense of such Servicer, deliver to the assuming party all
documents and records relating to each Sub-Servicing Agreement and the related
Mortgage Loans 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 Sub-Servicing Agreement to the assuming party.
The Servicer shall cooperate with the Trustee and any successor
servicer in effecting the termination of the Servicer's responsibilities and
rights hereunder, including without limitation, the transfer to such successor
for administration by it of all cash amounts which shall at the time be credited
by the Servicer to the Custodial Account or thereafter received with respect to
the Mortgage Loans.
Neither the Trustee nor any other successor servicer shall be deemed
to be in default hereunder by reason of any failure to make, or any delay in
making, any distribution hereunder or any portion thereof caused by (a) the
failure of the Servicer to (i) deliver, or any delay in delivering, cash,
documents or records to it, (ii) cooperate as required by this Agreement, or
(iii) deliver the Mortgage Loan to the Trustee as required by this Agreement, or
(b) restrictions imposed by any regulatory authority having jurisdiction over
the Servicer.
Any successor to the Servicer as servicer shall during the term of its
service as servicer maintain in force the policy or policies that the Servicer
is required to maintain pursuant to Section 7.05 hereof.
SECTION 8.03. Notification to Certificateholders.
----------------------------------
(a) Upon any termination or appointment of a successor to the
Servicer, the Trustee shall give prompt written notice thereof to the Insurer,
the Certificateholders at their respective addresses appearing in the
Certificate Register and to the Rating Agencies.
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(b) Within 2 Business Days after the occurrence of any Event of
Default, the Trustee shall transmit by mail to the Insurer and all
Certificateholders and the Rating Agencies notice of each such Event of Default
hereunder known to the Trustee, unless such Event of Default shall have been
cured or waived.
SECTION 8.04. Waiver of Events of Default.
---------------------------
The Insurer or the Holders representing at least 66% of the Voting
Rights of Certificates affected by a default or Event of Default hereunder may
waive any default or Event of Default, with the written consent of the Insurer,
which consent shall not be unreasonably withheld; provided, however, that (a) a
-------- -------
default or Event of Default under clause (i) of Section 8.01 may be waived, with
the written consent of the Insurer, only by all of the Holders of Certificates
affected by such default or Event of Default (which Voting Rights of the Class A
Certificateholders may be exercised by the Insurer without the consent of such
Holders and may only be exercised by such Holders with the prior written consent
of the Insurer so long as there does not exist a failure by the Insurer to make
a required payment under the Policy) and (b) no waiver pursuant to this Section
8.04 shall affect the Holders of Certificates in the manner set forth
in Section 11.01(b)(i), (ii) or (iii). Upon any such waiver of a default or
Event of Default by the Insurer or the Holders representing the requisite
percentage of Voting Rights of Certificates affected by such default or Event of
Default with the consent of the Insurer, which consent shall not be unreasonably
withheld, 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 IX
CONCERNING THE TRUSTEE
SECTION 9.01. Duties of Trustee.
-----------------
The Trustee, prior to the occurrence of an Event of Default and after
the curing of all Events of Default that may have occurred, undertakes with
respect to the Trust Fund to perform such duties and only such duties as are
specifically set forth in this Agreement. In case an Event of Default has
occurred and remains uncured, 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 person would exercise or use under the
circumstances in the conduct of such person's own affairs. Any permissive right
of the Trustee set forth in this Agreement shall not be construed as a duty.
The Trustee, upon receipt of all resolutions, certificates,
statements, opinions, reports, documents, orders or other instruments furnished
to the Trustee that 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 have
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no duty to recompute, recalculate or verify the accuracy of any resolution,
certificate, statement, opinion, report, document, order or other instrument so
furnished to the Trustee.
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 misconduct, its negligent failure to perform its obligations
in compliance with this Agreement, or any liability which would be imposed by
reason of its willful misfeasance or bad faith; provided, however, that:
(a) prior to the occurrence of an Event of Default, and after the
curing of all such Events of Default that 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 personally 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 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 and conforming to the requirements of
this Agreement which it reasonably believed in good faith to be genuine and
to have been duly executed by the proper authorities respecting any matters
arising hereunder;
(b) 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 the Trustee was negligent or acted in bad
faith or with willful misfeasance;
(c) 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 Holders of Certificates evidencing not
less than 25% of the Voting Rights allocated to each Class of Certificates
relating 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; and
(d) no provision of this Agreement shall require the Trustee to
expend or risk its own funds or otherwise incur any financial liability in
the performance of any of its duties hereunder or in the exercise of any of
its rights or powers if it shall have reasonable grounds for believing that
repayment of such funds or adequate indemnity against such risk or
liability is not reasonably assured to it.
Except with respect to an Event of Default described in clause (a) of
Section 8.01, the Trustee shall not be deemed to have knowledge of any Event of
Default or event which, with notice or lapse of time, or both, would become an
Event of Default, unless a Responsible Officer of the Trustee shall have
received written notice thereof from the Servicer, the Depositor or a
Certificateholder, or a Responsible Officer of the Trustee has actual notice
thereof, and in the absence of such notice no provision hereof requiring the
taking of any action or the assumption of any duties or responsibility by the
Trustee following the occurrence of any Event
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of Default or event which, with notice or lapse of time or both, would become an
Event of Default, shall be effective as to the Trustee.
The Trustee shall have no duty hereunder with respect to any
complaint, claim, demand, notice or other document it may receive or which may
be alleged to have been delivered to or served upon it by the parties as a
consequence of the assignment of any Mortgage Loan hereunder; provided, however,
that the Trustee shall use its best efforts to remit to the Servicer upon
receipt of any such complaint, claim, demand, notice or other document (i) which
is delivered to the Corporate Trust Office of the Trustee, (ii) of which a
Responsible Officer has actual knowledge, and (iii) which contains information
sufficient to permit the Trustee to make a determination that the real property
to which such document relates is a Mortgaged Property.
SECTION 9.02. Certain Matters Affecting the Trustee.
-------------------------------------
(a) Except as otherwise provided in Section 9.01:
(i) the Trustee may request and rely upon 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 person would exercise or use under the circumstances in the
conduct of such person's own affairs;
(iv) the Trustee shall not be personally liable for any action
taken, suffered or omitted by it in good faith and believed by it to be
authorized or within the discretion or rights or powers conferred upon it
by this Agreement;
(v) prior to the occurrence of an Event of Default hereunder and
after the curing of all Events of Default that may have occurred, the
Trustee shall not be bound to make any investigation into the facts or
matters stated in any resolution,
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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 evidencing not less than 25%
of the Voting Rights allocated to each Class of Certificates; 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 taking any such action; the
reasonable expense of every such investigation shall be paid by the
Servicer in the event that such investigation relates to an Event of
Default by the Servicer, if an Event of Default by the Servicer shall have
occurred and is continuing, and otherwise by the Certificateholders
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;
(vii) the Trustee shall not be required to expend its own funds
or otherwise incur any financial liability in the performance of any of its
duties hereunder if it shall have reasonable grounds for believing that
repayment of such funds or adequate indemnity against such liability is not
assured to it; and
(viii) the Trustee shall not be liable for any loss on any
investment of funds pursuant to this Agreement.
(b) All rights of action under this Agreement or under any of the
Certificates, enforceable by the Trustee, may be enforced by it without the
possession of any of the Certificates, or the production thereof at the trial or
other proceeding relating thereto, and any such suit, action or proceeding
instituted by the Trustee shall be brought in its name for the benefit of all
the Holders of such Certificates, subject to the provisions of this Agreement.
SECTION 9.03. Trustee Not Liable for Certificates or Mortgage Loans.
-----------------------------------------------------
The recitals contained herein shall be taken as the statements of the
Depositor or the 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, the Certificates or of any
Mortgage Loan or related document. The Trustee shall not be accountable for the
use or application by the Depositor or the Servicer of any funds paid to the
Depositor or the Servicer in respect of the Mortgage Loans or deposited in or
withdrawn from the Certificate Account by the Depositor or the Servicer.
SECTION 9.04. 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 as it would have if it
were not the Trustee.
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SECTION 9.05. Trustee's Fees and Expenses.
---------------------------
The Trustee shall pay to itself on each Distribution Date from amounts
on deposit in the Certificate Account, an amount equal to the Trustee Fee in
accordance with Section 4.02(b). Any amount payable to the Trustee on such
Distribution Date in excess of such amount on deposit will be paid by the
Servicer from its own funds. Any payment hereunder made by the Servicer to the
Trustee, other than any amount to be paid from the Certificate Account pursuant
to this Section 9.05, shall be paid from the Servicer's own funds, without
reimbursement from the Trust Fund therefor.
The Trustee and any director, officer, employee or agent of the
Trustee shall be indemnified by the Depositor and held harmless against any
loss, liability or expense (a) incurred in connection with any legal action
relating to this Agreement or the Certificates, or the performance of any of the
Trustee's duties hereunder, other than any loss, liability or expense incurred
by reason of willful misfeasance, bad faith or negligence in the performance of
any of the Trustee's duties hereunder or by reason of reckless disregard of the
Trustee's obligations and duties hereunder and (b) resulting from the exercise
of any power of attorney granted by the Trustee in accordance with this
Agreement. Such indemnity shall survive the termination of this Agreement or
the resignation or removal of the Trustee hereunder.
SECTION 9.06. Eligibility Requirements for Trustee.
------------------------------------
The Trustee hereunder shall at all times be a corporation or
association having its principal office in a state and city acceptable to the
Depositor and the Insurer 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 ratings on its long-term debt
obligations at the time of such appointment in at least the third highest rating
category by both Moody's and Standard & Poor's or such lower ratings as will not
cause Moody's or Standard & Poor's to lower their then-current ratings of the
Class A Certificates, acceptable to the Insurer, 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 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 9.06 the combined capital and surplus of such corporation or
association 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 9.06, the Trustee shall resign immediately in the manner and with the
effect specified in Section 9.07 hereof.
SECTION 9.07. Resignation and Removal of Trustee.
----------------------------------
The Trustee may at any time resign and be discharged from the trusts
hereby created by (a) giving written notice of resignation to the Depositor and
the Insurer and by mailing notice of resignation by first class mail, postage
prepaid, to the Certificateholders at their addresses appearing on the
Certificate Register, and to the Rating Agencies, not less than 60 days before
the date specified in such notice when, subject to Section 9.08, such
resignation is to take effect, and (b) acceptance by a successor trustee
acceptable to the Insurer in
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accordance with Section 9.08 meeting the qualifications set forth in Section
9.06. 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.
If at any time the Trustee shall cease to be eligible in accordance
with the provisions of Section 9.06 hereof and shall fail to resign after
written request thereto by the Depositor, or if at any time the Trustee shall
become incapable of acting, or shall be adjudged a 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 or if the
Trustee breaches any of its obligations or representations hereunder, then the
Insurer or, with the prior written consent of the Insurer, the Depositor 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 and
one copy to the successor trustee. The Trustee may also be removed at any time
by the Holders of Certificates evidencing not less than 50% of the Voting Rights
evidenced by the Certificates with the prior written consent of the Insurer.
Notice of any removal of the Trustee and acceptance of appointment by the
successor trustee shall be given to the Rating Agencies by the Servicer.
Any resignation or removal of the Trustee and appointment of a
successor trustee pursuant to any of the provisions of this Section 9.07 shall
become effective upon acceptance of appointment by the successor trustee as
provided in Section 9.08 hereof.
SECTION 9.08. Successor Trustee.
-----------------
Any successor trustee appointed as provided in Section 9.07 hereof
shall execute, acknowledge and deliver to the Depositor 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, 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 Depositor 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.
No successor trustee shall accept appointment as provided in this
Section 9.08 unless at the time of such acceptance such successor trustee shall
be eligible under the provisions of Section 9.06 hereof and its appointment is
acceptable to the Insurer and shall not adversely affect the then current rating
of the Certificates.
Upon acceptance of appointment by a successor trustee as provided in
this Section 9.08, the Servicer 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 Servicer fails to mail such notice within ten
days after acceptance of appointment by the successor trustee, the successor
trustee shall cause such notice to be mailed at the expense of the Depositor.
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SECTION 9.09. Merger or Consolidation of Trustee.
----------------------------------
Any Person into which the Trustee may be merged or converted or with
which it may be consolidated or any Person resulting from any merger, conversion
or consolidation to which the Trustee shall be a party, or any Person succeeding
to the business of the Trustee, shall be the successor of the Trustee hereunder,
provided that such Person shall be eligible under the provisions of Section 9.06
hereof without the execution or filing of any paper or further act on the part
of any of the parties hereto, anything herein to the contrary notwithstanding.
SECTION 9.10. Appointment of Co-Trustee or Separate Trustee.
---------------------------------------------
Notwithstanding any other provisions of this Agreement, 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 any Mortgage Note may at the
time be located, the 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 and for the
benefit of the applicable Certificateholders, such title to the Trust Fund, or
any part thereof, and, subject to the other provisions of this Section 9.10,
such powers, duties, obligations, rights and trusts as the Servicer and
the Trustee may consider necessary or desirable. If the Servicer shall not have
joined in such appointment within fifteen days after the receipt by it of a
request to do so, or in the 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 9.06 and no notice to
Certificateholders of the appointment of any co-trustee or separate trustee
shall be required under Section 9.08.
Every separate trustee and co-trustee shall, to the extent permitted
by law, be appointed and act subject to the following provisions and conditions:
(a) all rights, powers, duties and obligations conferred or
imposed upon the Trustee, except for any obligation of the Trustee under
this Agreement to advance funds on behalf of the Servicer, shall be
conferred or imposed upon and exercised or performed by the Trustee and
such separate trustee or co-trustee jointly (it being understood that such
separate trustee or co-trustee is not authorized to act separately without
the Trustee joining in such act), except to the extent that under any law
of any jurisdiction in which any particular act or acts are to be performed
by the Trustee (whether as Trustee hereunder or as successor to the
Servicer), 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 singly by such
separate trustee or co-trustee, but solely at the direction of the Trustee;
(b) no trustee hereunder shall be held personally liable by
reason of any act or omission of any other trustee hereunder; and
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(c) the Servicer and the Trustee acting jointly may at any time
accept the resignation of or remove any separate trustee or co-trustee.
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 IX. 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 and a copy thereof given to the
Servicer and the Depositor.
Any separate trustee or co-trustee may, at any time, constitute the
Trustee its agent or attorney-in-fact, with full power and authority, to the
extent not prohibited by law, to do any lawful act under or in respect of this
Agreement on its behalf and in its name. If any separate trustee or co-trustee
shall die, become incapable of acting, resign or be removed, all of its estates,
properties, rights, remedies and trusts shall vest in and be exercised by the
Trustee, to the extent permitted by law, without the appointment of a new or
successor trustee.
SECTION 9.11. Office of the Trustee.
---------------------
The office of the Trustee for purposes of receipt of notices and
demands is 180 East Fifth Street, St. Paul, Minnesota 55101, Attn: Structured
Finance/Chevy Chase 1997-CCB1.
SECTION 9.12. Tax Returns.
-----------
The Servicer, upon request, will furnish the Trustee with all such
information in the possession of the Servicer as may be reasonably required in
connection with the preparation by the Trustee of all tax and information
returns of the Trust Fund, and the Trustee shall sign such returns. The
Servicer shall indemnify the Trustee for all reasonable costs, including legal
fees, related to errors in such tax returns due to errors in information
provided by the Servicer.
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ARTICLE X
TERMINATION
SECTION 10.01. Termination upon Liquidation or
-------------------------------
Repurchase of all Mortgage Loans.
--------------------------------
The obligations and responsibilities of the Servicer, the Depositor
and the Trustee created hereby with respect to the Trust Fund created hereby
shall terminate upon the earlier of:
(a) the repurchase by the Servicer, at its election, of all
Mortgage Loans and all property acquired in respect of any Mortgage Loan
remaining in the Trust Fund, which repurchase right the Servicer may
exercise at its sole and exclusive election as of any Distribution Date
(such applicable Distribution Date being herein referred to as the
"Optional Termination Date") on or after the date on which the aggregate
Principal Balance of the Mortgage Loans at the time of the repurchase is
less than 5% of the aggregate Principal Balance of the Mortgage Loans as of
the Cut-off Date; and
(b) the later of (i) twelve months after the maturity of the last
Mortgage Loan remaining in the Trust Fund, (ii) the liquidation (or any
advance with respect thereto) of the last Mortgage Loan remaining in the
Trust Fund and the disposition of all REO Property and (iii) the
distribution to Certificateholders of all amounts required to be
distributed to them pursuant to this Agreement.
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 Mr. Joseph P.
Kennedy, former Ambassador of the United States to Great Britain, living on the
date of execution of this Agreement.
The Mortgage Loan Repurchase Price for any such Optional Termination
of the Trust Fund shall be equal to the aggregate Principal Balance of the
Mortgage Loans as of the date of repurchase, together with accrued and unpaid
interest thereon from the date to which such interest was paid or advanced at
the sum of the applicable Net Mortgage Rate and the Trustee Fee Rate with
respect to each Mortgage Loan through the last day of the month of such
repurchase, plus any sums on account of such Mortgage Loan that have been
advanced by the Servicer and are reimbursable to the Servicer hereunder
(including the Principal Balance of each Mortgage Loan that was secured by any
REO Property) plus any amounts due the Insurer and the Insurance Agreement;
provided, however, that if the Servicer shall so choose, the Servicer may remit
the Mortgage Loan Repurchase Price net of advances that would otherwise be
reimbursable to the Servicer and the Servicer would have no further entitlement
to reimbursement for such advances. The Trustee shall give notice to the
Insurer and the Rating Agencies of the Servicer's election to purchase the
Mortgage Loans pursuant to this Section 10.01 and of the Optional Termination
Date. No purchase pursuant to clause (a) is permitted if it would result in a
draw on the Policy unless the Insurer consents.
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SECTION 10.02. Procedure Upon Optional Termination.
-----------------------------------
(a) In case of any Optional Termination pursuant to Section 10.01, the
Servicer shall, at least twenty days prior to the date notice is to be mailed to
the affected Certificateholders notify the Trustee and the Insurer of such
Optional Termination Date and of the applicable repurchase price of the Mortgage
Loans to be repurchased.
(b) Any repurchase of the Mortgage Loans by the Servicer shall be made
on an Optional Termination Date by deposit of the applicable repurchase price
into the Certificate Account, as applicable, before the Distribution Date on
which such repurchase is effected. Upon receipt by the Trustee of an Officers'
Certificate of the Servicer certifying as to the deposit of such repurchase
price into the Certificate Account, the Trustee and each co-trustee and separate
trustee, if any, then acting as such under this Agreement, shall, upon request
and at the expense of the Servicer, execute and deliver all such instruments of
transfer or assignment, in each case without recourse, as shall be reasonably
requested by the Servicer, to vest title in the Servicer in the Mortgage Loans
so repurchased and shall transfer or deliver to the Servicer the repurchased
Mortgage Loans. Any distributions on the Mortgage Loans received by the Trustee
subsequent to (or with respect to any period subsequent to) the Optional
Termination Date shall be promptly remitted by it to the Servicer.
(c) Notice of the Distribution Date on which the Servicer anticipates
that the final distribution shall be made (whether upon Optional Termination or
otherwise), shall be given promptly by the Servicer to the Trustee and the
Insurer and by the Trustee by first class mail to Holders of the affected
Certificates. Such notice shall be mailed no earlier than the 15th day and not
later than the 10th day preceding the Optional Termination Date or date of final
distribution, as the case may be. Such notice shall specify (i) the
Distribution Date upon which final distribution on the affected Certificates
will be made upon presentation and surrender of such Certificates at the office
or agency therein designated, (ii) the amount of such final distribution and
(iii) that the Record Date otherwise applicable to such Distribution Date is not
applicable, such distribution being made only upon presentation and surrender of
such Certificates at the office or agency maintained for such purposes (the
address of which shall be set forth in such notice).
(d) In the event that any Certificateholders shall not surrender
Certificates for cancellation within six months after the date specified in the
above mentioned written notice, the Trustee shall give a second written notice
to the remaining such Certificateholders to surrender their Certificates for
cancellation and receive the final distribution with respect thereto. If within
six months after the second notice all the Certificates shall not have been
surrendered for cancellation, the Trustee may take appropriate steps, or may
appoint an agent to take appropriate steps, to contact the remaining
Certificateholders concerning surrender of their Certificates, and the cost
thereof shall be paid out of the funds and other assets which remain subject to
the Trust Fund.
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SECTION 10.03. Additional Termination Requirements.
-----------------------------------
(a) In the event the Servicer exercises its purchase option pursuant
to Section 10.01, REMIC I or REMIC II, as the case may be, shall be terminated
in accordance with the following additional requirements, unless the Trustee has
received an Opinion of Counsel to the effect that the failure of REMIC I or
REMIC II, as the case may be, to comply with the requirements of this Section
will not (i) result in the imposition of taxes on a "prohibited transaction" of
the REMIC, as described in Section 860F of the Code, or (ii) cause REMIC I or
REMIC II, as the case may be, to fail to qualify as a REMIC at any time that any
Certificates are outstanding:
(A) within 90 days prior to the final Distribution Date set
forth in the notice given by the Servicer under Section 10.02, the Holder
of the Class R Certificates shall adopt a plan of complete liquidation of
the REMIC; and
(B) at or after the time of adoption of any such plan of
complete liquidation for the REMIC at or prior to the final Distribution
Date, the Trustee shall sell all of the assets of the Trust Fund to the
Depositor for cash; provided, however, that in the event that a calendar
quarter ends after the time of adoption of such a plan of complete
liquidation but prior to the final Distribution Date, the Trustee shall not
sell any of the assets of the Trust Fund prior to the close of that
calendar quarter.
(b) By its acceptance of a Class R Certificate, the Holder thereof
hereby agrees to adopt such a plan of complete liquidation and to take such
other action in connection therewith as may be reasonably required to liquidate
and otherwise terminate REMIC I or REMIC II.
ARTICLE XI
MISCELLANEOUS PROVISIONS
SECTION 11.01. Amendment.
---------
(a) This Agreement may be amended from time to time by the Depositor
and the Trustee, with the consent of the Insurer but without the consent of any
of the Certificateholders,
(i) to cure any ambiguity,
(ii) to correct or supplement any provisions herein that may be
inconsistent with any other provisions herein,
(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 two separate REMICs at all times that any Certificate is
outstanding or to avoid or minimize
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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 the status of the Trust Fund as two separate
REMICs or adversely affect in any material respect the interests of any
Certificateholder, or
(iv) to make any other provisions with respect to matters or questions
arising under this Agreement that are not materially inconsistent with the
provisions of this Agreement, provided that such action shall not adversely
affect in any material respect the interests of any Certificateholder or
cause an Adverse REMIC Event.
(b) This Agreement may be amended from time to time by the Depositor,
the Servicer and the Trustee with the consent of the Insurer and the Holders of
Certificates evidencing, in the aggregate, not less than 66-2/3% of the Voting
Rights of all the Certificates for the purpose of adding any provisions to or
changing in any manner or eliminating any of the provisions of this Agreement or
of modifying in any manner the rights of the Holders of the Certificates;
provided, however, that no such amendment may (i) reduce in any manner the
amount of, delay the timing of or change the manner in which payments received
on or with respect to Mortgage Loans are required to be distributed with respect
to any Certificate without the consent of the Holder of such Certificate, (ii)
adversely affect in any material respect the interests of the Holders of a Class
of Certificates in a manner other than as set forth in (i) above without the
consent of the Holders of Certificates evidencing not less than 66-2/3% of the
Voting Rights of such Class, (iii) reduce the aforesaid percentages of Voting
Rights, the holders of which are required to consent to any such amendment
without the consent of 100% of the Holders of Certificates of the Class affected
thereby, (iv) change the percentage of the Principal Balance of the Mortgage
Loans specified in Section 10.01(a) relating to optional termination of the
Trust Fund or (v) modify the provisions of this Section 11.01.
It shall not be necessary for the consent of Certificateholders under
this Section 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.
(c) Promptly after the execution of any amendment to this Agreement,
the Trustee shall furnish written notification of the substance of such
amendment to each Certificateholder and the Rating Agencies.
SECTION 11.02. Recordation of Agreement; Counterparts.
--------------------------------------
(a) 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 Mortgaged Properties are situated, and
in any other appropriate public recording office or elsewhere. Such
recordation, if any, shall be effected by the Servicer at its expense on
direction of the Insurer or the Trustee, but only upon direction of the Insurer
or the Trustee
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accompanied by an Opinion of Counsel to the effect that such recordation
materially and beneficially affects the interests of the Certificateholders of
the Trust Fund.
(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. Governing Law.
-------------
THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY
THE SUBSTANTIVE LAWS OF THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE AND
TO BE PERFORMED IN THE STATE OF NEW YORK AND THE OBLIGATIONS, RIGHTS AND
REMEDIES OF THE PARTIES HERETO AND THE CERTIFICATEHOLDERS SHALL BE DETERMINED IN
ACCORDANCE WITH SUCH LAWS.
SECTION 11.04. Intention of Parties.
--------------------
(a) It is the express intent of the Depositor, the Seller and the
Trustee that the conveyance by the Seller to the Depositor pursuant to the
Mortgage Loan Purchase Agreement and the conveyance by the Depositor to the
Trustee as provided for in Section 2.01 of each of the Seller's and Depositor's
right, title and interest in and to the Mortgage Loans be, and be construed as,
an absolute sale and assignment by the Seller to the Depositor and by the
Depositor to the Trustee of the Mortgage Loans for the benefit of the
Certificateholders and the Insurer. Further, it is not intended that either
conveyance be deemed to be a pledge of the Mortgage Loans by the Seller to the
Depositor or by the Depositor to the Trustee to secure a debt or other
obligation. However, in the event that the Mortgage Loans are held to be
property of the Seller or the Depositor, or if for any reason the Mortgage Loan
Purchase Agreement or this Agreement is held or deemed to create a security
interest in the Mortgage Loans, then it is intended that (i) this Agreement
shall also be deemed to be a security agreement within the meaning of Articles 8
and 9 of the New York Uniform Commercial Code and the Uniform Commercial Code of
any other applicable jurisdiction; (ii) the conveyances provided for in Section
2.01 shall be deemed to be a grant by the Seller and the Depositor to the
Trustee on behalf of the Certificateholders and the Insurer (and to the Insurer
directly) to secure payment in full of the Secured Obligations (as defined
below) of a security interest in all of the Seller's and the Depositor's right
(including the power to convey title thereto), title and interest, whether now
owned or hereafter acquired, in and to the Mortgage Loans, including the
Mortgage Notes, the Mortgages, any related insurance policies and all other
documents in the related Mortgage Files, and all accounts, contract rights,
general intangibles, chattel paper, instruments, documents, money, deposit
accounts, certificates of deposit, goods, letters of credit, advices of credit
and uncertificated securities consisting of, arising from or relating to (A) the
Mortgage Loans, including with respect to each Mortgage Loan, the Mortgage Note
and related Mortgage, and all other documents in the related Trustee Mortgage
Files, and including any Replacement Mortgage Loans; (B) pool insurance
policies, hazard insurance policies and any bankruptcy bond relating to the
foregoing, if applicable; (C) the Certificate Account; (D) the Custodial
Account; (E) all amounts payable after the Cut-off Date to the holders of the
Mortgage Loans in accordance with the terms thereof; (F) all income, payments,
proceeds and products of the conversion, voluntary or involuntary, of the
foregoing into cash, instruments, securities or other property, including
without limitation all amounts from time to
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time held or invested in the Certificate Account, whether in the form of cash,
instruments, securities or other property; and (G) all cash and non-cash
proceeds of any of the foregoing; (iii) the possession by the Trustee or any
other agent of the Trustee of Mortgage Notes or such other items of property as
constitute instruments, money, documents, advices of credit, letters of credit,
goods, certificated securities or chattel paper shall be deemed to be a
"possession by the secured party", or possession by a purchaser or a person
designated by him or her, for purposes of perfecting the security interest
pursuant to the Uniform Commercial Code (including, without limitation, Sections
9-305, 8-313 or 8-321 thereof); and (iv) notifications to persons holding such
property, and acknowledgments, receipts or confirmations from persons holding
such property, shall be deemed notifications to, or acknowledgments, receipts or
confirmations from, financial intermediaries, Securities intermediaries, bailees
or agents (as applicable) of the Trustee for the purpose of perfecting such
security interest under applicable law. "Secured Obligations" means (i) the
rights of each Certificateholder to be paid any amount owed to it under this
Agreement, (ii) the rights of Insurer to be paid any amount owed to it under
this Agreement and (iii) all other obligations of the Seller and the Depositor
under this Agreement and the Mortgage Loan Purchase Agreement.
(b) The Seller and the Depositor, and, at the Depositor's direction,
the Servicer and the Trustee, shall, to the extent consistent with this
Agreement, take such reasonable actions as may be necessary to ensure that, if
this Agreement were deemed to create a security interest in the Mortgage Loans
and the other property described above, such security interest would be deemed
to be a perfected security interest of first priority as applicable. The
Trustee shall file, at its expense, 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
(and the security interest granted to the Insurer directly) in or lien on the
Mortgage Loans, including without limitation (i) continuation statements, and
(ii) such other statements as may be occasioned by any transfer of any interest
of the Servicer or the Depositor in any Mortgage Loan.
SECTION 11.05. Notices.
-------
In addition to other notices provided under this Agreement, the
Trustee shall notify the Rating Agencies in writing: (a) of any substitution of
any Mortgage Loan; (b) of any payment or draw on any insurance policy applicable
to the Mortgage Loans; (c) of the final payment of any amounts owing to a Class
of Certificates; (d) any Event of Default under this Agreement; and (e) in the
event any Mortgage Loan is repurchased in accordance with this Agreement.
All directions, demands and notices hereunder shall be in writing and
shall be deemed to have been duly given when received (i) in the case of the
Depositor, Credit Suisse First Boston Mortgage Securities Corp., 11 Madison
Avenue, New York, New York 10055, Attention: President; (ii) in the case of the
Trustee, U. S. Bank National Association, 180 East Fifth Street, St. Paul,
Minnesota 55101, Attn: Structured Finance or such other address as may hereafter
be furnished to the Depositor in writing by the Trustee; (iii) in the case of
the Seller or Servicer, Chevy Chase Bank, F.S.B., 8401 Connecticut Avenue, Chevy
Chase, Maryland 20815, Attention: General Counsel; (iv) in the case of the
Insurer, MBIA Insurance Corporation, 113 King Street, Armonk, New York 10504,
Attn: Insured Portfolio Management Structured Finance; and (v) in the case of
the Rating Agencies, Moody's Investors Service, 99 Church Street, New York, New
York 10007, Attention: Mortgage-Backed Securities Rating Group and Standard &
Poor's Rating Services, 25 Broadway, New York, New York 10004,
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Attention: Structured Finance. Notices to Certificateholders shall be deemed
given when mailed, first class postage prepaid.
SECTION 11.06. 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 or the
Insurer.
SECTION 11.07. Limitation on Rights of Certificateholders.
------------------------------------------
The death or incapacity of any Certificateholder shall not operate to
terminate this Agreement or the Trust Fund, nor entitle such Certificateholder's
legal representative or heirs to claim an accounting or to take any action or
commence any proceeding in any court for a petition or winding up of the Trust
Fund, or otherwise affect the rights, obligations and liabilities of the parties
hereto or any of them.
No Certificateholder shall have any right to vote (except as 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
party by reason of any action taken by the parties to this Agreement pursuant to
any provision hereof.
No Certificateholder shall have any right by virtue or by availing
itself of any provisions 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 and Insurer a
written notice of an Event of Default and of the continuance thereof, as
provided herein, and such default would not result in a claim under the Policy,
and unless the Holders of Certificates evidencing not less than 25% of the
Voting Rights evidenced by the Certificates shall also 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 Insurer shall have given its written
consent, 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
shall have any right in any manner whatever by virtue or by availing itself or
themselves of any provisions of this Agreement to affect, disturb or prejudice
the rights of the Holders of any other of the Certificates, 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 all
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Certificateholders. For the protection and enforcement of the provisions of this
Section 11.07, each and every Certificateholder and the Trustee shall be
entitled to such relief as can be given either at law or in equity.
SECTION 11.08. Certificates Nonassessable and Fully Paid.
-----------------------------------------
It is the intention of the Depositor that Certificateholders shall not
be personally liable for obligations of the Trust Fund, that the interests in
the Trust Fund represented by the Certificates shall be nonassessable for any
reason whatsoever, and that the Certificates, upon due authentication thereof by
the Trustee pursuant to this Agreement, are and shall be deemed fully paid.
SECTION 11.09. Rights of the Insurer.
---------------------
(a) The Insurer is an express third-party beneficiary of this
Agreement unless an Insurer Default exists.
(b) On each Distribution Date the Trustee shall forward to the Insurer
a copy of the reports furnished to the Class A Certificateholders and the
Depositor on such Distribution Date.
(c) The Trustee shall provide to the Insurer copies of any report,
notice, Opinion of Counsel, Officer's Certificate, request for consent or
request for amendment to any document related hereto promptly upon the Trustee's
production or receipt thereof.
(d) Unless an Insurer Default exists, the Trustee and the Depositor
shall not agree to any amendment to this Agreement without first having obtained
the prior written consent of the Insurer, if such consent is not unreasonably
withheld.
(e) So long as there does not exist a failure by the Insurer to make a
required payment under the Policy, the Insurer shall have the right to exercise
all rights of the Holders of the Class A Certificates under this Agreement
without any consent of such Holders, and such Holders may exercise such rights
only with the prior written consent of the Insurer, except as provided herein.
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IN WITNESS WHEREOF, the Depositor, the Servicer and the Trustee have
caused their names to be signed hereto by their respective officers thereunto
duly authorized all as of the first day of September, 1997.
CREDIT SUISSE FIRST BOSTON MORTGAGE
SECURITIES CORP., as Depositor
By: /s/ Allen J. Baum
----------------------------------
Name: Allan J. Baum
Title: Vice President
CHEVY CHASE BANK, F.S.B.,
as Seller and Servicer
By: /s/ Joel Friedman
----------------------------------
Name: Joel Friedman
Title: Senior Vice President and Controller
U.S. BANK NATIONAL ASSOCIATION,
as Trustee
By: /s/ Eve Kaplan
----------------------------------
Name: Eve Kaplan
Title: Vice President
<PAGE>
STATE OF NEW YORK )
: ss.:
COUNTY OF NEW YORK )
On this 29th day of September, 1997, before me, personally appeared Eve
Kaplan, known to me to be an officer of U.S. Bank National Association, the
national association that executed the within instrument, and also known to me
to be the person who executed it on behalf of said national association, and
acknowledged to me that such national association executed the within
instrument.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official
seal the day and year in this certificate first above written.
______________________________
Notary Public
[NOTARIAL SEAL]
<PAGE>
STATE OF NEW YORK )
: ss.:
COUNTY OF NEW YORK )
On the __th of September, 1997 before me, personally appeared Allan J.
Baum, known to me to be a Vice President of Credit Suisse First Boston Mortgage
Securities Corp., one of the corporations that executed the within instrument
and also known to me to be the person who executed it on behalf of said
corporation, and acknowledged to me that such corporation executed the within
instrument.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official
seal the day and year in this certificate first above written.
______________________________
Notary Public
[NOTARIAL SEAL]
<PAGE>
STATE OF NEW YORK )
: ss.:
COUNTY OF NEW YORK )
On the 29th of September, 1997 before me, a Notary Public in and for
said State, personally appeared Joel Friedman known to me to be a Senior Vice
President and Controller of Chevy Chase Bank, F.S.B., the federally chartered
bank that executed the within instrument and also known to me to be the person
who executed it on behalf of said bank, and acknowledged to me that such bank
executed the within instrument.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official
seal the day and year in this certificate first above written.
______________________________
Notary Public
[NOTARIAL SEAL]
<PAGE>
EXHIBIT A
FORM OF CLASS A CERTIFICATE
SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A "REGULAR
INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT" AS THOSE TERMS ARE
DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE CODE.
THIS CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF CREDIT
SUISSE FIRST BOSTON MORTGAGE SECURITIES CORP. OR THE TRUSTEE REFERRED TO BELOW,
OR OF ANY OF THEIR AFFILIATES. THIS CERTIFICATE IS NOT GUARANTEED OR INSURED BY
ANY GOVERNMENT AGENCY OR INSTRUMENTALITY.
<PAGE>
CHEVY CHASE BANK, F.S.B.
MORTGAGE-BACKED PASS-THROUGH CERTIFICATE
SERIES 1997-CCB1, CLASS A
Evidencing an undivided interest in a Trust Fund whose assets consist of a pool
of adjustable-rate, conventional mortgage loans secured by first liens on one-
to four-family, residential real properties and certain other property held in
trust transferred by
CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORP.
CUSIP __________ $728,241,524 INITIAL AGGREGATE CLASS A
CERTIFICATE PRINCIPAL BALANCE
Certificate No. A-__ $___________ INITIAL CERTIFICATE PRINCIPAL
BALANCE OF THIS CERTIFICATE
First Distribution Date: Final Scheduled
October 27, 1997 Distribution Date:
THIS CERTIFIES THAT CEDE & CO. is the registered owner of a beneficial
interest in the Trust Fund referred to below consisting of a pool of adjustable-
rate conventional mortgage loans secured by first liens on one- to four-family
residential real properties (the "Mortgage Loans") and certain other property
held in trust transferred to the Trust Fund by Credit Suisse First Boston
Mortgage Securities Corp. (the "Depositor"), and certain related property. The
Trust Fund was created pursuant to the Pooling and Servicing Agreement, dated as
of September 1, 1997 (the "Agreement"), among the Depositor, U.S. Bank National
Association, as trustee (the "Trustee", which term includes any successor entity
under the Agreement) and Chevy Chase Bank, F.S.B., as seller and servicer, a
summary of certain of the pertinent provisions of which is set forth herein.
This Certificate is issued under and is subject to the terms, provisions and
conditions of the Agreement, to which Agreement the Holder of this Certificate
by virtue of the acceptance hereof assents and by which such Holder is bound.
This Certificate is one of a duly authorized issue of certificates by
Credit Suisse First Boston Mortgage Securities Corp. designated as the Chevy
Chase Bank, F.S.B. Mortgage-Backed Pass-Through Certificates, Series 1997-CCB1
(the "Certificates"), which is comprised of the following four Classes: Class A,
Class S, Class R-I and Class R-II. Reference is hereby made to the Agreement
for a statement of the respective rights thereunder of the Depositor and the
Trustee and the Holders of the Certificates and the terms upon which the
Certificates are authenticated and delivered. This Certificate represents an
interest in the Trust Fund, which Trust Fund consists of, among other things,
(i) the Mortgage Loans and all distributions thereon payable after the Cut-off
Date, net of certain amounts in accordance with the provisions of the Agreement,
(ii) the Certificate Account and the Custodial Account and all amounts deposited
therein pursuant to the applicable provisions of the Agreement, net of any
investment earnings
A-2
<PAGE>
thereon, (iii) the interest of the Trust Fund in any insurance policies with
respect to the Mortgage Loans, (iv) the interest of the Trust Fund in the Policy
issued for the benefit of the Holders of the Class A Certificates, (v) the
rights of the Depositor assigned to the Trustee pursuant to Sections 2.01 and
3.01 of the Agreement and (vi) all proceeds of the conversion, voluntary or
involuntary, of any of the foregoing into cash or other liquid property.
This Class A Certificate represents a Percentage Interest equal to the
Initial Certificate Principal Balance of this Certificate divided by the Initial
Certificate Principal Balance of the Class A Certificates, both as set forth
above.
The Trustee shall distribute from the Certificate Account, to the
extent of available funds, on the 25th day of each calendar month, or, if such
25th day is not a Business Day, the Business Day immediately following such 25th
day (each, a "Distribution Date"), commencing October 27, 1997, to the Person in
whose name this Certificate is registered at the close of business on the last
Business Day of the month immediately preceding the month of such distribution
(each, a "Record Date"), a principal amount equal to the product of the
Percentage Interest evidenced by this Certificate and that portion of the
Available Distribution Amount that is allocated to principal on such Class of
Certificates on such Distribution Date.
Distributions of interest will be made on each Distribution Date, to
the extent of available funds, in an amount equal to the sum of (a) one month's
interest accrued at the per annum Certificate Rate on the outstanding
Certificate Principal Balance of this Certificate as of the day immediately
prior to the related Distribution Date reduced by its pro rata portion of the
aggregate shortfalls of interest allocated to such Class of Certificates and (b)
the amount of any Class A Cumulative Interest Shortfall Amount payable on such
Distribution Date.
Not later than each Distribution Date, the Trustee will send to each
Certificateholder a statement containing information relating to the Mortgage
Loans and payments made to Certificateholders.
Distributions on this Certificate will be made by the Trustee by check
mailed to the address of the Holder hereof entitled thereto at the address
appearing in the Certificate Register or, if such Holder holds one or more of
this Class of Certificates with an aggregate initial Certificate Principal
Balance of at least $2,500,000 or all of the Certificates of this Class, by wire
transfer in immediately available funds to the account of such Certificateholder
designated in writing to the Trustee at least five Business Days prior to the
applicable Record Date. Notwithstanding the above, the final distribution on
this Certificate will be made after due notice of the pendency of such final
distribution and only upon presentation and surrender of this Certificate at the
office or agency designated in such notice.
The Agreement permits, with certain exceptions as therein provided,
the amendment thereof and the modification of the rights and obligations of the
Depositor and the Trustee and the rights of the Certificateholders under the
Agreement at any time by the Depositor and the Trustee with the consent of the
Holders of Certificates evidencing Voting Rights aggregating not less than 66-
2/3% of the Voting Rights of all the Certificates; provided, however, that no
such amendment may (i) reduce in any manner the amount of, delay the timing
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<PAGE>
of or change the manner in which payments received on Mortgage Loans are
required to be distributed in respect of any Certificate without the consent of
the Holder of such Certificate, (ii) adversely affect in any material respect
the interests of the Holders of a Class of Certificates in a manner other than
in (i) above without the consent of the Holders of Certificates evidencing not
less than 66-2/3% of the Voting Rights of such Class and (iii) reduce the
aforesaid percentages of Voting Rights, the holders of which are required to
consent to any such amendment, without the consent of 100% of the Holders of
Certificates of the Class affected thereby. Any such consent by the Holder of
this Certificate shall be conclusive and binding on such Holder and upon all
future Holders of this Certificate and of any Certificate issued upon the
transfer hereof or in exchange herefor or in lieu hereof whether or not notation
of such consent is made upon this Certificate. The Agreement also permits the
Depositor and the Trustee to amend certain terms and conditions set forth in the
Agreement without the consent of Holders of the Certificates. At any time that
any of the Class A Certificates are outstanding, 98% of all Voting Rights will
be allocated to the Holders of the Class A Certificates, in proportion to their
then outstanding Certificate Principal Balances, 1% of all Voting Rights will be
allocated to the Holders of the Class S Certificates, 0.5% of all Voting Rights
will be allocated to the Holders of the Class R-I Certificates and 0.5% of all
Voting Rights will be allocated to the Holders of the Class R-II Certificates.
As provided in the Agreement and subject to certain limitations
therein set forth, the transfer of this Certificate is registrable on the
Certificate Register upon surrender of this Certificate for registration of
transfer at the office or agency of the Trustee designated therefor, duly
endorsed by, or accompanied by a written instrument of transfer in a form
satisfactory to the Trustee duly executed by the Holder hereof or such Holder's
attorney duly authorized in writing, and thereupon one or more new Certificates
of the same Class and of authorized denominations, and for the same aggregate
interest in the Trust Fund will be issued to the designated transferee or
transferees.
The Class A Certificates will be issued in fully registered form in
minimum denominations of $100,000 Certificate Principal Balance and in integral
multiples of $1,000 in excess of such amount; provided, however, that one
Certificate of each Class may be issued in such other amount as is required so
that the aggregate of each Class of Certificates equals its respective aggregate
Certificate Principal Balance. As provided in the Agreement and subject to
certain limitations therein set forth, this Certificate is exchangeable for one
or more new Certificates of the same Class and of authorized denominations
evidencing a like aggregate Certificate Principal Balance, as requested by the
Holder surrendering the same.
No service charge will be made for such registrations of transfers or
exchanges, but the Trustee may require payment of a sum sufficient to cover any
tax or other governmental charge payable in connection therewith. The Trustee
and any agent of the Trustee may treat the person in whose name this Certificate
is registered as the owner hereof for all purposes, and neither the Trustee nor
any such agent thereof shall be affected by notice to the contrary.
The obligations and responsibilities of the Depositor and the Trustee
created by the Agreement will terminate upon the earlier of (a) the purchase by
the Servicer from the Trust Fund of all remaining Mortgage Loans and all
property acquired in respect of such Mortgage
A-4
<PAGE>
Loans, thereby effecting early retirement of the Certificates, or (b) the
maturity or other liquidation (or any advance with respect thereto) of the last
Mortgage Loan remaining in the Trust Fund and the disposition of all property
acquired upon foreclosure or deed in lieu of foreclosure of any Mortgage Loan.
As provided in the Agreement, the right to purchase all Mortgage Loans pursuant
to clause (a) above shall be conditioned upon the unpaid Principal Balances of
such Mortgage Loans, at the time of any such repurchase, aggregating less than
5% of the aggregate Principal Balances thereof as of the Cut-off Date.
Any term used herein that is defined in the Agreement shall have the
meaning assigned in the Agreement, and nothing herein shall be deemed
inconsistent with that meaning. If the terms hereof are inconsistent with the
Agreement, the Agreement shall control.
Unless the certificate of authentication hereon has been executed by
or on behalf of the Trustee by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid or obligatory for any
purpose.
The recitals contained herein shall be taken as statements of the
Depositor and not of the Trustee. The Trustee assumes no responsibility for the
correctness of the statements contained in this Certificate and makes no
representation as to the validity or sufficiency of the Agreement, this
Certificate, any Mortgage Loan or any related document.
A-5
<PAGE>
IN WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
executed under its corporate seal.
U.S. BANK NATIONAL ASSOCIATION,
solely as Trustee and not individually
By:__________________________
Authorized Officer
CERTIFICATE OF AUTHENTICATION
This is one of the Certificates referred to in the within-mentioned Agreement.
Date: ___________
U.S. BANK NATIONAL ASSOCIATION,
as Trustee
By:______________________________
Authorized Officer
A-6
<PAGE>
ASSIGNMENT
FOR VALUE RECEIVED the undersigned hereby sell(s), assign(s) and
transfer(s) unto
______________________________________________________________________________
______________________________________________________________________________
(Please print or typewrite name and address, including postal zip code, or
assignee) the undivided interest in the Trust Fund evidenced by the within
Certificate and hereby authorize(s) the transfer of registration of such
interest to the assignee on the Certificate Register.
I (we) further direct the Trustee to issue a new Certificate of the same
Class and of a like Initial Certificate Principal Balance and undivided interest
in the Trust Fund to the above-named assignee and to deliver such Certificate to
the following address:
______________________________________________________________________________
______________________________________________________________________________
Dated: _____________________
____________________________ ______________________________
Social Security or Signature by or on behalf of
other Tax Identification assignor
No. of Assignee (signature must be signed as
registered)
______________________________
Signature Guaranteed
DISTRIBUTION INSTRUCTIONS
The assignee should include the following for the information of the
Master Servicer:
Distribution shall be made by check mailed to ________________________
______________________________________________________________________________,
or if the aggregate initial Certificate Principal Balance of Certificates of
this Class held by the Holder is at least $2,500,000 or the Percentage Interest
within such Class is 100%, and the Trustee shall have received appropriate
wiring instructions in accordance with the Agreement, by wire transfer in
immediately available funds to ___________________________ the account of
_________________________, account number ____________________. This
information is provided by the assignee named above, or its agent.
A-7
<PAGE>
EXHIBIT B
FORM OF CLASS S CERTIFICATE
THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED (THE "ACT"), OR THE SECURITIES LAWS OF ANY STATE AND MAY
NOT BE RESOLD OR TRANSFERRED UNLESS IT IS REGISTERED PURSUANT TO SUCH ACT AND
LAWS OR IS SOLD OR TRANSFERRED IN TRANSACTIONS THAT ARE EXEMPT FROM REGISTRATION
UNDER SUCH ACT AND UNDER APPLICABLE STATE LAW AND IS TRANSFERRED IN ACCORDANCE
WITH THE PROVISIONS OF SECTION 6.02 OF THE AGREEMENT REFERRED TO HEREIN.
THE YIELD TO MATURITY ON THIS CERTIFICATE WILL BE EXTREMELY SENSITIVE TO THE
RATE AND TIMING OF PAYMENTS (INCLUDING PREPAYMENTS) ON THE MORTGAGE LOANS.
SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A "REGULAR
INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT" AS THOSE TERMS ARE
DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE CODE.
THE FOLLOWING INFORMATION IS PROVIDED SOLELY FOR THE PURPOSES OF APPLYING THE
U.S. FEDERAL INCOME TAX ORIGINAL ISSUE DISCOUNT ("OID") RULES TO THIS
CERTIFICATE. THE ISSUE DATE OF THIS CERTIFICATE IS SEPTEMBER 29, 1997.
ASSUMING THAT THE MORTGAGE LOANS PREPAY AT 100% SPA (AS DESCRIBED IN THE
PROSPECTUS SUPPLEMENT), AND ASSUMING A CONSTANT PASS-THROUGH RATE EQUAL TO THE
INITIAL CERTIFICATE RATE, THIS CERTIFICATE HAS BEEN ISSUED WITH NO MORE THAN
$_____ OF OID PER [$1,000] [$100,000] OF [INITIAL NOTIONAL AMOUNT], THE PRE-TAX
YIELD TO MATURITY IS ___% AND THE AMOUNT OF OID ATTRIBUTABLE TO THE INITIAL
ACCRUAL PERIOD IS NO MORE THAN $_______ PER [$1,000] [$100,000] OF [INITIAL
NOTIONAL AMOUNT], COMPUTED USING THE APPROXIMATE METHOD. NO REPRESENTATION IS
MADE THAT THE MORTGAGE LOANS WILL PREPAY AT A RATE BASED ON THE STANDARD
PREPAYMENT ASSUMPTION OR AT ANY OTHER RATE OR AS TO THE CONSTANCY OF THE
CERTIFICATE RATE.
THIS CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF CREDIT
SUISSE FIRST BOSTON MORTGAGE SECURITIES CORP. OR THE TRUSTEE REFERRED TO BELOW,
OR OF ANY OF THEIR AFFILIATES. THIS CERTIFICATE IS NOT GUARANTEED OR INSURED BY
ANY GOVERNMENT AGENCY OR INSTRUMENTALITY.
B-1
<PAGE>
CHEVY CHASE BANK, F.S.B.
MORTGAGE-BACKED PASS-THROUGH CERTIFICATE
SERIES 1997-CCB1, CLASS S
Evidencing an undivided interest in the interest portion of a Trust Fund whose
assets consist of a pool of adjustable-rate, conventional mortgage loans secured
by first liens on one- to four-family, residential real properties and certain
other property held in trust transferred by
CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORP.
$728,241,524 INITIAL AGGREGATE NOTIONAL AMOUNT
OF CLASS S CERTIFICATES
Certificate No. S-__ 100% PERCENTAGE INTEREST REPRESENTED
BY THIS CERTIFICATE
First Distribution Date: Final Scheduled
October 27, 1997 Distribution Date:
THIS CERTIFIES THAT _______________________________________ is the
registered owner of a beneficial interest in the Trust Fund referred to below
consisting of a pool of adjustable-rate, conventional mortgage loans secured by
first liens on one- to four-family residential real properties (the "Mortgage
Loans") and certain other property held in trust transferred to the Trust Fund
by Credit Suisse First Boston Mortgage Securities Corp. (the "Depositor"), and
certain related property. The Trust Fund was created pursuant to the Pooling
and Servicing Agreement, dated as of September 1, 1997 (the "Agreement"), among
the Depositor, U.S. Bank National Association, as trustee (the "Trustee", which
term includes any successor entity under the Agreement) and Chevy Chase Bank,
F.S.B., as seller and servicer, a summary of certain of the pertinent provisions
of which is set forth herein. This Certificate is issued under and is subject
to the terms, provisions and conditions of the Agreement, to which Agreement the
Holder of this Certificate by virtue of the acceptance hereof assents and by
which such Holder is bound.
This Certificate is one of a duly authorized issue of certificates by
Credit Suisse First Boston Mortgage Securities Corp. designated as the Chevy
Chase Bank, F.S.B. Mortgage-Backed Pass-Through Certificates, Series 1997-CCB1
(the "Certificates"), which is comprised of the following four Classes: Class A,
Class S, Class R-I and Class R-II. Reference is hereby made to the Agreement
for a statement of the respective rights thereunder of the Depositor and the
Trustee and the Holders of the Certificates and the terms upon which the
Certificates are authenticated and delivered. This Certificate represents an
interest in the Trust Fund, which Trust Fund consists of, among other things,
(i) the Mortgage Loans and all distributions thereon payable after the Cut-off
Date, net of certain amounts in accordance with the provisions of the Agreement,
(ii) the Certificate Account and the Custodial Account and all amounts deposited
B-2
<PAGE>
therein pursuant to the applicable provisions of the Agreement, net of any
investment earnings thereon, (iii) the interest of the Trust Fund in any
insurance policies with respect to the Mortgage Loans, (iv) the interest of the
Trust Fund in the Policy issued for the benefit of the Holders of the Class A
Certificates, (v) the rights of the Depositor assigned to the Trustee pursuant
to Sections 2.01 and 3.01 of the Agreement and (vi) all proceeds of the
conversion, voluntary or involuntary, of any of the foregoing into cash or other
liquid property.
This Class S Certificate represents the right to receive a portion of
interest with respect to the Mortgage Loans on a Distribution Date. This Class
S Certificate is not entitled to any distributions with respect to principal on
the Mortgage Loans in the Trust Fund.
The Trustee shall distribute from the Certificate Account, to the
extent of available funds, on the 25th day of each calendar month, or, if such
25th day is not a Business Day, the Business Day immediately following such 25th
day (the "Distribution Date"), commencing October 27, 1997, to the Person in
whose name this Certificate is registered at the close of business on the last
Business Day of the month immediately preceding the month of such distribution
(each a "Record Date"), distributions of interest in an amount equal to the
Class S Interest Distribution Amount for such Distribution Date.
Not later than each Distribution Date, the Trustee will send to each
Certificateholder a statement containing information relating to the Mortgage
Loans and payments made to Certificateholders.
Distributions on this Certificate will be made by the Trustee by check
mailed to the address of the Holder hereof entitled thereto at the address
appearing in the Certificate Register or, if such Holder holds all of the
Certificates of this Class, by wire transfer in immediately available funds to
the account of such Certificateholder designated in writing to the Trustee at
least five Business Days prior to the applicable Record Date. Notwithstanding
the above, the final distribution on this Certificate will be made after due
notice of the pendency of such final distribution and only upon presentation and
surrender of this Certificate at the office or agency designated in such notice.
The Agreement permits, with certain exceptions as therein provided,
the amendment thereof and the modification of the rights and obligations of the
Depositor and the Trustee and the rights of the Certificateholders under the
Agreement at any time by the Depositor and the Trustee with the consent of the
Holders of Certificates evidencing Voting Rights aggregating not less than 66-
2/3% of the Voting Rights of all the Certificates; provided, however, that no
such amendment may (i) reduce in any manner the amount of, delay the timing of
or change the manner in which payments received on Mortgage Loans are required
to be distributed in respect of any Certificate without the consent of the
Holder of such Certificate, (ii) adversely affect in any material respect the
interests of the Holders of a Class of Certificates in a manner other than in
(i) above without the consent of the Holders of Certificates evidencing not less
than 66-2/3% of the Voting Rights of such Class and (iii) reduce the aforesaid
percentages of Voting Rights, the holders of which are required to consent to
any such amendment, without the consent of 100% of the Holders of Certificates
of the Class affected thereby. Any such consent by the Holder of this
Certificate shall be conclusive and binding on
B-3
<PAGE>
such Holder and upon all future Holders of this Certificate and of any
Certificate issued upon the transfer hereof or in exchange herefor or in lieu
hereof whether or not notation of such consent is made upon this Certificate.
The Agreement also permits the Depositor and the Trustee to amend certain terms
and conditions set forth in the Agreement without the consent of Holders of the
Certificates. At any time that any of the Class A Certificates are outstanding,
98% of all Voting Rights will be allocated to the Holders of the Class A
certificates, in proportion to their then outstanding Certificate Principal
Balances, 1% of all Voting Rights will be allocated to the Holders of the Class
S Certificates, 0.5% of all Voting Rights will be allocated to the Holders of
the Class R-I Certificates and 0.5% of all Voting Rights will be allocated to
the Holders of the Class R-II Certificates.
As provided in the Agreement and subject to certain limitations
therein set forth, the transfer of this Certificate is registrable on the
Certificate Register upon surrender of this Certificate for registration of
transfer at the office or agency of the Trustee designated therefor, duly
endorsed by, or accompanied by a written instrument of transfer in a form
satisfactory to the Trustee duly executed by the Holder hereof or such Holder's
attorney duly authorized in writing, and thereupon one or more new Certificates
of the same Class and of authorized denominations, and for the same aggregate
interest in the Trust Fund will be issued to the designated transferee or
transferees.
The Class S Certificates will be issued in fully registered form in
minimum Percentage Interests of 20% and integral multiples thereof. As provided
in the Agreement and subject to certain limitations therein set forth, this
Certificate is exchangeable for one or more new Certificates of the same Class
and of authorized Percentage Interests evidencing a like aggregate Percentage
Interest, as requested by the Holder surrendering the same.
No service charge will be made for such registrations of transfers or
exchanges, but the Trustee may require payment of a sum sufficient to cover any
tax or other governmental charge payable in connection therewith. The Trustee
and any agent of the Trustee may treat the person in whose name this Certificate
is registered as the owner hereof for all purposes, and neither the Trustee nor
any such agent thereof shall be affected by notice to the contrary.
The obligations and responsibilities of the Depositor and the Trustee
created by the Agreement will terminate upon the earlier of (a) the purchase by
the Servicer from the Trust Fund of all remaining Mortgage Loans and all
property acquired in respect of such Mortgage Loans, thereby effecting early
retirement of the Certificates, or (b) the maturity or other liquidation (or any
advance with respect thereto) of the last Mortgage Loan remaining in the Trust
Fund and the disposition of all property acquired upon foreclosure or deed in
lieu of foreclosure of any Mortgage Loan. As provided in the Agreement, the
right to purchase all Mortgage Loans pursuant to clause (a) above shall be
conditioned upon the unpaid Principal Balances of such Mortgage Loans, at the
time of any such repurchase, aggregating less than 5% of the aggregate Principal
Balances thereof as of the Cut-off Date.
Any term used herein that is defined in the Agreement shall have the
meaning assigned in the Agreement, and nothing herein shall be deemed
inconsistent with that meaning. If the terms hereof are inconsistent with the
Agreement, the Agreement shall control.
B-4
<PAGE>
Unless the certificate of authentication hereon has been executed by
or on behalf of the Trustee by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid or obligatory for any
purpose.
The recitals contained herein shall be taken as statements of the
Depositor and not of the Trustee. The Trustee assumes no responsibility for the
correctness of the statements contained in this Certificate and makes no
representation as to the validity or sufficiency of the Agreement, this
Certificate, any Mortgage Loan or any related document.
B-5
<PAGE>
IN WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
executed under its corporate seal.
U.S BANK NATIONAL ASSOCIATION, solely
as Trustee and not individually
By:__________________________
Authorized Officer
CERTIFICATE OF AUTHENTICATION
This is one of the Certificates referred to in the within-mentioned Agreement.
Date: ___________
U.S. BANK NATIONAL ASSOCIATION,
as Trustee
By:______________________________
Authorized Officer
B-6
<PAGE>
ASSIGNMENT
FOR VALUE RECEIVED the undersigned hereby sell(s), assign(s) and
transfer(s) unto
______________________________________________________________________________
______________________________________________________________________________
(Please print or typewrite name and address, including postal zip code, or
assignee) the undivided interest in the Trust Fund evidenced by the within
Certificate and hereby authorize(s) the transfer of registration of such
interest to the assignee on the Certificate Register.
I (we) further direct the Trustee to issue a new Certificate of the same
Class and of a like Percentage Interest and undivided interest in the Trust Fund
to the above-named assignee and to deliver such Certificate to the following
address:
______________________________________________________________________________
______________________________________________________________________________
Dated: _____________________
____________________________ ______________________________
Social Security or Signature by or on behalf of
other Tax Identification assignor (signature must be
No. of Assignee signed as registered)
______________________________
Signature Guaranteed
DISTRIBUTION INSTRUCTIONS
The assignee should include the following for the information of the
Master Servicer:
Distribution shall be made by check mailed to ________________________
_______________________________________________________________________________,
or if the Percentage Interest within such Class is 100%, and the Trustee shall
have received appropriate wiring instructions in accordance with the Agreement,
by wire transfer in immediately available funds to __________________________
the account of _________________________, account number ____________________.
This information is provided by the assignee named above, or its agent.
B-7
<PAGE>
EXHIBIT C
FORM OF CLASS R CERTIFICATE
THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED (THE "ACT"), OR THE SECURITIES LAWS OF ANY STATE AND MAY
NOT BE RESOLD OR TRANSFERRED UNLESS IT IS REGISTERED PURSUANT TO SUCH ACT AND
LAWS OR IS SOLD OR TRANSFERRED IN TRANSACTIONS THAT ARE EXEMPT FROM REGISTRATION
UNDER SUCH ACT AND UNDER APPLICABLE STATE LAW AND IS TRANSFERRED IN ACCORDANCE
WITH THE PROVISIONS OF SECTION 6.02 OF THE AGREEMENT REFERRED TO HEREIN.
SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A "RESIDUAL
INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT" AS THOSE TERMS ARE
DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF
1986 (THE "CODE"). THIS CERTIFICATE MAY NOT BE TRANSFERRED TO A NON-UNITED
STATES PERSON.
THIS CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF CREDIT
SUISSE FIRST BOSTON MORTGAGE SECURITIES CORP. OR THE TRUSTEE REFERRED TO BELOW,
OR OF ANY OF THEIR AFFILIATES. THIS CERTIFICATE IS NOT GUARANTEED OR INSURED BY
ANY GOVERNMENT AGENCY OR INSTRUMENTALITY.
ANY SALE, TRANSFER OR OTHER DISPOSITION OF THIS CLASS [R-I] [R-II] CERTIFICATE
MAY BE MADE ONLY IF THE PROPOSED TRANSFEREE PROVIDES A TRANSFER AFFIDAVIT TO THE
TRUSTEE TO THE EFFECT THAT (1) SUCH TRANSFEREE AGREES TO BE BOUND BY THE TERMS
OF THE AGREEMENT AND ALL RESTRICTIONS SET FORTH ON THE FACE HEREOF, (2) SUCH
TRANSFEREE IS NOT EITHER (A) THE UNITED STATES, ANY STATE OR POLITICAL
SUBDIVISION THEREOF, ANY FOREIGN GOVERNMENT, ANY INTERNATIONAL ORGANIZATION, OR
ANY AGENCY OR INSTRUMENTALITY OF ANY OF THE FOREGOING, (B) ANY ORGANIZATION
(OTHER THAN A COOPERATIVE DESCRIBED IN SECTION 521 OF THE CODE) WHICH IS EXEMPT
FROM THE TAX IMPOSED BY CHAPTER 1 OF THE CODE UNLESS SUCH ORGANIZATION IS
SUBJECT TO THE TAX IMPOSED BY SECTION 511 OF THE CODE, (C) ANY ORGANIZATION
DESCRIBED IN SECTION 1381(a)(2)(C) OF THE CODE, (ANY SUCH PERSON DESCRIBED IN
THE FOREGOING CLAUSES (A), (B) OR (C) BEING HEREINAFTER REFERRED TO AS A
"DISQUALIFIED ORGANIZATION") OR (D) AN AGENT OF A DISQUALIFIED ORGANIZATION, AND
(3) NO PURPOSE OF SUCH TRANSFER IS TO ENABLE THE TRANSFEROR TO IMPEDE THE
ASSESSMENT OR COLLECTION OF TAX. SUCH AFFIDAVIT SHALL INCLUDE CERTAIN
REPRESENTATIONS AS TO THE FINANCIAL CONDITION OF THE PROPOSED TRANSFEREE.
C-1
<PAGE>
NO TRANSFER OF THIS CERTIFICATE MAY BE MADE TO AN EMPLOYEE BENEFIT OR OTHER PLAN
SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED
("ERISA"), OR SECTION 4975 OF THE CODE UNLESS THE TRANSFEREE PROVIDES AN OPINION
OF COUNSEL SATISFACTORY TO THE DEPOSITOR AND THE TRUSTEE THAT THE PURCHASE OF
THIS CERTIFICATE BY OR ON BEHALF OF SUCH PLAN IS PERMISSIBLE UNDER APPLICABLE
LAW AND WILL NOT CONSTITUTE OR RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION
UNDER SECTION 406 OF ERISA AND SECTION 4975 OF THE CODE.
C-2
<PAGE>
CHEVY CHASE BANK, F.S.B.
MORTGAGE-BACKED PASS-THROUGH CERTIFICATE
SERIES 1997-CCB1, CLASS [R-I] [R-II]
Evidencing an undivided interest in a Trust Fund whose assets consist of a pool
of adjustable-rate, conventional mortgage loans secured by first liens on one-
to four-family, residential real properties and certain other property held in
trust transferred by
CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORP.
Certificate No. [R-I-_] [R-II-_] 100% PERCENTAGE INTEREST REPRESENTED
BY THIS CERTIFICATE
First Distribution Date: Final Scheduled
October 27, 1997 Distribution Date:
THIS CERTIFIES THAT _______________________________________ is the
registered owner of a beneficial interest in the Trust Fund referred to below
consisting of a pool of adjustable-rate conventional mortgage loans secured by
first liens on one- to four-family residential real properties (the "Mortgage
Loans") and certain other property held in trust transferred to the Trust Fund
by Credit Suisse First Boston Mortgage Securities Corp. (the "Depositor"), and
certain related property. The Trust Fund was created pursuant to the Pooling
and Servicing Agreement, dated as of September 1, 1997 (the "Agreement"), among
the Depositor, U.S. Bank National Association, as trustee (the "Trustee", which
term includes any successor entity under the Agreement) and Chevy Chase Bank,
F.S.B., as seller and servicer, a summary of certain of the pertinent provisions
of which is set forth herein. This Certificate is issued under and is subject
to the terms, provisions and conditions of the Agreement, to which Agreement the
Holder of this Certificate by virtue of the acceptance hereof assents and by
which such Holder is bound.
This Certificate is one of a duly authorized issue of certificates by
Credit Suisse First Boston Mortgage Securities Corp. designated as the Chevy
Chase Bank, F.S.B. Mortgage-Backed Pass-Through Certificates, Series 1997-CCB1
(the "Certificates"), which is comprised of the following four Classes: Class A,
Class S, Class R-I and Class R-II. Reference is hereby made to the Agreement
for a statement of the respective rights thereunder of the Depositor and the
Trustee and the Holders of the Certificates and the terms upon which the
Certificates are authenticated and delivered. This Certificate represents an
interest in the Trust Fund, which Trust Fund consists of, among other things,
(i) the Mortgage Loans and all distributions thereon payable after the Cut-off
Date, net of certain amounts in accordance with the provisions of the Agreement,
(ii) the Certificate Account and the Custodial Account and all amounts deposited
therein pursuant to the applicable provisions of the Agreement, net of any
investment earnings
C-3
<PAGE>
thereon, (iii) the interest of the Trust Fund in any insurance policies with
respect to the Mortgage Loans, (iv) the interest of the Trust Fund in the Policy
issued for the benefit of the Holders of the Class A Certificates, (v) the
rights of the Depositor assigned to the Trustee pursuant to Sections 2.01 and
3.01 of the Agreement and (vi) all proceeds of the conversion, voluntary or
involuntary, of any of the foregoing into cash or other liquid property.
This Class [R-I] [R-II] Certificate is not entitled to any
distributions with respect to principal or interest on the Mortgage Loans in the
Trust Fund.
Not later than each Distribution Date, the Trustee will send to each
Certificateholder a statement containing information relating to the Mortgage
Loans and payments made to Certificateholders.
The Agreement permits, with certain exceptions as therein provided,
the amendment thereof and the modification of the rights and obligations of the
Depositor and the Trustee and the rights of the Certificateholders under the
Agreement at any time by the Depositor and the Trustee with the consent of the
Holders of Certificates evidencing Voting Rights aggregating not less than
66-2/3% of the Voting Rights of all the Certificates; provided, however, that no
such amendment may (i) reduce in any manner the amount of, delay the timing of
or change the manner in which payments received on Mortgage Loans are required
to be distributed in respect of any Certificate without the consent of the
Holder of such Certificate, (ii) adversely affect in any material respect the
interests of the Holders of a Class of Certificates in a manner other than in
(i) above without the consent of the Holders of Certificates evidencing not less
than 66-2/3% of the Voting Rights of such Class or (iii) reduce the aforesaid
percentages of Voting Rights, the holders of which are required to consent to
any such amendment, without the consent of 100% of the Holders of Certificates
of the Class affected thereby. Any such consent by the Holder of this
Certificate shall be conclusive and binding on such Holder and upon all future
Holders of this Certificate and of any Certificate issued upon the transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such
consent is made upon this Certificate. The Agreement also permits the Depositor
and the Trustee to amend certain terms and conditions set forth in the Agreement
without the consent of Holders of the Certificates. At any time that any of the
Class A Certificates are outstanding, 98% of all Voting Rights will be allocated
among the Holders of the Class A, in proportion to their then outstanding
Certificate Principal Balances, 1% of all Voting Rights will be allocated to the
Holders of the Class S Certificates, 0.5% of all Voting Rights will be allocated
to the Holders of the Class R-I Certificates and 0.5% of all Voting Rights will
be allocated to the Holders of the Class R-II Certificates.
As provided in the Agreement and subject to certain limitations
therein set forth, the transfer of this Certificate is registrable on the
Certificate Register upon surrender of this Certificate for registration of
transfer at the office or agency of the Trustee designated therefor, duly
endorsed by, or accompanied by a written instrument of transfer in a form
satisfactory to the Trustee duly executed by the Holder hereof or such Holder's
attorney duly authorized in writing, and thereupon one or more new Certificates
of the same Class and of authorized denominations, and for the same aggregate
interest in the Trust Fund will be issued to the designated transferee or
transferees.
C-4
<PAGE>
The Class [R-I] [R-II] Certificates will be issued in fully registered
form in minimum Percentage Interests of 20% and integral multiples thereof. As
provided in the Agreement and subject to certain limitations therein set forth,
this Certificate is exchangeable for one or more new Certificates of the same
Class and of authorized Percentage Interests evidencing a like aggregate
Percentage Interest, as requested by the Holder surrendering the same.
No service charge will be made for such registrations of transfers or
exchanges, but the Trustee may require payment of a sum sufficient to cover any
tax or other governmental charge payable in connection therewith. The Trustee
and any agent of the Trustee may treat the person in whose name this Certificate
is registered as the owner hereof for all purposes, and neither the Trustee nor
any such agent thereof shall be affected by notice to the contrary.
Pursuant to the Agreement, the Depositor will make two separate
elections to treat each of REMIC I and REMIC II as a real estate mortgage
investment conduit (a "REMIC") for federal income tax purposes. The Class R-I
Certificates will be the "residual interest" in REMIC I, the Class R-II
Certificates will be the "residual interest" in REMIC II, and all other Classes
of Certificates will constitute the "regular interests" in REMIC II.
The obligations and responsibilities of the Depositor and the Trustee
created by the Agreement will terminate upon the earlier of (a) the purchase by
the Servicer from the Trust Fund of all remaining Mortgage Loans and all
property acquired in respect of such Mortgage Loans, thereby effecting early
retirement of the Certificates, or (b) the maturity or other liquidation (or any
advance with respect thereto) of the last Mortgage Loan remaining in the Trust
Fund and the disposition of all property acquired upon foreclosure or deed in
lieu of foreclosure of any Mortgage Loan. As provided in the Agreement, the
right to purchase all Mortgage Loans pursuant to clause (a) above shall be
conditioned upon the unpaid Principal Balances of such Mortgage Loans, at the
time of any such repurchase, aggregating less than 5% of the aggregate Principal
Balances thereof as of the Cut-off Date.
Any term used herein that is defined in the Agreement shall have the
meaning assigned in the Agreement, and nothing herein shall be deemed
inconsistent with that meaning. If the terms hereof are inconsistent with the
Agreement, the Agreement shall control.
Unless the certificate of authentication hereon has been executed by
or on behalf of the Trustee by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid or obligatory for any
purpose.
The recitals contained herein shall be taken as statements of the
Depositor and not of the Trustee. The Trustee assumes no responsibility for the
correctness of the statements contained in this Certificate and makes no
representation as to the validity or sufficiency of the Agreement, this
Certificate, any Mortgage Loan or any related document.
C-5
<PAGE>
IN WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
executed under its corporate seal.
U.S. BANK NATIONAL ASSOCIATION,
solely as Trustee and not individually
By:__________________________
Authorized Officer
CERTIFICATE OF AUTHENTICATION
This is one of the Certificates referred to in the within-mentioned Agreement.
Date: ___________
U.S. BANK NATIONAL ASSOCIATION,
as Trustee
By:______________________________
Authorized Officer
C-6
<PAGE>
ASSIGNMENT
FOR VALUE RECEIVED the undersigned hereby sell(s), assign(s) and
transfer(s) unto
______________________________________________________________________________
______________________________________________________________________________
(Please print or typewrite name and address, including postal zip code, or
assignee) the undivided interest in the Trust Fund evidenced by the within
Certificate and hereby authorize(s) the transfer of registration of such
interest to the assignee on the Certificate Register.
I (we) further direct the Trustee to issue a new Certificate of the same
Class and of a like Percentage Interest and undivided interest in the Trust Fund
to the above-named assignee and to deliver such Certificate to the following
address:
______________________________________________________________________________
______________________________________________________________________________
Dated: _____________________
____________________________ ______________________________
Social Security or Signature by or on behalf of
other Tax Identification assignor (signature must be
No. of Assignee signed as registered)
______________________________
Signature Guaranteed
DISTRIBUTION INSTRUCTIONS
The assignee should include the following for the information of the
Master Servicer:
Distribution shall be made by check mailed to ________________________
_______________________________________________________________________________,
or if the Percentage Interest within such Class is 100%, and the Trustee shall
have received appropriate wiring instructions in accordance with the Agreement,
by wire transfer in immediately available funds to __________________________
the account of _________________________, account number ____________________.
This information is provided by the assignee named above, or its agent.
C-7
<PAGE>
EXHIBIT D
SCHEDULE OF MORTGAGE LOANS
Page 1
<TABLE>
<CAPTION>
Property Property Max. Interest Minimum Original Stated
Loan No. Property City State Zip Index Margin Life Interest Rate Term Term
-------- ------------- -------- -------- ----- -------- ------------- ------------- -------- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1001817 WOODBRIDGE VA 22192 1YCMT 3.000000 12.250000 3.000000 360 285
1003474 GAITHERSBUR MD 20878 1YCMT 3.000000 12.500000 3.000000 360 288
1004258 POTOMAC MD 20854 1YCMT 3.000000 12.500000 3.000000 360 287
1004753 BETHESDA MD 20816 1YCMT 2.750000 14.750000 2.750000 360 285
1008895 ANNAPOLIS MD 21401 1YCMT 2.750000 14.750000 2.750000 360 287
1009240 FAIRFAX VA 22032 1YCMT 3.000000 12.625000 3.000000 360 287
1013523 ALEXANDRIA VA 22306 1YCMT 3.000000 12.500000 3.000000 360 285
1019629 GAITHERSBUR MD 20882 1YCMT 2.750000 14.125000 2.750000 360 287
1019710 GAITHERSBUR MD 20882 1YCMT 3.000000 12.625000 3.000000 360 287
1020205 ALEXANDRIA VA 22301 1YCMT 3.000000 12.625000 3.000000 360 287
1027176 MCLEAN VA 22101 1YCMT 3.000000 12.750000 3.000000 360 288
1038769 ROCKVILLE MD 20852 1YCMT 3.000000 12.625000 3.000000 360 290
1047778 BETHESDA MD 20817 1YCMT 2.750000 13.500000 2.750000 360 300
1050871 CROFTON MD 21114 1YCMT 3.000000 12.500000 3.000000 360 294
1055177 EDGEWATER MD 21037 1YCMT 3.000000 12.125000 3.000000 360 300
1058346 CHEVY CHASE MD 20815 1YCMT 3.000000 13.750000 3.000000 360 294
1063031 DERWOOD MD 20855 1YCMT 3.000000 12.500000 3.000000 360 294
1086263 EDGEWATER MD 21037 1YCMT 3.000000 12.250000 3.000000 360 294
1088434 POTOMAC MD 20854 1YCMT 3.000000 12.375000 3.000000 360 295
1093525 OLNEY MD 20832 1YCMT 3.000000 12.250000 3.000000 360 296
1094903 CABIN JOHN MD 20818 1YCMT 3.000000 12.125000 3.000000 360 297
1099514 CENTREVILLE VA 22020 1YCMT 3.000000 13.875000 3.000000 360 295
1100205 WASHINGTON DC 20007 1YCMT 3.000000 12.625000 3.000000 360 299
1100908 WASHINGTON DC 20008 1YCMT 2.750000 14.125000 2.750000 360 295
1101849 WASHINGTON DC 20015 1YCMT 3.000000 12.375000 3.000000 360 296
1101955 BETHESDA MD 20816 1YCMT 3.000000 12.500000 3.000000 360 297
1104850 GREAT FALLS VA 22066 1YCMT 3.000000 12.625000 3.000000 360 298
1106749 CROWNSVILLE MD 21032 1YCMT 3.000000 12.625000 3.000000 360 310
1110550 WASHINGTON DC 20016 1YCMT 3.000000 12.125000 3.000000 360 295
1112432 ROCKVILLE MD 20852 1YCMT 3.000000 12.250000 3.000000 360 301
1113265 ANNAPOLIS MD 21401 1YCMT 3.000000 12.625000 3.000000 360 297
1114180 CENTREVILLE VA 22020 1YCMT 3.000000 12.625000 3.000000 360 296
1115039 BETHESDA MD 20816 1YCMT 2.750000 14.000000 2.750000 360 301
1115070 POTOMAC MD 20854 1YCMT 3.000000 14.500000 3.000000 360 300
1115740 ALEXANDRIA VA 22302 1YCMT 3.000000 12.125000 3.000000 360 298
1116888 FAIRFAX VA 22039 1YCMT 3.000000 12.625000 3.000000 360 297
1120344 COLUMBIA MD 21044 1YCMT 2.750000 13.500000 2.750000 360 303
1120708 VIENNA VA 22182 1YCMT 3.000000 14.000000 3.000000 360 303
1121565 BETHESDA MD 20816 1YCMT 3.000000 12.625000 3.000000 360 300
1121920 CENTREVILLE VA 22020 1YCMT 3.000000 12.250000 3.000000 360 299
1122597 SILVER SPRI MD 20906 1YCMT 3.000000 12.125000 3.000000 360 297
1122605 WASHINGTON DC 20015 1YCMT 3.000000 12.875000 3.000000 360 297
1122712 WASHINGTON DC 20016 1YCMT 3.000000 13.500000 3.000000 360 302
1123454 CROFTON MD 21114 1YCMT 3.000000 12.500000 3.000000 360 302
1123488 POTOMAC MD 20854 1YCMT 2.750000 14.000000 2.750000 360 301
1124585 CHEVY CHASE MD 20815 1YCMT 3.000000 12.500000 3.000000 360 301
1124635 CABIN JOHN MD 20818 1YCMT 3.250000 14.750000 3.250000 360 303
1125632 VIENNA VA 22182 1YCMT 3.250000 12.125000 3.250000 360 298
1126283 CLIFTON VA 22024 1YCMT 2.750000 14.000000 2.750000 360 301
1127331 FAIRFAX STA VA 22039 1YCMT 2.750000 14.000000 2.750000 360 301
1129295 COLUMBIA MD 21044 1YCMT 3.000000 14.000000 3.000000 360 304
1129998 CENTREVILLE VA 22020 1YCMT 3.000000 14.500000 3.000000 360 301
1131184 HERNDON VA 22070 1YCMT 2.750000 14.000000 2.750000 360 301
1136381 CHEVY CHASE MD 20815 1YCMT 3.000000 12.250000 3.000000 360 301
1138791 FAIRFAX STA VA 22039 1YCMT 3.000000 12.375000 3.000000 360 301
1139716 PURCELLVILL VA 22132 1YCMT 3.000000 12.625000 3.000000 360 303
1140417 GAITHERSBUR MD 20878 1YCMT 2.750000 13.500000 2.750000 360 301
1140607 SILVER SPRI MD 20906 1YCMT 2.750000 13.500000 2.750000 360 301
1140870 GERMANTOWN MD 20876 1YCMT 2.750000 13.500000 2.750000 360 301
1142504 POTOMAC MD 20854 1YCMT 2.750000 14.000000 2.750000 360 301
1143452 WASHINGTON DC 20007 1YCMT 3.250000 14.500000 3.250000 360 301
1144054 MT AIRY MD 21771 1YCMT 3.500000 14.750000 3.500000 360 306
1144468 WASHINGTON DC 20008 1YCMT 2.750000 13.500000 2.750000 360 301
1144799 DAVIDSONVIL MD 21035 1YCMT 2.750000 14.000000 2.750000 360 301
1145903 CLARKSVILLE MD 21029 1YCMT 3.000000 13.500000 3.000000 360 301
1147735 KENSINGTON MD 20895 1YCMT 3.000000 14.500000 3.000000 360 301
1148030 POTOMAC MD 20854 1YCMT 3.000000 12.125000 3.000000 360 302
1148618 EDGEWATER MD 21037 1YCMT 3.000000 14.000000 3.000000 360 301
1149012 WASHINGTON DC 20016 1YCMT 2.750000 14.000000 2.750000 360 301
1149921 OAKTON VA 22124 1YCMT 2.750000 14.000000 2.750000 360 301
1149988 OAKTON VA 22124 1YCMT 3.000000 12.250000 3.000000 360 301
1150788 FALLS CHURC VA 22046 1YCMT 3.000000 12.125000 3.000000 360 301
1151166 WASHINGTON DC 20015 1YCMT 3.000000 12.125000 3.000000 360 301
1151273 BETHESDA MD 20816 1YCMT 2.750000 14.000000 2.750000 360 301
1152123 POTOMAC MD 20854 1YCMT 3.000000 14.500000 3.000000 360 301
1152776 BROOKEVILLE MD 20833 1YCMT 3.250000 14.750000 3.250000 360 304
1152784 ROCKVILLE MD 20854 1YCMT 3.000000 12.500000 3.000000 360 301
1152792 SILVER SPRI MD 20905 1YCMT 3.000000 13.500000 3.000000 360 302
</TABLE>
<TABLE>
<CAPTION>
Current Net
Original Current Payment Current Original Original Mortgage Property Own
Loan No. Balance Balance Date PNI????? LTV????? Appraisal Rate Type Occ?? Purpose
-------- ------------- ------------- -------- ----------- --------- ------------- -------- -------- ----- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1001817 237500.000000 220274.990000 19910701 1482.910000 94.800000 250500.000000 5.171800 1 1 2
1003474 229500.000000 213214.010000 19911001 1461.690000 94.800000 242000.000000 5.421800 10 1 2
1004258 315000.000000 292578.080000 19910901 2008.680000 90.000000 350000.000000 5.421800 1 1 2
1004753 484000.000000 449632.330000 19910701 3747.790000 80.000000 605000.000000 7.671800 1 1 2
1008895 281500.000000 262430.570000 19910901 2139.030000 46.900000 600000.000000 7.421800 1 1 1
1009240 226100.000000 209946.600000 19910901 1457.630000 95.000000 238000.000000 5.546800 1 1 2
1013523 218500.000000 203407.280000 19910701 1400.550000 95.000000 230000.000000 5.421800 1 1 2
1019629 399000.000000 365488.080000 19910901 2924.850000 75.300000 530000.000000 7.171800 1 1 1
1019710 420000.000000 390210.020000 19910901 2709.180000 75.000000 560000.000000 5.546800 1 1 1
1020205 243200.000000 226599.950000 19910901 1573.250000 91.800000 265000.000000 5.546800 1 1 2
1027176 331000.000000 307790.260000 19911001 2161.670000 69.700000 475000.000000 5.671800 1 1 1
1038769 300000.000000 279541.240000 19911201 1932.660000 78.900000 380000.000000 5.546800 1 1 2
1047778 240000.000000 226235.630000 19921001 1839.070000 66.700000 360000.000000 7.546800 1 1 1
1050871 264000.000000 246282.390000 19920401 1674.200000 80.000000 330000.000000 5.421800 1 1 1
1055177 500000.000000 468421.700000 19921001 3049.650000 78.200000 639000.000000 5.046800 1 1 1
1058346 217600.000000 205343.860000 19920401 1559.660000 58.000000 375000.000000 6.671800 1 1 1
1063031 245500.000000 223530.130000 19920401 1558.480000 76.700000 320000.000000 5.421800 1 1 1
1086263 540600.000000 481342.810000 19920401 3345.600000 60.000000 901000.000000 5.171800 1 1 1
1088434 500000.000000 408494.320000 19920501 2741.390000 55.600000 900000.000000 5.296800 1 1 1
1093525 271800.000000 252933.680000 19920601 1683.510000 90.000000 302000.000000 5.171800 1 1 2
1094903 250000.000000 233847.030000 19920701 1528.920000 72.900000 343000.000000 5.046800 1 1 1
1099514 220000.000000 205822.880000 19920501 1415.230000 70.500000 312000.000000 5.546800 1 1 2
1100205 307000.000000 288536.800000 19920901 1972.440000 64.000000 480000.000000 5.546800 10 1 1
1100908 380250.000000 360437.020000 19920501 2853.510000 75.000000 507000.000000 7.171800 10 1 1
1101849 228700.000000 200027.590000 19920601 1413.470000 80.000000 286000.000000 5.296800 1 1 1
1101955 249600.000000 234146.530000 19920701 1585.900000 80.000000 312000.000000 5.421800 1 1 1
1104850 410000.000000 382224.440000 19920801 2614.160000 52.900000 775000.000000 5.546800 1 1 1
1106749 250000.000000 236598.670000 19930801 1600.780000 29.800000 838000.000000 5.546800 1 1 1
1110550 330000.000000 307808.860000 19920501 2018.320000 88.800000 371500.000000 5.046800 1 1 2
1112432 354400.000000 332608.930000 19921101 2188.090000 80.000000 443000.000000 5.171800 1 2 1
1113265 230000.000000 215882.170000 19920701 1478.440000 53.500000 432000.000000 5.546800 1 1 2
1114180 268000.000000 251679.410000 19920601 1725.890000 80.000000 335000.000000 5.546800 1 1 2
1115039 288000.000000 266103.780000 19921101 2113.250000 80.000000 360000.000000 6.921800 1 2 2
1115070 330000.000000 310411.760000 19921001 2117.480000 89.200000 370000.000000 5.546800 1 1 1
1115740 218500.000000 204543.710000 19920801 1335.440000 95.000000 230000.000000 5.046800 1 1 2
1116888 237500.000000 222445.690000 19920701 1529.870000 95.000000 250000.000000 5.546800 1 1 2
1120344 293900.000000 275990.860000 19930101 2190.640000 80.000000 372000.000000 7.296800 1 1 2
1120708 261000.000000 247871.100000 19930101 1824.960000 90.000000 290000.000000 6.421800 1 1 2
1121565 875000.000000 823472.310000 19921001 5617.320000 64.800000 1350000.000000 5.546800 1 1 1
1121920 224800.000000 209202.570000 19920901 1391.780000 81.700000 275000.000000 5.171800 1 1 2
1122597 226100.000000 211730.220000 19920701 1384.340000 95.000000 240000.000000 5.046800 1 1 2
1122605 423750.000000 398555.280000 19920701 2790.460000 75.000000 565000.000000 5.796800 1 1 1
1122712 465000.000000 439863.640000 19921201 3132.800000 69.900000 665000.000000 6.046800 1 1 1
1123454 236000.000000 221961.240000 19921201 1492.780000 90.000000 264000.000000 5.421800 1 1 2
1123488 300900.000000 286660.700000 19921101 2207.900000 73.400000 410000.000000 6.921800 1 2 1
1124585 559000.000000 525622.600000 19921101 3539.670000 68.200000 820000.000000 5.421800 1 1 1
1124635 260000.000000 246823.110000 19930101 1795.760000 80.000000 325000.000000 6.296800 10 1 2
1125632 249850.000000 233563.790000 19920801 1529.080000 93.200000 270000.000000 5.046800 1 1 2
1126283 521250.000000 493711.670000 19921101 3600.150000 75.000000 695000.000000 6.296800 1 2 2
1127331 375000.000000 353460.230000 19921101 2558.170000 75.000000 500000.000000 6.171800 1 2 1
1129295 356000.000000 337713.860000 19930201 2428.550000 80.000000 445000.000000 6.171800 1 1 2
1129998 229500.000000 217894.660000 19921101 1624.390000 90.000000 255000.000000 6.546800 1 2 1
1131184 246750.000000 233474.870000 19921101 1704.250000 75.000000 329000.000000 6.296800 1 2 1
1136381 712500.000000 667657.040000 19921101 4398.360000 75.000000 950000.000000 5.171800 1 1 1
1138791 218000.000000 204041.030000 19921101 1358.140000 65.500000 333000.000000 5.296800 1 1 1
1139716 360000.000000 339770.590000 19930101 2308.830000 80.000000 450000.000000 5.546800 1 1 1
1140417 279900.000000 264153.690000 19921101 2100.710000 90.000000 313000.000000 7.296800 1 1 2
1140607 250000.000000 236036.140000 19921101 1877.110000 59.500000 420000.000000 7.296800 1 1 1
1140870 225000.000000 212184.010000 19921101 1687.420000 51.800000 434000.000000 7.296800 1 2 1
1142504 340000.000000 323551.410000 19921101 2465.240000 77.300000 440000.000000 6.796800 1 2 1
1143452 250000.000000 235605.650000 19921101 1705.450000 94.300000 265000.000000 6.171800 1 1 2
1144054 237800.000000 219941.550000 19930401 1642.430000 95.000000 252000.000000 6.296800 1 1 2
1144468 260000.000000 246737.040000 19921101 1962.210000 31.100000 835000.000000 7.296800 1 1 1
1144799 243000.000000 231500.650000 19921101 1783.050000 78.400000 310000.000000 6.921800 1 2 1
1145903 227750.000000 215977.270000 19921101 1592.470000 67.000000 340000.000000 6.421800 1 2 1
1147735 221250.000000 209730.450000 19921101 1547.020000 75.000000 295000.000000 6.421800 1 2 1
1148030 225000.000000 208919.980000 19921201 1370.530000 22.500000 1000000.000000 5.046800 1 1 1
1148618 246000.000000 213325.210000 19921101 1519.910000 32.800000 750000.000000 5.171800 1 2 1
1149012 265000.000000 252177.800000 19921101 1921.440000 60.800000 436000.000000 6.796800 1 2 1
1149921 467000.000000 387151.020000 19921101 3386.080000 75.900000 615000.000000 6.796800 1 2 1
1149988 417000.000000 382535.500000 19921101 2516.530000 66.700000 625000.000000 5.171800 1 1 1
1150788 250000.000000 234352.670000 19921101 1523.620000 94.300000 265000.000000 5.046800 1 1 2
1151166 350000.000000 328242.120000 19921101 2134.030000 61.400000 570000.000000 5.046800 1 2 1
1151273 305000.000000 288747.350000 19921101 2211.470000 54.500000 560000.000000 6.796800 1 2 1
1152123 283500.000000 268031.200000 19921101 1933.980000 90.000000 315000.000000 6.171800 1 1 2
1152776 382000.000000 363047.660000 19930201 2638.380000 79.600000 485000.000000 6.296800 1 1 2
1152784 250000.000000 235071.400000 19921101 1584.990000 92.600000 270000.000000 5.421800 1 1 2
1152792 281000.000000 265810.340000 19921201 1893.150000 79.200000 355000.000000 6.046800 1 1 1
</TABLE>
<PAGE>
Page 2
<TABLE>
<CAPTION>
Property Property Max. Interest Minimum Original Stated
Loan No. Property City State Zip Index Margin Life Interest Rate Term Term
-------- ------------- -------- -------- ----- -------- ------------- ------------- -------- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1154335 CHANTILLY VA 22021 1YCMT 3.000000 12.250000 3.000000 360 302
1155746 POTOMAC MD 20854 1YCMT 3.000000 12.625000 3.000000 360 303
1156264 CHEVY CHASE MD 20815 1YCMT 3.000000 14.000000 3.000000 360 303
1156785 SEVERNA PAR MD 21146 1YCMT 3.000000 14.500000 3.000000 360 302
1156801 ARLINGTON VA 22207 1YCMT 3.000000 14.500000 3.000000 360 301
1157940 BETHESDA MD 20817 1YCMT 3.000000 12.625000 3.000000 360 303
1158021 FREDERICK MD 21701 1YCMT 3.000000 13.500000 3.000000 360 302
1158195 MCLEAN VA 22102 1YCMT 3.000000 12.125000 3.000000 360 303
1158484 ANNAPOLIS MD 21401 1YCMT 3.000000 12.250000 3.000000 360 302
1158658 ELLICOTT CI MD 21042 1YCMT 3.250000 14.500000 3.250000 360 302
1158682 POTOMAC MD 20854 1YCMT 3.000000 12.125000 3.000000 360 302
1158724 CHEVY CHASE MD 20815 1YCMT 3.000000 13.500000 3.000000 360 302
1158757 ALEXANDRIA VA 22301 1YCMT 3.000000 13.500000 3.000000 360 303
1159680 POTOMAC MD 20854 1YCMT 3.000000 12.375000 3.000000 360 303
1160332 CLIFTON VA 22024 1YCMT 3.000000 12.500000 3.000000 360 303
1160407 ELLICOTT CI MD 21042 1YCMT 3.000000 14.750000 3.000000 360 304
1160431 BETHESDA MD 20817 1YCMT 2.750000 10.250000 2.750000 360 301
1160951 BETHESDA MD 20816 1YCMT 3.000000 14.000000 3.000000 360 303
1162411 POTOMAC MD 20854 1YCMT 3.000000 13.500000 3.000000 360 302
1163013 STERLING VA 20165 1YCMT 2.750000 10.250000 2.750000 360 303
1163591 WARRENTON VA 22186 1YCMT 2.750000 13.500000 2.750000 360 304
1163914 POTOMAC MD 20854 1YCMT 3.000000 13.500000 3.000000 360 305
1164292 POTOMAC MD 20854 1YCMT 3.000000 14.000000 3.000000 360 303
1164417 GAINESVILLE VA 22065 1YCMT 3.000000 13.500000 3.000000 360 303
1165026 ELLICOTT CI MD 21042 1YCMT 3.250000 14.000000 3.250000 360 304
1165505 BETHESDA MD 20814 1YCMT 3.000000 13.500000 3.000000 360 302
1165893 BETHESDA MD 20814 1YCMT 3.000000 14.000000 3.000000 360 302
1166875 ROCKVILLE MD 20855 1YCMT 2.750000 11.500000 2.750000 360 303
1168087 HAMILTON VA 22068 1YCMT 3.000000 14.000000 3.000000 360 304
1169192 GERMANTOWN MD 20876 1YCMT 3.000000 12.250000 3.000000 360 305
1169382 ROCKVILLE MD 20852 1YCMT 3.000000 14.000000 3.000000 360 303
1171339 ANNAPOLIS MD 21403 1YCMT 3.000000 11.125000 3.000000 360 304
1171420 HERNDON VA 22071 1YCMT 3.000000 12.875000 3.000000 360 307
1171461 POTOMAC MD 20854 1YCMT 3.000000 12.500000 3.000000 360 305
1171891 GREAT FALLS VA 22066 1YCMT 3.000000 14.000000 3.000000 360 303
1172949 GAITHERSBUR MD 20879 1YCMT 3.250000 14.000000 3.250000 360 303
1173608 GAITHERSBUR MD 20878 1YCMT 3.000000 14.000000 3.000000 360 303
1173756 ANNAPOLIS MD 21401 1YCMT 3.000000 12.500000 3.000000 360 304
1174424 ALEXANDRIA VA 22308 1YCMT 3.250000 14.750000 3.250000 360 303
1174630 WASHINGTON DC 20016 1YCMT 2.750000 13.500000 2.750000 360 303
1174705 MCLEAN VA 22101 1YCMT 3.250000 14.750000 3.250000 360 304
1174994 WASHINGTON DC 20015 1YCMT 3.000000 12.125000 3.000000 360 303
1175629 NORTH POTOM MD 20878 1YCMT 3.250000 12.750000 3.250000 360 309
1175652 ROCKVILLE MD 20853 1YCMT 3.250000 14.750000 3.250000 360 303
1175926 BETHESDA MD 20817 1YCMT 3.000000 14.000000 3.000000 360 303
1176973 ANNANDALE VA 22003 1YCMT 3.000000 12.250000 3.000000 360 304
1177658 SILVER SPRI MD 20906 1YCMT 3.000000 14.000000 3.000000 360 303
1179480 ANNAPOLIS MD 21403 1YCMT 3.000000 12.750000 3.000000 360 312
1179944 CENTREVILLE VA 22020 1YCMT 3.250000 13.250000 3.250000 360 308
1182500 WASHINGTON DC 20007 1YCMT 2.750000 10.500000 2.750000 360 305
1182534 POTOMAC MD 20854 1YCMT 3.250000 14.750000 3.250000 360 304
1183532 VIENNA VA 22181 1YCMT 3.000000 12.125000 3.000000 360 304
1184571 POTOMAC MD 20854 1YCMT 3.000000 12.250000 3.000000 360 304
1188796 POTOMAC MD 20854 1YCMT 3.000000 12.625000 3.000000 360 308
1188846 CHEVY CHASE MD 20815 1YCMT 3.250000 14.750000 3.250000 360 304
1195031 ARLINGTON VA 22207 1YCMT 3.000000 12.375000 3.000000 360 306
1199165 EDGEWATER MD 21037 1YCMT 3.250000 14.750000 3.250000 360 307
1199199 GAMBRILLS MD 21054 1YCMT 3.000000 13.125000 3.000000 360 307
1199504 BETHESDA MD 20817 1YCMT 3.000000 13.125000 3.000000 360 308
1200039 WASHINGTON DC 20015 1YCMT 3.000000 12.750000 3.000000 360 308
1200807 WASHINGTON DC 20016 1YCMT 3.000000 13.250000 3.000000 360 306
1200864 WASHINGTON DC 20007 1YCMT 3.000000 12.125000 3.000000 360 307
1200922 WASHINGTON DC 20016 1YCMT 3.000000 12.750000 3.000000 360 307
1202159 BETHESDA MD 20817 1YCMT 3.000000 12.125000 3.000000 360 307
1202175 BETHESDA MD 20817 1YCMT 3.000000 12.500000 3.000000 360 310
1202217 BETHESDA MD 20817 1YCMT 3.000000 12.750000 3.000000 360 308
1202662 POTOMAC MD 20854 1YCMT 3.000000 12.875000 3.000000 360 307
1202738 ELLICOTT CI MD 21042 1YCMT 3.000000 12.750000 3.000000 360 307
1203199 MCLEAN VA 22101 1YCMT 3.000000 13.250000 3.000000 360 308
1203280 FAIRFAX VA 22030 1YCMT 3.000000 12.750000 3.000000 360 308
1204171 ALEXANDRIA VA 22308 1YCMT 3.250000 13.125000 3.250000 360 308
1206127 SILVER SPRI MD 20906 1YCMT 3.000000 13.000000 3.000000 360 307
1206184 GERMANTOWN MD 20876 1YCMT 3.000000 12.000000 3.000000 360 308
1206317 MILLERS MD 21107 1YCMT 3.250000 13.000000 3.250000 360 310
1206531 MITCHELLVIL MD 20721 1YCMT 3.000000 12.875000 3.000000 360 307
1206762 CHEVY CHASE MD 20815 1YCMT 3.000000 12.875000 3.000000 360 307
1206796 ELLICOTT CI MD 21042 1YCMT 3.000000 12.750000 3.000000 360 308
1207489 BETHESDA MD 20816 1YCMT 3.000000 13.000000 3.000000 360 307
1207729 WASHINGTON DC 20003 1YCMT 3.000000 12.750000 3.000000 360 307
1208982 STERLING VA 20165 1YCMT 3.000000 12.750000 3.000000 360 314
</TABLE>
<TABLE>
<CAPTION>
First Net
Original Current Payment Current Original Original Mortgage Property Own
Loan No. Balance Balance Date PNI LTV Appraisal Rate Type Occ Purpose
-------- ------------- ------------- -------- ----------- --------- ------------- -------- -------- ----- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1154335 320000.000000 300529.200000 19921201 1974.360000 77.100000 415000.000000 5.171800 1 1 1
1155746 275000.000000 259346.660000 19930101 1762.330000 57.900000 475000.000000 5.546800 1 1 1
1156264 470000.000000 444571.000000 19930101 3126.930000 79.000000 595000.000000 5.921800 1 1 1
1156785 295000.000000 279395.810000 19921201 2012.430000 89.400000 330000.000000 6.171800 1 1 1
1156801 408000.000000 383987.650000 19921101 2646.290000 80.000000 510000.000000 5.671800 1 2 2
1157940 500000.000000 471643.440000 19930101 3205.670000 41.300000 1210000.000000 5.546800 1 1 1
1158021 222250.000000 206938.090000 19921201 1516.140000 89.600000 248000.000000 6.171800 1 1 1
1158195 465000.000000 338093.720000 19930101 2756.150000 71.000000 655000.000000 5.046800 1 1 1
1158484 344600.000000 251222.760000 19921201 1928.440000 58.900000 585000.000000 5.171800 1 1 1
1158658 225600.000000 213924.370000 19921201 1558.170000 95.000000 260000.000000 6.296800 1 1 2
1158682 560000.000000 525740.110000 19921201 3408.580000 58.000000 965000.000000 5.046800 1 1 1
1158724 375000.000000 352432.100000 19921201 2370.260000 30.600000 1225000.000000 5.421800 1 1 1
1158757 280000.000000 265495.510000 19930101 1910.100000 65.100000 430000.000000 6.171800 1 1 1
1159680 345000.000000 324901.230000 19930101 2156.850000 73.400000 470000.000000 5.296800 1 1 1
1160332 251100.000000 234437.350000 19930101 1588.510000 90.000000 281000.000000 5.421800 1 1 2
1160407 226625.000000 213537.130000 19930201 1399.070000 86.300000 262500.000000 5.171800 1 1 1
1160431 355000.000000 42387.570000 19921101 337.090000 52.400000 680000.000000 7.296800 1 1 2
1160951 232000.000000 219447.590000 19930101 1543.510000 80.000000 290000.000000 5.921800 1 1 2
1162411 300000.000000 269192.280000 19921201 2072.030000 61.900000 485000.000000 6.296800 1 1 1
1163013 216000.000000 202943.300000 19930101 1614.540000 90.000000 240000.000000 7.296800 1 1 1
1163591 256000.000000 241534.670000 19930201 1895.010000 71.100000 360000.000000 7.171800 1 1 1
1163914 368750.000000 347530.970000 19930301 2272.690000 54.200000 680000.000000 5.171800 10 1 2
1164292 386000.000000 365564.170000 19930101 2600.560000 42.900000 900000.000000 6.046800 1 1 1
1164417 247000.000000 230703.850000 19930101 1513.580000 95.000000 261000.000000 5.171800 1 1 2
1165026 247000.000000 227625.230000 19930201 1602.040000 78.200000 316000.000000 5.671800 1 1 2
1165505 246400.000000 229923.100000 19921201 1660.050000 80.000000 308000.000000 6.046800 1 1 1
1165893 246350.000000 232741.500000 19921201 1638.980000 90.000000 277000.000000 5.921800 5 1 2
1166875 368000.000000 348451.130000 19930101 2765.780000 77.800000 473000.000000 7.296800 1 1 1
1168087 339000.000000 320648.220000 19930201 2226.990000 75.000000 452000.000000 5.796800 1 1 2
1169192 238000.000000 224223.900000 19930301 1467.130000 89.800000 265000.000000 5.171800 1 1 2
1169382 335000.000000 315597.950000 19930101 2194.590000 77.000000 440000.000000 5.796800 1 1 2
1171339 600000.000000 566159.580000 19930201 3977.370000 75.000000 800000.000000 5.921800 1 1 1
1171420 264600.000000 250276.960000 19930501 1672.460000 89.900000 298000.000000 5.421800 1 1 2
1171461 408000.000000 382511.140000 19930301 2562.440000 80.000000 510000.000000 5.421800 1 1 2
1171891 435000.000000 409353.470000 19930101 2749.500000 77.300000 863000.000000 5.421800 1 1 2
1172949 216100.000000 198489.520000 19930101 1492.550000 95.000000 232000.000000 6.296800 1 1 2
1173608 238450.000000 225825.610000 19930101 1606.490000 76.900000 310000.000000 6.046800 1 1 1
1173756 274500.000000 252063.270000 19930201 1698.030000 47.700000 575000.000000 5.421800 1 1 1
1174424 302400.000000 286038.900000 19930101 2011.880000 80.000000 380000.000000 5.921800 1 1 2
1174630 700000.000000 662327.310000 19930101 5257.120000 63.600000 1100000.000000 7.296800 1 1 1
1174705 292000.000000 276531.060000 19930201 1942.690000 80.000000 366500.000000 5.921800 1 1 2
1174994 264000.000000 247995.960000 19930101 1607.850000 75.400000 350000.000000 5.046800 5 1 1
1175629 249300.000000 236946.200000 19930701 1616.960000 95.000000 263000.000000 5.671800 1 1 2
1175652 244700.000000 232024.210000 19930101 1669.290000 92.300000 266000.000000 6.171800 1 1 2
1175926 250000.000000 236764.390000 19930101 1684.300000 86.200000 290000.000000 6.046800 1 1 1
1176973 223250.000000 195857.200000 19930201 1374.660000 95.000000 238000.000000 5.171800 1 1 2
1177658 230000.000000 217822.970000 19930101 1549.560000 71.900000 320000.000000 6.046800 1 1 1
1179480 220000.000000 207702.720000 19931001 1426.920000 74.100000 297000.000000 5.671800 1 1 1
1179944 234650.000000 223263.220000 19930601 1561.140000 95.000000 248000.000000 5.921800 1 1 2
1182500 320000.000000 303060.210000 19930301 2375.430000 80.000000 400000.000000 7.171800 1 1 2
1182534 308000.000000 292719.100000 19930201 2127.280000 80.000000 385000.000000 6.296800 1 1 2
1183532 396000.000000 372665.100000 19930201 2412.830000 74.700000 530000.000000 5.046800 1 1 1
1184571 352000.000000 331497.250000 19930201 2171.940000 80.000000 440000.000000 5.171800 1 1 1
1188796 408000.000000 384507.050000 19930601 2612.470000 75.600000 540000.000000 5.546800 10 1 2
1188846 350000.000000 255226.560000 19930201 2358.020000 35.000000 1000000.000000 6.046800 1 1 1
1195031 238500.000000 225320.310000 19930401 1489.920000 90.000000 268000.000000 5.296800 1 1 2
1199165 321000.000000 304359.660000 19930501 2189.790000 56.500000 568000.000000 6.171800 1 1 1
1199199 332900.000000 315701.240000 19930501 2242.810000 81.000000 411000.000000 6.046800 1 1 2
1199504 387000.000000 368220.450000 19930601 2574.730000 79.000000 490000.000000 5.921800 1 1 1
1200039 412000.000000 391114.290000 19930601 2672.230000 80.000000 520000.000000 5.671800 1 1 2
1200807 275000.000000 261647.370000 19930401 1875.990000 50.000000 550000.000000 6.171800 1 1 1
1200864 620000.000000 584864.580000 19930501 3770.700000 68.900000 900000.000000 5.046800 1 1 1
1200922 325000.000000 307407.560000 19930501 2054.230000 50.400000 648000.000000 5.421800 1 1 2
1202159 312900.000000 295204.040000 19930501 1903.560000 51.100000 613000.000000 5.046800 1 1 2
1202175 300000.000000 282453.900000 19930801 1750.720000 58.800000 518000.000000 4.671800 1 1 2
1202217 230000.000000 218254.650000 19930601 1491.780000 37.400000 615000.000000 5.671800 1 1 1
1202662 266000.000000 252507.070000 19930501 1747.440000 72.900000 365000.000000 5.796800 1 1 1
1202738 240000.000000 165696.230000 19930501 1238.860000 67.600000 355000.000000 6.546800 1 1 1
1203199 246000.000000 232977.030000 19930601 1554.890000 67.600000 364000.000000 5.421800 1 1 1
1203280 232900.000000 220570.050000 19930601 1472.090000 83.800000 278000.000000 5.421800 1 1 1
1204171 235600.000000 221112.300000 19930601 1547.730000 95.000000 250000.000000 5.796800 1 1 2
1206127 250000.000000 237594.590000 19930501 1663.260000 60.100000 416000.000000 5.921800 1 1 1
1206184 225000.000000 212141.740000 19930601 1349.740000 90.000000 250000.000000 4.921800 1 1 1
1206317 249950.000000 238034.920000 19930801 1662.930000 95.000000 264000.000000 5.921800 1 1 2
1206531 243000.000000 222842.660000 19930501 1596.340000 90.000000 270000.000000 5.796800 1 1 1
1206762 235000.000000 222817.640000 19930501 1524.210000 49.000000 480000.000000 5.671800 1 1 1
1206796 245000.000000 232580.050000 19930601 1589.070000 89.100000 275000.000000 5.671800 1 1 1
1207489 310000.000000 294615.390000 19930501 2062.440000 54.900000 565000.000000 5.921800 1 1 1
1207729 248400.000000 235523.130000 19930501 1611.120000 87.200000 285000.000000 5.671800 1 1 1
1208982 215100.000000 205510.780000 19931201 1395.140000 90.000000 239000.000000 5.671800 1 1 1
</TABLE>
<PAGE>
Page 3
<TABLE>
<CAPTION>
Property Property Max. Interest Minimum Original Stated
Loan No. Property City State Zip Index Margin Life Interest Rate Term Term
-------- ------------- -------- -------- ----- -------- ------------- ------------- -------- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1209048 WASHINGTON DC 20007 1YCMT 3.250000 12.875000 3.250000 360 309
1209113 GAITHERSBUR MD 20878 1YCMT 3.000000 12.500000 3.000000 360 312
1210020 VIENNA VA 22180 1YCMT 3.000000 12.750000 3.000000 360 308
1210368 POTOMAC MD 20854 1YCMT 3.000000 13.125000 3.000000 360 307
1210640 VIENNA VA 22180 1YCMT 3.000000 12.250000 3.000000 360 308
1211572 WASHINGTON DC 20007 1YCMT 2.750000 13.500000 2.750000 360 306
1211580 WASHINGTON DC 20012 1YCMT 3.250000 13.375000 3.250000 360 307
1211721 WASHINGTON DC 20011 1YCMT 3.000000 12.875000 3.000000 360 311
1211853 POTOMAC MD 20854 1YCMT 3.000000 13.125000 3.000000 360 307
1211879 WASHINGTON DC 20016 1YCMT 3.000000 13.250000 3.000000 360 307
1212109 ANNAPOLIS MD 21401 1YCMT 3.000000 12.875000 3.000000 360 307
1212653 ALEXANDRIA VA 22306 1YCMT 3.000000 12.500000 3.000000 360 306
1212679 FAIRFAX VA 22030 1YCMT 3.000000 12.875000 3.000000 360 309
1212794 ALEXANDRIA VA 22314 1YCMT 3.000000 12.750000 3.000000 360 308
1212877 BETHESDA MD 20817 1YCMT 3.000000 12.750000 3.000000 360 308
1212927 MCLEAN VA 22101 1YCMT 3.000000 13.000000 3.000000 360 306
1213016 RESTON VA 22091 1YCMT 2.750000 13.500000 2.750000 360 307
1213313 COCKEYSVILL MD 21030 1YCMT 3.000000 12.625000 3.000000 360 317
1213453 BETHESDA MD 20817 1YCMT 3.000000 12.875000 3.000000 360 308
1213883 VIRGINIA BE VA 23451 1YCMT 3.000000 12.500000 3.000000 360 310
1214972 BETHESDA MD 20817 1YCMT 3.000000 12.875000 3.000000 360 307
1215425 GIBSON ISLA MD 21056 1YCMT 3.000000 12.750000 3.000000 360 308
1215904 GERMANTOWN MD 20874 1YCMT 3.000000 12.875000 3.000000 360 308
1216449 HERNDON VA 22070 1YCMT 3.000000 13.000000 3.000000 360 309
1216514 BOWIE MD 20720 1YCMT 3.250000 12.750000 3.250000 360 310
1217371 GAITHERSBUR MD 20878 1YCMT 3.000000 12.875000 3.000000 360 308
1218510 CLIFTON VA 22024 1YCMT 3.250000 13.000000 3.250000 360 311
1219104 WALDORF MD 20603 1YCMT 3.000000 13.000000 3.000000 360 308
1219658 POTOMAC MD 20854 1YCMT 3.000000 12.750000 3.000000 360 308
1220128 BURTONSVILL MD 20866 1YCMT 3.250000 13.000000 3.250000 360 308
1220375 WASHINGTON DC 20007 1YCMT 3.000000 12.750000 3.000000 360 310
1220730 ROCKVILLE MD 20850 1YCMT 3.000000 12.750000 3.000000 360 309
1220870 CLIFTON VA 22024 1YCMT 3.000000 12.750000 3.000000 360 310
1221514 POTOMAC MD 20854 1YCMT 3.250000 13.125000 3.250000 360 308
1221696 POTOMAC MD 20854 1YCMT 3.000000 13.000000 3.000000 360 308
1221712 BETHESDA MD 20814 1YCMT 3.000000 12.875000 3.000000 360 308
1223205 BETHESDA MD 20817 1YCMT 3.000000 12.750000 3.000000 360 308
1223916 MOUNT AIRY MD 21771 1YCMT 3.250000 12.875000 3.250000 360 317
1224054 ARLINGTON VA 22202 1YCMT 3.000000 12.625000 3.000000 360 309
1224385 CHEVY CHASE MD 20815 1YCMT 3.000000 13.000000 3.000000 360 308
1224682 GRAFTON VA 23692 1YCMT 2.750000 10.875000 2.750000 360 314
1225028 VIENNA VA 22182 1YCMT 3.000000 12.750000 3.000000 360 309
1225267 WASHINGTON DC 20015 1YCMT 3.000000 12.750000 3.000000 360 308
1225895 POTOMAC MD 20854 1YCMT 3.000000 12.750000 3.000000 360 309
1226083 WASHINGTON DC 20007 1YCMT 3.000000 12.625000 3.000000 360 310
1226091 OLNEY MD 20832 1YCMT 3.000000 12.875000 3.000000 360 311
1227172 ROCKVILLE MD 20852 1YCMT 3.000000 12.750000 3.000000 360 309
1227784 CENTREVILLE VA 22020 1YCMT 3.250000 13.125000 3.250000 360 308
1227883 BETHESDA MD 20817 1YCMT 3.000000 12.750000 3.000000 360 308
1227917 BETHESDA MD 20817 1YCMT 3.000000 12.875000 3.000000 360 310
1228139 FAIRFAX VA 22030 1YCMT 3.000000 12.750000 3.000000 360 309
1228212 WASHINGTON DC 20008 1YCMT 3.000000 12.750000 3.000000 360 310
1228873 ROCKVILLE MD 20852 1YCMT 3.000000 12.500000 3.000000 360 310
1228881 CHEVY CHASE MD 20815 1YCMT 3.000000 12.750000 3.000000 360 308
1230127 WASHINGTON DC 20015 1YCMT 3.000000 12.750000 3.000000 360 308
1230176 POTOMAC MD 20854 1YCMT 3.000000 12.500000 3.000000 360 309
1230184 VIENNA VA 22182 1YCMT 3.000000 12.500000 3.000000 360 309
1230275 POTOMAC MD 20854 1YCMT 3.000000 12.875000 3.000000 360 308
1230580 ARLINGTON VA 22202 1YCMT 3.000000 12.875000 3.000000 360 308
1231018 FAIRFAX VA 22030 1YCMT 3.000000 12.750000 3.000000 360 309
1231240 EDGEWATER MD 21037 1YCMT 3.000000 12.750000 3.000000 360 309
1232446 POTOMAC MD 20854 1YCMT 3.000000 12.500000 3.000000 360 309
1232503 WASHINGTON DC 20015 1YCMT 3.000000 12.750000 3.000000 360 309
1232776 ELLICOTT CI MD 21043 1YCMT 3.000000 12.750000 3.000000 360 309
1232925 ANNAPOLIS MD 21403 1YCMT 3.000000 12.875000 3.000000 360 320
1233485 WASHINGTON DC 20007 1YCMT 3.000000 12.750000 3.000000 360 309
1233923 KENSINGTON MD 20895 1YCMT 3.000000 12.625000 3.000000 360 310
1234269 DARNESTOWN MD 20878 1YCMT 3.000000 12.750000 3.000000 360 309
1234384 MCLEAN VA 22101 1YCMT 3.000000 12.625000 3.000000 360 311
1234574 POTOMAC MD 20854 1YCMT 3.000000 12.750000 3.000000 360 311
1235076 BURKE VA 22015 1YCMT 3.250000 12.750000 3.250000 360 310
1235951 POTOMAC MD 20854 1YCMT 3.000000 12.875000 3.000000 360 309
1236538 BETHESDA MD 20817 1YCMT 3.000000 12.875000 3.000000 360 308
1236587 BETHESDA MD 20816 1YCMT 3.000000 12.500000 3.000000 360 310
1236611 BETHESDA MD 20814 1YCMT 3.000000 12.875000 3.000000 360 308
1236702 BALTIMORE MD 21093 1YCMT 3.000000 12.500000 3.000000 360 309
1238898 CROFTON MD 21114 1YCMT 3.000000 12.625000 3.000000 360 309
1238963 RESTON VA 22094 1YCMT 3.000000 12.500000 3.000000 360 310
1239078 WOODBRIDGE VA 22192 1YCMT 3.250000 12.750000 3.250000 360 310
1239961 BALTIMORE MD 21228 1YCMT 3.000000 12.625000 3.000000 360 309
</TABLE>
<TABLE>
<CAPTION>
First Net
Original Current Payment Current Original Original Mortgage Property Own
Loan No. Balance Balance Date PNI LTV Appraisal Rate Type Occ Purpose
-------- ------------- ------------- -------- ----------- --------- ------------- -------- -------- ----- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1209048 221350.000000 210382.430000 19930701 1435.680000 95.000000 245000.000000 5.671800 1 1 2
1209113 238000.000000 225606.960000 19931001 1504.330000 79.300000 300000.000000 5.421800 1 1 1
1210020 242000.000000 229732.220000 19930601 1569.610000 78.100000 310000.000000 5.671800 1 1 1
1210368 496500.000000 472080.660000 19930501 3263.220000 73.000000 680000.000000 5.796800 1 1 1
1210640 308000.000000 289782.410000 19930601 1895.140000 80.000000 385000.000000 5.171800 1 1 1
1211572 269000.000000 240231.270000 19930401 1901.410000 62.400000 431000.000000 7.296800 1 1 1
1211580 223250.000000 212309.620000 19930501 1541.940000 95.000000 238000.000000 6.296800 1 1 2
1211721 306000.000000 291842.660000 19930901 2010.210000 72.000000 425000.000000 5.796800 1 1 1
1211853 350000.000000 333006.920000 19930501 2358.020000 56.000000 625000.000000 6.046800 1 1 1
1211879 432500.000000 410852.120000 19930501 2877.440000 50.000000 865000.000000 5.921800 1 1 1
1212109 223500.000000 212163.080000 19930501 1468.240000 52.000000 430000.000000 5.796800 1 1 1
1212653 265000.000000 229682.680000 19930401 1678.020000 70.700000 375000.000000 5.421800 1 1 1
1212679 446000.000000 424376.990000 19930701 2929.910000 78.900000 565000.000000 5.796800 1 1 1
1212794 279000.000000 264546.080000 19930601 1786.470000 90.000000 310000.000000 5.546800 10 1 2
1212877 297100.000000 282038.930000 19930601 1926.990000 59.400000 500000.000000 5.671800 1 1 1
1212927 270150.000000 256091.270000 19930401 1792.750000 85.200000 317000.000000 5.921800 1 1 1
1213016 225000.000000 210769.730000 19930501 1648.900000 75.000000 300000.000000 7.171800 1 1 1
1213313 750000.000000 718818.000000 19940301 4802.340000 48.400000 1550000.000000 5.546800 1 1 2
1213453 268000.000000 254709.140000 19930601 1760.570000 80.000000 335000.000000 5.796800 1 1 1
1213883 245000.000000 232270.410000 19930801 1548.570000 86.000000 292000.000000 5.421800 1 1 2
1214972 327000.000000 310413.330000 19930501 2148.160000 48.400000 675000.000000 5.796800 1 1 1
1215425 384000.000000 364533.880000 19930601 2490.620000 54.900000 700000.000000 5.671800 1 1 1
1215904 242500.000000 229382.760000 19930601 1512.890000 89.800000 270000.000000 5.296800 1 1 1
1216449 247500.000000 233149.060000 19930701 1564.370000 90.000000 277000.000000 5.421800 1 1 2
1216514 218300.000000 207730.000000 19930801 1415.890000 95.000000 230000.000000 5.671800 1 1 2
1217371 235000.000000 215327.730000 19930601 1543.790000 74.600000 315000.000000 5.796800 1 1 1
1218510 250000.000000 237253.370000 19930901 1663.260000 94.300000 270000.000000 5.921800 1 1 2
1219104 242350.000000 230589.520000 19930601 1612.370000 95.000000 257000.000000 5.921800 1 1 2
1219658 900000.000000 854376.260000 19930601 5837.390000 45.000000 2000000.000000 5.671800 1 1 1
1220128 233700.000000 216748.960000 19930601 1535.250000 93.500000 250000.000000 5.796800 1 1 2
1220375 935000.000000 889727.310000 19930801 6064.400000 37.400000 2500000.000000 5.671800 1 1 1
1220730 565000.000000 537002.540000 19930701 3664.580000 75.300000 750000.000000 5.671800 1 1 1
1220870 292000.000000 276237.660000 19930801 1774.230000 80.000000 380000.000000 5.046800 1 1 2
1221514 234650.000000 223011.220000 19930601 1541.490000 95.000000 250000.000000 5.796800 1 1 2
1221696 907500.000000 863463.340000 19930601 6037.630000 55.000000 1650000.000000 5.921800 1 1 2
1221712 246150.000000 231525.210000 19930601 1617.040000 84.900000 290000.000000 5.796800 1 1 2
1223205 253650.000000 240791.760000 19930601 1645.170000 87.500000 290000.000000 5.671800 10 1 1
1223916 235050.000000 225277.230000 19940301 1505.060000 95.000000 248500.000000 5.546800 1 1 2
1224054 317700.000000 298911.280000 19930701 1930.380000 90.000000 360000.000000 5.046800 1 1 2
1224385 335000.000000 318743.850000 19930601 2228.770000 55.200000 607000.000000 5.921800 5 1 1
1224682 217855.000000 205117.690000 19931201 1408.000000 72.600000 350000.000000 5.796800 1 1 2
1225028 397000.000000 377327.210000 19930701 2574.940000 74.900000 530000.000000 5.671800 1 1 1
1225267 249500.000000 163216.710000 19930601 1618.260000 49.900000 500000.000000 5.671800 10 1 1
1225895 278000.000000 264223.870000 19930701 1803.110000 65.400000 425000.000000 5.671800 1 1 1
1226083 271000.000000 257579.360000 19930801 1735.250000 45.200000 600000.000000 5.546800 1 1 1
1226091 329200.000000 313969.750000 19930901 2162.610000 90.000000 375000.000000 5.796800 1 1 2
1227172 262400.000000 249110.870000 19930701 1680.180000 90.000000 293000.000000 5.546800 10 1 2
1227784 242250.000000 230750.150000 19930601 1632.090000 95.000000 256000.000000 6.046800 1 1 2
1227883 258000.000000 242935.260000 19930601 1673.390000 75.900000 340000.000000 5.671800 1 1 1
1227917 350000.000000 333422.360000 19930801 2299.260000 48.300000 780000.000000 5.796800 1 1 2
1228139 324000.000000 307944.780000 19930701 2101.460000 75.000000 432000.000000 5.671800 1 1 1
1228212 244000.000000 232185.600000 19930801 1582.580000 80.000000 305000.000000 5.671800 1 1 1
1228873 255100.000000 239582.690000 19930801 1612.410000 89.200000 286500.000000 5.421800 10 1 2
1228881 515000.000000 488892.720000 19930601 3340.290000 50.500000 1020000.000000 5.671800 1 1 1
1230127 250000.000000 227850.310000 19930601 1621.500000 38.500000 650000.000000 5.671800 1 1 1
1230176 300000.000000 284153.400000 19930701 1896.210000 41.700000 720000.000000 5.421800 1 1 1
1230184 300000.000000 284473.490000 19930701 1896.210000 75.000000 400000.000000 5.421800 1 1 1
1230275 396500.000000 376836.120000 19930601 2604.730000 79.300000 500000.000000 5.796800 10 1 1
1230580 236000.000000 221250.870000 19930601 1550.360000 52.700000 448000.000000 5.796800 5 1 1
1231018 321100.000000 305188.500000 19930701 2082.650000 73.000000 440000.000000 5.671800 1 1 1
1231240 303000.000000 287768.680000 19930701 1965.260000 60.000000 505000.000000 5.671800 1 1 1
1232446 354500.000000 336152.770000 19930701 2240.690000 61.100000 580000.000000 5.421800 1 1 1
1232503 285300.000000 271162.000000 19930701 1850.460000 87.800000 325000.000000 5.671800 1 1 1
1232776 279150.000000 261016.050000 19930701 1810.570000 87.900000 317500.000000 5.671800 1 1 1
1232925 304000.000000 292874.260000 19940601 1997.070000 80.000000 380000.000000 5.796800 1 1 1
1233485 237000.000000 223250.660000 19930701 1537.180000 84.600000 280000.000000 5.671800 10 1 1
1233923 260000.000000 247132.950000 19930801 1664.810000 61.900000 420000.000000 5.546800 1 1 1
1234269 295000.000000 280381.590000 19930701 1913.370000 73.800000 400000.000000 5.671800 1 1 1
1234384 925000.000000 879971.450000 19930901 5922.880000 50.000000 1850000.000000 5.546800 1 1 1
1234574 340000.000000 323920.170000 19930901 2205.240000 75.600000 450000.000000 5.671800 1 1 1
1235076 226100.000000 215151.820000 19930801 1466.490000 95.000000 238000.000000 5.671800 1 1 2
1235951 247500.000000 235500.890000 19930701 1625.900000 82.500000 300000.000000 5.796800 1 1 1
1236538 428750.000000 407483.990000 19930601 2816.590000 73.300000 585000.000000 5.796800 1 1 1
1236587 316000.000000 298207.750000 19930801 1869.260000 80.000000 395000.000000 4.796800 1 1 2
1236611 575000.000000 546480.040000 19930601 3777.350000 71.900000 800000.000000 5.796800 1 1 1
1236702 410500.000000 309161.210000 19930701 2594.640000 29.300000 1400000.000000 5.421800 1 1 1
1238898 232000.000000 220250.170000 19930701 1485.530000 80.000000 290000.000000 5.546800 1 1 1
1238963 230500.000000 218842.080000 19930801 1456.920000 89.700000 257000.000000 5.421800 10 1 1
1239078 223250.000000 210916.190000 19930801 1448.000000 95.000000 239000.000000 5.671800 1 1 2
1239961 298500.000000 283382.760000 19930701 1911.330000 79.600000 375000.000000 5.546800 1 1 1
</TABLE>
<PAGE>
Page 4
<TABLE>
<CAPTION>
Property Property Max. Interest Minimum Original Stated
Loan No. Property City State Zip Index Margin Life Interest Rate Term Term
-------- ------------- -------- -------- ----- -------- ------------- ------------- -------- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1240423 POTOMAC MD 20854 1YCMT 3.000000 12.500000 3.000000 360 310
1240555 GAITHERSBUR MD 20878 1YCMT 3.000000 12.500000 3.000000 360 310
1240704 WASHINGTON DC 20008 1YCMT 3.000000 12.500000 3.000000 360 309
1240894 RESTON VA 22090 1YCMT 3.000000 12.750000 3.000000 360 311
1241173 CENTREVILLE VA 22020 1YCMT 3.000000 12.500000 3.000000 360 310
1242189 SPARKS MD 21152 1YCMT 3.000000 12.625000 3.000000 360 310
1242502 FAIRFAX VA 22030 1YCMT 3.000000 12.500000 3.000000 360 310
1243054 POTOMAC MD 20854 1YCMT 3.000000 12.250000 3.000000 360 308
1243153 CHEVY CHASE MD 20815 1YCMT 3.000000 12.625000 3.000000 360 309
1243476 WASHINGTON DC 20016 1YCMT 3.000000 12.625000 3.000000 360 309
1244813 SILVER SPRI MD 20904 1YCMT 3.000000 12.625000 3.000000 360 310
1245117 WASHINGTON DC 20008 1YCMT 3.000000 12.625000 3.000000 360 310
1245596 WASHINGTON DC 20015 1YCMT 3.000000 12.500000 3.000000 360 310
1245646 WASHINGTON DC 20016 1YCMT 3.000000 12.500000 3.000000 360 310
1246172 MARRIOTTSVI MD 21104 1YCMT 3.000000 12.625000 3.000000 360 310
1246511 MCLEAN VA 22101 1YCMT 3.000000 12.500000 3.000000 360 309
1246537 OLNEY MD 20832 1YCMT 3.000000 12.500000 3.000000 360 309
1246644 BETHESDA MD 20816 1YCMT 3.000000 12.500000 3.000000 360 310
1246677 ROCKVILLE MD 20853 1YCMT 3.000000 12.625000 3.000000 360 311
1246859 WASHINGTON DC 20008 1YCMT 3.000000 12.500000 3.000000 360 310
1248129 POTOMAC MD 20854 1YCMT 3.000000 12.500000 3.000000 360 310
1248533 POTOMAC MD 20854 1YCMT 3.000000 12.625000 3.000000 360 310
1248764 POTOMAC MD 20854 1YCMT 3.000000 12.500000 3.000000 360 310
1248855 BETHESDA MD 20817 1YCMT 3.000000 12.750000 3.000000 360 311
1249192 BOWIE MD 20720 1YCMT 3.000000 12.500000 3.000000 360 314
1249481 KENSINGTON MD 20895 1YCMT 3.000000 12.625000 3.000000 360 310
1249580 ALEXANDRIA VA 22302 1YCMT 3.000000 12.625000 3.000000 360 311
1249689 UPPER MARLB MD 20772 1YCMT 2.750000 13.000000 2.750000 360 325
1250190 VIENNA VA 22181 1YCMT 3.000000 12.500000 3.000000 360 309
1250257 VIENNA VA 22182 1YCMT 3.000000 12.625000 3.000000 360 309
1250893 BETHESDA MD 20817 1YCMT 3.000000 12.500000 3.000000 360 310
1251016 DAVIDSONVIL MD 21035 1YCMT 3.000000 12.500000 3.000000 360 310
1251057 GREAT FALLS VA 22066 1YCMT 3.000000 12.500000 3.000000 360 311
1251263 EDGEWATER MD 21037 1YCMT 3.000000 12.500000 3.000000 360 310
1251552 ANNAPOLIS MD 21041 1YCMT 3.000000 12.500000 3.000000 360 310
1251685 GRASONVILLE MD 21638 1YCMT 3.000000 12.375000 3.000000 360 313
1251826 ALEXANDRIA VA 22301 1YCMT 3.000000 12.500000 3.000000 360 310
1252097 CHEVY CHASE MD 20815 1YCMT 3.000000 12.625000 3.000000 360 310
1252436 ROCKVILLE MD 20850 1YCMT 3.000000 12.625000 3.000000 360 311
1252691 IJAMSVILLE MD 21754 1YCMT 3.000000 12.500000 3.000000 360 314
1252782 CHEVY CHASE MD 20815 1YCMT 3.000000 12.500000 3.000000 360 310
1252816 SILVER SPRI MD 20905 1YCMT 3.000000 12.750000 3.000000 360 311
1253830 MITCHELLVIL MD 20721 1YCMT 3.000000 12.875000 3.000000 360 311
1253921 POTOMAC MD 20854 1YCMT 3.000000 12.500000 3.000000 360 312
1254044 GLEN ARM MD 21057 1YCMT 3.000000 12.625000 3.000000 360 311
1254077 WASHINGTON DC 20016 1YCMT 3.000000 12.875000 3.000000 360 310
1254184 WASHINGTON DC 20016 1YCMT 3.000000 12.500000 3.000000 360 310
1257369 VIRGINIA BE VA 23456 1YCMT 3.250000 12.750000 3.250000 360 312
1260272 WASHINGTON DC 20008 1YCMT 3.000000 12.875000 3.000000 360 311
1260363 CROFTON MD 21114 1YCMT 3.250000 12.875000 3.250000 360 312
1260470 POTOMAC MD 20854 1YCMT 3.000000 12.750000 3.000000 360 311
1260884 GAMBRILLS MD 21054 1YCMT 3.000000 12.625000 3.000000 360 318
1261924 STERLING VA 20165 1YCMT 3.000000 12.750000 3.000000 360 310
1263359 POTOMAC MD 20854 1YCMT 3.000000 12.750000 3.000000 360 311
1263425 HERNDON VA 22070 1YCMT 3.000000 12.750000 3.000000 360 311
1263714 SILVER SPRI MD 20906 1YCMT 3.000000 12.750000 3.000000 360 311
1264308 FAIRFAX VA 22033 1YCMT 3.000000 12.625000 3.000000 360 313
1264605 ANNAPOLIS MD 21403 1YCMT 3.000000 12.625000 3.000000 360 315
1266253 WASHINGTON DC 20016 1YCMT 3.000000 12.625000 3.000000 360 310
1266741 ARNOLD MD 21012 1YCMT 2.750000 11.875000 2.750000 360 314
1267848 ARLINGTON VA 22201 1YCMT 3.000000 12.875000 3.000000 360 312
1268416 ARLINGTON VA 22207 1YCMT 3.000000 12.625000 3.000000 360 312
1269471 BETHESDA MD 20816 1YCMT 3.000000 12.625000 3.000000 360 313
1269513 COLUMBIA MD 21044 1YCMT 3.000000 12.625000 3.000000 360 311
1270636 POTOMAC MD 20854 1YCMT 3.000000 12.750000 3.000000 360 312
1271741 SILVER SPRI MD 20901 1YCMT 3.000000 12.875000 3.000000 360 310
1272129 DAVIDSONVIL MD 21035 1YCMT 3.000000 12.625000 3.000000 360 312
1272319 CHANTILLY VA 22021 1YCMT 3.000000 12.750000 3.000000 360 311
1272335 FAIRFAX STA VA 22039 1YCMT 3.250000 12.750000 3.250000 360 314
1274778 ARLINGTON VA 22213 1YCMT 3.250000 12.875000 3.250000 360 312
1274901 POTOMAC MD 20854 1YCMT 3.000000 12.125000 3.000000 360 310
1275072 WASHINGTON DC 20008 1YCMT 3.000000 12.250000 3.000000 360 314
1275221 MCLEAN VA 22101 1YCMT 3.000000 12.500000 3.000000 360 312
1275429 ANNAPOLIS MD 21401 1YCMT 3.000000 12.500000 3.000000 360 312
1275577 GAITHERSBUR MD 20878 1YCMT 3.000000 12.750000 3.000000 360 311
1276484 FAIRFAX STA VA 22039 1YCMT 3.000000 12.625000 3.000000 360 313
1276674 QUEENSTOWN MD 21658 1YCMT 3.000000 12.500000 3.000000 360 312
1280015 POTOMAC MD 20854 1YCMT 3.000000 12.125000 3.000000 360 313
1280429 ARLINGTON VA 22205 1YCMT 3.250000 12.750000 3.250000 360 312
1281179 DAYTON MD 21036 1YCMT 3.000000 11.750000 3.000000 360 313
</TABLE>
<TABLE>
<CAPTION>
First Net
Original Current Payment Current Original Original Mortgage Property Own
Loan No. Balance Balance Date PNI LTV Appraisal Rate Type Occ Purpose
-------- ------------- ------------- -------- ----------- --------- ------------- -------- -------- ----- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1240423 450000.000000 427243.510000 19930801 2844.310000 60.000000 750000.000000 5.421800 1 1 1
1240555 300000.000000 284826.890000 19930801 1896.210000 80.000000 390000.000000 5.421800 1 1 2
1240704 690000.000000 622983.410000 19930701 4361.270000 60.000000 1150000.000000 5.421800 1 1 1
1240894 219000.000000 208642.890000 19930901 1420.430000 60.000000 365000.000000 5.671800 1 1 1
1241173 215000.000000 204125.950000 19930801 1358.950000 79.600000 270000.000000 5.421800 1 1 1
1242189 315500.000000 296804.880000 19930801 2020.190000 66.400000 475000.000000 5.546800 1 1 1
1242502 300000.000000 227889.900000 19930801 1896.210000 35.300000 850000.000000 5.421800 1 1 1
1243054 415000.000000 392326.410000 19930601 2556.910000 70.900000 585000.000000 5.171800 1 1 1
1243153 570000.000000 541132.610000 19930701 3649.780000 67.900000 840000.000000 5.546800 1 1 1
1243476 453000.000000 430058.240000 19930701 2900.610000 28.100000 1610000.000000 5.546800 1 1 1
1244813 261000.000000 208470.350000 19930801 1671.220000 90.000000 290000.000000 5.546800 1 1 2
1245117 450000.000000 427565.220000 19930801 2881.400000 50.000000 900000.000000 5.546800 1 1 1
1245596 320000.000000 202299.560000 19930801 2022.620000 67.400000 475000.000000 5.421800 10 1 1
1245646 256500.000000 241432.230000 19930801 1621.260000 90.000000 290000.000000 5.421800 5 1 2
1246172 307000.000000 291806.810000 19930801 1965.760000 74.700000 411000.000000 5.546800 1 1 1
1246511 1000000.000000 948245.580000 19930701 6320.690000 43.500000 2300000.000000 5.421800 1 1 1
1246537 220000.000000 208614.180000 19930701 1390.550000 88.000000 250000.000000 5.421800 1 1 1
1246644 247500.000000 234982.370000 19930801 1564.370000 90.000000 275000.000000 5.421800 1 1 2
1246677 261000.000000 248383.060000 19930901 1671.220000 90.000000 290000.000000 5.546800 1 1 2
1246859 750000.000000 711518.360000 19930801 4740.520000 68.200000 1100000.000000 5.421800 10 1 2
1248129 230000.000000 215433.250000 19930801 1434.910000 38.300000 600000.000000 5.296800 1 1 1
1248533 517000.000000 491414.420000 19930801 3310.410000 74.900000 690000.000000 5.546800 1 1 2
1248764 350000.000000 330070.010000 19930801 2212.240000 60.300000 580000.000000 5.421800 1 1 1
1248855 445000.000000 423882.140000 19930901 2886.270000 63.600000 700000.000000 5.671800 1 1 1
1249192 246450.000000 235377.000000 19931201 1578.050000 95.000000 260000.000000 5.546800 1 1 2
1249481 325000.000000 308915.780000 19930801 2081.020000 66.100000 492000.000000 5.546800 1 1 1
1249580 225000.000000 213640.010000 19930901 1403.710000 75.000000 312000.000000 5.296800 1 1 2
1249689 302000.000000 292720.260000 19941101 2009.220000 76.500000 395000.000000 5.921800 1 1 1
1250190 301500.000000 285895.950000 19930701 1905.690000 90.000000 335000.000000 5.421800 1 1 1
1250257 248200.000000 221923.650000 19930701 1589.260000 76.100000 326000.000000 5.546800 1 1 1
1250893 229500.000000 217379.910000 19930801 1413.080000 90.000000 255000.000000 5.171800 1 1 2
1251016 240800.000000 228621.290000 19930801 1522.020000 73.000000 330000.000000 5.421800 1 1 1
1251057 816000.000000 775691.050000 19930901 5157.680000 58.300000 1400000.000000 5.421800 1 1 1
1251263 358000.000000 285582.610000 19930801 2262.810000 55.100000 650000.000000 5.421800 1 1 1
1251552 500000.000000 218292.820000 19930801 3160.350000 44.400000 1125000.000000 5.421800 1 1 1
1251685 250400.000000 238003.870000 19931101 1582.700000 86.600000 289000.000000 5.421800 1 1 1
1251826 280000.000000 265838.280000 19930801 1769.800000 70.000000 400000.000000 5.421800 1 1 1
1252097 293000.000000 278499.480000 19930801 1876.120000 58.000000 505000.000000 5.546800 1 1 1
1252436 333000.000000 316548.950000 19930901 2132.240000 90.000000 370000.000000 5.546800 1 1 2
1252691 327600.000000 312554.010000 19931201 2070.660000 89.800000 365000.000000 5.421800 1 1 1
1252782 500000.000000 474711.450000 19930801 3160.350000 47.600000 1050000.000000 5.421800 1 1 1
1252816 300000.000000 285596.190000 19930901 1945.800000 80.000000 375000.000000 5.671800 1 1 1
1253830 223000.000000 212398.980000 19930901 1464.960000 79.900000 279000.000000 5.796800 1 1 1
1253921 233000.000000 221760.290000 19931001 1472.720000 31.900000 730000.000000 5.421800 1 1 1
1254044 240000.000000 228398.380000 19930901 1536.750000 80.000000 300000.000000 5.546800 1 1 1
1254077 305000.000000 286291.350000 19930801 2003.640000 47.700000 640000.000000 5.796800 1 1 1
1254184 500000.000000 474313.440000 19930801 3160.350000 69.900000 715000.000000 5.421800 1 1 1
1257369 232750.000000 221522.280000 19931001 1471.140000 95.000000 285000.000000 5.421800 1 1 2
1260272 239000.000000 227942.260000 19930901 1570.070000 79.700000 300000.000000 5.796800 10 1 1
1260363 247000.000000 231989.180000 19931001 1602.040000 95.000000 260000.000000 5.671800 1 1 2
1260470 725000.000000 689155.460000 19930901 4702.340000 69.700000 1040000.000000 5.671800 1 1 1
1260884 315000.000000 300686.610000 19940401 1991.020000 89.700000 351000.000000 5.421800 1 1 1
1261924 240350.000000 228193.880000 19930801 1519.180000 95.000000 257000.000000 5.421800 1 1 2
1263359 620000.000000 590678.560000 19930901 4021.310000 59.000000 1050000.000000 5.671800 1 1 1
1263425 248000.000000 101023.140000 19930901 1547.200000 80.000000 310000.000000 5.296800 1 1 2
1263714 219000.000000 194116.390000 19930901 1420.430000 74.200000 295000.000000 5.671800 1 1 1
1264308 231900.000000 210828.640000 19931101 1484.890000 80.000000 290000.000000 5.546800 1 1 2
1264605 225000.000000 215061.150000 19940101 1440.700000 74.300000 303000.000000 5.546800 1 1 1
1266253 426000.000000 404454.110000 19930801 2692.620000 50.100000 850000.000000 5.421800 1 1 1
1266741 446000.000000 103403.530000 19931201 823.650000 75.000000 595000.000000 6.796800 1 1 1
1267848 220050.000000 210110.890000 19931001 1445.580000 90.000000 245000.000000 5.796800 10 1 2
1268416 241000.000000 229225.990000 19931001 1523.290000 89.300000 270000.000000 5.421800 1 1 1
1269471 431250.000000 410946.430000 19931101 2725.800000 75.000000 575000.000000 5.421800 1 1 1
1269513 240000.000000 228398.380000 19930901 1536.750000 79.200000 303000.000000 5.546800 1 1 1
1270636 350000.000000 333839.460000 19931001 2270.100000 79.500000 440000.000000 5.671800 1 1 1
1271741 253000.000000 240749.470000 19930801 1640.960000 44.400000 570000.000000 5.671800 1 1 1
1272129 305000.000000 286268.880000 19931001 1952.950000 77.600000 393000.000000 5.546800 1 1 1
1272319 246000.000000 234365.550000 19930901 1595.560000 74.500000 330000.000000 5.671800 1 1 1
1272335 235750.000000 224191.230000 19931201 1432.450000 94.800000 249000.000000 5.046800 1 1 2
1274778 247000.000000 235843.810000 19931001 1622.620000 95.000000 260000.000000 5.796800 1 1 2
1274901 600000.000000 567831.960000 19930801 3646.980000 75.000000 800000.000000 5.046800 1 1 1
1275072 400000.000000 380806.970000 19931201 2462.870000 80.000000 500000.000000 5.171800 1 1 2
1275221 285000.000000 271251.560000 19931001 1801.400000 71.300000 400000.000000 5.421800 10 1 1
1275429 249000.000000 234461.700000 19931001 1573.850000 35.100000 710000.000000 5.421800 1 1 1
1275577 300000.000000 285811.930000 19930901 1945.800000 57.100000 525000.000000 5.671800 1 1 1
1276484 250000.000000 238484.920000 19931101 1600.780000 58.100000 430000.000000 5.546800 1 1 1
1276674 708000.000000 673850.820000 19931001 4475.050000 64.400000 1100000.000000 5.421800 1 1 1
1280015 500000.000000 474877.670000 19931101 3038.060000 66.700000 750000.000000 5.046800 1 1 1
1280429 244100.000000 232829.340000 19931001 1583.230000 95.000000 258000.000000 5.671800 1 1 2
1281179 332000.000000 314208.310000 19931101 1937.470000 53.100000 625000.000000 4.671800 1 1 1
</TABLE>
<PAGE>
Page 5
<TABLE>
<CAPTION>
Property Property Max. Interest Minimum Original Stated
Loan No. Property City State Zip Index Margin Life Interest Rate Term Term
-------- ------------- -------- -------- ----- -------- ------------- ------------- -------- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1281336 POTOMAC MD 20854 1YCMT 3.000000 12.625000 3.000000 360 311
1281500 ELLICOTT CI MD 21043 1YCMT 3.000000 12.625000 3.000000 360 313
1281559 CHEVY CHASE MD 20815 1YCMT 3.000000 12.500000 3.000000 360 312
1281633 HERNDON VA 22071 1YCMT 3.000000 12.625000 3.000000 360 313
1282128 WASHINGTON DC 20016 1YCMT 3.000000 12.625000 3.000000 360 312
1282334 WASHINGTON DC 20012 1YCMT 3.000000 13.250000 3.000000 360 319
1282342 CHEVY CHASE MD 20815 1YCMT 3.500000 13.000000 3.500000 360 312
1284306 WASHINGTON DC 20007 1YCMT 3.000000 12.500000 3.000000 360 312
1284322 BETHESDA MD 20817 1YCMT 3.000000 12.625000 3.000000 360 312
1286046 BETHESDA MD 20816 1YCMT 3.000000 12.375000 3.000000 360 313
1293638 POTOMAC MD 20854 1YCMT 3.000000 12.375000 3.000000 360 313
1293653 POTOMAC MD 20854 1YCMT 3.000000 12.500000 3.000000 360 316
1293760 WARRENTON VA 22186 1YCMT 3.000000 12.750000 3.000000 360 312
1295864 WASHINGTON DC 20016 1YCMT 3.000000 12.500000 3.000000 360 313
1295872 SILVER SPRI MD 20906 1YCMT 3.000000 12.500000 3.000000 360 312
1296094 CABIN JOHN MD 20818 1YCMT 3.000000 12.625000 3.000000 360 313
1296433 WASHINGTON DC 20016 1YCMT 3.000000 12.125000 3.000000 360 315
1298413 BETHESDA MD 20817 1YCMT 3.000000 12.500000 3.000000 360 313
1298686 WASHINGTON DC 20016 1YCMT 3.000000 12.250000 3.000000 360 314
1298900 HERNDON VA 22071 1YCMT 3.000000 12.500000 3.000000 360 314
1299288 POTOMAC MD 20854 1YCMT 3.000000 12.375000 3.000000 360 314
1301266 BROOKEVILLE MD 20833 1YCMT 3.000000 12.250000 3.000000 360 315
1302587 BETHESDA MD 20816 1YCMT 3.000000 12.500000 3.000000 360 314
1303650 BETHESDA MD 20817 1YCMT 3.000000 12.250000 3.000000 360 314
1305176 STEVENSVILL MD 21666 1YCMT 3.000000 12.125000 3.000000 360 316
1305366 MIDLOTHIAN VA 23113 1YCMT 3.000000 12.250000 3.000000 360 314
1307131 BETHESDA MD 20816 1YCMT 3.000000 12.500000 3.000000 360 314
1307990 BETHESDA MD 20816 1YCMT 2.750000 11.875000 2.750000 360 314
1308006 WASHINGTON DC 20016 1YCMT 3.000000 12.250000 3.000000 360 313
1308527 GAITHERSBUR MD 20879 1YCMT 3.000000 12.250000 3.000000 360 313
1308550 WASHINGTON DC 20007 1YCMT 3.000000 12.375000 3.000000 360 314
1308626 WASHINGTON DC 20007 1YCMT 2.750000 11.875000 2.750000 360 314
1311299 LUSBY MD 20657 1YCMT 3.000000 12.125000 3.000000 360 314
1311828 WASHINGTON DC 20016 1YCMT 3.000000 12.625000 3.000000 360 313
1315712 ANNAPOLIS MD 21401 1YCMT 3.000000 12.125000 3.000000 360 315
1315951 CLIFTON VA 22024 1YCMT 3.000000 12.125000 3.000000 360 315
1316447 WASHINGTON DC 20012 1YCMT 3.000000 12.375000 3.000000 360 315
1319276 POTOMAC MD 20854 1YCMT 3.000000 12.375000 3.000000 360 315
1320613 CLIFTON VA 22024 1YCMT 3.000000 12.250000 3.000000 360 315
1320688 POTOMAC MD 20854 1YCMT 3.000000 12.250000 3.000000 360 315
1322569 POTOMAC MD 20854 1YCMT 3.000000 12.500000 3.000000 360 316
1322825 ROCKVILLE MD 20854 1YCMT 3.000000 12.250000 3.000000 360 314
1322874 WASHINGTON DC 20016 1YCMT 3.000000 12.250000 3.000000 360 314
1323047 FAIRFAX STA VA 22039 1YCMT 3.000000 12.250000 3.000000 360 315
1323062 GAITHERSBUR MD 20877 1YCMT 3.250000 12.500000 3.250000 360 314
1323484 BETHESDA MD 20816 1YCMT 3.000000 12.500000 3.000000 360 316
1323906 ROCKVILLE MD 20853 1YCMT 3.000000 12.375000 3.000000 360 314
1324284 CENTREVILLE VA 22020 1YCMT 3.000000 12.375000 3.000000 360 314
1324763 CHEVY CHASE MD 20815 1YCMT 3.000000 12.250000 3.000000 360 314
1325224 WASHINGTON DC 20007 1YCMT 3.000000 12.500000 3.000000 360 315
1325422 CHEVY CHASE MD 20815 1YCMT 3.000000 12.250000 3.000000 360 314
1326685 BETHESDA MD 20817 1YCMT 3.000000 12.125000 3.000000 360 316
1328483 WASHINGTON DC 20016 1YCMT 3.000000 12.375000 3.000000 360 315
1331982 KENSINGTON MD 20895 1YCMT 3.000000 12.250000 3.000000 360 314
1332105 WASHINGTON DC 20007 1YCMT 2.750000 11.750000 2.750000 360 315
1332386 BETHESDA MD 20817 1YCMT 3.250000 12.750000 3.250000 360 316
1332600 RESTON VA 22091 1YCMT 2.750000 12.125000 2.750000 360 316
1332709 CATHARPIN VA 22018 1YCMT 3.000000 12.250000 3.000000 360 315
1332980 FALLS CHURC VA 22041 1YCMT 3.000000 12.375000 3.000000 360 314
1333103 ROCKVILLE MD 20852 1YCMT 3.000000 12.125000 3.000000 360 316
1333947 BETHESDA MD 20817 1YCMT 3.000000 12.250000 3.000000 360 315
1337690 WASHINGTON DC 20007 1YCMT 3.000000 12.125000 3.000000 360 315
1338086 BETHESDA MD 20817 1YCMT 3.000000 12.375000 3.000000 360 316
1338318 CHEVY CHASE MD 20815 1YCMT 3.000000 12.125000 3.000000 360 315
1341148 POTOMAC MD 20854 1YCMT 3.000000 12.875000 3.000000 360 318
1343664 WASHINGTON DC 20015 1YCMT 3.000000 12.625000 3.000000 360 316
1343672 WASHINGTON DC 20002 1YCMT 2.750000 12.375000 2.750000 360 315
1355726 WASHINGTON DC 20009 1YCMT 3.250000 12.500000 3.250000 360 316
1356336 MONTPELIER VA 23192 1YCMT 3.000000 12.500000 3.000000 360 316
1357144 WASHINGTON DC 20008 1YCMT 3.000000 12.500000 3.000000 360 316
1357268 CHEVY CHASE MD 20815 1YCMT 3.000000 12.125000 3.000000 360 315
1358761 HERNDON VA 22070 1YCMT 3.250000 12.875000 3.250000 360 317
1359488 WASHINGTON DC 20037 1YCMT 3.000000 12.500000 3.000000 360 316
1359694 POTOMAC MD 20854 1YCMT 3.000000 12.625000 3.000000 360 316
1361104 WASHINGTON DC 20007 1YCMT 3.250000 12.625000 3.250000 360 316
1361690 FAIRFAX STA VA 22039 1YCMT 3.000000 12.500000 3.000000 360 318
1361724 ROCKVILLE MD 20852 1YCMT 3.000000 12.625000 3.000000 360 316
1361807 WASHINGTON DC 20009 1YCMT 3.000000 11.750000 3.000000 360 317
1361849 FALLS CHURC VA 22046 1YCMT 3.000000 12.625000 3.000000 360 317
1361989 WASHINGTON DC 20003 1YCMT 3.000000 12.625000 3.000000 360 317
</TABLE>
<TABLE>
<CAPTION>
First Net
Original Current Payment Current Original Original Mortgage Property Own
Loan No. Balance Balance Date PNI LTV Appraisal Rate Type Occ Purpose
-------- ------------- ------------- -------- ----------- --------- ------------- -------- -------- ----- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1281336 454500.000000 432529.470000 19930901 2910.220000 75.000000 615000.000000 5.546800 1 1 2
1281500 228000.000000 217498.310000 19931101 1459.910000 88.500000 257500.000000 5.546800 1 1 1
1281559 310000.000000 295045.440000 19931001 1959.420000 72.900000 425000.000000 5.421800 1 1 1
1281633 225500.000000 215113.110000 19931101 1443.910000 67.900000 332000.000000 5.546800 1 1 1
1282128 355000.000000 338245.000000 19931001 2273.110000 59.200000 600000.000000 5.546800 1 1 1
1282334 229500.000000 221424.090000 19940501 1565.600000 75.000000 306000.000000 6.171800 1 1 1
1282342 500000.000000 477911.020000 19931001 3326.520000 66.700000 750000.000000 5.921800 1 1 2
1284306 297000.000000 282672.620000 19931001 1877.250000 66.000000 450000.000000 5.421800 1 1 1
1284322 330000.000000 314425.040000 19931001 2113.030000 44.000000 750000.000000 5.546800 1 1 1
1286046 291850.000000 277808.200000 19931101 1820.770000 70.300000 415000.000000 5.296800 1 1 1
1293638 300000.000000 285564.520000 19931101 1871.610000 46.900000 640000.000000 5.296800 1 1 1
1293653 250000.000000 238600.290000 19940201 1539.300000 29.600000 850000.000000 5.171800 1 1 2
1293760 261000.000000 248948.710000 19931001 1692.850000 90.000000 300000.000000 5.671800 1 1 2
1295864 400000.000000 381167.670000 19931101 2528.280000 38.100000 1050000.000000 5.421800 1 1 1
1295872 240660.000000 228795.180000 19931001 1501.410000 90.000000 268000.000000 5.296800 1 1 2
1296094 464000.000000 438104.850000 19931101 2971.050000 80.000000 580000.000000 5.546800 1 1 1
1296433 244000.000000 232333.920000 19940101 1482.570000 66.100000 370000.000000 5.046800 1 1 2
1298413 236852.000000 225700.800000 19931101 1497.070000 48.100000 500000.000000 5.421800 1 1 2
1298686 280000.000000 101201.770000 19931201 1724.010000 57.700000 485000.000000 5.171800 1 1 1
1298900 278000.000000 265232.190000 19931201 1757.150000 80.000000 348000.000000 5.421800 1 1 2
1299288 220000.000000 108992.470000 19931201 1372.520000 80.000000 275000.000000 5.296800 10 1 1
1301266 473600.000000 451443.050000 19940101 2916.040000 80.000000 592000.000000 5.171800 1 1 2
1302587 309000.000000 294748.980000 19931201 1953.100000 79.900000 386500.000000 5.421800 1 1 1
1303650 600000.000000 445252.610000 19931201 3694.310000 71.000000 845000.000000 5.171800 1 1 1
1305176 432000.000000 361530.850000 19940201 3674.710000 54.700000 790000.000000 5.046800 1 1 1
1305366 650000.000000 618815.010000 19931201 4002.170000 59.100000 1100000.000000 5.171800 1 1 1
1307131 468750.000000 447221.590000 19931201 2962.820000 74.400000 630000.000000 5.421800 1 1 1
1307990 283000.000000 269422.420000 19931201 2026.220000 62.900000 450000.000000 6.796800 1 1 1
1308006 315000.000000 299509.810000 19931101 1939.510000 54.300000 580000.000000 5.171800 1 1 1
1308527 354000.000000 336591.980000 19931101 2179.640000 64.400000 550000.000000 5.171800 1 1 1
1308550 300000.000000 285917.190000 19931201 1871.610000 44.400000 675000.000000 5.296800 5 1 1
1308626 230000.000000 218965.340000 19931201 1646.750000 79.300000 290000.000000 6.796800 1 1 1
1311299 400000.000000 380388.400000 19931201 2430.450000 58.800000 680000.000000 5.046800 1 1 1
1311828 325800.000000 310793.340000 19931101 2086.140000 90.000000 362000.000000 5.546800 1 1 2
1315712 292700.000000 278705.250000 19940101 1778.480000 79.100000 370000.000000 5.046800 1 1 1
1315951 300000.000000 285656.000000 19940101 1822.840000 69.000000 435000.000000 5.046800 1 1 1
1316447 750000.000000 714916.780000 19940101 4617.880000 69.800000 1075000.000000 5.171800 1 1 1
1319276 410000.000000 391232.770000 19940101 2557.870000 75.900000 540000.000000 5.296800 1 1 1
1320613 262500.000000 250219.160000 19940101 1616.260000 76.100000 345000.000000 5.171800 1 1 1
1320688 365000.000000 348356.850000 19940101 2247.370000 65.600000 556000.000000 5.171800 1 1 1
1322569 339000.000000 324205.530000 19940201 2142.720000 39.900000 850000.000000 5.421800 1 1 1
1322825 237000.000000 225631.080000 19931201 1459.250000 60.000000 395000.000000 5.171800 1 1 2
1322874 343000.000000 326544.060000 19931201 2111.910000 29.800000 1150000.000000 5.171800 1 1 1
1323047 293300.000000 279578.180000 19940101 1805.900000 70.700000 415000.000000 5.171800 1 1 1
1323062 238450.000000 227009.920000 19931201 1468.180000 95.000000 260000.000000 5.171800 1 1 2
1323484 277600.000000 265485.060000 19940201 1754.630000 80.000000 355000.000000 5.421800 1 1 2
1323906 228000.000000 217188.820000 19931201 1422.430000 80.000000 285000.000000 5.296800 1 1 1
1324284 216000.000000 201481.530000 19931201 1347.560000 90.000000 240000.000000 5.296800 1 1 1
1324763 287500.000000 273706.660000 19931201 1770.190000 50.000000 575000.000000 5.171800 1 1 1
1325224 315000.000000 296428.210000 19940101 1991.020000 90.000000 352500.000000 5.421800 10 1 2
1325422 228000.000000 217061.140000 19931201 1403.840000 64.200000 355000.000000 5.171800 1 1 2
1326685 333750.000000 317854.810000 19940201 2001.010000 75.000000 445000.000000 4.921800 10 1 1
1328483 239400.000000 228441.560000 19940101 1493.550000 90.000000 266000.000000 5.296800 1 1 1
1331982 223000.000000 212301.270000 19931201 1373.050000 79.600000 280000.000000 5.171800 1 1 1
1332105 238000.000000 226550.790000 19940101 1683.270000 41.400000 575000.000000 6.671800 1 1 1
1332386 221800.000000 212089.700000 19940201 1401.930000 95.000000 233500.000000 5.421800 5 1 2
1332600 225000.000000 215057.010000 19940201 1650.470000 90.000000 250000.000000 7.046800 1 1 1
1332709 326000.000000 310748.410000 19940101 2007.240000 76.500000 426000.000000 5.171800 1 1 1
1332980 480000.000000 457467.270000 19931201 2994.580000 63.200000 760000.000000 5.296800 1 1 1
1333103 245200.000000 233772.710000 19940201 1489.870000 54.500000 450000.000000 5.046800 1 1 1
1333947 429000.000000 406013.800000 19940101 2641.430000 68.600000 625000.000000 5.171800 1 1 1
1337690 330750.000000 314811.330000 19940101 2009.680000 43.200000 765000.000000 5.046800 1 1 1
1338086 300000.000000 286616.960000 19940201 1871.610000 52.200000 575000.000000 5.296800 1 1 1
1338318 510850.000000 250493.320000 19940101 3103.980000 64.700000 790000.000000 5.046800 1 1 1
1341148 262500.000000 251120.820000 19940401 1724.440000 75.000000 360000.000000 5.796800 1 1 2
1343664 263937.000000 252670.090000 19940201 1690.020000 74.600000 354000.000000 5.546800 1 1 1
1343672 412500.000000 388968.560000 19940101 2635.780000 75.000000 550000.000000 5.671800 1 1 1
1355726 247000.000000 236050.050000 19940201 1561.210000 95.000000 285000.000000 5.421800 5 1 2
1356336 297000.000000 272750.850000 19940201 1877.250000 90.000000 332000.000000 5.421800 1 1 2
1357144 575000.000000 549348.750000 19940201 3587.260000 74.200000 775000.000000 5.296800 1 1 1
1357268 300000.000000 281356.420000 19940101 1822.840000 75.000000 400000.000000 5.046800 1 1 1
1358761 226100.000000 214716.040000 19940301 1447.750000 76.600000 295000.000000 5.546800 1 1 2
1359488 266700.000000 255060.920000 19940201 1685.730000 80.000000 334000.000000 5.421800 5 1 2
1359694 450000.000000 430793.390000 19940201 2881.400000 66.700000 675000.000000 5.546800 1 1 1
1361104 215270.000000 206081.920000 19940201 1378.400000 95.000000 230000.000000 5.546800 10 1 2
1361690 342800.000000 328615.690000 19940401 2166.730000 85.700000 400000.000000 5.421800 1 1 1
1361724 262350.000000 251150.800000 19940201 1679.860000 90.000000 292000.000000 5.546800 10 1 2
1361807 340877.000000 324183.180000 19940301 1989.270000 92.700000 368000.000000 4.671800 1 1 2
1361849 251250.000000 240803.700000 19940301 1608.790000 75.000000 335000.000000 5.546800 1 1 1
1361989 306000.000000 293277.480000 19940301 1959.360000 72.500000 422000.000000 5.546800 100 1 1
</TABLE>
<PAGE>
Page 6
<TABLE>
<CAPTION>
Property Property Max. Interest Minimum Original Stated
Loan No. Property City State Zip Index Margin Life Interest Rate Term Term
-------- ------------- -------- -------- ----- -------- ------------- ------------- -------- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1362839 ARLINGTON VA 22213 1YCMT 3.000000 12.500000 3.000000 360 316
1363415 BURKE VA 22015 1YCMT 3.250000 12.875000 3.250000 360 317
1363746 STERLING VA 20165 1YCMT 3.000000 12.750000 3.000000 360 316
1364652 MITCHELLVIL MD 20721 1YCMT 3.000000 14.000000 3.000000 360 323
1365394 WASHINGTON DC 20008 1YCMT 3.000000 12.625000 3.000000 360 316
1365428 BETHESDA MD 20814 1YCMT 3.000000 12.625000 3.000000 360 316
1365816 CABIN JOHN MD 20818 1YCMT 3.000000 12.500000 3.000000 360 317
1365832 WASHINGTON DC 20016 1YCMT 3.000000 12.625000 3.000000 360 317
1366145 ANNAPOLIS MD 21403 1YCMT 2.750000 13.625000 2.750000 360 336
1367713 ANNAPOLIS MD 21401 1YCMT 3.000000 12.625000 3.000000 360 317
1370642 CHESAPEAKE VA 23320 1YCMT 2.750000 14.125000 2.750000 360 321
1377670 ASHBURN VA 22011 1YCMT 3.000000 13.375000 3.000000 360 320
1377910 CHEVY CHASE MD 20815 1YCMT 3.250000 12.875000 3.250000 360 317
1378686 ANNAPOLIS MD 21403 1YCMT 3.250000 12.625000 3.250000 360 318
1382332 POTOMAC MD 20854 1YCMT 3.000000 13.875000 3.000000 360 325
1385285 POOLESVILLE MD 20837 1YCMT 3.000000 13.000000 3.000000 360 320
1385343 WASHINGTON DC 20007 1YCMT 2.750000 12.375000 2.750000 360 318
1386515 POTOMAC MD 20854 1YCMT 2.750000 13.500000 2.750000 360 323
1387380 FAIRFAX STA VA 22039 1YCMT 3.250000 12.875000 3.250000 360 318
1390210 WASHINGTON DC 20007 1YCMT 2.750000 12.625000 2.750000 360 319
1390756 BETHESDA MD 20816 1YCMT 3.000000 12.500000 3.000000 360 319
1390954 POTOMAC MD 20854 1YCMT 3.000000 12.500000 3.000000 360 319
1391036 SPRINGFIELD VA 22151 1YCMT 3.000000 12.625000 3.000000 360 319
1392364 WASHINGTON DC 20015 1YCMT 3.250000 12.750000 3.250000 360 319
1394444 ANNAPOLIS MD 21401 1YCMT 3.000000 12.875000 3.000000 360 319
1397876 STERLING VA 20165 1YCMT 2.750000 11.000000 2.750000 360 320
1398734 MCLEAN VA 22101 1YCMT 3.000000 13.375000 3.000000 360 319
1400548 FAIRFAX STA VA 22039 1YCMT 3.000000 13.500000 3.000000 360 320
1400654 WASHINGTON DC 20016 1YCMT 3.000000 12.875000 3.000000 360 319
1402593 ARLINGTON VA 22207 1YCMT 3.000000 13.500000 3.000000 360 320
1402890 ASHBURN VA 22011 1YCMT 3.250000 13.500000 3.250000 360 322
1402932 ROCKVILLE MD 20852 1YCMT 2.750000 13.250000 2.750000 360 321
1403880 CHEVY CHASE MD 20815 1YCMT 3.000000 12.500000 3.000000 360 320
1404771 WASHINGTON DC 20008 1YCMT 2.750000 12.250000 2.750000 360 321
1405448 BURKE VA 22015 1YCMT 3.250000 13.375000 3.250000 360 322
1407709 POTOMAC MD 20854 1YCMT 3.000000 13.625000 3.000000 360 321
1409861 LANCASTER VA 22578 1YCMT 3.000000 13.375000 3.000000 360 321
1410190 POTOMAC MD 20854 1YCMT 2.750000 13.750000 2.750000 360 322
1411602 UPPER MARLB MD 20772 1YCMT 2.750000 13.750000 2.750000 360 324
1412485 BETHESDA MD 20814 1YCMT 3.000000 13.250000 3.000000 360 322
1414283 HERNDON VA 22071 1YCMT 3.000000 13.625000 3.000000 360 321
1419175 CLINTON MD 20735 1YCMT 2.750000 13.250000 2.750000 360 325
1419498 BETHESDA MD 20815 1YCMT 3.000000 13.875000 3.000000 360 321
1420447 FORT WASHIN MD 20744 1YCMT 2.750000 13.000000 2.750000 360 325
1421155 BETHESDA MD 20817 1YCMT 3.000000 13.375000 3.000000 360 322
1436765 WASHINGTON DC 20015 1YCMT 3.000000 13.875000 3.000000 360 326
1437227 WASHINGTON DC 20007 1YCMT 3.000000 13.500000 3.000000 360 322
1448109 SHERWOOD FO MD 21405 1YCMT 2.750000 13.875000 2.750000 360 334
1449180 POTOMAC MD 20854 1YCMT 3.000000 13.875000 3.000000 360 326
1450378 GREAT FALLS VA 22066 1YCMT 3.000000 13.750000 3.000000 360 324
1450857 CATONSVILLE MD 21228 1YCMT 3.000000 14.000000 3.000000 360 325
1453943 WASHINGTON DC 20016 1YCMT 3.000000 13.750000 3.000000 360 324
1454933 GLEN ALLEN VA 23060 1YCMT 3.000000 13.750000 3.000000 360 324
1459932 CATONSVILLE MD 21228 1YCMT 3.000000 13.875000 3.000000 360 326
1463504 ST MICHAELS MD 21663 1YCMT 2.750000 13.875000 2.750000 360 327
1463744 CHEVY CHASE MD 20815 1YCMT 3.000000 13.625000 3.000000 360 326
1468602 FAIRFAX VA 22031 1YCMT 3.000000 14.000000 3.000000 360 327
1469857 WASHINGTON DC 20011 1YCMT 2.750000 13.875000 2.750000 360 327
1470806 POTOMAC MD 20854 1YCMT 2.750000 13.750000 2.750000 360 327
1472463 NORTH POTOM MD 20878 1YCMT 2.750000 13.875000 2.750000 360 327
1474170 WASHINGTON DC 20012 1YCMT 2.750000 13.250000 2.750000 360 327
1476985 ANNAPOLIS MD 21401 1YCMT 2.750000 13.750000 2.750000 360 328
1479443 ANNAPOLIS MD 21401 1YCMT 2.750000 13.750000 2.750000 360 330
1485390 BETHESDA MD 20814 1YCMT 2.750000 13.875000 2.750000 360 331
1486596 WILLIAMSBUR VA 23185 1YCMT 2.750000 13.750000 2.750000 360 329
1490028 MONKTON MD 21111 1YCMT 2.750000 13.125000 2.750000 360 342
1490887 ROCKVILLE MD 20850 1YCMT 2.750000 14.250000 2.750000 360 332
1498005 CHEVY CHASE MD 20815 1YCMT 2.750000 13.375000 2.750000 360 331
1498476 BALDWIN MD 21013 1YCMT 2.750000 13.000000 2.750000 360 331
1498633 YORKTOWN VA 23693 1YCMT 2.750000 13.875000 2.750000 360 333
1499961 WASHINGTON DC 20008 1YCMT 2.750000 14.875000 2.750000 360 331
1503457 WASHINGTON DC 20009 1YCMT 2.750000 14.000000 2.750000 360 332
1504042 CHESTERFIEL VA 23838 1YCMT 3.000000 14.125000 3.000000 360 346
1504455 CHEVY CHASE MD 20815 1YCMT 3.000000 14.750000 3.000000 360 331
1506674 CHARLES CIT VA 23030 1YCMT 2.750000 13.000000 2.750000 360 332
1507177 BALTIMORE MD 21218 1YCMT 2.750000 12.875000 2.750000 360 332
1509595 ARLINGTON VA 22201 1YCMT 3.000000 13.375000 3.000000 360 333
1513019 RICHMOND VA 23229 1YCMT 2.750000 13.375000 2.750000 360 335
1514116 CLIFTON VA 22024 1YCMT 2.750000 12.750000 2.750000 360 333
1518323 WASHINGTON DC 20012 1YCMT 2.750000 13.625000 2.750000 360 333
</TABLE>
<TABLE>
<CAPTION>
First Net
Original Current Payment Current Original Original Mortgage Property Own
Loan No. Balance Balance Date PNI LTV Appraisal Rate Type Occ Purpose
-------- ------------- ------------- -------- ----------- --------- ------------- -------- -------- ----- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1362839 325000.000000 310816.530000 19940201 2054.230000 56.000000 580000.000000 5.421800 1 1 1
1363415 244800.000000 234621.910000 19940301 1567.490000 95.000000 260000.000000 5.546800 1 1 2
1363746 295800.000000 283449.630000 19940201 1918.560000 84.300000 351000.000000 5.671800 1 1 1
1364652 263800.000000 256624.690000 19940901 1935.680000 71.800000 369000.000000 6.921800 1 1 2
1365394 251250.000000 240524.350000 19940201 1608.790000 75.000000 335000.000000 5.546800 1 1 1
1365428 236000.000000 205191.880000 19940201 1511.140000 80.000000 295000.000000 5.546800 1 1 2
1365816 303300.000000 290259.680000 19940301 1917.070000 90.000000 337000.000000 5.421800 1 1 2
1365832 350000.000000 334644.600000 19940301 2241.090000 44.600000 785000.000000 5.546800 1 1 1
1366145 325000.000000 318910.430000 19951001 2244.700000 59.000000 551000.000000 6.296800 1 1 1
1367713 265000.000000 253982.180000 19940301 1696.830000 67.100000 395000.000000 5.546800 1 1 1
1370642 251650.000000 243407.090000 19940701 1964.160000 95.000000 267000.000000 7.671800 1 1 2
1377670 225000.000000 217306.850000 19940601 1534.900000 89.600000 257000.000000 6.171800 1 1 2
1377910 242250.000000 232616.630000 19940301 1591.420000 95.000000 255000.000000 5.796800 1 1 2
1378686 250000.000000 239104.550000 19940401 1600.780000 94.800000 265000.000000 5.546800 1 1 2
1382332 365000.000000 354946.230000 19941101 2678.250000 76.500000 479000.000000 6.921800 1 1 2
1385285 332000.000000 303018.950000 19940601 2181.010000 80.000000 415000.000000 5.796800 1 1 1
1385343 254250.000000 243917.410000 19940401 1910.080000 90.000000 282500.000000 7.296800 1 1 2
1386515 240000.000000 58129.180000 19940901 542.070000 46.600000 515000.000000 7.421800 1 1 1
1387380 270700.000000 260223.120000 19940401 1778.310000 95.000000 285000.000000 5.796800 1 1 2
1390210 225000.000000 216382.770000 19940501 1674.580000 90.000000 275000.000000 7.171800 1 1 2
1390756 235000.000000 225539.500000 19940501 1485.370000 46.100000 510000.000000 5.421800 1 1 1
1390954 628000.000000 602719.290000 19940501 3969.390000 80.000000 785000.000000 5.421800 1 1 2
1391036 251800.000000 241886.310000 19940501 1612.310000 79.900000 315000.000000 5.546800 1 1 1
1392364 228000.000000 219012.310000 19940501 1459.910000 94.200000 245000.000000 5.546800 1 1 2
1394444 241300.000000 232215.830000 19940501 1585.170000 77.300000 312000.000000 5.796800 1 1 1
1397876 256100.000000 246005.900000 19940601 1944.260000 80.000000 330000.000000 7.421800 1 1 2
1398734 700000.000000 675375.290000 19940501 4775.240000 72.300000 970000.000000 6.171800 1 1 2
1400548 294200.000000 281222.730000 19940601 2006.970000 86.500000 340000.000000 6.171800 1 1 1
1400654 459000.000000 441719.880000 19940501 3015.310000 60.000000 765000.000000 5.796800 1 1 1
1402593 268000.000000 258625.680000 19940601 1805.570000 74.400000 360000.000000 6.046800 1 1 1
1402890 265200.000000 257035.360000 19940801 1854.320000 94.900000 283000.000000 6.421800 1 1 2
1402932 223200.000000 215869.800000 19940701 1741.940000 80.000000 279000.000000 7.671800 1 1 2
1403880 550000.000000 526486.800000 19940601 3297.530000 59.500000 925000.000000 4.921800 1 1 1
1404771 235000.000000 225738.200000 19940701 1743.990000 59.500000 400000.000000 7.171800 1 1 2
1405448 256500.000000 248420.390000 19940801 1771.590000 95.000000 270000.000000 6.296800 1 1 2
1407709 370400.000000 357525.410000 19940701 2464.290000 80.000000 475000.000000 5.921800 1 1 2
1409861 348000.000000 332119.020000 19940701 2403.550000 80.000000 435000.000000 6.296800 1 1 2
1410190 337500.000000 327625.390000 19940801 2613.360000 90.000000 378000.000000 7.546800 1 1 2
1411602 251100.000000 244058.750000 19941001 1798.920000 90.000000 279000.000000 6.671800 1 1 1
1412485 250000.000000 241940.750000 19940801 1705.450000 78.100000 320000.000000 6.171800 1 1 2
1414283 229400.000000 221134.400000 19940701 1507.000000 90.000000 258000.000000 5.796800 1 1 2
1419175 219650.000000 212592.970000 19941101 1498.410000 95.000000 231500.000000 6.171800 1 1 2
1419498 760000.000000 732381.970000 19940701 5128.630000 80.000000 960000.000000 6.046800 1 1 2
1420447 259000.000000 251041.530000 19941101 1723.140000 94.900000 274000.000000 5.921800 1 1 2
1421155 342000.000000 275854.350000 19940801 1876.950000 90.000000 380000.000000 5.796800 1 1 2
1436765 480000.000000 466382.400000 19941201 3122.120000 80.000000 600000.000000 5.671800 1 1 3
1437227 222300.000000 215501.060000 19940801 1756.350000 95.000000 234000.000000 7.796800 10 1 2
1448109 280000.000000 274783.340000 19950801 2030.200000 80.000000 350000.000000 6.796800 1 1 1
1449180 354400.000000 343813.250000 19941201 2357.840000 80.000000 445000.000000 5.921800 10 1 2
1450378 420000.000000 407272.220000 19941001 2865.150000 80.000000 530000.000000 6.171800 1 1 2
1450857 248600.000000 241795.130000 19941101 1759.580000 89.900000 278000.000000 6.546800 1 1 2
1453943 332100.000000 322036.150000 19941001 2265.510000 90.000000 369000.000000 6.171800 1 1 2
1454933 240000.000000 232726.950000 19941001 1637.230000 80.000000 325000.000000 6.171800 1 1 2
1459932 250000.000000 229362.890000 19941201 1726.690000 73.500000 351000.000000 6.296800 1 1 2
1463504 225000.000000 219506.120000 19950101 1631.410000 62.900000 373000.000000 6.796800 1 1 2
1463744 226800.000000 220326.050000 19941201 1566.460000 90.000000 270000.000000 6.296800 1 1 2
1468602 280250.000000 272377.330000 19950101 1888.100000 95.000000 295000.000000 6.046800 1 1 2
1469857 225600.000000 219955.580000 19950101 1616.230000 80.000000 282000.000000 6.671800 1 1 2
1470806 623900.000000 608302.810000 19950101 4469.700000 80.000000 782000.000000 6.671800 1 1 2
1472463 254000.000000 247798.070000 19950101 1841.680000 52.900000 480000.000000 6.796800 1 1 3
1474170 227905.000000 221625.320000 19950101 1554.720000 95.000000 239900.000000 6.171800 1 1 2
1476985 240000.000000 234206.960000 19950201 1719.390000 80.000000 320000.000000 6.671800 1 1 2
1479443 328000.000000 91718.490000 19950401 852.040000 80.000000 415000.000000 7.296800 1 1 2
1485390 230000.000000 225152.130000 19950501 1667.660000 55.400000 430000.000000 6.796800 1 1 2
1486596 216000.000000 211206.720000 19950301 1621.030000 90.000000 246000.000000 7.171800 1 1 2
1490028 218000.000000 214739.540000 19960401 1432.110000 58.100000 375000.000000 5.796800 1 1 3
1490887 237400.000000 232927.990000 19950601 1783.510000 95.000000 250000.000000 7.171800 1 1 2
1498005 275950.000000 269555.810000 19950501 1905.920000 95.000000 300000.000000 6.296800 1 1 2
1498476 441000.000000 409850.450000 19950501 3140.670000 70.000000 692000.000000 7.171800 1 1 2
1498633 270300.000000 264917.730000 19950701 1936.470000 94.800000 285000.000000 6.671800 1 1 2
1499961 318250.000000 312303.910000 19950501 2447.070000 95.000000 335000.000000 7.421800 1 1 2
1503457 217400.000000 212703.130000 19950601 1538.750000 95.000000 228850.000000 6.546800 5 1 2
1504042 257400.000000 255119.640000 19960801 1911.190000 95.000000 272000.000000 7.046800 1 1 2
1504455 325000.000000 317616.270000 19950501 2195.100000 43.300000 750000.000000 6.046800 1 1 3
1506674 256500.000000 250457.860000 19950601 1961.010000 90.000000 310000.000000 7.421800 1 1 2
1507177 335000.000000 327693.560000 19950601 2565.750000 76.700000 436500.000000 7.421800 1 1 3
1509595 232200.000000 227235.230000 19950701 1603.750000 90.000000 264000.000000 6.296800 5 1 2
1513019 337500.000000 330880.640000 19950901 2331.030000 90.000000 398000.000000 6.296800 1 1 2
1514116 440000.000000 431011.410000 19950701 3447.320000 80.000000 570000.000000 7.671800 1 1 2
1518323 330000.000000 322944.150000 19950701 2279.230000 73.300000 450000.000000 6.296800 1 1 1
</TABLE>
<PAGE>
Page 7
<TABLE>
<CAPTION>
Property Property Max. Interest Minimum Original Stated
Loan No. Property City State Zip Index Margin Life Interest Rate Term Term
-------- ------------- -------- -------- ----- -------- ------------- ------------- -------- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1518331 POTOMAC MD 20854 1YCMT 2.750000 13.375000 2.750000 360 334
1519222 HERNDON VA 22071 1YCMT 2.750000 13.500000 2.750000 360 333
1521251 COLUMBIA MD 21044 1YCMT 2.750000 12.250000 2.750000 360 335
1521475 WASHINGTON DC 20016 1YCMT 2.750000 13.750000 2.750000 360 333
1522028 ARLINGTON VA 22207 1YCMT 3.000000 13.750000 3.000000 360 333
1522721 WASHINGTON DC 20009 1YCMT 2.750000 13.125000 2.750000 360 340
1524214 WASHINGTON DC 20002 1YCMT 2.750000 13.125000 2.750000 360 334
1525989 STERLING VA 20165 1YCMT 2.875000 13.875000 2.875000 360 348
1526656 POTOMAC MD 20854 1YCMT 3.000000 13.375000 3.000000 360 334
1527506 UPPER MARLB MD 20772 1YCMT 3.000000 14.125000 3.000000 360 336
1528637 SILVER SPRI MD 20904 1YCMT 2.750000 12.875000 2.750000 360 335
1529536 BETHESDA MD 20816 1YCMT 3.000000 13.375000 3.000000 360 334
1531250 ELLICOTT CI MD 21043 1YCMT 3.000000 13.500000 3.000000 360 335
1533959 HERNDON VA 22070 1YCMT 3.000000 13.625000 3.000000 360 338
1534064 WASHINGTON DC 20009 1YCMT 2.750000 13.125000 2.750000 360 340
1534080 BETHESDA MD 20816 1YCMT 3.000000 13.500000 3.000000 360 338
1534403 WASHINGTON DC 20008 1YCMT 2.750000 13.125000 2.750000 360 337
1536218 WASHINGTON DC 20016 1YCMT 2.750000 13.000000 2.750000 360 335
1536697 REISTERSTOW MD 21136 1YCMT 2.750000 13.250000 2.750000 360 338
1537224 GLENN DALE MD 20769 1YCMT 2.750000 12.625000 2.750000 360 335
1537364 CLIFTON VA 22024 1YCMT 2.750000 13.625000 2.750000 360 336
1538677 WASHINGTON DC 20015 1YCMT 2.750000 13.125000 2.750000 360 338
1539733 STERLING VA 20165 1YCMT 3.000000 13.250000 3.000000 360 340
1540442 WASHINGTON DC 20008 1YCMT 3.000000 13.750000 3.000000 360 337
1542422 GLENCOE MD 21152 1YCMT 2.750000 13.125000 2.750000 360 338
1543677 VIRGINIA BE VA 23454 1YCMT 2.750000 13.000000 2.750000 360 337
1544550 BETHESDA MD 20817 1YCMT 3.000000 13.375000 3.000000 360 340
1546605 TAKOMA PARK MD 20912 1YCMT 3.000000 13.500000 3.000000 360 339
1547413 MANASSAS VA 22111 1YCMT 3.000000 13.625000 3.000000 360 337
1548304 CENTREVILLE VA 22020 1YCMT 3.000000 13.000000 3.000000 360 342
1548692 ALEXANDRIA VA 22308 1YCMT 3.000000 13.500000 3.000000 360 338
1548882 BETHESDA MD 20816 1YCMT 3.000000 12.750000 3.000000 360 341
1550136 WASHINGTON DC 20002 1YCMT 3.000000 13.500000 3.000000 360 339
1550979 ALEXANDRIA VA 22304 1YCMT 2.750000 13.125000 2.750000 360 338
1551134 CHEVY CHASE MD 20815 1YCMT 3.000000 13.375000 3.000000 360 339
1551233 POWHATAN VA 23139 1YCMT 3.000000 13.500000 3.000000 360 339
1551985 STERLING VA 20165 1YCMT 3.000000 12.250000 3.000000 360 342
1554435 ANNAPOLIS MD 21401 1YCMT 2.750000 13.125000 2.750000 360 339
1554542 WASHINGTON MD 20880 1YCMT 3.000000 13.375000 3.000000 360 340
1554922 VIRGINIA BE VA 23451 1YCMT 2.750000 13.125000 2.750000 360 339
1556299 STERLING VA 20165 1YCMT 2.750000 13.625000 2.750000 360 347
1557750 RICHMOND VA 23235 1YCMT 2.750000 13.125000 2.750000 360 340
1558469 WASHINGTON DC 20009 1YCMT 3.000000 13.375000 3.000000 360 340
1558956 WASHINGTON DC 20015 1YCMT 3.000000 13.500000 3.000000 360 340
1560143 DAVIDSONVIL MD 21035 1YCMT 2.750000 13.000000 2.750000 360 339
1560176 ALEXANDRIA VA 22311 1YCMT 3.000000 13.250000 3.000000 360 339
1560721 WASHINGTON DC 20016 1YCMT 3.000000 13.500000 3.000000 360 340
1561711 VIRGINIA BE VA 23452 1YCMT 3.000000 13.250000 3.000000 360 340
1561950 WASHINGTON DC 20012 1YCMT 3.000000 13.750000 3.000000 360 339
1562438 WASHINGTON DC 20016 1YCMT 3.000000 13.250000 3.000000 360 340
1563501 CENTREVILLE VA 22020 1YCMT 3.000000 13.375000 3.000000 360 343
1563535 CENTREVILLE VA 22020 1YCMT 2.750000 12.875000 2.750000 360 341
1564038 FAIRFAX STA VA 22039 1YCMT 3.000000 13.000000 3.000000 360 341
1564368 OAKTON VA 22124 1YCMT 3.000000 13.250000 3.000000 360 340
1565266 NEWPORT NEW VA 23602 1YCMT 2.750000 11.875000 2.750000 360 340
1565480 CHESTER VA 23831 1YCMT 3.000000 13.125000 3.000000 360 341
1565498 ANNAPOLIS MD 21403 1YCMT 3.000000 13.250000 3.000000 360 341
1566033 MECHANICSVI VA 23111 1YCMT 2.750000 12.625000 2.750000 360 343
1567221 WASHINGTON DC 20009 1YCMT 3.000000 13.250000 3.000000 360 340
1567239 BETHESDA MD 20817 1YCMT 3.000000 13.250000 3.000000 360 340
1567494 DUNKIRK MD 20754 1YCMT 3.000000 13.000000 3.000000 360 342
1568062 WASHINGTON DC 20008 1YCMT 2.750000 12.875000 2.750000 360 341
1568203 BETHESDA MD 20814 1YCMT 2.750000 12.000000 2.750000 360 342
1569961 WASHINGTON DC 20007 1YCMT 2.750000 12.750000 2.750000 360 340
1570274 BETHESDA MD 20816 1YCMT 2.750000 12.750000 2.750000 360 340
1570282 BETHESDA MD 20817 1YCMT 3.000000 13.125000 3.000000 360 340
1571371 RESTON VA 22094 1YCMT 3.000000 13.250000 3.000000 360 342
1571785 BETHESDA MD 20816 1YCMT 2.750000 12.500000 2.750000 360 343
1572429 BETHESDA MD 20816 1YCMT 2.750000 12.750000 2.750000 360 340
1573336 ROCKVILLE MD 20852 1YCMT 2.750000 12.750000 2.750000 360 340
1575323 POTOMAC MD 20854 1YCMT 3.000000 13.000000 3.000000 360 341
1575372 SOUTH RIDIN VA 22021 1YCMT 2.750000 12.875000 2.750000 360 340
1576370 POTOMAC MD 20854 1YCMT 3.000000 13.125000 3.000000 360 341
1577568 PICKENS SC 29671 1YCMT 3.000000 12.875000 3.000000 360 343
1577865 HERNDON VA 22071 1YCMT 2.750000 12.625000 2.750000 360 341
1578319 POTOMAC MD 20854 1YCMT 2.750000 13.750000 2.750000 360 345
1579085 MCLEAN VA 22102 1YCMT 3.000000 12.750000 3.000000 360 342
1579440 ANNAPOLIS MD 21403 1YCMT 3.000000 12.875000 3.000000 360 342
1579481 STEVENSON MD 21153 1YCMT 3.000000 12.875000 3.000000 360 341
1579531 ANNAPOLIS MD 21401 1YCMT 3.000000 12.875000 3.000000 360 344
</TABLE>
<TABLE>
<CAPTION>
First Net
Original Current Payment Current Original Original Mortgage Property Own
Loan No. Balance Balance Date PNI LTV Appraisal Rate Type Occ Purpose
-------- ------------- ------------- -------- ----------- --------- ------------- -------- -------- ----- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1518331 225000.000000 206938.290000 19950801 1554.020000 53.100000 429000.000000 6.296800 1 1 2
1519222 252000.000000 246352.210000 19950701 1697.780000 90.000000 280000.000000 6.046800 1 1 2
1521251 249750.000000 244678.960000 19950901 1911.530000 90.000000 279000.000000 7.421800 1 1 2
1521475 300000.000000 293735.410000 19950701 2097.650000 45.700000 670000.000000 6.421800 1 1 2
1522028 265000.000000 258778.630000 19950701 1740.870000 51.000000 527000.000000 5.796800 1 1 2
1522721 223500.000000 219274.880000 19960201 1486.960000 95.000000 236000.000000 5.921800 5 1 2
1524214 250300.000000 244922.600000 19950801 1686.320000 80.000000 313000.000000 6.046800 5 1 1
1525989 340000.000000 336843.340000 19961001 2262.030000 48.200000 765000.000000 5.921800 1 1 2
1526656 302500.000000 296300.280000 19950801 2089.300000 50.400000 600000.000000 6.296800 1 1 1
1527506 247450.000000 243337.420000 19951001 1815.710000 87.700000 287000.000000 6.921800 1 1 2
1528637 608000.000000 174846.090000 19950901 3943.480000 80.000000 760000.000000 5.671800 1 1 3
1529536 375000.000000 367130.750000 19950801 2558.170000 78.100000 480000.000000 6.171800 1 1 1
1531250 237700.000000 233037.860000 19950901 1641.740000 79.200000 300000.000000 6.296800 1 1 3
1533959 233450.000000 229024.020000 19951201 1533.610000 69.300000 344000.000000 5.796800 1 1 2
1534064 220100.000000 216399.310000 19960201 1445.910000 95.000000 232200.000000 5.796800 5 1 2
1534080 256000.000000 251544.070000 19951201 1746.380000 80.000000 320000.000000 6.171800 1 1 3
1534403 286000.000000 280565.570000 19951101 1926.840000 70.600000 405000.000000 6.046800 10 1 3
1536218 232000.000000 227000.540000 19950901 1524.080000 80.000000 290000.000000 5.796800 1 1 1
1536697 265000.000000 153209.750000 19951201 1063.680000 53.500000 495000.000000 6.171800 1 1 1
1537224 279000.000000 272681.540000 19950901 1786.470000 90.000000 310000.000000 5.546800 1 1 3
1537364 440000.000000 431757.970000 19951001 3038.980000 68.800000 640000.000000 6.296800 1 1 2
1538677 260000.000000 255253.440000 19951201 1729.790000 80.000000 335000.000000 5.921800 1 1 2
1539733 344700.000000 339303.200000 19960201 2351.470000 90.000000 383000.000000 6.171800 1 1 2
1540442 393160.000000 385966.600000 19951101 2682.050000 80.000000 505000.000000 6.171800 1 1 2
1542422 460000.000000 451798.570000 19951201 3099.110000 46.500000 990000.000000 6.046800 1 1 3
1543677 356600.000000 349919.040000 19951101 2402.490000 66.000000 540000.000000 6.046800 1 1 1
1544550 252000.000000 248054.560000 19960201 1719.090000 80.000000 335000.000000 6.171800 1 1 2
1546605 227120.000000 223275.130000 19960101 1530.150000 80.000000 284000.000000 6.046800 1 1 2
1547413 222550.000000 218074.010000 19951101 1462.000000 90.000000 270000.000000 5.796800 1 1 2
1548304 263150.000000 259306.730000 19960401 1750.750000 95.000000 280000.000000 5.921800 1 1 2
1548692 276000.000000 270064.390000 19951201 1790.140000 80.000000 345000.000000 5.671800 1 1 2
1548882 350000.000000 344571.720000 19960301 2328.560000 70.000000 500000.000000 5.921800 1 1 2
1550136 344000.000000 337894.200000 19960101 2259.840000 80.000000 430000.000000 5.796800 1 1 2
1550979 510000.000000 500907.080000 19951201 3435.970000 65.800000 775000.000000 6.046800 1 1 1
1551134 274000.000000 269577.480000 19960101 1892.450000 79.400000 345000.000000 6.296800 5 1 1
1551233 258750.000000 245578.340000 19960101 1809.220000 75.000000 345000.000000 6.421800 1 1 1
1551985 244350.000000 236182.150000 19960401 1504.510000 79.900000 313000.000000 5.171800 1 1 2
1554435 234500.000000 230530.190000 19960101 1579.870000 78.200000 300000.000000 6.046800 1 1 1
1554542 236800.000000 233092.540000 19960201 1615.400000 80.000000 300000.000000 6.171800 1 1 2
1554922 540000.000000 530858.240000 19960101 3638.090000 73.500000 735000.000000 6.046800 1 1 3
1556299 361000.000000 357420.280000 19960901 2432.130000 80.000000 452000.000000 6.046800 1 1 2
1557750 278550.000000 274085.110000 19960201 1876.650000 90.000000 321000.000000 6.046800 1 1 2
1558469 375000.000000 369267.710000 19960201 2590.040000 75.000000 500000.000000 6.296800 1 1 3
1558956 428000.000000 421301.370000 19960201 2919.720000 80.000000 535000.000000 6.171800 1 1 1
1560143 650000.000000 638408.240000 19960101 4270.040000 65.000000 1000000.000000 5.796800 1 1 3
1560176 264000.000000 259532.170000 19960101 1778.620000 80.000000 347000.000000 6.046800 1 1 2
1560721 348000.000000 342420.010000 19960201 2344.550000 80.000000 445000.000000 6.046800 1 1 2
1561711 247500.000000 243625.070000 19960201 1688.390000 90.000000 280000.000000 6.171800 1 1 2
1561950 291050.000000 282961.200000 19960101 1985.480000 95.000000 306500.000000 6.171800 1 1 2
1562438 300000.000000 174711.220000 19960201 2021.160000 63.800000 470000.000000 6.046800 10 1 2
1563501 292100.000000 287847.040000 19960501 1918.890000 95.000000 308000.000000 5.796800 1 1 2
1563535 270000.000000 265609.320000 19960301 1751.220000 84.400000 325000.000000 5.671800 1 1 2
1564038 274500.000000 270242.600000 19960301 1826.260000 90.000000 305000.000000 5.921800 1 1 2
1564368 285600.000000 281020.510000 19960201 1924.150000 80.000000 360000.000000 6.046800 1 1 2
1565266 232000.000000 227855.910000 19960201 1675.360000 56.900000 408000.000000 6.796800 1 1 3
1565480 286000.000000 281638.880000 19960301 1926.840000 35.800000 800000.000000 6.046800 1 1 3
1565498 270000.000000 266007.540000 19960301 1841.880000 60.000000 455000.000000 6.171800 5 1 2
1566033 284278.000000 279551.340000 19960501 1820.270000 93.200000 306000.000000 5.546800 1 1 2
1567221 312000.000000 306997.240000 19960201 2102.010000 80.000000 392000.000000 6.046800 1 1 2
1567239 215000.000000 211298.940000 19960201 1394.490000 74.100000 295000.000000 5.671800 1 1 2
1567494 255000.000000 249494.020000 19960401 1696.530000 75.000000 340000.000000 5.921800 1 1 3
1568062 344000.000000 338272.890000 19960301 2202.670000 80.000000 430000.000000 5.546800 1 1 2
1568203 216000.000000 85416.970000 19960401 647.450000 90.000000 280000.000000 6.421800 1 1 2
1569961 243000.000000 237308.460000 19960201 1576.100000 60.000000 405000.000000 5.671800 1 1 2
1570274 305000.000000 299624.980000 19960201 1952.950000 76.300000 400000.000000 5.546800 1 1 1
1570282 335000.000000 329367.600000 19960201 2200.720000 54.000000 620000.000000 5.796800 1 1 1
1571371 251000.000000 247505.350000 19960401 1712.270000 72.800000 345000.000000 6.171800 1 1 3
1571785 310000.000000 305330.760000 19960501 1959.420000 77.500000 400000.000000 5.421800 1 1 3
1572429 350000.000000 343975.030000 19960201 2270.100000 43.800000 800000.000000 5.671800 1 1 3
1573336 255000.000000 250506.030000 19960201 1632.800000 79.100000 322500.000000 5.546800 10 1 3
1575323 375000.000000 369044.270000 19960301 2463.490000 75.000000 500000.000000 5.796800 1 1 3
1575372 270400.000000 265855.210000 19960201 1776.340000 80.000000 340000.000000 5.796800 1 1 2
1576370 300000.000000 295456.620000 19960301 2021.160000 57.100000 525000.000000 6.046800 1 1 1
1577568 346300.000000 341439.520000 19960501 2274.950000 88.100000 393000.000000 5.796800 1 1 1
1577865 265500.000000 261081.130000 19960301 1700.030000 90.000000 306000.000000 5.546800 1 1 2
1578319 583000.000000 575881.550000 19960701 3829.900000 80.000000 730000.000000 5.796800 1 1 2
1579085 325000.000000 319903.900000 19960401 2081.020000 79.300000 410000.000000 5.546800 1 1 1
1579440 218000.000000 212494.360000 19960401 1432.110000 89.000000 245000.000000 5.796800 1 1 3
1579481 300000.000000 295235.440000 19960301 1970.790000 60.000000 500000.000000 5.796800 1 1 1
1579531 460000.000000 453967.110000 19960601 3021.880000 38.300000 1200000.000000 5.796800 1 1 3
</TABLE>
<PAGE>
Page 8
<TABLE>
<CAPTION>
Property Property Max. Interest Minimum Original Stated
Loan No. Property City State Zip Index Margin Life Interest Rate Term Term
-------- ------------- -------- -------- ----- -------- ------------- ------------- -------- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1579572 EDGEWATER MD 21037 1YCMT 3.000000 12.875000 3.000000 360 342
1580364 BETHESDA MD 20818 1YCMT 2.750000 13.125000 2.750000 360 343
1580711 ALEXANDRIA VA 22305 1YCMT 3.000000 12.750000 3.000000 360 343
1580968 BETHESDA MD 20814 1YCMT 3.000000 13.000000 3.000000 360 343
1581032 RESTON VA 22094 1YCMT 3.000000 13.000000 3.000000 360 341
1581800 CHEVY CHASE MD 20815 1YCMT 2.750000 12.875000 2.750000 360 343
1581818 WASHINGTON DC 20016 1YCMT 3.000000 12.875000 3.000000 360 343
1581859 POTOMAC MD 20854 1YCMT 3.000000 13.125000 3.000000 360 343
1581875 CHEVY CHASE MD 20815 1YCMT 3.000000 12.875000 3.000000 360 342
1583897 NORFOLK VA 23507 1YCMT 2.750000 13.625000 2.750000 360 347
1586031 ANNAPOLIS MD 21403 1YCMT 3.000000 13.000000 3.000000 360 343
1586759 CHEVY CHASE MD 20815 1YCMT 3.000000 12.875000 3.000000 360 343
1587195 ANNAPOLIS MD 21401 1YCMT 3.000000 13.200000 3.000000 360 343
1587435 WASHINGTON DC 20009 1YCMT 3.000000 12.750000 3.000000 360 342
1589027 WOODBRIDGE VA 22192 1YCMT 2.750000 13.375000 2.750000 360 342
1589167 RESTON VA 22090 1YCMT 3.000000 13.000000 3.000000 360 343
1590181 WASHINGTON DC 20007 1YCMT 2.750000 12.375000 2.750000 360 342
1591585 RESTON VA 22094 1YCMT 3.000000 12.875000 3.000000 360 342
1591882 POTOMAC MD 20854 1YCMT 3.000000 12.875000 3.000000 360 342
1592864 CHARLOTTESV VA 22901 1YCMT 3.000000 13.875000 3.000000 360 343
1592989 OWINGS MILL MD 21117 1YCMT 2.750000 12.250000 2.750000 360 343
1593433 WASHINGTON DC 20015 1YCMT 3.000000 12.875000 3.000000 360 343
1593540 BETHESDA MD 20817 1YCMT 3.000000 13.000000 3.000000 360 343
1594183 ROCKVILLE MD 20854 1YCMT 2.750000 12.375000 2.750000 360 343
1594274 RICHMOND VA 23235 1YCMT 2.750000 13.500000 2.750000 360 346
1595156 WASHINGTON DC 20007 1YCMT 3.000000 12.875000 3.000000 360 344
1595222 WASHINGTON DC 20016 1YCMT 3.000000 12.750000 3.000000 360 343
1595370 GAITHERSBUR MD 20879 1YCMT 3.000000 12.875000 3.000000 360 343
1595826 SOUTH RIDIN VA 20152 1YCMT 2.750000 13.625000 2.750000 360 346
1595917 WASHINGTON DC 20007 1YCMT 3.000000 12.750000 3.000000 360 343
1595982 WASHINGTON DC 20016 1YCMT 3.000000 12.875000 3.000000 360 343
1596188 GAINESVILLE VA 22065 1YCMT 3.000000 12.750000 3.000000 360 344
1596352 VIENNA VA 22180 1YCMT 3.000000 13.375000 3.000000 360 344
1596451 CHEVY CHASE MD 20815 1YCMT 2.750000 12.250000 2.750000 360 343
1596592 SENECA SC 29678 1YCMT 3.000000 14.875000 3.000000 360 347
1597079 WASHINGTON DC 20016 1YCMT 2.750000 12.250000 2.750000 360 343
1597251 WASHINGTON DC 20007 1YCMT 3.000000 13.125000 3.000000 360 343
1597277 BETHESDA MD 20816 1YCMT 2.750000 12.750000 2.750000 360 344
1597459 DAVIDSONVIL MD 21035 1YCMT 3.000000 13.250000 3.000000 360 353
1597889 CARY NC 27513 1YCMT 2.750000 12.375000 2.750000 360 343
1597939 WILMINGTON NC 28405 1YCMT 2.750000 11.500000 2.750000 360 343
1597954 WILMINGTON NC 28403 1YCMT 2.750000 12.375000 2.750000 360 344
1598010 BETHESDA MD 20816 1YCMT 3.000000 12.875000 3.000000 360 343
1598093 POTOMAC MD 20854 1YCMT 3.000000 13.000000 3.000000 360 344
1598523 NORTH POTOM MD 20878 1YCMT 3.000000 13.000000 3.000000 360 343
1598580 VIRGINIA BE VA 23455 1YCMT 3.000000 13.250000 3.000000 360 343
1598598 GREAT FALLS VA 22066 1YCMT 2.750000 12.500000 2.750000 360 344
1598895 WASHINGTON DC 20007 1YCMT 3.000000 13.000000 3.000000 360 343
1599463 BETHESDA MD 20817 1YCMT 2.750000 12.625000 2.750000 360 343
1599877 POTOMAC MD 20854 1YCMT 3.000000 12.875000 3.000000 360 344
1600279 CHEVY CHASE MD 20815 1YCMT 3.000000 13.000000 3.000000 360 343
1600287 POTOMAC MD 20854 1YCMT 2.750000 12.375000 2.750000 360 349
1600352 CENTREVILLE VA 22020 1YCMT 3.000000 13.375000 3.000000 360 343
1600402 REHOBOTH BE DE 19971 1YCMT 2.750000 13.625000 2.750000 360 347
1600477 WRIGHTSVILL NC 28480 1YCMT 2.750000 11.500000 2.750000 360 344
1600485 COLUMBIA MD 21044 1YCMT 3.000000 13.125000 3.000000 360 343
1600592 PORTSMOUTH VA 23701 1YCMT 2.750000 12.375000 2.750000 360 343
1601053 HARWOOD MD 20776 1YCMT 2.750000 12.750000 2.750000 360 344
1601343 GERMANTOWN MD 20874 1YCMT 2.750000 11.625000 2.750000 360 344
1601392 WILMINGTON NC 28405 1YCMT 2.750000 11.625000 2.750000 360 344
1601533 SILVER SPRI MD 20905 1YCMT 2.750000 12.625000 2.750000 360 343
1602077 CHEVY CHASE MD 20815 1YCMT 3.000000 13.125000 3.000000 360 343
1602085 GREAT FALLS VA 22060 1YCMT 2.750000 11.625000 2.750000 360 344
1602275 BETHESDA MD 20817 1YCMT 2.750000 11.750000 2.750000 360 343
1602283 MONETA VA 24121 1YCMT 3.000000 13.250000 3.000000 360 343
1602291 FAIRFAX VA 22039 1YCMT 3.000000 13.250000 3.000000 360 343
1602606 ANNAPOLIS MD 21401 1YCMT 2.750000 12.125000 2.750000 360 345
1602911 WASHINGTON DC 20007 1YCMT 3.000000 13.250000 3.000000 360 343
1603109 COLUMBIA MD 21044 1YCMT 2.750000 11.750000 2.750000 360 344
1603265 MITCHELLVIL MD 20721 1YCMT 2.750000 13.750000 2.750000 360 343
1603422 CENTREVILLE VA 22020 1YCMT 3.000000 13.250000 3.000000 360 344
1604115 WASHINGTON DC 20007 1YCMT 3.000000 13.375000 3.000000 360 344
1604289 WASHINGTON DC 20007 1YCMT 2.750000 12.750000 2.750000 360 344
1604297 WASHINGTON DC 20008 1YCMT 3.000000 13.250000 3.000000 360 344
1604578 REISTERSTOW MD 21136 1YCMT 3.000000 13.625000 3.000000 360 343
1604693 CLARKSBURG MD 20871 1YCMT 2.750000 12.750000 2.750000 360 344
1604701 GERMANTOWN MD 20874 1YCMT 3.000000 13.125000 3.000000 360 344
1605138 ROCKVILLE MD 20850 1YCMT 2.750000 11.750000 2.750000 360 344
1605856 BETHESDA MD 20816 1YCMT 2.750000 13.125000 2.750000 360 344
1605989 ASHBURN VA 20147 1YCMT 3.000000 14.250000 3.000000 360 352
</TABLE>
<TABLE>
<CAPTION>
First Net
Original Current Payment Current Original Original Mortgage Property Own
Loan No. Balance Balance Date PNI LTV Appraisal Rate Type Occ Purpose
-------- ------------- ------------- -------- ----------- --------- ------------- -------- -------- ----- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1579572 390000.000000 384167.100000 19960401 2562.030000 74.300000 525000.000000 5.796800 5 1 3
1580364 548000.000000 536329.750000 19960501 3329.710000 80.000000 690000.000000 5.046800 1 1 2
1580711 216500.000000 213388.280000 19960501 1404.220000 89.500000 242000.000000 5.671800 10 1 1
1580968 324000.000000 319118.140000 19960501 2047.910000 80.000000 405000.000000 5.421800 1 1 2
1581032 236800.000000 232857.520000 19960301 1516.260000 80.000000 296000.000000 5.546800 10 1 2
1581800 495000.000000 488052.540000 19960501 3251.800000 73.300000 700000.000000 5.796800 1 1 2
1581818 300000.000000 295789.350000 19960501 1970.790000 70.600000 425000.000000 5.796800 1 1 3
1581859 280000.000000 275975.640000 19960501 1816.080000 80.000000 350000.000000 5.671800 1 1 2
1581875 600000.000000 590555.020000 19960401 3891.590000 60.000000 1000000.000000 5.671800 1 1 1
1583897 467900.000000 463686.590000 19960901 3311.770000 82.800000 565000.000000 6.546800 1 1 1
1586031 220400.000000 216919.940000 19960501 1357.050000 90.000000 245000.000000 5.171800 1 1 2
1586759 400000.000000 393724.910000 19960501 2627.720000 80.000000 505000.000000 5.796800 5 1 2
1587195 231000.000000 227757.790000 19960501 1517.510000 82.700000 279400.000000 5.796800 1 1 3
1587435 325000.000000 320022.790000 19960401 2107.950000 57.000000 570000.000000 5.671800 10 1 1
1589027 218500.000000 215233.300000 19960401 1435.390000 95.000000 232000.000000 5.796800 1 1 2
1589167 386000.000000 380709.910000 19960501 2568.070000 77.200000 500000.000000 5.921800 1 1 1
1590181 228800.000000 225040.080000 19960401 1427.420000 76.300000 300000.000000 5.296800 1 1 1
1591585 288000.000000 283376.790000 19960401 1820.360000 60.000000 480000.000000 5.421800 1 1 2
1591882 400000.000000 394017.620000 19960401 2627.720000 59.300000 675000.000000 5.796800 1 1 3
1592864 246800.000000 243863.300000 19960501 1789.480000 80.000000 309000.000000 6.796800 1 1 2
1592989 280000.000000 275579.000000 19960501 1724.010000 70.000000 400000.000000 5.171800 1 1 3
1593433 256000.000000 245710.020000 19960501 1681.740000 47.000000 545000.000000 5.796800 1 1 3
1593540 370000.000000 364806.900000 19960501 2430.640000 78.700000 470000.000000 5.796800 1 1 3
1594183 480000.000000 472598.730000 19960501 2994.580000 76.200000 630000.000000 5.296800 1 1 3
1594274 295650.000000 292688.120000 19960801 2067.230000 47.700000 620000.000000 6.421800 1 1 3
1595156 476000.000000 458286.480000 19960601 3126.990000 77.400000 615000.000000 5.796800 1 1 1
1595222 350000.000000 304315.920000 19960501 2241.090000 71.400000 490000.000000 5.546800 1 1 2
1595370 378750.000000 373434.100000 19960501 2488.120000 75.000000 505000.000000 5.796800 1 1 3
1595826 219800.000000 217569.320000 19960801 1555.740000 79.700000 276000.000000 6.546800 1 1 2
1595917 255000.000000 251247.230000 19960501 1632.800000 60.000000 425000.000000 5.546800 1 1 1
1595982 340000.000000 334162.710000 19960501 2233.560000 79.600000 427000.000000 5.796800 1 1 3
1596188 310700.000000 305782.040000 19960601 1837.910000 80.000000 390000.000000 4.796800 1 1 2
1596352 235100.000000 231985.780000 19960601 1544.440000 95.000000 248000.000000 5.796800 1 1 2
1596451 325000.000000 319868.360000 19960501 2001.090000 56.300000 577000.000000 5.171800 1 1 3
1596592 243200.000000 241314.720000 19960901 1848.500000 95.000000 256000.000000 7.296800 1 1 2
1597079 269500.000000 265161.850000 19960501 1659.360000 73.800000 365000.000000 5.171800 1 1 3
1597251 300000.000000 295875.880000 19960501 2021.160000 48.800000 615000.000000 6.046800 1 1 2
1597277 281600.000000 277816.350000 19960601 1826.460000 80.000000 355000.000000 5.671800 1 1 2
1597459 235000.000000 233682.320000 19970301 1603.120000 73.700000 319000.000000 6.171800 1 1 2
1597889 364650.000000 358892.390000 19960501 2245.220000 85.000000 430000.000000 5.171800 1 1 2
1597939 372000.000000 365648.190000 19960501 2558.060000 74.600000 498700.000000 6.296800 1 1 3
1597954 313200.000000 308576.040000 19960601 1928.430000 79.300000 395000.000000 5.171800 1 1 1
1598010 241000.000000 237535.560000 19960501 1563.130000 89.600000 269000.000000 5.671800 1 1 1
1598093 415000.000000 409683.620000 19960601 2761.010000 50.000000 830000.000000 5.921800 1 1 3
1598523 229500.000000 225863.640000 19960501 1507.660000 90.000000 255000.000000 5.796800 1 1 2
1598580 500000.000000 493115.130000 19960501 3326.520000 74.100000 675000.000000 5.921800 1 1 3
1598598 428000.000000 421970.790000 19960601 2705.260000 70.200000 610000.000000 5.421800 1 1 1
1598895 302640.000000 298290.310000 19960501 1962.920000 80.000000 379500.000000 5.671800 1 1 2
1599463 458000.000000 451259.830000 19960501 2932.630000 61.900000 740000.000000 5.546800 1 1 3
1599877 292300.000000 288372.600000 19960601 1895.860000 80.000000 380000.000000 5.671800 10 1 2
1600279 298190.000000 294103.300000 19960501 1983.870000 77.500000 385000.000000 5.921800 1 1 3
1600287 688000.000000 681473.180000 19961101 4292.230000 80.000000 860000.000000 5.296800 1 1 1
1600352 270500.000000 267050.430000 19960501 1868.280000 95.000000 285000.000000 6.296800 1 1 2
1600402 250000.000000 247751.100000 19960901 1769.490000 73.500000 340000.000000 6.546800 1 1 1
1600477 262500.000000 258332.800000 19960601 1827.560000 75.000000 350000.000000 6.421800 1 1 3
1600485 356000.000000 348838.400000 19960501 2398.440000 80.000000 445000.000000 6.046800 1 1 3
1600592 215650.000000 212293.490000 19960501 1557.290000 95.000000 252000.000000 6.796800 1 1 2
1601053 280000.000000 276237.880000 19960601 1816.080000 80.000000 350000.000000 5.671800 1 1 2
1601343 630000.000000 620092.280000 19960601 4440.340000 78.800000 800000.000000 6.546800 1 1 3
1601392 225000.000000 221509.650000 19960601 1585.840000 58.900000 382000.000000 6.546800 5 1 3
1601533 320000.000000 315290.700000 19960501 2049.000000 80.000000 420000.000000 5.546800 1 1 2
1602077 325000.000000 320754.290000 19960501 2217.080000 64.400000 505000.000000 6.171800 1 1 3
1602085 480000.000000 472553.870000 19960601 3383.120000 80.000000 600000.000000 6.546800 1 1 3
1602275 693000.000000 680893.050000 19960501 4706.370000 74.900000 925000.000000 6.171800 1 1 2
1602283 300000.000000 296174.250000 19960501 2072.030000 74.100000 405000.000000 6.296800 1 1 3
1602291 290000.000000 286208.340000 19960501 1978.320000 88.100000 329000.000000 6.171800 1 1 3
1602606 313000.000000 308801.240000 19960701 2315.000000 69.600000 450000.000000 7.046800 1 1 1
1602911 380000.000000 374119.590000 19960501 2433.190000 80.000000 525000.000000 5.546800 10 1 2
1603109 220000.000000 216665.340000 19960601 1569.610000 80.000000 275000.000000 6.671800 1 1 3
1603265 223250.000000 220041.280000 19960501 1448.000000 95.000000 250000.000000 5.671800 1 1 2
1603422 238400.000000 235196.860000 19960601 1546.260000 80.000000 300000.000000 5.671800 1 1 2
1604115 404000.000000 397905.340000 19960601 2553.560000 79.200000 510000.000000 5.421800 1 1 1
1604289 564000.000000 556179.650000 19960601 3658.100000 80.000000 725000.000000 5.671800 1 1 2
1604297 466000.000000 459888.500000 19960601 3061.290000 66.600000 700000.000000 5.796800 1 1 2
1604578 311000.000000 306937.260000 19960501 2121.570000 74.700000 416500.000000 6.171800 1 1 3
1604693 675000.000000 665930.760000 19960601 4378.040000 77.100000 875000.000000 5.671800 1 1 3
1604701 224000.000000 221198.460000 19960601 1509.130000 78.600000 285000.000000 6.046800 1 1 3
1605138 385000.000000 379164.510000 19960601 2746.810000 77.000000 500000.000000 6.671800 1 1 3
1605856 338000.000000 332318.340000 19960601 2248.730000 65.600000 518000.000000 5.921800 1 1 2
1605989 246850.000000 244149.990000 19970201 1704.940000 94.800000 260500.000000 6.296800 10 1 2
</TABLE>
<PAGE>
Page 9
<TABLE>
<CAPTION>
Property Property Max. Interest Minimum Original Stated
Loan No. Property City State Zip Index Margin Life Interest Rate Term Term
-------- ------------- -------- -------- ----- -------- ------------- ------------- -------- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1606177 ROCKVILLE MD 20852 1YCMT 2.750000 12.875000 2.750000 360 344
1606722 GAITHERSBUR MD 20878 1YCMT 3.000000 13.375000 3.000000 360 343
1607944 WASHINGTON DC 20012 1YCMT 2.750000 13.625000 2.750000 360 345
1608165 DARNESTOWN MD 20874 1YCMT 2.750000 13.125000 2.750000 360 345
1608231 WINSTON-SAL NC 27106 1YCMT 2.750000 12.000000 2.750000 360 344
1608264 BETHESDA MD 20817 1YCMT 2.750000 12.750000 2.750000 360 344
1608272 BETHESDA MD 20816 1YCMT 2.750000 12.750000 2.750000 360 344
1608447 STERLING VA 20165 1YCMT 2.750000 13.500000 2.750000 360 344
1608710 SILVER SPRI MD 20904 1YCMT 2.750000 12.125000 2.750000 360 344
1608736 WASHINGTON DC 20015 1YCMT 2.750000 12.750000 2.750000 360 343
1609825 BETHESDA MD 20816 1YCMT 3.000000 13.625000 3.000000 360 344
1610815 SILVER SPRI MD 20905 1YCMT 2.750000 12.125000 2.750000 360 344
1611748 ROCKVILLE MD 20852 1YCMT 3.000000 13.750000 3.000000 360 344
1611912 ROCKVILLE MD 20850 1YCMT 2.750000 13.375000 2.750000 360 344
1612167 MITCHELLVIL MD 20721 1YCMT 2.750000 12.125000 2.750000 360 345
1613389 ALEXANDRIA VA 22314 1YCMT 2.750000 12.000000 2.750000 360 344
1615095 MCLEAN VA 22102 1YCMT 2.750000 13.125000 2.750000 360 344
1615210 CHARLOTTE NC 28278 1YCMT 2.750000 12.125000 2.750000 360 345
1615806 OWINGS MILL MD 21117 1YCMT 2.750000 12.375000 2.750000 360 346
1615822 BETHESDA MD 20816 1YCMT 3.000000 13.750000 3.000000 360 344
1619378 ARLINGTON VA 22207 1YCMT 3.000000 13.875000 3.000000 360 346
1619493 AFTON VA 22920 1YCMT 3.000000 14.250000 3.000000 360 346
1620327 WASHINGTON DC 20008 1YCMT 3.000000 13.875000 3.000000 360 345
1620343 POTOMAC MD 20854 1YCMT 2.750000 13.500000 2.750000 360 344
1621127 ELLICOTT CI MD 21042 1YCMT 2.750000 13.625000 2.750000 360 346
1621952 ARLINGTON VA 22207 1YCMT 2.750000 13.625000 2.750000 360 345
1621960 FALLS CHURC VA 22044 1YCMT 2.750000 12.375000 2.750000 360 344
1622067 WASHINGTON DC 20007 1YCMT 2.750000 13.375000 2.750000 360 345
1622075 MCLEAN VA 22101 1YCMT 2.750000 13.500000 2.750000 360 345
1622166 GAITHERSBUR MD 20882 1YCMT 2.750000 12.375000 2.750000 360 345
1623016 WILMINGTON NC 28401 1YCMT 2.750000 12.250000 2.750000 360 345
1623321 YORKTOWN VA 23692 1YCMT 3.000000 14.250000 3.000000 360 346
1623685 ALEXANDRIA VA 22308 1YCMT 2.750000 13.500000 2.750000 360 344
1624790 CHESAPEAKE VA 23320 1YCMT 2.750000 13.875000 2.750000 360 346
1625466 SILVER SPRI MD 20905 1YCMT 2.750000 12.500000 2.750000 360 345
1626019 WOODBINE MD 21797 1YCMT 2.750000 12.250000 2.750000 360 345
1626225 HIGHLAND MD 20777 1YCMT 2.750000 12.250000 2.750000 360 345
1627629 DENVER NC 28037 1YCMT 2.750000 12.125000 2.750000 360 346
1627645 LORTON VA 22079 1YCMT 2.750000 13.875000 2.750000 360 345
1627777 FREDERICKSB VA 22408 1YCMT 2.875000 12.750000 2.875000 360 349
1627868 BETHESDA MD 20814 1YCMT 2.750000 12.375000 2.750000 360 347
1628163 RESTON VA 22094 1YCMT 3.000000 14.250000 3.000000 360 347
1628312 CHESTERFIEL VA 23832 1YCMT 2.875000 13.500000 2.875000 360 348
1628379 HILTON HEAD SC 29928 1YCMT 2.750000 12.125000 2.750000 360 346
1628569 NORTH POTOM MD 20878 1YCMT 2.750000 12.125000 2.750000 360 346
1628734 WASHINGTON DC 20011 1YCMT 2.750000 13.375000 2.750000 360 345
1628825 LUTHERVILLE MD 21093 1YCMT 2.750000 12.500000 2.750000 360 347
1628874 ROCKVILLE MD 20850 1YCMT 2.750000 12.125000 2.750000 360 346
1629088 CLARKSVILLE MD 21029 1YCMT 2.750000 13.875000 2.750000 360 345
1629450 EDGEWATER MD 21037 1YCMT 2.750000 12.125000 2.750000 360 346
1629476 OAKTON VA 22124 1YCMT 2.750000 12.125000 2.750000 360 346
1629617 BETHESDA MD 20814 1YCMT 2.750000 12.250000 2.750000 360 345
1630060 MITCHELLVIL MD 20721 1YCMT 3.000000 14.125000 3.000000 360 345
1630565 WASHINGTON DC 20007 1YCMT 2.750000 13.625000 2.750000 360 347
1630862 CLIFTON VA 22024 1YCMT 2.750000 12.250000 2.750000 360 346
1630912 MOUNT AIRY MD 21771 1YCMT 2.750000 13.500000 2.750000 360 345
1631324 WILMINGTON NC 28405 1YCMT 3.000000 14.125000 3.000000 360 356
1631662 POTOMAC MD 20854 1YCMT 2.750000 13.625000 2.750000 360 345
1632025 WILMINGTON NC 28405 1YCMT 2.750000 12.250000 2.750000 360 346
1632421 VIENNA VA 22182 1YCMT 3.000000 14.125000 3.000000 360 346
1634195 VIENNA VA 22181 1YCMT 2.750000 12.250000 2.750000 360 345
1634252 MCLEAN VA 22101 1YCMT 2.750000 12.250000 2.750000 360 345
1635937 ARLINGTON VA 22201 1YCMT 3.000000 14.125000 3.000000 360 347
1636984 ARLINGTON VA 22204 1YCMT 2.750000 13.875000 2.750000 360 348
1637289 HILTON HEAD SC 29925 1YCMT 2.750000 12.250000 2.750000 360 346
1637586 CLINTON MD 20735 1YCMT 2.750000 13.625000 2.750000 360 345
1637685 HILTON HEAD SC 29926 1YCMT 2.750000 12.625000 2.750000 360 347
1638253 FAIRFAX VA 22030 1YCMT 2.750000 12.250000 2.750000 360 346
1638378 WASHINGTON DC 20016 1YCMT 2.750000 12.250000 2.750000 360 346
1638675 YORKTOWN VA 23693 1YCMT 2.750000 13.625000 2.750000 360 347
1638782 WILMINGTON NC 28403 1YCMT 3.000000 12.625000 3.000000 360 351
1638808 GREENSBORO NC 27214 1YCMT 2.750000 13.625000 2.750000 360 345
1638816 CARY NC 27511 1YCMT 2.750000 12.375000 2.750000 360 346
1639202 GAITHERSBUR MD 20882 1YCMT 2.750000 14.000000 2.750000 360 346
1639517 MOORESVILLE NC 28115 1YCMT 2.750000 12.250000 2.750000 360 347
1639582 DURHAM NC 27705 1YCMT 2.750000 12.250000 2.750000 360 347
1639970 NORTH POTOM MD 20878 1YCMT 2.750000 12.125000 2.750000 360 346
1640291 RESTON VA 22091 1YCMT 2.750000 13.625000 2.750000 360 346
1641018 BETHESDA MD 20816 1YCMT 2.750000 13.500000 2.750000 360 346
1641109 FAIRFAX STA VA 22039 1YCMT 2.750000 13.875000 2.750000 360 346
</TABLE>
<TABLE>
<CAPTION>
First Net
Original Current Payment Current Original Original Mortgage Property Own
Loan No. Balance Balance Date PNI LTV Appraisal Rate Type Occ Purpose
-------- ------------- ------------- -------- ----------- --------- ------------- -------- -------- ----- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1606177 308000.000000 303861.650000 19960601 1997.690000 80.000000 385000.000000 5.671800 1 1 3
1606722 252300.000000 248842.270000 19960501 1678.560000 77.600000 325000.000000 5.921800 1 1 3
1607944 225600.000000 223217.080000 19960701 1596.790000 80.000000 285000.000000 6.546800 1 1 2
1608165 316600.000000 312128.690000 19960701 2001.130000 80.000000 419000.000000 5.421800 1 1 2
1608231 336000.000000 331037.640000 19960601 2454.930000 80.000000 420000.000000 6.921800 1 1 3
1608264 298000.000000 293996.010000 19960601 1932.830000 76.400000 390000.000000 5.671800 1 1 3
1608272 458000.000000 451845.250000 19960601 2970.580000 76.300000 600000.000000 5.671800 1 1 1
1608447 244000.000000 240644.290000 19960601 1562.360000 80.000000 308000.000000 5.546800 1 1 2
1608710 219600.000000 216293.520000 19960601 1623.440000 90.000000 244000.000000 7.046800 1 1 3
1608736 506000.000000 496522.010000 19960501 3281.910000 76.100000 665000.000000 5.671800 1 1 3
1609825 307200.000000 302106.340000 19960601 2043.810000 80.000000 405000.000000 5.921800 1 1 2
1610815 403750.000000 397909.290000 19960601 2950.840000 88.700000 455000.000000 6.921800 1 1 3
1611748 258750.000000 255666.050000 19960601 1787.130000 75.000000 345000.000000 6.296800 1 1 3
1611912 336000.000000 330395.250000 19960601 2320.670000 80.000000 420000.000000 6.296800 1 1 2
1612167 220500.000000 217542.050000 19960701 1630.850000 90.000000 245000.000000 7.046800 1 1 1
1613389 276650.000000 272565.020000 19960601 2021.920000 76.800000 360000.000000 6.921800 10 1 3
1615095 444000.000000 437290.260000 19960601 2697.800000 80.000000 565000.000000 5.046800 1 1 2
1615210 650000.000000 639884.410000 19960701 4686.740000 72.200000 900000.000000 6.796800 1 1 3
1615806 437675.000000 432233.540000 19960801 3313.160000 74.200000 590000.000000 7.296800 1 1 3
1615822 225000.000000 222185.880000 19960601 1515.870000 69.200000 335000.000000 6.046800 1 1 2
1619378 248000.000000 245449.900000 19960801 1712.880000 80.000000 310000.000000 6.296800 1 1 2
1619493 349200.000000 346182.700000 19960801 2623.430000 90.000000 395000.000000 7.171800 1 1 2
1620327 351300.000000 347211.440000 19960701 2366.780000 60.000000 590000.000000 6.046800 1 1 2
1620343 255900.000000 252923.210000 19960601 1789.290000 80.000000 320000.000000 6.421800 1 1 2
1621127 264000.000000 261419.020000 19960801 1868.580000 84.000000 320000.000000 6.546800 1 1 2
1621952 336000.000000 332451.060000 19960701 2378.190000 80.000000 420000.000000 6.546800 1 1 3
1621960 228800.000000 225716.030000 19960601 1732.570000 80.000000 286000.000000 7.296800 1 1 3
1622067 280000.000000 276818.890000 19960701 1910.100000 65.100000 432000.000000 6.171800 10 1 2
1622075 445800.000000 440856.500000 19960701 3079.030000 60.000000 743000.000000 6.296800 1 1 3
1622166 239000.000000 235941.760000 19960701 1809.810000 68.300000 350000.000000 7.296800 1 1 3
1623016 250000.000000 246724.390000 19960701 1871.030000 64.900000 385000.000000 7.171800 1 1 2
1623321 236250.000000 234208.690000 19960801 1774.870000 90.000000 264000.000000 7.171800 1 1 2
1623685 382500.000000 377237.550000 19960601 2449.190000 90.000000 433000.000000 5.546800 1 1 2
1624790 217500.000000 215476.660000 19960801 1577.030000 95.000000 229000.000000 6.796800 1 1 2
1625466 351600.000000 346989.850000 19960701 2222.360000 80.000000 440000.000000 5.421800 1 1 2
1626019 260000.000000 256593.400000 19960701 1945.870000 73.200000 355000.000000 7.171800 1 1 3
1626225 385200.000000 380153.010000 19960701 2882.880000 75.500000 510000.000000 7.171800 1 1 3
1627629 250000.000000 246672.230000 19960801 1805.350000 71.400000 350000.000000 6.796800 1 1 3
1627645 249850.000000 246937.130000 19960701 1725.660000 95.000000 263000.000000 6.296800 1 1 2
1627777 299250.000000 287129.030000 19961101 1746.350000 95.000000 315000.000000 4.671800 1 1 2
1627868 324000.000000 320203.300000 19960901 2424.850000 90.000000 360000.000000 7.171800 1 1 3
1628163 218250.000000 216426.710000 19960901 1601.450000 90.000000 243000.000000 6.921800 10 1 2
1628312 336853.000000 334151.630000 19961001 2413.260000 92.900000 367000.000000 6.671800 1 1 2
1628379 234400.000000 231423.560000 19960801 1733.660000 80.000000 295000.000000 7.046800 1 3 2
1628569 356000.000000 351477.680000 19960801 2633.040000 88.300000 403000.000000 7.046800 1 1 3
1628734 368000.000000 363787.070000 19960701 2541.690000 77.500000 475000.000000 6.296800 1 1 3
1628825 381700.000000 377433.540000 19960901 2924.240000 79.500000 480000.000000 7.421800 1 1 3
1628874 450000.000000 444010.120000 19960801 3249.630000 75.000000 600000.000000 6.796800 1 1 3
1629088 253050.000000 250441.760000 19960701 1812.890000 95.000000 271000.000000 6.671800 1 1 2
1629450 286500.000000 282860.540000 19960801 2119.000000 75.000000 382000.000000 7.046800 1 1 3
1629476 256000.000000 252747.980000 19960801 1893.420000 77.600000 330000.000000 7.046800 1 1 3
1629617 255000.000000 251658.930000 19960701 1908.450000 79.700000 320000.000000 7.171800 1 1 3
1630060 313300.000000 309795.290000 19960701 2163.890000 73.700000 425000.000000 6.296800 1 1 3
1630565 216000.000000 214058.020000 19960901 1528.840000 90.000000 250000.000000 6.546800 10 1 2
1630862 400000.000000 92968.540000 19960801 828.480000 28.600000 1400000.000000 6.796800 1 1 3
1630912 240000.000000 237338.510000 19960701 1657.630000 80.000000 300000.000000 6.296800 1 1 2
1631324 300000.000000 299407.250000 19970601 2227.500000 75.000000 400000.000000 7.046800 1 1 1
1631662 260000.000000 257255.030000 19960701 1840.270000 80.000000 325000.000000 6.546800 1 1 3
1632025 338000.000000 333801.520000 19960801 2529.600000 79.200000 427000.000000 7.171800 1 1 3
1632421 357000.000000 353509.800000 19960801 2526.830000 74.400000 480000.000000 6.546800 1 1 3
1634195 700000.000000 516402.300000 19960701 4068.280000 70.700000 995000.000000 7.171800 1 1 2
1634252 450000.000000 444104.030000 19960701 3367.850000 75.000000 600000.000000 7.171800 1 1 3
1635937 225000.000000 223073.260000 19960901 1631.410000 58.400000 385000.000000 6.796800 1 1 3
1636984 249750.000000 247594.030000 19961001 1724.970000 78.700000 320000.000000 6.296800 1 1 2
1637289 382500.000000 377408.530000 19960801 2762.180000 75.000000 510000.000000 6.796800 1 1 3
1637586 223800.000000 221436.090000 19960701 1584.050000 90.000000 249000.000000 6.546800 1 1 2
1637685 220000.000000 217598.660000 19960901 1685.890000 62.900000 350000.000000 7.421800 1 1 2
1638253 300000.000000 296277.620000 19960801 2245.230000 80.000000 375000.000000 7.171800 1 1 3
1638378 225000.000000 222208.210000 19960801 1683.930000 75.000000 300000.000000 7.171800 1 1 3
1638675 300000.000000 290083.870000 19960901 2123.390000 87.000000 360000.000000 6.546800 1 1 2
1638782 248000.000000 246215.290000 19970101 1587.980000 80.000000 310000.000000 5.546800 1 1 2
1638808 220500.000000 217655.760000 19960701 1430.160000 90.000000 248000.000000 5.671800 1 1 2
1638816 240750.000000 237546.560000 19960801 1738.550000 90.000000 268800.000000 6.796800 1 1 2
1639202 217900.000000 215545.720000 19960801 1561.070000 94.800000 230000.000000 6.671800 1 1 2
1639517 250000.000000 247071.610000 19960901 1871.030000 84.700000 305000.000000 7.171800 1 1 2
1639582 236200.000000 231137.600000 19960901 1751.860000 77.400000 305000.000000 7.171800 1 1 3
1639970 319600.000000 315540.090000 19960801 2363.810000 80.000000 399500.000000 7.046800 1 1 3
1640291 269200.000000 266228.740000 19960801 1791.000000 80.000000 337000.000000 5.921800 1 1 2
1641018 288000.000000 285114.770000 19960801 2013.740000 80.000000 360000.000000 6.421800 1 1 2
1641109 572000.000000 566543.470000 19960801 4097.880000 80.000000 725000.000000 6.671800 1 1 2
</TABLE>
<PAGE>
Page 10
<TABLE>
<CAPTION>
Property Property Max. Interest Minimum Original Stated
Loan No. Property City State Zip Index Margin Life Interest Rate Term Term
-------- ------------- -------- -------- ----- -------- ------------- ------------- -------- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1641489 GAITHERSBUR MD 20879 1YCMT 2.750000 12.250000 2.750000 360 346
1641703 OAKTON VA 22124 1YCMT 3.000000 12.125000 3.000000 360 353
1641877 WASHINGTON DC 20007 1YCMT 2.750000 12.250000 2.750000 360 347
1641885 DURHAM NC 27705 1YCMT 3.000000 14.000000 3.000000 360 347
1641984 ALEXANDRIA VA 22301 1YCMT 2.750000 12.125000 2.750000 360 347
1641992 ALEXANDRIA VA 22315 1YCMT 2.750000 12.125000 2.750000 360 347
1642388 DENVER NC 28037 1YCMT 2.750000 12.125000 2.750000 360 347
1642842 MITCHELLVIL MD 20721 1YCMT 2.750000 12.500000 2.750000 360 346
1642982 CLIFTON VA 22024 1YCMT 2.750000 13.500000 2.750000 360 347
1643105 CLARKSVILLE MD 21029 1YCMT 2.750000 12.250000 2.750000 360 347
1644236 STERLING VA 20165 1YCMT 3.000000 16.750000 3.000000 360 346
1645209 WEAVERVILLE NC 28787 1YCMT 2.750000 13.875000 2.750000 360 346
1645332 WILMINGTON NC 28405 1YCMT 2.750000 12.375000 2.750000 360 347
1645761 BOWIE MD 20720 1YCMT 2.750000 12.500000 2.750000 360 348
1645787 ARLINGTON VA 22201 1YCMT 2.750000 12.375000 2.750000 360 347
1646124 DAVIDSONVIL MD 21035 1YCMT 2.750000 12.375000 2.750000 360 347
1646132 BOWIE MD 20721 1YCMT 2.750000 12.500000 2.750000 360 346
1646165 ALEXANDRIA VA 22314 1YCMT 3.000000 12.750000 3.000000 360 348
1646314 MOORESVILLE NC 28115 1YCMT 2.750000 12.375000 2.750000 360 347
1646330 CENTREVILLE VA 22020 1YCMT 2.750000 13.625000 2.750000 360 346
1648898 MCLEAN VA 22101 1YCMT 2.750000 13.875000 2.750000 360 347
1648922 ARNOLD MD 21012 1YCMT 3.000000 12.625000 3.000000 360 351
1649060 GAITHERSBUR MD 20878 1YCMT 3.000000 13.875000 3.000000 360 353
1649318 OAKTON VA 22124 1YCMT 2.875000 13.500000 2.875000 360 348
1649813 DURHAM NC 27705 1YCMT 2.750000 12.500000 2.750000 360 347
1650472 CHARLOTTE NC 28226 1YCMT 2.750000 12.500000 2.750000 360 347
1650514 BETHESDA MD 20816 1YCMT 2.750000 12.500000 2.750000 360 346
1650522 MCLEAN VA 22102 1YCMT 3.000000 12.500000 3.000000 360 349
1650530 VIENNA VA 22182 1YCMT 2.750000 12.875000 2.750000 360 347
1650571 ANNAPOLIS MD 21401 1YCMT 3.000000 12.625000 3.000000 360 349
1650704 WASHINGTON DC 20016 1YCMT 2.750000 13.375000 2.750000 360 347
1651579 ALEXANDRIA VA 22312 1YCMT 2.750000 12.375000 2.750000 360 347
1651785 WILMINGTON NC 28409 1YCMT 3.000000 12.375000 3.000000 360 350
1651991 FAIRFAX VA 22030 1YCMT 3.000000 14.125000 3.000000 360 347
1652213 CROFTON MD 21114 1YCMT 2.750000 12.375000 2.750000 360 347
1652882 KESWICK VA 22947 1YCMT 3.000000 13.875000 3.000000 360 356
1652999 GREAT FALLS VA 22066 1YCMT 2.750000 13.625000 2.750000 360 347
1653054 POTOMAC MD 20854 1YCMT 2.750000 12.375000 2.750000 360 348
1653120 CHARLOTTE NC 28270 1YCMT 2.750000 12.375000 2.750000 360 348
1653476 NORTH POTOM MD 20878 1YCMT 2.750000 12.375000 2.750000 360 348
1653567 VIENNA VA 22182 1YCMT 2.750000 12.375000 2.750000 360 347
1654151 LOWGAP NC 27024 1YCMT 3.250000 13.000000 3.250000 360 347
1654185 OWINGS MILL MD 21117 1YCMT 2.750000 12.375000 2.750000 360 347
1654458 ANNAPOLIS MD 21401 1YCMT 2.750000 12.375000 2.750000 360 348
1654813 ARLINGTON VA 22207 1YCMT 2.750000 13.625000 2.750000 360 347
1654995 CHARLOTTE NC 28209 1YCMT 2.750000 12.500000 2.750000 360 348
1655406 WILMINGTON NC 28409 1YCMT 3.000000 12.625000 3.000000 360 351
1655653 RICHMOND VA 23233 1YCMT 2.750000 12.625000 2.750000 360 347
1656107 EARLYSVILLE VA 22936 1YCMT 2.750000 12.500000 2.750000 360 348
1656305 VIENNA VA 22181 1YCMT 2.750000 12.500000 2.750000 360 347
1656453 SILVER SPRI MD 20906 1YCMT 2.750000 12.500000 2.750000 360 348
1656479 CLARKSVILLE MD 21029 1YCMT 2.750000 13.625000 2.750000 360 347
1656503 CHARLOTTESV VA 22901 1YCMT 3.000000 13.750000 3.000000 360 353
1656743 RICHMOND VA 23229 1YCMT 2.750000 13.750000 2.750000 360 348
1656842 POTOMAC MD 20854 1YCMT 2.750000 12.500000 2.750000 360 347
1656883 WASHINGTON DC 20009 1YCMT 2.750000 13.875000 2.750000 360 347
1657378 GREAT FALLS VA 22066 1YCMT 2.750000 12.500000 2.750000 360 348
1657394 SPRINGFIELD VA 22153 1YCMT 2.750000 12.500000 2.750000 360 348
1657493 WASHINGTON DC 20007 1YCMT 2.875000 12.250000 2.875000 360 348
1657972 ARNOLD MD 21012 1YCMT 3.000000 12.500000 3.000000 360 349
1658244 HERNDON VA 22071 1YCMT 2.750000 13.750000 2.750000 360 348
1658376 RESTON VA 22094 1YCMT 2.750000 12.500000 2.750000 360 348
1658392 WASHINGTON DC 20008 1YCMT 2.750000 12.750000 2.750000 360 348
1659176 WASHINGTON DC 20015 1YCMT 2.750000 13.875000 2.750000 360 348
1660067 STERLING VA 20165 1YCMT 2.750000 12.625000 2.750000 360 350
1660422 WASHINGTON DC 20007 1YCMT 2.750000 13.750000 2.750000 360 349
1660752 ADVANCE NC 27006 1YCMT 2.750000 12.625000 2.750000 360 348
1661081 FALLS CHURC VA 22041 1YCMT 2.750000 12.625000 2.750000 360 348
1661347 WILMINGTON NC 28405 1YCMT 2.750000 12.500000 2.750000 360 347
1661792 CHAPIN SC 29036 1YCMT 2.750000 13.875000 2.750000 360 348
1661917 CHESTER MD 21619 1YCMT 3.000000 13.875000 3.000000 360 348
1662501 RICHMOND VA 23234 1YCMT 3.000000 13.875000 3.000000 360 350
1662527 ROSWELL GA 30075 1YCMT 2.750000 12.500000 2.750000 360 348
1662923 BETHESDA MD 20817 1YCMT 2.750000 13.750000 2.750000 360 348
1664317 CABIN JOHN MD 20818 1YCMT 2.750000 12.500000 2.750000 360 348
1664341 PASADENA MD 21122 1YCMT 2.750000 12.500000 2.750000 360 349
1664366 FAIRFAX STA VA 22039 1YCMT 2.750000 12.500000 2.750000 360 348
1664457 MOUNT AIRY MD 21771 1YCMT 2.750000 12.750000 2.750000 360 347
1664507 CLIFTON VA 22024 1YCMT 2.750000 12.500000 2.750000 360 348
1664788 GREAT FALLS VA 22066 1YCMT 2.750000 12.625000 2.750000 360 348
</TABLE>
<TABLE>
<CAPTION>
First Net
Original Current Payment Current Original Original Mortgage Property Own
Loan No. Balance Balance Date PNI LTV Appraisal Rate Type Occ Purpose
-------- ------------- ------------- -------- ----------- --------- ------------- -------- -------- ----- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1641489 253600.000000 250144.940000 19960801 1809.330000 90.000000 285000.000000 6.671800 1 1 2
1641703 340000.000000 337991.750000 19970301 2065.880000 73.100000 465000.000000 5.046800 1 1 3
1641877 348300.000000 344498.300000 19960901 2669.070000 90.000000 405000.000000 7.421800 10 1 2
1641885 250000.000000 247751.100000 19960901 1769.490000 50.500000 498000.000000 6.546800 1 1 2
1641984 508800.000000 498953.810000 19960901 3735.150000 80.000000 636000.000000 7.046800 1 1 3
1641992 300000.000000 296401.000000 19960901 2218.850000 87.000000 345000.000000 7.046800 1 1 3
1642388 237500.000000 234650.810000 19960901 1756.590000 75.400000 315000.000000 7.046800 1 1 3
1642842 220500.000000 217827.860000 19960801 1669.720000 90.000000 245000.000000 7.296800 1 1 3
1642982 524000.000000 519169.500000 19960901 3663.890000 80.000000 655000.000000 6.421800 1 1 3
1643105 450000.000000 444726.870000 19960901 3367.850000 75.000000 600000.000000 7.171800 1 1 3
1644236 256500.000000 254495.260000 19960801 2017.890000 95.000000 271500.000000 7.671800 1 1 2
1645209 238000.000000 235096.660000 19960801 1664.130000 79.900000 298000.000000 6.421800 1 1 2
1645332 750000.000000 741416.230000 19960901 5679.320000 60.000000 1250000.000000 7.296800 1 1 3
1645761 245000.000000 242496.580000 19961001 1548.570000 87.500000 280000.000000 5.421800 1 1 1
1645787 260000.000000 257024.200000 19960901 1968.830000 54.200000 480000.000000 7.296800 1 1 3
1646124 415400.000000 410550.830000 19960901 3145.100000 76.100000 546000.000000 7.296800 1 1 3
1646132 263250.000000 260134.650000 19960801 2016.790000 90.000000 292500.000000 7.421800 1 1 3
1646165 550000.000000 544338.130000 19961001 3792.340000 72.700000 757000.000000 6.296800 10 1 1
1646314 442000.000000 436697.620000 19960901 3269.110000 74.900000 590000.000000 7.046800 1 1 3
1646330 298800.000000 295781.180000 19960801 2114.890000 90.000000 332000.000000 6.546800 1 1 3
1648898 685000.000000 679134.280000 19960901 4966.730000 74.500000 920000.000000 6.796800 1 1 1
1648922 324000.000000 321611.800000 19970101 2047.910000 80.000000 405000.000000 5.421800 1 1 3
1649060 286500.000000 285297.380000 19970301 2077.330000 80.000000 370000.000000 6.796800 1 1 2
1649318 299000.000000 296481.260000 19961001 2090.660000 74.900000 414000.000000 6.421800 1 1 2
1649813 288000.000000 284780.900000 19960901 2206.400000 70.200000 410000.000000 7.421800 1 1 3
1650472 256000.000000 253054.070000 19960901 1960.590000 80.000000 320000.000000 7.421800 1 1 2
1650514 497900.000000 491602.340000 19960801 3812.890000 72.200000 690000.000000 7.421800 1 1 3
1650522 435000.000000 430970.250000 19961101 2749.500000 75.000000 580000.000000 5.421800 1 1 1
1650530 310500.000000 307269.100000 19960901 2039.770000 90.000000 353000.000000 5.796800 1 1 2
1650571 325000.000000 322060.220000 19961101 2081.020000 67.700000 480000.000000 5.546800 1 1 3
1650704 618500.000000 611252.310000 19960901 4628.930000 56.200000 1100000.000000 7.171800 1 1 1
1651579 232000.000000 222451.080000 19960901 1703.990000 77.300000 300000.000000 7.296800 1 1 3
1651785 247500.000000 245341.800000 19961201 1523.910000 91.000000 277000.000000 5.171800 1 1 2
1651991 216776.000000 213382.770000 19960901 1497.220000 79.900000 275000.000000 6.296800 10 1 2
1652213 237700.000000 234966.400000 19960901 1799.870000 84.900000 280000.000000 7.296800 1 1 3
1652882 250000.000000 249439.890000 19970601 1748.040000 50.400000 510000.000000 6.421800 1 1 2
1652999 484000.000000 479203.150000 19960901 3260.800000 80.000000 625000.000000 6.046800 1 1 2
1653054 288000.000000 284986.560000 19961001 1796.750000 73.500000 392000.000000 5.296800 1 1 1
1653120 234000.000000 231182.780000 19961001 1347.040000 90.000000 260000.000000 4.546800 1 1 2
1653476 236200.000000 233728.510000 19961001 1473.590000 77.200000 306000.000000 5.296800 1 1 1
1653567 420000.000000 414961.490000 19960901 3106.390000 80.000000 525000.000000 7.046800 1 1 3
1654151 265600.000000 262901.920000 19960901 2129.920000 80.000000 332000.000000 7.921800 1 1 2
1654185 360000.000000 355879.720000 19960901 2245.940000 90.000000 470000.000000 5.296800 1 1 2
1654458 288000.000000 284986.560000 19961001 1796.750000 79.600000 362000.000000 5.296800 1 1 3
1654813 412800.000000 409086.640000 19960901 2921.780000 80.000000 520000.000000 6.546800 1 1 2
1654995 250000.000000 221238.080000 19961001 1661.560000 31.300000 800000.000000 6.921800 1 1 2
1655406 368000.000000 365353.660000 19970101 2356.350000 80.000000 460000.000000 5.546800 1 1 3
1655653 271150.000000 268040.080000 19960901 2077.860000 80.000000 340200.000000 7.421800 1 1 2
1656107 220000.000000 217752.060000 19961001 1390.550000 79.700000 276000.000000 5.421800 1 1 3
1656305 725000.000000 715887.160000 19960901 5235.510000 74.400000 1000000.000000 6.796800 1 1 2
1656453 282500.000000 279613.380000 19961001 1785.600000 74.700000 378000.000000 5.421800 1 1 1
1656479 294800.000000 291805.290000 19960901 1961.320000 80.000000 370000.000000 5.921800 1 1 2
1656503 330000.000000 328579.720000 19970301 2364.170000 61.700000 535000.000000 6.671800 1 1 1
1656743 450000.000000 446391.250000 19961001 3223.860000 49.200000 925000.000000 6.671800 1 1 2
1656842 217000.000000 214449.600000 19960901 1661.490000 74.800000 290000.000000 7.421800 1 1 3
1656883 280000.000000 276730.090000 19960901 2005.960000 71.800000 390000.000000 6.671800 00 1 3
1657378 464000.000000 459258.850000 19961001 2932.800000 80.000000 597000.000000 5.421800 1 1 2
1657394 225800.000000 223492.790000 19961001 1427.210000 88.500000 255000.000000 5.421800 1 1 1
1657493 300000.000000 296785.920000 19961001 1847.160000 71.400000 420000.000000 5.171800 1 1 2
1657972 388750.000000 380767.910000 19961101 2457.170000 82.700000 470000.000000 5.421800 1 1 1
1658244 287000.000000 284698.380000 19961001 2056.110000 84.900000 338000.000000 6.671800 1 1 1
1658376 260000.000000 257343.310000 19961001 1643.380000 76.900000 338000.000000 5.421800 1 1 3
1658392 580000.000000 574349.810000 19961001 3761.870000 80.000000 725000.000000 5.671800 1 1 2
1659176 299250.000000 296473.170000 19961001 1990.920000 95.000000 375000.000000 5.921800 1 1 2
1660067 299000.000000 296572.690000 19961201 1914.530000 74.800000 400000.000000 5.546800 1 1 1
1660422 391000.000000 388087.690000 19961101 2767.480000 71.100000 550000.000000 6.546800 10 1 3
1660752 255500.000000 252950.700000 19961001 1636.000000 90.000000 290000.000000 5.546800 1 1 2
1661081 307000.000000 303304.730000 19961001 1965.760000 86.500000 355000.000000 5.546800 1 1 3
1661347 380000.000000 182145.670000 19960901 1562.540000 80.000000 483000.000000 7.421800 1 1 2
1661792 240000.000000 238122.340000 19961001 1740.170000 80.000000 300000.000000 6.796800 1 1 2
1661917 560000.000000 554676.800000 19961001 3678.810000 80.000000 700000.000000 5.796800 1 1 2
1662501 225600.000000 224054.890000 19961201 1577.430000 80.000000 290000.000000 6.421800 1 1 2
1662527 400000.000000 395912.770000 19961001 2528.280000 69.600000 575000.000000 5.421800 1 1 3
1662923 292000.000000 288667.430000 19961001 2016.780000 80.000000 368000.000000 6.296800 1 1 2
1664317 282800.000000 279840.930000 19961001 1764.310000 80.000000 353500.000000 5.296800 10 1 2
1664341 248000.000000 244606.330000 19961101 1567.530000 80.000000 310000.000000 5.421800 1 1 1
1664366 285600.000000 282681.730000 19961001 1805.190000 80.000000 357000.000000 5.421800 1 1 3
1664457 294500.000000 291361.250000 19960901 2257.380000 95.000000 310000.000000 7.421800 1 1 2
1664507 260000.000000 257343.310000 19961001 1643.380000 80.000000 325000.000000 5.421800 1 1 3
1664788 371000.000000 363239.570000 19961001 2375.560000 73.500000 505000.000000 5.546800 1 1 1
</TABLE>
<PAGE>
Page 11
<TABLE>
<CAPTION>
Property Property Max. Interest Minimum Original Stated
Loan No. Property City State Zip Index Margin Life Interest Rate Term Term
-------- ------------- -------- -------- ----- -------- ------------- ------------- -------- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1664903 MOORESVILLE NC 28115 1YCMT 3.000000 12.625000 3.000000 360 350
1665215 ANNAPOLIS MD 21401 1YCMT 2.750000 12.500000 2.750000 360 348
1665348 WASHINGTON DC 20015 1YCMT 2.750000 13.625000 2.750000 360 348
1665371 WINTERGREEN VA 22958 1YCMT 2.750000 13.875000 2.750000 360 348
1665587 WASHINGTON DC 20016 1YCMT 3.000000 14.125000 3.000000 360 348
1666023 RESTON VA 20194 1YCMT 3.000000 12.250000 3.000000 360 350
1666049 BETHESDA MD 20817 1YCMT 2.750000 12.500000 2.750000 360 349
1666411 GREAT FALLS VA 22066 1YCMT 2.750000 12.500000 2.750000 360 349
1666460 VIENNA VA 22181 1YCMT 2.875000 12.375000 2.875000 360 348
1666494 ANNAPOLIS MD 21403 1YCMT 2.750000 12.625000 2.750000 360 348
1666635 MADISON NJ 7940 1YCMT 3.000000 12.625000 3.000000 360 350
1666791 SPRINGFIELD VA 22153 1YCMT 2.750000 12.500000 2.750000 360 348
1667294 POWDER SPRI GA 30073 1YCMT 2.750000 12.625000 2.750000 360 348
1668144 FAIRFAX VA 22020 1YCMT 2.750000 12.625000 2.750000 360 349
1668201 STERLING VA 20165 1YCMT 3.000000 12.625000 3.000000 360 350
1668946 MCLEAN VA 22101 1YCMT 2.750000 12.625000 2.750000 360 349
1668987 ROCKVILLE MD 20854 1YCMT 2.750000 14.000000 2.750000 360 349
1668995 WINSTON-SAL NC 27106 1YCMT 2.750000 12.500000 2.750000 360 348
1669167 SOUTH RIDIN VA 20152 1YCMT 3.000000 13.625000 3.000000 360 353
1669712 SUMMERFIELD NC 27358 1YCMT 2.750000 12.500000 2.750000 360 349
1669720 CLEMMONS NC 27012 1YCMT 2.750000 12.500000 2.750000 360 348
1669738 GAITHERSBUR MD 20879 1YCMT 3.000000 12.500000 3.000000 360 350
1669753 WINSTON-SAL NC 27104 1YCMT 2.750000 12.500000 2.750000 360 348
1670140 WASHINGTON DC 20007 1YCMT 3.000000 12.375000 3.000000 360 350
1670157 FAIRFAX VA 22032 1YCMT 2.875000 12.375000 2.875000 360 348
1670264 WASHINGTON DC 20007 1YCMT 2.875000 13.500000 2.875000 360 349
1670413 ALEXANDRIA VA 22310 1YCMT 2.875000 12.375000 2.875000 360 349
1670421 WASHINGTON DC 20016 1YCMT 3.000000 13.500000 3.000000 360 350
1670454 ANNANDALE VA 22003 1YCMT 2.875000 12.375000 2.875000 360 348
1670496 MITCHELLVIL MD 20721 1YCMT 2.875000 12.375000 2.875000 360 349
1671213 LUTHERVILLE MD 21093 1YCMT 2.875000 12.250000 2.875000 360 348
1671338 VIENNA VA 22182 1YCMT 2.875000 12.375000 2.875000 360 349
1671619 LUTHERVILLE MD 21093 1YCMT 3.000000 12.375000 3.000000 360 350
1671643 SILVER SPRI MD 20905 1YCMT 2.875000 13.500000 2.875000 360 349
1671692 NEW CITY NY 10956 1YCMT 2.875000 13.375000 2.875000 360 354
1671718 WARRENTON VA 20186 1YCMT 2.875000 13.500000 2.875000 360 349
1671874 VIRGINIA BE VA 23454 1YCMT 2.875000 12.375000 2.875000 360 349
1672062 ELLICOTT CI MD 21042 1YCMT 2.875000 13.500000 2.875000 360 349
1672328 SILVER SPRI MD 20910 1YCMT 2.875000 12.375000 2.875000 360 349
1672401 ARLINGTON VA 22205 1YCMT 3.000000 13.875000 3.000000 360 348
1672948 ARLINGTON VA 22213 1YCMT 2.875000 12.375000 2.875000 360 349
1672989 MOORESVILLE NC 28115 1YCMT 2.875000 12.375000 2.875000 360 349
1673037 GLEN ARM MD 21057 1YCMT 2.875000 12.375000 2.875000 360 349
1673276 BALTIMORE MD 21208 1YCMT 2.875000 12.500000 2.875000 360 350
1673292 RESTON VA 22091 1YCMT 2.875000 12.375000 2.875000 360 349
1673318 BETHESDA MD 20817 1YCMT 2.875000 12.375000 2.875000 360 349
1673326 ROUND HILL VA 20141 1YCMT 2.875000 12.250000 2.875000 360 349
1673367 ALEXANDRIA VA 22315 1YCMT 2.875000 12.375000 2.875000 360 349
1673482 OAKTON VA 22124 1YCMT 2.875000 12.375000 2.875000 360 349
1673615 ROCKVILLE MD 20850 1YCMT 2.875000 12.375000 2.875000 360 349
1674266 CHEVY CHASE MD 20815 1YCMT 2.875000 12.250000 2.875000 360 349
1674308 WASHINGTON DC 20007 1YCMT 2.875000 14.125000 2.875000 360 349
1674720 DARNESTOWN MD 20874 1YCMT 2.875000 12.250000 2.875000 360 349
1674803 POTOMAC MD 20854 1YCMT 3.000000 14.000000 3.000000 360 349
1675685 ASHBURN VA 20147 1YCMT 2.875000 13.125000 2.875000 360 357
1676485 WASHINGTON DC 20011 1YCMT 2.875000 12.625000 2.875000 360 350
1676691 POTOMAC MD 20854 1YCMT 2.875000 12.250000 2.875000 360 351
1678499 BETHESDA MD 20817 1YCMT 2.875000 12.250000 2.875000 360 355
1678788 WASHINGTON DC 20016 1YCMT 2.875000 13.750000 2.875000 360 349
1681352 GLEN ALLEN VA 23060 1YCMT 3.000000 14.000000 3.000000 360 350
1682343 VIRGINIA BE VA 23456 1YCMT 2.875000 13.500000 2.875000 360 354
1682434 BETHESDA MD 20816 1YCMT 2.875000 13.500000 2.875000 360 354
1684547 WASHINGTON DC 20007 1YCMT 2.875000 12.125000 2.875000 360 350
1684810 GLEN ALLEN VA 23060 1YCMT 2.875000 13.375000 2.875000 360 351
1685387 CLIFTON VA 20124 1YCMT 2.875000 13.375000 2.875000 360 355
1686062 WASHINGTON DC 20016 1YCMT 2.875000 13.375000 2.875000 360 351
1688597 ALEXANDRIA VA 22309 1YCMT 3.000000 13.750000 3.000000 360 351
1690494 BETHESDA MD 20817 1YCMT 3.000000 13.875000 3.000000 360 357
1690551 BETHESDA MD 20814 1YCMT 2.875000 13.250000 2.875000 360 351
1693274 GAMBRILLS MD 21054 1YCMT 2.875000 12.000000 2.875000 360 352
1694017 ALEXANDRIA VA 22315 1YCMT 2.875000 13.500000 2.875000 360 354
1694223 HERNDON VA 22071 1YCMT 3.000000 14.125000 3.000000 360 351
1694603 BETHESDA MD 20816 1YCMT 3.000000 13.625000 3.000000 360 353
1695048 ASHBURN VA 20147 1YCMT 2.875000 12.000000 2.875000 360 352
1695816 FAIRFAX VA 22030 1YCMT 3.000000 13.750000 3.000000 360 352
1696202 ASHBURN VA 20147 1YCMT 3.000000 12.875000 3.000000 360 358
1696624 WASHINGTON DC 20016 1YCMT 2.875000 13.125000 2.875000 360 353
1696673 WASHINGTON DC 20007 1YCMT 2.875000 13.125000 2.875000 360 352
1696681 BETHESDA MD 20814 1YCMT 3.000000 13.625000 3.000000 360 352
1697614 ANNAPOLIS MD 21401 1YCMT 2.875000 12.000000 2.875000 360 352
</TABLE>
<TABLE>
<CAPTION>
First Net
Original Current Payment Current Original Original Mortgage Property Own
Loan No. Balance Balance Date PNI LTV Appraisal Rate Type Occ Purpose
-------- ------------- ------------- -------- ----------- --------- ------------- -------- -------- ----- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1664903 240000.000000 238051.610000 19961201 1536.750000 65.800000 365000.000000 5.546800 1 1 1
1665215 281500.000000 262399.100000 19961001 1779.280000 74.100000 380000.000000 5.421800 1 1 3
1665348 246400.000000 244374.690000 19961001 1744.010000 80.000000 308000.000000 6.546800 1 1 1
1665371 360000.000000 357183.530000 19961001 2610.250000 73.500000 490000.000000 6.796800 1 1 2
1665587 624000.000000 619121.090000 19961001 4524.440000 80.000000 780000.000000 6.796800 1 1 3
1666023 223200.000000 221253.690000 19961201 1374.290000 80.000000 280000.000000 5.171800 1 1 2
1666049 670000.000000 663793.280000 19961101 4234.860000 78.800000 850000.000000 5.421800 1 1 3
1666411 360000.000000 356665.020000 19961101 2275.450000 80.000000 450000.000000 5.421800 1 1 2
1666460 272000.000000 269153.970000 19961001 1696.930000 76.000000 358000.000000 5.296800 1 1 1
1666494 772500.000000 764792.340000 19961001 4946.410000 75.000000 1070000.000000 5.546800 5 1 2
1666635 586000.000000 581242.710000 19961201 3752.230000 77.600000 755000.000000 5.546800 1 1 1
1666791 321800.000000 318425.160000 19961001 2409.710000 85.800000 375000.000000 7.171800 1 1 3
1667294 215550.000000 213399.260000 19961001 1380.200000 73.600000 293000.000000 5.546800 1 1 3
1668144 261500.000000 254977.190000 19961101 1674.420000 71.600000 365000.000000 5.546800 1 1 1
1668201 250000.000000 247970.450000 19961201 1600.780000 76.000000 329000.000000 5.546800 1 1 1
1668946 280000.000000 277467.250000 19961101 1792.880000 80.000000 350000.000000 5.546800 1 1 1
1668987 261250.000000 259399.260000 19961101 1894.250000 95.000000 275000.000000 6.796800 1 1 2
1668995 254250.000000 251652.030000 19961001 1607.040000 90.000000 282500.000000 5.421800 1 1 2
1669167 218555.000000 217567.520000 19970301 1528.170000 78.600000 278000.000000 6.421800 1 1 2
1669712 281000.000000 278396.790000 19961101 1776.120000 85.400000 329000.000000 5.421800 1 1 2
1669720 215200.000000 213001.000000 19961001 1360.220000 80.000000 269000.000000 5.421800 1 1 2
1669738 282000.000000 279655.190000 19961201 1782.440000 79.400000 355000.000000 5.421800 1 1 1
1669753 217600.000000 215376.490000 19961001 1375.390000 80.000000 277000.000000 5.421800 1 1 2
1670140 222200.000000 220307.930000 19961201 1386.240000 69.400000 320000.000000 5.296800 1 1 1
1670157 255500.000000 251595.950000 19961001 1593.990000 79.800000 320000.000000 5.296800 1 1 1
1670264 260000.000000 257648.230000 19961101 1664.810000 80.000000 335000.000000 5.546800 10 1 2
1670413 260000.000000 257533.390000 19961101 1622.070000 88.400000 294000.000000 5.296800 10 1 1
1670421 540000.000000 536301.660000 19961201 3775.760000 80.000000 675000.000000 6.421800 1 1 3
1670454 227100.000000 224723.790000 19961001 1416.810000 85.400000 266000.000000 5.296800 1 1 3
1670496 240000.000000 237723.200000 19961101 1497.290000 80.000000 300000.000000 5.296800 1 1 3
1671213 325000.000000 321518.050000 19961001 2001.090000 48.100000 675000.000000 5.171800 1 1 3
1671338 248000.000000 244520.430000 19961101 1547.200000 50.600000 490000.000000 5.296800 1 1 3
1671619 343500.000000 340574.980000 19961201 2143.000000 79.900000 430000.000000 5.296800 1 1 1
1671643 558000.000000 553636.550000 19961101 3901.620000 77.000000 725000.000000 6.421800 1 1 1
1671692 488000.000000 486120.370000 19970401 3370.500000 80.000000 610000.000000 6.296800 1 1 2
1671718 380000.000000 377099.140000 19961101 2657.020000 69.100000 550000.000000 6.421800 1 1 3
1671874 218900.000000 216824.440000 19961101 1365.660000 89.300000 245000.000000 5.296800 1 1 1
1672062 216000.000000 213278.940000 19961101 1510.310000 90.000000 245000.000000 6.421800 1 1 2
1672328 253000.000000 249644.590000 19961101 1578.400000 79.100000 320000.000000 5.296800 1 1 1
1672401 294400.000000 291084.630000 19961001 1958.660000 80.000000 385000.000000 5.921800 1 1 2
1672948 264000.000000 261495.510000 19961101 1647.020000 75.000000 352000.000000 5.296800 1 1 3
1672989 230400.000000 228214.270000 19961101 1437.400000 80.000000 289000.000000 5.296800 1 1 2
1673037 427500.000000 423444.410000 19961101 2667.050000 90.000000 480000.000000 5.296800 1 1 2
1673276 592000.000000 587077.660000 19961201 3741.850000 80.000000 740000.000000 5.421800 1 1 3
1673292 224000.000000 221875.010000 19961101 1397.470000 84.500000 265000.000000 5.296800 1 1 3
1673318 424200.000000 420175.760000 19961101 2646.460000 79.300000 535000.000000 5.296800 1 1 3
1673326 423200.000000 419083.730000 19961101 2605.720000 80.000000 530000.000000 5.171800 1 1 2
1673367 250000.000000 247628.320000 19961101 1559.680000 89.300000 280000.000000 5.296800 1 1 1
1673482 333000.000000 329842.670000 19961101 2077.490000 84.900000 392000.000000 5.296800 1 1 3
1673615 270000.000000 267438.630000 19961101 1684.450000 60.700000 445000.000000 5.296800 1 1 1
1674266 372000.000000 368386.410000 19961101 2290.470000 60.000000 660000.000000 5.171800 1 1 2
1674308 251750.000000 249682.120000 19961101 1696.090000 95.000000 265000.000000 6.046800 1 1 2
1674720 300000.000000 297085.760000 19961101 1847.160000 72.300000 430000.000000 5.171800 1 1 2
1674803 258400.000000 256217.200000 19961101 1719.150000 80.000000 323000.000000 5.921800 10 1 2
1675685 305500.000000 305009.930000 19970701 2058.220000 95.000000 324000.000000 6.046800 1 1 2
1676485 237500.000000 235571.930000 19961201 1520.740000 95.000000 255000.000000 5.546800 1 1 2
1676691 580000.000000 575299.160000 19970101 3477.400000 80.000000 800000.000000 4.921800 1 1 2
1678499 250000.000000 249044.960000 19970501 1539.300000 49.900000 502000.000000 5.171800 1 1 2
1678788 237600.000000 235502.960000 19961101 1541.070000 80.000000 300000.000000 5.671800 1 1 2
1681352 250000.000000 248449.330000 19961201 1834.420000 67.600000 388000.000000 6.921800 1 1 2
1682343 219600.000000 218733.040000 19970401 1498.060000 90.000000 290000.000000 6.171800 1 1 2
1682434 454400.000000 452692.590000 19970401 3177.240000 80.000000 568000.000000 6.421800 1 1 1
1684547 500000.000000 495535.830000 19961201 3038.060000 59.500000 840000.000000 5.046800 1 1 3
1684810 284000.000000 281751.840000 19970101 1725.620000 80.000000 360000.000000 5.046800 1 1 2
1685387 381550.000000 380224.820000 19970501 2474.730000 80.000000 479000.000000 5.671800 1 1 2
1686062 325000.000000 322877.050000 19970101 2189.590000 40.700000 800000.000000 6.046800 1 1 2
1688597 223120.000000 221617.000000 19970101 1484.430000 80.000000 281000.000000 5.921800 1 1 2
1690494 400000.000000 399447.630000 19970701 2900.280000 71.400000 560000.000000 6.796800 1 1 3
1690551 499200.000000 496017.880000 19970101 3405.430000 80.000000 624000.000000 6.171800 1 1 3
1693274 250000.000000 248231.510000 19970201 1498.880000 69.400000 360000.000000 4.921800 1 1 3
1694017 267250.000000 266141.780000 19970401 1778.030000 79.700000 337000.000000 5.921800 1 1 2
1694223 215650.000000 214494.330000 19970101 1601.200000 95.000000 231000.000000 7.046800 1 1 2
1694603 304000.000000 302407.320000 19970301 1971.740000 80.000000 380000.000000 5.671800 1 1 2
1695048 233100.000000 231203.610000 19970201 1287.190000 80.000000 300000.000000 4.171800 1 1 2
1695816 293000.000000 291512.480000 19970201 2099.090000 78.600000 373000.000000 6.671800 1 1 3
1696202 338215.000000 337930.850000 19970801 2221.840000 100.000000 340000.000000 5.796800 1 1 2
1696624 320000.000000 315337.750000 19970301 2102.180000 80.000000 400000.000000 5.796800 1 1 2
1696673 264000.000000 262495.590000 19970201 1778.620000 80.000000 330000.000000 6.046800 10 1 2
1696681 251000.000000 249703.780000 19970201 1776.570000 68.800000 365000.000000 6.546800 10 1 1
1697614 530000.000000 526250.800000 19970201 3177.620000 54.400000 975000.000000 4.921800 1 1 3
</TABLE>
<PAGE>
Page 12
<TABLE>
<CAPTION>
Property Property Max. Interest Minimum Original Stated
Loan No. Property City State Zip Index Margin Life Interest Rate Term Term
-------- ------------- -------- -------- ----- -------- ------------- ------------- -------- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1698455 WASHINGTON DC 20003 1YCMT 2.875000 13.125000 2.875000 360 352
1698695 GAITHERSBUR MD 20878 1YCMT 3.000000 13.875000 3.000000 360 356
1699073 EDGEWATER MD 21037 1YCMT 2.875000 13.250000 2.875000 360 353
1699545 BETHESDA MD 20817 1YCMT 3.000000 13.625000 3.000000 360 353
1699552 VIENNA VA 22182 1YCMT 3.000000 13.625000 3.000000 360 358
1699560 WASHINGTON DC 20007 1YCMT 3.000000 14.000000 3.000000 360 352
1700046 BETHESDA MD 20816 1YCMT 2.875000 13.125000 2.875000 360 352
1700178 KENSINGTON MD 20895 1YCMT 2.875000 12.125000 2.875000 360 352
1700384 WASHINGTON DC 20016 1YCMT 3.000000 13.500000 3.000000 360 353
1701762 GAITHERSBUR MD 20878 1YCMT 3.000000 13.625000 3.000000 360 358
1701853 WASHINGTON DC 20008 1YCMT 2.875000 12.250000 2.875000 360 354
1701861 BETHESDA MD 20817 1YCMT 2.875000 12.125000 2.875000 360 352
1702901 WASHINGTON DC 20016 1YCMT 3.000000 13.875000 3.000000 360 355
1703933 BETHESDA MD 20817 1YCMT 3.000000 14.000000 3.000000 360 354
1704113 GAITHERSBUR MD 20878 1YCMT 3.000000 13.875000 3.000000 360 354
1705706 GAITHERSBUR MD 20878 1YCMT 3.000000 14.000000 3.000000 360 353
1705722 ASHBURN VA 20147 1YCMT 3.000000 13.500000 3.000000 360 357
1706340 CHEVY CHASE MD 20815 1YCMT 2.875000 12.250000 2.875000 360 355
1706787 CENTREVILLE VA 20120 1YCMT 3.000000 13.875000 3.000000 360 356
1707561 COLUMBIA MD 21044 1YCMT 3.000000 14.000000 3.000000 360 354
1707876 BOZMAN MD 21612 1YCMT 3.000000 13.750000 3.000000 360 354
1709278 OAKTON VA 22124 1YCMT 3.000000 13.750000 3.000000 360 355
1709815 WASHINGTON DC 20009 1YCMT 3.000000 13.750000 3.000000 360 355
1709989 ROCKVILLE MD 20852 1YCMT 3.000000 14.525000 3.000000 360 358
1711134 CROWNSVILLE MD 21032 1YCMT 2.875000 12.375000 2.875000 360 356
1711142 CROWNSVILLE MD 21032 1YCMT 3.000000 13.875000 3.000000 360 355
1711159 MILLERSVILL MD 21108 1YCMT 3.000000 13.500000 3.000000 360 358
1711274 HAYMARKET VA 20169 1YCMT 3.000000 13.875000 3.000000 360 355
1711548 ASHBURN VA 20147 1YCMT 3.000000 13.500000 3.000000 360 358
1711621 WASHINGTON DC 20016 1YCMT 3.000000 13.875000 3.000000 360 355
1712256 SMITHFIELD VA 23430 1YCMT 2.875000 12.000000 2.875000 360 358
1712371 ARLINGTON VA 22205 1YCMT 2.875000 12.000000 2.875000 360 357
1712603 ARLINGTON VA 22207 1YCMT 2.875000 14.000000 2.875000 360 355
1713262 WASHINGTON DC 20016 1YCMT 2.875000 13.500000 2.875000 360 356
1713270 BETHESDA MD 20817 1YCMT 2.875000 12.250000 2.875000 360 356
1713676 STERLING VA 20165 1YCMT 2.875000 12.125000 2.875000 360 354
1713999 WASHINGTON DC 20036 1YCMT 3.000000 13.625000 3.000000 360 355
1715283 ASHBURN VA 20147 1YCMT 3.000000 13.250000 3.000000 360 358
1716463 CENTREVILLE VA 20120 1YCMT 2.875000 13.375000 2.875000 360 354
1717081 WASHINGTON DC 20007 1YCMT 2.875000 13.250000 2.875000 360 355
1717214 ASHBURN VA 20147 1YCMT 3.000000 13.875000 3.000000 360 356
1717750 WASHINGTON DC 20012 1YCMT 2.875000 14.125000 2.875000 360 357
1717958 CHEVY CHASE MD 20815 1YCMT 3.000000 13.750000 3.000000 360 355
1718295 HERNDON VA 20171 1YCMT 3.000000 13.875000 3.000000 360 355
1718543 WASHINGTON DC 20007 1YCMT 3.000000 14.000000 3.000000 360 355
1718949 WASHINGTON DC 20008 1YCMT 2.875000 12.250000 2.875000 360 357
1718956 WASHINGTON DC 20016 1YCMT 3.000000 13.750000 3.000000 360 356
1719004 HERNDON VA 20170 1YCMT 2.875000 13.500000 2.875000 360 356
1719152 CHEVY CHASE MD 20815 1YCMT 2.875000 12.250000 2.875000 360 356
1719160 WASHINGTON DC 20015 1YCMT 2.875000 13.500000 2.875000 360 356
1719178 WASHINGTON DC 20016 1YCMT 3.000000 13.875000 3.000000 360 358
1720366 FAIRFAX STA VA 22039 1YCMT 2.875000 14.000000 2.875000 360 355
1720887 OLNEY MD 20832 1YCMT 3.000000 13.750000 3.000000 360 355
1721471 WASHINGTON DC 20005 1YCMT 2.875000 13.500000 2.875000 360 357
1721554 WASHINGTON DC 20016 1YCMT 2.875000 12.875000 2.875000 360 358
1721596 ANNAPOLIS MD 21401 1YCMT 3.000000 13.875000 3.000000 360 357
1721786 SILVER SPRI MD 20905 1YCMT 2.875000 12.375000 2.875000 360 356
1722446 WASHINGTON DC 20007 1YCMT 3.000000 14.000000 3.000000 360 356
1722453 WASHINGTON DC 20016 1YCMT 3.000000 13.500000 3.000000 360 358
1722677 FAIRFAX STA VA 22039 1YCMT 3.000000 14.000000 3.000000 360 355
1723162 HERNDON VA 20171 1YCMT 3.000000 14.000000 3.000000 360 357
1723576 POTOMAC MD 20854 1YCMT 3.000000 13.875000 3.000000 360 356
1723691 GAITHERSBUR MD 20878 1YCMT 3.000000 14.625000 3.000000 360 358
1723709 GAITHERSBUR MD 20878 1YCMT 3.000000 13.125000 3.000000 360 358
1724046 KENSINGTON MD 20895 1YCMT 3.000000 14.125000 3.000000 360 356
1724772 CENTREVILLE VA 20120 1YCMT 3.000000 13.875000 3.000000 360 357
1724814 WARRENTON VA 20187 1YCMT 3.000000 13.875000 3.000000 360 357
1724988 ROCKVILLE MD 20854 1YCMT 2.875000 13.625000 2.875000 360 356
1725290 STERLING VA 20165 1YCMT 3.000000 14.000000 3.000000 360 356
1725431 FAIRFAX STA VA 22039 1YCMT 3.000000 14.025000 3.000000 360 358
1725464 CHEVY CHASE MD 20815 1YCMT 3.000000 13.750000 3.000000 360 357
1725480 WASHINGTON DC 20009 1YCMT 3.000000 13.875000 3.000000 360 357
1725514 WASHINGTON DC 20009 1YCMT 2.875000 13.500000 2.875000 360 357
1725621 GREAT FALLS VA 22066 1YCMT 3.000000 13.875000 3.000000 360 356
1725837 WASHINGTON DC 20007 1YCMT 2.875000 14.000000 2.875000 360 357
1725860 WASHINGTON DC 20016 1YCMT 3.000000 14.125000 3.000000 360 357
1726009 STERLING VA 20165 1YCMT 3.000000 14.000000 3.000000 360 357
1726025 WASHINGTON DC 20015 1YCMT 3.000000 14.000000 3.000000 360 357
1726041 WASHINGTON DC 20016 1YCMT 3.000000 13.875000 3.000000 360 357
1726967 BETHESDA MD 20817 1YCMT 3.000000 14.000000 3.000000 360 356
</TABLE>
<TABLE>
<CAPTION>
First Net
Original Current Payment Current Original Original Mortgage Property Own
Loan No. Balance Balance Date PNI LTV Appraisal Rate Type Occ Purpose
-------- ------------- ------------- -------- ----------- --------- ------------- -------- -------- ----- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1698455 236000.000000 234621.900000 19970201 1570.120000 80.000000 295000.000000 5.921800 1 1 1
1698695 250300.000000 249682.090000 19970601 1665.260000 78.100000 333000.000000 5.921800 1 1 2
1699073 242800.000000 241588.280000 19970301 1615.360000 57.800000 420000.000000 5.921800 1 1 1
1699545 564200.000000 561648.090000 19970301 3944.970000 78.900000 715000.000000 6.421800 1 1 1
1699552 416680.000000 416378.410000 19970801 2949.240000 80.000000 529000.000000 6.546800 1 1 2
1699560 232750.000000 231607.540000 19970201 1687.600000 95.000000 245000.000000 6.796800 1 1 2
1700046 280000.000000 278324.720000 19970201 1839.410000 80.000000 355000.000000 5.796800 1 1 2
1700178 290000.000000 287859.340000 19970201 1738.700000 89.200000 325000.000000 4.921800 1 1 1
1700384 336000.000000 334301.890000 19970301 2292.120000 82.000000 410000.000000 6.171800 1 1 2
1701762 240050.000000 239876.260000 19970801 1699.060000 80.000000 304000.000000 6.546800 1 1 2
1701853 260000.000000 258753.570000 19970401 1600.870000 80.000000 346000.000000 5.171800 1 1 2
1701861 663600.000000 658905.720000 19970201 3978.620000 59.800000 1110000.000000 4.921800 1 1 1
1702901 250000.000000 249304.990000 19970501 1812.680000 41.700000 600000.000000 6.796800 1 1 3
1703933 550000.000000 548033.830000 19970401 3940.270000 75.000000 736000.000000 6.671800 1 1 2
1704113 238700.000000 237735.330000 19970401 1608.170000 90.000000 266000.000000 6.046800 1 1 2
1705706 281000.000000 279466.180000 19970301 1916.920000 79.600000 353000.000000 6.171800 1 1 2
1705722 227500.000000 227162.330000 19970701 1590.720000 80.000000 292000.000000 6.421800 1 1 2
1706340 265000.000000 105411.110000 19970501 1483.930000 66.300000 405000.000000 4.296800 1 1 2
1706787 252000.000000 251376.660000 19970601 1676.570000 80.000000 330000.000000 5.921800 1 1 2
1707561 252000.000000 251099.140000 19970401 1805.360000 80.000000 315000.000000 6.671800 1 1 2
1707876 310000.000000 308891.800000 19970401 2220.880000 80.000000 405000.000000 6.671800 1 1 2
1709278 303600.000000 302595.820000 19970501 2019.860000 80.000000 379500.000000 5.921800 1 1 2
1709815 217250.000000 216630.680000 19970501 1556.410000 55.000000 395000.000000 6.671800 5 1 2
1709989 264250.000000 264068.140000 19970801 1916.000000 95.000000 280000.000000 6.796800 10 1 2
1711134 825000.000000 822695.440000 19970601 5146.930000 59.800000 1380000.000000 5.296800 1 1 1
1711142 372800.000000 364274.470000 19970501 2703.060000 80.000000 466000.000000 6.796800 1 1 1
1711159 240000.000000 239821.880000 19970801 1678.120000 80.000000 300000.000000 6.421800 1 1 2
1711274 225900.000000 224623.480000 19970501 1579.530000 90.000000 251000.000000 6.421800 1 1 2
1711548 225700.000000 225532.500000 19970801 1578.130000 90.000000 255000.000000 6.421800 1 1 2
1711621 284000.000000 282642.570000 19970501 2059.200000 80.000000 355000.000000 6.796800 1 1 2
1712256 217350.000000 217112.100000 19970801 1234.090000 90.000000 241500.000000 4.421800 1 1 1
1712371 225000.000000 224529.050000 19970701 1313.040000 52.300000 430000.000000 4.671800 1 1 3
1712603 227050.000000 226299.010000 19970501 1510.570000 95.000000 240000.000000 5.921800 10 1 2
1713262 400000.000000 399081.240000 19970601 2762.710000 80.000000 500000.000000 6.296800 1 1 2
1713270 950000.000000 947281.680000 19970601 5849.320000 65.500000 1450000.000000 5.171800 1 1 2
1713676 315000.000000 313453.450000 19970401 1913.980000 78.900000 399000.000000 5.046800 1 1 1
1713999 303000.000000 302093.500000 19970501 2118.620000 79.800000 380000.000000 6.421800 1 1 2
1715283 241100.000000 240911.920000 19970801 1644.730000 95.000000 261000.000000 6.171800 1 1 2
1716463 272000.000000 270926.160000 19970401 1855.520000 80.000000 340000.000000 6.171800 1 1 2
1717081 252000.000000 251206.490000 19970501 1719.090000 80.000000 315000.000000 6.171800 1 1 1
1717214 237300.000000 236806.850000 19970601 1720.590000 95.000000 251000.000000 6.796800 1 1 2
1717750 226100.000000 225803.190000 19970701 1678.790000 95.000000 238000.000000 7.046800 1 1 2
1717958 420000.000000 418741.420000 19970501 2936.710000 80.000000 530000.000000 6.421800 1 1 2
1718295 272000.000000 271100.320000 19970501 1809.630000 80.000000 340000.000000 5.921800 1 1 2
1718543 336750.000000 335436.710000 19970501 2412.520000 64.500000 525000.000000 6.671800 1 1 2
1718949 497700.000000 496753.060000 19970701 3064.430000 79.900000 670000.000000 5.171800 10 1 2
1718956 316000.000000 315255.990000 19970601 2155.680000 80.000000 400000.000000 6.171800 1 1 2
1719004 372000.000000 371033.720000 19970601 2412.790000 80.000000 470000.000000 5.671800 1 1 2
1719152 648000.000000 646100.880000 19970601 3937.320000 80.000000 825000.000000 5.046800 5 1 2
1719160 240400.000000 239805.370000 19970601 1599.390000 80.000000 300500.000000 5.921800 1 1 2
1719178 352000.000000 351757.750000 19970801 2552.250000 80.000000 440000.000000 6.796800 1 1 2
1720366 357000.000000 355931.910000 19970501 2496.200000 60.000000 600000.000000 6.421800 1 1 2
1720887 272650.000000 271872.760000 19970501 1953.300000 80.000000 342000.000000 6.671800 1 1 2
1721471 394400.000000 393797.930000 19970701 2724.030000 80.000000 510000.000000 6.296800 100 1 2
1721554 425000.000000 424642.950000 19970801 2791.950000 53.000000 1050000.000000 5.796800 1 1 2
1721596 240000.000000 239668.580000 19970701 1740.170000 75.000000 320000.000000 6.796800 1 1 3
1721786 221600.000000 220980.970000 19970601 1382.500000 80.000000 277000.000000 5.296800 1 1 2
1722446 272000.000000 271375.250000 19970601 1878.640000 80.000000 340000.000000 6.296800 1 1 2
1722453 352018.000000 351756.740000 19970801 2461.370000 80.000000 441000.000000 6.421800 1 1 2
1722677 247500.000000 246758.350000 19970501 1730.560000 65.500000 378000.000000 6.421800 1 1 3
1723162 254400.000000 253991.910000 19970701 1713.940000 80.000000 318000.000000 6.046800 1 1 2
1723576 275200.000000 274629.340000 19970601 1995.400000 80.000000 344000.000000 6.796800 1 1 3
1723691 233700.000000 233562.020000 19970801 1817.700000 95.000000 246000.000000 7.546800 1 1 2
1723709 223190.000000 223011.510000 19970801 1503.680000 86.000000 262000.000000 6.046800 1 1 2
1724046 283500.000000 282895.840000 19970601 2031.030000 70.000000 405000.000000 6.671800 1 1 2
1724772 224000.000000 223414.910000 19970701 1547.120000 80.000000 280000.000000 6.296800 1 1 2
1724814 232000.000000 231544.310000 19970701 1682.170000 80.000000 346000.000000 6.796800 1 1 2
1724988 264000.000000 263394.870000 19970601 1823.390000 80.000000 330000.000000 6.296800 1 1 2
1725290 245600.000000 245021.730000 19970601 1675.430000 80.000000 310000.000000 6.171800 1 1 2
1725431 288000.000000 287780.850000 19970801 1989.150000 80.000000 362000.000000 6.296800 1 1 2
1725464 256800.000000 256436.330000 19970701 1839.750000 79.000000 325000.000000 6.671800 1 1 1
1725480 300000.000000 299575.150000 19970701 2149.240000 70.600000 445000.000000 6.671800 10 1 2
1725514 429200.000000 428494.320000 19970701 2855.480000 80.000000 575000.000000 5.921800 10 1 2
1725621 499200.000000 498055.780000 19970601 3447.860000 80.000000 625000.000000 6.296800 1 1 2
1725837 228000.000000 227590.940000 19970701 1653.160000 95.000000 240000.000000 6.796800 5 1 2
1725860 250000.000000 249645.940000 19970701 1791.040000 47.200000 531000.000000 6.671800 1 1 2
1726009 401350.000000 400721.910000 19970701 2737.920000 80.000000 502000.000000 6.171800 1 1 2
1726025 280000.000000 279604.760000 19970701 2005.960000 79.400000 353000.000000 6.671800 10 1 2
1726041 312000.000000 311569.150000 19970701 2262.220000 80.000000 405000.000000 6.796800 1 1 2
1726967 240000.000000 239513.660000 19970601 1761.040000 80.000000 300000.000000 6.921800 1 1 3
</TABLE>
<PAGE>
Page 13
<TABLE>
<CAPTION>
Property Property Max. Interest Minimum Original Stated
Loan No. Property City State Zip Index Margin Life Interest Rate Term Term
-------- ------------- -------- -------- ----- -------- ------------- ------------- -------- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1727247 ELLICOTT CI MD 21042 1YCMT 3.000000 13.875000 3.000000 360 358
1727486 WASHINGTON DC 20015 1YCMT 3.000000 14.025000 3.000000 360 357
1728211 WASHINGTON DC 20007 1YCMT 3.000000 14.125000 3.000000 360 357
1728450 MANASSAS VA 20111 1YCMT 3.000000 13.625000 3.000000 360 358
1728542 BETHESDA MD 20816 1YCMT 3.000000 13.750000 3.000000 360 357
1728815 WASHINGTON DC 20015 1YCMT 3.000000 14.125000 3.000000 360 358
1728955 CENTREVILLE VA 20120 1YCMT 3.000000 13.750000 3.000000 360 357
1729003 FALLS CHURC VA 22044 1YCMT 3.000000 13.875000 3.000000 360 358
1729219 ASHBURN VA 20147 1YCMT 3.000000 13.750000 3.000000 360 357
1729433 DARNESTOWN MD 20874 1YCMT 3.000000 13.875000 3.000000 360 357
1730688 FALLS CHURC VA 22043 1YCMT 3.000000 13.250000 3.000000 360 358
1731678 WASHINGTON DC 20015 1YCMT 3.000000 13.750000 3.000000 360 358
1731785 CLIFTON VA 20124 1YCMT 3.000000 13.750000 3.000000 360 358
1731801 CENTREVILLE VA 20120 1YCMT 3.000000 13.250000 3.000000 360 358
1732197 MCLEAN VA 22101 1YCMT 3.000000 13.750000 3.000000 360 358
1732239 FAIRFAX VA 22033 1YCMT 3.000000 14.125000 3.000000 360 358
1732387 WASHINGTON DC 20008 1YCMT 3.000000 13.625000 3.000000 360 358
1733252 KENSINGTON MD 20895 1YCMT 3.000000 13.625000 3.000000 360 358
1733369 WASHINGTON DC 20016 1YCMT 3.000000 14.000000 3.000000 360 358
1733435 POTOMAC MD 20854 1YCMT 3.000000 13.875000 3.000000 360 358
1733542 MCLEAN VA 22101 1YCMT 3.000000 13.375000 3.000000 360 358
1733815 WASHINGTON DC 20007 1YCMT 3.000000 13.750000 3.000000 360 358
1733823 BETHESDA MD 20817 1YCMT 3.000000 13.250000 3.000000 360 358
1733831 WASHINGTON DC 20003 1YCMT 2.875000 13.125000 2.875000 360 357
1734219 GREAT FALLS VA 22066 1YCMT 3.000000 13.125000 3.000000 360 358
1734383 CHEVY CHASE MD 20815 1YCMT 3.000000 14.125000 3.000000 360 358
1734888 HAMPTON VA 23661 1YCMT 3.000000 14.000000 3.000000 360 358
1735091 ARLINGTON VA 22207 1YCMT 3.000000 13.750000 3.000000 360 357
1737709 WASHINGTON DC 20016 1YCMT 3.000000 13.250000 3.000000 360 358
1739333 CENTREVILLE VA 20120 1YCMT 2.875000 13.250000 2.875000 360 358
1870492 WASHINGTON DC 20015 1YCMT 3.000000 14.000000 3.000000 360 303
1878123 WASHINGTON DC 20009 1YCMT 3.000000 12.500000 3.000000 360 318
4611042 COLUMBIA MD 21044 1YCMT 3.000000 14.750000 3.000000 360 288
4611307 OLNEY MD 20832 1YCMT 3.000000 12.375000 3.000000 360 287
4613790 ALEXANDRIA VA 22307 1YCMT 2.750000 13.875000 2.750000 360 296
4614285 ALEXANDRIA VA 22301 1YCMT 3.000000 12.125000 3.000000 360 295
4616538 GREAT FALLS VA 22066 1YCMT 3.000000 12.125000 3.000000 360 299
4616710 GAITHERSBUR MD 20882 1YCMT 2.750000 13.500000 2.750000 360 298
4616959 RESTON VA 22091 1YCMT 2.750000 13.500000 2.750000 360 298
4618005 RESTON VA 22091 1YCMT 3.000000 13.500000 3.000000 360 300
4618138 MITCHELLVIL MD 20721 1YCMT 2.750000 13.500000 2.750000 360 300
4618260 ALEXANDRIA VA 22304 1YCMT 2.750000 13.500000 2.750000 360 300
4618310 WASHINGTON DC 20016 1YCMT 3.000000 13.250000 3.000000 360 301
4618328 ALEXANDRIA VA 22302 1YCMT 2.750000 13.500000 2.750000 360 299
4618344 ALEXANDRIA VA 22307 1YCMT 2.750000 13.500000 2.750000 360 300
4618591 KENSINGTON MD 20895 1YCMT 3.000000 12.625000 3.000000 360 299
4618971 ALEXANDRIA VA 22308 1YCMT 3.000000 12.875000 3.000000 360 301
4619052 CLINTON MD 20735 1YCMT 3.000000 11.750000 3.000000 360 300
4619359 ALEXANDRIA VA 22314 1YCMT 3.000000 13.500000 3.000000 360 301
4619383 POTOMAC MD 20854 1YCMT 3.000000 13.750000 3.000000 360 300
4619706 GREAT FALLS VA 22066 1YCMT 3.000000 14.500000 3.000000 360 301
4620068 BETHESDA MD 20814 1YCMT 3.250000 14.500000 3.250000 360 300
4620258 ALEXANDRIA VA 22302 1YCMT 3.250000 14.500000 3.250000 360 301
4620886 WASHINGTON DC 20012 1YCMT 2.750000 13.500000 2.750000 360 301
4621082 SILVER SPRI MD 20910 1YCMT 2.750000 13.500000 2.750000 360 301
4621108 CHEVY CHASE MD 20815 1YCMT 3.000000 14.500000 3.000000 360 302
4621173 ELLICOTT CI MD 21042 1YCMT 3.000000 13.000000 3.000000 360 302
4621249 WASHINGTON DC 20012 1YCMT 3.000000 13.500000 3.000000 360 301
4621546 ALEXANDRIA VA 22305 1YCMT 2.750000 13.500000 2.750000 360 302
4621629 HAMPSTEAD MD 21074 1YCMT 2.750000 13.500000 2.750000 360 302
4621793 VIENNA VA 22182 1YCMT 3.250000 13.500000 3.250000 360 302
4621926 BOWIE MD 20721 1YCMT 3.000000 13.500000 3.000000 360 302
4622411 BOWIE MD 20716 1YCMT 2.750000 13.500000 2.750000 360 302
4622528 ARLINGTON VA 22201 1YCMT 3.000000 13.500000 3.000000 360 303
4622569 WASHINGTON DC 20016 1YCMT 3.000000 12.875000 3.000000 360 303
4622601 POTOMAC MD 20854 1YCMT 3.000000 13.500000 3.000000 360 302
4622684 SILVER SPRI MD 20904 1YCMT 2.750000 13.500000 2.750000 360 304
4622932 ANNANDALE VA 22003 1YCMT 3.000000 14.000000 3.000000 360 303
4622957 GREAT FALLS VA 22066 1YCMT 3.000000 14.000000 3.000000 360 303
4623054 ALEXANDRIA VA 22307 1YCMT 3.000000 14.000000 3.000000 360 303
4623070 SILVER SPRI MD 20910 1YCMT 3.000000 14.000000 3.000000 360 303
4623203 ASHBURN VA 22011 1YCMT 3.250000 14.000000 3.250000 360 302
4623211 ALEXANDRIA VA 22314 1YCMT 3.000000 13.500000 3.000000 360 304
4623237 FAIRFAX STA VA 22039 1YCMT 3.000000 14.000000 3.000000 360 303
4623260 ROCKVILLE MD 20850 1YCMT 3.250000 14.000000 3.250000 360 303
4623310 WASHINGTON DC 20012 1YCMT 3.000000 14.000000 3.000000 360 304
4623401 WASHINGTON DC 20007 1YCMT 3.000000 14.000000 3.000000 360 304
4623732 WASHINGTON DC 20007 1YCMT 3.000000 14.000000 3.000000 360 303
4623906 SILVER SPRI MD 20904 1YCMT 3.000000 13.750000 3.000000 360 304
4624375 GLENN DALE MD 20769 1YCMT 3.250000 14.750000 3.250000 360 304
</TABLE>
<TABLE>
<CAPTION>
First Net
Original Current Payment Current Original Original Mortgage Property Own
Loan No. Balance Balance Date PNI LTV Appraisal Rate Type Occ Purpose
-------- ------------- ------------- -------- ----------- --------- ------------- -------- -------- ----- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1727247 291920.000000 291719.100000 19970801 2116.630000 80.000000 365000.000000 6.796800 1 1 2
1727486 233600.000000 233243.400000 19970701 1613.420000 80.000000 293000.000000 6.296800 10 1 2
1728211 232000.000000 231663.090000 19970701 1642.090000 80.000000 290000.000000 6.546800 10 1 2
1728450 227050.000000 226830.230000 19970801 1607.050000 95.000000 240000.000000 6.546800 1 1 2
1728542 256500.000000 256136.750000 19970701 1837.600000 90.000000 285000.000000 6.671800 1 1 2
1728815 279920.000000 279727.360000 19970801 2029.620000 80.000000 352000.000000 6.796800 1 1 2
1728955 250650.000000 250295.040000 19970701 1795.690000 80.000000 320000.000000 6.671800 1 1 2
1729003 284050.000000 283854.520000 19970801 2059.560000 95.000000 299000.000000 6.796800 1 1 2
1729219 243200.000000 242855.590000 19970701 1742.320000 95.000000 260000.000000 6.671800 1 1 2
1729433 410000.000000 149433.820000 19970701 1085.000000 58.600000 725000.000000 6.796800 1 1 2
1730688 231200.000000 231019.630000 19970801 1577.200000 80.000000 290000.000000 6.171800 10 1 2
1731678 319200.000000 318974.710000 19970801 2286.790000 80.000000 400000.000000 6.671800 1 1 2
1731785 311200.000000 310980.050000 19970801 2229.480000 80.000000 390000.000000 6.671800 1 1 2
1731801 260250.000000 260046.970000 19970801 1775.370000 75.000000 347000.000000 6.171800 1 1 2
1732197 233700.000000 233536.120000 19970801 1674.260000 95.000000 248000.000000 6.671800 1 1 2
1732239 270750.000000 270572.880000 19970801 2010.320000 95.000000 290000.000000 7.046800 1 1 2
1732387 220000.000000 219841.780000 19970801 1557.150000 80.000000 275000.000000 6.546800 1 1 2
1733252 325000.000000 324764.770000 19970801 2300.330000 67.000000 485000.000000 6.546800 1 1 2
1733369 550000.000000 549630.960000 19970801 4035.710000 59.100000 930000.000000 6.921800 1 1 3
1733435 300000.000000 299721.650000 19970801 2175.210000 80.000000 375000.000000 6.796800 1 1 3
1733542 237200.000000 237020.610000 19970801 1638.290000 80.000000 298000.000000 6.296800 1 1 2
1733815 325000.000000 324770.620000 19970801 2328.340000 76.500000 430000.000000 6.671800 1 1 2
1733823 608000.000000 607525.690000 19970801 4147.640000 80.000000 761000.000000 6.171800 1 1 2
1733831 260000.000000 259582.930000 19970701 1751.670000 80.000000 325000.000000 6.046800 1 1 2
1734219 500000.000000 497608.510000 19970801 3368.600000 78.100000 645000.000000 6.046800 1 1 2
1734383 299950.000000 299753.780000 19970801 2227.130000 95.000000 316000.000000 7.046800 1 1 2
1734888 242000.000000 241837.610000 19970801 1775.720000 100.000000 245000.000000 6.921800 1 1 2
1735091 340000.000000 339518.490000 19970701 2435.810000 80.000000 425000.000000 6.671800 1 1 2
1737709 276000.000000 275784.690000 19970801 1882.810000 80.000000 360000.000000 6.171800 1 1 2
1739333 272000.000000 271789.100000 19970801 1855.520000 80.000000 0.000000 6.171800 1 1 2
1870492 255000.000000 241499.420000 19930101 1717.990000 75.000000 340000.000000 6.046800 10 1 1
1878123 562500.000000 533540.520000 19940401 3555.390000 71.200000 790000.000000 5.421800 1 1 1
4611042 230750.000000 197294.400000 19911001 1694.740000 93.400000 247000.000000 7.796800 1 1 2
4611307 236150.000000 219018.510000 19910901 1486.790000 95.000000 252000.000000 5.296800 1 1 2
4613790 234900.000000 222407.480000 19920601 1796.140000 79.600000 295000.000000 7.421800 1 1 2
4614285 292500.000000 272830.990000 19920501 1788.960000 90.000000 343000.000000 5.046800 1 1 2
4616538 500000.000000 468319.440000 19920901 3053.940000 80.000000 625000.000000 5.046800 1 1 1
4616710 230000.000000 217079.500000 19920801 1769.220000 74.200000 310000.000000 7.546800 1 1 1
4616959 241000.000000 214526.580000 19920801 1747.190000 57.400000 420000.000000 7.546800 1 1 1
4618005 247000.000000 233515.790000 19921001 1937.950000 95.000000 264000.000000 7.796800 1 1 2
4618138 265000.000000 249712.070000 19921001 2029.910000 89.800000 295000.000000 7.546800 1 1 2
4618260 309000.000000 273541.270000 19921001 2333.980000 75.000000 412000.000000 7.546800 1 1 2
4618310 248000.000000 234609.550000 19921101 1691.800000 66.100000 375000.000000 6.171800 1 1 1
4618328 335000.000000 315556.800000 19920901 2540.950000 53.600000 625000.000000 7.421800 1 1 2
4618344 405000.000000 381635.430000 19921001 3102.320000 75.000000 540000.000000 7.546800 1 1 1
4618591 240000.000000 219947.810000 19920901 1518.600000 75.000000 320000.000000 5.546800 1 1 1
4618971 236000.000000 218760.280000 19921101 1531.720000 64.700000 365000.000000 5.796800 1 1 1
4619052 235100.000000 222584.330000 19921001 1697.740000 95.000000 247500.000000 6.796800 1 1 2
4619359 332100.000000 272706.180000 19921101 2209.470000 90.000000 369000.000000 5.921800 10 1 2
4619383 496000.000000 466670.720000 19921001 3521.070000 80.000000 630000.000000 6.671800 1 1 2
4619706 525000.000000 480283.260000 19921101 3537.030000 75.000000 700000.000000 6.046800 1 1 1
4620068 231800.000000 219027.580000 19921001 1581.290000 95.000000 245000.000000 6.171800 1 1 2
4620258 223250.000000 209738.640000 19921101 1522.960000 95.000000 235000.000000 6.171800 5 1 2
4620886 315000.000000 297277.090000 19921101 2364.140000 90.000000 354000.000000 7.296800 1 1 2
4621082 261900.000000 246982.210000 19921101 1964.160000 90.000000 297000.000000 7.296800 10 1 2
4621108 280000.000000 264534.900000 19921201 1862.850000 59.300000 472000.000000 5.921800 1 1 1
4621173 600000.000000 565703.910000 19921201 3991.820000 75.000000 800000.000000 5.921800 1 1 1
4621249 500000.000000 471196.840000 19921101 3284.650000 74.100000 675000.000000 5.796800 1 1 1
4621546 235000.000000 221456.720000 19921201 1796.880000 86.100000 273000.000000 7.546800 10 1 1
4621629 220275.000000 208149.670000 19921201 1688.910000 89.800000 250000.000000 7.546800 1 1 2
4621793 223000.000000 210945.080000 19921201 1502.400000 94.900000 255000.000000 6.046800 10 1 2
4621926 254800.000000 239788.460000 19921201 1631.520000 90.000000 284000.000000 5.546800 1 1 2
4622411 224000.000000 208489.800000 19921201 1702.430000 80.000000 280000.000000 7.546800 1 1 1
4622528 220000.000000 208352.310000 19930101 1482.190000 88.000000 250000.000000 6.046800 1 1 1
4622569 294000.000000 277745.580000 19930101 1931.380000 69.200000 425000.000000 5.796800 1 1 1
4622601 479200.000000 452729.750000 19921201 3188.130000 80.000000 610000.000000 5.921800 1 1 2
4622684 237750.000000 224315.970000 19930201 1759.920000 75.000000 317000.000000 7.171800 1 1 1
4622932 293400.000000 277525.990000 19930101 1952.000000 90.000000 326000.000000 5.921800 1 1 1
4622957 310000.000000 293227.910000 19930101 2062.440000 42.200000 735000.000000 5.921800 1 1 1
4623054 315000.000000 297584.920000 19930101 2069.330000 67.700000 465000.000000 5.796800 1 1 1
4623070 224100.000000 211975.040000 19930101 1490.950000 90.000000 249000.000000 5.921800 1 1 1
4623203 242250.000000 228868.210000 19921201 1611.700000 95.000000 255000.000000 5.921800 1 1 2
4623211 249850.000000 236740.000000 19930201 1897.300000 95.000000 263000.000000 7.421800 5 1 2
4623237 350000.000000 331063.790000 19930101 2328.560000 89.500000 391000.000000 5.921800 1 1 1
4623260 244150.000000 229829.240000 19930101 1603.900000 94.800000 257500.000000 5.796800 10 1 2
4623310 233000.000000 220656.580000 19930201 1550.160000 90.000000 259000.000000 5.921800 1 1 2
4623401 419000.000000 382491.850000 19930201 2787.620000 67.000000 625000.000000 5.921800 10 1 1
4623732 297000.000000 267542.080000 19930101 2051.310000 90.000000 330000.000000 6.296800 10 1 2
4623906 217000.000000 201298.610000 19930201 1518.660000 75.300000 288000.000000 6.671800 1 1 1
4624375 243000.000000 230943.340000 19930201 1678.350000 90.000000 270000.000000 6.296800 1 1 1
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Property Property Max. Interest Minimum Original Stated
Loan No. Property City State Zip Index Margin Life Interest Rate Term Term
-------- ------------- -------- -------- ----- -------- ------------- ------------- -------- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
4624524 POTOMAC MD 20854 1YCMT 3.250000 14.750000 3.250000 360 304
4624557 ALEXANDRIA VA 22307 1YCMT 2.750000 13.500000 2.750000 360 303
4624995 ARLINGTON VA 22203 1YCMT 3.000000 13.500000 3.000000 360 304
4625075 BOWIE MD 20721 1YCMT 2.750000 13.500000 2.750000 360 304
4625224 ALEXANDRIA VA 22308 1YCMT 3.000000 12.625000 3.000000 360 304
4625307 BURTONSVILL MD 20866 1YCMT 3.250000 14.750000 3.250000 360 304
4625349 WASHINGTON DC 20011 1YCMT 3.250000 14.750000 3.250000 360 304
4625430 WASHINGTON DC 20003 1YCMT 2.750000 13.500000 2.750000 360 304
4625752 SILVER SPRI MD 20902 1YCMT 3.000000 12.750000 3.000000 360 312
4626081 HAMPTON VA 23669 1YCMT 3.000000 13.125000 3.000000 360 305
4626099 FAIRFAX STA VA 22039 1YCMT 3.000000 13.125000 3.000000 360 304
4626131 BETHESDA MD 20817 1YCMT 3.250000 14.750000 3.250000 360 305
4626164 COLUMBIA MD 21044 1YCMT 3.250000 14.750000 3.250000 360 305
4626354 FALLS CHURC VA 22042 1YCMT 3.250000 14.750000 3.250000 360 305
4626370 ARLINGTON VA 22207 1YCMT 2.750000 13.500000 2.750000 360 306
4626610 BROOKEVILLE MD 20833 1YCMT 3.250000 14.750000 3.250000 360 306
4626644 FREDERICK MD 21702 1YCMT 3.000000 12.875000 3.000000 360 307
4626784 ALEXANDRIA VA 22309 1YCMT 3.000000 14.000000 3.000000 360 306
4626875 BURKE VA 22015 1YCMT 3.000000 13.250000 3.000000 360 307
4626974 BURKE VA 22015 1YCMT 3.250000 13.250000 3.250000 360 307
4627147 UPPER MARLB MD 20772 1YCMT 3.250000 13.000000 3.250000 360 310
4627196 WASHINGTON DC 20008 1YCMT 3.000000 12.875000 3.000000 360 307
4627238 FORT WASHIN MD 20744 1YCMT 3.250000 13.500000 3.250000 360 306
4627295 FAIRFAX VA 22032 1YCMT 3.250000 13.500000 3.250000 360 307
4627303 HERNDON VA 22071 1YCMT 3.250000 13.500000 3.250000 360 308
4627360 ARLINGTON VA 22201 1YCMT 3.250000 13.500000 3.250000 360 307
4627493 WASHINGTON DC 20016 1YCMT 3.000000 12.750000 3.000000 360 307
4627568 ARLINGTON VA 22201 1YCMT 3.000000 12.875000 3.000000 360 307
4627634 LEESBURG VA 22075 1YCMT 3.250000 12.750000 3.250000 360 310
4627790 ALEXANDRIA VA 22306 1YCMT 3.000000 13.500000 3.000000 360 307
4627816 SILVER SPRI MD 20906 1YCMT 3.250000 13.000000 3.250000 360 307
4627964 SEVERNA PAR MD 21146 1YCMT 3.250000 13.000000 3.250000 360 308
4628038 VIENNA VA 22181 1YCMT 3.000000 12.375000 3.000000 360 313
4628095 ALEXANDRIA VA 22309 1YCMT 3.250000 13.125000 3.250000 360 307
4628129 WOODBRIDGE VA 22192 1YCMT 3.250000 12.625000 3.250000 360 309
4628160 HERNDON VA 22071 1YCMT 3.000000 12.875000 3.000000 360 308
4628228 MT. AIRY MD 21771 1YCMT 3.000000 12.875000 3.000000 360 311
4628236 WASHINGTON DC 20007 1YCMT 3.000000 12.875000 3.000000 360 308
4628384 ALEXANDRIA VA 22304 1YCMT 3.000000 12.875000 3.000000 360 308
4628509 ALEXANDRIA VA 22309 1YCMT 3.000000 13.000000 3.000000 360 308
4628624 VIENNA VA 22124 1YCMT 3.000000 12.875000 3.000000 360 308
4628640 FAIRFAX STA VA 22039 1YCMT 3.000000 12.750000 3.000000 360 309
4628665 ALEXANDRIA VA 22302 1YCMT 3.000000 12.750000 3.000000 360 309
4628772 ARLINGTON VA 22205 1YCMT 3.250000 13.000000 3.250000 360 309
4628814 FAIRFAX STA VA 22039 1YCMT 3.000000 12.750000 3.000000 360 310
4628822 HERNDON VA 22071 1YCMT 3.000000 12.750000 3.000000 360 308
4629051 GAITHERSBUR MD 20878 1YCMT 3.000000 12.750000 3.000000 360 308
4629101 ELLICOTT CI MD 21042 1YCMT 3.000000 12.750000 3.000000 360 310
4629218 ALEXANDRIA VA 22302 1YCMT 3.000000 12.875000 3.000000 360 309
4629234 BETHESDA MD 20816 1YCMT 3.000000 12.875000 3.000000 360 310
4629341 CHEVY CHASE MD 20815 1YCMT 3.000000 12.875000 3.000000 360 310
4629358 ARLINGTON VA 22202 1YCMT 3.000000 12.875000 3.000000 360 309
4629473 FAIRFAX VA 22032 1YCMT 3.000000 12.625000 3.000000 360 309
4629580 OAKTON VA 22124 1YCMT 3.000000 12.125000 3.000000 360 309
4629598 ELLICOTT CI MD 21043 1YCMT 3.000000 12.375000 3.000000 360 310
4629606 BETHESDA MD 20817 1YCMT 3.000000 12.625000 3.000000 360 310
4629614 CABIN JOHN MD 20818 1YCMT 3.000000 12.625000 3.000000 360 309
4629713 ALEXANDRIA VA 22308 1YCMT 3.000000 12.375000 3.000000 360 309
4629754 ROCKVILLE MD 20855 1YCMT 3.000000 12.375000 3.000000 360 309
4629762 ALEXANDRIA VA 22310 1YCMT 3.250000 12.625000 3.250000 360 310
4629796 MITCHELLVIL MD 20721 1YCMT 3.000000 12.375000 3.000000 360 309
4629804 PHOENIX MD 21131 1YCMT 3.000000 12.125000 3.000000 360 309
4629838 N POTOMAC MD 20878 1YCMT 2.750000 12.500000 2.750000 360 309
4629853 WASHINGTON DC 20008 1YCMT 3.000000 12.500000 3.000000 360 310
4630158 ALEXANDRIA VA 22308 1YCMT 3.000000 12.375000 3.000000 360 309
4630166 WASHINGTON DC 20008 1YCMT 3.000000 12.375000 3.000000 360 310
4630216 OLNEY MD 20832 1YCMT 3.000000 12.375000 3.000000 360 310
4630315 MITCHELLVIL MD 20721 1YCMT 3.000000 12.375000 3.000000 360 308
4630372 GERMANTOWN MD 20876 1YCMT 3.250000 12.625000 3.250000 360 309
4630398 SILVER SPRI MD 20910 1YCMT 3.250000 12.625000 3.250000 360 309
4630406 CHEVY CHASE MD 20815 1YCMT 3.000000 12.375000 3.000000 360 310
4630489 MCLEAN VA 22101 1YCMT 3.000000 12.625000 3.000000 360 311
4630539 POTOMAC MD 20854 1YCMT 3.000000 12.375000 3.000000 360 310
4630554 GREAT FALLS VA 22066 1YCMT 3.000000 12.375000 3.000000 360 310
4630620 FAIRFAX STA VA 22039 1YCMT 3.000000 12.375000 3.000000 360 310
4630638 ANNAPOLIS MD 21401 1YCMT 3.000000 12.500000 3.000000 360 316
4630653 BETHESDA MD 20816 1YCMT 3.000000 12.375000 3.000000 360 310
4630703 FAIRFAX STA VA 22039 1YCMT 3.000000 12.500000 3.000000 360 309
4630760 KENSINGTON MD 20895 1YCMT 3.000000 12.500000 3.000000 360 309
4630794 WASHINGTON DC 20007 1YCMT 3.250000 12.875000 3.250000 360 309
</TABLE>
<TABLE>
<CAPTION>
First Net
Original Current Payment Current Original Original Mortgage Property Own
Loan No. Balance Balance Date PNI LTV Appraisal Rate Type Occ Purpose
-------- ------------- ------------- -------- ----------- --------- ------------- -------- -------- ----- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
4624524 292500.000000 277338.350000 19930201 1970.630000 90.000000 325000.000000 6.046800 10 1 2
4624557 285300.000000 269655.920000 19930101 2141.180000 75.000000 380500.000000 7.296800 1 1 1
4624995 250000.000000 237017.810000 19930201 1900.320000 92.600000 275000.000000 7.421800 10 1 2
4625075 215850.000000 204096.960000 19930201 1601.280000 90.000000 250000.000000 7.171800 1 1 2
4625224 288500.000000 272600.450000 19930201 1893.280000 80.000000 365000.000000 5.796800 1 1 2
4625307 246500.000000 234269.950000 19930201 1702.520000 85.000000 315000.000000 6.296800 1 1 2
4625349 301500.000000 285061.790000 19930201 2005.890000 90.000000 335000.000000 5.921800 1 1 2
4625430 304000.000000 288507.330000 19930201 2263.540000 80.000000 382000.000000 7.171800 10 1 2
4625752 344400.000000 325894.200000 19931001 2037.260000 90.000000 383000.000000 4.796800 1 1 2
4626081 262500.000000 249134.750000 19930301 1748.150000 75.000000 350000.000000 5.921800 1 1 1
4626099 256900.000000 244027.230000 19930201 1710.850000 90.000000 290000.000000 6.046800 1 1 2
4626131 222950.000000 211371.990000 19930301 1502.060000 89.900000 255000.000000 6.046800 1 1 2
4626164 242900.000000 231363.330000 19930301 1698.400000 90.000000 270000.000000 6.421800 1 1 2
4626354 240000.000000 225569.590000 19930301 1596.730000 68.600000 350000.000000 5.921800 1 1 2
4626370 269550.000000 255326.120000 19930401 2020.880000 90.000000 299500.000000 7.296800 1 1 2
4626610 311250.000000 295109.850000 19930401 2044.700000 75.000000 415000.000000 5.796800 1 1 1
4626644 342000.000000 321506.650000 19930501 2218.210000 90.000000 380000.000000 5.671800 1 1 1
4626784 254600.000000 240368.620000 19930401 1646.250000 90.000000 286000.000000 5.671800 1 1 2
4626875 216000.000000 205740.900000 19930501 1473.510000 90.000000 240000.000000 6.171800 1 1 2
4626974 214700.000000 203809.510000 19930501 1410.430000 95.000000 231000.000000 5.796800 1 1 2
4627147 229850.000000 218709.890000 19930801 1490.810000 95.000000 245000.000000 5.671800 1 1 2
4627196 315000.000000 299240.760000 19930501 2069.330000 33.300000 945000.000000 5.796800 1 1 1
4627238 250000.000000 238384.550000 19930401 1748.040000 93.100000 285000.000000 6.421800 1 1 2
4627295 217350.000000 205619.980000 19930501 1409.730000 95.000000 229000.000000 5.671800 1 1 2
4627303 220400.000000 209717.350000 19930601 1522.250000 95.000000 232000.000000 6.296800 1 1 2
4627360 237500.000000 226466.610000 19930501 1640.360000 95.000000 253000.000000 6.296800 10 1 2
4627493 320000.000000 303056.920000 19930501 2102.180000 40.000000 800000.000000 5.796800 1 1 1
4627568 248250.000000 235657.690000 19930501 1630.830000 75.000000 331000.000000 5.796800 1 1 2
4627634 248500.000000 236201.720000 19930801 1591.180000 94.800000 262000.000000 5.546800 1 1 2
4627790 242250.000000 230096.730000 19930501 1838.990000 95.000000 255000.000000 7.421800 1 1 2
4627816 232750.000000 220943.660000 19930501 1529.010000 95.000000 245000.000000 5.796800 1 1 2
4627964 250000.000000 237868.660000 19930601 1663.260000 89.900000 278000.000000 5.921800 1 1 1
4628038 225000.000000 214406.670000 19931101 1422.160000 89.900000 252000.000000 5.421800 1 1 2
4628095 217550.000000 206478.510000 19930501 1429.150000 95.000000 230000.000000 5.796800 1 1 2
4628129 228400.000000 216832.380000 19930701 1462.480000 95.000000 242000.000000 5.546800 1 1 2
4628160 290000.000000 274975.940000 19930601 1856.910000 50.400000 575000.000000 5.546800 1 1 1
4628228 216350.000000 206558.710000 19930901 1439.390000 95.000000 228500.000000 5.921800 1 1 2
4628236 425700.000000 405042.660000 19930601 2832.200000 68.100000 625000.000000 5.921800 1 1 1
4628384 292000.000000 276542.000000 19930601 1845.640000 74.900000 390000.000000 5.421800 1 1 1
4628509 251000.000000 237711.990000 19930601 1586.500000 90.000000 284000.000000 5.421800 1 1 2
4628624 267000.000000 254043.810000 19930601 1776.360000 89.900000 297000.000000 5.921800 1 1 2
4628640 224900.000000 209300.620000 19930701 1403.090000 90.400000 250000.000000 5.296800 1 1 2
4628665 245000.000000 232043.010000 19930701 1528.490000 73.100000 338000.000000 5.296800 1 1 2
4628772 215650.000000 204963.430000 19930701 1398.710000 95.000000 235000.000000 5.671800 1 1 2
4628814 340000.000000 315565.930000 19930801 2233.560000 80.000000 425000.000000 5.796800 1 1 1
4628822 451500.000000 427598.240000 19930601 2853.790000 80.000000 565000.000000 5.421800 1 1 2
4629051 274500.000000 235486.420000 19930601 1780.410000 78.400000 350000.000000 5.671800 1 1 1
4629101 241000.000000 229583.870000 19930801 1583.200000 87.600000 275000.000000 5.796800 1 1 1
4629218 240000.000000 227579.270000 19930701 1516.960000 80.000000 306000.000000 5.421800 1 1 2
4629234 266000.000000 253399.180000 19930801 1747.440000 88.700000 300000.000000 5.796800 1 1 1
4629341 250000.000000 236348.230000 19930801 1539.300000 62.000000 403000.000000 5.171800 1 1 1
4629358 288000.000000 273728.350000 19930701 1867.970000 73.800000 390000.000000 5.671800 1 1 1
4629473 256500.000000 242340.300000 19930701 1558.530000 73.300000 350000.000000 5.046800 1 1 1
4629580 294400.000000 142580.850000 19930701 1812.680000 80.000000 370000.000000 5.171800 1 1 2
4629598 216650.000000 205692.460000 19930801 1369.380000 90.000000 241000.000000 5.421800 1 1 2
4629606 278100.000000 264599.550000 19930801 1803.760000 30.900000 900000.000000 5.671800 1 1 1
4629614 232000.000000 218917.240000 19930701 1390.960000 80.000000 300000.000000 4.921800 1 1 2
4629713 220500.000000 209088.270000 19930701 1393.710000 90.000000 245000.000000 5.421800 1 1 1
4629754 328000.000000 309075.510000 19930701 2073.190000 78.100000 420000.000000 5.421800 1 1 1
4629762 235000.000000 217648.930000 19930801 1485.360000 95.000000 247500.000000 5.421800 10 1 2
4629796 216000.000000 203659.890000 19930701 1329.950000 90.000000 250000.000000 5.171800 1 1 2
4629804 331000.000000 309012.460000 19930701 2002.160000 69.000000 480000.000000 5.046800 1 1 1
4629838 314100.000000 297489.090000 19930701 1959.580000 90.000000 352000.000000 5.296800 1 1 2
4629853 426000.000000 404279.570000 19930801 2692.620000 58.400000 730000.000000 5.421800 1 1 1
4630158 241000.000000 228530.080000 19930701 1523.290000 84.600000 285000.000000 5.421800 1 1 1
4630166 500000.000000 473595.410000 19930801 3078.590000 73.000000 690000.000000 5.171800 10 1 2
4630216 268200.000000 254635.370000 19930801 1695.210000 90.000000 298000.000000 5.421800 1 1 1
4630315 220500.000000 208827.110000 19930601 1393.710000 90.000000 248000.000000 5.421800 1 1 2
4630372 237000.000000 223917.080000 19930701 1440.040000 94.900000 252000.000000 5.046800 1 1 2
4630398 235125.000000 222617.290000 19930701 1486.150000 84.000000 280000.000000 5.421800 1 1 2
4630406 450000.000000 427240.640000 19930801 2844.310000 75.000000 600000.000000 5.421800 1 1 1
4630489 330000.000000 314047.910000 19930901 2113.030000 70.200000 470000.000000 5.546800 1 1 1
4630539 396300.000000 376256.530000 19930801 2504.890000 78.600000 504000.000000 5.421800 1 1 1
4630554 288750.000000 274146.000000 19930801 1825.100000 75.000000 385000.000000 5.421800 1 1 1
4630620 215000.000000 204125.950000 19930801 1358.950000 64.200000 335000.000000 5.421800 1 1 1
4630638 382800.000000 357887.260000 19940201 2356.970000 80.000000 478500.000000 5.171800 1 1 1
4630653 227200.000000 215709.060000 19930801 1436.060000 80.000000 284000.000000 5.421800 1 1 1
4630703 257450.000000 242620.610000 19930701 1522.920000 78.500000 328000.000000 4.796800 1 1 2
4630760 260000.000000 246249.800000 19930701 1622.070000 67.000000 388000.000000 5.296800 1 1 1
4630794 215650.000000 205194.850000 19930701 1416.670000 95.000000 231000.000000 5.796800 10 1 2
</TABLE>
<PAGE>
Page 15
<TABLE>
<CAPTION>
Property Property Max. Interest Minimum Original Stated
Loan No. Property City State Zip Index Margin Life Interest Rate Term Term
-------- ------------- -------- -------- ----- -------- ------------- ------------- -------- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
4630828 POTOMAC MD 20854 1YCMT 3.000000 12.500000 3.000000 360 311
4630885 MCLEAN VA 22101 1YCMT 3.000000 12.375000 3.000000 360 310
4630950 GREAT FALLS VA 22066 1YCMT 3.000000 12.375000 3.000000 360 310
4631008 BETHESDA MD 20814 1YCMT 3.000000 12.500000 3.000000 360 310
4631073 CLARKSVILLE MD 21029 1YCMT 3.000000 12.625000 3.000000 360 310
4631099 SPRINGFIELD VA 22153 1YCMT 3.000000 12.625000 3.000000 360 309
4631164 MILLERSVILL MD 21108 1YCMT 3.250000 12.625000 3.250000 360 311
4631198 FALLS CHURC VA 22046 1YCMT 3.000000 12.625000 3.000000 360 309
4631206 POTOMAC MD 20854 1YCMT 3.000000 12.625000 3.000000 360 310
4631305 GAITHERSBUR MD 20878 1YCMT 3.000000 12.500000 3.000000 360 310
4631354 ARLINGTON VA 22207 1YCMT 3.000000 12.500000 3.000000 360 310
4631362 WASHINGTON DC 20003 1YCMT 3.000000 12.375000 3.000000 360 311
4631370 ROCKVILLE MD 20852 1YCMT 3.000000 12.500000 3.000000 360 310
4631388 WASHINGTON DC 20008 1YCMT 3.000000 12.500000 3.000000 360 311
4631420 HERNDON VA 22071 1YCMT 3.250000 12.625000 3.250000 360 310
4631545 FAIRFAX STA VA 22039 1YCMT 3.000000 12.500000 3.000000 360 310
4631578 ARLINGTON VA 22213 1YCMT 3.000000 12.500000 3.000000 360 310
4631610 WASHINGTON DC 20015 1YCMT 3.000000 12.500000 3.000000 360 310
4631669 WASHINGTON DC 20010 1YCMT 3.250000 13.000000 3.250000 360 311
4631685 WASHINGTON DC 20007 1YCMT 3.000000 12.500000 3.000000 360 310
4631768 CHEVY CHASE MD 20815 1YCMT 3.000000 12.625000 3.000000 360 310
4631875 DARNESTOWN MD 20878 1YCMT 3.000000 12.750000 3.000000 360 310
4631909 WASHINGTON DC 20012 1YCMT 3.000000 12.750000 3.000000 360 310
4631958 HERNDON VA 22070 1YCMT 3.250000 13.000000 3.250000 360 309
4631982 POTOMAC MD 20854 1YCMT 3.000000 12.500000 3.000000 360 309
4632014 DARNESTOWN MD 20878 1YCMT 3.000000 12.750000 3.000000 360 310
4632048 MCLEAN VA 22101 1YCMT 3.250000 13.000000 3.250000 360 310
4632287 ROCKVILLE MD 20852 1YCMT 3.250000 13.000000 3.250000 360 311
4632311 ARLINGTON VA 22207 1YCMT 3.250000 12.750000 3.250000 360 310
4632352 CHEVY CHASE MD 20815 1YCMT 3.000000 12.750000 3.000000 360 310
4632378 ELLICOTT CI MD 21042 1YCMT 3.250000 12.625000 3.250000 360 311
4632386 HERNDON VA 22070 1YCMT 3.000000 12.750000 3.000000 360 312
4632394 CENTREVILLE VA 22020 1YCMT 3.000000 12.750000 3.000000 360 312
4632428 WASHINGTON DC 20003 1YCMT 3.000000 12.750000 3.000000 360 312
4632436 WASHINGTON DC 20009 1YCMT 3.125000 12.750000 3.125000 360 311
4632444 CHEVY CHASE MD 20815 1YCMT 3.000000 12.750000 3.000000 360 310
4632451 CENTREVILLE MD 21617 1YCMT 3.000000 12.875000 3.000000 360 311
4632550 OLNEY MD 20832 1YCMT 3.250000 12.625000 3.250000 360 310
4632576 BRISTOW VA 22013 1YCMT 3.250000 13.000000 3.250000 360 310
4632709 CLIFTON VA 22024 1YCMT 3.000000 12.875000 3.000000 360 310
4632725 BOWIE MD 20720 1YCMT 3.250000 12.625000 3.250000 360 312
4632758 STERLING VA 20165 1YCMT 3.000000 12.625000 3.000000 360 310
4632774 OWINGS MILL MD 21117 1YCMT 3.250000 13.000000 3.250000 360 311
4632832 GERMANTOWN MD 20874 1YCMT 3.000000 12.750000 3.000000 360 310
4632865 ALEXANDRIA VA 22310 1YCMT 3.250000 13.000000 3.250000 360 311
4632907 FULTON MD 20759 1YCMT 3.000000 12.750000 3.000000 360 310
4632964 RESTON VA 22094 1YCMT 3.000000 12.875000 3.000000 360 311
4633038 NOKESVILLE VA 22123 1YCMT 3.000000 12.875000 3.000000 360 312
4633046 SILVER SPRI MD 20906 1YCMT 3.250000 13.125000 3.250000 360 310
4633053 POTOMAC MD 20854 1YCMT 3.000000 12.875000 3.000000 360 310
4633137 WASHINGTON DC 20008 1YCMT 3.000000 12.875000 3.000000 360 311
4633251 WASHINGTON DC 20007 1YCMT 3.000000 12.875000 3.000000 360 311
4633285 FAIRFAX VA 22030 1YCMT 3.000000 12.750000 3.000000 360 312
4633293 BETHESDA MD 20814 1YCMT 3.000000 12.625000 3.000000 360 311
4633319 ARNOLD MD 21012 1YCMT 3.000000 12.750000 3.000000 360 311
4633350 SILVER SPRI MD 20904 1YCMT 3.000000 12.750000 3.000000 360 311
4633368 BURKE VA 22015 1YCMT 3.000000 12.750000 3.000000 360 311
4633475 CHEVY CHASE MD 20815 1YCMT 3.000000 12.750000 3.000000 360 310
4633509 FAIRFAX VA 22030 1YCMT 3.000000 12.625000 3.000000 360 311
4633624 BURKE VA 22015 1YCMT 3.250000 12.875000 3.250000 360 311
4633673 ARLINGTON VA 22205 1YCMT 3.000000 12.625000 3.000000 360 311
4633699 STERLING VA 20164 1YCMT 3.250000 13.000000 3.250000 360 310
4633731 ALEXANDRIA VA 22310 1YCMT 3.000000 12.625000 3.000000 360 311
4633772 LANHAM MD 20706 1YCMT 3.000000 12.625000 3.000000 360 310
4633814 FREDERICK MD 21701 1YCMT 3.250000 13.000000 3.250000 360 310
4633855 TIMONIUM MD 21093 1YCMT 3.000000 12.750000 3.000000 360 313
4633863 GAITHERSBUR MD 20878 1YCMT 3.000000 12.750000 3.000000 360 312
4633913 WASHINGTON DC 20003 1YCMT 3.000000 12.625000 3.000000 360 311
4634036 KENSINGTON MD 20895 1YCMT 3.000000 12.625000 3.000000 360 312
4634218 ASHBURN VA 22011 1YCMT 3.000000 12.375000 3.000000 360 314
4634259 UPPER MARLB MD 20772 1YCMT 3.000000 13.000000 3.000000 360 312
4634275 ALEXANDRIA VA 22302 1YCMT 3.000000 12.625000 3.000000 360 312
4634341 GERMANTOWN MD 20876 1YCMT 3.250000 12.750000 3.250000 360 315
4634358 OLNEY MD 20832 1YCMT 3.000000 12.500000 3.000000 360 314
4634366 GREAT FALLS VA 22066 1YCMT 3.000000 12.625000 3.000000 360 312
4634382 FAIRFAX VA 22030 1YCMT 3.000000 12.625000 3.000000 360 312
4634473 SILVER SPRI MD 20904 1YCMT 3.250000 12.750000 3.250000 360 312
4634531 MCLEAN VA 22101 1YCMT 3.000000 12.500000 3.000000 360 312
4634549 LAUREL MD 20723 1YCMT 3.000000 12.500000 3.000000 360 312
4634556 WASHINGTON DC 20008 1YCMT 3.000000 12.500000 3.000000 360 312
</TABLE>
<TABLE>
<CAPTION>
First Net
Original Current Payment Current Original Original Mortgage Property Own
Loan No. Balance Balance Date PNI LTV Appraisal Rate Type Occ Purpose
-------- ------------- ------------- -------- ----------- --------- ------------- -------- -------- ----- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
4630828 230000.000000 218502.180000 19930901 1453.760000 39.700000 580000.000000 5.421800 1 1 1
4630885 468000.000000 444839.250000 19930801 2996.660000 70.900000 660000.000000 5.546800 1 1 1
4630950 224100.000000 210937.370000 19930801 1290.050000 90.000000 255000.000000 4.546800 1 1 2
4631008 239600.000000 226672.270000 19930801 1455.840000 80.000000 300000.000000 5.046800 1 1 2
4631073 285000.000000 271200.150000 19930801 1848.510000 89.100000 320000.000000 5.671800 1 1 1
4631099 237500.000000 224667.170000 19930701 1462.330000 72.000000 330000.000000 5.171800 1 1 1
4631164 221800.000000 210601.340000 19930901 1383.750000 95.000000 235000.000000 5.296800 1 1 2
4631198 324000.000000 307944.780000 19930701 2101.460000 90.000000 360000.000000 5.671800 1 1 2
4631206 235800.000000 224130.280000 19930801 1509.860000 90.000000 265000.000000 5.546800 10 1 2
4631305 280000.000000 266142.770000 19930801 1792.880000 80.000000 350000.000000 5.546800 1 1 1
4631354 225600.000000 214434.950000 19930801 1444.550000 80.000000 282000.000000 5.546800 10 1 1
4631362 326250.000000 309777.960000 19930901 2035.380000 75.000000 438000.000000 5.296800 10 1 2
4631370 284700.000000 270300.980000 19930801 1799.500000 76.900000 370000.000000 5.421800 1 1 1
4631388 248000.000000 234926.790000 19930901 1506.880000 80.000000 313000.000000 5.046800 1 1 2
4631420 236250.000000 225058.570000 19930801 1552.000000 95.000000 250000.000000 5.796800 1 1 2
4631545 318200.000000 302452.790000 19930801 2037.470000 88.800000 365000.000000 5.546800 1 1 2
4631578 232700.000000 220930.560000 19930801 1470.830000 71.600000 325000.000000 5.421800 1 1 1
4631610 285000.000000 270587.340000 19930801 1801.400000 83.600000 341000.000000 5.421800 1 1 1
4631669 239950.000000 226756.110000 19930901 1596.400000 95.000000 255000.000000 5.921800 10 1 2
4631685 285000.000000 269949.770000 19930801 1754.790000 74.000000 385000.000000 5.171800 10 1 2
4631768 314100.000000 298555.520000 19930801 2011.220000 90.000000 351000.000000 5.546800 1 1 2
4631875 226400.000000 214950.600000 19930801 1431.010000 80.000000 283000.000000 5.421800 1 1 2
4631909 259000.000000 245613.770000 19930801 1615.830000 89.600000 290000.000000 5.296800 1 1 2
4631958 243600.000000 231886.740000 19930701 1620.680000 95.000000 258000.000000 5.921800 1 1 2
4631982 318800.000000 227071.100000 19930701 2094.290000 80.000000 408000.000000 5.796800 1 1 2
4632014 300000.000000 285788.900000 19930801 1970.790000 63.300000 474000.000000 5.796800 1 1 1
4632048 227200.000000 214432.030000 19930801 1454.790000 95.000000 240000.000000 5.546800 1 1 2
4632287 224200.000000 212633.180000 19930901 1380.440000 95.000000 237000.000000 5.171800 10 1 2
4632311 229500.000000 218387.270000 19930801 1488.540000 90.000000 255000.000000 5.671800 1 1 2
4632352 228800.000000 217227.750000 19930801 1446.180000 80.000000 287000.000000 5.421800 1 1 2
4632378 230850.000000 219932.450000 19930901 1497.290000 94.700000 244000.000000 5.671800 1 1 2
4632386 220000.000000 208916.310000 19931001 1354.580000 62.900000 350000.000000 5.171800 1 1 2
4632394 253000.000000 241059.210000 19931001 1619.990000 89.700000 282000.000000 5.546800 1 1 1
4632428 257500.000000 245610.250000 19931001 1670.150000 87.300000 295000.000000 5.671800 10 1 1
4632436 365600.000000 347927.050000 19930901 2340.980000 79.500000 460000.000000 5.546800 10 1 1
4632444 445000.000000 420471.830000 19930801 2668.000000 78.800000 565000.000000 4.921800 1 1 1
4632451 400000.000000 346940.660000 19930901 2627.720000 74.100000 540000.000000 5.796800 1 1 1
4632550 223250.000000 211554.370000 19930801 1429.490000 95.000000 235000.000000 5.546800 1 1 2
4632576 228000.000000 217665.730000 19930801 1536.080000 95.000000 240000.000000 6.046800 1 1 2
4632709 243000.000000 230974.130000 19930801 1555.960000 78.500000 310000.000000 5.546800 1 1 2
4632725 268850.000000 255305.130000 19931001 1655.360000 95.000000 283500.000000 5.171800 1 1 2
4632758 244800.000000 232946.830000 19930801 1587.770000 90.000000 272000.000000 5.671800 1 1 1
4632774 223250.000000 211953.690000 19930901 1485.290000 95.000000 243000.000000 5.921800 1 1 2
4632832 249000.000000 237204.570000 19930801 1635.760000 79.000000 315000.000000 5.796800 1 1 1
4632865 218400.000000 207372.950000 19930901 1362.540000 95.000000 230000.000000 5.296800 1 1 2
4632907 240000.000000 228379.070000 19930801 1556.640000 80.000000 300000.000000 5.671800 1 1 2
4632964 270000.000000 257508.120000 19930901 1773.710000 86.500000 314000.000000 5.796800 1 1 2
4633038 226300.000000 215851.230000 19931001 1467.780000 78.600000 288000.000000 5.671800 1 1 1
4633046 241200.000000 229775.540000 19930801 1584.520000 95.000000 254000.000000 5.796800 1 1 2
4633053 500000.000000 476833.640000 19930801 3326.520000 78.100000 643000.000000 5.921800 10 1 2
4633137 375000.000000 356473.140000 19930901 2370.260000 70.100000 535000.000000 5.421800 1 1 1
4633251 342000.000000 326177.410000 19930901 2246.700000 87.700000 390000.000000 5.796800 1 1 1
4633285 218000.000000 199197.160000 19931001 1432.110000 80.700000 270000.000000 5.796800 1 1 1
4633293 256050.000000 243399.540000 19930901 1618.420000 90.000000 286000.000000 5.421800 1 1 2
4633319 254250.000000 241132.390000 19930901 1565.470000 90.000000 290000.000000 5.171800 1 1 2
4633350 243000.000000 231483.730000 19930901 1576.100000 86.800000 280000.000000 5.671800 1 1 2
4633368 251100.000000 238963.120000 19930901 1607.830000 89.800000 281000.000000 5.546800 1 1 2
4633475 356250.000000 338231.900000 19930801 2251.750000 75.000000 475000.000000 5.421800 1 1 1
4633509 280000.000000 266464.540000 19930901 1792.880000 75.300000 372000.000000 5.546800 1 1 1
4633624 215650.000000 204995.670000 19930901 1363.060000 95.000000 227000.000000 5.421800 1 1 1
4633673 256200.000000 244083.600000 19930901 1661.710000 78.300000 327000.000000 5.671800 1 1 1
4633699 240000.000000 229121.620000 19930801 1616.930000 94.500000 254000.000000 6.046800 1 1 2
4633731 270000.000000 256226.740000 19930901 1706.590000 90.000000 300000.000000 5.421800 1 1 2
4633772 247350.000000 235373.300000 19930801 1604.310000 90.000000 275000.000000 5.671800 1 1 2
4633814 250000.000000 238158.750000 19930801 1642.330000 94.700000 275000.000000 5.796800 1 1 2
4633855 286200.000000 273304.490000 19931101 1856.290000 89.700000 327500.000000 5.671800 10 1 2
4633863 238500.000000 218851.880000 19931001 1566.780000 90.000000 265000.000000 5.796800 1 1 1
4633913 251250.000000 239367.380000 19930901 1629.610000 75.000000 335000.000000 5.671800 10 1 1
4634036 272000.000000 259162.380000 19931001 1741.650000 68.000000 400000.000000 5.546800 1 1 1
4634218 318000.000000 303271.590000 19931201 2009.980000 76.600000 415000.000000 5.421800 1 1 1
4634259 227000.000000 216448.870000 19931001 1506.600000 94.700000 242000.000000 5.921800 1 1 2
4634275 300000.000000 286148.150000 19931001 1945.800000 51.300000 585000.000000 5.671800 1 1 1
4634341 234400.000000 224357.760000 19940101 1520.320000 95.000000 253000.000000 5.671800 1 1 2
4634358 247500.000000 235881.570000 19931201 1544.080000 90.000000 276000.000000 5.296800 1 1 2
4634366 260000.000000 247457.700000 19931001 1643.380000 89.700000 290000.000000 5.421800 1 1 1
4634382 317000.000000 302363.310000 19931001 2056.060000 88.100000 360000.000000 5.671800 1 1 1
4634473 231800.000000 221330.670000 19931001 1522.760000 95.000000 244000.000000 5.796800 1 1 2
4634531 315000.000000 299804.950000 19931001 1991.010000 75.900000 415000.000000 5.421800 1 1 1
4634549 223000.000000 210668.620000 19931001 1427.900000 78.500000 284000.000000 5.546800 1 1 1
4634556 262000.000000 202566.780000 19931001 1634.540000 80.000000 328000.000000 5.296800 5 1 2
</TABLE>
<PAGE>
Page 16
<TABLE>
<CAPTION>
Property Property Max. Interest Minimum Original Stated
Loan No. Property City State Zip Index Margin Life Interest Rate Term Term
-------- ------------- -------- -------- ----- -------- ------------- ------------- -------- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
4634614 POTOMAC MD 20854 1YCMT 3.000000 12.500000 3.000000 360 312
4634705 CENTREVILLE VA 22020 1YCMT 3.250000 12.750000 3.250000 360 312
4634721 WASHINGTON DC 20003 1YCMT 3.000000 12.500000 3.000000 360 312
4634788 OAKTON VA 22124 1YCMT 3.000000 12.500000 3.000000 360 313
4634804 GAITHERSBUR MD 20878 1YCMT 3.000000 12.500000 3.000000 360 311
4634812 N POTOMAC MD 20878 1YCMT 3.000000 12.750000 3.000000 360 311
4634853 MILLERSVILL MD 21108 1YCMT 3.000000 12.625000 3.000000 360 311
4634903 WASHINGTON DC 20015 1YCMT 3.000000 12.625000 3.000000 360 312
4634945 CENTREVILLE VA 22020 1YCMT 3.250000 12.625000 3.250000 360 312
4635017 RESTON VA 22094 1YCMT 3.000000 12.500000 3.000000 360 312
4635025 LEESBURG VA 22075 1YCMT 3.000000 12.625000 3.000000 360 312
4635033 STERLING VA 20164 1YCMT 3.250000 12.875000 3.250000 360 311
4635058 BOWIE MD 20721 1YCMT 3.000000 12.625000 3.000000 360 312
4635074 ARNOLD MD 21012 1YCMT 3.000000 12.500000 3.000000 360 312
4635157 FALLS CHURC VA 22043 1YCMT 3.000000 12.500000 3.000000 360 313
4635165 WASHINGTON DC 20008 1YCMT 3.000000 12.500000 3.000000 360 312
4635173 ARLINGTON VA 22204 1YCMT 3.000000 12.500000 3.000000 360 313
4635264 WASHINGTON DC 20012 1YCMT 3.000000 12.500000 3.000000 360 312
4635298 VIENNA VA 22182 1YCMT 3.000000 12.500000 3.000000 360 312
4635330 ROCKVILLE MD 20850 1YCMT 3.000000 12.500000 3.000000 360 312
4635371 COCKEYSVILL MD 21030 1YCMT 3.000000 12.625000 3.000000 360 312
4635389 OLNEY MD 20832 1YCMT 3.250000 12.750000 3.250000 360 312
4635462 COLUMBIA MD 21044 1YCMT 3.000000 12.500000 3.000000 360 312
4635538 WASHINGTON DC 20002 1YCMT 3.000000 12.750000 3.000000 360 313
4635561 SEVERNA PAR MD 21146 1YCMT 3.000000 12.625000 3.000000 360 313
4635579 ALEXANDRIA VA 22306 1YCMT 3.000000 12.625000 3.000000 360 312
4635587 COLUMBIA MD 21044 1YCMT 3.000000 12.625000 3.000000 360 312
4635611 FAIRFAX VA 22039 1YCMT 3.000000 12.625000 3.000000 360 314
4635629 ALEXANDRIA VA 22305 1YCMT 3.250000 12.875000 3.250000 360 312
4635678 WASHINGTON DC 20016 1YCMT 3.000000 12.625000 3.000000 360 312
4635694 WASHINGTON DC 20010 1YCMT 3.000000 12.625000 3.000000 360 312
4635793 ARNOLD MD 21012 1YCMT 3.000000 12.625000 3.000000 360 313
4635801 OLNEY MD 20832 1YCMT 3.000000 12.625000 3.000000 360 312
4635819 ANNAPOLIS MD 21401 1YCMT 3.000000 12.625000 3.000000 360 313
4635835 CHANTILLY VA 22021 1YCMT 3.000000 12.750000 3.000000 360 312
4635843 GAITHERSBUR MD 20882 1YCMT 3.000000 12.750000 3.000000 360 313
4635892 BALTIMORE MD 21208 1YCMT 3.000000 12.750000 3.000000 360 314
4635900 LAYTONSVILL MD 20882 1YCMT 3.000000 12.625000 3.000000 360 312
4636106 WASHINGTON DC 20009 1YCMT 3.000000 12.750000 3.000000 360 314
4636197 ELLICOTT CI MD 21043 1YCMT 3.250000 12.875000 3.250000 360 312
4636213 WOODBRIDGE VA 22192 1YCMT 3.000000 12.750000 3.000000 360 312
4636312 BOWIE MD 20721 1YCMT 3.250000 13.000000 3.250000 360 313
4636346 WASHINGTON DC 20007 1YCMT 3.000000 12.625000 3.000000 360 313
4636460 GREAT FALLS VA 22066 1YCMT 3.000000 12.750000 3.000000 360 314
4636486 ROCKVILLE MD 20852 1YCMT 3.000000 12.750000 3.000000 360 313
4636593 ALEXANDRIA VA 22309 1YCMT 3.000000 12.750000 3.000000 360 314
4636684 UPPER MARLB MD 20772 1YCMT 3.250000 12.750000 3.250000 360 312
4636692 FALLS CHURC VA 22044 1YCMT 3.000000 12.625000 3.000000 360 313
4636775 BETHESDA MD 20817 1YCMT 3.250000 12.875000 3.250000 360 312
4636809 ASHBURN VA 22011 1YCMT 3.625000 12.875000 3.625000 360 312
4636916 MONKTON MD 21111 1YCMT 3.000000 12.625000 3.000000 360 313
4636957 SEVERNA PAR MD 21146 1YCMT 3.250000 12.625000 3.250000 360 312
4636965 FAIRFAX STA VA 22039 1YCMT 3.000000 12.375000 3.000000 360 312
4636999 BALTIMORE MD 21210 1YCMT 3.000000 12.500000 3.000000 360 314
4637005 ARNOLD MD 21012 1YCMT 3.000000 12.500000 3.000000 360 313
4637047 POTOMAC MD 20854 1YCMT 3.000000 12.500000 3.000000 360 314
4637062 BETHESDA MD 20817 1YCMT 3.000000 12.500000 3.000000 360 313
4637070 CHEVY CHASE MD 20815 1YCMT 3.000000 12.500000 3.000000 360 314
4637120 LEESBURG VA 22075 1YCMT 3.250000 12.750000 3.250000 360 315
4637146 VIENNA VA 22182 1YCMT 3.250000 12.750000 3.250000 360 313
4637153 ANNAPOLIS MD 21401 1YCMT 3.000000 12.500000 3.000000 360 313
4637260 WASHINGTON DC 20016 1YCMT 2.750000 11.875000 2.750000 360 314
4637278 SPRINGFIELD VA 22153 1YCMT 3.250000 12.625000 3.250000 360 312
4637344 ALEXANDRIA VA 22314 1YCMT 3.000000 12.250000 3.000000 360 313
4637351 GLEN ARM MD 21057 1YCMT 3.000000 12.375000 3.000000 360 315
4637385 SILVER SPRI MD 20910 1YCMT 3.000000 12.375000 3.000000 360 313
4637419 BURKE VA 22015 1YCMT 3.000000 12.375000 3.000000 360 315
4637484 RESTON VA 22091 1YCMT 3.000000 12.375000 3.000000 360 314
4637575 N BETHESDA MD 20852 1YCMT 3.000000 12.375000 3.000000 360 314
4637674 POTOMAC MD 20854 1YCMT 3.000000 12.375000 3.000000 360 315
4637682 CROFTON MD 21114 1YCMT 3.000000 12.625000 3.000000 360 315
4637708 GAITHERSBUR MD 20877 1YCMT 3.000000 12.375000 3.000000 360 315
4637831 BALTIMORE MD 21212 1YCMT 3.000000 12.250000 3.000000 360 316
4637898 GERMANTOWN MD 20876 1YCMT 3.250000 12.500000 3.250000 360 313
4637955 OLNEY MD 20832 1YCMT 3.000000 12.125000 3.000000 360 314
4637989 GREAT FALLS VA 22066 1YCMT 3.000000 12.125000 3.000000 360 314
4638003 TIMONIUM MD 21093 1YCMT 3.000000 12.500000 3.000000 360 317
4638011 GREAT FALLS VA 22066 1YCMT 3.000000 12.125000 3.000000 360 314
4638029 ARLINGTON VA 22207 1YCMT 3.000000 12.125000 3.000000 360 314
4638078 WASHINGTON DC 20015 1YCMT 2.750000 11.750000 2.750000 360 315
</TABLE>
<TABLE>
<CAPTION>
First Net
Original Current Payment Current Original Original Mortgage Property Own
Loan No. Balance Balance Date PNI LTV Appraisal Rate Type Occ Purpose
-------- ------------- ------------- -------- ----------- --------- ------------- -------- -------- ----- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
4634614 260000.000000 247728.870000 19931001 1664.810000 90.000000 289000.000000 5.546800 10 1 2
4634705 250000.000000 237674.700000 19931001 1559.680000 94.800000 264000.000000 5.296800 1 1 2
4634721 339000.000000 323002.290000 19931001 2170.660000 72.000000 471000.000000 5.546800 10 1 1
4634788 332750.000000 316738.460000 19931101 2075.930000 80.000000 416000.000000 5.296800 1 1 2
4634804 344000.000000 326631.620000 19930901 2146.120000 81.900000 420000.000000 5.296800 1 1 1
4634812 217200.000000 205994.290000 19930901 1337.340000 80.000000 290000.000000 5.171800 1 1 2
4634853 231250.000000 218232.270000 19930901 1442.700000 74.600000 310000.000000 5.296800 1 1 2
4634903 285000.000000 271548.860000 19931001 1824.890000 78.100000 365000.000000 5.546800 1 1 1
4634945 235650.000000 223777.830000 19931001 1450.940000 94.900000 250000.000000 5.171800 1 1 2
4635017 286400.000000 271011.090000 19931001 1694.160000 89.800000 319000.000000 4.796800 10 1 2
4635025 230000.000000 218660.480000 19931001 1434.910000 69.700000 338000.000000 5.296800 1 1 2
4635033 232450.000000 222180.770000 19930901 1546.500000 95.000000 245000.000000 5.921800 1 1 2
4635058 255200.000000 240168.060000 19931001 1509.610000 80.000000 328000.000000 4.796800 1 1 2
4635074 509200.000000 484636.250000 19931001 3218.500000 65.700000 775000.000000 5.421800 1 1 1
4635157 261000.000000 247884.400000 19931101 1585.870000 90.000000 295000.000000 5.046800 1 1 2
4635165 415000.000000 394980.390000 19931001 2623.090000 50.600000 820000.000000 5.421800 1 1 1
4635173 229500.000000 218213.890000 19931101 1413.080000 90.000000 256000.000000 5.171800 1 1 2
4635264 600000.000000 571056.530000 19931001 3792.410000 75.000000 800000.000000 5.421800 1 1 1
4635298 224000.000000 199472.200000 19931001 1415.840000 80.000000 280000.000000 5.421800 1 1 1
4635330 420000.000000 399739.400000 19931001 2654.690000 78.700000 534000.000000 5.421800 1 1 1
4635371 337500.000000 321571.170000 19931001 2161.050000 79.400000 425000.000000 5.546800 1 1 1
4635389 245100.000000 233276.570000 19931001 1549.200000 95.000000 258000.000000 5.421800 1 1 2
4635462 274550.000000 259522.760000 19931001 1712.840000 78.100000 360000.000000 5.296800 1 1 2
4635538 252000.000000 240645.350000 19931101 1634.470000 86.400000 291500.000000 5.671800 10 1 1
4635561 261000.000000 247013.270000 19931101 1523.130000 80.100000 326000.000000 4.671800 1 1 2
4635579 247500.000000 232173.540000 19931001 1584.770000 90.000000 275000.000000 5.546800 1 1 1
4635587 288750.000000 274202.390000 19931001 1777.890000 74.900000 421000.000000 5.171800 1 1 2
4635611 270000.000000 257574.960000 19931201 1706.590000 72.600000 372000.000000 5.421800 1 1 1
4635629 220800.000000 210827.400000 19931001 1450.500000 95.000000 233000.000000 5.796800 1 1 2
4635678 252000.000000 240106.190000 19931001 1613.590000 90.000000 287000.000000 5.546800 1 1 2
4635694 229500.000000 217168.270000 19931001 1357.580000 90.000000 256000.000000 4.796800 10 1 2
4635793 397000.000000 376174.470000 19931101 2348.410000 67.900000 585000.000000 4.796800 1 1 1
4635801 316700.000000 302076.820000 19931001 2054.120000 90.000000 352000.000000 5.671800 1 1 1
4635819 261000.000000 247308.490000 19931101 1543.920000 90.000000 290000.000000 4.796800 1 1 2
4635835 228000.000000 217001.230000 19931001 1441.120000 79.200000 288000.000000 5.421800 1 1 1
4635843 238500.000000 227514.330000 19931101 1527.150000 75.700000 315000.000000 5.546800 1 1 1
4635892 400000.000000 382027.920000 19931201 2561.250000 61.500000 650000.000000 5.546800 1 1 1
4635900 312000.000000 297274.750000 19931001 1997.770000 80.000000 390000.000000 5.546800 1 1 2
4636106 304500.000000 290818.860000 19931201 1949.750000 69.200000 440000.000000 5.546800 10 1 1
4636197 249350.000000 237837.060000 19931001 1617.280000 95.000000 266200.000000 5.671800 1 1 2
4636213 336000.000000 320823.940000 19931001 2207.290000 80.000000 420000.000000 5.796800 1 1 1
4636312 217600.000000 207931.870000 19931101 1466.020000 94.600000 230000.000000 6.046800 1 1 2
4636346 237600.000000 226894.310000 19931101 1541.070000 90.000000 264000.000000 5.671800 10 1 2
4636460 586500.000000 560723.680000 19931201 3804.030000 58.700000 1000000.000000 5.671800 1 1 1
4636486 253000.000000 241601.710000 19931101 1640.960000 56.000000 452000.000000 5.671800 1 1 1
4636593 312000.000000 298588.100000 19931201 2049.620000 80.000000 390000.000000 5.796800 1 1 1
4636684 229000.000000 217709.830000 19931001 1428.670000 94.700000 243500.000000 5.296800 1 1 2
4636692 263000.000000 250886.180000 19931101 1684.020000 61.400000 428000.000000 5.546800 1 1 1
4636775 245100.000000 225405.120000 19931001 1589.720000 95.000000 260000.000000 5.671800 10 1 2
4636809 248900.000000 237881.540000 19931001 1655.940000 95.000000 262500.000000 5.921800 1 1 2
4636916 345000.000000 328759.340000 19931101 2180.640000 75.000000 460000.000000 5.421800 1 1 1
4636957 219900.000000 208983.820000 19931001 1371.890000 95.000000 238000.000000 5.296800 1 1 2
4636965 287500.000000 273631.080000 19931001 1817.200000 79.900000 360000.000000 5.421800 1 1 1
4636999 326000.000000 298377.430000 19931201 2060.550000 74.900000 435000.000000 5.421800 1 1 1
4637005 460000.000000 436530.820000 19931101 2869.810000 74.200000 620000.000000 5.296800 1 1 1
4637047 308000.000000 294161.630000 19931201 1972.160000 88.000000 350000.000000 5.546800 1 1 1
4637062 237000.000000 225798.530000 19931101 1498.010000 65.800000 360000.000000 5.421800 1 1 1
4637070 324000.000000 309119.120000 19931201 2047.910000 54.000000 600000.000000 5.421800 1 1 1
4637120 249900.000000 238952.930000 19940101 1600.140000 95.000000 264000.000000 5.546800 1 1 2
4637146 215700.000000 204111.160000 19931101 1345.690000 93.000000 232000.000000 5.296800 10 1 2
4637153 315000.000000 298119.430000 19931101 1838.260000 74.100000 435000.000000 4.671800 1 1 2
4637260 231000.000000 219392.400000 19931201 1633.760000 72.000000 321000.000000 6.671800 1 1 1
4637278 227900.000000 216664.470000 19931001 1421.800000 95.000000 240000.000000 5.296800 1 1 2
4637344 326000.000000 310313.240000 19931101 2033.820000 75.800000 430000.000000 5.296800 10 1 1
4637351 260000.000000 248358.510000 19940101 1643.380000 80.000000 325000.000000 5.421800 1 1 1
4637385 247500.000000 235590.610000 19931101 1544.080000 90.000000 284000.000000 5.296800 1 1 2
4637419 231000.000000 220655.530000 19940101 1460.080000 79.700000 290000.000000 5.421800 1 1 1
4637484 234000.000000 223015.220000 19931201 1459.860000 78.000000 300000.000000 5.296800 1 1 1
4637575 233300.000000 221861.580000 19931201 1417.560000 80.000000 292000.000000 5.046800 10 1 2
4637674 265000.000000 253132.670000 19940101 1674.990000 57.000000 465000.000000 5.421800 1 1 1
4637682 249850.000000 238905.070000 19940101 1599.820000 95.000000 263000.000000 5.546800 1 1 2
4637708 231000.000000 218890.780000 19940101 1479.120000 82.500000 280000.000000 5.546800 1 1 1
4637831 550000.000000 525464.140000 19940201 3431.290000 60.400000 910000.000000 5.296800 1 1 1
4637898 235550.000000 224700.180000 19931101 1508.260000 95.000000 249000.000000 5.546800 1 1 2
4637955 216900.000000 206493.460000 19931201 1335.500000 73.500000 295000.000000 5.171800 1 1 1
4637989 295000.000000 280220.820000 19931201 1768.680000 70.200000 420000.000000 4.921800 1 1 1
4638003 258750.000000 233101.580000 19940301 1635.480000 90.000000 288000.000000 5.421800 1 1 2
4638011 250000.000000 238005.570000 19931201 1539.300000 74.600000 350000.000000 5.171800 1 1 2
4638029 500000.000000 476011.650000 19931201 3078.590000 55.600000 900000.000000 5.171800 1 1 1
4638078 380000.000000 315719.940000 19940101 2687.580000 80.000000 475000.000000 6.671800 1 1 2
</TABLE>
<PAGE>
Page 17
<TABLE>
<CAPTION>
Property Property Max. Interest Minimum Original Stated
Loan No. Property City State Zip Index Margin Life Interest Rate Term Term
-------- ------------- -------- -------- ----- -------- ------------- ------------- -------- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
4638128 GREAT FALLS VA 22066 1YCMT 3.000000 12.125000 3.000000 360 315
4638136 BETHESDA MD 20817 1YCMT 3.000000 12.125000 3.000000 360 314
4638185 HIGHLAND MD 20777 1YCMT 3.000000 12.250000 3.000000 360 313
4638292 ROCKVILLE MD 20852 1YCMT 3.000000 12.250000 3.000000 360 314
4638318 OAKTON VA 22124 1YCMT 3.000000 12.250000 3.000000 360 315
4638409 WASHINGTON DC 20010 1YCMT 3.000000 12.250000 3.000000 360 315
4638557 FALLS CHURC VA 22044 1YCMT 3.000000 12.250000 3.000000 360 314
4638805 BETHESDA MD 20817 1YCMT 3.250000 12.500000 3.250000 360 314
4638813 ALEXANDRIA VA 22310 1YCMT 2.750000 12.500000 2.750000 360 314
4638870 BETHESDA MD 20817 1YCMT 3.000000 12.250000 3.000000 360 315
4638979 WASHINGTON DC 20007 1YCMT 3.000000 12.250000 3.000000 360 315
4639019 SILVER SPRI MD 20905 1YCMT 3.000000 12.250000 3.000000 360 314
4639068 OLNEY MD 20832 1YCMT 3.000000 12.250000 3.000000 360 314
4639084 VIENNA VA 22182 1YCMT 3.000000 12.250000 3.000000 360 314
4639142 RESTON VA 22091 1YCMT 3.000000 12.250000 3.000000 360 315
4639241 HERNDON VA 22070 1YCMT 3.250000 12.500000 3.250000 360 314
4639340 OLNEY MD 20832 1YCMT 3.000000 12.250000 3.000000 360 315
4639431 VIENNA VA 22181 1YCMT 3.000000 12.375000 3.000000 360 313
4639464 MCLEAN VA 22101 1YCMT 3.000000 12.375000 3.000000 360 314
4639498 TEMPLE HILL MD 20748 1YCMT 3.250000 12.500000 3.250000 360 315
4639506 WOODBINE MD 21797 1YCMT 3.000000 12.250000 3.000000 360 315
4639571 NORTH POTOM MD 20878 1YCMT 3.000000 12.250000 3.000000 360 314
4639589 POTOMAC MD 20854 1YCMT 2.750000 12.375000 2.750000 360 317
4639647 WASHINGTON DC 20008 1YCMT 3.000000 12.250000 3.000000 360 314
4639688 FAIRFAX STA VA 22309 1YCMT 3.250000 12.500000 3.250000 360 313
4639761 WASHINGTON DC 20008 1YCMT 3.000000 12.375000 3.000000 360 315
4639779 POTOMAC MD 20854 1YCMT 3.000000 12.250000 3.000000 360 313
4639969 OLNEY MD 20832 1YCMT 3.000000 12.250000 3.000000 360 315
4640108 BETHESDA MD 20814 1YCMT 3.000000 12.250000 3.000000 360 315
4640116 WASHINGTON DC 20007 1YCMT 3.000000 12.250000 3.000000 360 315
4640132 CENTREVILLE VA 22020 1YCMT 3.000000 12.250000 3.000000 360 315
4640231 BETHESDA MD 20816 1YCMT 3.000000 12.250000 3.000000 360 315
4640264 SILVER SPRI MD 20910 1YCMT 3.250000 12.500000 3.250000 360 315
4640348 CROFTON MD 21114 1YCMT 3.250000 12.500000 3.250000 360 315
4640512 ALEXANDRIA VA 22308 1YCMT 3.250000 12.500000 3.250000 360 315
4640728 ROCKVILLE MD 20850 1YCMT 3.000000 12.125000 3.000000 360 314
4640793 LUTHERVILLE MD 21093 1YCMT 3.000000 12.125000 3.000000 360 315
4640835 ARLINGTON VA 22201 1YCMT 3.250000 12.375000 3.250000 360 315
4640876 CHEVY CHASE MD 20815 1YCMT 3.000000 12.125000 3.000000 360 316
4640884 WASHINGTON DC 20016 1YCMT 3.000000 12.125000 3.000000 360 316
4640942 WASHINGTON DC 20037 1YCMT 3.000000 12.125000 3.000000 360 315
4640959 WASHINGTON DC 20016 1YCMT 3.000000 12.125000 3.000000 360 316
4641007 ALEXANDRIA VA 22301 1YCMT 3.000000 12.500000 3.000000 360 317
4641098 COLUMBIA MD 21044 1YCMT 3.000000 12.125000 3.000000 360 315
4641106 NORTH POTOM MD 20878 1YCMT 3.000000 12.125000 3.000000 360 315
4641163 POTOMAC MD 20854 1YCMT 3.000000 12.125000 3.000000 360 315
4641213 HERNDON VA 22071 1YCMT 3.250000 12.375000 3.250000 360 314
4641239 ALEXANDRIA VA 22301 1YCMT 3.000000 12.125000 3.000000 360 316
4641338 OLNEY MD 20832 1YCMT 3.000000 12.125000 3.000000 360 315
4641478 MITCHELLVIL MD 20721 1YCMT 3.250000 12.375000 3.250000 360 316
4641502 GERMANTOWN MD 20876 1YCMT 3.000000 12.125000 3.000000 360 315
4641858 BETHESDA MD 20816 1YCMT 3.000000 12.250000 3.000000 360 314
4641981 VIENNA VA 22181 1YCMT 3.250000 12.875000 3.250000 360 318
4642013 HERNDON VA 22071 1YCMT 3.000000 12.250000 3.000000 360 316
4642039 ROCKVILLE MD 20853 1YCMT 3.000000 12.250000 3.000000 360 315
4642088 FAIRFAX VA 22033 1YCMT 3.250000 12.500000 3.250000 360 315
4642146 WASHINGTON DC 20015 1YCMT 3.000000 12.375000 3.000000 360 315
4642153 ARLINGTON VA 22207 1YCMT 3.250000 12.625000 3.250000 360 316
4642260 ANNANDALE VA 22003 1YCMT 3.000000 12.375000 3.000000 360 316
4642278 SPRINGFIELD VA 22153 1YCMT 3.000000 12.375000 3.000000 360 317
4642401 POTOMAC MD 20854 1YCMT 3.000000 12.500000 3.000000 360 316
4642419 OLNEY MD 20832 1YCMT 3.000000 12.500000 3.000000 360 316
4642484 SILVER SPRI MD 20906 1YCMT 3.000000 12.500000 3.000000 360 316
4642534 FAIRFAX STA VA 22039 1YCMT 3.000000 12.500000 3.000000 360 316
4642542 PHOENIX MD 21131 1YCMT 3.000000 12.500000 3.000000 360 315
4642690 GAITHERSBUR MD 20879 1YCMT 3.000000 12.625000 3.000000 360 316
4642716 OWINGS MILL MD 21117 1YCMT 3.000000 12.625000 3.000000 360 316
4642724 ANNAPOLIS MD 21401 1YCMT 3.000000 12.625000 3.000000 360 316
4642740 GERMANTOWN MD 20876 1YCMT 3.250000 12.875000 3.250000 360 316
4642799 SILVER SPRI MD 20906 1YCMT 3.250000 12.875000 3.250000 360 316
4642930 ALEXANDRIA VA 22310 1YCMT 3.000000 12.500000 3.000000 360 316
4642948 FORT WASHIN MD 20744 1YCMT 3.250000 13.000000 3.250000 360 315
4643110 POTOMAC MD 20854 1YCMT 3.000000 12.500000 3.000000 360 316
4643144 WASHINGTON DC 20016 1YCMT 3.000000 12.500000 3.000000 360 316
4643201 LUTHERVILLE MD 21093 1YCMT 3.000000 11.750000 3.000000 360 316
4643250 OLNEY MD 20832 1YCMT 3.000000 12.500000 3.000000 360 316
4643268 UPPER MARLB MD 20772 1YCMT 3.250000 12.750000 3.250000 360 316
4643466 TAKOMA PARK MD 20912 1YCMT 3.250000 12.750000 3.250000 360 316
4643482 ALEXANDRIA VA 22310 1YCMT 3.000000 12.500000 3.000000 360 316
4643490 VIRGINIA BE VA 23454 1YCMT 3.000000 12.500000 3.000000 360 316
</TABLE>
<TABLE>
<CAPTION>
First Net
Original Current Payment Current Original Original Mortgage Property Own
Loan No. Balance Balance Date PNI LTV Appraisal Rate Type Occ Purpose
-------- ------------- ------------- -------- ----------- --------- ------------- -------- -------- ----- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
4638128 414000.000000 394631.430000 19940101 2549.070000 73.900000 560000.000000 5.171800 1 1 1
4638136 320000.000000 303968.220000 19931201 1918.570000 80.000000 400000.000000 4.921800 1 1 1
4638185 220000.000000 209139.370000 19931101 1354.580000 69.800000 315000.000000 5.171800 1 1 1
4638292 275000.000000 262014.440000 19931201 1715.650000 71.200000 386000.000000 5.296800 1 1 1
4638318 410250.000000 391471.310000 19940101 2559.430000 80.000000 513000.000000 5.296800 1 1 1
4638409 218600.000000 208372.930000 19940101 1345.960000 72.900000 300000.000000 5.171800 10 1 1
4638557 244900.000000 232630.980000 19931201 1468.300000 90.000000 275000.000000 4.921800 10 1 2
4638805 250000.000000 238264.060000 19931201 1559.680000 94.300000 265000.000000 5.296800 1 1 2
4638813 225625.000000 214577.370000 19931201 1389.220000 95.000000 240000.000000 5.171800 10 1 2
4638870 293000.000000 277286.820000 19940101 1827.940000 51.000000 575000.000000 5.296800 1 1 1
4638979 380000.000000 362605.920000 19940101 2370.710000 67.300000 565000.000000 5.296800 10 1 1
4639019 487000.000000 463635.160000 19931201 2998.550000 72.100000 675000.000000 5.171800 1 1 1
4639068 227600.000000 216915.730000 19931201 1419.930000 90.000000 265000.000000 5.296800 1 1 2
4639084 275000.000000 251857.980000 19931201 1693.230000 77.500000 355000.000000 5.171800 1 1 1
4639142 245200.000000 233976.350000 19940101 1529.730000 70.100000 350000.000000 5.296800 10 1 1
4639241 227900.000000 212184.070000 19931201 1440.490000 95.000000 240000.000000 5.421800 1 1 2
4639340 300000.000000 286269.860000 19940101 1871.610000 75.000000 400000.000000 5.296800 1 1 1
4639431 290250.000000 274024.130000 19931101 1648.010000 90.000000 326000.000000 4.421800 1 1 2
4639464 247500.000000 234558.550000 19931201 1444.350000 90.000000 285000.000000 4.671800 1 1 2
4639498 228000.000000 217909.810000 19940101 1459.910000 95.000000 252000.000000 5.546800 1 1 2
4639506 305500.000000 289833.160000 19940101 1905.930000 77.300000 395000.000000 5.296800 1 1 1
4639571 328000.000000 312263.400000 19931201 2019.560000 76.300000 430000.000000 5.171800 1 1 1
4639589 313000.000000 298830.360000 19940301 2241.020000 26.100000 1200000.000000 6.796800 1 1 1
4639647 270000.000000 257046.230000 19931201 1662.440000 76.500000 353000.000000 5.171800 1 1 1
4639688 250000.000000 238229.520000 19931101 1580.180000 94.300000 265000.000000 5.421800 1 1 2
4639761 450000.000000 429401.710000 19940101 2807.420000 75.000000 600000.000000 5.296800 1 1 1
4639779 272000.000000 258034.340000 19931101 1630.780000 80.000000 340000.000000 4.921800 1 1 2
4639969 310000.000000 295810.100000 19940101 1934.000000 84.900000 365000.000000 5.296800 1 1 1
4640108 266850.000000 254091.370000 19940101 1621.410000 90.000000 304000.000000 5.046800 1 1 2
4640116 220000.000000 209546.350000 19940101 1372.520000 86.300000 255000.000000 5.296800 10 1 1
4640132 234000.000000 223288.860000 19940101 1459.860000 78.000000 300000.000000 5.296800 1 1 1
4640231 388000.000000 369847.510000 19940101 2388.990000 74.600000 520000.000000 5.171800 1 1 1
4640264 232150.000000 221753.990000 19940101 1467.350000 95.000000 256000.000000 5.421800 1 1 2
4640348 217000.000000 207282.460000 19940101 1371.590000 95.000000 229000.000000 5.421800 1 1 2
4640512 235550.000000 225001.730000 19940101 1488.840000 94.600000 249000.000000 5.421800 1 1 2
4640728 288000.000000 273879.860000 19931201 1749.920000 75.000000 384000.000000 5.046800 1 1 1
4640793 360000.000000 342787.570000 19940101 2187.400000 79.500000 453000.000000 5.046800 1 1 1
4640835 240350.000000 229586.810000 19940101 1519.180000 95.000000 253000.000000 5.421800 1 1 2
4640876 429000.000000 408568.670000 19940201 2572.080000 78.000000 550000.000000 4.921800 1 1 1
4640884 225000.000000 212756.130000 19940201 1367.120000 75.000000 300000.000000 5.046800 1 1 1
4640942 253200.000000 240828.700000 19940101 1518.070000 90.000000 287000.000000 4.921800 10 1 2
4640959 325000.000000 310180.330000 19940201 2001.090000 76.500000 430000.000000 5.171800 1 1 2
4641007 270900.000000 259128.270000 19940301 1690.070000 90.000000 301000.000000 5.296800 1 1 1
4641098 417750.000000 398206.000000 19940101 2572.160000 80.000000 575000.000000 5.171800 1 1 2
4641106 365000.000000 340813.900000 19940101 2247.370000 62.000000 589000.000000 5.171800 1 1 1
4641163 267000.000000 254434.190000 19940101 1643.970000 74.200000 360000.000000 5.171800 1 1 1
4641213 250000.000000 70497.630000 19931201 1458.940000 94.300000 273000.000000 4.671800 1 1 2
4641239 226000.000000 215694.510000 19940201 1391.530000 88.600000 255000.000000 5.171800 1 1 1
4641338 244000.000000 232561.400000 19940101 1502.350000 80.000000 305000.000000 5.171800 1 1 1
4641478 247650.000000 233502.220000 19940201 1524.830000 95.000000 262000.000000 5.171800 1 1 2
4641502 265650.000000 253221.530000 19940101 1635.660000 90.000000 296000.000000 5.171800 1 1 2
4641858 480000.000000 457765.490000 19931201 3033.930000 79.600000 603000.000000 5.421800 1 1 2
4641981 244900.000000 235632.110000 19940401 1629.330000 95.000000 260000.000000 5.921800 10 1 2
4642013 241650.000000 230388.150000 19940201 1468.300000 90.000000 268500.000000 5.046800 1 1 2
4642039 294500.000000 279774.970000 19940101 1837.300000 77.500000 380000.000000 5.296800 1 1 1
4642088 245800.000000 235032.380000 19940101 1573.890000 95.000000 265000.000000 5.546800 1 1 2
4642146 251000.000000 239000.870000 19940101 1525.100000 89.600000 280000.000000 5.046800 1 1 1
4642153 250000.000000 238293.690000 19940201 1559.680000 93.800000 280000.000000 5.296800 1 1 2
4642260 330000.000000 315488.350000 19940201 2085.830000 79.500000 415000.000000 5.421800 1 1 1
4642278 276000.000000 252210.710000 19940301 1677.010000 80.000000 345000.000000 5.046800 1 1 1
4642401 322500.000000 308732.990000 19940201 2065.010000 75.000000 430000.000000 5.546800 1 1 1
4642419 225000.000000 204222.770000 19940201 1440.700000 78.400000 287000.000000 5.546800 1 1 1
4642484 215100.000000 203937.460000 19940201 1221.320000 90.000000 239000.000000 4.421800 1 1 2
4642534 328000.000000 308875.840000 19940201 1914.120000 80.000000 410000.000000 4.671800 1 1 2
4642542 245600.000000 234357.780000 19940101 1532.230000 75.000000 327500.000000 5.296800 1 1 1
4642690 288500.000000 276454.510000 19940201 1871.210000 73.800000 391000.000000 5.671800 1 1 1
4642716 333000.000000 318784.940000 19940201 2132.240000 66.600000 500000.000000 5.546800 1 1 1
4642724 238500.000000 227385.480000 19940201 1449.150000 90.000000 265000.000000 5.046800 1 1 2
4642740 236200.000000 226555.210000 19940201 1551.670000 95.000000 260000.000000 5.796800 1 1 2
4642799 230350.000000 221151.890000 19940201 1532.530000 95.000000 255000.000000 5.921800 1 1 2
4642930 227500.000000 217788.520000 19940201 1456.710000 87.500000 260000.000000 5.546800 1 1 1
4642948 227450.000000 217704.230000 19940101 1475.240000 95.000000 240000.000000 5.671800 1 1 2
4643110 346500.000000 331708.720000 19940201 2218.680000 90.000000 385000.000000 5.546800 1 1 1
4643144 270000.000000 258216.840000 19940201 1706.590000 78.300000 345000.000000 5.421800 1 1 1
4643201 250000.000000 237570.470000 19940201 1458.940000 64.100000 390000.000000 4.671800 1 1 2
4643250 261000.000000 249565.210000 19940201 1671.220000 90.000000 290000.000000 5.546800 1 1 1
4643268 250000.000000 239791.580000 19940201 1642.330000 93.900000 266500.000000 5.796800 1 1 2
4643466 216600.000000 207353.600000 19940201 1386.920000 95.000000 229000.000000 5.546800 1 1 2
4643482 340250.000000 324735.320000 19940201 2094.980000 90.000000 400000.000000 5.171800 1 1 2
4643490 234800.000000 224325.380000 19940201 1464.850000 72.200000 325000.000000 5.296800 1 1 1
</TABLE>
<PAGE>
Page 18
<TABLE>
<CAPTION>
Property Property Max. Interest Minimum Original Stated
Loan No. Property City State Zip Index Margin Life Interest Rate Term Term
-------- ------------- -------- -------- ----- -------- ------------- ------------- -------- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
4643565 GERMANTOWN MD 20876 1YCMT 3.000000 12.250000 3.000000 360 316
4643805 BOWIE MD 20721 1YCMT 3.250000 12.875000 3.250000 360 318
4643888 ADELPHI MD 20783 1YCMT 3.000000 12.625000 3.000000 360 317
4643979 PHOENIX MD 21131 1YCMT 3.000000 12.625000 3.000000 360 318
4644019 WASHINGTON DC 20007 1YCMT 3.000000 12.750000 3.000000 360 316
4644068 CLARKSVILLE MD 21029 1YCMT 3.000000 12.625000 3.000000 360 317
4644282 ROCKVILLE MD 20852 1YCMT 3.000000 12.750000 3.000000 360 317
4644332 WOODBRIDGE VA 22192 1YCMT 3.000000 12.625000 3.000000 360 316
4644340 MITCHELLVIL MD 20721 1YCMT 3.000000 12.625000 3.000000 360 317
4644407 BETHESDA MD 20816 1YCMT 3.000000 12.625000 3.000000 360 316
4644431 SILVER SPRI MD 20910 1YCMT 3.000000 12.625000 3.000000 360 316
4644662 MARRIOTTSVI MD 21104 1YCMT 3.000000 12.625000 3.000000 360 317
4644738 WALDORF MD 20603 1YCMT 3.250000 13.000000 3.250000 360 317
4644811 COLUMBIA MD 21044 1YCMT 3.000000 12.750000 3.000000 360 317
4644837 GAITHERSBUR MD 20879 1YCMT 3.250000 12.875000 3.250000 360 318
4644993 ANNAPOLIS MD 21401 1YCMT 3.250000 12.750000 3.250000 360 317
4645073 GRASONVILLE MD 21638 1YCMT 3.250000 13.000000 3.250000 360 319
4645156 WASHINGTON DC 20015 1YCMT 2.750000 12.250000 2.750000 360 317
4645164 UPPER MARLB MD 20772 1YCMT 2.750000 12.250000 2.750000 360 317
4645289 SILVER SPRI MD 20904 1YCMT 3.250000 13.000000 3.250000 360 317
4645297 ANNAPOLIS MD 21401 1YCMT 3.250000 13.000000 3.250000 360 317
4645487 ARLINGTON VA 22207 1YCMT 3.000000 12.500000 3.000000 360 318
4645552 ALEXANDRIA VA 22314 1YCMT 3.250000 12.750000 3.250000 360 317
4645560 BETHESDA MD 20817 1YCMT 3.000000 12.500000 3.000000 360 318
4645602 ANNANDALE VA 22003 1YCMT 3.000000 12.625000 3.000000 360 318
4645636 WASHINGTON DC 20003 1YCMT 3.250000 12.750000 3.250000 360 318
4645701 MANASSAS VA 22111 1YCMT 3.250000 12.750000 3.250000 360 317
4645784 WASHINGTON DC 20012 1YCMT 3.250000 12.750000 3.250000 360 319
4645800 WASHINGTON DC 20007 1YCMT 3.000000 12.500000 3.000000 360 318
4645875 RESTON VA 22094 1YCMT 3.250000 12.750000 3.250000 360 318
4645917 PHOENIX MD 21131 1YCMT 3.000000 12.500000 3.000000 360 318
4645941 SILVER SPRI MD 20906 1YCMT 3.000000 12.500000 3.000000 360 318
4645982 SILVER SPRI MD 20905 1YCMT 3.000000 12.500000 3.000000 360 319
4646014 FAIRFAX STA VA 22039 1YCMT 3.000000 12.500000 3.000000 360 319
4646048 ARNOLD MD 21012 1YCMT 3.250000 12.750000 3.250000 360 319
4646121 BETHESDA MD 20815 1YCMT 3.000000 12.500000 3.000000 360 318
4646139 OLNEY MD 20832 1YCMT 3.000000 14.250000 3.000000 360 323
4646220 WASHINGTON DC 20010 1YCMT 3.000000 12.625000 3.000000 360 319
4646238 OWINGS MILL MD 21117 1YCMT 3.000000 12.625000 3.000000 360 318
4646303 WASHINGTON DC 20007 1YCMT 3.000000 12.625000 3.000000 360 319
4646360 SILVER SPRI MD 20910 1YCMT 3.250000 12.875000 3.250000 360 319
4646527 MOUNT AIRY MD 21771 1YCMT 3.250000 14.000000 3.250000 360 321
4646568 BETHESDA MD 20816 1YCMT 3.000000 12.625000 3.000000 360 319
4646659 ALEXANDRIA VA 22304 1YCMT 3.250000 13.125000 3.250000 360 319
4646758 VIENNA VA 22181 1YCMT 3.000000 12.875000 3.000000 360 319
4646774 MANAKIN-SAB VA 23103 1YCMT 3.000000 11.375000 3.000000 360 319
4646816 ROCKVILLE MD 20854 1YCMT 3.000000 12.875000 3.000000 360 320
4646840 WASHINGTON DC 20015 1YCMT 3.000000 12.875000 3.000000 360 319
4646998 OWINGS MILL MD 21117 1YCMT 3.000000 13.000000 3.000000 360 320
4647087 SILVER SPRI MD 20906 1YCMT 3.000000 13.125000 3.000000 360 320
4647616 WEST FRIEND MD 21794 1YCMT 3.000000 13.500000 3.000000 360 320
4647897 CROFTON MD 21114 1YCMT 3.000000 13.875000 3.000000 360 324
4648465 BETHESDA MD 20816 1YCMT 2.750000 13.250000 2.750000 360 321
4648473 CROFTON MD 21114 1YCMT 3.250000 14.000000 3.250000 360 321
4648978 VIENNA VA 22182 1YCMT 3.000000 13.750000 3.000000 360 321
4649190 CROFTON MD 21114 1YCMT 2.750000 13.750000 2.750000 360 326
4649414 MANASSAS VA 22111 1YCMT 3.250000 14.125000 3.250000 360 322
4649455 SPRINGFIELD VA 22153 1YCMT 3.000000 13.750000 3.000000 360 322
4649463 FALLS CHURC VA 22046 1YCMT 3.000000 13.375000 3.000000 360 322
4649729 CROFTON MD 21114 1YCMT 3.000000 13.875000 3.000000 360 327
4650040 GERMANTOWN MD 20876 1YCMT 3.000000 13.750000 3.000000 360 325
4650305 VIENNA VA 22182 1YCMT 3.000000 13.750000 3.000000 360 322
4650404 CHEVY CHASE MD 20815 1YCMT 3.000000 13.750000 3.000000 360 323
4650479 POTOMAC MD 20854 1YCMT 3.000000 13.750000 3.000000 360 323
4650511 ELLICOTT CI MD 21042 1YCMT 3.000000 13.500000 3.000000 360 323
4650552 COLUMBIA MD 21044 1YCMT 3.000000 13.875000 3.000000 360 326
4650875 GERMANTOWN MD 20876 1YCMT 3.250000 14.125000 3.250000 360 323
4651113 ELLICOTT CI MD 21042 1YCMT 3.000000 13.375000 3.000000 360 323
4651360 CROFTON MD 21114 1YCMT 2.750000 13.625000 2.750000 360 325
4652517 WOODBRIDGE VA 22192 1YCMT 2.750000 13.625000 2.750000 360 324
4652558 ELLICOTT CI MD 21043 1YCMT 2.750000 13.625000 2.750000 360 324
4653002 BROOKEVILLE MD 20833 1YCMT 2.750000 13.375000 2.750000 360 324
4653044 ELLICOTT CI MD 21043 1YCMT 3.000000 13.750000 3.000000 360 325
4653226 FAIRFAX STA VA 22039 1YCMT 3.000000 13.750000 3.000000 360 324
4653317 HUNT VALLEY MD 21030 1YCMT 2.750000 13.750000 2.750000 360 325
4653341 CENTREVILLE VA 22020 1YCMT 3.000000 13.750000 3.000000 360 324
4653697 STEVENSVILL MD 21666 1YCMT 2.750000 13.625000 2.750000 360 325
4653929 ANNANDALE VA 22003 1YCMT 2.750000 13.750000 2.750000 360 325
4654604 ALEXANDRIA VA 22309 1YCMT 3.000000 14.000000 3.000000 360 326
4655403 VIENNA VA 22182 1YCMT 3.000000 13.625000 3.000000 360 325
</TABLE>
<TABLE>
<CAPTION>
First Net
Original Current Payment Current Original Original Mortgage Property Own
Loan No. Balance Balance Date PNI LTV Appraisal Rate Type Occ Purpose
-------- ------------- ------------- -------- ----------- --------- ------------- -------- -------- ----- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
4643565 247500.000000 235965.760000 19940201 1503.840000 78.600000 315000.000000 5.046800 1 1 1
4643805 230850.000000 221084.230000 19940401 1440.210000 95.000000 243000.000000 5.296800 1 1 2
4643888 285000.000000 269143.920000 19940301 1754.790000 75.000000 380000.000000 5.171800 1 1 1
4643979 524000.000000 501569.350000 19940401 3398.660000 75.800000 691000.000000 5.671800 1 1 1
4644019 247500.000000 236458.880000 19940201 1544.080000 90.000000 275000.000000 5.296800 1 1 1
4644068 328000.000000 313747.060000 19940301 2046.300000 80.000000 410000.000000 5.296800 1 1 1
4644282 231100.000000 221702.610000 19940301 1498.920000 80.000000 290000.000000 5.671800 10 1 2
4644332 230400.000000 220780.460000 19940201 1494.370000 90.000000 256000.000000 5.671800 1 1 2
4644340 225000.000000 215850.920000 19940301 1459.350000 90.000000 250000.000000 5.671800 1 1 2
4644407 277500.000000 265389.840000 19940201 1753.990000 75.000000 370000.000000 5.421800 1 1 1
4644431 342400.000000 328104.270000 19940201 2220.800000 90.000000 385000.000000 5.671800 1 1 2
4644662 301950.000000 284692.750000 19940301 1933.420000 71.000000 425000.000000 5.546800 1 1 1
4644738 250000.000000 239605.980000 19940301 1600.780000 94.700000 275000.000000 5.546800 1 1 2
4644811 266000.000000 255422.260000 19940301 1747.440000 74.900000 355000.000000 5.796800 1 1 1
4644837 230850.000000 221297.880000 19940401 1459.130000 95.000000 251000.000000 5.421800 1 1 2
4644993 245500.000000 233194.810000 19940301 1551.730000 95.000000 272000.000000 5.421800 1 1 2
4645073 233200.000000 221842.800000 19940501 1551.490000 95.000000 248000.000000 5.921800 1 1 2
4645156 249300.000000 237360.480000 19940301 1780.050000 90.000000 278000.000000 6.796800 1 1 2
4645164 220500.000000 209829.740000 19940301 1521.190000 90.000000 245000.000000 6.421800 1 1 2
4645289 225600.000000 216628.820000 19940301 1482.040000 95.000000 238000.000000 5.796800 1 1 2
4645297 249750.000000 240165.300000 19940301 1682.620000 95.000000 263000.000000 6.046800 10 1 2
4645487 281250.000000 269612.090000 19940401 1777.700000 75.000000 375000.000000 5.421800 1 1 1
4645552 236550.000000 225732.690000 19940301 1437.310000 95.000000 250000.000000 5.046800 5 1 2
4645560 225700.000000 213715.150000 19940401 1445.190000 89.700000 251500.000000 5.546800 10 1 1
4645602 243000.000000 233165.660000 19940401 1555.960000 90.000000 270000.000000 5.546800 1 1 1
4645636 228000.000000 219175.690000 19940401 1497.800000 89.100000 256000.000000 5.796800 10 1 2
4645701 221250.000000 212127.340000 19940301 1435.030000 95.000000 234000.000000 5.671800 1 1 2
4645784 232750.000000 223987.380000 19940501 1529.010000 95.000000 245000.000000 5.796800 1 1 2
4645800 292750.000000 238260.180000 19940401 1874.520000 61.500000 475900.000000 5.546800 1 1 1
4645875 232900.000000 223162.440000 19940401 1529.990000 95.000000 246000.000000 5.796800 1 1 2
4645917 319200.000000 306281.700000 19940401 2043.880000 72.500000 440000.000000 5.546800 1 1 1
4645941 228000.000000 218565.630000 19940401 1441.120000 78.900000 289000.000000 5.421800 5 1 1
4645982 324750.000000 311964.500000 19940501 2079.410000 75.000000 433000.000000 5.546800 1 1 1
4646014 235000.000000 225539.500000 19940501 1485.370000 71.200000 330000.000000 5.421800 1 1 1
4646048 219700.000000 210250.410000 19940501 1334.930000 95.000000 231400.000000 5.046800 1 1 2
4646121 266000.000000 255234.890000 19940401 1703.230000 63.700000 417500.000000 5.546800 1 1 1
4646139 246500.000000 238967.910000 19940901 1702.520000 88.000000 280000.000000 6.296800 1 1 2
4646220 248000.000000 230809.160000 19940501 1608.530000 77.500000 320000.000000 5.671800 1 1 1
4646238 410000.000000 393772.650000 19940401 2659.260000 69.500000 590000.000000 5.671800 1 1 1
4646303 350000.000000 313014.960000 19940501 2241.090000 72.900000 480000.000000 5.546800 10 1 2
4646360 223250.000000 214198.960000 19940501 1448.000000 95.000000 250000.000000 5.671800 1 1 2
4646527 232000.000000 225374.580000 19940701 1722.600000 94.000000 247000.000000 7.046800 1 1 2
4646568 300000.000000 288188.620000 19940501 1920.940000 80.000000 375000.000000 5.546800 1 1 1
4646659 284000.000000 273065.780000 19940501 1842.020000 91.000000 312000.000000 5.671800 10 1 2
4646758 650000.000000 625529.560000 19940501 4270.040000 79.800000 815000.000000 5.796800 1 1 1
4646774 244150.000000 235118.930000 19940501 1859.750000 95.000000 257000.000000 7.421800 1 1 2
4646816 254000.000000 244704.390000 19940601 1668.600000 84.700000 300000.000000 5.796800 1 1 1
4646840 294750.000000 283401.660000 19940501 1911.750000 85.400000 345000.000000 5.671800 1 1 1
4646998 300000.000000 289267.680000 19940601 1995.910000 47.100000 637000.000000 5.921800 1 1 1
4647087 256000.000000 247246.750000 19940601 1746.380000 78.800000 325000.000000 6.171800 1 1 1
4647616 355750.000000 195416.150000 19940601 2277.910000 41.900000 850000.000000 5.546800 1 1 1
4647897 261350.000000 254299.130000 19941001 1894.970000 95.000000 275500.000000 6.796800 1 1 2
4648465 432000.000000 346428.160000 19940701 2588.440000 80.000000 545000.000000 6.796800 1 1 2
4648473 232650.000000 224923.230000 19940701 1587.090000 95.000000 245000.000000 6.171800 1 1 2
4648978 242500.000000 233888.070000 19940701 1654.280000 80.000000 305000.000000 6.171800 10 1 2
4649190 244400.000000 236928.870000 19941201 1626.000000 90.000000 272000.000000 5.921800 1 1 2
4649414 266500.000000 257908.810000 19940801 1818.010000 95.000000 281000.000000 6.171800 1 1 2
4649455 276300.000000 264331.960000 19940801 1884.860000 90.000000 307000.000000 6.171800 1 1 2
4649463 318750.000000 308707.950000 19940801 2201.530000 75.000000 430000.000000 6.296800 10 1 2
4649729 230000.000000 224113.320000 19950101 1627.930000 94.500000 246000.000000 6.546800 1 1 2
4650040 259200.000000 252190.970000 19941101 1879.380000 95.000000 273000.000000 6.796800 1 1 2
4650305 330000.000000 319115.870000 19940801 2223.280000 75.000000 440000.000000 6.046800 1 1 2
4650404 320000.000000 309994.500000 19940901 2182.970000 80.000000 400000.000000 6.171800 1 1 2
4650479 500000.000000 484722.200000 19940901 3453.380000 58.800000 860000.000000 6.296800 1 1 2
4650511 231800.000000 224384.310000 19940901 1807.880000 95.000000 252000.000000 7.671800 1 1 2
4650552 255250.000000 248002.180000 19941201 1741.260000 95.000000 269000.000000 6.171800 1 1 2
4650875 229900.000000 222711.590000 19940901 1568.330000 95.000000 243000.000000 6.171800 1 1 2
4651113 400000.000000 387493.180000 19940901 3122.050000 89.900000 447000.000000 7.671800 1 1 2
4651360 218600.000000 211882.820000 19941101 1454.360000 95.000000 233000.000000 5.921800 1 1 2
4652517 223250.000000 215667.820000 19941001 1429.500000 95.000000 236000.000000 5.546800 1 1 2
4652558 289150.000000 279765.010000 19941001 1899.510000 95.000000 305000.000000 5.796800 10 1 2
4653002 314250.000000 305082.680000 19941001 2197.290000 90.000000 354000.000000 6.421800 1 1 2
4653044 238000.000000 230567.280000 19941101 1583.420000 94.900000 253000.000000 5.921800 1 1 2
4653226 300000.000000 290262.700000 19941001 1970.790000 93.800000 322000.000000 5.796800 1 1 2
4653317 231200.000000 223386.570000 19941101 1577.200000 78.400000 300000.000000 6.171800 1 1 2
4653341 247000.000000 239340.870000 19941001 1664.090000 95.000000 269000.000000 6.046800 1 1 2
4653697 218500.000000 211608.930000 19941101 1435.390000 95.000000 240000.000000 5.796800 1 1 2
4653929 246000.000000 238085.650000 19941101 1616.050000 95.000000 260000.000000 5.796800 1 1 2
4654604 238000.000000 231398.250000 19941201 1643.810000 92.200000 260000.000000 6.296800 1 1 2
4655403 380700.000000 368630.720000 19941101 2500.930000 90.000000 430000.000000 5.796800 1 1 2
</TABLE>
<PAGE>
Page 19
<TABLE>
<CAPTION>
Property Property Max. Interest Minimum Original Stated
Loan No. Property City State Zip Index Margin Life Interest Rate Term Term
-------- ------------- -------- -------- ----- -------- ------------- ------------- -------- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
4656088 GERMANTOWN MD 20876 1YCMT 3.000000 13.875000 3.000000 360 326
4656120 BOWIE MD 20720 1YCMT 3.000000 13.875000 3.000000 360 327
4656682 ELLICOTT CI MD 21042 1YCMT 2.750000 13.750000 2.750000 360 326
4656872 GERMANTOWN MD 20874 1YCMT 3.000000 14.000000 3.000000 360 326
4656922 REISTERSTOW MD 21136 1YCMT 3.000000 14.375000 3.000000 360 326
4656930 BALTIMORE MD 21210 1YCMT 2.750000 13.875000 2.750000 360 326
4657110 BETHESDA MD 20817 1YCMT 2.750000 13.750000 2.750000 360 326
4657144 ALEXANDRIA VA 22315 1YCMT 3.000000 14.500000 3.000000 360 326
4657441 FALLSTON MD 21047 1YCMT 2.750000 14.125000 2.750000 360 327
4657607 GREAT FALLS VA 22066 1YCMT 2.750000 13.875000 2.750000 360 327
4657755 SILVER SPRI MD 20906 1YCMT 3.000000 14.000000 3.000000 360 327
4657888 CHELTENHAM MD 20623 1YCMT 3.000000 14.625000 3.000000 360 326
4658183 BURKE VA 22015 1YCMT 2.750000 14.125000 2.750000 360 327
4658449 LEESBURG VA 22075 1YCMT 2.750000 14.125000 2.750000 360 328
4658951 GAINESVILLE VA 22065 1YCMT 3.000000 15.125000 3.000000 360 328
4659041 ELLICOTT CI MD 21043 1YCMT 2.750000 14.625000 2.750000 360 330
4659173 POTOMAC MD 20854 1YCMT 2.750000 14.250000 2.750000 360 332
4871620 POTOMAC MD 20854 1YCMT 3.000000 12.625000 3.000000 360 301
4871638 MCLEAN VA 22101 1YCMT 3.000000 12.500000 3.000000 360 300
4877197 RICHMOND VA 23233 1YCMT 3.000000 12.500000 3.000000 360 311
4877361 CUMBERLAND VA 23040 1YCMT 3.000000 12.625000 3.000000 360 312
5053715 ADDISON TX 75240 1YCMT 3.625000 15.750000 3.625000 360 199
5059191 DENTON TX 76025 1YCMT 3.000000 15.750000 3.000000 360 200
5084751 ARLINGTON VA 22202 1YCMT 2.625000 14.875000 2.625000 360 210
5095401 DALLAS TX 75209 1YCMT 3.500000 15.000000 3.500000 360 216
5095690 WASHINGTON DC 20016 1YCMT 2.750000 14.875000 2.750000 360 216
5096763 MARIETTA GA 30067 1YCMT 2.750000 14.875000 2.750000 360 216
531905 WASHINGTON, DC 20007 1YCMT 2.750000 14.875000 2.750000 360 218
565895 BOCA RATON FL 33432 1YCMT 3.000000 14.875000 3.000000 360 222
571463 SANIBEL FL 33957 1YCMT 3.000000 14.875000 3.000000 360 220
5900162 CHARLOTTE NC 28227 1YCMT 2.875000 12.125000 2.875000 360 349
5900170 CHARLOTTE NC 28207 1YCMT 2.875000 12.125000 2.875000 360 349
5900204 HIGHLAND MD 20777 1YCMT 2.875000 12.125000 2.875000 360 349
5900220 WASHINGTON DC 20015 1YCMT 2.875000 12.125000 2.875000 360 349
5900584 CROFTON MD 21114 1YCMT 2.875000 12.375000 2.875000 360 349
5900592 ANNAPOLIS MD 21401 1YCMT 2.875000 12.375000 2.875000 360 349
5900634 BETHESDA MD 20814 1YCMT 2.875000 12.375000 2.875000 360 349
5900659 SEVERNA PAR MD 21146 1YCMT 2.875000 12.375000 2.875000 360 349
5900782 POTOMAC MD 20854 1YCMT 2.875000 12.375000 2.875000 360 349
5900808 BETHESDA MD 20814 1YCMT 2.875000 12.250000 2.875000 360 349
5900816 WASHINGTON DC 20016 1YCMT 2.875000 12.375000 2.875000 360 349
5900857 BETHESDA MD 20814 1YCMT 2.875000 13.875000 2.875000 360 348
5901020 ATLANTA GA 30326 1YCMT 2.875000 12.250000 2.875000 360 349
5901046 POTOMAC MD 20854 1YCMT 2.875000 12.375000 2.875000 360 349
5901087 FALLS CHURC VA 22042 1YCMT 2.875000 12.375000 2.875000 360 349
5901327 CHANTILLY VA 22021 1YCMT 2.875000 12.375000 2.875000 360 349
5901384 ALEXANDRIA VA 22314 1YCMT 2.875000 12.375000 2.875000 360 349
5901467 LAUREL MD 20723 1YCMT 2.875000 12.375000 2.875000 360 350
5901574 POTOMAC MD 20854 1YCMT 2.875000 12.375000 2.875000 360 349
5901608 WINSTON-SAL NC 27104 1YCMT 2.875000 12.375000 2.875000 360 348
5901665 MCLEAN VA 22101 1YCMT 2.875000 12.375000 2.875000 360 349
5901780 FAIRFAX STA VA 22039 1YCMT 2.875000 12.375000 2.875000 360 349
5901939 ANNAPOLIS MD 21401 1YCMT 2.875000 12.375000 2.875000 360 349
5901996 CATONSVILLE MD 21228 1YCMT 2.875000 12.375000 2.875000 360 350
5902044 WILMINGTON NC 28405 1YCMT 2.875000 12.250000 2.875000 360 349
5902085 BETHESDA MD 20816 1YCMT 2.875000 12.375000 2.875000 360 349
5902093 BROOKEVILLE MD 20833 1YCMT 2.875000 12.375000 2.875000 360 349
5902192 WASHINGTON DC 20007 1YCMT 3.000000 12.375000 3.000000 360 349
5902358 WASHINGTONN DC 20016 1YCMT 3.000000 12.375000 3.000000 360 349
5902366 WEST CHESTE PA 19380 1YCMT 3.000000 12.250000 3.000000 360 351
5902416 ALEXANDRIA VA 22307 1YCMT 3.000000 12.375000 3.000000 360 349
5902424 MIDDLEBURG VA 22117 1YCMT 3.000000 13.750000 3.000000 360 349
5902531 GREENSBORO NC 27405 1YCMT 3.000000 12.250000 3.000000 360 352
5902606 FALLSTON MD 21047 1YCMT 3.000000 12.500000 3.000000 360 351
5902614 FAIRFAX STA VA 22039 1YCMT 3.000000 12.375000 3.000000 360 350
5902770 FAIRFAX VA 22032 1YCMT 3.000000 12.500000 3.000000 360 350
5902838 ANNAPOLIS MD 21403 1YCMT 3.000000 13.750000 3.000000 360 350
5902937 ALEXANDRIA VA 22309 1YCMT 3.000000 12.500000 3.000000 360 350
5903372 GLEN ECHO MD 20812 1YCMT 3.000000 12.500000 3.000000 360 350
5903422 OAKTON VA 22124 1YCMT 3.000000 12.500000 3.000000 360 349
5903588 WASHINGTON DC 20016 1YCMT 3.000000 12.625000 3.000000 360 350
5903604 ALEXANDRIA VA 22309 1YCMT 3.000000 12.625000 3.000000 360 350
5903760 OAKTON VA 22124 1YCMT 3.000000 12.625000 3.000000 360 351
5903901 SILVER SPRI MD 20904 1YCMT 3.000000 12.125000 3.000000 360 352
5903919 MCLEAN VA 22101 1YCMT 3.000000 12.625000 3.000000 360 349
5903950 POTOMAC MD 20854 1YCMT 3.000000 12.625000 3.000000 360 349
5903976 PHOENIX MD 21131 1YCMT 3.000000 12.125000 3.000000 360 352
5904230 HERNDON VA 20171 1YCMT 3.000000 12.750000 3.000000 360 350
5904248 LANHAM MD 20706 1YCMT 3.000000 12.750000 3.000000 360 350
5904255 OLNEY MD 20832 1YCMT 3.000000 12.750000 3.000000 360 349
</TABLE>
<TABLE>
<CAPTION>
First Net
Original Current Payment Current Original Original Mortgage Property Own
Loan No. Balance Balance Date PNI LTV Appraisal Rate Type Occ Purpose
-------- ------------- ------------- -------- ----------- --------- ------------- -------- -------- ----- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
4656088 215900.000000 209769.620000 19941201 1472.820000 86.400000 250000.000000 6.171800 1 1 2
4656120 295000.000000 286519.600000 19950101 1962.650000 91.300000 323500.000000 5.921800 1 1 2
4656682 323000.000000 310244.730000 19941201 2286.180000 43.100000 750000.000000 6.546800 1 1 1
4656872 231300.000000 224882.570000 19941201 1597.540000 90.000000 257000.000000 6.296800 1 1 2
4656922 218800.000000 212730.810000 19941201 1511.200000 94.900000 237000.000000 6.296800 1 1 2
4656930 400000.000000 383452.600000 19941201 2831.180000 88.900000 450000.000000 6.546800 1 1 2
4657110 241650.000000 235250.840000 19941201 1710.390000 90.000000 270000.000000 6.546800 1 1 2
4657144 319500.000000 312503.030000 19941201 2485.040000 90.000000 356000.000000 7.546800 1 1 2
4657441 251650.000000 245056.600000 19950101 1759.580000 95.000000 275000.000000 6.421800 1 1 2
4657607 230000.000000 223831.600000 19950101 1588.560000 74.200000 311000.000000 6.296800 1 1 2
4657755 227900.000000 222465.630000 19950101 1672.250000 95.000000 245000.000000 6.921800 1 1 2
4657888 220000.000000 214823.100000 19941201 1652.790000 95.000000 232000.000000 7.171800 1 1 2
4658183 239800.000000 233369.000000 19950101 1656.240000 94.000000 255000.000000 6.296800 1 1 2
4658449 217000.000000 211841.050000 19950201 1573.410000 94.900000 229000.000000 6.796800 1 1 2
4658951 391500.000000 379720.280000 19950201 2567.430000 85.100000 460000.000000 5.796800 1 1 2
4659041 270000.000000 264507.330000 19950401 2076.070000 89.400000 307500.000000 7.421800 1 1 2
4659173 363200.000000 355665.110000 19950601 2602.010000 80.000000 470000.000000 6.671800 1 1 2
4871620 500000.000000 470620.240000 19921101 3206.190000 52.600000 950000.000000 5.546800 1 2 1
4871638 280000.000000 246968.570000 19921001 1762.040000 58.300000 480000.000000 5.421800 1 1 1
4877197 256000.000000 243074.830000 19930901 1597.110000 80.000000 329000.000000 5.296800 1 1 2
4877361 360000.000000 342635.950000 19931001 2275.450000 60.000000 600000.000000 5.421800 1 1 2
5053715 225000.000000 206665.930000 19840501 2046.070000 84.600000 266000.000000 8.296800 1 1 2
5059191 396000.000000 378218.970000 19840601 3583.870000 80.000000 495000.000000 7.671800 1 1 2
5084751 224000.000000 188163.350000 19850401 1692.290000 90.000000 248889.000000 7.171800 10 1 2
5095401 834400.000000 793741.870000 19851001 7670.370000 80.000000 1043000.000000 8.421800 1 1 2
5095690 250200.000000 213933.040000 19851001 1966.350000 100.000000 278000.000000 7.671800 1 1 2
5096763 222000.000000 189820.760000 19851001 1744.720000 77.900000 285000.000000 7.671800 1 1 2
531905 229500.000000 196672.080000 19851201 1800.920000 89.000000 258000.000000 7.671800 10 1 2
565895 500000.000000 73703.310000 19860401 664.230000 80.000000 625000.000000 7.546800 5 1 1
571463 260000.000000 221994.140000 19860201 1990.850000 78.300000 332000.000000 7.421800 5 2 2
5900162 469600.000000 464472.460000 19961101 2703.280000 80.000000 587000.000000 4.546800 1 1 2
5900170 750000.000000 741810.810000 19961101 4317.420000 66.200000 1160000.000000 4.546800 1 1 2
5900204 290000.000000 261205.550000 19961101 1762.080000 53.200000 545000.000000 5.046800 1 1 1
5900220 298000.000000 295036.160000 19961101 1810.680000 80.000000 380000.000000 5.046800 1 1 2
5900584 229200.000000 226957.810000 19961101 1429.910000 83.300000 275000.000000 5.296800 1 1 1
5900592 287600.000000 284871.660000 19961101 1794.250000 88.500000 325000.000000 5.296800 1 1 1
5900634 336000.000000 332812.440000 19961101 2096.210000 75.000000 448000.000000 5.296800 10 1 1
5900659 294000.000000 291210.920000 19961101 1834.180000 83.100000 354000.000000 5.296800 1 1 1
5900782 290000.000000 287248.820000 19961101 1809.230000 79.000000 367000.000000 5.296800 1 1 1
5900808 380000.000000 376308.680000 19961101 2339.730000 79.200000 480000.000000 5.171800 1 1 1
5900816 268000.000000 265457.510000 19961101 1671.980000 80.000000 335000.000000 5.296800 1 1 1
5900857 245100.000000 243182.430000 19961001 1777.150000 95.000000 261000.000000 6.796800 1 1 2
5901020 287400.000000 284441.540000 19961101 1746.280000 85.800000 335000.000000 5.046800 5 1 1
5901046 254000.000000 251590.440000 19961101 1584.630000 59.600000 426000.000000 5.296800 1 1 1
5901087 229600.000000 227421.810000 19961101 1432.410000 70.600000 325000.000000 5.296800 1 1 1
5901327 265000.000000 261169.180000 19961101 1653.260000 77.900000 340000.000000 5.296800 1 1 1
5901384 391500.000000 387249.200000 19961101 2442.460000 89.000000 440000.000000 5.296800 10 1 1
5901467 264000.000000 259967.830000 19961201 1647.020000 80.000000 330000.000000 5.296800 1 1 1
5901574 392000.000000 388281.150000 19961101 2445.580000 74.000000 530000.000000 5.296800 1 1 1
5901608 280000.000000 277070.250000 19961001 1746.840000 80.000000 350000.000000 5.296800 1 1 3
5901665 313000.000000 309855.570000 19961101 1952.720000 89.900000 348000.000000 5.296800 1 1 1
5901780 237500.000000 235246.840000 19961101 1481.700000 76.900000 309000.000000 5.296800 1 1 1
5901939 368700.000000 365202.280000 19961101 2300.210000 88.800000 415000.000000 5.296800 1 1 1
5901996 242800.000000 240732.500000 19961201 1514.760000 90.000000 269800.000000 5.296800 1 1 1
5902044 300200.000000 297285.380000 19961101 1848.390000 80.000000 376000.000000 5.171800 1 1 2
5902085 292000.000000 289229.820000 19961101 1821.710000 80.000000 365000.000000 5.296800 1 1 3
5902093 282600.000000 279919.060000 19961101 1763.060000 90.000000 314000.000000 5.296800 1 1 1
5902192 234000.000000 231780.100000 19961101 1459.860000 78.000000 300000.000000 5.296800 10 1 1
5902358 280000.000000 277343.700000 19961101 1746.840000 80.000000 350000.000000 5.296800 1 1 1
5902366 658000.000000 652913.290000 19970101 4051.420000 65.800000 1000000.000000 5.171800 1 1 1
5902416 249000.000000 246215.120000 19961101 1553.440000 73.200000 340000.000000 5.296800 1 1 1
5902424 388000.000000 385180.550000 19961101 2779.680000 80.000000 503000.000000 6.671800 1 1 2
5902531 328500.000000 326283.690000 19970201 2022.640000 88.200000 412000.000000 5.171800 1 1 2
5902606 331200.000000 328758.820000 19970101 2093.410000 80.000000 414000.000000 5.421800 1 1 1
5902614 388000.000000 381680.350000 19961201 2420.620000 80.000000 485000.000000 5.296800 1 1 1
5902770 272250.000000 269986.290000 19961201 1720.810000 75.000000 363000.000000 5.421800 1 1 3
5902838 351200.000000 348794.630000 19961201 2455.650000 80.000000 440000.000000 6.421800 1 1 2
5902937 222500.000000 220649.900000 19961201 1406.360000 76.700000 290000.000000 5.421800 1 1 1
5903372 236150.000000 234186.490000 19961201 1492.630000 48.800000 484000.000000 5.421800 1 1 1
5903422 304000.000000 299607.960000 19961101 1921.490000 77.000000 395000.000000 5.421800 1 1 1
5903588 314500.000000 311946.830000 19961201 2013.780000 66.200000 475000.000000 5.546800 10 1 1
5903604 240000.000000 238051.610000 19961201 1536.750000 80.000000 300000.000000 5.546800 1 1 1
5903760 360000.000000 352300.050000 19970101 2305.120000 76.600000 475000.000000 5.546800 1 1 2
5903901 260000.000000 258205.050000 19970201 1579.790000 73.200000 355000.000000 5.046800 1 1 1
5903919 240000.000000 237829.100000 19961101 1536.750000 76.200000 315000.000000 5.546800 1 1 1
5903950 682500.000000 634032.240000 19961101 4370.130000 75.000000 915000.000000 5.546800 1 1 2
5903976 742700.000000 737568.890000 19970201 4512.730000 65.700000 1130000.000000 5.046800 10 1 1
5904230 228500.000000 226688.990000 19961201 1482.050000 78.800000 290000.000000 5.671800 1 1 1
5904248 243800.000000 241867.690000 19961201 1581.290000 86.800000 281000.000000 5.671800 1 1 1
5904255 265500.000000 262687.300000 19961101 1722.030000 84.800000 313000.000000 5.671800 1 1 1
</TABLE>
<PAGE>
Page 20
<TABLE>
<CAPTION>
Property Property Max. Interest Minimum Original Stated
Loan No. Property City State Zip Index Margin Life Interest Rate Term Term
-------- ------------- -------- -------- ----- -------- ------------- ------------- -------- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
5904339 GLEN DALE MD 20769 1YCMT 3.000000 12.625000 3.000000 360 350
5904388 CLIFTON VA 22024 1YCMT 3.000000 12.500000 3.000000 360 350
5904412 ALEXANDRIA VA 22032 1YCMT 3.000000 12.750000 3.000000 360 350
5904750 WINSTON SAL NC 27104 1YCMT 3.000000 12.625000 3.000000 360 350
5904768 GERMANTOWN MD 20874 1YCMT 3.000000 12.625000 3.000000 360 349
5904776 BETHESDA MD 20816 1YCMT 3.000000 12.625000 3.000000 360 350
5904784 CROFTON MD 21114 1YCMT 3.000000 12.625000 3.000000 360 350
5904792 SUMMERFIELD NC 27358 1YCMT 2.875000 12.375000 2.875000 360 350
5905104 NEWTOWN PA 18940 1YCMT 3.000000 12.625000 3.000000 360 351
5905161 WYCKOFF NJ 7481 1YCMT 3.000000 12.625000 3.000000 360 351
5905278 WASHINGTON DC 20009 1YCMT 3.000000 13.000000 3.000000 360 349
5905286 BOWIE MD 20721 1YCMT 3.000000 13.875000 3.000000 360 354
5905500 MCLEAN VA 22102 1YCMT 3.000000 12.500000 3.000000 360 350
5905583 DERWOOD MD 20855 1YCMT 3.000000 12.625000 3.000000 360 349
5905591 KENSINGTON MD 20895 1YCMT 3.000000 13.625000 3.000000 360 350
5905609 BETHESDA MD 20814 1YCMT 3.000000 12.500000 3.000000 360 350
5905617 PHOENIX MD 21131 1YCMT 3.000000 13.625000 3.000000 360 351
5905757 CHARLOTTE NC 28211 1YCMT 3.000000 12.375000 3.000000 360 351
5905773 WASHINGTON DC 20008 1YCMT 3.000000 12.500000 3.000000 360 350
5905930 ANNANDALE VA 22003 1YCMT 3.000000 12.500000 3.000000 360 350
5905997 BETHESDA MD 20817 1YCMT 3.000000 12.625000 3.000000 360 350
5906037 BOWIE MD 20721 1YCMT 3.000000 12.625000 3.000000 360 350
5906045 GAITHERSBUR MD 20879 1YCMT 3.000000 12.625000 3.000000 360 350
5906086 BROAD RUN VA 20137 1YCMT 3.000000 12.625000 3.000000 360 350
5906151 CARY NC 27513 1YCMT 2.875000 12.500000 2.875000 360 350
5906524 ANNAPOLIS MD 21403 1YCMT 3.000000 12.625000 3.000000 360 350
5906730 ROCKVILLE MD 20854 1YCMT 3.000000 13.625000 3.000000 360 350
5906789 FAIRFAX VA 22033 1YCMT 3.000000 12.625000 3.000000 360 351
5907027 GAITHERSBUR MD 20882 1YCMT 3.000000 12.250000 3.000000 360 350
5907100 WASHINGTON DC 20007 1YCMT 3.000000 12.625000 3.000000 360 350
5907191 OAKTON VA 22124 1YCMT 3.000000 12.500000 3.000000 360 350
5907316 CHEVY CHASE MD 20815 1YCMT 3.000000 12.500000 3.000000 360 350
5907365 VIENNA VA 22182 1YCMT 3.000000 12.250000 3.000000 360 350
5907415 BETHESDA MD 20817 1YCMT 3.000000 12.375000 3.000000 360 350
5907456 OAK RIDGE NC 27310 1YCMT 3.000000 12.125000 3.000000 360 358
5907472 UPPER SADDL NJ 7458 1YCMT 3.000000 13.375000 3.000000 360 350
5907605 POTOMAC MD 20854 1YCMT 3.000000 14.250000 3.000000 360 349
5907654 LUTHERVILLE MD 21093 1YCMT 3.000000 12.250000 3.000000 360 351
5907712 CLIFTON VA 22024 1YCMT 3.000000 12.375000 3.000000 360 350
5907746 ELLICOTT CI MD 21043 1YCMT 3.000000 12.250000 3.000000 360 351
5907951 ALEXANDRIA VA 22314 1YCMT 3.000000 12.375000 3.000000 360 351
5908066 ARLINGTON VA 22207 1YCMT 3.000000 13.625000 3.000000 360 350
5908132 DERWOOD MD 20855 1YCMT 3.000000 12.250000 3.000000 360 350
5908140 WILMINGTON NC 28409 1YCMT 3.000000 14.125000 3.000000 360 350
5908314 PHOENIX MD 21131 1YCMT 3.000000 12.375000 3.000000 360 352
5908405 BETHESDA MD 20817 1YCMT 3.000000 12.500000 3.000000 360 351
5908488 OAKTON VA 22124 1YCMT 3.000000 12.250000 3.000000 360 352
5908504 BETHESDA MD 20817 1YCMT 3.000000 12.500000 3.000000 360 351
5908553 RESTON VA 20194 1YCMT 3.000000 12.375000 3.000000 360 350
5908587 RESTON VA 20191 1YCMT 3.000000 12.375000 3.000000 360 351
5908751 FALLS CHURC VA 22043 1YCMT 3.000000 12.375000 3.000000 360 350
5908793 MITCHELLVIL MD 20721 1YCMT 3.000000 13.500000 3.000000 360 350
5908983 ELLICOTT CI MD 21042 1YCMT 3.000000 12.250000 3.000000 360 351
5909015 WASHINGTON DC 20015 1YCMT 3.000000 12.375000 3.000000 360 352
5909056 CENTREVILLE VA 20121 1YCMT 3.000000 12.375000 3.000000 360 355
5909148 GAITHERSBUR MD 20879 1YCMT 3.000000 12.250000 3.000000 360 351
5909247 ASHBURN VA 22011 1YCMT 3.000000 12.250000 3.000000 360 352
5909296 DAVIDSON NC 28036 1YCMT 3.000000 13.375000 3.000000 360 350
5909304 POTOMAC MD 20850 1YCMT 3.000000 12.250000 3.000000 360 351
5909486 WASHINGTON DC 20016 1YCMT 3.000000 12.250000 3.000000 360 351
5909502 WASHINGTON DC 20009 1YCMT 3.000000 12.250000 3.000000 360 351
5909551 WASHINGTON DC 20016 1YCMT 3.000000 12.250000 3.000000 360 352
5909700 ROCKVILLE MD 20853 1YCMT 3.000000 12.250000 3.000000 360 351
5909817 GREENSBORO NC 27408 1YCMT 3.000000 12.125000 3.000000 360 351
5909957 HERNDON VA 22070 1YCMT 3.000000 12.250000 3.000000 360 351
5909981 KENSINGTON MD 20895 1YCMT 3.000000 13.375000 3.000000 360 351
5910005 SILVER SPRI MD 20906 1YCMT 3.000000 12.250000 3.000000 360 351
5910013 POTOMAC MD 20854 1YCMT 3.000000 12.250000 3.000000 360 350
5910070 HERNDON VA 22071 1YCMT 3.000000 12.250000 3.000000 360 352
5910120 RIDGEWOOD NJ 7450 1YCMT 3.000000 12.125000 3.000000 360 351
5910377 ELDERSBURG MD 21784 1YCMT 3.000000 12.250000 3.000000 360 351
5910534 OAKTON VA 22124 1YCMT 3.000000 12.250000 3.000000 360 351
5910567 POTOMAC MD 20854 1YCMT 3.000000 13.375000 3.000000 360 350
5910625 FALLS CHURC VA 22044 1YCMT 3.000000 12.250000 3.000000 360 351
5910641 BETHESDA MD 20817 1YCMT 3.000000 12.250000 3.000000 360 351
5910807 MILLERSVILL MD 21108 1YCMT 3.000000 12.375000 3.000000 360 351
5910872 BOWIE MD 20721 1YCMT 3.000000 12.375000 3.000000 360 351
5911011 ARNOLD MD 21012 1YCMT 3.000000 12.250000 3.000000 360 352
5911169 MIDDLETOWN NJ 7748 1YCMT 3.000000 14.125000 3.000000 360 353
5911185 ROCKVILLE MD 20853 1YCMT 3.000000 12.250000 3.000000 360 351
</TABLE>
<TABLE>
<CAPTION>
First Net
Original Current Payment Current Original Original Mortgage Property Own
Loan No. Balance Balance Date PNI LTV Appraisal Rate Type Occ Purpose
-------- ------------- ------------- -------- ----------- --------- ------------- -------- -------- ----- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
5904339 278000.000000 275743.120000 19961201 1780.070000 80.000000 347500.000000 5.546800 1 1 1
5904388 251200.000000 249112.630000 19961201 1587.760000 89.700000 280000.000000 5.421800 1 1 1
5904412 269500.000000 267364.020000 19961201 1747.980000 79.500000 339000.000000 5.671800 1 1 1
5904750 232400.000000 230421.000000 19961201 1449.880000 80.000000 290500.000000 5.296800 1 1 1
5904768 238600.000000 236441.720000 19961101 1527.790000 80.000000 300000.000000 5.546800 1 1 2
5904776 270000.000000 267809.490000 19961201 1728.840000 73.800000 366000.000000 5.546800 1 1 1
5904784 218500.000000 215708.310000 19961201 1399.080000 72.800000 300000.000000 5.546800 1 1 1
5904792 325000.000000 322029.210000 19961201 1948.540000 72.200000 450000.000000 4.921800 1 1 1
5905104 391000.000000 388050.340000 19970101 2439.340000 55.900000 700000.000000 5.296800 1 1 1
5905161 490000.000000 486388.300000 19970101 3097.140000 65.300000 750000.000000 5.421800 1 1 1
5905278 228000.000000 226081.260000 19961101 1516.890000 95.000000 251000.000000 5.921800 10 1 2
5905286 292450.000000 291404.530000 19970401 2095.150000 90.000000 325000.000000 6.671800 1 1 1
5905500 465000.000000 461136.030000 19961201 2939.120000 71.500000 650000.000000 5.421800 1 1 1
5905583 241000.000000 237534.100000 19961101 1503.530000 62.800000 384000.000000 5.296800 1 1 1
5905591 520000.000000 514815.940000 19961201 3635.920000 80.000000 650000.000000 6.421800 1 1 2
5905609 400000.000000 396375.250000 19961201 2528.280000 84.200000 475000.000000 5.421800 1 1 1
5905617 457600.000000 454890.690000 19970101 3238.870000 80.000000 600000.000000 6.546800 1 1 2
5905757 273750.000000 271583.070000 19970101 1663.330000 75.000000 365000.000000 5.046800 1 1 2
5905773 324000.000000 321251.580000 19961201 2047.910000 75.300000 430000.000000 5.421800 10 1 1
5905930 237000.000000 234516.940000 19961201 1498.010000 89.800000 264000.000000 5.421800 1 1 1
5905997 293300.000000 290823.420000 19961201 1878.040000 71.500000 410000.000000 5.546800 1 1 1
5906037 254400.000000 251757.370000 19961201 1607.990000 80.000000 318000.000000 5.421800 1 1 3
5906045 450000.000000 446683.140000 19961201 2844.310000 79.600000 565000.000000 5.421800 1 1 1
5906086 247000.000000 244994.800000 19961201 1581.570000 85.200000 290000.000000 5.546800 1 1 1
5906151 360000.000000 357006.680000 19961201 2275.450000 68.600000 525000.000000 5.421800 1 1 1
5906524 292950.000000 290571.710000 19961201 1875.800000 73.200000 400000.000000 5.546800 1 1 1
5906730 288000.000000 286075.560000 19961201 2038.450000 69.400000 415000.000000 6.546800 1 1 3
5906789 260000.000000 258134.290000 19970101 1664.810000 83.900000 310000.000000 5.546800 1 1 1
5907027 263000.000000 260706.690000 19961201 1619.340000 74.100000 355000.000000 5.171800 1 1 1
5907100 865000.000000 857982.250000 19961201 5538.690000 45.500000 1900000.000000 5.546800 1 1 1
5907191 301000.000000 298402.230000 19961201 1902.530000 73.400000 410000.000000 5.421800 1 1 1
5907316 235500.000000 233476.660000 19961201 1488.530000 76.700000 307000.000000 5.421800 1 1 1
5907365 359500.000000 355897.970000 19961201 2184.360000 75.700000 475000.000000 5.046800 1 1 1
5907415 475000.000000 470955.240000 19961201 2963.390000 67.900000 700000.000000 5.296800 1 1 1
5907456 235800.000000 235570.810000 19970801 1432.750000 90.000000 262000.000000 5.046800 1 1 2
5907472 596000.000000 590928.110000 19961201 3718.260000 80.000000 745000.000000 5.296800 1 1 3
5907605 411750.000000 408449.120000 19961101 2808.870000 75.000000 550000.000000 6.171800 1 1 2
5907654 367300.000000 364402.820000 19970101 2261.530000 84.400000 435000.000000 5.171800 1 1 1
5907712 247500.000000 245249.690000 19961201 1544.080000 90.000000 275000.000000 5.296800 1 1 1
5907746 249650.000000 246369.860000 19970101 1456.890000 80.000000 337000.000000 4.671800 1 1 2
5907951 526200.000000 522230.450000 19970101 3282.810000 71.100000 740000.000000 5.296800 10 1 1
5908066 369000.000000 366409.900000 19961201 2548.600000 90.000000 420000.000000 6.296800 1 1 2
5908132 227000.000000 225020.620000 19961201 1397.680000 72.100000 315000.000000 5.171800 1 1 1
5908140 350000.000000 347661.300000 19961201 2477.280000 63.100000 555000.000000 6.546800 1 1 1
5908314 281250.000000 270786.320000 19970201 1754.640000 74.000000 380000.000000 5.296800 1 1 1
5908405 281600.000000 279524.340000 19970101 1779.910000 80.000000 352000.000000 5.421800 1 1 1
5908488 388800.000000 386176.930000 19970201 2393.910000 80.000000 486000.000000 5.171800 1 1 1
5908504 351000.000000 348412.870000 19970101 2218.560000 59.500000 590000.000000 5.421800 1 1 1
5908553 283400.000000 280986.790000 19961201 1768.050000 75.600000 375000.000000 5.296800 1 1 1
5908587 255000.000000 253017.460000 19970101 1590.870000 72.000000 354000.000000 5.296800 1 1 1
5908751 232500.000000 230006.790000 19961201 1450.500000 75.000000 310000.000000 5.296800 1 1 3
5908793 415000.000000 412157.690000 19961201 2901.750000 72.800000 570000.000000 6.421800 1 1 1
5908983 380250.000000 371132.080000 19970101 2341.270000 75.000000 507000.000000 5.171800 1 1 3
5909015 424000.000000 421206.830000 19970201 2645.210000 80.000000 530000.000000 5.296800 1 1 1
5909056 261600.000000 260167.440000 19970501 1632.050000 80.000000 327000.000000 5.296800 1 1 1
5909148 256900.000000 254913.990000 19970101 1581.780000 72.200000 356000.000000 5.171800 1 1 1
5909247 267700.000000 265893.920000 19970201 1648.280000 85.000000 315000.000000 5.171800 1 1 1
5909296 250000.000000 247868.580000 19961201 1726.690000 62.500000 400000.000000 6.296800 1 1 1
5909304 343500.000000 340844.540000 19970101 2114.990000 79.000000 435000.000000 5.171800 1 1 1
5909486 335000.000000 332410.220000 19970101 2062.660000 89.300000 375000.000000 5.171800 1 1 1
5909502 315000.000000 312564.870000 19970101 1939.510000 79.500000 396000.000000 5.171800 1 1 1
5909551 345000.000000 342672.390000 19970201 2124.230000 78.400000 440000.000000 5.171800 1 1 1
5909700 282000.000000 279819.940000 19970101 1736.330000 79.000000 357000.000000 5.171800 1 1 1
5909817 225400.000000 221845.800000 19970101 1297.530000 79.100000 285000.000000 4.546800 1 1 1
5909957 328000.000000 325464.310000 19970101 2019.560000 80.000000 410000.000000 5.171800 1 1 1
5909981 271200.000000 269511.200000 19970101 1873.120000 80.000000 343000.000000 6.296800 1 1 2
5910005 240000.000000 238144.600000 19970101 1477.730000 73.800000 325000.000000 5.171800 1 1 3
5910013 468000.000000 447613.230000 19961201 2881.560000 72.000000 700000.000000 5.171800 1 1 2
5910070 273500.000000 271654.790000 19970201 1683.990000 85.500000 320000.000000 5.171800 1 1 1
5910120 262000.000000 259926.040000 19970101 1591.940000 72.400000 363000.000000 5.046800 1 1 2
5910377 242950.000000 241073.070000 19970101 1495.890000 90.000000 270000.000000 5.171800 1 1 1
5910534 336000.000000 333402.540000 19970101 2068.810000 80.000000 420000.000000 5.171800 1 1 1
5910567 382500.000000 379815.140000 19961201 2641.840000 90.000000 455000.000000 6.296800 1 1 2
5910625 250000.000000 248067.310000 19970101 1539.300000 52.600000 475000.000000 5.171800 1 1 1
5910641 494000.000000 488704.640000 19970101 3041.650000 68.600000 720000.000000 5.171800 1 1 1
5910807 283550.000000 281410.930000 19970101 1768.990000 88.600000 320000.000000 5.296800 1 1 1
5910872 217000.000000 210551.280000 19970101 1353.800000 88.600000 245000.000000 5.296800 1 1 1
5911011 256150.000000 253711.360000 19970201 1577.160000 70.200000 365000.000000 5.171800 1 1 1
5911169 257600.000000 256571.660000 19970301 1912.680000 80.000000 330000.000000 7.046800 1 1 2
5911185 375000.000000 366246.470000 19970101 2308.940000 75.000000 500000.000000 5.171800 1 1 1
</TABLE>
<PAGE>
Page 21
<TABLE>
<CAPTION>
Property Property Max. Interest Minimum Original Stated
Loan No. Property City State Zip Index Margin Life Interest Rate Term Term
-------- ------------- -------- -------- ----- -------- ------------- ------------- -------- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
5911219 BURKE VA 22015 1YCMT 3.000000 12.250000 3.000000 360 351
5911268 ALEXANDRIA VA 22307 1YCMT 3.000000 12.250000 3.000000 360 351
5911334 BETHESDA MD 20817 1YCMT 3.000000 12.250000 3.000000 360 351
5911367 CLIFTON VA 22024 1YCMT 3.000000 12.375000 3.000000 360 350
5911441 CHAPIN SC 29036 1YCMT 3.000000 12.250000 3.000000 360 350
5911524 ROCKVILLE MD 20850 1YCMT 3.000000 12.250000 3.000000 360 351
5911599 ALEXANDRIA VA 22314 1YCMT 3.000000 12.250000 3.000000 360 352
5911607 BETHESDA MD 20814 1YCMT 3.000000 12.250000 3.000000 360 352
5911623 CHEVY CHASE MD 20815 1YCMT 3.000000 12.250000 3.000000 360 351
5911789 FAIRFAX VA 22030 1YCMT 3.000000 13.375000 3.000000 360 351
5911797 WASHINGTON DC 20015 1YCMT 3.000000 12.250000 3.000000 360 351
5911896 ALEXANDRIA VA 22315 1YCMT 3.000000 12.250000 3.000000 360 351
5911904 MCLEAN VA 22101 1YCMT 3.000000 12.250000 3.000000 360 351
5911961 MOORESVILLE NC 28115 1YCMT 3.000000 12.250000 3.000000 360 352
5912035 WASHINGTON DC 20008 1YCMT 3.000000 13.375000 3.000000 360 351
5912050 WASHINGTON DC 20007 1YCMT 3.000000 12.250000 3.000000 360 350
5912290 POTOMAC MD 20854 1YCMT 3.000000 12.250000 3.000000 360 351
5912340 CEDAR GROVE NJ 7009 1YCMT 3.000000 12.250000 3.000000 360 351
5912365 GAITHERSBUR MD 20882 1YCMT 3.000000 12.250000 3.000000 360 352
5912431 ANNAPOLIS MD 21401 1YCMT 3.000000 12.250000 3.000000 360 352
5912464 WASHINGTON DC 20008 1YCMT 3.000000 12.250000 3.000000 360 352
5912472 GAITHERSBUR MD 20879 1YCMT 3.000000 12.250000 3.000000 360 351
5912480 POTOMAC MD 20854 1YCMT 3.000000 12.250000 3.000000 360 351
5912498 SEVERNA PAR MD 21146 1YCMT 3.000000 12.250000 3.000000 360 352
5912514 GLEN ALLEN VA 23060 1YCMT 3.000000 12.250000 3.000000 360 352
5912993 VIENNA VA 22180 1YCMT 3.000000 12.250000 3.000000 360 351
5913009 CHEVY CHASE MD 20815 1YCMT 3.000000 12.250000 3.000000 360 352
5913132 RESTON VA 22094 1YCMT 3.000000 12.250000 3.000000 360 351
5913231 BETHESDA MD 20814 1YCMT 3.000000 12.250000 3.000000 360 352
5913488 ALEXANDRIA VA 22310 1YCMT 3.000000 12.125000 3.000000 360 351
5913496 GAITHERSBUR MD 20882 1YCMT 3.000000 12.250000 3.000000 360 351
5913645 WAYNESBORO VA 22980 1YCMT 3.000000 13.375000 3.000000 360 351
5913926 ARLINGTON VA 22207 1YCMT 3.000000 12.125000 3.000000 360 351
5914007 ELLICOTT CI MD 21043 1YCMT 3.000000 12.125000 3.000000 360 351
5914213 COLUMBIA MD 21044 1YCMT 3.000000 12.123000 3.000000 360 352
5914403 SILVER SPRI MD 20905 1YCMT 3.000000 12.125000 3.000000 360 352
5914510 WINSTON SAL NC 27104 1YCMT 3.000000 12.125000 3.000000 360 351
5914650 FAIRFAX VA 22032 1YCMT 3.000000 12.125000 3.000000 360 352
5914692 ROCKVILLE MD 20850 1YCMT 3.000000 12.125000 3.000000 360 351
5914783 ARLINGTON VA 22201 1YCMT 3.000000 12.125000 3.000000 360 351
5914791 OAKTON VA 22124 1YCMT 3.000000 12.125000 3.000000 360 352
5914858 ALEXANDRIA VA 22304 1YCMT 3.000000 12.125000 3.000000 360 352
5914874 FAIRFAX STA VA 22039 1YCMT 3.000000 12.125000 3.000000 360 351
5914890 GAITHERSBUR MD 20882 1YCMT 3.000000 12.125000 3.000000 360 351
5914940 SILVER SPRI MD 20906 1YCMT 3.000000 12.125000 3.000000 360 352
5914965 GAITHERSBUR MD 20882 1YCMT 3.000000 12.125000 3.000000 360 352
5915004 ROUND HILL VA 20141 1YCMT 3.000000 12.125000 3.000000 360 352
5915012 GAMBRILLS MD 21054 1YCMT 3.000000 12.125000 3.000000 360 352
5915079 HUNTERSVILL NC 28078 1YCMT 3.000000 12.250000 3.000000 360 353
5915103 DAVIDSON NC 28036 1YCMT 3.000000 12.125000 3.000000 360 353
5915111 SALISBURY MD 21804 1YCMT 2.875000 12.125000 2.875000 360 354
5915418 ROCKVILLE MD 20850 1YCMT 3.000000 12.125000 3.000000 360 351
5915541 GREAT FALLS VA 22066 1YCMT 3.000000 12.125000 3.000000 360 352
5915566 ALEXANDRIA VA 22304 1YCMT 3.000000 12.125000 3.000000 360 352
5915582 ROCKVILLE MD 20850 1YCMT 3.000000 12.000000 3.000000 360 352
5915764 KENSINGTON MD 20895 1YCMT 3.000000 12.125000 3.000000 360 352
5915830 ANNANDALE VA 22003 1YCMT 3.000000 12.125000 3.000000 360 351
5915871 CROFTON MD 21114 1YCMT 3.000000 12.125000 3.000000 360 352
5915889 WILMINGTON NC 28403 1YCMT 3.000000 12.125000 3.000000 360 351
5916036 NORTH POTOM MD 20878 1YCMT 3.000000 12.125000 3.000000 360 352
5916168 GAITHERSBUR MD 20878 1YCMT 3.000000 12.125000 3.000000 360 352
5916192 ALEXANDRIA VA 22314 1YCMT 3.000000 12.125000 3.000000 360 352
5916317 POTOMAC MD 20854 1YCMT 3.000000 12.000000 3.000000 360 351
5916424 KENNESAW GA 30152 1YCMT 3.000000 12.125000 3.000000 360 352
5916481 WASHINGTON DC 20007 1YCMT 3.000000 12.125000 3.000000 360 352
5916580 GREENSBORO NC 27410 1YCMT 3.000000 12.125000 3.000000 360 351
5916671 POTOMAC MD 20854 1YCMT 3.000000 12.125000 3.000000 360 351
5916689 WILMINGTON NC 28409 1YCMT 3.000000 12.125000 3.000000 360 352
5916796 ROCKVILLE MD 20850 1YCMT 3.000000 12.125000 3.000000 360 352
5916804 LUTHERVILLE MD 21093 1YCMT 3.000000 12.250000 3.000000 360 353
5916838 MCLEAN VA 22101 1YCMT 3.000000 12.125000 3.000000 360 352
5916853 VIENNA VA 22180 1YCMT 3.000000 12.125000 3.000000 360 352
5916879 MOORESVILLE NC 28115 1YCMT 3.000000 12.125000 3.000000 360 351
5917141 CHESAPEAKE VA 23320 1YCMT 3.000000 12.375000 3.000000 360 352
5917505 MCLEAN VA 22101 1YCMT 3.000000 13.375000 3.000000 360 353
5917729 WASHINGTON DC 20008 1YCMT 3.000000 12.125000 3.000000 360 352
5917745 CHANTILLY VA 20151 1YCMT 3.000000 12.000000 3.000000 360 352
5917760 VIENNA VA 22182 1YCMT 3.000000 12.125000 3.000000 360 352
5917919 FAIRFAX VA 22031 1YCMT 3.000000 13.875000 3.000000 360 355
5918248 PHOENIX MD 21131 1YCMT 3.000000 12.125000 3.000000 360 352
</TABLE>
<TABLE>
<CAPTION>
First Net
Original Current Payment Current Original Original Mortgage Property Own
Loan No. Balance Balance Date PNI LTV Appraisal Rate Type Occ Purpose
-------- ------------- ------------- -------- ----------- --------- ------------- -------- -------- ----- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
5911219 288000.000000 285053.550000 19970101 1773.270000 80.000000 360000.000000 5.171800 1 1 1
5911268 300000.000000 297680.780000 19970101 1847.160000 66.700000 450000.000000 5.171800 1 1 1
5911334 270000.000000 267729.520000 19970101 1662.440000 90.000000 340000.000000 5.171800 1 1 2
5911367 550000.000000 545316.630000 19961201 3431.290000 67.900000 810000.000000 5.296800 1 1 1
5911441 276600.000000 274188.090000 19961201 1703.080000 82.600000 345000.000000 5.171800 1 1 2
5911524 275000.000000 272874.040000 19970101 1693.230000 82.100000 335000.000000 5.171800 1 1 1
5911599 696500.000000 691800.940000 19970201 4288.480000 69.700000 1000000.000000 5.171800 10 1 1
5911607 460800.000000 457693.500000 19970201 2837.230000 80.000000 576000.000000 5.171800 1 1 1
5911623 282950.000000 274074.440000 19970101 1742.180000 71.600000 395000.000000 5.171800 1 1 1
5911789 576000.000000 572417.340000 19970101 3978.290000 80.000000 720000.000000 6.296800 1 1 1
5911797 328000.000000 325464.310000 19970101 2019.560000 78.100000 420000.000000 5.171800 1 1 1
5911896 283000.000000 279262.160000 19970101 1742.480000 84.500000 335000.000000 5.171800 1 1 1
5911904 452000.000000 448505.730000 19970101 2783.050000 53.200000 850000.000000 5.171800 1 1 1
5911961 296000.000000 294002.970000 19970201 1822.530000 67.300000 440000.000000 5.171800 1 1 1
5912035 360000.000000 357760.760000 19970101 2486.440000 80.000000 460000.000000 6.296800 10 1 2
5912050 412000.000000 408407.470000 19961201 2536.760000 78.500000 525000.000000 5.171800 1 1 1
5912290 263500.000000 261462.970000 19970101 1622.420000 77.500000 340000.000000 5.171800 1 1 1
5912340 627200.000000 622250.980000 19970101 3861.780000 72.900000 860000.000000 5.171800 1 1 1
5912365 265000.000000 263212.100000 19970201 1631.660000 75.700000 350000.000000 5.171800 1 1 1
5912431 442000.000000 439017.960000 19970201 2721.480000 65.800000 672000.000000 5.171800 1 1 1
5912464 215500.000000 214046.040000 19970201 1326.880000 59.900000 360000.000000 5.171800 10 1 1
5912472 400000.000000 396907.780000 19970101 2462.870000 80.000000 500000.000000 5.171800 1 1 1
5912480 270000.000000 267914.120000 19970101 1662.440000 40.300000 670000.000000 5.171800 1 1 1
5912498 554500.000000 550562.680000 19970201 3414.160000 77.600000 715000.000000 5.171800 1 1 1
5912514 248000.000000 246326.850000 19970201 1526.980000 87.000000 285000.000000 5.171800 1 1 1
5912993 220000.000000 218299.250000 19970101 1354.580000 74.100000 297000.000000 5.171800 1 1 1
5913009 320000.000000 317841.080000 19970201 1970.300000 73.600000 435000.000000 5.171800 1 1 1
5913132 241000.000000 239136.940000 19970101 1483.880000 86.700000 278000.000000 5.171800 10 1 1
5913231 283200.000000 281289.310000 19970201 1743.720000 80.000000 354000.000000 5.171800 1 1 1
5913488 354150.000000 351279.680000 19970101 2123.310000 80.000000 450000.000000 4.921800 1 1 2
5913496 220000.000000 212178.050000 19970101 1354.580000 69.800000 315000.000000 5.171800 1 1 1
5913645 270000.000000 267692.380000 19970101 1841.880000 77.100000 350000.000000 6.171800 1 1 1
5913926 384000.000000 373483.880000 19970101 2333.230000 74.600000 515000.000000 5.046800 1 1 3
5914007 328000.000000 325306.070000 19970101 1992.970000 87.500000 375000.000000 5.046800 1 1 1
5914213 236000.000000 234350.570000 19970201 1433.970000 80.000000 295000.000000 5.046800 1 1 1
5914403 332000.000000 328094.040000 19970201 2017.270000 75.500000 440000.000000 5.046800 1 1 1
5914510 226700.000000 224905.410000 19970101 1377.460000 90.000000 252000.000000 5.046800 1 1 2
5914650 393000.000000 389284.250000 19970201 2387.910000 88.700000 443000.000000 5.046800 1 1 1
5914692 233000.000000 225556.130000 19970101 1415.740000 79.800000 292000.000000 5.046800 10 1 1
5914783 254000.000000 251990.620000 19970101 1543.340000 75.600000 336000.000000 5.046800 1 1 1
5914791 336000.000000 333678.630000 19970201 2041.580000 80.000000 420000.000000 5.046800 1 1 3
5914858 215500.000000 214012.230000 19970201 1309.410000 56.300000 383000.000000 5.046800 10 1 1
5914874 306850.000000 304420.950000 19970101 1864.460000 71.900000 427000.000000 5.046800 1 1 1
5914890 366000.000000 361276.840000 19970101 2223.860000 88.800000 412000.000000 5.046800 1 1 1
5914940 233950.000000 232333.690000 19970201 1421.510000 90.000000 260000.000000 5.046800 10 1 1
5914965 285000.000000 281803.750000 19970201 1731.700000 78.100000 365000.000000 5.046800 1 1 1
5915004 335000.000000 332685.570000 19970201 2035.500000 75.300000 445000.000000 5.046800 1 1 1
5915012 304000.000000 301212.360000 19970201 1847.140000 80.000000 380000.000000 5.046800 1 1 1
5915079 281000.000000 279379.250000 19970301 1730.170000 85.200000 330000.000000 5.171800 1 1 1
5915103 540000.000000 536810.440000 19970301 3281.100000 67.500000 800000.000000 5.046800 1 1 1
5915111 232000.000000 230749.370000 19970401 1335.530000 80.000000 290000.000000 4.546800 1 1 2
5915418 229600.000000 227782.470000 19970101 1395.080000 80.000000 287000.000000 5.046800 10 1 3
5915541 320500.000000 318285.730000 19970201 1947.400000 72.800000 440000.000000 5.046800 1 1 1
5915566 297000.000000 294948.070000 19970201 1804.610000 41.300000 720000.000000 5.046800 1 1 1
5915582 350000.000000 347139.680000 19970201 2098.430000 82.400000 425000.000000 4.921800 1 1 1
5915764 220000.000000 218166.820000 19970201 1336.750000 65.700000 335000.000000 5.046800 1 1 3
5915830 453250.000000 449662.110000 19970101 2754.000000 78.100000 580000.000000 5.046800 1 1 1
5915871 228250.000000 226673.040000 19970201 1386.880000 89.500000 255000.000000 5.046800 1 1 1
5915889 232000.000000 229667.260000 19970101 1409.660000 78.600000 295000.000000 5.046800 1 1 1
5916036 226000.000000 224438.640000 19970201 1373.200000 79.300000 285000.000000 5.046800 1 1 1
5916168 241000.000000 239046.290000 19970201 1464.350000 84.600000 285000.000000 5.046800 1 1 1
5916192 420000.000000 417098.340000 19970201 2551.970000 55.600000 756000.000000 5.046800 1 1 1
5916317 562500.000000 557943.890000 19970101 3372.480000 75.000000 750000.000000 4.921800 1 1 1
5916424 324500.000000 322258.110000 19970201 1971.700000 87.900000 369000.000000 5.046800 1 1 1
5916481 308400.000000 306269.330000 19970201 1873.880000 76.100000 405000.000000 5.046800 10 1 1
5916580 325000.000000 314733.740000 19970101 1974.740000 69.400000 468000.000000 5.046800 1 1 3
5916671 409300.000000 406060.050000 19970101 2486.950000 74.400000 550000.000000 5.046800 1 1 1
5916689 361200.000000 358704.590000 19970201 2194.690000 85.000000 425000.000000 5.046800 1 1 1
5916796 323500.000000 321264.980000 19970201 1965.630000 87.900000 368000.000000 5.046800 1 1 1
5916804 284300.000000 282660.200000 19970301 1750.490000 76.800000 370000.000000 5.171800 1 1 1
5916838 382000.000000 379360.850000 19970201 2321.080000 57.400000 665000.000000 5.046800 1 1 1
5916853 344000.000000 332370.360000 19970201 2090.190000 72.400000 475000.000000 5.046800 1 1 1
5916879 288000.000000 285720.220000 19970101 1749.920000 90.000000 350000.000000 5.046800 1 1 2
5917141 258850.000000 257144.780000 19970201 1614.890000 95.000000 272500.000000 5.296800 1 1 2
5917505 570000.000000 567155.410000 19970301 3792.230000 69.900000 835000.000000 5.921800 1 1 2
5917729 227500.000000 225928.240000 19970201 1382.320000 85.800000 265000.000000 5.046800 5 1 1
5917745 354400.000000 351048.070000 19970201 2124.810000 80.000000 443000.000000 4.921800 1 1 1
5917760 400000.000000 396233.940000 19970201 2430.450000 88.900000 450000.000000 5.046800 1 1 1
5917919 355000.000000 353947.980000 19970501 2574.000000 89.900000 395000.000000 6.796800 1 1 1
5918248 283000.000000 281044.850000 19970201 1719.540000 70.800000 400000.000000 5.046800 1 1 1
</TABLE>
<PAGE>
Page 22
<TABLE>
<CAPTION>
Property Property Max. Interest Minimum Original Stated
Loan No. Property City State Zip Index Margin Life Interest Rate Term Term
-------- ------------- -------- -------- ----- -------- ------------- ------------- -------- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
5918297 ALEXANDRIA VA 22307 1YCMT 3.000000 12.125000 3.000000 360 352
5918354 WASHINGTON DC 20007 1YCMT 3.000000 12.125000 3.000000 360 352
5918370 ALEXANDRIA VA 22306 1YCMT 3.000000 12.125000 3.000000 360 352
5918438 ALEXANDRIA VA 22306 1YCMT 3.000000 12.125000 3.000000 360 351
5918479 FAIRFAX VA 22030 1YCMT 3.000000 12.125000 3.000000 360 351
5918602 CLIFTON VA 22024 1YCMT 3.000000 12.125000 3.000000 360 352
5918669 FORT WASHIN MD 20744 1YCMT 3.000000 12.125000 3.000000 360 352
5918693 WOODBRIDGE VA 22191 1YCMT 3.000000 12.125000 3.000000 360 352
5918727 DAVIDSONVIL MD 21305 1YCMT 3.000000 12.125000 3.000000 360 352
5918743 ARLINGTON VA 22203 1YCMT 3.000000 12.000000 3.000000 360 351
5919089 FAIRFAX VA 22033 1YCMT 3.000000 12.125000 3.000000 360 352
5919113 STERLING VA 20165 1YCMT 3.000000 12.125000 3.000000 360 352
5919139 CHARLOTTE NC 28211 1YCMT 3.000000 13.750000 3.000000 360 352
5919154 CLIFTON VA 22024 1YCMT 3.000000 12.125000 3.000000 360 352
5919246 GREAT FALLS VA 22066 1YCMT 3.000000 13.125000 3.000000 360 352
5919451 FALLS CHURC VA 22043 1YCMT 3.000000 12.125000 3.000000 360 352
5919477 VIENNA VA 22181 1YCMT 3.000000 13.875000 3.000000 360 353
5919550 WILMINGTON NC 28405 1YCMT 3.000000 12.000000 3.000000 360 352
5919667 WASHINGTON DC 20007 1YCMT 3.000000 12.125000 3.000000 360 352
5919709 LEWISVILLE NC 27023 1YCMT 3.000000 12.125000 3.000000 360 352
5919808 MANASSAS VA 20112 1YCMT 3.000000 13.625000 3.000000 360 353
5919881 GAITHERSBUR MD 20878 1YCMT 3.000000 12.125000 3.000000 360 353
5919907 GAITHERSBUR MD 20879 1YCMT 3.000000 12.125000 3.000000 360 352
5919923 ROCKVILLE MD 20852 1YCMT 3.000000 12.125000 3.000000 360 352
5919931 COLUMBIA MD 21046 1YCMT 3.000000 12.000000 3.000000 360 352
5919964 ARNOLD MD 21012 1YCMT 3.000000 12.125000 3.000000 360 352
5919980 WASHINGTON DC 20007 1YCMT 3.000000 12.125000 3.000000 360 352
5920012 CHARLOTTE NC 28226 1YCMT 3.000000 12.125000 3.000000 360 352
5920046 POTOMAC MD 20854 1YCMT 3.000000 12.000000 3.000000 360 352
5920053 BETHESDA MD 20814 1YCMT 3.000000 12.000000 3.000000 360 352
5920061 WILMINGTON NC 28403 1YCMT 3.000000 12.125000 3.000000 360 352
5920236 OLNEY MD 20832 1YCMT 3.000000 12.125000 3.000000 360 352
5920251 ROCKVILLE MD 20853 1YCMT 3.000000 12.125000 3.000000 360 353
5920301 SEVERNA PAR MD 21146 1YCMT 3.000000 12.125000 3.000000 360 352
5920335 MILLERSVILL MD 21108 1YCMT 3.000000 12.125000 3.000000 360 352
5920350 CHEVY CHASE MD 20815 1YCMT 3.000000 13.625000 3.000000 360 352
5920368 VIENNA VA 22181 1YCMT 3.000000 12.125000 3.000000 360 352
5920400 COLUMBIA MD 21045 1YCMT 3.000000 12.125000 3.000000 360 352
5920475 WILMINGTON NC 28403 1YCMT 3.000000 12.125000 3.000000 360 352
5920483 BETHESDA MD 20817 1YCMT 3.000000 12.125000 3.000000 360 352
5920533 ATLANTA GA 30350 1YCMT 3.000000 12.125000 3.000000 360 352
5920558 OAKTON VA 22124 1YCMT 3.000000 12.125000 3.000000 360 352
5920632 OAKTON VA 22124 1YCMT 3.000000 12.125000 3.000000 360 352
5920657 POTOMAC MD 20854 1YCMT 3.000000 12.125000 3.000000 360 352
5920731 FAIRFAX STA VA 22039 1YCMT 3.000000 12.125000 3.000000 360 352
5920764 ELLICOTT CI MD 21043 1YCMT 3.000000 13.500000 3.000000 360 352
5920806 FAIRFAX VA 22030 1YCMT 3.000000 12.125000 3.000000 360 352
5920848 COLUMBIA MD 21044 1YCMT 3.000000 13.500000 3.000000 360 352
5920863 ROCKVILLE MD 20852 1YCMT 3.000000 12.125000 3.000000 360 352
5920897 HANOVER MD 21076 1YCMT 3.000000 12.125000 3.000000 360 353
5920913 BRIELLE NJ 8730 1YCMT 3.000000 14.000000 3.000000 360 353
5920921 CHEVY CHASE MD 20815 1YCMT 3.000000 12.000000 3.000000 360 353
5920954 DUNKIRK MD 20754 1YCMT 3.000000 12.125000 3.000000 360 353
5921010 VIENNA VA 22182 1YCMT 3.000000 12.125000 3.000000 360 352
5921135 MAHWAH NJ 7430 1YCMT 3.000000 14.000000 3.000000 360 353
5921184 NORTH POTOM MD 20878 1YCMT 3.000000 12.125000 3.000000 360 353
5921200 WILMINGTON NC 28405 1YCMT 3.000000 12.000000 3.000000 360 352
5921218 GAITHERSBUR MD 20882 1YCMT 3.000000 12.125000 3.000000 360 352
5921226 WRIGHTSVILL NC 28480 1YCMT 3.000000 12.125000 3.000000 360 352
5921259 ANNAPOLIS MD 21401 1YCMT 3.000000 12.125000 3.000000 360 352
5921663 SEVERNA PAR MD 21146 1YCMT 3.000000 12.125000 3.000000 360 353
5921697 CONCORD NC 28025 1YCMT 3.000000 12.125000 3.000000 360 353
5921721 BALTIMORE MD 21208 1YCMT 3.000000 12.125000 3.000000 360 353
5921739 WILMINGTON NC 28403 1YCMT 3.000000 12.250000 3.000000 360 354
5921945 ANNAPOLIS MD 21403 1YCMT 3.000000 12.000000 3.000000 360 352
5922158 DAVIDSONVIL MD 21035 1YCMT 3.000000 13.000000 3.000000 360 353
5922166 MOORESVILLE NC 28115 1YCMT 3.000000 12.125000 3.000000 360 353
5922182 WASHINGTON DC 20015 1YCMT 3.000000 12.125000 3.000000 360 353
5922265 NORTH POTOM MD 20878 1YCMT 3.000000 12.125000 3.000000 360 352
5922273 DAVIDSON NC 28036 1YCMT 3.000000 12.125000 3.000000 360 353
5922349 OLNEY MD 20832 1YCMT 3.000000 12.125000 3.000000 360 353
5922364 ANNAPOLIS MD 21401 1YCMT 3.000000 12.125000 3.000000 360 353
5922489 BETHESDA MD 20816 1YCMT 3.000000 12.125000 3.000000 360 352
5922497 GREAT FALLS VA 22066 1YCMT 3.000000 12.125000 3.000000 360 352
5922505 WASHINGTON DC 20012 1YCMT 3.000000 12.000000 3.000000 360 353
5922539 WASHINGTON DC 20015 1YCMT 3.000000 12.125000 3.000000 360 353
5922562 ALEXANDRIA VA 22314 1YCMT 3.000000 13.250000 3.000000 360 353
5922570 CHEVY CHASE MD 20815 1YCMT 3.000000 12.125000 3.000000 360 352
5922588 GREAT FALLS VA 22066 1YCMT 3.000000 12.125000 3.000000 360 353
5922596 CHEVY CHASE MD 20815 1YCMT 3.000000 12.125000 3.000000 360 353
</TABLE>
<TABLE>
<CAPTION>
First Net
Original Current Payment Current Original Original Mortgage Property Own
Loan No. Balance Balance Date PNI LTV Appraisal Rate Type Occ Purpose
-------- ------------- ------------- -------- ----------- --------- ------------- -------- -------- ----- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
5918297 305000.000000 302892.820000 19970201 1853.220000 84.300000 362000.000000 5.046800 1 1 1
5918354 328000.000000 323203.060000 19970201 1992.970000 65.600000 500000.000000 5.046800 1 1 1
5918370 296000.000000 293862.860000 19970201 1798.530000 80.000000 370000.000000 5.046800 1 1 1
5918438 313600.000000 310085.260000 19970101 1905.470000 80.000000 392000.000000 5.046800 1 1 3
5918479 365600.000000 362705.910000 19970101 2221.430000 80.000000 457000.000000 5.046800 1 1 1
5918602 375000.000000 372259.400000 19970201 2278.540000 60.800000 617000.000000 5.046800 1 1 1
5918669 239000.000000 236144.730000 19970201 1452.190000 86.900000 275000.000000 5.046800 1 1 1
5918693 289000.000000 286900.530000 19970201 1756.000000 89.800000 322000.000000 5.046800 1 1 1
5918727 305000.000000 302807.190000 19970201 1853.220000 64.900000 470000.000000 5.046800 1 1 1
5918743 396000.000000 392790.420000 19970101 2374.230000 76.600000 517000.000000 4.921800 1 1 1
5919089 340000.000000 337651.040000 19970201 2065.880000 64.200000 530000.000000 5.046800 1 1 1
5919113 251000.000000 248635.580000 19970201 1525.110000 75.600000 332000.000000 5.046800 1 1 1
5919139 300000.000000 298488.790000 19970201 2149.240000 80.000000 375000.000000 6.671800 1 1 1
5919154 380000.000000 377374.640000 19970201 2308.930000 79.200000 480000.000000 5.046800 1 1 1
5919246 750000.000000 745726.120000 19970201 5052.890000 68.200000 1100000.000000 6.046800 1 1 2
5919451 309000.000000 306865.200000 19970201 1877.520000 66.500000 465000.000000 5.046800 1 1 1
5919477 244000.000000 242753.510000 19970301 1602.910000 80.000000 305000.000000 5.796800 1 1 2
5919550 420000.000000 417028.890000 19970201 2518.120000 80.000000 540000.000000 4.921800 1 1 2
5919667 296000.000000 293955.020000 19970201 1798.530000 87.700000 337500.000000 5.046800 10 1 1
5919709 513000.000000 507024.970000 19970201 3117.050000 69.800000 735000.000000 5.046800 1 1 1
5919808 256000.000000 254953.220000 19970301 1878.440000 80.000000 320000.000000 6.921800 1 1 3
5919881 262000.000000 260452.480000 19970301 1591.940000 80.000000 333000.000000 5.046800 1 1 2
5919907 316000.000000 313818.490000 19970201 1920.050000 78.000000 405000.000000 5.046800 1 1 1
5919923 319000.000000 316266.560000 19970201 1938.280000 78.200000 408000.000000 5.046800 1 1 1
5919931 303000.000000 300856.580000 19970201 1816.640000 79.700000 380000.000000 4.921800 1 1 1
5919964 252000.000000 250259.010000 19970201 1531.180000 80.000000 315000.000000 5.046800 1 1 1
5919980 298000.000000 295941.210000 19970201 1810.680000 40.300000 740000.000000 5.046800 1 1 1
5920012 421500.000000 418588.000000 19970201 2561.080000 72.700000 580000.000000 5.046800 1 1 1
5920046 362500.000000 359935.640000 19970201 2173.380000 79.500000 456000.000000 4.921800 1 1 1
5920053 442000.000000 438873.270000 19970201 2650.020000 70.700000 625000.000000 4.921800 1 1 1
5920061 400000.000000 397236.490000 19970201 2430.450000 80.000000 500000.000000 5.046800 5 1 2
5920236 215000.000000 213514.600000 19970201 1306.370000 75.400000 285000.000000 5.046800 1 1 1
5920251 243000.000000 232591.840000 19970301 1476.500000 74.800000 325000.000000 5.046800 1 1 3
5920301 347450.000000 345049.560000 19970201 2111.150000 77.200000 450000.000000 5.046800 1 1 3
5920335 286000.000000 284025.560000 19970201 1737.770000 73.300000 390000.000000 5.046800 1 1 1
5920350 260000.000000 258554.220000 19970201 1773.660000 80.000000 325000.000000 6.171800 1 1 2
5920368 405850.000000 403046.120000 19970201 2465.990000 90.000000 451000.000000 5.046800 1 1 1
5920400 226000.000000 224438.640000 19970201 1373.200000 79.000000 286000.000000 5.046800 1 1 1
5920475 575000.000000 570932.460000 19970201 3447.420000 79.300000 760000.000000 4.921800 1 1 2
5920483 407000.000000 404188.170000 19970201 2472.980000 76.800000 530000.000000 5.046800 1 1 1
5920533 307000.000000 304879.020000 19970201 1865.370000 69.500000 442000.000000 5.046800 1 1 1
5920558 361700.000000 359201.120000 19970201 2197.730000 79.500000 455000.000000 5.046800 1 1 1
5920632 236000.000000 234369.490000 19970201 1433.970000 77.400000 305000.000000 5.046800 1 1 1
5920657 379000.000000 376381.580000 19970201 2302.850000 61.100000 620000.000000 5.046800 1 1 1
5920731 358000.000000 354709.630000 19970201 2175.250000 75.400000 475000.000000 5.046800 1 1 1
5920764 266400.000000 264843.780000 19970201 1862.710000 90.000000 296000.000000 6.421800 1 1 1
5920806 273500.000000 271610.450000 19970201 1661.820000 75.600000 362000.000000 5.046800 1 1 1
5920848 247700.000000 246388.790000 19970201 1731.960000 80.000000 317000.000000 6.421800 1 1 2
5920863 492000.000000 488449.380000 19970201 2989.450000 68.300000 720000.000000 5.046800 1 1 1
5920897 232500.000000 231126.700000 19970301 1412.700000 89.400000 260000.000000 5.046800 1 1 1
5920913 260000.000000 258935.650000 19970301 1907.790000 64.000000 406150.000000 6.921800 1 1 1
5920921 500000.000000 493712.430000 19970301 2957.690000 76.900000 650000.000000 4.796800 1 1 1
5920954 273000.000000 271187.840000 19970301 1658.780000 79.800000 342000.000000 5.046800 1 1 1
5921010 286500.000000 284520.620000 19970201 1740.810000 54.600000 525000.000000 5.046800 1 1 1
5921135 604000.000000 601527.490000 19970301 4431.940000 80.000000 758000.000000 6.921800 1 1 2
5921184 240000.000000 238582.400000 19970301 1458.270000 75.000000 320000.000000 5.046800 1 1 1
5921200 448000.000000 444833.150000 19970201 2685.990000 52.100000 860000.000000 4.921800 1 1 1
5921218 260000.000000 258203.720000 19970201 1579.790000 78.800000 330000.000000 5.046800 1 1 1
5921226 300000.000000 297927.350000 19970201 1822.840000 75.000000 400000.000000 5.046800 1 1 3
5921259 225000.000000 223445.510000 19970201 1367.130000 55.600000 405000.000000 5.046800 1 1 3
5921663 300000.000000 298227.980000 19970301 1822.840000 48.400000 620000.000000 5.046800 1 1 1
5921697 225950.000000 224615.400000 19970301 1372.900000 90.000000 256000.000000 5.046800 1 1 2
5921721 260000.000000 258464.270000 19970301 1579.790000 77.400000 336000.000000 5.046800 1 1 1
5921739 274000.000000 272686.450000 19970401 1687.070000 79.800000 350000.000000 5.171800 1 1 2
5921945 565000.000000 560907.990000 19970201 3342.190000 74.900000 754000.000000 4.796800 1 1 3
5922158 337500.000000 335774.170000 19970301 2217.140000 75.800000 445000.000000 5.796800 1 1 3
5922166 243000.000000 241160.520000 19970301 1476.500000 77.100000 315000.000000 5.046800 1 1 1
5922182 324000.000000 322036.730000 19970301 1968.660000 89.400000 362500.000000 5.046800 1 1 1
5922265 251000.000000 249267.180000 19970201 1525.110000 78.400000 320000.000000 5.046800 1 1 1
5922273 381000.000000 378749.590000 19970301 2315.000000 76.200000 500000.000000 5.046800 1 1 1
5922349 267500.000000 265797.550000 19970301 1625.360000 86.300000 310000.000000 5.046800 1 1 1
5922364 500000.000000 497046.670000 19970301 3038.060000 76.900000 650000.000000 5.046800 1 1 1
5922489 515000.000000 511442.010000 19970201 3129.200000 62.400000 825000.000000 5.046800 1 1 1
5922497 548000.000000 544163.250000 19970201 3329.710000 78.300000 700000.000000 5.046800 1 1 1
5922505 240500.000000 239045.400000 19970301 1441.920000 70.100000 343000.000000 4.921800 1 1 1
5922539 400000.000000 397637.330000 19970301 2430.450000 80.000000 500000.000000 5.046800 1 1 1
5922562 222000.000000 220650.430000 19970301 1514.440000 75.300000 295000.000000 6.171800 10 1 1
5922570 500000.000000 496545.620000 19970201 3038.060000 67.600000 740000.000000 5.046800 5 1 1
5922588 397600.000000 395251.550000 19970301 2415.860000 68.600000 580000.000000 5.046800 1 1 1
5922596 480500.000000 477661.880000 19970301 2919.570000 61.200000 785000.000000 5.046800 1 1 1
</TABLE>
<PAGE>
Page 23
<TABLE>
<CAPTION>
Property Property Max. Interest Minimum Original Stated
Loan No. Property City State Zip Index Margin Life Interest Rate Term Term
-------- ------------- -------- -------- ----- -------- ------------- ------------- -------- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
5922612 POTOMAC MD 20854 1YCMT 3.000000 12.125000 3.000000 360 352
5922646 WASHINGTON MD 20880 1YCMT 3.000000 12.125000 3.000000 360 353
5922653 GREAT FALLS VA 22066 1YCMT 3.000000 12.125000 3.000000 360 353
5922687 MCLEAN VA 22101 1YCMT 3.000000 12.125000 3.000000 360 353
5922703 OLNEY MD 20832 1YCMT 3.000000 12.125000 3.000000 360 353
5922729 WINSTON SAL NC 27104 1YCMT 3.000000 12.500000 3.000000 360 352
5922745 ROCKVILLE MD 20852 1YCMT 3.000000 12.125000 3.000000 360 352
5922760 POTOMAC MD 20854 1YCMT 3.000000 12.125000 3.000000 360 353
5922828 ROCKVILLE MD 20855 1YCMT 3.000000 12.125000 3.000000 360 353
5922836 ARLINGTON VA 22204 1YCMT 3.000000 12.125000 3.000000 360 352
5922885 HERNDON VA 22070 1YCMT 3.000000 13.250000 3.000000 360 352
592303 WASHINGTON DC 20007 1YCMT 2.875000 14.875000 2.875000 360 226
5923040 WINSTON-SAL NC 27106 1YCMT 3.000000 12.125000 3.000000 360 353
592311 ORANGE VA 22960 1YCMT 2.875000 14.875000 2.875000 360 226
5923123 CATONSVILLE MD 21228 1YCMT 3.000000 12.125000 3.000000 360 353
5923131 WASHINGTON DC 20007 1YCMT 3.000000 12.125000 3.000000 360 353
5923156 SYKESVILLE MD 21784 1YCMT 3.000000 12.000000 3.000000 360 353
5923222 WASHINGTON DC 20007 1YCMT 3.000000 12.250000 3.000000 360 353
5923263 GREAT FALLS VA 22066 1YCMT 3.000000 12.125000 3.000000 360 353
5923313 FAIRFAX VA 22031 1YCMT 3.000000 12.125000 3.000000 360 353
5923339 POTOMAC MD 20854 1YCMT 3.000000 12.125000 3.000000 360 353
5923396 MCLEAN VA 22102 1YCMT 3.000000 12.125000 3.000000 360 353
5923404 OLNEY MD 20832 1YCMT 3.000000 12.125000 3.000000 360 352
5923412 WILMINGTON NC 28409 1YCMT 3.000000 12.000000 3.000000 360 352
5923487 FAIRFAX VA 22033 1YCMT 3.000000 12.125000 3.000000 360 353
5923495 MILLERSVILL MD 21146 1YCMT 3.000000 12.250000 3.000000 360 352
5923586 CENTREVILLE VA 22020 1YCMT 3.000000 12.125000 3.000000 360 353
5923594 ADVANCE NC 27006 1YCMT 3.000000 12.125000 3.000000 360 352
5923628 WINSTON SAL NC 27104 1YCMT 3.000000 12.125000 3.000000 360 353
5923677 WILMINGTON NC 28405 1YCMT 3.000000 12.125000 3.000000 360 355
5923693 WILMINGTON NC 28405 1YCMT 3.000000 12.125000 3.000000 360 354
5923859 KINNELON NJ 7405 1YCMT 3.000000 13.750000 3.000000 360 353
5924022 NORTH POTOM MD 20878 1YCMT 3.000000 13.750000 3.000000 360 354
5924055 ELLICOTT CI MD 21042 1YCMT 3.000000 12.125000 3.000000 360 353
5924139 SUMMIT NJ 7901 1YCMT 3.000000 13.875000 3.000000 360 353
5924147 DOYLESTOWN PA 18901 1YCMT 3.000000 12.250000 3.000000 360 353
5924162 HILTON HEAD SC 29938 1YCMT 3.000000 12.250000 3.000000 360 352
5924220 RICHBORO PA 18954 1YCMT 3.000000 12.250000 3.000000 360 353
5924246 NEWTOWN PA 18940 1YCMT 3.000000 12.250000 3.000000 360 353
5924345 VIENNA VA 22182 1YCMT 3.000000 12.250000 3.000000 360 353
5924378 WASHINGTON DC 20007 1YCMT 3.000000 12.250000 3.000000 360 353
5924634 DAVIDSON NC 28036 1YCMT 3.000000 12.125000 3.000000 360 353
5924667 GAINESVILLE VA 22065 1YCMT 3.000000 12.250000 3.000000 360 353
5924683 ROCKVILLE MD 20850 1YCMT 3.000000 13.250000 3.000000 360 352
5924873 WOODSTOCK MD 21163 1YCMT 3.000000 12.250000 3.000000 360 353
5924964 PASADENA MD 21122 1YCMT 3.000000 12.125000 3.000000 360 353
5925177 BETHESDA MD 20817 1YCMT 3.000000 12.250000 3.000000 360 353
5925359 COCKEYSVILL MD 21030 1YCMT 3.000000 12.250000 3.000000 360 354
5925441 ALEXANDRIA VA 22308 1YCMT 3.000000 12.250000 3.000000 360 353
5925466 SILVER SPRI MD 20910 1YCMT 3.000000 12.250000 3.000000 360 353
5925524 LANDENBERG PA 19350 1YCMT 3.000000 12.375000 3.000000 360 354
5925565 DAVIDSONVIL MD 21035 1YCMT 3.000000 12.250000 3.000000 360 353
5925631 MOORESVILLE NC 28115 1YCMT 3.000000 12.250000 3.000000 360 354
5925649 CHARLOTTE NC 28226 1YCMT 3.000000 12.250000 3.000000 360 353
5925805 WASHINGTON DC 20016 1YCMT 3.000000 13.250000 3.000000 360 353
5925821 GOOCHLAND VA 23063 1YCMT 3.000000 13.875000 3.000000 360 355
5925888 GAITHERSBUR MD 20878 1YCMT 3.000000 12.250000 3.000000 360 354
5925953 RICHMOND VA 23226 1YCMT 3.000000 13.500000 3.000000 360 353
5926035 BETHESDA MD 20814 1YCMT 3.000000 12.250000 3.000000 360 353
5926126 VIENNA VA 22182 1YCMT 3.000000 12.250000 3.000000 360 354
5926167 MILLERSVILL MD 21108 1YCMT 3.000000 12.250000 3.000000 360 353
5926183 STERLING VA 20165 1YCMT 3.000000 12.375000 3.000000 360 353
5926191 SPOTSYLVANI VA 22553 1YCMT 3.000000 12.250000 3.000000 360 354
5926225 NORTH BETHE MD 20852 1YCMT 3.000000 12.250000 3.000000 360 354
5926266 BETHESDA MD 20817 1YCMT 3.000000 12.250000 3.000000 360 354
5926282 FAIRFAX STA VA 22039 1YCMT 2.875000 12.125000 2.875000 360 354
5926290 CLEMMONS NC 27012 1YCMT 3.000000 12.250000 3.000000 360 353
5926324 GAITHERSBUR MD 20877 1YCMT 3.000000 12.250000 3.000000 360 353
5926373 OAKTON VA 22124 1YCMT 3.000000 12.250000 3.000000 360 353
5926407 VIENNA VA 22182 1YCMT 3.000000 12.250000 3.000000 360 354
5926464 FAIRFAX VA 22033 1YCMT 3.000000 13.500000 3.000000 360 354
5926480 FAIRFAX VA 22033 1YCMT 3.000000 12.250000 3.000000 360 354
5926506 NORTH POTOM MD 20878 1YCMT 3.000000 12.250000 3.000000 360 354
5926530 VIRGINIA BE VA 23451 1YCMT 3.000000 12.250000 3.000000 360 354
5926670 COLUMBIA MD 21044 1YCMT 3.000000 12.250000 3.000000 360 354
5926696 GREAT FALLS VA 22066 1YCMT 3.000000 12.000000 3.000000 360 354
5926712 BETHESDA MD 20817 1YCMT 3.000000 12.250000 3.000000 360 354
5926720 AVALON NJ 8202 1YCMT 3.000000 12.125000 3.000000 360 353
5926795 DULUTH GA 30136 1YCMT 3.000000 12.125000 3.000000 360 354
5926811 FAIRFAX VA 22032 1YCMT 3.000000 12.125000 3.000000 360 354
</TABLE>
<TABLE>
<CAPTION>
First Net
Original Current Payment Current Original Original Mortgage Property Own
Loan No. Balance Balance Date PNI LTV Appraisal Rate Type Occ Purpose
-------- ------------- ------------- -------- ----------- --------- ------------- -------- -------- ----- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
5922612 468000.000000 464766.730000 19970201 2843.620000 80.000000 585000.000000 5.046800 1 1 3
5922646 244000.000000 242560.060000 19970301 1482.570000 78.700000 310000.000000 5.046800 1 1 1
5922653 430000.000000 427460.150000 19970301 2612.730000 75.400000 570000.000000 5.046800 1 1 1
5922687 633400.000000 629346.450000 19970301 3848.610000 68.800000 920000.000000 5.046800 1 1 1
5922703 244500.000000 243055.840000 19970301 1485.610000 79.600000 307000.000000 5.046800 1 1 1
5922729 237500.000000 235972.390000 19970201 1501.170000 95.000000 256000.000000 5.421800 1 1 2
5922745 275000.000000 273100.120000 19970201 1670.930000 64.700000 425000.000000 5.046800 1 1 1
5922760 316000.000000 314133.530000 19970301 1920.050000 80.000000 395000.000000 5.046800 1 1 3
5922828 448000.000000 445353.840000 19970301 2722.100000 80.000000 560000.000000 5.046800 1 1 1
5922836 254400.000000 252557.450000 19970201 1504.880000 90.000000 283000.000000 4.796800 1 1 2
5922885 231300.000000 230013.790000 19970201 1577.880000 90.000000 257000.000000 6.171800 1 1 1
592303 525000.000000 458066.310000 19860801 4134.790000 70.000000 750000.000000 7.671800 1 1 1
5923040 225600.000000 224267.490000 19970301 1370.770000 80.000000 308000.000000 5.046800 1 1 2
592311 455000.000000 397106.100000 19860801 3584.520000 65.000000 700000.000000 7.671800 1 1 2
5923123 300000.000000 298227.980000 19970301 1822.840000 76.400000 392500.000000 5.046800 1 1 1
5923131 322500.000000 320595.090000 19970301 1959.550000 79.200000 407000.000000 5.046800 10 1 1
5923156 219000.000000 217676.540000 19970301 1313.020000 70.600000 310000.000000 4.921800 1 1 1
5923222 287000.000000 285344.660000 19970301 1767.110000 55.200000 520000.000000 5.171800 10 1 1
5923263 468200.000000 465434.510000 19970301 2844.840000 78.000000 600000.000000 5.046800 1 1 1
5923313 291000.000000 289281.170000 19970301 1768.150000 66.900000 435000.000000 5.046800 1 1 1
5923339 235000.000000 233611.920000 19970301 1427.890000 67.100000 350000.000000 5.046800 1 1 3
5923396 236000.000000 234605.990000 19970301 1433.970000 80.000000 295000.000000 5.046800 1 1 1
5923404 238700.000000 236743.340000 19970201 1450.370000 89.400000 267000.000000 5.046800 1 1 1
5923412 229500.000000 227877.710000 19970201 1375.970000 90.000000 255000.000000 4.921800 1 1 2
5923487 265000.000000 263434.750000 19970301 1610.170000 74.200000 357000.000000 5.046800 1 1 1
5923495 290000.000000 288043.490000 19970201 1785.580000 74.400000 390000.000000 5.171800 1 1 3
5923586 222000.000000 220688.720000 19970301 1348.900000 67.900000 327000.000000 5.046800 1 1 1
5923594 272000.000000 270120.770000 19970201 1652.710000 80.000000 348000.000000 5.046800 1 1 2
5923628 300000.000000 298192.160000 19970301 1822.840000 64.700000 464000.000000 5.046800 1 1 3
5923677 650000.000000 647453.540000 19970501 3949.470000 77.800000 835000.000000 5.046800 1 1 1
5923693 375000.000000 373160.810000 19970401 2278.540000 51.700000 725000.000000 5.046800 1 1 3
5923859 368000.000000 366293.840000 19970301 2541.690000 80.000000 465000.000000 6.296800 1 1 2
5924022 296000.000000 294941.810000 19970401 2120.590000 80.000000 370000.000000 6.671800 1 1 1
5924055 352000.000000 349920.900000 19970301 2138.790000 61.800000 570000.000000 5.046800 1 1 1
5924139 500000.000000 497901.230000 19970301 3625.350000 80.000000 625000.000000 6.796800 1 1 3
5924147 293000.000000 288482.200000 19970301 1804.060000 75.100000 390000.000000 5.171800 1 1 1
5924162 328500.000000 326283.690000 19970201 2022.640000 90.000000 410000.000000 5.171800 1 1 2
5924220 256000.000000 254523.450000 19970301 1576.240000 64.000000 400000.000000 5.171800 1 1 1
5924246 330000.000000 328096.650000 19970301 2031.870000 57.900000 570000.000000 5.171800 1 1 1
5924345 390400.000000 388148.300000 19970301 2403.760000 80.000000 488000.000000 5.171800 1 1 1
5924378 662800.000000 658977.150000 19970301 4080.980000 69.800000 950000.000000 5.171800 1 1 1
5924634 260000.000000 258465.600000 19970301 1579.790000 66.700000 390000.000000 5.046800 1 1 1
5924667 453000.000000 447651.830000 19970301 2789.200000 77.400000 585000.000000 5.171800 1 1 1
5924683 391200.000000 388917.590000 19970201 2602.670000 80.000000 550000.000000 5.921800 1 1 2
5924873 253000.000000 251540.750000 19970301 1557.770000 70.300000 360000.000000 5.171800 1 1 1
5924964 334550.000000 332573.910000 19970301 2032.770000 77.800000 430000.000000 5.046800 1 1 1
5925177 281000.000000 279379.250000 19970301 1730.170000 79.200000 355000.000000 5.171800 1 1 1
5925359 234750.000000 233394.890000 19970401 1445.400000 75.000000 313000.000000 5.171800 1 1 3
5925441 386300.000000 384071.910000 19970301 2378.520000 76.500000 505000.000000 5.171800 1 1 1
5925466 257000.000000 255010.830000 19970301 1582.400000 78.800000 326000.000000 5.171800 1 1 1
5925524 400000.000000 398082.440000 19970401 2462.870000 80.000000 500000.000000 5.171800 1 1 1
5925565 293000.000000 291310.010000 19970301 1804.060000 58.000000 505000.000000 5.171800 1 1 1
5925631 258000.000000 256763.120000 19970401 1588.560000 73.700000 350000.000000 5.171800 1 1 1
5925649 239550.000000 238168.290000 19970301 1474.960000 80.000000 303000.000000 5.171800 1 1 2
5925805 320000.000000 318479.380000 19970301 2182.970000 80.000000 400000.000000 6.171800 1 1 3
5925821 251250.000000 250551.510000 19970501 1821.740000 75.000000 335000.000000 6.796800 1 1 1
5925888 315000.000000 313489.920000 19970401 1939.510000 89.400000 352500.000000 5.171800 1 1 1
5925953 228150.000000 227092.200000 19970301 1575.780000 90.000000 258000.000000 6.296800 1 1 2
5926035 234500.000000 233147.460000 19970301 1443.860000 85.000000 276000.000000 5.171800 5 1 1
5926126 291000.000000 289251.300000 19970401 1791.740000 82.000000 355000.000000 5.171800 1 1 1
5926167 275500.000000 271858.320000 19970301 1696.310000 73.900000 373000.000000 5.171800 1 1 1
5926183 262350.000000 260836.830000 19970301 1615.340000 95.000000 290000.000000 5.171800 1 1 2
5926191 580000.000000 576794.200000 19970401 3571.160000 80.000000 725000.000000 5.171800 1 1 1
5926225 284400.000000 282809.660000 19970401 1751.100000 88.900000 320000.000000 5.171800 10 1 1
5926266 387000.000000 379018.760000 19970401 2382.830000 51.600000 750000.000000 5.171800 1 1 1
5926282 620500.000000 617151.970000 19970401 3571.950000 79.900000 777000.000000 4.546800 1 1 1
5926290 225850.000000 224547.350000 19970301 1390.600000 90.000000 254000.000000 5.171800 1 1 2
5926324 222000.000000 220719.530000 19970301 1366.900000 85.400000 260000.000000 5.171800 1 1 1
5926373 348000.000000 345992.820000 19970301 2142.700000 79.100000 440000.000000 5.171800 1 1 1
5926407 255000.000000 253778.840000 19970401 1570.080000 78.200000 326000.000000 5.171800 1 1 1
5926464 220000.000000 219173.330000 19970401 1538.280000 80.000000 275000.000000 6.421800 1 1 3
5926480 342000.000000 340360.460000 19970401 2105.760000 66.400000 515000.000000 5.171800 1 1 1
5926506 242400.000000 241237.960000 19970401 1492.500000 70.300000 345000.000000 5.171800 1 1 1
5926530 420000.000000 417986.530000 19970401 2586.020000 75.000000 560000.000000 5.171800 1 1 3
5926670 250000.000000 248801.500000 19970401 1539.300000 77.600000 322000.000000 5.171800 1 1 1
5926696 297000.000000 295506.790000 19970401 1780.670000 53.000000 560000.000000 4.921800 1 1 3
5926712 370000.000000 368226.230000 19970401 2278.160000 30.800000 1200000.000000 5.171800 1 1 1
5926720 490000.000000 487108.240000 19970301 2977.300000 70.000000 720000.000000 5.046800 1 1 2
5926795 500000.000000 497545.180000 19970401 3038.060000 72.500000 690000.000000 5.046800 1 1 1
5926811 324000.000000 322410.940000 19970401 1968.660000 77.700000 417000.000000 5.046800 1 1 1
</TABLE>
<PAGE>
Page 24
<TABLE>
<CAPTION>
Property Property Max. Interest Minimum Original Stated
Loan No. Property City State Zip Index Margin Life Interest Rate Term Term
-------- ------------- -------- -------- ----- -------- ------------- ------------- -------- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
5926845 GREAT FALLS VA 22066 1YCMT 3.000000 12.125000 3.000000 360 354
5926894 SILVER SPRI MD 20905 1YCMT 3.000000 12.125000 3.000000 360 354
5927009 MCLEAN VA 22102 1YCMT 3.000000 12.125000 3.000000 360 354
5927157 HERNDON VA 20171 1YCMT 3.000000 13.875000 3.000000 360 354
5927165 RESTON VA 20194 1YCMT 3.000000 13.875000 3.000000 360 354
5927199 MIDDLETOWN NJ 7748 1YCMT 3.000000 12.375000 3.000000 360 353
5927256 ARLINGTON VA 22207 1YCMT 3.000000 12.250000 3.000000 360 353
5927371 WASHINGTON DC 20008 1YCMT 3.000000 12.375000 3.000000 360 353
5927421 ASHTON MD 20861 1YCMT 3.000000 12.250000 3.000000 360 354
5927439 VIRGINIA BE VA 23454 1YCMT 3.000000 13.500000 3.000000 360 353
5927496 BROWN SUMMI NC 27214 1YCMT 3.000000 12.125000 3.000000 360 353
5927553 MOCKSVILLE NC 27028 1YCMT 3.000000 12.250000 3.000000 360 353
5927686 ALEXANDRIA VA 22314 1YCMT 3.000000 12.375000 3.000000 360 354
5927728 FAIRFAX STA VA 22039 1YCMT 3.000000 12.250000 3.000000 360 354
5927736 TAKOMA PARK MD 20912 1YCMT 3.000000 12.250000 3.000000 360 355
5927744 VIENNA VA 22181 1YCMT 3.000000 12.375000 3.000000 360 354
5927751 POTOMAC MD 20854 1YCMT 3.000000 12.375000 3.000000 360 354
5927827 BETHESDA MD 20814 1YCMT 3.000000 13.500000 3.000000 360 353
5927843 WASHINGTON DC 20015 1YCMT 3.000000 12.375000 3.000000 360 354
5927934 GAITHERSBUR MD 20879 1YCMT 3.000000 12.375000 3.000000 360 354
5927991 ALEXANDRIA VA 22314 1YCMT 3.000000 12.375000 3.000000 360 354
5928155 MONETA VA 24121 1YCMT 3.000000 12.250000 3.000000 360 354
5928288 CLARKSVILLE MD 21029 1YCMT 3.000000 12.250000 3.000000 360 354
5928361 ELLICOTT CI MD 21042 1YCMT 3.000000 12.250000 3.000000 360 354
5928379 WASHINGTON DC 20037 1YCMT 3.000000 12.250000 3.000000 360 355
5928460 RICHMOND VA 23233 1YCMT 3.000000 12.250000 3.000000 360 355
5928528 TIMONIUM MD 21093 1YCMT 3.000000 12.250000 3.000000 360 354
5928544 WILMINGTON NC 28409 1YCMT 3.000000 12.250000 3.000000 360 355
5928551 MCLEAN VA 22102 1YCMT 3.000000 12.250000 3.000000 360 354
5928577 DAVIDSON NC 28036 1YCMT 3.000000 12.250000 3.000000 360 355
5928585 DAVIDSON NC 28036 1YCMT 3.000000 12.250000 3.000000 360 354
5928593 CORNELIUS NC 28031 1YCMT 3.000000 12.500000 3.000000 360 355
5928668 RICHBORO PA 18954 1YCMT 3.000000 12.250000 3.000000 360 354
5928684 WINSTON SAL NC 27106 1YCMT 3.000000 12.625000 3.000000 360 353
5928726 BALTIMORE MD 21210 1YCMT 3.000000 13.875000 3.000000 360 354
5928734 BURTONSVILL MD 20866 1YCMT 3.000000 12.250000 3.000000 360 355
5928767 ANNANDALE VA 22003 1YCMT 3.000000 12.250000 3.000000 360 354
5928858 WINSTON SAL NC 27104 1YCMT 3.000000 12.125000 3.000000 360 353
5928874 ALEXANDRIA VA 22302 1YCMT 3.000000 12.250000 3.000000 360 354
5928957 VIENNA VA 22182 1YCMT 3.000000 12.250000 3.000000 360 354
5929005 MCLEAN VA 22101 1YCMT 3.000000 13.625000 3.000000 360 355
5929195 OLNEY MD 20832 1YCMT 3.000000 12.250000 3.000000 360 354
5929203 GLEN ALLEN VA 23060 1YCMT 3.000000 12.375000 3.000000 360 354
5929237 FAIRFAX STA VA 22039 1YCMT 3.000000 12.250000 3.000000 360 354
5929328 POTOMAC MD 20854 1YCMT 3.000000 12.375000 3.000000 360 355
5929351 GAITHERSBUR MD 20877 1YCMT 3.000000 12.250000 3.000000 360 354
5929377 COLUMBIA MD 21044 1YCMT 3.000000 14.000000 3.000000 360 354
5929427 PARKERFORD PA 19457 1YCMT 3.500000 14.000000 3.500000 360 354
5929450 MIDLOTHIAN VA 23113 1YCMT 3.000000 12.250000 3.000000 360 354
5929500 MARIETTA GA 30068 1YCMT 3.000000 12.375000 3.000000 360 354
5929518 ANNAPOLIS MD 21401 1YCMT 3.000000 12.375000 3.000000 360 354
5929567 WAYNE PA 19087 1YCMT 3.000000 12.375000 3.000000 360 355
5929575 BETHESDA MD 20817 1YCMT 3.000000 12.375000 3.000000 360 354
5929625 CORNELIUS NC 28031 1YCMT 3.000000 12.375000 3.000000 360 355
5929757 MOORESVILLE NC 28115 1YCMT 3.000000 12.375000 3.000000 360 355
5929781 PARSIPPANY- NJ 7005 1YCMT 3.000000 12.250000 3.000000 360 356
5929823 HINSDALE IL 60521 1YCMT 2.875000 12.125000 2.875000 360 354
5929922 MCLEAN VA 22101 1YCMT 3.000000 12.375000 3.000000 360 354
5929930 RICHMOND VA 23229 1YCMT 3.000000 12.375000 3.000000 360 355
5929955 DAVIDSONVIL MD 21035 1YCMT 3.000000 12.375000 3.000000 360 354
5930276 RANDOLPH NJ 7869 1YCMT 3.000000 14.000000 3.000000 360 355
5930326 POTOMAC MD 20854 1YCMT 3.000000 12.000000 3.000000 360 355
5930391 MCLEAN VA 22101 1YCMT 3.000000 12.375000 3.000000 360 355
5930482 CHARLOTTE NC 28203 1YCMT 3.000000 14.000000 3.000000 360 354
5930540 ARNOLD MD 21012 1YCMT 3.000000 12.375000 3.000000 360 355
5930631 WILMINGTON NC 28405 1YCMT 3.000000 12.125000 3.000000 360 355
5930656 WASHINGTON DC 20007 1YCMT 3.000000 12.250000 3.000000 360 355
5930672 MCLEAN VA 22102 1YCMT 3.000000 12.250000 3.000000 360 355
5930706 RICHMOND VA 23226 1YCMT 3.000000 12.250000 3.000000 360 355
5930813 VIENNA VA 22182 1YCMT 3.000000 12.375000 3.000000 360 355
5930920 OAKTON VA 22124 1YCMT 2.875000 13.500000 2.875000 360 354
5930946 ROCKVILLE MD 20852 1YCMT 3.000000 12.250000 3.000000 360 355
5930995 MCLEAN VA 22101 1YCMT 3.000000 12.250000 3.000000 360 354
5931035 ARLINGTON VA 22207 1YCMT 3.000000 12.250000 3.000000 360 355
5931043 ROCKVILLE MD 20850 1YCMT 3.000000 12.250000 3.000000 360 355
5931126 ROCKVILLE MD 20852 1YCMT 3.000000 12.250000 3.000000 360 355
5931415 FAIRFAX STA VA 22039 1YCMT 3.000000 12.375000 3.000000 360 354
5931605 WASHINGTON DC 20015 1YCMT 3.000000 12.250000 3.000000 360 355
5931621 ELLICOTT CI MD 21042 1YCMT 3.000000 12.250000 3.000000 360 354
5931654 ARLINGTON VA 22201 1YCMT 3.000000 12.125000 3.000000 360 355
</TABLE>
<TABLE>
<CAPTION>
First Net
Original Current Payment Current Original Original Mortgage Property Own
Loan No. Balance Balance Date PNI LTV Appraisal Rate Type Occ Purpose
-------- ------------- ------------- -------- ----------- --------- ------------- -------- -------- ----- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
5926845 294400.000000 290450.050000 19970401 1788.810000 80.000000 368000.000000 5.046800 1 1 1
5926894 327000.000000 325394.550000 19970401 1986.890000 67.400000 485000.000000 5.046800 1 1 1
5927009 340000.000000 338330.730000 19970401 2065.880000 73.900000 460000.000000 5.046800 1 1 1
5927157 240750.000000 239867.590000 19970401 1704.020000 90.000000 267500.000000 6.546800 1 1 2
5927165 416600.000000 415110.690000 19970401 2984.580000 90.000000 463000.000000 6.671800 1 1 2
5927199 320000.000000 318197.930000 19970301 1996.380000 80.000000 400000.000000 5.296800 1 1 3
5927256 348000.000000 318657.140000 19970301 2114.490000 62.100000 560000.000000 5.046800 1 1 1
5927371 307500.000000 305768.300000 19970301 1918.400000 75.300000 408500.000000 5.296800 1 1 1
5927421 297000.000000 295576.170000 19970401 1828.690000 90.000000 330000.000000 5.171800 1 1 1
5927439 685500.000000 682399.460000 19970301 4793.120000 57.100000 1200200.000000 6.421800 1 1 1
5927496 260000.000000 258464.270000 19970301 1579.790000 74.300000 350000.000000 5.046800 1 1 1
5927553 249600.000000 248160.340000 19970301 1536.840000 80.000000 312000.000000 5.171800 1 1 1
5927686 350000.000000 348361.810000 19970401 2183.550000 71.400000 490000.000000 5.296800 10 1 1
5927728 294500.000000 293089.690000 19970401 1813.290000 79.600000 370000.000000 5.171800 1 1 1
5927736 282400.000000 281319.760000 19970501 1738.790000 80.000000 353000.000000 5.171800 1 1 1
5927744 286400.000000 285059.480000 19970401 1786.770000 80.000000 358000.000000 5.296800 1 1 1
5927751 437000.000000 434954.590000 19970401 2726.320000 79.500000 550000.000000 5.296800 1 1 1
5927827 440000.000000 438009.840000 19970301 3076.550000 80.000000 550000.000000 6.421800 1 1 3
5927843 230800.000000 229719.720000 19970401 1439.900000 78.000000 296000.000000 5.296800 1 1 1
5927934 250000.000000 248829.860000 19970401 1559.680000 79.400000 315000.000000 5.296800 1 1 1
5927991 360000.000000 358315.000000 19970401 2245.940000 75.000000 480000.000000 5.296800 10 1 3
5928155 423750.000000 421619.550000 19970401 2540.600000 75.000000 565000.000000 4.921800 1 1 3
5928288 350000.000000 348322.100000 19970401 2155.020000 77.400000 452000.000000 5.171800 1 1 1
5928361 232600.000000 231356.470000 19970401 1413.310000 70.900000 328000.000000 5.046800 1 1 1
5928379 594000.000000 591727.840000 19970501 3657.370000 64.600000 920000.000000 5.171800 5 1 1
5928460 541600.000000 539430.770000 19970501 3334.730000 80.000000 677000.000000 5.171800 1 1 1
5928528 260000.000000 258753.570000 19970401 1600.870000 76.500000 340000.000000 5.171800 1 1 1
5928544 244000.000000 243066.680000 19970501 1502.350000 80.000000 305000.000000 5.171800 10 1 3
5928551 398000.000000 396094.040000 19970401 2450.560000 71.700000 555000.000000 5.171800 1 1 1
5928577 320000.000000 318775.960000 19970501 1970.300000 70.300000 455000.000000 5.171800 1 1 1
5928585 252000.000000 250791.920000 19970401 1551.610000 80.000000 315000.000000 5.171800 5 1 2
5928593 272000.000000 271008.390000 19970501 1719.230000 78.800000 345000.000000 5.421800 1 1 1
5928668 263000.000000 261739.190000 19970401 1619.340000 76.200000 345000.000000 5.171800 1 1 1
5928684 251800.000000 250448.500000 19970301 1612.310000 95.000000 280000.000000 5.546800 1 1 2
5928726 281500.000000 280518.510000 19970401 2041.080000 78.200000 360000.000000 6.796800 1 1 1
5928734 220000.000000 216624.440000 19970501 1354.580000 84.600000 260000.000000 5.171800 1 1 1
5928767 224000.000000 222926.160000 19970401 1379.210000 74.700000 300000.000000 5.171800 1 1 1
5928858 278500.000000 273837.500000 19970301 1692.200000 88.100000 316000.000000 5.046800 1 1 1
5928874 379900.000000 378078.810000 19970401 2339.110000 89.400000 425000.000000 5.171800 1 1 1
5928957 249050.000000 247856.050000 19970401 1533.450000 85.000000 293000.000000 5.171800 10 1 1
5929005 700000.000000 697954.040000 19970501 4954.560000 73.700000 950000.000000 6.546800 1 1 1
5929195 288000.000000 286619.330000 19970401 1773.270000 80.000000 360000.000000 5.171800 1 1 1
5929203 235000.000000 233901.250000 19970401 1466.100000 51.100000 460000.000000 5.296800 1 1 1
5929237 300000.000000 298561.800000 19970401 1847.160000 80.000000 375000.000000 5.171800 1 1 1
5929328 425000.000000 423412.860000 19970501 2651.450000 64.900000 655000.000000 5.296800 1 1 1
5929351 288000.000000 286619.350000 19970401 1773.270000 80.000000 360000.000000 5.171800 1 1 1
5929377 226900.000000 226068.360000 19970401 1605.990000 80.000000 284000.000000 6.546800 1 1 2
5929427 700000.000000 697620.070000 19970401 5136.350000 68.600000 1020000.000000 6.921800 1 1 1
5929450 357000.000000 355288.530000 19970401 2198.120000 66.100000 540000.000000 5.171800 1 1 1
5929500 384000.000000 382201.330000 19970401 2395.670000 78.400000 490000.000000 5.296800 1 1 1
5929518 250000.000000 248831.120000 19970401 1559.680000 73.500000 340000.000000 5.296800 1 1 1
5929567 270000.000000 268994.420000 19970501 1684.450000 75.000000 360000.000000 5.296800 1 1 3
5929575 299350.000000 297948.870000 19970401 1867.560000 78.800000 380000.000000 5.296800 1 1 1
5929625 244000.000000 243090.000000 19970501 1522.250000 80.000000 305000.000000 5.296800 1 1 1
5929757 406000.000000 404483.800000 19970501 2532.920000 70.600000 575000.000000 5.296800 1 1 1
5929781 247200.000000 246492.650000 19970601 1522.060000 80.000000 309000.000000 5.171800 1 1 1
5929823 276000.000000 274207.990000 19970401 1588.820000 80.000000 345000.000000 4.546800 1 1 2
5929922 538000.000000 535481.870000 19970401 3356.430000 70.800000 760000.000000 5.296800 1 1 1
5929930 368000.000000 366625.700000 19970501 2295.850000 80.000000 460000.000000 5.296800 1 1 1
5929955 384000.000000 382202.650000 19970401 2395.670000 80.000000 480000.000000 5.296800 1 1 1
5930276 391300.000000 390239.200000 19970501 2871.230000 80.000000 489550.000000 6.921800 1 1 2
5930326 346500.000000 345076.500000 19970501 2049.680000 90.000000 386000.000000 4.796800 1 1 2
5930391 386000.000000 384558.520000 19970501 2408.140000 79.600000 485000.000000 5.296800 1 1 1
5930482 228000.000000 227205.080000 19970401 1653.160000 80.000000 285000.000000 6.796800 1 1 1
5930540 257000.000000 256040.240000 19970501 1603.350000 84.300000 305000.000000 5.296800 1 1 1
5930631 350000.000000 348562.080000 19970501 2070.390000 56.000000 625000.000000 4.796800 1 1 3
5930656 300000.000000 298852.440000 19970501 1847.160000 65.900000 455000.000000 5.171800 10 1 1
5930672 252000.000000 249020.380000 19970501 1551.610000 56.000000 450000.000000 5.171800 1 1 1
5930706 308000.000000 306821.860000 19970501 1896.410000 86.800000 355000.000000 5.171800 1 1 1
5930813 291500.000000 290343.100000 19970501 1818.590000 77.700000 375000.000000 5.296800 1 1 1
5930920 528750.000000 526396.270000 19970401 3517.790000 75.000000 715000.000000 5.921800 1 1 2
5930946 235000.000000 229076.230000 19970501 1446.940000 42.700000 550000.000000 5.171800 1 1 1
5930995 363000.000000 361259.780000 19970401 2235.060000 55.800000 650000.000000 5.171800 1 1 1
5931035 378000.000000 375888.660000 19970501 2327.420000 77.900000 485000.000000 5.171800 1 1 1
5931043 329000.000000 327743.200000 19970501 2025.710000 79.500000 414000.000000 5.171800 1 1 1
5931126 237000.000000 236093.440000 19970501 1459.250000 45.600000 520000.000000 5.171800 1 1 3
5931415 286000.000000 284662.820000 19970401 1784.270000 74.100000 387000.000000 5.296800 1 1 2
5931605 260000.000000 259005.450000 19970501 1600.870000 44.100000 590000.000000 5.171800 1 1 1
5931621 351500.000000 349816.720000 19970401 2164.250000 89.700000 392000.000000 5.171800 1 1 1
5931654 309600.000000 308388.640000 19970501 1881.170000 80.000000 390000.000000 5.046800 1 1 2
</TABLE>
<PAGE>
Page 25
<TABLE>
<CAPTION>
Property Property Max. Interest Minimum Original Stated
Loan No. Property City State Zip Index Margin Life Interest Rate Term Term
-------- ------------- -------- -------- ----- -------- ------------- ------------- -------- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
5931688 FALLS CHURC VA 22044 1YCMT 3.000000 12.250000 3.000000 360 355
5931894 LITTLE SILV NJ 7739 1YCMT 3.000000 13.625000 3.000000 360 354
5931951 ARNOLD MD 21012 1YCMT 3.000000 12.375000 3.000000 360 354
5931969 ASHLAND VA 23005 1YCMT 3.000000 13.375000 3.000000 360 356
5932082 POTOMAC MD 20854 1YCMT 3.000000 13.375000 3.000000 360 354
5932140 DENVER NC 28037 1YCMT 3.000000 12.375000 3.000000 360 356
5932249 MCLEAN VA 22102 1YCMT 3.000000 12.250000 3.000000 360 355
5932256 POTOMAC MD 20854 1YCMT 3.000000 12.250000 3.000000 360 355
5932264 POTOMAC MD 20854 1YCMT 3.000000 12.250000 3.000000 360 354
5932272 CHESAPEAKE VA 23320 1YCMT 3.000000 12.375000 3.000000 360 355
5932280 PRINCETON NJ 8540 1YCMT 3.000000 12.250000 3.000000 360 355
5932421 BRONX NY 10463 1YCMT 3.000000 13.875000 3.000000 360 356
5932462 ARNOLD MD 21012 1YCMT 3.000000 12.250000 3.000000 360 355
5932470 WASHINGTON DC 20007 1YCMT 3.000000 12.250000 3.000000 360 355
5932504 CHEVY CHASE MD 20815 1YCMT 3.000000 12.250000 3.000000 360 355
5932512 CLIFTON VA 22024 1YCMT 3.000000 12.250000 3.000000 360 354
5932660 DARNESTOWN MD 20874 1YCMT 3.000000 12.125000 3.000000 360 354
5932686 WASHINGTON DC 20015 1YCMT 3.000000 12.250000 3.000000 360 355
5932694 ROCKVILLE MD 20852 1YCMT 3.000000 12.250000 3.000000 360 355
5932918 POTOMAC MD 20854 1YCMT 3.000000 12.250000 3.000000 360 355
5932934 BALTIMORE MD 21208 1YCMT 3.000000 12.250000 3.000000 360 355
5932959 ANNAPOLIS MD 21403 1YCMT 3.000000 12.250000 3.000000 360 355
5932967 BLYTHEWOOD SC 29016 1YCMT 3.000000 13.250000 3.000000 360 354
5932991 ALEXANDRIA VA 22307 1YCMT 3.000000 12.250000 3.000000 360 355
5933049 POTOMAC MD 20854 1YCMT 3.000000 12.000000 3.000000 360 354
5933072 WASHINGTON DC 20015 1YCMT 3.000000 12.250000 3.000000 360 355
5933106 BALTIMORE MD 21286 1YCMT 3.000000 12.125000 3.000000 360 355
5933171 POTOMAC MD 20854 1YCMT 3.000000 12.125000 3.000000 360 354
5933221 ALEXANDRIA VA 22314 1YCMT 3.000000 12.250000 3.000000 360 355
5933262 GLENELG MD 21737 1YCMT 3.000000 12.250000 3.000000 360 355
5933270 TRUMBULL CT 6611 1YCMT 3.000000 12.125000 3.000000 360 355
5933395 MIDDLETOWN MD 21769 1YCMT 3.000000 12.250000 3.000000 360 355
5933403 LEXINGTON SC 29072 1YCMT 3.000000 13.375000 3.000000 360 355
5933411 GAITHERSBUR MD 20878 1YCMT 3.000000 12.250000 3.000000 360 355
5933577 WASHINGTON DC 20002 1YCMT 3.000000 12.250000 3.000000 360 355
5933726 ARLINGTON VA 22207 1YCMT 3.000000 12.125000 3.000000 360 355
5933734 WASHINGTON DC 20015 1YCMT 3.000000 12.125000 3.000000 360 355
5933775 GAITHERSBUR MD 20878 1YCMT 3.000000 12.125000 3.000000 360 355
5933783 OAKTON VA 22124 1YCMT 3.000000 12.125000 3.000000 360 355
5933858 CLARKSVILLE MD 21029 1YCMT 3.000000 12.000000 3.000000 360 355
5933874 ALEXANDRIA VA 22302 1YCMT 3.000000 12.125000 3.000000 360 355
5933890 CHEVY CHASE MD 20815 1YCMT 3.000000 12.125000 3.000000 360 355
5933908 WASHINGTON DC 20010 1YCMT 3.000000 12.125000 3.000000 360 355
5933916 FORT WASHIN MD 20744 1YCMT 3.000000 12.125000 3.000000 360 355
5933973 BALTIMORE MD 21218 1YCMT 3.000000 12.125000 3.000000 360 356
5933981 VIENNA VA 22182 1YCMT 3.000000 12.125000 3.000000 360 354
5934070 WILMINGTON NC 28405 1YCMT 3.000000 12.125000 3.000000 360 354
5934088 BETHESDA MD 20816 1YCMT 3.000000 12.000000 3.000000 360 355
5934112 ANNANDALE VA 22003 1YCMT 3.000000 12.125000 3.000000 360 355
5934179 POOLESVILLE MD 20837 1YCMT 3.000000 12.125000 3.000000 360 355
5934203 DARNESTOWN MD 20874 1YCMT 3.000000 13.250000 3.000000 360 356
5934260 GLEN ARM MD 21057 1YCMT 3.000000 12.125000 3.000000 360 355
5934286 MILLERSVILL MD 21108 1YCMT 3.000000 12.125000 3.000000 360 355
5934310 CARY NC 27511 1YCMT 3.000000 12.125000 3.000000 360 356
5934443 CHEVY CHASE MD 20815 1YCMT 3.000000 12.250000 3.000000 360 356
5934534 BETHESDA MD 20816 1YCMT 3.000000 12.250000 3.000000 360 356
5934724 VIENNA VA 22182 1YCMT 3.000000 12.250000 3.000000 360 354
5934823 GARRETT PAR MD 20896 1YCMT 3.000000 12.250000 3.000000 360 356
5934880 POTOMAC MD 20854 1YCMT 3.000000 12.250000 3.000000 360 355
5934906 BERNARDS TO NJ 7920 1YCMT 3.000000 12.375000 3.000000 360 355
5934948 BETHESDA MD 20817 1YCMT 3.000000 12.250000 3.000000 360 355
5934955 CENTREVILLE VA 22020 1YCMT 3.000000 13.500000 3.000000 360 355
5934971 ASHBURN VA 22011 1YCMT 3.000000 12.250000 3.000000 360 356
5934989 GERMANTOWN MD 20876 1YCMT 3.000000 12.250000 3.000000 360 355
5935101 COCKEYSVILL MD 21030 1YCMT 3.000000 12.250000 3.000000 360 356
5935150 POTOMAC MD 20854 1YCMT 3.000000 13.375000 3.000000 360 355
5935168 GREAT FALLS VA 22066 1YCMT 3.000000 12.250000 3.000000 360 355
5935184 MOORESVILLE NC 28115 1YCMT 3.000000 12.125000 3.000000 360 355
5935267 BETHESDA MD 20817 1YCMT 3.000000 12.250000 3.000000 360 355
5935283 ASHTON MD 20861 1YCMT 3.000000 12.250000 3.000000 360 355
5935382 DICKERSON MD 20842 1YCMT 3.000000 12.250000 3.000000 360 355
5935416 FAIRFAX STA VA 22039 1YCMT 3.000000 12.250000 3.000000 360 355
5935424 MILLERSVILL MD 21108 1YCMT 3.000000 13.375000 3.000000 360 355
5935465 WASHINGTON DC 20016 1YCMT 3.000000 12.250000 3.000000 360 355
5935671 BERNARDS TO NJ 7920 1YCMT 3.000000 13.750000 3.000000 360 356
5935697 OAKTON VA 22124 1YCMT 3.000000 12.250000 3.000000 360 356
5935739 CLEMSON SC 29631 1YCMT 3.000000 12.375000 3.000000 360 356
5935747 CLEMSON SC 29631 1YCMT 3.000000 12.375000 3.000000 360 356
5935762 WILMINGTON NC 28403 1YCMT 3.000000 12.250000 3.000000 360 356
5935861 FALLS CHURC VA 22043 1YCMT 3.000000 12.375000 3.000000 360 356
</TABLE>
<TABLE>
<CAPTION>
First Net
Original Current Payment Current Original Original Mortgage Property Own
Loan No. Balance Balance Date PNI LTV Appraisal Rate Type Occ Purpose
-------- ------------- ------------- -------- ----------- --------- ------------- -------- -------- ----- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
5931688 222000.000000 221150.790000 19970501 1366.900000 65.300000 340000.000000 5.171800 1 1 1
5931894 348000.000000 346659.630000 19970401 2403.550000 80.000000 435000.000000 6.296800 1 1 2
5931951 430000.000000 427987.350000 19970401 2682.650000 79.600000 540000.000000 5.296800 1 1 1
5931969 426750.000000 425769.820000 19970601 2947.460000 75.000000 569000.000000 6.296800 1 1 1
5932082 379000.000000 377540.230000 19970401 2617.660000 66.500000 570000.000000 6.296800 1 1 1
5932140 342000.000000 341046.360000 19970601 2133.640000 79.500000 430000.000000 5.296800 1 1 1
5932249 450000.000000 448164.520000 19970501 2770.730000 57.000000 789000.000000 5.171800 1 1 1
5932256 700000.000000 697322.380000 19970501 4310.030000 72.500000 965000.000000 5.171800 1 1 1
5932264 348000.000000 346331.710000 19970401 2142.700000 80.000000 435000.000000 5.171800 1 1 1
5932272 224000.000000 223163.490000 19970501 1397.470000 80.000000 280000.000000 5.296800 1 1 1
5932280 350000.000000 348661.180000 19970501 2155.020000 53.800000 650000.000000 5.171800 1 1 1
5932421 225000.000000 224544.030000 19970601 1650.980000 90.000000 250000.000000 6.921800 00 1 2
5932462 252000.000000 251036.050000 19970501 1551.610000 75.000000 336000.000000 5.171800 1 1 1
5932470 580000.000000 577781.440000 19970501 3571.160000 69.900000 830000.000000 5.171800 1 1 1
5932504 265000.000000 263986.310000 19970501 1631.660000 74.000000 358000.000000 5.171800 1 1 1
5932512 327000.000000 325432.370000 19970401 2013.400000 75.200000 435000.000000 5.171800 1 1 1
5932660 288000.000000 286586.040000 19970401 1749.920000 79.300000 363000.000000 5.046800 1 1 1
5932686 324000.000000 322760.640000 19970501 1994.930000 72.000000 450000.000000 5.171800 1 1 3
5932694 261000.000000 260001.620000 19970501 1607.030000 79.600000 328000.000000 5.171800 1 1 1
5932918 260000.000000 256498.070000 19970501 1600.870000 80.000000 325000.000000 5.171800 1 1 1
5932934 266250.000000 262100.190000 19970501 1639.350000 75.000000 355000.000000 5.171800 1 1 1
5932959 267000.000000 265978.680000 19970501 1643.970000 53.400000 500000.000000 5.171800 1 1 1
5932967 300800.000000 299612.450000 19970401 2051.990000 80.000000 376000.000000 6.171800 1 1 1
5932991 333300.000000 332025.070000 19970501 2052.190000 77.200000 432000.000000 5.171800 1 1 1
5933049 437000.000000 434802.930000 19970401 2620.040000 74.700000 585000.000000 4.921800 1 1 1
5933072 392000.000000 390299.360000 19970501 2413.620000 80.000000 490000.000000 5.171800 1 1 1
5933106 372000.000000 370542.610000 19970501 2260.320000 78.300000 475000.000000 5.046800 1 1 1
5933171 505000.000000 502520.640000 19970401 3068.440000 79.800000 633000.000000 5.046800 1 1 1
5933221 291000.000000 289886.880000 19970501 1791.740000 78.600000 370000.000000 5.171800 10 1 1
5933262 233000.000000 232108.710000 19970501 1434.630000 71.700000 325000.000000 5.171800 1 1 1
5933270 284800.000000 283684.240000 19970501 1730.480000 80.000000 356000.000000 5.046800 1 1 1
5933395 231000.000000 229765.340000 19970501 1422.310000 89.500000 258000.000000 5.171800 1 1 1
5933403 425000.000000 423696.500000 19970501 2935.370000 84.700000 502000.000000 6.296800 1 1 2
5933411 224000.000000 223143.170000 19970501 1379.210000 80.000000 280000.000000 5.171800 1 1 1
5933577 295300.000000 294170.410000 19970501 1818.220000 79.800000 370000.000000 5.171800 10 1 1
5933726 295000.000000 293844.270000 19970501 1792.460000 72.000000 410000.000000 5.046800 10 1 1
5933734 249500.000000 248522.550000 19970501 1515.990000 76.800000 325000.000000 5.046800 1 1 1
5933775 233500.000000 232585.190000 19970501 1418.780000 76.200000 306450.000000 5.046800 1 1 1
5933783 387000.000000 385483.840000 19970501 2351.460000 79.000000 490000.000000 5.046800 1 1 1
5933858 375000.000000 373287.370000 19970501 2248.320000 73.200000 512000.000000 4.921800 1 1 1
5933874 346000.000000 342592.190000 19970501 2102.340000 80.000000 432500.000000 5.046800 1 1 1
5933890 360000.000000 358589.640000 19970501 2187.400000 79.800000 451000.000000 5.046800 1 1 1
5933908 235300.000000 234378.170000 19970501 1429.710000 76.600000 307000.000000 5.046800 1 1 1
5933916 385000.000000 383491.660000 19970501 2339.310000 74.800000 515000.000000 5.046800 1 1 3
5933973 496000.000000 494546.360000 19970601 3013.750000 70.900000 700000.000000 5.046800 1 1 1
5933981 310500.000000 308975.530000 19970401 1886.640000 77.600000 400000.000000 5.046800 1 1 1
5934070 272000.000000 270664.540000 19970401 1652.710000 80.000000 355000.000000 5.046800 1 1 2
5934088 445000.000000 441603.630000 19970501 2668.000000 74.200000 600000.000000 4.921800 1 1 1
5934112 314000.000000 312771.440000 19970501 1907.900000 78.500000 400000.000000 5.046800 1 1 1
5934179 233750.000000 232834.250000 19970501 1420.290000 78.400000 298000.000000 5.046800 1 1 1
5934203 425850.000000 424849.400000 19970601 2905.050000 79.600000 535000.000000 6.171800 1 1 2
5934260 385000.000000 383491.660000 19970501 2339.310000 77.800000 495000.000000 5.046800 1 1 1
5934286 300000.000000 298824.680000 19970501 1822.840000 72.300000 415000.000000 5.046800 1 1 3
5934310 235500.000000 234708.770000 19970601 1430.930000 80.000000 298000.000000 5.046800 1 1 2
5934443 378250.000000 377169.540000 19970601 2328.960000 78.000000 485000.000000 5.171800 1 1 1
5934534 248300.000000 247589.510000 19970601 1528.830000 73.000000 340000.000000 5.171800 1 1 1
5934724 490000.000000 486205.630000 19970401 3017.020000 79.700000 615000.000000 5.171800 1 1 1
5934823 266500.000000 265737.430000 19970601 1640.890000 77.200000 345000.000000 5.171800 1 1 1
5934880 284500.000000 283413.160000 19970501 1751.720000 77.900000 365000.000000 5.171800 1 1 1
5934906 425000.000000 423412.860000 19970501 2651.450000 70.800000 600000.000000 5.296800 1 1 1
5934948 319000.000000 317781.390000 19970501 1964.140000 78.600000 406000.000000 5.171800 10 1 1
5934955 723750.000000 721471.040000 19970501 4937.260000 75.000000 965000.000000 6.171800 1 1 1
5934971 260000.000000 259256.030000 19970601 1600.870000 80.000000 325000.000000 5.171800 1 1 1
5934989 219000.000000 218162.250000 19970501 1348.430000 89.400000 245000.000000 5.171800 1 1 1
5935101 762000.000000 759819.620000 19970601 4691.770000 63.500000 1200000.000000 5.171800 1 1 1
5935150 562500.000000 558543.660000 19970501 3885.050000 75.000000 750000.000000 6.296800 1 1 1
5935168 395000.000000 393489.050000 19970501 2432.090000 72.200000 547000.000000 5.171800 1 1 1
5935184 450000.000000 448237.060000 19970501 2734.250000 72.000000 625000.000000 5.046800 1 1 1
5935267 434000.000000 432339.880000 19970501 2672.220000 77.500000 560000.000000 5.171800 1 1 1
5935283 377000.000000 375557.910000 19970501 2321.260000 79.000000 477000.000000 5.171800 1 1 1
5935382 320000.000000 318775.960000 19970501 1970.300000 74.400000 430000.000000 5.171800 1 1 3
5935416 266200.000000 265181.750000 19970501 1639.040000 78.500000 339000.000000 5.171800 1 1 1
5935424 259000.000000 257568.980000 19970501 1788.850000 89.300000 290000.000000 6.296800 1 1 1
5935465 224000.000000 223144.300000 19970501 1379.210000 80.000000 280000.000000 5.171800 1 1 1
5935671 250000.000000 249467.200000 19970601 1791.040000 57.500000 440000.000000 6.671800 1 1 2
5935697 346900.000000 345907.370000 19970601 2135.930000 70.800000 490000.000000 5.171800 1 1 1
5935739 262000.000000 261268.140000 19970601 1634.540000 78.400000 334000.000000 5.296800 1 1 1
5935747 440000.000000 435754.940000 19970601 2745.030000 80.000000 550000.000000 5.296800 1 1 3
5935762 440000.000000 438745.410000 19970601 2709.160000 67.700000 650000.000000 5.171800 1 1 1
5935861 283200.000000 282408.920000 19970601 1766.800000 84.000000 337000.000000 5.296800 1 1 1
</TABLE>
<PAGE>
Page 26
<TABLE>
<CAPTION>
Property Property Max. Interest Minimum Original Stated
Loan No. Property City State Zip Index Margin Life Interest Rate Term Term
-------- ------------- -------- -------- ----- -------- ------------- ------------- -------- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
5935879 BETHESDA MD 20816 1YCMT 3.000000 12.375000 3.000000 360 356
5936117 LUTHERVILLE MD 21093 1YCMT 3.000000 12.375000 3.000000 360 356
5936141 ANNANDALE VA 22003 1YCMT 3.000000 12.125000 3.000000 360 355
5936190 RICHMOND VA 23221 1YCMT 3.000000 12.375000 3.000000 360 356
5936323 OLD TAPPAN NJ 7675 1YCMT 3.000000 14.000000 3.000000 360 356
5936372 WASHINGTON DC 20015 1YCMT 3.000000 12.250000 3.000000 360 356
5936398 SILVER SPRI MD 20904 1YCMT 3.000000 12.375000 3.000000 360 356
5936448 WINSTON SAL NC 27104 1YCMT 3.000000 12.375000 3.000000 360 356
5936497 GREAT FALLS VA 22066 1YCMT 3.000000 13.375000 3.000000 360 355
5936521 WINSTON-SAL NC 27106 1YCMT 3.000000 12.375000 3.000000 360 355
5936588 CHARLOTTE NC 28207 1YCMT 3.000000 13.875000 3.000000 360 355
5936612 ROCKVILLE MD 20852 1YCMT 3.000000 13.375000 3.000000 360 356
5936646 ANNAPOLIS MD 21401 1YCMT 3.000000 13.875000 3.000000 360 356
5936844 POUND RIDGE NY 10576 1YCMT 3.000000 13.625000 3.000000 360 355
5936869 WAYNE PA 19087 1YCMT 3.000000 13.375000 3.000000 360 356
5936927 WESTFIELD T NJ 7090 1YCMT 3.000000 14.000000 3.000000 360 358
5936984 STEVENSVILL MD 21666 1YCMT 3.000000 13.375000 3.000000 360 356
5937016 POTOMAC MD 20854 1YCMT 3.000000 12.375000 3.000000 360 356
5937032 MORRIS TOWN NJ 7960 1YCMT 3.000000 13.375000 3.000000 360 356
5937057 CLARKSVILLE MD 21044 1YCMT 3.000000 13.375000 3.000000 360 355
5937073 CHARLOTTE NC 28226 1YCMT 3.000000 13.375000 3.000000 360 356
5937156 ASHBURN VA 20147 1YCMT 3.000000 12.500000 3.000000 360 357
5937180 COLTS NECK NJ 7722 1YCMT 3.000000 14.000000 3.000000 360 356
5937248 BROOKLINE MA 2146 1YCMT 3.000000 13.250000 3.000000 360 357
5937263 ALEXANDRIA VA 22306 1YCMT 3.000000 13.375000 3.000000 360 355
5937289 DAMASCUS MD 20872 1YCMT 3.000000 12.500000 3.000000 360 356
5937370 BERKELEY HE NJ 7922 1YCMT 3.000000 13.875000 3.000000 360 358
5937560 WASHINGTON DC 20008 1YCMT 3.000000 13.375000 3.000000 360 355
5937578 ELLICOTT CI MD 21042 1YCMT 3.000000 13.750000 3.000000 360 355
5937628 BUMPASS VA 23024 1YCMT 3.000000 13.875000 3.000000 360 357
5937701 ANNAPOLIS MD 21403 1YCMT 3.000000 13.500000 3.000000 360 355
5937727 MOUNT AIRY MD 21771 1YCMT 3.000000 13.500000 3.000000 360 355
5937966 NORTH POTOM MD 20878 1YCMT 3.000000 13.625000 3.000000 360 356
5938030 CHESTER BOR NJ 7930 1YCMT 3.000000 12.250000 3.000000 360 356
5938238 WAYNESBORO VA 22980 1YCMT 3.000000 12.125000 3.000000 360 357
5938279 OAKTON VA 22124 1YCMT 3.000000 13.625000 3.000000 360 356
5938410 ROSWELL GA 30075 1YCMT 3.000000 13.625000 3.000000 360 356
5938592 GREAT FALLS VA 22066 1YCMT 3.000000 13.625000 3.000000 360 358
5938626 POTOMAC MD 20854 1YCMT 3.000000 13.625000 3.000000 360 355
5938642 GAITHERSBUR MD 20877 1YCMT 3.000000 12.750000 3.000000 360 355
5938709 TOWSON MD 21204 1YCMT 3.000000 13.750000 3.000000 360 355
5938824 GREENSBORO NC 27407 1YCMT 3.000000 13.625000 3.000000 360 355
5939194 FALLS CHURC VA 22041 1YCMT 3.000000 13.750000 3.000000 360 356
5939293 ALPHARETTA GA 30202 1YCMT 3.000000 14.250000 3.000000 360 355
5939574 ALEXANDRIA VA 22304 1YCMT 3.000000 13.775000 3.000000 360 356
5939608 GERMANTOWN MD 20874 1YCMT 3.000000 13.625000 3.000000 360 357
5939822 WARREN NJ 7059 1YCMT 3.000000 13.625000 3.000000 360 357
5939913 CHEVY CHASE MD 20815 1YCMT 3.000000 13.625000 3.000000 360 357
5940077 CABIN JOHN MD 20818 1YCMT 3.000000 13.625000 3.000000 360 356
5940093 HAMPSTEAD NC 28443 1YCMT 3.000000 13.625000 3.000000 360 356
5940184 LITHONIA GA 30058 1YCMT 3.000000 13.750000 3.000000 360 357
5940234 RICHMOND VA 23220 1YCMT 3.000000 13.750000 3.000000 360 356
5940341 BETHESDA MD 20816 1YCMT 3.000000 13.875000 3.000000 360 356
5940358 SHERWOOD FO MD 21405 1YCMT 2.875000 13.750000 2.875000 360 357
5940598 CHARLOTTE NC 28214 1YCMT 2.875000 13.750000 2.875000 360 358
5940630 FAIRFAX VA 22031 1YCMT 3.000000 14.000000 3.000000 360 356
5940770 WINCHESTER VA 22601 1YCMT 3.000000 13.750000 3.000000 360 356
5940788 SPARKS MD 21152 1YCMT 3.000000 13.875000 3.000000 360 356
5940960 ALPHARETTA GA 30004 1YCMT 3.000000 13.875000 3.000000 360 357
5941034 WASHINGTON DC 20016 1YCMT 3.000000 13.625000 3.000000 360 356
5941166 MCLEAN VA 22102 1YCMT 2.875000 13.875000 2.875000 360 357
5941190 TROY VA 22974 1YCMT 3.000000 13.875000 3.000000 360 357
5941224 HERNDON VA 20171 1YCMT 3.000000 14.000000 3.000000 360 356
5941240 GREAT FALLS VA 22066 1YCMT 2.875000 13.875000 2.875000 360 356
5941505 ALPHARETTA GA 30201 1YCMT 2.875000 13.875000 2.875000 360 357
5941521 WASHINGTON DC 20016 1YCMT 3.000000 13.875000 3.000000 360 357
5941554 DARNESTOWN MD 20878 1YCMT 3.000000 13.875000 3.000000 360 356
5941760 WOODCLIFF L NJ 7675 1YCMT 3.000000 13.875000 3.000000 360 357
5941802 SILVER SPRI MD 20905 1YCMT 3.000000 14.000000 3.000000 360 356
5941877 FAIRFAX STA VA 22039 1YCMT 3.000000 13.875000 3.000000 360 356
5942024 ATLANTA GA 30327 1YCMT 3.000000 14.000000 3.000000 360 357
5942057 VIENNA VA 22182 1YCMT 3.000000 13.875000 3.000000 360 357
5942123 GAITHERSBUR MD 20878 1YCMT 3.000000 13.750000 3.000000 360 356
5942198 WASHINGTON DC 20003 1YCMT 3.000000 13.750000 3.000000 360 356
5942214 WASHINGTON DC 20016 1YCMT 3.125000 14.000000 3.125000 360 357
5942412 ROUND HILL VA 20141 1YCMT 3.000000 13.625000 3.000000 360 358
5942438 RALEIGH NC 27615 1YCMT 3.000000 12.375000 3.000000 360 357
5942651 FAIRFAX STA VA 22039 1YCMT 3.000000 14.000000 3.000000 360 357
5942974 CUMMING GA 30130 1YCMT 3.000000 12.500000 3.000000 360 356
5943014 HAYMARKET VA 20169 1YCMT 3.000000 13.875000 3.000000 360 357
</TABLE>
<TABLE>
<CAPTION>
First Net
Original Current Payment Current Original Original Mortgage Property Own
Loan No. Balance Balance Date PNI LTV Appraisal Rate Type Occ Purpose
-------- ------------- ------------- -------- ----------- --------- ------------- -------- -------- ----- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
5935879 264000.000000 263262.540000 19970601 1647.020000 80.000000 330000.000000 5.296800 1 1 1
5936117 250500.000000 249800.240000 19970601 1562.800000 64.200000 390000.000000 5.296800 1 1 1
5936141 383000.000000 379484.380000 19970501 2327.150000 79.000000 485000.000000 5.046800 1 1 1
5936190 225000.000000 224371.480000 19970601 1403.710000 68.200000 330000.000000 5.296800 1 1 1
5936323 324000.000000 323343.440000 19970601 2377.400000 80.000000 405000.000000 6.921800 1 1 3
5936372 284000.000000 283187.360000 19970601 1748.640000 80.000000 359000.000000 5.171800 1 1 2
5936398 319000.000000 318110.490000 19970601 1990.150000 75.100000 425000.000000 5.296800 1 1 1
5936448 333600.000000 332668.130000 19970601 2081.230000 80.000000 420000.000000 5.296800 1 1 2
5936497 269000.000000 268173.660000 19970501 1857.920000 63.300000 425000.000000 6.296800 1 1 1
5936521 501600.000000 499731.830000 19970501 3129.340000 80.000000 631000.000000 5.296800 1 1 2
5936588 272000.000000 271243.840000 19970501 1972.190000 80.000000 340000.000000 6.796800 1 1 3
5936612 260000.000000 259404.060000 19970601 1795.760000 44.800000 580000.000000 6.296800 1 1 3
5936646 248000.000000 247430.570000 19970601 1755.330000 80.000000 315000.000000 6.546800 1 1 2
5936844 468000.000000 466562.370000 19970501 3232.360000 80.000000 600000.000000 6.296800 1 1 2
5936869 584000.000000 582627.800000 19970601 3983.910000 79.500000 735000.000000 6.171800 1 1 1
5936927 382500.000000 381930.030000 19970801 2740.280000 90.000000 425000.000000 6.671800 1 1 2
5936984 355000.000000 354184.620000 19970601 2451.900000 40.600000 875000.000000 6.296800 1 1 1
5937016 268000.000000 267206.380000 19970601 1671.980000 80.000000 335000.000000 5.296800 1 1 2
5937032 271200.000000 270529.170000 19970601 1804.310000 80.000000 340000.000000 5.921800 1 1 2
5937057 258900.000000 258086.010000 19970501 1766.160000 80.000000 324000.000000 6.171800 1 1 2
5937073 316800.000000 316072.370000 19970601 2188.060000 90.000000 352000.000000 6.296800 1 1 3
5937156 316000.000000 315428.670000 19970701 1997.340000 89.300000 354000.000000 5.421800 1 1 1
5937180 286500.000000 284156.050000 19970601 2102.240000 75.000000 382000.000000 6.921800 1 1 1
5937248 624000.000000 623023.500000 19970701 4256.780000 80.000000 790000.000000 6.171800 1 1 2
5937263 268800.000000 267974.270000 19970501 1856.540000 80.000000 336000.000000 6.296800 1 1 1
5937289 576000.000000 574429.360000 19970601 3640.720000 80.000000 720000.000000 5.421800 1 1 1
5937370 272100.000000 271912.740000 19970801 1972.920000 77.700000 350000.000000 6.796800 1 1 1
5937560 637500.000000 635541.680000 19970501 4403.060000 75.000000 870000.000000 6.296800 1 1 2
5937578 222300.000000 221582.550000 19970501 1497.680000 90.000000 247000.000000 6.046800 1 1 2
5937628 450000.000000 448625.750000 19970701 3262.820000 60.000000 750000.000000 6.796800 1 1 1
5937701 410000.000000 408740.520000 19970501 2831.770000 74.500000 550000.000000 6.296800 1 1 1
5937727 238500.000000 237785.330000 19970501 1667.630000 78.800000 302500.000000 6.421800 1 1 1
5937966 292000.000000 290837.930000 19970601 1967.260000 80.000000 365000.000000 6.046800 1 1 1
5938030 368000.000000 366947.020000 19970601 2265.840000 80.000000 460000.000000 5.171800 1 1 2
5938238 320000.000000 319376.360000 19970701 1944.360000 80.000000 406500.000000 5.046800 1 1 2
5938279 230400.000000 229870.800000 19970601 1591.320000 80.000000 288000.000000 6.296800 1 1 2
5938410 232000.000000 231406.210000 19970601 1642.090000 74.800000 310000.000000 6.546800 1 1 1
5938592 527800.000000 527417.990000 19970801 3735.740000 80.000000 662000.000000 6.546800 1 1 2
5938626 258800.000000 258044.760000 19970501 1831.780000 80.000000 323500.000000 6.546800 1 1 2
5938642 223250.000000 222416.290000 19970501 1392.790000 95.000000 235000.000000 5.296800 1 1 2
5938709 430000.000000 428681.140000 19970501 2969.910000 72.000000 597000.000000 6.296800 1 1 2
5938824 249350.000000 248621.170000 19970501 1764.890000 95.000000 267000.000000 6.546800 1 1 2
5939194 225600.000000 225119.220000 19970601 1616.230000 80.000000 285000.000000 6.671800 1 1 2
5939293 242250.000000 241593.280000 19970501 1777.550000 95.000000 255000.000000 6.921800 1 1 2
5939574 320000.000000 319319.540000 19970601 2292.520000 80.000000 400000.000000 6.671800 1 1 1
5939608 257250.000000 256866.970000 19970701 1798.730000 75.000000 343000.000000 6.421800 1 1 3
5939822 312000.000000 311535.450000 19970701 2181.550000 75.700000 412000.000000 6.421800 1 1 2
5939913 360000.000000 359463.970000 19970701 2517.180000 50.700000 710000.000000 6.421800 1 1 1
5940077 252900.000000 252319.130000 19970601 1746.720000 90.000000 281000.000000 6.296800 1 1 1
5940093 232000.000000 231480.220000 19970601 1622.180000 46.400000 500000.000000 6.421800 1 1 3
5940184 392000.000000 391430.740000 19970701 2774.560000 80.000000 490000.000000 6.546800 1 1 1
5940234 241000.000000 240240.930000 19970601 1726.560000 73.000000 330000.000000 6.671800 1 1 3
5940341 316000.000000 315065.700000 19970601 2182.540000 80.000000 397000.000000 6.296800 1 1 2
5940358 225400.000000 225021.280000 19970701 1480.720000 92.000000 245000.000000 5.796800 1 1 2
5940598 300000.000000 299733.090000 19970801 1995.910000 80.000000 445000.000000 5.921800 1 1 2
5940630 292000.000000 291161.300000 19970601 2066.760000 80.000000 365000.000000 6.546800 1 1 2
5940770 220000.000000 219507.090000 19970601 1538.280000 80.000000 275000.000000 6.421800 1 1 2
5940788 487500.000000 486434.730000 19970601 3450.500000 75.000000 650000.000000 6.546800 1 1 3
5940960 385200.000000 384642.410000 19970701 2726.430000 80.000000 490000.000000 6.546800 1 1 2
5941034 220500.000000 220005.990000 19970601 1541.770000 86.500000 255000.000000 6.421800 1 1 1
5941166 347500.000000 346928.640000 19970701 2311.930000 75.100000 470000.000000 5.921800 1 1 2
5941190 260000.000000 259640.950000 19970701 1885.190000 73.200000 355000.000000 6.796800 1 1 2
5941224 344250.000000 343517.970000 19970601 2466.250000 80.000000 430500.000000 6.671800 1 1 2
5941240 432000.000000 430933.570000 19970601 2874.110000 80.000000 540000.000000 5.921800 1 1 2
5941505 227600.000000 227234.890000 19970701 1533.390000 79.900000 285000.000000 6.046800 1 1 1
5941521 228750.000000 228417.820000 19970701 1619.080000 75.000000 305000.000000 6.546800 1 1 2
5941554 373500.000000 372704.040000 19970601 2675.800000 90.000000 415000.000000 6.671800 1 1 1
5941760 280500.000000 280102.760000 19970701 2009.540000 85.000000 335000.000000 6.671800 1 1 2
5941802 279000.000000 278420.180000 19970601 2022.950000 85.100000 337000.000000 6.796800 1 1 2
5941877 356000.000000 355260.160000 19970601 2581.250000 68.500000 520000.000000 6.796800 1 1 3
5942024 723000.000000 722026.530000 19970701 5305.120000 74.900000 965000.000000 6.921800 1 1 3
5942057 296000.000000 295580.810000 19970701 2120.590000 80.000000 370000.000000 6.671800 1 1 2
5942123 544000.000000 542840.670000 19970601 3897.290000 80.000000 680000.000000 6.671800 1 1 1
5942198 263500.000000 262894.780000 19970601 1819.930000 95.000000 285000.000000 6.296800 10 1 2
5942214 1300000.000000 1298112.220000 19970701 9201.320000 74.300000 1750000.000000 6.546800 1 1 1
5942412 244850.000000 244672.780000 19970801 1733.040000 73.100000 335000.000000 6.546800 1 1 1
5942438 323000.000000 322385.450000 19970701 1988.770000 80.000000 410000.000000 5.171800 1 1 2
5942651 236000.000000 235487.150000 19970701 1670.400000 80.000000 295000.000000 6.546800 1 1 2
5942974 247000.000000 246259.070000 19970601 1602.040000 51.000000 484000.000000 5.671800 1 1 1
5943014 520000.000000 519281.910000 19970701 3770.370000 80.000000 650000.000000 6.796800 1 1 2
</TABLE>
<PAGE>
Page 27
<TABLE>
<CAPTION>
Property Property Max. Interest Minimum Original Stated
Loan No. Property City State Zip Index Margin Life Interest Rate Term Term
-------- ------------- -------- -------- ----- -------- ------------- ------------- -------- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
5943097 ARNOLD MD 21012 1YCMT 3.000000 13.875000 3.000000 360 356
5943212 HUNTERSVILL NC 28078 1YCMT 3.000000 13.875000 3.000000 360 357
5943246 ARLINGTON VA 22207 1YCMT 3.000000 13.500000 3.000000 360 358
5943303 MARRIOTTSVI MD 21104 1YCMT 3.000000 13.875000 3.000000 360 357
5943352 WASHINGTON DC 20003 1YCMT 3.000000 13.875000 3.000000 360 356
5943451 WARREN NJ 7059 1YCMT 3.000000 13.875000 3.000000 360 357
5943576 BALA CYNWYD PA 19004 1YCMT 3.000000 13.875000 3.000000 360 356
5943584 BETHESDA MD 20816 1YCMT 3.000000 13.875000 3.000000 360 357
5944285 ELLICOTT CI MD 21042 1YCMT 3.000000 13.625000 3.000000 360 357
5944343 CHICAGO IL 60614 1YCMT 3.000000 13.750000 3.000000 360 357
5944376 GREAT FALLS VA 22066 1YCMT 3.000000 13.750000 3.000000 360 357
5944434 WASHINGTON DC 20002 1YCMT 3.000000 13.250000 3.000000 360 358
5944657 MANAKIN-SAB VA 23103 1YCMT 3.000000 12.625000 3.000000 360 357
5944947 MATTHEWS NC 28105 1YCMT 3.000000 13.500000 3.000000 360 357
5944988 RICHMOND VA 23229 1YCMT 3.000000 13.750000 3.000000 360 356
5945027 VIENNA VA 22182 1YCMT 3.000000 13.875000 3.000000 360 357
5945209 BLUFFTON SC 29910 1YCMT 3.000000 12.350000 3.000000 360 358
5945233 ANNAPOLIS MD 21401 1YCMT 3.000000 13.750000 3.000000 360 357
5945274 FAIRFAX STA VA 22039 1YCMT 3.000000 13.875000 3.000000 360 356
5945357 TEANECK NJ 7666 1YCMT 3.000000 13.375000 3.000000 360 357
5945647 CHEVY CHASE MD 20815 1YCMT 3.000000 13.750000 3.000000 360 358
5945696 WASHINGTON DC 20016 1YCMT 3.000000 13.500000 3.000000 360 358
5945860 CHESTERFIEL VA 23838 1YCMT 3.000000 11.500000 3.000000 360 358
5945936 WASHINGTON DC 20007 1YCMT 3.000000 13.500000 3.000000 360 357
5946082 BRIDGEWATER NJ 8807 1YCMT 3.000000 13.625000 3.000000 360 357
5946223 STERLING VA 20165 1YCMT 3.000000 13.375000 3.000000 360 357
5946603 SHAKER HEIG OH 44122 1YCMT 3.000000 13.375000 3.000000 360 357
5946611 WEDDINGTON NC 28173 1YCMT 3.000000 13.375000 3.000000 360 358
5946710 SHAKER HEIG OH 44122 1YCMT 2.875000 13.000000 2.875000 360 358
5946751 COLUMBIA SC 29212 1YCMT 3.000000 13.750000 3.000000 360 357
5946793 BELLE MEAD NJ 8502 1YCMT 3.000000 13.625000 3.000000 360 358
5946819 ELLICOTT CI MD 21043 1YCMT 3.000000 13.500000 3.000000 360 358
5946835 FAIRFAX STA VA 22039 1YCMT 3.000000 12.625000 3.000000 360 358
5946942 GREENSBORO NC 27410 1YCMT 3.000000 12.625000 3.000000 360 357
5946967 RALEIGH NC 27615 1YCMT 3.000000 13.500000 3.000000 360 358
5947056 VIENNA VA 22182 1YCMT 3.000000 13.125000 3.000000 360 358
5947072 ARLINGTON VA 22205 1YCMT 3.000000 13.500000 3.000000 360 357
5947148 BETHESDA MD 20817 1YCMT 2.875000 12.875000 2.875000 360 357
5947304 MIDLOTHIAN VA 23113 1YCMT 3.000000 13.500000 3.000000 360 358
5947320 CHEVY CHASE MD 20815 1YCMT 3.000000 13.375000 3.000000 360 358
5947395 HARRISBURG NC 28075 1YCMT 3.000000 13.125000 3.000000 360 358
5947478 DRESHER PA 19025 1YCMT 3.000000 13.750000 3.000000 360 357
5947494 NORTH GARDE VA 22959 1YCMT 3.000000 13.625000 3.000000 360 358
5947536 LUTHERVILLE MD 21093 1YCMT 3.000000 13.750000 3.000000 360 358
5947585 ROCKVILLE MD 20852 1YCMT 3.000000 13.250000 3.000000 360 357
5947742 CHARLOTTESV VA 22903 1YCMT 3.000000 13.375000 3.000000 360 357
5947866 CHAPEL HILL NC 27516 1YCMT 2.875000 12.875000 2.875000 360 357
5947940 ARLINGTON VA 22207 1YCMT 3.000000 13.750000 3.000000 360 359
5947965 POTOMAC MD 20854 1YCMT 3.000000 13.500000 3.000000 360 357
5948005 LARCHMONT NY 10538 1YCMT 3.000000 13.500000 3.000000 360 358
5948013 POTOMAC MD 20854 1YCMT 3.000000 13.625000 3.000000 360 358
5948161 NORCROSS GA 30092 1YCMT 3.000000 13.375000 3.000000 360 357
5948187 PHOENIX MD 21131 1YCMT 3.000000 13.750000 3.000000 360 358
5948260 ELLICOTT CI MD 21043 1YCMT 3.000000 13.625000 3.000000 360 358
5948286 GREAT FALLS VA 22066 1YCMT 3.000000 13.125000 3.000000 360 358
5948294 GAITHERSBUR MD 20882 1YCMT 3.000000 13.500000 3.000000 360 358
5948302 BALTIMORE MD 21212 1YCMT 3.000000 13.375000 3.000000 360 357
5948328 ROCKVILLE MD 20852 1YCMT 3.000000 12.875000 3.000000 360 358
5948476 COHASSET MA 2025 1YCMT 3.000000 13.500000 3.000000 360 358
5948575 NORTH BRUNS NJ 8902 1YCMT 3.000000 13.375000 3.000000 360 358
5948591 GREAT FALLS VA 22066 1YCMT 3.000000 13.125000 3.000000 360 357
5948641 VIENNA VA 22182 1YCMT 3.000000 13.500000 3.000000 360 357
5948690 MOORESVILLE NC 28115 1YCMT 3.000000 13.500000 3.000000 360 357
5949128 RICHMOND VA 23220 1YCMT 3.000000 13.750000 3.000000 360 358
5949300 RIDGEWOOD NJ 7450 1YCMT 3.000000 13.750000 3.000000 360 357
5949441 ELLICOTT CI MD 21042 1YCMT 3.000000 13.875000 3.000000 360 357
5949607 WEST WINDSO NY 8550 1YCMT 3.000000 13.750000 3.000000 360 358
5949680 MORRISVILLE NC 27560 1YCMT 3.000000 13.500000 3.000000 360 358
5949730 BROOKEVILLE MD 20833 1YCMT 3.000000 12.875000 3.000000 360 357
5949763 ARLINGTON VA 22209 1YCMT 3.000000 13.250000 3.000000 360 357
5949813 GREAT FALLS VA 22066 1YCMT 3.000000 13.375000 3.000000 360 357
5950134 ATLANTA GA 30327 1YCMT 3.000000 13.500000 3.000000 360 358
5950142 NORCROSS GA 30092 1YCMT 3.000000 13.750000 3.000000 360 358
5950282 SOMERS NY 10589 1YCMT 3.000000 13.750000 3.000000 360 358
5950407 NAPLES FL 34102 1YCMT 3.125000 13.750000 3.125000 360 358
5950480 SPRING GROV VA 23881 1YCMT 3.000000 13.500000 3.000000 360 358
5950670 OAKDALE NY 11769 1YCMT 3.000000 13.250000 3.000000 360 358
5950795 CORNELIUS NC 28031 1YCMT 3.000000 13.625000 3.000000 360 358
5950878 ATHENS GA 30606 1YCMT 3.000000 13.250000 3.000000 360 358
5951009 BETHESDA MD 20817 1YCMT 3.000000 13.125000 3.000000 360 358
</TABLE>
<TABLE>
<CAPTION>
First Net
Original Current Payment Current Original Original Mortgage Property Own
Loan No. Balance Balance Date PNI LTV Appraisal Rate Type Occ Purpose
-------- ------------- ------------- -------- ----------- --------- ------------- -------- -------- ----- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
5943097 224000.000000 223522.630000 19970601 1604.770000 78.600000 285000.000000 6.671800 1 1 1
5943212 255600.000000 255228.820000 19970701 1809.130000 79.400000 325000.000000 6.546800 1 1 2
5943246 650000.000000 649517.600000 19970801 4544.900000 74.700000 870000.000000 6.421800 1 1 1
5943303 325000.000000 324529.570000 19970701 2300.330000 72.200000 450000.000000 6.546800 1 1 1
5943352 296000.000000 295384.850000 19970601 2146.210000 80.000000 371000.000000 6.796800 1 1 2
5943451 491000.000000 490321.960000 19970701 3560.100000 79.200000 620000.000000 6.796800 1 1 1
5943576 220000.000000 219542.790000 19970601 1595.160000 80.000000 275000.000000 6.796800 1 1 2
5943584 300000.000000 299585.730000 19970701 2175.210000 77.900000 385000.000000 6.796800 1 1 1
5944285 224000.000000 223675.760000 19970701 1585.460000 80.000000 285000.000000 6.546800 1 1 2
5944343 264200.000000 263825.840000 19970701 1892.770000 80.000000 332000.000000 6.671800 5 1 2
5944376 304000.000000 302931.950000 19970701 2177.900000 80.000000 382000.000000 6.671800 1 1 2
5944434 240800.000000 240612.140000 19970801 1642.690000 80.000000 308000.000000 6.171800 10 1 2
5944657 340000.000000 339398.390000 19970701 2177.060000 80.000000 440000.000000 5.546800 1 1 2
5944947 247200.000000 246831.930000 19970701 1728.460000 80.000000 309000.000000 6.421800 1 1 2
5944988 338200.000000 334457.490000 19970601 2422.910000 72.000000 470000.000000 6.671800 1 1 1
5945027 237500.000000 237008.240000 19970701 1722.040000 66.900000 355000.000000 6.796800 1 1 3
5945209 216000.000000 215795.440000 19970801 1347.560000 80.000000 270000.000000 5.271800 1 1 1
5945233 255000.000000 254638.860000 19970701 1826.860000 88.700000 287500.000000 6.671800 1 1 1
5945274 319500.000000 318836.020000 19970601 2316.600000 90.000000 362000.000000 6.796800 1 1 2
5945357 242100.000000 241730.420000 19970701 1672.130000 90.000000 269000.000000 6.296800 1 1 2
5945647 316000.000000 315776.960000 19970801 2263.870000 80.000000 395000.000000 6.671800 1 1 2
5945696 230000.000000 229829.300000 19970801 1608.200000 44.200000 520000.000000 6.421800 1 1 1
5945860 287100.000000 286779.740000 19970801 1607.680000 90.000000 329500.000000 4.296800 1 1 2
5945936 283500.000000 283077.880000 19970701 1982.280000 90.000000 316000.000000 6.421800 1 1 2
5946082 471000.000000 470316.040000 19970701 3333.710000 79.800000 590000.000000 6.546800 1 1 1
5946223 255000.000000 254610.720000 19970701 1761.230000 92.700000 275000.000000 6.296800 1 1 2
5946603 280000.000000 279572.550000 19970701 1933.900000 80.000000 350000.000000 6.296800 1 1 2
5946611 276150.000000 275939.870000 19970801 1907.300000 80.000000 358000.000000 6.296800 1 1 2
5946710 250000.000000 249796.270000 19970801 1663.260000 75.500000 331000.000000 5.921800 1 1 2
5946751 616000.000000 615127.660000 19970701 4413.100000 80.000000 770000.000000 6.671800 1 1 1
5946793 469800.000000 469459.970000 19970801 3325.220000 79.200000 600000.000000 6.546800 1 1 2
5946819 355000.000000 354736.530000 19970801 2482.220000 79.800000 445000.000000 6.421800 1 1 1
5946835 261000.000000 260769.720000 19970801 1671.220000 90.000000 304000.000000 5.546800 1 1 2
5946942 392000.000000 391306.390000 19970701 2510.020000 80.000000 495000.000000 5.546800 1 1 2
5946967 476500.000000 476146.370000 19970801 3331.760000 80.000000 599000.000000 6.421800 1 1 2
5947056 375000.000000 374700.110000 19970801 2526.450000 67.000000 560000.000000 6.046800 1 1 2
5947072 280000.000000 273292.340000 19970701 1957.810000 80.000000 360000.000000 6.421800 1 1 2
5947148 272000.000000 271541.650000 19970701 1786.850000 80.000000 340000.000000 5.796800 1 1 2
5947304 372000.000000 371723.920000 19970801 2601.080000 80.000000 467000.000000 6.421800 1 1 2
5947320 272000.000000 271793.030000 19970801 1878.640000 80.000000 342000.000000 6.296800 5 1 2
5947395 240750.000000 240558.620000 19970801 1621.980000 75.000000 321000.000000 6.046800 1 1 1
5947478 396000.000000 395439.190000 19970701 2837.000000 80.000000 495000.000000 6.671800 1 1 2
5947494 343600.000000 343352.900000 19970801 2431.980000 80.000000 430000.000000 6.546800 1 1 2
5947536 305000.000000 304784.730000 19970801 2185.060000 90.000000 345000.000000 6.671800 1 1 2
5947585 265000.000000 264585.290000 19970701 1807.770000 59.600000 445000.000000 6.171800 1 1 2
5947742 248000.000000 247621.420000 19970701 1712.880000 80.000000 342000.000000 6.296800 1 1 2
5947866 240000.000000 239595.580000 19970701 1576.630000 80.000000 300000.000000 5.796800 1 1 2
5947940 250700.000000 250700.000000 19970901 1752.940000 80.000000 315000.000000 6.421800 10 1 2
5947965 697500.000000 696461.460000 19970701 4877.030000 75.000000 935000.000000 6.421800 1 1 2
5948005 280000.000000 279792.190000 19970801 1957.810000 73.700000 380000.000000 6.421800 1 1 3
5948013 648000.000000 646605.980000 19970801 4586.510000 80.000000 810000.000000 6.546800 1 1 1
5948161 311250.000000 310774.860000 19970701 2149.730000 75.000000 415000.000000 6.296800 1 1 1
5948187 225000.000000 224841.190000 19970801 1611.930000 90.000000 260000.000000 6.671800 1 1 2
5948260 228400.000000 228234.680000 19970801 1616.610000 80.000000 290000.000000 6.546800 1 1 2
5948286 325000.000000 324740.100000 19970801 2189.590000 72.200000 450000.000000 6.046800 1 1 1
5948294 228000.000000 227831.850000 19970801 1594.210000 78.100000 292000.000000 6.421800 1 1 3
5948302 325000.000000 324503.880000 19970701 2244.700000 66.100000 500000.000000 6.296800 1 1 2
5948328 408000.000000 407657.230000 19970801 2680.270000 80.000000 510000.000000 5.796800 1 1 2
5948476 324000.000000 323759.540000 19970801 2265.460000 80.000000 406000.000000 6.421800 1 1 2
5948575 223200.000000 223030.160000 19970801 1541.590000 80.000000 280000.000000 6.296800 1 1 2
5948591 543000.000000 542128.940000 19970701 3658.300000 77.600000 700000.000000 6.046800 1 1 1
5948641 240000.000000 230669.510000 19970701 1678.120000 79.700000 310500.000000 6.421800 10 1 2
5948690 298500.000000 298055.550000 19970701 2087.160000 90.000000 333000.000000 6.421800 1 1 2
5949128 325000.000000 324770.620000 19970801 2328.340000 70.800000 459000.000000 6.671800 1 1 3
5949300 248000.000000 247648.790000 19970701 1776.710000 79.700000 311000.000000 6.671800 1 1 3
5949441 234000.000000 233676.860000 19970701 1696.670000 79.300000 300000.000000 6.796800 1 1 2
5949607 377600.000000 377335.230000 19970801 2705.180000 80.000000 520000.000000 6.671800 1 1 2
5949680 242600.000000 242421.080000 19970801 1696.300000 84.700000 288000.000000 6.421800 1 1 2
5949730 230000.000000 229612.430000 19970701 1510.940000 66.900000 345000.000000 5.796800 1 1 2
5949763 361500.000000 360934.280000 19970701 2466.070000 80.000000 455000.000000 6.171800 10 1 2
5949813 248000.000000 247621.420000 19970701 1712.880000 80.000000 313000.000000 6.296800 1 1 2
5950134 500000.000000 499628.920000 19970801 3496.080000 55.600000 900000.000000 6.421800 1 1 3
5950142 241200.000000 241029.760000 19970801 1727.990000 80.000000 310000.000000 6.671800 1 1 2
5950282 264000.000000 263813.670000 19970801 1891.330000 80.000000 330000.000000 6.671800 1 1 2
5950407 976500.000000 975810.790000 19970801 6995.770000 70.000000 1425000.000000 6.671800 1 1 2
5950480 417500.000000 417190.150000 19970801 2919.230000 87.900000 475000.000000 6.421800 1 1 1
5950670 432000.000000 431663.000000 19970801 2947.000000 80.000000 585000.000000 6.171800 1 1 2
5950795 236000.000000 235830.270000 19970801 1670.400000 80.000000 295000.000000 6.546800 1 1 1
5950878 400000.000000 399687.960000 19970801 2728.710000 78.500000 509400.000000 6.171800 1 1 2
5951009 244000.000000 243806.030000 19970801 1643.880000 80.000000 305000.000000 6.046800 1 1 2
</TABLE>
<PAGE>
Page 28
<TABLE>
<CAPTION>
Property Property Max. Interest Minimum Original Stated
Loan No. Property City State Zip Index Margin Life Interest Rate Term Term
-------- ------------- -------- -------- ----- -------- ------------- ------------- -------- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
5951082 MIDLOTHIAN VA 23113 1YCMT 3.000000 13.750000 3.000000 360 358
5951090 ANNAPOLIS MD 21403 1YCMT 3.000000 13.500000 3.000000 360 358
5951108 MCLEAN VA 22101 1YCMT 3.000000 13.125000 3.000000 360 358
5951207 ALEXANDRIA VA 22309 1YCMT 3.000000 13.500000 3.000000 360 358
5951371 CHESAPEAKE VA 23320 1YCMT 3.000000 12.250000 3.000000 360 358
5951389 RICHMOND VA 23233 1YCMT 3.000000 12.875000 3.000000 360 358
5951553 STAMFORD CT 6902 1YCMT 3.000000 13.500000 3.000000 360 357
5951785 ARLINGTON VA 22201 1YCMT 3.000000 13.750000 3.000000 360 358
5951793 WELLESLEY MA 2181 1YCMT 3.000000 12.750000 3.000000 360 359
5952171 RICHMOND VA 23233 1YCMT 2.875000 12.875000 2.875000 360 358
5952270 STAMFORD CT 6903 1YCMT 3.000000 13.750000 3.000000 360 358
5952643 OLNEY MD 20833 1YCMT 3.000000 13.375000 3.000000 360 358
5952932 SOUTHPORT CT 6490 1YCMT 3.000000 13.375000 3.000000 360 359
5953013 CLIFTON VA 20124 1YCMT 2.875000 12.875000 2.875000 360 358
5953047 FRAMINGHAM MA 1702 1YCMT 3.000000 13.875000 3.000000 360 358
5953146 RALEIGH NC 27612 1YCMT 3.000000 13.000000 3.000000 360 358
5953229 BOWIE MD 20720 1YCMT 3.000000 13.500000 3.000000 360 358
5953385 ROCKVILLE MD 20852 1YCMT 3.000000 13.500000 3.000000 360 358
5953807 BEDMINISTER NJ 7921 1YCMT 3.000000 12.500000 3.000000 360 358
5953955 MITCHELLVIL MD 20720 1YCMT 3.000000 13.500000 3.000000 360 358
5954029 ROCKVILLE MD 20853 1YCMT 3.000000 13.625000 3.000000 360 359
5954037 WASHINGTON DC 20007 1YCMT 3.000000 14.000000 3.000000 360 358
5954169 FLANDERS NJ 7836 1YCMT 3.000000 13.750000 3.000000 360 358
5954235 ROCKVILLE MD 20852 1YCMT 3.000000 13.250000 3.000000 360 358
5954268 MCDONOUGH GA 30252 1YCMT 3.000000 13.250000 3.000000 360 358
5954482 CORNELIUS NC 28031 1YCMT 3.000000 13.750000 3.000000 360 358
5955034 BRANCHBURG NJ 8853 1YCMT 3.000000 12.000000 3.000000 360 359
5955083 SPARTA NJ 7871 1YCMT 3.000000 13.125000 3.000000 360 358
5955166 CONCORD MA 1742 1YCMT 3.000000 12.875000 3.000000 360 359
5955216 NEW CANAAN CT 6840 1YCMT 3.000000 13.500000 3.000000 360 358
5955281 PASADENA MD 21122 1YCMT 3.000000 13.375000 3.000000 360 358
5955638 COCKEYSVILL MD 21030 1YCMT 3.000000 13.625000 3.000000 360 358
5955760 RIVER EDGE NJ 7661 1YCMT 3.000000 13.500000 3.000000 360 358
5955927 LEESBURG VA 20176 1YCMT 3.000000 13.625000 3.000000 360 358
5955943 MARIETTA GA 30068 1YCMT 3.000000 13.375000 3.000000 360 358
5956214 ROCKVILLE MD 20852 1YCMT 3.000000 13.000000 3.000000 360 358
5956677 RICHBORO PA 18954 1YCMT 3.000000 12.250000 3.000000 360 358
5956776 ATLANTA GA 30327 1YCMT 3.000000 13.375000 3.000000 360 358
5956842 LEXINGTON SC 29072 1YCMT 3.000000 13.375000 3.000000 360 358
5956909 CENTREVILLE VA 20120 1YCMT 3.000000 13.375000 3.000000 360 358
5956958 TARRYTOWN NY 10591 1YCMT 3.000000 13.750000 3.000000 360 358
5957196 PRINCE FRED MD 20678 1YCMT 3.000000 14.000000 3.000000 360 358
5957253 HERNDON VA 22071 1YCMT 3.000000 13.375000 3.000000 360 358
5957519 RICHMOND VA 23229 1YCMT 3.000000 13.375000 3.000000 360 358
5957667 HAMILTON VA 20158 1YCMT 3.000000 13.750000 3.000000 360 358
5957816 WASHINGTON DC 20016 1YCMT 3.000000 12.875000 3.000000 360 358
5958020 CHAPIN SC 29036 1YCMT 3.000000 13.125000 3.000000 360 358
5959598 BETHESDA MD 20814 1YCMT 3.000000 12.000000 3.000000 360 358
5960125 MAPLEWOOD NJ 7040 1YCMT 3.000000 14.000000 3.000000 360 359
5961263 WASHINGTON DC 20007 1YCMT 3.000000 13.375000 3.000000 360 359
606509 ATLANTA GA 30328 1YCMT 2.875000 13.875000 2.875000 360 227
6201644 FAIRFAX STA VA 22039 1YCMT 2.750000 13.125000 2.750000 360 325
6203004 CHEVY CHASE MD 20815 1YCMT 2.750000 13.625000 2.750000 360 326
6204366 WASHINGTON DC 20008 1YCMT 2.750000 13.875000 2.750000 360 327
6208995 ELLICOTT CI MD 21042 1YCMT 2.750000 13.250000 2.750000 360 336
6210041 BETHESDA MD 20814 1YCMT 2.750000 13.125000 2.750000 360 338
6211171 IJAMSVILLE MD 21754 1YCMT 3.000000 13.625000 3.000000 360 338
6211734 ALEXANDRIA VA 22304 1YCMT 3.000000 14.250000 3.000000 360 336
6211783 BETHESDA MD 20817 1YCMT 2.750000 12.250000 2.750000 360 338
6212567 ROCKVILLE MD 20852 1YCMT 2.750000 13.375000 2.750000 360 339
6212716 POTOMAC MD 20854 1YCMT 2.750000 13.375000 2.750000 360 339
6214613 HERNDON VA 22070 1YCMT 3.000000 13.375000 3.000000 360 342
6214837 MOUNT AIRY MD 21771 1YCMT 3.000000 14.000000 3.000000 360 344
6215503 ROCKVILLE MD 20854 1YCMT 3.000000 13.125000 3.000000 360 341
6215685 HANOVER MD 21076 1YCMT 2.750000 13.750000 2.750000 360 347
6215859 SYKESVILLE MD 21784 1YCMT 2.750000 12.500000 2.750000 360 342
6216048 LORTON VA 22079 1YCMT 2.750000 12.250000 2.750000 360 343
6217145 WASHINGTON DC 20007 1YCMT 3.000000 13.000000 3.000000 360 342
6217228 ALEXANDRIA VA 22309 1YCMT 3.000000 13.000000 3.000000 360 342
6217400 ARLINGTON VA 22209 1YCMT 3.000000 12.875000 3.000000 360 342
6218630 GLENN DALE MD 20769 1YCMT 3.000000 13.125000 3.000000 360 344
6218804 WASHINGTON DC 20015 1YCMT 3.000000 12.875000 3.000000 360 343
6218994 UPPER MARLB MD 20774 1YCMT 2.750000 12.625000 2.750000 360 343
6220859 DUMFRIES VA 22026 1YCMT 3.000000 13.125000 3.000000 360 344
6222293 WASHINGTON DC 20015 1YCMT 3.000000 13.750000 3.000000 360 345
6226682 POTOMAC MD 20854 1YCMT 2.875000 13.500000 2.875000 360 352
6227540 WASHINGTON DC 20007 1YCMT 2.750000 12.375000 2.750000 360 348
6228951 ARLINGTON VA 22201 1YCMT 2.750000 12.500000 2.750000 360 349
6229124 VIENNA VA 22180 1YCMT 2.875000 13.500000 2.875000 360 352
6229710 ANNAPOLIS MD 21403 1YCMT 2.875000 12.125000 2.875000 360 350
</TABLE>
<TABLE>
<CAPTION>
First Net
Original Current Payment Current Original Original Mortgage Property Own
Loan No. Balance Balance Date PNI LTV Appraisal Rate Type Occ Purpose
-------- ------------- ------------- -------- ----------- --------- ------------- -------- -------- ----- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
5951082 330000.000000 329767.080000 19970801 2364.170000 56.900000 580000.000000 6.671800 1 1 1
5951090 345600.000000 345343.510000 19970801 2416.490000 80.000000 432000.000000 6.421800 1 1 3
5951108 452000.000000 451638.540000 19970801 3045.210000 80.000000 580000.000000 6.046800 1 1 2
5951207 315900.000000 315665.560000 19970801 2208.820000 78.000000 410000.000000 6.421800 1 1 2
5951371 220000.000000 218713.780000 19970801 1266.450000 80.000000 275000.000000 4.546800 1 1 3
5951389 235900.000000 235701.810000 19970801 1549.700000 80.000000 296000.000000 5.796800 1 1 2
5951553 294750.000000 294311.130000 19970701 2060.940000 90.000000 370000.000000 6.421800 5 1 2
5951785 344700.000000 344456.710000 19970801 2469.480000 90.000000 383000.000000 6.671800 1 1 1
5951793 494400.000000 494400.000000 19970901 3206.670000 80.000000 618000.000000 5.671800 1 1 2
5952171 221400.000000 221213.990000 19970801 1454.450000 90.000000 246000.000000 5.796800 1 1 2
5952270 504000.000000 503646.590000 19970801 3610.720000 80.000000 635000.000000 6.671800 1 1 2
5952643 251200.000000 251008.850000 19970801 1734.980000 80.000000 314000.000000 6.296800 1 1 2
5952932 460000.000000 460000.000000 19970901 3177.110000 80.000000 580000.000000 6.296800 1 1 2
5953013 234175.000000 233978.260000 19970801 1538.370000 95.000000 250000.000000 5.796800 1 1 2
5953047 384000.000000 383735.730000 19970801 2784.270000 80.000000 480000.000000 6.796800 1 1 3
5953146 237100.000000 236802.980000 19970801 1577.440000 90.000000 265000.000000 5.921800 1 1 2
5953229 284500.000000 284288.860000 19970801 1989.270000 95.000000 335000.000000 6.421800 1 1 2
5953385 257200.000000 257010.320000 19970801 1798.380000 80.000000 321500.000000 6.421800 10 1 2
5953807 278350.000000 276590.630000 19970801 1759.370000 95.000000 295000.000000 5.421800 1 1 2
5953955 365600.000000 365330.370000 19970801 2556.330000 80.000000 469000.000000 6.421800 1 1 2
5954029 398200.000000 398200.000000 19970901 2818.440000 79.600000 500000.000000 6.546800 1 1 1
5954037 237500.000000 237340.630000 19970801 1742.700000 95.000000 250000.000000 6.921800 1 1 2
5954169 235000.000000 234834.140000 19970801 1683.570000 78.300000 300000.000000 6.671800 1 1 1
5954235 246000.000000 245808.090000 19970801 1678.160000 90.000000 275000.000000 6.171800 10 1 2
5954268 238500.000000 238313.940000 19970801 1627.000000 90.000000 270000.000000 6.171800 1 1 2
5954482 321100.000000 320873.370000 19970801 2300.400000 95.000000 340000.000000 6.671800 1 1 2
5955034 220000.000000 220000.000000 19970901 1319.020000 68.800000 325000.000000 4.921800 1 1 2
5955083 269910.000000 269695.440000 19970801 1818.440000 90.000000 300000.000000 6.046800 1 1 2
5955166 373500.000000 373500.000000 19970901 2453.630000 90.000000 417000.000000 5.796800 1 1 2
5955216 280000.000000 279744.040000 19970801 2005.960000 33.700000 830000.000000 6.421800 1 1 3
5955281 235900.000000 235721.600000 19970801 1629.310000 80.000000 304000.000000 6.296800 1 1 2
5955638 248000.000000 247820.500000 19970801 1755.330000 80.000000 310000.000000 6.546800 1 1 2
5955760 232000.000000 231827.820000 19970801 1622.180000 80.000000 290000.000000 6.421800 1 1 2
5955927 245000.000000 244822.670000 19970801 1734.100000 78.300000 327000.000000 6.546800 1 1 2
5955943 424000.000000 423677.360000 19970801 2928.470000 80.000000 577000.000000 6.296800 1 1 2
5956214 248000.000000 244737.220000 19970801 1649.960000 80.000000 310000.000000 5.921800 10 1 1
5956677 326400.000000 326090.290000 19970801 2009.710000 80.000000 435000.000000 5.171800 1 1 2
5956776 616700.000000 616230.740000 19970801 4259.400000 70.000000 930000.000000 6.296800 1 1 2
5956842 315900.000000 315659.620000 19970801 2181.850000 90.000000 351000.000000 6.296800 1 1 2
5956909 244000.000000 243814.330000 19970801 1685.250000 73.100000 348000.000000 6.296800 1 1 2
5956958 500000.000000 499647.100000 19970801 3582.070000 80.000000 640000.000000 6.671800 1 1 2
5957196 600000.000000 599600.120000 19970801 4402.590000 78.900000 760000.000000 6.921800 1 1 1
5957253 251000.000000 250070.930000 19970801 1733.600000 90.000000 279000.000000 6.296800 1 1 1
5957519 360000.000000 359726.060000 19970801 2486.440000 80.000000 460000.000000 6.296800 1 1 2
5957667 260000.000000 259816.490000 19970801 1862.680000 92.900000 280000.000000 6.671800 1 1 2
5957816 400000.000000 399663.950000 19970801 2627.720000 57.100000 714000.000000 5.796800 1 1 2
5958020 440000.000000 439648.130000 19970801 2964.370000 80.000000 554000.000000 6.046800 1 1 2
5959598 304000.000000 303682.600000 19970801 1774.070000 80.000000 380000.000000 4.671800 1 1 2
5960125 332500.000000 332501.490000 19970901 2439.770000 95.000000 350000.000000 6.921800 5 1 2
5961263 252000.000000 252001.180000 19970901 1740.510000 80.000000 315000.000000 6.296800 10 1 2
606509 276000.000000 241084.170000 19860901 2153.510000 79.000000 349500.000000 7.546800 1 1 2
6201644 301500.000000 292406.540000 19941101 2031.270000 90.000000 354000.000000 6.046800 1 1 2
6203004 700000.000000 681463.900000 19941201 4954.560000 70.000000 1000000.000000 6.546800 1 1 3
6204366 360000.000000 347770.330000 19950101 2610.250000 66.700000 550000.000000 6.796800 1 1 2
6208995 231750.000000 227241.890000 19951001 1580.950000 75.000000 309000.000000 6.171800 1 1 1
6210041 600000.000000 589302.400000 19951201 4042.320000 75.000000 800000.000000 6.046800 1 1 3
6211171 292000.000000 287268.110000 19951201 2066.760000 80.000000 365000.000000 6.546800 1 1 1
6211734 299250.000000 293896.720000 19951001 2118.080000 95.000000 325000.000000 6.546800 1 1 2
6211783 375500.000000 366410.140000 19951201 2217.330000 71.500000 525000.000000 4.796800 1 1 1
6212567 231000.000000 227271.530000 19960101 1595.460000 70.000000 335000.000000 6.296800 1 1 2
6212716 566000.000000 555222.370000 19960101 3577.510000 72.600000 780000.000000 5.421800 1 1 1
6214613 226200.000000 223125.540000 19960401 1562.310000 87.000000 260000.000000 6.296800 1 1 1
6214837 292500.000000 289013.850000 19960601 2020.230000 90.000000 325000.000000 6.296800 1 1 2
6215503 256000.000000 181658.500000 19960301 1724.720000 80.000000 330000.000000 6.046800 10 1 2
6215685 253100.000000 250709.190000 19960901 1748.100000 95.000000 266500.000000 6.296800 1 1 2
6215859 293500.000000 288203.750000 19960401 1855.120000 39.100000 750000.000000 5.421800 1 1 1
6216048 253500.000000 249209.320000 19960501 1499.550000 76.800000 330000.000000 4.796800 1 1 1
6217145 318750.000000 313980.360000 19960401 2120.660000 75.000000 425000.000000 5.921800 1 1 3
6217228 318500.000000 312341.410000 19960401 2118.990000 74.100000 430000.000000 5.921800 1 1 1
6217400 451150.000000 443422.580000 19960401 2926.160000 80.000000 593000.000000 5.671800 10 1 2
6218630 297000.000000 293195.290000 19960601 1975.950000 90.000000 330000.000000 5.921800 1 1 3
6218804 300000.000000 295481.440000 19960501 1896.210000 69.800000 430000.000000 5.421800 10 1 1
6218994 215000.000000 211835.980000 19960501 1376.670000 90.000000 239000.000000 5.546800 1 1 1
6220859 216000.000000 212488.500000 19960601 1455.240000 90.000000 240000.000000 6.046800 1 1 1
6222293 292800.000000 289392.320000 19960701 1972.650000 80.000000 370000.000000 6.046800 1 1 2
6226682 328000.000000 326037.590000 19970201 2154.730000 80.000000 412000.000000 5.796800 1 1 2
6227540 247500.000000 244910.340000 19961001 1544.080000 90.000000 275000.000000 5.296800 1 1 1
6228951 224000.000000 221925.990000 19961101 1415.840000 80.000000 280000.000000 5.421800 1 1 1
6229124 216750.000000 215602.630000 19970201 1515.550000 85.000000 255000.000000 6.421800 1 1 1
6229710 257400.000000 255101.880000 19961201 1563.990000 79.200000 325000.000000 5.046800 1 1 1
</TABLE>
<PAGE>
Page 29
<TABLE>
<CAPTION>
Property Property Max. Interest Minimum Original Stated
Loan No. Property City State Zip Index Margin Life Interest Rate Term Term
-------- ------------- -------- -------- ----- -------- ------------- ------------- -------- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
6230304 FAIRFAX VA 22039 1YCMT 2.875000 12.250000 2.875000 360 350
6230718 GAITHERSBUR MD 20879 1YCMT 2.875000 13.875000 2.875000 360 349
6234041 BETHESDA MD 20817 1YCMT 3.000000 13.625000 3.000000 360 351
6234090 CROWNSVILLE MD 21032 1YCMT 2.875000 13.250000 2.875000 360 352
6234249 POTOMAC MD 20854 1YCMT 2.875000 12.000000 2.875000 360 352
6235089 COLUMBIA MD 21029 1YCMT 3.000000 13.625000 3.000000 360 352
6235097 GAITHERSBUR MD 20882 1YCMT 3.000000 13.625000 3.000000 360 353
6236574 ARLINGTON VA 22201 1YCMT 2.875000 12.000000 2.875000 360 353
6236699 ELLICOTT CI MD 21043 1YCMT 3.000000 13.500000 3.000000 360 353
6237424 ROCKVILLE MD 20853 1YCMT 3.000000 13.500000 3.000000 360 353
6238224 WASHINGTON DC 20007 1YCMT 2.875000 12.125000 2.875000 360 355
6240170 POTOMAC MD 20854 1YCMT 3.000000 13.750000 3.000000 360 354
6240709 STERLING VA 20165 1YCMT 3.000000 13.875000 3.000000 360 354
6241145 WASHINGTON DC 20015 1YCMT 2.875000 13.625000 2.875000 360 355
6242580 CLIFTON VA 22024 1YCMT 2.875000 13.375000 2.875000 360 356
6244941 MIDLOTHIAN VA 23112 1YCMT 2.875000 12.375000 2.875000 360 356
6245906 HARDWICK MA 1037 1YCMT 3.000000 14.125000 3.000000 360 357
6246342 BETHESDA MD 20817 1YCMT 2.875000 13.500000 2.875000 360 357
6246557 COCKEYSVILL MD 21030 1YCMT 2.875000 13.500000 2.875000 360 357
6247134 BETHESDA MD 20817 1YCMT 2.875000 13.625000 2.875000 360 356
6247381 ARLINGTON VA 22205 1YCMT 3.000000 13.875000 3.000000 360 357
6247811 RESTON VA 22094 1YCMT 2.875000 12.125000 2.875000 360 357
6247977 CLINTON NJ 8801 1YCMT 3.000000 13.250000 3.000000 360 357
6250146 BALTIMORE MD 21208 1YCMT 3.000000 13.750000 3.000000 360 358
6250245 OAKTON VA 22124 1YCMT 3.000000 13.000000 3.000000 360 358
6251078 FAIRFAX VA 22031 1YCMT 3.000000 13.625000 3.000000 360 358
6252514 WASHINGTON DC 20007 1YCMT 3.000000 14.000000 3.000000 360 358
629485 BALTIMORE MD 21210 1YCMT 2.750000 13.875000 2.750000 360 264
650663 ANNAPOLIS MD 21401 1YCMT 2.875000 13.875000 2.875000 360 227
675405 ARLINGTON MA 2174 1YCMT 2.875000 13.875000 2.875000 360 230
678425 MARLBOROUGH MA 1752 1YCMT 2.750000 14.500000 2.750000 480 357
699827 MCLEAN VA 22102 1YCMT 2.875000 14.875000 2.875000 360 236
762369 FALLS CHURC VA 22043 1YCMT 2.750000 14.625000 2.750000 360 249
764704 ALEXANDRIA VA 22309 1YCMT 3.000000 14.125000 3.000000 480 368
765768 FAIRFAX VA 22032 1YCMT 3.000000 12.500000 3.000000 360 255
766139 STERLING VA 22170 1YCMT 3.000000 13.500000 3.000000 480 372
767244 VIENNA VA 22180 1YCMT 3.000000 12.625000 3.000000 360 253
769281 HERNDON VA 22071 1YCMT 3.000000 12.625000 3.000000 480 380
769679 HERNDON VA 22071 1YCMT 3.000000 12.500000 3.000000 480 383
786533 WASHINGTON DC 20012 1YCMT 3.000000 12.125000 3.000000 480 371
816348 WASHINGTON DC 20007 1YCMT 3.000000 12.250000 3.000000 360 257
816629 WASHINGTON DC 20012 1YCMT 2.750000 13.750000 2.750000 360 258
838151 ALEXANDRIA VA 22314 1YCMT 3.000000 14.250000 3.000000 360 257
839399 SPRINGFIELD VA 22150 1YCMT 2.750000 13.250000 2.750000 360 267
839746 CENTREVILLE VA 22020 1YCMT 3.000000 14.375000 3.000000 360 271
839852 FAIRFAX VA 22033 1YCMT 2.750000 13.500000 2.750000 360 271
843110 SPRINGFIELD VA 22152 1YCMT 3.000000 14.125000 3.000000 360 252
844407 SPRINGFIELD VA 22153 1YCMT 2.750000 13.500000 2.750000 360 255
845099 FALLS CHURC VA 22042 1YCMT 2.750000 13.750000 2.750000 360 258
846360 ARLINGTON VA 22207 1YCMT 3.000000 12.250000 3.000000 360 263
847194 CLIFTON VA 22024 1YCMT 3.000000 12.750000 3.000000 480 370
847863 FALLS CHURC VA 22043 1YCMT 2.375000 12.500000 2.375000 360 252
847947 CENTREVILLE VA 22020 1YCMT 3.000000 12.125000 3.000000 360 255
849752 FAIRFAX STA VA 22039 1YCMT 2.750000 14.000000 2.750000 360 261
852608 CROFTON MD 21114 1YCMT 3.000000 12.375000 3.000000 480 371
854034 POTOMAC MD 20854 1YCMT 3.000000 12.625000 3.000000 480 376
854265 ELLICOTT CI MD 21043 1YCMT 2.750000 13.500000 2.750000 360 255
859736 EDGEWATER MD 21037 1YCMT 3.000000 12.125000 3.000000 480 375
860239 GAITHERSBUR MD 20879 1YCMT 3.000000 12.625000 3.000000 480 376
861526 ANNAPOLIS MD 21403 1YCMT 2.750000 14.875000 2.750000 480 377
861823 SILVER SPRI MD 20902 1YCMT 2.750000 14.500000 2.750000 360 262
864165 ATLANTA GA 30309 1YCMT 2.750000 13.500000 2.750000 360 256
867135 WESTWOOD MA 2090 1YCMT 2.750000 15.000000 2.750000 360 252
867317 BEDFORD NH 3102 1YCMT 2.750000 13.500000 2.750000 480 372
867861 TOPSFIELD MA 1983 1YCMT 2.750000 14.750000 2.750000 480 374
868893 WATERTOWN MA 2172 1YCMT 2.750000 15.250000 2.750000 360 256
869818 CHEVY CHASE MD 20815 1YCMT 2.750000 13.500000 2.750000 360 276
870238 SILVER SPRI MD 20901 1YCMT 2.750000 13.625000 2.750000 360 276
884155 FREDERICK MD 21701 1YCMT 3.000000 14.500000 3.000000 360 258
884577 ANNAPOLIS MD 21401 1YCMT 3.000000 15.125000 3.000000 480 380
886499 CHEVY CHASE MD 20815 1YCMT 3.000000 12.750000 3.000000 360 259
887067 FT. WASHING MD 20744 1YCMT 2.750000 13.500000 2.750000 360 268
888214 GERMANTOWN MD 20874 1YCMT 2.750000 14.625000 2.750000 360 260
888834 MCLEAN VA 22102 1YCMT 2.750000 15.875000 2.750000 360 261
888966 WASHINGTON DC 20012 1YCMT 3.000000 12.500000 3.000000 360 264
889717 BOWIE MD 20715 1YCMT 2.750000 13.750000 2.750000 360 266
889816 WASHINGTON DC 20010 1YCMT 2.750000 14.125000 2.750000 480 383
889832 WASHINGTON DC 20011 1YCMT 2.750000 13.750000 2.750000 360 266
890012 GAITHERSBUR MD 20878 1YCMT 2.750000 13.750000 2.750000 360 266
890376 WHEATON MD 20902 1YCMT 2.750000 13.500000 2.750000 360 269
</TABLE>
<TABLE>
<CAPTION>
First Net
Original Current Payment Current Original Original Mortgage Property Own
Loan No. Balance Balance Date PNI LTV Appraisal Rate Type Occ Purpose
-------- ------------- ------------- -------- ----------- --------- ------------- -------- -------- ----- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
6230304 372500.000000 369253.810000 19961201 2293.550000 74.500000 500000.000000 5.171800 1 1 3
6230718 220000.000000 218103.270000 19961101 1445.250000 68.800000 320000.000000 5.796800 1 1 2
6234041 925000.000000 918957.850000 19970101 6231.900000 49.300000 1875000.000000 6.046800 1 1 1
6234090 331000.000000 329159.370000 19970201 2258.010000 73.600000 450000.000000 6.171800 1 1 1
6234249 350000.000000 347524.110000 19970201 2098.430000 68.100000 514000.000000 4.921800 1 1 3
6235089 252000.000000 250558.720000 19970201 1719.090000 80.000000 315000.000000 6.171800 1 1 2
6235097 306000.000000 304649.870000 19970301 2165.850000 65.900000 464000.000000 6.546800 1 1 1
6236574 225600.000000 224235.500000 19970301 1352.590000 80.000000 282000.000000 4.921800 10 1 3
6236699 231550.000000 230502.640000 19970301 1619.040000 81.800000 283000.000000 6.421800 1 1 1
6237424 244800.000000 243692.740000 19970301 1711.680000 76.500000 320000.000000 6.421800 1 1 1
6238224 337000.000000 336177.790000 19970501 2050.690000 65.400000 515000.000000 5.046800 1 1 1
6240170 396000.000000 394317.380000 19970401 2601.440000 79.200000 520000.000000 5.796800 1 1 2
6240709 260000.000000 259094.690000 19970401 1885.190000 80.000000 325000.000000 6.796800 1 1 3
6241145 312000.000000 311088.080000 19970501 2208.320000 80.000000 390000.000000 6.546800 1 1 1
6242580 245500.000000 244889.310000 19970601 1633.320000 76.700000 320000.000000 5.921800 1 1 1
6244941 225150.000000 224521.050000 19970601 1404.650000 83.500000 269500.000000 5.296800 1 1 1
6245906 380000.000000 379218.480000 19970701 2624.570000 90.000000 425000.000000 6.296800 1 1 2
6246342 309600.000000 309115.500000 19970701 2112.020000 80.000000 387000.000000 6.171800 1 1 2
6246557 652500.000000 651507.020000 19970701 4506.660000 65.900000 990000.000000 6.296800 1 1 1
6247134 280000.000000 279325.600000 19970601 1886.420000 71.800000 390000.000000 6.046800 1 1 3
6247381 243250.000000 241770.310000 19970701 1763.740000 79.000000 308000.000000 6.796800 1 1 1
6247811 326850.000000 326213.020000 19970701 1985.980000 76.000000 430000.000000 5.046800 1 1 3
6247977 250000.000000 249559.400000 19970701 1705.450000 71.400000 360000.000000 6.171800 1 1 2
6250146 308000.000000 307782.620000 19970801 2206.550000 80.000000 387000.000000 6.671800 1 1 2
6250245 236000.000000 235710.200000 19970801 1570.120000 80.000000 302000.000000 5.921800 1 1 2
6251078 300000.000000 299782.860000 19970801 2123.390000 80.000000 375000.000000 6.546800 1 1 2
6252514 400000.000000 399731.610000 19970801 2935.060000 38.100000 1050000.000000 6.921800 5 1 3
629485 216600.000000 197330.530000 19891001 1636.280000 94.200000 230000.000000 7.296800 1 1 2
650663 400000.000000 338432.930000 19860901 3023.090000 78.400000 510000.000000 7.546800 1 1 1
675405 300000.000000 262813.430000 19861201 2377.040000 88.200000 340000.000000 7.796800 100 1 2
678425 405000.000000 384820.780000 19870701 2928.570000 90.000000 450000.000000 7.296800 1 1 2
699827 270000.000000 238040.500000 19870601 2094.580000 69.200000 390000.000000 7.546800 1 1 2
762369 228000.000000 204352.550000 19880701 1779.460000 80.000000 285000.000000 7.671800 10 1 2
764704 338750.000000 347714.790000 19880601 2371.740000 89.800000 377107.000000 6.296800 1 1 2
765768 223200.000000 209645.400000 19890101 1531.540000 79.700000 280000.000000 5.546800 1 1 2
766139 231000.000000 226497.670000 19881001 1569.210000 90.000000 257500.000000 6.421800 1 1 2
767244 319500.000000 287316.450000 19881101 2106.470000 90.000000 355000.000000 5.546800 1 1 2
769281 323800.000000 317793.430000 19890601 1999.960000 79.900000 405500.000000 5.546800 1 1 2
769679 302400.000000 296309.850000 19890901 1835.630000 90.000000 336000.000000 5.421800 1 1 2
786533 500000.000000 501982.430000 19880901 3018.690000 79.400000 630000.000000 5.046800 1 1 2
816348 600000.000000 533678.180000 19890301 3765.220000 26.100000 2300000.000000 5.171800 1 1 1
816629 228000.000000 205627.240000 19890401 1718.860000 80.000000 285000.000000 7.296800 1 1 1
838151 225450.000000 204278.120000 19890301 1726.390000 90.000000 250500.000000 7.421800 10 1 2
839399 234850.000000 215431.560000 19900101 1761.990000 93.900000 250000.000000 7.171800 10 1 2
839746 249500.000000 225484.270000 19900501 1552.890000 90.000000 277500.000000 5.171800 1 1 2
839852 230150.000000 210050.620000 19900501 1726.880000 94.700000 243000.000000 7.296800 10 1 2
843110 292000.000000 266817.040000 19881001 1880.530000 77.900000 375000.000000 5.046800 1 1 2
844407 216500.000000 194494.160000 19890101 1632.600000 95.000000 228000.000000 7.296800 1 1 2
845099 236550.000000 213349.160000 19890401 1783.390000 95.000000 249000.000000 7.296800 1 1 2
846360 312000.000000 280492.250000 19890901 1957.620000 80.000000 390000.000000 5.171800 1 1 2
847194 288400.000000 276820.920000 19880801 1802.010000 84.800000 340000.000000 5.671800 1 1 2
847863 299750.000000 268364.750000 19881001 1951.040000 90.000000 333500.000000 5.421800 1 1 2
847947 218950.000000 191329.740000 19890101 1364.800000 78.300000 279500.000000 5.046800 1 1 2
849752 268600.000000 244024.190000 19890701 2091.000000 79.900000 336000.000000 7.671800 1 1 2
852608 224900.000000 227190.570000 19880901 1402.310000 90.000000 249900.000000 5.296800 1 1 2
854034 600000.000000 587248.290000 19890201 3641.360000 68.600000 875000.000000 5.546800 10 1 2
854265 236500.000000 212659.270000 19890101 1785.080000 89.600000 264020.000000 7.296800 1 1 2
859736 344700.000000 313635.950000 19890101 1899.610000 90.000000 383000.000000 5.046800 5 1 2
860239 220950.000000 207789.930000 19890201 1316.240000 90.000000 246000.000000 5.546800 1 1 2
861526 247500.000000 248497.440000 19890301 1847.000000 90.000000 276000.000000 7.171800 5 1 2
861823 226700.000000 206622.700000 19890801 1768.270000 79.500000 285000.000000 7.671800 1 1 2
864165 345600.000000 310912.750000 19890201 2581.250000 90.000000 384000.000000 7.171800 1 1 2
867135 350000.000000 315437.370000 19881001 2735.300000 50.000000 700000.000000 7.671800 1 1 1
867317 220000.000000 220812.320000 19881001 1724.870000 80.000000 275000.000000 7.671800 1 1 2
867861 247500.000000 247504.620000 19881201 1864.760000 90.000000 294000.000000 7.296800 1 1 2
868893 286200.000000 257899.410000 19890201 2141.120000 90.000000 318000.000000 7.171800 100 1 2
869818 296000.000000 273482.790000 19901001 2301.800000 88.400000 335000.000000 7.671800 1 1 2
870238 227050.000000 209825.070000 19901001 1766.020000 94.600000 240000.000000 7.671800 1 1 2
884155 225000.000000 199014.490000 19890401 1700.000000 88.200000 255000.000000 7.546800 1 1 2
884577 279800.000000 273633.380000 19890601 1631.130000 90.000000 313000.000000 5.046800 1 1 2
886499 800000.000000 706301.040000 19890501 5183.840000 91.400000 900000.000000 5.671800 1 1 2
887067 245500.000000 221326.380000 19900201 1807.870000 89.900000 273000.000000 7.171800 1 1 2
888214 252000.000000 229062.240000 19890601 1965.310000 90.000000 280000.000000 7.671800 1 1 2
888834 600000.000000 547873.110000 19890701 4694.640000 81.100000 740000.000000 7.671800 1 1 2
888966 600000.000000 537714.380000 19891001 3827.060000 88.200000 680000.000000 5.421800 1 1 2
889717 243350.000000 221615.780000 19891201 1814.940000 93.600000 260000.000000 7.171800 1 1 2
889816 250000.000000 233491.450000 19890901 1729.820000 71.400000 350000.000000 7.171800 1 1 1
889832 230000.000000 201314.560000 19891201 1648.700000 63.900000 360000.000000 7.171800 1 1 1
890012 312300.000000 283671.540000 19891201 2323.150000 90.500000 345000.000000 7.171800 1 1 2
890376 223500.000000 203536.930000 19900301 1676.960000 93.100000 240000.000000 7.296800 10 1 2
</TABLE>
<PAGE>
Page 30
<TABLE>
<CAPTION>
Property Property Max. Interest Minimum Original Stated
Loan No. Property City State Zip Index Margin Life Interest Rate Term Term
-------- ------------- -------- -------- ----- -------- ------------- ------------- -------- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
890632 MITCHELLVIL MD 20716 1YCMT 2.750000 13.500000 2.750000 360 269
891259 COLUMBIA MD 21046 1YCMT 2.750000 13.875000 2.750000 360 272
893966 CHEVY CHASE MD 20815 1YCMT 2.750000 14.750000 2.750000 360 265
894410 WASHINGTON DC 20009 1YCMT 3.000000 13.500000 3.000000 360 267
895722 MOUNT AIRY MD 21771 1YCMT 3.000000 12.375000 3.000000 480 398
896654 WASHINGTON DC 20016 1YCMT 3.000000 14.500000 3.000000 480 398
896662 WASHINGTON DC 20007 1YCMT 3.000000 13.500000 3.000000 480 400
896738 WASHINGTON DC 20007 1YCMT 2.750000 14.750000 2.750000 480 401
896787 CHEVY CHASE MD 20815 1YCMT 2.750000 14.750000 2.750000 480 401
897025 CENTREVILLE VA 22020 1YCMT 3.000000 12.500000 3.000000 360 299
897637 LEESBURG VA 22075 1YCMT 3.000000 13.125000 3.000000 360 306
897827 ALEXANDRIA VA 22310 1YCMT 3.000000 12.750000 3.000000 360 309
897975 FAIRFAX VA 22030 1YCMT 3.000000 12.500000 3.000000 360 309
898015 MCLEAN VA 22102 1YCMT 3.000000 12.500000 3.000000 360 310
898098 HERNDON VA 22071 1YCMT 3.000000 12.500000 3.000000 360 310
898171 ANNANDALE VA 22033 1YCMT 3.000000 12.500000 3.000000 360 310
898205 ALEXANDRIA VA 22301 1YCMT 3.000000 12.750000 3.000000 360 311
898437 HERNDON VA 20171 1YCMT 3.250000 12.750000 3.250000 360 312
899773 RESTON VA 22094 1YCMT 2.750000 13.750000 2.750000 360 275
906099 ATLANTA GA 30309 1YCMT 2.750000 13.500000 2.750000 360 270
907246 WOODSTOCK GA 30188 1YCMT 2.750000 13.750000 2.750000 360 274
908228 ALEXANDRIA VA 22305 1YCMT 2.750000 13.875000 2.750000 360 264
911024 FAIRFAX STA VA 22039 1YCMT 2.750000 13.875000 2.750000 360 273
911107 ALEXANDRIA VA 22305 1YCMT 2.750000 13.875000 2.750000 360 273
911321 FAIRFAX VA 22015 1YCMT 2.750000 13.875000 2.750000 480 394
911974 SPRINGFIELD VA 22153 1YCMT 2.750000 13.750000 2.750000 360 277
916007 CATONSVILLE MD 21228 1YCMT 2.750000 14.000000 2.750000 360 266
917849 SILVER SPRI MD 20904 1YCMT 2.750000 13.500000 2.750000 360 268
921940 BALTIMORE MD 21212 1YCMT 2.750000 13.625000 2.750000 360 278
926766 WASHINGTON DC 20016 1YCMT 2.750000 13.500000 2.750000 360 271
927707 NORTH POTOM MD 20878 1YCMT 2.750000 13.750000 2.750000 360 271
928630 ELLICOTT CI MD 21043 1YCMT 2.750000 13.750000 2.750000 360 271
929778 GLENWOOD MD 21738 1YCMT 3.000000 12.750000 3.000000 360 272
932327 GERMANTOWN MD 20874 1YCMT 2.750000 14.625000 2.750000 360 278
935916 WASHINGTON DC 20015 1YCMT 2.750000 13.625000 2.750000 360 276
941039 GREAT FALLS VA 22066 1YCMT 3.000000 12.125000 3.000000 360 294
941153 POTOMAC MD 20854 1YCMT 3.000000 12.250000 3.000000 360 294
941401 PHOENIX MD 21131 1YCMT 2.750000 13.500000 2.750000 360 302
945907 WASHINGTON VA 22747 1YCMT 2.750000 13.875000 2.750000 360 274
947333 ELLICOTT CI MD 21043 1YCMT 2.750000 14.750000 2.750000 360 280
947390 IJAMSVILLE MD 21754 1YCMT 2.750000 14.750000 2.750000 360 283
948950 MANASSAS VA 22110 1YCMT 2.750000 14.750000 2.750000 360 280
949313 FT. WASHING MD 20744 1YCMT 2.750000 14.750000 2.750000 360 280
949826 UPPER MARLB MD 20772 1YCMT 3.000000 14.750000 3.000000 480 405
949842 CENTREVILLE VA 22020 1YCMT 2.750000 14.750000 2.750000 480 404
957506 ASHBURN VA 22011 1YCMT 3.000000 12.625000 3.000000 360 277
957944 BALTIMORE MD 21212 1YCMT 2.750000 13.750000 2.750000 360 278
962753 MCLEAN VA 22101 1YCMT 3.000000 12.625000 3.000000 360 278
963322 UPPER MARLB MD 20772 1YCMT 2.750000 14.750000 2.750000 360 280
964171 WASHINGTON DC 20015 1YCMT 2.750000 13.750000 2.750000 360 275
966895 CROFTON MD 21114 1YCMT 2.750000 14.750000 2.750000 360 278
978635 GLEN ECHO MD 20812 1YCMT 2.750000 14.750000 2.750000 360 283
985994 KENSINGTON MD 20895 1YCMT 3.000000 12.500000 3.000000 360 285
986992 MCLEAN VA 22101 1YCMT 2.750000 14.750000 2.750000 480 404
992586 ASHTON MD 20861 1YCMT 2.750000 14.750000 2.750000 360 287
992750 POTOMAC MD 20854 1YCMT 2.750000 14.750000 2.750000 360 286
996819 ANNAPOLIS MD 21401 1YCMT 2.750000 14.750000 2.750000 360 285
998054 WASHINGTON DC 20008 1YCMT 2.750000 15.625000 2.750000 360 287
999763 WASHINGTON DC 20015 1YCMT 3.000000 12.250000 3.000000 360 287
</TABLE>
<TABLE>
<CAPTION>
First Net
Original Current Payment Current Original Original Mortgage Property Own
Loan No. Balance Balance Date PNI LTV Appraisal Rate Type Occ Purpose
-------- ------------- ------------- -------- ----------- --------- ------------- -------- -------- ----- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
890632 222300.000000 202444.050000 19900301 1667.960000 88.900000 250000.000000 7.296800 1 1 2
891259 373575.000000 341399.500000 19900601 2886.560000 80.000000 467000.000000 7.671800 1 1 2
893966 244600.000000 223626.570000 19891101 1851.910000 95.000000 257500.000000 7.296800 1 1 2
894410 216700.000000 196466.720000 19900101 1421.200000 89.500000 242000.000000 5.671800 5 1 2
895722 218500.000000 209463.160000 19901201 1265.590000 90.000000 243000.000000 5.296800 1 1 2
896654 568000.000000 545841.660000 19901201 3483.760000 80.000000 710000.000000 5.796800 1 1 1
896662 650000.000000 626173.020000 19910201 4154.230000 79.000000 823000.000000 6.171800 1 1 1
896738 500000.000000 482685.700000 19910301 3544.060000 45.500000 1100000.000000 7.171800 1 1 2
896787 234000.000000 225897.090000 19910301 1658.620000 90.000000 260000.000000 7.171800 5 1 2
897025 219000.000000 205266.190000 19920901 1385.970000 89.400000 245000.000000 5.421800 10 1 1
897637 233000.000000 220652.640000 19930401 1511.240000 90.000000 260000.000000 5.671800 1 1 2
897827 305600.000000 290404.950000 19930701 1982.120000 84.900000 360000.000000 5.671800 1 1 1
897975 275000.000000 260767.510000 19930701 1738.190000 52.900000 520000.000000 5.421800 1 1 1
898015 387500.000000 236525.650000 19930801 2449.270000 44.000000 880000.000000 5.421800 1 1 1
898098 216000.000000 205075.420000 19930801 1365.270000 80.000000 270000.000000 5.421800 1 1 1
898171 270000.000000 256344.140000 19930801 1706.590000 72.000000 375000.000000 5.421800 10 1 1
898205 506250.000000 471378.150000 19930901 3283.530000 75.000000 675000.000000 5.671800 1 1 1
898437 249375.000000 237860.430000 19931001 1617.450000 95.000000 263000.000000 5.671800 1 1 2
899773 270000.000000 249305.800000 19900901 2059.480000 87.100000 310000.000000 7.421800 10 1 2
906099 337500.000000 307789.380000 19900401 2532.740000 74.800000 451000.000000 7.296800 1 1 2
907246 250000.000000 230441.350000 19900801 1943.930000 94.700000 264000.000000 7.671800 1 1 2
908228 246000.000000 224117.000000 19891001 1858.380000 92.800000 265000.000000 7.296800 1 1 2
911024 468000.000000 430744.470000 19900701 3637.780000 73.100000 640000.000000 7.671800 1 1 1
911107 250000.000000 216872.820000 19900701 1831.560000 94.300000 265000.000000 7.671800 1 1 2
911321 384750.000000 371834.010000 19900801 2805.250000 70.600000 545000.000000 7.421800 1 1 1
911974 220400.000000 203645.150000 19901101 1661.620000 93.800000 235000.000000 7.296800 1 1 2
916007 239850.000000 218615.280000 19891201 1791.150000 95.000000 252500.000000 7.171800 1 1 2
917849 226650.000000 190999.630000 19900201 1560.150000 94.800000 239000.000000 7.171800 10 1 2
921940 262500.000000 242426.890000 19901201 2035.880000 70.000000 375000.000000 7.671800 1 1 1
926766 234650.000000 214293.770000 19900501 1761.200000 90.300000 260000.000000 7.296800 5 1 2
927707 223250.000000 203973.500000 19900501 1676.380000 95.000000 235000.000000 7.296800 1 1 2
928630 231850.000000 211633.360000 19900501 1739.330000 94.600000 245000.000000 7.296800 1 1 2
929778 250000.000000 227126.820000 19900601 1630.140000 71.400000 350000.000000 5.671800 1 1 1
932327 241800.000000 222478.060000 19901201 1849.880000 90.000000 271000.000000 7.546800 1 1 2
935916 346500.000000 320213.060000 19901001 2695.110000 90.000000 385000.000000 7.671800 1 1 2
941039 400000.000000 372409.100000 19920401 2445.460000 55.600000 720000.000000 5.046800 1 1 1
941153 247500.000000 230627.310000 19920401 1532.120000 90.000000 275000.000000 5.171800 1 1 1
941401 247500.000000 233839.600000 19921201 1897.350000 88.400000 280000.000000 7.546800 10 1 2
945907 325000.000000 299504.330000 19900801 2526.520000 52.000000 625000.000000 7.671800 1 1 1
947333 286000.000000 262447.660000 19910201 2112.390000 90.000000 326000.000000 7.171800 1 1 2
947390 300900.000000 277908.210000 19910501 2229.090000 90.000000 335000.000000 7.171800 1 1 2
948950 240000.000000 219793.350000 19910201 1778.900000 80.000000 307000.000000 7.171800 1 1 2
949313 330000.000000 305002.640000 19910201 2454.910000 75.000000 440000.000000 7.171800 1 1 1
949826 238050.000000 230954.780000 19910701 1819.760000 94.800000 251000.000000 7.921800 1 1 2
949842 229900.000000 222243.280000 19910601 1669.990000 95.000000 242000.000000 7.421800 1 1 2
957506 248000.000000 227738.720000 19901101 1631.750000 94.700000 262000.000000 5.546800 1 1 2
957944 344000.000000 317764.510000 19901201 2668.570000 86.200000 399000.000000 7.671800 1 1 2
962753 618000.000000 571313.170000 19901201 4019.140000 75.000000 824000.000000 5.546800 1 1 2
963322 242450.000000 224069.520000 19910201 1803.490000 94.700000 256000.000000 7.171800 1 1 2
964171 234650.000000 216665.270000 19900901 1789.840000 95.000000 247000.000000 7.421800 1 1 2
966895 234350.000000 210471.520000 19901201 1754.150000 95.000000 250000.000000 7.546800 1 1 2
978635 340000.000000 314104.750000 19910501 2519.420000 80.000000 425000.000000 7.171800 1 1 1
985994 337500.000000 313351.810000 19910701 2157.620000 89.300000 378000.000000 5.421800 1 1 2
986992 224000.000000 216597.280000 19910601 1627.570000 83.000000 270000.000000 7.421800 1 1 1
992586 248250.000000 231554.780000 19910901 1887.360000 94.400000 263000.000000 7.421800 1 1 2
992750 259000.000000 241097.880000 19910801 1987.350000 70.000000 370000.000000 7.546800 1 1 1
996819 239750.000000 223058.520000 19910701 1859.240000 95.000000 256000.000000 7.671800 1 1 2
998054 315000.000000 299833.100000 19910901 2443.890000 52.900000 610000.000000 7.421800 1 1 2
999763 249850.000000 232193.470000 19910901 1558.430000 95.000000 264000.000000 5.171800 1 1 2
</TABLE>
<PAGE>
EXHIBIT E
FORM OF INITIAL CERTIFICATION OF TRUSTEE
September 29, 1997
Credit Suisse First Boston Mortgage Securities Corp.
11 Madison Avenue, 5th Floor
New York, New York 10010
Re: Pooling and Servicing Agreement ("Pooling and Servicing
Agreement") relating to Chevy Chase Bank, F.S.B. Mortgage-Backed
Pass-Through Certificates, Series 1997-CCB1
Ladies and Gentlemen:
In accordance with and subject to the provisions of Section 2.02 of
the Pooling and Servicing Agreement, the undersigned, as Trustee, hereby
certifies that, except for the exceptions noted on the schedule attached hereto,
it has (a) received an original Mortgage Note with respect to each Mortgage Loan
listed on the Mortgage Loan Schedule and (b) received an original Mortgage (or a
certified copy thereof) with respect to each Mortgage Loan listed on the
Mortgage Loan Schedule in accordance with Section 2.01 of the Pooling and
Servicing Agreement. The Trustee has made no independent examination of any
documents contained in each Mortgage File beyond the review specifically
mentioned above. The Trustee makes no representations as to: (i) the validity,
legality, sufficiency, enforceability or genuineness of any of the documents
delivered in accordance with Section 2.01 of the Pooling and Servicing Agreement
or any of the Mortgage Loans identified in the Mortgage Loan Schedule, or (ii)
the collectibility, insurability, effectiveness or suitability of any such
Mortgage Loan.
The Trustee acknowledges receipt of notice that the Depositor has
granted to the Trustee for the benefit of the Certificateholders a security
interest in all of the Depositor's right, title and interest in and to the
Mortgage Loans.
Capitalized terms used herein without definition shall have the
meaning assigned to them in the Pooling and Servicing Agreement.
U.S. BANK NATIONAL ASSOCIATION,
as Trustee
By:____________________________________
Authorized Representative
E-1
<PAGE>
EXHIBIT F
FORM OF FINAL CERTIFICATION OF TRUSTEE
[date]
Credit Suisse First Boston Mortgage Securities Corp.
11 Madison Avenue, 5th Floor
New York, New York 10010
Re: Pooling and Servicing Agreement ("Pooling and Servicing
Agreement") relating to Chevy Chase Bank, F.S.B. Mortgage-Backed
Pass-Through Certificates, Series 1997-CCB1
Ladies and Gentlemen:
In accordance with and subject to the provisions of Section 2.02 of the
above-referenced Pooling and Servicing Agreement the undersigned, as Trustee,
hereby certifies that, except for the exceptions noted on the schedule attached
hereto, as to each Mortgage Loan listed in the Mortgage Loan Schedule it has
reviewed the Mortgage File and has determined that (based solely on its review
of each such documents on its face) (i) all documents described in clauses (i)-
(v) of Section 2.01 of the Pooling and Servicing Agreement are in its
possession, (ii) such documents have been reviewed by it and have not been
mutilated, damaged, defaced, torn or otherwise physically altered and such
documents relate to such Mortgage Loan and (iii) each Mortgage Note has been
endorsed and each assignment of Mortgage has been delivered as provided in
Section 2.01 of the Pooling and Servicing Agreement. The Trustee has made no
independent examination of any documents required to be delivered in accordance
with Section 2.01 of the Pooling and Servicing Agreement beyond the review
specifically required therein. The Trustee makes no representations as to: (i)
the validity, legality, sufficiency, enforceability or genuineness of any of the
documents required to be delivered in accordance with Section 2.01 of the
Pooling and Servicing Agreement or any of the Mortgage Loans identified on the
Mortgage Loan Schedule, or (ii) the collectibility, insurability, effectiveness
or suitability of any such Mortgage Loan.
Capitalized terms used herein without definition have the meanings ascribed
to them in the Pooling and Servicing Agreement.
U.S. BANK NATIONAL ASSOCIATION,
as Trustee
By:____________________________________
Authorized Representative
F-1
<PAGE>
EXHIBIT G
FORM OF REQUEST FOR RELEASE
[date]
To:
In connection with the administration of the Mortgage Loans held by
you as Trustee under the Pooling and Servicing Agreement dated as of September
1, 1997, between Credit Suisse First Boston Mortgage Securities Corp., as
Depositor, and you, as Trustee (the "Pooling and Servicing Agreement"), the
undersigned hereby requests a release of the Mortgage File held by you as
Trustee with respect to the following described Mortgage Loan for the reason
indicated below.
Mortgagor's Name:
Address:
Loan No.:
Reason for requesting file:
1. Mortgage Loan paid in full.
----
(The Servicer hereby certifies that all amounts received in
connection with the Mortgage Loan have been or will be credited
to the Certificate Account pursuant to the Pooling and Servicing
Agreement.)
2. Mortgage Loan repurchased.
----
(The Servicer hereby certifies that the Purchase Price has been
credited to the Certificate Account pursuant to the Pooling and
Servicing Agreement.)
3. The Mortgage Loan is being foreclosed.
----
4. Other. (Describe)
----
The undersigned acknowledges that the above Mortgage File will be
held by the undersigned in accordance with the provisions of the
Pooling and Servicing Agreement and will be returned, except if
the Mortgage Loan has been paid in full or repurchased (in which
case the Mortgage File will be retained by us permanently) when
no longer required by us for such purpose.
Capitalized terms used herein shall have the meanings ascribed to
them in the Pooling and Servicing Agreement.
G-1
<PAGE>
[SERVICER]
By:___________________________________
Name:
Title:
G-2
<PAGE>
EXHIBIT H
FORM OF INVESTOR REPRESENTATION LETTER
[date]
Credit Suisse First Boston Mortgage Securities Corp.
11 Madison Avenue, 5th Floor
New York, New York 10010
U.S. Bank National Association
180 East Fifth Street
St. Paul, MN 55101
Re: Chevy Chase Bank, F.S.B. Mortgage-Backed Pass-Through Certificates,
Series 1997-CCB1
Ladies and Gentlemen:
[_______________________] (the "Purchaser") intends to purchase from
[_______________________] (the "Seller") the Chevy Chase Bank, F.S.B. Mortgage-
Backed Pass-Through Certificates, Series 1997-CCB1 [Class S] [Class R-I] [Class
R-II] (together, the "Certificates"), issued pursuant to the Pooling and
Servicing Agreement (the "Pooling and Servicing Agreement"), dated as of
September 1, 1997 among Credit Suisse First Boston Mortgage Securities Corp., as
Depositor (the "Company"), Chevy Chase Bank, F.S.B., as seller and servicer, and
U.S. Bank National Association, as trustee (the "Trustee"). All terms used
herein and not otherwise defined shall have the meanings set forth in the
Pooling and Servicing Agreement. The Purchaser hereby certifies, represents and
warrants to, and covenants with, the Company and the Trustee that:
1. The Purchaser understands that (a) the Certificates have not been
and will not be registered or qualified under the Securities Act of
1933, as amended (the "Act") or any state securities law, (b) the
Company is not required to so register or qualify the Certificates, (c)
the Certificates may be resold only if registered and qualified
pursuant to the provisions of the Act or any state securities law, or
if an exemption from such registration and qualification is available,
(d) the Pooling and Servicing Agreement contains restrictions regarding
the transfer of the Certificates and (e) the Certificates will bear a
legend to the foregoing effect.
2. The Purchaser is acquiring the Certificates for its own account
for investment only and not with a view to or for sale in connection
with any distribution thereof in any manner that would violate the Act
or any applicable state securities laws.
H-1
<PAGE>
3. The Purchaser is (a) a substantial, sophisticated institutional
investor having such knowledge and experience in financial and business
matters, and, in particular, in such matters related to securities
similar to the Certificates, such that it is capable of evaluating the
merits and risks of investment in the Certificates, (b) able to bear
the economic risks of such an investment and (c) an "accredited
investor" within the meaning of Rule 501(a) promulgated pursuant to the
Act.
4. The Purchaser has been furnished with, and has had an opportunity
to review (a) a copy of the Pooling and Servicing Agreement and (b)
such other information concerning the Certificates, the Mortgage Loans
and the Company as has been requested by the Purchaser from the Company
or the Seller and is relevant to the Purchaser's decision to purchase
the Certificates. The Purchaser has had any questions arising from
such review answered by the Company or the Seller to the satisfaction
of the Purchaser.
5. The Purchaser has not and will not nor has it authorized or will
it authorize any person to (a) offer, pledge, sell, dispose of or
otherwise transfer any Certificate, any interest in any Certificate or
any other similar security to any person in any manner, (b) solicit any
offer to buy or to accept a pledge, disposition of other transfer of
any Certificate, any interest in any Certificate or any other similar
security from any person in any manner, (c) otherwise approach or
negotiate with respect to any Certificate, any interest in any
Certificate or any other similar security with any person in any
manner, (d) make any general solicitation by means of general
advertising or in any other manner or (e) take any other action, that
(as to any of (a) through (e) above) would constitute a distribution of
any Certificate under the Act, that would render the disposition of any
Certificate a violation of Section 5 of the Act or any state securities
law, or that would require registration or qualification pursuant
thereto. The Purchaser will not sell or otherwise transfer any of the
Certificates, except in compliance with the provisions of the Pooling
and Servicing Agreement.
6. The Purchaser
(a) is not an employee benefit or other plan subject to the
prohibited transaction provisions of the Employee Retirement Income
Security Act of 1974, as amended ("ERISA"), or Section 4975 of the
Internal Revenue Code of 1986, as amended (the "Code") (a "Plan"), or
any other person (including an investment manager, a named fiduciary or
a trustee of any Plan) acting, directly or indirectly, on behalf of or
purchasing any Certificate with "plan assets" of any Plan; or
(b) is an insurance company, the source of funds to be used
by it to purchase the Certificates is an "insurance company general
account" (within the meaning of Department of Labor Prohibited
Transaction Class Exemption ("PTCE") 95-60), and the purchase is being
made in reliance upon the availability of the exemptive relief afforded
under Section III of PTCE 95-60.
H-2
<PAGE>
Very truly yours,
[Purchaser]
By:___________________________________
Name:
Title:
H-3
<PAGE>
EXHIBIT I
FORM OF TRANSFEROR REPRESENTATION LETTER
[date]
Credit Suisse First Boston Mortgage Securities Corp.
11 Madison Avenue, 5th Floor
New York, New York 10010
U.S. Bank National Association
180 East Fifth Street
St. Paul, MN 55101
Re: Chevy Chase Bank, F.S.B. Mortgage-Backed Pass-Through Certificates,
Series 1997-CCB1
Ladies and Gentlemen:
In connection with the sale by [_______________________] (the "Seller") to
[_______________________] (the "Purchaser") the Chevy Chase Bank, F.S.B.
Mortgage-Backed Pass-Through Certificates, Series 1997-CCB1 [Class S] [Class R-
I] [Class R-II] (together, the "Certificates"), issued pursuant to the Pooling
and Servicing Agreement (the "Pooling and Servicing Agreement"), dated as of
September 1, 1997 among Credit Suisse First Boston Mortgage Securities Corp., as
Depositor (the "Company"), Chevy Chase Bank, F.S.B., as seller and servicer, and
U.S. Bank National Association, as trustee (the "Trustee"), the Seller hereby
certifies, represents and warrants to, and covenants with, the Company and the
Trustee that:
Neither the Seller nor anyone acting on its behalf has (a) offered,
pledged, sold, disposed of or otherwise transferred any Certificate, any
interest in any Certificate or any other similar security to any person in any
manner, (b) has solicited any offer to buy or to accept a pledge, disposition or
other transfer of any Certificate, any interest in any Certificate or any other
similar security from any person in any manner, (c) has otherwise approached or
negotiated with respect to any Certificate, any interest in any Certificate or
any other similar security with any person in any manner, (d) has made any
general solicitation by means of general advertising or in any other manner, or
(e) has taken any other action, that (as to any of (a) through (e) above) would
constitute a distribution of the Certificates under the Securities Act of 1933
(the "Act"), that would render the disposition of any Certificate a violation of
Section 5 of the Act or any state securities law, or that would require
registration or qualification pursuant thereto. The Seller will not act, in any
manner set forth in the foregoing sentence with respect to any Certificate. The
Seller has not and will not sell or otherwise transfer any of the Certificates,
except in compliance with the provisions of the Pooling and Servicing Agreement.
I-1
<PAGE>
Very truly yours,
[Seller]
By:_____________________________________
Name:
Title:
I-2
<PAGE>
EXHIBIT J
FORM OF INVESTOR TRANSFER AFFIDAVIT AND AGREEMENT
STATE OF )
: ss.:
COUNTY OF )
[NAME OF OFFICER], being first duly sworn, deposes and says:
1. That he is [Title of Officer] or [Name of Owner] (record or
beneficial owner (the "Owner") of the Class [R-I] [R-II] Certificates (the
"Class R Certificates")), a [savings institution] [corporation] duly organized
and existing under the laws of [the State of ____________________] [the United
States], on behalf of which he makes this affidavit and agreement.
2. That the Owner (i) is not and will not be a "disqualified
organization" as of [date of transfer] within the meaning of Section 860E(e)(5)
of the Internal Revenue Code of 1986, as amended (the "Code"), (ii) will
endeavor to remain other than a disqualified organization for so long as it
retains its ownership interest in the Class R Certificates, and (iii) is
acquiring the Class R Certificates for its own account or for the account of
another Owner from which it has received an affidavit and agreement in
substantially the same form as this affidavit and agreement. A "Permitted
Transferee" is any person other than a "disqualified organization". (For this
purpose, a "disqualified organization" means the United States, any state or
political subdivision thereof, any agency or instrumentality of any of the
foregoing (other than an instrumentality all of the activities of which are
subject to tax and, except for the Federal Home Loan Mortgage Corporation, a
majority of whose board of directors is not selected by any such governmental
entity) or any foreign government, international organization or any agency or
instrumentality of such foreign government or organization, any rural electric
or telephone cooperative, or any organization (other than certain farmers'
cooperatives) that is generally exempt from federal income tax unless such
organization is subject to the tax on unrelated business taxable income).
3. That the Owner is aware (i) of the tax that would be imposed on
transfers of Class R Certificates to disqualified organizations under the Code;
(ii) that such tax would be on the transferor, or, if such transfer is through
an agent (which person includes a broker, nominee or middleman) for a non-
Permitted Transferee, on the agent; (iii) that the person otherwise liable for
the tax shall be relieved of liability for the tax if the transferee furnishes
to such person an affidavit that the transferee is a Permitted Transferee and,
at the time of transfer, such person does not have actual knowledge that the
affidavit is false; and (iv) that the Class R Certificates may be "noneconomic
residual interests" within the meaning of Treasury regulations promulgated
pursuant to the Code and that the transferor of a noneconomic residual interest
will remain liable for any taxes due with respect to the income on such residual
interest, if a significant purpose of the transfer was to enable the transferor
to impede the assessment or collection of tax.
J-1
<PAGE>
4. That the Owner is aware of the tax imposed on a "pass-through
entity" holding Class R Certificates if at any time during the taxable year of
the pass-through entity a non-Permitted Transferee is the record holder of an
interest in such entity. (For this purpose, a "pass through entity" includes a
regulated investment company, a real estate investment trust or common trust
fund, a partnership, trust or estate, and certain cooperatives.)
5. That the Owner is aware that the Trustee will not register the
Transfer of any Class R Certificates unless the transferee, or the transferee's
agent, delivers to it an affidavit and agreement, among other things, in
substantially the same form as this affidavit and agreement. The Owner
expressly agrees that it will not consummate any such transfer if it knows or
believes that any of the representations contained in such affidavit and
agreement are false.
6. That the Owner has reviewed the restrictions set forth on the
face of the Class R Certificates and the provisions of Section 6.02 of the
Pooling and Servicing Agreement under which the Class R Certificates were
issued. The Owner expressly agrees to be bound by and to comply with such
restrictions and provisions.
7. That the Owner consents to any additional restrictions or
arrangements that shall be deemed necessary upon advice of counsel to constitute
a reasonable arrangement to ensure that the Class R Certificates will only be
owned, directly or indirectly, by an Owner that is a Permitted Transferee.
8. That the Owner's Taxpayer Identification Number is
______________.
9. That the Owner is a citizen or resident of the United States, a
corporation, partnership or other entity created or organized in, or under the
laws of, the United States or any political subdivision thereof, or an estate or
trust whose income from sources without the United States is includable in gross
income for United States federal income tax purposes regardless of its
connection with the conduct of a trade or business within the United States.
10. That no purpose of the Owner relating to the purchase of the
Class R Certificate by the Owner is or will be to impede the assessment or
collection of tax.
11. That the Owner has no present knowledge or expectation that it
will be unable to pay any United States taxes owed by it so long as any of the
Certificates remain outstanding.
12. That the Owner has no present knowledge or expectation that it
will become insolvent or subject to a bankruptcy proceeding for so long as any
of the Certificates remain outstanding.
13. That no purpose of the Owner relating to any sale of the Class R
Certificate by the Owner will be to impede the assessment or collection of tax.
J-2
<PAGE>
14. The Owner hereby agrees to cooperate with the Trustee and to take
any action required of it by the Code or Treasury regulations thereunder
(whether now or hereafter promulgated) in order to create or maintain the REMIC
status of the Trust Fund.
15. The Owner hereby agrees that it will not take any action that
could endanger the REMIC status of the Trust Fund or result in the imposition of
tax on the Trust Fund unless counsel for, or acceptable to, the Trustee has
provided an opinion that such action will not result in the loss of such REMIC
status or the imposition of such tax, as applicable.
J-3
<PAGE>
IN WITNESS WHEREOF, the Owner has caused this instrument to be
executed on its behalf, pursuant to the authority of its Board of Directors, by
its [Title of Officer] and its corporate seal to be hereunto attached, attested
by its [Assistant] Secretary, this ____ day of _________________.
[NAME OF OWNER]
By:_______________________________________
[Name of Officer]
[Title of Officer]
[Corporate Seal]
ATTEST:
______________________________
[Assistant] Secretary
Personally appeared before me the above-named [Name of Officer], known
or proved to me to be the same person who executed the foregoing instrument and
to be the [Title of Officer] of the Owner, and acknowledged to me that he
executed the same as his free act and deed and the free act and deed of the
Owner.
Subscribed and sworn before me this ____ day of ________________.
__________________________________________________
NOTARY PUBLIC
COUNTY OF___________________________
STATE OF____________________________
My Commission expires the ____ day of __________,
19____.
J-4
<PAGE>
EXHIBIT K
FORM OF TRANSFER CERTIFICATE
[date]
Credit Suisse First Boston Mortgage Securities Corp.
11 Madison Avenue, 5th Floor
New York, New York 10010
U.S. Bank National Association
180 East Fifth Street
St. Paul, MN 55101
Re: Chevy Chase Bank, F.S.B. Mortgage-Backed Pass-Through
Certificates, Series 1997-CCB1, Class [R-I] [R-II] (the
-------------------------------------------------------
"Certificates")
---------------
Ladies and Gentlemen:
This letter is delivered to you in connection with the sale by
_______________ (the "Seller") to __________________________________ (the
"Purchaser") of a ___% Percentage Interest in the above referenced Certificates,
pursuant to Section 6.02 of the Pooling and Servicingy Agreement (the "Pooling
and Servicing Agreement"), dated as of September 1, 1997 among Credit Suisse
First Boston Mortgage Securities Corp. as depositor (the "Depositor"), U.S. Bank
National Association, as trustee (the "Trustee") and Chevy Chase Bank, F.S.B.,
as seller and servicer. All terms used herein and not otherwise defined shall
have the meanings set forth in the Pooling and Servicing Agreement. The Seller
hereby certifies, represents and warrants to, and covenants with, the Depositor
and the Trustee that:
1. No purpose of the Seller relating to sale of the Certificate by
the Seller to the Purchaser is or will be to enable the Seller to impede the
assessment or collection of any tax.
2. The Seller understands that the Purchaser has delivered to the
Trustee a transfer affidavit and agreement in the form attached to the Pooling
and Servicing Agreement as Exhibit J. The Seller does not know or believe that
any representation contained therein is false.
3. The Seller has no actual knowledge that the proposed Transferee
is not a Permitted Transferee.
4. The Seller has no actual knowledge that the Purchaser would be
unwilling or unable to pay taxes due on its share of the taxable income
attributable to the Certificate.
K-1
<PAGE>
5. The Seller has conducted a reasonable investigation of the
financial condition of the Purchaser and, as a result of the investigation,
found that the Purchaser has historically paid its debts as they came due, and
found no significant evidence to indicate that the Purchaser will not continue
to pay its debts as they come due in the future.
6. The Purchaser has represented to the Seller that, if the
Certificate constitutes a noneconomic residual interest, it (i) understands that
as holder of a noneconomic residual interest it may incur tax liabilities in
excess of any cash flows generated by the interest, and (ii) intends to pay
taxes associated with its holding of the Certificate as they become due.
Very truly yours,
[SELLER]
By:_________________________________________
Name:
Title:
K-2
<PAGE>
EXHIBIT 10.2
MBIA
CERTIFICATE GUARANTY INSURANCE POLICY
OBLIGATIONS: $728,241,524.66 POLICY NUMBER: 24906
Chevy Bank, F.S.B.
Mortgage-Backed Pass-Through Certificates, Series 1997-CCB1
Class A
MBIA Insurance Corporation (the "Insurer"), in consideration of the payment
of the premium and subject to the terms of this Certificate Guaranty Insurance
Policy (this "Policy"), hereby unconditionally and irrevocably guarantees to any
Owner that an amount equal to each full and complete Insured Payment will be
received from the Insurer by U.S. Bank National Association or its successors,
as trustee for the Owners (the "Trustee"), on behalf of the Owners, for
distribution by the Trustee to each Owner of each Owner's proportionate share of
the Insured Payment. The Insurer's obligations hereunder with respect to a
particular Insured Payment shall be discharged to the extent funds equal to the
applicable Insured Payment are received by the Trustee, whether or not such
funds are properly applied by the Trustee. Insured Payments shall be made only
at the time set forth in this Policy and no accelerated Insured Payments shall
be made regardless of any acceleration of the Obligations, unless such
acceleration is at the sole option of the Insurer.
Notwithstanding the foregoing paragraph this Policy does not cover
shortfalls, if any, attributable to the liability of the Trust Fund, REMIC I,
REMIC II or the Trustee for withholding taxes, if any (including interest and
penalties in respect of any such liability).
The Insurer will pay any amount payable hereunder no later than 12:00 noon
New York City time on the later of the Distribution Date on which the related
Deficiency Amount is due or the third Business Day following receipt in New
York, New York on a Business Day by State Street Bank and Trust Company, N.A.,
as Fiscal Agent for the Insurer or any successor fiscal agent appointed by the
Insurer (the "Fiscal Agent") of a Notice (as described below); provided that if
such Notice is received after 12:00 noon New York City time on such Business
Day, it will be deemed to be received on the following Business Day. If any such
Notice received by the Fiscal Agent is not in proper form or is otherwise
insufficient for the purpose of making claim hereunder it shall be deemed not to
have been received by the Fiscal Agent for purposes of this paragraph and the
Insurer or the Fiscal Agent, as the case may be, shall promptly so advise the
Trustee and the Trustee may submit an amended Notice.
Insured Payments due hereunder unless otherwise stated herein will be
disbursed by the Fiscal Agent to the Trustee on behalf of the Owners by wire
transfer of immediately available funds in the amount of the Insured Payment.
The Fiscal Agent is the agent of the Insurer only and the Fiscal Agent
shall in no event be liable to Owners for any acts of the Fiscal Agent or any
failure of the Insurer to deposit or cause to be deposited, sufficient funds to
make payments due under this Policy.
1
<PAGE>
As used herein, the following terms shall have the following meanings:
"Agreement" means the Pooling and Servicing Agreement dated as of
September 1, 1997 among Credit Suisse First Boston Mortgage Securities Corp. as
Depositor, Chevy Chase Bank, F.S.B., as Seller and as Servicer and the Trustee,
as trustee, without regard to any amendment or supplement thereto.
"Business Day" means any day other than a Saturday, a Sunday or a day on
which or banking institutions in New York City or in the city in which the
corporate trust office of the Trustee or the Servicer under the Agreement is
located are authorized or obligated by law or executive order to close.
"Deficiency Amount" means for any Distribution Date, (a) any shortfall in
the Available Distribution Amount to pay the interest portion of any Realized
Loss, excluding Prepayment Interest Shortfall and Relief Act Shortfalls and (b)
the Overcollaterization Deficit.
"Insured Payment" means, as of any Distribution Date, any Deficiency
Amount.
"Notice" means the telephonic or telegraphic notice, promptly confirmed in
writing by fax substantially in the form of Exhibit A attached hereto, the
original of which is subsequently delivered by registered or certified mad, from
the Trustee specifying the Insured Payment which shad be due and owing on the
Applicable Date.
"Owner" means each Holder (as defined in the Agreement) who, on the
applicable Distribution Date, is entitled under the terms of the applicable
Certificates to payment thereunder.
Capitalized terms used herein and not otherwise defined herein shall have
the respective meanings set forth in the Agreement as of the date of execution
of this Policy, without giving effect to any subsequent amendment to or
modification of the Agreement unless such amendment or modification has been
approved in writing by the Insurer.
Any notice hereunder or service of process on the Fiscal Agent may be made
at the address listed below for the Fiscal Agent or such other address as the
Insurer shall specify in writing to the Trustee.
The notice address of the Fiscal Agent is 61 Broadway, 15th Floor, New
York, New York 10006 Attention: Municipal Registrar and Paying Agency, or such
other address as the Fiscal Agent shall specify to the Trustee in writing.
This Policy is being issued under and pursuant to, and shall be construed
under, the laws of the State of New York, without giving effect to the conflict
of laws principles thereof.
The insurance provided by this Policy is not covered by the
Property/Casualty Insurance Security Fund specified in Article 76 of the New
York Insurance Law.
2
<PAGE>
This Policy is not cancelable for any reason. The premium on this Policy
is not refundable for any reason including payment, or provision being made
for payment prior to maturity of the Obligations.
IN WITNESS OF, the Insurer has caused this Policy to be executed and
attested this 29th day of September, 1997.
MBIA INSURANCE CORPORATION
By /s/ Richard Weill
--------------------------------------
President
Attest: By /s/ Lisa A. Wilson
--------------------------------------
Assistant Secretary
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EXHIBIT A
TO CERTIFICATE GUARANTY INSURANCE POLICY
NUMBER: 24906
NOTICE UNDER CERTIFICATE GUARANTY
INSURANCE POLICY NUMBER: 24906
State Street Bank and Trust Company, N.A., as Fiscal Agent
for MBIA Insurance Corporation,
61 Broadway, 15th Floor
New York, NY 10006
Attention: Municipal Registrar and Paying Agency
MBIA Insurance Corporation
113 King Street
Annonk, NY 10504
The undersigned, a duly authorized officer of [NAME OF TRUSTEE], as trustee
(the "Trustee"), hereby certifies to State Street Bank and Trust Company, N.A.
(the "Fiscal Agent") and MBIA Insurance Corporation (the "Insurer"), with
reference to Certificate Guaranty Insurance Policy Number: 24906 (the "Policy")
issued by the Insurer in respect of the $[] Chevy Chase Bank, F.S.B., Mortgage-
Backed Pass-Through Certificates, Series 1997-CCB1, Class A (the "Obligations"),
that:
(i) the Trustee is the trustee under the Pooling and Servicing
Agreement dated as of September 1, 1997, among Credit Suisse First Boston
Mortgage Securities Corp., as Depositor, Chevy Chase Bank, F.S.B., as
Seller and as Servicer and the Trustee, as trustee for the Owners;
(ii) the amount due under clause (a) of the definition of Deficiency
Amount for the Distribution Date occurring on (the "Applicable
Distribution Date") is $_____;
(iii) the amount due under clause (b) of the definition of Deficiency
Amount for the Applicable Distribution Date is $_____;
(iv) the amount due under clause (c) of the definition of Deficiency
Amount for the Applicable Distribution Date is $_____;
(v) the sum of the amounts listed in paragraphs (ii), (iii) and (iv)
above is $____ (the "Deficiency Amount");
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(vi) the total insured Payment due is $_____ which amount equals the
Deficiency Amount;
(vii) the Trustee is making a claim under and pursuant to the terms
of the Policy for the dollar amount of the Insured Payment set forth in
(v) above to be applied to the payment of the Deficiency Amount for the
Applicable Distribution Date in accordance with the Agreement; and
(viii) the Trustee directs that payment of the Insured Payment be
made to the following account by bank wire transfer of federal or other
immediately available funds in accordance with the terms of the Policy:
[TRUSTEE'S ACCOUNT NUMBER].
Any capitalized term used in this Notice and not otherwise defined herein
shall have the meaning assigned thereto in the Policy.
Any Person Who Knowingly And With Intent To Defraud Any Insurance Company
Or Other Person Files An Application For Insurance Or Statement Of Claim
Containing Any Materially False Information Or Conceals For The Purpose Of
Misleading Information Concerning Any Fact Material thereto, Commits A
Fraudulent Insurance Act, which Is A Crime, And Shall Also Be Subject To A Civil
Penalty Not To Exceed Five Thousand Dollars And The Stated Value OF The Claim
For Each Such Violation.
IN WITNESS OF, the Trustee has executed and delivered this Notice under
the Policy as of the ____ day of ____________, ____.
[NAME OF TRUSTEE], as Trustee
By________________________________________
Title_____________________________________
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