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) June 30, 1999
RESIDENTIAL ASSET SECURITIES CORPORATION (as seller under a Pooling and
Servicing Agreement dated as of June 1, 1999 providing for, inter alia, the
issuance of Mortgage Asset-Backed Pass-Through Certificates, Series 1999-RS2)
Residential Asset Securities Corporation
(Exact name of registrant as specified in its charter)
DELAWARE 333-30789 51-0362653
(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
8400 Normandale Lake Blvd.
Suite 600
Minneapolis, Minnesota 55437
(Address of Principal (Zip Code)
Executive Offices)
Registrant's telephone number, including area code, is (612) 832-7000
<PAGE>
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(a) Not applicable
(b) Not applicable
(c) Exhibits:
1. Pooling and Servicing Agreement, dated as of June 1, 1999 among
Residential Asset Securities Corporation, as seller, Residential Funding
Corporation, as master servicer and The First National Bank of Chicago, as
trustee.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
RESIDENTIAL ASSET SECURITIES
CORPORATION
By:
Name: Julie Steinhagen
Title: Vice President
Dated: July 14, 1999
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
RESIDENTIAL ASSET SECURITIES
CORPORATION
By: /s/ Julie Steinhagen
Name: Julie Steinhagen
Title: Vice President
Dated: July 14, 1999
<PAGE>
EXHIBITS
RESIDENTIAL ASSET SECURITIES CORPORATION,
Company,
RESIDENTIAL FUNDING CORPORATION,
Master Servicer,
and
THE FIRST NATIONAL BANK OF CHICAGO,
Trustee
POOLING AND SERVICING AGREEMENT
Dated as of June 1, 1999
Mortgage Asset-Backed Pass-Through Certificates
Series 1999-RS2
<PAGE>
<TABLE>
<CAPTION>
TABLE OF CONTENTS
Page
ARTICLE I
DEFINITIONS
<S> <C> <C>
Section 1.01. Definitions.....................................................5
Accrued Certificate Interest...........................................5
Adjusted Mortgage Rate.................................................6
Adjustment Date........................................................6
Advance................................................................6
Affiliate..............................................................6
Agreement..............................................................6
Amount Held for Future Distribution....................................6
Appraised Value........................................................6
Arrearage..............................................................7
Assignment.............................................................7
Assignment Agreement...................................................7
Assignment of Proprietary Lease........................................7
Balloon Loan...........................................................7
Balloon Payment........................................................7
Bankruptcy Code........................................................7
Bankruptcy Loss........................................................7
Basis Risk Shortfall...................................................8
Basis Risk Shortfall Available Funds Cap Rate..........................8
Basis Risk Shortfall Carry-Forward Amount..............................8
Book-Entry Certificate.................................................8
Business Day...........................................................8
Cash Liquidation.......................................................8
Certificate............................................................8
Certificate Account....................................................8
Certificate Account Deposit Date.......................................9
Certificateholder or Holder............................................9
Certificate Insurer Premium............................................9
Certificate Insurer Premium Rate.......................................9
Certificate Owner......................................................9
Certificate Principal Balance..........................................9
Certificate Register and Certificate Registrar........................10
Class ...............................................................10
Class A Certificates..................................................10
Class A Unpaid Interest Shortfall.....................................10
Class A-I Certificate.................................................10
Class A-I Unpaid Interest Shortfall...................................10
Class A-I-1 Certificate...............................................10
(i)
<PAGE>
Page
Class A-I-2 Certificate...............................................10
Class A-I-3 Certificate...............................................10
Class A-I-4 Certificate...............................................11
Class A-I-5 Certificate...............................................11
Class A-II Certificate................................................11
Class A-II Margin.....................................................11
Class A-II Unpaid Interest Shortfall..................................11
Class R Certificate...................................................11
Class R-I Certificate.................................................11
Class R-II Certificate................................................11
Class R-III Certificate...............................................12
Class R-IV Certificate................................................12
Class SB Certificates.................................................12
Class SB-I Certificate................................................12
Class SB-II Certificate...............................................12
Closing Date..........................................................12
Code ...............................................................12
Compensating Interest.................................................12
Converted Mortgage Loan...............................................12
Cooperative...........................................................12
Cooperative Apartment.................................................13
Cooperative Lease.....................................................13
Cooperative Loans.....................................................13
Cooperative Stock.....................................................13
Cooperative Stock Certificate.........................................13
Corporate Trust Office................................................13
Curtailment...........................................................13
Custodial Account.....................................................13
Custodial Agreement...................................................13
Custodian.............................................................13
Cut-off Date..........................................................14
Cut-off Date Principal Balance........................................14
Debt Service Reduction................................................14
Deferred Interest.....................................................14
Deficiency Amount.....................................................14
Deficient Valuation...................................................14
Definitive Certificate................................................14
Deleted Mortgage Loan.................................................14
Delinquency Ratio.....................................................14
Delinquent............................................................15
Depository............................................................15
Depository Participant................................................15
Designated Subservicer................................................15
Destroyed Mortgage Note...............................................15
(ii)
<PAGE>
Page
Determination Date....................................................15
Disqualified Organization.............................................15
Distribution Date.....................................................16
Due Date..............................................................16
Due Period............................................................16
Eligible Account......................................................16
ERISA ...............................................................17
Event of Default......................................................17
Excess Realized Loss..................................................17
Extraordinary Events..................................................17
FASIT ...............................................................17
FDIC ...............................................................18
FHLMC ...............................................................18
Final Distribution Date...............................................18
FNMA ...............................................................18
Foreclosure Profits...................................................18
Foreclosure Restricted Loan...........................................18
Fraud Losses..........................................................18
Gross Margin..........................................................18
Group I Available Distribution Amount.................................18
Group II Available Distribution Amount................................19
Group I Bankruptcy Amount.............................................19
Group II Bankruptcy Amount............................................20
Group I Cumulative Insurance Payments.................................20
Group II Cumulative Insurance Payments................................20
Group I Cut-off Date Balance..........................................20
Group II Cut-off Date Balance.........................................20
Group I Excess Bankruptcy Loss........................................20
Group II Excess Bankruptcy Loss.......................................20
Group I Excess Cash Flow..............................................20
Group II Excess Cash Flow.............................................20
Group I Excess Fraud Loss.............................................20
Group II Excess Fraud Loss............................................21
Group I Excess Loss...................................................21
Group II Excess Loss..................................................21
Group I Excess Overcollateralization Amount...........................21
Group II Excess Overcollateralization Amount..........................21
Group I Excess Special Hazard Loss....................................21
Group II Excess Special Hazard Loss...................................21
Group I Extraordinary Losses..........................................21
Group II Extraordinary Losses.........................................21
Group I Fraud Loss Amount.............................................21
Group II Fraud Loss Amount............................................22
Group I Interest Distribution Amount..................................22
(iii)
<PAGE>
Page
Group II Interest Distribution Amount.................................22
Group I Loan..........................................................23
Group II Loan.........................................................23
Group I Optional Termination Date.....................................23
Group II Optional Termination Date....................................23
Group I Overcollateralization Amount..................................23
Group II Overcollateralization Amount.................................23
Group I Overcollateralization Increase Amount.........................23
Group II Overcollateralization Increase Amount........................23
Group I Overcollateralization Reduction Amount........................23
Group II Overcollateralization Reduction Amount.......................24
Group I Pool Stated Principal Balance.................................24
Group II Pool Stated Principal Balance................................24
Group I Principal Distribution Amount.................................24
Group II Principal Distribution Amount................................25
Group I Required Overcollateralization Amount.........................25
Group II Required Overcollateralization Amount........................26
Group I Special Hazard Amount.........................................27
Group II Special Hazard Amount........................................27
Group I Stepdown Date.................................................28
Group II Stepdown Date................................................28
Group I Weighted Average Net Mortgage Rate............................28
Group II Weighted Average Net Mortgage Rate...........................28
HomeComings...........................................................29
Independent...........................................................29
Index ...............................................................29
Initial Certificate Principal Balance.................................29
Insurance Account.....................................................29
Insurance Agreement...................................................29
Insurance Proceeds....................................................29
Insured Amount........................................................29
Insurer...............................................................29
Insurer Account.......................................................29
Insurer Default.......................................................29
Interest Accrual Period...............................................30
International Borrower................................................30
Late Collections......................................................30
Late Payment Rate.....................................................30
LIBOR ...............................................................30
LIBOR Business Day....................................................30
LIBOR Rate Adjustment Date............................................30
Liquidation Proceeds..................................................30
Loan-to-Value Ratio...................................................31
Lockout Distribution Percentage.......................................31
(iv)
<PAGE>
Page
Maturity Date.........................................................31
Maximum Class A-II Rate...............................................31
Maximum Mortgage Rate.................................................31
Maximum Net Mortgage Rate.............................................31
Minimum Mortgage Rate.................................................31
Modified Mortgage Loan................................................31
Modified Net Mortgage Rate............................................32
Monthly Payment.......................................................32
Moody's...............................................................32
Mortgage..............................................................32
Mortgage File.........................................................32
Mortgage Loan Accrued Interest........................................32
Mortgage Loan Program.................................................32
Mortgage Loan Schedule................................................32
Mortgage Loans........................................................34
Mortgage Note.........................................................34
Mortgage Rate.........................................................34
Mortgaged Property....................................................34
Mortgagor.............................................................34
Neg Am Loan...........................................................34
Net Mortgage Rate.....................................................34
Non-Primary Residence Loans...........................................35
Non-United States Person..............................................35
Nonrecoverable Advance................................................35
Nonsubserviced Mortgage Loan..........................................35
Note Margin...........................................................35
Notice ...............................................................35
Notional Amount.......................................................35
Officers' Certificate.................................................35
Opinion of Counsel....................................................35
Outstanding Mortgage Loan.............................................35
Ownership Interest....................................................36
Pass-Through Rate.....................................................36
Paying Agent..........................................................37
Percentage Interest...................................................38
Periodic Cap..........................................................38
Permitted Investments.................................................38
Permitted Transferee..................................................39
Person ...............................................................39
Policy ...............................................................39
Prepayment Assumption.................................................39
Prepayment Interest Shortfall.........................................39
Prepayment Period.....................................................40
Primary Insurance Policy..............................................40
(v)
<PAGE>
Page
Principal Prepayment..................................................40
Principal Prepayment in Full..........................................40
Program Guide.........................................................40
Purchase Price........................................................40
Qualified Substitute Mortgage Loan....................................40
Rating Agency.........................................................41
Realized Loss.........................................................41
Record Date...........................................................42
Regular Interest......................................................42
Relief Act............................................................42
REMIC ...............................................................42
REMIC Administrator...................................................42
REMIC I...............................................................42
REMIC I Regular Interest..............................................42
REMIC I Regular Interest I-LT1-I......................................43
REMIC I Regular Interest I-LT2-I......................................43
REMIC I Regular Interest I-LT3-I......................................43
REMIC I Regular Interest I-LT4-I......................................43
REMIC I Regular Interest I-LT5-I......................................43
REMIC I Regular Interest I-LT6-I......................................43
REMIC I Regular Interest I-LT7-I......................................43
REMIC I Remittance Rate...............................................44
REMIC II..............................................................44
REMIC II Regular Interest.............................................44
REMIC II Regular Interest II-LT1-II...................................44
REMIC II Regular Interest II-LT2-II...................................44
REMIC II Regular Interest II-LT3-II...................................45
REMIC II Remittance Rate..............................................45
REMIC III Group I Required Overcollateralization Amount...............45
REMIC III Group II Required Overcollateralization Amount..............45
REMIC III.............................................................45
REMIC III Regular Interest............................................45
REMIC III Regular Interest III-LT1-I..................................45
REMIC III Regular Interest III-LT2-I..................................45
REMIC III Regular Interest III-LT3-I..................................46
REMIC III Regular Interest III-LT4-I..................................46
REMIC III Regular Interest III-LT5-I..................................46
REMIC III Regular Interest III-LT6-I..................................46
REMIC III Regular Interest III-LT7-I..................................46
REMIC III Regular Interest III-LT1-II.................................46
REMIC III Regular Interest III-LT2-II.................................47
REMIC III Regular Interest III-LT3-II.................................47
REMIC III Regular Interest III-LT2-SI.................................47
REMIC III Regular Interest III-LT3-SI.................................47
(vi)
<PAGE>
Page
REMIC III Regular Interest III-LT4-SI.................................47
REMIC III Regular Interest III-LT5-SI.................................47
REMIC III Regular Interest III-LT6-SI.................................47
REMIC III Regular Interest III-LT2-SII................................47
REMIC III Remittance Rate.............................................47
REMIC IV..............................................................48
REMIC IV Certificate..................................................48
REMIC IV Regular Certificate..........................................48
REMIC Provisions......................................................48
REO Acquisition.......................................................48
REO Disposition.......................................................49
REO Imputed Interest..................................................49
REO Proceeds..........................................................49
REO Property..........................................................49
Re-Performing Loans...................................................49
Repurchase Event......................................................49
Request for Release...................................................49
Required Insurance Policy.............................................49
Residential Funding...................................................49
Responsible Officer...................................................49
Rolling Six-Month Delinquency Ratio...................................49
Security Agreement....................................................50
Servicer Bailee Loan..................................................50
Servicing Accounts....................................................50
Servicing Advances....................................................50
Servicing Fee.........................................................50
Servicing Fee Rate....................................................50
Servicing Modification................................................50
Servicing Officer.....................................................50
Servicing Trigger.....................................................50
Simple Interest Loan..................................................51
Special Hazard Loss...................................................51
Standard & Poor's.....................................................51
Startup Date..........................................................51
Stated Principal Balance..............................................51
Subordination.........................................................52
Subserviced Mortgage Loan.............................................52
Subservicer...........................................................52
Subservicer Advance...................................................52
Subservicing Account..................................................52
Subservicing Agreement................................................52
Subservicing Fee......................................................52
Tax Returns...........................................................52
Transfer..............................................................52
(vii)
<PAGE>
Page
Transferee............................................................52
Transferor............................................................52
Trust Fund............................................................53
Twelve-Month Loss Amount..............................................53
Uncertificated Balance................................................53
Uncertificated Corresponding Component................................53
Uncertificated Interest...............................................53
Uncertificated Notional Amount........................................54
Uniform Single Attestation Program for Mortgage Bankers...............54
Uninsured Cause.......................................................54
United States Person..................................................54
Voting Rights.........................................................54
Section 1.02. Determination of LIBOR.........................................55
ARTICLE II
CONVEYANCE OF MORTGAGE LOANS;
ORIGINAL ISSUANCE OF CERTIFICATES
Section 2.01. Conveyance of Mortgage Loans...................................56
Section 2.02. Acceptance by Trustee..........................................60
Section 2.03. Representations, Warranties and Covenants of the Master Servicer
and the Company ..............................................61
Section 2.04. Representations and Warranties of Residential Funding..........64
Section 2.05. Execution and Authentication of Certificates...................66
ARTICLE III
ADMINISTRATION AND SERVICING
OF MORTGAGE LOANS
Section 3.01. Master Servicer to Act as Servicer.............................67
Section 3.02. Subservicing Agreements Between Master Servicer and Subservicers;
Enforcement of Subservicers' Obligations; Special Servicing........68
Section 3.03. Successor Subservicers.........................................69
Section 3.04. Liability of the Master Servicer...............................70
Section 3.05. No Contractual Relationship Between Subservicer and Trustee or
Certificateholders ...........................................70
Section 3.06. Assumption or Termination of Subservicing Agreements by Trustee70
Section 3.07. Collection of Certain Mortgage Loan Payments; Deposits to
Custodial Account.............................................71
Section 3.08. Subservicing Accounts; Servicing Accounts......................73
Section 3.09. Access to Certain Documentation and Information Regarding the
Mortgage Loans................................................75
(viii)
<PAGE>
Page
Section 3.10. Permitted Withdrawals from the Custodial Account...............75
Section 3.11. Maintenance of Primary Insurance Coverage......................77
Section 3.12. Maintenance of Fire Insurance and Omissions and Fidelity Coverage77
Section 3.13. Enforcement of Due-on-Sale Clauses; Assumption and Modification
Agreements; Certain Assignments...............................79
Section 3.14. Realization Upon Defaulted Mortgage Loans......................81
Section 3.15. Trustee to Cooperate; Release of Mortgage Files................84
Section 3.16. Servicing and Other Compensation; Compensating Interest........85
Section 3.17. Reports to the Trustee and the Company.........................86
Section 3.18. Annual Statement as to Compliance..............................87
Section 3.19. Annual Independent Public Accountants' Servicing Report........87
Section 3.20. Right of the Company in Respect of the Master Servicer.........87
ARTICLE IV
PAYMENTS TO CERTIFICATEHOLDERS
Section 4.01. Certificate Account............................................89
Section 4.02. Distributions..................................................90
Section 4.03. Statements to Certificateholders...............................98
Section 4.04. Distribution of Reports to the Trustee and the Company; Advances
by the Master Servicer.......................................100
Section 4.05. Allocation of Realized Losses.................................102
Section 4.06. Reports of Foreclosures and Abandonment of Mortgaged Property.104
Section 4.07. Optional Purchase of Defaulted Mortgage Loans.................104
Section 4.08. The Policy....................................................104
Section 4.09. Special Report to Insurer.....................................105
ARTICLE V
THE CERTIFICATES
Section 5.01. The Certificates..............................................106
Section 5.02. Registration of Transfer and Exchange of Certificates.........107
Section 5.03. Mutilated, Destroyed, Lost or Stolen Certificates.............112
Section 5.04. Persons Deemed Owners.........................................113
Section 5.05. Appointment of Paying Agent...................................113
Section 5.06. Optional Purchase of Certificates.............................113
ARTICLE VI
THE COMPANY AND THE MASTER SERVICER
Section 6.01. Respective Liabilities of the Company and the Master Servicer.116
(ix)
<PAGE>
Page
Section 6.02. Merger or Consolidation of the Company or the Master Servicer;
Assignment of Rights and Delegation of Duties by Master
Servicer............ ........................................116
Section 6.03. Limitation on Liability of the Company, the Master Servicer
and Others ..................................................117
Section 6.04. Company and Master Servicer Not to Resign.....................118
ARTICLE VII
DEFAULT
Section 7.01. Events of Default.............................................119
Section 7.02. Trustee or Company to Act; Appointment of Successor...........121
Section 7.03. Notification to Certificateholders............................122
Section 7.04. Waiver of Events of Default...................................122
Section 7.05. Servicing Trigger; Removal of Master Servicer.................122
ARTICLE VIII
CONCERNING THE TRUSTEE
Section 8.01. Duties of Trustee.............................................124
Section 8.02. Certain Matters Affecting the Trustee.........................125
Section 8.03. Trustee Not Liable for Certificates or Mortgage Loans.........127
Section 8.04. Trustee May Own Certificates..................................127
Section 8.05. Master Servicer to Pay Trustee's Fees and Expenses;
Indemnification .............................................127
Section 8.06. Eligibility Requirements for Trustee..........................128
Section 8.07. Resignation and Removal of the Trustee........................129
Section 8.08. Successor Trustee.............................................130
Section 8.09. Merger or Consolidation of Trustee............................130
Section 8.10. Appointment of Co-Trustee or Separate Trustee.................130
Section 8.11. Appointment of Custodians.....................................131
ARTICLE IX
TERMINATION
Section 9.01. Termination Upon Purchase by the Master Servicer or the
Company or Liquidation of All Mortgage Loans.................133
Section 9.02. Additional Termination Requirements...........................135
ARTICLE X
REMIC PROVISIONS
Section 10.01.REMIC Administration..........................................137
(x)
<PAGE>
Page
Section 10.02.Master Servicer, REMIC Administrator and Trustee Indemnification140
ARTICLE XI
MISCELLANEOUS PROVISIONS
Section 11.01.Amendment.....................................................142
Section 11.02.Recordation of Agreement; Counterparts........................144
Section 11.03.Limitation on Rights of Certificateholders....................145
Section 11.04.Governing Law.................................................145
Section 11.05.Notices.......................................................146
Section 11.06.Notices to Rating Agency and the Insurer......................146
Section 11.07.Severability of Provisions....................................147
Section 11.08.Supplemental Provisions for Resecuritization..................147
Section 11.09.Rights of the Insurer.........................................148
</TABLE>
Exhibit A Form of Class A Certificate
Exhibit B Form of Class SB Certificate
Exhibit C [Reserved]
Exhibit D Form of Class R Certificate
Exhibit E Form of Custodial Agreement
Exhibit F-1 Group I Loan Schedule
Exhibit F-2 Group II Loan Schedule
Exhibit G Forms of Request for Release
Exhibit H-1 Form of Transfer Affidavit and Agreement
Exhibit H-2 Form of Transferor Certificate
Exhibit I Form of Investor Representation Letter
Exhibit J Form of Transferor Representation Letter
Exhibit K Text of Amendment to Pooling and Servicing
Agreement Pursuant to Section 11.01(e) for a
Limited Guaranty
Exhibit L Form of Limited Guaranty
Exhibit M Form of Lender Certification for Assignment of Mortgage Loan
Exhibit N Form of Rule 144A Investment Representation
Exhibit O High Cost Mortgage Loans
Exhibit P Form of ERISA Letter
Exhibit Q Certificate Guaranty Insurance Policy
Exhibit R List of Re-Performing Loans
Exhibit S List of Foreclosure Restricted Loans
(xi)
<PAGE>
This Pooling and Servicing Agreement, effective as of June 1,
1999, among RESIDENTIAL ASSET SECURITIES CORPORATION, as the company (together
with its permitted successors and assigns, the "Company"), RESIDENTIAL FUNDING
CORPORATION, as master servicer (together with its permitted successors and
assigns, the "Master Servicer"), and THE FIRST NATIONAL BANK OF CHICAGO, a
national banking association, as trustee (together with its permitted successors
and assigns, the "Trustee"),
PRELIMINARY STATEMENT:
The Company intends to sell mortgage pass-through certificates
(collectively, the "Certificates"), to be issued hereunder in twelve classes,
which in the aggregate will evidence the entire beneficial ownership interest in
the Mortgage Loans (as defined herein).
REMIC I
As provided herein, the REMIC Administrator will make an election to
treat the segregated pool of assets consisting of the Group I Loans and certain
other related assets subject to this Agreement as a real estate mortgage
investment conduit (a "REMIC") for federal income tax purposes, and such
segregated pool of assets will be designated as "REMIC I." The 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.
<TABLE>
<CAPTION>
REMIC I Initial Uncertificated Latest Possible
Designation Remittance Rate Balance Maturity Date(1)
<S> <C> <C> <C> <C>
I-LT1-I Variable(2) $125,516,298.69 July 25, 2029
I-LT2-I Variable(2) $ 440,000.00 July 25, 2029
I-LT3-I Variable(2) $ 250,000.00 July 25, 2029
I-LT4-I Variable(2) $ 162,500.00 July 25, 2029
I-LT5-I Variable(2) $ 277,150.00 July 25, 2029
I-LT6-I Variable(2) $ 125,510.00 July 25, 2029
I-LT7-I Variable(2) $ 1,306,397.12 July 25, 2029
- -------------------
</TABLE>
(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 Group I 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.
REMIC II
As provided herein, the REMIC Administrator will make an election to
treat the segregated pool of assets consisting of the Group II Loans and certain
other related assets subject to this Agreement as a REMIC for federal income tax
purposes, and such segregated pool of assets will be
1
<PAGE>
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
(as defined herein) under federal income tax law. The following table
irrevocably sets forth the designation, the REMIC II 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 II Regular Interests. None of the REMIC II Regular Interests
will be certificated.
<TABLE>
<CAPTION>
REMIC II Initial Uncertificated Latest Possible
Designation Remittance Rate Balance Maturity Date(1)
<S> <C> <C> <C> <C> <C>
II-LT1-II Variable(2) $41,893,731.74 July 25, 2029
II-LT2-II Variable(2) $ 417,860.00 July 25, 2029
II-LT3-II Variable(2) $ 437,114.12 July 25, 2029
- -------------------
</TABLE>
(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 Group II Loan with the latest maturity date has been
designated as the "latest possible maturity date" for each REMIC II
Regular Interest.
(2) Calculated in accordance with the definition of "REMIC II Remittance Rate"
herein.
REMIC III
As provided herein, the REMIC Administrator will elect to treat the
segregated pool of assets consisting of the REMIC I Regular Interests and REMIC
II Regular Interests as a REMIC for federal income tax purposes, and such
segregated pool of assets will be designated as REMIC III. The Class R-III
Certificates will represent the sole class of "residual interests" in REMIC III
for purposes of the REMIC Provisions under federal income tax law. The following
table irrevocably sets forth the designation, remittance rate (the "REMIC III
Remittance Rate") and initial Uncertificated Balance for each of the "regular
interests" in REMIC III (the "REMIC III Regular Interests"). The "latest
possible maturity date" (determined solely for purposes of satisfying Treasury
regulation Section 1.860G-1(a)(4)(iii)) for each REMIC III Regular Interest
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. None of the REMIC III Regular
Interests will be certificated.
<TABLE>
<CAPTION>
REMIC III Initial Uncertificated Latest Possible
Designation Remittance Rate Balance Maturity Date(1)
<S> <C> <C> <C> <C> <C>
III-LT1-I Variable(2) $125,516,298.88 July 25, 2029
III-LT2-I Variable(2) 440,000.00 July 25, 2029
III-LT3-I Variable(2) 250,000.00 July 25, 2029
III-LT4-I Variable(2) 162,500.00 July 25, 2029
III-LT5-I Variable(2) 277,150.00 July 25, 2029
III-LT6-I Variable(2) 125,510.00 July 25, 2029
III-LT7-I Variable(2) 1,306,397.12 July 25, 2029
III-LT1-II Variable(2) 41,893,731.88 July 25, 2029
III-LT2-II Variable(2) 417,860.00 July 25, 2029
III-LT3-II Variable(2) 437,114.00 July 25, 2029
III-LT2-SI Variable(2) $(3) July 25, 2029
III-LT3-SI Variable(2) $(3) July 25, 2029
2
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III-LT4-SI Variable(2) $(3) July 25, 2029
III-LT5-SI Variable(2) $(3) July 25, 2029
III-LT6-SI Variable(2) $(3) July 25, 2029
III-LT2-SII Variable(2) $(3) July 25, 2029
- -------------------
</TABLE>
(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 III
Regular Interest.
(2) Calculated in accordance with the definition of "REMIC III Remittance Rate"
herein.
(3) Each of REMIC III Regular Interest III-LT2-SI, III-LT3-SI, III-LT4-SI,
III-LT5-SI, III-LT6-SI and III-LT2-SII has no Uncertificated Balance but
will accrue interest at its related REMIC III Remittance Rate on its
related Uncertificated Notional Amount.
REMIC IV
As provided herein, the REMIC Administrator will elect to treat
the segregated pool of assets consisting of the REMIC III Regular Interests as a
REMIC for federal income tax purposes, and such segregated pool of assets will
be designated as REMIC IV. The Class R-IV Certificates will represent the sole
class of "residual interests" in REMIC IV for purposes of the REMIC Provisions
under federal income tax law. The following table irrevocably sets forth the
designation, Pass-Through Rate, aggregate Initial Certificate Principal Balance,
certain features, Maturity Date and initial ratings for each Class of
Certificates comprising the interests representing "regular interests" in REMIC
IV (the "REMIC IV Regular Certificates"). The "latest possible maturity date"
(determined solely for purposes of satisfying Treasury Regulation Section
1.860G-1(a)(4)(iii)) for each Class of REMIC IV 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.
3
<PAGE>
<TABLE>
<CAPTION>
Pass- Aggregate Initial
Through Certificate Princ Features aturity Date
Designation Type Rate Balance ipal M Initial Ratings
S&P Moody's
<S> <C> <C> <C> <C> <C> <C> <C>
Class A-I-1 Senior 6.535%(1) $44,000,000Senior July 25, 2029 AAA Aaa
Class A-I-2 Senior 7.110%(1) $25,000,000Senior July 25, 2029 AAA Aaa
Class A-I-3 Senior 7.525%(1) $16,250,000Senior July 25, 2029 AAA Aaa
Class A-I-4 Senior 7.795%(1) $27,715,000Senior July 25, 2029 AAA Aaa
Class A-I-5 Senior 7.555%(1) $12,551,000Senior/LockoJuly 25, 2029 AAA Aaa
Class A-II Senior Adjustable(2) $41,786,000Senior July 25, 2029 AAA Aaa
Class SB-I SubordinateAdjustable(2) $2,561,855Subordinate July 25, 2029 N/R N/R
Class SB-IISubordinateAdjustable(2) $962,705Subordinate July 25, 2029 N/R N/R
Class R-I Residual N/A N/AResidual July 25, 2029 N/R N/R
Class R-II Residual N/A N/AResidual July 25, 2029 N/R N/R
Class R-III Residual N/A N/AResidual July 25, 2029 N/R N/R
Class R-IV Residual N/A N/AResidual July 25, 2029 N/R N/R
</TABLE>
- ------------------
(1) Subject to a cap equal to the weighted average of the Net Mortgage Rates on
the Group I Loans.
(2) Calculated in accordance with the definition of "Pass-Through Rate" herein.
(3) The Class SB Certificates will accrue interest at their variable
Pass-Through Rate on their Notional Amount outstanding from time to time
which shall equal the Uncertificated Balance of the related REMIC III
Regular Interests. The Class SB Certificates will not accrue interest on
their Certificate Principal Balance.
The Group I Loans have an aggregate Cut-off Date Principal
Balance equal to approximately $128,077,856. The Group I Loans are fixed rate,
fully amortizing and balloon payment, first lien mortgage loans having terms to
maturity at origination or modification of not more than 30 years. The Group II
Loans have an aggregate Cut-off Date Principal Balance equal to approximately
$42,748,706. The Group II Loans are adjustable rate, fully amortizing and
negatively amortizing, first lien mortgage loans having terms to maturity at
origination or modification of not more than 40 years.
In consideration of the mutual agreements herein contained, the
Company, the Master Servicer and the Trustee agree as follows:
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<PAGE>
ARTICLE I
DEFINITIONS
Section 1.01. Definitions.
Whenever used in this Agreement, the following words and phrases,
unless the context otherwise requires, shall have the meanings specified in this
Article.
Accrued Certificate Interest: With respect to each Distribution
Date and each Class of Class A-I Certificates, interest accrued during the
preceding Interest Accrual Period at the related Pass-Through Rate less interest
shortfalls from the Group I Loans, if any, allocated thereto for such
Distribution Date, to the extent not covered by Subordination, on the
Certificate Principal Balance thereof immediately prior to such Distribution
Date (or in the case of the first Distribution Date, the Cut-off Date). With
respect to each Distribution Date and the Class A-II Certificates, interest
accrued during the preceding Interest Accrual Period at the related Pass-Through
Rate less interest shortfalls from the Group II Loans, if any, allocated thereto
for such Distribution Date, to the extent not covered by Subordination, on the
Certificate Principal Balance thereof immediately prior to such Distribution
Date (or in the case of the first Distribution Date, the Cut-off Date). Accrued
Certificate Interest on the Class A-I Certificates will be reduced by (i) the
interest portion (adjusted to the Net Mortgage Rate (or the Modified Net
Mortgage Rate in the case of a Modified Mortgage Loan)) of Group I Excess Losses
with respect to the Group I Loans, to the extent allocated to the Class A-I
Certificates, (ii) the interest portion of Advances previously made with respect
to a Group I Loan or REO Property related to the Group I Loans which remained
unreimbursed following the Cash Liquidation or REO Disposition of such Mortgage
Loan or REO Property that were made with respect to delinquencies that were
ultimately determined to be Group I Excess Losses, and (iii) any other interest
shortfalls, other than Prepayment Interest Shortfalls, with respect to the Group
I Loans, including interest that is not collectible from the Mortgagor for the
related Due Period pursuant to the Relief Act or similar legislation or
regulations as in effect from time to time, with all such reductions allocated
to the Class A-I Certificates on a pro rata basis, in reduction of the Accrued
Certificate Interest which would have resulted absent such reductions. Accrued
Certificate Interest on the Class A-II Certificates will be reduced by (i) the
interest portion (adjusted to the Net Mortgage Rate (or the Modified Net
Mortgage Rate in the case of a Modified Mortgage Loan)) of Group II Excess
Losses with respect to the Group II Loans, to the extent allocated to the Class
A-II Certificates, (ii) the interest portion of Advances previously made with
respect to a Group II Loan or REO Property related to the Group II Loans which
remained unreimbursed following the Cash Liquidation or REO Disposition of such
Mortgage Loan or REO Property that were made with respect to delinquencies that
were ultimately determined to be Group II Excess Losses, (iii) Deferred Interest
with respect to the Group II Loans, to the extent allocated to Accrued
Certificate Interest pursuant to Section 4.02(k), and (iv) any other interest
shortfalls, other than Prepayment Interest Shortfalls, with respect to the Group
II Loans, including interest that is not collectible from the Mortgagor for the
related Due Period pursuant to the Relief Act or similar legislation or
regulations as in effect from time to time, with all such reductions allocated
to the Class A-II Certificates, in reduction of the Accrued Certificate Interest
which would have resulted absent such reductions. With respect to each
Distribution Date and the Class SB Certificates, interest accrued during the
related
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<PAGE>
Interest Accrual Period at the Pass-Through Rate for such Certificate for such
Distribution Date on the related Notional Amount as specified in the definition
of Pass-Through Rate, immediately prior to such Distribution Date in each case
reduced by any interest shortfalls with respect to the related Loan Group
including Prepayment Interest Shortfalls to the extent not covered by
Compensating Interest pursuant to Section 3.16 or by Group I Excess Cash Flow
and Group II Excess Cash Flow. In addition, Accrued Certificate Interest with
respect to each Distribution Date, as to any Class SB-I Certificate, shall be
reduced by an amount equal to the interest portion of Realized Losses allocated
to the Group I Overcollateralization Amount pursuant to Section 4.05 hereof. In
addition, Accrued Certificate Interest with respect to each Distribution Date,
as to any Class SB-II Certificate, shall be reduced by an amount equal to the
interest portion of Realized Losses allocated to the Group II
Overcollateralization Amount pursuant to Section 4.05 hereof. Accrued
Certificate Interest on the Class SB Certificates shall accrue on the basis of a
360 day year consisting of twelve 30 day months.
Adjusted Mortgage Rate: With respect to any Mortgage Loan and any
date of determination, the Mortgage Rate borne by the related Mortgage Note,
less the rate at which the related Subservicing Fee accrues.
Adjustment Date: As to each Group II Loan, each date set forth in
the related Mortgage Note on which an adjustment to the interest rate on such
Mortgage Loan becomes effective.
Advance: As to any Mortgage Loan, any advance made by the Master Servicer,
pursuant to Section 4.04.
Affiliate: With respect to any Person, any other Person
controlling, controlled by or under common control with such first Person. For
the purposes of this definition, "control" means the power to direct the
management and policies of such Person, directly or indirectly, whether through
the ownership of voting securities, by contract or otherwise; and the terms
"controlling" and "controlled" have meanings correlative to the foregoing.
Agreement: This Pooling and Servicing Agreement and all amendments hereof
and supplements hereto.
Amount Held for Future Distribution: As to any Distribution Date
and as determined separately for Loan Group I and Loan Group II, the total of
the amounts held in the Custodial Account at the close of business on the
preceding Determination Date on account of (i) Liquidation Proceeds, Insurance
Proceeds, Principal Prepayments, Mortgage Loan purchases made pursuant to
Section 2.02, 2.03, 2.04 or 4.07 and Mortgage Loan substitutions made pursuant
to Section 2.03 or 2.04 received or made in the month of such Distribution Date
(other than such Liquidation Proceeds, Insurance Proceeds and purchases of
Mortgage Loans that the Master Servicer has deemed to have been received in the
preceding month in accordance with Section 3.07(b)) and (ii) payments which
represent early receipt of scheduled payments of principal and interest due on a
date or dates subsequent to the Due Date in the related Due Period.
Appraised Value: As to any Mortgaged Property, one of the following: (i)
the lesser of (a) the appraised value of such Mortgaged Property based upon the
appraisal made at the time of
6
<PAGE>
the origination of the related Mortgage Loan, and (b) the sales price of the
Mortgaged Property at such time of origination, (ii) in the case of a Mortgaged
Property securing a refinanced or modified Mortgage Loan, one of (1) the
appraised value based upon the appraisal made at the time of origination of the
loan which was refinanced or modified, (2) the appraised value determined in an
appraisal made at the time of refinancing or modification or (3) the sales price
of the Mortgaged Property, or (iii) with respect to the Mortgage Loans for which
a broker's price opinion was obtained, the value contained in such opinion.
Arrearage: With respect to each Mortgage Loans subject to a
repayment plan, the amount of previously delinquent payments and any servicing
advances or other items owed by the related Mortgagor that were capitalized
under the related plan and which are not included in the Cutoff Date Balance of
such Mortgage Loan as indicated in the Mortgage Loan Schedule.
Assignment: An assignment of the Mortgage, notice of transfer or
equivalent instrument, in recordable form, sufficient under the laws of the
jurisdiction wherein the related Mortgaged Property is located to reflect of
record the sale of the Mortgage Loan to the Trustee for the benefit of
Certificateholders, which assignment, notice of transfer or equivalent
instrument may be in the form of one or more blanket assignments covering
Mortgages secured by Mortgaged Properties located in the same county, if
permitted by law and accompanied by an Opinion of Counsel to that effect.
Assignment Agreement: The Assignment and Assumption Agreement,
dated June 30, 1999, between Residential Funding and the Company relating to the
transfer and assignment of the Mortgage Loans.
Assignment of Proprietary Lease: With respect to a Cooperative
Loan, the assignment of the related Cooperative Lease from the Mortgagor to the
originator of the Cooperative Loan.
Balloon Loan: Each of the Mortgage Loans having an original term to
maturity that is shorter than the related amortization term.
Balloon Payment: With respect to any Balloon Loan, the related Monthly
Payment payable on the stated maturity date of such Balloon Loan.
Bankruptcy Code: The Bankruptcy Code of 1978, as amended.
Bankruptcy Loss: With respect to any Mortgage Loan, a Deficient
Valuation or Debt Service Reduction; provided, however, that neither a Deficient
Valuation nor a Debt Service Reduction shall be deemed a Bankruptcy Loss
hereunder so long as the Master Servicer has notified the Trustee and the
Insurer in writing that the Master Servicer is diligently pursuing any remedies
that may exist in connection with the representations and warranties made
regarding the related Mortgage Loan and either (A) the related Mortgage Loan is
not in default with regard to payments due thereunder or (B) delinquent payments
of principal and interest under the related Mortgage Loan and any premiums on
any applicable primary hazard insurance policies and any related escrow
7
<PAGE>
payments in respect of such Mortgage Loan are being advanced on a current basis
by the Master Servicer or a Subservicer, in either case without giving effect to
any Debt Service Reduction.
Basis Risk Shortfall: With respect to any Distribution Date for
which the Pass-Through Rate for the Class A-II Certificates is based on clause
(ii) of the definition thereof, the excess, if any, of (x) Accrued Certificate
Interest on the Class A-II Certificates for such Distribution Date using the
lesser of (a) clause (i) of the definition of Pass-Through Rate for the Class
A-II Certificates and (b) the Basis Risk Shortfall Available Funds Cap Rate over
(y) Accrued Certificate Interest on the Class A-II Certificates for such
Distribution Date at the then-applicable Pass-Through Rate.
Basis Risk Shortfall Available Funds Cap Rate: With respect to
the Group II Loans and any Distribution Date, the rate equal to the weighted
average of the Maximum Net Mortgage Rates for the Group II Loans that are
Outstanding Mortgage Loans and the Certificate Insurer Premium Rate.
Basis Risk Shortfall Carry-Forward Amount: With respect to each
Distribution Date, the aggregate amount of Basis Risk Shortfall on such
Distribution Date, plus any unpaid Basis Risk Shortfall from prior Distribution
Dates, plus accrued interest on any unpaid Basis Risk Shortfall from the
Distribution Date when incurred to the Distribution Date when paid at a rate
equal to LIBOR plus the Class A-II Margin for such Distribution Date.
Book-Entry Certificate: Any Certificate registered in the name of the
Depository or its nominee.
Business Day: Any day other than (i) a Saturday or a Sunday or
(ii) a day on which banking institutions in the State of New York, the State of
Michigan, the State of California or the State of Illinois (and such other state
or states in which the Custodial Account or the Certificate Account are at the
time located) are required or authorized by law or executive order to be closed.
Cash Liquidation: As to any defaulted Mortgage Loan other than a
Mortgage Loan as to which an REO Acquisition occurred, a determination by the
Master Servicer that it has received all Insurance Proceeds, Liquidation
Proceeds and other payments or cash recoveries which the Master Servicer
reasonably and in good faith expects to be finally recoverable with respect to
such Mortgage Loan.
Certificate: Any Class A Certificate, Class SB Certificate or Class R
Certificate.
Certificate Account: The account or accounts created and
maintained pursuant to Section 4.01, which shall be entitled "The First National
Bank of Chicago, as trustee, in trust for the registered holders of Residential
Asset Securities Corporation, Mortgage Asset-Backed Pass-Through Certificates,
Series 1999-RS2" and which must be an Eligible Account. Any such account or
accounts created and maintained subsequent to the Closing Date shall be subject
to the approval of the Insurer, which approval shall not be unreasonably
withheld.
8
<PAGE>
Certificate Account Deposit Date: As to any Distribution Date, the Business
Day prior thereto.
Certificateholder or Holder: The Person in whose name a
Certificate is registered in the Certificate Register, except that neither a
Disqualified Organization nor a Non-United States Person shall be a holder of a
Class R Certificate for any purpose hereof. Solely for the purpose of giving any
consent or direction pursuant to this Agreement, any Certificate, other than a
Class R Certificate, registered in the name of the Company, the Master Servicer
or any Subservicer or any Affiliate thereof shall be deemed not to be
outstanding and the Percentage Interest or Voting Rights evidenced thereby shall
not be taken into account in determining whether the requisite amount of
Percentage Interests or Voting Rights necessary to effect any such consent or
direction has been obtained. All references herein to "Holders" or
"Certificateholders" shall reflect the rights of Certificate Owners as they may
indirectly exercise such rights through the Depository and participating members
thereof, except as otherwise specified herein; provided, however, that the
Trustee shall be required to recognize as a "Holder" or "Certificateholder" only
the Person in whose name a Certificate is registered in the Certificate
Register. Unless otherwise indicated in this Agreement, the Custodial Agreement
or the Assignment Agreement, whenever reference is made to the actions taken by
the Trustee on behalf of the Certificateholders, such reference shall include
the Insurer as long as there is no Insurer Default continuing.
Certificate Insurer Premium: The premium payable to the Insurer
on each Distribution Date in an amount equal to one-twelfth of the product of
the Certificate Insurer Premium Rate and the Certificate Principal Balance of
the Class A Certificates immediately prior to such Distribution Date.
Certificate Insurer Premium Rate: With respect to the Mortgage
Loans and any date of determination, the per annum rate specified in the
Insurance Agreement for the purpose of calculating the Certificate Insurer
Premium.
Certificate Owner: With respect to a Book-Entry Certificate, the
Person who is the beneficial owner of such Certificate, as reflected on the
books of an indirect participating brokerage firm for which a Depository
Participant acts as agent, if any, and otherwise on the books of a Depository
Participant, if any, and otherwise on the books of the Depository.
Certificate Principal Balance: With respect to any Class A
Certificate, on any date of determination, an amount equal to (i) the Initial
Certificate Principal Balance of such Certificate as specified on the face
thereof, plus (ii) with respect to the Class A-II Certificates only, the
Deferred Interest, if any, allocated thereto for each Distribution Date prior to
or coinciding with such date of determination in accordance with Section
4.02(k), minus (iii) the sum of (x) the aggregate of all amounts previously
distributed with respect to such Certificate (or any predecessor Certificate)
(including such amounts paid pursuant to the Policy) and applied to reduce the
Certificate Principal Balance or amount thereof pursuant to Section 4.02(d) or
(e) and (y) the aggregate of all reductions in Certificate Principal Balance
deemed to have occurred in connection with Realized Losses which were previously
allocated to such Certificate (or any predecessor Certificate) pursuant to
Section 4.05 (other than any such amounts included in an Insured Amount and paid
pursuant to the Policy). With respect to each Class SB-I Certificate, on any
date of determination, an amount equal to the
9
<PAGE>
Percentage Interest evidenced by such Certificate times the excess, if any, of
(A) the then aggregate Stated Principal Balance of the Group I Loans over (B)
the then aggregate Certificate Principal Balance of all Class A-I Certificates
then outstanding. With respect to each Class SB-II Certificate, on any date of
determination, an amount equal to the Percentage Interest evidenced by such
Certificate times the excess, if any, of (A) the then aggregate Stated Principal
Balance of the Group II Loans over (B) the then aggregate Certificate Principal
Balance of all Class A-II Certificates then outstanding.
Certificate Register and Certificate Registrar: The register maintained and
the registrar appointed pursuant to Section 5.02.
Class: Collectively, all of the Certificates or uncertificated interests
bearing the same designation.
Class A Certificates: Any one of the Class A-I-1, Class A-I-2,
Class A-I-3, Class A-I- 4, Class A-I-5 or Class A-II Certificates.
Class A Unpaid Interest Shortfall: The Class A-I Unpaid Interest Shortfall
or Class A-II Unpaid Interest Shortfall, as applicable.
Class A-I Certificate: Any one of the Class A-I-1, Class A-I-2,
Class A-I-3, Class A- I-4 or Class A-I-5 Certificates.
Class A-I Unpaid Interest Shortfall: With respect to any
Distribution Date and the Class A-I Certificates, the amount of any Prepayment
Interest Shortfalls with respect to Loan Group I for such Distribution Date, to
the extent not offset by Compensating Interest, Group I Excess Cash Flow
pursuant to Section 4.02(d)(ix) or Group II Excess Cash Flow pursuant to Section
4.02(e)(x).
Class A-I-1 Certificate: Any one of the Class A-I-1 Certificates
executed by the Trustee and authenticated by the Certificate Registrar
substantially in the form annexed hereto as Exhibit A, senior to the Class SB-I
Certificates and Class R Certificates with respect to distributions and the
allocation of Realized Losses in respect of Loan Group I as set forth in Section
4.05, and evidencing an interest designated as a "regular interest" in REMIC IV
for purposes of the REMIC Provisions.
Class A-I-2 Certificate: Any one of the Class A-I-2 Certificates
executed by the Trustee and authenticated by the Certificate Registrar
substantially in the form annexed hereto as Exhibit A, senior to the Class SB-I
Certificates and Class R Certificates with respect to distributions and the
allocation of Realized Losses in respect of Loan Group I as set forth in Section
4.05, and evidencing an interest designated as a "regular interest" in REMIC IV
for purposes of the REMIC Provisions.
Class A-I-3 Certificate: Any one of the Class A-I-3 Certificates
executed by the Trustee and authenticated by the Certificate Registrar
substantially in the form annexed hereto as Exhibit A, senior to the Class SB-I
Certificates and Class R Certificates with respect to distributions and the
allocation of Realized Losses in respect of Loan Group I as set forth in Section
4.05, and
10
<PAGE>
evidencing an interest designated as a "regular interest" in REMIC IV for
purposes of the REMIC Provisions.
Class A-I-4 Certificate: Any one of the Class A-I-4 Certificates
executed by the Trustee and authenticated by the Certificate Registrar
substantially in the form annexed hereto as Exhibit A, senior to the Class SB-I
Certificates and Class R Certificates with respect to distributions and the
allocation of Realized Losses in respect of Loan Group I as set forth in Section
4.05, and evidencing an interest designated as a "regular interest" in REMIC IV
for purposes of the REMIC Provisions.
Class A-I-5 Certificate: Any one of the Class A-I-5 Certificates
executed by the Trustee and authenticated by the Certificate Registrar
substantially in the form annexed hereto as Exhibit A, senior to the Class SB-I
Certificates and Class R Certificates with respect to distributions and the
allocation of Realized Losses in respect of Loan Group I as set forth in Section
4.05, and evidencing an interest designated as a "regular interest" in REMIC IV
for purposes of the REMIC Provisions.
Class A-II Certificate: Any one of the Class A-II Certificates
executed by the Trustee and authenticated by the Certificate Registrar
substantially in the form annexed hereto as Exhibit A, senior to the Class SB-II
Certificates and Class R Certificates with respect to distributions and the
allocation of Realized Losses in respect of Loan Group II as set forth in
Section 4.05, and evidencing an interest designated as a "regular interest" in
REMIC IV for purposes of the REMIC Provisions.
Class A-II Margin: On any Distribution Date on or prior to the
Group II Optional Termination Date, 0.35% per annum, and on any date thereafter,
0.70% per annum.
Class A-II Unpaid Interest Shortfall: With respect to any
Distribution Date and the Class A-II Certificates, the sum of (i) the amount of
any Prepayment Interest Shortfalls with respect to Loan Group II for such
Distribution Date, to the extent not offset by Compensating Interest or Group II
Excess Cash Flow pursuant to Section 4.02(e)(ix) or Group I Excess Cash Flow
pursuant to Section 4.02(d)(x) and (ii) any Basis Risk Shortfall for such
Distribution Date.
Class R Certificate: Any one of the Class R-I, Class R-II, Class R-III or
Class R-IV Certificates.
Class R-I Certificate: Any one of the Class R-I Certificates
executed by the Trustee and authenticated by the Certificate Registrar
substantially in the form annexed hereto as Exhibit D and evidencing an interest
designated as a "residual interest" in REMIC I for purposes of the REMIC
Provisions.
Class R-II Certificate: Any one of the Class R-II Certificates
executed by the Trustee and authenticated by the Certificate Registrar
substantially in the form annexed hereto as Exhibit D and evidencing an interest
designated as a "residual interest" in REMIC II for purposes of the REMIC
Provisions.
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<PAGE>
Class R-III Certificate: Any one of the Class R-III Certificates
executed by the Trustee and authenticated by the Certificate Registrar
substantially in the form annexed hereto as Exhibit D and evidencing an interest
designated as a "residual interest" in REMIC III for purposes of the REMIC
Provisions.
Class R-IV Certificate: Any one of the Class R-IV Certificates
executed by the Trustee and authenticated by the Certificate Registrar
substantially in the form annexed hereto as Exhibit D and evidencing an interest
designated as a "residual interest" in REMIC IV for purposes of the REMIC
Provisions.
Class SB Certificates: Any one of the Class SB-I and Class SB-II
Certificates.
Class SB-I Certificate: Any one of the Class SB-I Certificates
executed by the Trustee and authenticated by the Certificate Registrar
substantially in the form annexed hereto as Exhibit B, subordinate to the Class
A-I Certificates with respect to distributions and the allocation of Realized
Losses in respect of Loan Group I as set forth in Section 4.05, and evidencing
an interest designated as a "regular interest" in REMIC IV for purposes of the
REMIC Provisions.
Class SB-II Certificate: Any one of the Class SB-II Certificates
executed by the Trustee and authenticated by the Certificate Registrar
substantially in the form annexed hereto as Exhibit B, subordinate to the Class
A-II Certificates with respect to distributions and the allocation of Realized
Losses in respect of Loan Group II as set forth in Section 4.05, and evidencing
an interest designated as a "regular interest" in REMIC IV for purposes of the
REMIC Provisions.
Closing Date: June 30, 1999.
Code: The Internal Revenue Code of 1986.
Compensating Interest: With respect to any Distribution Date and
each Loan Group, an amount equal to Prepayment Interest Shortfalls resulting
from Principal Prepayments in Full or Curtailments during the related Prepayment
Period, but not more than the lesser of (a) one-twelfth of 0.125% of the Stated
Principal Balance of the Mortgage Loans immediately preceding such Distribution
Date and (b) the sum of the Servicing Fee, all income and gain on amounts held
in the Custodial Account and the Certificate Account and payable to the
Certificateholders with respect to such Distribution Date and servicing
compensation to which the Master Servicer may be entitled pursuant to Section
3.10(a)(v) and (vi), in each case with respect to the related Loan Group;
provided that for purposes of this definition the amount of the Servicing Fee
will not be reduced pursuant to Section 7.02 except as may be required pursuant
to the last sentence of such Section.
Converted Mortgage Loan: Any Group II Loan for which the related Mortgage
Rate has converted from an adjustable rate to a fixed rate.
Cooperative: A private, cooperative housing corporation organized
under the laws of, and headquartered in, the State of New York which owns or
leases land and all or part of a building or buildings located in the State of
New York, including apartments, spaces used for
12
<PAGE>
commercial purposes and common areas therein and whose board of directors
authorizes, among other things, the sale of Cooperative Stock.
Cooperative Apartment: A dwelling unit in a multi-dwelling
building owned or leased by a Cooperative, which unit the Mortgagor has an
exclusive right to occupy pursuant to the terms of a proprietary lease or
occupancy agreement.
Cooperative Lease: With respect to a Cooperative Loan, the
proprietary lease or occupancy agreement with respect to the Cooperative
Apartment occupied by the Mortgagor and relating to the related Cooperative
Stock, which lease or agreement confers an exclusive right to the holder of such
Cooperative Stock to occupy such apartment.
Cooperative Loans: Any of the Mortgage Loans made in respect of a
Cooperative Apartment, evidenced by a Mortgage Note and secured by (i) a
Security Agreement, (ii) the related Cooperative Stock Certificate, (iii) an
assignment of the Cooperative Lease, (iv) financing statements and (v) a stock
power (or other similar instrument), and ancillary thereto, a recognition
agreement between the Cooperative and the originator of the Cooperative Loan,
each of which was transferred and assigned to the Trustee pursuant to Section
2.01 and are from time to time held as part of the Trust Fund.
Cooperative Stock: With respect to a Cooperative Loan, the single
outstanding class of stock, partnership interest or other ownership instrument
in the related Cooperative.
Cooperative Stock Certificate: With respect to a Cooperative Loan, the
stock certificate or other instrument evidencing the related Cooperative Stock.
Corporate Trust Office: The principal office of the Trustee at
which at any particular time its corporate trust business with respect to this
Agreement shall be administered, which office at the date of the execution of
this instrument is located at One First National Plaza, Suite 0126, Chicago,
Illinois 60670-0126, Attention: Residential Funding Corporation Series 1999-RS2.
Curtailment: Any Principal Prepayment made by a Mortgagor which is not a
Principal Prepayment in Full.
Custodial Account: The custodial account or accounts created and
maintained pursuant to Section 3.07 in the name of a depository institution, as
custodian for the holders of the Certificates and for the Insurer, for the
holders of certain other interests in mortgage loans serviced or sold by the
Master Servicer and for the Master Servicer, into which the amounts set forth in
Section 3.07 shall be deposited directly. Any such account or accounts shall be
an Eligible Account.
Custodial Agreement: An agreement that may be entered into among
the Company, the Master Servicer, the Trustee and a Custodian in substantially
the form of Exhibit E hereto.
Custodian: A custodian appointed pursuant to a Custodial Agreement and
reasonably acceptable to the Insurer.
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Cut-off Date: June 1, 1999.
Cut-off Date Principal Balance: As to any Mortgage Loan, the
unpaid principal balance thereof at the Cut-off Date (other any portion of the
principal balance representing an Arrearage) after giving effect to all
installments of principal due on or prior thereto (or due during the month of
June 1999), whether or not received.
Debt Service Reduction: With respect to any Mortgage Loan, a
reduction in the scheduled Monthly Payment for such Mortgage Loan by a court of
competent jurisdiction in a proceeding under the Bankruptcy Code, except such a
reduction constituting a Deficient Valuation or any reduction that results in a
permanent forgiveness of principal.
Deferred Interest: With respect to any Neg Am Loan, as of any Due
Date, the amount, if any, by which the Mortgage Loan Accrued Interest for such
Due Date exceeds the Monthly Payment for such Due Date and which amount,
pursuant to the terms of the Mortgage Note, is added to the principal balance of
the Mortgage Loan.
Deficiency Amount: With respect to the Class A Certificates as of
any Distribution Date, (i) any shortfall in amounts available in the Certificate
Account to pay Accrued Certificate Interest for the related Interest Accrual
Period on the Certificate Principal Balance of such Class A Certificates at the
then-applicable Pass-Through Rate, net of any interest shortfalls relating to
Deferred Interest, the Relief Act and any Prepayment Interest Shortfalls
allocated to such Class A Certificates, (ii) the principal portion of any
Realized Losses allocated to such Class A Certificates with respect to such
Distribution Date and (iii) the Certificate Principal Balance of such Class A
Certificates to the extent unpaid on the Final Distribution Date or earlier
termination of the Trust Fund pursuant to Section 9.01(a) hereof. The Deficiency
Amount does not include any Basis Risk Shortfalls.
Deficient Valuation: With respect to any Mortgage Loan, a
valuation by a court of competent jurisdiction of the Mortgaged Property in an
amount less than the then outstanding indebtedness under the Mortgage Loan, or
any reduction in the amount of principal to be paid in connection with any
scheduled Monthly Payment that constitutes a permanent forgiveness of principal,
which valuation or reduction results from a proceeding under the Bankruptcy
Code.
Definitive Certificate: Any definitive, fully registered Certificate.
Deleted Mortgage Loan: A Mortgage Loan replaced or to be replaced with a
Qualified Substitute Mortgage Loan.
Delinquency Ratio: With respect to the Mortgage Loans and any
Distribution Date, the percentage equivalent of a fraction (a) the numerator of
which equals the sum of (i) 100% of the aggregate Stated Principal Balance of
all Mortgage Loans that are 90 or more days Delinquent, 75% of the aggregate
Stated Principal Balance of all Mortgage Loans that are in foreclosure and (iii)
100% of the aggregate Stated Principal Balance of all Mortgage Loans that are
converted to REO Properties, in each case as of the last day of the related Due
Period and (b) the denominator of which
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is the aggregate Stated Principal Balance of the Mortgage Loans as of the last
day of such Due Period.
Delinquent: As used herein, a Mortgage Loan is considered to be:
"30 to 59 days" or "30 or more days" delinquent when a payment due on any
scheduled due date remains unpaid as of the close of business on the next
following monthly scheduled due date; "60 to 89 days" or "60 or more days"
delinquent when a payment due on any scheduled due date remains unpaid as of the
close of business on the second following monthly scheduled due date; and so on.
The determination as to whether a Mortgage Loan falls into these categories is
made as of the close of business on the last business day of each month. For
example, a Mortgage Loan with a payment due on September 1 that remained unpaid
as of the close of business on October 31 would then be considered to be 30 to
59 days delinquent. Delinquency information as of the Cut-off Date is determined
and prepared as of the close of business on the last business day immediately
prior to the Cut-off Date. As used hereunder, a Mortgage Loan that is a
Re-Performing Loan is not Delinquent so long as that Mortgage Loan is making
timely payments under the related repayment plan, bankruptcy plan or
modification agreement, and the length of delinquency of any such Mortgage Loan
at any time for purposes of this Agreement shall be as of the time such Mortgage
Loan became delinquent with respect to the related plan or agreement, and only
with respect to the related Monthly Payment.
Depository: The Depository Trust Company, or any successor
Depository hereafter named. The nominee of the initial Depository for purposes
of registering those Certificates that are to be Book-Entry Certificates is Cede
& Co. The Depository shall at all times be a "clearing corporation" as defined
in Section 8-102(3) of the Uniform Commercial Code of the State of New York and
a "clearing agency" registered pursuant to the provisions of Section 17A of the
Securities Exchange Act of 1934, as amended.
Depository Participant: A broker, dealer, bank or other financial
institution or other Person for whom from time to time a Depository effects
book-entry transfers and pledges of securities deposited with the Depository.
Designated Subservicer: Either HomeComings, Cenlar Federal
Savings Bank or GMAC Mortgage Corporation, in each case as Subservicer of
certain of the Mortgage Loans as of the Closing Date.
Destroyed Mortgage Note: A Mortgage Note the original of which was
permanently lost or destroyed and has not been replaced.
Determination Date: With respect to any Distribution Date, the
20th day (or if such 20th day is not a Business Day, the Business Day
immediately following such 20th day) of the month of the related Distribution
Date.
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
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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) and (iv) rural electric and telephone
cooperatives described in Section 1381(a)(2)(C) of the Code. A Disqualified
Organization also includes any "electing large partnership," as defined in
Section 775(a) of the Code and any other Person so designated by the Trustee
based upon an Opinion of Counsel that the holding of an Ownership Interest in a
Class R Certificate by such Person may cause the REMIC or any Person having an
Ownership Interest in any Class of Certificates (other than such Person) to
incur a liability for any federal tax imposed under the Code that would not
otherwise be imposed but for the Transfer of an Ownership Interest in a Class R
Certificate to such Person. The terms "United States", "State" and
"international organization" shall have the meanings set forth in Section 7701
of the Code or successor provisions.
Distribution Date: The 25th day of any month beginning in the
month immediately following the month of the initial issuance of the
Certificates or, if such 25th day is not a Business Day, the Business Day
immediately following such 25th day.
Due Date: With respect to each Mortgage Loan, the date on which the monthly
payment is due.
Due Period: With respect to any Distribution Date, the calendar month of
such Distribution Date.
Eligible Account: An account that is any of the following: (i)
maintained with a depository institution the debt obligations of which have been
rated by each Rating Agency in its highest rating available, or (ii) an account
or accounts in a depository institution in which such accounts are fully insured
to the limits established by the FDIC, provided that any deposits not so insured
shall, to the extent acceptable to each Rating Agency, as evidenced in writing,
be maintained such that (as evidenced by an Opinion of Counsel delivered to the
Trustee and each Rating Agency) the registered Holders of Certificates have a
claim with respect to the funds in such account or a perfected first security
interest against any collateral (which shall be limited to Permitted
Investments) securing such funds that is superior to claims of any other
depositors or creditors of the depository institution with which such account is
maintained, or (iii) in the case of the Custodial Account, either (A) a trust
account or accounts maintained in the corporate trust department of The First
National Bank of Chicago, or (B) an account or accounts maintained in the
corporate asset services department of The First National Bank of Chicago as
long as its short term debt obligations are rated P-1 (or the equivalent) or
better by each Rating Agency, and its long term debt obligations are rated A2
(or the equivalent) or better, by each Rating Agency, or (iv) in the case of the
Certificate Account, a trust account or accounts maintained in the corporate
trust division of The First National Bank of Chicago, or (v) an account or
accounts of a depository institution acceptable to each Rating Agency (as
evidenced in writing by each Rating Agency that use of any such account as the
Custodial Account or the Certificate Account will not reduce the rating assigned
to any Class of Certificates by such Rating Agency below the lower of the
then-current rating or the rating assigned to such Certificates as of the
Closing Date by such Rating Agency).
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ERISA: The Employee Retirement Income Security Act of 1974, as amended.
Event of Default: As defined in Section 7.01.
Excess Realized Loss: Any Realized Loss on a Mortgage Loan, other
than a Group I Excess Fraud Loss, Group I Excess Special Hazard Loss, Group I
Excess Bankruptcy Loss, Group I Extraordinary Loss, Group II Excess Fraud Loss,
Group II Excess Special Hazard Loss, Group II Excess Bankruptcy Loss or Group II
Extraordinary Loss, to the extent that the amount of such Realized Loss, plus
the aggregate amount of such Realized Losses on all of the Mortgage Loans since
the Cut-off Date, is in excess of $12,811,992.00.
Extraordinary Events: Any of the following conditions with
respect to a Mortgaged Property or Mortgage Loan causing or resulting in a loss
which causes the liquidation of such Mortgage Loan:
(a) losses that are of the type that would be covered by the
fidelity bond and the errors and omissions insurance policy required to
be maintained pursuant to Section 3.12(b) but are in excess of the
coverage maintained thereunder;
(b) nuclear reaction or nuclear radiation or radioactive
contamination, all whether controlled or uncontrolled, and whether such
loss be direct or indirect, proximate or remote or be in whole or in
part caused by, contributed to or aggravated by a peril covered by the
definition of the term "Special Hazard Loss";
(c) hostile or warlike action in time of peace or war, including
action in hindering, combatting or defending against an actual,
impending or expected attack;
1. by any government or sovereign power, de jure or de
facto, or by any authority maintaining or using military, naval
or air forces; or
2. by military, naval or air forces; or
3. by an agent of any such government, power, authority or
forces;
4. any weapon of war employing atomic fission or
radioactive force whether in time of peace or war; or
5. insurrection, rebellion, revolution, civil war, usurped
power or action taken by governmental authority in hindering,
combatting or defending against such an occurrence, seizure or
destruction under quarantine or customs regulations, confiscation
by order of any government or public authority; or risks of
contraband or illegal transportation or trade.
FASIT: A "financial asset securitization investment trust" within the
meaning of Section 860L of the Code.
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FDIC: Federal Deposit Insurance Corporation or any successor thereto.
FHLMC: Federal Home Loan Mortgage Corporation, a corporate
instrumentality of the United States created and existing under Title III of the
Emergency Home Finance Act of 1970, as amended, or any successor thereto.
Final Distribution Date: The Distribution Date on which the final
distribution in respect of the Certificates will be made pursuant to Section
9.01, which Final Distribution Date shall in no event be later than the end of
the 90-day liquidation period described in Section 9.02.
FNMA: Federal National Mortgage Association, a federally
chartered and privately owned corporation organized and existing under the
Federal National Mortgage Association Charter Act, or any successor thereto.
Foreclosure Profits: As to any Distribution Date or related
Determination Date and any Mortgage Loan, the excess, if any, of Liquidation
Proceeds, Insurance Proceeds and REO Proceeds (net of all amounts reimbursable
therefrom pursuant to Section 3.10(a)(ii)) in respect of each Mortgage Loan or
REO Property for which a Cash Liquidation or REO Disposition occurred in the
related Prepayment Period over the sum of the unpaid principal balance of such
Mortgage Loan or REO Property (determined, in the case of an REO Disposition, in
accordance with Section 3.14) plus accrued and unpaid interest at the Mortgage
Rate on such unpaid principal balance from the Due Date to which interest was
last paid by the Mortgagor to the first day of the month following the month in
which such Cash Liquidation or REO Disposition occurred.
Foreclosure Restricted Loan: A Mortgage Loan which was between 60
and 89 days delinquent as of the Cut-off Date, was subject to a trial
modification plan as of the Cut-off Date, or is a Servicer Bailee Loan, as
indicated on Exhibit S; provided, that such Mortgage Loan will no longer be a
Foreclosure Restricted Loan: (i) if such Mortgage Loan was between 60 and 89
days delinquent as of the Cut-off Date, it becomes current for three consecutive
Monthly Payments after the Cut-off Date, (ii) if such Mortgage Loan was subject
to a trial modification plan, the Mortgagor makes all Monthly Payments required
during the trial period and is current for three consecutive Monthly Payments
thereafter or (iii) if such Mortgage is a Servicer Bailee Loan, it becomes
current for three consecutive Monthly Payments after the Cut-off Date or the
original Mortgage File is returned to the Trustee.
Fraud Losses: Losses on Mortgage Loans as to which there was fraud in the
origination of such Mortgage Loan.
Gross Margin: As to each Group II Loan, the fixed percentage set
forth in the related Mortgage Note and indicated in Exhibit F-2 hereto as the
"NOTE MARGIN," which percentage is added to the related Index on each Adjustment
Date to determine (subject to rounding in accordance with the related Mortgage
Note, the Periodic Cap, the Maximum Mortgage Rate and the Minimum Mortgage Rate)
the interest rate to be borne by such Mortgage Loan until the next Adjustment
Date.
Group I Available Distribution Amount: As to any Distribution Date, an
amount equal to (a) the sum of (i) the amount relating to the Group I Loans on
deposit in the Custodial
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Account as of the close of business on the immediately preceding Determination
Date and amounts deposited in the Custodial Account in connection with the
substitution of Qualified Substitute Mortgage Loans that are Group I Loans, (ii)
the amount of any Advance made on the immediately preceding Certificate Account
Deposit Date with respect to the Group I Loans, (iii) any amount deposited in
the Certificate Account on the related Certificate Account Deposit Date pursuant
to the second paragraph of Section 3.12(a) in respect of the Group I Loans, (iv)
any amount that the Master Servicer is not permitted to withdraw from the
Custodial Account pursuant to Section 3.16(e) in respect of the Group I Loans
and (v) any amount deposited in the Certificate Account pursuant to Section 4.07
or 9.01 in respect of the Group I Loans, reduced by (b) the sum as of the close
of business on the immediately preceding Determination Date of (w) aggregate
Foreclosure Profits with respect to the Group I Loans, (x) the Amount Held for
Future Distribution with respect to the Group I Loans, (y) amounts permitted to
be withdrawn by the Master Servicer from the Custodial Account in respect of the
Group I Loans pursuant to clauses (ii)-(x), inclusive, of Section 3.10(a) and
(z) the Certificate Insurer Premium payable with respect to the Class A-I
Certificates on such Distribution Date.
Group II Available Distribution Amount: As to any Distribution
Date, an amount equal to (a) the sum of (i) the amount relating to the Group II
Loans on deposit in the Custodial Account as of the close of business on the
immediately preceding Determination Date and amounts deposited in the Custodial
Account in connection with the substitution of Qualified Substitute Mortgage
Loans that are Group II Loans, (ii) the amount of any Advance made on the
immediately preceding Certificate Account Deposit Date with respect to the Group
II Loans, (iii) any amount deposited in the Certificate Account on the related
Certificate Account Deposit Date pursuant to the second paragraph of Section
3.12(a) in respect of the Group II Loans, (iv) any amount that the Master
Servicer is not permitted to withdraw from the Custodial Account pursuant to
Section 3.16(e) in respect of the Group II Loans and (v) any amount deposited in
the Certificate Account pursuant to Section 4.07 or 9.01 in respect of the Group
II Loans, reduced by (b) the sum as of the close of business on the immediately
preceding Determination Date of (w) aggregate Foreclosure Profits with respect
to the Group II Loans, (x) the Amount Held for Future Distribution with respect
to the Group II Loans, (y) amounts permitted to be withdrawn by the Master
Servicer from the Custodial Account in respect of the Group II Loans pursuant to
clauses (ii)-(x), inclusive, of Section 3.10(a) and (z) the Certificate Insurer
Premium payable with respect to the Class A-II Certificates on such Distribution
Date.
Group I Bankruptcy Amount: As of any date of determination, an
amount equal to $100,000.00, less the sum of any amounts allocated through
Section 4.05 for Bankruptcy Losses on the Group I Loans up to such date of
determination. The Group I Bankruptcy Amount may be further reduced by the
Master Servicer (including accelerating the manner in which such coverage is
reduced) provided that prior to any such reduction, the Master Servicer shall
(i) obtain written approval from the Insurer and written confirmation from each
Rating Agency that such reduction shall not reduce the rating assigned to any
Class of Class A-I Certificates by such Rating Agency below the lower of the
then-current rating or the rating assigned to such Certificates as of the
Closing Date by such Rating Agency without taking into account the Policy, and
(ii) provide a copy of such written confirmation to the Trustee and the Insurer.
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Group II Bankruptcy Amount: As of any date of determination, an
amount equal to $100,000.00, less the sum of any amounts allocated through
Section 4.05 for Bankruptcy Losses on the Group II Loans up to such date of
determination. The Group II Bankruptcy Amount may be further reduced by the
Master Servicer (including accelerating the manner in which such coverage is
reduced) provided that prior to any such reduction, the Master Servicer shall
(i) obtain written approval from the Insurer and written confirmation from each
Rating Agency that such reduction shall not reduce the rating assigned to the
Class A-II Certificates by such Rating Agency below the lower of the
then-current rating or the rating assigned to such Certificates as of the
Closing Date by such Rating Agency without taking into account the Policy, and
(ii) provide a copy of such written confirmation to the Trustee and the Insurer.
Group I Cumulative Insurance Payments: As of any time of
determination, the aggregate amount of all Insured Amounts previously paid by
the Insurer under the Policy in respect of the Class A-I Certificates (other
than those attributable to Group I Excess Losses) minus (a) the aggregate of all
payments previously made to the Insurer pursuant to Section 4.02(d)(v) or
4.02(e)(vi) hereof as reimbursement for such Insured Amounts, plus (b) interest
thereon from the date such amounts became due until paid in full, at a rate of
interest equal to the Late Payment Rate.
Group II Cumulative Insurance Payments: As of any time of
determination, the aggregate amount of all Insured Amounts previously paid by
the Insurer under the Policy in respect of the Class A-II Certificates (other
than those attributable to Group II Excess Losses) minus (a) the aggregate of
all payments previously made to the Insurer pursuant to Section 4.02(d)(vi) or
4.02(e)(v) hereof as reimbursement for such Insured Amounts, plus (b) interest
thereon from the date such amounts became due until paid in full, at a rate of
interest equal to the Late Payment Rate.
Group I Cut-off Date Balance: $128,077,856.
Group II Cut-off Date Balance: $42,748,706.
Group I Excess Bankruptcy Loss: With respect to the Group I
Loans, any Bankruptcy Loss on the Group I Loans, or portion thereof, which
exceeds the then-applicable Group I Bankruptcy Amount.
Group II Excess Bankruptcy Loss: With respect to the Group II
Loans, any Bankruptcy Loss on the Group II Loans, or portion thereof, which
exceeds the then-applicable Group II Bankruptcy Amount.
Group I Excess Cash Flow: As defined in Section 4.02(d)(iii).
Group II Excess Cash Flow: As defined in Section 4.02(e)(iii).
Group I Excess Fraud Loss: With respect to the Group I Loans, any
Fraud Loss on the Group I Loans, or portion thereof, which exceeds the
then-applicable Group I Fraud Loss Amount.
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Group II Excess Fraud Loss: With respect to the Group II Loans,
any Fraud Loss on the Group II Loans, or portion thereof, which exceeds the
then-applicable Group II Fraud Loss Amount.
Group I Excess Loss: Any (i) Group I Excess Fraud Loss, Group I
Excess Special Hazard Loss, Group I Excess Bankruptcy Loss or Group I
Extraordinary Loss or (ii) any Excess Realized Loss on a Group I Loan.
Group II Excess Loss: Any (i) Group II Excess Fraud Loss, Group
II Excess Special Hazard Loss, Group II Excess Bankruptcy Loss or Group II
Extraordinary Loss or (ii) any Excess Realized Loss on a Group II Loan.
Group I Excess Overcollateralization Amount: With respect to any
Distribution Date, the excess, if any, of (a) the Group I Overcollateralization
Amount on such Distribution Date over (b) the Group I Required
Overcollateralization Amount.
Group II Excess Overcollateralization Amount: With respect to any
Distribution Date, the excess, if any, of (a) the Group II Overcollateralization
Amount on such Distribution Date over (b) the Group II Required
Overcollateralization Amount.
Group I Excess Special Hazard Loss: With respect to the Group I
Loans, any Special Hazard Loss on the Group I Loans, or portion thereof, that
exceeds the then-applicable Group I Special Hazard Amount.
Group II Excess Special Hazard Loss: With respect to the Group II
Loans, any Special Hazard Loss on the Group II Loans, or portion thereof, that
exceeds the then-applicable Group II Special Hazard Amount.
Group I Extraordinary Losses: Any loss incurred on a Group I Loan caused by
or resulting from an Extraordinary Event.
Group II Extraordinary Losses: Any loss incurred on a Group II Loan caused
by or resulting from an Extraordinary Event.
Group I Fraud Loss Amount: As of any date of determination after
the Cut-off Date, an amount equal to (X) prior to the first anniversary of the
Cut-off Date an amount equal to 3.00% of the aggregate outstanding principal
balance of all of the Group I Loans as of the Cut-off Date minus the aggregate
amount of Fraud Losses on the Group I Loans allocated through Subordination, in
accordance with Section 4.05 since the Cut-off Date up to such date of
determination, (Y) from the first to the second anniversary of the Cut-off Date,
an amount equal to (1) the lesser of (a) the Group I Fraud Loss Amount as of the
most recent anniversary of the Cut-off Date and (b) 2.00% of the aggregate
outstanding principal balance of all of the Group I Loans as of the most recent
anniversary of the Cut-off Date minus (2) the Fraud Losses on the Group I Loans
allocated through Subordination, in accordance with Section 4.05 since the most
recent anniversary of the Cut-off Date up to such date of determination and (Z)
from the second to the fifth anniversary of the Cut-off Date, an amount equal to
(1) the lesser of (a) the Group I Fraud Loss Amount as of the most recent
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anniversary of the Cut-off Date and (b) 1.00% of the aggregate outstanding
principal balance of all of the Group I Loans as of the most recent anniversary
of the Cut-off Date minus (2) the Fraud Losses on the Group I Loans allocated
through Subordination, in accordance with Section 4.05 since the most recent
anniversary of the Cut-off Date up to such date of determination. On and after
the fifth anniversary of the Cut-off Date the Group I Fraud Loss Amount shall be
zero.
The Group I Fraud Loss Amount may be further reduced by the
Master Servicer (including accelerating the manner in which such coverage is
reduced) provided that prior to any such reduction, the Master Servicer shall
(i) obtain written approval from the Insurer and obtain written confirmation
from each Rating Agency that such reduction shall not reduce the rating assigned
to any Class of Class A-I Certificates by such Rating Agency below the lower of
the then-current rating or the rating assigned to such Certificates as of the
Closing Date by such Rating Agency, without taking into account the Policy; and
(ii) provide a copy of such written confirmation to the Trustee and the Insurer.
Group II Fraud Loss Amount: As of any date of determination after
the Cut-off Date, an amount equal to (X) prior to the first anniversary of the
Cut-off Date an amount equal to 3.00% of the aggregate outstanding principal
balance of all of the Group II Loans as of the Cut-off Date minus the aggregate
amount of Fraud Losses on the Group II Loans allocated through Subordination, in
accordance with Section 4.05 since the Cut-off Date up to such date of
determination, (Y) from the first to the second anniversary of the Cut-off Date,
an amount equal to (1) the lesser of (a) the Group II Fraud Loss Amount as of
the most recent anniversary of the Cut-off Date and (b) 2.00% of the aggregate
outstanding principal balance of all of the Group II Loans as of the most recent
anniversary of the Cut-off Date minus (2) the Fraud Losses on the Group II Loans
allocated through Subordination, in accordance with Section 4.05 since the most
recent anniversary of the Cut-off Date up to such date of determination and (Z)
from the second to the fifth anniversary of the Cut-off Date, an amount equal to
(1) the lesser of (a) the Group II Fraud Loss Amount as of the most recent
anniversary of the Cut-off Date and (b) 1.00% of the aggregate outstanding
principal balance of all of the Group II Loans as of the most recent anniversary
of the Cut-off Date minus (2) the Fraud Losses on the Group II Loans allocated
through Subordination, in accordance with Section 4.05 since the most recent
anniversary of the Cut-off Date up to such date of determination. On and after
the fifth anniversary of the Cut-off Date the Group II Fraud Loss Amount shall
be zero.
The Group II Fraud Loss Amount may be further reduced by the
Master Servicer (including accelerating the manner in which such coverage is
reduced) provided that prior to any such reduction, the Master Servicer shall
(i) obtain written approval from the Insurer and obtain written confirmation
from each Rating Agency that such reduction shall not reduce the rating assigned
to the Class A-II Certificates by such Rating Agency below the lower of the
then-current rating or the rating assigned to such Certificates as of the
Closing Date by such Rating Agency, without taking into account the Policy; and
(ii) provide a copy of such written confirmation to the Trustee and the Insurer.
Group I Interest Distribution Amount: As defined in Section 4.02(d)(i).
Group II Interest Distribution Amount: As defined in Section 4.02(e)(i).
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Group I Loan: The Mortgage Loans designated on the Mortgage Loan Schedule
attached hereto as Exhibit F-1.
Group II Loan: The Mortgage Loans designated on the Mortgage Loan Schedule
attached hereto as Exhibit F-2.
Group I Optional Termination Date: Any Distribution Date on or
after which the Group I Pool Stated Principal Balance (before giving effect to
distributions to be made on such Distribution Date) of the Group I Loans is less
than 10.00% of the Group I Cut-off Date Principal Balance.
Group II Optional Termination Date: Any Distribution Date on or
after which the Group II Pool Stated Principal Balance (before giving effect to
distributions to be made on such Distribution Date) of the Group II Loans is
less than 10.00% of the Group II Cut-off Date Principal Balance.
Group I Overcollateralization Amount: With respect to any
Distribution Date, the excess, if any, of (a) the aggregate Stated Principal
Balances of the Group I Loans before giving effect to distributions of principal
to be made on such Distribution Date over (b) the aggregate Certificate
Principal Balance of the Class A-I Certificates immediately prior to such date.
Group II Overcollateralization Amount: With respect to any
Distribution Date, the excess, if any, of (a) the aggregate Stated Principal
Balances of the Group II Loans before giving effect to distributions of
principal to be made on such Distribution Date over (b) the aggregate
Certificate Principal Balance of the Class A-II Certificates immediately prior
to such date.
Group I Overcollateralization Increase Amount: With respect to
any Distribution Date, the lesser of (a) the Group I Excess Cash Flow for such
Distribution Date available to make payments pursuant to Section 4.02(d)(v) plus
the Group II Excess Cash Flow for such Distribution Date available to make
payments pursuant to Section 4.02(e)(vi), and (b) the excess of (1) the Group I
Required Overcollateralization Amount for such Distribution Date over (2) the
Group I Overcollateralization Amount for such Distribution Date.
Group II Overcollateralization Increase Amount: With respect to
any Distribution Date, the lesser of (a) the Group II Excess Cash Flow for such
Distribution Date available to make payments pursuant to Section 4.02(e)(v) plus
the Group I Excess Cash Flow for such Distribution Date available to make
payments pursuant to Section 4.02(d)(vi), and (b) the excess of (1) the Group II
Required Overcollateralization Amount for such Distribution Date over (2) the
Group II Overcollateralization Amount for such Distribution Date.
Group I Overcollateralization Reduction Amount: With respect to
any Distribution Date, to the extent the Group I Excess Overcollateralization
Amount is, after taking into account all other distributions to be made on such
Distribution Date, greater than zero, the Group I Overcollateralization
Reduction Amount shall be equal to any amounts relating to principal which would
otherwise be distributed to the holders of the Class A-I Certificates on such
Distribution Date.
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Group II Overcollateralization Reduction Amount: With respect to
any Distribution Date, to the extent the Group II Excess Overcollateralization
Amount is, after taking into account all other distributions to be made on such
Distribution Date, greater than zero, the Group II Overcollateralization
Reduction Amount shall be equal to any amounts relating to principal which would
otherwise be distributed to the holders of the Class A-II Certificates on such
Distribution Date.
Group I Pool Stated Principal Balance: As to any date of
determination, the aggregate of the Stated Principal Balances of each Group I
Loan that was an Outstanding Mortgage Loan on the Due Date immediately preceding
the Due Period preceding such date of determination.
Group II Pool Stated Principal Balance: As to any date of
determination, the aggregate of the Stated Principal Balances of each Group II
Loan that was an Outstanding Mortgage Loan on the Due Date immediately preceding
the Due Period preceding such date of determination.
Group I Principal Distribution Amount: With respect to any
Distribution Date, the lesser of (a) the excess of (i) the Group I Available
Distribution Amount over (ii) the Group I Interest Distribution Amount and (b)
the sum of:
(i) the principal portion of each Monthly Payment received or
Advanced with respect to the related Due Period on each
Outstanding Mortgage Loan that is a Group I Loan;
(ii) the Stated Principal Balance of any Group I Loan
repurchased during the related Prepayment Period (or
deemed to have been so repurchased in accordance with
Section 3.07(b)) pursuant to Section 2.02, 2.03, 2.04 or
4.07 and the amount of any shortfall deposited in the
Custodial Account in connection with the substitution of a
Deleted Mortgage Loan that is a Group I Loan pursuant to
Section 2.03 or 2.04 during the related Prepayment Period;
(iii) the principal portion of all other unscheduled collections
on the Group I Loans (including, without limitation,
Principal Prepayments in Full, Curtailments, Insurance
Proceeds, Liquidation Proceeds and REO Proceeds) received
during the related Prepayment Period (or deemed to have
been so received) to the extent applied by the Master
Servicer as recoveries of principal of the Group I Loans
pursuant to Section 3.14 (other than Arrearages);
(iv) the principal portion of any Realized Losses (other than
Group I Excess Losses or Group II Excess Losses) incurred
(or deemed to have been incurred) on any Group I Loans in
the calendar month preceding such Distribution Date to the
extent covered by Group I Excess Cash Flow or Group II
Excess Cash Flow for such Distribution Date; and
(v) the amount of any Group I Overcollateralization Increase
Amount for such Distribution Date;
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minus
(vi) the amount of any related Group I Overcollateralization
Reduction Amount for such Distribution Date.
Group II Principal Distribution Amount: With respect to any
Distribution Date, the lesser of (a) the excess of (i) the Group II Available
Distribution Amount over (ii) the Group II Interest Distribution Amount and (b)
the sum of:
(i) the principal portion of each Monthly Payment received or
Advanced with respect to the related Due Period on each
Outstanding Mortgage Loan that is a Group II Loan;
(ii) the Stated Principal Balance of any Group II Loan
repurchased during the related Prepayment Period (or
deemed to have been so repurchased in accordance with
Section 3.07(b)) pursuant to Section 2.02, 2.03, 2.04 or
4.07 and the amount of any shortfall deposited in the
Custodial Account in connection with the substitution of a
Deleted Mortgage Loan that is a Group II Loan pursuant to
Section 2.03 or 2.04 during the related Prepayment Period;
(iii) the principal portion of all other unscheduled collections
on the Group II Loans (including, without limitation,
Principal Prepayments in Full, Curtailments, Insurance
Proceeds, Liquidation Proceeds and REO Proceeds) received
during the related Prepayment Period (or deemed to have
been so received) to the extent applied by the Master
Servicer as recoveries of principal of the Group II Loans
pursuant to Section 3.14 (other than Arrearages);
(iv) the principal portion of any Realized Losses (other than
Group I Excess Losses or Group II Excess Losses) incurred
(or deemed to have been incurred) on any Group II Loans in
the calendar month preceding such Distribution Date to the
extent covered by Group I Excess Cash Flow or Group II
Excess Cash Flow for such Distribution Date; and
(v) the amount of any Group II Overcollateralization Increase
Amount for such Distribution Date;
minus
(vi) the amount of any related Group II Overcollateralization
Reduction Amount for such Distribution Date.
Group I Required Overcollateralization Amount: As of any
Distribution Date, an amount equal to 2.70% of the Group I Cut-off Date Balance;
provided, however, that so long as (x) the Rolling Six Month Delinquency Rate
for the Group I Loans does not exceed 5.00%, (y) the
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aggregate amount of all Realized Losses on the Group I Loans do not exceed 2.00%
of the aggregate Group I Cut-off Date Balance and (z) no claim has been made on
the Policy by the Trustee in respect of the Class A-I Certificates, which has
not been reimbursed pursuant to Section 4.02(d)(v) or (e)(vi) within six months
from the date such claim representing an Insured Amount has been paid by the
Insurer, then with respect to any Distribution Date after the Group I Stepdown
Date, the Group I Required Overcollateralization Amount will equal the greater
of (i) 5.40% of the Group I Pool Stated Principal Balance immediately preceding
such Distribution Date, and (ii) 0.50% of the Group I Cutoff Date Balance.
Notwithstanding the foregoing, if the Group I Required Overcollateralization
Amount is not reduced pursuant to the previous sentence, on or after the first
Distribution Date on which the Group I Pool Stated Principal Balance, after
giving effect to distributions to be made on such Distribution Date, is equal to
or less than 33% of the aggregate Cut-off Date Principal Balance of the Group I
Loans and the amount of Realized Losses with respect to the Group I Loans on any
Distribution Date does not exceed 4.25% of the Group I Cut-off Date Balance, the
Group I Required Overcollateralization Amount shall be 8.10% of the then
outstanding Group I Pool Stated Principal Balance. In addition, if the Group I
Required Overcollateralization Amount was reduced pursuant to the first sentence
of this definition and the aggregate amount of Realized Losses on the Group I
Loans with respect to any Distribution Date (i) exceeds 3.75% of the Group I
Cut-off Date Balance, the Group I Required Overcollateralization Amount shall be
8.10% of the Group I Pool Stated Principal Balance or (ii) exceeds 4.50% of the
Group I Cut-off Date Balance, the Group I Required Overcollateralization Amount
shall be 10.80% of the then outstanding Group I Pool Stated Principal Balance.
The Group I Required Overcollateralization Amount may be reduced with
the prior written consent of the Insurer and prior written notice to the Rating
Agencies.
Group II Required Overcollateralization Amount: As of any
Distribution Date, an amount equal to 5.00% of the Group II Cut-off Date
Balance; provided, however, that so long as (x) the Rolling Six Month
Delinquency Rate for the Group II Loans does not exceed 9.00%, (y) the aggregate
amount of all Realized Losses on the Group II Loans do not exceed 2.50% of the
aggregate Group II Cut-off Date Balance and (z) no claim has been made on the
Policy in respect of the Class A-II Certificates by the Trustee, which has not
been reimbursed pursuant to Section 4.02(d)(vi) or (e)(v) within six months from
the date such claim representing an Insured Amount has been paid by the Insurer,
then with respect to any Distribution Date after the Group II Stepdown Date, the
Group II Required Overcollateralization Amount will equal the greater of (i)
10.00% of the Group II Pool Stated Principal Balance immediately preceding such
Distribution Date, and (ii) 0.50% of the Group II Cut-off Date Balance.
Notwithstanding the foregoing, if the Group II Required Overcollateralization
Amount is not reduced pursuant to the previous sentence, on or after the first
Distribution Date on which the Group II Pool Stated Principal Balance, after
giving effect to distributions to be made on such Distribution Date, is equal to
or less than 33% of the aggregate Cutoff Date Principal Balance of the Group II
Loans and the amount of Realized Losses with respect to the Group II Loans on
any Distribution Date does not exceed 4.25% of the Group II Cut-off Date
Balance, the Group II Required Overcollateralization Amount shall be 15.00% of
the then outstanding Group II Pool Stated Principal Balance. In addition, if the
Group II Required Overcollateralization Amount was reduced pursuant to the first
sentence of this definition and the aggregate amount of Realized Losses on the
Group II Loans with respect to any Distribution Date (i) exceeds 3.75% of the
Group II Cut-off Date Balance, the Group II Required Overcollateralization
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Amount shall be 15.00% of the Group II Pool Stated Principal Balance or (ii)
exceeds 4.50% of the Group II Cut-off Date Balance, the Group II Required
Overcollateralization Amount shall be 20.00% of the then outstanding Group II
Pool Stated Principal Balance.
The Group II Required Overcollateralization Amount may be reduced with
the prior written consent of the Insurer and prior written notice to the Rating
Agencies.
Group I Special Hazard Amount: As of any Distribution Date, an
amount equal to $2,452,697, minus the sum of (i) the aggregate amount of Special
Hazard Losses on the Group I allocated through Subordination in accordance with
Section 4.05 and (ii) the Group I Adjustment Amount (as defined below) as most
recently calculated. For each anniversary of the Cut-off Date, the "Group I
Adjustment Amount" shall be equal to the amount, if any, by which the amount
calculated in accordance with the preceding sentence (without giving effect to
the deduction of the Group I Adjustment Amount for such anniversary) exceeds the
greater of (A) the greatest of (i) twice the outstanding principal balance of
the Group I Loan that has the largest outstanding principal balance on the
Distribution Date immediately preceding such anniversary, (ii) the product of
1.00% multiplied by the outstanding principal balance of all Group I Loans on
the Distribution Date immediately preceding such anniversary and (iii) the
aggregate outstanding principal balance (as of the immediately preceding
Distribution Date) of the Group I Loans in any single five-digit California zip
code area with the largest amount of Group I Loans by aggregate principal
balance as of such anniversary and (B) the greater of (i) the product of 0.50%
multiplied by the outstanding principal balance of all Group I Loans on the
Distribution Date immediately preceding such anniversary multiplied by a
fraction, the numerator of which is equal to the aggregate outstanding principal
balance (as of the immediately preceding Distribution Date) of all of the Group
I Loans secured by Mortgaged Properties located in the State of California
divided by the aggregate outstanding principal balance (as of the immediately
preceding Distribution Date) of all of the Group I Loans, expressed as a
percentage, and the denominator of which is equal to 22.63% (which percentage is
equal to the percentage of Group I Loans initially secured by Mortgaged
Properties located in the State of California) and (ii) the aggregate
outstanding principal balance (as of the immediately preceding Distribution
Date) of the largest Group I Loan secured by a Mortgaged Property located in the
State of California.
The Group I Special Hazard Amount may be further reduced by the
Master Servicer (including accelerating the manner in which coverage is reduced)
provided that prior to any such reduction, the Master Servicer shall obtain the
written approval of the Insurer and obtain written confirmation from each Rating
Agency that such reduction shall not reduce the rating assigned to each Class of
Class A-I Certificates without regard to the Policy by such Rating Agency below
the lower of the then-current rating or the rating assigned to such Certificates
as of the Closing Date by such Rating Agency.
Group II Special Hazard Amount: As of any Distribution Date, an
amount equal to $2,219,769, minus the sum of (i) the aggregate amount of Special
Hazard Losses on the Group II allocated through Subordination in accordance with
Section 4.05 and (ii) the Group II Adjustment Amount (as defined below) as most
recently calculated. For each anniversary of the Cut-off Date, the "Group II
Adjustment Amount" shall be equal to the amount, if any, by which the amount
calculated in accordance with the preceding sentence (without giving effect to
the deduction of the
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Group II Adjustment Amount for such anniversary) exceeds the greater of (A) the
greatest of (i) twice the outstanding principal balance of the Group II Loan
that has the largest outstanding principal balance on the Distribution Date
immediately preceding such anniversary, (ii) the product of 1.00% multiplied by
the outstanding principal balance of all Group II Loans on the Distribution Date
immediately preceding such anniversary and (iii) the aggregate outstanding
principal balance (as of the immediately preceding Distribution Date) of the
Group II Loans in any single five-digit California zip code area with the
largest amount of Group II Loans by aggregate principal balance as of such
anniversary and (B) the greater of (i) the product of 0.50% multiplied by the
outstanding principal balance of all Group II Loans on the Distribution Date
immediately preceding such anniversary multiplied by a fraction, the numerator
of which is equal to the aggregate outstanding principal balance (as of the
immediately preceding Distribution Date) of all of the Group II Loans secured by
Mortgaged Properties located in the State of California divided by the aggregate
outstanding principal balance (as of the immediately preceding Distribution
Date) of all of the Group II Loans, expressed as a percentage, and the
denominator of which is equal to 26.16% (which percentage is equal to the
percentage of Group II Loans initially secured by Mortgaged Properties located
in the State of California) and (ii) the aggregate outstanding principal balance
(as of the immediately preceding Distribution Date) of the largest Group II Loan
secured by a Mortgaged Property located in the State of California.
The Group II Special Hazard Amount may be further reduced by the
Master Servicer (including accelerating the manner in which coverage is reduced)
provided that prior to any such reduction, the Master Servicer shall obtain the
written approval of the Insurer and obtain written confirmation from each Rating
Agency that such reduction shall not reduce the rating assigned to the Class
A-II Certificates without regard to the Policy by such Rating Agency below the
lower of the then-current rating or the rating assigned to such Certificates as
of the Closing Date by such Rating Agency.
Group I Stepdown Date: The later to occur of (i) the Distribution
Date occurring in July 2001 and (ii) the Distribution Date on which the
aggregate Stated Principal Balance of the Group I Loans is less than one-half of
the Group I Cut-off Date Balance.
Group II Stepdown Date: The later to occur of (i) the
Distribution Date occurring in July 2001 and (ii) the Distribution Date on which
the aggregate Stated Principal Balance of the Group II Loans is less than
one-half of the Group II Cut-off Date Balance.
Group I Weighted Average Net Mortgage Rate: With respect to any
Distribution Date, a per annum rate equal to (a) the weighted average of the Net
Mortgage Rates on the Group I Loans, weighted on the basis of the respective
Stated Principal Balances thereof immediately preceding such Distribution Date
minus (b) the Certificate Insurer Premium Rate.
Group II Weighted Average Net Mortgage Rate: With respect to any
Distribution Date, a per annum rate equal to (a) the weighted average of the Net
Mortgage Rates on the Group II Loans, weighted on the basis of the respective
Stated Principal Balances thereof immediately preceding such Distribution Date
minus (b) the Certificate Insurer Premium Rate.
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HomeComings: HomeComings Financial Network, Inc., a wholly-owned
subsidiary of Residential Funding.
Independent: When used with respect to any specified Person,
means such a Person who (i) is in fact independent of the Company, the Master
Servicer and the Trustee, or any Affiliate thereof, (ii) does not have any
direct financial interest or any material indirect financial interest in the
Company, the Master Servicer or the Trustee or in an Affiliate thereof, and
(iii) is not connected with the Company, the Master Servicer or the Trustee as
an officer, employee, promoter, underwriter, trustee, partner, director or
person performing similar functions.
Index: With respect to any Group II Loan and as to any Adjustment Date
therefor, the related index as stated in the related Mortgage Note.
Initial Certificate Principal Balance: With respect to each Class
of Certificates, the Certificate Principal Balance of such Class of Certificates
as of the Cut-off Date as set forth in the Preliminary Statement hereto.
Insurance Account: The account or accounts created and maintained
pursuant to Section 4.08, which shall be entitled "The First National Bank of
Chicago, as trustee, in trust for the registered holders of Residential Asset
Securities Corporation, Mortgage Asset-Backed Pass-Through Certificates, Series
1999-RS2," and which must be an Eligible Account.
Insurance Agreement: The Insurance and Indemnity Agreement, dated as of
June 30, 1999, among the Insurer, the Trustee, the Master Servicer and the
Company.
Insurance Proceeds: Proceeds paid in respect of the Mortgage
Loans pursuant to any Primary Insurance Policy or any other related insurance
policy covering a Mortgage Loan, to the extent such proceeds are payable to the
mortgagee under the Mortgage, any Subservicer, the Master Servicer or the
Trustee and are not applied to the restoration of the related Mortgaged Property
or released to the Mortgagor in accordance with the procedures that the Master
Servicer would follow in servicing mortgage loans held for its own account.
Insured Amount: With respect to the Class A Certificates, as of any
Distribution Date, the Deficiency Amount, if any, for such Distribution Date.
Insurer: Ambac Assurance Corporation, a Wisconsin-domiciled stock insurance
corporation or its successors in interest.
Insurer Account: An account of the Insurer maintained at Citibank, N.A.
(ABA No. 021-000089), Account No. 40609486, Attention: Pamela Dottin, or such
other account as may be designated by the Insurer to the Trustee in writing not
less than five Business Days prior to the related Distribution Date.
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
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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 Wisconsin insurance department 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).
Interest Accrual Period: With respect to any Class A-I
Certificate or Class SB Certificate and any Distribution Date, the prior
calendar month. With respect to any Class A-II Certificate, (i) with respect to
the Distribution Date in July 1999, the period commencing the Closing Date and
ending on the day preceding the Distribution Date in July 1999, and (ii) with
respect to any Distribution Date after the Distribution Date in July 1999, the
period commencing on the Distribution Date in the month immediately preceding
the month in which such Distribution Date occurs and ending on the day preceding
such Distribution Date.
International Borrower: In connection with any Mortgage Loan, a
borrower who is (a) a United States citizen employed in a foreign country, (b) a
non-permanent resident alien employed in the United States or (c) a citizen of a
country other than the United States with income derived from sources outside
the United States.
Late Collections: With respect to any Mortgage Loan, all amounts
received during any Due Period, whether as late payments of Monthly Payments or
as Insurance Proceeds, Liquidation Proceeds or otherwise, which represent late
payments or collections of Monthly Payments due but delinquent for a previous
Due Period and not previously recovered.
Late Payment Rate: As defined in the Insurance Agreement.
LIBOR: With respect to any Distribution Date, the arithmetic mean
of the London interbank offered rate quotations for one-month U.S. Dollar
deposits, expressed on a per annum basis, determined in accordance with Section
1.02.
LIBOR Business Day: Any day other than (i) a Saturday or Sunday
or (ii) a day on which banking institutions in London, England are required or
authorized to by law to be closed.
LIBOR Rate Adjustment Date: With respect to each Distribution
Date, the second LIBOR Business Day immediately preceding the commencement of
the related Interest Accrual Period.
Liquidation Proceeds: Amounts (other than Insurance Proceeds)
received by the Master Servicer in connection with the taking of an entire
Mortgaged Property by exercise of the power of eminent domain or condemnation or
in connection with the liquidation of a defaulted Mortgage Loan through
trustee's sale, foreclosure sale or otherwise, other than REO Proceeds.
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Loan-to-Value Ratio: As of any date, the fraction, expressed as a
percentage, the numerator of which is the current principal balance of the
related Mortgage Loan at the date of determination and the denominator of which
is the Appraised Value of the related Mortgaged Property.
Lockout Distribution Percentage: For any Distribution Date, shall be as
follows:
Period Lockout Distribution Percentage
July 1999 to June 2002 0%
July 2002 to June 2004 45%
July 2004 to June 2005 80%
July 2005 to June 2006 100%
July 2006 and thereafter 300%
Maturity Date: With respect to the Class A-I Certificates, the
latest possible maturity date, solely for purposes of Section
1.860G-1(a)(4)(iii) of the Treasury Regulations, by which the Certificate
Principal Balance of each such Class of Certificates representing a regular
interest in the Trust Fund would be reduced to zero, which is July 25, 2029,
which is the Distribution Date following the latest scheduled maturity date of
any Group I Loan. With respect to the Class A-II Certificates, the latest
possible maturity date, solely for purposes of Section 1.860G-1(a)(4)(iii) of
the Treasury Regulations, by which the Certificate Principal Balance of each
such Class of Certificates representing a regular interest in the Trust Fund
would be reduced to zero, which is July 25, 2029, which is the Distribution Date
following the latest scheduled maturity date of any Group II Loan.
Maximum Class A-II Rate: With respect to any Interest Accrual
Period, a per annum rate equal to (i) the Group II Weighted Average Net Mortgage
Rate multiplied by (ii) a fraction equal to (x) 30 divided by (y) the number
days in such Interest Accrual Period.
Maximum Mortgage Rate: As to any Group II Loan, the rate
indicated in Exhibit F-2 hereto as the "NOTE CEILING," which rate is the maximum
interest rate that may be applicable to such Group II Loan at any time during
the life of such Mortgage Loan.
Maximum Net Mortgage Rate: As to any Group II Loan, the rate per
annum indicated in Exhibit F-2 as the "MAX NET MTG RT" for such Group II Loan.
Minimum Mortgage Rate: As to any Group II Loan, the greater of
(i) the Note Margin and (ii) the rate indicated in Exhibit F-2 hereto as the
"NOTE FLOOR", which rate may be applicable to such Group II Loan at any time
during the life of such Group II Loan.
Modified Mortgage Loan: Any Mortgage Loan that has been the subject of a
Servicing Modification.
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Modified Net Mortgage Rate: As to any Mortgage Loan that is the
subject of a Servicing Modification, the Net Mortgage Rate minus the rate per
annum by which the Mortgage Rate on such Mortgage Loan was reduced.
Monthly Payment: With respect to any Mortgage Loan (including any
REO Property) and the Due Date in any Due Period, the payment of principal and
interest due thereon in accordance with the amortization schedule at the time
applicable thereto (after adjustment, if any, for Curtailments and for Deficient
Valuations occurring prior to such Due Date but before any adjustment to such
amortization schedule by reason of any bankruptcy, other than a Deficient
Valuation, or similar proceeding or any moratorium or similar waiver or grace
period and before any Servicing Modification that constitutes a reduction of the
interest rate on such Mortgage Loan). The Monthly Payment shall not include any
Arrearages.
Moody's: Moody's Investors Service, Inc., or its successor.
Mortgage: With respect to each Mortgage Note, the mortgage, deed
of trust or other comparable instrument creating a first or junior lien on an
estate in fee simple or leasehold interest in real property securing a Mortgage
Note.
Mortgage File: The mortgage documents listed in Section 2.01
pertaining to a particular Mortgage Loan and any additional documents required
to be added to the Mortgage File pursuant to this Agreement.
Mortgage Loan Accrued Interest: With respect to each Neg Am Loan
and each Due Date, the aggregate amount of interest accrued at the Mortgage Rate
in respect of such Mortgage Loan since the preceding Due Date (or in the case of
the initial Due Date, since the Cut-off Date) to but not including such Due Date
with respect to which the Mortgage Loan Accrued Interest is being calculated in
accordance with the terms of such Mortgage Loan, after giving effect to any
previous Principal Prepayments, Deficient Valuation or Debt Service Reduction in
respect of such Neg Am Loan.
Mortgage Loan Program: The program under which the related Mortgage Loan
was originated, which program shall be one of the following: Core Program,
Expanded Criteria Program, Expanded Credit Program, Phoenix Program or Portfolio
Transaction Program.
Mortgage Loan Schedule: The lists of the Mortgage Loans attached
hereto as Exhibit F-1 and Exhibit F-2 (as amended from time to time to reflect
the addition of Qualified Substitute Mortgage Loans), which lists shall set
forth at a minimum the following information as to each Mortgage Loan:
(i) the Mortgage Loan identifying number ("RFC LOAN #");
(ii) the street address of the Mortgaged Property including
state and zip code ("ADDRESS");
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(iii) the maturity of the Mortgage Note ("MATURITY DATE", or
"MATURITY DT" for Mortgage Loans and if such Mortgage Loan
is a Balloon Loan, the amortization term thereof;
(iv) the Mortgage Rate as of the Cut-off Date ("ORIG RATE")
(v) the Mortgage Rate as of the Cut-off Date for a Group II
Loan ("CURR RATE");
(vi) the Net Mortgage Rate as of the Cut-off Date ("CURR NET");
(vii) the scheduled monthly payment of principal, if any, and
interest as of the Cutoff Date ("ORIGINAL P & I" or
"CURRENT P & I" for the Group II Loans);
(viii) the Cut-off Date Principal Balance ("PRINCIPAL BAL");
(ix) the Loan-to-Value Ratio at origination ("LTV");
(x) a code "T", "BT" or "CT" under the column "LN FEATURE,"
indicating that the Mortgage Loan is secured by a second
or vacation residence (the absence of any such code means
the Mortgage Loan is secured by a primary residence);
(xi) a code "N" under the column "OCCP CODE", indicating that
the Mortgage Loan is secured by a non-owner occupied
residence (the absence of any such code means the Mortgage
Loan is secured by an owner occupied residence);
(xii) the Maximum Mortgage Rate for the Group II Loans ("NOTE
CEILING");
(xiii) the Maximum Net Mortgage Rate for the Group II Loans ("NET
CEILING");
(xiv) the Note Margin for the Group II Loans ("NOTE MARGIN");
(xv) the first Adjustment Date after the Cut-off Date for the
Group II Loans ("NXT INT CHG DT");
(xvi) the Periodic Cap for the Group II Loans ("PERIODIC DECR"
or "PERIODIC INCR");
(xvii) the rounding of the semi-annual or annual adjustment to
the Mortgage Rate with respect to the Group II Loans
("NOTE METHOD"); and
(xviii)whether such Mortgage Loan is a Neg Am Loan ("MAX NEG AM"
greater than 100).
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Such schedules may consist of multiple reports that collectively
set forth all of the information required.
Mortgage Loans: Such of the mortgage loans transferred and
assigned to the Trustee pursuant to Section 2.01 as from time to time are held
or deemed to be held as a part of the Trust Fund, the Mortgage Loans originally
so held being identified in the initial Mortgage Loan Schedule, and Qualified
Substitute Mortgage Loans held or deemed held as part of the Trust Fund
including, without limitation, (i) with respect to each Cooperative Loan, the
related Mortgage Note, Security Agreement, Assignment of Proprietary Lease,
Cooperative Stock Certificate, Cooperative Lease and Mortgage File and all
rights appertaining thereto, and (ii) with respect to each Mortgage Loan other
than a Cooperative Loan, each related Mortgage Note, Mortgage and Mortgage File
and all rights appertaining thereto.
Mortgage Note: The originally executed note or other evidence of
indebtedness evidencing the indebtedness of a Mortgagor under a Mortgage Loan,
together with any modification thereto.
Mortgage Rate: As to any Mortgage Loan, the interest rate borne
by the related Mortgage Note, or any modification thereto other than a Servicing
Modification. The Mortgage Rate on the Group II Loans will adjust: (a)
semi-annually commencing (i) six months after the date of origination, (ii) one
year after the date of origination, (iii) two years after the date of
origination, or (iv) three years after the date of origination, or (b) annually
commencing (i) one year after the date of origination or (ii) three years after
the date of origination, each as specified in the related Mortgage Note, in each
case, on the Adjustment Date to equal the sum (rounded to the nearest multiple
of one-eighth of one percent (0.125%) or up to the nearest one-eighth of one
percent, which are indicated by a "U" on Exhibit F-2 hereto, except in the case
of the Mortgage Loans indicated by an "X" on Exhibit F-2 hereto under the
heading "NOTE METHOD"), of the related Index plus the Note Margin, in each case
subject to the applicable Periodic Cap, Maximum Mortgage Rate and Minimum
Mortgage Rate.
Mortgaged Property: The underlying real property securing a Mortgage Loan.
Mortgagor: The obligor on a Mortgage Note.
Neg Am Loan: Any Group II Loan providing for negative amortization, as
indicated in the Mortgage Loan Schedule.
Net Mortgage Rate: As to any Group I Loan, a per annum rate equal
to the Adjusted Mortgage Rate for such Mortgage Loan minus the Servicing Fee
Rate. With respect to each Group II Loan and each Due Date occurring on or prior
to the first Adjustment Date for such Group II Loan, the rate designated as the
"NET MTG RT" for such Group II Loan on Exhibit F-2 hereto and with respect to
each Group II Loan and each Due Date occurring after each Adjustment Date, a
rate equal to the Adjusted Mortgage Rate minus the Servicing Fee Rate; provided
that (i) the Net Mortgage Rate becoming effective on any Adjustment Date shall
not be greater or less than the Net Mortgage Rate immediately prior to such
Adjustment Date plus or minus the Periodic Cap applicable to such
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Group II Loan and (ii) the Net Mortgage Rate for any Group II Loan shall not
exceed a rate equal to the Maximum Net Mortgage Rate for such Group II Loan.
Non-Primary Residence Loans: The Mortgage Loans designated as secured by
second or vacation residences, or by non-owner occupied residences, on the
Mortgage Loan Schedule.
Non-United States Person: Any Person other than a United States Person.
Nonrecoverable Advance: Any Advance previously made or proposed
to be made by the Master Servicer in respect of a Mortgage Loan (other than a
Deleted Mortgage Loan) which, in the good faith judgment of the Master Servicer,
will not, or, in the case of a proposed Advance, would not, be ultimately
recoverable by the Master Servicer from related Late Collections, Insurance
Proceeds, Liquidation Proceeds or REO Proceeds.
Nonsubserviced Mortgage Loan: Any Mortgage Loan that, at the time of
reference thereto, is not subject to a Subservicing Agreement.
Note Margin: As to each Group II Loan, the fixed percentage set
forth in the related Mortgage Note and indicated in Exhibit F-2 hereto as the
"NOTE MARGIN," which percentage is added to the Index on each Adjustment Date to
determine (subject to rounding in accordance with the related Mortgage Note, the
Periodic Cap, the Maximum Mortgage Rate and the Minimum Mortgage Rate) the
interest rate to be borne by such Group II Loan until the next Adjustment Date.
Notice: As defined in Section 4.04.
Notional Amount: With respect to the Class SB-I Certificates, the
sum of the Uncertificated Balances of the REMIC III Regular Interests III-LT1-I,
III-LT2-I, III-LT3-I, III-LT4-I, III-LT5-I, III-LT6-I and III-LT7-I. With
respect to the Class SB-II Certificates, the sum of the Uncertificated Balances
of the REMIC III Regular Interests III-LT1-II, III-LT2-II and III-LT3-II.
Officers' Certificate: A certificate signed by the Chairman of
the Board, the President or a Vice President or Assistant Vice President, or a
Director or Managing Director, and by the Treasurer, the Secretary, or one of
the Assistant Treasurers or Assistant Secretaries of the Company or the Master
Servicer, as the case may be, and delivered to the Trustee and the Insurer, as
required by this Agreement.
Opinion of Counsel: A written opinion of counsel acceptable to
the Trustee, the Insurer and the Master Servicer, who may be counsel for the
Company or the Master Servicer, provided that any opinion of counsel (i)
referred to in the definition of "Disqualified Organization" or (ii) relating to
the qualification of REMIC I, REMIC II, REMIC III or REMIC IV as REMICs or
compliance with the REMIC Provisions must, unless otherwise specified, be an
opinion of Independent counsel.
Outstanding Mortgage Loan: As to the Due Date in any Due Period, a Mortgage
Loan (including an REO Property) that was not the subject of a Principal
Prepayment in Full, Cash
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Liquidation or REO Disposition and that was not purchased, deleted or
substituted for prior to such Due Date pursuant to Section 2.02, 2.03, 2.04 or
4.07.
Ownership Interest: As to any Certificate, any ownership or
security interest in such Certificate, including any interest in such
Certificate as the Holder thereof and any other interest therein, whether direct
or indirect, legal or beneficial, as owner or as pledgee.
Pass-Through Rate: With respect to the Class A-I-1 Certificates
and each Interest Accrual Period, a per annum rate equal to the lesser of (i)
6.535% and (ii) the Group I Weighted Average Net Mortgage Rate.
With respect to the Class A-I-2 Certificates and each Interest Accrual
Period, a per annum rate equal to the lesser of (i) 7.110% and (ii) the Group I
Weighted Average Net Mortgage Rate.
With respect to the Class A-I-3 Certificates and each Interest Accrual
Period, a per annum rate equal to the lesser of (i) 7.525% and (ii) the Group I
Weighted Average Net Mortgage Rate.
With respect to the Class A-I-4 Certificates and each Interest Accrual
Period, a per annum rate equal to the lesser of (i) 7.795% and (ii) the Group I
Weighted Average Net Mortgage Rate.
With respect to the Class A-I-5 Certificates and each Interest Accrual
Period, a per annum rate equal to the lesser of (i) 7.555% and (ii) the Group I
Weighted Average Net Mortgage Rate.
With respect to the Class A-II Certificates and each Interest Accrual
Period, a per annum rate equal to the lesser of (i) LIBOR plus the Class A-II
Margin and (ii) the Maximum Class A-II Rate.
With respect to the Class SB-I Certificates and any Distribution Date, a
rate per annum equal to the sum of the following components:
(i) the REMIC III Remittance Rate for REMIC III Regular
Interest III- LT1-I minus two (2) times the weighted average of the
REMIC III Remittance Rates for REMIC III Regular Interests III-LT2-I,
III-LT3-I, III-LT4-I, III-LT5-I, III-LT6-I and III-LT7-I, with the rate
on REMIC III Regular Interest III-LT7-I equal to zero for the purpose of
this calculation applied to a notional amount equal to the
Uncertificated Balance of III-LT1-I;
(ii) the weighted average of the REMIC III Remittance
Rates for REMIC III Regular Interest III-LT2-I, III-LT3-I, III-LT4-I,
III-LT5-I and III-LT6-I minus two (2) times the weighted average of the
REMIC III Remittance Rates for REMIC III Regular Interests III-LT2-I,
III-LT3-I, III-LT4-I, III-LT5-I, III-LT6-I and III-LT7-I, with the rate
on REMIC III Regular Interest III-LT7-I equal to zero for the purpose of
this calculation applied to a notional amount equal to the sum of the
Uncertificated Balances of III-LT2-I, III-LT3-I, III-LT4-I, III-LT5-I
and III-LT6-I;
(iii) the REMIC III Remittance Rate for REMIC III Regular
Interest III- LT7-I minus two (2) times the weighted average of the
REMIC III Remittance Rates for REMIC III Regular Interests III-LT2-I and
III-LT3-I, III-LT4-I, III-LT5-I, III-LT6-I and III- LT7-I, with the rate
on REMIC III Regular Interest III-LT7-I equal to zero for the purpose of
this calculation applied to a notional amount equal to the
Uncertificated Balance of III- LT7-I;
(iv) 100% of the REMIC III Remittance Rate for REMIC III
Regular Interest III-LT2-SI;
(v) 100% of the REMIC III Remittance Rate for REMIC III
Regular Interest III-LT3-SI;
(vi) 100% of the REMIC III Remittance Rate for REMIC III
Regular Interest III-LT4-SI;
(vii) 100% of the REMIC III Remittance Rate for REMIC III
Regular Interest III-LT5-SI;
(viii) 100% of the REMIC III Remittance Rate for REMIC III
Regular Interest III-LT6-SI;
With respect to the Class SB-II Certificates and any Distribution
Date, a rate per annum equal to the sum of the following components:
(i) the REMIC III Remittance Rate for REMIC III Regular
Interest III- LT1-II minus two (2) times the weighted average of the
REMIC III Remittance Rates for REMIC III Regular Interests III-LT2-II
and III-LT3-II, with the rate on REMIC III Regular Interest III-LT3-II
equal to zero for the purpose of this calculation applied to a notional
amount equal to the Uncertificated Balance of III-LT1-II;
(ii) the REMIC III Remittance Rate for REMIC III Regular
Interest III- LT2-II minus two (2) times the weighted average of the
REMIC III Remittance Rates for REMIC III Regular Interests III-LT2-II
and III-LT3-II, with the rate on REMIC III Regular Interest III-LT3-II
equal to zero for the purpose of this calculation applied to a notional
amount equal to the Uncertificated Balance of III-LT2-II;
(iii) the REMIC III Remittance Rate for REMIC III Regular
Interest III- LT3-II minus two (2) times the weighted average of the
REMIC III Remittance Rates for REMIC III Regular Interests III-LT2-II
and III-LT3-II, with the rate on REMIC III Regular Interest III-LT3-II
equal to zero for the purpose of this calculation applied to a notional
amount equal to the Uncertificated Balance of III-LT3-II; and
(iv) 100% of the REMIC II Remittance Rate for REMIC III
Regular Interest III-LT2-SII;.
Paying Agent: The First National Bank of Chicago or any successor Paying
Agent appointed by the Trustee.
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Percentage Interest: With respect to any Class A Certificate, the
undivided percentage ownership interest in the related Class evidenced by such
Certificate, which percentage ownership interest shall be equal to the Initial
Certificate Principal Balance thereof divided by the aggregate Initial
Certificate Principal Balance of all of the Certificates of the same Class. The
Percentage Interest with respect to a Class SB or Class R Certificate shall be
stated on the face thereof.
Periodic Cap: With respect to each Group II Loan, the periodic
rate cap that limits the increase or the decrease of the related Mortgage Rate
on any Adjustment Date pursuant to the terms of the related Mortgage Note.
Permitted Investments: One or more of the following:
(i) obligations of or guaranteed as to principal and interest by
the United States or any agency or instrumentality thereof when such
obligations are backed by the full faith and credit of the United
States;
(ii) repurchase agreements on obligations specified in clause (i)
maturing not more than one month from the date of acquisition thereof,
provided that the unsecured obligations of the party agreeing to
repurchase such obligations are at the time rated by each Rating Agency
in its highest short-term rating available;
(iii) federal funds, certificates of deposit, demand deposits,
time deposits and bankers' acceptances (which shall each have an
original maturity of not more than 90 days and, in the case of bankers'
acceptances, shall in no event have an original maturity of more than
365 days or a remaining maturity of more than 30 days) denominated in
United States dollars of any U.S. depository institution or trust
company incorporated under the laws of the United States or any state
thereof or of any domestic branch of a foreign depository institution or
trust company; provided that the debt obligations of such depository
institution or trust company (or, if the only Rating Agency is Standard
& Poor's, in the case of the principal depository institution in a
depository institution holding company, debt obligations of the
depository institution holding company) at the date of acquisition
thereof have been rated by each Rating Agency in its highest short-term
rating available; and provided further that, if the only Rating Agency
is Standard & Poor's and if the depository or trust company is a
principal subsidiary of a bank holding company and the debt obligations
of such subsidiary are not separately rated, the applicable rating shall
be that of the bank holding company; and, provided further that, if the
original maturity of such short-term obligations of a domestic branch of
a foreign depository institution or trust company shall exceed 30 days,
the short-term rating of such institution shall be A-1+ in the case of
Standard & Poor's if Standard & Poor's is a Rating Agency;
(iv) commercial paper and demand notes (having original
maturities of not more than 365 days) of any corporation incorporated
under the laws of the United States or any state thereof which on the
date of acquisition has been rated by each Rating Agency in its highest
short-term rating available; provided that such commercial paper or
demand notes shall have a remaining maturity of not more than 30 days;
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(v) a money market fund or a qualified investment fund rated by
each Rating Agency in its highest rating available; and
other obligations or securities that are acceptable to the
Insurer and each Rating Agency as a Permitted Investment hereunder and will not
reduce the rating assigned to any Class of Certificates by such Rating Agency
below the lower of the then-current rating or the rating assigned to such
Certificates as of the Closing Date by such Rating Agency, as evidenced in
writing;
provided, however, that no instrument shall be a Permitted
Investment if it represents, either (1) the right to receive only interest
payments with respect to the underlying debt instrument or (2) the right to
receive both principal and interest payments derived from obligations underlying
such instrument and the principal and interest payments with respect to such
instrument provide a yield to maturity greater than 120% of the yield to
maturity at par of such underlying obligations. References herein to the highest
rating available on unsecured long-term debt shall mean AAA in the case of
Standard & Poor's and Aaa in the case of Moody's, and references herein to the
highest rating available on unsecured commercial paper and short-term debt
obligations shall mean the following: A-1 in the case of Standard & Poor's and
P-1 in the case of Moody's.
Permitted Transferee: Any Transferee of a Class R Certificate, other than a
Disqualified Organization or Non-United States Person.
Person: Any individual, corporation, limited liability company,
partnership, joint venture, association, joint-stock company, trust,
unincorporated organization or government or any agency or political subdivision
thereof.
Policy: The Certificate Guaranty Insurance Policy No. AB0275BE issued by
the Insurer in respect of the Class A Certificates, a copy of which is attached
hereto as Exhibit Q.
Prepayment Assumption: With respect to the Class A Certificates,
the prepayment assumption to be used for determining the accrual of original
issue discount and premium and market discount on such Certificates for federal
income tax purposes, which assumes a constant prepayment rate of 16% per annum
with respect to the Group I Loans, and 28% per annum with respect to the Group
II Loans.
Prepayment Interest Shortfall: As to any Distribution Date and
any Mortgage Loan (other than a Mortgage Loan relating to an REO Property) that
was the subject of (a) a Principal Prepayment in Full during the related
Prepayment Period, an amount equal to the excess of one month's interest at the
related Net Mortgage Rate (or Modified Net Mortgage Rate in the case of a
Modified Mortgage Loan) on the Stated Principal Balance of such Mortgage Loan
over the amount of interest (adjusted to the related Net Mortgage Rate (or
Modified Net Mortgage Rate in the case of a Modified Mortgage Loan)) paid by the
Mortgagor for such Prepayment Period to the date of such Principal Prepayment in
Full or (b) a Curtailment during the prior calendar month, an amount equal to
one month's interest at the related Net Mortgage Rate (or Modified Net Mortgage
Rate in the case of a Modified Mortgage Loan) on the amount of such Curtailment.
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Prepayment Period: As to any Distribution Date, the calendar month
preceding the month of distribution.
Primary Insurance Policy: Each primary policy of mortgage guaranty
insurance as indicated on Exhibit F-1 and Exhibit F-2 with the exception of
either code "23" or "96" under the column "MI CO CODE."
Principal Prepayment: Any payment of principal or other recovery
on a Mortgage Loan, including a recovery that takes the form of Liquidation
Proceeds or Insurance Proceeds, which is received in advance of its scheduled
Due Date and is not accompanied by an amount as to interest representing
scheduled interest on such payment due on any date or dates in any month or
months subsequent to the month of prepayment.
Principal Prepayment in Full: Any Principal Prepayment made by a Mortgagor
of the entire principal balance of a Mortgage Loan.
Program Guide: The AlterNet Seller Guide or the Residential
Funding Seller Guide, as applicable, for mortgage collateral sellers that
participate in Residential Funding's standard mortgage programs, and Residential
Funding's Servicing Guide and any other subservicing arrangements which
Residential Funding has arranged to accommodate the servicing of the Mortgage
Loans.
Purchase Price: With respect to any Mortgage Loan (or REO
Property) required to be or otherwise purchased on any date pursuant to Section
2.02, 2.03, 2.04 or 4.07, an amount equal to the sum of (i) 100% of the Stated
Principal Balance thereof plus the principal portion of any related unreimbursed
Advances and (ii) unpaid accrued interest at the Adjusted Mortgage Rate (or
Modified Net Mortgage Rate plus the rate per annum at which the Servicing Fee
and the Certificate Insurer Premium Rate, if any, is calculated in the case of a
Modified Mortgage Loan) (or at the Net Mortgage Rate (or Modified Net Mortgage
Rate in the case of a Modified Mortgage Loan)) plus the Certificate Insurer
Premium Rate, if any, in the case of a purchase made by the Master Servicer) on
the Stated Principal Balance thereof to the first day of the month following the
month of purchase from the Due Date to which interest was last paid by the
Mortgagor.
Qualified Substitute Mortgage Loan: A Mortgage Loan substituted
by Residential Funding or the Company for a Deleted Mortgage Loan which must, on
the date of such substitution, as confirmed in an Officers' Certificate
delivered to the Trustee, (i) have an outstanding principal balance, after
deduction of the principal portion of the monthly payment due in the month of
substitution (or in the case of a substitution of more than one Mortgage Loan
for a Deleted Mortgage Loan, an aggregate outstanding principal balance, after
such deduction), not in excess of the Stated Principal Balance of the Deleted
Mortgage Loan (the amount of any shortfall to be deposited by Residential
Funding, in the Custodial Account in the month of substitution); (ii) have a
Mortgage Rate and a Net Mortgage Rate no lower than and not more than 1% per
annum higher than the Mortgage Rate and Net Mortgage Rate, respectively, of the
Deleted Mortgage Loan as of the date of substitution; (iii) have a Loan-to-Value
Ratio at the time of substitution no higher than that of the Deleted Mortgage
Loan at the time of substitution; (iv) have a remaining term to stated maturity
not greater than (and not more than one year less than) that of the Deleted
Mortgage Loan; (v) comply
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with each representation and warranty set forth in Sections 2.03 and 2.04 hereof
and Section 4 of the Assignment Agreement and (vi) in the case of the Group II
Loans, (w) have a Mortgage Rate that adjusts with the same frequency and based
upon the same Index as that of the Deleted Mortgage Loan, (x) have a Note Margin
not less than that of the Deleted Mortgage Loan; (y) have a Periodic Rate Cap
that is equal to that of the Deleted Mortgage Loan; and (z) have a next
Adjustment Date no later than that of the Deleted Mortgage Loan.
Rating Agency: Standard & Poor's and Moody's. If either agency or
a successor is no longer in existence, "Rating Agency" shall be such statistical
credit rating agency, or other comparable Person, designated by the Company and
with respect to the Class A Certificates, the Insurer, notice of which
designation shall be given to the Trustee and the Master Servicer.
Realized Loss: With respect to each Mortgage Loan (or REO
Property) as to which a Cash Liquidation or REO Disposition has occurred, an
amount (not less than zero) equal to (i) the Stated Principal Balance of the
Mortgage Loan (or REO Property) as of the date of Cash Liquidation or REO
Disposition, plus (ii) interest (and REO Imputed Interest, if any) at the Net
Mortgage Rate and the Certificate Insurer Premium Rate from the Due Date as to
which interest was last paid or advanced to Certificateholders up to the last
day of the month in which the Cash Liquidation (or REO Disposition) occurred on
the Stated Principal Balance of such Mortgage Loan (or REO Property) outstanding
during each Due Period that such interest was not paid or advanced to the extent
such interest does not constitute Deferred Interest that has been added to the
principal balance of such Mortgage Loan, minus (iii) the proceeds, if any,
received during the month in which such Cash Liquidation (or REO Disposition)
occurred, to the extent applied as recoveries of interest at the Net Mortgage
Rate and the Certificate Insurer Premium Rate and to principal of the Mortgage
Loan, net of the portion thereof reimbursable to the Master Servicer or any
Subservicer with respect to related Advances or expenses as to which the Master
Servicer or Subservicer is entitled to reimbursement thereunder but which have
not been previously reimbursed. With respect to each Mortgage Loan which is the
subject of a Servicing Modification, (a) the amount by which the interest
portion of a Monthly Payment or the principal balance of such Mortgage Loan was
reduced, and (b) any such amount with respect to a Monthly Payment that was or
would have been due in the month immediately following the month in which a
Principal Prepayment or the Purchase Price of such Mortgage Loan is received or
is deemed to have been received. With respect to each Mortgage Loan which has
become the subject of a Deficient Valuation, the difference between the
principal balance of the Mortgage Loan outstanding immediately prior to such
Deficient Valuation and the principal balance of the Mortgage Loan as reduced by
the Deficient Valuation. With respect to each Mortgage Loan which has become the
object of a Debt Service Reduction, the amount of such Debt Service Reduction.
Notwithstanding the above, neither a Deficient Valuation nor a Debt Service
Reduction shall be deemed a Realized Loss hereunder so long as the Master
Servicer has notified the Trustee and the Insurer in writing that the Master
Servicer is diligently pursuing any remedies that may exist in connection with
the representations and warranties made regarding the related Mortgage Loan and
either (A) the related Mortgage Loan is not in default with regard to payments
due thereunder or (B) delinquent payments of principal and interest under the
related Mortgage Loan and any premiums on any applicable primary hazard
insurance policy and any related escrow payments in respect of such Mortgage
Loan are being advanced on a current basis by the Master Servicer or a
Subservicer, in either case without giving effect to any Debt Service Reduction.
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Record Date: With respect to each Distribution Date, the close of
business on the last Business Day of the month next preceding the month in which
the related Distribution Date occurs.
Regular Interest: Any one of the regular interests in the Trust Fund.
Relief Act: The Soldiers' and Sailors' Civil Relief Act of 1940, as
amended.
REMIC: A "real estate mortgage investment conduit" within the meaning of
Section 860D of the Code.
REMIC Administrator: Residential Funding Corporation. If
Residential Funding Corporation is found by a court of competent jurisdiction to
no longer be able to fulfill its obligations as REMIC Administrator under this
Agreement the Master Servicer or Trustee acting as Master Servicer shall appoint
a successor REMIC Administrator, acceptable to the Insurer, subject to
assumption of the REMIC Administrator obligations under this Agreement.
REMIC I: The segregated pool of assets subject hereto,
constituting a portion of the primary trust created hereby and to be
administered hereunder, with respect to which a separate REMIC election is to be
made (other than with respect to the items in clause (v) and the proceeds
thereof), consisting of:
(i) the Group I Loans and the related Mortgage Files;
(ii) all payments on and collections in respect of the
Group I Loans due after the Cut-off Date (other than Monthly Payments
due in June 1999) as shall be on deposit in the Custodial Account or in
the Certificate Account and identified as belonging to the Trust Fund,
other than Arrearages;
(iii) property which secured a Group I Loan and which has
been acquired for the benefit of the Certificateholders by foreclosure
or deed in lieu of foreclosure;
(iv) the hazard insurance policies and Primary Insurance
Policy pertaining to the Group I Loans, if any;
(v) the Policy; and
(vi) all proceeds of clauses (i) through (v) above.
REMIC I Regular Interest: Any of the seven 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.
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REMIC I Regular Interest I-LT1-I: One of the separate
non-certificated beneficial ownership interests in REMIC I issued hereunder and
designated as a Regular Interest in REMIC I. REMIC I Regular Interest I-LT1-I
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.
REMIC I Regular Interest I-LT2-I: One of the separate
non-certificated beneficial ownership interests in REMIC I issued hereunder and
designated as a Regular Interest in REMIC I. REMIC I Regular Interest I-LT2-I
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.
REMIC I Regular Interest I-LT3-I: One of the separate
non-certificated beneficial ownership interests in REMIC I issued hereunder and
designated as a Regular Interest in REMIC I. REMIC I Regular Interest I-LT3-I
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.
REMIC I Regular Interest I-LT4-I: One of the separate
non-certificated beneficial ownership interests in REMIC I issued hereunder and
designated as a Regular Interest in REMIC I. REMIC I Regular Interest I-LT4-I
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.
REMIC I Regular Interest I-LT5-I: One of the separate
non-certificated beneficial ownership interests in REMIC I issued hereunder and
designated as a Regular Interest in REMIC I. REMIC I Regular Interest I-LT5-I
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.
REMIC I Regular Interest I-LT6-I: One of the separate
non-certificated beneficial ownership interests in REMIC I issued hereunder and
designated as a Regular Interest in REMIC I. REMIC I Regular Interest I-LT6-I
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.
REMIC I Regular Interest I-LT7-I: One of the separate
non-certificated beneficial ownership interests in REMIC I issued hereunder and
designated as a Regular Interest in REMIC I. REMIC I Regular Interest I-LT7-I
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
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conditions hereof, in an aggregate amount equal to its initial Uncertificated
Balance as set forth in the Preliminary Statement hereto.
REMIC I Remittance Rate: With respect to REMIC I Regular
Interests I-LT1-I, I- LT2-I and I-LT3-I, I-LT4-I, I-LT5-I, I-LT6-I and I-LT7-I
the weighted average of Net Mortgage Rates on the then outstanding Group I Loans
and Group I REO Properties.
REMIC II: The segregated pool of assets subject hereto,
constituting a portion of the primary trust created hereby and to be
administered hereunder, with respect to which a separate REMIC election is to be
made (other than with respect to the items in clause (v) and the proceeds
thereof), consisting of:
(i) the Group II Loans and the related Mortgage Files;
(ii) all payments on and collections in respect of the
Group II Loans due after the Cut-off Date (other than Monthly Payments
due in June 1999) as shall be on deposit in the Custodial Account or in
the Certificate Account and identified as belonging to the Trust Fund,
other than Arrearages;
(iii) property which secured a Group II Loan and which has
been acquired for the benefit of the Certificateholders by foreclosure
or deed in lieu of foreclosure;
(iv) the hazard insurance policies and Primary Insurance
Policy pertaining to the Group II Loans, if any;
(v) the Policy; and
(vi) all proceeds of clauses (i) through (v) above.
REMIC II Regular Interest: Any of the three separate
non-certificated beneficial ownership interests in REMIC II issued hereunder and
designated as a "regular interest" in REMIC II. Each REMIC II Regular Interest
shall accrue interest at the related REMIC II 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 II Regular Interests are set forth in the
Preliminary Statement hereto.
REMIC II Regular Interest II-LT1-II: One of the separate
non-certificated beneficial ownership interests in REMIC II issued hereunder and
designated as a Regular Interest in REMIC II. REMIC II Regular Interest
II-LT1-II shall accrue interest at the related REMIC II 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.
REMIC II Regular Interest II-LT2-II: One of the separate
non-certificated beneficial ownership interests in REMIC II issued hereunder and
designated as a Regular Interest in REMIC
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II. REMIC II Regular Interest II-LT2-II shall accrue interest at the related
REMIC II 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.
REMIC II Regular Interest II-LT3-II: One of the separate
non-certificated beneficial ownership interests in REMIC II issued hereunder and
designated as a Regular Interest in REMIC II. REMIC II Regular Interest
II-LT3-II shall accrue interest at the related REMIC II 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.
REMIC II Remittance Rate: With respect to REMIC II Regular
Interests II-LT1-II, II-LT2-II and II-LT3-II, the weighted average of Net
Mortgage Rates on the then outstanding Group II Loans and Group II REO
Properties.
REMIC III Group I Required Overcollateralization Amount: 1% of the Group I
Required Overcollateralization Amount.
REMIC III Group II Required Overcollateralization Amount: 1% of the Group
II Required Overcollateralization Amount.
REMIC III: The segregated pool of assets consisting of all of the
REMIC I Regular Interests and REMIC II Regular Interests conveyed in trust to
the Trustee for the benefit of REMIC IV, as holder of the REMIC III Regular
Interests, and the Class R-III Certificateholders pursuant to Section 2.07, and
all amounts deposited therein, with respect to which a separate REMIC election
is to be made.
REMIC III Regular Interest: Any of the sixteen separate
non-certificated beneficial ownership interests in REMIC III issued hereunder
and designated as a "regular interest" in REMIC III. Each REMIC III Regular
Interest shall accrue interest at the related REMIC III 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 Preliminary Statement hereto. The
designations for the respective REMIC III Regular Interests are set forth in the
Preliminary Statement hereto.
REMIC III Regular Interest III-LT1-I: One of the separate
non-certificated beneficial ownership interests in REMIC III issued hereunder
and designated as a Regular Interest in REMIC III. REMIC III Regular Interest
III-LT1-I shall accrue interest at the related REMIC III 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.
REMIC III Regular Interest III-LT2-I: One of the separate
non-certificated beneficial ownership interests in REMIC III issued hereunder
and designated as a Regular Interest in REMIC III. REMIC III Regular Interest
III-LT2-1 shall accrue interest at the related REMIC III subject to
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the terms and conditions hereof, in an aggregate amount equal to its initial
Uncertificated Balance as set forth in the Preliminary Statement hereto.
REMIC III Regular Interest III-LT3-I: One of the separate
non-certificated beneficial ownership interests in REMIC III issued hereunder
and designated as a Regular Interest in REMIC III. REMIC III Regular Interest
III-LT3-I, shall accrue interest at the related REMIC III 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.
REMIC III Regular Interest III-LT4-I: One of the separate
non-certificated beneficial ownership interests in REMIC III issued hereunder
and designated as a Regular Interest in REMIC III. REMIC III Regular Interest
III-LT4-I, shall accrue interest at the related REMIC III 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.
REMIC III Regular Interest III-LT5-I: One of the separate
non-certificated beneficial ownership interests in REMIC III issued hereunder
and designated as a Regular Interest in REMIC III. REMIC III Regular Interest
III-LT5-I, shall accrue interest at the related REMIC III 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.
REMIC III Regular Interest III-LT6-I: One of the separate
non-certificated beneficial ownership interests in REMIC III issued hereunder
and designated as a Regular Interest in REMIC III. REMIC III Regular Interest
III-LT6-I, shall accrue interest at the related REMIC III 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.
REMIC III Regular Interest III-LT7-I: One of the separate
non-certificated beneficial ownership interests in REMIC III issued hereunder
and designated as a Regular Interest in REMIC III. REMIC III Regular Interest
III-LT7-I, shall accrue interest at the related REMIC III 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.
REMIC III Regular Interest III-LT1-II: One of the separate
non-certificated beneficial ownership interests in REMIC III issued hereunder
and designated as a Regular Interest in REMIC III. REMIC III Regular Interest
III-LT1-II shall accrue interest at the related REMIC III Remittance Rate in
effect from time to time, and shall be entitled to distributions of principal,
subject to the terms and conditions hereof, in aggregate amount equal to its
initial Uncertificated Balance as set forth in the Preliminary Statement hereto.
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REMIC III Regular Interest III-LT2-II: One of the separate
non-certificated beneficial ownership interests in REMIC III issued hereunder
and designated as a Regular Interest in REMIC III. REMIC III Regular Interest
III-LT2-II shall accrue interest at the related REMIC III 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.
REMIC III Regular Interest III-LT3-II: One of the separate
non-certificated beneficial ownership interests in REMIC III issued hereunder
and designated as a Regular Interest in REMIC III. REMIC III Regular Interest
III-LT3-II shall accrue interest at the related REMIC III Remittance Rate in
effect from time to time, and shall be entitled to distributions of principal
subject to the terms and conditions hereof, in aggregate amount equal to its
initial Uncertificated Balance as set forth in the Preliminary Statement hereto.
REMIC III Regular Interest III-LT2-SI: One of the separate
non-certificated beneficial ownership interests in REMIC III issued hereunder
and designated as a Regular Interest in REMIC III. REMIC III Regular Interest
III-LT2-SI shall accrue interest at the related REMIC III Remittance Rate in
effect from time to time, on its related Uncertificated Notional Amount.
REMIC III Regular Interest III-LT3-SI: One of the separate
non-certificated beneficial ownership interests in REMIC III issued hereunder
and designated as a Regular Interest in REMIC III. REMIC III Regular Interest
III-LT3-SI shall accrue interest at the related REMIC III Remittance Rate in
effect from time to time, on its related Uncertificated Notional Amount.
REMIC III Regular Interest III-LT4-SI: One of the separate
non-certificated beneficial ownership interests in REMIC III issued hereunder
and designated as a Regular Interest in REMIC III. REMIC III Regular Interest
III-LT4-SI shall accrue interest at the related REMIC III Remittance Rate in
effect from time to time, on its related Uncertificated Notional Amount.
REMIC III Regular Interest III-LT5-SI: One of the separate
non-certificated beneficial ownership interests in REMIC III issued hereunder
and designated as a Regular Interest in REMIC III. REMIC III Regular Interest
III-LT5-SI shall accrue interest at the related REMIC III Remittance Rate in
effect from time to time, on its related Uncertificated Notional Amount.
REMIC III Regular Interest III-LT6-SI: One of the separate
non-certificated beneficial ownership interests in REMIC III issued hereunder
and designated as a Regular Interest in REMIC III. REMIC III Regular Interest
III-LT6-SI shall accrue interest at the related REMIC III Remittance Rate in
effect from time to time, on its related Uncertificated Notional Amount.
REMIC III Regular Interest III-LT2-SII: One of the separate
non-certificated beneficial ownership interests in REMIC III issued hereunder
and designated as a Regular Interest in REMIC III. REMIC III Regular Interest
III-LT2-SII shall accrue interest at the related REMIC III Remittance Rate in
effect from time to time, on its related Uncertificated Notional Amount.
REMIC III Remittance Rate: With respect to REMIC III Regular
Interests III-LT1-I and III-LT7-I, the weighted average of the Net Mortgage
Rates on the then outstanding Mortgage
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Loans and REO Properties in Group I. With respect to REMIC III Regular Interests
III-LT2-I, the lesser of (i) 6.535% and (ii) the Group I Weighted Average Net
Mortgage Rate. With respect to REMIC III Regular Interests III-LT3-I, the lesser
of (i) 7.110% and (ii) the Group I Weighted Average Net Mortgage Rate. With
respect to REMIC III Regular Interests III-LT4-I, the lesser of (i) 7.525% and
(ii) the Group I Weighted Average Net Mortgage Rate. With respect to REMIC III
Regular Interests III-LT5-I, the lesser of (i) 7.795% and (ii) the Group I
Weighted Average Net Mortgage Rate. With respect to REMIC III Regular Interests
III-LT6-I, the lesser of (i) 7.555% and (ii) the Group I Weighted Average Net
Mortgage Rate. With respect to REMIC III Regular Interests III-LT2-SI, a rate
per annum equal to excess of the REMIC I Remittance Rate for the related
Uncertificated Notional Amount over the REMIC III Remittance Rate for III-LT2-I.
With respect to REMIC III Regular Interests III-LT3-SI, a rate per annum equal
to excess of the REMIC I Remittance Rate for the related Uncertificated Notional
Amount over the REMIC III Remittance Rate for III-LT3-I. With respect to REMIC
III Regular Interests III-LT4-SI, a rate per annum equal to excess of the REMIC
I Remittance Rate for the related Uncertificated Notional Amount over the REMIC
III Remittance Rate for III-LT4-I. With respect to REMIC III Regular Interests
III-LT5-SI, a rate per annum equal to excess of the REMIC I Remittance Rate for
the related Uncertificated Notional Amount over the REMIC III Remittance Rate
for III-LT5-I. With respect to REMIC III Regular Interests III-LT6-SI, a rate
per annum equal to excess of the REMIC I Remittance Rate for the related
Uncertificated Notional Amount over the REMIC III Remittance Rate for III-LT6-I.
With respect to REMIC III Regular Interests III-LT1-II and III-LT3-II, the
weighted average of the Net Mortgage Rates on the then outstanding Mortgage
Loans and REO Properties in Group II. With respect to REMIC III Regular
Interests III-LT2-II, the Pass-Through Rate on the Class A-II Certificates. With
respect to REMIC III Regular Interests III-LT2-SII, a rate per annum equal to
excess of the REMIC II Remittance Rate for the related Uncertificated Notional
Amount over the REMIC III Remittance Rate for III-LT2-II.
REMIC IV: The segregated pool of assets consisting of all of the
REMIC III Regular Interests, with respect to which a separate REMIC election is
to be made.
REMIC IV Certificate: Any Certificate, other than a Class R-I, Class R-II
or Class R-III Certificate.
REMIC IV Regular Certificate: Any REMIC IV Certificate, other
than a Class R-IV Certificate.
REMIC Provisions: Provisions of the federal income tax law
relating to real estate mortgage investment conduits, which appear at Sections
860A through 860G of Subchapter M of Chapter 1 of the Code, and related
provisions, and temporary and final regulations (or, to the extent not
inconsistent with such temporary or final regulations, proposed regulations) and
published rulings, notices and announcements promulgated thereunder, as the
foregoing may be in effect from time to time.
REO Acquisition: The acquisition by the Master Servicer on behalf
of the Trustee for the benefit of the Certificateholders of any REO Property
pursuant to Section 3.14.
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REO Disposition: As to any REO Property, a determination by the
Master Servicer that it has received substantially all Insurance Proceeds,
Liquidation Proceeds, REO Proceeds and other payments and recoveries (including
proceeds of a final sale) which the Master Servicer expects to be finally
recoverable from the sale or other disposition of the REO Property.
REO Imputed Interest: As to any REO Property, for any period, an
amount equivalent to interest (at the Net Mortgage Rate and the Certificate
Insurer Premium Rate, if any, that would have been applicable to the related
Mortgage Loan had it been outstanding net of amounts that would have been
Deferred Interest, if any) on the unpaid principal balance of the Mortgage Loan
as of the date of acquisition thereof for such period.
REO Proceeds: Proceeds, net of expenses, received in respect of
any REO Property (including, without limitation, proceeds from the rental of the
related Mortgaged Property) which proceeds are required to be deposited into the
Custodial Account only upon the related REO Disposition.
REO Property: A Mortgaged Property acquired by the Master
Servicer through foreclosure or deed in lieu of foreclosure in connection with a
defaulted Mortgage Loan.
Re-Performing Loans: The Mortgage Loans listed on Exhibit R,
which were 90 days or more contractually delinquent as of the Cut-off Date, but
for which the related Mortgagor had entered into a repayment plan or trial
modification plan.
Repurchase Event: As defined in the Assignment Agreement.
Request for Release: A request for release, the forms of which
are attached as Exhibit G hereto, or an electronic request in a form acceptable
to the Custodian.
Required Insurance Policy: With respect to any Mortgage Loan, any
insurance policy which is required to be maintained from time to time under this
Agreement, the Program Guide or the related Subservicing Agreement in respect of
such Mortgage Loan.
Residential Funding: Residential Funding Corporation, a Delaware
corporation, in its capacity as seller of the Mortgage Loans to the Company and
any successor thereto.
Responsible Officer: When used with respect to the Trustee, any
officer of the Corporate Trust Department of the Trustee, including any Senior
Vice President, any Vice President, any Assistant Vice President, any Assistant
Secretary, any Trust Officer or Assistant Trust Officer, or any other officer of
the Trustee customarily performing functions similar to those performed by any
of the above designated officers to whom, with respect to a particular matter,
such matter is referred.
Rolling Six-Month Delinquency Ratio: As of any Distribution Date,
the fraction, expressed as a percentage, equal to the average of the Delinquency
Ratio for each of the six (or one, two, three, four and five in the case of the
first, second, third, fourth and fifth Distribution Dates) immediately preceding
Due Periods.
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Security Agreement: With respect to a Cooperative Loan, the agreement
creating a security interest in favor of the originator in the related
Cooperative Stock.
Servicer Bailee Loan: A Mortgage Loan, as indicated on the
Mortgage Loan Schedule, for which the Mortgage File is held on the Cut-off Date
by the related servicer or the servicer's attorney.
Servicing Accounts: The account or accounts created and maintained pursuant
to Section 3.08.
Servicing Advances: All customary, reasonable and necessary "out
of pocket" costs and expenses incurred in connection with a default, delinquency
or other unanticipated event by the Master Servicer in the performance of its
servicing obligations, including, but not limited to, the cost of (i) the
preservation, restoration and protection of a Mortgaged Property, (ii) any
enforcement or judicial proceedings, including foreclosures, (iii) the
management and liquidation of any REO Property and (iv) compliance with the
obligations under Sections 3.01, 3.08, 3.12(a) and 3.14, including, if the
Master Servicer or any Affiliate of the Master Servicer provides services such
as appraisals and brokerage services that are customarily provided by Persons
other than servicers of mortgage loans, reasonable compensation for such
services.
Servicing Fee: With respect to any Mortgage Loan and Distribution
Date, the fee payable monthly to the Master Servicer in respect of master
servicing compensation that accrues at an annual rate equal to the Servicing Fee
Rate multiplied by the Stated Principal Balance of such Mortgage Loan as of the
related Due Date in the related Due Period, as may be adjusted pursuant to
Section 3.16(e).
Servicing Fee Rate: The per annum rate designated on the Mortgage
Loan Schedule as the "MSTR SERV FEE," as may be adjusted with respect to
successor Master Servicers as provided in Section 7.02.
Servicing Modification: Any reduction of the interest rate on or
the outstanding principal balance of a Mortgage Loan that is in default or, in
the judgment of the Master Servicer, default is reasonably foreseeable pursuant
to a modification of such Mortgage Loan in accordance with Section 3.07(a).
Servicing Officer: Any officer of the Master Servicer involved
in, or responsible for, the administration and servicing of the Mortgage Loans
whose name and specimen signature appear on a list of servicing officers
furnished to the Trustee and the Insurer by the Master Servicer, as such list
may from time to time be amended.
Servicing Trigger: As of any Distribution Date, for purposes of Section
7.05, "Servicing Trigger; Removal of Master Servicer," the occurrence of any of
the following scenarios:
(i) The aggregate Rolling Six-Month Delinquency Ratio is greater
than 15% for the then-current Distribution Date;
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(ii) the aggregate Rolling Six-Month Delinquency Ratio is greater
than 13% for the then-current and two preceding Distribution Dates;
(iii) the aggregate Twelve-Month Loss Amount is greater than or
equal to 2.75% of the aggregate Stated Principal Balance of the Mortgage
Loans; or
(iv) the aggregate Realized Losses on the Mortgage Loans exceed
(a) with respect to the first 12 Distribution Dates, 2.25% of the
aggregate Cut-off Date Principal Balance of the Mortgage Loans, (b) with
respect to the next 12 Distribution Dates, 3.75% of the aggregate
Cut-off Date Principal Balance of the Mortgage Loans, (c) with respect
to the next 12 Distribution Dates, 5.25% of the aggregate Cut-off Date
Principal Balance of the Mortgage Loans, (d) with respect to the next 12
Distribution Dates, 6.75% of the aggregate Cut-off Date Principal
Balance of the Mortgage Loans, and (e) with respect to all Distribution
Dates thereafter, 8.00% of the aggregate Cut-off Date Principal Balance
of the Mortgage Loans.
Simple Interest Loan: A Mortgage Loan pursuant to which each
Monthly Payment is applied first, to interest accrued on such Mortgage Loan from
the date on which the previous Monthly Payment was made to the date on which
such Monthly Payment was made, and second to the principal amount outstanding.
Special Hazard Loss: Any Realized Loss not in excess of the
lesser of the cost of repair or the cost of replacement of a Mortgaged Property
suffered by such Mortgaged Property on account of direct physical loss,
exclusive of (i) any loss of a type covered by a hazard policy or a flood
insurance policy required to be maintained in respect of such Mortgaged Property
pursuant to Section 3.12(a), except to the extent of the portion of such loss
not covered as a result of any coinsurance provision and (ii) any Extraordinary
Loss.
Standard & Poor's: Standard & Poor's Ratings Services, a division
of The McGraw-Hill Companies, or its successor in interest.
Startup Date: The day designated as such pursuant to Article X hereof.
Stated Principal Balance: With respect to any Mortgage Loan or
related REO Property, at any given time, (i) the Cut-off Date Principal Balance
of the Mortgage Loan, plus (ii) any Deferred Interest added to the principal
balance of the Mortgage Loan pursuant to the terms of the Mortgage Note, minus
(iii) the sum of (a) the principal portion of the Monthly Payments due with
respect to such Mortgage Loan or REO Property during each Due Period ending
prior to the most recent Distribution Date which were received or with respect
to which an Advance was made, and (b) all Principal Prepayments with respect to
such Mortgage Loan or REO Property, and all Insurance Proceeds, Liquidation
Proceeds and REO Proceeds, to the extent applied by the Master Servicer as
recoveries of principal in accordance with Section 3.14 with respect to such
Mortgage Loan or REO Property, in each case which were distributed pursuant to
Section 4.02 or 4.03 on any previous Distribution Date, and (c) any Realized
Loss allocated to Certificateholders with respect thereto for any previous
Distribution Date.
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Subordination: The provisions described in Section 4.05 relating to the
allocation of Realized Losses (other than any Realized Losses covered by the
Policy).
Subserviced Mortgage Loan: Any Mortgage Loan that, at the time of reference
thereto, is subject to a Subservicing Agreement.
Subservicer: Any Person with whom the Master Servicer has entered
into a Subservicing Agreement and who generally satisfied the requirements set
forth in the Program Guide in respect of the qualification of a Subservicer as
of the date of its approval as a Subservicer by the Master Servicer.
Subservicer Advance: Any delinquent installment of principal and
interest on a Mortgage Loan which is advanced by the related Subservicer (net of
its Subservicing Fee) pursuant to the Subservicing Agreement.
Subservicing Account: An account established by a Subservicer in accordance
with Section 3.08.
Subservicing Agreement: The written contract between the Master
Servicer and any Subservicer relating to servicing and administration of certain
Mortgage Loans as provided in Section 3.02, generally in the form of the
servicer contract referred to or contained in the Program Guide or in such other
form as has been approved by the Master Servicer and the Company.
Subservicing Fee: As to any Mortgage Loan, the fee payable
monthly to the related Subservicer (or, in the case of a Nonsubserviced Mortgage
Loan, to the Master Servicer) in respect of subservicing and other compensation
that accrues with respect to each Distribution Date at an annual rate designated
as "SUBSERV FEE" in Exhibit F-1 and Exhibit F-2.
Tax Returns: The federal income tax return on Internal Revenue
Service Form 1066, U.S. Real Estate Mortgage Investment Conduit Income Tax
Return, including Schedule Q thereto, Quarterly Notice to Residual Interest
Holders of REMIC Taxable Income or Net Loss Allocation, or any successor forms,
to be filed on behalf of REMIC I, REMIC II, REMIC III and REMIC IV due to their
classification as REMICs under the REMIC Provisions, together with any and all
other information, reports or returns that may be required to be furnished to
the Certificateholders or filed with the Internal Revenue Service or any other
governmental taxing authority under any applicable provisions of federal, state
or local tax laws.
Transfer: Any direct or indirect transfer, sale, pledge, hypothecation or
other form of assignment of any Ownership Interest in a Certificate.
Transferee: Any Person who is acquiring by Transfer any Ownership Interest
in a Certificate.
Transferor: Any Person who is disposing by Transfer of any Ownership
Interest in a Certificate.
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Trust Fund: Collectively, the assets of REMIC I, REMIC II, REMIC III and
REMIC IV.
Twelve-Month Loss Amount: With respect to any Distribution Date,
an amount equal to the aggregate of all Realized Losses on the Mortgage Loans
during the 12 preceding Due Periods.
Uncertificated Balance: The amount of any REMIC I Regular
Interest, REMIC II Regular Interest or REMIC III Regular Interest outstanding as
of any date of determination. As of the Closing Date, the Uncertificated Balance
of each REMIC I Regular Interest, REMIC II Regular Interest and each REMIC III
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, REMIC II Regular
Interest and each REMIC III Regular Interest shall be reduced by all
distributions of principal made on such REMIC I Regular Interest, REMIC II
Regular Interest or such REMIC III Regular Interest, as applicable, on such
Distribution Date pursuant to Section 4.02 and, if to the extent necessary and
appropriate, shall be further reduced on such Distribution Date by Realized
Losses as provided in Section 4.05 and the Uncertificated Balance of REMIC I
Regular Interest I-LT7-I, REMIC III Regular Interest III-LT7-I, REMIC II Regular
Interest II-LT3-II and REMIC III Regular Interest III-LT3-II shall each be
increased by interest deferrals as provided in Sections 4.01(a) and (b). The
Uncertificated Balance of each REMIC I Regular Interest, REMIC II Regular
Interest and each REMIC III Regular Interest shall never be less than zero.
Uncertificated Corresponding Component: With respect to REMIC III
Regular Interest III-LT1-I, REMIC I Regular Interest I-LT1-I; REMIC III Regular
Interest III-LT2-I and III- LT2-SI, REMIC I Regular Interest I-LT2-I; REMIC III
Regular Interest III-LT3-I and III-LT3-SI, REMIC I Regular Interest I-LT3-I;
REMIC III Regular Interest III-LT4-I and III-LT4-SI, REMIC I Regular Interest
I-LT4-I; REMIC III Regular Interest III-LT5-I and III-LT5-SI, REMIC I Regular
Interest I-LT5-I; REMIC III Regular Interest III-LT6-I and III-LT6-SI, REMIC I
Regular Interest I- LT6-I; REMIC III Regular Interest III-LT7-I, REMIC I Regular
Interest I-LT7-I; REMIC III Regular Interest III-LT1-II, REMIC II Regular
Interest II-LT1-II; REMIC III Regular Interest III-LT2-II and III-LT2-SII, REMIC
II Regular Interest II-LT2-II; and REMIC III Regular Interest III-LT3-II, REMIC
II Regular Interest II-LT3-II.
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 REMIC I Regular Interest for such
Distribution Date, accrued on the Uncertificated Balance thereof immediately
prior to such Distribution Date. With respect to any REMIC II Regular Interest
for any Distribution Date, one month's interest at the REMIC II Remittance Rate
applicable to such REMIC II Regular Interest for such Distribution Date, accrued
on the Uncertificated Balance thereof immediately prior to such Distribution
Date. With respect to any REMIC III Regular Interest for any Distribution Date,
one month's interest at the REMIC III Remittance Rate applicable to such REMIC
III 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 Interests I-LT1-I, I-LT7-I, III-LT1-I
and III-LT7-I and REMIC II Regular Interests II-LT1-II, II-LT3-II, III-LT1-I and
III-LT3-II shall accrue on the basis of a 360-day year consisting of twelve
30-day months; Uncertificated Interest in respect of REMIC I Regular Interest
I-LT2-I, I-LT3-I, I- LT4-I, I-LT5-I, I-LT6-I, REMIC II Regular Interests
II-LT2-II and REMIC III Regular Interests III- LT2-I, III-LT3-I, III-LT4-I,
III-LT5-I, III-LT6-I, III-LT2-SI, III-LT3-SI, III-LT4-SI, III-LT5-SI, III-
LT6-SI, III-LT2-II and III-LT2SII shall accrue on the basis of a 360-day year
and the actual number of days in the applicable Interest Accrual Period.
Uncertificated Interest with respect to each Distribution Date, as to any REMIC
I Regular Interest, REMIC II Regular Interest or REMIC III Regular Interest,
shall be reduced by any interest shortfalls with respect to the related Loan
Group including interest that is not collectible from the Mortgagor for the
related Due Period pursuant to the Relief Act or similar legislation or
regulations as in effect from time to time. In addition, Uncertificated Interest
with respect to each Distribution Date, as to any REMIC I Regular Interest or
REMIC II Regular Interest shall be reduced by the interest portion of Realized
Losses (including Group I or Group II Excess Special Hazard Losses, Group I or
Group II Excess Fraud Losses, Group I or Group II Excess Bankruptcy Losses and
Group I or Group II Extraordinary Losses) allocable to such Class SB
Certificate, if any, pursuant to Section 4.05(b) hereof. In addition,
Uncertificated Interest with respect to each Distribution Date, as to any REMIC
I Regular Interest or REMIC II Regular Interest shall be reduced by any Class A
Unpaid Interest Shortfalls pursuant to Section 4.02(f) hereof.
Uncertificated Notional Amount: With respect to REMIC III Regular
Interest III-LT2- SI, III-LT3-SI, III-LT4-SI, III-LT5-SI, III-LT6-SI, the
Uncertificated Principal Balance of REMIC I Regular Interests I-LT2-I, I-LT3-I,
I-LT4-I, I-LT5-I, I-LT6-I, respectively. With respect to REMIC III Regular
Interest III-LT2-SII, the Uncertificated Principal Balance of REMIC II Regular
Interests II-LT2-II.
Uniform Single Attestation Program for Mortgage Bankers: The
Uniform Single Attestation Program for Mortgage Bankers, as published by the
Mortgage Bankers Association of America and effective with respect to fiscal
periods ending on or after December 15, 1995.
Uninsured Cause: Any cause of damage to property subject to a
Mortgage such that the complete restoration of such property is not fully
reimbursable by the hazard insurance policies.
United States Person: A citizen or resident of the United States,
a corporation, partnership or other entity (treated as a corporation or
partnership for United States federal income tax purposes) created or organized
in, or under the laws of, the United States, any state thereof, or the District
of Columbia (except in the case of a partnership, to the extent provided in
Treasury regulations) or an estate that is described in Section 7701(a)(30)(D)
of the Code, or a trust that is described in Section 7701(a)(30)(E) of the Code.
Voting Rights: The portion of the voting rights of all of the
Certificates which is allocated to any Certificate. 97% of all of the Voting
Rights shall be allocated among Holders of the Class A Certificates, in
proportion to the outstanding Certificate Principal Balances of their respective
Certificates; 1% and 1% of all of the Voting Rights shall be allocated among the
Holders of the Class SB-I and Class SB-II Certificates, respectively; 0.25%,
0.25%, 0.25% and 0.25% of all of the Voting Rights shall be allocated among the
Holders of the Class R-I, Class R-II, Class R-III and Class R-IV Certificates,
respectively; in each case to be allocated among the Certificates of such Class
in accordance with their respective Percentage Interest.
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Section 1.02. Determination of LIBOR.
LIBOR applicable to the calculation of the Pass-Through Rate on
the Class A-II Certificates for any Interest Accrual Period will be determined
on each LIBOR Rate Adjustment Date.
On each LIBOR Rate Adjustment Date, LIBOR shall be established by
the Trustee and, as to any Interest Accrual Period, will equal the rate for one
month United States dollar deposits that appears on the Telerate Screen Page
3750 as of 11:00 a.m., London time, on such LIBOR Rate Adjustment Date.
"Telerate Screen Page 3750" means the display designated as page 3750 on the
Telerate Service (or such other page as may replace page 3750 on that service
for the purpose of displaying London interbank offered rates of major banks). If
such rate does not appear on such page (or such other page as may replace that
page on that service, or if such service is no longer offered, LIBOR shall be so
established by use of such other service for displaying LIBOR or comparable
rates as may be selected by the Trustee after consultation with the Master
Servicer and the Insurer), the rate will be the Reference Bank Rate. The
"Reference Bank Rate" will be determined on the basis of the rates at which
deposits in U.S. Dollars are offered by the reference banks (which shall be any
three major banks that are engaged in transactions in the London interbank
market, selected by the Trustee after consultation with the Master Servicer and
the Insurer) as of 11:00 a.m., London time, on the LIBOR Rate Adjustment Date to
prime banks in the London interbank market for a period of one month in amounts
approximately equal to the Certificate Principal Balance of the Class A-II
Certificates then outstanding. The Trustee will request the principal London
office of each of the reference banks to provide a quotation of its rate. If at
least two such quotations are provided, the rate will be the arithmetic mean of
the quotations rounded up to the next multiple of 1/16%. If on such date fewer
than two quotations are provided as requested, the rate will be the arithmetic
mean of the rates quoted by one or more major banks in New York City, selected
by the Trustee after consultation with the Master Servicer and the Insurer, as
of 11:00 a.m., New York City time, on such date for loans in U.S. Dollars to
leading European banks for a period of one month in amounts approximately equal
to the Certificate Principal Balance of the Class A-II Certificates then
outstanding. If no such quotations can be obtained, the rate will be LIBOR for
the prior Distribution Date; provided however, if, under the priorities
described above, LIBOR for a Distribution Date would be based on LIBOR for the
previous Distribution Date for the third consecutive Distribution Date, the
Trustee, after consultation with the Insurer, shall select an alternative
comparable index (over which the Trustee has no control), used for determining
one-month Eurodollar lending rates that is calculated and published (or
otherwise made available) by an independent party.
The establishment of LIBOR by the Trustee on any LIBOR Rate
Adjustment Date and the Trustee's subsequent calculation of the Pass-Through
Rate applicable to the Class A-II Certificates for the relevant Interest Accrual
Period, in the absence of manifest error, will be final and binding.
Promptly following each LIBOR Rate Adjustment Date the Trustee
shall supply the Master Servicer with the results of its determination of LIBOR
on such date. Furthermore, the Trustee will supply to any Certificateholder so
requesting by telephone the Pass-Through Rate on the Class A-II Certificates for
the current and the immediately preceding Interest Accrual Period.
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ARTICLE II
CONVEYANCE OF MORTGAGE LOANS;
ORIGINAL ISSUANCE OF CERTIFICATES
Section 2.01. Conveyance of Mortgage Loans.
(a) The Company, concurrently with the execution and delivery
hereof, does hereby assign to the Trustee without recourse all the right, title
and interest of the Company in and to the Mortgage Loans, including all interest
and principal received on or with respect to the Mortgage Loans after the
Cut-off Date (other than payments of principal and interest due on the Mortgage
Loans in the month of June 1999 and other than Arrearages).
(b) In connection with such assignment, and contemporaneously
with the delivery of this Agreement, the Company delivered or caused to be
delivered hereunder to the Trustee the Policy, and except as set forth in
Section 2.01(c) below, the Company does hereby deliver to, and deposit with, the
Trustee, or to and with one or more Custodians, as the duly appointed agent or
agents of the Trustee for such purpose, the following documents or instruments
(or copies thereof as permitted by this Section) (I) with respect to each
Mortgage Loan so assigned (other than a Cooperative Loan):
(i) The original Mortgage Note, endorsed without recourse
to the order of the Trustee and showing an unbroken chain of
endorsements from the originator thereof to the Person endorsing it to
the Trustee, or with respect to any Destroyed Mortgage Note, an original
lost note affidavit from Residential Funding stating that the original
Mortgage Note was lost, misplaced or destroyed, together with a copy of
the related Mortgage Note;
(ii) The original Mortgage with evidence of recording
indicated thereon or a copy of the Mortgage certified by the public
recording office in which such Mortgage has been recorded;
(iii) An original Assignment of the Mortgage to the
Trustee with evidence of recording indicated thereon or a copy of such
assignment certified by the public recording office in which such
assignment has been recorded;
(iv) The original recorded assignment or assignments of
the Mortgage showing an unbroken chain of title from the originator
thereof to the Person assigning it to the Trustee or a copy of such
assignment or assignments of the Mortgage certified by the public
recording office in which such assignment or assignments have been
recorded; and
(v) The original of each modification, assumption
agreement or preferred loan agreement, if any, relating to such Mortgage
Loan or a copy of each modification, assumption agreement or preferred
loan agreement certified by the public recording office in which such
document has been recorded.
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and (II) with respect to each Cooperative Loan so assigned:
(i) The original Mortgage Note, endorsed without recourse to the
order of the Trustee and showing an unbroken chain of endorsements from
the originator thereof to the Person endorsing it to the Trustee, or
with respect to any Destroyed Mortgage Note, an original lost note
affidavit from the related Seller or Residential Funding stating that
the original Mortgage Note was lost, misplaced or destroyed, together
with a copy of the related Mortgage Note;
(ii) A counterpart of the Cooperative Lease and the Assignment of
Proprietary Lease to the originator of the Cooperative Loan with
intervening assignments showing an unbroken chain of title from such
originator to the Trustee;
(iii) The related Cooperative Stock Certificate, representing the
related Cooperative Stock pledged with respect to such Cooperative Loan,
together with an undated stock power (or other similar instrument)
executed in blank;
(iv) The original recognition agreement by the Cooperative of the
interests of the mortgagee with respect to the related Cooperative Loan;
(v) The Security Agreement;
(vi) Copies of the original UCC-1 financing statement, and any
continuation statements, filed by the originator of such Cooperative
Loan as secured party, each with evidence of recording thereof,
evidencing the interest of the originator under the Security Agreement
and the Assignment of Proprietary Lease;
(vii) Copies of the filed UCC-3 assignments of the security
interest referenced in clause (vi) above showing an unbroken chain of
title from the originator to the Trustee, each with evidence of
recording thereof, evidencing the interest of the originator under the
Security Agreement and the Assignment of Proprietary Lease;
(viii) An executed assignment of the interest of the originator
in the Security Agreement, Assignment of Proprietary Lease and the
recognition agreement referenced in clause (iv) above, showing an
unbroken chain of title from the originator to the Trustee;
(ix) The original of each modification, assumption agreement or
preferred loan agreement, if any, relating to such Cooperative Loan; and
(x) An executed UCC-1 financing statement showing the Master
Servicer as debtor, the Company as secured party and the Trustee as
assignee and an executed UCC-1 financing statement showing the Company
as debtor and the Trustee as secured party, each in a form sufficient
for filing, evidencing the interest of such debtors in the Cooperative
Loans.
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(c) The Company may, in lieu of delivering the documents set
forth in Section 2.01(b)(I)(iv) and (v) and Section 2.01(b)(II)(ii), (iv),
(vii), (ix) and (x) to the Trustee or the Custodian or Custodians, deliver such
documents to the Master Servicer, and the Master Servicer shall hold such
documents in trust for the use and benefit of all present and future
Certificateholders until such time as is set forth below. Within ten Business
Days following the earlier of (i) the receipt of the original of each of the
documents or instruments set forth in Section 2.01(b)(I)(iv) and (v) and Section
2.01(b)(II)(ii), (iv), (vii), (ix) and (x) (or copies thereof as permitted by
such Section) for any Mortgage Loan and (ii) a written request by the Trustee to
deliver those documents with respect to any or all of the Mortgage Loans then
being held by the Master Servicer, the Master Servicer shall deliver a complete
set of such documents to the Trustee or the Custodian or Custodians that are the
duly appointed agent or agents of the Trustee.
On the Closing Date, the Master Servicer shall certify that it
has in its possession an original or copy of each of the documents referred to
in Section 2.01(b)(I)(iv) and (v) and Section 2.01(b)(II)(ii), (iv), (vii), (ix)
and (x) which has been delivered to it by the Company. Every six months after
the Closing Date, for so long as the Master Servicer is holding documents
pursuant to this Section 2.01(c), the Master Servicer shall deliver to (i) the
Trustee, (ii) the Insurer and (iii) each Custodian a report setting forth the
status of the documents which it is holding pursuant to this Section 2.01(c).
(d) In the event that in connection with any Mortgage Loan the
Company cannot deliver the Mortgage, any assignment, modification, assumption
agreement or preferred loan agreement (or copy thereof certified by the public
recording office) with evidence of recording thereon concurrently with the
execution and delivery of this Agreement solely because of a delay caused by the
public recording office where such Mortgage, assignment, modification,
assumption agreement or preferred loan agreement, as the case may be, has been
delivered for recordation, the Company shall deliver or cause to be delivered to
the Trustee or the respective Custodian a true and correct photocopy of such
Mortgage, assignment, modification, assumption agreement or preferred loan
agreement.
The Company shall promptly cause to be recorded in the
appropriate public office for real property records the Assignment referred to
in clause (I)(iii) of Section 2.01(b), except in states where, in the opinion of
counsel acceptable to the Trustee, the Insurer and the Master Servicer, such
recording is not required to protect the Trustee's interests in the Mortgage
Loan against the claim of any subsequent transferee or any successor to or
creditor of the Company or the originator of such Mortgage Loan and shall
promptly cause to be filed the Form UCC-3 assignment and UCC-1 financing
statement referred to in clause (II)(vii) and (x), respectively, of Section
2.01(b). In connection with its subservicing of the Cooperative Loans, the
Master Servicer will use its best efforts to file timely continuation statements
with regard to each financing statement and assignment relating to Cooperative
Loans as to which the related Cooperative Apartment is located outside the State
of New York.
Any of the items set forth in Sections 2.01(b)(I)(iv) and (v) and
Section 2.01(b)(II)(ii), (iv), (vii), (ix) and (x) that may be delivered as a
copy rather than the original may be delivered in microfiche form.
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The Company shall deliver to the Trustee or the Custodian within
120 days of the Closing Date the original or a copy of the title insurance
policy, with respect to each Mortgaged Property that is delivered to the related
seller at origination of the Mortgage Loan, to the extent the Company has such
title insurance policy in its possession as of the Closing Date. The Company or
the Master Servicer shall hold in trust for the use and benefit of all present
and future Certificateholders and the Insurer, the original or a copy of the
title insurance binder with respect to each Mortgaged Property that is delivered
to the related seller at origination of the Mortgage Loan, to the extent the
Company or the Master Servicer, as applicable, has such title insurance binder
in its possession as of the Closing Date.
(e) It is intended that the conveyances by the Company to the
Trustee of the Mortgage Loans as provided for in this Section 2.01 be construed
as a sale by the Company to the Trustee of the Mortgage Loans for the benefit of
the Certificateholders. Further, it is not intended that any such conveyance be
deemed to be a pledge of the Mortgage Loans by the Company to the Trustee to
secure a debt or other obligation of the Company. However, in the event that the
Mortgage Loans are held to be property of the Company or of Residential Funding,
or if for any reason this Agreement is held or deemed to create a security
interest in the Mortgage Loans, then it is intended that (a) this Agreement
shall also be deemed to be a security agreement within the meaning of Articles 8
and 9 of the New York Uniform Commercial Code and the Uniform Commercial Code of
any other applicable jurisdiction; (b) the conveyances provided for in this
Section 2.01 shall be deemed to be (1) a grant by the Company to the Trustee of
a security interest in all of the Company's right (including the power to convey
title thereto), title and interest, whether now owned or hereafter acquired, in
and to (A) the Mortgage Loans, including (i) with respect to each Cooperative
Loan, the related Mortgage Note, Security Agreement, Assignment of Proprietary
Lease, Cooperative Stock Certificate, Cooperative Lease, any insurance policies
and all other documents in the related Mortgage File and (ii) with respect to
each Mortgage Loan other than a Cooperative Loan, the related Mortgage Note, the
Mortgage, any insurance policies and all other documents in the related Mortgage
File, (B) all amounts payable pursuant to the Mortgage Loans in accordance with
the terms thereof and (C) any and all general intangibles consisting of, arising
from or relating to any of the foregoing, and all proceeds of the conversion,
voluntary or involuntary, of the foregoing into cash, instruments, securities or
other property, including without limitation all amounts from time to time held
or invested in the Certificate Account or the Custodial Account, whether in the
form of cash, instruments, securities or other property and (2) an assignment by
the Company to the Trustee of any security interest in any and all of
Residential Funding's right (including the power to convey title thereto), title
and interest, whether now owned or hereafter acquired, in and to the property
described in the foregoing clauses (1)(A), (B) and (C) granted by Residential
Funding to the Company pursuant to the Assignment Agreement; (c) the possession
by the Trustee, the Custodian or any other agent of the Trustee of Mortgage
Notes or such other items of property as constitute instruments, money,
negotiable documents or chattel paper shall be deemed to be "possession by the
secured party," or possession by a purchaser or a person designated by such
secured party, for purposes of perfecting the security interest pursuant to the
Minnesota Uniform Commercial Code and the Uniform Commercial Code of any other
applicable jurisdiction (including, without limitation, Section 9-305, 8-313 or
8-321 thereof); and (d) notifications to persons holding such property, and
acknowledgments, receipts or confirmations from persons holding such property,
shall be deemed notifications to, or acknowledgments, receipts or confirmations
from, financial
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intermediaries, bailees or agents (as applicable) of the Trustee for the purpose
of perfecting such security interest under applicable law.
The Company and, at the Company's direction, Residential Funding
and the Trustee shall, to the extent consistent with this Agreement, take such
reasonable actions as may be necessary to ensure that, if this Agreement were
deemed to create a security interest in the Mortgage Loans and the other
property described above, such security interest would be deemed to be a
perfected security interest of first priority under applicable law and will be
maintained as such throughout the term of this Agreement. Without limiting the
generality of the foregoing, the Company shall prepare and deliver to the
Trustee not less than 15 days prior to any filing date and, the Trustee shall
forward for filing, or shall cause to be forwarded for filing, at the expense of
the Company, all filings necessary to maintain the effectiveness of any original
filings necessary under the Uniform Commercial Code as in effect in any
jurisdiction to perfect the Trustee's security interest in or lien on the
Mortgage Loans as evidenced by an Officer's Certificate of the Company, with a
copy delivered to the Insurer, including without limitation (x) continuation
statements, and (y) such other statements as may be occasioned by (1) any change
of name of Residential Funding, the Company or the Trustee (such preparation and
filing shall be at the expense of the Trustee, if occasioned by a change in the
Trustee's name), (2) any change of location of the place of business or the
chief executive office of Residential Funding or the Company or (3) any transfer
of any interest of Residential Funding or the Company in any Mortgage Loan.
Section 2.02. Acceptance by Trustee.
The Trustee acknowledges receipt (or, with respect to Mortgage
Loans subject to a Custodial Agreement, and based solely upon a receipt or
certification executed by the Custodian, receipt by the respective Custodian as
the duly appointed agent of the Trustee) of the documents referred to in Section
2.01(b)(I)(i) through (iii) above (except that for purposes of such
acknowledgment only, a Mortgage Note may be endorsed in blank and an Assignment
of Mortgage may be in blank) and declares that it, or a Custodian as its agent,
holds and will hold such documents and the other documents constituting a part
of the Mortgage Files delivered to it, or a Custodian as its agent, in trust for
the use and benefit of all present and future Certificateholders. The Trustee or
Custodian (such Custodian being so obligated under a Custodial Agreement)
agrees, for the benefit of Certificateholders, to review each Mortgage File
delivered to it pursuant to Section 2.01(b) within 45 days after the Closing
Date to ascertain that all required documents (specifically as set forth in
Section 2.01(b)), have been executed and received, and that such documents
relate to the Mortgage Loans identified on the Mortgage Loan Schedule, as
supplemented, that have been conveyed to it. Upon delivery of the Mortgage Files
by the Company or the Master Servicer, the Trustee shall acknowledge receipt
(or, with respect to Mortgage Loans subject to a Custodial Agreement, and based
solely upon a receipt or certification executed by the Custodian, receipt by the
respective Custodian as the duly appointed agent of the Trustee) of the
documents referred to in Section 2.01(c) above. The Trustee or Custodian (such
Custodian being so obligated under a Custodial Agreement) agrees to review each
Mortgage File delivered to it pursuant to Section 2.01(c) within 45 days after
receipt thereof to ascertain that all documents required to be delivered
pursuant to such Section have been received, and that such documents relate to
the Mortgage Loans identified on the Mortgage Loan Schedule, as supplemented,
that have been conveyed to it.
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If the Custodian, as the Trustee's agent, finds any document or
documents constituting a part of a Mortgage File to be missing or defective in
any material respect, the Trustee shall promptly so notify the Master Servicer
and the Company; provided, that if the Mortgage Loan related to such Mortgage
File is listed on Schedule A of the Assignment Agreement, no notification shall
be necessary. Pursuant to Section 2.3 of the Custodial Agreement, the Custodian
will notify the Master Servicer, the Company and the Trustee of any such
omission or defect found by it in respect of any Mortgage File held by it. The
Master Servicer shall promptly notify the related Subservicer of such omission
or defect and request that such Subservicer correct or cure such omission or
defect within 60 days from the date the Master Servicer was notified of such
omission or defect and, if such Subservicer does not correct or cure such
omission or defect within such period, that such Subservicer purchase such
Mortgage Loan from the Trust Fund at its Purchase Price, in either case within
90 days from the date the Master Servicer was notified of such omission or
defect; provided that if the omission or defect would cause the Mortgage Loan to
be other than a "qualified mortgage" as defined in Section 860G(a)(3) of the
Code, any such cure or repurchase must occur within 90 days from the date such
breach was discovered; and provided further, that no cure, substitution or
repurchase shall be required if such omission or defect is in respect of a
Mortgage Loan listed on Schedule A of the Assignment Agreement. The Purchase
Price for any such Mortgage Loan shall be deposited or caused to be deposited by
the Master Servicer in the Custodial Account maintained by it pursuant to
Section 3.07 and, upon receipt by the Trustee of written notification of such
deposit signed by a Servicing Officer, the Trustee or any Custodian, as the case
may be, shall release to the Master Servicer the related Mortgage File and the
Trustee shall execute and deliver such instruments of transfer or assignment
prepared by the Master Servicer, in each case without recourse, as shall be
necessary to vest in the Subservicer or its designee, as the case may be, any
Mortgage Loan released pursuant hereto and thereafter such Mortgage Loan shall
not be part of the Trust Fund. It is understood and agreed that the obligation
of the Subservicer, to so cure or purchase any Mortgage Loan as to which a
material defect in or omission of a constituent document exists shall constitute
the sole remedy respecting such defect or omission available to
Certificateholders or the Trustee on behalf of Certificateholders (except for
the Insurer's rights under the Insurance Agreement). Notwithstanding the
foregoing, it is understood and agreed that the Master Servicer shall use its
best efforts to substitute, within 60 days of the Closing Date, Qualified
Substitute Mortgage Loans to replace any of the Mortgage Loans identified on
Schedule I hereto with respect to which any document or documents constituting a
part of the Mortgage File are missing or defective in any material respect if
the Master Servicer cannot cure such omission or defect within such 60 day
period.
Section 2.03. Representations, Warranties and Covenants of the Master
Servicer and the Company.
(a) The Master Servicer hereby represents and warrants to the
Trustee for the benefit of the Certificateholders and the Insurer that:
(i) The Master Servicer is a corporation duly organized,
validly existing and in good standing under the laws governing its
creation and existence and is or will be in compliance with the laws of
each state in which any Mortgaged Property is located to the extent
necessary to ensure the enforceability of each Mortgage Loan in
accordance with the terms of this Agreement;
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(ii) The execution and delivery of this Agreement by the
Master Servicer and its performance and compliance with the terms of
this Agreement will not violate the Master Servicer's Certificate of
Incorporation or Bylaws or constitute a material default (or an event
which, with notice or lapse of time, or both, would constitute a
material default) under, or result in the material breach of, any
material contract, agreement or other instrument to which the Master
Servicer is a party or which may be applicable to the Master Servicer or
any of its assets;
(iii) This Agreement, assuming due authorization,
execution and delivery by the Trustee and the Company, constitutes a
valid, legal and binding obligation of the Master Servicer, enforceable
against it in accordance with the terms hereof subject to applicable
bankruptcy, insolvency, reorganization, moratorium and other laws
affecting the enforcement of creditors' rights generally and to general
principles of equity, regardless of whether such enforcement is
considered in a proceeding in equity or at law;
(iv) The Master Servicer is not in default with respect to
any order or decree of any court or any order, regulation or demand of
any federal, state, municipal or governmental agency, which default
might have consequences that would materially and adversely affect the
condition (financial or other) or operations of the Master Servicer or
its properties or might have consequences that would materially
adversely affect its performance hereunder;
(v) No litigation is pending or, to the best of the Master
Servicer's knowledge, threatened against the Master Servicer which would
prohibit its entering into this Agreement or performing its obligations
under this Agreement;
(vi) The Master Servicer will comply in all material
respects in the performance of this Agreement with all reasonable rules
and requirements of each insurer under each Required Insurance Policy;
(vii) No information, certificate of an officer, statement
furnished in writing or report delivered to the Company, any Affiliate
of the Company or the Trustee by the Master Servicer will, to the
knowledge of the Master Servicer, contain any untrue statement of a
material fact or omit a material fact necessary to make the information,
certificate, statement or report not misleading; and
(viii) The Master Servicer has examined each existing, and
will examine each new, Subservicing Agreement and is or will be familiar
with the terms thereof. The terms of each existing Subservicing
Agreement and each designated Subservicer are acceptable to the Master
Servicer and any new Subservicing Agreements will comply with the
provisions of Section 3.02.
It is understood and agreed that the representations and warranties set forth in
this Section 2.03(a) shall survive delivery of the respective Mortgage Files to
the Trustee or any Custodian.
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Upon discovery by either the Company, the Master Servicer, the
Insurer, the Trustee or any Custodian of a breach of any representation or
warranty set forth in this Section 2.03(a) which materially and adversely
affects the interests of the Certificateholders or the Insurer in any Mortgage
Loan, the party discovering such breach shall give prompt written notice to the
other parties (any Custodian being so obligated under a Custodial Agreement).
Within 90 days of its discovery or its receipt of notice of such breach, the
Master Servicer shall either (i) cure such breach in all material respects or
(ii) to the extent that such breach is with respect to a Mortgage Loan or a
related document, purchase such Mortgage Loan from the Trust Fund at the
Purchase Price and in the manner set forth in Section 2.02; provided that if the
omission or defect would cause the Mortgage Loan to be other than a "qualified
mortgage" as defined in Section 860G(a)(3) of the Code, any such cure or
repurchase must occur within 90 days from the date such breach was discovered.
The obligation of the Master Servicer to cure such breach or to so purchase such
Mortgage Loan shall constitute the sole remedy in respect of a breach of a
representation and warranty set forth in this Section 2.03(a) available to the
Certificateholders or the Trustee on behalf of the Certificateholders (except
for the Insurer's rights under Section 3.03 of the Insurance Agreement).
(b) The Company hereby represents and warrants to the Trustee for
the benefit of the Certificateholders and the Insurer that as of the Closing
Date (or, if otherwise specified below, as of the date so specified):
(i) The information set forth in Exhibit F-1 and Exhibit
F-2 hereto with respect to each Mortgage Loan or the Mortgage Loans, as
the case may be, is true and correct in all material respects at the
respective date or dates which such information is furnished;
(ii) Immediately prior to the conveyance of the Mortgage
Loans to the Trustee, the Company had good title to, and was the sole
owner of, each Mortgage Loan free and clear of any pledge, lien,
encumbrance or security interest (other than rights to servicing and
related compensation) and such conveyance validly transfers ownership of
the Mortgage Loans to the Trustee free and clear of any pledge, lien,
encumbrance or security interest; and
(iii) Each Mortgage Loan constitutes a qualified mortgage
under Section 860G(a)(3)(A) of the Code and Treasury Regulations Section
1.860G-2(a)(1).
It is understood and agreed that the representations and warranties set forth in
this Section 2.03(b) shall survive delivery of the respective Mortgage Files to
the Trustee or any Custodian.
Upon discovery by any of the Company, the Master Servicer, the Insurer,
the Trustee or any Custodian of a breach of any of the representations and
warranties set forth in this Section 2.03(b) which materially and adversely
affects the interests of the Certificateholders or the Insurer in any Mortgage
Loan, the party discovering such breach shall give prompt written notice to the
other parties (including the Insurer) (any Custodian being so obligated under a
Custodial Agreement); provided, however, that in the event of a breach of the
representation and warranty set forth in Section 2.03(b)(iii), the party
discovering such breach shall give such notice within five days of discovery.
Within 90 days of its discovery or its receipt of notice of breach, the Company
shall either (i) cure such breach in all material respects or (ii) purchase such
Mortgage Loan from the Trust Fund at the Purchase Price and in the manner set
forth in Section 2.02; provided that the Company shall
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have the option to substitute a Qualified Substitute Mortgage Loan or Loans for
such Mortgage Loan if such substitution occurs within two years following the
Closing Date; provided that if the omission or defect would cause the Mortgage
Loan to be other than a "qualified mortgage" as defined in Section 860G(a)(3) of
the Code, any such cure, substitution or repurchase must occur within 90 days
from the date such breach was discovered. Any such substitution shall be
effected by the Company under the same terms and conditions as provided in
Section 2.04 for substitutions by Residential Funding. It is understood and
agreed that the obligation of the Company to cure such breach or to so purchase
or substitute for any Mortgage Loan as to which such a breach has occurred and
is continuing shall constitute the sole remedy respecting such breach available
to the Certificateholders (other than the Insurer) or the Trustee on behalf of
the Certificateholders (other than the Insurer). Notwithstanding the foregoing,
the Company shall not be required to cure breaches or purchase or substitute for
Mortgage Loans as provided in this Section 2.03(b) if the substance of the
breach of a representation set forth above also constitutes fraud in the
origination of the Mortgage Loan.
Section 2.04. Representations and Warranties of Residential Funding.
The Company, as assignee of Residential Funding under the
Assignment Agreement, hereby assigns to the Trustee for the benefit of the
Certificateholders all of its right, title and interest in respect of the
Assignment Agreement applicable to a Mortgage Loan. Insofar as the Assignment
Agreement relates to the representations and warranties made by Residential
Funding in respect of such Mortgage Loan and any remedies provided thereunder
for any breach of such representations and warranties, such right, title and
interest may be enforced by the Master Servicer on behalf of the Trustee and the
Certificateholders. Upon the discovery by the Company, the Master Servicer, the
Trustee, the Insurer or any Custodian of a breach of any of the representations
and warranties made in the Assignment Agreement in respect of any Mortgage Loan
or of any Repurchase Event which materially and adversely affects the interests
of the Certificateholders or the Insurer in such Mortgage Loan, the party
discovering such breach shall give prompt written notice to the other parties
(including the Insurer) (any Custodian being so obligated under a Custodial
Agreement). The Master Servicer shall promptly notify Residential Funding of
such breach or Repurchase Event and request that Residential Funding either (i)
cure such breach or Repurchase Event in all material respects within 90 days
from the date the Master Servicer was notified of such breach or Repurchase
Event or (ii) purchase such Mortgage Loan from the Trust Fund at the Purchase
Price and in the manner set forth in Section 2.02; provided that, in the case of
a breach or Repurchase Event under the Assignment Agreement, Residential Funding
shall have the option to substitute a Qualified Substitute Mortgage Loan or
Loans for such Mortgage Loan if such substitution occurs within two years
following the Closing Date; provided that if the breach would cause the Mortgage
Loan to be other than a "qualified mortgage" as defined in Section 860G(a)(3) of
the Code, any such cure or substitution must occur within 90 days from the date
the breach was discovered. In the event that Residential Funding elects to
substitute a Qualified Substitute Mortgage Loan or Loans for a Deleted Mortgage
Loan pursuant to this Section 2.04, Residential Funding shall deliver to the
Trustee for the benefit of the Certificateholders with respect to such Qualified
Substitute Mortgage Loan or Loans, the original Mortgage Note, the Mortgage, an
Assignment of the Mortgage in recordable form, and such other documents and
agreements as are required by Section 2.01, with the Mortgage Note endorsed as
required by Section 2.01. No substitution will be made in any calendar month
after the Determination Date for such month. Monthly Payments due with respect
to Qualified Substitute Mortgage Loans in the month of substitution shall not be
part of the Trust Fund and will be retained
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by the Master Servicer and remitted by the Master Servicer to Residential
Funding on the next succeeding Distribution Date. For the month of substitution,
distributions to the Certificateholders will include the Monthly Payment due on
a Deleted Mortgage Loan for such month and thereafter Residential Funding shall
be entitled to retain all amounts received in respect of such Deleted Mortgage
Loan. The Master Servicer shall amend or cause to be amended the Mortgage Loan
Schedule for the benefit of the Certificateholders to reflect the removal of
such Deleted Mortgage Loan and the substitution of the Qualified Substitute
Mortgage Loan or Loans and the Master Servicer shall deliver the amended
Mortgage Loan Schedule to the Trustee. Upon such substitution, the Qualified
Substitute Mortgage Loan or Loans shall be subject to the terms of this
Agreement and the related Subservicing Agreement in all respects, and
Residential Funding shall be deemed to have made the representations and
warranties with respect to the Qualified Substitute Mortgage Loan contained in
Section 4 of the Assignment Agreement, as of the date of substitution, and the
covenants, representations and warranties set forth in this Section 2.04, and in
Section 2.03 hereof and in Section 4 of the Assignment Agreement, and the Master
Servicer shall be obligated to repurchase or substitute for any Qualified
Substitute Mortgage Loan as to which a Repurchase Event (as defined in the
Assignment Agreement) has occurred pursuant to Section 4 of the Assignment
Agreement.
In connection with the substitution of one or more Qualified
Substitute Mortgage Loans for one or more Deleted Mortgage Loans, the Master
Servicer will determine the amount (if any) by which the aggregate principal
balance of all such Qualified Substitute Mortgage Loans as of the date of
substitution is less than the aggregate Stated Principal Balance of all such
Deleted Mortgage Loans (in each case after application of the principal portion
of the Monthly Payments due in the month of substitution that are to be
distributed to the Certificateholders in the month of substitution). Residential
Funding shall deposit the amount of such shortfall into the Custodial Account on
the day of substitution, without any reimbursement therefor. Residential Funding
shall give notice in writing to the Trustee of such event, which notice shall be
accompanied by an Officers' Certificate as to the calculation of such shortfall
and by an Opinion of Counsel to the effect that such substitution will not cause
(a) any federal tax to be imposed on the Trust Fund, including without
limitation, any federal tax imposed on "prohibited transactions" under Section
860F(a)(1) of the Code or on "contributions after the startup date" under
Section 860G(d)(1) of the Code or (b) any portion of REMIC I, REMIC II, REMIC
III or REMIC IV to fail to qualify as a REMIC at any time that any Certificate
is outstanding.
It is understood and agreed that the obligation of the
Residential Funding to cure such breach or purchase (or in the case of
Residential Funding to substitute for) such Mortgage Loan as to which such a
breach has occurred and is continuing shall constitute the sole remedy
respecting such breach available to the Certificateholders (other than the
Insurer) or the Trustee on behalf of the Certificateholders (other than the
Insurer). If the Master Servicer is Residential Funding, then the Trustee shall
also have the right to give the notification and require the purchase or
substitution provided for in the second preceding paragraph in the event of such
a breach of a representation or warranty made by Residential Funding in the
Assignment Agreement. In connection with the purchase of or substitution for any
such Mortgage Loan by Residential Funding, the Trustee shall assign to
Residential Funding all of the right, title and interest in respect of the
Assignment Agreement applicable to such Mortgage Loan.
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Section 2.05. Execution and Authentication of Certificates.
The Trustee acknowledges the assignment to it of the Mortgage
Loans and the delivery of the Mortgage Files to it, or any Custodian on its
behalf, subject to any exceptions noted, together with the assignment to it of
all other assets included in the Trust Fund, receipt of which is hereby
acknowledged. Concurrently with such delivery and in exchange therefor, the
Trustee, pursuant to the written request of the Company executed by an officer
of the Company, has executed and caused to be authenticated and delivered to or
upon the order of the Company the Certificates in authorized denominations which
evidence ownership of the entire Trust Fund.
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ARTICLE III
ADMINISTRATION AND SERVICING
OF MORTGAGE LOANS
Section 3.01. Master Servicer to Act as Servicer.
(a) The Master Servicer shall service and administer the Mortgage
Loans in accordance with the terms of this Agreement and the respective Mortgage
Loans and in a manner consistent with industry practice and shall have full
power and authority, acting alone or through Subservicers as provided in Section
3.02, to do any and all things which it may deem necessary or desirable in
connection with such servicing and administration. Without limiting the
generality of the foregoing, the Master Servicer in its own name or in the name
of a Subservicer is hereby authorized and empowered by the Trustee when the
Master Servicer or the Subservicer, as the case may be, believes it appropriate
in its best judgment, to execute and deliver, on behalf of the
Certificateholders and the Trustee or any of them, any and all instruments of
satisfaction or cancellation, or of partial or full release or discharge, or of
consent to assumption or modification in connection with a proposed conveyance,
or of assignment of any Mortgage and Mortgage Note in connection with the
repurchase of a Mortgage Loan and all other comparable instruments, or with
respect to the modification or re-recording of a Mortgage for the purpose of
correcting the Mortgage, the subordination of the lien of the Mortgage in favor
of a public utility company or government agency or unit with powers of eminent
domain, the taking of a deed in lieu of foreclosure, the completion of judicial
or non-judicial foreclosure, the conveyance of a Mortgaged Property to the
related insurer, the acquisition of any property acquired by foreclosure or deed
in lieu of foreclosure, or the management, marketing and conveyance of any
property acquired by foreclosure or deed in lieu of foreclosure with respect to
the Mortgage Loans and with respect to the Mortgaged Properties. Notwithstanding
the foregoing, subject to Section 3.07(a), the Master Servicer shall not permit
any modification with respect to any Mortgage Loan that would both constitute a
sale or exchange of such Mortgage Loan within the meaning of Section 1001 of the
Code and any proposed, temporary or final regulations promulgated thereunder
(other than in connection with a proposed conveyance or assumption of such
Mortgage Loan that is treated as a Principal Prepayment in Full pursuant to
Section 3.13(d) hereof) and cause any of REMIC I, REMIC II, REMIC III or REMIC
IV to fail to qualify as a REMIC under the Code. The Trustee shall furnish the
Master Servicer with any powers of attorney and other documents necessary or
appropriate to enable the Master Servicer to service and administer the Mortgage
Loans. The Trustee shall not be liable for any action taken by the Master
Servicer or any Subservicer pursuant to such powers of attorney. In servicing
and administering any Nonsubserviced Mortgage Loan, the Master Servicer shall,
to the extent not inconsistent with this Agreement, comply with the Program
Guide as if it were the originator of such Mortgage Loan and had retained the
servicing rights and obligations in respect thereof. In connection with
servicing and administering the Mortgage Loans, the Master Servicer and any
Affiliate of the Master Servicer (i) may perform services such as appraisals and
brokerage services that are customarily provided by Persons other than servicers
of mortgage loans, and shall be entitled to reasonable compensation therefor in
accordance with Section 3.10 and (ii) may, at its own discretion and on behalf
of the Trustee, obtain credit information in the form of a "credit score" from a
credit repository.
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(b) All costs incurred by the Master Servicer or by Subservicers
in effecting the timely payment of taxes and assessments on the properties
subject to the Mortgage Loans shall not, for the purpose of calculating monthly
distributions to the Certificateholders, be added to the amount owing under the
related Mortgage Loans, notwithstanding that the terms of such Mortgage Loan so
permit, and such costs shall be recoverable to the extent permitted by Section
3.10(a)(ii).
(c) The Master Servicer may enter into one or more agreements in
connection with the offering of pass-through certificates evidencing interests
in one or more of the Certificates providing for the payment by the Master
Servicer of amounts received by the Master Servicer as servicing compensation
hereunder and required to cover certain Prepayment Interest Shortfalls on the
Mortgage Loans, which payment obligation will thereafter be an obligation of the
Master Servicer hereunder.
(d) To the extent the Master Servicer or any Subservicer receives
payments in respect of Arrearages, such payments shall be retained by the Master
Servicer or Subservicer and shall not be deposited in the Custodial Account. Any
monthly payment received with respect to a Mortgage Loan subject to a repayment
plan (other than a bankruptcy plan) that is not sufficient to satisfy the
Monthly Payment and the monthly Arrearage shall be applied by the Master
Servicer first to the Monthly Payment and then in payment of the monthly
Arrearage. Any monthly payment received with respect to a Mortgage Loan subject
to a repayment plan (other than a bankruptcy plan) that is greater than the
payment required under the repayment plan shall be applied first, in reduction
of any remaining Arrearage with respect to such Mortgage Loan, and then in
reduction of the principal balance thereof as a principal prepayment.
(e) Any payment made by a Mortgagor under a Mortgage Loan subject
to a bankruptcy plan shall be allocated between the Arrearage and the Monthly
Payment as provided in the related bankruptcy plan.
Section 3.02. Subservicing Agreements Between Master Servicer and
Subservicers; Enforcement of Subservicers' Obligations; Special Servicing.
(a) The Master Servicer may continue in effect Subservicing
Agreements entered into by Residential Funding and Subservicers prior to the
execution and delivery of this Agreement, and may enter into new Subservicing
Agreements with Subservicers, for the servicing and administration of all or
some of the Mortgage Loans. Each Subservicer shall be either (i) an institution
the accounts of which are insured by the FDIC or (ii) another entity that
engages in the business of originating or servicing mortgage loans, and in
either case shall be authorized to transact business in the state or states in
which the related Mortgaged Properties it is to service are situated, if and to
the extent required by applicable law to enable the Subservicer to perform its
obligations hereunder and under the Subservicing Agreement, and in either case
shall be a FHLMC, FNMA or HUD approved mortgage servicer. Each Subservicer of a
Mortgage Loan shall be entitled to receive and retain, as provided in the
related Subservicing Agreement and in Section 3.07, the related Subservicing Fee
from payments of interest received on such Mortgage Loan after payment of all
amounts required to be remitted to the Master Servicer in respect of such
Mortgage Loan. For any
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Mortgage Loan that is a Nonsubserviced Mortgage Loan, the Master Servicer shall
be entitled to receive and retain an amount equal to the Subservicing Fee from
payments of interest. Unless the context otherwise requires, references in this
Agreement to actions taken or to be taken by the Master Servicer in servicing
the Mortgage Loans include actions taken or to be taken by a Subservicer on
behalf of the Master Servicer. Each Subservicing Agreement will be upon such
terms and conditions as are generally required by, permitted by or consistent
with the Program Guide and are not inconsistent with this Agreement and as the
Master Servicer and the Subservicer have agreed. With the approval of the Master
Servicer, a Subservicer may delegate its servicing obligations to third-party
servicers, but such Subservicer will remain obligated under the related
Subservicing Agreement. The Master Servicer and a Subservicer may enter into
amendments thereto or a different form of Subservicing Agreement, and the form
referred to or included in the Program Guide is merely provided for information
and shall not be deemed to limit in any respect the discretion of the Master
Servicer to modify or enter into different Subservicing Agreements; provided,
however, that any such amendments or different forms shall be consistent with
and not violate the provisions of either this Agreement or the Program Guide in
a manner which would materially and adversely affect the interests of the
Certificateholders or the Insurer.
(b) As part of its servicing activities hereunder, the Master
Servicer, for the benefit of the Trustee, the Insurer and the
Certificateholders, shall use its best reasonable efforts to enforce the
obligations of each Subservicer under the related Subservicing Agreement, to the
extent that the non-performance of any such obligation would have a material and
adverse effect on a Mortgage Loan, including, without limitation, the obligation
to purchase a Mortgage Loan on account of defective documentation, as described
in Section 2.02, or on account of a breach of a representation or warranty, as
described in Section 2.04. Such enforcement, including, without limitation, the
legal prosecution of claims, termination of Subservicing Agreements, as
appropriate, and the pursuit of other appropriate remedies, shall be in such
form and carried out to such an extent and at such time as the Master Servicer
would employ in its good faith business judgment and which are normal and usual
in its general mortgage servicing activities. The Master Servicer shall pay the
costs of such enforcement at its own expense, and shall be reimbursed therefor
only (i) from a general recovery resulting from such enforcement to the extent,
if any, that such recovery exceeds all amounts due in respect of the related
Mortgage Loan or (ii) from a specific recovery of costs, expenses or attorneys
fees against the party against whom such enforcement is directed.
(c) As to each Mortgage Loan that (i) is subserviced by a
Designated Subservicer as of the Closing Date, and (ii) becomes 90 or more days
Delinquent at any time after the Closing Date:
(i) the Master Servicer shall cause the subservicing of
such Mortgage Loan to be transferred to HomeComings as soon as
reasonably practicable (unless HomeComings is already acting as
subservicer for such Mortgage Loan); and
(ii) subject to the completion of the subservicing
transfer described in (i) above (if applicable), the Master Servicer
shall perform the servicing activities described in Section 3.14, either
directly or through HomeComings or another affiliate.
Section 3.03. Successor Subservicers.
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The Master Servicer shall be entitled to terminate any
Subservicing Agreement that may exist in accordance with the terms and
conditions of such Subservicing Agreement and without any limitation by virtue
of this Agreement; provided, however, that in the event of termination of any
Subservicing Agreement by the Master Servicer or the Subservicer, the Master
Servicer shall either act as servicer of the related Mortgage Loan or enter into
a Subservicing Agreement with a successor Subservicer which will be bound by the
terms of the related Subservicing Agreement. If the Master Servicer or any
Affiliate of Residential Funding acts as servicer, it will not assume liability
for the representations and warranties of the Subservicer which it replaces. If
the Master Servicer enters into a Subservicing Agreement with a successor
Subservicer, the Master Servicer shall use reasonable efforts to have the
successor Subservicer assume liability for the representations and warranties
made by the terminated Subservicer in respect of the related Mortgage Loans and,
in the event of any such assumption by the successor Subservicer, the Master
Servicer may, in the exercise of its business judgment, release the terminated
Subservicer from liability for such representations and warranties.
Section 3.04. Liability of the Master Servicer.
Notwithstanding any Subservicing Agreement, any of the provisions
of this Agreement relating to agreements or arrangements between the Master
Servicer or a Subservicer or reference to actions taken through a Subservicer or
otherwise, the Master Servicer shall remain obligated and liable to the Trustee,
the Insurer and Certificateholders for the servicing and administering of the
Mortgage Loans in accordance with the provisions of Section 3.01 without
diminution of such obligation or liability by virtue of such Subservicing
Agreements or arrangements or by virtue of indemnification from the Subservicer
or the Company and to the same extent and under the same terms and conditions as
if the Master Servicer alone were servicing and administering the Mortgage
Loans. The Master Servicer shall be entitled to enter into any agreement with a
Subservicer for indemnification of the Master Servicer and nothing contained in
this Agreement shall be deemed to limit or modify such indemnification.
Section 3.05. No Contractual Relationship Between Subservicer and
Trustee or Certificateholders.
Any Subservicing Agreement that may be entered into and any other
transactions or services relating to the Mortgage Loans involving a Subservicer
in its capacity as such and not as an originator shall be deemed to be between
the Subservicer and the Master Servicer alone and the Trustee and
Certificateholders shall not be deemed parties thereto and shall have no claims,
rights, obligations, duties or liabilities with respect to the Subservicer in
its capacity as such except as set forth in Section 3.06. The foregoing
provision shall not in any way limit a Subservicer's obligation to cure an
omission or defect or to repurchase a Mortgage Loan as referred to in Section
2.02 hereof.
Section 3.06. Assumption or Termination of Subservicing Agreements by
Trustee.
(a) In the event the Master Servicer shall for any reason no
longer be the master servicer (including by reason of an Event of Default), the
Trustee, its designee or its successor shall
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thereupon assume all of the rights and obligations of the Master Servicer under
each Subservicing Agreement that may have been entered into. The Trustee, its
designee or the successor servicer for the Trustee shall be deemed to have
assumed all of the Master Servicer's interest therein and to have replaced the
Master Servicer as a party to the Subservicing Agreement to the same extent as
if the Subservicing Agreement had been assigned to the assuming party except
that the Master Servicer shall not thereby be relieved of any liability or
obligations under the Subservicing Agreement.
(b) The Master Servicer shall, upon request of the Trustee but at
the expense of the Master Servicer, deliver to the assuming party all documents
and records relating to each Subservicing Agreement and the Mortgage Loans then
being serviced and an accounting of amounts collected and held by it and
otherwise use its best efforts to effect the orderly and efficient transfer of
each Subservicing Agreement to the assuming party.
(c) Unless an Insurer Default exists, the Master Servicer will,
if it is authorized to do so under the relevant Subservicing Agreement, upon
request of the Insurer at a time when the Insurer may remove the Master Servicer
under the terms hereof, terminate any Subservicing Agreement.
Section 3.07. Collection of Certain Mortgage Loan Payments; Deposits to
Custodial Account.
(a) The Master Servicer shall make reasonable efforts to collect
all payments called for under the terms and provisions of the Mortgage Loans,
and shall, to the extent such procedures shall be consistent with this Agreement
and the terms and provisions of any related Primary Insurance Policy, follow
such collection procedures as it would employ in its good faith business
judgment and which are normal and usual in its general mortgage servicing
activities. Consistent with the foregoing, the Master Servicer may in its
discretion (i) waive any late payment charge or any prepayment charge or penalty
interest in connection with the prepayment of a Mortgage Loan and (ii) extend
the Due Date for payments due on a Mortgage Loan in accordance with the Program
Guide, provided, however, that the Master Servicer shall first determine that
any such waiver or extension will not impair the coverage of any related Primary
Insurance Policy or materially adversely affect the lien of the related
Mortgage. In the event of any such arrangement, the Master Servicer shall make
timely advances on the related Mortgage Loan during the scheduled period in
accordance with the amortization schedule of such Mortgage Loan without
modification thereof by reason of such arrangements unless otherwise agreed to
by the Holders of the Classes of Certificates affected thereby; provided,
however, that no such extension shall be made if any advance would be a
Nonrecoverable Advance. Consistent with the terms of this Agreement, the Master
Servicer may also waive, modify or vary any term of any Mortgage Loan or consent
to the postponement of strict compliance with any such term or in any manner
grant indulgence to any Mortgagor if in the Master Servicer's determination such
waiver, modification, postponement or indulgence is not materially adverse to
the interests of the Certificateholders or the Insurer (taking into account any
estimated Realized Loss that might result absent such action), provided,
however, that the Master Servicer may not modify materially or permit any
Subservicer to modify any Mortgage Loan, including without limitation any
modification that would change the Mortgage Rate, forgive the payment of any
principal or interest (unless in connection with the liquidation of the related
Mortgage Loan or except in connection with prepayments to the extent that such
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reamortization is not inconsistent with the terms of the Mortgage Loan), or
extend the final maturity date of such Mortgage Loan, unless such Mortgage Loan
is in default or, in the judgment of the Master Servicer, such default is
reasonably foreseeable. In connection with any Curtailment of a Mortgage Loan,
the Master Servicer, to the extent not inconsistent with the terms of the
Mortgage Note and local law and practice, may permit the Mortgage Loan to be
re-amortized such that the Monthly Payment is recalculated as an amount that
will fully amortize the remaining Stated Principal Amount thereof by the
original Maturity Date based on the original Mortgage Rate; provided, that such
reamortization shall not be permitted if it would constitute a reissuance of the
Mortgage Loan for federal income tax purposes.
(b) The Master Servicer shall establish and maintain a Custodial
Account in which the Master Servicer shall deposit or cause to be deposited on a
daily basis, except as otherwise specifically provided herein, the following
payments and collections remitted by Subservicers or received by it in respect
of the Mortgage Loans subsequent to the Cut-off Date (other than in respect of
principal and interest on the Mortgage Loans due on or before the Cut-off Date):
(i) All payments on account of principal, including
Principal Prepayments made by Mortgagors on the Mortgage Loans and the
principal component of any Subservicer Advance or of any REO Proceeds
received in connection with an REO Property for which an REO Disposition
has occurred (other than Arrearages);
(ii) All payments on account of interest at the Adjusted
Mortgage Rate on the Mortgage Loans, and the interest component of any
Subservicer Advance or of any REO Proceeds received in connection with
an REO Property for which an REO Disposition has occurred;
(iii) Insurance Proceeds and Liquidation Proceeds (net of
any related expenses of the Subservicer);
(iv) All proceeds of any Mortgage Loans purchased pursuant
to Section 2.02, 2.03, 2.04 or 4.07 and all amounts required to be
deposited in connection with the substitution of a Qualified Substitute
Mortgage Loan pursuant to Section 2.03 or 2.04; and
(v) Any amounts required to be deposited pursuant to
Section 3.07(c) or 3.21.
The foregoing requirements for deposit in the Custodial Account shall be
exclusive, it being understood and agreed that, without limiting the generality
of the foregoing, payments on the Mortgage Loans which are not part of the Trust
Fund (consisting of payments in respect of principal and interest on the
Mortgage Loans due on or before the Cut-off Date) and payments or collections in
the nature of prepayment charges or late payment charges or assumption fees may
but need not be deposited by the Master Servicer in the Custodial Account. In
the event any amount not required to be deposited in the Custodial Account is so
deposited, the Master Servicer may at any time withdraw such amount from the
Custodial Account, any provision herein to the contrary notwithstanding. The
Custodial Account may contain funds that belong to one or more trust funds
created for mortgage pass-through certificates of other series and may contain
other funds respecting
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payments on mortgage loans belonging to the Master Servicer or serviced or
master serviced by it on behalf of others. Notwithstanding such commingling of
funds, the Master Servicer shall keep records that accurately reflect the funds
on deposit in the Custodial Account that have been identified by it as being
attributable to the Mortgage Loans.
With respect to Insurance Proceeds, Liquidation Proceeds, REO
Proceeds and the proceeds of the purchase of any Mortgage Loan pursuant to
Sections 2.02, 2.03, 2.04 and 4.07 received in any calendar month, the Master
Servicer may elect to treat such amounts as included in the related Group I or
Group II Available Distribution Amount for the Distribution Date in the month of
receipt, but is not obligated to do so. If the Master Servicer so elects, such
amounts will be deemed to have been received (and any related Realized Loss
shall be deemed to have occurred) on the last day of the month prior to the
receipt thereof.
(c) The Master Servicer shall use its best efforts to cause the
institution maintaining the Custodial Account to invest the funds in the
Custodial Account attributable to the Mortgage Loans in Permitted Investments
which shall mature not later than the Certificate Account Deposit Date next
following the date of such investment (with the exception of the Amount Held for
Future Distribution) and which shall not be sold or disposed of prior to their
maturities. All income and gain realized from any such investment shall be for
the benefit of the Master Servicer as additional servicing compensation and
shall be subject to its withdrawal or order from time to time. The amount of any
losses incurred in respect of any such investments attributable to the
investment of amounts in respect of the Mortgage Loans shall be deposited in the
Custodial Account by the Master Servicer out of its own funds immediately as
realized.
(d) The Master Servicer shall give notice to the Trustee and the
Company of any change in the location of the Custodial Account and the location
of the Certificate Account prior to the use thereof.
Section 3.08. Subservicing Accounts; Servicing Accounts.
(a) In those cases where a Subservicer is servicing a Mortgage
Loan pursuant to a Subservicing Agreement, the Master Servicer shall cause the
Subservicer, pursuant to the Subservicing Agreement, to establish and maintain
one or more Subservicing Accounts which shall be an Eligible Account or, if such
account is not an Eligible Account, shall generally satisfy the requirements of
the Program Guide and be otherwise acceptable to the Master Servicer, the
Insurer and each Rating Agency. The Subservicer will be required thereby to
deposit into the Subservicing Account on a daily basis all proceeds of Mortgage
Loans received by the Subservicer, less its Subservicing Fees and unreimbursed
advances and expenses, to the extent permitted by the Subservicing Agreement. If
the Subservicing Account is not an Eligible Account, the Master Servicer shall
be deemed to have received such monies upon receipt thereof by the Subservicer.
The Subservicer shall not be required to deposit in the Subservicing Account
payments or collections in the nature of prepayment charges or late charges or
assumption fees. On or before the date specified in the Program Guide, but in no
event later than the Determination Date, the Master Servicer shall cause the
Subservicer, pursuant to the Subservicing Agreement, to remit to the Master
Servicer for deposit in the Custodial Account all funds held in the Subservicing
Account with respect to each Mortgage Loan serviced by such Subservicer that are
required to be remitted to the Master Servicer.
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The Subservicer will also be required, pursuant to the Subservicing Agreement,
to advance on such scheduled date of remittance amounts equal to any scheduled
monthly installments of principal and interest less its Subservicing Fees on any
Mortgage Loans for which payment was not received by the Subservicer. This
obligation to advance with respect to each Mortgage Loan will continue up to and
including the first of the month following the date on which the related
Mortgaged Property is sold at a foreclosure sale or is acquired by the Trust
Fund by deed in lieu of foreclosure or otherwise. All such advances received by
the Master Servicer shall be deposited promptly by it in the Custodial Account.
(b) The Subservicer may also be required, pursuant to the
Subservicing Agreement, to remit to the Master Servicer for deposit in the
Custodial Account interest at the Adjusted Mortgage Rate (or Modified Net
Mortgage Rate plus the rate per annum at which the Servicing Fee and the
Certificate Insurer Premium Rate, if any, accrues in the case of a Modified
Mortgage loan) on any Curtailment received by such Subservicer in respect of a
Mortgage Loan from the related Mortgagor during any month that is to be applied
by the Subservicer to reduce the unpaid principal balance of the related
Mortgage Loan as of the first day of such month, from the date of application of
such Curtailment to the first day of the following month. Any amounts paid by a
Subservicer pursuant to the preceding sentence shall be for the benefit of the
Master Servicer as additional servicing compensation and shall be subject to its
withdrawal or order from time to time pursuant to Sections 3.10(a)(iv) and (v).
(c) In addition to the Custodial Account and the Certificate
Account, the Master Servicer shall for any Nonsubserviced Mortgage Loan, and
shall cause the Subservicers for Subserviced Mortgage Loans to, establish and
maintain one or more Servicing Accounts and deposit and retain therein all
collections from the Mortgagors (or advances from Subservicers) for the payment
of taxes, assessments, hazard insurance premiums, Primary Insurance Policy
premiums, if applicable, or comparable items for the account of the Mortgagors.
Each Servicing Account shall satisfy the requirements for a Subservicing Account
and, to the extent permitted by the Program Guide or as is otherwise acceptable
to the Master Servicer, may also function as a Subservicing Account. Withdrawals
of amounts related to the Mortgage Loans from the Servicing Accounts may be made
only to effect timely payment of taxes, assessments, hazard insurance premiums,
Primary Insurance Policy premiums, if applicable, or comparable items, to
reimburse the Master Servicer or Subservicer out of related collections for any
payments made pursuant to Sections 3.11 (with respect to the Primary Insurance
Policy) and 3.12(a) (with respect to hazard insurance), to refund to any
Mortgagors any sums as may be determined to be overages, to pay interest, if
required, to Mortgagors on balances in the Servicing Account or to clear and
terminate the Servicing Account at the termination of this Agreement in
accordance with Section 9.01 or in accordance with the Program Guide. As part of
its servicing duties, the Master Servicer shall, and the Subservicers will,
pursuant to the Subservicing Agreements, be required to pay to the Mortgagors
interest on funds in this account to the extent required by law.
(d) The Master Servicer shall advance the payments referred to in
the preceding subsection that are not timely paid by the Mortgagors or advanced
by the Subservicers on the date when the tax, premium or other cost for which
such payment is intended is due, but the Master Servicer shall be required so to
advance only to the extent that such advances, in the good faith
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judgment of the Master Servicer, will be recoverable by the Master Servicer out
of Insurance Proceeds, Liquidation Proceeds or otherwise.
Section 3.09. Access to Certain Documentation and Information Regarding the
Mortgage Loans.
In the event that compliance with this Section 3.09 shall make
any Class of Certificates legal for investment by federally insured savings and
loan associations, the Master Servicer shall provide, or cause the Subservicers
to provide, to the Trustee, the Office of Thrift Supervision or the FDIC and the
supervisory agents and examiners thereof access to the documentation regarding
the Mortgage Loans required by applicable regulations of the Office of Thrift
Supervision, such access being afforded without charge but only upon reasonable
request and during normal business hours at the offices designated by the Master
Servicer. The Master Servicer shall permit such representatives to photocopy any
such documentation and shall provide equipment for that purpose at a charge
reasonably approximating the cost of such photocopying to the Master Servicer.
Section 3.10. Permitted Withdrawals from the Custodial Account.
(a) The Master Servicer may, from time to time as provided
herein, make withdrawals from the Custodial Account of amounts on deposit
therein pursuant to Section 3.07 that are attributable to the Mortgage Loans for
the following purposes:
(i) to make deposits into the Certificate Account in the
amounts and in the manner provided for in Section 4.01;
(ii) to reimburse itself or the related Subservicer for
previously unreimbursed advances or expenses made pursuant to Sections
3.01, 3.08, 3.12(a), 3.14 and 4.04 or otherwise reimbursable pursuant to
the terms of this Agreement, such withdrawal right being limited to
amounts received on particular Mortgage Loans (including, for this
purpose, REO Proceeds, Insurance Proceeds, Liquidation Proceeds and
proceeds from the purchase of a Mortgage Loan pursuant to Section 2.02,
2.03, 2.04 or 4.07) which represent (A) Late Collections of Monthly
Payments for which any such advance was made in the case of Subservicer
Advances or Advances pursuant to Section 4.04 and (B) late recoveries of
the payments for which such advances were made in the case of Servicing
Advances;
(iii) to pay to itself or the related Subservicer (if not
previously retained by such Subservicer) out of each payment received by
the Master Servicer on account of interest on a Mortgage Loan as
contemplated by Sections 3.14 and 3.16, an amount equal to that
remaining portion of any such payment as to interest (but not in excess
of the Servicing Fee and the Subservicing Fee, if not previously
retained) which, when deducted, will result in the remaining amount of
such interest being interest at a rate per annum equal to the Net
Mortgage Rate (or Modified Net Mortgage Rate in the case of a Modified
Mortgage Loan) plus the Certificate Insurer Premium Rate on the amount
specified in the amortization schedule of the related Mortgage Loan as
the principal balance thereof at the beginning of
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the period respecting which such interest was paid after giving effect to
any previous Curtailments;
(iv) to pay to itself as additional servicing compensation
any interest or investment income earned on funds deposited in the
Custodial Account that it is entitled to withdraw pursuant to Section
3.07(c);
(v) to pay to itself as additional servicing compensation
any Foreclosure Profits, and any amounts remitted by Subservicers as
interest in respect of Curtailments pursuant to Section 3.08(b);
(vi) to pay to itself, a Subservicer, Residential Funding,
the Company or any other appropriate Person, as the case may be, with
respect to each Mortgage Loan or property acquired in respect thereof
that has been purchased or otherwise transferred pursuant to Section
2.02, 2.03, 2.04, 4.07 or 9.01, all amounts received thereon and not
required to be distributed to Certificateholders as of the date on which
the related Stated Principal Balance or Purchase Price is determined;
(vii) to reimburse itself or the related Subservicer for
any Nonrecoverable Advance or Advances in the manner and to the extent
provided in subsection (c) below, any Advance made in connection with a
modification of a Mortgage Loan that is in default or, in the judgment
of the Master Servicer, default is reasonably foreseeable pursuant to
Section 3.07(a), to the extent the amount of the Advance has been added
to the outstanding principal balance of the Mortgage Loan;
(viii) to reimburse itself or the Company for expenses
incurred by and reimbursable to it or the Company pursuant to Section
3.14(c), 6.03, 10.01 or otherwise;
(ix) to reimburse itself for amounts expended by it (a)
pursuant to Section 3.14 in good faith in connection with the
restoration of property damaged by an Uninsured Cause, and (b) in
connection with the liquidation of a Mortgage Loan or disposition of an
REO Property to the extent not otherwise reimbursed pursuant to clause
(ii) or (viii) above; and
(x) to withdraw any amount deposited in the Custodial
Account that was not required to be deposited therein pursuant to
Section 3.07, including any payoff fees or penalties or any other
additional amounts payable to the Master Servicer or Subservicer
pursuant to the terms of the Mortgage Note.
(b) Since, in connection with withdrawals pursuant to clauses
(ii), (iii), (v) and (vi), the Master Servicer's entitlement thereto is limited
to collections or other recoveries on the related Mortgage Loan, the Master
Servicer shall keep and maintain separate accounting, on a Mortgage Loan by
Mortgage Loan basis, for the purpose of justifying any withdrawal from the
Custodial Account pursuant to such clauses.
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(c) The Master Servicer shall be entitled to reimburse itself or
the related Subservicer for any advance made in respect of a Mortgage Loan that
the Master Servicer determines to be a Nonrecoverable Advance by withdrawal from
the Custodial Account of amounts on deposit therein attributable to the Mortgage
Loans on any Certificate Account Deposit Date succeeding the date of such
determination. Such right of reimbursement in respect of a Nonrecoverable
Advance on any such Certificate Account Deposit Date shall be limited to an
amount not exceeding the portion of such advance previously paid to
Certificateholders (and not theretofore reimbursed to the Master Servicer or the
related Subservicer).
Section 3.11. Maintenance of Primary Insurance Coverage.
(a) The Master Servicer shall not take, or permit any Subservicer
to take, any action which would result in noncoverage under any applicable
Primary Insurance Policy of any loss which, but for the actions of the Master
Servicer or Subservicer, would have been covered thereunder. To the extent
coverage is available, the Master Servicer shall keep or cause to be kept in
full force and effect each such Primary Insurance Policy until the principal
balance of the related Mortgage Loan secured by a Mortgaged Property is reduced
to 80% or less of the Appraised Value at origination in the case of such a
Mortgage Loan having a Loan-to-Value Ratio at origination in excess of 80%,
provided that such Primary Insurance Policy was in place as of the Cut-off Date
and the Company had knowledge of such Primary Insurance Policy. The Master
Servicer shall not cancel or refuse to renew any such Primary Insurance Policy
applicable to a Nonsubserviced Mortgage Loan, or consent to any Subservicer
canceling or refusing to renew any such Primary Insurance Policy applicable to a
Mortgage Loan subserviced by it, that is in effect at the date of the initial
issuance of the Certificates and is required to be kept in force hereunder
unless the replacement Primary Insurance Policy for such canceled or non-renewed
policy is maintained with an insurer whose claims-paying ability is acceptable
to each Rating Agency for mortgage pass-through certificates having a rating
equal to or better than the lower of the then-current rating or the rating
assigned to the Certificates as of the Closing Date by such Rating Agency.
(b) In connection with its activities as administrator and
servicer of the Mortgage Loans, the Master Servicer agrees to present or to
cause the related Subservicer to present, on behalf of the Master Servicer, the
Subservicer, if any, the Trustee and Certificateholders, claims to the insurer
under any Primary Insurance Policies, in a timely manner in accordance with such
policies, and, in this regard, to take or cause to be taken such reasonable
action as shall be necessary to permit recovery under any Primary Insurance
Policies respecting defaulted Mortgage Loans. Pursuant to Section 3.07, any
Insurance Proceeds collected by or remitted to the Master Servicer under any
Primary Insurance Policies shall be deposited in the Custodial Account, subject
to withdrawal pursuant to Section 3.10.
Section 3.12. Maintenance of Fire Insurance and Omissions and Fidelity
Coverage.
(a) The Master Servicer shall cause to be maintained for each
Mortgage Loan (other than a Cooperative Loan) fire insurance with extended
coverage in an amount which is equal to the lesser of the principal balance
owing on such Mortgage Loan (together with the principal balance of any mortgage
loan secured by a lien that is senior to the Mortgage Loan) or 100 percent
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of the insurable value of the improvements; provided, however, that such
coverage may not be less than the minimum amount required to fully compensate
for any loss or damage on a replacement cost basis. To the extent it may do so
without breaching the related Subservicing Agreement, the Master Servicer shall
replace any Subservicer that does not cause such insurance, to the extent it is
available, to be maintained. The Master Servicer shall also cause to be
maintained on property acquired upon foreclosure, or deed in lieu of
foreclosure, of any Mortgage Loan (other than a Cooperative Loan), fire
insurance with extended coverage in an amount which is at least equal to the
amount necessary to avoid the application of any co-insurance clause contained
in the related hazard insurance policy. Pursuant to Section 3.07, any amounts
collected by the Master Servicer under any such policies (other than amounts to
be applied to the restoration or repair of the related Mortgaged Property or
property thus acquired or amounts released to the Mortgagor in accordance with
the Master Servicer's normal servicing procedures) shall be deposited in the
Custodial Account, subject to withdrawal pursuant to Section 3.10. Any cost
incurred by the Master Servicer in maintaining any such insurance shall not, for
the purpose of calculating monthly distributions to Certificateholders, be added
to the amount owing under the Mortgage Loan, notwithstanding that the terms of
the Mortgage Loan so permit. Such costs shall be recoverable by the Master
Servicer out of related late payments by the Mortgagor or out of Insurance
Proceeds and Liquidation Proceeds to the extent permitted by Section 3.10. It is
understood and agreed that no earthquake or other additional insurance is to be
required of any Mortgagor or maintained on property acquired in respect of a
Mortgage Loan other than pursuant to such applicable laws and regulations as
shall at any time be in force and as shall require such additional insurance.
Whenever the improvements securing a Mortgage Loan are located at the time of
origination of such Mortgage Loan (other than a Cooperative Loan) in a federally
designated special flood hazard area, the Master Servicer shall cause flood
insurance (to the extent available) to be maintained in respect thereof. Such
flood insurance shall be in an amount equal to the lesser of (i) the amount
required to compensate for any loss or damage to the Mortgaged Property on a
replacement cost basis and (ii) the maximum amount of such insurance available
for the related Mortgaged Property under the national flood insurance program
(assuming that the area in which such Mortgaged Property is located is
participating in such program).
In the event that the Master Servicer shall obtain and maintain a
blanket fire insurance policy with extended coverage insuring against hazard
losses on all of the Mortgage Loans, it shall conclusively be deemed to have
satisfied its obligations as set forth in the first sentence of this Section
3.12(a), it being understood and agreed that such policy may contain a
deductible clause, in which case the Master Servicer shall, in the event that
there shall not have been maintained on the related Mortgaged Property a policy
complying with the first sentence of this Section 3.12(a) and there shall have
been a loss which would have been covered by such policy, deposit in the
Certificate Account the amount not otherwise payable under the blanket policy
because of such deductible clause. Any such deposit by the Master Servicer shall
be made on the Certificate Account Deposit Date next preceding the Distribution
Date which occurs in the month following the month in which payments under any
such policy would have been deposited in the Custodial Account. In connection
with its activities as administrator and servicer of the Mortgage Loans, the
Master Servicer agrees to present, on behalf of itself, the Trustee and
Certificateholders, claims under any such blanket policy.
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(b) The Master Servicer shall obtain and maintain at its own
expense and keep in full force and effect throughout the term of this Agreement
a blanket fidelity bond and an errors and omissions insurance policy covering
the Master Servicer's officers and employees and other persons acting on behalf
of the Master Servicer in connection with its activities under this Agreement.
The amount of coverage shall be at least equal to the coverage that would be
required by FNMA or FHLMC, whichever is greater, with respect to the Master
Servicer if the Master Servicer were servicing and administering the Mortgage
Loans for FNMA or FHLMC. In the event that any such bond or policy ceases to be
in effect, the Master Servicer shall obtain a comparable replacement bond or
policy from an issuer or insurer, as the case may be, meeting the requirements,
if any, of the Program Guide and acceptable to the Company. Coverage of the
Master Servicer under a policy or bond obtained by an Affiliate of the Master
Servicer and providing the coverage required by this Section 3.12(b) shall
satisfy the requirements of this Section 3.12(b).
Section 3.13. Enforcement of Due-on-Sale Clauses; Assumption and
Modification Agreements; Certain Assignments.
(a) When any Mortgaged Property is conveyed by the Mortgagor, the
Master Servicer or Subservicer, to the extent it has knowledge of such
conveyance, shall enforce any due-on-sale clause contained in any Mortgage Note
or Mortgage, to the extent permitted under applicable law and governmental
regulations, but only to the extent that such enforcement will not adversely
affect or jeopardize coverage under any Required Insurance Policy.
Notwithstanding the foregoing:
(i) the Master Servicer shall not be deemed to be in
default under this Section 3.13(a) by reason of any transfer or
assumption which the Master Servicer is restricted by law from
preventing; and
(ii) if the Master Servicer determines that it is
reasonably likely that any Mortgagor will bring, or if any Mortgagor
does bring, legal action to declare invalid or otherwise avoid
enforcement of a due-on-sale clause contained in any Mortgage Note or
Mortgage, the Master Servicer shall not be required to enforce the
due-on-sale clause or to contest such action.
(b) Subject to the Master Servicer's duty to enforce any
due-on-sale clause to the extent set forth in Section 3.13(a), in any case in
which a Mortgaged Property is to be conveyed to a Person by a Mortgagor, and
such Person is to enter into an assumption or modification agreement or
supplement to the Mortgage Note or Mortgage which requires the signature of the
Trustee, or if an instrument of release signed by the Trustee is required
releasing the Mortgagor from liability on the Mortgage Loan, the Master Servicer
is authorized, subject to the requirements of the sentence next following, to
execute and deliver, on behalf of the Trustee, the assumption agreement with the
Person to whom the Mortgaged Property is to be conveyed and such modification
agreement or supplement to the Mortgage Note or Mortgage or other instruments as
are reasonable or necessary to carry out the terms of the Mortgage Note or
Mortgage or otherwise to comply with any applicable laws regarding assumptions
or the transfer of the Mortgaged Property to such Person; provided, however,
none of such terms and requirements shall both constitute a "significant
modification" effecting an exchange or reissuance of such Mortgage Loan under
the Code (or final, temporary or proposed Treasury regulations promulgated
thereunder) and cause any of REMIC I, REMIC II,
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REMIC III or REMIC IV to fail to qualify as REMICs under the Code or the
imposition of any tax on "prohibited transactions" or "contributions" after the
startup date under the REMIC Provisions. The Master Servicer shall execute and
deliver such documents only if it reasonably determines that (i) its execution
and delivery thereof will not conflict with or violate any terms of this
Agreement or cause the unpaid balance and interest on the Mortgage Loan to be
uncollectible in whole or in part, (ii) any required consents of insurers under
any Required Insurance Policies have been obtained and (iii) subsequent to the
closing of the transaction involving the assumption or transfer (A) the Mortgage
Loan will continue to be secured by a first mortgage lien (or junior lien of the
same priority in relation to any senior mortgage loan, with respect to any
Mortgage Loan secured by a junior Mortgage) pursuant to the terms of the
Mortgage, (B) such transaction will not adversely affect the coverage under any
Required Insurance Policies, (C) the Mortgage Loan will fully amortize over the
remaining term thereof, (D) no material term of the Mortgage Loan (including the
interest rate on the Mortgage Loan) will be altered nor will the term of the
Mortgage Loan be changed and (E) if the seller/transferor of the Mortgaged
Property is to be released from liability on the Mortgage Loan, the
buyer/transferee of the Mortgaged Property would be qualified to assume the
Mortgage Loan based on generally comparable credit quality and such release will
not (based on the Master Servicer's or Subservicer's good faith determination)
adversely affect the collectability of the Mortgage Loan. Upon receipt of
appropriate instructions from the Master Servicer in accordance with the
foregoing, the Trustee shall execute any necessary instruments for such
assumption or substitution of liability as directed by the Master Servicer. Upon
the closing of the transactions contemplated by such documents, the Master
Servicer shall cause the originals or true and correct copies of the assumption
agreement, the release (if any), or the modification or supplement to the
Mortgage Note or Mortgage to be delivered to the Trustee or the Custodian and
deposited with the Mortgage File for such Mortgage Loan. Any fee collected by
the Master Servicer or such related Subservicer for entering into an assumption
or substitution of liability agreement will be retained by the Master Servicer
or such Subservicer as additional servicing compensation.
(c) The Master Servicer or the related Subservicer, as the case
may be, shall be entitled to approve a request from a Mortgagor for a partial
release of the related Mortgaged Property, the granting of an easement thereon
in favor of another Person, any alteration or demolition of the related
Mortgaged Property or other similar matters if it has determined, exercising its
good faith business judgment in the same manner as it would if it were the owner
of the related Mortgage Loan, that the security for, and the timely and full
collectability of, such Mortgage Loan would not be adversely affected thereby
and that each of REMIC I, REMIC II, REMIC III or REMIC IV would continue to
qualify as a REMIC under the Code as a result thereof and that no tax on
"prohibited transactions" or "contributions" after the startup day would be
imposed on any of REMIC I, REMIC II, REMIC III or REMIC IV as a result thereof.
Any fee collected by the Master Servicer or the related Subservicer for
processing such a request will be retained by the Master Servicer or such
Subservicer as additional servicing compensation.
(d) Subject to any other applicable terms and conditions of this
Agreement, the Trustee and Master Servicer shall be entitled to approve an
assignment in lieu of satisfaction with respect to any Mortgage Loan, provided
the obligee with respect to such Mortgage Loan following such proposed
assignment provides the Trustee and Master Servicer with a "Lender Certification
for Assignment of Mortgage Loan" in the form attached hereto as Exhibit M, in
form and substance satisfactory to the Trustee and Master Servicer, providing
the following: (i) that the Mortgage Loan
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is secured by Mortgaged Property located in a jurisdiction in which an
assignment in lieu of satisfaction is required to preserve lien priority,
minimize or avoid mortgage recording taxes or otherwise comply with, or
facilitate a refinancing under, the laws of such jurisdiction; (ii) that the
substance of the assignment is, and is intended to be, a refinancing of such
Mortgage Loan and that the form of the transaction is solely to comply with, or
facilitate the transaction under, such local laws; (iii) that the Mortgage Loan
following the proposed assignment will have a rate of interest at least 0.25
percent below or above the rate of interest on such Mortgage Loan prior to such
proposed assignment; and (iv) that such assignment is at the request of the
borrower under the related Mortgage Loan. Upon approval of an assignment in lieu
of satisfaction with respect to any Mortgage Loan, the Master Servicer shall
receive cash in an amount equal to the unpaid principal balance of and accrued
interest on such Mortgage Loan and the Master Servicer shall treat such amount
as a Principal Prepayment in Full with respect to such Mortgage Loan for all
purposes hereof.
Section 3.14. Realization Upon Defaulted Mortgage Loans.
(a) The Master Servicer shall foreclose upon or otherwise
comparably convert (which may include an REO Acquisition) the ownership of
properties securing such of the Mortgage Loans as come into and continue in
default (including a default with respect to a required payment of an Arrearage)
and as to which no satisfactory arrangements can be made for collection of
delinquent payments pursuant to Section 3.07. Alternatively, the Master Servicer
may take other actions in respect of a defaulted Mortgage Loan, which may
include (i) accepting a short sale (a payoff of the Mortgage Loan for an amount
less than the total amount contractually owed in order to facilitate a sale of
the Mortgaged Property by the Mortgagor) or permitting a short refinancing (a
payoff of the Mortgage Loan for an amount less than the total amount
contractually owed in order to facilitate refinancing transactions by the
Mortgagor not involving a sale of the Mortgaged Property), (ii) arranging for a
repayment plan or (iii) agreeing to a modification in accordance with Section
3.07. In connection with such foreclosure or other conversion or action, the
Master Servicer shall, consistent with Section 3.11, follow such practices and
procedures as it shall deem necessary or advisable, as shall be normal and usual
in its general mortgage servicing activities and as shall be required or
permitted by the Program Guide; provided that the Master Servicer shall not be
liable in any respect hereunder if the Master Servicer is acting in connection
with any such foreclosure or other conversion or action in a manner that is
consistent with the provisions of this Agreement. The Master Servicer, however,
shall not be required to expend its own funds or incur other reimbursable
charges in connection with any foreclosure, or attempted foreclosure which is
not completed, or towards the correction of any default on a related senior
mortgage loan, or towards the restoration of any property unless it shall
determine (i) that such restoration and/or foreclosure will increase the
proceeds of liquidation of the Mortgage Loan to Holders of Certificates of one
or more Classes or the Insurer after reimbursement to itself for such expenses
or charges and (ii) that such expenses and charges will be recoverable to it
through Liquidation Proceeds, Insurance Proceeds, or REO Proceeds (respecting
which it shall have priority for purposes of withdrawals from the Custodial
Account pursuant to Section 3.10, whether or not such expenses and charges are
actually recoverable from related Liquidation Proceeds, Insurance Proceeds or
REO Proceeds). In the event of such a determination by the Master Servicer
pursuant to this Section 3.14(a), the Master Servicer shall be entitled to
reimbursement of its funds so expended pursuant to Section 3.10. Concurrently
with the foregoing, the Master Servicer may pursue any remedies that may be
available in connection with a breach of a representation and warranty with
respect to any such Mortgage Loan in accordance with
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Sections 2.03 and 2.04. However, the Master Servicer is not required to continue
to pursue both foreclosure (or similar remedies) with respect to the Mortgage
Loans and remedies in connection with a breach of a representation and warranty
if the Master Servicer determines in its reasonable discretion that one such
remedy is more likely to result in a greater recovery as to the Mortgage Loan.
Upon the occurrence of a Cash Liquidation or REO Disposition, following the
deposit in the Custodial Account of all Insurance Proceeds, Liquidation Proceeds
and other payments and recoveries referred to in the definition of "Cash
Liquidation" or "REO Disposition," as applicable, upon receipt by the Trustee of
written notification of such deposit signed by a Servicing Officer, the Trustee
or any Custodian, as the case may be, shall release to the Master Servicer the
related Mortgage File and the Trustee shall execute and deliver such instruments
of transfer or assignment prepared by the Master Servicer, in each case without
recourse, as shall be necessary to vest in the Master Servicer or its designee,
as the case may be, the related Mortgage Loan, and thereafter such Mortgage Loan
shall not be part of the Trust Fund. Notwithstanding the foregoing or any other
provision of this Agreement, in the Master Servicer's sole discretion with
respect to any defaulted Mortgage Loan or REO Property as to either of the
following provisions, (i) a Cash Liquidation or REO Disposition may be deemed to
have occurred if substantially all amounts expected by the Master Servicer to be
received in connection with the related defaulted Mortgage Loan or REO Property
have been received, and (ii) for purposes of determining the amount of any
Liquidation Proceeds, Insurance Proceeds, REO Proceeds or other unscheduled
collections or the amount of any Realized Loss, the Master Servicer may take
into account minimal amounts of additional receipts expected to be received or
any estimated additional liquidation expenses expected to be incurred in
connection with the related defaulted Mortgage Loan or REO Property.
(b) In the event that title to any Mortgaged Property is acquired
by the Trust Fund as an REO Property by foreclosure or by deed in lieu of
foreclosure, the deed or certificate of sale shall be issued to the Trustee or
to its nominee on behalf of Certificateholders. Notwithstanding any such
acquisition of title and cancellation of the related Mortgage Loan, such REO
Property shall (except as otherwise expressly provided herein) be considered to
be an Outstanding Mortgage Loan held in the Trust Fund until such time as the
REO Property shall be sold. Consistent with the foregoing for purposes of all
calculations hereunder so long as such REO Property shall be considered to be an
Outstanding Mortgage Loan it shall be assumed that, notwithstanding that the
indebtedness evidenced by the related Mortgage Note shall have been discharged,
such Mortgage Note and the related amortization schedule in effect at the time
of any such acquisition of title (after giving effect to any previous
Curtailments and before any adjustment thereto by reason of any bankruptcy or
similar proceeding or any moratorium or similar waiver or grace period) remain
in effect.
(c) In the event that the Trust Fund acquires any REO Property as
aforesaid or otherwise in connection with a default or imminent default on a
Mortgage Loan, the Master Servicer on behalf of the Trust Fund shall dispose of
such REO Property within three full years after the taxable year of its
acquisition by the Trust Fund for purposes of Section 860G(a)(8) of the Code (or
such shorter period as may be necessary under applicable state (including any
state in which such property is located) law to maintain the status of each of
REMIC I, REMIC II, REMIC III or REMIC IV as a REMIC under applicable state law
and avoid taxes resulting from such property failing to be foreclosure property
under applicable state law) or, at the expense of the Trust Fund, request, more
than 60 days before the day on which such grace period would otherwise expire,
an extension
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of such grace period unless the Master Servicer obtains for the Trustee and the
Insurer an Opinion of Counsel, addressed to the Trustee, the Insurer and the
Master Servicer, to the effect that the holding by the Trust Fund of such REO
Property subsequent to such period will not result in the imposition of taxes on
"prohibited transactions" as defined in Section 860F of the Code or cause any of
REMIC I, REMIC II, REMIC III or REMIC IV to fail to qualify as a REMIC (for
federal (or any applicable State or local) income tax purposes) at any time that
any Certificates are outstanding, in which case the Trust Fund may continue to
hold such REO Property (subject to any conditions contained in such Opinion of
Counsel). The Master Servicer shall be entitled to be reimbursed from the
Custodial Account for any costs incurred in obtaining such Opinion of Counsel,
as provided in Section 3.10. Notwithstanding any other provision of this
Agreement, no REO Property acquired by the Trust Fund shall be rented (or
allowed to continue to be rented) or otherwise used by or on behalf of the Trust
Fund in such a manner or pursuant to any terms that would (i) cause such REO
Property to fail to qualify as "foreclosure property" within the meaning of
Section 860G(a)(8) of the Code or (ii) subject REMIC I, REMIC II, REMIC III or
REMIC IV to the imposition of any federal income taxes on the income earned from
such REO Property, including any taxes imposed by reason of Section 860G(c) of
the Code, unless the Master Servicer has agreed to indemnify and hold harmless
the Trust Fund with respect to the imposition of any such taxes.
(d) The proceeds of any Cash Liquidation, REO Disposition or
purchase or repurchase of any Mortgage Loan pursuant to the terms of this
Agreement, as well as any recovery resulting from a collection of Liquidation
Proceeds, Insurance Proceeds or REO Proceeds, will be applied in the following
order of priority: first, to reimburse the Master Servicer or the related
Subservicer in accordance with Section 3.10(a)(ii); second, to the
Certificateholders to the extent of accrued and unpaid interest on the Mortgage
Loan, and any related REO Imputed Interest, at the Net Mortgage Rate (or the
Modified Net Mortgage Rate in the case of a Modified Mortgage Loan) (less
Deferred Interest, if any), to the Due Date in the related Due Period prior to
the Distribution Date on which such amounts are to be distributed; third, to the
Certificateholders as a recovery of principal on the Mortgage Loan (or REO
Property) (provided that if any such Class of Certificates to which such
Realized Loss was allocated is no longer outstanding, such subsequent recovery
shall be distributed to the persons who were the Holders of such Class of
Certificates when it was retired), other than with respect to any Arrearage;
fourth, to the Master Servicer (or other owner of the Arrearage) in respect of
any Arrearage; fifth, to all Servicing Fees and Subservicing Fees payable
therefrom (and the Master Servicer and the Subservicer shall have no claims for
any deficiencies with respect to such fees which result from the foregoing
allocation); sixth, to the Insurer for reimbursement for any payments made
pursuant to the Policy to the extent not reimbursed pursuant to Section 4.02(d)
or (e); and seventh, to Foreclosure Profits.
(e) Notwithstanding the foregoing paragraphs of this Section
3.14, in the event that a Foreclosure Restricted Loan goes into foreclosure, if
acquiring title to the related Mortgaged Property by foreclosure or by deed in
lieu of foreclosure would cause the adjusted basis (for federal income tax
purposes) of the Mortgaged Properties underlying the Foreclosure Restricted
Loans in the applicable Loan Group that are currently owned by the related REMIC
after foreclosure (along with any other assets owned by the related REMIC other
than "qualified mortgages" and "permitted investments" within the meaning of
Section 860G of the Code) to exceed 0.75% of the adjusted basis of the assets in
such Loan Group, the Master Servicer shall not be permitted to acquire title to
such Mortgaged Property on behalf of the related REMIC. Instead, the Master
Servicer would have to
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dispose of the Mortgage Loan for cash in the foreclosure sale. In addition, if
the Master Servicer determines that following a distribution on any Distribution
Date the adjusted bases of the Mortgaged Properties underlying the Foreclosure
Restricted Loans in foreclosure (along with any other assets owned by the
related REMIC other than "qualified mortgages" and "permitted investments"
within the meaning of Section 860G of the Code) exceed 1.0% of the adjusted
bases of the assets of such Loan Group immediately after the distribution, then
prior to such Distribution Date, the Master Servicer shall dispose of enough of
such Mortgaged Properties in foreclosure, for cash, so that the adjusted bases
of such Mortgaged Properties in foreclosure (along with any other assets owned
by the related REMIC other than "qualified mortgages" and "permitted
investments" within the meaning of Section 860G of the Code) will be less than
1.0% of the adjusted bases of the assets of such Loan Group. In either event,
the Master Servicer is permitted to acquire (for its own account and not on
behalf of the Trust) the Mortgaged Property at the foreclosure sale for an
amount not less than the greater of: (i) the highest amount bid by any other
person at the foreclosure sale, or (ii) the estimated fair value of the
Mortgaged Property, as determined by the Master Servicer in good faith.
Section 3.15. Trustee to Cooperate; Release of Mortgage Files.
(a) Upon becoming aware of the payment in full of any Mortgage
Loan, or upon the receipt by the Master Servicer of a notification that payment
in full will be escrowed in a manner customary for such purposes, the Master
Servicer will immediately notify the Trustee (if it holds the related Mortgage
File) or the Custodian by a certification of a Servicing Officer (which
certification shall include a statement to the effect that all amounts received
or to be received in connection with such payment which are required to be
deposited in the Custodial Account pursuant to Section 3.07 have been or will be
so deposited), substantially in one of the forms attached hereto as Exhibit G
requesting delivery to it of the Mortgage File. Upon receipt of such
certification and request, the Trustee shall promptly release, or cause the
Custodian to release, the related Mortgage File to the Master Servicer. The
Master Servicer is authorized to execute and deliver to the Mortgagor the
request for reconveyance, deed of reconveyance or release or satisfaction of
mortgage or such instrument releasing the lien of the Mortgage, together with
the Mortgage Note with, as appropriate, written evidence of cancellation
thereon. No expenses incurred in connection with any instrument of satisfaction
or deed of reconveyance shall be chargeable to the Custodial Account or the
Certificate Account.
(b) From time to time as is appropriate for the servicing or
foreclosure of any Mortgage Loan, the Master Servicer shall deliver to the
Custodian, with a copy to the Trustee, a certificate of a Servicing Officer
substantially in one of the forms attached as Exhibit G hereto, requesting that
possession of all, or any document constituting part of, the Mortgage File be
released to the Master Servicer and certifying as to the reason for such release
and that such release will not invalidate any insurance coverage provided in
respect of the Mortgage Loan under any Required Insurance Policy. Upon receipt
of the foregoing, the Trustee shall deliver, or cause the Custodian to deliver,
the Mortgage File or any document therein to the Master Servicer. The Master
Servicer shall cause each Mortgage File or any document therein so released to
be returned to the Trustee, or the Custodian as agent for the Trustee when the
need therefor by the Master Servicer no longer exists, unless (i) the Mortgage
Loan has been liquidated and the Liquidation Proceeds relating to the Mortgage
Loan have been deposited in the Custodial Account or (ii) the Mortgage File or
such
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document has been delivered directly or through a Subservicer to an attorney, or
to a public trustee or other public official as required by law, for purposes of
initiating or pursuing legal action or other proceedings for the foreclosure of
the Mortgaged Property either judicially or non-judicially, and the Master
Servicer has delivered directly or through a Subservicer to the Trustee a
certificate of a Servicing Officer certifying as to the name and address of the
Person to which such Mortgage File or such document was delivered and the
purpose or purposes of such delivery. In the event of the liquidation of a
Mortgage Loan, the Trustee shall deliver the Request for Release with respect
thereto to the Master Servicer upon deposit of the related Liquidation Proceeds
in the Custodial Account.
(c) The Trustee or the Master Servicer on the Trustee's behalf
shall execute and deliver to the Master Servicer, if necessary, any court
pleadings, requests for trustee's sale or other documents necessary to the
foreclosure or trustee's sale in respect of a Mortgaged Property or to any legal
action brought to obtain judgment against any Mortgagor on the Mortgage Note or
Mortgage or to obtain a deficiency judgment, or to enforce any other remedies or
rights provided by the Mortgage Note or Mortgage or otherwise available at law
or in equity. Together with such documents or pleadings (if signed by the
Trustee), the Master Servicer shall deliver to the Trustee a certificate of a
Servicing Officer requesting that such pleadings or documents be executed by the
Trustee and certifying as to the reason such documents or pleadings are required
and that the execution and delivery thereof by the Trustee will not invalidate
any insurance coverage under any Required Insurance Policy or invalidate or
otherwise affect the lien of the Mortgage, except for the termination of such a
lien upon completion of the foreclosure or trustee's sale.
Section 3.16. Servicing and Other Compensation; Compensating Interest.
(a) The Master Servicer, as compensation for its activities
hereunder, shall be entitled to receive on each Distribution Date the amounts
provided for by clauses (iii), (iv), (v) and (vi) of Section 3.10(a), subject to
clause (e) below. The amount of servicing compensation provided for in such
clauses shall be accounted for on a Mortgage Loan-by-Mortgage Loan basis. In the
event that Liquidation Proceeds, Insurance Proceeds and REO Proceeds (net of
amounts reimbursable therefrom pursuant to Section 3.10(a)(ii)) in respect of a
Cash Liquidation or REO Disposition exceed the unpaid principal balance of such
Mortgage Loan plus unpaid interest accrued thereon (including REO Imputed
Interest) at a per annum rate equal to the related Net Mortgage Rate (or the
Modified Net Mortgage Rate in the case of a Modified Mortgage Loan), the Master
Servicer shall be entitled to retain therefrom and to pay to itself and/or the
related Subservicer, any Foreclosure Profits and any Servicing Fee or
Subservicing Fee considered to be accrued but unpaid. If the portion of a
Monthly Payment on a Simple Interest Loan that is applied to interest is less
than the portion of such Monthly Payment that would have been applied to
interest if such payment had been received on the related Due Date, the
Servicing Fee payable on the related Distribution Date shall be reduced by such
difference. If the portion of a Monthly Payment on a Simple Interest Loan that
is applied to interest is more than the portion of such Monthly Payment that
would have been applied to interest if such payment had been received on the
related Due Date, the Servicing Fee payable on the related Distribution Date
shall be increased by such difference.
(b) Additional servicing compensation in the form of prepayment
charges, assumption fees, late payment charges, investment income on amounts in
the Custodial Account or the Certificate Account or otherwise shall be retained
by the Master Servicer or the Subservicer to
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the extent provided herein, subject to clause (e) below.
(c) The Master Servicer shall be required to pay, or cause to be
paid, all expenses incurred by it in connection with its servicing activities
hereunder (including payment of premiums for the Primary Insurance Policies, if
any, to the extent such premiums are not required to be paid by the related
Mortgagors, and the fees and expenses of the Trustee and any Custodian) and
shall not be entitled to reimbursement therefor except as specifically provided
in Sections 3.10 and 3.14.
(d) The Master Servicer's right to receive servicing compensation
may not be transferred in whole or in part except in connection with the
transfer of all of its responsibilities and obligations of the Master Servicer
under this Agreement.
(e) Notwithstanding clauses (a) and (b) above, the amount of
servicing compensation that the Master Servicer shall be entitled to receive for
its activities hereunder for the period ending on each Distribution Date shall
be reduced (but not below zero) by an amount equal to Compensating Interest (if
any) for such Distribution Date. Such reduction shall be applied during such
period as follows: first, to any Servicing Fee or Subservicing Fee to which the
Master Servicer is entitled pursuant to Section 3.10(a)(iii); second, to any
income or gain realized from any investment of funds held in the Custodial
Account or the Certificate Account to which the Master Servicer is entitled
pursuant to Sections 3.07(c) or 4.01(b), respectively; and third, to any amounts
of servicing compensation to which the Master Servicer is entitled pursuant to
Section 3.10(a)(v) or (vi). In making such reduction, the Master Servicer will
not withdraw from the Custodial Account any such amount representing all or a
portion of the Servicing Fee to which it is entitled pursuant to Section
3.10(a)(iii); (ii) will not withdraw from the Custodial Account or Certificate
Account any such amount to which it is entitled pursuant to Section 3.07(c) or
4.01(b) and (iii) will not withdraw from the Custodial Account any such amount
of servicing compensation to which it is entitled pursuant to Section 3.10(a)(v)
or (vi). Compensating Interest shall be allocated on any Distribution Date to
each Loan Group pro rata based upon the Prepayment Interest Shortfalls for each
such Loan Group for such Distribution Date. With respect to any Distribution
Date, Compensating Interest derived from Loan Group I shall be used on such
Distribution Date (i) to cover any Prepayment Interest Shortfalls on the Group I
Loans and (ii) to cover any Prepayment Interest Shortfalls on the Group II
Loans, but only to the extent not covered by Compensating Interest derived from
Loan Group II. With respect to any Distribution Date, Compensating Interest
derived from Loan Group II shall be used on such Distribution Date (i) to cover
any Prepayment Interest Shortfalls on the Group II Loans and (ii) to cover any
Prepayment Interest Shortfalls on the Group I Loans, but only to the extent not
covered by Compensating Interest derived from Loan Group I.
Section 3.17. Reports to the Trustee and the Company.
Not later than fifteen days after each Distribution Date, the
Master Servicer shall forward to the Trustee and the Company a statement,
certified by a Servicing Officer, setting forth the status of the Custodial
Account as of the close of business on such Distribution Date as it relates to
the Mortgage Loans and showing, for the period covered by such statement, the
aggregate of deposits in or withdrawals from the Custodial Account in respect of
the Mortgage Loans for each category of deposit specified in Section 3.07 and
each category of withdrawal specified in Section 3.10.
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Section 3.18. Annual Statement as to Compliance.
The Master Servicer will deliver to the Company, the Trustee and
the Insurer on or before March 31 of each year, beginning with the first March
31 that occurs at least six months after the Cut-off Date, an Officers'
Certificate stating, as to each signer thereof, that (i) a review of the
activities of the Master Servicer during the preceding calendar year related to
its servicing of mortgage loans and of its performance under the pooling and
servicing agreements, including this Agreement, has been made under such
officers' supervision, (ii) to the best of such officers' knowledge, based on
such review, the Master Servicer has complied in all material respects with the
minimum servicing standards set forth in the Uniform Single Attestation Program
for Mortgage Bankers and has fulfilled all of its material obligations in all
material respects throughout such year, or, if there has been material
noncompliance with such servicing standards or a default in the fulfillment in
all material respects of any such obligation relating to this Agreement, such
statement shall include a description of such noncompliance or specify each such
default, as the case may be, known to such officer and the nature and status
thereof and that the Master Servicer has met the most recent Annual Servicing
Test, or if such Annual Servicing Test has not been met, specifying the nature
of such failure, such statement with respect to a failure of the Annual
Servicing Test may be delivered as a separate Officers' Certificate, and (iii)
to the best of such officers' knowledge, each Subservicer has complied in all
material respects with the minimum servicing standards set forth in the Uniform
Single Attestation Program for Mortgage Bankers and has fulfilled all of its
material obligations under its Subservicing Agreement in all material respects
throughout such year, or if there has been material noncompliance with such
servicing standards or a material default in the fulfillment of such obligations
relating to this Agreement, specifying such statement shall include a
description of such noncompliance or specify each such default, as the case may
be, known to such officer and the nature and status thereof.
Section 3.19. Annual Independent Public Accountants' Servicing Report.
On or before March 31 of each year, beginning with the first
March 31 that occurs at least six months after the Cut-off Date, the Master
Servicer at its expense shall cause a firm of independent public accountants
which is any one of the six major nationally recognized firms of independent
public accountants and which is also a member of the American Institute of
Certified Public Accountants to furnish a report to the Company, the Insurer and
the Trustee stating its opinion that, on the basis of an examination conducted
by such firm substantially in accordance with standards established by the
American Institute of Certified Public Accountants, the assertions made pursuant
to Section 3.18 regarding compliance with the minimum servicing standards set
forth in the Uniform Single Attestation Program for Mortgage Bankers during the
preceding calendar year are fairly stated in all material respects, subject to
such exceptions and other qualifications that, in the opinion of such firm, such
accounting standards require it to report. In rendering such statement, such
firm may rely, as to matters relating to the direct servicing of mortgage loans
by Subservicers, upon comparable statements for examinations conducted by
independent public accountants substantially in accordance with standards
established by the American Institute of Certified Public Accountants (rendered
within one year of such statement) with respect to such Subservicers.
Section 3.20. Right of the Company in Respect of the Master Servicer.
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The Master Servicer shall afford the Company, upon reasonable
notice, during normal business hours access to all records maintained by the
Master Servicer in respect of its rights and obligations hereunder and access to
officers of the Master Servicer responsible for such obligations. Upon request,
the Master Servicer shall furnish the Company with its most recent financial
statements and such other information as the Master Servicer possesses regarding
its business, affairs, property and condition, financial or otherwise. The
Master Servicer shall also cooperate with all reasonable requests for
information including, but not limited to, notices, tapes and copies of files,
regarding itself, the Mortgage Loans or the Certificates from any Person or
Persons identified by the Company or Residential Funding. The Insurer hereby is
so identified. The Company may, but is not obligated to perform, or cause a
designee to perform, any defaulted obligation of the Master Servicer hereunder
or exercise the rights of the Master Servicer hereunder; provided that the
Master Servicer shall not be relieved of any of its obligations hereunder by
virtue of such performance by the Company or its designee. The Company shall not
have the responsibility or liability for any action or failure to act by the
Master Servicer and is not obligated to supervise the performance of the Master
Servicer under this Agreement or otherwise.
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ARTICLE IV
PAYMENTS TO CERTIFICATEHOLDERS
Section 4.01. Certificate Account.
(a) The Master Servicer acting as agent of the Trustee shall
establish and maintain a Certificate Account in which the Master Servicer shall
cause to be deposited on behalf of the Trustee on or before 2:00 P.M. New York
time on each Certificate Account Deposit Date by wire transfer of immediately
available funds an amount equal to the sum of (i) any Advance for the
immediately succeeding Distribution Date, (ii) any amount required to be
deposited in the Certificate Account pursuant to Section 3.12(a), (iii) any
amount required to be deposited in the Certificate Account pursuant to Section
3.16(e) or Section 4.07, (iv) any amount required to be paid pursuant to Section
9.01, (v) an amount equal to the Certificate Insurer Premium payable on such
Distribution Date and (vi) all other amounts constituting the Group I or Group
II Available Distribution Amount for the immediately succeeding Distribution
Date. In addition, as and to the extent required pursuant to Section 4.08(b),
the Trustee shall withdraw from the Insurance Account and deposit into the
Certificate Account the amount necessary to pay the Insured Amount on each
Distribution Date to the extent received from the Insurer.
(b) On each Distribution Date, prior to making any other
distributions referred to in Section 4.02 herein, the Trustee shall withdraw
from the Certificate Account and pay to the Insurer, by wire transfer of
immediately available funds to the Insurer Account, the Certificate Insurer
Premium for such Distribution Date, provided that on the Distribution Date in
July 1999, the Trustee shall subtract from the Certificate Insurer Premium and
pay to the Master Servicer an amount equal to $1,404.00 in reimbursement of
certain administrative costs previously paid by the Master Servicer pursuant to
the Insurance Agreement.
(c) The Trustee shall, upon written request from the Master
Servicer, invest or cause the institution maintaining the Certificate Account to
invest the funds in the Certificate Account in Permitted Investments designated
in the name of the Trustee for the benefit of the Certificateholders and the
Insurer, which shall mature not later than the Business Day next preceding the
Distribution Date next following the date of such investment (except that (i)
any investment in the institution with which the Certificate Account is
maintained may mature on such Distribution Date and (ii) any other investment
may mature on such Distribution Date if the Trustee shall advance funds on such
Distribution Date to the Certificate Account in the amount payable on such
investment on such Distribution Date, pending receipt thereof to the extent
necessary to make distributions on the Certificates) and shall not be sold or
disposed of prior to maturity. All income and gain realized from any such
investment shall be for the benefit of the Master Servicer and shall be subject
to its withdrawal or order from time to time. The amount of any losses incurred
in respect of any such investments shall be deposited in the Certificate Account
by the Master Servicer out of its own funds immediately as realized.
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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 III on
account of the REMIC I Regular Interests or withdrawn from the Custodial Account
and distributed to the holders of the Class R-I Certificates, as the case may
be:
(i) to the Holders of REMIC I Regular Interests, pro rata,
interest in an amount equal to (A) the Uncertificated Interests
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, pro rata, principal 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.
(b) On each Distribution Date, the following amounts, in the
following order of priority, shall be distributed by REMIC II to REMIC III on
account of the REMIC II Regular Interests or withdrawn from the Custodial
Account and distributed to the holders of the Class R-II Certificates, as the
case may be:
(i) to the Holders of REMIC II Regular Interests, pro rata,
interest in an amount equal to (A) the Uncertificated Interests
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 II
Regular Interests, pro rata, principal 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.
(c) On each Distribution Date, the following amounts, shall be
distributed by REMIC III to REMIC IV on account of the REMIC III Regular
Interests:
(i) With respect to the REMIC I Regular Interests:
(A) to the Holders of REMIC III Regular Interests,
in an amount equal to (A) the Uncertificated Interests for
such Distribution Date, plus (B) any amounts in respect
thereof remaining unpaid from previous Distribution Dates;
provided, however, that a portion of the interest payable
with respect to REMIC III Regular Interest III-LT7-I which
equals the REMIC III Group I Required
Overcollateralization Amount will be payable as a
reduction in the principal balances of the REMIC III
Regular Interests III-LT2-I, III-LT3-I, III- LT4-I,
III-LT5-I and III-LT6-I as pertains to Group I, in the
same proportion as such Group I Required
Overcollateralization Amount is allocated to Class A-I-1,
Class A-I-2, Class A-I-3, Class A-I-4 or Class A-I-5
respectively, and such REMIC III Group I Required
Overcollateralization Amount shall be added to the
principal balance of REMIC III Regular Interest I-LT7-I;
and
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(B) on each Distribution Date, to the Holders of
the REMIC III Regular Interest, 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):
(i) to the Holders of the REMIC III Regular
Interest III- LT1-I, 98.00% of such remainder on
the Group I Loans;
(ii) to the Holders of the REMIC III Regular
Interests III- LT2-1, III-LT3-I, III-LT4-I,
III-LT5-I, III-LT6-I, 1% of such remainder, in the
same proportion as principal payments are allocated
to the Class A-1-I, Class A-2-I, Class A-3-I, Class
A-4-I, Class A-5-I Certificates respectively; and
(iii) to the holders of the REMIC III
Regular Interest III- LT7-I, 1.00% of such
remainder;
provided, however, that 98.00% and 2.00% of any principal payments that are
attributable to a Group I Overcollateralization Reduction Amount with respect to
Group I shall be allocated to Holders of the REMIC III Regular Interest
III-LT1-I and III-LT7-I, respectively.
(ii) With respect to the REMIC II Regular Interests:
(A) to the Holders of the REMIC III Regular
Interests, in an amount equal to (A) the Uncertificated
Interests for such Distribution Date, plus (B) any amounts
in respect thereof remaining unpaid from previous
Distribution Dates; provided, however, that a portion of
the interest payable with respect to REMIC III Regular
Interest III-LT3-II which equals the REMIC III Group II
Required Overcollateralization Amount will be payable as a
reduction in the principal balances of REMIC III Regular
Interest III- LT2-II, in the same proportion as such REMIC
III Group II Required Overcollateralization Amount is
allocated to Class A-II Certificates, and such REMIC III
Group II Required Overcollateralization Amount shall be
added to the principal balance of REMIC III Regular
Interest III-LT3-II; and
(B) on each Distribution Date, to the Holders of
the REMIC III 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):
(i) to the Holders of the REMIC III Regular
Interest III- LT1-II, 98.00% of such remainder on the
Group II Loans;
(ii) to the Holders of the REMIC III Regular
Interest III- LT2-II, 1% of such remainder, in the same
proportion as principal payments are allocated to the
Class A-II Certificates; and
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(iii) to the holders of the REMIC III Regular
Interest III-LT3-II, 1.00% of such remainder;
provided, however, that 98.00% and 2.00% of any principal payments that are
attributable to a Group II Overcollateralization Reduction Amount with respect
to Group II shall be allocated to Holders of the REMIC III Regular Interest
III-LT1-II and III-LT3-II, respectively.
(d) On each Distribution Date (x) the Master Servicer on behalf
of the Trustee or (y) the Paying Agent appointed by the Trustee, shall
distribute to each Certificateholder of record on the next preceding Record Date
(other than as provided in Section 9.01 respecting the final distribution)
either in immediately available funds (by wire transfer or otherwise) to the
account of such Certificateholder at a bank or other entity having appropriate
facilities therefor, if such Certificateholder has so notified the Master
Servicer or the Paying Agent, as the case may be, or, if such Certificateholder
has not so notified the Master Servicer or the Paying Agent by the Record Date,
by check mailed to such Certificateholder at the address of such Holder
appearing in the Certificate Register such Certificateholder's share (which
share with respect to each Class of Certificates, shall be based on the
aggregate of the Percentage Interests represented by Certificates of the
applicable Class held by such Holder of the following amounts, in the following
order of priority (subject to the provisions of Section 4.02(f)), in each case
to the extent of the Group I Available Distribution Amount:
(i) to the Class A-I Certificateholders, Accrued
Certificate Interest payable on such Certificates with respect to
such Distribution Date, plus any Accrued Certificate Interest
remaining unpaid from any prior Distribution Date, less any
Prepayment Interest Shortfalls on the Group I Loans, to the
extent not covered by Compensating Interest pursuant to Section
3.16 (the "Group I Interest Distribution Amount"), with such
amount allocated among the Class A-I Certificateholders on a pro
rata basis;
(ii) to the Class A-I Certificateholders, the lesser of
(a) the excess of (i) the Group I Available Distribution Amount
over (ii) the Group I Interest Distribution Amount and (b) the
Group I Principal Distribution Amount (other than with respect to
clauses (iv) and (v) thereof), in the order described in Section
4.02(f), until the aggregate Certificate Principal Balance of the
Class A-I Certificates has been reduced to zero;
(iii) to the Class A-I Certificateholders, from the
amount, if any, of the Group I Available Distribution Amount
remaining after the foregoing distributions (such amount, the
"Group I Excess Cash Flow") an amount equal to the Realized
Losses on the Group I Loans during the immediately preceding Due
Period, applied to reduce the Certificate Principal Balances of
such Class A-I Certificates, but in no event more than the
aggregate of the outstanding Certificate Principal Balances of
such Class A-I Certificates, in the order described in Section
4.02(f), until the aggregate Certificate Principal Balance of the
Class A-I Certificates has been reduced to zero;
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(iv) to the Class A-II Certificateholders, from the
amount, if any, of the Group I Available Distribution Amount
remaining after the foregoing distributions, an amount equal to
the Realized Losses on the Group II Loans during the immediately
preceding Due Period to the extent not covered by the Group II
Excess Cash Flow, applied to reduce the Certificate Principal
Balances of such Class A-II Certificates, but in no event more
than the aggregate of the outstanding Certificate Principal
Balances of such Class A-II Certificates, until the aggregate
Certificate Principal Balance of the Class A-II Certificates has
been reduced to zero;
(v) to the Insurer, from the amount, if any, of the Group
I Available Distribution Amount remaining after the foregoing
distributions, in respect of any Group I Cumulative Insurance
Payments;
(vi) to the Insurer, from the amount, if any, of the Group
I Available Distribution Amount remaining after the foregoing
distributions, in respect of any Group II Cumulative Insurance
Payments, to the extent not covered by the Group II Excess Cash
Flow;
(vii) to the Class A-II Certificateholders, from the
amount, if any, of the Group I Available Distribution Amount
remaining after the foregoing distributions, the Group II
Overcollateralization Increase Amount for such Distribution Date,
but only to the extent the Certificate Principal Balance of the
Class A-II Certificates immediately prior to such Distribution
Date exceeded the aggregate Stated Principal Balance of the Group
II Loans at the end of the immediately preceding Due Period;
(viii) to the Class A-I Certificateholders, from the
amount, if any, of the Group I Available Distribution Amount
remaining after the foregoing distributions, the Group I
Overcollateralization Increase Amount for such Distribution Date,
in the order described in Section 4.02(f), until the aggregate
Certificate Principal Balance of the Class A-I Certificates has
been reduced to zero;
(ix) to the Class A-I Certificateholders from the amount,
if any, of the Group I Available Distribution Amount remaining
after the foregoing distributions, the amount of any Prepayment
Interest Shortfalls allocated thereto with respect to the Group I
Loans, to the extent not covered by Compensating Interest on such
Distribution Date;
(x) to the Class A-II Certificateholders from the amount,
if any, of the Group I Available Distribution Amount remaining
after the foregoing distributions, the amount of any Prepayment
Interest Shortfalls allocated thereto with respect to the Group
II Loans, to the extent not covered by Compensating Interest and
any Group II Excess Cash Flow on such Distribution Date;
(xi) to the Class A-I Certificateholders from the amount,
if any, of the Group I Available Distribution Amount remaining
after the foregoing distributions,
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the amount of any Prepayment Interest Shortfalls allocated
thereto remaining unpaid from prior Distribution Dates together
with interest thereon;
(xii) to the Class A-II Certificateholders from the
amount, if any, of the Group I Available Distribution Amount
remaining after the foregoing distributions, the amount of any
Prepayment Interest Shortfalls allocated thereto remaining unpaid
from prior Distribution Dates together with interest thereon, to
the extent not covered by any Group II Excess Cash Flow on such
Distribution Date;
(xiii) to the Class A-II Certificates, from the amount, if
any, of the Group I Available Distribution Amount remaining after
the foregoing distributions, the amount of any Basis Risk
Shortfall Carry-Forward Amount, to the extent not covered by any
Group II Excess Cash Flow on such Distribution Date;
(xiv) to the Class SB-I Certificates, from the amount, if
any, of the Group I Available Distribution Amount remaining after
the foregoing distributions, Accrued Certificate Interest thereon
and the amount of any Group I Overcollateralization Reduction
Amount for such Distribution Date; and
(xv) to the Class R-I Certificateholders, the balance, if
any, of the Group I Available Distribution Amount.
(e) On each Distribution Date (x) the Master Servicer on behalf
of the Trustee or (y) the Paying Agent appointed by the Trustee, shall
distribute to each Certificateholder of record on the next preceding Record Date
(other than as provided in Section 9.01 respecting the final distribution)
either in immediately available funds (by wire transfer or otherwise) to the
account of such Certificateholder at a bank or other entity having appropriate
facilities therefor, if such Certificateholder has so notified the Master
Servicer or the Paying Agent, as the case may be, or, if such Certificateholder
has not so notified the Master Servicer or the Paying Agent by the Record Date,
by check mailed to such Certificateholder at the address of such Holder
appearing in the Certificate Register such Certificateholder's share (which
share with respect to each Class of Certificates, shall be based on the
aggregate of the Percentage Interests represented by Certificates of the
applicable Class held by such Holder of the following amounts, in the following
order of priority (subject to the provisions of Section 4.02(f)), in each case
to the extent of the Group II Available Distribution Amount:
(i) to the Class A-II Certificateholders, Accrued
Certificate Interest payable on such Certificates with respect to such
Distribution Date, plus any Accrued Certificate Interest remaining
unpaid from any prior Distribution Date, less any Prepayment Interest
Shortfalls on the Group II Loans, to the extent not covered by
Compensating Interest pursuant to Section 3.16 and any Basis Risk
Shortfalls (the "Group II Interest Distribution Amount");
(ii) to the Class A-II Certificateholders, the lesser of
(a) the excess of (i) the Group II Available Distribution Amount over
(ii) the Group II Interest Distribution Amount and (b) the Group II
Principal Distribution Amount (other than with respect to
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clauses (iv) and (v) thereof), until the Certificate Principal Balance
of the Class A-II Certificates has been reduced to zero;
(iii) to the Class A-II Certificateholders, from the
amount, if any, of the Group II Available Distribution Amount remaining
after the foregoing distributions (such amount, the "Group II Excess
Cash Flow") an amount equal to the Realized Losses on the Group II Loans
during the immediately preceding Due Period, applied to reduce the
Certificate Principal Balances of such Class A-II Certificates, but in
no event more than the outstanding Certificate Principal Balance of such
Class A-II Certificates, until the Certificate Principal Balance of the
Class A-II Certificates has been reduced to zero;
(iv) to the Class A-I Certificateholders, from the amount,
if any, of the Group II Available Distribution Amount remaining after
the foregoing distributions an amount equal to the Realized Losses on
the Group I Loans during the immediately preceding Due Period, applied
to reduce the Certificate Principal Balances of such Class A-I
Certificates, but in no event more than the aggregate of the outstanding
Certificate Principal Balances of such Class A-I Certificates, in the
order described in Section 4.02(f), until the aggregate Certificate
Principal Balance of the Class A-I Certificates has been reduced to
zero;
(v) to the Insurer, from the amount, if any, of the Group
II Available Distribution Amount remaining after the foregoing
distributions, in respect of any Group II Cumulative Insurance Payments;
(vi) to the Insurer, from the amount, if any, of the Group
II Available Distribution Amount remaining after the foregoing
distributions, in respect of any Group I Cumulative Insurance Payments,
to the extent not covered by the Group I Excess Cash Flow;
(vii) to the Class A-I Certificateholders, from the
amount, if any, of the Group II Available Distribution Amount remaining
after the foregoing distributions, the Group I Overcollateralization
Increase Amount for such Distribution Date, but only to the extent the
Certificate Principal Balance of the Class A-I Certificates immediately
prior to such Distribution Date exceeded the aggregate Stated Principal
Balance of the Group I Loans at the end of the immediately preceding Due
Period, in the order described in Section 4.02(f);
(viii) to the Class A-II Certificateholders, from the
amount, if any, of the Group II Available Distribution Amount remaining
after the foregoing distributions, the Group II Overcollateralization
Increase Amount for such Distribution Date, in reduction of the
Certificate Principal Balance of the Class A-II Certificates, until the
aggregate Certificate Principal Balance of the Class A-II Certificates
has been reduced to zero;
(ix) to the Class A-II Certificateholders from the amount,
if any, of the Group II Available Distribution Amount remaining after
the foregoing distributions, the amount of any Prepayment Interest
Shortfalls allocated thereto with respect to the Group II Loans, to the
extent not covered by Compensating Interest on such Distribution Date;
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(x) to the Class A-I Certificateholders from the amount,
if any, of the Group II Available Distribution Amount remaining after
the foregoing distributions, the amount of any Prepayment Interest
Shortfalls allocated thereto with respect to the Group I Loans, to the
extent not covered by Compensating Interest and any Group I Excess Cash
Flow on such Distribution Date;
(xi) to the Class A-II Certificateholders from the amount,
if any, of the Group II Available Distribution Amount remaining after
the foregoing distributions, the amount of any Prepayment Interest
Shortfalls allocated thereto remaining unpaid from prior Distribution
Dates together with interest thereon;
(xii) to the Class A-I Certificateholders from the amount,
if any, of the Group II Available Distribution Amount remaining after
the foregoing distributions, the amount of any Prepayment Interest
Shortfalls allocated thereto remaining unpaid from prior Distribution
Dates together with interest thereon, to the extent not covered by any
Group I Excess Cash Flow on such Distribution Date;
(xiii) to the Class A-II Certificates, from the amount, if
any, of the Group II Available Distribution Amount remaining after the
foregoing distributions, the amount of any Basis Risk Shortfall
Carry-Forward Amount;
(xiv) to the Class SB-II Certificates, from the amount, if
any, of the Group II Available Distribution Amount remaining after the
foregoing distributions, Accrued Certificate Interest thereon and the
amount of any Group II Overcollateralization Reduction Amount for such
Distribution Date; and
(xv) to the Class R-II Certificateholders, the balance, if
any, of the Group II Available Distribution Amount.
(f) Any amounts payable to the Class A-I Certificateholders
pursuant to 4.02(d)(ii), (iii) and (viii) and Section 4.02(e)(iv) and (vii)
above (the "Class A-I Principal Payment Amount" shall be allocated as follows:
(i) the Lockout Distribution Percentage of the Class A-I-5
Certificates' pro rata share (based on the Certificate
Principal Balance thereof relative to the aggregate
Certificate Principal Balance of all classes of Class A-I
Certificates) of the Class A-I Principal Payment Amount
shall be distributed to the Class A-I-5 Certificates until
the Certificate Principal Balance thereof has been reduced
to zero;
(ii) the balance, if any, of the Class A-I Principal
Payment Amount payable pursuant to clause (i) above shall
be distributed to the Class A-I-1, Class A-I-2, Class
A-I-3, Class A-I-4 and Class A-I-5 Certificates, in that
order, in each case until the Certificate Principal
Balance thereof has been reduced to zero.
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(g) Within five Business Days before the related Distribution
Date, the Master Servicer shall notify the Trustee of the amounts, if any,
payable to the Insurer pursuant to Section 4.02(d)(iv) and (e)(iv).
(h) In addition to the foregoing distributions, with respect to
any Mortgage Loan that was previously the subject of a Cash Liquidation or an
REO Disposition that resulted in a Realized Loss, in the event that within two
years of the date on which such Realized Loss was determined to have occurred
the Master Servicer receives amounts which the Master Servicer reasonably
believes to represent subsequent recoveries (net of any related liquidation
expenses), or determines that it holds surplus amounts previously reserved to
cover estimated expenses specifically related to such Mortgage Loan (including,
but not limited to, recoveries (net of any related liquidation expenses) in
respect of the representations and warranties made by the related Seller
pursuant to the applicable Seller's Agreement), the Master Servicer shall
distribute such amounts to the Class or Classes to which such Realized Loss was
allocated (with the amounts to be distributed allocated among such Classes in
the same proportions as such Realized Loss was allocated), and within each such
Class to the Certificateholders of record as of the Record Date immediately
preceding the date of such distribution (or if such Class of Certificates is no
longer outstanding, to the Certificateholders of record at the time that such
Realized Loss was allocated); provided that no such distribution to any Class of
Certificates of subsequent recoveries related to a Mortgage Loan shall exceed,
either individually or in the aggregate and together with any other amounts paid
in reimbursement therefor, the amount of the related Realized Loss that was
allocated to such Class of Certificates. For the purposes of this Section
4.02(h) any allocation of a Realized Loss to Group I or Group II Excess Cash
Flow will be treated as an allocation of a Realized Loss to the Class A-I or
Class A-II Certificates, as applicable. Notwithstanding the foregoing, to the
extent that the Master Servicer receives recoveries with respect to Realized
Losses which were allocated to the related Class A Certificates and which were
paid by the Insurer pursuant to the Policy and not previously reimbursed
pursuant to Section 4.02(d)(v), (d)(vi), (e)(v) and (e)(vi), such recoveries
shall be paid directly to the Insurer and applied to reduce the Cumulative
Insurance Payments then due to the Insurer prior to any payment of such amounts
to any current Certificateholder or any previous Certificateholder. Any amounts
to be so distributed shall not be remitted to or distributed from the Trust
Fund, and shall constitute subsequent recoveries with respect to Mortgage Loans
that are no longer assets of the Trust Fund.
(i) Each distribution with respect to a Book-Entry Certificate
shall be paid to the Depository, as Holder thereof, and the Depository shall be
responsible for crediting the amount of such distribution to the accounts of its
Depository Participants in accordance with its normal procedures. Each
Depository Participant shall be responsible for disbursing such distribution to
the Certificate Owners that it represents and to each indirect participating
brokerage firm (a "brokerage firm" or "indirect participating firm") for which
it acts as agent. Each brokerage firm shall be responsible for disbursing funds
to the Certificate Owners that it represents. None of the Trustee, the
Certificate Registrar, the Company or the Master Servicer shall have any
responsibility therefor except as otherwise provided by this Agreement or
applicable law.
(j) Except as otherwise provided in Section 9.01, if the Master
Servicer anticipates that a final distribution with respect to any Class of
Certificates will be made on the next Distribution Date, the Master Servicer
shall, no later than the Determination Date in the month of
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such final distribution, notify the Trustee and the Trustee shall, no later than
two (2) Business Days after such Determination Date, mail on such date to each
Holder of such Class of Certificates a notice to the effect that: (i) the
Trustee anticipates that the final distribution with respect to such Class of
Certificates will be made on such Distribution Date but only upon presentation
and surrender of such Certificates at the office of the Trustee or as otherwise
specified therein, and (ii) no interest shall accrue on such Certificates from
and after the end of the prior calendar month. In the event that
Certificateholders required to surrender their Certificates pursuant to Section
9.01(c) do not surrender their Certificates for final cancellation, the Trustee
shall cause funds distributable with respect to such Certificates to be
withdrawn from the Certificate Account and credited to a separate escrow account
for the benefit of such Certificateholders as provided in Section 9.01(d).
(k) To the extent on any Distribution Date the Group II Available
Distribution Amount is less than Accrued Certificate Interest on the Class A-II
Certificates on such Distribution Date (without regard to clause (iii) of the
definition thereof) and Deferred Interest exists on such Distribution Date, the
lesser of such excess and the amount of Deferred Interest shall result in a
reduction in Accrued Certificate Interest on the Class A-II Certificates and an
increase in the Certificate Principal Balance of the Class A-II Certificates.
Section 4.03. Statements to Certificateholders.
(a) Concurrently with each distribution charged to the
Certificate Account and with respect to each Distribution Date the Master
Servicer shall forward to the Trustee and the Trustee shall forward by mail to
each Holder, the Insurer and the Company a statement setting forth the following
information as to each Class of Certificates, in each case to the extent
applicable:
(i) (A) the amount of such distribution to the
Certificateholders of such Class applied to reduce the
Certificate Principal Balance thereof, and (B) the
aggregate amount included therein representing Principal
Prepayments;
(ii) the amount of such distribution to Holders of such Class
of Certificates allocable to interest;
(iii) if the distribution to the Holders of such Class of
Certificates is less than the full amount that would be
distributable to such Holders if there were sufficient
funds available therefor, the amount of the shortfall;
(iv) the amount of any Advance by the Master Servicer with
respect to the Group I Loans and Group II Loans pursuant
to Section 4.04;
(v) the number of Group I and Group II Loans and the Stated
Principal Balance after giving effect to the distribution
of principal on such Distribution Date;
(vi) the aggregate Certificate Principal Balance of each Class
of the Certificates, after giving effect to the amounts
distributed on such Distribution Date, separately
identifying any reduction thereof due to Realized Losses
other than pursuant to an actual distribution of
principal;
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(vii) on the basis of the most recent reports furnished to it by
Subservicers, the number and aggregate principal balances
of Group I Loans and Group II Loans that are Delinquent
(A) one month, (B) two months and (C) three or more months
and the number and aggregate principal balance of Group I
Loans and Group II Loans that are in foreclosure;
(viii) the number, aggregate principal balance and book value of
any REO Properties;
(ix) the aggregate Accrued Certificate Interest remaining
unpaid, if any, for each Class of Certificates, after
giving effect to the distribution made on such
Distribution Date;
(x) the aggregate amount of Realized Losses for such
Distribution Date and the aggregate amount of Realized
Losses on the Group I Loans and Group II Loans incurred
since the Cut-off Date;
(xi) the Group I and Group II Special Hazard Amount, Group I
and Group II Fraud Loss Amounts and Group I and Group II
Bankruptcy Amounts as of the close of business on such
Distribution Date and a description of any change in the
calculation of such amounts;
(xii) the amount of any Insured Amount paid on such Distribution
Date, the amount of any reimbursement payment made to the
Insurer on such Distribution Date pursuant to Section
4.02(d) and (e) and the amount of Group I and Group II
Cumulative Insured Amounts after giving effect to any such
Insured Amount or any such reimbursement payment to the
Insurer;
(xiii) the Pass-Through Rate on each Class of Certificates, the
Group I and Group II Weighted Average Net Mortgage Rate
and the Class A-II Maximum Rate;
(xiv) the weighted average of the Maximum Net Mortgage Rates on
the Group II Loans;
(xv) the Basis Risk Shortfall, Basis Risk Shortfall Carry-Forward
Amount and Group I and Group II Prepayment Interest
Shortfalls;
(xvi) the Group I and Group II Overcollateralization Amount and
the Group I and Group II Required Overcollateralization
Amount following such Distribution
Date;
(xvii) the number and aggregate principal balance of Group I and
Group II Loans repurchased under Section 4.07;
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(xviii)the aggregate amount of Deferred Interest added to the
Stated Principal Balance of the Group II Loans;
(xix)the Lockout Distribution Percentage for such Distribution
Date;
(xx) the aggregate amount of any recoveries on previously
foreclosed loans from Residential Funding due to a breach
of representation or warranty;
(xxi) the weighted average remaining term to maturity of the
Group I and Group II Loans after giving effect to the
amounts distributed on such Distribution Date; and
(xxii) the weighted average Mortgage Rates of the Group I and
Group II Loans after giving effect to the amounts
distributed on such Distribution Date.
In the case of information furnished pursuant to clauses (i) and (ii) above, the
amounts shall be expressed as a dollar amount per Certificate with a $1,000
denomination. In addition to the statement provided to the Trustee as set forth
in this Section 4.03(a), the Master Servicer shall provide to any manager of a
trust fund consisting of some or all of the Certificates, upon reasonable
request, such additional information as is reasonably obtainable by the Master
Servicer at no additional expense to the Master Servicer.
(b) Within a reasonable period of time after the end of each
calendar year, the Master Servicer shall prepare, or cause to be prepared, and
the Trustee shall forward, or cause to be forwarded, to each Person who at any
time during the calendar year was the Holder of a Certificate, other than a
Class R Certificate, a statement containing the information set forth in clauses
(i) and (ii) of subsection (a) above aggregated for such calendar year or
applicable portion thereof during which such Person was a Certificateholder.
Such obligation of the Master Servicer and Trustee shall be deemed to have been
satisfied to the extent that substantially comparable information shall be
provided by the Master Servicer and Trustee pursuant to any requirements of the
Code.
(c) As soon as reasonably practicable, upon the written request
of any Certificateholder, the Master Servicer shall provide the requesting
Certificateholder with such information as is necessary and appropriate, in the
Master Servicer's sole discretion, for purposes of satisfying applicable
reporting requirements under Rule 144A.
Section 4.04. Distribution of Reports to the Trustee and
the Company; Advances by the Master Servicer.
(a) Prior to the close of business on the Business Day next
succeeding each Determination Date, the Master Servicer shall furnish a written
statement to the Trustee, the Insurer, any Paying Agent and the Company (the
information in such statement to be made available to Certificateholders by the
Master Servicer on request) (provided that the Master Servicer will use its best
efforts to deliver such written statement not later than 12:00 p.m. New York
time on the second Business Day prior to the Distribution Date) setting forth
(i) the Group I or Group II Available Distribution Amounts, (ii) the amounts
required to be withdrawn from the Custodial Account and
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deposited into the Certificate Account on the immediately succeeding Certificate
Account Deposit Date pursuant to clause (iii) of Section 4.01(a), (iii) the
Certificate Insurer Premium and, if the Master Servicer determines that a
Deficiency Amount exists for such Distribution Date, the amount necessary to
complete the notice in the form of Exhibit A to the Policy (the "Notice"), (iv)
the amount of Prepayment Interest Shortfalls and Basis Risk Shortfalls and (v)
to the extent required, a report detailing the Stated Principal Balance,
Mortgage Rate, Modified Mortgage Rate, remaining term to maturity and Monthly
Payment for any Modified Mortgage Loan pursuant to Section 3.13. The
determination by the Master Servicer of such amounts shall, in the absence of
obvious error, be presumptively deemed to be correct for all purposes hereunder
and the Trustee shall be protected in relying upon the same without any
independent check or verification.
(b) On or before 2:00 P.M. New York time on each Certificate
Account Deposit Date, the Master Servicer shall either (i) deposit in the
Certificate Account from its own funds, or funds received therefor from the
Subservicers, an amount equal to the Advances to be made by the Master Servicer
in respect of the related Distribution Date, which shall be in an aggregate
amount equal to the sum of (A) the aggregate amount of Monthly Payments other
than Balloon Payments (with each interest portion thereof adjusted to a per
annum rate equal to the Net Mortgage Rate plus the Certificate Insurer Premium
Rate, if applicable), less the amount of any related Servicing Modifications,
Deferred Interest, if any, Debt Service Reductions or reductions in the amount
of interest collectable from the Mortgagor pursuant to the Relief Act or similar
legislation or regulations then in effect, on the Outstanding Mortgage Loans as
of the related Due Date in the related Due Period, which Monthly Payments were
due during the related Due Period and not received as of the close of business
as of the related Determination Date; provided that no Advance shall be made if
it would be a Nonrecoverable Advance and (B) with respect to each Balloon Loan
delinquent in respect of its Balloon Payment as of the close of business on the
related Determination Date, an amount equal to the excess, if any, of interest
on the unpaid principal balance thereof (with each interest portion thereof
adjusted to a per annum rate equal to the Net Mortgage Rate), over any payments
of interest (with each interest portion thereof adjusted to a per annum rate
equal to the Net Mortgage Rate) received from the related Mortgagor as of the
close of business on the related Determination Date and allocable to the Due
Date during the related Due Period for each month until such Balloon Loan is
finally liquidated, (ii) withdraw from amounts on deposit in the Custodial
Account and deposit in the Certificate Account all or a portion of the Amount
Held for Future Distribution in discharge of any such Advance, or (iii) make
advances in the form of any combination of (i) and (ii) aggregating the amount
of such Advance. Any portion of the Amount Held for Future Distribution so used
shall be replaced by the Master Servicer by deposit in the Certificate Account
on or before 11:00 A.M. New York time on any future Certificate Account Deposit
Date to the extent that funds attributable to the Mortgage Loans that are
available in the Custodial Account for deposit in the Certificate Account on
such Certificate Account Deposit Date shall be less than payments to
Certificateholders required to be made on the following Distribution Date. The
Master Servicer shall be entitled to use any Advance made by a Subservicer as
described in Section 3.07(b) that has been deposited in the Custodial Account on
or before such Distribution Date as part of the Advance made by the Master
Servicer pursuant to this Section 4.04.
The determination by the Master Servicer that it has made a
Nonrecoverable Advance or that any proposed Advance, if made, would constitute a
Nonrecoverable Advance, shall be
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evidenced by a certificate of a Servicing Officer delivered to the Company, the
Insurer and the Trustee.
In the event that the Master Servicer determines as of the
Business Day preceding any Certificate Account Deposit Date that it will be
unable to deposit in the Certificate Account an amount equal to the Advance
required to be made for the immediately succeeding Distribution Date, it shall
give notice to the Trustee and the Insurer of its inability to advance (such
notice may be given by telecopy), not later than 3:00 P.M., New York time, on
such Business Day, specifying the portion of such amount that it will be unable
to deposit. Not later than 3:00 P.M., New York time, on the Certificate Account
Deposit Date the Trustee shall, unless by 12:00 Noon, New York time, on such day
the Trustee shall have been notified in writing (by telecopy) that the Master
Servicer shall have directly or indirectly deposited in the Certificate Account
such portion of the amount of the Advance as to which the Master Servicer shall
have given notice pursuant to the preceding sentence, pursuant to Section 7.01,
(a) terminate all of the rights and obligations of the Master Servicer under
this Agreement in accordance with Section 7.01 and (b) assume the rights and
obligations of the Master Servicer hereunder, including the obligation to
deposit in the Certificate Account an amount equal to the Advance for the
immediately succeeding Distribution Date.
The Trustee shall deposit all funds it receives pursuant to this
Section 4.04 into the Certificate Account.
Section 4.05. Allocation of Realized Losses.
(a) Prior to each Distribution Date, the Master Servicer shall
determine the total amount of Realized Losses, if any, that resulted from any
Cash Liquidation, Servicing Modifications, Debt Service Reduction, Deficient
Valuation or REO Disposition that occurred during the related Prepayment Period
or, in the case of a Servicing Modification that constitutes a reduction of the
interest rate on a Mortgage Loan, the amount of the reduction in the interest
portion of the Monthly Payment due in the month in which such Distribution Date
occurs. The amount of each Realized Loss shall be evidenced by an Officers'
Certificate. All Realized Losses on the Group I Loans (other than Group I Excess
Losses) shall be allocated as follows: first, to the Group I Excess Cash Flow as
provided in Section 4.02(d)(iii), to the extent of the Group I Excess Cash Flow
for such Distribution Date, second, to the Group II Excess Cash Flow as provided
in Section 4.02(e)(iv), to the extent of the Group II Excess Cash Flow for such
Distribution Date remaining after distributions pursuant to Section
4.02(e)(iii); third, in reduction of the Group I Overcollateralization Amount,
until such amount has been reduced to zero; fourth, in reduction of the Group II
Overcollateralization Amount, until such amount has been reduced to zero; and
thereafter, to the extent not covered by the Policy, to the Class A-I
Certificates on a pro rata basis. Any Group I Excess Losses on the Mortgage
Loans, to the extent not covered by the Policy, will be allocated to the Class
A-I Certificates on a pro rata basis, in an amount equal to a fraction of such
losses equal to (x) the aggregate Certificate Principal Balance of the Class A-I
Certificates over (y) the aggregate Stated Principal Balance of the Group I
Loans, and the remainder of such losses shall be allocated to the Group I
Overcollateralization Amount in reduction of the amount thereof. All Realized
Losses on the Group II Loans (other than Group II Excess Losses) shall be
allocated as follows: first, to the Group II Excess Cash Flow as provided in
Section 4.02(e)(iii), to the extent of the Group II Excess Cash Flow for such
Distribution Date, second, to the Group I Excess Cash Flow as provided in
Section 4.02(d)(iv), to the extent of
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the Group I Excess Cash Flow for such Distribution Date remaining after
distributions pursuant to Section 4.02(d)(iii); third, in reduction of the Group
II Overcollateralization Amount, until such amount has been reduced to zero;
fourth, in reduction of the Group I Overcollateralization Amount, until such
amount has been reduced to zero; and thereafter, to the extent not covered by
the Policy, to the Class A-II Certificates. Any Group II Excess Losses on the
Mortgage Loans, to the extent not covered by the Policy, will be allocated to
the Class A-II Certificates, in an amount equal to a fraction of such losses
equal to (x) the Certificate Principal Balance of the Class A-II Certificates
over (y) the aggregate Stated Principal Balance of the Group II Loans, and the
remainder of such losses shall be allocated to the Group II
Overcollateralization Amount in reduction of the amount thereof.
(b) Any allocation of the principal portion of Realized Losses
(other than Debt Service Reductions) to the Class A Certificates shall be made
by reducing the Certificate Principal Balance thereof by the amount so
allocated, which allocation shall be deemed to have occurred on such
Distribution Date. Allocations of the interest portions of Realized Losses shall
be made by operation of the definition of "Accrued Certificate Interest" and by
operation of the provisions of Section 4.02(d) and (e). All Realized Losses and
all other losses allocated to a Class of Certificates hereunder will be
allocated among the Certificates of such Class in proportion to the Percentage
Interests evidenced thereby.
(c) All Realized Losses on the Group I Loans (other than Group I
Excess Losses) shall be allocated by the Trustee on each Distribution Date to
the following REMIC III Regular Interests in the specified percentages, as
follows: first, to Uncertificated Interest payable to the REMIC III Regular
Interest III-LT1-I and REMIC III Regular Interest III-LT7-I up to an aggregate
amount equal to 1% of the Group I Net Monthly Excess Cash Flow as provided in
clause (iv) of the definition of Group I Principal Distribution Amount, 98% and
2%, respectively; second, to the Uncertificated Balances of the REMIC III
Regular Interest III-LT1-I and REMIC III Regular Interest III-LT7-I up to an
aggregate amount equal to the Group I Overcollateralization Amount to the extent
of 1% of the Group I Overcollateralization Amount, 98% and 2%, respectively;
third, to the Uncertificated Balances of REMIC III Regular Interests III-LT1-I,
III-LT2-I, III-LT3-I, III-LT4-I, III- LT5-I, III-LT6-I, and III-LT7-I, pro rata,
until the Uncertificated Balance of REMIC III Regular Interest III-LT7-I has
been reduced to zero. Any Group I Excess Losses will be allocated among the
REMIC III Regular Interests on a pro rata basis.
(d) All Realized Losses on the Group II Loans (other than Group
II Excess Losses) shall be allocated by the Trustee on each Distribution Date to
the following REMIC III Regular Interests in the specified percentages, as
follows: first, to Uncertificated Interest payable to the REMIC III Regular
Interest III-LT1-II and REMIC III Regular Interest III-LT3-II up to an aggregate
amount equal to 1% of the Group II Net Monthly Excess Cash Flow as provided in
clause (iv) of the definition of Group II Principal Distribution Amount, 98% and
2%, respectively; second, to the Uncertificated Balances of the REMIC III
Regular Interest III-LT1-II and REMIC III Regular Interest III-LT3-II up to an
aggregate amount equal to the Group II Overcollateralization Amount to the
extent of 1% of the Group II Overcollateralization Amount, 98% and 2%,
respectively; third, to the Uncertificated Balances of REMIC III Regular
Interests III-LT1-II, III-LT2-II and III-LT3-II, pro rata, until the
Uncertificated Balance of REMIC III Regular Interest III-LT3-II has been reduced
to
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zero. Any Group II Excess Losses will be allocated among the REMIC III Regular
Interests on a pro rata basis.
(e) All Realized Losses on the REMIC I Regular Interests and
REMIC II Regular Interests shall be allocated by the Trustee on each
Distribution Date among the REMIC I Regular Interests and REMIC II Regular
Interests, respectively, pro rata in relation to the losses on the related
pools.
Section 4.06. Reports of Foreclosures and Abandonment of Mortgaged
Property.
The Master Servicer or the Subservicers shall file information
returns with respect to the receipt of mortgage interest received in a trade or
business, the reports of foreclosures and abandonments of any Mortgaged Property
and the informational returns relating to cancellation of indebtedness income
with respect to any Mortgaged Property required by Sections 6050H, 6050J and
6050P of the Code, respectively, and deliver to the Trustee an Officers'
Certificate on or before March 31 of each year stating that such reports have
been filed. Such reports shall be in form and substance sufficient to meet the
reporting requirements imposed by such Sections 6050H, 6050J and 6050P of the
Code.
Section 4.07. Optional Purchase of Defaulted Mortgage Loans.
As to any Mortgage Loan which is delinquent in payment by 90 days
or more, the Master Servicer may, at its option, purchase such Mortgage Loan
from the Trustee at the Purchase Price therefor. If at any time the Master
Servicer makes a payment to the Certificate Account covering the amount of the
Purchase Price for such a Mortgage Loan, and the Master Servicer provides to the
Trustee a certification signed by a Servicing Officer stating that the amount of
such payment has been deposited in the Certificate Account, then the Trustee
shall execute the assignment of such Mortgage Loan at the request of the Master
Servicer without recourse to the Master Servicer which shall succeed to all the
Trustee's right, title and interest in and to such Mortgage Loan, and all
security and documents relative thereto. Such assignment shall be an assignment
outright and not for security. The Master Servicer will thereupon own such
Mortgage, and all such security and documents, free of any further obligation to
the Trustee or the Certificateholders with respect thereto.
Section 4.08. The Policy.
(a) If pursuant to Section 4.04(a)(iii), the Master Servicer
determines that a Deficiency Amount exists for such Distribution Date, the
Trustee shall complete 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
Business Day immediately preceding each Distribution Date, as a claim for an
Insured Amount (provided that the Trustee shall submit such notice on the second
Business Day immediately preceding such Distribution Date if it is able to do
so) 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 Amount from the Insurer on
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behalf of the Class A Certificateholders, the Trustee shall deposit such Insured
Amount 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 Amount 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 due to the Class A Certificateholders on such Distribution
Date, as follows: (i) the portion of any such Deficiency Amount related to
clauses (i) and (ii) of the definition of Deficiency Amount shall be distributed
among the related Class A Certificateholders on a pro rata basis in accordance
with their respective shortfalls or allocations of Realized Losses; and (ii) the
portion of any such Deficiency Amount related to clause (iii) of the definition
of Deficiency Amount shall be distributed to the related Class A
Certificateholders in accordance with Section 9.01(c).
(c) The Trustee shall (i) receive as attorney-in-fact of each
Class A Certificateholder any Insured Amount from the Insurer and (ii)
distribute such Insured Amount to such Class A Certificateholders as set forth
in subsection (b) above. Insured Amounts 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 Amounts
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 Amounts 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 Amounts, 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.
Section 4.09. Special Report to Insurer.
On each Distribution Date, the Master Servicer shall forward to
the Insurer a statement setting forth the following information as to the
Re-Performing Loans and Foreclosure Restricted Loans, separately for Loan Group
I and Loan Group II, with respect to both the number of Mortgage Loans and their
aggregate Stated Principal Balance, that are: (i) current (not 30 days or more
Delinquent), (ii) 30 to 59 days Delinquent, (iii) 60 to 89 days Delinquent and
(iv) 90 days or more Delinquent (including such Mortgage Loans that are in
foreclosure or are REO Properties).
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ARTICLE V
THE CERTIFICATES
Section 5.01. The Certificates.
(a) The Class A Certificates, Class SB Certificates and Class R
Certificates shall be substantially in the forms set forth in Exhibits A, B and
D, respectively, and shall, on original issue, be executed and delivered by the
Trustee to the Certificate Registrar for authentication and delivery to or upon
the order of the Company upon receipt by the Trustee or one or more Custodians
of the documents specified in Section 2.01. The Class A Certificates shall be
issuable in minimum dollar denominations of $25,000 and integral multiples of $1
in excess thereof. The Class SB Certificates shall be issuable in registered,
certificated form in minimum percentage interests of 5.00% and integral
multiples of 0.01% in excess thereof. Each Class of Class R Certificates shall
be issued in registered, certificated form in minimum percentage interests of
20.00% and integral multiples of 0.01% in excess thereof; provided, however,
that one Class R Certificate of each Class will be issuable to the REMIC
Administrator as "tax matters person" pursuant to Section 10.01(c) in a minimum
denomination representing a Percentage Interest of not less than 0.01%.
The Certificates shall be executed by manual or facsimile
signature on behalf of an authorized officer of the Trustee. Certificates
bearing the manual or facsimile signatures of individuals who were at any time
the proper officers of the Trustee shall bind the Trustee, notwithstanding that
such individuals or any of them have ceased to hold such offices prior to the
authentication and delivery of such Certificate or did not hold such offices at
the date of such Certificates. No Certificate shall be entitled to any benefit
under this Agreement, or be valid for any purpose, unless there appears on such
Certificate a certificate of authentication substantially in the form provided
for herein executed by the Certificate Registrar by manual signature, and such
certificate upon any Certificate shall be conclusive evidence, and the only
evidence, that such Certificate has been duly authenticated and delivered
hereunder. All Certificates shall be dated the date of their authentication.
(b) The Class A Certificates shall initially be issued as one or
more Certificates registered in the name of the Depository or its nominee and,
except as provided below, registration of such Certificates may not be
transferred by the Trustee except to another Depository that agrees to hold such
Certificates for the respective Certificate Owners with Ownership Interests
therein. The Certificate Owners shall hold their respective Ownership Interests
in and to each Class A Certificate, through the book-entry facilities of the
Depository and, except as provided below, shall not be entitled to Definitive
Certificates in respect of such Ownership Interests. All transfers by
Certificate Owners of their respective Ownership Interests in the Book-Entry
Certificates shall be made in accordance with the procedures established by the
Depository Participant or brokerage firm representing such Certificate Owner.
Each Depository Participant shall transfer the Ownership Interests only in the
Book-Entry Certificates of Certificate Owners it represents or of brokerage
firms for which it acts as agent in accordance with the Depository's normal
procedures.
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The Trustee, the Master Servicer and the Company may for all
purposes (including the making of payments due on the respective Classes of
Book-Entry Certificates) deal with the Depository as the authorized
representative of the Certificate Owners with respect to the respective Classes
of Book-Entry Certificates for the purposes of exercising the rights of
Certificateholders hereunder. The rights of Certificate Owners with respect to
the respective Classes of Book-Entry Certificates shall be limited to those
established by law and agreements between such Certificate Owners and the
Depository Participants and brokerage firms representing such Certificate
Owners. Multiple requests and directions from, and votes of, the Depository as
Holder of any Class of Book-Entry Certificates with respect to any particular
matter shall not be deemed inconsistent if they are made with respect to
different Certificate Owners. The Trustee may establish a reasonable record date
in connection with solicitations of consents from or voting by
Certificateholders and shall give notice to the Depository of such record date.
If (i)(A) the Company advises the Trustee in writing that the
Depository is no longer willing or able to properly discharge its
responsibilities as Depository and (B) the Company is unable to locate a
qualified successor or (ii) the Company at its option advises the Trustee in
writing that it elects to terminate the book-entry system through the
Depository, the Trustee shall notify all Certificate Owners, through the
Depository, of the occurrence of any such event and of the availability of
Definitive Certificates to Certificate Owners requesting the same. Upon
surrender to the Trustee of the Book-Entry Certificates by the Depository,
accompanied by registration instructions from the Depository for registration of
transfer, the Trustee shall issue the Definitive Certificates. Neither the
Company, the Master Servicer nor the Trustee shall be liable for any actions
taken by the Depository or its nominee, including, without limitation, any delay
in delivery of such instructions and may conclusively rely on, and shall be
protected in relying on, such instructions. Upon the issuance of Definitive
Certificates all references herein to obligations imposed upon or to be
performed by the Company in connection with the issuance of the Definitive
Certificates pursuant to this Section 5.01 shall be deemed to be imposed upon
and performed by the Trustee, and the Trustee and the Master Servicer shall
recognize the Holders of the Definitive Certificates as Certificateholders
hereunder.
Section 5.02. Registration of Transfer and Exchange of Certificates.
(a) The Trustee shall cause to be kept at one of the offices or
agencies to be appointed by the Trustee in accordance with the provisions of
Section 8.12 a Certificate Register in which, subject to such reasonable
regulations as it may prescribe, the Trustee shall provide for the registration
of Certificates and of transfers and exchanges of Certificates as herein
provided. The Trustee is initially appointed Certificate Registrar for the
purpose of registering Certificates and transfers and exchanges of Certificates
as herein provided. The Certificate Registrar, or the Trustee, shall provide the
Master Servicer with a certified list of Certificateholders as of each Record
Date prior to the related Determination Date.
(b) Upon surrender for registration of transfer of any
Certificate at any office or agency of the Trustee maintained for such purpose
pursuant to Section 8.12 and, in the case of any Class SB or R Certificate, upon
satisfaction of the conditions set forth below, the Trustee shall execute and
the Certificate Registrar shall authenticate and deliver, in the name of the
designated
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transferee or transferees, one or more new Certificates of a like Class and
aggregate Percentage Interest.
(c) At the option of the Certificateholders, Certificates may be
exchanged for other Certificates of authorized denominations of a like Class and
aggregate Percentage Interest, upon surrender of the Certificates to be
exchanged at any such office or agency. Whenever any Certificates are so
surrendered for exchange the Trustee shall execute and the Certificate Registrar
shall authenticate and deliver the Certificates of such Class which the
Certificateholder making the exchange is entitled to receive. Every Certificate
presented or surrendered for transfer or exchange shall (if so required by the
Trustee or the Certificate Registrar) be duly endorsed by, or be accompanied by
a written instrument of transfer in form satisfactory to the Trustee and the
Certificate Registrar duly executed by, the Holder thereof or his attorney duly
authorized in writing.
(d) No transfer, sale, pledge or other disposition of a Class SB
or Class R Certificate shall be made unless such transfer, sale, pledge or other
disposition is exempt from the registration requirements of the Securities Act
of 1933, as amended (the "1933 Act"), and any applicable state securities laws
or is made in accordance with said Act and laws. Except as otherwise provided in
this Section 5.02(d), in the event that a transfer of a Class SB or Class R
Certificate is to be made, (i) unless the Company directs the Trustee otherwise,
the Trustee shall require a written Opinion of Counsel acceptable to and in form
and substance satisfactory to the Trustee and the Company that such transfer may
be made pursuant to an exemption, describing the applicable exemption and the
basis therefor, from said Act and laws or is being made pursuant to said Act and
laws, which Opinion of Counsel shall not be an expense of the Trustee, the Trust
Fund, the Company or the Master Servicer, and (ii) the Trustee shall require the
transferee to execute a representation letter, substantially in the form of
Exhibit I hereto, and the Trustee shall require the transferor to execute a
representation letter, substantially in the form of Exhibit J hereto, each
acceptable to and in form and substance satisfactory to the Company and the
Trustee certifying to the Company and the Trustee the facts surrounding such
transfer, which representation letters shall not be an expense of the Trustee,
the Trust Fund, the Company or the Master Servicer. In lieu of the requirements
set forth in the preceding sentence, transfers of Class SB or Class R
Certificates may be made in accordance with this Section 5.02(d) if the
prospective transferee of such a Certificate provides the Trustee and the Master
Servicer with an investment letter substantially in the form of Exhibit N
attached hereto, which investment letter shall not be an expense of the Trustee,
the Company, or the Master Servicer, and which investment letter states that,
among other things, such transferee (i) is a "qualified institutional buyer" as
defined under Rule 144A, acting for its own account or the accounts of other
"qualified institutional buyers" as defined under Rule 144A, and (ii) is aware
that the proposed transferor intends to rely on the exemption from registration
requirements under the 1933 Act provided by Rule 144A. The Holder of a Class SB
or Class R Certificate desiring to effect any transfer, sale, pledge or other
disposition shall, and does hereby agree to, indemnify the Trustee, the Company,
the Master Servicer and the Certificate Registrar against any liability that may
result if the transfer, sale, pledge or other disposition is not so exempt or is
not made in accordance with such federal and state laws and this Agreement.
(e) In the case of any Class SB or Class R Certificate presented
for registration in the name of any Person, either (i) the Trustee shall require
an Opinion of Counsel acceptable to and in form and substance satisfactory to
the Trustee, the Company and the Master Servicer to the
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effect that the purchase or holding of such Class SB or Class R Certificate is
permissible under applicable law, will not constitute or result in any
non-exempt prohibited transaction under Section 406 of ERISA, or Section 4975 of
the Code (or comparable provisions of any subsequent enactments), and will not
subject the Trustee, the Company or the Master Servicer to any obligation or
liability (including obligations or liabilities under ERISA or Section 4975 of
the Code) in addition to those undertaken in this Agreement, which Opinion of
Counsel shall not be an expense of the Trustee, the Company or the Master
Servicer or (ii) the prospective transferee shall be required to provide the
Trustee, the Company and the Master Servicer with a certification to the effect
set forth in paragraph fourteen of Exhibit H-1, which the Trustee may rely upon
without further inquiry or investigation, or such other certifications as the
Trustee may deem desirable or necessary in order to establish that such
transferee or the Person in whose name such registration is requested is not an
employee benefit plan or other plan subject to the prohibited transaction
provisions of ERISA or Section 4975 of the Code, or any Person (including an
investment manager, a named fiduciary or a trustee of any such plan) who is
using "plan assets" of any such plan to effect such acquisition.
(f) (i) Each Person who has or who acquires any Ownership
Interest in a Class R Certificate shall be deemed by the acceptance or
acquisition of such Ownership Interest to have agreed to be bound by the
following provisions and to have irrevocably authorized the Trustee or its
designee under clause (iii)(A) below to deliver payments to a Person other than
such Person and to negotiate the terms of any mandatory sale under clause
(iii)(B) below and to execute all instruments of transfer and to do all other
things necessary in connection with any such sale. The rights of each Person
acquiring any Ownership Interest in a Class R Certificate are expressly subject
to the following provisions:
(A) Each Person holding or acquiring any Ownership Interest in a
Class R Certificate shall be a Permitted Transferee and
shall promptly notify the Trustee of any change or impending
change in its status as a Permitted Transferee.
(B) In connection with any proposed Transfer of any Ownership
Interest in a Class R Certificate, the Trustee shall require
delivery to it, and shall not register the Transfer of any
Class R Certificate until its receipt of, (I) an affidavit
and agreement (a "Transfer Affidavit and Agreement," in the
form attached hereto as Exhibit H-1) from the proposed
Transferee, in form and substance satisfactory to the Master
Servicer, representing and warranting, among other things,
that it is a Permitted Transferee, that it is not acquiring
its Ownership Interest in the Class R Certificate that is
the subject of the proposed Transfer as a nominee, trustee
or agent for any Person who is not a Permitted Transferee,
that for so long as it retains its Ownership Interest in a
Class R Certificate, it will endeavor to remain a Permitted
Transferee, and that it has reviewed the provisions of this
Section 5.02(f) and agrees to be bound by them, and (II) a
certificate, in the form attached hereto as Exhibit H-2,
from the Holder wishing to transfer the Class R
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Certificate, in form and substance satisfactory to the
Master Servicer, representing and warranting, among other
things, that no purpose of the proposed Transfer is to
impede the assessment or collection of tax.
(C) Notwithstanding the delivery of a Transfer Affidavit and
Agreement by a proposed Transferee under clause (B) above,
if a Responsible Officer of the Trustee who is assigned to
this Agreement has actual knowledge that the proposed
Transferee is not a Permitted Transferee, no Transfer of an
Ownership Interest in a Class R Certificate to such proposed
Transferee shall be effected.
(D) Each Person holding or acquiring any Ownership Interest in a
Class R Certificate shall agree (x) to require a Transfer
Affidavit and Agreement from any other Person to whom such
Person attempts to transfer its Ownership Interest in a
Class R Certificate and (y) not to transfer its Ownership
Interest unless it provides a certificate to the Trustee in
the form attached hereto as Exhibit H-2.
(E) Each Person holding or acquiring an Ownership Interest in a
Class R Certificate, by purchasing an Ownership Interest in
such Certificate, agrees to give the Trustee written notice
that it is a "pass-through interest holder" within the
meaning of Temporary Treasury Regulations Section
1.67-3T(a)(2)(i)(A) immediately upon acquiring an Ownership
Interest in a Class R Certificate, if it is, or is holding
an Ownership Interest in a Class R Certificate on behalf of,
a "pass-through interest holder."
(i) The Trustee will register the Transfer of any Class R
Certificate only if it shall have received the Transfer Affidavit and
Agreement, a certificate of the Holder requesting such transfer in the
form attached hereto as Exhibit H-2 and all of such other documents as
shall have been reasonably required by the Trustee as a condition to
such registration. Transfers of the Class R Certificates to Non-United
States Persons and Disqualified Organizations (as defined in Section
860E(e)(5) of the Code) are prohibited.
(A) If any Disqualified Organization shall become a holder of a
Class R Certificate, then the last preceding Permitted
Transferee shall be restored, to the extent permitted by
law, to all rights and obligations as Holder thereof
retroactive to the date of registration of such Transfer of
such Class R Certificate. If a Non-United States Person
shall become a holder of a Class R Certificate, then the
last preceding United States Person shall be restored, to
the extent permitted by law,
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to all rights and obligations as Holder thereof retroactive
to the date of registration of such Transfer of such Class R
Certificate. If a transfer of a Class R Certificate is
disregarded pursuant to the provisions of Treasury
Regulations Section 1.860E-1 or Section 1.860G-3, then the
last preceding Permitted Transferee shall be restored, to
the extent permitted by law, to all rights and obligations
as Holder thereof retroactive to the date of registration of
such Transfer of such Class R Certificate. The Trustee shall
be under no liability to any Person for any registration of
Transfer of a Class R Certificate that is in fact not
permitted by this Section 5.02(f) or for making any payments
due on such Certificate to the holder thereof or for taking
any other action with respect to such holder under the
provisions of this Agreement.
(B) If any purported Transferee shall become a Holder of a Class
R Certificate in violation of the restrictions in this
Section 5.02(f) and to the extent that the retroactive
restoration of the rights of the Holder of such Class R
Certificate as described in clause (iii)(A) above shall be
invalid, illegal or unenforceable, then the Master Servicer
shall have the right, without notice to the holder or any
prior holder of such Class R Certificate, to sell such Class
R Certificate to a purchaser selected by the Master Servicer
on such terms as the Master Servicer may choose. Such
purported Transferee shall promptly endorse and deliver each
Class R Certificate in accordance with the instructions of
the Master Servicer. Such purchaser may be the Master
Servicer itself or any Affiliate of the Master Servicer. The
proceeds of such sale, net of the commissions (which may
include commissions payable to the Master Servicer or its
Affiliates), expenses and taxes due, if any, will be
remitted by the Master Servicer to such purported
Transferee. The terms and conditions of any sale under this
clause (iii)(B) shall be determined in the sole discretion
of the Master Servicer, and the Master Servicer shall not be
liable to any Person having an Ownership Interest in a Class
R Certificate as a result of its exercise of such
discretion.
(ii) The Master Servicer, on behalf of the Trustee, shall
make available, upon written request from the Trustee, all information
necessary to compute any tax imposed (A) as a result of the Transfer of
an Ownership Interest in a Class R Certificate to any Person who is a
Disqualified Organization, including the information regarding "excess
inclusions" of such Class R Certificates required to be provided to the
Internal Revenue Service and certain Persons as described in Treasury
Regulations Sections 1.860D-1(b)(5) and 1.860E-2(a)(5), and (B) as a
result of any regulated investment company, real estate
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investment trust, common trust fund, partnership, trust, estate or
organization described in Section 1381 of the Code that holds an
Ownership Interest in a Class R Certificate having as among its record
holders at any time any Person who is a Disqualified Organization.
Reasonable compensation for providing such information may be required
by the Master Servicer from such Person.
(iii) The provisions of this Section 5.02(f) set forth
prior to this clause (v) may be modified, added to or eliminated,
provided that there shall have been delivered to the Trustee the
following:
(A) Written consent of the Insurer and written notification from
each Rating Agency to the effect that the modification,
addition to or elimination of such provisions will not cause
such Rating Agency to downgrade its then-current ratings, if
any, of the Class A Certificates below the lower of the
then-current rating or the rating assigned to such
Certificates as of the Closing Date by such Rating Agency;
and
(B) a certificate of the Master Servicer stating that the Master
Servicer has received an Opinion of Counsel, in form and
substance satisfactory to the Master Servicer, to the effect
that such modification, addition to or absence of such
provisions will not cause any of REMIC I, REMIC II, REMIC
III or REMIC IV to cease to qualify as a REMIC and will not
cause (x) any of REMIC I, REMIC II, REMIC III or REMIC IV to
be subject to an entity-level tax caused by the Transfer of
any Class R Certificate to a Person that is a Disqualified
Organization or (y) a Certificateholder or another Person to
be subject to a REMIC-related tax caused by the Transfer of
a Class R Certificate to a Person that is not a Permitted
Transferee.
(g) No service charge shall be made for any transfer or exchange
of Certificates of any Class, but the Trustee may require payment of a sum
sufficient to cover any tax or governmental charge that may be imposed in
connection with any transfer or exchange of Certificates.
(h) All Certificates surrendered for transfer and exchange shall
be destroyed by the Certificate Registrar.
Section 5.03. Mutilated, Destroyed, Lost or Stolen Certificates.
If (i) any mutilated Certificate is surrendered to the
Certificate Registrar, or the Trustee and the Certificate Registrar receive
evidence to their satisfaction of the destruction, loss or theft of any
Certificate, and (ii) there is delivered to the Trustee and the Certificate
Registrar such security or indemnity as may be required by them to save each of
them harmless, then, in the absence
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of notice to the Trustee or the Certificate Registrar that such Certificate has
been acquired by a bona fide purchaser, the Trustee shall execute and the
Certificate Registrar shall authenticate and deliver, in exchange for or in lieu
of any such mutilated, destroyed, lost or stolen Certificate, a new Certificate
of like tenor, Class and Percentage Interest but bearing a number not
contemporaneously outstanding. Upon the issuance of any new Certificate under
this Section, the Trustee may require the payment of a sum sufficient to cover
any tax or other governmental charge that may be imposed in relation thereto and
any other expenses (including the fees and expenses of the Trustee and the
Certificate Registrar) connected therewith. Any duplicate Certificate issued
pursuant to this Section shall constitute complete and indefeasible evidence of
ownership in the Trust Fund, as if originally issued, whether or not the lost,
stolen or destroyed Certificate shall be found at any time.
Section 5.04. Persons Deemed Owners.
Prior to due presentation of a Certificate for registration of
transfer, the Company, the Master Servicer, the Insurer, the Trustee, the
Certificate Registrar and any agent of the Company, the Master Servicer, the
Insurer, the Trustee or the Certificate Registrar may treat the Person in whose
name any Certificate is registered as the owner of such Certificate for the
purpose of receiving distributions pursuant to Section 4.02 and for all other
purposes whatsoever, except as and to the extent provided in the definition of
"Certificateholder" and in Section 4.08, and neither the Company, the Master
Servicer, the Insurer, the Trustee, the Certificate Registrar nor any agent of
the Company, the Master Servicer, the Trustee or the Certificate Registrar shall
be affected by notice to the contrary except as provided in Section 5.02(g).
Section 5.05. Appointment of Paying Agent.
The Trustee may, with the consent of the Insurer (so long as no
Insurer Default exists), which consent shall not be unreasonably withheld,
appoint a Paying Agent for the purpose of making distributions to
Certificateholders pursuant to Section 4.02. In the event of any such
appointment, on or prior to each Distribution Date the Master Servicer on behalf
of the Trustee shall deposit or cause to be deposited with the Paying Agent a
sum sufficient to make the payments to Certificateholders in the amounts and in
the manner provided for in Section 4.02 and 4.03, such sum to be held in trust
for the benefit of Certificateholders.
The Trustee shall cause each Paying Agent to execute and deliver
to the Trustee an instrument in which such Paying Agent shall agree with the
Trustee that such Paying Agent will hold all sums held by it for the payment to
Certificateholders in trust for the benefit of the Certificateholders entitled
thereto until such sums shall be paid to such Certificateholders. Any sums so
held by such Paying Agent shall be held only in Eligible Accounts to the extent
such sums are not distributed to the Certificateholders on the date of receipt
by such Paying Agent.
Section 5.06. Optional Purchase of Certificates.
(a) On any Distribution Date on or after the Group I Optional
Termination Date, either the Master Servicer or the Company shall have the
right, at its option, to purchase the Class A-I Certificates in whole, but not
in part, at a price equal to the sum of the outstanding Certificate Principal
Balance of such Certificates plus the sum of one month's Accrued Certificate
Interest
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thereon and any previously unpaid Accrued Certificate Interest. On any
Distribution Date on or after the Group II Optional Termination Date, either the
Master Servicer or the Company shall have the right, at its option, to purchase
the Class A-II Certificates in whole, but not in part, at a price equal to the
sum of the outstanding Certificate Principal Balance of such Certificates plus
the sum of one month's Accrued Certificate Interest thereon and any previously
unpaid Accrued Certificate Interest.
(b) The Master Servicer or the Company, as applicable, shall give
the Trustee not less than 60 days' prior notice of the Distribution Date on
which the Master Servicer or the Company, as applicable, anticipates that it
will purchase the related Certificates pursuant to Section 5.06(a). Notice of
any such purchase, specifying the Distribution Date upon which the Holders may
surrender their Certificates to the Trustee for payment in accordance with this
Section 5.06, shall be given promptly by the Master Servicer or the Company, as
applicable, by letter to Certificateholders (with a copy to the Certificate
Registrar, the Insurer and each Rating Agency) mailed not earlier than the 15th
day and not later than the 25th day of the month next preceding the month of
such final distribution specifying:
(i) the Distribution Date upon which purchase of the
related Certificates is anticipated to be made upon presentation and
surrender of such Certificates at the office or agency of the Trustee
therein designated,
(ii) the purchase price therefor, if known, and
(iii) that the Record Date otherwise applicable to such
Distribution Date is not applicable, payments being made only upon
presentation and surrender of the Certificates at the office or agency
of the Trustee therein specified.
If either the Master Servicer or the Company gives the notice specified above,
the Master Servicer or the Company, as applicable, shall deposit in the
Certificate Account before the Distribution Date on which the purchase pursuant
to Section 5.06(a) is to be made, in immediately available funds, an amount
equal to the purchase price for the Certificates computed as provided above.
(c) Upon presentation and surrender of the Certificates to be
purchased pursuant to Section 5.06(a) by the Holders thereof, the Trustee shall
distribute to such Holders an amount equal to the outstanding Certificate
Principal Balance thereof plus one month's Accrued Certificate Interest thereon
and any previously unpaid Accrued Certificate Interest with respect thereto.
(d) In the event that any Certificateholders do not surrender
their Certificates on or before the Distribution Date on which a purchase
pursuant to this Section 5.06 is to be made, the Trustee shall on such date
cause all funds in the Certificate Account deposited therein by the Master
Servicer or the Company, as applicable, pursuant to Section 5.06(b) to be
withdrawn therefrom and deposited in a separate escrow account for the benefit
of such Certificateholders, and the Master Servicer or the Company, as
applicable, shall give a second written notice to such Certificateholders to
surrender their Certificates for payment of the purchase price therefor. If
within six months after the second notice any Certificate shall not have been
surrendered for cancellation, the Trustee shall take appropriate steps as
directed by the Master Servicer or the Company, as applicable, to contact the
Holders of such Certificates concerning surrender of their Certificates. The
costs and expenses
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of maintaining the escrow account and of contacting Certificateholders shall be
paid out of the assets which remain in the escrow account. If within nine months
after the second notice any Certificates shall not have been surrendered for
cancellation in accordance with this Section 5.06, the Trustee shall pay to the
Master Servicer or the Company, as applicable, all amounts distributable to the
Holders thereof and the Master Servicer or the Company, as applicable, shall
thereafter hold such amounts until distributed to such Holders. No interest
shall accrue or be payable to any Certificateholder on any amount held in the
escrow account or by the Master Servicer or the Company, as applicable, as a
result of such Certificateholder's failure to surrender its Certificate(s) for
payment in accordance with this Section 5.06. Any Certificate that is not
surrendered on the Distribution Date on which a purchase pursuant to this
Section 5.06 occurs as provided above will be deemed to have been purchased and
the Holder as of such date will have no rights with respect thereto except to
receive the purchase price therefor minus any costs and expenses associated with
such escrow account and notices allocated thereto. Any Certificates so purchased
or deemed to have been purchased on such Distribution Date shall remain
outstanding hereunder. The Master Servicer or the Company, as applicable, shall
be for all purposes the Holder thereof as of such date subject to any rights of
the Insurer hereunder with respect thereto.
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ARTICLE VI
THE COMPANY AND THE MASTER SERVICER
Section 6.01. Respective Liabilities of the Company and the Master
Servicer.
The Company and the Master Servicer shall each be liable in
accordance herewith only to the extent of the obligations specifically and
respectively imposed upon and undertaken by the Company and the Master Servicer
herein. By way of illustration and not limitation, the Company is not liable for
the servicing and administration of the Mortgage Loans, nor is it obligated by
Section 7.01 or 10.01 to assume any obligations of the Master Servicer or to
appoint a designee to assume such obligations, nor is it liable for any other
obligation hereunder that it may, but is not obligated to, assume unless it
elects to assume such obligation in accordance herewith.
Section 6.02. Merger or Consolidation of the Company or the Master
Servicer; Assignment of Rights and Delegation of Duties by Master Servicer.
(a) The Company and the Master Servicer will each keep in full
effect its existence, rights and franchises as a corporation under the laws of
the state of its incorporation, and will each obtain and preserve its
qualification to do business as a foreign corporation in each jurisdiction in
which such qualification is or shall be necessary to protect the validity and
enforceability of this Agreement, the Certificates or any of the Mortgage Loans
and to perform its respective duties under this Agreement.
(b) Any Person into which the Company or the Master Servicer may
be merged or consolidated, or any corporation resulting from any merger or
consolidation to which the Company or the Master Servicer shall be a party, or
any Person succeeding to the business of the Company or the Master Servicer,
shall be the successor of the Company or the Master Servicer, as the case may
be, hereunder, without the execution or filing of any paper or any further act
on the part of any of the parties hereto, anything herein to the contrary
notwithstanding; provided, however, that the successor or surviving Person to
the Master Servicer shall be qualified to service mortgage loans on behalf of
FNMA or FHLMC; and provided further that each Rating Agency's ratings, if any,
of the Class A Certificates without taking into account the Policy in effect
immediately prior to such merger or consolidation will not be qualified, reduced
or withdrawn as a result thereof (as evidenced by a letter to such effect from
each Rating Agency).
(c) Notwithstanding anything else in this Section 6.02 and
Section 6.04 to the contrary, the Master Servicer may assign its rights and
delegate its duties and obligations under this Agreement; provided that the
Person accepting such assignment or delegation shall be a Person which is
qualified to service mortgage loans on behalf of FNMA or FHLMC, is reasonably
satisfactory to the Trustee, the Insurer and the Company, is willing to service
the Mortgage Loans and executes and delivers to the Company, the Insurer and the
Trustee an agreement, in form and
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substance reasonably satisfactory to the Company, the Insurer and the Trustee,
which contains an assumption by such Person of the due and punctual performance
and observance of each covenant and condition to be performed or observed by the
Master Servicer under this Agreement; provided further that each Rating Agency's
rating of the Classes of Certificates (without taking into account the Policy)
that have been rated in effect immediately prior to such assignment and
delegation will not be qualified, reduced or withdrawn as a result of such
assignment and delegation (as evidenced by a letter to such effect from each
Rating Agency). In the case of any such assignment and delegation, the Master
Servicer shall be released from its obligations under this Agreement, except
that the Master Servicer shall remain liable for all liabilities and obligations
incurred by it as Master Servicer hereunder prior to the satisfaction of the
conditions to such assignment and delegation set forth in the next preceding
sentence.
Section 6.03. Limitation on Liability of the Company, the Master Servicer
and Others.
Neither the Company, the Master Servicer nor any of the
directors, officers, employees or agents of the Company or the Master Servicer
shall be under any liability to the Trust Fund or the Certificateholders for any
action taken or for refraining from the taking of any action in good faith
pursuant to this Agreement, or for errors in judgment; provided, however, that
this provision shall not protect the Company, the Master Servicer or any such
Person against any breach of warranties or representations made herein or any
liability which would otherwise be imposed by reason of willful misfeasance, bad
faith or gross negligence in the performance of duties or by reason of reckless
disregard of obligations and duties hereunder. The Company, the Master Servicer
and any director, officer, employee or agent of the Company or the Master
Servicer may rely in good faith on any document of any kind prima facie properly
executed and submitted by any Person respecting any matters arising hereunder.
The Company, the Master Servicer and any director, officer, employee or agent of
the Company or the Master Servicer shall be indemnified by the Trust Fund and
held harmless against any loss, liability or expense incurred in connection with
any legal action relating to this Agreement or the Certificates, other than any
loss, liability or expense related to any specific Mortgage Loan or Mortgage
Loans (except as any such loss, liability or expense shall be otherwise
reimbursable pursuant to this Agreement) and any loss, liability or expense
incurred by reason of willful misfeasance, bad faith or gross negligence in the
performance of duties hereunder or by reason of reckless disregard of
obligations and duties hereunder.
Neither the Company nor the Master Servicer shall be under any
obligation to appear in, prosecute or defend any legal or administrative action,
proceeding, hearing or examination that is not incidental to its respective
duties under this Agreement and which in its opinion may involve it in any
expense or liability; provided, however, that the Company or the Master Servicer
may in its discretion undertake any such action, proceeding, hearing or
examination that it may deem necessary or desirable in respect to this Agreement
and the rights and duties of the parties hereto and the interests of the
Certificateholders hereunder. In such event, the legal expenses and costs of
such action, proceeding, hearing or examination and any liability resulting
therefrom shall be expenses, costs and liabilities of the Trust Fund, and the
Company and the Master Servicer shall be entitled to be reimbursed therefor out
of amounts attributable to the Mortgage Loans on deposit in the Custodial
Account as provided by Section 3.10 and, on the Distribution Date(s) following
such reimbursement, the aggregate of such expenses and costs shall be allocated
in reduction of the Accrued Certificate
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Interest on each Class entitled thereto in the same manner as if such expenses
and costs constituted a Prepayment Interest Shortfall.
Section 6.04. Company and Master Servicer Not to Resign.
Subject to the provisions of Section 6.02, neither the Company
nor the Master Servicer shall resign from its respective obligations and duties
hereby imposed on it except upon determination that its duties hereunder are no
longer permissible under applicable law. Any such determination permitting the
resignation of the Company or the Master Servicer shall be evidenced by an
Opinion of Counsel (at the expense of the resigning party) to such effect
delivered to the Trustee and the Insurer. No such resignation by the Master
Servicer shall become effective until the Trustee or a successor servicer shall
have assumed the Master Servicer's responsibilities and obligations in
accordance with Section 7.02.
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ARTICLE VII
DEFAULT
Section 7.01. Events of Default.
Event of Default, wherever used herein, means any one of the
following events (whatever reason for such Event of Default and whether it shall
be voluntary or involuntary or be effected by operation of law or pursuant to
any judgment, decree or order of any court or any order, rule or regulation of
any administrative or governmental body):
(i) the Master Servicer shall fail to distribute or cause to be distributed
to Holders of Certificates of any Class any distribution required to be made
under the terms of the Certificates of such Class and this Agreement and, in
either case, such failure shall continue unremedied for a period of 5 days after
the date upon which written notice of such failure, requiring such failure to be
remedied, shall have been given to the Master Servicer by the Trustee, the
Insurer or the Company or to the Master Servicer, the Company and the Trustee by
the Holders of Certificates of such Class evidencing Percentage Interests
aggregating not less than 25%; or
(ii) the Master Servicer shall fail to observe or perform in any material
respect any other of the covenants or agreements on the part of the Master
Servicer contained in the Certificates of any Class or in this Agreement and
such failure shall continue unremedied for a period of 30 days (except that such
number of days shall be 15 in the case of a failure to pay the premium for any
Required Insurance Policy) after the date on which written notice of such
failure, requiring the same to be remedied, shall have been given to the Master
Servicer by the Trustee, the Insurer or the Company, or to the Master Servicer,
the Company and the Trustee by the Holders of Certificates of any Class
evidencing, as to such Class, Percentage Interests aggregating not less than
25%; or
(iii) a decree or order of a court or agency or supervisory authority
having jurisdiction in the premises in an involuntary case under any present or
future federal or state bankruptcy, insolvency or similar law or appointing a
conservator or receiver or liquidator in any insolvency, readjustment of debt,
marshalling of assets and liabilities or similar proceedings, or for the
winding-up or liquidation of its affairs, shall have been entered against the
Master Servicer and such decree or order shall have remained in force
undischarged or unstayed for a period of 60 days; or
(iv) the Master Servicer shall consent to the appointment of a conservator
or receiver or liquidator in any insolvency, readjustment of debt, marshalling
of assets and liabilities, or similar proceedings of, or relating to, the Master
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Servicer or of, or relating to, all or substantially all of
the property of the Master Servicer; or
(v) the Master Servicer shall admit in writing its inability to
pay its debts generally as they become due, file a petition
to take advantage of, or commence a voluntary case under,
any applicable insolvency or reorganization statute, make an
assignment for the benefit of its creditors, or voluntarily
suspend payment of its obligations; or
(vi) the Master Servicer shall notify the Trustee pursuant to
Section 4.04(b) that it is unable to deposit in the
Certificate Account an amount equal to the Advance.
If an Event of Default described in clauses (i)-(v) of this
Section shall occur, then, and in each and every such case, so long as such
Event of Default shall not have been remedied, either the Company or the Trustee
shall at the direction of the Insurer (unless an Insurance Default is
continuing) or at the direction of Holders of Certificates entitled to at least
51% of the Voting Rights (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), by notice in writing to the Master Servicer (and to the
Company and the Insurer if given by the Trustee or to the Trustee and the
Insurer if given by the Company), terminate all of the rights and obligations of
the Master Servicer under this Agreement and in and to the Mortgage Loans and
the proceeds thereof, other than its rights as a Certificateholder hereunder;
provided, however, that unless an Insurer Default is continuing the successor to
the Master Servicer appointed pursuant to Section 7.02 shall be acceptable to
the Insurer and shall have accepted the duties of Master Servicer effective upon
the resignation of the Master Servicer. If an Event of Default described in
clause (vi) hereof shall occur, the Trustee with the consent of the Insurer
shall, by notice to the Master Servicer, the Insurer and the Company,
immediately terminate all of the rights and obligations of the Master Servicer
under this Agreement and in and to the Mortgage Loans and the proceeds thereof,
other than its rights as a Certificateholder hereunder as provided in Section
4.04(b). On or after the receipt by the Master Servicer of such written notice,
all authority and power of the Master Servicer under this Agreement, whether
with respect to the Certificates (other than as a Holder thereof) or the
Mortgage Loans or otherwise, shall subject to Section 7.02 pass to and be vested
in the Trustee or the Trustee's designee appointed pursuant to Section 7.02;
and, without limitation, the Trustee is hereby authorized and empowered to
execute and deliver, on behalf of the Master Servicer, as attorney-in-fact or
otherwise, any and all documents and other instruments, and to do or accomplish
all other acts or things necessary or appropriate to effect the purposes of such
notice of termination, whether to complete the transfer and endorsement or
assignment of the Mortgage Loans and related documents, or otherwise. The Master
Servicer agrees to cooperate with the Trustee in effecting the termination of
the Master Servicer's responsibilities and rights hereunder, including, without
limitation, the transfer to the Trustee or its designee for administration by it
of all cash amounts which shall at the time be credited to the Custodial Account
or the Certificate Account or thereafter be received with respect to the
Mortgage Loans. No such termination shall release the Master Servicer for any
liability that it would otherwise have hereunder for any act or omission prior
to the effective time of such termination.
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Notwithstanding any termination of the activities of Residential
Funding in its capacity as Master Servicer hereunder, Residential Funding shall
be entitled to receive, out of any late collection of a Monthly Payment on a
Mortgage Loan which was due prior to the notice terminating Residential
Funding's rights and obligations as Master Servicer hereunder and received after
such notice, that portion to which Residential Funding would have been entitled
pursuant to Sections 3.10(a)(ii), (vi) and (vii) as well as its Servicing Fee in
respect thereof, and any other amounts payable to Residential Funding hereunder
the entitlement to which arose prior to the termination of its activities
hereunder. Upon the termination of Residential Funding as Master Servicer
hereunder the Company shall deliver to the Trustee a copy of the Program Guide
and upon the request of the Insurer, a copy of the Program Guide to the Insurer.
Section 7.02. Trustee or Company to Act; Appointment of Successor.
On and after the time the Master Servicer receives a notice of
termination pursuant to Section 7.01 or resigns in accordance with Section 6.04,
the Insurer may appoint a successor Master Servicer and if the Insurer fails to
do so within 30 days, the Trustee or, upon notice to the Insurer and the Company
and with the Company's and the Insurer's consent (which shall not be
unreasonably withheld) a designee (which meets the standards set forth below) of
the Trustee, shall be the successor in all respects to the Master Servicer in
its capacity as servicer under this Agreement and the transactions set forth or
provided for herein and shall be subject to all the responsibilities, duties and
liabilities relating thereto placed on the Master Servicer (except for the
responsibilities, duties and liabilities contained in Sections 2.02 and 2.03(a),
excluding the duty to notify related Subservicers as set forth in such Sections,
and its obligations to deposit amounts in respect of losses incurred prior to
such notice or termination on the investment of funds in the Custodial Account
or the Certificate Account pursuant to Sections 3.07(c) and 4.01(c) by the terms
and provisions hereof); provided, however, that any failure to perform such
duties or responsibilities caused by the preceding Master Servicer's failure to
provide information required by Section 4.04 shall not be considered a default
by the Trustee hereunder. As compensation therefor, the Trustee shall be
entitled to all funds relating to the Mortgage Loans which the Master Servicer
would have been entitled to charge to the Custodial Account or the Certificate
Account if the Master Servicer had continued to act hereunder and, in addition,
shall be entitled to the income from any Permitted Investments made with amounts
attributable to the Mortgage Loans held in the Custodial Account or the
Certificate Account. If the Trustee has become the successor to the Master
Servicer in accordance with Section 6.04 or Section 7.01, then notwithstanding
the above, the Insurer may appoint a successor Master Servicer and if the
Insurer fails to do so within 30 days, the Trustee may, if it shall be unwilling
to so act, or shall, if it is unable to so act, appoint, or petition a court of
competent jurisdiction to appoint, any established housing and home finance
institution, which is also a FNMA- or FHLMC-approved mortgage servicing
institution, having a net worth of not less than $10,000,000 as the successor to
the Master Servicer hereunder in the assumption of all or any part of the
responsibilities, duties or liabilities of the Master Servicer hereunder.
Pending appointment of a successor to the Master Servicer hereunder, the Trustee
shall become successor to the Master Servicer and shall act in such capacity as
hereinabove provided. In connection with such appointment and assumption, the
Trustee may make such arrangements for the compensation of such successor out of
payments on Mortgage Loans as it and such successor shall agree; provided,
however, that no such compensation shall be in excess of that permitted the
initial Master Servicer hereunder. The Company, the Trustee, the Custodian and
such successor shall take such action, consistent with this Agreement, as shall
be necessary to
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effectuate any such succession. The Servicing Fee for any successor Master
Servicer appointed pursuant to this Section 7.02 will be lowered with respect to
those Mortgage Loans, if any, where the Subservicing Fee accrues at a rate of
less than 0.50% per annum in the event that the successor Master Servicer is not
servicing such Mortgage Loans directly and it is necessary to raise the related
Subservicing Fee to a rate of 0.50% per annum in order to hire a Subservicer
with respect to such Mortgage Loans.
Section 7.03. Notification to Certificateholders.
(a) Upon any such termination or appointment of a successor to
the Master Servicer, the Trustee shall give prompt written notice thereof to the
Insurer and to the Certificateholders at their respective addresses appearing in
the Certificate Register.
(b) Within 60 days after the occurrence of any Event of Default,
the Trustee shall transmit by mail to all Holders of Certificates and the
Insurer notice of each such Event of Default hereunder known to the Trustee,
unless such Event of Default shall have been cured or waived as provided in
Section 7.04 hereof.
Section 7.04. 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 7.01
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 7.04 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.
Section 7.05. Servicing Trigger; Removal of Master Servicer.
(a) Upon determination by the Insurer that a Servicing Trigger
has occurred, the Insurer shall give notice of such Servicing Trigger to the
Master Servicer, the Company, the Trustee and to each Rating Agency.
(b) At any time after such determination and while a Servicing
Trigger is continuing, the Insurer may direct the Trustee to remove the Master
Servicer if the Insurer makes a
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determination that the manner of master servicing was a factor contributing to
the size of the delinquencies or losses incurred in the Trust Fund.
(c) Upon receipt of directions to remove the Master Servicer
pursuant to the preceding clause (b), the Trustee shall notify the Master
Servicer that it has been terminated and the Master Servicer shall be terminated
in the same manner as specified in Sections 7.01 and 7.02.
(d) After notice of occurrence of a Servicing Trigger has been
given and while a Servicing Trigger is continuing, until and unless the Master
Servicer has been removed as provided in clause (b), the Master Servicer
covenants and agrees to act as the Master Servicer for a term from the
occurrence of the Servicing Trigger to the end of the calendar quarter in which
such Servicing Trigger occurs, which term may at the Insurer's discretion be
extended by notice to the Trustee for successive terms of three (3) calendar
months each, until the termination of the Trust Fund. The Master Servicer will,
upon the receipt of each such notice of extension (a "Master Servicer Extension
Notice") become bound for the duration of the term covered by such Master
Servicer Extension Notice to continue as Master Servicer subject to and in
accordance with this Agreement. If, as of the fifteenth (15th) day prior to the
last day of any term as the Master Servicer, the Trustee shall not have received
any Master Servicer Extension Notice from the Insurer, the Trustee shall, within
five (5) days thereafter, give written notice of such nonreceipt to the Insurer
and the Master Servicer. If any such term expires without a Master Servicer
Extension Notice then the Trustee shall act as Master Servicer as provided in
Section 7.02.
(e) No provision of this Section 7.05 shall have the effect of
limiting the rights of the Company, the Trustee, the Certificateholders or the
Insurer under Section 7.01.
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ARTICLE VIII
CONCERNING THE TRUSTEE
Section 8.01. Duties of Trustee.
(a) The Trustee, prior to the occurrence of an Event of Default
and after the curing of all Events of Default which may have occurred,
undertakes to perform such duties and only such duties as are specifically set
forth in this Agreement. In case an Event of Default has occurred (which has not
been cured or waived), the Trustee shall exercise such of the rights and powers
vested in it by this Agreement, and use the same degree of care and skill in
their exercise as a prudent investor would exercise or use under the
circumstances in the conduct of such investor's own affairs.
(b) The Trustee, upon receipt of all resolutions, certificates,
statements, opinions, reports, documents, orders or other instruments furnished
to the Trustee which are specifically required to be furnished pursuant to any
provision of this Agreement, shall examine them to determine whether they
conform to the requirements of this Agreement. The Trustee shall notify the
Insurer and the Certificateholders of any such documents which do not materially
conform to the requirements of this Agreement in the event that the Trustee,
after so requesting, does not receive satisfactorily corrected documents.
The Trustee shall forward or cause to be forwarded in a timely
fashion the notices, reports and statements required to be forwarded by the
Trustee pursuant to Sections 4.03, 4.06, 7.03, and 10.01. The Trustee shall
furnish in a timely fashion to the Master Servicer such information as the
Master Servicer may reasonably request from time to time for the Master Servicer
to fulfill its duties as set forth in this Agreement and the Trustee shall
furnish in a timely fashion to the Insurer such information as the Insurer may
reasonably request from time to time for the Insurer to protect its interests
and to fulfill its duties under the Policy. The Trustee covenants and agrees
that it shall perform its obligations hereunder in a manner so as to maintain
the status of each of REMIC I, REMIC II, REMIC III or REMIC IV as a REMIC under
the REMIC Provisions and to prevent the imposition of any federal, state or
local income, prohibited transaction (except as provided in Section 3.22(d)
herein), contribution or other tax on the Trust Fund to the extent that
maintaining such status and avoiding such taxes are reasonably within the
control of the Trustee and are reasonably within the scope of its duties under
this Agreement.
(c) No provision of this Agreement shall be construed to relieve
the Trustee from liability for its own negligent action, its own negligent
failure to act or its own willful misconduct; provided, however, that:
(i) Prior to the occurrence of an Event of Default, and
after the curing or waiver of all such Events of Default which may have
occurred, the duties and obligations of the Trustee shall be determined
solely by the express provisions of this Agreement, the Trustee shall
not be liable except for the performance of such duties and obligations
as are specifically set forth in this Agreement, no implied covenants or
obligations shall be read into this Agreement against the Trustee and,
in the absence of bad faith on the part of the
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Trustee, the Trustee may conclusively rely, as to the truth of the
statements and the correctness of the opinions expressed therein, upon
any certificates or opinions furnished to the Trustee by the Company or
the Master Servicer and which on their face, do not contradict the
requirements of this Agreement;
(ii) The Trustee shall not be personally liable for an
error of judgment made in good faith by a Responsible Officer or
Responsible Officers of the Trustee, unless it shall be proved that the
Trustee was negligent in ascertaining the pertinent facts;
(iii) The Trustee shall not be personally liable with
respect to any action taken, suffered or omitted to be taken by it in
good faith in accordance with the direction of the Insurer or the
Certificateholders holding Certificates which evidence, Percentage
Interests aggregating not less than 25% of the affected classes as to
the time, method and place of conducting any proceeding for any remedy
available to the Trustee, or exercising any trust or power conferred
upon the Trustee, under this Agreement;
(iv) The Trustee shall not be charged with knowledge of
any default (other than a default in payment to the Trustee) specified
in clauses (i) and (ii) of Section 7.01 or an Event of Default under
clauses (iii), (iv) and (v) of Section 7.01 unless a Responsible Officer
of the Trustee assigned to and working in the Corporate Trust Office
obtains actual knowledge of such failure or event or the Trustee
receives written notice of such failure or event at its Corporate Trust
Office from the Master Servicer, the Insurer, the Company or any
Certificateholder; and
(v) Except to the extent provided in Section 7.02, no
provision in this Agreement shall require the Trustee to expend or risk
its own funds (including, without limitation, the making of any Advance)
or otherwise incur any personal financial liability in the performance
of any of its duties as Trustee hereunder, or in the exercise of any of
its rights or powers, if the Trustee shall have reasonable grounds for
believing that repayment of funds or adequate indemnity against such
risk or liability is not reasonably assured to it.
(d) The Trustee shall timely pay, from its own funds, the amount
of any and all federal, state and local taxes imposed on the Trust Fund or its
assets or transactions including, without limitation, (A) "prohibited
transaction" penalty taxes as defined in Section 860F of the Code, if, when and
as the same shall be due and payable, (B) any tax on contributions to a REMIC
after the Closing Date imposed by Section 860G(d) of the Code and (C) any tax on
"net income from foreclosure property" as defined in Section 860G(c) of the
Code, but only if such taxes arise out of a breach by the Trustee of its
obligations hereunder, which breach constitutes negligence or willful misconduct
of the Trustee.
Section 8.02. Certain Matters Affecting the Trustee.
(a) Except as otherwise provided in Section 8.01:
(i) The Trustee may rely and shall be protected in acting
or refraining from acting upon any resolution, Officers' Certificate,
certificate of auditors or any other
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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 or the Insurer, pursuant to the provisions of this
Agreement, unless such Certificateholders or the Insurer shall have
offered to the Trustee reasonable security or indemnity against the
costs, expenses and liabilities which may be incurred therein or thereby
and the Insurer has given its consent; nothing contained herein shall,
however, relieve the Trustee of the obligation, upon the occurrence of
an Event of Default (which has not been cured), to exercise such of the
rights and powers vested in it by this Agreement, and to use the same
degree of care and skill in their exercise as a prudent investor would
exercise or use under the circumstances in the conduct of such
investor's own affairs;
(iv) The Trustee shall not be personally liable for any
action taken, suffered or omitted by it in good faith and believed by it
to be authorized or within the discretion or rights or powers conferred
upon it by this Agreement;
(v) Prior to the occurrence of an Event of Default
hereunder and after the curing of all Events of Default which may have
occurred, the Trustee shall not be bound to make any investigation into
the facts or matters stated in any resolution, certificate, statement,
instrument, opinion, report, notice, request, consent, order, approval,
bond or other paper or document, unless requested in writing so to do by
the Insurer or the Holders of Certificates of any Class evidencing, as
to such Class, Percentage Interests, aggregating not less than 50% with
the written consent of the Insurer; provided, however, that if the
payment within a reasonable time to the Trustee of the costs, expenses
or liabilities likely to be incurred by it in the making of such
investigation is, in the opinion of the Trustee, not reasonably assured
to the Trustee by the security afforded to it by the terms of this
Agreement, the Trustee may require reasonable indemnity against such
expense or liability as a condition to so proceeding. The reasonable
expense of every such examination shall be paid by the Master Servicer,
if an Event of Default shall have occurred and is continuing, and
otherwise by the Certificateholder or the Insurer 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 provided that the Trustee shall remain
liable for any acts of such agents or attorneys; and
(vii) To the extent authorized under the Code and the
regulations promulgated thereunder, each Holder of a Class R Certificate
hereby irrevocably appoints
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and authorizes the Trustee to be its attorney-in-fact for purposes of
signing any Tax Returns required to be filed on behalf of the Trust
Fund. The Trustee shall sign on behalf of the Trust Fund and deliver to
the Master Servicer in a timely manner any Tax Returns prepared by or on
behalf of the Master Servicer that the Trustee is required to sign as
determined by the Master Servicer pursuant to applicable federal, state
or local tax laws, provided that the Master Servicer shall indemnify the
Trustee for signing any such Tax Returns that contain errors or
omissions.
(b) Following the issuance of the Certificates (and except as
provided for in Section 3.22(d)), the Trustee shall not accept any contribution
of assets to the Trust Fund unless it shall have obtained or been furnished with
an Opinion of Counsel to the effect that such contribution will not (i) cause
any of REMIC I, REMIC II, REMIC III or REMIC IV to fail to qualify as a REMIC at
any time that any Certificates are outstanding or (ii) cause the Trust Fund to
be subject to any federal tax as a result of such contribution (including the
imposition of any federal tax on "prohibited transactions" imposed under Section
860F(a) of the Code).
Section 8.03. Trustee Not Liable for Certificates or Mortgage Loans.
The recitals contained herein and in the Certificates (other than
the execution of the Certificates and relating to the acceptance and receipt of
the Mortgage Loans) shall be taken as the statements of the Company or the
Master Servicer as the case may be, and the Trustee assumes no responsibility
for their correctness. The Trustee makes no representations as to the validity
or sufficiency of this Agreement or of the Certificates (except that the
Certificates shall be duly and validly executed and authenticated by it as
Certificate Registrar) or of any Mortgage Loan or related document. Except as
otherwise provided herein, the Trustee shall not be accountable for the use or
application by the Company or the Master Servicer of any of the Certificates or
of the proceeds of such Certificates, or for the use or application of any funds
paid to the Company or the Master Servicer in respect of the Mortgage Loans or
deposited in or withdrawn from the Custodial Account or the Certificate Account
by the Company or the Master Servicer.
Section 8.04. Trustee May Own Certificates.
The Trustee in its individual or any other capacity may become
the owner or pledgee of Certificates with the same rights it would have if it
were not Trustee.
Section 8.05. Master Servicer to Pay Trustee's Fees and Expenses;
Indemnification.
(a) The Master Servicer covenants and agrees to pay to the
Trustee and any co-trustee from time to time, and the Trustee and any co-trustee
shall be entitled to, reasonable compensation (which shall not be limited by any
provision of law in regard to the compensation of a trustee of an express trust)
for all services rendered by each of them in the execution of the trusts hereby
created and in the exercise and performance of any of the powers and duties
hereunder of the Trustee and any co-trustee, and the Master Servicer will pay or
reimburse the Trustee and any co-trustee upon request for all reasonable
expenses, disbursements and advances incurred or made by the Trustee or any
co-trustee in accordance with any of the provisions of this Agreement (including
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the reasonable compensation and the expenses and disbursements of its counsel
and of all persons not regularly in its employ, and the expenses incurred by the
Trustee or any co-trustee in connection with the appointment of an office or
agency pursuant to Section 8.12) except any such expense, disbursement or
advance as may arise from its negligence or bad faith.
(b) The Master Servicer agrees to indemnify the Trustee for, and
to hold the Trustee harmless against, any loss, liability or expense incurred
without negligence or willful misconduct on its part, arising out of, or in
connection with, the acceptance and administration of the Trust Fund, including
the costs and expenses (including reasonable legal fees and expenses) of
defending itself against any claim in connection with the exercise or
performance of any of its powers or duties under this Agreement, provided that:
(i) with respect to any such claim, the Trustee shall have
given the Master Servicer written notice thereof promptly after the
Trustee shall have actual knowledge thereof;
(ii) while maintaining control over its own defense, the
Trustee shall cooperate and consult fully with the Master Servicer in
preparing such defense; and
(iii) notwithstanding anything in this Agreement to the
contrary, the Master Servicer shall not be liable for settlement of any
claim by the Trustee entered into without the prior consent of the
Master Servicer which consent shall not be unreasonably withheld.
No termination of this Agreement shall affect the obligations created by this
Section 8.05(b) of the Master Servicer to indemnify the Trustee under the
conditions and to the extent set forth herein.
Notwithstanding the foregoing, the indemnification provided by
the Master Servicer in this Section 8.05(b) shall not pertain to any loss,
liability or expense of the Trustee, including the costs and expenses of
defending itself against any claim, incurred in connection with any actions
taken by the Trustee at the direction of Certificateholders pursuant to the
terms of this Agreement.
Section 8.06. Eligibility Requirements for Trustee.
The Trustee hereunder shall at all times be a national banking
association or a New York banking corporation having its principal office in a
state and city acceptable to the Company 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 a combined
capital and surplus of at least $50,000,000 and subject to supervision or
examination by federal or state authority. If such corporation or national
banking association publishes reports of condition at least annually, pursuant
to law or to the requirements of the aforesaid supervising or examining
authority, then for the purposes of this Section the combined capital and
surplus of such corporation shall be deemed to be its combined capital and
surplus as set forth in its most recent report of condition so published. In
case at any time the Trustee shall cease to be eligible in accordance with the
provisions of this Section, the Trustee shall resign immediately in the manner
and with the effect specified in Section 8.07.
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Section 8.07. Resignation and Removal of the Trustee.
(a) The Trustee may at any time resign and be discharged from the
trusts hereby created by giving written notice thereof to the Company and the
Insurer. Upon receiving such notice of resignation, the Company shall promptly
appoint a successor trustee acceptable to the Insurer by written instrument, in
duplicate, one copy of which instrument shall be delivered to the resigning
Trustee and one copy to the successor trustee. If no successor trustee shall
have been so appointed and have accepted appointment within 30 days after the
giving of such notice of resignation then the Insurer may appoint a successor
trustee and if the Insurer fails to do so within 30 days, the resigning Trustee
may petition any court of competent jurisdiction for the appointment of a
successor trustee.
(b) If at any time the Trustee shall cease to be eligible in
accordance with the provisions of Section 8.06 and shall fail to resign after
written request therefor by the Insurer or the Company with the consent of the
Insurer, or if at any time the Trustee shall become incapable of acting, or
shall be adjudged bankrupt or insolvent, or a receiver of the Trustee or of its
property shall be appointed, or any public officer shall take charge or control
of the Trustee or of its property or affairs for the purpose of rehabilitation,
conservation or liquidation, then the Insurer or the Company with the consent of
the Insurer may remove the Trustee and appoint a successor trustee by written
instrument, in duplicate, one copy of which instrument shall be delivered to the
Trustee so removed and one copy to the successor trustee. In addition, in the
event that the Insurer or the Company determines that the Trustee has failed (i)
to distribute or cause to be distributed to Certificateholders any amount
required to be distributed hereunder, if such amount is held by the Trustee or
its Paying Agent (other than the Master Servicer or the Company) for
distribution or (ii) to otherwise observe or perform in any material respect any
of its covenants, agreements or obligations hereunder, and such failure shall
continue unremedied for a period of 5 days (in respect of clause (i) above) or
30 days (in respect of clause (ii) above) after the date on which written notice
of such failure, requiring that the same be remedied, shall have been given to
the Trustee by the Company or the Insurer, then the Company with the consent of
the Insurer, which consent shall not be unreasonably withheld, may remove the
Trustee and appoint a successor trustee by written instrument delivered as
provided in the preceding sentence. In connection with the appointment of a
successor trustee pursuant to the preceding sentence, the Company shall, on or
before the date on which any such appointment becomes effective, obtain from
each Rating Agency written confirmation that the appointment of any such
successor trustee will not result in the reduction of the ratings on any class
of the Certificates below the lesser of the then current or original ratings on
such Certificates without taking into account the Policy.
(c) During the continuance of an Insurer Default, the Holders of
Certificates entitled to at least 51% of the Voting Rights may at any time
remove the Trustee and appoint a successor trustee by written instrument or
instruments, in triplicate, signed by such Holders or their attorneys-in-fact
duly authorized, one complete set of which instruments shall be delivered to the
Company, one complete set to the Trustee so removed and one complete set to the
successor so appointed.
(d) Any resignation or removal of the Trustee and appointment of
a successor trustee pursuant to any of the provisions of this Section shall
become effective upon acceptance of appointment by the successor trustee as
provided in Section 8.08.
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Section 8.08. Successor Trustee.
(a) Any successor trustee appointed as provided in Section 8.07
shall execute, acknowledge and deliver to the Company and the Insurer and to its
predecessor trustee an instrument accepting such appointment hereunder, and
thereupon the resignation or removal of the predecessor trustee shall become
effective and such successor trustee shall become effective and such successor
trustee, without any further act, deed or conveyance, shall become fully vested
with all the rights, powers, duties and obligations of its predecessor
hereunder, with the like effect as if originally named as trustee herein. The
predecessor trustee shall deliver to the successor trustee all Mortgage Files
and related documents and statements held by it hereunder (other than any
Mortgage Files at the time held by a Custodian, which shall become the agent of
any successor trustee hereunder), and the Company, the Master Servicer and the
predecessor trustee shall execute and deliver such instruments and do such other
things as may reasonably be required for more fully and certainly vesting and
confirming in the successor trustee all such rights, powers, duties and
obligations.
(b) No successor trustee shall accept appointment as provided in
this Section unless at the time of such acceptance such successor trustee shall
be eligible under the provisions of Section 8.06.
(c) Upon acceptance of appointment by a successor trustee as
provided in this Section, the Company shall mail notice of the succession of
such trustee hereunder to all Holders of Certificates at their addresses as
shown in the Certificate Register. If the Company fails to mail such notice
within 10 days after acceptance of appointment by the successor trustee, the
successor trustee shall cause such notice to be mailed at the expense of the
Company.
Section 8.09. Merger or Consolidation of Trustee.
Any corporation or national banking association into which the
Trustee may be merged or converted or with which it may be consolidated or any
corporation or national banking association resulting from any merger,
conversion or consolidation to which the Trustee shall be a party, or any
corporation or national banking association succeeding to the business of the
Trustee, shall be the successor of the Trustee hereunder, provided such
corporation or national banking association shall be eligible under the
provisions of Section 8.06, without the execution or filing of any paper or any
further act on the part of any of the parties hereto, anything herein to the
contrary notwithstanding. The Trustee shall mail notice of any such merger or
consolidation to the Certificateholders at their address as shown in the
Certificate Register.
Section 8.10. Appointment of Co-Trustee or Separate Trustee.
(a) Notwithstanding any other provisions hereof, at any time, for
the purpose of meeting any legal requirements of any jurisdiction in which any
part of the Trust Fund or property securing the same may at the time be located,
the Master Servicer and the Trustee acting jointly shall have the power and
shall execute and deliver all instruments to appoint one or more Persons
approved by the Trustee to act as co-trustee or co-trustees, jointly with the
Trustee, or separate trustee or separate trustees, of all or any part of the
Trust Fund, and to vest in such Person or Persons,
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in such capacity, such title to the Trust Fund, or any part thereof, and,
subject to the other provisions of this Section 8.10, such powers, duties,
obligations, rights and trusts as the Master Servicer and the Trustee may
consider necessary or desirable. If the Master Servicer shall not have joined in
such appointment within 15 days after the receipt by it of a request so to do,
or in case an Event of Default shall have occurred and be continuing, the
Trustee alone shall have the power to make such appointment. No co-trustee or
separate trustee hereunder shall be required to meet the terms of eligibility as
a successor trustee under Section 8.06 hereunder and no notice to Holders of
Certificates of the appointment of co-trustee(s) or separate trustee(s) shall be
required under Section 8.08 hereof.
(b) In the case of any appointment of a co-trustee or separate
trustee pursuant to this Section 8.10 all rights, powers, duties and obligations
conferred or imposed upon the Trustee shall be conferred or imposed upon and
exercised or performed by the Trustee, and such separate trustee or co-trustee
jointly, except to the extent that under any law of any jurisdiction in which
any particular act or acts are to be performed (whether as Trustee hereunder or
as successor to the Master Servicer hereunder), the Trustee shall be incompetent
or unqualified to perform such act or acts, in which event such rights, powers,
duties and obligations (including the holding of title to the Trust Fund or any
portion thereof in any such jurisdiction) shall be exercised and performed by
such separate trustee or co-trustee at the direction of the Trustee.
(c) Any notice, request or other writing given to the Trustee
shall be deemed to have been given to each of the then separate trustees and
co-trustees, as effectively as if given to each of them. Every instrument
appointing any separate trustee or co-trustee shall refer to this Agreement and
the conditions of this Article VIII. Each separate trustee and co-trustee, upon
its acceptance of the trusts conferred, shall be vested with the estates or
property specified in its instrument of appointment, either jointly with the
Trustee or separately, as may be provided therein, subject to all the provisions
of this Agreement, specifically including every provision of this Agreement
relating to the conduct of, affecting the liability of, or affording protection
to, the Trustee. Every such instrument shall be filed with the Trustee.
(d) Any separate trustee or co-trustee may, at any time,
constitute the Trustee, its agent or attorney-in-fact, with full power and
authority, to the extent not prohibited by law, to do any lawful act under or in
respect of this Agreement on its behalf and in its name. If any separate trustee
or co-trustee shall die, become incapable of acting, resign or be removed, all
of its estates, properties, rights, remedies and trusts shall vest in and be
exercised by the Trustee, to the extent permitted by law, without the
appointment of a new or successor trustee.
Section 8.11. Appointment of Custodians.
The Trustee may, with the consent of the Master Servicer, the
Insurer and the Company, appoint one or more Custodians who are not Affiliates
of the Company or the Master Servicer to hold all or a portion of the Mortgage
Files as agent for the Trustee, by entering into a Custodial Agreement. Subject
to Article VIII, the Trustee agrees to comply with the terms of each Custodial
Agreement and to enforce the terms and provisions thereof against the Custodian
for the benefit of the Certificateholders. Each Custodian shall be a depository
institution subject to supervision by federal or state authority, shall have a
combined capital and surplus of at least
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$15,000,000 and shall be qualified to do business in the jurisdiction in which
it holds any Mortgage File. Each Custodial Agreement may be amended only as
provided in Section 11.01. The Trustee shall notify the Certificateholders of
the appointment of any Custodian (other than the Custodian appointed as of the
Closing Date) pursuant to this Section 8.11.
Section 8.12. Appointment of Office or Agency.
The Trustee will maintain an office or agency in the City of New
York where Certificates may be surrendered for registration of transfer or
exchange. The Trustee initially designates its offices located at 14 Wall
Street, 8th Floor, New York, New York 10005 for the purpose of keeping the
Certificate Register. The Trustee will maintain an office at the address stated
in Section 11.05(c) hereof where notices and demands to or upon the Trustee in
respect of this Agreement may be served.
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ARTICLE IX
TERMINATION
Section 9.01. Termination Upon Purchase by the Master Servicer or the
Company or Liquidation of All Mortgage Loans.
(a) Subject to Section 9.02, the respective obligations and
responsibilities of the Company, the Master Servicer and the Trustee created
hereby in respect of the Certificates (other than the obligation of the Trustee
to make certain payments after the Final Distribution Date to Certificateholders
and the obligation of the Company to send certain notices as hereinafter set
forth) shall terminate upon the last action required to be taken by the Trustee
on the Final Distribution Date pursuant to this Article IX following the earlier
of:
(i) the later of the final payment or other liquidation
(or any Advance with respect thereto) of the last Mortgage Loan
remaining in the Trust Fund or the disposition of all property acquired
upon foreclosure or deed in lieu of foreclosure of any Mortgage Loan, or
(ii) the purchase by the Master Servicer or the Company of
all Group I Loans and all property acquired in respect of any Group I
Loan remaining in the Trust Fund (other than the Policy) and the
purchase by the Master Servicer or the Company of all Group II Loans and
all property acquired in respect of any Group II Loan remaining in the
Trust Fund (other than the Policy), in each case, at a price equal to
100% of the unpaid principal balance of each Mortgage Loan (or, if less
than such unpaid principal balance, the fair market value of the related
underlying property of such Mortgage Loan with respect to Mortgage Loans
as to which title has been acquired if such fair market value is less
than such unpaid principal balance) (net of any unreimbursed Advances
attributable to principal) on the day of repurchase, plus accrued
interest thereon at the Net Mortgage Rate (or Modified Net Mortgage Rate
in the case of any Modified Mortgage Loan), plus the Certificate Insurer
Premium Rate, to, but not including, the first day of the month in which
such repurchase price is distributed, including the payment of any
amounts due to the Insurer under the Insurance Agreement; provided,
however, that in no event shall the trust created hereby continue beyond
the expiration of 21 years from the death of the last survivor of the
descendants of Joseph P. Kennedy, the late ambassador of the United
States to the Court of St. James, living on the date hereof and provided
further that the purchase price set forth above shall be increased as is
necessary, as determined by the Master Servicer, to avoid
disqualification of any of REMIC I, REMIC II, REMIC III or REMIC IV as a
REMIC.
The right of the Master Servicer or the Company to purchase all
the assets of the Trust Fund relating to the Group I Loans, pursuant to clause
(ii) above is conditioned upon the occurrence of the Group I Optional
Termination Date. The right of the Master Servicer or the Company to purchase
all the assets of the Trust Fund relating to the Group II Loans, pursuant to
clause (ii) above is conditioned upon the occurrence of the Group II Optional
Termination Date. If such right is exercised by the Master Servicer, the Master
Servicer shall be deemed to have been reimbursed for
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the full amount of any unreimbursed Advances theretofore made by it with respect
to the Mortgage Loans being purchased. In addition, the Master Servicer or the
Company, as applicable, shall provide to the Trustee the certification required
by Section 3.15 and the Trustee and any Custodian shall, promptly following
payment of the purchase price, release to the Master Servicer or the Company, as
applicable, the Mortgage Files pertaining to the Mortgage Loans being purchased.
No purchase pursuant to clause (ii) of this Section 9.01(a) is permitted if it
would result in a draw on the Policy unless the Insurer consents in writing.
(b) The Master Servicer or, in the case of a final distribution
as a result of the exercise by the Company of its right to purchase the assets
of the Trust Fund, the Company, shall give the Trustee and the Insurer not less
than 60 days' prior notice of the Distribution Date on which the Master Servicer
or the Company, as applicable, anticipates that the final distribution will be
made to Certificateholders (whether as a result of the exercise by the Master
Servicer or the Company of its right to purchase the assets of the Trust Fund or
otherwise). Notice of any termination, specifying the anticipated Final
Distribution Date (which shall be a date that would otherwise be a Distribution
Date) upon which the Certificateholders may surrender their Certificates to the
Trustee for payment of the final distribution and cancellation, shall be given
promptly by the Master Servicer or the Company, as applicable (if it is
exercising its right to purchase the assets of the Trust Fund), or by the
Trustee (in any other case) by letter to Certificateholders mailed not earlier
than the 15th day and not later than the 25th day of the month next preceding
the month of such final distribution specifying:
(i) the anticipated Final Distribution Date upon which
final payment of the Certificates is anticipated to be made upon
presentation and surrender of Certificates at the office or agency of
the Trustee therein designated,
(ii) the amount of any such final payment, if known, and
(iii) that the Record Date otherwise applicable to such
Distribution Date is not applicable, and that payment will be made only
upon presentation and surrender of the Certificates at the office or
agency of the Trustee therein specified.
If the Master Servicer or the Company, as applicable, is obligated to give
notice to Certificateholders as aforesaid, it shall give such notice to the
Certificate Registrar at the time such notice is given to Certificateholders. In
the event such notice is given by the Master Servicer or the Company, the Master
Servicer or the Company, as applicable, shall deposit in the Certificate Account
before the Final Distribution Date in immediately available funds an amount
equal to the purchase price for the assets of the Trust Fund computed as above
provided.
(c) Upon presentation and surrender of the Certificates by the
Certificateholders, the Trustee shall distribute to the Certificateholders and
the Insurer (i) the amount otherwise distributable on such Distribution Date, if
not in connection with the Master Servicer's or the Company's election to
repurchase, or (ii) if the Master Servicer or the Company elected to so
repurchase, an amount determined as follows: (A) with respect to the Class A
Certificates, the outstanding Certificate Principal Balance thereof, plus
Accrued Certificate Interest thereon for the
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related Interest Accrual Period and any previously unpaid Accrued Certificate
Interest, and (B) with respect to the Insurer, any amounts owed to it pursuant
to the Insurance Agreement.
(d) In the event that any Certificateholders shall not surrender
their Certificates for final payment and cancellation on or before the Final
Distribution Date, the Trustee shall on such date cause all funds in the
Certificate Account not distributed in final distribution to Certificateholders
to be withdrawn therefrom and credited to the remaining Certificateholders by
depositing such funds in a separate escrow account for the benefit of such
Certificateholders, and the Master Servicer or the Company, as applicable (if it
exercised its right to purchase the assets of the Trust Fund), or the Trustee
(in any other case) shall give a second written notice to the remaining
Certificateholders to surrender their Certificates for cancellation and receive
the final distribution with respect thereto. If within six months after the
second notice any Certificate shall not have been surrendered for cancellation,
the Trustee shall take appropriate steps as directed by the Master Servicer or
the Company, as applicable, to contact the remaining Certificateholders
concerning surrender of their Certificates. The costs and expenses of
maintaining the escrow account and of contacting Certificateholders shall be
paid out of the assets which remain in the escrow account. If within nine months
after the second notice any Certificates shall not have been surrendered for
cancellation, the Trustee shall pay to the Master Servicer or the Company, as
applicable, all amounts distributable to the holders thereof and the Master
Servicer or the Company, as applicable, shall thereafter hold such amounts until
distributed to such holders. No interest shall accrue or be payable to any
Certificateholder on any amount held in the escrow account or by the Master
Servicer or the Company, as applicable, as a result of such Certificateholder's
failure to surrender its Certificate(s) for final payment thereof in accordance
with this Section 9.01 and the Certificateholders shall look only to the Master
Servicer for such payment.
Section 9.02. Additional Termination Requirements.
(a) Each of REMIC I, REMIC II, REMIC III and REMIC IV, as the
case may be, shall be terminated in accordance with the following additional
requirements, unless the Trustee and the Master Servicer have received an
Opinion of Counsel (which Opinion of Counsel shall not be an expense of the
Trustee) to the effect that the failure of any of REMIC I, REMIC II, REMIC III
and REMIC IV, as the case may be, to comply with the requirements of this
Section 9.02 will not (i) result in the imposition on the Trust Fund of taxes on
"prohibited transactions," as described in Section 860F of the Code, or (ii)
cause any of REMIC I, REMIC II, REMIC III or REMIC IV to fail to qualify as a
REMIC at any time that any Certificate is outstanding:
(i) The Master Servicer shall establish a 90-day
liquidation period for each of REMIC I, REMIC II, REMIC III and REMIC
IV, and specify the first day of such period in a statement attached to
the Trust Fund's final Tax Return pursuant to Treasury regulations
Section 1.860F-1. The Master Servicer also shall satisfy all of the
requirements of a qualified liquidation for each of REMIC I, REMIC II,
REMIC III and REMIC IV, under Section 860F of the Code and the
regulations thereunder;
(ii) The Master Servicer shall notify the Trustee at the
commencement of such 90-day liquidation period and, at or prior to the
time of making of the final payment on
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the Certificates, the Trustee shall sell or otherwise dispose of all of
the remaining assets of the Trust Fund in accordance with the terms
hereof; and
(iii) If the Master Servicer is exercising its right to
purchase the assets of the Trust Fund, the Master Servicer shall, during
the 90-day liquidation period and at or prior to the Final Distribution
Date, purchase all of the assets of the Trust Fund for cash; provided,
however, that in the event that a calendar quarter ends after the
commencement of the 90-day liquidation period but prior to the Final
Distribution Date, the Master Servicer shall not purchase any of the
assets of the Trust Fund prior to the close of that calendar quarter.
(b) Each Holder of a Certificate and the Trustee hereby
irrevocably approves and appoints the Master Servicer as its attorney-in-fact to
adopt a plan of complete liquidation for each of REMIC I, REMIC II, REMIC III
and REMIC IV at the expense of the Trust Fund in accordance with the terms and
conditions of this Agreement.
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ARTICLE X
REMIC PROVISIONS
Section 10.01. REMIC Administration.
(a) The REMIC Administrator shall make an election to treat each
of REMIC I, REMIC II, REMIC III and REMIC IV as a REMIC under the Code and, if
necessary, under applicable state law. Such election will be made on Form 1066
or other appropriate federal tax or information return (including Form 8811) or
any appropriate state return for the taxable year ending on the last day of the
calendar year in which the Certificates are issued. The REMIC I Regular
Interests shall be designated as the "regular interests" and the Class R-I
Certificates shall be designated as the sole class of "residual interests" in
the REMIC I. The REMIC II Regular Interests shall be designated as the "regular
interests" and the Class R-II Certificates shall be designated as the sole class
of "residual interests" in REMIC II. The REMIC III Regular Interests shall be
designated as the "regular interests" and the Class R-III Certificates shall be
designated as the sole class of "residual interests" in REMIC III. The Class
A-I-1, Class A-I-2, Class A-I-3, Class A-I-4, Class A-I-5, Class A-II, Class
SB-I and Class SB-II Certificates shall be designated as the "regular interests"
in REMIC IV and the Class R-IV Certificates shall be designated the sole class
of "residual interests" in REMIC IV. The REMIC Administrator and the Trustee
shall not permit the creation of any "interests" (within the meaning of Section
860G of the Code) in the REMIC other than the Certificates.
(b) The Closing Date is hereby designated as the "startup day" of
each of REMIC I, REMIC II, REMIC III and REMIC IV within the meaning of Section
860G(a)(9) of the Code.
(c) The REMIC Administrator shall hold a Class R Certificate in
each REMIC representing a 0.01% Percentage Interest of the Class R Certificates
in each REMIC and shall be designated as the "tax matters person" with respect
to each of REMIC I, REMIC II, REMIC III and REMIC IV in the manner provided
under Treasury regulations section 1.860F-4(d) and Treasury regulations section
301.6231(a)(7)-1. The REMIC Administrator, as tax matters person, shall (i) act
on behalf of each of REMIC I, REMIC II, REMIC III and REMIC IV in relation to
any tax matter or controversy involving the Trust Fund and (ii) represent the
Trust Fund in any administrative or judicial proceeding relating to an
examination or audit by any governmental taxing authority with respect thereto.
The legal expenses, including without limitation attorneys' or accountants'
fees, and costs of any such proceeding and any liability resulting therefrom
shall be expenses of the Trust Fund and the REMIC Administrator shall be
entitled to reimbursement therefor out of amounts attributable to the Mortgage
Loans on deposit in the Custodial Account as provided by Section 3.10 unless
such legal expenses and costs are incurred by reason of the REMIC
Administrator's willful misfeasance, bad faith or gross negligence. If the REMIC
Administrator is no longer the Master Servicer hereunder, at its option the
REMIC Administrator may continue its duties as REMIC Administrator and shall be
paid reasonable compensation not to exceed $3,000 per year by any successor
Master Servicer hereunder for so acting as the REMIC Administrator.
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(d) The REMIC Administrator shall prepare or cause to be prepared
all of the Tax Returns that it determines are required with respect to the REMIC
created hereunder and deliver such Tax Returns in a timely manner to the Trustee
and the Trustee shall sign and file such Tax Returns in a timely manner. The
expenses of preparing such returns shall be borne by the REMIC Administrator
without any right of reimbursement therefor. The REMIC Administrator agrees to
indemnify and hold harmless the Trustee with respect to any tax or liability
arising from the Trustee's signing of Tax Returns that contain errors or
omissions. The Trustee and Master Servicer shall promptly provide the REMIC
Administrator with such information as the REMIC Administrator may from time to
time request for the purpose of enabling the REMIC Administrator to prepare Tax
Returns.
(e) The REMIC Administrator shall provide (i) to any Transferor
of a Class R Certificate such information as is necessary for the application of
any tax relating to the transfer of a Class R Certificate to any Person who is
not a Permitted Transferee, (ii) to the Trustee and the Trustee shall forward to
the Certificateholders such information or reports as are required by the Code
or the REMIC Provisions including reports relating to interest, original issue
discount, if any, and market discount or premium (using the Prepayment
Assumption) and (iii) to the Internal Revenue Service the name, title, address
and telephone number of the person who will serve as the representative of each
REMIC created hereunder.
(f) The Master Servicer and the REMIC Administrator shall take
such actions and shall cause each REMIC created hereunder to take such actions
as are reasonably within the Master Servicer's or the REMIC Administrator's
control and the scope of its duties more specifically set forth herein as shall
be necessary or desirable to maintain the status thereof as a REMIC under the
REMIC Provisions (and the Trustee shall assist the Master Servicer and the REMIC
Administrator, to the extent reasonably requested by the Master Servicer and the
REMIC Administrator to do so). In performing their duties as more specifically
set forth herein, the Master Servicer and the REMIC Administrator shall not
knowingly or intentionally take any action, cause the Trust Fund to take any
action or fail to take (or fail to cause to be taken) any action reasonably
within their respective control and the scope of duties more specifically set
forth herein, that, under the REMIC Provisions, if taken or not taken, as the
case may be, could (i) endanger the status of any of REMIC I, REMIC II, REMIC
III or REMIC IV as a REMIC or (ii) result in the imposition of a tax upon any of
REMIC I, REMIC II, REMIC III or REMIC IV (including but not limited to the tax
on prohibited transactions as defined in Section 860F(a)(2) of the Code (except
as provided in Section 3.22(d)) and the tax on contributions to a REMIC set
forth in Section 860G(d) of the Code) (either such event, in the absence of an
Opinion of Counsel or the indemnification referred to in this sentence, an
"Adverse REMIC Event") unless the Master Servicer or the REMIC Administrator, as
applicable, has received an Opinion of Counsel (at the expense of the party
seeking to take such action or, if such party fails to pay such expense, and the
Master Servicer or the REMIC Administrator, as applicable, determines that
taking such action is in the best interest of the Trust Fund and the
Certificateholders and is not adverse to the interest of the Insurer, at the
expense of the Trust Fund, but in no event at the expense of the Master
Servicer, the REMIC Administrator or the Trustee) to the effect that the
contemplated action will not, with respect to the Trust Fund created hereunder,
endanger such status or, unless the Master Servicer or the REMIC Administrator
or both, as applicable, determine in its or their sole discretion to indemnify
the Trust Fund against the imposition of such a tax, result in the imposition of
such a tax. Wherever in this Agreement a
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contemplated action may not be taken because the timing of such action might
result in the imposition of a tax on the Trust Fund, or may only be taken
pursuant to an Opinion of Counsel that such action would not impose a tax on the
Trust Fund, such action may nonetheless be taken provided that the indemnity
given in the preceding sentence with respect to any taxes that might be imposed
on the Trust Fund has been given and that all other preconditions to the taking
of such action have been satisfied. The Trustee shall not take or fail to take
any action (whether or not authorized hereunder) as to which the Master Servicer
or the REMIC Administrator, as applicable, has advised it in writing that it has
received an Opinion of Counsel to the effect that an Adverse REMIC Event could
occur with respect to such action. In addition, prior to taking any action with
respect to the Trust Fund or its assets, or causing the Trust Fund to take any
action, which is not expressly permitted under the terms of this Agreement, the
Trustee will consult with the Master Servicer or the REMIC Administrator, as
applicable, or its designee, in writing, with respect to whether such action
could cause an Adverse REMIC Event to occur with respect to the Trust Fund and
the Trustee shall not take any such action or cause the Trust Fund to take any
such action as to which the Master Servicer or the REMIC Administrator, as
applicable, has advised it in writing that an Adverse REMIC Event could occur.
The Master Servicer or the REMIC Administrator, as applicable, may consult with
counsel to make such written advice, and the cost of same shall be borne by the
party seeking to take the action not expressly permitted by this Agreement, but
in no event at the expense of the Master Servicer or the REMIC Administrator. At
all times as may be required by the Code, the Master Servicer or the REMIC
Administrator, as applicable, 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 the REMIC as "qualified mortgages" as defined in Section
860G(a)(3) of the Code and "permitted investments" as defined in Section
860G(a)(5) of the Code.
(g) In the event that any tax is imposed on "prohibited
transactions" of any REMIC created hereunder as defined in Section 860F(a)(2) of
the Code, on "net income from foreclosure property" of any REMIC as defined in
Section 860G(c) of the Code, on any contributions to any REMIC after the startup
day therefor pursuant to Section 860G(d) of the Code, or any other tax imposed
by the Code or any applicable provisions of state or local tax laws, such tax
shall be charged (i) to the Master Servicer, if such tax arises out of or
results from a breach by the Master Servicer of any of its obligations under
this Agreement or the Master Servicer has in its sole discretion determined to
indemnify the Trust Fund against such tax, (ii) to the Trustee, if such tax
arises out of or results from a breach by the Trustee of any of its obligations
under this Article X, or (iii) otherwise against amounts on deposit in the
Custodial Account as provided by Section 3.10 and on the Distribution Date(s)
following such reimbursement the aggregate of such taxes shall be allocated in
reduction of the Accrued Certificate Interest on each Class entitled thereto in
the same manner as if such taxes constituted a Prepayment Interest Shortfall.
(h) The Trustee and the Master Servicer shall, for federal income
tax purposes, maintain books and records with respect to each REMIC on a
calendar year and on an accrual basis or as otherwise may be required by the
REMIC Provisions.
(i) Following the startup day, neither the Master Servicer nor
the Trustee shall accept any contributions of assets to any REMIC unless
(subject to Section 10.01(f)) the Master Servicer and the Trustee shall have
received an Opinion of Counsel (at the expense of the party seeking to make such
contribution) to the effect that the inclusion of such assets in any REMIC will
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not cause any of REMIC I, REMIC II, REMIC III or REMIC IV to fail to qualify as
a REMIC at any time that any Certificates are outstanding or subject any such
REMIC to any tax under the REMIC Provisions or other applicable provisions of
federal, state and local law or ordinances.
(j) Neither the Master Servicer nor the Trustee shall (subject to
Section 10.01(f)) enter into any arrangement by which any of REMIC I, REMIC II,
REMIC III or REMIC IV will receive a fee or other compensation for services nor
permit any of REMIC I, REMIC II, REMIC III or REMIC IV to receive any income
from assets other than "qualified mortgages" as defined in Section 860G(a)(3) of
the Code or "permitted investments" as defined in Section 860G(a)(5) of the
Code.
(k) Solely for the purposes of Section 1.860G-1(a)(4)(iii) of the
Treasury Regulations, the "latest possible maturity date" by which the
Certificate Principal Balance of each Class of Certificates representing a
regular interest in the REMIC would be reduced to zero is July 25, 2029 with
respect to the Class A-I Certificates and July 25, 2029 with respect to the
Class A-II Certificates, which is the Distribution Date following the latest
scheduled maturity of any Mortgage Loan in the related Loan Group.
(l) Within 30 days after the Closing Date, the REMIC
Administrator shall prepare and file with the Internal Revenue Service Form
8811, "Information Return for Real Estate Mortgage Investment Conduits (REMIC)
and Issuers of Collateralized Debt Obligations" for the Trust Fund.
(m) Neither the Trustee nor the Master Servicer shall sell,
dispose of or substitute for any of the Mortgage Loans (except in connection
with (i) the default, imminent default or foreclosure of a Mortgage Loan,
including but not limited to, the acquisition or sale of a Mortgaged Property
acquired by deed in lieu of foreclosure, (ii) the bankruptcy of the Trust Fund,
(iii) the termination of any REMIC pursuant to Article IX of this Agreement or
(iv) a purchase of Mortgage Loans pursuant to Article II or III of this
Agreement) or acquire any assets for any REMIC or sell or dispose of any
investments in the Custodial Account or the Certificate Account for gain, or
accept any contributions to any REMIC after the Closing Date unless it has
received an Opinion of Counsel that such sale, disposition, substitution or
acquisition will not (a) affect adversely the status of any of REMIC I, REMIC
II, REMIC III or REMIC IV as a REMIC or (b) unless the Master Servicer has
determined in its sole discretion to indemnify the Trust Fund against such tax,
cause any REMIC to be subject to a tax on "prohibited transactions" or
"contributions" pursuant to the REMIC Provisions.
Section 10.02. Master Servicer, REMIC Administrator and Trustee
Indemnification.
(a) The Trustee agrees to indemnify the Trust Fund, the Insurer,
the Company, the REMIC Administrator and the Master Servicer for any taxes and
costs including, without limitation, any reasonable attorneys fees imposed on or
incurred by the Trust Fund, the Insurer, the Company or the Master Servicer, as
a result of a breach of the Trustee's covenants set forth in Article VIII or
this Article X. In the event that Residential Funding is no longer the Master
Servicer, the Trustee shall indemnify Residential Funding for any taxes and
costs including, without limitation,
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any reasonable attorneys fees imposed on or incurred by Residential Funding as a
result of a breach of the Trustee's covenants set forth in Article VIII or this
Article X.
(b) The REMIC Administrator agrees to indemnify the Trust Fund,
the Insurer, the Company, the Master Servicer and the Trustee for any taxes and
costs (including, without limitation, any reasonable attorneys' fees) imposed on
or incurred by the Trust Fund, the Insurer, the Company, the Master Servicer or
the Trustee, as a result of a breach of the REMIC Administrator's covenants set
forth in this Article X with respect to compliance with the REMIC Provisions,
including without limitation, any penalties arising from the Trustee's execution
of Tax Returns prepared by the REMIC Administrator that contain errors or
omissions; provided, however, that such liability will not be imposed to the
extent such breach is a result of an error or omission in information provided
to the REMIC Administrator by the Master Servicer in which case Section 10.02(c)
will apply.
(c) The Master Servicer agrees to indemnify the Trust Fund, the
Insurer, the Company, the REMIC Administrator and the Trustee for any taxes and
costs (including, without limitation, any reasonable attorneys' fees) imposed on
or incurred by the Trust Fund, the Insurer, the Company or the Trustee, as a
result of a breach of the Master Servicer's covenants set forth in this Article
X or in Article III with respect to compliance with the REMIC Provisions,
including without limitation, any penalties arising from the Trustee's execution
of Tax Returns prepared by the Master Servicer that contain errors or omissions.
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ARTICLE XI
MISCELLANEOUS PROVISIONS
Section 11.01. Amendment.
(a) This Agreement or any Custodial Agreement may be amended from
time to time by the Company, the Master Servicer and the Trustee, with the
consent of the Insurer and without the consent of any of the Certificateholders:
(i) to cure any ambiguity,
(ii) to correct or supplement any provisions herein or
therein, which may be inconsistent with any other provisions herein or
therein or to correct any error,
(iii) to modify, eliminate or add to any of its provisions
to such extent as shall be necessary or desirable to maintain the
qualification of REMIC I, REMIC II, REMIC III or REMIC IV as REMICs at
all times that any Certificate is outstanding or to avoid or minimize
the risk of the imposition of any tax on the Trust Fund pursuant to the
Code that would be a claim against the Trust Fund, provided that the
Trustee has received an Opinion of Counsel to the effect that (A) such
action is necessary or desirable to maintain such qualification or to
avoid or minimize the risk of the imposition of any such tax and (B)
such action will not adversely affect in any material respect the
interests of any Certificateholder,
(iv) to change the timing and/or nature of deposits into
the Custodial Account or the Certificate Account or to change the name
in which the Custodial Account is maintained, provided that (A) the
Certificate Account Deposit Date shall in no event be later than the
related Distribution Date, (B) such change shall not, as evidenced by an
Opinion of Counsel, adversely affect in any material respect the
interests of any Certificateholder and (C) such change shall not result
in a reduction of the rating assigned to any Class of Certificates below
the lower of the then-current rating or the rating assigned to such
Certificates as of the Closing Date (without taking into account the
Policy), as evidenced by a letter from each Rating Agency to such
effect,
(v) to modify, eliminate or add to the provisions of
Section 5.02(g) or any other provision hereof restricting transfer of
the Class R Certificates by virtue of their being the "residual
interests" in the Trust Fund provided that (A) such change shall not
result in reduction of the rating assigned to any such Class of
Certificates below the lower of the then-current rating or the rating
assigned to such Certificates as of the Closing Date, as evidenced by a
letter from each Rating Agency to such effect, and (B) such change shall
not, as evidenced by an Opinion of Counsel (at the expense of the party
seeking so to modify, eliminate or add such provisions), cause the Trust
Fund or any of the Certificateholders (other than the transferor) to be
subject to a federal tax caused by a transfer to a Person that is not a
Permitted Transferee, or
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(vi) to make any other provisions with respect to matters
or questions arising under this Agreement or such Custodial Agreement
which shall not be materially inconsistent with the provisions of this
Agreement, provided that such action shall not, as evidenced by an
Opinion of Counsel, adversely affect in any material respect the
interests of any Certificateholder and is authorized or permitted under
Section 11.09(d).
(b) This Agreement or any Custodial Agreement may also be amended
from time to time with the consent of the Insurer by the Company, the Master
Servicer, the Trustee and the Holders of Certificates evidencing in the
aggregate not less than 66% of the Percentage Interests of each Class of
Certificates affected thereby for the purpose of adding any provisions to or
changing in any manner or eliminating any of the provisions of this Agreement or
such Custodial Agreement or of modifying in any manner the rights of the Holders
of Certificates of such Class; provided, however, that no such amendment shall:
(i) reduce in any manner the amount of, or delay the
timing of, payments which are required to be distributed on any
Certificate without the consent of the Holder of such Certificate,
(ii) adversely affect in any material respect the interest
of the Holders of Certificates of any Class in a manner other than as
described in clause (i) hereof without the consent of Holders of
Certificates of such Class evidencing, as to such Class, Percentage
Interests aggregating not less than 66%, or
(iii) reduce the aforesaid percentage of Certificates of
any Class the Holders of which are required to consent to any such
amendment, in any such case without the consent of the Holders of all
Certificates of such Class then outstanding.
(c) Notwithstanding any contrary provision of this Agreement, the
Trustee shall not consent to any amendment to this Agreement unless it shall
have first received an Opinion of Counsel (at the expense of the party seeking
such amendment) to the effect that such amendment or the exercise of any power
granted to the Master Servicer, the Company or the Trustee in accordance with
such amendment will not result in the imposition of a federal tax on the Trust
Fund or cause REMIC I, REMIC II, REMIC III or REMIC IV to fail to qualify as
REMICs at any time that any Certificate is outstanding. The Trustee may but
shall not be obligated to enter into any amendment pursuant to this Section that
affects its rights, duties and immunities and this agreement or otherwise;
provided however, such consent shall not be unreasonably withheld.
(d) Promptly after the execution of any such amendment the
Trustee shall furnish written notification of the substance of such amendment to
each Certificateholder. It shall not be necessary for the consent of
Certificateholders under this Section 11.01 to approve the particular form of
any proposed amendment, but it shall be sufficient if such consent shall approve
the substance thereof. The manner of obtaining such consents and of evidencing
the authorization of the execution thereof by Certificateholders shall be
subject to such reasonable regulations as the Trustee may prescribe.
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(e) The Company shall have the option, in its sole discretion, to
obtain and deliver to the Trustee any corporate guaranty, payment obligation,
irrevocable letter of credit, surety bond, insurance policy or similar
instrument or a reserve fund, or any combination of the foregoing, for the
purpose of protecting the Holders of the Class R Certificates against any or all
Realized Losses or other shortfalls. Any such instrument or fund shall be held
by the Trustee for the benefit of the Class R Certificateholders, but shall not
be and shall not be deemed to be under any circumstances included in the REMIC.
To the extent that any such instrument or fund constitutes a reserve fund for
federal income tax purposes, (i) any reserve fund so established shall be an
outside reserve fund and not an asset of the REMIC, (ii) any such reserve fund
shall be owned by the Company, and (iii) amounts transferred by the REMIC to any
such reserve fund shall be treated as amounts distributed by the REMIC to the
Company or any successor, all within the meaning of Treasury regulations Section
1.860G-2(h). In connection with the provision of any such instrument or fund,
this Agreement and any provision hereof may be modified, added to, deleted or
otherwise amended in any manner that is related or incidental to such instrument
or fund or the establishment or administration thereof, such amendment to be
made by written instrument executed or consented to by the Company and such
related insurer but without the consent of any Certificateholder and without the
consent of the Master Servicer or the Trustee being required unless any such
amendment would impose any additional obligation on, or otherwise adversely
affect the interests of the Certificateholders, the Master Servicer or the
Trustee, as applicable; provided that the Company obtains an Opinion of Counsel
(which need not be an opinion of Independent counsel) to the effect that any
such amendment will not cause (a) any federal tax to be imposed on the Trust
Fund, including without limitation, any federal tax imposed on "prohibited
transactions" under Section 860F(a)(1) of the Code or on "contributions after
the startup date" under Section 860G(d)(1) of the Code and (b) any of REMIC I,
REMIC II, REMIC III or REMIC IV to fail to qualify as a REMIC at any time that
any Certificate is outstanding. In the event that the Company elects to provide
such coverage in the form of a limited guaranty provided by General Motors
Acceptance Corporation, the Company may elect that the text of such amendment to
this Agreement shall be substantially in the form attached hereto as Exhibit K
(in which case Residential Funding's Subordinate Certificate Loss Obligation as
described in such exhibit shall be established by Residential Funding's consent
to such amendment) and that the limited guaranty shall be executed in the form
attached hereto as Exhibit L, with such changes as the Company shall deem to be
appropriate; it being understood that the Trustee has reviewed and approved the
content of such forms and that the Trustee's consent or approval to the use
thereof is not required.
Section 11.02. Recordation of Agreement; Counterparts.
(a) To the extent permitted by applicable law, this Agreement is
subject to recordation in all appropriate public offices for real property
records in all the counties or other comparable jurisdictions in which any or
all of the properties subject to the Mortgages are situated, and in any other
appropriate public recording office or elsewhere, such recordation to be
effected by the Master Servicer and at its expense on direction by the Trustee
(pursuant to the request of the Insurer or the Holders of Certificates entitled
to at least 25% of the Voting Rights), but only upon direction accompanied by an
Opinion of Counsel to the effect that such recordation materially and
beneficially affects the interests of the Certificateholders.
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(b) For the purpose of facilitating the recordation of this
Agreement as herein provided and for other purposes, this Agreement may be
executed simultaneously in any number of counterparts, each of which
counterparts shall be deemed to be an original, and such counterparts shall
constitute but one and the same instrument.
Section 11.03. Limitation on Rights of Certificateholders.
(a) The death or incapacity of any Certificateholder shall not
operate to terminate this Agreement or the Trust Fund, nor entitle such
Certificateholder's legal representatives or heirs to claim an accounting or to
take any action or proceeding in any court for a partition or winding up of the
Trust Fund, nor otherwise affect the rights, obligations and liabilities of any
of the parties hereto.
(b) No Certificateholder shall have any right to vote (except as
expressly provided herein) or in any manner otherwise control the operation and
management of the Trust Fund, or the obligations of the parties hereto, nor
shall anything herein set forth, or contained in the terms of the Certificates,
be construed so as to constitute the Certificateholders from time to time as
partners or members of an association; nor shall any Certificateholder be under
any liability to any third person by reason of any action taken by the parties
to this Agreement pursuant to any provision hereof.
(c) No Certificateholder shall have any right by virtue of any
provision of this Agreement to institute any suit, action or proceeding in
equity or at law upon or under or with respect to this Agreement, unless such
Holder previously shall have given to the Trustee and the Insurer a written
notice of default and of the continuance thereof, as hereinbefore provided, and
unless also the Holders of Certificates of any Class evidencing in the aggregate
not less than 25% of the related Percentage Interests of such Class, shall have
made written request upon the Trustee to institute such action, suit or
proceeding in its own name as Trustee hereunder and shall have offered to the
Trustee such reasonable indemnity as it may require against the costs, expenses
and liabilities to be incurred therein or thereby, and the 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
of any Class shall have any right in any manner whatever by virtue of any
provision of this Agreement to affect, disturb or prejudice the rights of the
Holders of any other of such Certificates of such Class or any other Class, or
to obtain or seek to obtain priority over or preference to any other such
Holder, or to enforce any right under this Agreement, except in the manner
herein provided and for the common benefit of Certificateholders of such Class
or all Classes, as the case may be. For the protection and enforcement of the
provisions of this Section 11.03, each and every Certificateholder and the
Trustee shall be entitled to such relief as can be given either at law or in
equity.
Section 11.04. Governing Law.
This agreement and the Certificates shall be governed by and
construed in accordance with the laws of the State of New York and the
obligations, rights and remedies of the parties hereunder shall be determined in
accordance with such laws.
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Section 11.05. Notices.
All demands and notices hereunder shall be in writing and shall
be deemed to have been duly given if personally delivered at or mailed by
registered mail, postage prepaid (except for notices to the Trustee which shall
be deemed to have been duly given only when received), to (a) in the case of the
Company, 8400 Normandale Lake Boulevard, Suite 700, Minneapolis, Minnesota
55437, Attention: President, or such other address as may hereafter be furnished
to the Master Servicer and the Trustee in writing by the Company; (b) in the
case of the Master Servicer, 10 Universal City Plaza, Suite 2100, Universal
City, California 91608, Attention: Bond Administration or such other address as
may be hereafter furnished to the Company and the Trustee by the Master Servicer
in writing; (c) in the case of the Trustee, One First National Plaza, Suite
0126, Chicago, Illinois 60670-0126, Attention: Residential Asset Securities
Corporation Series 1999-RS2 or such other address as may hereafter be furnished
to the Company and the Master Servicer in writing by the Trustee; (d) in the
case of Standard & Poor's, 55 Water Street, New York, New York 10041 Attention:
Mortgage Surveillance or such other address as may be hereafter furnished to the
Company, Trustee and Master Servicer by Standard & Poor's; (e) in the case of
Moody's, 99 Church Street, 4th Floor, New York, New York 10007 or such other
address as may be hereafter furnished to the Company, the Trustee and the Master
Servicer in writing by Moody's; and (f) in the case of the Insurer, Ambac
Assurance Corporation, One State Street Plaza, New York, New York 10004,
Attention: Structured Finance--Mortgage Backed Securities or such other address
as may be hereafter furnished to the Company, the Trustee and the Master
Servicer in writing by the Insurer. Any notice required or permitted to be
mailed to a Certificateholder shall be given by first class mail, postage
prepaid, at the address of such holder as shown in the Certificate Register. Any
notice so mailed within the time prescribed in this Agreement shall be
conclusively presumed to have been duly given, whether or not the
Certificateholder receives such notice.
Section 11.06. Notices to Rating Agency and the Insurer.
The Company, the Master Servicer or the Trustee, as applicable,
shall notify each Rating Agency, the Insurer and each Subservicer at such time
as it is otherwise required pursuant to this Agreement to give notice of the
occurrence of, any of the events described in clause (a), (b), (c), (d), (g),
(h), (i) or (j) below or provide a copy to each Rating Agency and the Insurer at
such time as otherwise required to be delivered pursuant to this Agreement of
any of the statements described in clauses (e) and (f) below:
(i) a material change or amendment to this Agreement,
(ii) the occurrence of an Event of Default,
(iii) the termination or appointment of a successor Master
Servicer or Trustee or a change in the majority ownership
of the Trustee,
(iv) the filing of any claim under the Master Servicer's
blanket fidelity bond and the errors and omissions
insurance policy required by Section 3.12 or the
cancellation or modification of coverage under any such
instrument,
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(v) the statement required to be delivered to the Holders of
each Class of Certificates pursuant to Section 4.03,
(vi) the statements required to be delivered pursuant to Sections
3.18 and 3.19,
(vii) a change in the location of the Custodial Account or the
Certificate Account,
(viii) the occurrence of any monthly cash flow shortfall to the
Holders of any Class of Certificates resulting from the
failure by the Master Servicer to make an Advance pursuant
to Section 4.04 or the failure by the Master Servicer to
meet the Annual Servicing Test,
(ix) the occurrence of the Final Distribution Date, and
(x) the repurchase of or substitution for any Mortgage Loan,
provided, however, that with respect to notice of the occurrence of the events
described in clauses (d), (g) or (h) above, the Master Servicer shall provide
prompt written notice to each Rating Agency, the Insurer and the Subservicer of
any such event known to the Master Servicer.
In addition to the above delivery requirements, the Company, the
Master Servicer or the Trustee, as applicable, shall provide a copy to the
Insurer, at such time as it otherwise is required to deliver pursuant to this
Agreement, of any other written confirmation, written notice or legal opinion.
Section 11.07. Severability of Provisions.
If any one or more of the covenants, agreements, provisions or
terms of this Agreement shall be for any reason whatsoever held invalid, then
such covenants, agreements, provisions or terms shall be deemed severable from
the remaining covenants, agreements, provisions or terms of this Agreement and
shall in no way affect the validity or enforceability of the other provisions of
this Agreement or of the Certificates or the rights of the Holders thereof or
the Insurer.
Section 11.08. Supplemental Provisions for Resecuritization.
(a) This Agreement may be supplemented by means of the addition
of a separate Article hereto (a "Supplemental Article") for the purpose of
resecuritizing any of the Certificates issued hereunder, under the following
circumstances. With respect to any Class or Classes of Certificates issued
hereunder, or any portion of any such Class, as to which the Company or any of
its Affiliates (or any designee thereof) is the registered Holder (the
"Resecuritized Certificates"), the Company may deposit such Resecuritized
Certificates into a new REMIC, grantor trust, FASIT or custodial arrangement (a
"Restructuring Vehicle") to be held by the Trustee pursuant to a Supplemental
Article. The instrument adopting such Supplemental Article shall be executed by
the Company, the Master Servicer and the Trustee; provided, that neither the
Master Servicer nor the Trustee shall withhold their consent thereto if their
respective interests would not be materially adversely affected thereby. To the
extent that the terms of the Supplemental Article do not in any
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way affect any provisions of this Agreement as to any of the Certificates
initially issued hereunder, the adoption of the Supplemental Article shall not
constitute an "amendment" of this Agreement.
Each Supplemental Article shall set forth all necessary
provisions relating to the holding of the Resecuritized Certificates by the
Trustee, the establishment of the Restructuring Vehicle, the issuing of various
classes of new certificates by the Restructuring Vehicle and the distributions
to be made thereon, and any other provisions necessary to the purposes thereof.
In connection with each Supplemental Article, the Company shall deliver to the
Trustee an Opinion of Counsel to the effect that (i) the Restructuring Vehicle
will qualify as a REMIC, grantor trust, FASIT or other entity not subject to
taxation for federal income tax purposes and (ii) the adoption of the
Supplemental Article will not endanger the status of any of REMIC I, REMIC II,
REMIC III or REMIC IV as a REMIC or result in the imposition of a tax upon the
Trust Fund (including but not limited to the tax on prohibited transaction as
defined in Section 860F(a)(2) of the Code and the tax on contributions to a
REMIC as set forth in Section 860G(d) of the Code.
Section 11.09. Rights of the Insurer.
(a) The Insurer is an express third-party beneficiary of this
Agreement.
(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 Company 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 Company
shall not agree to any amendment to this Agreement without first having obtained
the prior written consent of the Insurer, which consent shall not be
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.
(f) The Insurer shall not be entitled to exercise any of its
rights hereunder so long as there exists a failure by the Insurer to make a
required payment under the Policy.
146
<PAGE>
IN WITNESS WHEREOF, the Company, the Master Servicer and the
Trustee have caused their names to be signed hereto by their respective officers
thereunto duly authorized and their respective seals, duly attested, to be
hereunto affixed, all as of the date and year first above written.
RESIDENTIAL ASSET SECURITIES
CORPORATION
[Seal]
By:
Name: Julie Steinhagen
Title: Vice President
Attest:
Name: Timothy Pillar
Title: Vice President
RESIDENTIAL FUNDING CORPORATION
[Seal]
By:
Name: Timothy Pillar
Title: Director
Attest:
Name: Julie Steinhagen
Title: Director
THE FIRST NATIONAL BANK OF CHICAGO,
as Trustee
[Seal]
Name:
Title:
Attest:
Name:
Title:
147
<PAGE>
STATE OF MINNESOTA )
) ss.:
COUNTY OF HENNEPIN )
On the 30th day of June, 1999 before me, a notary public in and for said
State, personally appeared Julie Steinhagen, known to me to be a Vice President
of Residential Asset Securities Corporation, Inc., one of the corporations that
executed the within instrument, and also known to me to be the person who
executed it on behalf of said corporation, and acknowledged to me that such
corporation executed the within instrument.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official
seal the day and year in this certificate first above written.
Notary Public
[Notarial Seal]
148
<PAGE>
STATE OF MINNESOTA )
) ss.:
COUNTY OF HENNEPIN )
On the 30th day of June, 1999 before me, a notary public in and for said
State, personally appeared Timothy Pillar, known to me to be a Director of
Residential Funding Corporation, one of the corporations that executed the
within instrument, and also known to me to be the person who executed it on
behalf of said corporation, and acknowledged to me that such corporation
executed the within instrument.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official
seal the day and year in this certificate first above written.
Notary Public
[Notarial Seal]
149
<PAGE>
STATE OF )
) ss.:
COUNTY OF )
On the 30th day of June, 1999 before me, a notary public in and for said
State, personally appeared ________________, known to me to be a First Vice
President of The First National Bank of Chicago, a national banking corporation
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]
1
<PAGE>
EXHIBIT A
FORM OF CLASS A CERTIFICATE
SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A "REGULAR
INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT," AS THOSE TERMS ARE
DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF
1986.
A-1
<PAGE>
Class [A-I-__] [A-II] Senior Certificate No. 1
Pass-Through Rate:_______
Date of Pooling and Servicing Percentage Interest: 100%
Agreement and Cut-off Date:
June 1, 1999
First Distribution Date: Aggregate Initial Certificate Principal
July 26, 1999 Balance of the Class [A-I-__] [A-II]
Certificates: $
Master Servicer: Initial Certificate Principal Balance
Residential Funding Corporation of this Class [A-I-__] [A-II] Certificate:
$
Assumed Final Distribution Date: CUSIP: 76110W
July 25, 2029
MORTGAGE ASSET-BACKED PASS-THROUGH CERTIFICATE
SERIES 1999-RS2
evidencing a percentage interest in the distributions allocable to
the Class [A- I-__] [A-II] Certificates with respect to a Trust Fund
consisting primarily of a pool of conventional one- to four-family
fixed and adjustable interest rate, first lien mortgage loans sold
by RESIDENTIAL ASSET SECURITIES CORPORATION
This Certificate is payable solely from the assets of the Trust Fund, and
does not represent an obligation of or interest in Residential Asset Securities
Corporation, the Master Servicer, the Trustee referred to below or GMAC Mortgage
Group, Inc. or any of their affiliates. Neither this Certificate nor the
underlying Mortgage Loans are guaranteed or insured by any governmental agency
or instrumentality or by Residential Asset Securities Corporation, the Master
Servicer, the Trustee or GMAC Mortgage Group, Inc. or any of their affiliates.
None of the Company, the Master Servicer, GMAC Mortgage Group, Inc. or any of
their affiliates will have any obligation with respect to any certificate or
other obligation secured by or payable from payments on the Certificates.
This certifies that Cede & Co. is the registered owner of the Percentage
Interest evidenced by this Certificate in certain distributions with respect to
the Trust Fund consisting primarily of an interest in a pool of conventional
one- to four-family fixed and adjustable interest rate, first lien mortgage
loans (the "Mortgage Loans"), sold by Residential Asset Securities Corporation
(hereinafter called the "Company," which term includes any successor entity
under the Agreement referred to below). The Trust Fund was created pursuant to a
Pooling and Servicing Agreement dated as specified above (the "Agreement") among
the Company, the Master Servicer and The First National Bank of Chicago, as
trustee (the "Trustee"), a summary of certain of the pertinent provisions of
which is set forth hereafter. To the extent not defined herein, the capitalized
terms used herein have the meanings assigned in the Agreement. This Certificate
is issued under and is
A-2
<PAGE>
subject to the terms, provisions and conditions of the Agreement, to which
Agreement the Holder of this Certificate by virtue of the acceptance hereof
assents and by which such Holder is bound.
Pursuant to the terms of the Agreement, a distribution will be made on the
25th day of each month or, if such 25th day is not a Business Day, the Business
Day immediately following (the "Distribution Date"), commencing as described in
the Agreement, to the Person in whose name this Certificate is registered at the
close of business on the last day (or if such last day is not a Business Day,
the Business Day immediately preceding such last day) of the month immediately
preceding the month of such distribution (the "Record Date"), from the related
Available Distribution Amount in an amount equal to the product of the
Percentage Interest evidenced by this Certificate and the amount of interest and
principal, if any, required to be distributed to Holders of Class [A-I-__]
[A-II] Certificates on such Distribution Date.
Distributions on this Certificate will be made either by the Master
Servicer acting on behalf of the Trustee or by a Paying Agent appointed by the
Trustee in immediately available funds (by wire transfer or otherwise) for the
account of the Person entitled thereto if such Person shall have so notified the
Master Servicer or such Paying Agent, or by check mailed to the address of the
Person entitled thereto, as such name and address shall appear on the
Certificate Register.
Notwithstanding the above, the final distribution on this Certificate will
be made after due notice of the pendency of such distribution and only upon
presentation and surrender of this Certificate at the office or agency appointed
by the Trustee for that purpose in the City and State of New York. The Initial
Certificate Principal Balance of this Certificate is set forth above. The
Certificate Principal Balance hereof will be reduced to the extent of
distributions allocable to principal and any Realized Losses allocable hereto.
This Certificate is one of a duly authorized issue of Certificates issued
in several Classes designated as Mortgage Asset-Backed Pass-Through Certificates
of the Series specified hereon (herein collectively called the "Certificates").
This Certificate is entitled to the benefits of an irrevocable and
unconditional financial guaranty insurance policy issued by Ambac Assurance
Corporation (the "Policy").
The Certificates are limited in right of payment to certain collections
and recoveries respecting the Mortgage Loans and the Policy, all as more
specifically set forth herein and in the Agreement. In the event Master Servicer
funds are advanced with respect to any Mortgage Loan, such advance is
reimbursable to the Master Servicer, to the extent provided in the Agreement,
from related recoveries on such Mortgage Loan or from other cash that would have
been distributable to Certificateholders.
As provided in the Agreement, withdrawals from the Custodial Account
and/or the Certificate Account created for the benefit of Certificateholders may
be made by the Master Servicer from time to time for purposes other than
distributions to Certificateholders, such purposes including without limitation
reimbursement to the Company and the Master Servicer of advances made, or
certain expenses incurred, by either of them.
A-3
<PAGE>
The Agreement permits, with certain exceptions therein provided, the
amendment of the Agreement and the modification of the rights and obligations of
the Company, the Master Servicer and the Trustee and the rights of the
Certificateholders under the Agreement from time to time by the Company, the
Master Servicer and the Trustee with the consent of the Holders of Certificates
evidencing in the aggregate not less than 66% of the Percentage Interests of
each Class of Certificates affected thereby and the Credit Enhancer. Any such
consent by the Holder of this Certificate shall be conclusive and binding on
such Holder and upon all future holders of this Certificate and of any
Certificate issued upon the transfer hereof or in exchange herefor or in lieu
hereof whether or not notation of such consent is made upon the Certificate. The
Agreement also permits the amendment thereof in certain circumstances without
the consent of the Holders of any of the Certificates and, in certain additional
circumstances, without the consent of the Holders of certain Classes of
Certificates.
As provided in the Agreement and subject to certain limitations therein
set forth, the transfer of this Certificate is registrable in the Certificate
Register upon surrender of this Certificate for registration of transfer at the
offices or agencies appointed by the Trustee in the City and State of New York,
duly endorsed by, or accompanied by an assignment in the form below or other
written instrument of transfer in form satisfactory to the Trustee and the
Certificate Registrar duly executed by the Holder hereof or such Holder's
attorney duly authorized in writing, and thereupon one or more new Certificates
of authorized denominations evidencing the same Class and aggregate Percentage
Interest will be issued to the designated transferee or transferees.
The Certificates are issuable only as registered Certificates without
coupons in Classes and in denominations specified in the Agreement. As provided
in the Agreement and subject to certain limitations therein set forth,
Certificates are exchangeable for new Certificates of authorized denominations
evidencing the same Class and aggregate Percentage Interest, as requested by the
Holder surrendering the same.
No service charge will be made for any such registration of transfer or
exchange, but the Trustee may require payment of a sum sufficient to cover any
tax or other governmental charge payable in connection therewith.
The Company, the Master Servicer, the Trustee, and the Certificate
Registrar and any agent of the Company, the Master Servicer, the Trustee or the
Certificate Registrar may treat the Person in whose name this Certificate is
registered as the owner hereof for all purposes, and neither the Company, the
Master Servicer, the Trustee nor any such agent shall be affected by notice to
the contrary.
This Certificate shall be governed by and construed in accordance with the
laws of the State of New York.
The obligations created by the Agreement in respect of the Certificates
and the Trust Fund created thereby shall terminate upon the payment to
Certificateholders of all amounts held by or on behalf of the Trustee and
required to be paid to them pursuant to the Agreement following the earlier of
(i) the maturity or other liquidation of the last Mortgage Loan subject thereto
or the disposition of all property acquired upon foreclosure or deed in lieu of
foreclosure of any Mortgage Loan, and
A-4
<PAGE>
(ii) the purchase by the Master Servicer or the Company from the Trust Fund of
all remaining [Group I] [Group II] Loans and all property acquired in respect of
such Mortgage Loans, thereby effecting early retirement of the related
Certificates. The Agreement permits, but does not require, the Master Servicer
or the Company (i) to purchase, at a price determined as provided in the
Agreement, all remaining [Group I] [Group II] Loans and all property acquired in
respect of any Mortgage Loan or (ii) to purchase in whole, but not in part, all
of the [Class A-I and Class SB-I] [Class A-II and Class SB-II] Certificates from
the Holders thereof; provided, that any such option may only be exercised if the
aggregate Stated Principal Balance of the [Group I] [Group II] Loans, as
applicable, as of the Distribution Date upon which the proceeds of any such
purchase are distributed is less than ten percent of the Cut-off Date Principal
Balance of the [Group I] [Group II] Loans, as applicable.
Unless the certificate of authentication hereon has been executed by the
Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.
A-5
<PAGE>
IN WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
executed.
THE FIRST NATIONAL BANK OF CHICAGO,
as Trustee
By:
Authorized Signatory
Dated: June 30, 1999
Certificate of Authentication
This is one of the Class [A-I-__] [A-II] Certificates referred to in the
within-mentioned Agreement.
THE FIRST NATIONAL BANK OF CHICAGO,
as Certificate Registrar
By:
Authorized Signatory
<PAGE>
ASSIGNMENT
FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto
(Please print or typewrite name and address including postal zip code of
assignee) the beneficial interest evidenced by the within Trust Certificate and
hereby authorizes the transfer of registration of such interest to assignee on
the Certificate Register of the Trust Fund.
I (We) further direct the Certificate Registrar to issue a new Certificate
of a like denomination and Class, to the above named assignee and deliver such
Certificate to the following address:
Dated:
Signature by or on behalf of assignor
Signature Guaranteed
DISTRIBUTION INSTRUCTIONS
The assignee should include the following for purposes of distribution:
Distributions shall be made, by wire transfer or otherwise, in immediately
available funds to for the account of account number or if mailed by check to
Applicable statements should be mailed to:
This information is provided by , the assignee
named above, or , as its agent.
<PAGE>
EXHIBIT B
FORM OF CLASS SB CERTIFICATE
THIS CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE CLASS A
CERTIFICATES AS DESCRIBED IN THE AGREEMENT (AS DEFINED HEREIN).
SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A
"REGULAR INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT," AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL
REVENUE CODE OF 1986.
THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND MAY
NOT BE RESOLD OR TRANSFERRED UNLESS IT IS REGISTERED PURSUANT TO SUCH ACT AND
LAWS OR IS SOLD OR TRANSFERRED IN TRANSACTIONS WHICH ARE EXEMPT FROM
REGISTRATION UNDER SUCH ACT AND UNDER APPLICABLE STATE LAW AND IS TRANSFERRED IN
ACCORDANCE WITH THE PROVISIONS OF SECTION 5.02 OF THE POOLING AND SERVICING
AGREEMENT (THE "AGREEMENT").
NO TRANSFER OF THIS CERTIFICATE MAY BE MADE TO ANY PERSON, UNLESS
THE TRANSFEREE PROVIDES A CERTIFICATION PURSUANT TO SECTION 5.02(e) OF THE
AGREEMENT. NO TRANSFER OF THIS CERTIFICATE OR ANY INTEREST HEREIN SHALL BE MADE
TO ANY PLAN SUBJECT TO ERISA OR SECTION 4975 OF THE CODE, ANY PERSON ACTING,
DIRECTLY OR INDIRECTLY, ON BEHALF OF ANY SUCH PLAN OR ANY PERSON ACQUIRING SUCH
CERTIFICATES WITH "PLAN ASSETS" OF A PLAN WITHIN THE MEANING OF THE DEPARTMENT
OF LABOR REGULATION PROMULGATED AT 29 C.F.R. ss.2510.3-101 ("PLAN ASSETS")
UNLESS THE COMPANY, THE TRUSTEE AND THE MASTER SERVICER ARE PROVIDED WITH AN
OPINION OF COUNSEL WHICH ESTABLISHES TO THE SATISFACTION OF THE COMPANY, THE
TRUSTEE AND THE MASTER SERVICER THAT THE PURCHASE OF THIS CERTIFICATE IS
PERMISSIBLE UNDER APPLICABLE LAW, WILL NOT CONSTITUTE OR RESULT IN ANY
PROHIBITED TRANSACTION UNDER ERISA OR SECTION 4975 OF THE CODE AND WILL NOT
SUBJECT THE COMPANY, THE MASTER SERVICER, THE TRUSTEE OR THE TRUST FUND TO ANY
OBLIGATION OR LIABILITY (INCLUDING OBLIGATIONS OR LIABILITIES UNDER ERISA OR
SECTION 4975 OF THE CODE) IN ADDITION TO THOSE UNDERTAKEN IN THE AGREEMENT,
WHICH OPINION OF COUNSEL SHALL NOT BE AN EXPENSE OF THE COMPANY, THE MASTER
SERVICER, THE TRUSTEE OR THE TRUST FUND. IN LIEU OF SUCH OPINION OF COUNSEL, A
PLAN, ANY PERSON ACTING, DIRECTLY OR INDIRECTLY, ON BEHALF OF ANY SUCH PLAN OR
ANY PERSON ACQUIRING THIS CERTIFICATE WITH PLAN ASSETS OF A PLAN MAY PROVIDE A
CERTIFICATION IN THE FORM OF EXHIBIT P TO THE AGREEMENT, WHICH THE TRUSTEE MAY
RELY UPON WITHOUT FURTHER INQUIRY OR INVESTIGATION.
B-1
<PAGE>
[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 JUNE 30, 1999. ASSUMING
THAT THE MORTGAGE LOANS PREPAY AT __% OF THE CONSTANT PREPAYMENT RATE (AS
DESCRIBED IN THE PROSPECTUS SUPPLEMENT), THIS CERTIFICATE HAS BEEN ISSUED WITH
NO MORE THAN $______ OF OID PER $________ OF INITIAL CERTIFICATE PRINCIPAL
BALANCE, THE YIELD TO MATURITY IS _______% AND THE AMOUNT OF OID ATTRIBUTABLE TO
THE INITIAL ACCRUAL PERIOD IS NO MORE THAN $_____ PER $_________ OF INITIAL
CERTIFICATE PRINCIPAL BALANCE, COMPUTED USING THE APPROXIMATE METHOD. NO
REPRESENTATION IS MADE THAT THE MORTGAGE LOANS WILL PREPAY AT A RATE BASED ON
THE CONSTANT PREPAYMENT RATE OR AT ANY OTHER RATE.]
B-2
<PAGE>
Certificate No. 1
Class [SB-I] [SB-II] Subordinate
Date of Pooling and Servicing Percentage Interest: 100%
Agreement and Cut-off Date:
June 1, 1999
First Distribution Date: Aggregate Certificate Principal Balance
July 26, 1999 of the Class [SB-I] [SB-II] Certificates:
$----------
Master Servicer: Initial Certificate Principal Balance
Residential Funding Corporation of this Certificate: $__________
Assumed Final
Distribution Date:
July 25, 2029
MORTGAGE PASS-THROUGH CERTIFICATE
SERIES 1999-RS2
evidencing a percentage interest in the distributions allocable to the
Class [SB-I] [SB-II] Certificates with respect to a Trust Fund consisting
primarily of a pool of conventional one- to four-family fixed and
adjustable interest rate first mortgage loans sold by RESIDENTIAL ASSET
SECURITIES CORPORATION
This Certificate is payable solely from the assets of the Trust
Fund, and does not represent an obligation of or interest in Residential Asset
Securities Corporation, the Master Servicer, the Trustee referred to below or
any of their affiliates. Neither this Certificate nor the underlying Mortgage
Loans are guaranteed or insured by any governmental agency or instrumentality or
by Residential Asset Securities Corporation, the Master Servicer, the Trustee or
any of their affiliates. None of the Company, the Master Servicer or any of
their affiliates will have any obligation with respect to any certificate or
other obligation secured by or payable from payments on the Certificates.
This certifies that Auer & Co. is the registered owner of the
Percentage Interest evidenced by this Certificate in certain distributions with
respect to the Trust Fund consisting primarily of an interest in a pool of
conventional one- to four-family fixed and adjustable interest rate first
mortgage loans (the "Mortgage Loans"), sold by Residential Asset Securities
Corporation (hereinafter called the "Company," which term includes any successor
entity under the Agreement referred to below). The Trust Fund was created
pursuant to a Pooling and Servicing Agreement dated as specified above (the
"Agreement") among the Company, the Master Servicer and The First National Bank
of Chicago, as trustee (the "Trustee"), a summary of certain of the pertinent
provisions of which is set forth hereafter. To the extent not defined herein,
the capitalized terms
B-3
<PAGE>
used herein have the meanings assigned in the Agreement. This Certificate is
issued under and is subject to the terms, provisions and conditions of the
Agreement, to which Agreement the Holder of this Certificate by virtue of the
acceptance hereof assents and by which such Holder is bound.
Pursuant to the terms of the Agreement, a distribution will be made
on the 25th day of each month or, if such 25th day is not a Business Day, the
Business Day immediately following (the "Distribution Date"), commencing as
described in the Agreement, to the Person in whose name this Certificate is
registered at the close of business on the last day (or if such last day is not
a Business Day, the Business Day immediately preceding such last day) of the
month immediately preceding the month of such distribution (the "Record Date"),
from the Available Distribution Amount in an amount equal to the product of the
Percentage Interest evidenced by this Certificate and the amount of interest and
principal, if any, required to be distributed to Holders of Class [SB-I] [SB-II]
Certificates on such Distribution Date.
Distributions on this Certificate will be made either by the Master
Servicer acting on behalf of the Trustee or by a Paying Agent appointed by the
Trustee in immediately available funds (by wire transfer or otherwise) for the
account of the Person entitled thereto if such Person shall have so notified the
Master Servicer or such Paying Agent, or by check mailed to the address of the
Person entitled thereto, as such name and address shall appear on the
Certificate Register.
Notwithstanding the above, the final distribution on this
Certificate will be made after due notice of the pendency of such distribution
and only upon presentation and surrender of this Certificate at the office or
agency appointed by the Trustee for that purpose in the City and State of New
York. The Initial Certificate Principal Balance of this Certificate is set forth
above. The Certificate Principal Balance hereof will be reduced to the extent of
Payments of principal on the Group I Loans and any Realized Losses incurred in
respect thereof.
No transfer of this Class [SB-I] [SB-II] Certificate will be made
unless such transfer is exempt from the registration requirements of the
Securities Act of 1933, as amended, and any applicable state securities laws or
is made in accordance with said Act and laws. In the event that such a transfer
is to be made, (i) the Trustee or the Company may require an opinion of counsel
acceptable to and in form and substance satisfactory to the Trustee and the
Company that such transfer is exempt (describing the applicable exemption and
the basis therefor) from or is being made pursuant to the registration
requirements of the Securities Act of 1933, as amended, and of any applicable
statute of any state and (ii) the transferee shall execute an investment letter
in the form described by the Agreement. The Holder hereof desiring to effect
such transfer shall, and does hereby agree to, indemnify the Trustee, the
Company, the Master Servicer and the Certificate Registrar acting on behalf of
the Trustee against any liability that may result if the transfer is not so
exempt or is not made in accordance with such Federal and state laws.
No transfer of this Class [SB-I] [SB-II] Certificate will be made
unless the transferee provides a certification pursuant to Section 5.02(e) of
the Agreement. No transfer of this Certificate or any interest herein shall be
made to any Plan subject to ERISA or Section 4975 of the Code, any Person
acting, directly or indirectly, on behalf of any such Plan or any Person
acquiring such Certificates with "plan assets" of a Plan within the meaning of
the Department of Labor regulation promulgated at 29 C.F.R. ss.2510.3-101 ("Plan
Assets") unless the Company, the Trustee and the
B-4
<PAGE>
Master Servicer are provided with an Opinion of Counsel which establishes to the
satisfaction of the Company, the Trustee and the Master Servicer that the
purchase of this Certificate is permissible under applicable law, will not
constitute or result in any prohibited transaction under ERISA or Section 4975
of the Code and will not subject the Company, the Master Servicer, the Trustee
or the Trust Fund to any obligation or liability (including obligations or
liabilities under ERISA or Section 4975 of the Code) in addition to those
undertaken in the Agreement, which Opinion of Counsel shall not be an expense of
the Company, the Master Servicer, the Trustee or the Trust Fund. In lieu of such
Opinion of Counsel, a Plan, any Person acting, directly or indirectly, on behalf
of any such Plan or any Person acquiring this Certificate with Plan Assets of a
Plan may provide a certification in the form of Exhibit P to the Agreement,
which the Trustee may rely upon without further inquiry or investigation.
This Certificate is one of a duly authorized issue of Certificates
issued in several Classes designated as Mortgage Asset-Backed Pass-Through
Certificates of the Series specified hereon (herein collectively called the
"Certificates").
The Certificates are limited in right of payment to certain
collections and recoveries respecting the Mortgage Loans, all as more
specifically set forth herein and in the Agreement. In the event Master Servicer
funds are advanced with respect to any Mortgage Loan, such advance is
reimbursable to the Master Servicer, to the extent provided in the Agreement,
from related recoveries on such Mortgage Loan or from other cash that would have
been distributable to Certificateholders.
As provided in the Agreement, withdrawals from the Custodial Account
and/or the Certificate Account created for the benefit of Certificateholders and
the Insurer may be made by the Master Servicer from time to time for purposes
other than distributions to Certificateholders, such purposes including without
limitation reimbursement to the Company and the Master Servicer of advances
made, or certain expenses incurred, by either of them.
The Agreement permits, with certain exceptions therein provided, the
amendment of the Agreement and the modification of the rights and obligations of
the Company, the Master Servicer and the Trustee and the rights of the
Certificateholders under the Agreement from time to time by the Company, the
Master Servicer and the Trustee with the consent of the Insurer and the Holders
of Certificates evidencing in the aggregate not less than 66% of the Percentage
Interests of each Class of Certificates affected thereby. Any such consent by
the Holder of this Certificate shall be conclusive and binding on such Holder
and upon all future holders of this Certificate and of any Certificate issued
upon the transfer hereof or in exchange herefor or in lieu hereof whether or not
notation of such consent is made upon the Certificate. The Agreement also
permits the amendment thereof in certain circumstances without the consent of
the Holders of any of the Certificates and, in certain additional circumstances,
without the consent of the Holders of certain Classes of Certificates.
As provided in the Agreement and subject to certain limitations
therein set forth, the transfer of this Certificate is registrable in the
Certificate Register upon surrender of this Certificate for registration of
transfer at the offices or agencies appointed by the Trustee in the City and
State of New York, duly endorsed by, or accompanied by an assignment in the form
below or other written instrument of transfer in form satisfactory to the
Trustee and the Certificate Registrar duly executed
B-5
<PAGE>
by the Holder hereof or such Holder's attorney duly authorized in writing, and
thereupon one or more new Certificates of authorized denominations evidencing
the same Class and aggregate Percentage Interest will be issued to the
designated transferee or transferees.
The Certificates are issuable only as registered Certificates
without coupons in Classes and in denominations specified in the Agreement. As
provided in the Agreement and subject to certain limitations therein set forth,
Certificates are exchangeable for new Certificates of authorized denominations
evidencing the same Class and aggregate Percentage Interest, as requested by the
Holder surrendering the same.
No service charge will be made for any such registration of transfer
or exchange, but the Trustee may require payment of a sum sufficient to cover
any tax or other governmental charge payable in connection therewith.
The Company, the Master Servicer, the Trustee, the Certificate
Registrar and the Insurer and any agent of the Company, the Master Servicer, the
Trustee, the Certificate Registrar or the Insurer may treat the Person in whose
name this Certificate is registered as the owner hereof for all purposes, and
neither the Company, the Master Servicer, the Trustee, the Insurer nor any such
agent shall be affected by notice to the contrary.
This Certificate shall be governed by and construed in accordance
with the laws of the State of New York.
The obligations created by the Agreement in respect of the
Certificates and the Trust Fund created thereby shall terminate upon the payment
to Certificateholders of all amounts held by or on behalf of the Trustee and
required to be paid to them pursuant to the Agreement following the earlier of
(i) the maturity or other liquidation of the last Mortgage Loan subject thereto
or the disposition of all property acquired upon foreclosure or deed in lieu of
foreclosure of any Mortgage Loan, and (ii) the purchase by the Master Servicer
or the Company from the Trust Fund of all remaining [Group I] [Group II] Loans
and all property acquired in respect of such Mortgage Loans, thereby effecting
early retirement of the Certificates. The Agreement permits, but does not
require, the Master Servicer or the Company (i) to purchase, at a price
determined as provided in the Agreement, all remaining [Group I] [Group II]
Loans and all property acquired in respect of any Mortgage Loan or (ii) to
purchase in whole, but not in part, all of the [Class A-I and Class SB-I] [Class
A-II and Class SB-II] Certificates from the Holders thereof; provided, that any
such option may only be exercised if the aggregate Stated Principal Balance of
the [Group I] [Group II] Loans as of the Distribution Date upon which the
proceeds of any such purchase are distributed is less than ten percent of the
Cut-off Date Principal Balance of the Group I Loans.
Reference is hereby made to the further provisions of this
Certificate set forth on the reverse hereof, which further provisions shall for
all purposes have the same effect as if set forth at this place.
Unless the certificate of authentication hereon has been executed by
the Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.
B-6
<PAGE>
IN WITNESS WHEREOF, the Trustee has caused this Certificate to be
duly executed.
Dated: June 30, 1999 THE FIRST NATIONAL BANK OF CHICAGO, as
Trustee
By:
Authorized Signatory
CERTIFICATE OF AUTHENTICATION
This is one of the Class [SB-I] [SB-II]Certificates referred to in
the within-mentioned Agreement.
THE FIRST NATIONAL BANK OF CHICAGO, as
Certificate Registrar
By:
Authorized Signatory
<PAGE>
ASSIGNMENT
FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto (Please print or typewrite name and address including postal
zip code of assignee) a Percentage Interest evidenced by the within Mortgage
Pass-Through Certificate and hereby authorizes the transfer of registration of
such interest to assignee on the Certificate Register of the Trust Fund.
I (We) further direct the Certificate Registrar to issue a new
Certificate of a like denomination and Class, to the above named assignee and
deliver such Certificate to the following address:
Dated:
Signature by or on behalf of assignor
Signature Guaranteed
DISTRIBUTION INSTRUCTIONS
The assignee should include the following for purposes of
distribution:
Distributions shall be made, by wire transfer or otherwise, in immediately
available funds to for the account of
- -----------------------------------------------------------------------------
- ----------------------------------- account number , or, if mailed by check, to
- --------- ----------------
- ------------------------------------------------------------- Applicable
statements should be mailed to .
This information is provided by , the assignee named
above, or , as its agent.
<PAGE>
EXHIBIT C
[RESERVED]
C-1
<PAGE>
EXHIBIT D
FORM OF CLASS R CERTIFICATE
THE CLASS [R-I] [R-II] [R-III] [R-IV] CERTIFICATE WILL NOT BE ENTITLED TO
PAYMENTS CONSTITUTING THE AVAILABLE DISTRIBUTION AMOUNT UNTIL SUCH TIME AS
DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN (THE
"AGREEMENT").
THIS CLASS [R-I] [R-II] [R-III] [R-IV] CERTIFICATE IS SUBORDINATE TO THE CLASS A
CERTIFICATES, TO THE EXTENT DESCRIBED HEREIN AND IN THE AGREEMENT.
THIS CERTIFICATE MAY NOT BE HELD BY OR TRANSFERRED TO A NON-UNITED STATES PERSON
OR A DISQUALIFIED ORGANIZATION (AS DEFINED BELOW).
SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A "RESIDUAL
INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT" AS THOSE TERMS ARE
DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF
1986 (THE "CODE").
THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE
RESOLD OR TRANSFERRED UNLESS IT IS REGISTERED PURSUANT TO SUCH ACT AND LAWS OR
IS SOLD OR TRANSFERRED IN TRANSACTIONS WHICH ARE EXEMPT FROM REGISTRATION UNDER
SUCH ACT AND UNDER APPLICABLE STATE LAW AND IS TRANSFERRED IN ACCORDANCE WITH
THE PROVISIONS OF SECTION 5.02 OF THE POOLING AND SERVICING AGREEMENT (THE
"AGREEMENT").
NO TRANSFER OF THIS CERTIFICATE MAY BE MADE TO ANY PERSON, UNLESS THE TRANSFEREE
PROVIDES EITHER A CERTIFICATION PURSUANT TO SECTION 5.02(e) OF THE AGREEMENT OR
AN OPINION OF COUNSEL SATISFACTORY TO THE MASTER SERVICER, THE COMPANY AND THE
TRUSTEE THAT THE PURCHASE OF THIS CERTIFICATE WILL NOT CONSTITUTE OR RESULT IN A
NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF THE EMPLOYEE RETIREMENT
INCOME SECURITY ACT OF 1974, AS AMENDED ("ERISA"), OR SECTION 4975 OF THE CODE
AND WILL NOT SUBJECT THE MASTER SERVICER, THE COMPANY OR THE TRUSTEE TO ANY
OBLIGATION OR LIABILITY IN ADDITION TO THOSE UNDERTAKEN IN THE AGREEMENT.
ANY RESALE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE MAY BE MADE ONLY
IF THE PROPOSED TRANSFEREE PROVIDES A TRANSFER AFFIDAVIT TO THE MASTER SERVICER
AND THE TRUSTEE THAT (1) SUCH TRANSFEREE IS NOT (A) THE UNITED STATES, ANY STATE
OR POLITICAL SUBDIVISION THEREOF, ANY FOREIGN GOVERNMENT, ANY INTERNATIONAL
ORGANIZATION, OR ANY AGENCY OR INSTRUMENTALITY OF ANY OF THE FOREGOING, (B) ANY
ORGANIZATION (OTHER THAN A COOPERATIVE DESCRIBED IN SECTION 521 OF THE CODE)
WHICH IS
D-1
<PAGE>
EXEMPT FROM THE TAX IMPOSED BY CHAPTER 1 OF THE CODE UNLESS SUCH ORGANIZATION IS
SUBJECT TO THE TAX IMPOSED BY SECTION 511 OF THE CODE, (C) ANY ORGANIZATION
DESCRIBED IN SECTION 1381(a)(2)(C) OF THE CODE, (ANY SUCH PERSON DESCRIBED IN
THE FOREGOING CLAUSES (A), (B) OR (C) BEING HEREIN REFERRED TO AS A
"DISQUALIFIED ORGANIZATION") OR (D) AN AGENT OF A DISQUALIFIED ORGANIZATION, (2)
NO PURPOSE OF SUCH TRANSFER IS TO IMPEDE THE ASSESSMENT OR COLLECTION OF TAX AND
(3) SUCH TRANSFEREE SATISFIES CERTAIN ADDITIONAL CONDITIONS RELATING TO THE
FINANCIAL CONDITION OF THE PROPOSED TRANSFEREE. NOTWITHSTANDING THE REGISTRATION
IN THE CERTIFICATE REGISTER OR ANY TRANSFER, SALE OR OTHER DISPOSITION OF THIS
CERTIFICATE TO A DISQUALIFIED ORGANIZATION OR AN AGENT OF A DISQUALIFIED
ORGANIZATION, SUCH REGISTRATION SHALL BE DEEMED TO BE OF NO LEGAL FORCE OR
EFFECT WHATSOEVER AND SUCH PERSON SHALL NOT BE DEEMED TO BE A CERTIFICATEHOLDER
FOR ANY PURPOSE HEREUNDER, INCLUDING, BUT NOT LIMITED TO, THE RECEIPT OF
DISTRIBUTIONS ON THIS CERTIFICATE. EACH HOLDER OF THIS CERTIFICATE BY ACCEPTANCE
OF THIS CERTIFICATE SHALL BE DEEMED TO HAVE CONSENTED TO THE PROVISIONS OF THIS
PARAGRAPH.
D-2
<PAGE>
Class [R-I] [R-II] [R-III] [R-IV] Certificate No. 1
Date of Pooling and Servicing Percentage Interest: 100%
Agreement and Cut-off Date:
June 1, 1999
First Distribution Date: Initial Certificate Principal
July 26, 1999 Balance of this Certificate: $0.00
Master Servicer:
Residential Funding Corporation
MORTGAGE ASSET-BACKED PASS-THROUGH CERTIFICATE,
SERIES 1999-RS2
evidencing a percentage interest in any distributions allocable to the
Class [R-I] [R-II] [R-III] [R-IV] Certificates with respect to the Trust
Fund consisting primarily of a pool of conventional one- to four-family
fixed and adjustable interest rate, first lien mortgage loans sold by
RESIDENTIAL ASSET SECURITIES CORPORATION
This Certificate is payable solely from the assets of the Trust Fund and
does not represent an obligation of or interest in Residential Asset Securities
Corporation, the Master Servicer, the Trustee referred to below or any of their
affiliates. Neither this Certificate nor the underlying Mortgage Loans are
guaranteed or insured by any governmental agency or instrumentality or by
Residential Asset Securities Corporation, the Master Servicer, the Trustee or
any of their affiliates. None of the Company, the Master Servicer or any of
their affiliates will have any obligation with respect to any certificate or
other obligation secured by or payable from payments on the Certificates.
This certifies that Residential Funding Corporation is the registered
owner of the Percentage Interest evidenced by this Certificate in certain
distributions with respect to the Trust Fund consisting primarily of a pool of
conventional one- to four-family fixed and adjustable interest rate, first lien
mortgage loans (the "Mortgage Loans"), sold by Residential Asset Securities
Corporation (hereinafter called the "Company," which term includes any successor
entity under the Agreement referred to below). The Trust Fund was created
pursuant to a Pooling and Servicing Agreement dated as specified above (the
"Agreement") among the Company, the Master Servicer and The First National Bank
of Chicago, as trustee (the "Trustee"), a summary of certain of the pertinent
provisions of which is set forth hereafter. To the extent not defined herein,
the capitalized terms used herein have the meanings assigned in the Agreement.
This Certificate is issued under and is subject to the terms, provisions and
conditions of the Agreement, to which Agreement the Holder of this Certificate
by virtue of the acceptance hereof assents and by which such Holder is bound.
Pursuant to the terms of the Agreement, a distribution will be made on the
25th day of each month or, if such 25th day is not a Business Day, the Business
Day immediately following (the "Distribution Date"), commencing as described in
the Agreement, to the Person in whose name this Certificate is registered at the
close of business on the last day (or if such last day is not a Business Day,
the Business Day immediately preceding such last day) of the month immediately
preceding
D-3
<PAGE>
the month of such distribution (the "Record Date"), from the related Available
Distribution Amount in an amount equal to the product of the Percentage Interest
evidenced by this Certificate and the amount of interest and principal, if any,
required to be distributed to Holders of Class R Certificates on such
Distribution Date.
Each Holder of this Certificate will be deemed to have agreed to be bound
by the restrictions set forth in the Agreement to the effect that (i) each
person holding or acquiring any Ownership Interest in this Certificate must be a
United States Person and a Permitted Transferee, (ii) the transfer of any
Ownership Interest in this Certificate will be conditioned upon the delivery to
the Trustee of, among other things, an affidavit to the effect that it is a
United States Person and Permitted Transferee, (iii) any attempted or purported
transfer of any Ownership Interest in this Certificate in violation of such
restrictions will be absolutely null and void and will vest no rights in the
purported transferee, and (iv) if any person other than a United States Person
and a Permitted Transferee acquires any Ownership Interest in this Certificate
in violation of such restrictions, then the Company will have the right, in its
sole discretion and without notice to the Holder of this Certificate, to sell
this Certificate to a purchaser selected by the Company, which purchaser may be
the Company, or any affiliate of the Company, on such terms and conditions as
the Company may choose.
Notwithstanding the above, the final distribution on this Certificate will
be made after due notice of the pendency of such distribution and only upon
presentation and surrender of this Certificate at the office or agency appointed
by the Trustee for that purpose in the City and State of New York. The Holder of
this Certificate may have additional obligations with respect to this
Certificate, including tax liabilities.
No transfer of this Class [R-I] [R-II] [R-III] [R-IV] Certificate will be
made unless such transfer is exempt from the registration requirements of the
Securities Act of 1933, as amended, and any applicable state securities laws or
is made in accordance with said Act and laws. In the event that such a transfer
is to be made, (i) the Trustee or the Company may require an opinion of counsel
acceptable to and in form and substance satisfactory to the Trustee and the
Company that such transfer is exempt (describing the applicable exemption and
the basis therefor) from or is being made pursuant to the registration
requirements of the Securities Act of 1933, as amended, and of any applicable
statute of any state and (ii) the transferee shall execute an investment letter
in the form described by the Agreement. The Holder hereof desiring to effect
such transfer shall, and does hereby agree to, indemnify the Trustee, the
Company, the Master Servicer and the Certificate Registrar acting on behalf of
the Trustee against any liability that may result if the transfer is not so
exempt or is not made in accordance with such Federal and state laws.
No transfer of this Class [R-I] [R-II] [R-III] [R-IV] Certificate will be
made unless the transferee provides a certification pursuant to Section 5.02(e)
of the Agreement. No transfer of this Certificate or any interest herein shall
be made to any Plan subject to ERISA or Section 4975 of the Code, any Person
acting, directly or indirectly, on behalf of any such Plan or any Person
acquiring such Certificates with "plan assets" of a Plan within the meaning of
the Department of Labor regulation promulgated at 29 C.F.R. ss.2510.3-101 ("Plan
Assets") unless the Company, the Trustee and the Master Servicer are provided
with an Opinion of Counsel which establishes to the satisfaction of the Company,
the Trustee and the Master Servicer that the purchase of this Certificate is
permissible under applicable law, will not constitute or result in any
prohibited transaction under
D-4
<PAGE>
ERISA or Section 4975 of the Code and will not subject the Company, the Master
Servicer, the Trustee or the Trust Fund to any obligation or liability
(including obligations or liabilities under ERISA or Section 4975 of the Code)
in addition to those undertaken in the Agreement, which Opinion of Counsel shall
not be an expense of the Company, the Master Servicer, the Trustee or the Trust
Fund. In lieu of such Opinion of Counsel, a Plan, any Person acting, directly or
indirectly, on behalf of any such Plan or any Person acquiring this Certificate
with Plan Assets of a Plan may provide a certification in the form of Exhibit P
to the Agreement, which the Trustee may rely upon without further inquiry or
investigation.
This Certificate is one of a duly authorized issue of Certificates issued
in several Classes designated as Mortgage Asset-Backed Pass-Through Certificates
of the Series specified hereon (herein collectively called the "Certificates").
The Certificates are limited in right of payment to certain collections
and recoveries respecting the Mortgage Loans, all as more specifically set forth
herein and in the Agreement. In the event Master Servicer funds are advanced
with respect to any Mortgage Loan, such advance is reimbursable to the Master
Servicer, to the extent provided in the Agreement, from related recoveries on
such Mortgage Loan or from other cash that would have been distributable to
Certificateholders.
As provided in the Agreement, withdrawals from the Custodial Account
and/or the Certificate Account created for the benefit of Certificateholders may
be made by the Master Servicer from time to time for purposes other than
distributions to Certificateholders, such purposes including without limitation
reimbursement to the Company and the Master Servicer of advances made, or
certain expenses incurred, by either of them.
The Agreement permits, with certain exceptions therein provided, the
amendment of the Agreement and the modification of the rights and obligations of
the Company, the Master Servicer and the Trustee and the rights of the
Certificateholders under the Agreement from time to time by the Company, the
Master Servicer and the Trustee with the consent of the Holders of Certificates
evidencing in the aggregate not less than 66% of the Percentage Interests of
each Class of Certificates affected thereby. Any such consent by the Holder of
this Certificate shall be conclusive and binding on such Holder and upon all
future holders of this Certificate and of any Certificate issued upon the
transfer hereof or in exchange herefor or in lieu hereof whether or not notation
of such consent is made upon the Certificate. The Agreement also permits the
amendment thereof in certain circumstances without the consent of the Holders of
any of the Certificates and, in certain additional circumstances, without the
consent of the Holders of certain Classes of Certificates.
As provided in the Agreement and subject to certain limitations therein
set forth, the transfer of this Certificate is registrable in the Certificate
Register upon surrender of this Certificate for registration of transfer at the
offices or agencies appointed by the Trustee in the City and State of New York,
duly endorsed by, or accompanied by an assignment in the form below or other
written instrument of transfer in form satisfactory to the Trustee and the
Certificate Registrar duly executed by the Holder hereof or such Holder's
attorney duly authorized in writing, and thereupon one or more new Certificates
of authorized denominations evidencing the same Class and aggregate Percentage
Interest will be issued to the designated transferee or transferees.
D-5
<PAGE>
The Certificates are issuable only as registered Certificates without
coupons in Classes and in denominations specified in the Agreement. As provided
in the Agreement and subject to certain limitations therein set forth,
Certificates are exchangeable for new Certificates of authorized denominations
evidencing the same Class and aggregate Percentage Interest, as requested by the
Holder surrendering the same.
No service charge will be made for any such registration of transfer or
exchange, but the Trustee may require payment of a sum sufficient to cover any
tax or other governmental charge payable in connection therewith.
The Company, the Master Servicer, the Trustee, the Certificate Registrar
and any agent of the Company, the Master Servicer, the Trustee or the
Certificate Registrar may treat the Person in whose name this Certificate is
registered as the owner hereof for all purposes, and neither the Company, the
Master Servicer, the Trustee nor any such agent shall be affected by notice to
the contrary.
This Certificate shall be governed by and construed in accordance with the
laws of the State of New York.
The obligations created by the Agreement in respect of the Certificates
and the Trust Fund created thereby shall terminate upon the payment to
Certificateholders of all amounts held by or on behalf of the Trustee and
required to be paid to them pursuant to the Agreement following the earlier of
(i) the maturity or other liquidation of the last Mortgage Loan subject thereto
or the disposition of all property acquired upon foreclosure or deed in lieu of
foreclosure of any Mortgage Loan, and (ii) the purchase by the Master Servicer
or the Company from the Trust Fund of all remaining Loans and all property
acquired in respect of such Mortgage Loans, thereby effecting early retirement
of the related Certificates. The Agreement permits, but does not require, the
Master Servicer or the Company (i) to purchase, at a price determined as
provided in the Agreement, all remaining Loans and all property acquired in
respect of any Mortgage Loan or (ii) to purchase in whole, but not in part, all
of the Certificates from the Holders thereof; provided, that any such option may
only be exercised if the aggregate Stated Principal Balance of the Loans, as
applicable, as of the Distribution Date upon which the proceeds of any such
purchase are distributed is less than ten percent of the Cut-off Date Principal
Balance of the Loans, as applicable.
Unless the certificate of authentication hereon has been executed by the
Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.
D-6
<PAGE>
IN WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
executed.
THE FIRST NATIONAL BANK OF CHICAGO,
as Trustee
By:
Authorized Signatory
Dated: June 30, 1999
Certificate of Authentication
THE FIRST NATIONAL BANK OF CHICAGO,
as Certificate Registrar
By:
Authorized Signatory
This is one of the Class [R-I] [R-II] [R-III] [R-IV] Certificates referred
to in the within-mentioned Agreement.
<PAGE>
ASSIGNMENT
FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto
(Please print or typewrite name and address including postal zip code of
assignee) the beneficial interest evidenced by the within Trust Certificate and
hereby authorizes the transfer of registration of such interest to assignee on
the Certificate Register of the Trust Fund.
I (We) further direct the Certificate Registrar to issue a new Certificate
of a like denomination and Class, to the above named assignee and deliver such
Certificate to the following address:
Dated:
Signature by or on behalf of assignor
Signature Guaranteed
DISTRIBUTION INSTRUCTIONS
The assignee should include the following for purposes of distribution:
Distributions shall be made, by wire transfer or otherwise, in immediately
available funds to for the account of account number or if mailed by check to
Applicable statements should be mailed to:
This information is provided by ____________________________________, the
assignee named above, or ____________________________________, as its agent.
<PAGE>
EXHIBIT E
CUSTODIAL AGREEMENT
THIS CUSTODIAL AGREEMENT (as amended and supplemented from time to
time, the "Agreement"), dated as of June 1, 1999, by and among THE FIRST
NATIONAL BANK OF CHICAGO, as trustee (including its successors under the Pooling
Agreement defined below, the "Trustee"), RESIDENTIAL ASSET SECURITIES
CORPORATION, as company (together with any successor in interest, the
"Company"), RESIDENTIAL FUNDING CORPORATION, as master servicer (together with
any successor in interest or successor under the Pooling Agreement referred to
below, the "Master Servicer") and NORWEST BANK MINNESOTA, NATIONAL ASSOCIATION,
as custodian (together with any successor in interest or any successor appointed
hereunder, the "Custodian").
W I T N E S S E T H T H A T :
WHEREAS, the Company, the Master Servicer, and the Trustee have
entered into a Pooling and Servicing Agreement, dated as of June 1, 1999,
relating to the issuance of Residential Asset Securities Corporation, Mortgage
Asset-Backed Pass-Through Certificates, Series 1999-RS2 (as in effect on the
date of this Agreement, the "Original Pooling Agreement," and as amended and
supplemented from time to time, the "Pooling Agreement"); and
WHEREAS, the Custodian has agreed to act as agent for the Trustee
for the purposes of receiving and holding certain documents and other
instruments delivered by the Company and the Master Servicer under the Pooling
Agreement, all upon the terms and conditions and subject to the limitations
hereinafter set forth;
NOW, THEREFORE, in consideration of the premises and the mutual
covenants and agreements hereinafter set forth, the Trustee, the Company, the
Master Servicer and the Custodian hereby agree as follows:
ARTICLE I
Definitions
Capitalized terms used in this Agreement and not defined herein
shall have the meanings assigned in the Original Pooling Agreement, unless
otherwise required by the context herein.
E-1
<PAGE>
ARTICLE II
Custody of Mortgage Documents
Section 2.1. Custodian to Act as Agent; Acceptance of Mortgage
Files. The Custodian, as the duly appointed agent of the Trustee for these
purposes, acknowledges receipt of the Mortgage Files relating to the Mortgage
Loans identified on the schedule attached hereto (the "Mortgage Files") and
declares that it holds and will hold the Mortgage Files as agent for the
Trustee, in trust, for the use and benefit of all present and future
Certificateholders.
Section 2.2. Recordation of Assignments. If any Mortgage File
includes one or more assignments to the Trustee of Mortgage Notes and related
Mortgages that have not been recorded, each such assignment shall be delivered
by the Custodian to the Company for the purpose of recording it in the
appropriate public office for real property records, and the Company, at no
expense to the Custodian, shall promptly cause to be recorded in the appropriate
public office for real property records each such assignment and, upon receipt
thereof from such public office, shall return each such assignment to the
Custodian.
Section 2.3. Review of Mortgage Files.
(a) On or prior to the Closing Date, the Custodian shall deliver to
the Trustee an Initial Certification in the form annexed hereto as Exhibit One
evidencing receipt of a Mortgage File for each Mortgage Loan listed on the
Schedule attached hereto (the "Mortgage Loan Schedule").
(b) Within 45 days of the initial issuance of the Certificates, the
Custodian agrees, for the benefit of Certificateholders, to review each Mortgage
File and to deliver to the Trustee an Interim Certification in the form annexed
hereto as Exhibit Two to the effect that all documents required to be delivered
pursuant to Section 2.01(b) of the Pooling Agreement have been executed and
received and that such documents relate to the Mortgage Loans identified on the
Mortgage Loan Schedule, except for any exceptions listed on Schedule A attached
to such Interim Certification. For purposes of such review, the Custodian shall
compare the following information in each Mortgage File to the corresponding
information in the Mortgage Loan Schedule: (i) the loan number, (ii) the
borrower name, (iii) the borrower address (including city and state) and (iv)
the original principal balance. Within 45 days of receipt of the documents
required to be delivered pursuant to Section 2.01(c) of the Pooling Agreement,
the Custodian agrees, for the benefit of the Certificateholders, to review each
such document, and to deliver to the Trustee either (i) an updated Schedule A to
the Interim Certification and Mortgage Loan Schedule at the request of the
Trustee or (ii) a Final Certification as set forth in subsection (c) below. The
Custodian shall be under no duty or obligation to inspect, review or examine
said documents, instruments, certificates or other papers to determine that the
same are genuine, enforceable, or appropriate for the represented purpose or
that they have actually been recorded or that they are other than what they
purport to be on their face. If in performing the review required by this
Section 2.3 the Custodian finds any document or documents constituting a part of
a Mortgage File to be defective in any material respect, the Custodian shall
promptly so notify the Company, the Master Servicer and the Trustee. Upon
receipt of written notification from the Master Servicer, signed by a Servicing
Officer, that (i) the Master Servicer or a Subservicer, as the case may be, has
made a deposit into the Certificate Account in payment for
E-2
<PAGE>
the purchase of the related Mortgage Loan in an amount equal to the Purchase
Price for such Mortgage Loan or (ii) the Company has chosen to substitute a
Qualified Substitute Mortgage Loan for such Mortgage Loan, the Custodian shall
release to the Master Servicer the related Mortgage File.
(c) Upon receipt of all documents required to be in the Mortgage
Files the Custodian shall deliver to the Trustee a Final Certification in the
form annexed hereto as Exhibit Three evidencing the completeness of the Mortgage
Files.
Upon receipt of written request from the Trustee, the Custodian
shall as soon as practicable supply the Trustee with a list of all of the
documents relating to the Mortgage Loans required to be delivered pursuant to
Section 2.01(b) of the Pooling Agreement not then contained in the Mortgage
Files.
Section 2.4. Notification of Breaches of Representations and
Warranties. Upon discovery by the Custodian of a breach of any representation or
warranty made by the Master Servicer or the Company as set forth in the Pooling
Agreement or the Insurance Agreement or by a Seller in a Seller's Agreement or
by Residential Funding or the Company in the Assignment Agreement with respect
to a Mortgage Loan relating to a Mortgage File, the Custodian shall give prompt
written notice to the Company, the Master Servicer and the Trustee.
Section 2.5. Custodian to Cooperate; Release of Mortgage Files. Upon
the repurchase or substitution of any Mortgage Loan pursuant to Article II of
the Pooling Agreement or payment in full of any Mortgage Loan, or the receipt by
the Master Servicer of a notification that payment in full will be escrowed in a
manner customary for such purposes, the Master Servicer shall immediately notify
the Custodian by delivering to the Custodial a Request for Release in the form
of Exhibit H to the Pooling Agreement. The Custodian agrees, upon receipt of
such Request for Release, promptly to release to the Master Servicer the related
Mortgage File. The Master Servicer shall deliver to the Custodian and the
Custodian agrees to accept the Mortgage Note and other documents constituting
the Mortgage File with respect to any Qualified Substitute Mortgage Loan.
From time to time as is appropriate for the servicing or
foreclosures of any Mortgage Loan, including, for this purpose, collection under
any Primary Insurance Policy or any Mortgage Pool Insurance Policy, the Master
Servicer shall deliver to the Custodian a Request for Release certifying as to
the reason for such release. Upon receipt of the foregoing, the Custodian shall
deliver the Mortgage File or such document to the Master Servicer. The Master
Servicer shall cause each Mortgage File or any document therein so released to
be returned to the Custodian when the need therefor by the Master Servicer no
longer exists, unless (i) the Mortgage Loan has been liquidated and the
Liquidation Proceeds relating to the Mortgage Loan have been deposited in the
Custodial Account or (ii) the Mortgage File or such document has been delivered
to an attorney, or to a public trustee or other public official as required by
law, for purposes of initiating or pursuing legal action or other proceedings
for the foreclosure of the Mortgaged Property either judicially or
non-judicially, and the Master Servicer has delivered to the Custodian an
updated Request for Release signed by a Servicing Officer certifying as to the
name and address of the Person to which such Mortgage File or such document was
delivered and the purpose or purposes of such delivery. Immediately upon receipt
of any Mortgage File returned to the Custodian by the Master Servicer, the
Custodian shall a signed acknowledgment to the Master Servicer, confirming
receipt of such Mortgage File.
E-3
<PAGE>
Upon the request of the Master Servicer, the Custodian will send to
the Master Servicer copies of any documents contained in the Mortgage File.
Section 2.6. Assumption Agreements. In the event that any assumption
agreement or substitution of liability agreement is entered into with respect to
any Mortgage Loan subject to this Agreement in accordance with the terms and
provisions of the Pooling Agreement, the Master Servicer shall notify the
Custodian that such assumption or substitution agreement has been completed by
forwarding to the Custodian the original of such assumption or substitution
agreement, which shall be added to the related Mortgage File and, for all
purposes, shall be considered a part of such Mortgage File to the same extent as
all other documents and instruments constituting parts thereof.
ARTICLE III
Concerning the Custodian
Section 3.1. Custodian a Bailee and Agent of the Trustee. With
respect to each Mortgage Note, Mortgage and other documents constituting each
Mortgage File which are delivered to the Custodian, the Custodian is exclusively
the bailee and agent of the Trustee and has no instructions to hold any Mortgage
Note or Mortgage for the benefit of any person other than the Trustee and the
Certificateholders and undertakes to perform such duties and only such duties as
are specifically set forth in this Agreement. Except upon compliance with the
provisions of Section 2.5 of this Agreement, no Mortgage Note, Mortgage or other
document constituting a part of a Mortgage File shall be delivered by the
Custodian to the Company or the Master Servicer or otherwise released from the
possession of the Custodian.
Section 3.2. Indemnification. The Company hereby agrees to indemnify
and hold the Custodian harmless from and against all claims, liabilities,
losses, actions, suits or proceedings at law or in equity, or any other
expenses, fees or charges of any character or nature, which the Custodian may
incur or with which the Custodian may be threatened by reason of its acting as
custodian under this Agreement, including indemnification of the Custodian
against any and all expenses, including attorney's fees if counsel for the
Custodian has been approved by the Company, and the cost of defending any
action, suit or proceedings or resisting any claim. Notwithstanding the
foregoing, it is specifically understood and agreed that in the event any such
claim, liability, loss, action, suit or proceeding or other expense, fee or
charge shall have been caused by reason of any negligent act, negligent failure
to act or willful misconduct on the part of the Custodian, or which shall
constitute a willful breach of its duties hereunder, the indemnification
provisions of this Agreement shall not apply.
Section 3.3. Custodian May Own Certificates. The Custodian in its
individual or any other capacity may become the owner or pledgee of Certificates
with the same rights it would have if it were not Custodian.
Section 3.4. Master Servicer to Pay Custodian's Fees and Expenses. The
Master Servicer covenants and agrees to pay to the Custodian from time to time,
and the Custodian shall be
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<PAGE>
entitled to, reasonable compensation for all services rendered by it in the
exercise and performance of any of the powers and duties hereunder of the
Custodian, and the Master Servicer will pay or reimburse the Custodian upon its
request for all reasonable expenses, disbursements and advances incurred or made
by the Custodian in accordance with any of the provisions of this Agreement
(including the reasonable compensation and the expenses and disbursements of its
counsel and of all persons not regularly in its employ), except any such
expense, disbursement or advance as may arise from its negligence or bad faith.
Section 3.5. Custodian May Resign; Trustee May Remove Custodian. The
Custodian may resign from the obligations and duties hereby imposed upon it as
such obligations and duties relate to its acting as Custodian of the Mortgage
Loans. Upon receiving such notice of resignation, the Trustee shall either take
custody of the Mortgage Files itself and give prompt notice thereof to the
Company, the Master Servicer and the Custodian, or promptly appoint a successor
Custodian by written instrument, in duplicate, one copy of which instrument
shall be delivered to the resigning Custodian and one copy to the successor
Custodian. If the Trustee shall not have taken custody of the Mortgage Files and
no successor Custodian shall have been so appointed and have accepted
appointment within 30 days after the giving of such notice of resignation, the
resigning Custodian may petition any court of competent jurisdiction for the
appointment of a successor Custodian.
The Trustee may remove the Custodian at any time. In such event, the
Trustee shall appoint, or petition a court of competent jurisdiction to appoint,
a successor Custodian hereunder. Any successor Custodian shall be a depository
institution subject to supervision or examination by federal or state authority
shall be able to satisfy the other requirements contained in Section 3.7 and
shall be unaffiliated with the Master Servicer or the Company.
Any resignation or removal of the Custodian and appointment of a
successor Custodian pursuant to any of the provisions of this Section 3.5 shall
become effective upon acceptance of appointment by the successor Custodian. The
Trustee shall give prompt notice to the Company and the Master Servicer of the
appointment of any successor Custodian. No successor Custodian shall be
appointed by the Trustee without the prior approval of the Company and the
Master Servicer.
Section 3.6. Merger or Consolidation of Custodian. Any Person into
which the Custodian may be merged or converted or with which it may be
consolidated, or any Person resulting from any merger, conversion or
consolidation to which the Custodian shall be a party, or any Person succeeding
to the business of the Custodian, shall be the successor of the Custodian
hereunder, without the execution or filing of any paper or any further act on
the part of any of the parties hereto, anything herein to the contrary
notwithstanding.
Section 3.7. Representations of the Custodian. The Custodian hereby
represents that it is a depository institution subject to supervision or
examination by a federal or state authority, has a combined capital and surplus
of at least $15,000,000 and is qualified to do business in the jurisdictions in
which it will hold any Mortgage File.
ARTICLE IV
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<PAGE>
Miscellaneous Provisions
Section 4.1. Notices. All notices, requests, consents and demands
and other communications required under this Agreement or pursuant to any other
instrument or document delivered hereunder shall be in writing and, unless
otherwise specifically provided, may be delivered personally, by telegram or
telex, or by registered or certified mail, postage prepaid, return receipt
requested, at the addresses specified on the signature page hereof (unless
changed by the particular party whose address is stated herein by similar notice
in writing), in which case the notice will be deemed delivered when received.
Section 4.2. Amendments. No modification or amendment of or
supplement to this Agreement shall be valid or effective unless the same is in
writing and signed by all parties hereto, and neither the Company, the Master
Servicer nor the Trustee shall enter into any amendment hereof except as
permitted by the Pooling Agreement. The Trustee shall give prompt notice to the
Custodian of any amendment or supplement to the Pooling Agreement and furnish
the Custodian with written copies thereof.
SECTION 4.3. GOVERNING LAW. THIS AGREEMENT SHALL BE DEEMED A
CONTRACT MADE UNDER THE LAWS OF THE STATE OF NEW YORK AND SHALL BE CONSTRUED AND
ENFORCED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK.
Section 4.4. Recordation of Agreement. To the extent permitted by
applicable law, this Agreement is subject to recordation in all appropriate
public offices for real property records in all the counties or other comparable
jurisdictions in which any or all of the properties subject to the Mortgages are
situated, and in any other appropriate public recording office or elsewhere,
such recordation to be effected by the Master Servicer and at its expense on
direction by the Trustee (pursuant to the request of holders of Certificates
evidencing undivided interests in the aggregate of not less than 25% of the
Trust Fund), but only upon direction accompanied by an Opinion of Counsel
reasonably satisfactory to the Master Servicer to the effect that the failure to
effect such recordation is likely to materially and adversely affect the
interests of the Certificateholders.
For the purpose of facilitating the recordation of this Agreement as
herein provided and for other purposes, this Agreement may be executed
simultaneously in any number of counterparts, each of which counterparts shall
be deemed to be an original, and such counterparts shall constitute but one and
the same instrument.
Section 4.5. Severability of Provisions. If any one or more of the
covenants, agreements, provisions or terms of this Agreement shall be for any
reason whatsoever held invalid, then such covenants, agreements, provisions or
terms shall be deemed severable from the remaining covenants, agreements,
provisions or terms of this Agreement and shall in no way affect the validity or
enforceability of the other provisions of this Agreement or of the Certificates
or the rights of the holders thereof.
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<PAGE>
IN WITNESS WHEREOF, this Agreement is executed as of the date first
above written.
Address: THE FIRST NATIONAL BANK OF
CHICAGO
as Trustee
One North State Street, 9th Floor By:_________________________________
Chicago, Illinois 60602 Name:
Attention: Residential Asset Securities Title:
Corporation, Series 1999-RS2
Address: RESIDENTIAL ASSET SECURITIES
CORPORATION
8400 Normandale Lake Boulevard
Suite 600
Minneapolis, Minnesota 55437
By:
Name: Julie Steinhagen
Title: Vice President
Address: RESIDENTIAL FUNDING
CORPORATION, as Master Servicer
8400 Normandale Lake Boulevard
Suite 600
Minneapolis, Minnesota 55437
By:
Name: Timothy Pillar
Title: Director
Address: NORWEST BANK MINNESOTA,
NATIONAL ASSOCIATION
1015 Tenth Avenue S.E.
Minneapolis, Minnesota 55414
By:
Name:
Title: Trust Officer
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<PAGE>
STATE OF ILLINOIS )
) ss.:
COUNTY OF COOK )
On the ____ day of June, 1999, before me, a notary public in and for
said State, personally appeared ___________________, known to me to be a
_________________ of The First National Bank of Chicago, a national banking
association that executed the within instrument, and also known to me to be the
person who executed it on behalf of said corporation and acknowledged to me that
such corporation executed the within instrument.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed my
official seal the day and year in this certificate first above written.
Notary Public
[SEAL]
E-8
<PAGE>
STATE OF MINNESOTA )
) ss.:
COUNTY OF HENNEPIN )
On the ____ day of June, 1999, before me, a notary public in and for
said State, personally appeared Julie Steinhagen, known to me to be a Vice
President of Residential Asset Securities Corporation, one of the corporations
that executed the within instrument, and also known to me to be the person who
executed it on behalf of said corporation, and acknowledged to me that such
corporation executed the within instrument.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed my
official seal the day and year in this certificate first above written.
Notary Public
[Notarial Seal]
STATE OF MINNESOTA )
) ss:
COUNTY OF HENNEPIN )
On the ___ day of June, 1999, before me, a notary public in and for
said State, personally appeared, Timothy Pillar, known to me to be a Director of
Residential Funding Corporation, one of the corporations that executed the
within instrument, and also known to me to be the person who executed it on
behalf of said corporation, and acknowledged to me that such corporation
executed the within instrument.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed my
official seal the day and year in this certificate first above written.
Notary Public
[Notarial Seal]
E-9
<PAGE>
STATE OF MINNESOTA )
) ss.:
COUNTY OF HENNEPIN )
On the ____ day of June, 1999, before me, a notary public in and for
said State, personally appeared __________________ known to me to be a Trust
Officer of Norwest Bank Minnesota, National Association, a national banking
association that executed the within instrument, and also known to me to be the
person who executed it on behalf of said national banking association, and
acknowledged to me that such national banking association executed the within
instrument.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed my
official seal the day and year in this certificate first above written.
Notary Public
[SEAL]
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<PAGE>
EXHIBIT ONE
FORM OF CUSTODIAN
INITIAL CERTIFICATION
June 30, 1999
The First National Bank of Chicago
One First National Plaza
Suite IL-0126
Chicago, Illinois 60607-0126
Attention: Residential Asset Securites Corporation, Series 1999-RS2
Re: Custodial Agreement, dated as of June 1, 1999, by and among The First
National Bank of Chicago, Residential Asset Securities Corporation,
Residential Funding Corporation and Norwest Bank Minnesota, National
Association, relating to Mortgage Asset-Backed Pass-Through Certificates,
Series 1999-RS2
Ladies and Gentlemen:
In accordance with Section 2.3 of the above-captioned Custodial
Agreement, and subject to Section 2.02 of the Pooling Agreement, the
undersigned, as Custodian, hereby certifies that it has received a Mortgage File
(which contains an original Mortgage Note or an original Lost Note Affidavit
with a copy of the related Mortgage Note) to the extent required in Section
2.01(b) of the Pooling Agreement with respect to each Mortgage Loan listed in
the Mortgage Loan Schedule.
Capitalized words and phrases used herein shall have the respective
meanings assigned to them in the above-captioned Custodial Agreement.
NORWEST BANK MINNESOTA,
NATIONAL ASSOCIATION
By:
Name:
Title:
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<PAGE>
EXHIBIT TWO
FORM OF CUSTODIAN INTERIM CERTIFICATION
________________ ____, 199__
The First National Bank of Chicago
One First National Plaza
Suite IL-0126
Chicago, Illinois 60607-0126
Attention: Residential Asset Securities Corporation, Series 1999-RS2
Re: Custodial Agreement, dated as of June 1, 1999, by and among The First
National Bank of Chicago, Residential Asset Securities Corporation,
Residential Funding Corporation and Norwest Bank Minnesota, National
Association, relating to Mortgage Asset-Backed Pass-Through Certificates,
Series 1999-RS2
Ladies and Gentlemen:
In accordance with Section 2.3 of the above-captioned Custodial
Agreement, the undersigned, as Custodian, hereby certifies that it has received
a Mortgage File to the extent required pursuant to Section 2.01(b) of the
Pooling Agreement with respect to each Mortgage Loan listed in the Mortgage Loan
Schedule, and it has reviewed the Mortgage File and the Mortgage Loan Schedule
and has determined that: all required documents have been executed and received
and that such documents related to the Mortgage Loans identified on the Mortgage
Loan Schedule, with any exceptions listed on Schedule A attached hereto.
Capitalized words and phrases used herein shall have the respective
meanings assigned to them in the above-captioned Custodial Agreement.
NORWEST BANK MINNESOTA,
NATIONAL ASSOCIATION
By:
Name:
Title:
E-2
<PAGE>
EXHIBIT THREE
FORM OF CUSTODIAN FINAL CERTIFICATION
_____________ ___, 199__
The First National Bank of Chicago
One First National Plaza
Suite IL-0126
Chicago, Illinois 60607-0126
Attention: Residential Asset Securities Corporation, Series 1999-RS2
Re: Custodial Agreement, dated as of June 1, 1999, by and among The First
National Bank of Chicago, Residential Asset Securities Corporation,
Residential Funding Corporation and Norwest Bank Minnesota, National
Association, relating to Mortgage Asset-Backed Pass-Through Certificates,
Series 1999-RS2
Ladies and Gentlemen:
In accordance with Section 2.3 of the above-captioned Custodial
Agreement, the undersigned, as Custodian, hereby certifies that it has received
a Mortgage File with respect to each Mortgage Loan listed in the Mortgage Loan
Schedule containing (I) with respect to each such Mortgage Loan (other than a
Cooperative Loan):
(i) The original Mortgage Note, endorsed without recourse to the
order of the Trustee and showing an unbroken chain of endorsements from
the originator thereof to the Person endorsing it to the Trustee or an
original lost note affidavit from the related Seller or Residential
Funding stating that the original Mortgage Note was lost, misplaced or
destroyed, together with a copy of the related Mortgage Note;
(ii) The original Mortgage with evidence of recording indicated
thereon or a copy of the Mortgage certified by the public recording office
in which such mortgage has been recorded;
(iii) An original Assignment of the Mortgage to the Trustee with
evidence of recording indicated thereon or a copy of such assignment
certified by the public recording office in which such assignment has been
recorded;
(iv) With respect to each Mortgage Loan other than a Cooperative
Loan, the original recorded assignment or assignments of the Mortgage
showing an unbroken chain of
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<PAGE>
title from the originator thereof to the Person assigning it to the
Trustee or a copy of such assignment or assignments of the Mortgage
certified by the public recording office in which such assignment or
assignments have been recorded; and
(v) The original of each modification, assumption agreement or
preferred loan agreement, if any, relating to such Mortgage Loan or a copy
of each modification, assumption agreement or preferred loan agreement
certified by the public recording office in which such document has been
recorded;
and (II) with respect to each Cooperative Loan so assigned:
(i) The original Mortgage Note, endorsed without recourse to the
order of the Trustee and showing an unbroken chain of endorsements from the
originator thereof to the Person endorsing it to the Trustee, or with respect to
any Destroyed Mortgage Note, an original lost note affidavit from the related
Seller or Residential Funding stating that the original Mortgage Note was lost,
misplaced or destroyed, together with a copy of the related Mortgage Note;
(ii) A counterpart of the Cooperative Lease and the Assignment of
Proprietary Lease to the originator of the Cooperative Loan with intervening
assignments showing an unbroken chain of title from such originator to the
Trustee;
(iii) The related Cooperative Stock Certificate, representing the
related Cooperative Stock pledged with respect to such Cooperative Loan,
together with an undated stock power (or other similar instrument) executed in
blank;
(iv) The original recognition agreement by the Cooperative of the
interests of the mortgagee with respect to the related Cooperative Loan;
(v) The Security Agreement;
(vi) Copies of the original UCC-1 financing statement, and any
continuation statements, filed by the originator of such Cooperative Loan as
secured party, each with evidence of recording thereof, evidencing the interest
of the originator under the Security Agreement and the Assignment of Proprietary
Lease;
(vii) Copies of the filed UCC-3 assignments of the security interest
referenced in clause (vi) above showing an unbroken chain of title from the
originator to the Trustee, each with evidence of recording thereof, evidencing
the interest of the originator under the Security Agreement and the Assignment
of Proprietary Lease;
(viii) An executed assignment of the interest of the originator in the
Security Agreement, Assignment of Proprietary Lease and the recognition
agreement referenced in clause (iv) above, showing an unbroken chain of title
from the originator to the Trustee;
(ix) The original of each modification, assumption agreement or
preferred loan agreement, if any, relating to such Cooperative Loan; and
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<PAGE>
(x) An executed UCC-1 financing statement showing the Master
Servicer as debtor, the Company as secured party and the Trustee as assignee and
an executed UCC-1 financing statement showing the Company as debtor and the
Trustee as secured party, each in a form sufficient for filing, evidencing the
interest of such debtors in the Cooperative Loans.
Capitalized words and phrases used herein shall have the respective
meanings assigned to them in the above-captioned Custodial Agreement.
NORWEST BANK MINNESOTA, NATIONAL
ASSOCIATION
By:
Name:
Title:
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<PAGE>
EXHIBIT F-1
GROUP I LOAN SCHEDULE
1
RUN ON : 06/24/99 RFC DISCLOSURE SYSTEM RFFSD177-01
AT : 12.18.00 FIXED RATE LOAN LISTING AMORTIZED BALANCE
SERIES : RASC 1999-RS2 GROUP I CUTOFF : 06/01/99
POOL : 0004385
:
:
POOL STATUS: F
RFC LOAN # S/S CODE PMT TYPE ORIGINAL BAL LOAN FEATURE
ORIG TERM PRINCIPAL BAL # OF UNITS
ADDRESS ORIG RATE ORIGINAL P+I LTV
ADDRESS LINE 2 CURR NET CURRENT P+I VALUE
CITY STATE ZIP LOAN PURP NOTE DATE MI CO CODE
SERVICER LOAN # PROP TYPE 1ST PMT DATE MI CVG
SELLER LOAN # OCCP CODE MATURITY DATE
INVESTOR LOAN #
______________________________________________________________________________
1063816 381/354 F 350,000.00 ZZ
360 304,318.51 1
1286 LAGO VISTA DRIVE 9.625 2,974.96 57
9.375 2,974.96 620,000.00
BEVERLY HILLS CA 90210 1 04/01/87 00
0618678 05 06/01/87 0
O 05/01/17
0
1176367 060/H10 F 70,000.00 ZZ
360 63,754.23 1
420 GODFREY LAKE DRIVE 11.375 686.54 36
10.800 686.54 199,000.00
BRICK NJ 08724 4 09/09/88 00
0510052111 05 11/01/88 0
510005211 O 10/01/18
1665622274
1176632 620/620 F 207,000.00 ZZ
180 64,909.47 1
8169 BLUE JAY LANE 9.250 2,130.43 69
9.000 2,130.43 302,000.00
JACKSONVILLE FL 32216 2 04/27/87 00
00039693 05 06/01/87 0
00039693 O 05/01/02
0
1196633 664/664 F 277,982.09 ZZ
251 275,178.83 1
23926 VIA COPETA 7.500 2,197.35 77
VALENCIA AREA 6.625 2,197.35 363,500.00
SANTA CLARITA CA 91355 1 12/28/98 00
0206649 03 01/01/99 0
1
0206649 O 11/01/19
0
1199879 381/163 F 320,000.00 ZZ
360 294,990.73 1
628 ISLAND PLACE 10.375 2,897.30 55
10.125 2,897.30 590,000.00
REDWOOD CITY CA 94065 2 12/11/89 00
2600004951441 03 02/01/90 0
924766 O 01/01/20
0
1199964 353/491 P 385,000.00 ZZ
360 394,164.59 1
675 KAUMAKANI STREET 11.500 2,960.32 64
10.990 4,164.84 610,000.00
HONOLULU HI 96825 2 02/22/90 00
0062482653 05 04/01/90 0
CC44429 O 03/01/20
0
1200617 413/196 P 650,000.00 ZZ
360 666,050.38 1
98 FREDRICK AVENUE 11.750 5,040.30 58
11.400 7,236.00 1,121,000.00
ATHERTON CA 94025 5 02/07/90 00
153009890 05 04/01/90 0
153009890 O 03/01/20
0
1200893 076/P65 F 195,000.00 ZZ
360 177,224.05 1
44 CONSTITUTION DRIVE 9.500 1,639.67 51
WORCESTER COUNTY 9.000 1,639.67 385,000.00
LEOMINSTER MA 01453 5 12/08/89 00
8007410 05 02/01/90 0
1011683 O 01/01/20
0
1204019 490/600 P 72,000.00 ZZ
360 75,720.65 1
92 WEST CHERRY STREET 12.500 592.98 65
11.260 851.29 112,000.00
RAHWAY NJ 07065 5 05/21/90 00
320091242 05 07/01/90 0
10858 O 06/01/20
0
1
1243713 028/736 F 770,357.00 ZZ
289 753,378.90 1
760 CREEKVIEW DRIVE 9.750 6,933.37 65
9.500 6,933.37 1,200,000.00
ORANGE CA 92669 2 07/31/97 00
6701 03 08/01/97 0
099193055 O 08/01/21
0
1250903 159/225 F 235,235.99 ZZ
284 230,171.65 1
970 WATERVIEW DRIVE 7.500 1,772.17 61
7.250 1,772.17 390,000.00
CROWNSVILLE MD 21032 5 02/28/98 00
9451510 05 03/01/98 0
4164893 O 10/01/21
0
1345207 283/526 F 278,600.00 ZZ
180 204,044.15 1
30 VINE BROOK ROAD 6.875 2,484.71 66
6.625 2,484.71 425,000.00
LEXINGTON MA 02173 2 09/16/93 00
6119130 05 11/01/93 0
4193944 O 10/01/08
0
1354310 028/755 F 55,500.00 ZZ
180 39,861.44 1
8556 FINGERBOARD RD 7.375 510.56 38
7.125 510.56 148,000.00
FREDERICK MD 21701 5 07/01/93 00
1428596 05 09/01/93 0
304853 O 08/01/08
0
1364448 028/652 F 460,000.00 ZZ
180 338,853.24 1
34841 DOHENY PLACE 6.500 4,007.09 52
6.250 4,007.09 900,000.00
DANA POINT CA 92624 5 11/22/93 00
1155357 05 01/01/94 0
0088296 O 12/01/08
0
1365925 076/076 F 229,500.00 ZZ
180 171,412.45 1
8 ELAINE DRIVE 7.000 2,062.82 75
6.750 2,062.82 306,000.00
1
SIMSBURY CT 06070 5 11/04/93 00
3633252 05 01/01/94 0
3633252 O 12/01/08
0
1452078 670/K01 F 700,000.00 ZZ
360 678,992.71 1
1759 VESTWOOD HILLS DR 8.750 5,506.90 68
8.500 5,506.90 1,030,000.00
VESTAVIA AL 35216 2 09/18/95 00
0459913794 05 11/01/95 0
1409503 O 10/01/25
0
1521638 E22/K05 F 230,000.00 ZZ
360 225,712.57 4
372 NORTH SPRUCE STREET 9.625 1,954.98 40
9.375 1,954.98 580,000.00
CANNON BEACH OR 97110 5 07/26/96 00
0410112700 05 09/01/96 0
410112700 O 08/01/26
0
1611243 E22/K05 F 464,400.00 BB
360 457,508.95 1
5233 SOUTH CHARITON AVENUE 8.500 3,570.83 80
8.250 3,570.83 580,600.00
LADERA HEIGHTS CA 90056 1 07/17/97 00
0410423255 03 09/01/97 0
410423255 O 08/01/27
0
1618693 E82/G03 F 105,000.00 ZZ
60 102,889.10 1
1968 FISH TRAP DRIVE 6.750 681.03 62
6.500 681.03 170,000.00
CUSHING MN 56443 5 07/28/97 00
0400054144 05 09/01/97 0
400054144 O 08/01/02
0
1635465 591/G61 F 51,943.00 ZZ
360 50,270.08 1
3222 CLIFTMONT AVENUE 9.000 417.95 100
8.750 417.95 52,000.00
BALTIMORE MD 21213 1 04/25/95 98
0156489 07 06/01/95 99
0900863999 O 05/01/25
0
1
1651888 E22/G03 F 31,500.00 T
180 29,662.63 1
HCR 5, BOX 1709-F 8.000 301.03 90
7.750 301.03 35,000.00
BRANSON MO 65616 1 10/24/97 04
0410574867 05 12/01/97 12
410574867 O 11/01/12
0
1653592 E22/G03 F 30,000.00 ZZ
180 28,250.00 1
828 SOUTH 34TH STREET 8.000 286.70 53
7.750 286.70 57,000.00
SOUTH BEND IN 46613 5 10/24/97 00
0410587661 05 12/01/97 0
410587661 O 11/01/12
0
1653714 K39/H74 F 41,250.00 ZZ
180 41,057.62 1
418 MEADOW LANE 13.390 468.92 75
12.890 468.92 55,000.00
BURGAW NC 28425 5 06/30/97 00
0158279 27 08/04/97 0
8001534 O 07/04/12
0
1664523 591/G61 F 133,000.00 ZZ
360 129,005.96 1
10106 WHITE AVENUE 9.500 1,118.34 95
9.250 1,118.34 140,000.00
CLINTON MD 20735 1 03/31/95 12
0161331 05 05/01/95 25
1013925 O 04/01/25
1666972702
1672820 A37/K05 F 76,050.00 ZZ
360 73,826.36 4
5800 NORTH 91ST STREET 9.375 632.55 92
9.125 632.55 83,000.00
MILWAUKEE WI 53225 1 12/23/97 11
0430573469 01 02/01/98 25
97WW19173 N 01/01/28
0
1679030 637/K06 F 225,600.00 ZZ
360 222,393.61 1
1
21001 SCOTTSBURY DRIVE 7.875 1,635.76 94
7.625 1,635.76 240,000.00
GERMANTOWN MD 20876 1 12/01/97 01
0430720409 05 01/01/98 30
8601957 O 12/01/27
0
1684034 E22/K05 F 20,700.00 ZZ
360 20,267.07 1
5008 ALABAMA AVENUE 10.125 183.57 90
9.875 183.57 23,000.00
ST. LOUIS MO 63111 1 12/31/97 10
0410613202 05 02/01/98 25
410613202 N 01/01/28
0
1703949 B24/K06 F 297,500.00 ZZ
360 294,519.66 1
9 SCOTT LANE 7.500 2,080.16 85
7.250 2,080.16 350,000.00
GREENWICH CT 06831 1 04/15/98 04
0430798025 05 06/01/98 12
000000 O 05/01/28
0
1708854 891/G01 F 102,800.00 ZZ
355 102,088.37 1
WHITTAKER ROAD 7.625 730.29 74
7.375 730.29 140,000.00
KOESTER MO 63628 4 07/30/98 00
0431009752 05 10/01/98 0
98028278 O 04/01/28
0
1712103 976/976 F 500,000.00 ZZ
360 494,402.26 1
25 ROLLING HILLS ROAD 7.875 3,625.35 36
7.625 3,625.35 1,400,000.00
TIBURON CA 94920 2 02/21/98 00
5180561 05 04/01/98 0
5180561 O 03/01/28
0
1725552 B24/K06 F 178,700.00 ZZ
360 176,046.18 1
47 NEWFIELD COURT 7.375 1,234.24 69
7.125 1,234.24 259,000.00
STAMFORD CT 06905 1 05/27/98 00
0430819490 05 07/01/98 0
1
1725552 O 06/01/28
0
1729475 E22/K06 F 133,200.00 ZZ
360 131,758.45 1
13242 NW 11 STREET 7.500 931.35 80
7.250 931.35 166,521.00
PEMBROKE PINES FL 33028 1 03/25/98 00
0410651004 03 05/01/98 0
410651004 O 04/01/28
0
1736268 E22/K05 F 144,500.00 ZZ
360 143,251.47 1
5285 KE ROAD 8.250 1,085.58 85
8.000 1,085.58 170,000.00
MOLINA CO 81646 5 04/22/98 00
0410809164 05 06/01/98 0
410809164 O 05/01/28
0
1740588 439/K06 F 202,200.00 ZZ
360 199,238.48 1
1920 ROLLINGWOOD DRIVE 7.500 1,413.82 75
7.250 1,413.82 269,653.00
FAIRFIELD CA 94533 1 01/07/98 00
0430829127 05 03/01/98 0
1921736 O 02/01/28
0
1740602 439/K06 F 198,700.00 ZZ
360 196,343.97 1
631 HOLBROOK COURT, UNIT #101 7.750 1,423.52 75
7.500 1,423.52 267,000.00
LONG BEACH CA 90803 1 01/05/98 00
0430829416 03 03/01/98 0
1930621 O 02/01/28
0
1740607 439/K06 F 173,000.00 ZZ
360 170,948.71 1
3153 SIERRA ROAD 7.750 1,239.40 73
7.500 1,239.40 240,000.00
SAN JOSE CA 95132 2 01/13/98 00
0430829473 05 03/01/98 0
1931804 O 02/01/28
0
1
1740905 439/K06 F 86,000.00 ZZ
360 85,068.85 1
2000 CALIFORNIA AVENUE 7.100 577.95 59
6.850 577.95 145,762.00
SAN PABLO CA 94806 1 04/17/98 00
0430834556 05 06/01/98 0
1956069 O 05/01/28
0
1746991 526/526 F 352,000.00 ZZ
360 347,681.02 1
151 GOLDEN HINDE PASSAGE 7.000 2,341.87 80
6.750 2,341.87 440,000.00
CORTE MADERA CA 94925 1 03/16/98 00
319203 05 05/01/98 0
319203 O 04/01/28
0
1747155 526/526 F 291,000.00 ZZ
360 287,400.44 1
1277 JULI LYNN DRIVE 7.500 2,034.72 70
7.250 2,034.72 420,000.00
SAN JOSE CA 95120 2 02/13/98 00
9192437 05 04/01/98 0
9192437 O 03/01/28
0
1750624 180/K06 F 332,000.00 ZZ
360 320,761.92 1
400 ALEXANDER VALLEY ROAD 7.500 2,321.39 80
7.250 2,321.39 415,000.00
HEALDSBURG CA 95448 1 05/06/98 00
0430835603 05 07/01/98 0
0012658126 O 06/01/28
0
1752246 975/K06 F 296,000.00 ZZ
360 293,203.94 1
516 PLYMOUTH ROAD 7.375 2,044.40 80
7.125 2,044.40 370,000.00
SAN MARINO CA 91108 1 05/20/98 00
0430839092 05 07/01/98 0
981615 O 06/01/28
0
1753076 E22/K06 F 384,000.00 ZZ
360 380,545.78 1
6519 SKYFARM DRIVE 7.625 2,717.93 75
7.375 2,717.93 512,000.00
1
SAN JOSE CA 95120 1 05/15/98 00
0410874143 05 07/01/98 0
410874143 O 06/01/28
0
1753586 B24/K06 F 116,500.00 ZZ
180 112,243.74 1
203 THE MEWS 7.375 1,071.71 80
7.125 1,071.71 145,700.00
ROCKY HILL CT 06067 1 06/19/98 00
0430880732 01 08/01/98 0
00 O 07/01/13
0
1754183 638/K06 F 270,400.00 ZZ
360 267,907.31 1
1309 CAROLINE STREET 7.500 1,890.68 80
7.250 1,890.68 338,000.00
ALAMEDA CA 94501 1 05/19/98 00
0430838896 05 07/01/98 0
8739965 O 06/01/28
0
1754991 624/K06 F 427,500.00 ZZ
360 424,237.44 1
15460 OAK GLEN AVENUE 8.000 3,136.84 72
7.750 3,136.84 600,000.00
MORGAN HILL CA 95037 5 05/27/98 00
0430840363 05 08/01/98 0
42700180336F O 07/01/28
0
1755407 685/K06 F 296,000.00 ZZ
360 293,444.89 1
1612 WEST 23RD STREET 7.375 2,044.40 80
7.125 2,044.40 370,000.00
LOS ANGELES CA 90732 1 06/02/98 00
0430840256 05 08/01/98 0
113307 O 07/01/28
0
1758029 E22/787 F 90,000.00 ZZ
360 87,867.55 1
4118 CROW VALLEY DRIVE 7.125 606.35 73
6.875 606.35 124,000.00
MISSOURI CITY TX 77459 1 05/28/98 00
0410813729 03 07/01/98 0
410813729 O 06/01/28
0
1
1763402 B24/K06 F 192,400.00 ZZ
180 184,858.49 1
20 SEVENTH STREET 7.250 1,756.35 70
7.000 1,756.35 275,000.00
STAMFORD CT 06905 2 06/22/98 00
0430887133 05 08/01/98 0
00 O 07/01/13
0
1766384 882/K06 F 136,990.00 ZZ
360 135,918.29 1
781 NW 129TH AVENUE 7.875 993.27 70
7.625 993.27 196,990.00
MIAMI FL 33182 1 06/25/98 00
0430895466 05 08/01/98 0
985218 O 07/01/28
0
1772491 731/K06 F 215,200.00 ZZ
360 213,342.41 1
710 OLIVE AVENUE 7.375 1,486.33 80
7.125 1,486.33 269,000.00
SOUTH SAN FRANC CA 94080 1 06/23/98 00
0430907253 05 08/01/98 0
114556749 O 07/01/28
0
1773680 E22/G01 F 220,000.00 ZZ
180 208,360.64 1
110 RIDGE AVENUE 7.750 2,070.81 65
7.500 2,070.81 340,000.00
LITTLE FALLS NJ 07424 2 12/18/97 00
0410566889 05 02/01/98 0
410566889 O 01/01/13
0
1779185 E22/787 F 89,200.00 ZZ
84 88,094.70 1
5600 WIGMORE DRIVE 6.250 549.22 73
6.000 549.22 122,500.00
COLUMBUS OH 43235 2 07/08/98 00
0410934277 01 09/01/98 0
410934277 O 08/01/05
0
1784484 E22/K06 F 55,900.00 ZZ
360 55,473.70 1
1
2014 WILLIAMSPORT PIKE 7.750 400.47 80
7.500 400.47 69,900.00
COLUMBIA TN 38401 1 07/30/98 00
0410977995 05 09/01/98 0
410977995 O 08/01/28
0
1785928 J95/J95 F 304,800.00 ZZ
360 302,168.91 1
2022 BARRINGTON AVENUE #1B 7.375 2,105.18 80
7.125 2,105.18 381,000.00
LOS ANGELES CA 90025 1 06/22/98 00
0012990453 01 08/01/98 0
0012990453 O 07/01/28
0
1788226 757/G01 F 471,200.00 ZZ
360 467,892.53 1
187 HUNTINGTON ROAD 7.375 3,254.47 80
7.125 3,254.47 589,000.00
ATLANTA GA 30309 1 08/06/98 00
0430975276 05 10/01/98 0
3579091 O 09/01/28
0
1790374 912/K06 F 81,920.00 ZZ
360 81,195.77 1
337 OCCIDENTAL DRIVE 7.500 572.80 80
7.250 572.80 102,400.00
DAYTON NV 89403 2 07/02/98 00
0430984104 05 09/01/98 0
092774657 O 08/01/28
0
1790521 B54/G01 F 392,800.00 ZZ
360 389,573.52 1
26W405 PINEHURST 7.125 2,646.37 80
6.875 2,646.37 495,000.00
WINFIELD IL 60190 1 07/27/98 00
0431244722 05 09/01/98 0
164451 O 08/01/28
0
1801870 573/G01 F 66,800.00 ZZ
360 66,209.08 1
1825 RIGGS PLACE NW 7.250 455.70 80
7.000 455.70 83,500.00
WASHINGTON DC DC 20003 1 06/30/98 00
0431106681 01 08/01/98 0
1
28458 O 07/01/28
0
1814972 M65/H74 F 138,750.00 ZZ
360 138,502.23 1
397 MONROE STREET 10.400 1,258.84 75
10.025 1,258.84 185,000.00
BROOKLYN NY 11221 1 11/18/98 00
1878495 09 12/18/98 0
1808 O 11/18/28
0
1820382 287/047 F 79,090.00 ZZ
360 75,874.28 1
601W IDYWILD DR 6.900 520.89 98
6.650 520.89 81,000.00
MIDWEST CITY OK 73110 1 06/14/96 00
175742485 05 08/01/96 0
175742485 O 07/01/26
0
1821355 287/047 F 40,900.00 ZZ
360 39,495.86 1
2910 PRINCETON DR 9.250 336.48 103
9.000 336.48 39,900.00
DAYTON OH 45406 1 03/31/95 00
176121887 05 05/01/95 0
176121887 O 04/01/25
0
1826443 N74/H74 F 50,400.00 ZZ
300 49,967.19 1
216 EASTVIEW DRIVE 9.990 457.63 90
9.490 457.63 56,000.00
MADISON HEIGHTS VA 24572 5 06/25/98 00
1878941 27 08/01/98 0
17488030 O 07/01/23
0
1826471 N74/H74 F 155,700.00 ZZ
360 155,151.96 1
8565 SOUTH FESTIVE WAY 10.740 1,452.26 90
10.240 1,452.26 173,000.00
WEST JORDAN UT 84088 5 08/27/98 00
1878958 05 10/01/98 0
18518011 O 09/01/28
0
1
1826472 N74/H74 F 130,500.00 ZZ
360 130,093.33 1
9705 STONE STREET NW 11.250 1,267.50 90
10.750 1,267.50 145,000.00
ALBUQUERQUE NM 87114 1 09/08/98 00
1878966 05 10/10/98 0
18865010 O 09/10/28
0
1827242 B38/H74 F 53,600.00 ZZ
360 53,320.47 1
5200 BEATON ROAD 11.750 541.04 80
11.289 541.04 67,000.00
HAYNES TOWNSHIP MI 48740 5 09/24/98 00
1878339 05 11/01/98 0
636708 O 10/01/28
0
1837779 E22/G01 F 55,450.00 ZZ
360 55,141.65 1
1038 OLD CHURCH ROAD 7.250 378.27 86
7.000 378.27 64,500.00
GASTONIA NC 28052 2 10/26/98 10
0411111008 05 12/01/98 25
411111008 O 11/01/28
0
1843964 575/G01 F 114,750.00 ZZ
360 113,978.28 1
414 DEER PATH AVE 7.250 782.80 71
7.000 782.80 163,900.00
LEESBURG VA 20175 1 10/30/98 00
0431119270 03 12/01/98 0
9238197 O 11/01/28
0
1846713 714/G01 F 490,351.06 ZZ
350 487,641.75 1
10602 N WOODCREST COURT 6.875 3,254.43 80
6.625 3,254.43 618,859.00
MEQUON WI 53092 4 09/29/98 00
0431132604 05 11/01/98 0
1000301620001 O 12/01/27
0
1848797 N74/H74 F 73,600.00 ZZ
180 73,377.88 1
4302 ABBOTTS CREEK CHURCH ROAD 10.240 658.98 80
9.740 658.98 92,000.00
1
KERNERSVILLE NC 27284 5 11/13/98 00
1878974 27 12/20/98 0
0019757030 N 11/20/13
0
1849139 N74/H74 F 66,000.00 ZZ
180 65,678.95 1
STATE ROUTE 632 BOX 716 9.840 571.41 82
9.340 571.41 81,000.00
APPOMATTOX VA 24522 2 08/13/98 00
1878982 27 09/20/98 0
0001534331 O 08/20/13
0
1849212 N74/H74 F 76,000.00 ZZ
180 75,732.24 1
104 FERBIA LANE 10.240 680.47 80
9.740 680.47 95,000.00
HARMONY NC 28634 5 10/06/98 00
1879006 27 11/20/98 0
0019232031 O 10/20/13
0
1849512 N74/H74 F 138,750.00 ZZ
360 138,373.57 1
2403 TRINITY CHURCH ROAD 10.740 1,294.16 75
10.240 1,294.16 185,500.00
MONROE NC 28112 5 10/30/98 00
1879014 05 12/10/98 0
19648011 O 11/10/28
0
1849539 N74/H74 F 51,200.00 ZZ
180 51,021.72 1
449 FREEDOM LANE 10.790 479.48 80
10.290 479.48 64,000.00
MOUNT AIRY NC 27030 2 09/04/98 00
1879022 05 10/10/98 0
0001587311 O 09/10/13
0
1849608 N74/H74 F 45,000.00 ZZ
300 44,760.25 1
1000 VALLEYSIDE BEND 10.090 411.77 90
9.590 411.77 50,000.00
ALMA AR 72921 5 10/28/98 00
1879030 27 12/10/98 0
19556011 O 11/10/23
0
1
1849873 N74/H74 F 81,600.00 ZZ
360 81,381.46 1
1536 WEST SHELLY AVENUE 11.440 804.34 85
10.940 804.34 96,000.00
SALT LAKE CITY UT 84119 5 09/29/98 00
1879048 05 11/10/98 0
19247011 O 10/10/28
0
1850385 E22/G02 F 47,000.00 T
360 46,847.04 1
5484 AVEBURY WAY 9.125 382.41 60
8.875 382.41 78,500.00
GLADWIN MI 48624 5 11/30/98 00
0411097405 05 01/01/99 0
411097405 O 12/01/28
0
1852288 E22/G01 F 185,450.00 ZZ
180 181,887.88 1
12536 WEDGWOOD CIRCLE 7.000 1,666.88 70
6.750 1,666.88 265,000.00
TUSTIN AREA CA 92780 2 11/25/98 00
0411144017 03 01/01/99 0
411144017 O 12/01/13
0
1852917 E22/G02 F 46,900.00 ZZ
360 46,726.48 2
1119 GLENEAGLE ROAD 8.500 360.62 70
8.250 360.62 67,000.00
BALTIMORE MD 21239 5 11/30/98 00
0411143670 07 01/01/99 0
411143670 N 12/01/28
0
1853053 B38/H74 F 103,700.00 ZZ
360 103,165.35 1
120 PARSONS AVENUE 10.000 910.05 85
9.539 910.05 122,000.00
WEBSTER GROVES MO 63119 5 11/23/98 00
1878396 05 01/01/99 0
756150 O 12/01/28
0
1853161 299/G61 F 63,000.00 ZZ
180 62,657.34 1
1
212 MARION STREET 8.250 473.30 73
7.875 473.30 87,000.00
CLOVER SC 29710 2 09/10/98 00
1878891 05 11/01/98 0
0000620870 O 10/01/13
0
1853553 J95/J95 F 292,700.00 ZZ
180 285,981.63 1
11607 EDEN GLEN DR 6.750 2,590.13 89
6.500 2,590.13 330,000.00
CARMEL IN 46033 2 10/27/98 01
13480256 05 12/01/98 25
13480256 O 11/01/13
0
1854395 637/G01 F 650,000.00 ZZ
360 646,756.20 1
4191 NORTH IMPERIAL WAY 7.000 4,324.47 77
6.750 4,324.47 850,000.00
PROVO UT 84604 1 11/23/98 00
0431141985 05 01/01/99 0
0012429510 O 12/01/28
0
1854693 299/G61 F 276,150.00 ZZ
180 275,514.20 1
12057 SUGARLAND VALLEY DR 11.500 2,734.69 85
11.125 2,734.69 324,900.00
HERNDON VA 20170 1 10/30/98 00
1878750 05 12/01/98 0
0000881779 O 11/01/13
0
1854983 B57/G01 F 271,650.00 ZZ
360 270,629.27 1
611 TWIN PEAKS STREET 7.500 1,899.42 95
7.250 1,899.42 285,985.00
SIMI VALLEY CA 93065 1 12/10/98 14
0431136092 03 02/01/99 30
9840508 O 01/01/29
0
1855394 685/G01 F 300,000.00 ZZ
360 298,844.50 1
824 LARCHWOOD DRIVE 7.375 2,072.03 75
7.125 2,072.03 400,000.00
BREA CA 92821 5 12/08/98 00
0431139641 05 02/01/99 0
1
116081 O 01/01/29
0
1855395 A75/G61 F 76,800.00 ZZ
360 76,658.69 3
183-185 HAROLD STREET 11.800 778.18 80
11.550 778.18 96,000.00
PROVIDENCE RI 02908 1 11/13/98 00
1874510 23 01/01/99 0
9601009321 N 12/01/28
0
1858941 889/G02 F 172,000.00 ZZ
360 169,345.27 1
543 MOUNT STREET 7.500 1,202.65 80
7.250 1,202.65 215,000.00
RICHMOND CA 94805 1 12/16/98 00
0431167352 05 02/01/99 0
51601867 O 01/01/29
0
1859468 299/G61 F 86,600.00 ZZ
180 86,211.69 1
1438 REXFORD RD 9.625 736.10 79
9.250 736.10 111,000.00
GOODVIEW VA 24095 2 08/21/98 00
1874601 27 10/01/98 0
810580 O 09/01/13
0
1860396 A38/G61 F 67,500.00 ZZ
360 67,356.77 1
2510 NORTH ANDERSON ROAD 11.875 687.83 75
11.409 687.83 90,000.00
BIG SPRING TX 79720 1 10/26/98 00
1878826 05 12/01/98 0
1120467 O 11/01/28
0
1861559 299/G61 F 116,000.00 ZZ
180 115,701.37 1
1907 SARATOGA DRIVE 11.625 1,159.82 80
11.250 1,159.82 145,000.00
ADELPHI MD 20783 2 09/30/98 00
1874635 05 11/01/98 0
0000887805 O 10/01/13
0
1
1861618 299/G61 F 100,000.00 ZZ
180 99,619.59 1
401 E PIEDMONT STREET 10.375 905.41 80
10.000 905.41 125,000.00
CULPEPER VA 22701 5 08/21/98 00
1875079 05 10/01/98 0
0000808602 O 09/01/13
0
1862666 A46/G01 F 191,250.00 ZZ
360 190,549.01 1
310 LAKEVIEW CIRCLE 7.625 1,353.66 77
7.375 1,353.66 250,000.00
SEABROOK TX 77586 2 12/23/98 00
0431172014 05 02/01/99 0
UNKNOWN O 01/01/29
0
1862752 455/G61 F 42,300.00 ZZ
360 42,205.89 1
119 SOUTH PINE STREET 10.250 379.06 80
9.875 379.06 52,900.00
MANSFIELD GA 30055 1 12/28/98 00
1878164 05 02/01/99 0
82737 O 01/01/29
0
1863086 B38/H74 F 56,700.00 ZZ
360 56,400.78 1
16580 WINTHROP 9.250 466.46 90
8.789 466.46 63,000.00
DETROIT MI 48235 5 08/06/98 00
1878263 05 10/01/98 0
655068 O 09/01/28
0
1863487 B38/H74 F 52,700.00 ZZ
360 52,553.78 1
151 BATES 10.125 467.36 85
9.664 467.36 62,000.00
JACKSON MI 49202 5 12/14/98 00
1878354 05 02/01/99 0
656494 O 01/01/29
0
1863730 B57/G02 F 325,000.00 ZZ
360 323,895.00 1
1443 1443-A FRANKLIN STREET 8.000 2,384.74 75
7.750 2,384.74 435,000.00
1
SANTA MONICA CA 90404 2 12/28/98 00
0431174770 05 02/01/99 0
9813411 O 01/01/29
0
1863928 N74/H74 F 238,000.00 ZZ
300 237,036.74 1
4 WEST ASHEVILLE STREET 12.490 2,593.27 70
11.990 2,593.27 340,000.00
WRIGHTSVILLE BC NC 28480 5 09/23/98 00
1879055 23 11/01/98 0
18984010 N 10/01/23
0
1864069 N74/H74 F 71,100.00 ZZ
300 70,766.41 1
5113 MRS WHITE LANE 10.840 688.65 90
10.340 688.65 79,000.00
MEBANE NC 27302 5 10/23/98 00
1879063 27 12/01/98 0
0019537010 O 11/01/23
0
1864238 721/G01 F 620,000.00 ZZ
360 616,905.90 1
4701 LAKE HARRIET PARKWAY E 7.000 4,124.88 80
6.750 4,124.88 775,000.00
MINNEAPOLIS MN 55409 1 11/02/98 00
0431180199 05 01/01/99 0
7810074222 O 12/01/28
0
1864249 N74/H74 F 69,200.00 ZZ
300 68,822.98 1
1520 NW 129TH STREET 9.990 628.33 80
9.490 628.33 86,500.00
NORTH MIAMI FL 33167 5 11/20/98 00
1879071 05 12/20/98 0
19864010 N 11/20/23
0
1864726 B38/H74 F 42,400.00 ZZ
360 42,309.55 1
3320 N BROUSE AVE 10.250 379.95 84
9.789 379.95 51,000.00
INDIANAPOLIS IN 46218 5 12/16/98 00
1878321 05 02/01/99 0
756619 O 01/01/29
0
1
1864921 N74/H74 F 45,600.00 ZZ
360 45,452.06 1
2304 PONDEROSA 9.140 371.51 80
8.640 371.51 57,000.00
GREENSBORO NC 27406 5 12/08/98 00
1879089 05 01/20/99 0
1812311 O 12/20/28
0
1864949 N74/H74 F 77,600.00 ZZ
300 77,309.97 1
3985 OVERLOOK ROAD 11.240 774.07 80
10.740 774.07 97,000.00
ROCK HILL SC 29730 2 11/30/98 00
1879097 27 01/10/99 0
20084031 O 12/10/23
0
1865093 B38/H74 F 130,475.00 ZZ
360 129,999.48 1
2106 S 16TH AVE 10.000 1,145.02 87
9.539 1,145.02 150,000.00
BROADVIEW IL 60153 5 09/30/98 00
1878305 05 11/01/98 0
772922 O 10/01/28
0
1865101 B38/H74 F 120,700.00 ZZ
360 120,321.10 1
731 NW 20 AVE 10.250 1,081.60 85
9.789 1,081.60 142,000.00
MIAMI FL 33125 5 10/09/98 00
1878313 05 12/01/98 0
960180 O 11/01/28
0
1865777 N74/H74 F 115,000.00 ZZ
360 114,691.35 1
653 HILL CITY ROAD 10.790 1,076.96 63
10.290 1,076.96 185,000.00
JASPER GA 30143 5 11/10/98 00
1879105 27 12/20/98 0
0001718330 O 11/20/28
0
1865803 N74/H74 F 48,000.00 ZZ
300 47,791.15 1
1
2601 WESLEY CHAPEL ROAD 9.240 410.73 80
8.740 410.73 60,000.00
FORT VALLEY GA 31030 2 12/19/98 00
1879113 27 02/01/99 0
0020328031 O 01/01/24
0
1865812 N74/H74 F 108,000.00 ZZ
360 107,659.58 1
3033 YATES ROAD 9.990 946.98 90
9.490 946.98 120,000.00
HILLSBOROUGH NC 27278 5 11/25/98 00
1879121 27 01/01/99 0
0019923031 O 12/01/28
0
1865964 N74/H74 F 73,792.00 ZZ
180 73,646.77 1
220 EAST PINEY ROAD 11.490 730.19 85
10.990 730.19 86,815.00
DICKSON TN 37055 1 12/18/98 00
1879139 27 01/20/99 0
0001859330 O 12/20/13
0
1867922 890/G61 F 133,424.07 ZZ
343 132,850.03 1
58522 FARRAND RD 7.500 945.46 86
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COLON MI 49040 1 01/18/99 00
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7045 O 08/01/27
0
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360 635,772.28 1
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MILFORD MI 48380 2 01/13/99 00
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245 E 93RD STREET UNIT #23H 9.000 2,535.67 69
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NEW YORK NY 10128 2 04/30/92 00
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1
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24109 PARK GRANADA BLVD 8.500 2,757.27 30
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CALABASAS CA 91302 5 06/03/92 00
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3037699259 O 07/01/07
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3039447949 O 07/01/22
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2386 PALOMA STREET 8.750 2,006.09 73
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PASADENA CA 91104 5 05/19/92 00
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3046203139 O 06/01/22
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24 FIFTH AVENUE #1601 9.000 2,381.69 75
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NEW YORK NY 10011 1 12/30/94 00
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WASHINGTON PA 15301 2 03/30/92 00
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3303 FOX MILL ROAD 9.375 2,503.57 70
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OAKTON VA 22124 2 04/07/92 00
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NEW YORK NY 10029 1 04/24/92 00
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3053881129 O 05/01/07
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GALVESTON TX 77554 1 09/27/91 00
3059806159 05 11/01/91 0
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3940 BACK BAY DRIVE #238 9.250 1,620.98 75
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108 EAST 86TH STREET APT 6N 8.500 3,625.81 73
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NEW YORK NY 10028 2 06/15/92 00
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1869902 Q16/074 F 225,000.00 ZZ
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3071907439 09 04/01/92 0
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3071931739 O 07/01/07
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DOUGLASTON NY 11363 2 06/09/92 00
3071933789 05 08/01/92 0
3071933789 O 07/01/22
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150 EAST 69TH STREET APT 15N 8.875 5,940.38 61
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NEW YORK NY 10021 2 05/08/92 00
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1869910 Q16/074 F 397,500.00 ZZ
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10 WEST 86TH STREET APT 12B 8.750 3,972.81 75
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NEW YORK NY 10024 1 04/30/92 00
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1869911 Q16/074 F 340,000.00 ZZ
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300 E 54TH STREET 20B & 20C 8.750 2,988.35 80
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NEW YORK NY 10022 2 05/05/92 00
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1869920 Q16/074 F 250,000.00 ZZ
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1050 FIFTH AVENUE UNIT 4E 8.750 1,966.75 44
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NEW YORK NY 10028 1 05/28/92 00
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1869921 Q16/074 F 250,000.00 ZZ
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105 FIFTH AVENUE UNIT 8D 8.625 2,480.20 68
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NEW YORK NY 10003 1 05/21/92 00
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3073853079 O 06/01/07
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1869923 Q16/074 F 867,000.00 ZZ
360 810,034.27 1
3772 RAGTIME CIRCLE 8.750 6,820.69 65
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HUNTINGTON CA 92649 2 06/03/92 00
3073878149 05 08/01/92 0
3073878149 O 07/01/22
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1869925 Q16/074 F 305,500.00 ZZ
360 280,984.81 1
10 MILLER PLACE #1702 8.750 2,403.37 68
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SAN FRANCISCO CA 94108 2 05/20/92 00
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3081119959 O 06/01/22
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1869926 Q16/074 F 1,000,000.00 ZZ
360 934,698.75 1
89 HARBOR DRIVE 8.750 7,867.00 69
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NOVATO CA 94947 1 06/01/92 00
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3081120889 O 07/01/22
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1869927 Q16/074 F 270,000.00 ZZ
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192 GOLD MINE DRIVE 8.375 2,639.05 50
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SAN FRANCISCO CA 94131 2 06/03/92 00
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3081125769 O 07/01/07
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1869929 Q16/074 F 248,000.00 ZZ
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19 CORNELL ROAD 8.875 2,496.97 80
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NEW FAIRFIELD CT 06812 2 05/28/92 00
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3081597269 O 06/01/07
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1869931 Q16/074 F 420,000.00 ZZ
360 393,149.71 1
86 WARREN PLACE 8.875 3,341.71 75
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MONTCLAIR NJ 07042 2 06/08/92 00
3082031649 05 08/01/92 0
3082031649 O 07/01/22
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1869933 Q16/074 F 450,000.00 ZZ
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100 RIVERSIDE DRIVE UNIT 11A 9.625 3,824.95 75
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NEW YORK NY 10024 1 10/10/91 00
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3082576210 O 11/01/21
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1869934 Q16/074 F 255,000.00 ZZ
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217-62 PECK AVENUE 8.875 2,567.45 68
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HOLLIS HILLS NY 11427 2 05/06/92 00
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1
1869937 Q16/074 F 270,000.00 ZZ
360 251,534.69 1
80-28 BELL BLVD 9.250 2,221.22 80
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HOLLIS NY 11427 1 10/17/91 00
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3083419400 O 11/01/21
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1869940 Q16/074 F 328,000.00 ZZ
360 305,691.20 1
15541 LEMAY STREET 9.250 2,698.38 80
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VAN NUYS CA 91406 1 10/25/91 00
3083483249 05 12/01/91 0
3083483249 O 11/01/21
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1869941 Q16/074 F 581,250.00 ZZ
360 540,879.96 1
918 N ORLANDO AVENUE 9.125 4,729.24 75
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LOS ANGELES CA 90069 1 10/23/91 00
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3083487589 O 11/01/21
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1869942 Q16/074 F 339,750.00 ZZ
360 316,428.22 1
26512 VIA DESMONDE 9.250 2,795.04 75
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LOMITA CA 90717 5 10/22/91 00
3083489369 05 12/01/91 0
3083489369 O 11/01/21
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1869943 Q16/074 F 506,250.00 ZZ
360 386,392.98 1
72-687 SPYGLASS LANE 9.375 4,210.73 75
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PALM DESERT CA 92260 2 04/17/92 00
3083836349 03 06/01/92 0
3083836349 O 05/01/22
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1869945 Q16/074 F 282,800.00 ZZ
360 248,350.87 1
1
166-17 14TH AVEUNUE 8.875 2,250.08 69
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BEECHHURST NY 11357 1 06/03/92 00
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3083960600 O 07/01/22
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1869946 Q16/074 F 400,000.00 ZZ
360 374,321.11 1
2 PATTEN TERRACE 9.625 3,399.96 80
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CEDAR GROVE NJ 07009 1 10/28/91 00
3086891489 05 12/01/91 0
3086891489 O 11/01/21
0
1869953 Q16/074 F 550,000.00 ZZ
360 514,270.48 1
7303 MEADOW LANE 8.875 4,376.05 65
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CHEVY CHASE MD 20815 1 05/14/92 00
3093786189 05 07/01/92 0
3093786189 O 06/01/22
0
1869960 Q16/074 F 349,700.00 ZZ
180 227,652.62 1
4912 WESTBRIAR DRIVE 8.960 3,538.57 80
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FORT WORTH TX 76109 2 09/24/91 00
3099918759 05 11/01/91 0
3099918759 O 10/01/06
0
1869962 Q16/074 F 199,200.00 T
180 187,592.88 1
283 86TH STREET 10.250 1,785.03 80
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STONE HARBOR NJ 08247 1 09/06/91 00
3099955019 05 11/01/91 0
3099955019 O 10/01/06
0
1871233 B75/G01 F 256,500.00 ZZ
360 255,436.41 1
834 WILLOW CREEK DRIVE 7.000 1,706.50 95
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FOLSOM CA 95630 1 12/23/98 01
0431188861 05 02/01/99 30
1
6328025 O 01/01/29
0
1871902 B57/G02 F 192,000.00 ZZ
360 191,424.63 1
22243 AVENUE SAN LUIS 7.500 1,342.50 80
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LOS ANGELES CA 91364 1 01/14/99 00
0431197631 05 03/01/99 0
9815105 O 02/01/29
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1871964 593/593 F 267,300.00 ZZ
360 266,166.05 1
6865 ROYAL HERITAGE COURT 7.125 1,800.85 80
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LAS VEGAS NV 89110 1 12/11/98 00
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240 43,886.10 1
243 HARRISON ROAD 10.990 455.93 85
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CONVERSE LA 71419 5 11/10/98 00
1875525 05 01/01/99 0
560036 O 12/01/18
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1874421 F76/H74 F 31,850.00 ZZ
240 31,631.21 1
2409 DUNCAN STREET 12.450 360.74 70
11.760 360.74 45,500.00
LOUISVILLE KY 40210 5 10/26/98 00
1875574 05 12/01/98 0
783703 N 11/01/18
0
1874462 K08/G01 F 154,000.00 ZZ
360 153,515.10 1
246 MOSS LANE 7.250 1,050.55 65
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DUMONT CO 80436 5 01/15/99 00
0411227341 05 03/01/99 0
411227341 O 02/01/29
0
1
1874563 637/G01 F 58,400.00 ZZ
360 58,143.10 2
1147 & 1151 DEALYNN STREET 7.875 423.44 80
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SACRAMENTO CA 95825 1 02/12/99 00
0431246339 05 04/01/99 0
0011103900 N 03/01/29
0
1874584 F76/H74 F 104,000.00 ZZ
180 103,856.39 1
1238 WILLOW BEND 12.250 1,089.81 80
11.761 1,089.81 130,000.00
CLARKSVILLE TN 37043 5 12/18/98 00
1875582 05 02/01/99 0
560062 O 01/01/14
0
1874698 369/G61 F 62,300.00 ZZ
360 62,065.88 1
168 SMOTHERS ROAD 7.500 435.62 89
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MADISON NC 27025 1 12/30/98 12
1875285 05 02/01/99 25
0060886629 N 01/01/29
0
1874764 F76/H74 F 40,950.00 ZZ
360 40,858.64 1
1581 HIGHWAY 43 SOUTH 13.650 473.88 65
12.960 473.88 63,000.00
CANTON MS 39046 5 09/22/98 00
1875640 05 11/01/98 0
783144 O 10/01/28
0
1874835 F76/H74 F 69,200.00 ZZ
180 69,049.26 1
2363 HEYWARD BROCKINGTON ROAD 10.150 614.96 80
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COLUMBIA SC 29223 1 12/14/98 00
1875657 27 02/01/99 0
704582 O 01/01/14
0
1874843 F76/H74 F 15,840.00 ZZ
180 15,804.43 1
556 HAWKINS 12.250 165.99 90
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1
CAMDEN AR 71701 1 09/11/98 00
1875665 05 11/01/98 0
782854 O 10/01/13
0
1874947 F76/H74 F 42,500.00 T
360 42,407.32 1
409 JEFFERSON STREET 11.750 429.00 85
11.060 429.00 50,000.00
OKOLONA MS 38860 1 10/30/98 00
1875699 05 12/01/98 0
783795 O 11/01/28
0
1875071 F76/H74 F 105,000.00 ZZ
180 104,755.62 1
18401 LEE ROAD 11.450 1,035.80 75
10.961 1,035.80 140,000.00
FORT MYERS FL 33912 1 10/30/98 00
1875749 05 12/01/98 0
704358 O 11/01/13
0
1875080 F76/H74 F 64,600.00 ZZ
360 64,499.29 1
1137 W BARD ROAD 12.550 691.96 85
11.860 691.96 76,000.00
MUSKEGON MI 49445 1 11/03/98 00
1875756 05 01/01/99 0
783810 O 12/01/28
0
1875136 F76/H74 F 75,650.00 ZZ
180 73,682.16 1
6113 MEADOW BROOK LANE 12.700 942.27 85
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NORTH LITTLE RO AR 72118 2 09/30/98 00
1875772 05 11/01/98 0
783256 O 10/01/13
0
1875150 F76/H74 F 40,600.00 ZZ
180 40,507.47 1
3241 LAKECREST DRIVE 11.200 392.79 70
10.711 392.79 58,000.00
VIRGINIA BEACH VA 23452 5 11/25/98 00
1875780 07 01/01/99 0
704531 N 12/01/13
0
1
1875279 F76/H74 F 43,200.00 ZZ
180 42,517.24 1
1902 POLK STREET 13.000 546.58 96
12.310 546.58 45,000.00
ALEXANDRIA LA 71301 1 10/03/98 00
1875822 05 11/08/98 0
783866 O 10/08/13
0
1875316 F76/H74 F 71,100.00 ZZ
180 70,956.95 1
7951 WINTERWOOD CIRCLE NORTH 11.390 698.14 90
10.901 698.14 79,000.00
JACKSONVILLE FL 32210 5 11/24/98 00
1875830 05 01/01/99 0
704350 O 12/01/13
0
1875344 F76/H74 F 44,000.00 ZZ
180 42,836.69 1
126 COVINGTON DRIVE 10.500 486.38 80
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BENTON LA 71006 5 11/16/98 00
1875871 05 01/01/99 0
784095 O 12/01/13
0
1875350 F76/H74 F 88,200.00 ZZ
360 88,035.65 1
4 PINE CIRCLE 11.740 889.62 90
11.050 889.62 98,000.00
O'FALLON MO 63366 5 11/19/98 00
1875889 05 01/01/99 0
784112 O 12/01/28
0
1875370 F76/H74 F 18,900.00 ZZ
240 18,702.66 1
1421 EAST 50TH PLACE 10.300 186.16 69
9.610 186.16 27,500.00
GARY IN 46409 1 09/17/98 00
1875913 05 11/01/98 0
782929 O 10/01/18
0
1875372 F76/H74 F 177,750.00 ZZ
180 177,413.70 1
1
10 HOLLAND ROAD 12.400 1,883.27 74
11.911 1,883.27 243,000.00
WANTAGE NJ 07461 1 10/20/98 00
1875921 05 12/01/98 0
704250 O 11/01/13
0
1875374 F76/H74 F 125,630.00 ZZ
360 125,191.84 1
59 BOYDEN AVENUE 13.600 1,448.88 85
12.910 1,448.88 147,800.00
MAPLEWOOD NJ 07040 1 09/09/98 00
1875939 05 11/01/98 0
704025 O 10/01/28
0
1875393 F76/H74 F 11,100.00 ZZ
360 11,074.91 1
11833 SOUTH WALLACE 10.850 104.45 75
10.160 104.45 14,800.00
CHICAGO IL 60628 1 11/25/98 00
1875954 05 01/01/99 0
784170 N 12/01/28
0
1875401 F76/H74 F 28,475.00 ZZ
360 28,431.09 1
174 MCLAUGHLIN AVENUE 11.750 287.43 85
11.060 287.43 33,500.00
MUSKEGON MI 49442 1 12/02/98 00
1875970 05 02/01/99 0
784185 O 01/01/29
0
1875517 F76/H74 F 24,700.00 ZZ
180 24,304.34 1
5230 EAST 10TH AVENUE 13.750 324.80 65
13.060 324.80 38,000.00
GARY IN 46403 5 08/26/98 00
1875988 05 10/01/98 0
782617 O 09/01/13
0
1875697 F76/H74 F 70,890.00 ZZ
180 70,735.20 1
900 MIDDLESEX ROAD 10.140 629.46 84
9.651 629.46 85,000.00
BALTIMORE MD 21221 5 12/18/98 00
1875996 02 02/01/99 0
1
704602 O 01/01/14
0
1875790 F76/H74 F 19,200.00 ZZ
240 19,062.02 1
8268 MARCUS STREET 10.900 196.88 80
10.210 196.88 24,000.00
DETROIT MI 48211 5 11/02/98 00
1876002 05 01/01/99 0
783800 N 12/01/18
0
1875808 F76/H74 F 85,000.00 ZZ
180 84,781.47 1
403 GORDON ROAD 11.000 809.47 61
10.511 809.47 140,000.00
AMBLER PA 19002 5 10/26/98 00
1876010 05 12/01/98 0
704296 N 11/01/13
0
1875942 F76/H74 F 61,500.00 ZZ
360 60,888.68 2
1615 HOLLADAY STREET 10.850 578.72 75
10.160 578.72 82,000.00
PORTSMOUTH VA 23704 1 12/18/98 00
1876028 23 02/01/99 0
704571 N 01/01/29
0
1875957 F76/H74 F 21,750.00 ZZ
240 21,608.35 1
7223 EUNICE AVENUE 11.650 234.20 75
10.960 234.20 29,000.00
ST LOUIS MO 63136 5 11/04/98 00
1876036 05 01/01/99 0
783998 N 12/01/18
0
1876146 F76/H74 F 32,500.00 ZZ
180 32,407.99 1
300 ROSEDALE 11.750 328.06 65
11.261 328.06 50,000.00
DETROIT MI 48202 5 08/25/98 00
1876093 05 10/01/98 0
782508 O 09/01/13
0
1
1876245 F76/H74 F 168,000.00 ZZ
180 167,614.08 1
2132 CHARING CROSS 9.900 1,461.92 80
9.411 1,461.92 210,000.00
BRUNSWICK GA 31525 1 12/22/98 00
1876127 05 02/01/99 0
704613 O 01/01/14
0
1876268 F76/H74 F 41,250.00 ZZ
180 40,340.04 1
3114 HIGHWAY 71 NORTH EAST 12.500 508.42 75
11.810 508.42 55,000.00
MOUNTAINBURG AR 72946 5 10/16/98 00
1876135 05 11/21/98 0
783836 O 10/21/13
0
1876323 F76/H74 F 65,600.00 ZZ
360 65,391.17 1
106 DAVIS ROAD 12.600 705.22 80
11.910 705.22 82,000.00
STOCKBRIDGE GA 30281 1 05/26/98 00
1876143 05 07/01/98 0
702688 O 06/01/28
0
1876357 F76/H74 F 67,000.00 ZZ
360 66,878.33 1
483 TOWNSEND AVENUE 11.000 638.06 74
10.310 638.06 91,000.00
NEW HAVEN CT 06512 1 12/17/98 00
1876168 05 02/01/99 0
704598 O 01/01/29
0
1876382 F76/H74 F 65,100.00 ZZ
180 64,951.25 1
1839 BRITT ROAD 10.800 610.14 70
10.311 610.14 93,000.00
ST. PAULS NC 28384 1 11/18/98 00
1876176 27 01/01/99 0
784096 O 12/01/13
0
1877384 K08/G61 F 35,000.00 ZZ
360 34,918.54 1
72 JACKSON STREET 8.750 275.35 50
8.375 275.35 70,000.00
1
FREEHOLD NJ 07728 5 01/27/99 00
1876960 05 03/01/99 0
411176035 N 02/01/29
0
1878731 560/560 F 199,800.00 ZZ
360 197,993.27 1
111 CENTRAL STREET 7.750 1,431.40 90
7.500 1,431.40 222,000.00
PEABODY MA 01960 1 09/29/98 21
160731105 05 11/01/98 25
160731105 O 10/01/28
0
1878732 560/560 F 47,000.00 ZZ
360 46,741.73 1
136 E PARK AVENUE 8.000 344.87 100
7.750 344.87 47,000.00
GALLATIN TN 37066 1 09/17/98 00
160780102 05 11/01/98 0
160780102 O 10/01/28
0
1878734 560/560 F 116,000.00 ZZ
360 115,278.44 1
ROUTE 16 7.375 801.19 80
7.125 801.19 145,000.00
FAYETTEVILLE WV 25840 1 09/25/98 00
160782306 05 11/01/98 0
160782306 O 10/01/28
0
1878735 560/560 F 82,450.00 ZZ
360 81,763.19 1
4339 CHASTAIN WALK DR 7.000 548.55 97
6.750 548.55 85,000.00
ATLANTA GA 30342 1 10/05/98 04
160789509 01 12/01/98 18
160789509 O 11/01/28
0
1878736 560/560 F 191,750.00 ZZ
360 190,594.21 1
1106 21ST STREET PLACE NW 8.250 1,440.56 100
8.000 1,440.56 191,750.00
PUYALLUP WA 98371 1 09/18/98 00
161055108 05 11/01/98 0
161055108 O 10/01/28
0
1
1878737 560/560 F 134,900.00 ZZ
360 134,377.94 1
552 JUNIPER PLACE 8.875 1,073.33 100
8.625 1,073.33 134,900.00
WELLINGTON FL 33414 1 11/17/98 00
161361803 05 01/01/99 0
161361803 O 12/01/28
0
1878738 560/560 F 127,900.00 ZZ
360 127,386.81 1
4721 SNAPDRAGON ROAD NW 8.875 1,017.63 100
8.625 1,017.63 127,900.00
ALBUQUERQUE NM 87120 1 10/23/98 00
161814207 05 12/01/98 0
161814207 O 11/01/28
0
1878739 560/560 F 116,100.00 ZZ
360 115,429.40 1
20 NW 101 STREET 7.750 831.76 90
7.500 831.76 129,000.00
MIAMI FL 33150 1 09/30/98 00
161830500 05 11/01/98 0
161830500 O 10/01/28
0
1878740 560/560 F 56,950.00 ZZ
360 56,782.98 1
3548 T STREET 9.625 484.07 95
9.375 484.07 59,950.00
TACOMA WA 98404 1 11/17/98 00
161837901 05 01/01/99 0
161837901 N 12/01/28
0
1878741 560/560 F 161,850.00 ZZ
360 161,130.88 1
514 MABLE MASON COVE 8.375 1,230.18 100
8.125 1,230.18 161,850.00
LAVERGNE TN 37086 1 10/28/98 00
161905104 05 12/01/98 0
161905104 O 11/01/28
0
1878742 560/560 F 85,500.00 ZZ
360 85,120.06 1
1
17 PAT DR 8.375 649.87 90
8.125 649.87 95,000.00
POWDER SPRINGS GA 30127 1 10/27/98 00
161942404 05 12/01/98 0
161942404 O 11/01/28
0
1878744 560/560 F 89,900.00 ZZ
360 89,241.87 1
8219 CUSTER ROAD SW 7.750 644.06 100
7.500 644.06 89,901.00
LAKEWOOD WA 98499 1 10/23/98 00
161965108 05 12/01/98 0
161965108 O 11/01/28
0
1878745 560/560 F 90,600.00 ZZ
360 90,165.80 1
7948 BOARD DR 8.000 664.80 95
7.750 664.80 95,500.00
BATON ROUGE LA 70817 1 10/23/98 00
162094502 05 12/01/98 0
162094502 N 11/01/28
0
1878746 560/560 F 133,650.00 ZZ
360 132,924.85 1
5160 E AVALON DRIVE 7.375 923.09 90
7.125 923.09 148,500.00
PHOENIX AZ 85018 1 10/15/98 00
162104400 05 12/01/98 0
162104400 O 11/01/28
0
1878747 560/560 F 74,100.00 ZZ
360 73,555.03 1
2711 S 14TH STREET 9.000 596.23 95
8.750 596.23 78,000.00
TACOMA WA 98405 1 10/14/98 00
162210306 05 12/01/98 0
162210306 N 11/01/28
0
1878748 560/560 F 123,300.00 ZZ
360 122,843.76 1
993 SWAYZE AVE 8.500 948.08 90
8.250 948.08 137,000.00
WASHINGTON CROS PA 18977 1 11/24/98 00
162248009 05 01/01/99 0
1
162248009 O 12/01/28
0
1878749 560/560 F 214,200.00 ZZ
360 213,223.89 1
17801 SE 35TH CIRCLE 8.250 1,609.22 90
8.000 1,609.22 238,000.00
VANCOUVER WA 98683 1 10/14/98 00
162277701 05 12/01/98 0
162277701 O 11/01/28
0
1878750 560/560 F 128,987.00 ZZ
360 128,428.25 1
6036 SUN BERRY CIRCLE 8.500 991.80 100
8.250 991.80 129,000.00
BOYNTON BEACH FL 33437 1 10/23/98 00
162388300 05 12/01/98 0
162388300 O 11/01/28
0
1878751 560/560 F 225,000.00 ZZ
360 224,308.72 1
3627 LYNN LANE 8.500 1,730.06 90
8.250 1,730.06 250,000.00
NAZARETH PA 18064 1 12/30/98 00
162405807 05 02/01/99 0
162405807 O 01/01/29
0
1878752 560/560 F 86,100.00 ZZ
360 85,812.41 1
932 PERRY MEADOWS DR NE 9.000 692.79 90
8.750 692.79 95,715.00
RIO RANCHO NM 87124 1 11/11/98 21
162549604 03 01/01/99 25
162549604 O 12/01/28
0
1878754 560/560 F 82,530.00 ZZ
360 82,232.34 1
493 CIMARRON MEADOWS DRIVE NE 8.625 641.91 90
8.375 641.91 91,700.00
RIO RANCHO NM 87124 1 11/30/98 00
162549901 03 01/01/99 0
162549901 O 12/01/28
0
1
1878756 560/560 F 118,350.00 ZZ
360 117,768.51 1
906 GRAHAM DRIVE 7.875 858.12 90
7.625 858.12 131,500.00
OLD HICKORY TN 37138 1 10/30/98 00
163258700 03 12/01/98 0
163258700 O 11/01/28
0
1878757 560/560 F 79,600.00 ZZ
360 79,272.29 1
4800 RANDEE CIRCLE 8.750 626.22 100
8.500 626.22 79,650.00
PENSACOLA FL 32506 1 10/30/98 00
163272701 05 12/01/98 0
163272701 O 11/01/28
0
1878758 560/560 F 176,400.00 ZZ
360 175,747.31 1
4076 KINGSBURY BOULEVARD 8.500 1,356.37 90
8.250 1,356.37 197,600.00
COPLEY OH 44321 1 11/19/98 04
163455702 05 01/01/99 25
163455702 O 12/01/28
0
1878759 560/560 F 126,950.00 ZZ
360 126,514.94 1
16788 SE GORDON AVENUE 8.875 1,010.08 100
8.625 1,010.08 126,950.00
MILWAUKIE OR 97267 1 11/12/98 00
163523202 05 01/01/99 0
163523202 O 12/01/28
0
1878761 560/560 F 42,750.00 ZZ
360 42,597.16 1
118 PERRY LEE DRIVE 7.750 306.27 95
7.500 306.27 45,000.00
HATTIESBURG MS 39402 1 12/31/98 00
163963309 05 02/01/99 0
163963309 N 01/01/29
0
1878763 560/560 F 74,350.00 ZZ
360 74,121.58 1
3829 W. OREGON 8.500 571.69 90
8.250 571.69 82,650.00
1
PHOENIX AZ 85019 1 12/07/98 21
164165409 03 02/01/99 25
164165409 O 01/01/29
0
1878765 560/560 F 48,450.00 ZZ
360 48,284.80 1
119 NORTH SECOND STREET 9.875 420.72 95
9.625 420.72 51,000.00
MCSHERRYSTOWN PA 17344 1 11/25/98 00
164504003 05 01/01/99 0
164504003 N 12/01/28
0
1878766 560/560 F 166,500.00 ZZ
360 166,001.37 1
734 N. CHESTER ROAD 8.625 1,295.02 90
8.375 1,295.02 185,000.00
WEST CHESTER PA 19380 1 12/22/98 00
164603003 05 02/01/99 0
164603003 O 01/01/29
0
1878767 560/560 F 86,400.00 ZZ
360 86,072.07 1
2625 HAMPSHIRE DRIVE 8.375 656.71 90
8.125 656.71 96,000.00
GARLAND TX 75040 1 12/04/98 00
164653206 05 01/01/99 0
164653206 O 12/01/28
0
1878768 560/560 F 99,950.00 ZZ
360 99,650.64 1
19306 CRESCENT DRIVE E 8.625 777.41 100
8.375 777.41 99,950.00
SPANAWAY WA 98387 1 12/04/98 00
164857708 05 02/01/99 0
164857708 O 01/01/29
0
1878769 560/560 F 123,600.00 ZZ
360 122,701.26 1
1449 ROEBLING TRAIL 8.750 972.37 90
8.500 972.37 137,435.00
PENSACOLA FL 32506 1 12/04/98 00
164875908 03 02/01/99 0
164875908 O 01/01/29
0
1
1878770 560/560 F 112,500.00 ZZ
360 112,163.06 1
2963 MURTLE OAK CIRCLE 8.625 875.02 90
8.375 875.02 125,000.00
DAVIE FL 33328 1 12/10/98 00
164939506 03 02/01/99 0
164939506 O 01/01/29
0
1878771 560/560 F 49,400.00 ZZ
360 49,285.89 1
7021 TYLER STREET 9.875 428.97 95
9.625 428.97 52,000.00
HOLLYWOOD FL 33024 1 12/04/98 00
164943102 05 02/01/99 0
164943102 N 01/01/29
0
1878772 560/560 F 79,000.00 ZZ
360 78,769.37 1
2554 N.W. 10 STREET 8.750 621.50 100
8.500 621.50 79,000.00
DELRAY BEACH FL 33445 1 12/10/98 00
165050808 03 02/01/99 0
165050808 O 01/01/29
0
1878773 560/560 F 27,000.00 ZZ
360 26,917.03 1
ROUTE 1 BOX 158P 8.500 207.61 90
8.250 207.61 30,000.00
KOPPERL TX 76652 1 12/22/98 04
165163809 05 02/01/99 25
165163809 O 01/01/29
0
1878775 560/560 F 88,350.00 ZZ
360 88,129.22 1
571 BALSOM ROAD 9.500 742.90 95
9.250 742.90 93,000.00
LUSBY MD 20657 1 12/23/98 00
165383001 03 02/01/99 0
165383001 N 01/01/29
0
1878776 560/560 F 47,400.00 ZZ
360 47,196.46 1
1
501 5TH AVE 7.875 343.69 95
7.625 343.69 49,900.00
PETAL MS 39465 1 12/08/98 00
165687906 05 02/01/99 0
165687906 N 01/01/29
0
1878777 560/560 F 75,000.00 ZZ
360 74,786.61 1
4520 BARKMAN CIRCLE 8.875 596.74 95
8.625 596.74 79,000.00
COLORADO SPRING CO 80916 1 12/18/98 00
165697400 05 02/01/99 0
165697400 N 01/01/29
0
1878779 560/560 F 44,650.00 ZZ
360 44,522.71 1
13 NORTH LANE 7.750 319.88 95
7.500 319.88 47,000.00
HATTIESBURG MS 39402 1 01/05/99 00
166090407 05 03/01/99 0
166090407 N 02/01/29
0
1878780 560/560 F 42,750.00 ZZ
360 42,597.16 1
120 PERRY LEE DRIVE 7.750 306.27 95
7.500 306.27 45,000.00
HATTIESBURG MS 39402 1 12/31/98 00
166096701 05 02/01/99 0
166096701 N 01/01/29
0
1878781 560/560 F 300,000.00 ZZ
360 298,267.29 1
501 KING POINTE TRAIL 7.750 2,149.24 85
7.500 2,149.24 356,500.00
FRANKLIN LAKES NJ 07410 1 09/28/98 04
459728408 05 11/01/98 12
459728408 O 10/01/28
0
1878782 560/560 F 51,700.00 ZZ
360 51,181.96 1
351 SCOTT MILL RD 8.000 379.36 85
7.750 379.36 61,000.00
CANTON GA 30114 2 03/14/98 04
491693107 05 05/01/98 20
1
491693107 N 04/01/28
0
1878783 560/560 F 69,300.00 ZZ
360 68,766.11 1
625 ANN AVENUE 8.000 508.50 90
7.750 508.50 77,000.00
NILES OH 44446 5 06/05/98 00
495778003 05 08/01/98 0
495778003 O 07/01/28
0
1878784 560/560 F 94,500.00 ZZ
360 94,058.39 1
138 ASHBROOK STREET 8.125 701.66 90
7.875 701.66 105,000.00
SPRINGFIELD MA 01118 1 10/30/98 21
497507400 05 12/01/98 25
497507400 N 11/01/28
0
1878785 560/560 F 160,500.00 ZZ
360 157,696.25 4
2260 PARK LANE 7.875 1,163.74 85
7.625 1,163.74 188,900.00
HOLT MI 48842 1 08/14/98 04
497700401 23 10/01/98 12
497700401 O 09/01/28
0
1878787 560/560 F 72,800.00 T
360 72,550.99 1
14906 SALAMANDER PLACE 10.875 686.43 80
10.619 686.43 91,000.00
TAMPA FL 33625 1 08/21/98 00
498247105 05 10/01/98 0
498247105 O 09/01/28
0
1878788 560/560 F 83,100.00 ZZ
360 81,708.85 4
834 SUNSET AVENUE 7.375 573.96 75
7.125 573.96 110,875.00
CINCINNATI OH 45205 1 08/31/98 00
498348804 23 10/01/98 0
498348804 N 09/01/28
0
1
1878789 560/560 F 58,500.00 ZZ
360 58,127.97 1
6351 PINE DRIVE 7.875 424.17 90
7.625 424.17 65,000.00
HUNTINGTON WV 25705 1 08/27/98 04
498519503 07 10/01/98 25
498519503 N 09/01/28
0
1878790 560/560 F 174,400.00 ZZ
360 173,727.52 1
9 LINDSEY PLACE 8.500 1,340.99 75
8.250 1,340.99 232,625.00
HOLBROOK NY 11741 1 11/18/98 00
498719400 05 01/01/99 0
498719400 O 12/01/28
0
1878791 560/560 F 62,050.00 ZZ
360 61,599.72 2
3102 3104 S 130TH EAST PLACE 7.875 449.91 85
7.625 449.91 73,000.00
TULSA OK 74134 1 09/17/98 00
498798909 23 11/01/98 0
498798909 N 10/01/28
0
1878792 560/560 F 21,600.00 ZZ
360 21,263.75 1
186 CHARLES STREET 7.625 152.89 90
7.375 152.89 24,000.00
JOHNSON CITY NY 13790 1 10/02/98 04
499040004 05 12/01/98 25
499040004 N 11/01/28
0
1878793 560/560 F 75,000.00 ZZ
360 74,577.41 1
301 RICHLAND AVENUE 7.875 543.81 100
7.625 543.81 75,000.00
SAINT MATTHEWS SC 29135 1 09/15/98 00
499154003 05 11/01/98 0
499154003 O 10/01/28
0
1878795 560/560 F 197,000.00 ZZ
360 193,684.60 1
620 SPRING HILL DRIVE 7.750 1,411.34 51
7.500 1,411.34 390,000.00
1
MORGAN HILL CA 95037 5 08/27/98 00
499159903 05 10/01/98 0
499159903 O 09/01/28
0
1878797 560/560 F 82,800.00 ZZ
360 82,273.46 1
5421 N EVERGREEN ROAD 7.875 600.36 90
7.625 600.36 92,000.00
SPOKANE WA 99216 1 08/28/98 04
499208007 05 10/01/98 25
499208007 N 09/01/28
0
1878799 560/560 F 67,800.00 ZZ
360 67,388.53 1
1226B HOLMES AVENUE 7.500 474.07 85
7.250 474.07 80,000.00
CHARLOTTESVILLE VA 22901 5 09/30/98 04
499781300 07 11/01/98 25
499781300 N 10/01/28
0
1878800 560/560 F 118,000.00 ZZ
360 117,413.73 1
34417 POTTER STREET 8.500 907.32 100
8.250 907.32 118,000.00
MEMPHIS MI 48041 1 10/01/98 00
499847002 05 11/01/98 0
499847002 O 10/01/28
0
1878801 560/560 F 161,100.00 ZZ
360 160,347.13 1
9788 NW 4TH STREET 8.125 1,196.17 90
7.875 1,196.17 179,000.00
CORAL SPRINGS FL 33071 1 10/26/98 00
499903102 05 12/01/98 0
499903102 O 11/01/28
0
1878802 560/560 F 112,800.00 ZZ
180 110,824.30 1
103 SOUTH MAIN STREET 8.625 1,119.07 100
8.375 1,119.07 112,800.00
WEAVERVILLE NC 28787 2 11/12/98 00
162296404 05 01/01/99 0
162296404 O 12/01/13
0
1
1878804 560/560 F 70,700.00 ZZ
180 68,277.94 4
17 LINCOLN AVENUE 7.750 665.49 70
7.500 665.49 101,000.00
RUTLAND VT 05701 2 12/14/98 00
162597900 23 02/01/99 0
162597900 N 01/01/14
0
1878805 560/560 F 49,400.00 ZZ
180 48,444.65 1
2009 ADELINE STREET 8.750 493.73 95
8.500 493.73 52,000.00
HATTIESBURG MS 39401 1 10/30/98 00
163699903 05 12/01/98 0
163699903 N 11/01/13
0
1878807 560/560 F 88,830.00 ZZ
180 87,314.02 1
4165 GRAND MEADOWS BOULEVARD 8.375 868.25 90
8.125 868.25 98,700.00
MELBOURNE FL 32934 1 11/24/98 00
495143802 03 01/01/99 0
495143802 O 12/01/13
0
1878808 560/560 F 30,000.00 ZZ
180 28,982.33 1
2430 RUTH STREET 7.625 280.24 33
7.375 280.24 93,000.00
NEW CASTLE PA 16101 5 06/25/98 00
496542309 05 08/01/98 0
496542309 O 07/01/13
0
1878809 560/560 F 82,300.00 ZZ
180 79,800.51 1
226 S MORAINE STREET 7.750 774.67 86
7.500 774.67 96,000.00
TULARE CA 93274 5 09/16/98 21
498013903 05 11/01/98 20
498013903 N 10/01/13
0
1878837 F76/H74 F 41,250.00 ZZ
360 41,180.55 1
1
15424 BIRWOOD 12.200 430.66 75
11.510 430.66 55,000.00
DETROIT MI 48238 5 11/13/98 00
1876192 05 01/01/99 0
784066 O 12/01/28
0
1878866 F76/H74 F 64,800.00 ZZ
360 64,686.34 1
200 ROGERS ROAD 10.100 573.46 67
9.410 573.46 97,500.00
JESUP GA 31545 5 01/14/99 00
1876200 05 03/01/99 0
704636 O 02/01/29
0
1878922 F76/H74 F 47,200.00 ZZ
180 47,073.42 1
182 SHERMAN STREET 10.050 415.96 80
9.561 415.96 59,000.00
PERTH AMBOY NJ 08861 5 11/10/98 00
1876218 05 01/01/99 0
783963 O 12/01/13
0
1878965 F76/H74 F 30,000.00 ZZ
240 29,665.01 1
2006 JANICE 12.300 336.62 60
11.610 336.62 50,000.00
FLINT MI 48504 5 11/23/98 00
1876226 05 01/01/99 0
784128 N 12/01/18
0
1878971 F76/H74 F 17,000.00 ZZ
180 16,604.52 1
2428 LETITIA ST 11.950 203.49 85
11.260 203.49 20,000.00
VICKSBURG MS 39180 5 06/30/98 00
1876234 05 08/04/98 0
781823 O 07/04/13
0
1878977 F76/H74 F 44,833.00 ZZ
180 43,953.71 1
3656 PIEDMONT DRIVE 10.150 485.91 61
9.460 485.91 74,000.00
NEW ORLEANS LA 70122 5 10/30/98 00
1876242 05 11/30/98 0
1
783931 N 10/30/13
0
1881441 E82/G02 F 133,600.00 ZZ
360 133,189.61 1
226 JOHNSONBURG ROAD 7.375 922.74 83
7.125 922.74 162,000.00
ALLAMUCHY NJ 07820 1 02/03/99 00
0400170445 05 03/01/99 0
0400170445 O 02/01/29
0
1882666 A38/G61 F 44,700.00 ZZ
360 44,545.45 1
8029 BENDELL DRIVE 10.250 400.56 85
9.784 400.56 53,000.00
HOUSTON TX 77017 1 09/28/98 00
1878818 05 11/01/98 0
2120248 O 10/01/28
0
1882771 560/560 F 156,100.00 ZZ
360 154,540.56 1
505 NE 139TH AVENUE 8.500 1,200.28 100
8.250 1,200.28 156,100.00
VANCOUVER WA 98684 1 11/24/98 00
164523300 05 01/01/99 0
164523300 O 12/01/28
0
1882786 560/560 F 54,000.00 ZZ
360 53,860.80 1
21 HOWARD PLACE 8.250 405.69 90
8.000 405.69 60,000.00
JERSEY CITY NJ 07306 1 01/29/99 00
165679309 05 03/01/99 0
165679309 O 02/01/29
0
1882809 560/560 F 98,900.00 ZZ
360 98,670.78 3
519 EAST MAIN STREET 8.375 751.72 90
8.125 751.72 109,900.00
FALL RIVER MA 02724 1 02/18/99 21
167206101 23 04/01/99 25
167206101 N 03/01/29
0
1
1883281 624/G61 F 281,250.00 ZZ
360 279,846.47 1
3111 ARLOTTE AVENUE 7.000 1,871.16 75
6.750 1,871.16 375,000.00
LONG BEACH CA 90808 5 11/20/98 00
1875061 05 01/01/99 0
3480028033 O 12/01/28
0
1884070 Q17/G01 F 392,500.00 ZZ
360 391,598.50 1
316 WHITE HORSE TRAIL 7.375 2,710.90 76
7.125 2,710.90 523,000.00
PALM DESRET CA 92260 5 02/05/99 00
0431241579 01 04/01/99 0
98124768 O 03/01/29
0
1884565 163/G61 F 138,122.02 ZZ
276 135,805.28 1
10470 MAHOGANY COURT 7.625 1,062.64 85
7.327 1,062.64 163,900.00
RANCHO CUCAMONG CA 91701 1 06/01/98 14
1874700 03 07/01/98 17
200511714 O 06/01/21
0
1884572 163/G61 F 93,600.00 ZZ
180 87,801.17 1
371 LANDER DRIVE 7.250 854.44 80
6.952 854.44 117,000.00
HENDERSON NV 89014 1 10/29/97 00
1874940 03 12/01/97 0
215896139 O 11/01/12
0
1884575 163/G61 F 188,350.00 ZZ
360 186,722.60 1
16114 CALAHAN STREET 8.250 1,415.01 94
7.952 1,415.01 202,000.00
LOS ANGELES CA 91343 2 04/23/98 12
1874999 05 06/01/98 30
216126064 O 05/01/28
0
1884577 163/G61 F 109,383.00 ZZ
360 106,581.37 1
624 HILLSIDE AVENUE 8.000 802.61 100
7.702 802.61 110,000.00
1
ROCHESTER NY 14610 2 01/09/97 00
1875012 05 03/01/97 0
372325673 O 02/01/27
0
1884579 163/G61 F 69,900.00 ZZ
360 69,105.90 1
94 WAVERLY ST 7.250 476.84 85
6.952 476.84 83,000.00
WARWICK RI 02889 2 03/20/98 00
1875053 05 05/01/98 0
372883283 N 04/01/28
0
1884580 163/G61 F 299,000.00 ZZ
360 296,106.07 1
4396 KEYSTONE AVENUE 7.250 2,039.71 75
6.952 2,039.71 399,000.00
CULVER CITY CA 90232 1 05/28/98 00
1874684 05 07/01/98 0
372985929 O 06/01/28
0
1884581 163/G61 F 109,250.00 ZZ
240 106,943.34 1
4913 15TH PLACE EAST 7.250 863.49 93
6.952 863.49 117,480.00
TUSCALOOSA AL 35404 2 06/24/98 11
1874718 05 08/01/98 30
373025613 O 07/01/18
0
1884582 163/G61 F 108,900.00 ZZ
240 106,816.14 1
3355 NW DOGWOOD AVENUE 7.250 860.72 79
6.952 860.72 137,850.00
REDMOND OR 97756 2 07/15/98 00
1874726 05 09/01/98 0
373030488 O 08/01/18
0
1884583 163/G61 F 124,500.00 ZZ
180 119,621.41 1
25302 LOST ARROW 7.000 1,119.04 85
6.702 1,119.04 146,480.00
SAN ANTONIO TX 78258 2 06/24/98 10
1874759 03 08/01/98 20
373031306 O 07/01/13
0
1
1884588 163/G61 F 181,822.00 ZZ
360 177,866.49 1
13296 ORANGEWOOD DRIVE 7.500 1,271.33 100
7.202 1,271.33 181,830.00
WOODBRIDGE VA 22193 2 01/31/97 00
1874858 05 04/01/97 0
56670534 O 03/01/27
0
1884589 163/G61 F 116,200.00 ZZ
360 113,777.53 1
3013 ANTRIM CIRCLE 8.000 852.63 100
7.702 852.63 116,200.00
DUMFRIES VA 22026 2 01/27/97 00
1874882 09 03/01/97 0
57043704 O 02/01/27
0
1884590 163/G61 F 106,400.00 ZZ
360 105,370.16 1
6103 C HOSKINS HOLLOW CIRCLE 7.250 725.84 95
6.952 725.84 112,000.00
CENTREVILLE VA 20121 5 04/28/98 10
1874908 09 07/01/98 30
59503129 O 06/01/28
0
1884591 163/G61 F 115,000.00 ZZ
180 54,507.73 1
770 S BANANA RIVER DRIVE 7.000 1,033.66 52
6.702 1,033.66 221,160.00
MERRITT ISLAND FL 32952 1 04/16/93 00
1874924 05 06/01/93 0
70943360 O 05/01/08
0
1884856 M65/H74 F 140,000.00 ZZ
180 139,600.03 2
773 FOREST AVENUE 9.750 1,202.82 80
9.375 1,202.82 175,000.00
BRONX NY 10458 1 12/15/98 00
1878669 23 01/15/99 0
1902 O 12/15/13
0
1885812 H48/G61 F 40,600.00 ZZ
180 39,904.53 2
1
164 MOUNT PLEASANT ST 10.490 448.54 70
9.240 448.54 58,000.00
MERIDEN CT 06450 5 10/28/98 00
1875228 23 12/01/98 0
CL982886 N 11/01/13
0
1885888 N99/H74 F 18,400.00 ZZ
180 17,999.54 1
9914 HWY 259 N 12.700 229.18 80
10.200 229.18 23,000.00
BEE SPRINGS KY 42207 5 07/24/98 00
1875145 05 08/24/98 0
00201363 O 07/24/13
0
1885911 N99/H74 F 24,000.00 ZZ
180 23,015.57 1
133 HOLLY HEDGES DR 11.500 280.37 73
11.000 280.37 33,000.00
FLORENCE MS 39073 5 12/16/97 00
1875129 27 01/22/98 0
00204955 O 12/22/12
0
1885958 N99/H74 F 36,000.00 ZZ
180 35,851.49 1
1644 SPANN AVE 9.990 315.66 80
9.615 315.66 45,000.00
INDIANAPOLIS IN 46203 5 09/08/98 00
1875152 05 10/08/98 0
00202999 N 09/08/13
0
1886031 N99/H74 F 54,110.00 ZZ
180 53,228.96 1
1107 5TH ST 12.200 656.39 70
11.325 656.39 77,300.00
MOUNDSVILLE WV 26041 5 09/03/98 00
1875111 05 11/01/98 0
00202345 O 10/01/13
0
1886038 N99/H74 F 48,000.00 ZZ
240 47,505.33 1
1123 SHALIMAR ST 12.950 560.65 80
11.700 560.65 60,000.00
JACKSON MS 39204 1 07/10/98 00
1875095 05 08/10/98 0
1
00201296 O 07/10/18
0
1886054 N99/H74 F 60,000.00 ZZ
180 59,899.49 1
3014 SOUTHSIDE BLVD 12.250 628.74 80
11.500 628.74 75,000.00
JACKSONVILLE FL 32216 1 12/23/98 00
1875137 05 01/23/99 0
00400151 O 12/23/13
0
1886082 N99/H74 F 31,000.00 ZZ
360 30,916.93 1
3854 STATE ROUTE 601 12.000 318.87 74
11.625 318.87 42,000.00
GREENVILLE KY 42345 1 09/24/98 00
1875087 05 10/24/98 0
00201538 O 09/24/28
0
1886112 N81/G61 F 57,600.00 ZZ
180 57,416.70 3
109 SMITH ST 9.990 505.06 90
9.615 505.06 64,000.00
NEW BEDFORD MA 02740 1 10/22/98 00
1874643 23 12/01/98 0
0990 O 11/01/13
0
1886207 299/G61 F 262,700.00 ZZ
360 261,760.91 1
2005 CLEARWOOD CT 7.750 1,882.01 92
7.500 1,882.01 287,000.00
SHELBY TWP MI 48316 1 12/21/98 26
1878875 08 02/01/99 30
1002084 O 01/01/29
0
1887485 E84/G61 F 45,600.00 ZZ
360 45,520.12 1
6227 BELLEFONTAINE AVENUE 12.900 500.87 80
11.900 500.87 57,000.00
KANSAS CITY MO 64130 2 10/26/98 00
1877968 05 12/01/98 0
29980260 O 11/01/28
0
1
1887515 E84/G61 F 58,500.00 ZZ
360 58,445.35 1
6394 VENUS AVENUE 13.990 692.69 65
13.240 692.69 90,000.00
PORTAGE IN 46368 2 12/18/98 00
1877992 05 02/01/99 0
35980509 O 01/01/29
0
1888542 698/G61 F 48,000.00 ZZ
360 47,688.10 1
ROUTE 2 BOX 1530 8.800 379.33 75
8.550 379.33 64,300.00
DARDANELLE AR 72834 5 06/09/98 00
1875467 05 08/01/98 0
980000103 O 07/01/28
0
1889552 526/526 F 114,750.00 ZZ
360 114,406.15 1
1306 28TH STREET ROAD 7.500 802.35 85
7.250 802.35 136,000.00
GREELEY CO 80631 5 01/08/99 12
353970 05 03/01/99 12
353970 O 02/01/29
0
1889553 526/526 F 395,000.00 ZZ
360 393,901.92 1
100 ROYAL TIGER ROAD 7.875 2,864.02 64
7.625 2,864.02 624,500.00
BRECKENRIDGE CO 80424 5 01/28/99 00
354699 05 03/01/99 0
354699 O 02/01/29
0
1889554 526/526 F 292,000.00 ZZ
360 291,007.24 1
30350 EARLY ROUND DRIVE 8.000 2,142.59 80
7.750 2,142.59 365,000.00
CANYON LAKE CA 92587 5 12/23/98 00
354831 03 02/01/99 0
354831 O 01/01/29
0
1889556 526/526 F 152,000.00 ZZ
360 151,544.51 4
4624 KELL LANE 7.500 1,062.81 85
7.250 1,062.81 180,000.00
1
LAS VEGAS NV 89115 2 01/15/99 12
357501 23 03/01/99 12
357501 N 02/01/29
0
1889557 526/526 F 89,700.00 ZZ
360 89,450.62 2
12670 SW THIRD STREET 7.875 650.39 65
7.625 650.39 138,000.00
BEAVERTON OR 97005 5 01/07/99 00
357530 23 03/01/99 0
357530 N 02/01/29
0
1889558 526/526 F 30,600.00 ZZ
360 30,495.98 1
5151 DANFIELD 8.000 224.53 90
7.750 224.53 34,000.00
HOUSTON TX 77053 1 12/31/98 10
358495 03 02/01/99 25
358495 N 01/01/29
0
1889559 526/526 F 123,600.00 ZZ
360 123,256.38 1
4801 CANYONWOOD DRIVE 7.875 896.19 84
7.625 896.19 148,000.00
AUSTIN TX 78735 2 01/21/99 10
359881 03 03/01/99 30
359881 N 02/01/29
0
1889562 526/526 F 133,200.00 ZZ
360 132,847.89 2
109-111 MANSFIELD ST 8.125 989.01 90
7.875 989.01 148,000.00
FRAMINGHAM MA 01703 1 02/05/99 01
361510 23 03/01/99 25
361510 N 02/01/29
0
1889563 526/526 F 133,200.00 ZZ
360 132,847.89 2
105/107 MANSFIELD STREET 8.125 989.01 90
7.875 989.01 148,000.00
FRAMINGHAM MA 01703 1 02/05/99 14
361511 23 03/01/99 25
361511 N 02/01/29
0
1
1890290 698/G61 F 55,000.00 ZZ
360 54,801.64 1
6523 EAST DRAW 10.625 508.25 85
9.875 508.25 65,000.00
MABERVALE AR 72103 5 08/17/98 00
1875178 27 10/01/98 0
9800158 O 09/01/28
0
1890657 J95/J95 F 300,000.00 ZZ
360 295,687.00 1
24102 HILLHURST DRIVE 8.500 2,306.74 69
8.250 2,306.74 440,000.00
LAGUNA NIGUEL CA 92677 4 08/06/97 00
0004563201 05 09/01/97 0
0004563201 N 08/01/27
0
1890703 808/G61 F 640,000.00 ZZ
360 638,455.46 1
118 SOUTH WINDSOR BOULEVARD 7.125 4,311.80 70
6.875 4,311.80 925,000.00
LOS ANGELES CA 90004 5 02/23/99 00
1875202 05 04/01/99 0
9500086 O 03/01/29
0
1890759 808/G61 F 104,000.00 ZZ
180 103,020.49 1
8434 "H" AVENUE 7.125 942.07 80
6.875 942.07 130,000.00
HESPERIA CA 92345 5 02/10/99 00
1875210 05 04/01/99 0
9309309 O 03/01/14
0
1891571 F76/H74 F 104,637.00 ZZ
180 102,510.76 1
143 SIMS ROAD 9.750 1,108.49 84
9.060 1,108.49 126,000.00
TYRONE GA 30290 5 09/18/98 00
1876465 05 11/01/98 0
560005 O 10/01/13
0
1891572 F76/H74 F 77,600.00 ZZ
180 77,434.86 1
1
1204 OAKFIELD DRIVE 12.490 827.59 80
12.001 827.59 97,000.00
ATLANTA GA 30316 5 09/15/98 00
1876473 05 11/01/98 0
560008 O 10/01/13
0
1891578 F76/H74 F 57,800.00 ZZ
180 57,646.16 1
25 JONES STREET 12.990 638.93 85
12.501 638.93 68,000.00
CARTERSVILLE GA 30120 5 06/25/98 00
1876499 05 08/01/98 0
703007 O 07/01/13
0
1891585 F76/H74 F 62,000.00 ZZ
180 61,813.40 1
1925 CAROLINA AVE. 10.900 585.76 80
10.411 585.76 77,500.00
ORANGEBURG SC 29115 1 09/14/98 00
1876507 05 11/01/98 0
703903 O 10/01/13
0
1891586 F76/H74 F 148,000.00 ZZ
360 147,617.13 4
795 SUMMER AVE 11.600 1,476.93 80
10.910 1,476.93 185,000.00
ESSEX NJ 07104 1 09/14/98 00
1876515 23 11/01/98 0
703929 N 10/01/28
0
1891587 F76/H74 F 76,000.00 ZZ
360 75,741.47 1
4211 PARK BOULEVARD 10.900 718.03 80
10.210 718.03 95,000.00
WILDWOOD NJ 08260 5 08/25/98 00
1876523 05 10/01/98 0
703953 O 09/01/28
0
1891589 F76/H74 F 144,500.00 ZZ
360 144,050.79 1
129 HUCKLEBERRY DRIVE 10.100 1,278.78 85
9.410 1,278.78 170,000.00
LAPLATA MD 20646 5 10/16/98 00
1876531 09 12/01/98 0
1
704230 O 11/01/28
0
1891590 F76/H74 F 37,500.00 ZZ
360 37,398.69 1
2213 MADISON STREET 11.400 368.50 75
10.710 368.50 50,000.00
CHESTER PA 19015 1 09/28/98 00
1876549 05 11/01/98 0
704340 O 10/01/28
0
1891591 F76/H74 F 40,500.00 ZZ
180 40,408.77 1
113 N GAINES STREET 11.600 404.16 75
11.111 404.16 54,000.00
OAK HILL FL 32759 1 11/02/98 00
1876556 05 12/01/98 0
704393 O 11/01/13
0
1891592 F76/H74 F 131,250.00 ZZ
360 130,950.05 1
131 GRANDVIEW TERRACE 10.800 1,230.13 75
10.110 1,230.13 175,000.00
BROOKLYN CT 06234 5 11/03/98 00
1876564 05 01/01/99 0
704400 O 12/01/28
0
1891593 F76/H74 F 39,200.00 ZZ
180 39,120.31 1
4301 EMERSON AVENUE SOUTH 11.700 394.19 80
11.211 394.19 49,000.00
ST. PETERSBERG FL 33711 1 11/06/98 00
1876572 05 01/01/99 0
704441 O 12/01/13
0
1891594 F76/H74 F 102,000.00 ZZ
180 101,745.48 1
4304 WEST END DRIVE 10.390 924.66 85
9.901 924.66 120,000.00
RICHMOND VA 23294 5 11/18/98 00
1876580 05 01/01/99 0
704469 O 12/01/13
0
1
1891600 F76/H74 F 31,850.00 ZZ
360 31,810.88 1
11760 CHILDRESS ROAD 11.750 321.50 70
11.060 321.50 45,500.00
KEVIL KY 42053 5 01/22/99 00
1876614 05 03/01/99 0
704650 O 02/01/29
0
1891603 F76/H74 F 39,950.00 ZZ
180 39,905.82 1
323 ALLEN STREET 10.890 377.14 85
10.401 377.14 47,000.00
PUNTA GORDA FL 33950 1 02/25/99 00
1876630 05 04/01/99 0
704681 O 03/01/14
0
1891605 F76/H74 F 46,500.00 ZZ
180 45,446.69 1
3411 GRAYS CREEK ROAD 13.250 596.01 75
12.560 596.01 62,000.00
DRY PRONG LA 71423 5 05/29/98 00
1876648 05 07/03/98 0
781398 O 06/03/13
0
1891609 F76/H74 F 59,500.00 ZZ
180 59,294.92 1
3525 TROLL LANE 11.350 582.42 85
10.861 582.42 70,000.00
FARMVILLE NC 27828 5 07/23/98 00
1876655 27 09/01/98 0
782282 O 08/01/13
0
1891610 F76/H74 F 28,000.00 ZZ
240 27,772.34 1
1507 RAY STREET 13.150 331.04 80
12.460 331.04 35,000.00
TEXARKANA AR 71854 5 07/30/98 00
1876663 05 10/01/98 0
782349 O 09/01/18
0
1891612 F76/H74 F 52,200.00 ZZ
360 51,979.54 1
4276 NORTH 62ND STREET 10.400 473.60 85
9.710 473.60 62,000.00
1
MILWAUKEE WI 53216 2 07/24/98 00
1876671 05 09/01/98 0
782513 O 08/01/28
0
1891613 F76/H74 F 13,125.00 ZZ
180 12,867.43 1
4934 PERSHING ROAD 11.500 153.32 75
10.810 153.32 17,500.00
HOUSTON TX 77054 5 08/28/98 00
1876689 05 10/01/98 0
782580 N 09/01/13
0
1891616 F76/H74 F 12,750.00 ZZ
120 12,189.87 1
6458 THORTON ROAD 12.750 188.50 85
12.060 188.50 15,000.00
SMITHDALE MS 39664 5 08/12/98 00
1876697 05 09/17/98 0
782676 O 08/17/08
0
1891617 F76/H74 F 43,200.00 ZZ
360 43,058.87 1
195 ADAMS ROAD 11.600 431.11 80
10.910 431.11 54,000.00
BRANDON MS 39042 4 08/12/98 00
1876705 27 09/12/98 0
782704 O 08/12/28
0
1891623 F76/H74 F 47,600.00 ZZ
240 47,178.01 1
604 VETERANS BLVD 12.500 540.80 85
11.810 540.80 56,000.00
KENNER LA 70062 5 09/03/98 00
1876721 05 10/09/98 0
783045 O 09/09/18
0
1891627 F76/H74 F 15,000.00 ZZ
240 14,884.46 1
111 EAST HIGH STREET 11.600 161.00 75
10.910 161.00 20,000.00
ATWOOD IN 46580 1 10/22/98 00
1876747 05 12/01/98 0
783503 N 11/01/18
0
1
1891632 F76/H74 F 61,750.00 ZZ
360 61,665.41 1
13339 DUPUY LANE 14.450 753.71 65
13.760 753.71 95,000.00
MAUREPAS LA 70449 5 10/01/98 00
1876754 05 11/06/98 0
783543 O 10/06/28
0
1891634 F76/H74 F 35,200.00 ZZ
240 34,909.04 1
6166 CLAYTON STREET 12.100 390.04 80
11.410 390.04 44,000.00
BATON ROUGE LA 70805 5 09/30/98 00
1876762 05 11/05/98 0
783545 O 10/05/18
0
1891635 F76/H74 F 49,300.00 ZZ
180 48,571.31 1
100 8TH STREET 13.240 631.57 85
12.550 631.57 58,000.00
FOREST HILL LA 71430 5 10/06/98 00
1876770 27 11/12/98 0
783573 O 10/12/13
0
1891636 F76/H74 F 40,800.00 ZZ
360 40,732.07 1
108 NERON STREET 13.590 470.22 85
12.900 470.22 48,000.00
HOUMA LA 70363 5 10/06/98 00
1876788 05 11/12/98 0
783629 O 10/12/28
0
1891638 F76/H74 F 51,850.00 ZZ
240 51,456.35 1
6070 CHAISSON ROAD 12.740 597.88 67
12.050 597.88 77,500.00
LAKE CHARLES LA 70615 5 10/16/98 00
1876796 27 11/21/98 0
783668 O 10/21/18
0
1891639 F76/H74 F 27,750.00 ZZ
180 27,446.08 1
1
13526 GRANDVILLE 13.250 355.68 75
12.560 355.68 37,000.00
DETROIT MI 48223 5 10/28/98 00
1876804 05 01/01/99 0
783690 O 12/01/13
0
1891640 F76/H74 F 58,000.00 ZZ
180 57,872.14 1
330 JONES RADIATOR ROAD 11.700 583.24 80
11.211 583.24 72,500.00
FOREST CITY NC 28043 1 10/27/98 00
1876812 05 12/01/98 0
783742 O 11/01/13
0
1891643 F76/H74 F 52,000.00 ZZ
180 51,912.41 1
10004 NELSON AVENUE 12.200 542.90 80
11.510 542.90 65,000.00
CLEVELAND OH 44105 5 10/28/98 00
1876820 05 01/01/99 0
783756 O 12/01/13
0
1891644 F76/H74 F 58,500.00 ZZ
360 58,396.78 2
10319 ELIOT AVENUE 11.990 601.29 90
11.300 601.29 65,000.00
CLEVELAND OH 44104 5 10/31/98 00
1876838 23 01/01/99 0
783803 O 12/01/28
0
1891646 F76/H74 F 33,309.00 ZZ
180 32,752.43 1
504 COLUMBUS STREET 13.250 426.94 60
12.560 426.94 56,000.00
HOUMA LA 70360 5 09/23/98 00
1876846 05 10/28/98 0
783841 O 09/28/13
0
1891647 F76/H74 F 33,300.00 ZZ
180 33,225.15 1
601 INDEPENDENCE A 11.790 337.15 90
11.301 337.15 37,000.00
ST. JOSEPH MO 64505 1 10/09/98 00
1876853 05 12/01/98 0
1
783867 O 11/01/13
0
1891648 F76/H74 F 44,625.00 ZZ
180 43,958.50 1
405 FIRST STREET 12.600 552.92 75
11.910 552.92 60,000.00
KENTWOOD LA 70444 5 10/30/98 00
1876861 05 12/05/98 0
783890 O 11/05/13
0
1891649 F76/H74 F 39,000.00 ZZ
180 38,537.64 1
404 HIBERNIA PLACE 14.100 522.01 59
13.410 522.01 67,000.00
HOUMA LA 70363 5 10/30/98 00
1876879 05 12/04/98 0
783897 O 11/04/13
0
1891650 F76/H74 F 22,500.00 ZZ
240 22,358.59 1
1159 NORTH 30TH STREET 13.250 267.63 75
12.560 267.63 30,000.00
BATON ROUGE LA 70802 5 10/29/98 00
1876887 05 12/03/98 0
783921 O 11/03/18
0
1891652 F76/H74 F 60,350.00 ZZ
180 60,179.51 1
11712 TAMS DRIVE 10.550 554.30 85
10.061 554.30 71,000.00
BATON ROUGE LA 70815 5 11/06/98 00
1876895 05 12/12/98 0
783941 O 11/12/13
0
1891660 F76/H74 F 52,500.00 ZZ
180 51,856.00 1
567 SHANNON DRIVE 10.000 564.17 78
9.310 564.17 68,000.00
D'IBERVILLE MS 39532 5 12/14/98 00
1876903 05 02/01/99 0
784263 O 01/01/14
0
1
1891662 F76/H74 F 56,800.00 ZZ
360 56,693.48 1
478 BIG LEVEL ROAD 10.850 534.49 80
10.160 534.49 71,000.00
MILL SPRINGS NC 28756 5 12/11/98 00
1876911 27 02/01/99 0
784271 O 01/01/29
0
1892593 623/G61 F 97,200.00 ZZ
360 96,949.50 1
108 SPRUCE STREET EAST 8.250 730.23 90
8.000 730.23 108,000.00
ORLANDO FL 32804 1 01/25/99 10
1875236 05 03/01/99 25
1213205 N 02/01/29
0
1892888 B38/H74 F 137,625.00 ZZ
360 137,498.88 1
ONE GREENE STREET #502 11.750 1,389.21 75
11.289 1,389.21 183,500.00
JERSEY CITY NJ 07302 1 02/10/99 00
1878289 06 04/01/99 0
638346 O 03/01/29
0
1893269 076/076 F 313,300.00 ZZ
180 307,218.08 1
5114 97TH STREET 6.875 2,794.18 89
6.625 2,794.18 355,000.00
LUBBOCK TX 79424 2 11/24/98 10
94406 05 01/01/99 25
94406 O 12/01/13
0
1893329 B38/H74 F 42,250.00 ZZ
180 42,227.01 1
4507 KATHERINE 12.250 442.74 65
11.605 442.74 65,000.00
DEARBORN HGHTS MI 48125 1 03/05/99 00
1878362 05 05/01/99 0
658199 O 04/01/14
0
1893345 B38/H74 F 140,000.00 ZZ
360 139,860.70 2
349 BERRYMAN PLACE 11.375 1,373.08 90
10.914 1,373.08 157,000.00
1
ORANGE NJ 07050 5 02/24/99 00
1878388 23 04/01/99 0
638407 O 03/01/29
0
1893541 J95/J95 F 434,700.00 ZZ
360 433,485.71 1
22401 CHERRY VALLEY ROAD 6.375 2,711.96 90
6.125 2,711.96 483,000.00
MONROE WA 98272 1 02/15/99 04
0013898374 05 04/01/99 25
0013898374 O 03/01/29
0
1893626 P03/G61 F 128,100.00 ZZ
360 127,829.68 1
22623 16TH AVENUE SOUTH 10.300 1,152.67 78
9.669 1,152.67 165,000.00
DES MOINES WA 98198 5 12/11/98 00
1878479 05 02/01/99 0
15600285 O 01/01/29
0
1893628 P03/G61 F 30,000.00 ZZ
360 29,943.14 1
4932 NORTHEAST 70TH AVENUE 10.800 281.17 70
10.169 281.17 43,000.00
HIGH SPRINGS FL 32643 5 12/17/98 00
1875392 27 02/01/99 0
17500170 O 01/01/29
0
1893629 P03/G61 F 54,400.00 ZZ
360 54,359.22 1
1412 CADILLAC DRIVE 13.950 642.42 80
13.319 642.42 68,000.00
DAYTONA BEACH FL 32117 1 01/13/99 00
1875426 05 03/01/99 0
17500222 O 02/01/29
0
1893696 F84/G01 F 407,500.00 ZZ
360 407,500.00 1
42 GREEN ACRES AVENUE 7.750 2,919.38 68
7.500 2,919.38 600,000.00
SCARSDALE NY 10583 2 05/07/99 00
0431325349 05 07/01/99 0
2893696 O 06/01/29
0
1
1893741 B38/G61 F 193,500.00 ZZ
360 192,794.81 1
41900 RIGGS 10.000 1,698.11 90
9.750 1,698.11 215,000.00
VAN BUREN TWP MI 48111 5 09/09/98 00
1875335 05 11/01/98 0
655658 O 10/01/28
0
1893746 B38/G61 F 364,500.00 ZZ
360 362,736.14 1
58 MARSHALL STREET 9.250 2,998.66 90
9.000 2,998.66 405,000.00
NEEDHAM MA 02192 1 08/26/98 00
1875343 23 10/01/98 0
694950 O 09/01/28
0
1894672 A54/G61 F 311,200.00 ZZ
360 309,892.04 1
18779 BIENVILLE COURT 7.125 2,096.62 80
6.875 2,096.62 389,000.00
PRAIRIEVILLE LA 70769 1 01/26/99 21
1875350 05 03/01/99 12
2274702 O 02/01/29
0
1894704 M65/H74 F 202,500.00 ZZ
180 202,207.17 2
708 BUSHWICK AVENUE 11.000 1,928.46 90
10.750 1,928.46 225,000.00
BROOKLYN NY 11214 1 02/26/99 00
1878032 23 03/26/99 0
2026 O 02/26/14
0
1894711 M65/H74 F 162,000.00 ZZ
180 161,765.73 1
150-29 116TH ROAD 11.000 1,542.77 90
10.625 1,542.77 180,000.00
JAMAICA NY 11435 1 02/10/99 00
1878024 05 03/10/99 0
2025 O 02/10/14
0
1894717 M65/H74 F 154,800.00 ZZ
180 154,533.70 1
1
109-63 142ND STREET 11.250 1,503.52 90
10.875 1,503.52 172,000.00
JAMAICA NY 11435 1 01/15/99 00
1878040 05 02/15/99 0
1995 O 01/15/14
0
1895197 M65/H74 F 193,500.00 ZZ
180 193,138.98 1
14 SCHUYLER TERRACE 10.875 1,824.50 90
10.500 1,824.50 215,000.00
BRONX NY 10465 1 01/27/99 00
1878016 05 02/27/99 0
1979 O 01/27/14
0
1895507 J95/J95 F 355,700.00 ZZ
360 354,130.54 1
2042 NORTHRIDGE ROAD 7.625 2,517.63 87
7.375 2,517.63 412,000.00
LINCOLN CA 95648 4 12/17/97 04
0012161030 05 01/01/99 25
0012161030 O 12/01/28
0
1896024 E23/G01 F 999,000.00 ZZ
360 998,220.69 1
41 SERENA COURT 7.250 6,814.94 53
7.000 6,814.94 1,900,000.00
RANCHO MIRAGE CA 92270 2 04/13/99 00
0431304344 03 06/01/99 0
50506320 O 05/01/29
0
1896306 N07/G61 F 31,850.00 ZZ
180 31,652.94 1
6704 HARRIS AVENUE 12.700 344.88 65
11.450 344.88 49,000.00
KANSAS CITY MO 64133 5 12/08/98 00
1875251 05 02/01/99 0
19563BAS O 01/01/14
0
1896571 B38/G61 F 342,000.00 ZZ
360 337,538.59 1
232 SANDY RIDGE-MT.AIRY RD 9.500 2,875.73 94
9.250 2,875.73 365,000.00
DELAWARE TWSP NJ 08559 5 08/21/98 00
1875327 05 10/01/98 0
1
636520 O 09/01/28
0
1896978 M90/G61 F 85,000.00 ZZ
360 84,797.14 1
1414 SHENTA OAK DRIVE 10.750 793.46 85
10.125 793.46 100,000.00
NORCROSS GA 30093 5 12/11/98 00
1878461 05 02/01/99 0
12119806 O 01/01/29
0
1898360 B38/H74 F 33,000.00 ZZ
360 32,931.44 1
298 N MYRTLE 10.375 298.79 88
9.914 298.79 37,500.00
KANKAKEE IL 60901 2 12/03/98 00
1878370 05 02/01/99 0
772997 O 01/01/29
0
1898801 025/025 F 293,000.00 ZZ
360 291,739.34 1
440 OLD CREEK ROAD 8.500 2,252.92 100
8.250 2,252.92 293,000.00
ATLANTA GA 30342 1 12/15/98 00
962837 05 02/01/99 0
962837 O 01/01/29
0
1898923 025/025 F 79,650.00 ZZ
360 79,500.44 1
1175 PARK HILL DRIVE 8.375 605.40 90
8.125 605.40 88,500.00
GAINSVILLE GA 30501 1 03/03/99 00
466140 05 04/01/99 0
466140 N 03/01/29
0
1898949 025/025 F 80,100.00 ZZ
360 79,376.39 1
3229 JOHNSON ST 8.875 637.31 90
8.625 637.31 89,000.00
HOLLYWOOD FL 33021 1 11/04/98 00
279308 05 12/01/98 0
279308 O 11/01/28
0
1
1898961 R07/G61 F 700,000.00 ZZ
180 693,387.71 1
110 RIVERSIDE DRIVE, #11B 7.375 4,834.73 49
7.125 4,834.73 1,450,000.00
NEW YORK NY 10024 1 05/27/98 00
1878651 13 07/01/98 0
85602 O 06/01/13
0
1898962 R07/G61 F 750,000.00 ZZ
180 742,301.12 1
LAMBS LANE 7.375 5,180.07 66
7.125 5,180.07 1,150,000.00
CRESSKILL NJ 07626 2 04/13/98 00
1878602 05 06/01/98 0
46035904 O 05/01/13
0
1898963 R07/G61 F 500,000.00 ZZ
180 494,371.09 1
15 WESTERLEIGH ROAD 7.375 3,453.38 30
7.125 3,453.38 1,715,000.00
PURCHASE NY 10577 1 02/26/98 00
1878610 05 04/01/98 0
47627403 O 03/01/13
0
1898965 R07/G61 F 528,000.00 ZZ
180 524,340.88 1
114 SPRING STREET, #5 7.440 3,670.19 60
7.190 3,670.19 880,000.00
NEW YORK NY 10012 1 09/01/98 00
1878420 11 10/01/98 0
48354809 O 09/01/13
0
1898967 R07/G61 F 480,000.00 T
180 474,151.49 1
886 LUMBER LANE 7.375 3,315.25 75
7.125 3,315.25 640,000.00
BRIDGEHAMPTON NY 11932 5 04/23/98 00
1878677 05 06/01/98 0
77560102 O 05/01/13
0
1898968 R07/G61 F 250,000.00 ZZ
180 247,756.31 1
55 CENTRAL PARK WEST, #11E 7.625 1,769.49 17
7.375 1,769.49 1,550,000.00
1
NEW YORK NY 10023 5 07/08/98 00
1878438 12 09/01/98 0
81845409 O 08/01/13
0
1898969 R07/G61 F 270,000.00 ZZ
180 268,272.03 1
5 CARNOT AVENUE 7.230 1,838.22 57
6.980 1,838.22 480,000.00
WOODCLIFF LAKE NJ 07675 2 09/11/98 00
1878446 05 11/01/98 0
85719804 O 10/01/13
0
1898970 R07/G61 F 600,000.00 ZZ
180 584,801.08 1
130 TOYLSOME LANE 7.200 5,460.29 72
6.950 5,460.29 840,000.00
SOUTHAMPTON NY 11968 5 09/24/98 00
1878511 05 11/01/98 0
68310100 O 10/01/13
0
1898972 R07/G61 F 992,600.00 T
180 951,713.39 1
34 EAST HOLLOW ROAD 7.375 9,131.16 46
7.125 9,131.16 2,200,000.00
EAST HAMPTON NY 11937 2 04/21/98 00
1878529 05 06/01/98 0
98250607 O 05/01/13
0
1898974 R07/G61 F 1,250,000.00 ZZ
360 1,226,348.59 1
9 & 11 WILRICH GLEN ROAD 7.690 8,903.39 66
7.440 8,903.39 1,900,000.00
MENDHAM TWSP NJ 07945 5 07/31/98 00
1878685 05 10/01/98 0
79530608 O 09/01/28
0
1899263 637/G01 F 280,000.00 ZZ
360 279,550.85 1
6530 SOUTHWEST VIEWPOINT TERRA 7.125 1,886.41 66
6.875 1,886.41 425,000.00
PORTLAND OR 97201 2 03/24/99 00
0431303221 05 05/01/99 0
0010256733 O 04/01/29
0
1
1900255 025/025 F 134,600.00 ZZ
360 134,313.16 1
11 NEEDLES DRIVE 7.750 964.29 80
7.500 964.29 168,250.00
OCALA FL 34482 1 02/19/99 00
448419 05 04/01/99 0
448419 O 03/01/29
0
1900264 025/025 F 126,800.00 ZZ
360 126,633.54 1
11844 HOLLYHOCK DRIVE 8.125 941.49 80
7.875 941.49 158,546.00
BRADENTON FL 34202 1 03/08/99 00
448485 03 05/01/99 0
448485 O 04/01/29
0
1900290 025/025 F 204,000.00 ZZ
360 203,403.75 1
1127 WHARFSIDE COURT 7.625 1,443.90 85
7.375 1,443.90 240,000.00
GREENSBORO GA 30642 1 01/15/99 00
467457 09 03/01/99 0
467457 O 02/01/29
0
1900295 025/025 F 48,500.00 ZZ
360 48,388.60 1
2160 SAN MARCUS CIRCLE #503 7.375 334.98 75
7.125 334.98 65,000.00
WINTER HAVEN FL 33880 1 02/12/99 00
457348 01 04/01/99 0
457348 N 03/01/29
0
1900329 025/025 F 66,100.00 ZZ
360 65,951.92 1
201 MILSAP STREET 7.500 462.18 78
7.250 462.18 85,500.00
BRISTOL VA 24201 2 03/01/99 00
430905 09 04/01/99 0
430905 N 03/01/29
0
1900347 025/025 F 265,050.00 ZZ
360 264,759.37 1
1
75 HICKORY CREEK DR 9.000 2,132.65 90
8.750 2,132.65 294,500.00
ELLERSLIE GA 31807 1 03/19/99 00
346961 05 05/01/99 0
346961 O 04/01/29
0
1900369 025/025 F 130,200.00 ZZ
360 129,942.77 1
208 MURRAY COURT 8.125 966.73 80
7.875 966.73 162,800.00
JUPITER FL 33458 1 02/25/99 00
279746 09 04/01/99 0
279746 O 03/01/29
0
1900373 025/025 F 128,800.00 ZZ
360 128,392.42 1
23958 VINCENT AVENUE 7.250 878.64 72
7.000 878.64 178,950.00
PUNTA GORDA FL 33955 1 02/04/99 00
279492 03 03/01/99 0
279492 O 02/01/29
0
1900405 025/025 F 69,600.00 ZZ
360 69,455.36 1
730 LIBERTY HILL ROAD 7.875 504.65 75
7.625 504.65 92,800.00
LAGRANGE GA 30240 1 03/01/99 00
963389 05 04/01/99 0
963389 N 03/01/29
0
1900410 025/025 F 32,100.00 ZZ
360 32,034.95 1
1909 DARDANELLE DRIVE 8.000 235.54 75
7.750 235.54 42,813.00
ORLANDO FL 32808 1 03/03/99 00
919942 07 04/01/99 0
919942 N 03/01/29
0
1900422 025/025 F 166,400.00 ZZ
360 166,181.56 1
624 TUSCARORA TRAIL 8.125 1,235.52 80
7.875 1,235.52 208,000.00
MAITLAND FL 32751 1 03/19/99 00
919771 05 05/01/99 0
1
919771 O 04/01/29
0
1900488 025/025 F 111,400.00 T
360 110,673.81 1
13244 NW 12TH STREET 7.750 798.08 75
7.500 798.08 150,226.00
PEMBROKE PINES FL 33028 1 08/27/98 00
176500 03 10/01/98 0
176500 O 09/01/28
0
1900496 025/025 F 201,250.00 ZZ
360 200,942.80 1
4347 LAUREL RIDGE CIRCLE 7.375 1,389.98 80
7.125 1,389.98 251,573.00
WESTON FL 33331 1 03/12/99 00
109444 03 05/01/99 0
109444 O 04/01/29
0
1900502 025/025 F 402,000.00 ZZ
360 401,444.88 1
1201 HARDING STREET 7.875 2,914.78 74
7.625 2,914.78 550,000.00
WINTER PARK FL 32789 2 03/12/99 00
219813 05 05/01/99 0
219813 O 04/01/29
0
1900520 025/025 F 172,350.00 ZZ
360 172,010.64 1
9174 NW 44TH COURT 9.250 1,417.88 90
9.000 1,417.88 191,500.00
CORAL SPRINGS FL 33065 1 03/12/99 00
975382 03 05/01/99 0
975382 O 04/01/29
0
1900524 025/025 F 160,000.00 ZZ
360 159,194.03 1
4800 SUMMERFORD DRIVE 7.750 1,146.26 72
7.500 1,146.26 223,500.00
DUNWOODY GA 30338 1 11/04/98 00
231042 05 12/01/98 0
231042 O 11/01/28
0
1
1900527 025/025 F 195,000.00 ZZ
360 193,977.97 1
4610 MORTON ROAD 7.250 1,330.25 75
7.000 1,330.25 260,000.00
ALPHARETTA GA 30022 2 10/28/98 00
231124 05 01/01/99 0
231124 O 12/01/28
0
1900533 025/025 F 225,000.00 ZZ
360 224,704.64 1
13790 NW 20 STREET 8.125 1,670.62 80
7.875 1,670.62 283,728.00
PEMBROKE PINES FL 33028 1 03/23/99 00
975695 03 05/01/99 0
975695 O 04/01/29
0
1900536 025/025 F 127,350.00 ZZ
360 127,202.93 1
5320 NE 17 AVENUE 8.750 1,001.86 90
8.500 1,001.86 141,500.00
FT LAUDERDALE FL 33334 1 03/29/99 00
975842 05 05/01/99 0
975842 O 04/01/29
0
1900548 025/025 F 151,700.00 ZZ
360 151,546.20 1
322 NW 158TH LANE 9.375 1,261.76 90
9.125 1,261.76 168,571.00
PEMBROKE PINES FL 33028 1 03/12/99 00
215004 03 05/01/99 0
215004 O 04/01/29
0
1900549 025/025 F 142,500.00 ZZ
360 141,676.95 1
924 MISTY HARBOR ROAD 7.750 1,020.89 75
7.500 1,020.89 190,000.00
CHAPIN SC 29036 5 09/04/98 00
572106 05 11/01/98 0
572106 O 10/01/28
0
1900557 025/025 F 40,500.00 ZZ
360 40,361.19 1
9905 134 COURT 8.875 322.24 90
8.625 322.24 45,000.00
1
FELLSMERE FL 32948 1 11/06/98 00
215918 05 01/01/99 0
215918 N 12/01/28
0
1900558 025/025 F 110,000.00 ZZ
360 109,753.55 1
8897 VANN'S TAVERN ROAD 7.500 769.14 74
7.250 769.14 149,000.00
GAINESVILLE GA 30506 2 02/25/99 00
788006 05 04/01/99 0
788006 N 03/01/29
0
1900560 025/025 F 16,450.00 ZZ
360 16,404.28 1
3540 32ND AVE N UNIT 114 7.875 119.27 69
7.625 119.27 24,000.00
ST PETERSBURG FL 33713 5 01/20/99 00
813758 01 03/01/99 0
813758 N 02/01/29
0
1900564 025/025 F 105,000.00 T
360 104,624.65 1
4578 LAKE IN THE WOODS DRIVE 7.750 752.23 75
7.500 752.23 140,000.00
SPRING HILL FL 34608 1 12/03/98 00
188514 03 02/01/99 0
188514 O 01/01/29
0
1900574 025/025 F 97,500.00 T
360 97,065.57 1
14578 RIVER BEACH DRIVE #410 7.750 698.50 75
7.500 698.50 130,000.00
PORT CHARLOTTE FL 33953 1 01/15/99 00
916707 01 03/01/99 0
916707 O 02/01/29
0
1901422 976/R18 F 282,000.00 ZZ
360 281,336.03 1
318 CROSSCREEK DRIVE 7.250 1,923.74 83
7.000 1,923.74 339,900.00
BOSSIER CITY LA 71111 2 02/16/99 04
TO BE ASSIGNED 05 04/01/99 12
7517193 O 03/01/29
0
1
1902142 E84/G61 F 44,000.00 ZZ
360 43,973.66 1
14802 ARDMORE STREET 13.650 509.18 80
12.525 509.18 55,000.00
DETROIT MI 48227 2 02/18/99 00
1877984 05 04/01/99 0
22700029 O 03/01/29
0
1902335 Q22/H74 F 51,000.00 ZZ
180 44,371.80 1
824 ADAMS ST. 12.990 644.94 75
11.912 644.94 68,000.00
HENDERSON NC 27536 5 07/26/95 00
1878206 05 08/31/95 0
CRA050495166 O 07/31/10
0
1902435 Q22/H74 F 29,598.00 ZZ
360 29,567.52 1
4075 HASSELLS ROAD 14.390 359.86 53
13.312 359.86 56,000.00
HASSELL NC 27841 5 11/30/98 00
1878214 05 01/04/99 0
BR107029828423 O 12/04/28
0
1902499 Q22/H74 F 29,000.00 ZZ
240 28,813.55 1
1709 DEWBERRY RD 11.750 314.28 70
10.672 314.28 42,000.00
COLUMBUS OH 43207 1 12/11/98 00
1878198 05 01/17/99 0
EBB11109814193 O 12/17/18
0
1902508 601/G01 F 300,000.00 ZZ
360 299,530.53 1
1847 YOLANDA CIRCLE 7.250 2,046.53 94
7.000 2,046.53 320,000.00
CLAYTON CA 94517 1 03/16/99 12
0431297639 05 05/01/99 30
1344383 O 04/01/29
0
1902522 Q22/H74 F 33,750.00 ZZ
240 33,442.75 1
1
143 SWEET STREET NE 11.750 365.76 45
10.672 365.76 75,000.00
GRAND RAPIDS MI 49505 2 12/05/98 00
1878222 05 01/10/99 0
VEL11139814 O 12/10/18
0
1902598 Q22/H74 F 63,000.00 ZZ
360 62,881.25 1
1812 PRIMROSE PLACE 12.990 696.42 70
11.912 696.42 90,000.00
DURHAM NC 27703 2 12/11/98 00
1878248 05 01/17/99 0
MAS09219828410 O 12/17/28
0
1902864 Q22/H74 F 73,800.00 ZZ
360 73,560.44 1
8525 GLENDEVON CT 9.990 647.11 60
8.912 647.11 123,000.00
RIVERDALE GA 30274 5 10/28/98 00
1878180 05 12/02/98 0
FAV0827982911 O 11/02/28
0
1902888 Q22/H74 F 17,400.00 ZZ
180 15,018.03 1
1054 CROSBY NW STREET 11.990 208.72 42
10.912 208.72 42,000.00
WALKER MI 49504 5 08/04/95 00
1878172 05 09/10/95 0
77951511 O 08/10/10
0
1902940 K08/G61 F 42,000.00 ZZ
360 41,917.01 1
505 ADAMS STREET 8.125 311.85 42
7.750 311.85 100,000.00
RED HILL PA 18076 5 02/11/99 00
1878743 05 04/01/99 0
0411242399 O 03/01/29
0
1903068 Q89/G01 F 121,805.26 ZZ
335 121,805.26 1
RT 2, BOX 54 7.500 869.07 74
7.250 869.07 165,000.00
PURCELL OK 73080 5 04/20/99 00
0410322895 05 07/01/99 0
1
1576107 O 05/01/27
0
1903095 462/462 F 304,000.00 ZZ
360 303,190.89 1
6768 EDGEWATER LANE 6.625 1,946.55 95
6.375 1,946.55 320,181.00
LIVERMORE CA 94550 1 02/12/99 14
6052005 05 04/01/99 30
6052005 O 03/01/29
0
1903299 Q89/G01 F 123,001.16 ZZ
333 123,001.16 1
375 NW 107TH TERRACE 7.500 879.16 74
7.250 879.16 167,000.00
CORAL SPRINGS FL 33071 5 04/19/99 00
0410348270 05 07/01/99 0
1561155 O 03/01/27
0
1903893 286/286 F 40,200.00 ZZ
360 40,148.56 1
600 S DETROIT AVE 8.250 302.01 90
8.000 302.01 44,700.00
TOLEDO OH 43609 1 03/03/99 11
9427006 05 05/01/99 25
9427006 N 04/01/29
0
1903910 286/286 F 96,000.00 ZZ
360 95,819.73 4
954-56-58-58 1/2 E IMPERIAL HY 8.375 729.67 60
8.125 729.67 160,000.00
LOS ANGELES CA 90003 1 02/25/99 00
9492055 23 04/01/99 0
9492055 N 03/01/29
0
1903926 286/286 F 37,500.00 ZZ
360 37,454.38 2
44 MARION CT 8.500 288.35 75
8.250 288.35 50,000.00
MILBOURNE PA 19082 1 03/30/99 00
9506604 23 05/01/99 0
9506604 N 04/01/29
0
1
1903948 286/286 F 194,400.00 ZZ
360 194,131.54 1
7 LINDY ROAD 7.875 1,409.54 80
7.625 1,409.54 243,000.00
WAYNE NJ 07470 1 03/05/99 00
9434523 05 05/01/99 0
9434523 O 04/01/29
0
1904116 F19/G01 F 300,000.00 ZZ
180 299,043.19 1
119 MOORE CREEK ROAD 6.875 2,675.56 40
6.625 2,675.56 750,000.00
SANTA CRUZ CA 95060 5 04/15/99 00
0431302934 05 06/01/99 0
353671 O 05/01/14
0
1904282 N85/G01 F 482,000.00 ZZ
360 481,623.99 1
1575 QUEENS ROAD 7.250 3,288.09 77
7.000 3,288.09 630,000.00
LOS ANGELES CA 90069 2 04/19/99 00
0431304039 05 06/01/99 0
12257451 O 05/01/29
0
1904907 K09/G01 F 92,400.00 ZZ
360 92,327.92 1
937 SOUTH 190 WEST 7.250 630.33 88
7.000 630.33 105,000.00
OREM UT 84058 5 04/22/99 01
0431307891 05 06/01/99 25
0000 O 05/01/29
0
1905030 356/G01 F 274,000.00 ZZ
360 273,786.25 1
879 CHEVY STREET 7.250 1,869.17 66
7.000 1,869.17 420,000.00
BELMONT CA 94002 2 04/02/99 00
0431307040 05 06/01/99 0
2705564 O 05/01/29
0
1905337 638/G01 F 129,000.00 ZZ
360 128,911.22 1
2428 NORTH CORNELL ROAD 7.875 935.34 73
7.625 935.34 179,000.00
1
ARLINGTON HEIGH IL 60004 5 04/16/99 00
0431309061 05 06/01/99 0
8872789 O 05/01/29
0
1905661 B57/G01 F 330,000.00 ZZ
360 329,748.89 1
16425 OTSEGO STREET 7.375 2,279.23 80
7.125 2,279.23 412,500.00
LOS ANGELES CA 91436 1 04/19/99 00
0431310044 05 06/01/99 0
9911265 O 05/01/29
0
1905705 F03/G01 F 392,000.00 ZZ
360 391,686.52 1
1089 KALIHIWAI PLACE 7.125 2,640.98 80
6.875 2,640.98 490,000.00
HONOLULU HI 96825 1 04/15/99 00
0431306778 03 06/01/99 0
HON10034 O 05/01/29
0
1905819 N99/G61 F 51,000.00 ZZ
180 49,419.88 1
PO BOX 206 SALINE STREET 9.750 540.27 85
8.875 540.27 60,000.00
IRONDALE OH 43932 2 05/18/98 00
1878909 05 07/01/98 0
OVM1050 O 06/01/13
0
1905990 M65/H74 F 207,000.00 ZZ
180 206,680.79 2
2704 BAINBRIDGE AVENUE 11.750 2,089.48 90
11.375 2,089.48 230,000.00
BRONX NY 10465 1 01/14/99 00
1878487 23 02/14/99 0
1966 O 01/14/14
0
1906046 B57/G01 F 130,000.00 ZZ
360 129,890.78 1
2925 ACRESITE STREET 6.875 854.01 66
6.625 854.01 197,500.00
LOS ANGELES CA 90039 2 04/23/99 00
0431309996 05 06/01/99 0
9910824 O 05/01/29
0
1
1906071 M65/H74 F 216,000.00 ZZ
180 215,719.88 2
2141 WATSON AVENUE 11.500 2,139.03 90
11.125 2,139.03 240,000.00
BRONX NY 10472 5 02/04/99 00
1878719 23 03/09/99 0
1927 O 02/09/14
0
1906293 A38/G61 F 210,022.00 ZZ
360 207,803.76 1
102 BRANDING IRON 7.625 1,486.52 93
7.159 1,486.52 228,000.00
BOERNE TX 78006 1 03/13/98 10
1878842 03 05/01/98 25
8120130 O 04/01/28
0
1906529 665/G01 F 350,000.00 ZZ
360 349,726.96 1
213 WEST 42ND AVENUE 7.250 2,387.62 75
7.000 2,387.62 467,000.00
SAN MATEO CA 94403 5 04/21/99 00
0431309657 05 06/01/99 0
9901229262 O 05/01/29
0
1906536 144/144 F 89,561.00 ZZ
180 88,468.88 1
12 FOUR SISTERS LANE 7.500 830.24 60
7.250 830.24 150,000.00
PORT EWEN NY 12466 2 01/20/99 00
160634592 05 03/01/99 0
160634592 O 02/01/14
0
1906753 808/G61 F 135,200.00 ZZ
360 135,099.66 1
2622 GALLIO AVENUE 7.500 945.34 80
7.250 945.34 169,000.00
ROWLAND HEIGHTS CA 91748 1 04/07/99 00
1878453 05 06/01/99 0
9310181 O 05/01/29
0
1907323 Q22/H74 F 46,000.00 ZZ
240 44,369.14 1
1
127 SOUTH ORCHARD STREET 8.625 402.85 70
7.547 402.85 66,500.00
HAMERSVILLE OH 45130 5 08/07/97 00
1878230 05 10/01/97 0
375294 N 09/01/17
0
1907538 B57/G01 F 360,000.00 ZZ
360 359,732.82 1
21241 ESCONDIDO STREET 7.500 2,517.18 75
7.250 2,517.18 485,000.00
LOS ANGELES CA 91364 5 04/22/99 00
0431321603 05 06/01/99 0
9911414 O 05/01/29
0
1907595 H19/G01 F 251,100.00 ZZ
360 250,913.65 1
3736 KYLE SPRINGS CIRCLE 7.500 1,755.73 90
7.250 1,755.73 279,000.00
LAS VEGAS NV 89108 1 04/14/99 12
0431322742 05 06/01/99 25
0002117505 O 05/01/29
0
1907623 Q89/G01 F 132,995.61 ZZ
336 132,995.61 1
5114 WEST 142ND STREET 7.625 959.27 73
7.375 959.27 183,000.00
HAWTHORNE CA 90250 5 04/28/99 00
0430282715 05 07/01/99 0
1575518 O 06/01/27
0
1907638 076/076 F 254,500.00 ZZ
360 254,060.53 1
12 LISTER DRIVE 6.750 1,650.68 87
6.500 1,650.68 295,000.00
BARRINGTON RI 02806 2 03/22/99 11
0193593 05 05/01/99 25
0193593 O 04/01/29
0
1907996 Q89/G01 F 199,973.30 ZZ
342 199,973.30 1
12617 MORGAN ROAD 7.625 1,435.14 75
7.375 1,435.14 270,000.00
HUDSON FL 34669 2 05/01/99 00
0410579759 05 07/01/99 0
1
1657619 O 12/01/27
0
1909202 M90/G61 F 53,550.00 ZZ
360 53,488.98 1
1895 FLAT SHOALS ROAD 10.750 499.88 85
9.875 499.88 63,000.00
ATLANTA GA 30316 1 02/18/99 00
1878883 05 04/01/99 0
2189901 O 03/01/29
0
1909258 A38/G61 F 72,000.00 ZZ
360 71,875.62 1
1025 SOUTH WEST BIANCA AVENUE 9.875 625.22 80
9.409 625.22 90,000.00
PORT ST. LUCIE FL 34953 1 02/19/99 00
1878784 05 04/01/99 0
2130020F O 03/01/29
0
1909271 A38/G61 F 39,200.00 ZZ
360 39,094.57 1
7843 OLUSTA DRIVE 11.875 399.45 80
11.409 399.45 49,000.00
DALLAS TX 75217 1 10/26/98 00
1878800 05 12/01/98 0
1120435 O 11/01/28
0
1909347 225/225 F 420,000.00 ZZ
360 419,374.63 1
4800 VIA DE ROCA 7.500 2,936.71 80
7.250 2,936.71 525,000.00
YORBA LINDA CA 92887 2 03/08/99 00
7116953 05 05/01/99 0
7116953 O 04/01/29
0
1909567 356/G01 F 391,200.00 ZZ
360 390,902.32 1
35612 GOLDSMITH DRIVE 7.375 2,701.93 80
7.125 2,701.93 489,000.00
FREMONT CA 94536 1 04/14/99 00
0431323047 05 06/01/99 0
2758761 O 05/01/29
0
1
1909778 Q89/G01 F 275,402.07 ZZ
341 275,402.07 1
3112 POZO DRIVE 7.625 1,978.09 89
7.375 1,978.09 310,000.00
HACIENDA HEIGHT CA 91745 5 05/07/99 19
0430494377 05 07/01/99 25
1657320 O 11/01/27
0
1910006 225/225 F 650,000.00 ZZ
360 649,480.20 1
575 27TH AVE 7.125 4,379.18 80
6.875 4,379.18 818,000.00
SAN FRANCISCO CA 94121 1 04/08/99 00
7120425 05 06/01/99 0
7120425 O 05/01/29
0
1910061 B57/G01 F 295,000.00 ZZ
360 294,752.16 1
3211 DONA EMILLA DRIVE 6.875 1,937.94 51
6.625 1,937.94 585,000.00
LOS ANGELES CA 91604 5 04/29/99 00
0431324318 05 06/01/99 0
9920173 O 05/01/29
0
1910124 225/225 F 273,750.00 ZZ
360 273,536.45 1
3116 SHORE ROAD 7.250 1,867.46 75
7.000 1,867.46 365,000.00
UPPER TOWNSHIP NJ 08230 5 04/06/99 00
7118704 05 06/01/99 0
7118704 O 05/01/29
0
1910181 G76/G61 F 78,000.00 ZZ
180 78,000.00 1
520 ASHBURY CIRCLE 11.800 790.34 65
11.175 790.34 120,000.00
HOPKINSVILLE KY 42240 5 04/30/99 00
1880079 05 07/01/99 0
114596 O 06/01/14
0
1910700 M65/H74 F 144,000.00 ZZ
180 143,735.68 1
771 UNION AVENUE 10.950 1,365.91 90
10.575 1,365.91 160,000.00
1
BRONX NY 10455 1 01/07/99 00
1878859 07 02/07/99 0
1964 O 01/07/14
0
1911291 N99/H74 F 93,500.00 ZZ
360 93,149.49 1
2532 HWY 25 9.250 769.20 76
8.750 769.20 124,500.00
COTTONTOWN TN 37048 5 11/13/98 00
1878925 05 12/19/98 0
7997 O 11/19/28
0
1911385 N99/H74 F 56,800.00 ZZ
180 56,721.54 1
5242 SHARON TERRACE 12.250 595.21 80
11.500 595.21 71,000.00
JACKSONVILLE FL 32216 1 01/13/99 00
1878917 05 02/13/99 0
8603 O 01/13/14
0
1916086 Q72/Q72 F 88,749.00 ZZ
360 80,460.14 1
1090 DOROTHY COURT 11.500 878.87 80
11.000 878.87 112,000.00
PASO ROBLES CA 93446 5 09/29/87 00
3004260 05 11/01/87 0
3004260 O 10/01/17
0
1916087 Q72/Q72 F 147,198.85 ZZ
360 145,968.95 1
3712 SHEPPARD HILL RD. 9.500 1,237.73 99
9.000 1,237.73 150,000.00
KERNERSVILLE NC 27284 2 01/15/98 00
3060813 05 03/01/98 0
3060813 O 02/01/28
0
1916088 Q72/Q72 F 76,000.00 ZZ
360 75,019.12 1
5738 U.S. HWY 64 EAST 12.390 804.63 80
11.890 804.63 96,000.00
LEXINGTON NC 27292 5 02/07/96 00
3060822 05 03/12/96 0
3060822 O 02/12/26
0
1
1916089 Q72/Q72 F 75,600.00 ZZ
360 74,250.95 1
323 HEMLOCK DR. 10.900 714.25 89
10.400 714.25 85,000.00
DURHAM NC 27705 2 01/18/96 00
3060831 05 02/24/96 0
3060831 O 01/24/26
0
1916090 Q72/Q72 F 74,320.00 ZZ
360 72,732.82 1
706 LAKEVIEW DR. 9.890 646.18 80
9.390 646.18 94,000.00
DURHAM NC 27712 5 01/31/96 00
3060840 05 03/01/96 0
3060840 O 02/01/26
0
1916091 Q72/Q72 F 58,950.00 ZZ
360 58,480.36 1
3643 CRESTON DR 11.400 579.29 90
10.900 579.29 65,500.00
INDIANAPOLIS IN 46222 2 03/28/97 00
3062198 05 05/02/97 0
3062198 O 04/02/27
0
1916093 Q72/Q72 F 51,022.00 ZZ
360 49,218.90 1
1000 EL SERENO DR 7.500 356.75 86
7.000 356.75 60,000.00
BAKERSFIELD CA 93304 2 12/20/95 00
3200119 05 02/01/96 0
3200119 O 01/01/26
0
1916094 Q72/Q72 F 115,102.00 ZZ
360 107,794.26 1
11980 REDWOOD DR 7.000 765.78 101
6.500 765.78 115,000.00
FONTANA CA 92335 2 01/03/94 00
3200137 05 03/01/94 0
3200137 O 02/01/24
0
1916095 Q72/Q72 F 63,700.00 ZZ
360 61,792.19 1
1
123 GRAVETT RD 9.000 512.54 100
8.500 512.54 64,000.00
SODDY DAISY TN 37379 2 11/07/95 00
3200146 05 01/01/96 0
3200146 O 12/01/25
0
1916096 Q72/Q72 F 53,988.00 ZZ
360 52,255.08 1
511 EXPLORER CR 7.750 386.78 100
7.250 386.78 54,500.00
DOTHAN AL 36301 2 01/31/96 00
3200164 05 03/01/96 0
3200164 O 02/01/26
0
1916097 Q72/Q72 F 89,954.00 ZZ
360 86,030.30 1
2302 HOLLY HILLS RD 8.000 660.05 100
7.500 660.05 90,000.00
SODDY DAISY TN 37379 2 03/29/96 00
3200173 05 05/01/96 0
3200173 O 04/01/26
0
1916098 Q72/Q72 F 42,750.00 ZZ
360 41,511.55 1
2023 N. LACROSSE AVENUE 9.500 359.47 95
9.000 359.47 45,000.00
CHICAGO IL 60639 2 06/26/95 10
3300001 05 08/01/95 30
3300001 O 07/01/25
0
1916099 Q72/Q72 F 56,595.00 ZZ
360 54,243.19 1
177 SOUTHSIDE DRIVE 8.500 435.17 88
8.000 435.17 64,900.00
MCMINNVILLE TN 37110 2 04/20/95 00
3400073 05 06/01/95 0
3400073 O 05/01/25
0
1916100 Q72/Q72 F 126,000.00 ZZ
360 116,767.06 1
53 SMITH ST 8.250 946.60 87
7.750 946.60 145,000.00
PERTH AMBOY NJ 08861 2 07/27/95 14
3400117 05 09/01/95 0
1
3400117 O 08/01/25
0
1916101 Q72/Q72 F 115,900.00 ZZ
360 111,624.29 1
883 ASPEN DR 8.000 850.43 98
7.500 850.43 119,000.00
LITHIA SPRINGS GA 30057 2 06/15/95 00
3400126 05 08/01/95 0
3400126 O 07/01/25
0
1916102 Q72/Q72 F 73,130.00 ZZ
360 70,790.55 1
392 W OTTAWA RD 8.000 536.60 99
7.500 536.60 74,000.00
PAXTON IL 60957 2 12/04/95 00
3400162 05 02/01/96 0
3400162 O 01/01/26
0
1916103 Q72/Q72 F 46,615.00 ZZ
360 44,682.99 1
2106 WEST PROSPECT STREET 9.000 375.08 100
8.500 375.08 47,000.00
JACKSONVILLE FL 32205 2 10/06/95 00
3400233 05 11/01/95 0
3400233 O 10/01/25
0
1916107 Q72/Q72 F 59,375.00 ZZ
360 57,451.51 1
5697 WEST 17TH AVE UNIT 710 8.000 435.67 95
7.500 435.67 63,000.00
HIALEAH FL 33012 2 11/20/95 12
3400322 05 01/01/96 0
3400322 O 12/01/25
0
1916108 Q72/Q72 F 190,000.00 ZZ
360 186,726.60 1
1721 NEW HAVEN AVENUE 8.500 1,460.94 91
8.000 1,460.94 210,000.00
FAR ROCKAWAY NY 11691 2 03/19/97 01
3400368 05 05/01/97 0
3400368 O 04/01/27
0
1
1916109 Q72/Q72 F 79,653.00 ZZ
360 77,212.08 1
100 CANNADY DRIVE 8.000 584.47 100
7.500 584.47 79,653.00
CEDAR HILL TX 75104 2 01/26/96 00
3400402 05 03/01/96 0
3400402 O 02/01/26
0
1916110 Q72/Q72 F 111,240.00 ZZ
360 107,259.50 1
4625 SOUTH SHERMAN STREET 7.000 740.09 86
6.500 740.09 130,000.00
ENGLEWOOD CO 80110 2 02/29/96 99
3400420 05 04/01/96 0
3400420 O 03/01/26
0
1916111 Q72/Q72 F 111,000.00 ZZ
360 107,374.53 1
3622 NORTH SAYRE AVENUE 7.500 776.13 76
7.000 776.13 147,000.00
CHICAGO IL 60634 5 02/27/96 00
3400439 05 04/01/96 0
3400439 O 03/01/26
0
1916112 Q72/Q72 F 68,967.00 ZZ
360 67,091.62 1
8834 HALSTED ST 8.500 530.30 89
8.000 530.30 77,900.00
CHICAGO IL 60620 2 04/24/96 98
3400466 05 06/01/96 0
3400466 O 05/01/26
0
1916114 Q72/Q72 F 54,443.00 ZZ
360 52,998.40 1
5910 CAMARO DR WEST 8.500 418.62 93
8.000 418.62 59,000.00
JACKSONVILLE FL 32244 2 04/19/96 00
3400475 05 06/01/96 0
3400475 O 05/01/26
0
1916115 Q72/Q72 F 62,660.00 ZZ
360 61,206.52 1
629 ALAMO DR 9.000 504.18 98
8.500 504.18 64,000.00
1
MONTGOMERY AL 36111 2 04/30/96 98
3400536 05 06/01/96 0
3400536 O 05/01/26
0
1916117 Q72/Q72 F 99,455.00 ZZ
360 98,095.82 1
317 EAST 84TH PLACE 8.500 764.73 81
8.000 764.73 123,000.00
LOS ANGELES CA 90003 2 08/15/97 00
3500054 05 10/01/97 0
3500054 O 09/01/27
0
1916118 Q72/Q72 F 137,301.00 ZZ
360 135,520.54 1
1439 SOUTH PINE AVENUE 8.500 1,055.73 97
8.000 1,055.73 143,000.00
ONTARIO CA 91762 2 09/11/97 00
3500278 05 11/01/97 0
3500278 O 10/01/27
0
1916120 Q72/Q72 F 80,982.00 ZZ
360 79,875.21 1
24387 ELECTRA COURT 8.500 622.69 99
8.000 622.69 82,000.00
MORENO VALLEY CA 92551 2 08/15/97 00
3500287 05 10/01/97 0
3500287 O 09/01/27
0
1916121 Q72/Q72 F 83,845.00 ZZ
360 82,699.18 1
14321 WOODLARK LANE 8.500 644.70 97
8.000 644.70 87,000.00
MORENO VALLEY CA 92553 2 08/15/97 00
3500296 05 10/01/97 0
3500296 O 09/01/27
0
1916122 Q72/Q72 F 71,012.00 ZZ
360 70,091.21 1
25704 DANDELION COURT 8.500 546.02 93
8.000 546.02 77,000.00
MORENO VALLEY CA 92553 2 09/11/97 00
3500312 05 11/01/97 0
3500312 O 10/01/27
0
1
1916123 Q72/Q72 F 116,539.00 ZZ
360 115,057.89 1
1231 JEFFERSON AVE 8.750 916.82 99
8.250 916.82 118,000.00
ESCONDIDO CA 92027 2 09/10/97 00
3500330 05 11/01/97 0
3500330 O 10/01/27
0
1916124 Q72/Q72 F 153,375.00 ZZ
360 151,180.86 1
8854 KENTVILLE STREET 8.000 1,125.42 93
7.500 1,125.42 165,000.00
RIVERSIDE CA 92508 2 09/04/97 98
3500394 05 11/01/97 0
3500394 O 10/01/27
0
1916125 Q72/Q72 F 74,290.00 ZZ
360 73,277.96 1
2227 SMOKETREE LANE 8.250 558.12 98
7.750 558.12 76,000.00
ONTARIO CA 91752 2 09/19/97 00
3500429 01 11/01/97 0
3500429 O 10/01/27
0
1916126 Q72/Q72 F 71,268.00 ZZ
360 70,140.42 1
474 COUDURES WAY 7.750 510.58 92
7.250 510.58 78,000.00
PERRIS CA 92571 2 08/22/97 00
3500438 05 10/01/97 0
3500438 O 09/01/27
0
1916127 Q72/Q72 F 107,100.00 ZZ
360 105,491.70 1
27798 CALLE DE LEON 7.750 767.28 89
7.250 767.28 121,000.00
ROMOLAND CA 92585 2 09/05/97 00
3500456 05 11/01/97 0
3500456 O 10/01/27
0
1916128 Q72/Q72 F 49,950.00 ZZ
360 49,300.33 1
1
8847 WILLIS AVENUE #D-9 8.750 392.96 91
8.250 392.96 55,000.00
LOS ANGELES CA 91402 2 08/22/97 00
3500492 01 10/01/97 0
3500492 O 09/01/27
0
1916129 Q72/Q72 F 95,000.00 ZZ
360 93,883.17 1
248 WINDSOR AVE 11.875 968.06 78
11.375 968.06 123,000.00
WESTFIELD NJ 07090 5 08/02/96 00
3600142 05 10/01/96 0
3600142 O 09/01/26
0
1916130 Q72/Q72 F 129,300.00 ZZ
360 128,353.29 1
1425 S. HARRIS 12.875 1,417.70 75
12.375 1,417.70 172,500.00
YPSILANTI MI 48198 5 02/21/97 00
3600366 05 04/01/97 0
3600366 O 03/01/27
0
1916131 Q72/Q72 F 75,600.00 ZZ
360 74,807.88 1
114 HOMER ST 11.375 741.46 90
10.875 741.46 84,000.00
ELYRIA OH 44035 2 01/28/97 00
3600428 05 03/01/97 0
3600428 O 02/01/27
0
1916133 Q72/Q72 F 18,900.00 ZZ
360 18,681.95 1
1852 N MOTT DRIVE 13.000 209.07 70
12.500 209.07 27,000.00
MOBILE AL 36617 5 01/27/97 00
3700917 05 03/01/97 0
3700917 O 02/01/27
0
1916134 Q72/Q72 F 52,800.00 ZZ
240 51,579.36 1
2949 BUNGALOW COURT SOUTH 11.700 570.37 80
11.200 570.37 66,000.00
MOBILE AL 36695 5 10/03/97 00
3701257 05 11/08/97 0
1
3701257 O 10/08/17
0
1916135 Q72/Q72 F 28,000.00 ZZ
360 27,838.52 1
1617 S. FAUST STREET 12.150 291.25 80
11.650 291.25 35,000.00
INDIANAPOLIS IN 46203 5 10/21/97 00
3701284 05 12/01/97 0
3701284 O 11/01/27
0
1916136 Q72/Q72 F 42,900.00 ZZ
360 42,505.02 1
89 FORT SUMPTER 12.900 471.21 55
12.400 471.21 78,000.00
CONROE TX 77302 5 08/28/96 00
4008905 05 10/01/96 0
4008905 O 09/01/26
0
1916138 Q72/Q72 F 71,006.47 ZZ
360 70,363.40 1
13219 TELEGRAPH ROAD 10.000 623.13 79
9.500 623.13 90,000.00
WOODBRIDGE VA 22192 5 03/13/98 00
4010322 05 04/01/98 0
4010322 O 03/01/28
0
1916139 Q72/Q72 F 60,800.00 ZZ
360 59,886.85 1
2473 GASPER SOMERS ROAD 10.000 533.57 79
9.500 533.57 77,000.00
CAMDEN OH 45311 5 01/04/97 00
4010572 05 02/10/97 0
4010572 O 01/10/27
0
1916140 Q72/Q72 F 114,800.00 ZZ
360 106,792.29 1
392 CENTRAL PARK WEST UNIT 12D 9.375 954.85 61
8.875 954.85 191,000.00
NEW YORK NY 10025 5 07/08/91 00
4010732 01 09/01/91 0
4010732 O 08/01/21
0
1
1916141 Q72/Q72 F 97,800.00 ZZ
360 94,540.71 1
290 SW 99 AVENUE 10.000 858.26 75
9.500 858.26 130,500.00
PEMBROKE PINES FL 33025 5 07/29/94 00
4010876 05 09/01/94 0
4010876 O 08/01/24
0
1916142 Q72/Q72 F 107,124.41 ZZ
360 106,396.55 1
901 VICTORIA LANE 9.500 900.76 75
9.000 900.76 143,000.00
ELK GROVE VILLA IL 60007 5 05/01/98 00
4500686 05 06/01/98 0
4500686 O 05/01/28
0
1916144 Q72/Q72 F 155,500.00 ZZ
360 153,476.53 1
6 MEADOWCREST LANE 9.000 1,251.19 90
8.500 1,251.19 173,900.00
BEAR DE 19701 2 07/07/97 01
4500980 05 09/01/97 0
4500980 O 08/01/27
0
1916145 Q72/Q72 F 107,000.00 ZZ
360 105,920.55 1
4306 BAYSIDE DRIVE 9.750 919.30 74
9.250 919.30 145,000.00
KISSIMMEE FL 34746 5 09/12/97 00
4501042 05 11/01/97 0
4501042 O 10/01/27
0
1916147 Q72/Q72 F 144,000.00 ZZ
360 142,031.12 1
17130 SE STONEY BROOK COURT 8.500 1,107.24 75
8.000 1,107.24 192,000.00
CLACKAMAS OR 97015 5 08/20/97 00
4501051 05 10/01/97 0
4501051 O 09/01/27
0
1916148 Q72/Q72 F 129,700.00 ZZ
360 111,952.12 1
HEATHER LANE 9.000 1,043.60 80
8.500 1,043.60 162,500.00
1
MACUNGIE PA 18062 5 03/17/87 00
4700023 05 10/01/87 0
4700023 O 09/01/17
0
1916149 Q72/Q72 F 17,900.00 ZZ
360 8,853.16 1
2603 PEOPLES STREET 15.500 233.51 60
15.000 233.51 30,000.00
CHESTER PA 19013 5 01/08/82 98
4700363 05 03/01/82 0
4700363 O 02/01/12
0
1916150 Q72/Q72 F 20,708.00 ZZ
360 18,048.98 1
4724 TAMPA STREET 10.500 189.43 89
10.000 189.43 23,500.00
PHILADELPHIA PA 19120 2 07/29/86 00
4700381 05 09/01/86 0
4700381 O 08/01/16
0
1916151 Q72/Q72 F 48,450.00 ZZ
360 47,247.34 1
317 WEST LOGAN STREET 6.990 322.02 92
6.490 322.02 53,000.00
PHILADELPHIA PA 19144 2 01/21/97 00
4700498 05 03/01/97 0
4700498 O 02/01/27
0
1916152 Q72/Q72 F 20,700.00 ZZ
300 6,939.68 1
118 EAST COOKE AVENUE 9.750 184.64 90
9.250 184.64 23,000.00
GLENOLDEN PA 19036 2 10/27/78 04
4700700 05 12/01/78 20
4700700 O 11/01/03
0
1916153 Q72/Q72 F 45,000.00 ZZ
360 41,382.81 1
742 HIGH STREET 10.250 403.25 35
9.750 403.25 130,000.00
BETHLEHEM PA 18018 5 11/02/89 00
4700737 05 01/01/90 0
4700737 O 12/01/19
0
1
1916154 Q72/Q72 F 110,000.00 ZZ
360 109,049.17 1
8203 BROOKSIDE ROAD 14.000 1,303.36 69
13.500 1,303.36 160,000.00
ELKINS PARK PA 19117 5 03/06/96 00
4700755 05 05/01/96 0
4700755 O 04/01/26
0
1916155 Q72/Q72 F 100,000.00 ZZ
360 98,582.17 1
RR 1 BOX 1504 8.625 768.14 80
8.125 768.14 125,000.00
FRIENDSVILLE PA 18818 5 03/01/99 00
4701335 05 04/01/99 0
4701335 O 03/01/29
0
1916156 Q72/Q72 F 61,750.00 ZZ
360 59,187.74 1
24 GRAVITY STREET 8.375 469.34 80
7.875 469.34 78,000.00
PITTSTON PA 18640 2 10/21/94 11
4701433 05 12/01/94 0
4701433 O 11/01/24
0
1916157 Q72/Q72 F 104,000.00 ZZ
360 99,673.22 2
2255 BERNELL ROAD 8.375 790.48 75
7.875 790.48 139,500.00
STATE COLLEGE PA 16803 5 02/26/96 00
4701488 23 04/01/96 0
4701488 N 03/01/26
0
1916158 Q72/Q72 F 28,300.00 ZZ
360 13,883.39 1
FAIRFIELD DRIVE 8.500 217.61 33
8.000 217.61 87,000.00
SMYRNA DE 19977 5 08/13/76 00
4701629 05 10/01/76 0
4701629 O 09/01/06
0
1916159 Q72/Q72 F 73,150.00 ZZ
360 70,738.90 1
1
319 FAIRVIEW STREET 8.125 543.14 94
7.625 543.14 78,000.00
LEHIGHTON PA 18235 2 11/06/95 12
4701763 05 01/01/96 0
4701763 O 12/01/25
0
1916160 Q72/Q72 F 84,000.00 ZZ
360 77,273.98 1
1707 PINE STREET 10.700 780.97 70
10.200 780.97 120,000.00
NORRISTOWN PA 19401 5 06/07/89 00
4701923 05 08/01/89 0
4701923 O 07/01/19
0
1916161 Q72/Q72 F 36,000.00 ZZ
360 33,359.86 1
1563 TRIBBIT AVENUE 6.375 224.59 99
5.875 224.59 36,500.00
SHARON HILL PA 19079 2 11/05/93 00
4702129 07 01/01/94 0
4702129 O 12/01/23
0
1916162 Q72/Q72 F 32,900.00 ZZ
360 30,384.38 1
1152 VAN HOOK STREET 6.125 199.90 100
5.625 199.90 33,000.00
CAMDEN NJ 08104 2 11/17/93 00
4702138 05 01/01/94 0
4702138 O 12/01/23
0
1916163 Q72/Q72 F 40,850.00 ZZ
360 39,100.69 1
1958 RENOVO STREET 8.500 314.10 95
8.000 314.10 43,000.00
PHILADELPHIA PA 19138 2 08/25/94 00
4702192 05 10/01/94 0
4702192 O 09/01/24
0
1916164 Q72/Q72 F 44,100.00 ZZ
360 40,510.60 1
222 NORTH KING STREET 6.875 289.71 77
6.375 289.71 58,000.00
GEORGETOWN HUND DE 19947 5 04/22/94 00
4702227 05 06/01/94 0
1
4702227 O 05/01/24
0
1916165 Q72/Q72 F 97,000.00 ZZ
360 94,027.82 1
36 PEAR STREET 8.000 711.75 83
7.500 711.75 118,000.00
PALMYRA NJ 08065 2 01/31/96 01
4702370 05 03/01/96 0
4702370 O 02/01/26
0
1916166 Q72/Q72 F 26,500.00 ZZ
360 5,595.93 1
40 BOYDEN STREET 6.750 171.99 81
6.250 171.99 32,960.00
EAST ORANGE NJ 07017 2 06/29/72 00
4702478 05 08/01/72 0
4702478 O 07/01/02
0
1916167 Q72/Q72 F 126,320.00 ZZ
360 125,380.71 1
2472 SW ESTELLA TERRACE 13.000 1,397.36 79
12.500 1,397.36 160,000.00
PALM CITY FL 34990 5 01/23/97 00
5706676 05 03/01/97 0
5706676 O 02/01/27
0
1916168 Q72/Q72 F 48,000.00 ZZ
360 47,626.95 1
1616 DICK MEYERS DRIVE 12.600 516.02 80
12.100 516.02 60,000.00
EL PASO TX 79936 5 03/20/97 00
5715632 05 04/20/97 0
5715632 O 03/20/27
0
1916169 Q72/Q72 F 36,000.00 ZZ
360 35,668.94 1
6125 HUNTER ROAD 11.600 359.26 75
11.100 359.26 48,000.00
OOLTEWAH TN 37363 5 04/01/97 00
5715664 05 05/07/97 0
5715664 O 04/07/27
0
1
1916170 Q72/Q72 F 106,391.00 ZZ
360 103,758.41 1
2972 CLAREMONT AVENUE 8.500 818.06 100
8.000 818.06 107,000.00
CLOVIS CA 93611 2 05/15/96 00
8000185 05 07/01/96 0
8000185 O 06/01/26
0
1916171 Q72/Q72 F 180,766.71 ZZ
300 178,256.70 1
1915 WEST LAS PALMAS CIRCLE 7.625 1,350.58 74
7.125 1,350.58 245,000.00
ORANGE CA 92668 5 06/01/98 00
8000307 05 07/01/98 0
8000307 O 06/01/23
0
1916172 Q72/Q72 F 83,327.00 ZZ
360 77,916.99 1
1503 SPRINGWOOD DRIVE 7.500 582.64 86
7.000 582.64 98,000.00
MESQUITE TX 75181 2 07/27/93 00
8000316 05 09/01/93 0
8000316 O 08/01/23
0
1916173 Q72/Q72 F 152,000.00 ZZ
360 147,342.02 1
2501 EAST 21ST STREET #305 9.000 1,223.03 90
8.500 1,223.03 170,000.00
SIGNAL HILL CA 90806 2 06/01/95 14
8000334 01 08/01/95 30
8000334 O 07/01/25
0
1916174 Q72/Q72 F 81,833.00 ZZ
360 76,399.58 1
8497 NINTH STREET 6.500 517.24 100
6.000 517.24 82,000.00
SAN JOAQUIN CA 93660 2 03/03/94 98
8000352 05 05/01/94 0
8000352 N 04/01/24
0
1916175 Q72/Q72 F 68,800.00 ZZ
360 66,456.45 1
5261 PERKINS ROAD 7.875 498.85 77
7.375 498.85 90,000.00
1
OXNARD CA 93033 5 10/18/95 00
8000361 05 12/01/95 0
8000361 O 11/01/25
0
1916176 Q72/Q72 F 172,900.00 ZZ
360 166,897.46 1
172 CINNAMON OAK AVE 7.625 1,223.78 92
7.125 1,223.78 188,000.00
VENTURA CA 93004 2 10/31/95 12
8000398 05 01/01/96 30
8000398 O 12/01/25
0
1916177 Q72/Q72 F 198,550.00 ZZ
360 194,265.09 1
737 HARRIS POINT DRIVE 8.875 1,579.75 95
8.375 1,579.75 210,000.00
VIRGINIA BEACH VA 23455 2 07/29/96 12
8000423 05 09/01/96 30
8000423 O 08/01/26
0
1916178 Q72/Q72 F 124,000.00 ZZ
360 121,676.99 1
1947 WEST 68TH STREET 9.250 1,020.12 88
8.750 1,020.12 142,000.00
LOS ANGELES CA 90047 2 08/27/96 00
8000469 05 11/01/96 0
8000469 O 10/01/26
0
1916179 Q72/Q72 F 68,300.00 ZZ
360 66,871.18 1
1285 ARLINGTON AVENUE 8.500 525.17 95
8.000 525.17 72,000.00
PLAINFIELD NJ 08000 2 10/29/96 01
8000502 05 12/01/96 0
8000502 O 11/01/26
0
1916181 Q72/Q72 F 69,427.00 ZZ
360 67,942.91 1
2126 AND 2128 PARK WAY 8.750 546.18 100
8.250 546.18 69,500.00
BAKERSFIELD CA 93304 2 07/30/96 98
8000584 05 10/01/96 0
8000584 O 09/01/26
0
1
1916182 Q72/Q72 F 88,446.00 ZZ
360 85,422.82 1
1928 E JARVIS AVENUE 8.000 648.99 100
7.500 648.99 89,000.00
MESA AZ 85204 2 09/27/95 98
8000600 05 11/01/95 0
8000600 O 10/01/25
0
1916184 Q72/Q72 F 47,801.00 ZZ
360 46,809.40 1
18285 BIRCH STREET 9.250 393.25 87
8.750 393.25 55,000.00
PERRIS CA 92570 2 06/21/96 98
8000664 05 08/01/96 0
8000664 O 07/01/26
0
1916185 Q72/Q72 F 76,600.00 ZZ
360 74,252.18 1
24725 ETON 9.000 616.35 95
8.500 616.35 81,000.00
DEARBORN HEIGHT MI 48125 2 07/05/95 00
8000877 05 08/01/95 0
8000877 O 07/01/25
0
1916187 Q72/Q72 F 30,000.00 ZZ
360 28,778.80 1
4711 LARK 12.000 330.33 63
11.500 330.33 48,000.00
SAN ANTONIO TX 78228 5 07/06/96 00
8002733 05 08/15/96 0
8002733 O 07/15/26
0
1916188 Q72/Q72 F 64,000.00 ZZ
360 61,561.71 1
891 SUNSET DRIVE 8.125 475.20 97
7.625 475.20 66,000.00
ARNOLD MO 63010 2 06/30/95 00
8002943 05 08/01/95 0
8002943 O 07/01/25
0
1916189 Q72/Q72 F 76,615.00 ZZ
360 75,519.16 1
1
5811 WEST AVALON DRIVE 8.000 562.17 100
7.500 562.17 77,250.00
PHOENIX AZ 85031 2 09/16/97 98
8003000 05 11/01/97 0
8003000 O 10/01/27
0
1916190 Q72/Q72 F 97,750.00 ZZ
360 97,200.89 1
1530 SUMMER LAKE TERRACE 9.950 854.22 85
9.450 854.22 115,000.00
LOGANVILLE GA 30050 2 06/01/98 00
8003033 05 07/01/98 0
8003033 O 06/01/28
0
1916191 Q72/Q72 F 129,950.00 ZZ
360 127,687.46 1
1400 CARPENTIER STREET #436 7.250 886.49 97
6.750 886.49 134,000.00
SAN LEANDRO CA 94577 2 08/13/97 10
8003048 01 10/01/97 35
8003048 O 09/01/27
0
1916193 Q72/Q72 F 57,600.00 ZZ
360 56,568.26 4
7207 CADDO LAKE LANE 11.490 569.97 89
10.990 569.97 65,000.00
HOUSTON TX 77083 2 08/09/95 00
8003714 23 10/01/95 0
8003714 O 09/01/25
0
1916194 Q72/Q72 F 33,100.00 ZZ
360 32,709.26 1
4141 KOSSUTH AVENUE 11.550 329.05 82
11.050 329.05 40,400.00
ST LOUIS MO 63115 2 04/18/96 00
8003720 05 06/01/96 0
8003720 O 05/01/26
0
1916195 Q72/Q72 F 88,000.00 ZZ
360 85,090.07 1
201 E CHERRY STREET 11.990 904.50 100
11.490 904.50 88,000.00
FOX LAKE WI 53933 2 06/22/95 00
8004242 05 08/01/95 0
1
8004242 O 07/01/25
0
1916197 Q72/Q72 F 146,250.00 ZZ
360 144,195.59 1
32 RIDINGS WAY 12.550 1,566.54 87
12.050 1,566.54 170,000.00
LITITZ PA 17543 2 09/12/95 00
8004320 05 11/01/95 0
8004320 O 10/01/25
0
1916199 Q72/Q72 F 166,500.00 ZZ
360 163,546.75 1
37 WYTHE CIRCLE 10.990 1,584.36 90
10.490 1,584.36 185,000.00
LANCASTER PA 17601 2 10/30/95 00
8004341 05 12/15/95 0
8004341 O 11/15/25
0
1916200 Q72/Q72 F 81,000.00 ZZ
360 80,069.01 1
8235 S ARTESIAN AVENUE 12.950 892.86 90
12.450 892.86 90,000.00
CHICAGO IL 60652 2 02/15/96 00
8004419 05 03/21/96 0
8004419 O 02/21/26
0
1916201 Q72/Q72 F 47,600.00 ZZ
240 46,213.04 1
157 PETE DAVIS ROAD 14.990 626.44 68
14.490 626.44 70,000.00
NEWNAN GA 30263 5 07/16/96 00
8004569 27 08/21/96 0
8004569 O 07/21/16
0
1916202 Q72/Q72 F 80,000.00 ZZ
360 79,297.91 1
5509 JAMES B WHITE HWY 701 S 9.875 694.68 80
9.375 694.68 100,000.00
WHITEVILLE NC 28472 5 11/13/97 00
8004992 05 01/01/98 0
8004992 O 12/01/27
0
1
1916203 Q72/Q72 F 49,350.00 ZZ
360 48,606.04 1
9409-K OLD CONCORD ROAD 8.500 379.46 90
8.000 379.46 55,000.00
CHARLOTTE NC 28213 2 06/18/97 98
8005031 01 08/01/97 0
8005031 O 07/01/27
0
1916204 Q72/Q72 F 26,000.00 ZZ
360 25,875.01 1
1683 ARNOLD DRIVE 12.990 287.41 58
12.490 287.41 45,000.00
STARKVILLE MS 39759 5 10/08/97 00
8005310 05 12/01/97 0
8005310 O 11/01/27
0
1916205 Q72/Q72 F 76,200.00 ZZ
360 75,833.77 1
341 WEST 37TH STREET 12.990 842.33 60
12.490 842.33 127,000.00
HIALEAH FL 33012 5 10/07/97 00
8005328 05 12/01/97 0
8005328 O 11/01/27
0
1916206 Q72/Q72 F 63,750.00 ZZ
360 63,298.21 1
6925 SOUTH HONORE STREET 13.950 752.83 75
13.450 752.83 85,000.00
CHICAGO IL 60636 5 09/13/96 00
8005373 05 11/01/96 0
8005373 O 10/01/26
0
1916207 Q72/Q72 F 132,800.00 ZZ
360 131,985.33 1
5604 CHIMNEY ROCK DRIVE 10.990 1,263.69 80
10.490 1,263.69 166,000.00
ARLINGTON TX 76017 5 01/06/98 00
8006927 05 03/01/98 0
8006927 O 02/01/28
0
1916208 Q72/Q72 F 20,150.00 ZZ
360 19,954.17 1
13388 LINCOLN DRIVE 12.750 218.97 47
12.250 218.97 42,900.00
1
BATON ROUGE LA 70807 5 02/06/98 00
8006960 05 04/01/98 0
8006960 O 03/01/28
0
1916209 Q72/Q72 F 28,200.00 ZZ
360 28,113.20 1
129 EAST 22ND STREET 13.500 323.01 53
13.000 323.01 54,000.00
CHESTER PA 19013 5 03/09/98 00
8006981 05 05/01/98 0
8006981 O 04/01/28
0
1916210 Q72/Q72 F 21,075.00 ZZ
360 21,002.22 1
404 EAST NORTH STREET 12.250 220.85 75
11.750 220.85 28,100.00
VICTORICA TX 77901 5 05/22/98 00
8007005 05 07/01/98 0
8007005 O 06/01/28
0
1916211 Q72/Q72 F 111,600.00 ZZ
360 110,959.43 1
101 GRANDVIEW DRIVE 10.250 1,000.05 90
9.750 1,000.05 124,000.00
HENDERSON NV 89015 2 04/07/98 00
8007011 05 06/01/98 0
8007011 O 05/01/28
0
1916212 Q72/Q72 F 32,800.00 ZZ
360 32,647.58 1
5126 WINETKA STREET 11.250 318.58 80
10.750 318.58 41,000.00
HOUSTON TX 77021 5 04/23/98 00
8007056 05 06/01/98 0
8007056 O 05/01/28
0
1916213 Q72/Q72 F 69,990.00 ZZ
360 69,712.81 1
3229 CASTALIA AVE 11.990 719.39 70
11.490 719.39 100,000.00
LOS ANGELES CA 90032 5 02/09/98 00
8007062 05 06/01/98 0
8007062 O 05/01/28
0
1
1916214 Q72/Q72 F 39,900.00 ZZ
360 39,738.58 1
3324 S CENTRAL AVE 11.500 395.13 70
11.000 395.13 57,000.00
ROCKFORD IL 61102 5 05/28/98 00
8007071 05 07/01/98 0
8007071 O 06/01/28
0
1916216 Q72/Q72 F 48,100.00 ZZ
360 47,977.90 1
450 SW VIOLET AVE 12.750 522.70 65
12.250 522.70 74,000.00
PORT ST LUCIE FL 34983 5 07/01/98 00
8007149 05 09/01/98 0
8007149 O 08/01/28
0
1916218 Q72/Q72 F 69,225.00 ZZ
360 69,049.23 1
5920 TENNERYVILLE ROAD 12.750 752.27 65
12.250 752.27 106,500.00
LONGVIEW TX 75604 5 07/31/98 00
8007308 05 09/01/98 0
8007308 O 08/01/28
0
1916219 Q72/Q72 F 30,740.00 ZZ
360 30,661.96 1
3340 ROGERS DRIVE 12.750 334.05 53
12.250 334.05 58,000.00
ORLANDO FL 32805 5 07/20/98 00
8007314 05 09/01/98 0
8007314 O 08/01/28
0
1916220 Q72/Q72 F 49,300.00 ZZ
360 49,073.06 1
215 ESTHER PLACE 9.990 432.28 79
9.490 432.28 63,000.00
EDCOUCH TX 78538 5 07/28/98 00
8007317 05 09/01/98 0
8007317 O 08/01/28
0
1916221 Q72/Q72 F 19,875.00 ZZ
360 19,757.92 1
1
320 COUNTY ROAD 670 10.500 181.80 75
10.000 181.80 26,500.00
QUITMAN MS 39355 5 02/20/98 00
8007323 05 04/01/98 0
8007323 O 03/01/28
0
1916222 Q72/Q72 F 47,345.00 ZZ
360 47,049.98 1
525 E 5TH STREET 9.450 396.38 85
8.950 396.38 55,700.00
MUNCIE IN 47302 2 05/18/98 00
8007695 05 07/01/98 0
8007695 O 06/01/28
0
1916223 Q72/Q72 F 77,175.00 ZZ
360 71,064.45 1
ROUTE 2, 413 10.000 677.27 99
9.500 677.27 78,000.00
HARPERS FE WV 25425 2 11/16/90 99
8007725 05 01/01/91 0
8007725 O 12/01/20
0
1916224 Q72/Q72 F 40,600.00 ZZ
240 39,878.58 1
355 PINE STREET 13.750 497.51 70
13.250 497.51 58,000.00
SPRING CITY TN 37381 5 10/01/97 00
8007830 05 11/06/97 0
8007830 O 10/06/17
0
1916225 Q72/Q72 F 77,250.00 ZZ
360 77,008.20 1
922 CURTIS STREET 13.750 900.05 75
13.250 900.05 103,000.00
LINDEN NJ 07036 5 03/31/98 00
8008436 05 05/01/98 0
8008436 O 04/01/28
0
1916226 Q72/Q72 F 48,800.00 ZZ
360 48,397.13 1
18262 ASHTON 9.875 423.76 80
9.375 423.76 61,000.00
DETROIT MI 48219 5 12/23/97 00
8008508 05 02/01/98 0
1
8008508 O 01/01/28
0
1916227 Q72/Q72 F 55,000.00 ZZ
360 54,756.19 1
50637 BOWER DRIVE 12.500 587.00 48
12.000 587.00 115,000.00
CHESTERFILED TW MI 48047 5 01/08/98 00
8008511 05 03/01/98 0
8008511 O 02/01/28
0
1916228 Q72/Q72 F 38,500.00 ZZ
360 38,338.37 1
5684 JACKSON 12.750 418.38 50
12.250 418.38 77,000.00
DEARBORN HEIGHT MI 48125 5 03/28/98 00
8008526 05 05/01/98 0
8008526 O 04/01/28
0
1916229 Q72/Q72 F 23,400.00 ZZ
360 23,342.64 1
14256 WASHBURN 15.250 300.57 65
14.750 300.57 36,000.00
DETROIT MI 48238 5 05/27/98 00
8008553 05 07/01/98 0
8008553 O 06/01/28
0
1916230 Q72/Q72 F 63,000.00 ZZ
360 62,826.62 1
108 ALPENA TRAIL 12.500 672.38 75
12.000 672.38 84,000.00
MARKEY TWP MI 48629 5 07/29/98 00
8008574 05 09/01/98 0
8008574 O 08/01/28
0
1916231 Q72/Q72 F 85,000.00 ZZ
360 84,649.31 1
10 NORTHEAST LITTLE STRAWBERRY 9.990 745.31 85
9.490 745.31 100,000.00
BELLINGHAM WA 98226 2 08/21/98 00
8009024 05 10/01/98 0
8009024 O 09/01/28
0
1
1916232 Q72/Q72 F 210,000.00 ZZ
360 208,933.90 1
24712 MORNING STAR LANE 8.990 1,688.20 69
8.490 1,688.20 305,000.00
DANA POINT CA 92629 5 08/24/98 00
8009027 01 10/01/98 0
8009027 O 09/01/28
0
1916233 Q72/Q72 F 47,920.00 ZZ
360 47,768.81 1
28 SOUTH 3RD STREET 11.250 465.43 78
10.750 465.43 62,000.00
COPLAY PA 18037 5 08/14/98 00
8009048 05 10/01/98 0
8009048 O 09/01/28
0
1916234 Q72/Q72 F 134,400.00 ZZ
180 89,766.76 1
1802 OAKSHIRE CT. 12.300 1,639.05 80
11.800 1,639.05 168,000.00
SAN DIEGO CA 92102 5 02/01/91 00
3060494 05 03/15/91 0
3060494 O 02/15/06
0
1916235 Q72/Q72 F 51,200.00 ZZ
240 48,665.36 1
617 COLUMBIA AVE. 11.190 535.12 80
10.690 535.12 64,000.00
BURLINGTON NC 27215 5 05/20/96 00
3060804 05 06/24/96 0
3060804 O 05/24/16
0
1916236 Q72/Q72 F 54,400.00 ZZ
180 48,774.36 1
33356 HARKEY RD. 10.490 601.00 80
9.990 601.00 68,000.00
ALBEMARLE NC 28001 5 03/30/96 00
3060877 05 05/04/96 0
3060877 O 04/04/11
0
1916237 Q72/Q72 F 81,360.00 ZZ
240 78,216.90 1
8500 WOODRIDGE LANE 11.550 870.45 90
11.050 870.45 90,400.00
1
OOLTEWAH TN 37363 2 06/14/96 00
3062081 05 07/14/96 0
3062081 O 06/14/16
0
1916238 Q72/Q72 F 69,300.00 ZZ
240 64,597.89 1
128 COLLEGE ST 11.400 734.27 90
10.900 734.27 77,000.00
URBANA OH 43078 2 01/14/97 00
3062170 05 02/21/97 0
3062170 O 01/21/17
0
1916239 Q72/Q72 F 27,000.00 ZZ
180 25,262.25 2
1636-1638 MUSIC ST 14.728 372.87 59
14.228 372.87 46,000.00
NEW OLEANS LA 70117 5 07/31/96 00
3062214 23 09/01/96 0
3062214 O 08/01/11
0
1916240 Q72/Q72 F 200,000.00 ZZ
180 185,946.87 1
15831 PLUMWOOD STREET 7.000 1,797.66 77
6.500 1,797.66 260,000.00
WESTMINSTER CA 92683 5 08/25/97 00
3500250 05 10/01/97 0
3500250 O 09/01/12
0
1916241 Q72/Q72 F 154,425.00 ZZ
180 144,931.72 1
1642 PAMO ROAD 8.000 1,475.77 98
7.500 1,475.77 158,000.00
RAMONA CA 92065 2 09/12/97 00
3500385 05 11/01/97 0
3500385 O 10/01/12
0
1916242 Q72/Q72 F 16,000.00 ZZ
180 15,243.57 1
23 MECHANIC STREET 12.990 202.34 54
12.490 202.34 30,000.00
SELMA AL 36701 5 07/23/97 00
3700944 05 08/29/97 0
3700944 O 07/29/12
0
1
1916243 Q72/Q72 F 35,750.00 ZZ
180 35,678.55 1
13469 CALDWELL 17.400 521.31 65
16.900 521.31 55,000.00
DETROIT MI 48212 5 06/06/97 00
3700962 05 07/11/97 0
3700962 O 06/11/12
0
1916244 Q72/Q72 F 20,000.00 ZZ
180 19,899.66 1
20498 SANTA BARBARA 14.000 236.98 55
13.500 236.98 37,000.00
DETROIT MI 48221 5 06/16/97 00
3701006 05 07/20/97 0
3701006 O 06/20/12
0
1916245 Q72/Q72 F 110,430.00 ZZ
180 109,751.86 1
5712 MANCHESTER DRIVE 12.375 1,167.88 89
11.875 1,167.88 124,500.00
RICHARDSON TX 75082 2 07/28/97 00
3701088 05 09/01/97 0
3701088 O 08/01/12
0
1916247 Q72/Q72 F 71,400.00 ZZ
180 71,036.72 1
2040 ATHENS HIGHWAY 12.990 789.27 70
12.490 789.27 102,000.00
MADISON GA 30650 5 09/29/97 00
3701239 05 11/03/97 0
3701239 O 10/03/12
0
1916248 Q72/Q72 F 103,500.00 ZZ
180 59,403.12 1
33337 3RD STREET 13.350 1,333.45 69
12.850 1,333.45 150,000.00
UNION CITY CA 94587 5 08/21/89 00
4010242 05 09/22/89 0
4010242 O 08/22/04
0
1916249 Q72/Q72 F 140,000.00 ZZ
180 96,793.86 1
1
1106 GYPSY LANE 13.400 1,808.35 80
12.900 1,808.35 175,000.00
ORELAND PA 19075 5 04/10/91 00
4010251 05 05/15/91 0
4010251 O 04/15/06
0
1916250 Q72/Q72 F 47,500.00 ZZ
180 29,675.90 1
1419 RANDOLPH STREET 13.750 624.62 70
13.250 624.62 67,900.00
HARRISBURG PA 17104 5 03/07/90 00
4010288 05 04/12/90 0
4010288 O 03/12/05
0
1916251 Q72/Q72 F 80,000.00 ZZ
180 54,791.15 2
26-28 BERGEN STREET 11.990 959.61 67
11.490 959.61 120,000.00
PATERSON CITY NJ 07522 5 06/28/91 00
4010420 23 08/03/91 0
4010420 O 07/03/06
0
1916252 Q72/Q72 F 84,000.00 ZZ
180 64,915.14 1
406 S RTE 73 9.750 889.86 80
9.250 889.86 105,000.00
BLUE ANCHOR NJ 08037 5 09/17/93 00
4010527 05 10/23/93 0
4010527 O 09/23/08
0
1916254 Q72/Q72 F 63,000.00 ZZ
180 27,394.03 1
154 CHICHESTER AVENUE 14.750 870.97 60
14.250 870.97 105,000.00
CENTER MORICHES NY 11934 5 10/07/87 00
4010750 05 11/14/87 0
4010750 O 10/14/02
0
1916255 Q72/Q72 F 73,700.00 ZZ
180 47,530.15 1
214 23RD STREET 12.500 908.37 70
12.000 908.37 106,000.00
WATERVLIET NY 12189 5 10/24/90 00
4011090 05 11/29/90 0
1
4011090 N 10/29/05
0
1916256 Q72/Q72 F 20,000.00 ZZ
180 13,830.92 1
JACKSON STREET 10.500 221.08 80
10.000 221.08 25,000.00
THOMPSON PA 18465 5 01/17/92 00
4701406 05 02/23/92 0
4701406 O 01/23/07
0
1916257 Q72/Q72 F 30,000.00 ZZ
120 20,273.33 1
CORNER OF BEECH & LIBERTY STRE 7.625 358.07 69
7.125 358.07 44,000.00
BLANCHARD PA 16826 5 08/31/95 00
4701512 05 11/01/95 0
4701512 O 10/01/05
0
1916260 Q72/Q72 F 27,500.00 ZZ
180 24,580.85 1
8506 PIEDMONT 16.000 369.81 55
15.500 369.81 50,000.00
DETROIT MI 48228 5 04/03/97 00
8000850 05 05/08/97 0
8000850 O 04/08/12
0
1916261 Q72/Q72 F 26,939.13 ZZ
180 23,499.74 1
409 NORTH NEW YORK AVENUE 12.250 336.81 85
11.750 336.81 32,000.00
ATLANTIC CITY NJ 08401 2 08/26/94 00
8002487 05 10/01/94 0
8002487 O 09/01/09
0
1916262 Q72/Q72 F 72,638.16 ZZ
180 71,524.90 1
31 PRIMROSE LANE 12.150 778.69 89
11.650 778.69 82,000.00
SICKLERVILLE NJ 08081 2 11/22/96 00
8002535 05 01/01/97 0
8002535 O 12/01/11
0
1
1916263 Q72/Q72 F 52,720.00 ZZ
180 51,936.91 1
700 TARBORO STREET 13.490 603.45 88
12.990 603.45 60,000.00
ROCKY MOUNT NC 27801 2 01/29/96 00
8002562 05 02/29/96 0
8002562 O 01/29/11
0
1916264 Q72/Q72 F 65,945.99 ZZ
180 64,866.79 1
73 ROGERS DRIVE 14.130 800.38 91
13.630 800.38 73,000.00
GERMANTOWN OH 45327 2 11/29/96 00
8002571 05 01/05/97 0
8002571 O 12/05/11
0
1916265 Q72/Q72 F 28,000.00 ZZ
179 23,848.88 1
10323 EAST THISTLE STREET 9.000 283.99 80
8.500 283.99 35,000.00
EL FRIDA AZ 85610 5 05/05/95 00
8002745 05 07/19/95 0
8002745 O 05/19/10
0
1916267 Q72/Q72 F 43,632.00 ZZ
180 43,364.67 1
145 LAKESHORE DRIVE 13.850 512.46 80
13.350 512.46 55,000.00
POTTS CAMP MS 38659 5 05/08/96 00
8002769 05 06/13/96 0
8002769 O 05/13/11
0
1916268 Q72/Q72 F 28,739.88 ZZ
180 25,200.70 1
2002 SPIRES AVENUE 11.990 344.72 83
11.490 344.72 35,000.00
JACKSONVILLE FL 32209 2 01/09/95 00
8002811 05 02/13/95 0
8002811 O 01/13/10
0
1916269 Q72/Q72 F 25,600.00 ZZ
180 23,407.77 1
STATE ROAD #1858 P O BOX 11 11.240 294.84 80
10.740 294.84 32,000.00
1
MORVEN NC 28119 5 08/12/96 00
8003753 05 09/16/96 0
8003753 O 08/16/11
0
1916270 Q72/Q72 F 76,500.00 ZZ
180 75,541.86 1
1913 LINWOOD AVENUE 12.240 801.05 90
11.740 801.05 85,000.00
GASTONIA NC 28052 2 09/09/96 00
8003792 05 10/13/96 0
8003792 O 09/13/11
0
1916272 Q72/Q72 F 27,200.00 ZZ
180 25,882.42 1
RT 1 BOX 12 13.800 358.59 80
13.300 358.59 34,000.00
CADES SC 29518 5 05/09/97 00
8003840 27 06/15/97 0
8003840 O 05/15/12
0
1916274 Q72/Q72 F 24,700.00 ZZ
180 9,049.37 1
1701 PLUM STREET 11.750 292.48 65
11.250 292.48 38,500.00
PHILADELPHIA PA 19124 5 05/30/87 00
8003963 07 07/05/87 0
8003963 O 06/05/02
0
1916278 Q72/Q72 F 31,500.00 ZZ
180 20,112.78 1
RD #1 BOX 49 RIDGE AVENUE EXT 13.250 407.59 53
12.750 407.59 60,000.00
CANONSBURG PA 15317 5 06/15/90 00
8004071 05 08/01/90 0
8004071 O 07/01/05
0
1916279 Q72/Q72 F 24,500.00 ZZ
180 17,533.98 1
868 LEE ROAD 235 13.490 320.98 67
12.990 320.98 37,000.00
SMITHS AL 36877 5 01/31/92 00
8004125 05 03/10/92 0
8004125 O 02/10/07
0
1
1916280 Q72/Q72 F 18,500.00 ZZ
180 18,348.84 1
6021 YOCUM STREET 15.250 237.63 56
14.750 237.63 33,500.00
PHILADELPHIA PA 19143 5 10/19/94 00
8004149 05 11/24/94 0
8004149 O 10/24/09
0
1916282 Q72/Q72 F 9,934.00 ZZ
84 6,177.29 2
1111 HAMILTON AVENUE 13.990 186.11 6
13.490 186.11 185,000.00
SEASIDE CA 93955 5 03/17/95 00
8004290 23 08/20/95 0
8004290 O 07/20/02
0
1916283 Q72/Q72 F 119,000.00 ZZ
180 116,930.55 1
2134 MULBERRY HILL ROAD 11.500 1,178.45 85
11.000 1,178.45 140,000.00
ANNAPOLIS MD 21401 2 09/26/95 00
8004326 05 11/02/95 0
8004326 O 10/02/10
0
1916284 Q72/Q72 F 74,882.00 ZZ
180 67,000.21 2
3802 SOUTH INDIANA AVENUE 15.500 1,073.80 54
15.000 1,073.80 140,000.00
CHICAGO IL 60653 5 08/18/95 00
8004350 23 09/23/95 0
8004350 N 08/23/10
0
1916285 Q72/Q72 F 98,100.00 ZZ
180 96,872.96 1
90 KINDLE LANE 12.690 1,061.47 90
12.190 1,061.47 109,000.00
LEVITTOWN PA 19055 2 12/28/95 00
8004383 05 02/03/96 0
8004383 O 01/03/11
0
1916287 Q72/Q72 F 56,700.00 ZZ
180 50,666.79 1
1
104 LOGAN DRIVE 11.000 644.46 90
10.500 644.46 63,000.00
SUMMERVILLE SC 29483 2 02/02/96 00
8004431 05 03/08/96 0
8004431 O 02/08/11
0
1916289 Q72/Q72 F 68,000.00 ZZ
180 66,765.28 1
1313 RAVENSWOOD 10.250 609.35 80
9.750 609.35 85,000.00
EVANSVILLE IN 47714 5 04/17/96 00
8004473 05 06/01/96 0
8004473 O 05/01/11
0
1916290 Q72/Q72 F 47,600.00 ZZ
180 46,650.54 1
5111 STRATFORD ROAD 10.250 426.54 80
9.750 426.54 59,500.00
EVANSVILLE IN 47710 5 03/22/96 00
8004476 05 05/01/96 0
8004476 O 04/01/11
0
1916291 Q72/Q72 F 8,130.00 ZZ
120 6,776.82 1
P O BOX 65 12.500 119.00 19
12.000 119.00 44,760.00
TULELAKE CA 96134 5 04/26/96 00
8004491 05 06/01/96 0
8004491 O 05/01/06
0
1916292 Q72/Q72 F 91,350.00 ZZ
180 90,510.96 1
1468 9TH AVENUE 9.650 778.14 90
9.150 778.14 101,500.00
MONROE NJ 08094 2 02/26/98 00
8004977 05 03/26/98 0
8004977 O 02/26/13
0
1916293 Q72/Q72 F 12,000.00 ZZ
180 11,595.17 1
200 BLOCK EAST SYCAMORE 11.500 140.19 71
11.000 140.19 17,000.00
HASKELL OK 74436 5 02/26/98 00
8006888 05 04/01/98 0
1
8006888 O 03/01/13
0
1916294 Q72/Q72 F 29,900.00 ZZ
180 28,993.47 1
1615 PINEWOOD DRIVE 10.000 321.31 64
9.500 321.31 47,000.00
NORMAN OK 73071 5 05/14/98 00
8007158 05 07/01/98 0
8007158 O 06/01/13
0
1916295 Q72/Q72 F 13,750.00 ZZ
84 13,672.66 1
10009 ASHTON 16.000 184.91 51
15.500 184.91 27,000.00
DETROIT MI 48228 5 03/21/96 00
8007332 05 05/01/96 0
8007332 O 04/01/03
0
1916296 Q72/Q72 F 153,000.00 ZZ
180 152,195.46 1
4556 N LOWELL AVENUE 9.350 1,269.80 85
8.850 1,269.80 180,000.00
CHICAGO IL 60630 2 08/03/98 00
8007701 05 09/15/98 0
8007701 O 08/15/13
0
1916297 Q72/Q72 F 34,000.00 ZZ
180 33,862.35 1
316 DIXIE CRESCENT DRIVE 10.600 313.56 85
10.100 313.56 40,000.00
MILLEN GA 30442 2 08/14/98 00
8007710 05 09/15/98 0
8007710 O 08/15/13
0
1916298 Q72/Q72 F 69,900.00 ZZ
180 69,425.85 1
4131 N.W. 16TH AVENUE 11.650 700.23 83
11.150 700.23 85,000.00
FORT LAUDERDALE FL 33309 2 10/01/97 00
8007800 05 11/01/97 0
8007800 O 10/01/12
0
1
1916299 Q72/Q72 F 48,600.00 ZZ
180 48,281.36 1
922 WAYSIDE ROAD 9.990 426.15 90
9.490 426.15 54,000.00
CLEVELAND OH 44110 2 04/07/98 00
8007992 05 05/13/98 0
8007992 O 04/13/13
0
1916300 Q72/Q72 F 27,000.00 ZZ
180 26,919.05 1
8496 ROSEMONT 15.125 344.11 60
14.625 344.11 45,000.00
DETROIT MI 48203 5 10/28/97 00
8008460 05 12/01/97 0
8008460 O 11/01/12
0
1916302 Q72/Q72 F 110,500.00 ZZ
180 107,898.89 1
22303 MARTINSVILLE RD. 11.500 1,094.27 85
11.000 1,094.27 130,000.00
BELLEVILLE MI 48111 2 09/30/94 00
3060190 05 11/01/94 0
3060190 O 10/01/09
0
1916303 Q72/Q72 F 92,000.00 ZZ
180 89,992.02 1
8111 SANDBERRY BLVD. 12.350 971.19 80
11.850 971.19 115,000.00
ORLANDO FL 32819 5 06/10/94 00
3060289 05 07/16/94 0
3060289 O 06/16/09
0
1916304 Q72/Q72 F 67,900.00 ZZ
180 57,649.76 1
602 W. 32ND ST. 15.800 1,349.15 70
15.300 1,349.15 98,000.00
WILMINGTON DE 19802 5 11/11/94 00
3060546 05 01/01/95 0
3060546 O 12/01/09
0
1916305 Q72/Q72 F 87,550.00 ZZ
180 85,810.52 1
126 HAMPDEN RD. SE 10.250 784.54 85
9.750 784.54 103,000.00
1
WINTER HAVEN FL 33884 2 01/25/96 00
3060662 05 03/02/96 0
3060662 O 02/02/11
0
1916306 Q72/Q72 F 56,800.00 ZZ
180 56,003.37 1
6843 HWY 395 11.490 561.34 80
10.990 561.34 71,000.00
NEWBERRY SC 29108 5 04/01/96 00
3061028 05 05/01/96 0
3061028 O 04/01/11
0
1916308 Q72/Q72 F 63,375.00 ZZ
180 62,826.09 1
2465 EDMUNDS DR. 13.990 750.41 75
13.490 750.41 84,500.00
SUMTER SC 29154 5 04/24/96 00
3061037 05 05/24/96 0
3061037 O 04/24/11
0
1916309 Q72/Q72 F 53,600.00 ZZ
180 53,094.61 1
3217 N. WAYOKA CIRCLE 13.990 634.67 80
13.490 634.67 67,000.00
MEMPHIS TN 38111 5 07/28/95 00
3061073 05 08/28/95 0
3061073 O 07/28/10
0
1916310 Q72/Q72 F 247,909.08 ZZ
159 246,959.85 1
1662 OLD TARA LANE 11.000 2,360.90 87
10.500 2,360.90 285,000.00
FORT MILL SC 29715 2 01/01/99 00
3062143 05 02/01/99 0
3062143 O 04/01/12
0
1916311 Q72/Q72 F 74,000.00 ZZ
180 72,994.39 1
612 OVERLA BLVD 10.499 676.85 92
9.999 676.85 80,900.00
ENGLEWOOD OH 45322 2 11/06/96 00
3600035 05 01/01/97 0
3600035 O 12/01/11
0
1
1916312 Q72/Q72 F 37,000.00 ZZ
180 36,585.99 1
623 S KILDARE AVENUE 11.625 369.95 70
11.125 369.95 53,000.00
CHICAGO IL 60424 5 10/16/96 00
3600151 05 12/01/96 0
3600151 O 11/01/11
0
1916313 Q72/Q72 F 58,200.00 ZZ
180 57,920.13 1
5408 LUCY LANE 15.000 735.91 60
14.500 735.91 97,000.00
MILTON FL 32570 5 01/22/97 00
3600856 05 03/01/97 0
3600856 O 02/01/12
0
1916314 Q72/Q72 F 91,800.00 ZZ
180 91,176.77 1
2112 LINDA ST 11.650 919.61 90
11.150 919.61 102,000.00
GASTONIA NC 28054 2 04/19/97 00
3700294 05 05/24/97 0
3700294 O 04/24/12
0
1916315 Q72/Q72 F 40,000.00 ZZ
180 39,467.62 1
1695 STATE ROUTE 603 13.875 470.00 56
13.375 470.00 72,000.00
LUCAS OH 44843 5 01/20/95 00
4010046 05 03/01/95 0
4010046 O 02/01/10
0
1916316 Q72/Q72 F 97,300.00 ZZ
180 94,466.39 1
5 BARKER ROAD 10.500 890.05 69
10.000 890.05 142,000.00
NEDERLAND CO 80466 5 12/07/94 00
4010590 05 02/01/95 0
4010590 O 01/01/10
0
1916318 Q72/Q72 F 136,000.00 ZZ
180 134,301.47 1
1
31 FAIRVIEW AVE 12.550 1,456.75 85
12.050 1,456.75 160,000.00
SPRING VALLEY NY 10977 2 01/05/96 00
4301080 05 03/01/96 0
4301080 O 02/01/11
0
1916319 Q72/Q72 F 40,000.00 ZZ
180 39,476.35 1
421 WESTBROOK DR 14.990 505.46 46
14.490 505.46 87,000.00
BROOKVILLE OH 45309 5 08/25/92 00
4301188 05 10/01/92 0
4301188 O 09/01/07
0
1916320 Q72/Q72 F 81,900.00 ZZ
180 80,153.14 1
5493 SO CHINA CLAY DRIVE 10.750 764.53 90
10.250 764.53 91,000.00
KEARNS UT 84118 2 07/26/95 00
4301749 05 08/31/95 0
4301749 O 07/31/10
0
1916321 Q72/Q72 F 60,000.00 ZZ
180 59,693.28 1
3728 KIMBERLY DRIVE 15.950 804.44 80
15.450 804.44 75,000.00
LAFAYETTE IN 47905 5 07/12/96 00
4302338 05 08/17/96 0
4302338 O 07/17/11
0
1916643 Q72/Q72 F 37,500.00 ZZ
240 36,359.40 2
1051 WALNUT STREET 8.250 319.53 84
7.750 319.53 45,000.00
ALLENTOWN PA 18102 2 12/30/97 00
8005040 23 02/01/98 0
8005040 O 01/01/18
0
2651940 B38/H74 F 52,000.00 ZZ
360 51,674.15 1
13903 WINTHROP 10.375 470.82 80
9.914 470.82 65,000.00
DETROIT MI 48227 1 05/07/98 00
1878297 05 07/01/98 0
1
653911 O 06/01/28
0
2750958 623/623 F 383,000.00 ZZ
360 381,763.92 1
3232 S. PAHARO PLACE 7.125 2,580.34 85
6.875 2,580.34 450,659.00
EAGLE ID 83616 1 01/27/99 11
7006044 03 03/01/99 12
7006044 O 02/01/29
0
2760923 623/G61 F 288,000.00 ZZ
360 286,502.41 1
1651 VISTA DEL NORTE 7.250 1,964.67 79
7.000 1,964.67 365,000.00
CHINO HILLS CA 91709 2 01/21/99 00
1875244 05 03/01/99 0
6287453 O 02/01/29
0
2762027 Q65/976 F 433,000.00 ZZ
360 426,132.82 1
3700 BLACK THORN COURT 7.875 3,139.56 70
7.625 3,139.56 625,000.00
CHEVY CHASE MD 20815 2 09/24/97 00
6441356 05 11/01/97 0
6441356 O 10/01/27
0
2762028 Q65/241 F 293,400.00 ZZ
360 285,456.61 1
19 HIGHVIEW RD 7.375 2,026.45 90
7.125 2,026.45 326,000.00
UPPER UWCHLAN T PA 19355 1 02/28/97 11
646250 05 04/01/97 25
646250 O 03/01/27
0
2762029 Q65/241 F 378,000.00 ZZ
360 368,707.61 1
391 AVENIDA DE DIAMANTE 7.875 2,740.77 79
7.625 2,740.77 480,000.00
ARROYO GRANDE CA 93420 2 04/03/97 00
646479 03 06/01/97 0
646479 O 05/01/27
0
1
2762030 Q65/241 F 284,000.00 ZZ
360 274,875.06 1
3111 LA PLAYA COURT 7.750 2,034.62 80
7.500 2,034.62 355,000.00
LAFAYETTE CA 94549 1 03/17/97 00
647265 05 05/01/97 0
647265 O 04/01/27
0
2762031 Q65/241 F 281,600.00 ZZ
360 275,203.64 1
4110 WEST 110TH STREET 7.750 2,017.42 80
7.500 2,017.42 352,000.00
LEAWOOD KS 66211 2 02/28/97 00
647768 03 04/01/97 0
647768 O 03/01/27
0
2762033 Q65/976 F 413,500.00 ZZ
360 406,710.00 1
3502 MACOMB STREET NW 7.000 2,751.03 52
6.750 2,751.03 810,000.00
WASHINGTON DC 20016 2 10/10/97 00
6484653 05 12/01/97 0
6484653 O 11/01/27
0
2762034 Q65/241 F 364,000.00 ZZ
360 356,577.45 1
1026 IPO PLACE 7.625 2,576.37 80
7.375 2,576.37 455,000.00
HONOLULU HI 96816 1 03/14/97 00
648655 05 05/01/97 0
648655 O 04/01/27
0
2762035 Q65/241 F 254,915.00 ZZ
360 249,932.85 1
18834 NE 249TH STREET 7.625 1,804.28 85
7.375 1,804.28 299,900.00
BATTLEGROUND WA 98604 1 04/02/97 14
651030 03 06/01/97 12
651030 O 05/01/27
0
2762036 Q65/241 F 270,000.00 ZZ
360 265,306.71 1
220 RIVER RIDGE ROAD 8.625 2,100.04 72
8.375 2,100.04 375,000.00
1
WOODLAND WA 98674 5 04/16/97 00
654496 05 06/01/97 0
654496 O 05/01/27
0
2762037 Q65/976 F 224,100.00 ZZ
360 218,762.48 1
1690 HURT ROAD 7.625 1,586.17 90
7.375 1,586.17 249,900.00
MARIETTA GA 30060 1 12/12/96 11
7699309 05 02/01/97 25
7699309 O 01/01/27
0
2762038 Q65/976 F 450,000.00 ZZ
360 441,458.82 1
9022 E. DIAMOND RIM DRIVE 8.000 3,301.95 88
7.750 3,301.95 515,000.00
SCOTTSDALE AZ 85255 4 03/18/97 12
7732480 05 05/01/97 25
7732480 O 04/01/27
0
2762039 Q65/976 F 309,900.00 ZZ
360 299,766.51 1
335 ROLLING OAKS RIDGE 7.875 2,247.00 71
7.625 2,247.00 439,000.00
CEDAR HILL TX 75104 1 08/26/97 00
7879547 03 10/01/97 0
7879547 O 09/01/27
0
2767107 F28/G61 F 535,000.00 ZZ
360 533,315.42 1
2652 VIA OLIVERA 7.250 3,649.64 70
7.000 3,649.64 770,000.00
PALOS VERDES ES CA 90274 5 12/21/98 00
1875319 05 02/01/99 0
4506487 O 01/01/29
0
2770940 287/287 F 836,000.00 ZZ
180 830,834.25 1
3759 LOCH BEND DR 7.275 7,643.32 80
7.025 7,643.32 1,045,000.00
COMMERCE TWP MI 48382 1 03/05/99 00
5031307 01 05/01/99 0
5031307 O 04/01/14
0
1
2771400 025/025 F 187,200.00 ZZ
360 186,679.58 1
8202 PRAIRE RIDGE WAY 7.875 1,357.33 80
7.625 1,357.33 234,000.00
TAMPA FL 33647 1 01/29/99 00
408233 03 03/01/99 0
408233 O 02/01/29
0
2771401 025/025 F 68,300.00 ZZ
360 68,158.07 1
1924 FAIRWAY CIRCLE EAST 7.875 495.22 80
7.625 495.22 85,400.00
DUNEDIN FL 34698 1 02/26/99 00
408257 05 04/01/99 0
408257 O 03/01/29
0
2771404 025/025 F 121,200.00 ZZ
360 120,872.58 1
18105 ANTIETAM COURT 9.125 986.12 87
8.875 986.12 140,000.00
TAMPA FL 33647 1 12/23/98 00
448238 05 02/01/99 0
448238 O 01/01/29
0
2771406 025/025 F 103,200.00 ZZ
360 102,927.20 1
2850 SE 36TH STREET 8.125 766.26 80
7.875 766.26 129,000.00
OCALA FL 34471 1 01/22/99 00
448344 05 03/01/99 0
448344 O 02/01/29
0
2771407 025/025 F 69,300.00 ZZ
360 68,995.43 1
1474 WINDJAMMER LOOP 9.625 589.05 90
9.375 589.05 77,000.00
LUTZ FL 33549 1 11/23/98 00
572637 03 01/01/99 0
572637 O 12/01/28
0
2771408 025/025 F 155,950.00 ZZ
360 155,358.12 1
1
13976 SOUND OVERLOOK DRIVE S 8.375 1,185.34 90
8.125 1,185.34 173,311.00
JACKSONVILLE FL 32224 1 12/01/98 00
572757 03 01/01/99 0
572757 O 12/01/28
0
2771409 025/025 F 108,000.00 ZZ
360 107,807.32 1
2819 FORGE ROAD 8.625 840.02 90
8.375 840.02 120,000.00
GLASGOW VA 24555 1 02/26/99 00
572836 05 04/01/99 0
572836 O 03/01/29
0
2771411 025/025 F 131,495.00 ZZ
360 131,120.15 1
106 HATFIELD LANE 7.750 942.05 90
7.500 942.05 146,105.00
RALEIGH NC 27603 1 01/19/99 00
572898 09 03/01/99 0
572898 O 02/01/29
0
2771412 025/025 F 102,550.00 ZZ
360 102,320.25 1
10111 SOUTH 183RD LANE 7.500 717.05 80
7.250 717.05 128,220.00
GOODYEAR AZ 85338 1 02/16/99 00
573020 03 04/01/99 0
573020 O 03/01/29
0
2771413 025/025 F 353,100.00 ZZ
360 350,596.94 1
9731 PARKVIEW AVENUE 7.875 2,560.22 79
7.625 2,560.22 450,000.00
BOCA RATON FL 33428 1 07/28/98 00
874447 03 09/01/98 0
874447 O 08/01/28
0
2771414 025/025 F 76,000.00 ZZ
360 75,853.62 1
1421 RAZORBILL LANE 8.250 570.96 80
8.000 570.96 95,000.00
PUNTA GORDA FL 33983 1 02/22/99 00
916758 05 04/01/99 0
1
916758 O 03/01/29
0
2771415 025/025 F 54,000.00 ZZ
360 53,913.15 1
23033 PERU AVENUE 9.125 439.36 90
8.875 439.36 60,000.00
PORT CHARLOTTE FL 33952 1 02/26/99 00
916956 05 04/01/99 0
916956 O 03/01/29
0
2771416 025/025 F 89,000.00 ZZ
360 88,815.05 1
4215 SHADOW CREEK CIRCLE 7.875 645.31 78
7.625 645.31 115,000.00
OVIEDO FL 32765 1 02/26/99 00
919743 03 04/01/99 0
919743 O 03/01/29
0
2771417 025/025 F 245,950.00 ZZ
360 245,601.70 1
14028 MARINE DRIVE 7.750 1,762.02 85
7.500 1,762.02 289,400.00
ORLANDO FL 32832 1 03/12/99 00
920034 05 05/01/99 0
920034 O 04/01/29
0
2771418 025/025 F 74,550.00 ZZ
360 74,319.65 1
119 SWEETGUM ROAD 9.375 620.07 95
9.125 620.07 78,500.00
PEACHTREE CITY GA 30269 1 12/03/98 00
962612 05 01/01/99 0
962612 N 12/01/28
0
2771419 025/025 F 142,500.00 ZZ
360 142,132.78 1
950 SINGLEY DRIVE 8.250 1,070.55 88
8.000 1,070.55 162,000.00
LOCUST GROVE GA 30248 2 01/25/99 00
962633 05 03/01/99 0
962633 O 02/01/29
0
1
2771420 025/025 F 80,750.00 ZZ
360 80,493.11 1
142 LONG LEAF 9.250 664.32 95
9.000 664.32 85,000.00
PEACHTREE CITY GA 30269 1 12/23/98 00
963033 05 02/01/99 0
963033 N 01/01/29
0
2771421 025/025 F 115,150.00 ZZ
360 114,741.89 1
6282 NW 36TH AVENUE 8.250 865.08 90
8.000 865.08 128,579.00
COCONUT CREEK FL 33073 1 01/07/99 00
974695 03 03/01/99 0
974695 O 02/01/29
0
2771422 025/025 F 76,300.00 ZZ
360 75,507.51 1
6131 NW 32ND TERRACE 8.500 586.68 90
8.250 586.68 84,800.00
FT LAUDERDALE FL 33309 1 02/18/99 00
975037 09 04/01/99 0
975037 O 03/01/29
0
2771423 025/025 F 134,900.00 ZZ
360 134,752.07 1
146 WENTWORTH COURT 9.000 1,085.44 90
8.750 1,085.44 149,900.00
JUPITER FL 33458 1 03/05/99 00
975159 09 05/01/99 0
975159 O 04/01/29
0
2771424 025/025 F 144,000.00 ZZ
360 143,833.70 1
1961 NE 3RD STREET 8.750 1,132.85 90
8.500 1,132.85 160,000.00
DEERFIELD BEACH FL 33441 1 03/03/99 00
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975648 O 04/01/29
0
2771425 025/025 F 104,550.00 ZZ
360 104,122.19 1
1408 NE 27TH STREET 8.625 813.18 85
8.375 813.18 123,000.00
1
WILTON MANORS FL 33334 1 11/30/98 00
109389 05 01/01/99 0
109389 O 12/01/28
0
2771426 025/025 F 270,000.00 ZZ
360 269,342.81 1
9600 SW 64 ST 9.625 2,294.97 90
9.375 2,294.97 300,000.00
MIAMI FL 33173 1 12/15/98 00
109796 05 02/01/99 0
109796 O 01/01/29
0
2771427 025/025 F 149,350.00 ZZ
360 148,966.95 1
4446 NW 65TH ST 9.375 1,242.22 90
9.125 1,242.22 165,991.00
COCONUT CREEK FL 33073 1 12/16/98 00
109822 03 02/01/99 0
109822 O 01/01/29
0
2771428 025/025 F 84,600.00 ZZ
360 84,399.45 1
8043 NW 71ST COURT 9.750 726.84 90
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TAMARAC FL 33321 1 12/22/98 00
109999 09 02/01/99 0
109999 O 01/01/29
0
2771429 025/025 F 255,500.00 ZZ
360 254,883.40 1
5232 FIELDVIEW COURT 7.125 1,721.35 88
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ORLANDO FL 32819 5 02/19/99 00
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118514 O 03/01/29
0
2771432 025/025 F 91,500.00 ZZ
360 91,045.37 1
120 SHADY MAPLE DR 8.500 703.56 100
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CLARKSVILLE TN 37043 1 09/23/98 00
190581 05 11/01/98 0
190581 O 10/01/28
0
1
2771433 025/025 F 398,200.00 ZZ
360 395,985.73 1
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ATLANTA GA 30309 1 10/21/98 00
230494 05 12/01/98 0
230494 O 11/01/28
0
2771434 025/025 F 128,150.00 ZZ
360 127,766.21 1
5633 NEWBERRY POINT DRIVE 8.625 996.74 90
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FLOWERY BRANCH GA 30542 1 12/07/98 00
231292 05 02/01/99 0
231292 O 01/01/29
0
2771435 025/025 F 344,000.00 ZZ
360 342,444.06 1
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ATLANTA GA 30350 1 11/16/98 00
231364 03 01/01/99 0
231364 O 12/01/28
0
2771436 025/025 F 115,050.00 ZZ
360 114,712.56 1
7250 VALLEY LANDING CT 9.625 977.92 90
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CUMMING GA 30041 1 11/12/98 00
231593 03 01/01/99 0
231593 O 12/01/28
0
2771437 025/025 F 75,200.00 ZZ
360 74,762.30 1
4203 LAKES END DRIVE 8.375 571.58 85
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KENNESAW GA 30144 1 11/30/98 00
231762 07 01/01/99 0
231762 O 12/01/28
0
2771439 025/025 F 115,200.00 ZZ
360 114,941.90 1
1
280 BRICKLEBERRY RIDGE 7.500 805.50 90
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ATHENS GA 30605 1 02/26/99 00
266323 05 04/01/99 0
266323 O 03/01/29
0
2771441 025/025 F 112,500.00 ZZ
360 112,304.40 1
5630 SW 35TH WAY 8.750 885.04 90
8.500 885.04 125,000.00
GAINESVILLE FL 32608 1 02/25/99 00
377107 05 04/01/99 0
377107 O 03/01/29
0
2771442 025/025 F 360,000.00 ZZ
360 358,713.09 1
1020 ST ANDREWS COURT 7.750 2,579.08 80
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BOGART GA 30622 1 12/31/98 00
388009 03 02/01/99 0
388009 O 01/01/29
0
2772688 N74/H74 F 198,800.00 T
360 198,386.83 1
7727 SOUTH GUARDSMAN PASS RD 11.240 1,929.36 70
10.740 1,929.36 284,000.00
SALT LAKE CITY UT 84121 1 11/30/98 00
1879147 05 01/01/99 0
20053010 O 12/01/28
0
2773559 R03/R03 F 365,350.38 ZZ
138 333,401.00 1
505 BING CROSBY BLVD 7.375 3,934.64 61
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BERMUDA RUN NC 27006 2 03/10/98 00
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0
2773560 R03/R03 F 400,000.00 T
180 294,658.63 1
2209 EVANS STREET 6.625 3,511.98 80
6.375 3,511.98 500,000.00
MOREHEAD CITY NC 28557 1 10/27/93 00
0000240580 05 12/01/93 0
1
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0
2773561 R03/R03 F 300,000.00 ZZ
180 234,589.00 1
2017 SEAWIND LANE 7.250 2,738.59 76
7.000 2,738.59 396,200.00
WILMINGTON NC 28403 1 06/17/94 00
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0
2773562 R03/R03 F 251,600.00 ZZ
180 181,146.63 1
307 FOXWOOD LANE 8.000 2,404.42 80
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WAXHAW NC 28173 1 02/12/93 00
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0
2773563 R03/R03 F 250,000.00 ZZ
180 196,747.29 1
1023 PINEHURST DRIVE 7.625 2,335.32 55
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CHAPEL HILL NC 27514 1 06/15/94 00
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0
2773564 R03/R03 F 350,000.00 ZZ
180 304,162.38 1
56 COVENTRY WOODS 8.500 3,446.59 80
8.250 3,446.59 437,500.00
ARDEN NC 28704 2 12/13/95 00
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0
2773565 R03/R03 F 376,000.00 T
180 327,463.31 1
1600 MORGANTON ROAD Y-20 7.500 3,485.57 80
7.250 3,485.57 470,000.00
PINEHURST NC 28374 1 03/18/96 00
0000376350 03 05/01/96 0
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0
1
2773566 R03/R03 F 325,000.00 ZZ
166 314,661.06 1
6346 LAKE BRANDT ROAD 7.500 3,151.60 66
7.250 3,151.60 497,133.00
SUMMERFIELD NC 27358 4 08/26/98 00
0000502672 05 10/01/98 0
0000502672 O 07/01/12
0
2773567 R03/R03 F 250,000.00 T
180 234,763.29 1
136 DURHAM ST 7.250 2,282.16 66
7.000 2,282.16 380,000.00
HOLDEN BEACH NC 28462 5 03/26/98 00
0000507602 05 05/01/98 0
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0
2773568 R03/R03 F 243,750.00 ZZ
180 234,949.33 1
1842 LAKE COUNTRY DR 6.875 2,173.89 79
6.625 2,173.89 309,500.00
ASHEBORO NC 27203 2 06/10/98 00
0000507904 05 08/01/98 0
0000507904 O 07/01/13
0
2773569 R03/R03 F 250,000.00 ZZ
180 237,753.29 1
478 WINDWOOD ON SKYE 7.500 2,317.53 72
7.250 2,317.53 350,000.00
FAYETTEVILLE NC 28303 5 05/15/98 00
0000508993 03 07/01/98 0
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0
2773570 R03/R03 F 700,000.00 ZZ
180 672,348.73 1
2018 LYNNWOOD DR 6.875 6,242.98 78
6.625 6,242.98 900,000.00
WILMINGTON NC 28403 5 05/19/98 00
0000509729 05 07/01/98 0
0000509729 O 06/01/13
0
2773571 R03/R03 F 668,000.00 ZZ
180 648,583.82 1
404 WILDWOOD AVENUE 7.000 6,004.17 80
6.750 6,004.17 835,000.00
1
ROCKY MOUNT NC 27803 2 07/30/98 00
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0000510057 O 09/01/13
0
2773572 R03/R03 F 391,000.00 T
180 379,635.11 1
311 SALTER PATH RD 7.000 3,514.42 80
6.750 3,514.42 489,000.00
PINE KNOLL SHOR NC 28512 5 08/24/98 00
0000510058 01 10/01/98 0
0000510058 O 09/01/13
0
2773573 R03/R03 F 250,000.00 T
180 242,233.76 1
2 BAYBERRY DR 7.500 2,317.53 73
7.250 2,317.53 345,000.00
OCEAN ISLE BEAC NC 28469 2 07/29/98 00
0000511594 03 09/01/98 0
0000511594 O 08/01/13
0
2773574 R03/R03 F 291,900.00 T
180 284,201.32 1
341 SOUTH DUNES DRIVE UNIT-C43 6.750 2,583.05 80
6.500 2,583.05 365,790.00
PAWLEYS ISLAND SC 29585 1 09/18/98 00
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0
2773575 R03/R03 F 375,000.00 ZZ
180 368,951.02 1
6406 OLD COVE DR 6.875 3,344.45 75
6.625 3,344.45 500,000.00
EMERALD ISLE NC 28594 5 12/17/98 00
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0
2773576 R03/R03 F 320,000.00 ZZ
180 296,374.34 1
405 WAYCROSS DR 7.000 2,876.25 55
6.750 2,876.25 590,000.00
GREENSBORO NC 27410 2 07/25/97 00
0000503430 05 09/01/97 0
0000503430 O 08/01/12
0
1
2773577 R03/R03 F 485,000.00 T
180 452,958.24 1
88 TURKS HEAD CT 7.125 4,393.28 65
6.875 4,393.28 750,000.00
BALD HEAD ISLAN NC 28461 2 09/19/97 00
0000503615 05 11/01/97 0
0000503615 O 10/01/12
0
2773578 R03/R03 F 400,000.00 ZZ
180 366,673.43 1
1932 RIVERSHORE RD 7.375 3,679.69 80
7.125 3,679.69 500,000.00
ELIZABETH CITY NC 27909 2 11/24/97 00
0000504536 05 01/01/98 0
0000504536 O 12/01/12
0
2773579 R03/R03 F 355,000.00 ZZ
180 335,833.19 1
1921 BURKE RD 7.500 3,290.89 75
7.250 3,290.89 475,000.00
SHELBY NC 28152 2 12/18/97 00
0000505721 05 02/01/98 0
0000505721 O 01/01/13
0
2773580 R03/R03 F 588,000.00 ZZ
180 557,910.74 1
5400 MIRABELL RD 7.375 5,409.15 80
7.125 5,409.15 735,000.00
CHARLOTTE NC 28226 1 01/16/98 00
0000506622 05 03/01/98 0
0000506622 O 02/01/13
0
2773581 R03/R03 F 222,715.48 ZZ
150 179,050.71 1
168 EASTSHORE DRIVE 7.250 2,262.00 37
7.000 2,262.00 607,000.00
LAKE TOXAWAY NC 28747 5 11/24/95 00
0051009809 05 01/01/96 0
0051009809 O 06/01/08
0
2773582 R03/R03 F 362,100.00 ZZ
360 339,693.68 1
1
2019 SHARON ROAD 7.250 2,470.16 79
7.000 2,470.16 463,000.00
CHARLOTTE NC 28207 2 12/06/93 00
0000002385 05 02/01/94 0
0000002385 O 01/01/24
0
2773583 R03/R03 F 553,000.00 ZZ
360 248,538.18 1
2015 PEMBROKE JONES DR 7.375 3,819.43 75
7.125 3,819.43 737,500.00
WILMINGTON NC 28405 1 09/02/93 00
0000229393 05 11/01/93 0
0000229393 O 10/01/23
0
2773584 R03/R03 F 600,000.00 ZZ
360 563,088.60 1
LOT 8 & 10,SECTION 2, KELLWOOD 7.500 4,195.29 60
7.250 4,195.29 1,000,000.00
BOONE NC 28607 5 10/25/93 00
0000236992 05 12/01/93 0
0000236992 O 11/01/23
0
2773585 R03/R03 F 270,000.00 ZZ
360 254,291.25 1
1205 WYNDCROFTE PLACE 7.500 1,887.88 80
7.250 1,887.88 337,900.00
CHARLOTTE NC 28209 1 01/28/94 00
0000265629 05 03/01/94 0
0000265629 O 02/01/24
0
2773587 R03/R03 F 358,200.00 ZZ
360 333,705.64 1
4114 SHEPHERDLEAS LANE 6.875 2,353.12 90
6.625 2,353.12 398,000.00
CHARLOTTE NC 28277 1 10/08/93 00
0000282178 03 12/01/93 0
0000282178 O 11/01/23
0
2773588 R03/R03 F 253,104.66 ZZ
343 232,212.39 1
2405 HARTMILL COURT 7.125 1,729.89 80
6.875 1,729.89 320,000.00
CHARLOTTE NC 28226 1 06/01/93 00
0000282459 03 06/01/93 0
1
0000282459 O 12/01/21
0
2773589 R03/R03 F 399,500.00 ZZ
360 370,347.77 1
7433 SETON HOUSE LANE 8.000 2,931.39 90
7.750 2,931.39 444,500.00
CHARLOTTE NC 28277 1 03/31/93 00
0000282475 03 05/01/93 0
0000282475 O 04/01/23
0
2773590 R03/R03 F 230,191.22 ZZ
180 216,092.90 1
207 SEABREEZE DRIVE 7.625 2,150.28 56
7.375 2,150.28 415,000.00
EMERALD ISLE NC 28594 2 11/12/97 00
0000295220 05 01/01/98 0
0000295220 N 12/01/12
0
2773591 R03/R03 F 261,417.88 ZZ
311 259,123.07 1
2320 MT VERNON CHURCH ROAD 7.375 1,887.37 77
7.125 1,887.37 341,000.00
RALEIGH NC 27614 1 09/02/98 00
0000302638 05 11/01/98 0
0000302638 O 09/01/24
0
2773592 R03/R03 F 242,499.07 ZZ
180 209,208.57 1
70 LAUREL ROAD 7.250 2,213.68 77
7.000 2,213.68 315,000.00
PINEHURST NC 28374 2 02/05/96 00
0000305383 05 04/01/96 0
0000305383 O 03/01/11
0
2773593 R03/R03 F 337,845.05 ZZ
179 326,853.06 1
6316 GUINEA LANE 7.625 3,155.92 85
7.375 3,155.92 400,000.00
WILMINGTON NC 28409 1 07/13/98 00
0000315333 03 10/01/98 0
0000315333 O 08/01/13
0
1
2773594 R03/R03 F 775,000.00 ZZ
360 767,267.49 1
473 LANDFALL CT 6.625 4,962.41 80
6.375 4,962.41 969,000.00
COROLLA NC 27827 1 06/02/98 00
0000510738 03 08/01/98 0
0000510738 N 07/01/28
0
2773595 R03/R03 F 251,600.00 ZZ
360 245,866.10 1
1123 SALEM CHURCH ROAD 7.750 1,802.49 75
7.500 1,802.49 335,500.00
BOSTIC NC 28018 5 01/03/97 00
0000590882 05 03/01/97 0
0000590882 O 02/01/27
0
2773596 R03/R03 F 414,000.00 ZZ
360 405,479.65 1
112 HIDDEN PASTURES DRIVE 8.000 3,037.79 90
7.750 3,037.79 460,000.00
CRAMERTON NC 28032 1 01/24/97 14
0000592079 05 03/01/97 30
0000592079 O 02/01/27
0
2773599 R03/R03 F 245,815.28 T
199 175,589.48 1
LOT 84 BLOCK D 8.250 2,270.80 67
8.000 2,270.80 369,500.00
LAKE TOXAWAY NC 28747 2 01/10/92 00
0051009283 05 03/01/92 0
0051009283 O 09/01/08
0
2776092 K08/G61 F 230,000.00 ZZ
360 229,853.34 1
30744 LINCOLNSHIRE 8.250 1,727.91 70
8.000 1,727.91 330,000.00
BEVERLY HILLS MI 48025 5 04/02/99 00
1878255 05 06/01/99 0
0411369648 O 05/01/29
0
2788539 623/G61 F 67,500.00 ZZ
360 67,399.50 1
17907 SYCAMORE STREET 7.500 471.97 75
7.250 471.97 90,000.00
1
HESPERIA CA 92345 5 03/05/99 00
1878081 05 05/01/99 0
6291472 O 04/01/29
0
2788540 623/G61 F 204,350.00 ZZ
360 203,737.65 1
3419 PEBBLE BEACH COURT 7.500 1,428.85 80
7.250 1,428.85 255,490.00
PICO RIVERA CA 90660 1 01/27/99 00
1878107 03 03/01/99 0
6279070 O 02/01/29
0
2788542 623/G61 F 75,000.00 ZZ
360 74,873.62 1
244 GLASS HOLLOW ROAD 6.875 492.70 45
6.625 492.70 170,000.00
AFTON VA 22920 2 03/08/99 00
1878131 05 05/01/99 0
1228497 O 04/01/29
0
2788543 623/G61 F 161,250.00 ZZ
360 160,939.40 1
19910 ROUTE 14 8.250 1,211.42 75
8.000 1,211.42 215,000.00
HARVARD IL 60033 1 02/26/99 00
1878149 05 04/01/99 0
1226482 O 03/01/29
0
2788544 623/G61 F 199,125.00 ZZ
360 198,644.45 1
3632 COPPER STONE DR 7.125 1,341.54 80
6.875 1,341.54 248,923.00
DALLAS TX 75287 1 02/26/99 00
1878115 05 04/01/99 0
1209793 O 03/01/29
0
2788618 623/G61 F 368,000.00 ZZ
360 367,409.67 1
1932 TALMADGE STREET 7.125 2,479.29 80
6.875 2,479.29 460,000.00
LOS ANGELES CA 90027 5 03/04/99 00
1878099 05 05/01/99 0
6397131 O 04/01/29
0
1
2788619 623/G61 F 247,500.00 ZZ
360 246,681.40 1
4115 STEEPLECHASE DRIVE 7.000 1,646.62 90
6.750 1,646.62 275,000.00
COLLEYVILLE TX 76034 2 02/01/99 11
1878073 03 03/01/99 25
1219151 O 02/01/29
0
2788997 168/168 F 650,000.00 ZZ
360 649,480.21 1
LINDEN LANE 7.125 4,379.17 73
6.875 4,379.17 900,000.00
MUTTONTOWN NY 11732 5 03/29/99 00
249349043 05 06/01/99 0
249349043 O 05/01/29
0
2790155 K08/G01 F 235,850.00 ZZ
360 235,687.69 1
6080 WHISPERING MEADOWS 7.875 1,710.08 89
7.625 1,710.08 267,000.00
WHITE LAKE MI 48383 2 04/15/99 04
0411302615 29 06/01/99 25
0411302615 O 05/01/29
0
2791429 G75/G75 F 308,900.00 ZZ
360 308,154.51 1
2300 MONUMENT AVENUE 7.125 2,081.12 47
6.875 2,081.12 660,000.00
RICHMOND VA 23220 2 02/08/99 00
03766978 05 04/01/99 0
03766978 O 03/01/29
0
2791763 461/461 F 272,000.00 ZZ
180 270,235.43 3
15 LEESE STREET 7.375 2,502.20 80
7.125 2,502.20 340,000.00
SAN FRANCISCO CA 94110 1 03/25/99 00
9022522361 05 05/01/99 0
9022522361 O 04/01/14
0
2793176 F28/G61 F 285,000.00 ZZ
360 284,586.15 1
1
34 DAVENPORT DRIVE 7.625 2,017.21 95
7.250 2,017.21 300,000.00
STAMFORD CT 06902 1 03/04/99 04
1878347 05 05/01/99 30
4643775 O 04/01/29
0
2795243 076/076 F 260,000.00 ZZ
360 259,593.12 1
1722 FOREST DR 7.250 1,773.66 89
7.000 1,773.66 295,000.00
GUNTERSVILLE AL 35976 2 03/05/99 10
7191662 05 05/01/99 30
7191662 O 04/01/29
0
2795408 E82/G01 F 185,600.00 ZZ
360 185,455.21 1
24421 ZERMATT LANE 7.250 1,266.12 80
7.000 1,266.12 232,000.00
VALENCIA CA 91355 2 04/28/99 00
0400195798 03 06/01/99 0
1582616 O 05/01/29
0
2801173 N74/H74 F 35,250.00 ZZ
360 35,058.04 1
114 CONOCONNARA ROAD 9.990 309.08 75
9.490 309.08 47,000.00
HALIFAX NC 27839 2 06/27/98 00
1879154 27 08/02/98 0
1430331 O 07/02/28
0
2801175 N74/H74 F 51,200.00 ZZ
360 50,942.20 1
8500 GREEN LEVEL ROAD 8.990 411.60 80
8.490 411.60 64,500.00
IVOR VA 23866 5 09/21/98 00
1879162 27 11/01/98 0
1617331 O 10/01/28
0
2801176 N74/H74 F 184,000.00 ZZ
240 181,871.48 1
180 LINEBERGER DRIVE 9.490 1,713.92 80
8.990 1,713.92 230,000.00
MOORESVILLE NC 28115 2 09/25/98 00
1879170 05 11/01/98 0
1
1628311 O 10/01/18
0
2801177 N74/H74 F 51,210.00 ZZ
240 50,740.65 1
4 EWELL COURT 8.990 460.42 46
8.490 460.42 112,000.00
HAMPTON VA 23669 5 11/12/98 00
1879188 05 01/01/99 0
1722310 O 12/01/18
0
2801178 N74/H74 F 56,700.00 ZZ
180 56,597.72 1
25 CHESTNUT STREET 11.890 578.43 70
11.390 578.43 81,000.00
LEXINGTON NC 27292 5 11/25/98 00
1879196 05 01/01/99 0
1763311 O 12/01/13
0
2801180 N74/H74 F 52,000.00 ZZ
360 51,834.78 1
697 MOUNT BETHEL ROAD 9.240 427.41 80
8.740 427.41 65,000.00
HARMONY NC 28634 2 11/30/98 00
1879204 27 01/10/99 0
1780331 O 12/10/28
0
2801181 N74/H74 F 88,341.00 ZZ
180 88,169.01 1
110 GIBBS ROAD 11.540 877.53 81
11.040 877.53 110,000.00
MAIDEN NC 28650 2 12/09/98 00
1879212 27 01/20/99 0
1814330 O 12/20/13
0
2801184 N74/H74 F 63,000.00 ZZ
180 62,851.88 1
HWY 258 SOUTH 9.790 543.12 70
9.290 543.12 90,000.00
TARBORO NC 27886 5 12/22/98 00
1879220 27 02/01/99 0
1862331 O 01/01/14
0
1
2801185 N74/H74 F 84,800.00 ZZ
180 84,587.87 1
330 GLENNIE IRVIN ROAD 9.590 718.62 80
9.090 718.62 106,000.00
SEMORA NC 27343 5 12/22/98 00
1879238 27 02/01/99 0
1870331 O 01/01/14
0
2801186 N74/H74 F 64,500.00 ZZ
240 64,062.03 1
9522 GRASSY CREEK RD. 9.890 617.75 75
9.390 617.75 86,000.00
BULLOCK NC 27507 2 12/30/98 00
1879246 27 02/10/99 0
1881331 O 01/10/19
0
2801187 N74/H74 F 57,200.00 ZZ
180 57,056.78 1
141 FOX RUN LANE 9.490 480.55 80
8.990 480.55 71,500.00
PILOT MOUNTAIN NC 27041 1 12/30/98 00
1879253 27 02/01/99 0
1884331 O 01/01/14
0
2801189 N74/H74 F 170,000.00 ZZ
360 168,591.80 1
RT. 1 BOX 335 11.940 1,740.79 85
11.440 1,740.79 200,000.00
SIDNEY AR 72577 2 06/26/98 00
1879261 05 08/01/98 0
17481010 O 07/01/28
0
2801190 N74/H74 F 49,600.00 ZZ
300 49,288.80 1
205 SPURGEON LANE 11.890 518.37 80
11.390 518.37 62,000.00
BRISTOL VA 24201 5 06/26/98 00
1879279 05 08/01/98 0
17487010 O 07/01/23
0
2801192 N74/H74 F 118,000.00 T
240 116,161.24 1
139 LARKSPUR LN. 9.740 1,118.47 72
9.240 1,118.47 165,000.00
1
LOCUST GROVE VA 22508 5 07/02/98 00
1879287 03 08/09/98 0
17627010 O 07/09/18
0
2801196 N74/H74 F 40,000.00 ZZ
300 39,777.96 1
RTE 1, BOX 44K, STATE RT 679 11.990 420.99 80
11.490 420.99 50,000.00
GREEN BAY VA 23942 5 08/07/98 00
1879295 27 09/20/98 0
18191030 O 08/20/23
0
2801197 N74/H74 F 107,950.00 ZZ
360 107,442.56 1
712 EAST 600 SOUTH 9.890 938.58 85
9.390 938.58 127,000.00
ST GEORGE UT 84770 2 07/30/98 00
1879303 05 09/04/98 0
18243011 O 08/04/28
0
2801201 N74/H74 F 107,350.00 ZZ
300 106,324.47 1
6821 OLD TOM BOX ROAD 8.790 885.49 95
8.290 885.49 113,000.00
JACKSONVILLE AR 72076 2 08/12/98 00
1879329 05 09/20/98 0
18298010 O 08/20/23
0
2801202 N74/H74 F 61,750.00 ZZ
240 61,038.98 1
3210 N PLEASANT 10.490 616.08 95
9.990 616.08 65,000.00
INDEPENDENCE MO 64050 5 08/18/98 00
1879337 05 10/01/98 0
18377010 O 09/01/18
0
2801203 N74/H74 F 80,800.00 ZZ
360 80,530.38 1
1406 AVON ROAD 10.990 768.87 80
10.490 768.87 101,000.00
MURFREESBORO TN 37129 5 08/19/98 00
1879345 05 10/01/98 0
18379010 O 09/01/28
0
1
2801207 N74/H74 F 45,000.00 ZZ
180 44,127.90 1
1210 MOUNTAIN PINE ROAD 11.640 529.70 49
11.140 529.70 92,000.00
HOT SPRINGS AR 71913 5 08/27/98 00
1879352 05 10/01/98 0
18584010 O 09/01/13
0
2801209 N74/H74 F 76,800.00 ZZ
180 76,448.28 1
1220 HICKORY HOLLOW RD 9.490 645.22 80
8.990 645.22 96,000.00
GASTON NC 27832 2 09/10/98 00
1879360 27 10/16/98 0
18603511 O 09/16/13
0
2801210 N74/H74 F 104,000.00 ZZ
300 103,328.17 1
809 SANHILL DRIVE 10.490 981.21 80
9.990 981.21 130,000.00
LYNCHBURG VA 24502 5 08/31/98 00
1879378 05 10/10/98 0
18652011 O 09/10/23
0
2801211 N74/H74 F 8,480.00 ZZ
120 8,139.23 1
1006 NORTH ALMA STREET 12.240 122.84 53
11.740 122.84 16,000.00
DERMOTT AR 71638 5 08/31/98 00
1879386 05 10/10/98 0
18666010 O 09/10/08
0
2801212 N74/H74 F 22,050.00 ZZ
300 21,960.95 1
311 CURTIS ST 12.500 240.42 70
12.000 240.42 31,500.00
WARNER ROBINS GA 31093 5 09/17/98 00
1879394 05 11/01/98 0
18683010 O 10/01/23
0
2801213 N74/H74 F 39,750.00 ZZ
300 39,304.06 1
1
520 ROLLINGWOOD DRIVE 10.890 386.44 75
10.390 386.44 53,000.00
DUDLEY NC 28333 5 09/03/98 00
1879402 05 10/10/98 0
18736011 O 09/10/23
0
2801214 N74/H74 F 57,700.00 ZZ
180 56,403.38 1
785 VAUGHN ROAD 9.990 619.69 78
9.490 619.69 74,500.00
REIDSVILLE NC 27320 2 08/31/98 00
1879410 27 10/10/98 0
18739030 O 09/10/13
0
2801215 N74/H74 F 23,800.00 ZZ
240 23,579.98 1
313 NORTH A STREET 12.740 274.44 85
12.240 274.44 28,000.00
DUNCAN OK 73533 5 09/02/98 00
1879428 05 10/10/98 0
18752010 O 09/10/18
0
2801216 N74/H74 F 37,600.00 ZZ
300 37,403.84 1
ROUTE 5 BOX 135 11.740 388.81 80
11.240 388.81 47,000.00
WADESBORO NC 28170 5 09/04/98 00
1879436 27 10/10/98 0
18785031 O 09/10/23
0
2801217 N74/H74 F 62,050.00 ZZ
360 61,906.01 1
3045 1/2 LANCASTER GATE 12.090 642.56 85
11.590 642.56 73,000.00
GRAND JUNCTION CO 81504 5 09/16/98 00
1879444 05 11/01/98 0
18881010 O 10/01/28
0
2801218 N74/H74 F 97,750.00 ZZ
360 97,493.13 2
3260 JACKSON AVENUE 11.440 963.54 85
10.940 963.54 115,000.00
OGDEN UT 84403 5 09/25/98 00
1879451 23 11/01/98 0
1
18968010 O 10/01/28
0
2801223 N74/H74 F 63,200.00 ZZ
180 63,013.44 1
110 WEST DEVONSHIRE STREET 10.990 601.39 76
10.490 601.39 83,500.00
WINSTON SALEM NC 27127 5 09/25/98 00
1879469 05 11/01/98 0
19022010 O 10/01/13
0
2801224 N74/H74 F 60,800.00 ZZ
300 60,480.76 1
3961 N.W. 172 TERRACE 10.990 595.47 80
10.490 595.47 76,000.00
MIAMI FL 33055 5 09/28/98 00
1879477 05 11/10/98 0
19038010 O 10/10/23
0
2801226 N74/H74 F 72,375.00 ZZ
300 72,010.92 1
6592 RIDGE ROAD 11.240 721.95 75
10.740 721.95 96,500.00
TOBACCOVILLE NC 27050 5 09/30/98 00
1879485 27 11/10/98 0
19048030 O 10/10/23
0
2801227 N74/H74 F 87,000.00 ZZ
300 86,587.98 1
627 COSBY STREET 11.590 890.06 76
11.090 890.06 115,100.00
LIBERTY MO 64068 5 09/30/98 00
1879493 05 11/10/98 0
19110010 O 10/10/23
0
2801229 N74/H74 F 32,000.00 ZZ
240 31,681.30 1
3534 MT BEULAH ROAD 10.900 328.13 59
10.400 328.13 55,000.00
SHERRILLS FORD NC 28673 5 10/06/98 00
1879501 05 11/12/98 0
19146510 O 10/12/18
0
1
2801230 N74/H74 F 56,950.00 ZZ
180 55,960.32 1
111 NORTH COBLE STREET 11.490 664.92 85
10.990 664.92 67,000.00
RANDLEMAN NC 27317 5 09/30/98 00
1879519 05 11/10/98 0
19160010 O 10/10/13
0
2801231 N74/H74 F 68,400.00 ZZ
360 68,150.26 1
162 SANDALWOOD COURT 9.990 599.75 80
9.490 599.75 85,500.00
LEXINGTON NC 27295 1 09/30/98 00
1879527 27 11/01/98 0
19163031 O 10/01/28
0
2801232 N74/H74 F 41,600.00 ZZ
300 41,406.48 1
4920 S. 83RD STREET 11.740 430.17 80
11.240 430.17 52,000.00
TAMPA FL 33619 5 09/30/98 00
1879535 05 11/10/98 0
19183010 O 10/10/23
0
2801233 N74/H74 F 85,000.00 ZZ
240 83,881.94 1
62 BEECHWOOD DRIVE 8.740 750.61 85
8.240 750.61 100,000.00
BRACEY VA 23919 5 09/30/98 00
1879543 27 11/10/98 0
19218030 O 10/10/18
0
2801234 N74/H74 F 82,000.00 ZZ
360 81,603.55 1
1406 N. 2000 W. 9.050 662.74 61
8.550 662.74 135,000.00
FARR WEST UT 84404 5 09/28/98 00
1879550 27 11/10/98 0
19243010 O 10/10/28
0
2801235 N74/H74 F 204,000.00 ZZ
360 203,397.76 1
9 KINGS PARK LANE 10.990 1,941.20 80
10.490 1,941.20 255,000.00
1
CONWAY AR 72032 5 10/08/98 00
1879568 05 11/20/98 0
19287010 O 10/20/28
0
2801238 N74/H74 F 71,400.00 ZZ
300 71,070.64 1
601 SHERWOOD AVENUE 10.940 696.71 85
10.440 696.71 84,000.00
WAYNESBORO VA 22980 2 10/15/98 00
1879576 05 12/01/98 0
19357011 O 11/01/23
0
2801239 N74/H74 F 70,550.00 ZZ
180 69,380.82 1
3005 SIR MELIOT DRIVE 10.490 779.42 84
9.990 779.42 84,000.00
CHESAPEAKE VA 23323 5 10/16/98 00
1879584 05 12/01/98 0
19363010 O 11/01/13
0
2801240 N74/H74 F 57,600.00 ZZ
300 57,310.24 1
2760 MCQUEEN ROAD 10.500 543.85 80
10.000 543.85 72,000.00
APOPKA FL 32703 5 10/24/98 00
1879592 05 12/01/98 0
19478010 O 11/01/23
0
2801242 N74/H74 F 48,750.00 ZZ
360 48,610.50 1
123 STEPHANIE DRIVE 10.490 445.57 75
9.990 445.57 65,000.00
LEXINGTON SC 29073 5 10/23/98 00
1879600 05 12/01/98 0
19515010 O 11/01/28
0
2801243 N74/H74 F 45,900.00 ZZ
300 45,650.71 1
2355 35TH STREET SOUTH 11.240 457.86 84
10.740 457.86 55,000.00
SAINT PETERSBUR FL 33711 5 10/30/98 00
1879618 05 12/10/98 0
19526010 O 11/10/23
0
1
2801245 N74/H74 F 30,600.00 ZZ
300 30,460.09 1
103 PHILLIPS ROAD 10.990 299.69 90
10.490 299.69 34,000.00
JACKSONVILLE AR 72076 5 10/26/98 00
1879626 27 12/01/98 0
19545031 O 11/01/23
0
2801246 N74/H74 F 18,200.00 ZZ
120 17,591.99 1
214 TRUXTON AVE 12.500 266.40 69
12.000 266.40 26,500.00
SOUTH BOSTON VA 24592 5 10/26/98 00
1879634 05 12/01/98 0
19548010 O 11/01/08
0
2801247 N74/H74 F 57,600.00 ZZ
360 57,396.50 1
299 CANDY PARK ROAD 9.490 483.91 80
8.990 483.91 72,000.00
PEMBROKE NC 28372 5 10/29/98 00
1879642 27 12/10/98 0
19561031 O 11/10/28
0
2801248 N74/H74 F 58,500.00 ZZ
300 58,188.26 1
2223 ROMINE RD 10.090 535.31 90
9.590 535.31 65,000.00
LITTLE ROCK AR 72204 5 10/29/98 00
1879659 05 12/10/98 0
19564011 O 11/10/23
0
2801249 N74/H74 F 60,800.00 ZZ
300 60,521.95 1
3228 BARNETT RD 10.990 595.47 80
10.490 595.47 76,000.00
MEBANE NC 27302 5 10/29/98 00
1879667 27 12/10/98 0
19570030 O 11/10/23
0
2801250 N74/H74 F 89,600.00 ZZ
240 88,697.80 1
1
1535 SOMERSET DRIVE 9.500 835.19 80
9.000 835.19 112,000.00
LYNCHBURG VA 24503 5 10/31/98 00
1879675 05 12/10/98 0
19624010 O 11/10/18
0
2801256 N74/H74 F 54,900.00 ZZ
300 54,586.48 1
218 ANDERSON STREET 9.740 488.85 90
9.240 488.85 61,000.00
HOT SPRINGS AR 71913 5 11/13/98 00
1879683 27 12/20/98 0
19754031 O 11/20/23
0
2801258 N74/H74 F 20,000.00 ZZ
180 19,795.62 1
2046 IRONWOOD DRIVE 11.990 239.90 27
11.490 239.90 75,000.00
FAYETTEVILLE NC 28304 5 12/15/98 00
1879691 05 02/01/99 0
19778510 O 01/01/14
0
2801259 N74/H74 F 106,250.00 ZZ
360 105,718.69 1
51 NORTH 400 EAST 10.240 951.32 85
9.740 951.32 125,000.00
SANTAQUIN UT 84655 5 11/11/98 00
1879709 27 12/20/98 0
19789011 O 11/20/28
0
2801260 N74/H74 F 62,250.00 ZZ
360 62,157.02 1
1088 NORTH 1250 EAST #G 12.740 675.98 75
12.240 675.98 83,000.00
LAYTON UT 84040 5 11/18/98 00
1879717 01 01/01/99 0
19803010 O 12/01/28
0
2801261 N74/H74 F 184,000.00 ZZ
360 183,500.29 1
777 EAST MAIN CANYON ROAD 9.990 1,613.37 80
9.490 1,613.37 230,000.00
WALLSBURG UT 84082 5 11/20/98 00
1879725 05 01/01/99 0
1
19805011 O 12/01/28
0
2801262 N74/H74 F 30,000.00 ZZ
120 28,785.76 1
1687 MARKET DRIVE 8.990 379.86 37
8.490 379.86 81,500.00
SOPHIA NC 27350 5 11/16/98 00
1879733 27 12/20/98 0
19814030 O 11/20/08
0
2801263 N74/H74 F 44,000.00 ZZ
240 43,716.63 1
610 MCARTHUR CIRCLE 11.740 476.53 80
11.240 476.53 55,000.00
MONROE NC 28110 5 11/18/98 00
1879741 05 01/01/99 0
19832010 O 12/01/18
0
2801265 N74/H74 F 62,250.00 ZZ
300 61,910.01 1
2149 SIMPSON CREEK ROAD 8.990 521.97 75
8.490 521.97 83,000.00
LORIS SC 29569 2 11/23/98 00
1879758 27 01/01/99 0
19849011 O 12/01/23
0
2801268 N74/H74 F 39,900.00 ZZ
360 39,829.60 1
RT 1 BOX 125 B 11.990 410.11 70
11.490 410.11 57,000.00
BAMBERG SC 29003 5 11/20/98 00
1879766 27 01/01/99 0
19879030 O 12/01/28
0
2801270 N74/H74 F 52,000.00 ZZ
240 51,523.42 1
1339 POLLARD AVENUE 8.990 467.52 70
8.490 467.52 75,000.00
BURLINGTON NC 27217 2 11/24/98 00
1879774 05 01/01/99 0
19911010 O 12/01/18
0
1
2801273 N74/H74 F 256,000.00 ZZ
360 255,227.75 1
13669 BUSTER ROAD 9.490 2,150.72 79
8.990 2,150.72 325,000.00
STANFIELD NC 28163 5 11/25/98 00
1879782 05 01/01/99 0
19961010 O 12/01/28
0
2801274 N74/H74 F 86,400.00 ZZ
300 86,098.71 1
RR1 BOX 230 11.640 887.09 80
11.140 887.09 108,000.00
MULBERRY AR 72947 5 11/27/98 00
1879790 05 01/10/99 0
19982010 O 12/10/23
0
2801275 N74/H74 F 20,700.00 ZZ
180 20,665.47 1
606 SW GUTHRIE 12.240 216.75 75
11.740 216.75 27,600.00
IDABEL OK 74745 5 11/30/98 00
1879808 05 01/10/99 0
19983010 O 12/10/13
0
2801276 N74/H74 F 64,000.00 ZZ
240 63,545.48 1
3168 LOOMIS STREET 10.990 660.17 75
10.490 660.17 86,000.00
LINCOLNTON NC 28092 5 11/30/98 00
1879816 27 01/10/99 0
19985010 O 12/10/18
0
2801277 N74/H74 F 94,500.00 ZZ
360 94,031.11 1
331 WEST LAKEWOOD DRIVE 8.990 759.69 75
8.490 759.69 126,000.00
PROVO UT 84601 5 11/24/98 00
1879824 05 01/01/99 0
20043010 O 12/01/28
0
2801280 N74/H74 F 164,500.00 ZZ
300 164,036.50 1
445 W HUNTING RIDGE DRIVE 12.850 1,836.73 70
12.350 1,836.73 235,000.00
1
THOMASVILLE NC 27360 5 11/30/98 00
1879840 05 01/10/99 0
20065010 O 12/10/23
0
2801281 N74/H74 F 62,400.00 ZZ
240 61,976.65 1
21096 S. HWY 71 11.340 658.59 65
10.840 658.59 96,000.00
WINSLOW AR 72959 5 11/30/98 00
1879857 05 01/10/99 0
20069010 O 12/10/18
0
2801283 N74/H74 F 116,000.00 ZZ
180 114,321.98 1
428 MURRAY ROAD 10.240 1,263.63 80
9.740 1,263.63 145,000.00
MARION VA 24354 5 12/04/98 00
1879865 05 01/10/99 0
20087011 O 12/10/13
0
2801284 N74/H74 F 71,200.00 ZZ
360 71,026.13 1
18200 WEST PRIDESVILLE ROAD 10.490 650.76 80
9.990 650.76 89,000.00
AMELIA COURTHOU VA 23002 1 12/04/98 00
1879873 05 01/10/99 0
20109011 O 12/10/28
0
2801285 N74/H74 F 46,400.00 ZZ
360 46,272.40 1
1418 EAST HENRY AVENUE 10.490 424.09 75
9.990 424.09 62,000.00
TAMPA FL 33604 5 12/09/98 00
1879881 05 01/20/99 0
20115010 O 12/20/28
0
2801287 N74/H74 F 49,600.00 ZZ
180 49,465.97 1
160 BENTBROOK ROAD 10.740 462.63 80
10.240 462.63 62,000.00
STATESVILLE NC 28677 5 12/09/98 00
1879899 27 01/20/99 0
20172030 O 12/20/13
0
1
2801289 N74/H74 F 64,000.00 ZZ
300 63,650.41 1
136 CLYDE LANE 8.990 536.65 80
8.490 536.65 80,000.00
DEEP GAP NC 28618 5 12/11/98 00
1879907 27 01/20/99 0
20184031 O 12/20/23
0
2801290 N74/H74 F 98,000.00 ZZ
180 96,387.14 1
3037 CEDAR ISLAND RD. 8.790 981.78 90
8.290 981.78 110,000.00
CEDAR ISLAND NC 28520 5 12/11/98 00
1879915 05 01/20/99 0
20186010 O 12/20/13
0
2801295 N74/H74 F 40,000.00 ZZ
120 38,998.35 1
950 DICK FAINES RD,SR 1334 9.840 525.07 53
9.340 525.07 76,000.00
HENDERSON NC 27536 5 12/17/98 00
1879923 27 02/01/99 0
20301030 O 01/01/09
0
2801299 N74/H74 F 127,575.00 ZZ
300 126,972.24 1
10 SUNSET COURT 8.740 1,047.98 68
8.240 1,047.98 188,000.00
TRAVELERS REST SC 29690 5 12/18/98 00
1879931 05 02/01/99 0
20320010 O 01/01/24
0
2801300 N74/H74 F 25,675.00 ZZ
300 25,611.18 1
3533 KENSINGTON 12.500 279.95 65
12.000 279.95 39,500.00
KANSAS CITY MO 64128 5 12/21/98 00
1879949 05 02/01/99 0
20330010 O 01/01/24
0
2801302 N74/H74 F 38,000.00 ZZ
300 37,854.14 1
1
381 HUNT LANE 9.990 345.04 80
9.490 345.04 47,500.00
CLINTON NC 28328 5 12/22/98 00
1879956 27 02/01/99 0
20345031 O 01/01/24
0
2801303 N74/H74 F 61,600.00 ZZ
300 61,353.42 1
4201 BOLD SPRINGS ROAD 9.740 548.51 80
9.240 548.51 77,000.00
SOUTH BOSTON VA 24592 2 12/22/98 00
1879964 27 02/01/99 0
20354031 O 01/01/24
0
2801305 N74/H74 F 30,000.00 ZZ
180 29,655.89 1
410 LOCUST STREET 10.740 336.10 75
10.240 336.10 40,000.00
MOCKSVILLE NC 27028 5 12/23/98 00
1879972 05 02/01/99 0
20385030 O 01/01/14
0
2801306 N74/H74 F 80,000.00 ZZ
360 79,809.90 1
ROUTE 1, BOX 435L 9.740 686.74 77
9.240 686.74 105,000.00
BEDFORD VA 24523 5 12/23/98 00
1879980 27 02/01/99 0
20386031 O 01/01/29
0
2801308 N74/H74 F 64,000.00 ZZ
360 63,901.09 1
1331 SUNNYSIDE TERRACE 11.740 645.53 80
11.240 645.53 80,000.00
VAN BUREN AR 72956 5 12/23/98 00
1879998 05 02/01/99 0
20409010 O 01/01/29
0
2801309 N74/H74 F 58,500.00 ZZ
240 57,966.71 1
5510 STONEY POINT COURT 9.240 535.40 75
8.740 535.40 78,000.00
NEWTON NC 28658 5 12/28/98 00
1880004 27 02/10/99 0
1
20425031 O 01/10/19
0
2801310 N74/H74 F 57,600.00 ZZ
144 56,539.94 1
2706 ELORA ROAD 9.990 688.03 80
9.490 688.03 72,000.00
RICHMOND VA 23223 5 12/29/98 00
1880012 05 02/10/99 0
20446010 O 01/10/11
0
2801311 N74/H74 F 45,000.00 ZZ
180 44,403.85 1
1011 ALTON AVE. 9.740 476.44 66
9.240 476.44 68,500.00
ORLANDO FL 32804 5 12/29/98 00
1880020 05 02/10/99 0
20447010 O 01/10/14
0
2801312 N74/H74 F 56,500.00 ZZ
360 56,334.83 1
1833 CHAMPION STREET 8.740 444.08 73
8.240 444.08 78,000.00
SAVANNAH GA 31401 2 12/29/98 00
1880038 05 02/10/99 0
20448010 O 01/10/29
0
2801316 N74/H74 F 51,200.00 ZZ
300 51,015.49 1
1342 28TH STREET 10.240 473.94 80
9.740 473.94 64,000.00
NEWPORT NEWS VA 23607 5 12/31/98 00
1880046 05 02/10/99 0
20473011 O 01/10/24
0
2801317 N74/H74 F 52,000.00 ZZ
360 51,905.34 1
2219 SOUTH HALL RD 10.990 494.82 83
10.490 494.82 63,000.00
INDEPENDENCE MO 64052 2 12/31/98 00
1880053 05 02/10/99 0
20526010 O 01/10/29
0
1
2805049 E82/G01 F 361,000.00 ZZ
360 361,000.00 1
6705 OLD DOMINION ROAD 7.375 2,493.34 85
7.125 2,493.34 425,000.00
LINCOLN NE 68516 2 05/12/99 04
0400198404 03 07/01/99 12
1597742 O 06/01/29
0
2805789 K08/G01 F 261,600.00 ZZ
360 261,600.00 1
312 17TH STREET 7.125 1,762.45 80
6.875 1,762.45 327,000.00
SEAL BEACH CA 90740 1 05/06/99 00
0411392632 05 07/01/99 0
0411392632 O 06/01/29
0
TOTAL NUMBER OF LOANS : 875
TOTAL ORIGINAL BALANCE : 136,482,425.33
TOTAL PRINCIPAL BALANCE : 128,077,855.81
TOTAL ORIGINAL P+I : 1,131,902.81
TOTAL CURRENT P+I : 1,135,561.34
***************************
* END OF REPORT *
***************************
F-1-1
1
RUN ON : 06/24/99 RFC DISCLOSURE SYSTEM RFFSDFIX-01
AT : 12.18.00 FIXED PASSTHRU REPORT AMORTIZED BALANCE
SERIES : RASC 1999-RS2 GROUP1 CUTOFF : 06/01/99
POOL : 0004385
:
:
POOL STATUS: F
RFC LOAN NUMBER SUB SERV FEE
PRINCIPAL BALANCE MSTR SERV FEE
CURR NOTE RATE ALL EXP
RFC NET RATE MISC EXP
NET MTG RATE(INVSTR RATE) SPREAD
POST STRIP RATE STRIP
------------------------------------------------------------------------------
1063816 .2500
304,318.51 .0500
9.6250 .0000
9.3750 .1550
9.1700 .0000
9.1700 .0000
1176367 .5750
63,754.23 .0500
11.3750 .0000
10.8000 .1550
10.5950 .0000
10.5950 .0000
1176632 .2500
64,909.47 .0500
9.2500 .0000
9.0000 .1550
8.7950 .0000
8.7950 .0000
1196633 .8750
275,178.83 .0500
7.5000 .0000
6.6250 .1550
6.4200 .0000
6.4200 .0000
1199879 .2500
294,990.73 .0500
10.3750 .0000
10.1250 .1550
9.9200 .0000
9.9200 .0000
1199964 .5100
394,164.59 .0500
11.5000 .0000
10.9900 .1550
10.7850 .0000
10.7850 .0000
1
1200617 .3500
666,050.38 .0500
11.7500 .0000
11.4000 .1550
11.1950 .0000
11.1950 .0000
1200893 .5000
177,224.05 .0500
9.5000 .0000
9.0000 .1550
8.7950 .0000
8.7950 .0000
1204019 1.2400
75,720.65 .0500
12.5000 .0000
11.2600 .1550
11.0550 .0000
11.0550 .0000
1243713 .2500
753,378.90 .0500
9.7500 .0000
9.5000 .1550
9.2950 .0000
9.2950 .0000
1250903 .2500
230,171.65 .0500
7.5000 .0000
7.2500 .1550
7.0450 .0000
7.0450 .0000
1345207 .2500
204,044.15 .0500
6.8750 .0000
6.6250 .1550
6.4200 .0000
6.4200 .0000
1354310 .2500
39,861.44 .0500
7.3750 .0000
7.1250 .1550
6.9200 .0000
6.9200 .0000
1364448 .2500
338,853.24 .0500
6.5000 .0000
6.2500 .1550
6.0450 .0000
6.0450 .0000
1
1365925 .2500
171,412.45 .0500
7.0000 .0000
6.7500 .1550
6.5450 .0000
6.5450 .0000
1452078 .2500
678,992.71 .0500
8.7500 .0000
8.5000 .1550
8.2950 .0000
8.2950 .0000
1521638 .2500
225,712.57 .0500
9.6250 .0000
9.3750 .1550
9.1700 .0000
9.1700 .0000
1611243 .2500
457,508.95 .0500
8.5000 .0000
8.2500 .1550
8.0450 .0000
8.0450 .0000
1618693 .2500
102,889.10 .0500
6.7500 .0000
6.5000 .1550
6.2950 .0000
6.2950 .0000
1635465 .2500
50,270.08 .0500
9.0000 .0000
8.7500 .1550
8.5450 .0000
8.5450 .0000
1651888 .2500
29,662.63 .0500
8.0000 .0000
7.7500 .1550
7.5450 .0000
7.5450 .0000
1653592 .2500
28,250.00 .0500
8.0000 .0000
7.7500 .1550
7.5450 .0000
7.5450 .0000
1
1653714 .5000
41,057.62 .0500
13.3900 .0000
12.8900 .1550
12.6850 .0000
12.6850 .0000
1664523 .2500
129,005.96 .0500
9.5000 .0000
9.2500 .1550
9.0450 .0000
9.0450 .0000
1672820 .2500
73,826.36 .0500
9.3750 .0000
9.1250 .1550
8.9200 .0000
8.9200 .0000
1679030 .2500
222,393.61 .0500
7.8750 .0000
7.6250 .1550
7.4200 .0000
7.4200 .0000
1684034 .2500
20,267.07 .0500
10.1250 .0000
9.8750 .1550
9.6700 .0000
9.6700 .0000
1703949 .2500
294,519.66 .0500
7.5000 .0000
7.2500 .1550
7.0450 .0000
7.0450 .0000
1708854 .2500
102,088.37 .0500
7.6250 .0000
7.3750 .1550
7.1700 .0000
7.1700 .0000
1712103 .2500
494,402.26 .0500
7.8750 .0000
7.6250 .1550
7.4200 .0000
7.4200 .0000
1
1725552 .2500
176,046.18 .0500
7.3750 .0000
7.1250 .1550
6.9200 .0000
6.9200 .0000
1729475 .2500
131,758.45 .0500
7.5000 .0000
7.2500 .1550
7.0450 .0000
7.0450 .0000
1736268 .2500
143,251.47 .0500
8.2500 .0000
8.0000 .1550
7.7950 .0000
7.7950 .0000
1740588 .2500
199,238.48 .0500
7.5000 .0000
7.2500 .1550
7.0450 .0000
7.0450 .0000
1740602 .2500
196,343.97 .0500
7.7500 .0000
7.5000 .1550
7.2950 .0000
7.2950 .0000
1740607 .2500
170,948.71 .0500
7.7500 .0000
7.5000 .1550
7.2950 .0000
7.2950 .0000
1740905 .2500
85,068.85 .0500
7.1000 .0000
6.8500 .1550
6.6450 .0000
6.6450 .0000
1746991 .2500
347,681.02 .0500
7.0000 .0000
6.7500 .1550
6.5450 .0000
6.5450 .0000
1
1747155 .2500
287,400.44 .0500
7.5000 .0000
7.2500 .1550
7.0450 .0000
7.0450 .0000
1750624 .2500
320,761.92 .0500
7.5000 .0000
7.2500 .1550
7.0450 .0000
7.0450 .0000
1752246 .2500
293,203.94 .0500
7.3750 .0000
7.1250 .1550
6.9200 .0000
6.9200 .0000
1753076 .2500
380,545.78 .0500
7.6250 .0000
7.3750 .1550
7.1700 .0000
7.1700 .0000
1753586 .2500
112,243.74 .0500
7.3750 .0000
7.1250 .1550
6.9200 .0000
6.9200 .0000
1754183 .2500
267,907.31 .0500
7.5000 .0000
7.2500 .1550
7.0450 .0000
7.0450 .0000
1754991 .2500
424,237.44 .0500
8.0000 .0000
7.7500 .1550
7.5450 .0000
7.5450 .0000
1755407 .2500
293,444.89 .0500
7.3750 .0000
7.1250 .1550
6.9200 .0000
6.9200 .0000
1
1758029 .2500
87,867.55 .0500
7.1250 .0000
6.8750 .1550
6.6700 .0000
6.6700 .0000
1763402 .2500
184,858.49 .0500
7.2500 .0000
7.0000 .1550
6.7950 .0000
6.7950 .0000
1766384 .2500
135,918.29 .0500
7.8750 .0000
7.6250 .1550
7.4200 .0000
7.4200 .0000
1772491 .2500
213,342.41 .0500
7.3750 .0000
7.1250 .1550
6.9200 .0000
6.9200 .0000
1773680 .2500
208,360.64 .0500
7.7500 .0000
7.5000 .1550
7.2950 .0000
7.2950 .0000
1779185 .2500
88,094.70 .0500
6.2500 .0000
6.0000 .1550
5.7950 .0000
5.7950 .0000
1784484 .2500
55,473.70 .0500
7.7500 .0000
7.5000 .1550
7.2950 .0000
7.2950 .0000
1785928 .2500
302,168.91 .0500
7.3750 .0000
7.1250 .1550
6.9200 .0000
6.9200 .0000
1
1788226 .2500
467,892.53 .0500
7.3750 .0000
7.1250 .1550
6.9200 .0000
6.9200 .0000
1790374 .2500
81,195.77 .0500
7.5000 .0000
7.2500 .1550
7.0450 .0000
7.0450 .0000
1790521 .2500
389,573.52 .0500
7.1250 .0000
6.8750 .1550
6.6700 .0000
6.6700 .0000
1801870 .2500
66,209.08 .0500
7.2500 .0000
7.0000 .1550
6.7950 .0000
6.7950 .0000
1814972 .3750
138,502.23 .0500
10.4000 .0000
10.0250 .1550
9.8200 .0000
9.8200 .0000
1820382 .2500
75,874.28 .0500
6.9000 .0000
6.6500 .1550
6.4450 .0000
6.4450 .0000
1821355 .2500
39,495.86 .0500
9.2500 .0000
9.0000 .1550
8.7950 .0000
8.7950 .0000
1826443 .5000
49,967.19 .0500
9.9900 .0000
9.4900 .1550
9.2850 .0000
9.2850 .0000
1
1826471 .5000
155,151.96 .0500
10.7400 .0000
10.2400 .1550
10.0350 .0000
10.0350 .0000
1826472 .5000
130,093.33 .0500
11.2500 .0000
10.7500 .1550
10.5450 .0000
10.5450 .0000
1827242 .4609
53,320.47 .0500
11.7500 .0000
11.2891 .1550
11.0841 .0000
11.0841 .0000
1837779 .2500
55,141.65 .0500
7.2500 .0000
7.0000 .1550
6.7950 .0000
6.7950 .0000
1843964 .2500
113,978.28 .0500
7.2500 .0000
7.0000 .1550
6.7950 .0000
6.7950 .0000
1846713 .2500
487,641.75 .0500
6.8750 .0000
6.6250 .1550
6.4200 .0000
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127,766.21 .0500
8.6250 .0000
8.3750 .1550
8.1700 .0000
8.1700 .0000
2771435 .2500
342,444.06 .0500
7.5000 .0000
7.2500 .1550
7.0450 .0000
7.0450 .0000
2771436 .2500
114,712.56 .0500
9.6250 .0000
9.3750 .1550
9.1700 .0000
9.1700 .0000
1
2771437 .2500
74,762.30 .0500
8.3750 .0000
8.1250 .1550
7.9200 .0000
7.9200 .0000
2771439 .2500
114,941.90 .0500
7.5000 .0000
7.2500 .1550
7.0450 .0000
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8.7500 .0000
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358,713.09 .0500
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7.2950 .0000
7.2950 .0000
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11.2400 .0000
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10.5350 .0000
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333,401.00 .0500
7.3750 .0000
7.1250 .1550
6.9200 .0000
6.9200 .0000
2773560 .2500
294,658.63 .0500
6.6250 .0000
6.3750 .1550
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2773561 .2500
234,589.00 .0500
7.2500 .0000
7.0000 .1550
6.7950 .0000
6.7950 .0000
1
2773562 .2500
181,146.63 .0500
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7.5450 .0000
7.5450 .0000
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2773569 .2500
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7.5000 .0000
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7.0450 .0000
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1
2773570 .2500
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6.8750 .0000
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6.4200 .0000
6.4200 .0000
2773571 .2500
648,583.82 .0500
7.0000 .0000
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6.5450 .0000
2773572 .2500
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7.0000 .0000
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6.5450 .0000
6.5450 .0000
2773573 .2500
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7.2500 .1550
7.0450 .0000
7.0450 .0000
2773574 .2500
284,201.32 .0500
6.7500 .0000
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6.2950 .0000
6.2950 .0000
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368,951.02 .0500
6.8750 .0000
6.6250 .1550
6.4200 .0000
6.4200 .0000
2773576 .2500
296,374.34 .0500
7.0000 .0000
6.7500 .1550
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6.5450 .0000
2773577 .2500
452,958.24 .0500
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6.8750 .1550
6.6700 .0000
6.6700 .0000
1
2773578 .2500
366,673.43 .0500
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7.1250 .1550
6.9200 .0000
6.9200 .0000
2773579 .2500
335,833.19 .0500
7.5000 .0000
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7.0450 .0000
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2773581 .2500
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339,693.68 .0500
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6.7950 .0000
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2773583 .2500
248,538.18 .0500
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2773584 .2500
563,088.60 .0500
7.5000 .0000
7.2500 .1550
7.0450 .0000
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2773585 .2500
254,291.25 .0500
7.5000 .0000
7.2500 .1550
7.0450 .0000
7.0450 .0000
1
2773587 .2500
333,705.64 .0500
6.8750 .0000
6.6250 .1550
6.4200 .0000
6.4200 .0000
2773588 .2500
232,212.39 .0500
7.1250 .0000
6.8750 .1550
6.6700 .0000
6.6700 .0000
2773589 .2500
370,347.77 .0500
8.0000 .0000
7.7500 .1550
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7.5450 .0000
2773590 .2500
216,092.90 .0500
7.6250 .0000
7.3750 .1550
7.1700 .0000
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2773591 .2500
259,123.07 .0500
7.3750 .0000
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6.9200 .0000
6.9200 .0000
2773592 .2500
209,208.57 .0500
7.2500 .0000
7.0000 .1550
6.7950 .0000
6.7950 .0000
2773593 .2500
326,853.06 .0500
7.6250 .0000
7.3750 .1550
7.1700 .0000
7.1700 .0000
2773594 .2500
767,267.49 .0500
6.6250 .0000
6.3750 .1550
6.1700 .0000
6.1700 .0000
1
2773595 .2500
245,866.10 .0500
7.7500 .0000
7.5000 .1550
7.2950 .0000
7.2950 .0000
2773596 .2500
405,479.65 .0500
8.0000 .0000
7.7500 .1550
7.5450 .0000
7.5450 .0000
2773599 .2500
175,589.48 .0500
8.2500 .0000
8.0000 .1550
7.7950 .0000
7.7950 .0000
2776092 .2500
229,853.34 .0500
8.2500 .0000
8.0000 .1550
7.7950 .0000
7.7950 .0000
2788539 .2500
67,399.50 .0500
7.5000 .0000
7.2500 .1550
7.0450 .0000
7.0450 .0000
2788540 .2500
203,737.65 .0500
7.5000 .0000
7.2500 .1550
7.0450 .0000
7.0450 .0000
2788542 .2500
74,873.62 .0500
6.8750 .0000
6.6250 .1550
6.4200 .0000
6.4200 .0000
2788543 .2500
160,939.40 .0500
8.2500 .0000
8.0000 .1550
7.7950 .0000
7.7950 .0000
1
2788544 .2500
198,644.45 .0500
7.1250 .0000
6.8750 .1550
6.6700 .0000
6.6700 .0000
2788618 .2500
367,409.67 .0500
7.1250 .0000
6.8750 .1550
6.6700 .0000
6.6700 .0000
2788619 .2500
246,681.40 .0500
7.0000 .0000
6.7500 .1550
6.5450 .0000
6.5450 .0000
2788997 .2500
649,480.21 .0500
7.1250 .0000
6.8750 .1550
6.6700 .0000
6.6700 .0000
2790155 .2500
235,687.69 .0500
7.8750 .0000
7.6250 .1550
7.4200 .0000
7.4200 .0000
2791429 .2500
308,154.51 .0500
7.1250 .0000
6.8750 .1550
6.6700 .0000
6.6700 .0000
2791763 .2500
270,235.43 .0500
7.3750 .0000
7.1250 .1550
6.9200 .0000
6.9200 .0000
2793176 .3750
284,586.15 .0500
7.6250 .0000
7.2500 .1550
7.0450 .0000
7.0450 .0000
1
2795243 .2500
259,593.12 .0500
7.2500 .0000
7.0000 .1550
6.7950 .0000
6.7950 .0000
2795408 .2500
185,455.21 .0500
7.2500 .0000
7.0000 .1550
6.7950 .0000
6.7950 .0000
2801173 .5000
35,058.04 .0500
9.9900 .0000
9.4900 .1550
9.2850 .0000
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2801175 .5000
50,942.20 .0500
8.9900 .0000
8.4900 .1550
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2801176 .5000
181,871.48 .0500
9.4900 .0000
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2801177 .5000
50,740.65 .0500
8.9900 .0000
8.4900 .1550
8.2850 .0000
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2801178 .5000
56,597.72 .0500
11.8900 .0000
11.3900 .1550
11.1850 .0000
11.1850 .0000
2801180 .5000
51,834.78 .0500
9.2400 .0000
8.7400 .1550
8.5350 .0000
8.5350 .0000
1
2801181 .5000
88,169.01 .0500
11.5400 .0000
11.0400 .1550
10.8350 .0000
10.8350 .0000
2801184 .5000
62,851.88 .0500
9.7900 .0000
9.2900 .1550
9.0850 .0000
9.0850 .0000
2801185 .5000
84,587.87 .0500
9.5900 .0000
9.0900 .1550
8.8850 .0000
8.8850 .0000
2801186 .5000
64,062.03 .0500
9.8900 .0000
9.3900 .1550
9.1850 .0000
9.1850 .0000
2801187 .5000
57,056.78 .0500
9.4900 .0000
8.9900 .1550
8.7850 .0000
8.7850 .0000
2801189 .5000
168,591.80 .0500
11.9400 .0000
11.4400 .1550
11.2350 .0000
11.2350 .0000
2801190 .5000
49,288.80 .0500
11.8900 .0000
11.3900 .1550
11.1850 .0000
11.1850 .0000
2801192 .5000
116,161.24 .0500
9.7400 .0000
9.2400 .1550
9.0350 .0000
9.0350 .0000
1
2801196 .5000
39,777.96 .0500
11.9900 .0000
11.4900 .1550
11.2850 .0000
11.2850 .0000
2801197 .5000
107,442.56 .0500
9.8900 .0000
9.3900 .1550
9.1850 .0000
9.1850 .0000
2801201 .5000
106,324.47 .0500
8.7900 .0000
8.2900 .1550
8.0850 .0000
8.0850 .0000
2801202 .5000
61,038.98 .0500
10.4900 .0000
9.9900 .1550
9.7850 .0000
9.7850 .0000
2801203 .5000
80,530.38 .0500
10.9900 .0000
10.4900 .1550
10.2850 .0000
10.2850 .0000
2801207 .5000
44,127.90 .0500
11.6400 .0000
11.1400 .1550
10.9350 .0000
10.9350 .0000
2801209 .5000
76,448.28 .0500
9.4900 .0000
8.9900 .1550
8.7850 .0000
8.7850 .0000
2801210 .5000
103,328.17 .0500
10.4900 .0000
9.9900 .1550
9.7850 .0000
9.7850 .0000
1
2801211 .5000
8,139.23 .0500
12.2400 .0000
11.7400 .1550
11.5350 .0000
11.5350 .0000
2801212 .5000
21,960.95 .0500
12.5000 .0000
12.0000 .1550
11.7950 .0000
11.7950 .0000
2801213 .5000
39,304.06 .0500
10.8900 .0000
10.3900 .1550
10.1850 .0000
10.1850 .0000
2801214 .5000
56,403.38 .0500
9.9900 .0000
9.4900 .1550
9.2850 .0000
9.2850 .0000
2801215 .5000
23,579.98 .0500
12.7400 .0000
12.2400 .1550
12.0350 .0000
12.0350 .0000
2801216 .5000
37,403.84 .0500
11.7400 .0000
11.2400 .1550
11.0350 .0000
11.0350 .0000
2801217 .5000
61,906.01 .0500
12.0900 .0000
11.5900 .1550
11.3850 .0000
11.3850 .0000
2801218 .5000
97,493.13 .0500
11.4400 .0000
10.9400 .1550
10.7350 .0000
10.7350 .0000
1
2801223 .5000
63,013.44 .0500
10.9900 .0000
10.4900 .1550
10.2850 .0000
10.2850 .0000
2801224 .5000
60,480.76 .0500
10.9900 .0000
10.4900 .1550
10.2850 .0000
10.2850 .0000
2801226 .5000
72,010.92 .0500
11.2400 .0000
10.7400 .1550
10.5350 .0000
10.5350 .0000
2801227 .5000
86,587.98 .0500
11.5900 .0000
11.0900 .1550
10.8850 .0000
10.8850 .0000
2801229 .5000
31,681.30 .0500
10.9000 .0000
10.4000 .1550
10.1950 .0000
10.1950 .0000
2801230 .5000
55,960.32 .0500
11.4900 .0000
10.9900 .1550
10.7850 .0000
10.7850 .0000
2801231 .5000
68,150.26 .0500
9.9900 .0000
9.4900 .1550
9.2850 .0000
9.2850 .0000
2801232 .5000
41,406.48 .0500
11.7400 .0000
11.2400 .1550
11.0350 .0000
11.0350 .0000
1
2801233 .5000
83,881.94 .0500
8.7400 .0000
8.2400 .1550
8.0350 .0000
8.0350 .0000
2801234 .5000
81,603.55 .0500
9.0500 .0000
8.5500 .1550
8.3450 .0000
8.3450 .0000
2801235 .5000
203,397.76 .0500
10.9900 .0000
10.4900 .1550
10.2850 .0000
10.2850 .0000
2801238 .5000
71,070.64 .0500
10.9400 .0000
10.4400 .1550
10.2350 .0000
10.2350 .0000
2801239 .5000
69,380.82 .0500
10.4900 .0000
9.9900 .1550
9.7850 .0000
9.7850 .0000
2801240 .5000
57,310.24 .0500
10.5000 .0000
10.0000 .1550
9.7950 .0000
9.7950 .0000
2801242 .5000
48,610.50 .0500
10.4900 .0000
9.9900 .1550
9.7850 .0000
9.7850 .0000
2801243 .5000
45,650.71 .0500
11.2400 .0000
10.7400 .1550
10.5350 .0000
10.5350 .0000
1
2801245 .5000
30,460.09 .0500
10.9900 .0000
10.4900 .1550
10.2850 .0000
10.2850 .0000
2801246 .5000
17,591.99 .0500
12.5000 .0000
12.0000 .1550
11.7950 .0000
11.7950 .0000
2801247 .5000
57,396.50 .0500
9.4900 .0000
8.9900 .1550
8.7850 .0000
8.7850 .0000
2801248 .5000
58,188.26 .0500
10.0900 .0000
9.5900 .1550
9.3850 .0000
9.3850 .0000
2801249 .5000
60,521.95 .0500
10.9900 .0000
10.4900 .1550
10.2850 .0000
10.2850 .0000
2801250 .5000
88,697.80 .0500
9.5000 .0000
9.0000 .1550
8.7950 .0000
8.7950 .0000
2801256 .5000
54,586.48 .0500
9.7400 .0000
9.2400 .1550
9.0350 .0000
9.0350 .0000
2801258 .5000
19,795.62 .0500
11.9900 .0000
11.4900 .1550
11.2850 .0000
11.2850 .0000
1
2801259 .5000
105,718.69 .0500
10.2400 .0000
9.7400 .1550
9.5350 .0000
9.5350 .0000
2801260 .5000
62,157.02 .0500
12.7400 .0000
12.2400 .1550
12.0350 .0000
12.0350 .0000
2801261 .5000
183,500.29 .0500
9.9900 .0000
9.4900 .1550
9.2850 .0000
9.2850 .0000
2801262 .5000
28,785.76 .0500
8.9900 .0000
8.4900 .1550
8.2850 .0000
8.2850 .0000
2801263 .5000
43,716.63 .0500
11.7400 .0000
11.2400 .1550
11.0350 .0000
11.0350 .0000
2801265 .5000
61,910.01 .0500
8.9900 .0000
8.4900 .1550
8.2850 .0000
8.2850 .0000
2801268 .5000
39,829.60 .0500
11.9900 .0000
11.4900 .1550
11.2850 .0000
11.2850 .0000
2801270 .5000
51,523.42 .0500
8.9900 .0000
8.4900 .1550
8.2850 .0000
8.2850 .0000
1
2801273 .5000
255,227.75 .0500
9.4900 .0000
8.9900 .1550
8.7850 .0000
8.7850 .0000
2801274 .5000
86,098.71 .0500
11.6400 .0000
11.1400 .1550
10.9350 .0000
10.9350 .0000
2801275 .5000
20,665.47 .0500
12.2400 .0000
11.7400 .1550
11.5350 .0000
11.5350 .0000
2801276 .5000
63,545.48 .0500
10.9900 .0000
10.4900 .1550
10.2850 .0000
10.2850 .0000
2801277 .5000
94,031.11 .0500
8.9900 .0000
8.4900 .1550
8.2850 .0000
8.2850 .0000
2801280 .5000
164,036.50 .0500
12.8500 .0000
12.3500 .1550
12.1450 .0000
12.1450 .0000
2801281 .5000
61,976.65 .0500
11.3400 .0000
10.8400 .1550
10.6350 .0000
10.6350 .0000
2801283 .5000
114,321.98 .0500
10.2400 .0000
9.7400 .1550
9.5350 .0000
9.5350 .0000
1
2801284 .5000
71,026.13 .0500
10.4900 .0000
9.9900 .1550
9.7850 .0000
9.7850 .0000
2801285 .5000
46,272.40 .0500
10.4900 .0000
9.9900 .1550
9.7850 .0000
9.7850 .0000
2801287 .5000
49,465.97 .0500
10.7400 .0000
10.2400 .1550
10.0350 .0000
10.0350 .0000
2801289 .5000
63,650.41 .0500
8.9900 .0000
8.4900 .1550
8.2850 .0000
8.2850 .0000
2801290 .5000
96,387.14 .0500
8.7900 .0000
8.2900 .1550
8.0850 .0000
8.0850 .0000
2801295 .5000
38,998.35 .0500
9.8400 .0000
9.3400 .1550
9.1350 .0000
9.1350 .0000
2801299 .5000
126,972.24 .0500
8.7400 .0000
8.2400 .1550
8.0350 .0000
8.0350 .0000
2801300 .5000
25,611.18 .0500
12.5000 .0000
12.0000 .1550
11.7950 .0000
11.7950 .0000
1
2801302 .5000
37,854.14 .0500
9.9900 .0000
9.4900 .1550
9.2850 .0000
9.2850 .0000
2801303 .5000
61,353.42 .0500
9.7400 .0000
9.2400 .1550
9.0350 .0000
9.0350 .0000
2801305 .5000
29,655.89 .0500
10.7400 .0000
10.2400 .1550
10.0350 .0000
10.0350 .0000
2801306 .5000
79,809.90 .0500
9.7400 .0000
9.2400 .1550
9.0350 .0000
9.0350 .0000
2801308 .5000
63,901.09 .0500
11.7400 .0000
11.2400 .1550
11.0350 .0000
11.0350 .0000
2801309 .5000
57,966.71 .0500
9.2400 .0000
8.7400 .1550
8.5350 .0000
8.5350 .0000
2801310 .5000
56,539.94 .0500
9.9900 .0000
9.4900 .1550
9.2850 .0000
9.2850 .0000
2801311 .5000
44,403.85 .0500
9.7400 .0000
9.2400 .1550
9.0350 .0000
9.0350 .0000
1
2801312 .5000
56,334.83 .0500
8.7400 .0000
8.2400 .1550
8.0350 .0000
8.0350 .0000
2801316 .5000
51,015.49 .0500
10.2400 .0000
9.7400 .1550
9.5350 .0000
9.5350 .0000
2801317 .5000
51,905.34 .0500
10.9900 .0000
10.4900 .1550
10.2850 .0000
10.2850 .0000
2805049 .2500
361,000.00 .0500
7.3750 .0000
7.1250 .1550
6.9200 .0000
6.9200 .0000
2805789 .2500
261,600.00 .0500
7.1250 .0000
6.8750 .1550
6.6700 .0000
6.6700 .0000
TOTAL NUMBER OF LOANS: 875
TOTAL BALANCE........: 128,077,855.81
1
RUN ON : 06/24/99 RFC DISCLOSURE SYSTEM RFFSDFIX-01
AT : 12.18.00 INITIAL SECURITY FEES AMORTIZED BALANCE
SERIES : RASC 1999-RS2 GROUPI FIXED SUMMARY REPORT CUTOFF : 0 6/01/99
POOL : 0004385
:
:
POOL STATUS: F
WEIGHTED AVERAGES FROM TO
------------------------------------------------------------------------------
CURR NOTE RATE 8.5859 6.1250 17.4000
RFC NET RATE 8.2641 5.6250 16.9000
NET MTG RATE(INVSTR RATE) 8.0591 5.4200 16.6950
POST STRIP RATE 8.0591 5.4200 16.6950
SUB SERV FEE .3219 .2500 2.5000
MSTR SERV FEE .0500 .0500 .0500
ALL EXP .0000 .0000 .0000
MISC EXP .1550 .1550 .1550
SPREAD .0000 .0000 .0000
STRIP .0000 .0000 .0000
TOTAL NUMBER OF LOANS: 875
TOTAL BALANCE........: 128,077,855.81
***************************
* END OF REPORT *
***************************
<PAGE>
EXHIBIT F-2
GROUP II LOAN SCHEDULE
1
RUN ON : 06/24/99 RFC DISCLOSURE SYSTEM RFFSD175-01
AT : 12.19.08 NONFIXED RATE LOAN LISTING AMORTIZED BALANCE
SERIES : RASC 1999-RS2 GROUP2 CUTOFF : 06/01/99
POOL : 0004386
:
:
POOL STATUS: F
RFC LOAN # ORIG RATE ORIGINAL BAL MAX NEG AM
MORTGAGOR NAME CURR RATE PRINCIPAL BAL LN FEATURE
ADDRESS CURR NET ORIGINAL P+I # OF UNITS
ADDRESS LINE 2 NOTE CEILING CURRENT P+I LTV
CITY STATE ZIP NET CEILING NOTE DATE VALUE
SERVICER LOAN # NOTE FLOOR 1ST PMT DT MI CO CODE
SELLER LOAN # NET FLOOR MATURITY DT MI CVG
INVSTR LOAN # GROSS MARGIN 1ST INTCHGDT NXT INTCHGDT
S/S CODE NET MARGIN 1ST PMTCHGDT NXT PMTCHGDT
INT CHG PRIOR DAYS 1ST YR FLR PMT CAP INCR PMT CAP DECR
PMT TYPE 1ST YR CEIL INT FREQ MOS PMT FREQ MOS
ORIG TERM ADJ INDEX PERIOD INCR PERIOD DECR
NOTE LF INCR RND NOTE TYPE RND NOTE METH RND NOTE FCTR
NET LF INCR RND NET TYPE RND NET METH RND NET FCTR
NOTE LF DECR LOAN PURP CNVRT CODE FROM WINDOW
NET LF DECR PROP TYPE CNVT INDEX TO WINDOW
OCCP CODE CNVT MARGIN
______________________________________________________________________________
1145605 8.5000 210,000.00 100
ARMSTEAD RAYMOND 8.1250 178,433.66 ZZ
1 BOUCHARD DRIVE 7.6250 1,614.72 1
13.5000 1,575.00 79
MIDDLETON MA 01949 13.0000 06/25/87 267,000.00
0459900395 .0000 08/01/87 00
5000234 .0000 07/01/17 0
0 2.7500 07/01/88 07/01/99
019/K01 2.2500 08/01/88 08/01/99
45 6.5000 .0000 .0000
A 10.5000 12 12
360 1 2.0000 2.0000
5.0000 S N .1250
5.0000 S N .1250
.0000 1 00 00/00/00
.0000 05 0 00/00/00
O .0000
1175885 8.6250 67,100.00 100
ORABONA KENNETH 7.3750 57,351.58 ZZ
6 HILL ROAD BUILDING 6 7.0000 521.90 1
SANWOOD ESTATES UNIT #2 14.6250 470.21 70
BURRILLVILLE RI 02830 14.1250 03/18/88 95,900.00
0459901088 .0000 05/01/88 00
5002857 .0000 04/01/18 0
0 2.7500 04/01/89 04/01/00
1
019/K01 2.3750 05/01/89 05/01/00
45 6.6250 .0000 .0000
A 10.6250 12 12
360 1 2.0000 2.0000
6.0000 S N .1250
6.0000 S N .1250
.0000 1 00 00/00/00
.0000 01 0 00/00/00
O .0000
1176261 7.8750 196,000.00 100
JOFFRION CLARENCE 8.1250 169,757.58 ZZ
21 ROCKMERE ROAD 7.7500 1,421.14 1
13.8750 1,460.94 90
NORWALK CT 06851 13.5000 07/01/88 219,000.00
2319390 .0000 08/01/88 11
807250104 .0000 07/01/18 25
0 2.7500 07/01/89 07/01/99
098/742 2.3750 08/01/89 08/01/99
45 5.8750 .0000 .0000
A 9.8750 12 12
360 1 2.0000 2.0000
6.0000 S N .1250
6.0000 S N .1250
.0000 1 01 07/01/89
.0000 05 C 07/01/93
O .5000
1177855 7.8750 183,000.00 100
DUNN KENNETH 8.1250 158,498.78 ZZ
3815 APPALOOSA DRIVE 7.7500 1,326.88 1
13.8750 1,364.05 90
WOODBRIDGE VA 22192 13.5000 06/24/88 203,650.00
3358348 .0000 08/01/88 04
3358348 .0000 07/01/18 17
0 2.7500 07/01/89 07/01/99
324/E42 2.3750 08/01/89 08/01/99
45 5.8750 .0000 .0000
A 9.8750 12 12
360 1 2.0000 2.0000
6.0000 S N .1250
6.0000 S N .1250
.0000 1 01 07/01/91
.0000 05 E 07/01/93
O .6250
1177915 9.8750 90,000.00 100
PARKER RICHARD 8.0000 75,831.61 ZZ
1163 JOLIET STREET 7.6250 781.51 1
14.8750 644.49 90
DYER IN 46311 14.0000 09/26/88 100,000.00
1
10442610-1 .0000 11/01/88 10
442610 .0000 10/01/18 17
0 2.7500 10/01/91 10/01/99
047/047 2.3750 11/01/91 11/01/99
45 7.8750 .0000 .0000
A 11.8750 12 12
360 1 2.0000 2.0000
5.0000 S N .1250
5.0000 S N .1250
.0000 1 00 00/00/00
.0000 05 0 00/00/00
O .0000
1178997 8.7500 85,000.00 100
MOKLER KEVIN 8.0000 73,827.82 ZZ
171 HIGHLAND STREET 7.6250 668.70 1
14.7500 627.47 53
HAMILTON MA 01936 14.5000 08/05/88 161,000.00
0459901559 .0000 10/01/88 00
5006038 .0000 09/01/18 0
0 2.7500 10/01/89 10/01/99
019/K01 2.3750 11/01/89 11/01/99
45 6.7500 .0000 .0000
A 10.7500 12 12
360 1 2.0000 2.0000
6.0000 S N .1250
6.0000 S N .1250
.0000 1 00 00/00/00
.0000 05 0 00/00/00
O .0000
1179198 10.0000 67,500.00 100
WATSON HERVIL 8.3750 59,089.06 ZZ
10 ALLEN PLACE 7.7500 592.37 1
16.0000 515.86 90
POUGHKEEPIE NY 12601 14.7500 08/11/88 75,000.00
5779804303 .0000 10/01/88 04
833189345 .0000 09/01/18 20
0 3.0000 09/01/89 09/01/99
207/405 2.3750 10/01/89 10/01/99
45 8.0000 .0000 .0000
A 12.0000 12 12
360 1 2.0000 2.0000
6.0000 S N .1250
6.0000 S N .1250
.0000 1 00 00/00/00
.0000 05 0 00/00/00
O .0000
1179481 7.3750 106,750.00 100
MUDDIMAN RONALD 8.0000 92,509.83 ZZ
1
1210 ASHMEAD SQUARE 7.6250 737.30 1
13.3750 784.70 90
BELCAMP MD 21017 13.1250 09/19/88 119,400.00
5413491145 .0000 11/01/88 11
3491145 .0000 10/01/18 20
0 2.7500 10/01/89 10/01/99
280/405 2.3750 11/01/89 11/01/99
45 5.3750 .0000 .0000
A 9.3750 12 12
360 1 2.0000 2.0000
6.0000 S N .1250
6.0000 S N .1250
.0000 1 00 00/00/00
.0000 05 0 00/00/00
O .0000
1183030 10.6250 77,000.00 100
DEL PIZZO CARLO 7.3750 68,856.26 ZZ
1608 JASMINE COURT 6.8750 711.56 1
15.6250 553.55 88
JACKSON NJ 08527 15.2500 01/13/89 87,990.00
320092067 .0000 03/01/89 04
8784 .0000 02/01/19 20
0 2.8750 02/01/94 02/01/00
490/600 2.3750 03/01/94 03/01/00
45 8.6250 .0000 .0000
A 12.6250 12 12
360 1 2.0000 2.0000
5.0000 S N .1250
5.0000 S N .1250
.0000 1 00 00/00/00
.0000 01 0 00/00/00
O .0000
1184367 8.9500 220,000.00 100
LANCIANI BELVA 7.3750 192,488.05 ZZ
LOT 21 HOWES PATH 6.8750 1,762.27 1
14.9500 1,547.90 67
DENNIS MA 02638 14.5750 12/30/88 330,000.00
7820061350410 .0000 03/01/89 00
831350410 .0000 02/01/19 0
0 2.8750 02/01/90 02/01/00
067/163 2.3750 03/01/90 03/01/00
45 6.9500 .0000 .0000
A 10.9500 12 12
360 1 2.0000 2.0000
6.0000 S N .1250
6.0000 S N .1250
.0000 4 01 02/01/90
.0000 05 D 02/01/94
O 1.0000
1
1186615 8.2500 202,450.00 100
D'ONOFRIO MARK 7.3750 174,142.85 ZZ
16541 LOIRE CIRCLE 6.8750 1,520.94 1
13.7500 1,399.97 90
HUNTINGTON BEA CA 92647 13.2500 01/16/89 225,000.00
244963 .0000 03/01/89 04
1432636 .0000 02/01/19 20
0 2.6250 08/01/89 08/01/99
014/375 2.1250 09/01/89 09/01/99
45 7.2500 .0000 .0000
A 9.2500 6 6
360 7 1.0000 1.0000
5.5000 S N .1250
5.5000 S N .1250
.0000 1 01 02/01/90
.0000 05 E 02/01/94
O 1.1250
1188979 8.0000 50,000.00 100
MEYER DENNIS 8.5000 28,817.86 ZZ
17830 2ND AVENUE 8.1250 366.88 1
14.0000 251.30 44
PLYMOUTH MN 55447 13.5000 02/17/89 115,000.00
217000389 .0000 04/01/89 00
00176759900 .0000 03/01/19 0
0 .7500 09/01/89 09/01/99
560/560 .3750 10/01/89 10/01/99
45 7.0000 .0000 .0000
A 9.0000 6 6
360 8 1.0000 1.0000
6.0000 S N .1250
.0000 S N .1250
.0000 5 00 00/00/00
.0000 05 0 00/00/00
O .0000
1211337 9.0000 196,200.00 100
DRUMMOND MICHAEL 8.5000 170,663.41 ZZ
28740 TOLLHOUSE COURT UNIT 3 8.1250 1,578.67 1
15.0000 1,455.94 90
RANCHO PALOS V CA 90274 14.6250 07/06/90 218,000.00
320022692 .0000 09/01/90 04
3401367 .0000 08/01/20 17
0 .7500 02/01/91 08/01/99
150/600 .3750 03/01/91 09/01/99
45 8.0000 .0000 .0000
A 10.0000 6 6
360 8 1.0000 1.0000
6.0000 S N .1250
6.0000 S N .1250
1
.0000 1 00 00/00/00
.0000 09 0 00/00/00
O .0000
1218267 8.6250 227,650.00 100
RATAJCZAK JAMES 8.6250 206,673.31 ZZ
153 KELLER CIRCLE 8.1250 1,770.64 1
14.6250 1,765.74 90
FOLSOM CA 95630 14.1250 10/04/90 252,990.00
320020068 .0000 12/01/90 04
200030351 .0000 11/01/20 17
0 .8750 05/01/91 11/01/99
492/600 .3750 06/01/91 12/01/99
45 7.6250 .0000 .0000
A 9.6250 6 6
360 8 1.0000 1.0000
6.0000 S N .1250
6.0000 S N .1250
.0000 1 00 00/00/00
.0000 05 0 00/00/00
O .0000
1218542 8.2500 177,300.00 100
SHAIKH BABUDDIN 8.5000 160,857.23 ZZ
27892 CARAWAY LANE 8.1250 1,332.00 1
14.2500 1,359.44 90
SAUGUS CA 91350 13.8750 11/14/90 197,000.00
320027808 .0000 01/01/91 11
904517 .0000 12/01/20 17
0 .7500 06/01/91 12/01/99
488/600 .3750 07/01/91 01/01/00
45 7.2500 .0000 .0000
A 9.2500 6 6
360 8 1.0000 1.0000
6.0000 S N .1250
6.0000 S N .1250
.0000 1 00 00/00/00
.0000 03 0 00/00/00
O .0000
1218581 8.3750 150,800.00 100
GARRETT ELIZABETH 8.6250 136,531.20 ZZ
38058 MILLER PLACE 8.1250 1,146.19 1
14.3750 1,166.47 75
FREMONT CA 94536 13.8750 10/12/90 202,500.00
320022700 .0000 12/01/90 00
200030450 .0000 11/01/20 0
0 .8750 05/01/91 11/01/99
492/600 .3750 06/01/91 12/01/99
45 7.3750 .0000 .0000
A 9.3750 6 6
1
360 8 1.0000 1.0000
6.0000 S N .1250
6.0000 S N .1250
.0000 1 00 00/00/00
.0000 05 0 00/00/00
O .0000
1223508 8.5000 152,100.00 100
RODRIGUEZ JR CHARLES 8.8750 138,446.26 ZZ
17320 PARSONS ROAD 8.3750 1,169.52 1
14.5000 1,202.23 90
PERRIS CA 92370 14.0000 12/06/90 169,000.00
320034119 .0000 02/01/91 14
200036481 .0000 01/01/21 17
0 .8750 07/01/91 07/01/99
492/600 .3750 08/01/91 08/01/99
45 7.5000 .0000 .0000
A 9.5000 6 6
360 8 1.0000 1.0000
6.0000 S N .1250
6.0000 S N .1250
.0000 1 00 00/00/00
.0000 05 0 00/00/00
O .0000
1223581 8.5000 228,300.00 100
BONI PAUL 8.6250 207,523.78 ZZ
4033 BANCROFT DRIVE 8.1250 1,755.44 1
14.5000 1,770.62 80
EL DORADO HILL CA 95630 14.1250 11/16/90 285,467.00
320027899 .0000 01/01/91 00
200034007 .0000 12/01/20 0
0 .8750 06/01/91 12/01/99
492/600 .3750 07/01/91 01/01/00
45 7.5000 .0000 .0000
A 9.5000 6 6
360 8 1.0000 1.0000
6.0000 S N .1250
6.0000 S N .1250
.0000 1 00 00/00/00
.0000 05 0 00/00/00
O .0000
1229173 8.8750 180,000.00 100
DAHER, JR NICHOLAS 8.5000 164,008.80 ZZ
200 COURTRIGHT ROAD 8.1250 1,432.17 1
13.6250 1,380.49 53
SAN RAFAEL CA 94901 13.2500 02/19/91 345,000.00
320059728 .0000 04/01/91 00
80149651 .0000 03/01/21 0
0 .7500 09/01/91 09/01/99
1
585/600 .3750 10/01/91 10/01/99
45 7.8750 .0000 .0000
A 9.8750 6 6
360 8 1.0000 1.0000
4.7500 S N .1250
.0000 S N .1250
.0000 5 00 00/00/00
.0000 05 0 00/00/00
O .0000
1249617 10.6250 300,000.00 100
MAGBANUA, REMBERTO 10.6250 277,618.54 ZZ
10553-10557 FOOTHILL BLVD 10.3750 2,772.29 1
13.5000 2,772.29 72
LAKEVIEW TERRA CA 91342 13.2500 12/26/89 420,000.00
108341561 .0000 02/01/90 00
801070873601 .0000 01/01/20 0
0 2.8750 01/01/00 01/01/00
903/617 2.6250 02/01/00 02/01/00
45 .0000 .0000 .0000
A .0000 120 120
360 2 .0000 .0000
2.8750 S N .1250
.0000 X X .0000
.0000 5 00 00/00/00
.0000 05 0 00/00/00
O .0000
1399620 5.0000 204,538.76 100
PENNINGTON FRED 6.8750 194,007.98 ZZ
6880 TAHITI DRIVE 5.8750 1,098.01 1
9.9900 1,345.82 82
CYPRESS CA 90630 9.7900 11/23/94 250,000.00
5500353 .0000 01/01/95 00
1184460 .0000 12/01/24 0
0 2.7500 12/01/95 12/01/99
324/J39 1.7500 01/01/96 01/01/00
45 3.0000 .0000 .0000
A 7.0000 12 12
360 1 2.0000 2.0000
4.9900 S N .1250
.0000 S N .1250
.0000 2 00 00/00/00
.0000 05 0 00/00/00
O .0000
1434691 6.0000 269,400.00 100
MILLS DONALD 8.1250 258,884.53 ZZ
30700 VIA NORTE 7.1250 1,615.19 1
9.9900 1,992.27 75
TEMECULA CA 92571 9.7900 07/27/95 360,000.00
1
5500932 .0000 09/01/95 00
1219347 .0000 08/01/25 0
0 2.7500 08/01/96 08/01/99
600/J39 1.7500 09/01/96 09/01/99
45 4.0000 .0000 .0000
A 8.0000 12 12
360 1 2.0000 2.0000
3.9900 S N .1250
.0000 S N .1250
.0000 2 00 00/00/00
.0000 03 0 00/00/00
O .0000
1445056 7.0000 362,000.00 100
SUCU FUAT 8.1250 348,884.87 ZZ
17045 DEARBORN STREET 7.8750 2,408.40 1
9.9900 2,682.41 80
NORTHRIDGE ARE CA 91325 9.7900 08/11/95 457,500.00
1510700 .0000 10/01/95 00
1226510 .0000 09/01/25 0
0 2.7500 09/01/96 09/01/99
664/J36 2.5500 10/01/96 10/01/99
45 6.0000 .0000 .0000
A 8.0000 12 12
360 1 2.0000 2.0000
2.9900 S N .1250
.0000 S N .1250
.0000 2 00 00/00/00
.0000 05 0 00/00/00
O .0000
1464092 10.8750 36,100.00 150
PIEL KENNETH 8.2500 28,788.12 ZZ
4200 WAYSIDE ST 7.6250 340.38 1
16.6250 276.97 95
ODESSA TX 79762 16.0000 08/09/84 38,000.00
311938328 5.1250 10/01/84 10
311938328 4.5000 09/01/14 30
0 2.8900 09/01/85 09/01/99
560/E72 2.2650 10/01/85 10/01/99
1 .0000 .0000 .0000
A .0000 12 12
360 1 2.0000 2.0000
5.7500 S U .1250
.0000 X X .0000
5.7500 1 01 09/01/85
.0000 05 B 09/01/88
O .0000
1488513 7.3750 142,200.00 100
PRUEHER T 8.2500 137,432.63 ZZ
1
5452 S 26TH ST 7.7500 982.14 1
13.3750 1,066.37 94
MILWAUKEE WI 53221 12.8750 10/11/95 152,500.00
5123 .0000 12/01/95 11
5123 .0000 11/01/25 25
0 3.5000 11/01/96 11/01/99
890/890 3.0000 12/01/96 12/01/99
45 5.3750 .0000 .0000
A 9.3750 12 12
360 1 2.0000 2.0000
6.0000 S N .1250
.0000 S N .1250
.0000 2 01 11/01/96
.0000 05 E 11/01/00
O 1.0000
1548106 6.8750 216,000.00 100
HUDSON DARRELL 8.8750 210,615.35 ZZ
2437 RAMS GATE ROAD 8.3750 1,418.97 1
12.8750 1,712.71 80
MARTINSVILLE IN 46151 12.3750 07/12/96 270,000.00
6028 .0000 09/01/96 00
6028 .0000 08/01/26 0
0 3.5000 08/01/97 08/01/99
890/890 3.0000 09/01/97 09/01/99
45 4.8750 .0000 .0000
A 8.8750 12 12
360 1 2.0000 2.0000
6.0000 S N .1250
.0000 S N .1250
.0000 2 01 08/01/97
.0000 05 E 08/01/01
O 1.0000
1590453 6.5000 78,800.00 100
BORGES FRANCISCO 8.2500 77,300.10 ZZ
369 GRATTAN STREET 8.1250 498.07 1
12.5000 590.07 58
FALL RIVER MA 02720 12.3000 06/11/97 137,500.00
0140640 .0000 08/01/97 00
1178979 .0000 07/01/27 0
0 2.8750 07/01/98 07/01/99
600/J36 2.6750 08/01/98 08/01/99
45 4.5000 .0000 .0000
A 8.5000 12 12
360 1 2.0000 2.0000
6.0000 S N .1250
.0000 S N .1250
.0000 2 00 00/00/00
.0000 05 0 00/00/00
O .0000
1
1591369 8.8750 203,150.00 100
NASCA WILLIAM 8.8750 195,242.20 ZZ
LOT 15, THE FAIRWAYS 8.3750 1,616.35 1
13.8750 1,616.35 71
PANAMA CITY BE FL 32411 13.3750 12/22/94 290,000.00
0142117 .0000 02/01/95 00
6797704 .0000 01/01/25 0
0 2.7500 01/01/02 01/01/02
H79/H74 2.2500 02/01/02 02/01/02
45 3.8750 .0000 .0000
A 13.8750 12 12
360 1 2.0000 2.0000
5.0000 S N .1250
.0000 S N .1250
.0000 2 00 00/00/00
.0000 03 0 00/00/00
O .0000
1629605 8.0000 448,000.00 100
EDWARDS JON 8.0000 440,989.13 ZZ
43688 EL FARO PLACE 7.7500 3,287.27 1
13.0000 3,287.27 80
TEMECULA CA 92592 12.7500 09/09/97 560,000.00
0430386664 3.0000 11/01/97 00
9730549 2.7500 10/01/27 0
0 2.7500 10/01/02 10/01/02
B57/K06 2.5000 11/01/02 11/01/02
45 3.0000 .0000 .0000
A 13.0000 12 12
360 1 2.0000 2.0000
5.0000 S N .1250
.0000 S N .1250
5.0000 1 00 00/00/00
.0000 05 0 00/00/00
O .0000
1632601 8.1250 120,000.00 100
ALFONSO FELIPE 8.1250 116,407.52 ZZ
470 SW 133TH AVENUE 7.7500 891.00 1
13.1250 891.00 75
MIAMI FL 33184 12.7500 01/09/96 160,000.00
0021716691 .0000 03/01/96 00
950246 .0000 02/01/26 0
0 3.2500 02/01/03 02/01/03
E79/E79 2.8750 03/01/03 03/01/03
45 6.1250 .0000 .0000
A 10.1250 12 12
360 1 2.0000 2.0000
5.0000 S N .1250
.0000 S N .1250
1
.0000 5 00 00/00/00
.0000 05 0 00/00/00
O .0000
1650352 6.8750 300,000.00 100
FREID JAY 6.8750 290,873.10 ZZ
44 ROANOKE ROAD 6.6250 1,970.79 1
12.8750 1,970.79 79
BELLE MEAD NJ 08502 12.6250 08/23/96 382,000.00
8200006984 .0000 10/01/96 00
8200006984 .0000 09/01/26 0
0 2.8750 09/01/03 09/01/03
E73/E73 2.6250 10/01/03 10/01/03
45 4.8750 .0000 .0000
A 12.8750 12 12
360 1 2.0000 2.0000
6.0000 S N .1250
.0000 S N .1250
.0000 1 00 00/00/00
.0000 05 0 00/00/00
O .0000
1650453 8.2500 261,500.00 100
MYERS WILLIAM 8.2500 255,332.66 ZZ
1901 MILLERS ROAD 8.0000 1,964.57 1
14.2500 1,964.57 70
ARDEN DE 19810 14.0000 09/05/96 375,000.00
8000023183 .0000 11/01/96 00
8000023183 .0000 10/01/26 0
0 2.8750 10/01/03 10/01/03
E73/E73 2.6250 11/01/03 11/01/03
45 6.2500 .0000 .0000
A 14.2500 12 12
360 1 2.0000 2.0000
6.0000 S N .1250
.0000 S N .1250
.0000 2 00 00/00/00
.0000 02 0 00/00/00
O .0000
1679948 6.5000 263,900.00 100
LEE LILIA 6.5000 259,402.17 ZZ
9 SOUTHWOOD DRIVE 6.1250 1,668.03 1
11.5000 1,668.03 80
SOUTHBOROUGH MA 01745 11.1250 11/21/97 330,000.00
9662552 .0000 01/01/98 00
9662552 .0000 12/01/27 0
0 2.7500 12/01/02 12/01/02
581/581 2.3750 01/01/03 01/01/03
45 2.7500 .0000 .0000
A 11.5000 12 12
1
360 1 2.0000 2.0000
5.0000 S N .1250
.0000 S N .1250
.0000 1 00 00/00/00
.0000 01 0 00/00/00
O .0000
1689453 7.2500 116,900.00 100
ROSS WILLIAM 8.8750 114,822.45 ZZ
3224 WHITTIER ROAD 8.3750 797.46 1
13.2500 926.58 79
SPRINGVILLE IA 52336 12.7500 07/07/97 149,000.00
6181 .0000 09/01/97 00
6181 .0000 08/01/27 0
0 3.5000 08/01/98 08/01/99
890/890 3.0000 09/01/98 09/01/99
45 5.2500 .0000 .0000
A 9.2500 12 12
360 1 2.0000 2.0000
6.0000 S N .1250
.0000 S N .1250
.0000 2 01 08/01/98
.0000 05 E 08/01/02
O .6250
1705832 7.1250 292,500.00 100
DAVIDSON GARY 7.1250 287,928.75 ZZ
10589 ERVIN MCGARRAH RD. 6.7500 1,844.31 1
13.1250 1,844.31 75
LOWELL AR 72745 12.7500 03/21/96 390,000.00
230967 5.5000 05/01/96 00
230967 5.1250 04/01/36 0
0 2.8750 04/01/03 04/01/03
J83/J83 2.5000 05/01/03 05/01/03
45 5.5000 .0000 .0000
A 9.1250 12 12
480 1 2.0000 2.0000
6.0000 S N .1250
.0000 S N .1250
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CHO BYUNG 6.5000 827,339.03 ZZ
66 MISTY ACRES ROAD 6.3000 5,298.87 1
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ROLLING ESTATE CA 90274 12.1750 03/19/98 1,200,000.00
0166710 .0000 05/01/98 00
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1
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VOELS ROBERT 8.8750 110,582.47 ZZ
XXX F AVENUE 8.3750 775.48 1
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WALFORD IA 52351 12.8750 08/18/97 167,500.00
7081 .0000 10/01/97 00
7081 .0000 09/01/27 0
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890/890 3.0000 10/01/98 10/01/99
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O .6250
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PRATHER WILLIAM 7.7500 265,510.54 ZZ
2145 N-450W 7.5000 1,934.32 1
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134/047 2.5000 08/01/02 08/01/02
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GHOLSON CORDELL 8.2500 149,674.44 ZZ
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MENOMONEE FALL WI 53051 12.8750 10/03/97 180,000.00
1
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128 OTIS AVENUE 6.7500 3,579.33 1
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WOODSIDE CA 94062 11.7500 03/11/98 770,700.00
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137 WINNTREAD PLACE 6.8750 3,678.50 1
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1
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SAN CLEMENTE CA 92672 11.6250 05/06/98 355,000.00
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ALLEN III EARL 7.2500 176,176.20 ZZ
1887 MOUNTAIN CREEK COURT 7.0000 1,211.55 1
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SAN JOSE CA 95148 12.0000 07/27/98 222,000.00
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RONFELDT LYNN 8.7500 140,045.96 ZZ
222 MORNINGSIDE 8.2500 1,044.10 1
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COUNCIL BLUFFS IA 51503 13.3750 10/12/95 182,000.00
5137 .0000 12/01/95 00
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MEDLIN ROBERT 7.5000 77,636.77 ZZ
118 OLD BARN ROAD 7.2500 548.19 1
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GOLD HILL NC 28071 12.2500 05/18/98 98,000.00
4178547 .0000 07/01/98 00
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BERRYHILL JAY 6.8750 551,698.43 ZZ
12795 RODONI COURT 6.6250 3,652.52 1
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SARATOGA CA 95070 11.6250 08/19/98 695,000.00
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HEITZNER-CLARKE BARBARA 6.8750 359,308.56 ZZ
6904 SHOREVIEW DRIVE 6.6250 2,424.07 1
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MCKINNEY TX 75070 11.6250 01/28/98 411,653.00
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405 WEST 23RD STREET UNIT 6K 6.1250 358.07 1
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NEW YORK NY 10011 12.1250 09/01/98 125,000.00
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661/661 1.2500 10/01/05 10/01/05
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EZEKIEL ANNETTE 7.6250 39,936.46 T
175 WEST 93RD STREET UNIT 7J 6.8750 317.71 1
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NEW YORK NY 10025 12.8750 09/01/98 195,000.00
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MARTINEZ JOE 10.8750 33,274.01 ZZ
125 TRELLIS PLACE 10.5000 314.69 1
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RICHARDSON TX 75081 17.5000 09/03/98 44,500.00
1878776 10.8750 11/01/98 00
1130267 10.5000 10/01/28 0
0 7.0000 10/01/00 10/01/00
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1
360 9A 1.5000 1.5000
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FOOS KIRK 6.7500 188,507.23 ZZ
4836 SOUTH QUAIL WAY 6.5000 1,229.09 1
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LITTLETON CO 80127 12.5000 11/09/98 226,000.00
0411110232 .0000 01/01/99 04
411110232 .0000 12/01/28 12
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BREZINSKI RAYMOND 9.6500 97,366.73 ZZ
140 CLEARWATER LANE 9.1500 832.65 1
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LOUISBURG NC 27549 15.1500 09/29/98 115,000.00
1878990 .0000 11/10/98 00
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BLANCAS GERARDO 9.7500 105,406.69 ZZ
4708 12TH AVENUE SOUTH 9.3200 912.85 1
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SEATTLE WA 98108 15.3200 01/16/98 125,000.00
0182089 9.7500 03/01/98 00
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0 6.1250 02/01/00 02/01/00
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15 TEMPLETON ROAD 11.1250 1,559.71 1
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WALLINGFORD CT 06492 14.1250 10/30/98 175,000.00
1874619 11.5000 12/01/98 00
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HOFFMAN TIMOTHY 6.5000 378,611.71 ZZ
915 RIDGESIDE DRIVE 6.2000 2,406.92 1
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MONROVIA CA 91016 11.2000 11/23/98 476,000.00
1871599 .0000 01/01/99 00
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ROSSI DEAN 6.2500 444,421.82 ZZ
761 TEMESCAL WAY 5.9500 2,752.26 1
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REDWOOD CITY CA 94062 10.9500 11/02/98 560,000.00
1
1871631 .0000 01/01/99 00
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KREMER REBECCA 6.2500 238,245.88 ZZ
1576 NW 127TH TERRACE 5.9500 1,477.73 1
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PORTLAND OR 97229 10.9500 10/21/98 300,000.00
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LORENZI ALLEN 6.8750 241,409.20 ZZ
7541 EAST ORION CIRCLE 6.5750 1,594.04 1
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MESA AZ 85207 11.5750 12/01/98 269,650.00
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KECKEIS MARK 6.8750 321,149.37 ZZ
1
21003 GLENWOOD DRIVE 6.6250 2,120.57 1
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CASTRO VALLEY CA 94552 11.6250 11/09/98 405,000.00
0431172808 .0000 01/01/99 00
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5139 FAIRGROUNDS COURT 9.7500 1,177.26 1
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MONEE IL 60449 16.7500 09/15/98 147,500.00
1874593 10.1250 11/01/98 00
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BARCLAY JEFFREY 11.6500 127,715.65 ZZ
512 CONSTITUTION DRIVE 10.9610 1,284.75 1
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POPLAR GROVE IL 61065 17.9610 11/20/98 142,500.00
1875384 11.6500 01/01/99 00
32500028 10.9610 12/01/28 0
0 8.4000 12/01/01 12/01/01
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1867911 6.7500 108,800.00 100
LEVIN MATHEW 8.1250 103,911.53 ZZ
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LEROY WI 53916 12.7500 05/25/94 140,000.00
1874577 .0000 07/01/94 00
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STAPLES SCOTT 8.2500 116,381.06 ZZ
812 HANKSFIELD PLACE 8.2500 782.77 1
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PRAIRIE DU SAC WI 53578 13.0000 04/17/98 148,000.00
1874569 .0000 06/01/98 00
8008 .0000 05/01/28 0
0 3.5000 05/01/99 05/01/00
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CAMERON CLINTON 10.1000 43,030.05 ZZ
2187 ALLEN ADALE ROAD 9.4110 381.64 1
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MELBOURNE FL 32935 16.4110 12/17/98 57,500.00
1875376 10.1000 02/01/99 00
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GARRICK JONATHAN 8.6400 83,829.00 ZZ
112 NECHES TRAIL 8.1400 654.86 1
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GEORGETOWN TX 78628 14.1400 12/08/98 115,000.00
1875186 8.6400 02/01/99 00
CL982985 8.1400 01/01/29 0
0 5.5000 01/01/02 01/01/02
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HOLMAN PHILLIP 10.7500 52,548.16 ZZ
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93 DOGWOOD DRIVE 10.3673 881.49 1
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602 W. MAPLE AVENUE 10.6073 1,385.94 1
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STERLING VA 20164 16.6073 10/30/98 170,000.00
1875590 .0000 12/01/98 00
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16 DALE AVENUE 10.5173 1,114.22 2
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1875624 .0000 12/01/98 00
704376 .0000 11/01/28 0
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4554 BEECH STREET 10.9173 735.04 1
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BATON ROUGE LA 70805 16.9173 09/09/98 88,000.00
1875673 .0000 11/01/98 00
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1
F76/H74 7.0473 11/01/00 11/01/00
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931 BLAIR STREET 10.3673 811.62 2
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PORTSMOUTH VA 23704 16.3673 10/13/98 115,000.00
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704209 .0000 11/01/28 0
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360 9A 1.0000 1.0000
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N .0000
1875000 11.9900 196,000.00 100
ZUCCARO GINA 11.9900 195,713.33 ZZ
1631 NORTH MELVINA AVENUE 11.5073 2,014.57 3
17.6000 2,014.57 80
CHICAGO IL 60639 17.1173 12/07/98 245,000.00
1875723 .0000 02/01/99 00
784224 .0000 01/01/29 0
0 6.8400 01/01/01 01/01/01
F76/H74 6.3573 02/01/01 02/01/01
10 11.9900 .0000 .0000
A 13.9900 6 6
360 9A 1.0000 1.0000
5.6100 S N .1250
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O .0000
1875030 11.4000 59,415.00 100
SUGRIM SEERANIE 11.4000 59,275.20 ZZ
161 HARRISON AVENUE 10.9173 583.85 1
17.4000 583.85 85
JERSEY CITY NJ 07304 16.9173 10/08/98 69,900.00
1
1875731 .0000 12/01/98 00
704302 .0000 11/01/28 0
0 6.8750 11/01/00 11/01/00
F76/H74 6.3923 12/01/00 12/01/00
25 11.4000 .0000 .0000
A 13.4000 6 6
360 E 1.0000 1.0000
6.0000 S N .1250
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O .0000
1875089 10.6500 69,600.00 100
SWINNIE WILLIAM 10.6500 69,378.98 ZZ
3928 RIDGE AVENUE 10.1673 644.48 1
16.6500 644.48 80
DAYTON OH 45414 16.1673 09/24/98 87,000.00
1875764 .0000 11/01/98 00
783160 .0000 10/01/28 0
0 5.7500 10/01/00 10/01/00
F76/H74 5.2673 11/01/00 11/01/00
25 10.6500 .0000 .0000
A 12.6500 6 6
360 E 1.0000 1.0000
6.0000 S N .1250
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O .0000
1875216 10.9900 108,800.00 100
SMITH DALE 10.9900 108,414.84 ZZ
115 FALCON DRIVE 10.5073 1,035.31 1
16.9900 1,035.31 85
VIDALIA GA 30474 16.5073 10/30/98 128,000.00
1875798 .0000 12/01/98 00
704355 .0000 11/01/28 0
0 7.1250 11/01/00 11/01/00
F76/H74 6.6423 12/01/00 12/01/00
10 10.9900 .0000 .0000
A 12.9900 6 6
360 9A 1.0000 1.0000
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1875259 12.3000 27,300.00 100
DINGEE DAVID 12.3000 27,191.38 ZZ
1
1503 DEYO STREET 11.8173 287.13 1
18.3000 287.13 65
JACKSON MI 49203 17.8173 10/19/98 42,000.00
1875814 .0000 12/01/98 00
783455 .0000 11/01/28 0
0 7.4000 11/01/00 11/01/00
F76/H74 6.9173 12/01/00 12/01/00
25 12.3000 .0000 .0000
A 14.3000 6 6
360 E 1.0000 1.0000
6.0000 S N .1250
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1875323 10.5500 93,500.00 100
JORDAN GLORIA 10.5500 93,235.80 ZZ
86-88 NEWTON STREET 10.0673 858.78 3
16.5500 858.78 85
HARTFORD CT 06106 16.0673 11/04/98 110,000.00
1875848 .0000 12/01/98 00
704416 .0000 11/01/28 0
0 6.6750 11/01/00 11/01/00
F76/H74 6.1923 12/01/00 12/01/00
10 10.5500 .0000 .0000
A 12.5500 6 6
360 9A 1.0000 1.0000
6.0000 S N .1250
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1875329 10.6000 51,000.00 100
WAFFORD CHRISTIE 10.6000 50,857.12 ZZ
4129 TAFT 10.1173 470.33 1
16.6000 470.33 85
ST.LOUIS MO 63116 16.1173 10/30/98 60,000.00
1875855 .0000 12/01/98 00
783793 .0000 11/01/28 0
0 6.6000 11/01/00 11/01/00
F76/H74 6.1173 12/01/00 12/01/00
10 10.6000 .0000 .0000
A 12.6000 6 6
360 9A 1.0000 1.0000
6.0000 S N .1250
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1
1875358 9.9500 96,050.00 100
MONROE MARILYN 9.9500 95,481.24 ZZ
5622 ENCHANTED TIMBERS DRIVE 9.4673 839.36 1
15.9500 839.36 85
HUMBLE TX 77346 15.4673 10/29/98 113,000.00
1875897 .0000 12/01/98 00
783777 .0000 11/01/28 0
0 6.1500 11/01/00 11/01/00
F76/H74 5.6673 12/01/00 12/01/00
10 9.9500 .0000 .0000
A 11.9500 6 6
360 9A 1.0000 1.0000
6.0000 S N .1250
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O .0000
1875368 10.2000 71,250.00 100
VANSICKLE GEOFFREY 10.2000 70,968.73 ZZ
2632 SHERBROOKE 9.7173 635.83 2
16.2000 635.83 75
TOLEDO OH 43606 15.7173 08/05/98 95,000.00
1875905 .0000 10/01/98 00
782560 .0000 09/01/28 0
0 6.7250 09/01/00 09/01/00
F76/H74 6.2423 10/01/00 10/01/00
25 10.2000 .0000 .0000
A 12.2000 6 6
360 E 1.0000 1.0000
6.0000 S N .1250
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.0000 5 00 00/00/00
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N .0000
1875394 11.9500 85,600.00 100
EATON JR HAROLD 11.9500 85,447.66 ZZ
9700 B RICH HOLLOW ROAD 11.4673 877.20 1
17.9500 877.20 80
LANCASTER OH 43130 17.4673 11/03/98 107,000.00
1875962 .0000 01/01/99 00
783824 .0000 12/01/28 0
0 7.0500 12/01/00 12/01/00
F76/H74 6.5673 01/01/01 01/01/01
25 11.9500 .0000 .0000
A 13.9500 6 6
360 E 1.0000 1.0000
6.0000 S N .1250
.0000 S N .1250
1
.0000 1 00 00/00/00
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O .0000
1875973 10.5500 51,200.00 100
REDDITT JR CLIFTON 10.5500 51,055.35 ZZ
741 E 28TH STREET 10.0673 470.26 1
16.5500 470.26 80
NORFOLK VA 23504 16.0673 11/04/98 64,000.00
1876044 .0000 12/01/98 00
704409 .0000 11/01/28 0
0 6.6750 11/01/00 11/01/00
F76/H74 6.1923 12/01/00 12/01/00
10 10.5500 .0000 .0000
A 12.5500 6 6
360 9A 1.0000 1.0000
6.0000 S N .1250
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N .0000
1876076 9.5500 91,100.00 100
CLARK MARY 9.5500 90,383.35 ZZ
127 SCOTTFIELD DRIVE 9.0673 769.34 1
16.5500 769.34 85
NEWARK DE 19713 16.0673 03/31/98 107,200.00
1876077 9.5500 05/01/98 00
703506 9.0673 04/01/28 0
0 8.5500 04/01/00 04/01/00
F76/H74 8.0673 05/01/00 05/01/00
25 9.5500 .0000 .0000
A 12.5500 6 6
360 E 1.0000 1.0000
7.0000 S N .1250
.0000 S N .1250
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O .0000
1876217 11.0000 168,000.00 100
ANJORIN MARTHA 11.0000 167,324.01 ZZ
2020 LIPPINCOTT 10.5173 1,599.90 1
17.0000 1,599.90 70
FLINT MI 48503 16.5173 11/23/98 240,000.00
1876101 .0000 01/01/99 00
784129 .0000 12/01/28 0
0 7.8750 12/01/99 12/01/99
F76/H74 7.3923 01/01/00 01/01/00
25 11.0000 .0000 .0000
A 13.0000 6 6
1
360 E 1.0000 1.0000
6.0000 S N .1250
.0000 S N .1250
.0000 5 00 00/00/00
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O .0000
1876226 12.2000 32,500.00 100
DELOATCH YASCHIA 12.2000 32,435.82 ZZ
2624 EVERS COURT 11.7173 339.31 1
18.2000 339.31 65
CHESAPEAKE VA 23324 17.7173 10/23/98 50,000.00
1876119 .0000 12/01/98 00
704317 .0000 11/01/28 0
0 7.0500 11/01/00 11/01/00
F76/H74 6.5673 12/01/00 12/01/00
10 12.2000 .0000 .0000
A 14.2000 6 6
360 9A 1.0000 1.0000
6.0000 S N .1250
.0000 S N .1250
.0000 1 00 00/00/00
.0000 09 0 00/00/00
O .0000
1876833 7.5000 200,730.00 100
BORING MICHAEL 8.8750 194,247.26 ZZ
RR #1 8.3750 1,403.53 1
13.5000 1,595.57 76
WINTERSET IA 50273 13.0000 06/27/95 265,000.00
4232 .0000 08/01/95 00
4232 .0000 07/01/25 0
0 3.5000 07/01/96 07/01/99
890/890 3.0000 08/01/96 08/01/99
45 5.5000 .0000 .0000
A 9.5000 12 12
360 1 2.0000 2.0000
6.0000 S N .1250
.0000 S N .1250
.0000 2 00 00/00/00
.0000 05 0 00/00/00
O .0000
1876839 7.3750 99,760.00 100
BAIRD DAVID 8.8750 97,366.13 ZZ
558 SUNRISE CIR 8.3750 689.02 1
13.3750 792.36 77
KALAMAZOO MI 49001 12.8750 06/21/96 130,000.00
6503 .0000 08/01/96 00
6503 .0000 07/01/26 0
0 3.5000 07/01/97 07/01/99
1
890/890 3.0000 08/01/97 08/01/99
45 5.3750 .0000 .0000
A 9.3750 12 12
360 1 2.0000 2.0000
6.0000 S N .1250
.0000 S N .1250
.0000 2 01 07/01/97
.0000 05 E 07/01/01
O 1.0000
1884296 8.0000 175,000.00 100
KEANE DANIEL 8.7500 169,762.21 ZZ
714 BRUNER ST 8.3750 1,284.09 4
14.0000 1,376.43 78
SIOUX CITY IA 51109 13.6250 09/05/95 225,000.00
1874551 .0000 11/01/95 00
04252 .0000 10/01/25 0
0 3.5000 10/01/96 10/01/99
890/G61 3.1250 11/01/96 11/01/99
45 6.0000 .0000 .0000
A 10.0000 12 12
360 1 2.0000 2.0000
6.0000 S N .1250
.0000 S N .1250
.0000 1 01 10/01/96
.0000 09 E 10/01/00
N 1.0000
1884568 7.7500 224,650.00 100
ROSS ALLEN 7.7500 219,227.50 ZZ
13 YUKON COURT 7.4525 1,609.42 1
13.7500 1,609.42 90
BOLINGBROOK IL 60440 13.4525 10/30/96 249,622.00
1874817 .0000 12/01/96 14
215522610 .0000 11/01/26 25
0 2.7500 11/01/99 11/01/99
163/G61 2.4525 12/01/99 12/01/99
45 5.7500 .0000 .0000
A 9.7500 12 12
360 1 2.0000 2.0000
6.0000 S N .1250
.0000 S N .1250
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O .0000
1884569 7.0000 78,124.00 100
HERNANDEZ RIGOBERTO 7.8750 76,522.68 ZZ
1801 ARDMORE STREET 7.5775 519.76 2
12.0000 565.17 98
LAS VEGAS NV 89104 11.7025 05/29/97 80,000.00
1
1874841 2.0000 07/01/97 00
215719091 1.7025 06/01/27 0
0 2.7500 10/01/98 10/01/99
163/G61 2.4525 11/01/98 11/01/99
30 .0000 .0000 .0000
A .0000 12 12
360 1 1.0000 1.0000
5.0000 S N .1250
.0000 S N .1250
5.0000 1 00 00/00/00
.0000 05 0 00/00/00
O .0000
1885770 7.5000 102,400.00 100
BENNETT EDWARD 8.8750 100,859.17 ZZ
19TH ST. 8.5000 716.00 1
13.5000 812.79 99
OTSEGO MI 49079 13.1250 08/05/97 104,061.00
1874536 .0000 10/01/97 00
7044 .0000 09/01/27 0
0 3.5000 09/01/98 09/01/99
890/G61 3.1250 10/01/98 10/01/99
45 5.5000 .0000 .0000
A 9.5000 12 12
360 1 2.0000 2.0000
6.0000 S N .1250
.0000 S N .1250
.0000 1 01 09/01/98
.0000 05 E 09/01/02
O .6250
1887463 12.8000 43,400.00 100
SAMPLE ERIKA 12.8000 43,315.38 ZZ
605 ABSTON AVENUE 11.8000 473.32 1
19.8000 473.32 70
SAINT LOUIS MO 63135 18.8000 09/15/98 62,000.00
1877976 12.8000 11/01/98 00
19981548 11.8000 10/01/28 0
0 10.8000 10/01/00 10/01/00
E84/G61 9.8000 11/01/00 11/01/00
25 12.8000 .0000 .0000
A 13.8000 6 6
360 E 1.0000 1.0000
7.0000 S N .1250
.0000 S N .1250
.0000 5 00 00/00/00
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O .0000
1887477 8.8750 160,000.00 100
ST. JOHN MARY 8.8750 159,008.18 ZZ
1
512 LARCHWOOD DRIVE 8.5000 1,273.03 1
14.8750 1,273.03 80
SAN MARCOS CA 92069 14.5000 07/20/98 200,000.00
1875103 8.8750 09/01/98 00
9800094 8.5000 08/01/28 0
0 5.5000 08/01/00 08/01/00
698/G61 5.1250 09/01/00 09/01/00
25 8.8750 .0000 .0000
A 10.8750 6 6
360 E 1.0000 1.0000
6.0000 S N .1250
.0000 S N .1250
.0000 5 00 00/00/00
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O .0000
1887504 7.6250 230,000.00 100
ANDROUS EZRA 7.6250 227,909.59 ZZ
125 CONDUIT STREET 7.2500 1,627.93 1
13.6250 1,627.93 90
ANNAPOLIS MD 21401 13.2500 05/29/98 256,000.00
1878008 .0000 07/01/98 10
2468502 .0000 06/01/28 25
0 2.7500 06/01/03 06/01/03
480/G61 2.3750 07/01/03 07/01/03
45 5.6250 .0000 .0000
A 13.6250 12 12
360 1 2.0000 2.0000
6.0000 S N .1250
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O .0000
1888942 6.6250 47,200.00 100
BEAVERS, JR. JERRY 6.6250 46,491.25 ZZ
1303 WORRALL ST. 6.2500 302.23 1
11.6250 302.23 101
CRUM LYNNE PA 19022 11.2500 02/25/98 47,000.00
1877059 1.6250 04/01/98 98
6797641 1.2500 03/01/28 99
0 2.7500 07/01/99 07/01/99
575/G61 2.3750 08/01/99 08/01/99
30 .0000 .0000 .0000
A .0000 12 12
360 1 1.0000 1.0000
5.0000 S N .1250
.0000 S N .1250
5.0000 1 00 00/00/00
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O .0000
1
1888943 6.5000 110,050.00 100
ASSHE ANDRE 6.5000 108,542.77 ZZ
4 APPALOOSA TRAIL 6.1250 695.60 1
11.5000 695.60 100
ELKTON MD 21921 11.1250 03/09/98 110,120.00
1877091 1.5000 05/01/98 98
6809602 1.1250 04/01/28 99
0 2.7500 07/01/99 07/01/99
575/G61 2.3750 08/01/99 08/01/99
30 .0000 .0000 .0000
A .0000 12 12
360 1 1.0000 1.0000
5.0000 S N .1250
.0000 S N .1250
5.0000 2 00 00/00/00
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O .0000
1888979 6.5000 124,900.00 100
MOHAMMED ABDULMALI 6.5000 123,252.20 ZZ
3713 S GEORGE MASON DR 6.1250 789.46 1
11.5000 789.46 100
FALLS CHURCH VA 22041 11.1250 03/25/98 125,000.00
1877463 1.5000 05/01/98 98
6871362 1.1250 04/01/28 99
0 2.7500 07/01/99 07/01/99
575/G61 2.3750 08/01/99 08/01/99
30 .0000 .0000 .0000
A .0000 12 12
360 1 1.0000 1.0000
5.0000 S N .1250
.0000 S N .1250
5.0000 2 00 00/00/00
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O .0000
1891531 7.3750 113,050.00 100
KINCHEN JR JAMES 8.8750 109,410.44 ZZ
LOT 16 MAJESTIC HILLS #2 8.3750 780.81 1
13.3750 898.44 88
STURTEVANT WI 53177 12.8750 07/27/95 129,500.00
5057 .0000 09/01/95 23
5057 .0000 08/01/25 0
0 3.5000 08/01/96 08/01/99
890/890 3.0000 09/01/96 09/01/99
45 5.3750 .0000 .0000
A 9.3750 12 12
360 1 2.0000 2.0000
6.0000 S N .1250
.0000 S N .1250
1
.0000 2 01 08/01/96
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O 1.0000
1891534 10.6500 204,300.00 100
TONA MICHAEL 10.6500 203,481.87 ZZ
937-939 PENNINGTON STREET 10.1673 1,891.76 4
16.6500 1,891.76 90
ELIZABETH NJ 07206 16.1673 07/28/98 227,000.00
1876267 .0000 09/01/98 00
703487 .0000 08/01/28 0
0 7.9250 08/01/99 08/01/99
F76/H74 7.4423 09/01/99 09/01/99
45 10.6500 .0000 .0000
A 12.6500 12 12
360 1 2.0000 2.0000
6.0000 S N .1250
.0000 S N .1250
.0000 1 00 00/00/00
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O .0000
1891535 10.5000 68,400.00 100
WEBB LINDAY 10.5000 68,175.78 ZZ
5588 VICTORY BOULEVARD 10.0173 625.68 1
16.5000 625.68 80
MORROW GA 30260 16.0173 09/09/98 85,500.00
1876275 .0000 11/01/98 00
703794 .0000 10/01/28 0
0 5.5000 10/01/00 10/01/00
F76/H74 5.0173 11/01/00 11/01/00
10 10.5000 .0000 .0000
A 11.5000 6 6
360 9A 1.0000 1.0000
6.0000 S N .1250
.0000 S N .1250
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O .0000
1891536 11.0500 101,600.00 100
BROWN CRECENTHI 11.0500 101,303.93 ZZ
48 PARK STREET 10.5673 971.40 2
17.0500 971.40 80
JERSEY CITY NJ 07305 16.5673 09/15/98 127,000.00
1876283 .0000 11/01/98 00
703944 .0000 10/01/28 0
0 8.5250 10/01/99 10/01/99
F76/H74 8.0423 11/01/99 11/01/99
45 11.0500 .0000 .0000
A 13.0500 12 12
1
360 1 2.0000 2.0000
6.0000 S N .1250
.0000 S N .1250
.0000 1 00 00/00/00
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N .0000
1891543 10.1500 93,600.00 100
BRUSSEAU WENDY 10.1500 93,312.08 ZZ
23 WESTPHAL STREET 9.6673 831.80 2
16.1500 831.80 80
WEST HARTFORD CT 06119 15.6673 10/19/98 117,000.00
1876291 .0000 12/01/98 00
704236 .0000 11/01/28 0
0 6.5000 11/01/01 11/01/01
F76/H74 6.0173 12/01/01 12/01/01
10 10.1500 .0000 .0000
A 13.1500 6 6
360 9A 1.0000 1.0000
6.0000 S N .1250
.0000 S N .1250
.0000 2 00 00/00/00
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O .0000
1891544 9.8000 107,950.00 100
WAGNER MICHELE 9.8000 107,500.22 ZZ
1415 WOODROW AVENUE 9.3173 931.42 1
15.8000 931.42 85
NORFOLK VA 23507 15.3173 09/30/98 127,000.00
1876309 .0000 11/01/98 00
704252 .0000 10/01/28 0
0 6.3250 10/01/00 10/01/00
F76/H74 5.8423 11/01/00 11/01/00
10 9.8000 .0000 .0000
A 11.8000 6 6
360 9A 1.0000 1.0000
6.0000 S N .1250
.0000 S N .1250
.0000 5 00 00/00/00
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1891545 11.6500 239,700.00 100
SIERRA JOSUE 11.6500 239,145.48 ZZ
253 TERRACE AVENUE 11.1673 2,401.20 2
17.6500 2,401.20 85
JERSEY CITY NJ 07307 17.1673 10/09/98 282,000.00
1876317 .0000 12/01/98 00
704303 .0000 11/01/28 0
0 7.0500 11/01/00 11/01/00
1
F76/H74 6.5673 12/01/00 12/01/00
25 11.6500 .0000 .0000
A 13.6500 6 6
360 E 1.0000 1.0000
6.0000 S N .1250
.0000 S N .1250
.0000 1 00 00/00/00
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O .0000
1891546 11.0400 64,800.00 100
AMOS TONYA 11.0400 64,635.22 ZZ
3110 TIDEWATER DRIVE 10.5573 619.06 1
17.0400 619.06 80
NORFOLK VA 23509 16.5573 10/29/98 81,000.00
1876325 .0000 12/01/98 00
704354 .0000 11/01/28 0
0 7.1750 11/01/00 11/01/00
F76/H74 6.6923 12/01/00 12/01/00
10 11.0400 .0000 .0000
A 13.0400 6 6
360 9A 1.0000 1.0000
6.0000 S N .1250
.0000 S N .1250
.0000 1 00 00/00/00
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N .0000
1891547 11.5500 106,400.00 100
RAMOUTAR MARVIA 11.5500 106,157.69 ZZ
2714 HIGHWAY 20 11.0673 1,057.73 1
17.5500 1,057.73 80
CONYERS GA 30012 17.0673 10/29/98 133,000.00
1876333 .0000 12/01/98 00
704369 .0000 11/01/28 0
0 7.0500 11/01/01 11/01/01
F76/H74 6.5673 12/01/01 12/01/01
10 11.5500 .0000 .0000
A 14.5500 6 6
360 9A 1.0000 1.0000
6.0000 S N .1250
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.0000 1 00 00/00/00
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1891548 8.6000 48,600.00 100
LEONARD AARON 8.6000 48,363.41 ZZ
5621 DODINGTON CT 8.1173 377.14 1
14.6000 377.14 90
VIRGINIA BEACH VA 23462 14.1173 10/01/98 54,000.00
1
1876341 .0000 11/01/98 00
704380 .0000 10/01/28 0
0 6.6250 10/01/99 10/01/99
F76/H74 6.1423 11/01/99 11/01/99
45 8.6000 .0000 .0000
A 10.6000 12 12
360 1 2.0000 2.0000
6.0000 S N .1250
.0000 S N .1250
.0000 1 00 00/00/00
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O .0000
1891549 10.8000 52,700.00 100
BELL JR. THOMAS 10.8000 52,537.93 ZZ
3512 ARLINGTON PLACE 10.3173 493.93 1
16.8000 493.93 85
PORTSMOUTH VA 23703 16.3173 10/05/98 62,000.00
1876358 .0000 11/01/98 00
704382 .0000 10/01/28 0
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1891550 11.3900 97,750.00 100
GRAVELY ROBIN 11.3900 97,553.39 ZZ
8703 BINGHAMPTON PLACE 10.9073 959.81 1
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UPPER MARLBORO MD 20772 16.9073 11/02/98 115,000.00
1876366 .0000 01/01/99 00
704394 .0000 12/01/28 0
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RICH JOANN 9.7000 50,870.46 ZZ
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1028-30 SEVENTH STREET 9.2173 438.01 2
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GRETNA LA 70053 15.2173 04/17/98 64,000.00
1876374 .0000 06/01/98 00
781354 .0000 05/01/28 0
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HENRY WILLIAM 10.2500 80,506.82 ZZ
1202 EAST AVENIDA ELLENA 9.7673 723.60 1
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CASA GRANDE AZ 85222 15.7673 10/30/98 97,000.00
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783404 .0000 11/01/28 0
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ISLAND KECHIA 11.8000 21,037.63 ZZ
1741 MALCOLM STREET 11.3173 214.81 1
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SHREVEPORT LA 71108 17.3173 10/21/98 26,500.00
1876408 .0000 12/01/98 00
783498 .0000 11/01/28 0
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1891563 10.1500 94,350.00 100
MANGERCHINE KIM 10.1500 94,059.73 ZZ
601 HIGHLAND DRIVE 9.6673 838.47 1
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BAY ST. LOUIS MS 39520 16.6673 10/30/98 111,000.00
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783813 .0000 11/01/28 0
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LASSEIGNE TANJA 10.0400 47,848.90 ZZ
11 O'RILEY 9.5573 422.65 1
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PONTIAC MI 48342 15.5573 10/14/98 60,000.00
1876424 .0000 12/01/98 00
783840 .0000 11/01/28 0
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CONRAD SHELLY 10.4000 116,065.24 ZZ
308 WEST BROAD STREET 9.9173 1,056.52 1
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LINDEN MI 48451 15.9173 10/21/98 137,000.00
1876432 .0000 12/01/98 00
783873 .0000 11/01/28 0
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1891566 9.9500 32,250.00 100
DERADOURIAN MIKE 9.9500 32,146.49 ZZ
4862-64 OGDEN 9.4673 281.83 2
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DETROIT MI 48210 15.4673 10/28/98 43,000.00
1876440 .0000 12/01/98 00
783948 .0000 11/01/28 0
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1891567 10.2900 111,600.00 100
COOK KELLY 10.2900 111,315.57 ZZ
163 ST. PETERS 9.8073 1,003.37 2
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BILOXI MS 39530 17.2073 11/06/98 129,000.00
1876457 .0000 01/01/99 00
784043 .0000 12/01/28 0
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BRACKETT JOSEPH 11.0500 66,863.17 ZZ
171 LAKESHORE DRIVE 10.5673 642.50 1
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JASPER GA 30143 16.5673 04/24/98 96,000.00
1876481 .0000 06/01/98 00
702415 .0000 05/01/28 0
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360 9A 1.0000 1.0000
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TOMLINS CALVIN 10.7500 78,249.74 ZZ
7245 W PRICE BOULEVARD 10.2673 731.85 1
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NORTH PORT FL 34286 16.2673 12/30/98 99,500.00
1876606 .0000 02/01/99 00
704621 .0000 01/01/29 0
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ROBERTSON FANNIE 9.6000 38,194.29 ZZ
554 MARX AVENUE 9.1173 324.42 1
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BOGALUSA LA 70427 15.1173 02/12/99 45,000.00
1876622 .0000 04/01/99 00
704670 .0000 03/01/29 0
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BOTHUM THOMAS 8.2500 141,869.28 ZZ
RR 4 7.7500 1,011.15 1
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AUGUSTA KS 67010 12.8750 10/02/95 183,000.00
5105 .0000 12/01/95 00
5105 .0000 11/01/25 0
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1
890/890 3.0000 12/01/96 12/01/99
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1891778 7.3750 146,061.00 100
KING JAMES 8.2500 142,751.92 ZZ
481 ERBE 7.7500 1,008.81 1
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NORWALK IA 50211 12.8750 10/11/96 236,000.00
6108 .0000 12/01/96 00
6108 .0000 11/01/26 0
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1894384 7.3750 94,400.00 100
SEILHAMER RODNEY 8.2500 93,009.14 ZZ
51 CHIGGER HOLLER DR 7.7500 652.00 1
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CRAWFORDSVILLE IN 47933 12.8750 10/02/97 115,000.00
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1894944 10.4000 103,600.00 100
WOLF JAMES 10.4000 103,515.51 T
509 DOVER HOUSE 10.0250 939.93 1
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BETHANY BEACH DE 19930 16.0250 03/18/99 148,000.00
1
1878156 8.4000 05/01/99 00
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1895713 10.1250 103,500.00 100
ROGERS JUANITA 10.1250 103,084.98 ZZ
3912 S LOGAN ST 9.7500 917.86 1
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ENGLEWOOD CO 80110 15.7500 08/26/98 113,000.00
1875459 10.1250 10/01/98 00
593411262 9.7500 09/01/28 0
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1898945 6.7200 270,000.00 100
GUARASCI, SR MICHAEL 6.7200 268,092.20 ZZ
3 YELLOWSTONE DRIVE 6.3450 1,745.84 1
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LAWRENCEVILLE NJ 08648 12.3450 08/28/98 414,000.00
1878537 .0000 11/01/98 00
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R07/G61 2.3750 11/01/01 11/01/01
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1898947 6.2100 1,100,000.00 100
BAILKIN MICHAEL 6.2100 1,093,606.70 ZZ
1
457 EAST LONDON GROVE ROAD 5.8350 6,744.30 1
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LONDON GROVE PA 19390 11.8350 10/19/98 1,550,000.00
1878693 .0000 12/01/98 00
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1898948 6.9500 1,000,000.00 100
BEWKES JEFFREY 6.9500 990,625.71 ZZ
940 PARK AVENUE, #15B 6.5750 6,619.48 1
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NEW YORK NY 10028 12.5750 06/18/98 2,300,000.00
1878560 .0000 08/01/98 00
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1898950 6.8750 669,258.23 100
GORDON ERIC 6.8750 659,095.60 ZZ
65 CENTRAL PARK WEST, #14C 6.5000 4,442.78 1
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NEW YORK NY 10023 12.5000 01/14/98 900,000.00
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1
1898952 6.7500 560,000.00 100
GREENWALD HARRY 6.7500 551,951.45 ZZ
108 HICKS STREET 6.3750 3,632.15 2
12.7500 3,632.15 80
BROOKLYN NY 11201 12.3750 01/09/98 700,000.00
1878552 .0000 03/01/98 00
46035506 .0000 02/01/28 0
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R07/G61 2.3750 03/01/03 03/01/03
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1898953 6.8600 270,000.00 100
HUBBE JOHN 6.8600 267,904.95 ZZ
305 EAST 40TH STREET, #16M 6.4850 1,771.01 1
12.8600 1,771.01 80
NEW YORK NY 10017 12.4850 08/11/98 337,500.00
1878586 .0000 10/01/98 00
51255608 .0000 09/01/28 0
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R07/G61 2.3750 10/01/03 10/01/03
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1898954 6.5500 375,000.00 100
LEIDERMAN ALAN 6.5500 372,957.95 ZZ
8 EAST 83RD STREET, #3D 6.1750 2,382.60 1
12.5500 2,382.60 50
NEW YORK NY 10028 12.1750 11/20/98 750,000.00
1878628 .0000 01/01/99 00
60005109 .0000 12/01/28 0
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R07/G61 2.3750 01/01/04 01/01/04
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1898956 6.7500 1,125,000.00 100
MINTZ DANIEL 6.7500 1,109,884.67 ZZ
262 CENTRAL PARK WEST, #5E 6.3750 7,296.73 1
12.7500 7,296.73 47
NEW YORK NY 10024 12.3750 02/25/98 2,400,000.00
1878701 .0000 04/01/98 00
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1898957 6.8750 255,000.00 100
MILLER CONCETTA 6.8750 252,346.64 ZZ
137 EAST 36TH STREET, #26K 6.5000 1,675.17 1
12.8750 1,675.17 75
NEW YORK NY 10016 12.5000 05/14/98 340,000.00
1878578 .0000 07/01/98 00
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R07/G61 2.3750 07/01/03 07/01/03
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1898958 6.7500 1,000,000.00 100
RAPPAPORT STEVEN 6.7500 988,421.46 T
39 SAMS CREEK ROAD 6.3750 6,485.99 1
12.7500 6,485.99 59
BRIDGEHAMPTON NY 11932 12.3750 04/08/98 1,700,000.00
1878594 .0000 06/01/98 00
76415207 .0000 05/01/28 0
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R07/G61 2.3750 06/01/03 06/01/03
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1898959 7.0000 744,000.00 100
ROCKWELL DAVID 7.0000 736,442.25 ZZ
181 HUDSON STREET, #8A 6.6250 4,949.86 1
13.0000 4,949.86 80
NEW YORK NY 10013 12.6250 05/19/98 930,000.00
1878636 .0000 07/01/98 00
77560607 .0000 06/01/28 0
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1898960 7.8750 648,000.00 100
PINS MICHAEL 7.8750 638,502.44 ZZ
150 COLUMBUS AVENUE, #24F 7.5000 4,698.45 1
13.8750 4,698.45 80
NEW YORK NY 10023 13.5000 09/11/97 810,000.00
1878644 .0000 11/01/97 00
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1899571 7.0000 108,800.00 100
MERRICK CHRIS 7.0000 107,884.40 ZZ
11107 S 18TH CIRCLE 6.6250 723.85 1
13.0000 723.85 99
BELLEVUE NE 68123 12.6250 07/10/98 110,082.00
1878735 .0000 09/01/98 00
8016 .0000 08/01/28 0
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1
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1900482 6.6250 440,000.00 100
NELSON KENNETH 6.6250 438,434.28 ZZ
1220 NORTH ROAD 6.2500 2,817.37 1
11.6250 2,817.37 58
BELMONT CA 94002 11.2500 01/27/99 760,000.00
1878727 .0000 03/01/99 00
208536 .0000 02/01/29 0
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1905143 10.7100 97,500.00 100
HICKS PATRICIA 10.7100 97,216.52 ZZ
4304 WYATT RD 10.2100 907.22 1
17.7100 907.22 70
TRAVERSE CITY MI 49684 17.2100 10/15/98 140,000.00
1878933 10.7100 12/01/98 00
9810337 10.2100 11/01/28 0
0 6.8100 11/01/01 11/01/01
N26/G61 6.3100 12/01/01 12/01/01
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DERANGO FRANK 9.3750 202,297.78 ZZ
1322 SILENT SUNDAY COURT 9.0000 1,683.47 1
15.3750 1,683.47 78
RACINE WI 53402 15.0000 04/21/99 260,000.00
1
1878768 9.3750 06/01/99 00
BC11501 9.0000 05/01/29 0
0 6.5000 05/01/02 05/01/02
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1910240 11.4000 59,250.00 100
SANDERS RONALD 11.4000 59,211.09 ZZ
7125 PERIWINKLE ROAD 10.6500 582.24 1
18.4000 582.24 75
KNOXVILLE TN 37918 17.6500 03/12/99 79,000.00
1880061 11.4000 05/01/99 00
113745 10.6500 04/01/29 0
0 8.2000 04/01/01 04/01/01
G76/G61 7.4500 05/01/01 05/01/01
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LEACH KESTER 10.8750 233,313.73 ZZ
1716 EAST 54TH STREET 10.5000 2,204.01 1
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BROOKLYN NY 11234 16.5000 12/17/98 275,000.00
1878867 9.8750 02/01/99 00
1887 9.5000 01/01/29 0
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A 13.8750 6 6
360 9 1.0000 1.0000
6.0000 S N .1250
.0000 S N .1250
1.0000 1 00 00/00/00
.0000 07 0 00/00/00
O .0000
1916322 10.9000 104,400.00 100
GRAVES HARRY 7.2500 83,144.69 ZZ
1
4002 VIA LOS PADRES 6.7500 986.34 1
15.6500 752.20 90
OCEANSIDE CA 92056 15.1500 08/27/84 116,000.00
3001361 .0000 10/01/84 00
3001361 .0000 09/01/14 0
0 2.5000 03/01/85 03/01/00
Q72/Q72 2.0000 04/01/85 04/01/00
60 .0000 .0000 .0000
A .0000 12 12
360 7 .0000 .0000
4.7500 S N .1250
.0000 S N .1250
.0000 2 00 00/00/00
.0000 05 0 00/00/00
O .0000
1916323 7.8750 44,800.00 125
WOODS JOHN 7.2330 35,822.20 ZZ
2734 & 2736 A STREET 6.7330 324.83 2
13.8750 294.44 60
EUREKA CA 95501 13.3750 07/27/88 75,000.00
3001496 1.8750 09/01/88 00
3001496 1.3750 08/01/18 0
0 2.6250 02/01/89 08/01/99
Q72/Q72 2.1250 03/01/89 09/01/99
29 .0000 .0000 .0000
A .0000 6 6
360 7 .0000 .0000
6.0000 X X .0000
.0000 X X .0000
6.0000 5 00 00/00/00
.0000 23 0 00/00/00
N .0000
1916324 13.6250 124,900.00 125
SIMS MICHAEL 7.6250 101,044.45 ZZ
6241 CHANNEL DRIVE 7.1250 1,061.64 1
18.6250 901.33 95
SAN JOSE CA 95123 18.1250 10/25/84 131,500.00
3001511 .0000 12/01/84 00
3001511 .0000 11/01/14 0
0 2.7500 12/01/84 08/01/99
Q72/Q72 2.2500 01/01/85 01/01/00
1 .0000 .0000 .0000
A .0000 1 12
360 7 .0000 .0000
5.0000 S N .1250
.0000 S N .1250
.0000 2 00 00/00/00
.0000 05 0 00/00/00
O .0000
1
1916325 8.2500 215,000.00 100
MENIS JOSE 7.5000 194,862.88 ZZ
2912 WINWOOD WAY 7.0000 1,615.22 1
14.2500 1,507.00 80
SAN JOSE CA 95148 13.7500 06/21/91 270,000.00
3001664 .0000 08/01/91 00
3001664 .0000 07/01/21 0
0 2.3500 01/01/92 07/01/99
Q72/Q72 1.8500 02/01/92 08/01/99
25 7.2500 .0000 .0000
A 9.2500 6 6
360 E 1.0000 1.0000
6.0000 S N .1250
.0000 S N .1250
.0000 5 00 00/00/00
.0000 05 0 00/00/00
O .0000
1916326 8.7000 126,400.00 125
PASTRAN MANNY 8.1390 113,955.18 ZZ
2841 AVON AVE. 7.6390 989.88 1
14.7000 990.67 80
CONCORD CA 94520 14.2000 07/10/90 158,000.00
3004288 7.5000 09/01/90 00
3004288 7.0000 08/01/20 0
0 3.1000 11/01/90 06/01/99
Q72/Q72 2.6000 09/01/91 09/01/99
3 6.7000 .0000 .0000
A 10.7000 1 12
360 P 2.0000 2.0000
6.0000 X X .0000
.0000 X X .0000
1.2000 5 00 00/00/00
.0000 05 0 00/00/00
O .0000
1916327 8.1250 145,000.00 100
DOUGLAS THOMAS 7.8750 127,317.18 ZZ
245 CANYON DR. 7.3750 1,076.62 1
13.1250 1,062.45 68
DALY CITY CA 94014 12.6250 01/03/89 216,000.00
3004313 3.1250 03/01/89 00
3004313 2.6250 02/01/19 0
0 3.0000 08/01/89 08/01/99
Q72/Q72 2.5000 09/01/89 09/01/99
45 .0000 .0000 .0000
A .0000 6 6
360 7 1.0000 1.0000
5.0000 S U .1250
.0000 S U .1250
1
5.0000 5 00 00/00/00
.0000 05 0 00/00/00
O .0000
1916328 10.7000 135,000.00 100
DOBOER JAMES 14.0000 133,795.47 ZZ
3679 PICO ROAD 13.5000 1,255.13 1
17.7000 1,596.51 60
VISTA CA 92084 17.2000 09/25/96 225,000.00
3061625 10.7000 11/01/96 00
3061625 10.2000 10/01/26 0
0 8.2500 04/01/97 10/01/99
Q72/Q72 7.7500 05/01/97 11/01/99
45 10.7000 .0000 .0000
A 12.2000 6 6
360 9 1.5000 1.5000
7.0000 S N .1250
.0000 S N .1250
.0000 5 00 00/00/00
.0000 05 0 00/00/00
O .0000
1916329 11.0000 203,000.00 100
SHUTAK ROBERT 11.6250 201,031.91 ZZ
1402 MC ANDREW ROAD 11.1250 1,933.22 1
18.0000 2,031.03 70
OJAI AREA CA 93023 17.5000 12/03/96 290,000.00
3061769 11.0000 02/01/97 00
3061769 10.5000 01/01/27 0
0 6.5000 07/01/97 07/01/99
Q72/Q72 6.0000 08/01/97 08/01/99
25 11.0000 .0000 .0000
A 12.5000 6 6
360 E 1.5000 1.5000
7.0000 S N .1250
.0000 S N .1250
.0000 5 00 00/00/00
.0000 05 0 00/00/00
O .0000
1916330 6.7500 141,616.00 100
DUSTIN JOHN 6.8175 135,747.66 ZZ
25 CONNIE DRIVE 6.3175 918.52 1
11.7500 907.73 91
FOXBORO MA 02035 11.2500 04/25/97 156,000.00
3400019 1.7500 06/01/97 00
3400019 1.2500 05/01/27 0
0 2.7500 06/01/98 06/01/00
Q72/Q72 2.2500 07/01/98 07/01/00
30 .0000 .0000 .0000
A .0000 12 12
1
360 1 1.0000 1.0000
5.0000 S N .1250
.0000 S N .1250
5.0000 2 00 00/00/00
.0000 05 0 00/00/00
O .0000
1916331 7.5000 93,600.00 100
TESMER RUSSELL 5.6250 87,806.85 ZZ
1720 GREEN ACRES DRIVE 5.1250 654.46 1
12.5000 542.57 92
NORTH MANKATO MN 56001 12.0000 10/07/94 102,000.00
3400037 2.5000 12/01/94 99
3400037 2.0000 11/01/24 0
0 2.0000 01/01/96 01/01/00
Q72/Q72 1.5000 02/01/96 02/01/00
30 .0000 .0000 .0000
A .0000 12 12
360 1 1.0000 1.0000
5.0000 S N .1250
.0000 S N .1250
5.0000 2 00 00/00/00
.0000 05 0 00/00/00
O .0000
1916332 7.5000 87,628.00 100
MONTGOMERY MICHAEL 8.0000 84,520.52 ZZ
49 DUNCAN 7.5000 612.71 1
12.5000 642.13 100
BOURBONNAIS IL 60814 12.0000 09/12/95 88,000.00
3400242 2.5000 11/01/95 00
3400242 2.0000 10/01/25 0
0 2.5000 01/01/97 01/01/00
Q72/Q72 2.0000 02/01/97 02/01/00
30 .0000 .0000 .0000
A .0000 12 12
360 1 1.0000 1.0000
5.0000 S N .1250
.0000 S N .1250
5.0000 2 00 00/00/00
.0000 05 0 00/00/00
O .0000
1916333 7.0000 67,550.00 100
TALTON MICKEY 8.0000 65,311.10 ZZ
2512 NETHERTON 7.5000 449.41 1
12.0000 494.85 98
ST LOUIS MO 63136 11.5000 01/16/96 69,000.00
3400386 2.0000 03/01/96 98
3400386 1.5000 02/01/26 0
0 2.7500 04/01/97 04/01/00
1
Q72/Q72 2.2500 05/01/97 05/01/00
30 .0000 .0000 .0000
A .0000 12 12
360 1 1.0000 1.0000
5.0000 S N .1250
.0000 S N .1250
5.0000 2 00 00/00/00
.0000 05 0 00/00/00
O .0000
1916334 6.5000 121,933.00 100
MUNIZ FIDEL 7.3750 119,695.57 ZZ
9169 LAUREL CANYON BOULEVARD 6.8750 770.70 1
11.5000 841.51 97
LOS ANGELES CA 91331 11.0000 09/05/97 127,000.00
3500107 1.5000 11/01/97 00
3500107 1.0000 10/01/27 0
0 2.7500 01/01/99 01/01/00
Q72/Q72 2.2500 02/01/99 02/01/00
30 .0000 .0000 .0000
A .0000 12 12
360 1 1.0000 1.0000
5.0000 S N .1250
.0000 S N .1250
5.0000 2 00 00/00/00
.0000 05 0 00/00/00
O .0000
1916338 7.7500 74,949.00 100
MENDEZ NORMA 7.3750 73,798.09 ZZ
1862 SIERRA ESPADAN ROAD 6.8750 536.95 1
12.7500 518.83 100
PERRIS CA 92571 12.2500 09/03/97 75,000.00
3500447 2.7500 11/01/97 00
3500447 2.2500 10/01/27 0
0 2.7500 01/01/99 01/01/00
Q72/Q72 2.2500 02/01/99 02/01/00
30 .0000 .0000 .0000
A .0000 12 12
360 1 1.0000 1.0000
5.0000 S N .1250
.0000 S N .1250
5.0000 2 00 00/00/00
.0000 05 0 00/00/00
O .0000
1916339 7.5000 121,300.00 100
DODIER GINGER 7.3750 119,370.59 ZZ
7133 LISA LANE #20 6.8750 848.15 1
12.5000 839.22 98
WESTMINSTER CA 92683 12.0000 09/05/97 125,000.00
1
3500474 2.5000 11/01/97 98
3500474 2.0000 10/01/27 0
0 2.7500 01/01/99 01/01/00
Q72/Q72 2.2500 02/01/99 02/01/00
30 .0000 .0000 .0000
A .0000 12 12
360 1 1.0000 1.0000
5.0000 S N .1250
.0000 S N .1250
5.0000 2 00 00/00/00
.0000 01 0 00/00/00
O .0000
1916341 12.0000 65,000.00 100
BELL GAIL 12.0000 64,346.11 ZZ
22151 WINDSOR CT 11.5000 668.60 1
18.0000 668.79 65
RICHTON PARK IL 60471 17.5000 10/24/96 100,000.00
3600213 12.0000 12/01/96 00
3600213 11.5000 11/01/26 0
0 6.5000 11/01/97 11/01/99
Q72/Q72 6.0000 12/01/97 12/01/99
45 12.0000 .0000 .0000
A 14.0000 12 12
360 1 2.0000 2.0000
6.0000 S N .1250
.0000 S N .1250
.0000 5 00 00/00/00
.0000 05 0 00/00/00
O .0000
1916342 11.7500 131,200.00 100
GRONOCK DAVID 11.7500 129,642.08 ZZ
39 BOWLING GREEN PL 11.2500 1,324.35 1
17.7500 1,324.35 80
STATEN ISLAND NY 10314 17.2500 12/11/96 164,000.00
3600339 11.7500 02/01/97 00
3600339 11.2500 01/01/27 0
0 5.2500 01/01/00 01/01/00
Q72/Q72 4.7500 02/01/00 02/01/00
45 11.7500 .0000 .0000
A 14.7500 12 12
360 1 2.0000 2.0000
6.0000 S N .1250
.0000 S N .1250
.0000 5 00 00/00/00
.0000 05 0 00/00/00
O .0000
1916343 10.5000 144,000.00 100
CELESTINE CHERYL 10.5000 142,193.07 ZZ
1
116 WEST 131ST 10.0000 1,317.23 1
16.5000 1,317.23 80
NEW YORK NY 10027 16.0000 01/30/97 180,000.00
3600357 10.5000 03/01/97 00
3600357 10.0000 02/01/27 0
0 5.0000 02/01/00 02/01/00
Q72/Q72 4.5000 03/01/00 03/01/00
45 10.5000 .0000 .0000
A 13.5000 12 12
360 1 2.0000 2.0000
6.0000 S N .1250
.0000 S N .1250
.0000 5 00 00/00/00
.0000 05 0 00/00/00
O .0000
1916345 14.0000 22,750.00 100
RUCKER JENNIFER 14.0000 22,613.72 ZZ
1460 WHITE AVENUE 13.5000 269.56 1
20.0000 269.56 65
AKRON OH 44307 19.5000 01/11/97 35,000.00
3600419 14.0000 03/01/97 00
3600419 13.5000 02/01/27 0
0 7.5000 02/01/00 02/01/00
Q72/Q72 7.0000 03/01/00 03/01/00
45 14.0000 .0000 .0000
A 17.0000 12 12
360 1 2.0000 2.0000
6.0000 S N .1250
.0000 S N .1250
.0000 5 00 00/00/00
.0000 05 0 00/00/00
O .0000
1916346 13.6250 57,200.00 100
SOMERS DOUGLAS 13.6250 56,858.89 ZZ
RR 2 BOX 280 13.1250 660.81 1
19.6250 660.81 65
PORTLAND IN 47371 19.1250 03/06/97 88,000.00
3600473 13.6250 05/01/97 00
3600473 13.1250 04/01/27 0
0 8.0000 04/01/00 04/01/00
Q72/Q72 7.5000 05/01/00 05/01/00
45 13.6250 .0000 .0000
A 16.6250 12 12
360 1 2.0000 2.0000
6.0000 S N .1250
.0000 S N .1250
.0000 5 00 00/00/00
.0000 05 0 00/00/00
O .0000
1
1916347 10.8750 173,700.00 100
POMPLUN DAVID 10.8750 171,629.09 ZZ
16590 IMPERIAL CR 10.3750 1,637.81 1
17.8750 1,637.81 90
LAKEVILLE MN 55044 17.3750 05/29/97 193,000.00
3600605 10.8750 07/01/97 00
3600605 10.3750 06/01/27 0
0 6.2500 06/01/99 12/01/99
Q72/Q72 5.7500 07/01/99 01/01/00
45 10.8750 .0000 .0000
A 13.8750 6 6
360 9 1.5000 1.5000
7.0000 S N .1250
.0000 S N .1250
.0000 2 00 00/00/00
.0000 05 0 00/00/00
O .0000
1916348 10.8750 35,000.00 100
PAPP MYRON 10.8750 34,673.48 ZZ
126 14TH STREET NW 10.3750 330.02 1
17.8750 330.02 70
BARBERTON OH 44203 17.3750 06/03/97 50,000.00
3600712 10.8750 08/01/97 00
3600712 10.3750 07/01/27 0
0 6.7500 07/01/99 07/01/99
Q72/Q72 6.2500 08/01/99 08/01/99
45 10.8750 .0000 .0000
A 13.8750 6 6
360 9 1.5000 1.5000
7.0000 S N .1250
.0000 S N .1250
.0000 5 00 00/00/00
.0000 05 0 00/00/00
O .0000
1916349 13.0000 31,500.00 100
WESSELS RICHARD 11.8700 31,248.79 ZZ
430 SOUTH JACKSON AVE 11.3700 348.46 1
19.0000 320.74 59
KANSAS CITY MO 64124 18.5000 06/27/97 53,500.00
3600730 13.0000 08/01/97 00
3600730 12.5000 07/01/27 0
0 7.5000 01/01/98 07/01/99
Q72/Q72 7.0000 02/01/98 08/01/99
45 13.0000 .0000 .0000
A 14.0000 6 6
360 9 1.0000 1.0000
6.0000 S N .1250
.0000 S N .1250
1
.0000 5 00 00/00/00
.0000 05 0 00/00/00
O .0000
1916350 11.7500 196,000.00 100
LAUGHEAD JANET 11.7500 194,479.05 ZZ
406 SCHOOL STREET 11.2500 1,978.45 1
18.7500 1,978.45 64
WELLESLEY MA 02181 18.2500 06/25/97 309,000.00
3600794 11.7500 08/01/97 00
3600794 11.2500 07/01/27 0
0 8.5000 07/01/99 07/01/99
Q72/Q72 8.0000 08/01/99 08/01/99
45 11.7500 .0000 .0000
A 14.7500 6 6
360 9 1.5000 1.5000
7.0000 S N .1250
.0000 S N .1250
.0000 5 00 00/00/00
.0000 05 0 00/00/00
O .0000
1916351 13.5000 32,500.00 100
PHILLIPS JOHN 13.5000 32,300.86 ZZ
4738 PINE DRIVE 13.0000 372.26 1
19.5000 372.26 65
ACWORTH GA 30102 19.0000 03/28/97 50,000.00
3600954 13.5000 05/01/97 00
3600954 13.0000 04/01/27 0
0 7.5000 04/01/00 04/01/00
Q72/Q72 7.0000 05/01/00 05/01/00
45 13.5000 .0000 .0000
A 16.5000 12 12
360 1 2.0000 2.0000
6.0000 S N .1250
.0000 S N .1250
.0000 5 00 00/00/00
.0000 05 0 00/00/00
O .0000
1916352 10.0000 240,300.00 100
DYER RANDY 10.0000 237,744.69 ZZ
111 23RD AVENUE 9.5000 2,108.81 1
17.0000 2,108.81 90
SAINT PETERSBU FL 33704 16.5000 08/05/97 267,000.00
3601061 10.0000 09/01/97 00
3601061 9.5000 08/01/27 0
0 7.2500 08/01/99 08/01/99
Q72/Q72 6.7500 09/01/99 09/01/99
45 10.0000 .0000 .0000
A 13.0000 6 6
1
360 9 1.5000 1.5000
7.0000 S N .1250
.0000 S N .1250
.0000 2 00 00/00/00
.0000 05 0 00/00/00
O .0000
1916353 10.0000 114,750.00 100
GRIM DERRYL 10.0000 113,218.62 ZZ
1321 WEST 131ST STREET 9.5000 1,007.02 1
16.0000 1,007.02 85
COMPTON CA 90222 15.5000 02/21/97 135,000.00
3601114 10.0000 04/01/97 00
3601114 9.5000 03/01/27 0
0 6.2500 03/01/00 03/01/00
Q72/Q72 5.7500 04/01/00 04/01/00
45 10.0000 .0000 .0000
A 13.0000 12 12
360 1 2.0000 2.0000
6.0000 S N .1250
.0000 S N .1250
.0000 2 00 00/00/00
.0000 05 0 00/00/00
O .0000
1916354 8.7500 221,600.00 100
MEEHAN JOSEPH 9.0125 218,160.31 ZZ
865 WEST 2525 SOUTH 8.5125 1,743.33 1
14.7500 1,783.95 80
SYRACUSE UT 84075 14.2500 04/25/97 277,000.00
3601150 8.7500 06/01/97 00
3601150 8.2500 05/01/27 0
0 4.7500 05/01/98 05/01/00
Q72/Q72 4.2500 06/01/98 06/01/00
45 8.7500 .0000 .0000
A 10.7500 12 12
360 1 2.0000 2.0000
6.0000 S N .1250
.0000 S N .1250
.0000 5 00 00/00/00
.0000 05 0 00/00/00
O .0000
1916355 12.1250 119,600.00 100
THOMAS DALE 12.1250 118,373.16 ZZ
3 MINERS COURT 11.6250 1,241.75 1
18.1250 1,241.75 75
THURMONT MD 21788 17.6250 10/26/96 159,500.00
3601230 12.1250 12/01/96 00
3601230 11.6250 11/01/26 0
0 6.0000 11/01/97 11/01/99
1
Q72/Q72 5.5000 12/01/97 12/01/99
45 12.1250 .0000 .0000
A 14.1250 12 12
360 1 2.0000 2.0000
6.0000 S N .1250
.0000 S N .1250
.0000 5 00 00/00/00
.0000 05 0 00/00/00
O .0000
1916356 9.0000 179,500.00 100
RAMIREZ JOSEPH 11.1250 176,618.56 ZZ
601 COLLINS STREET 10.6250 1,444.30 1
16.0000 1,717.64 84
OXNARD CA 93030 15.5000 01/22/97 215,000.00
3700114 .0000 03/01/97 00
3700114 .0000 02/01/27 0
0 6.0000 02/01/99 08/01/99
Q72/Q72 5.5000 03/01/99 09/01/99
25 9.0000 .0000 .0000
A 12.0000 6 6
360 E 1.0000 1.0000
7.0000 S N .1250
.0000 S N .1250
.0000 2 00 00/00/00
.0000 05 0 00/00/00
O .0000
1916357 12.5500 64,500.00 100
BUSCH JANICE 12.5500 64,077.92 ZZ
24965 CRISLER 12.0500 690.89 1
19.5500 690.89 75
TAYLOR MI 48180 19.0500 04/28/97 86,000.00
3700187 12.5500 06/01/97 00
3700187 12.0500 05/01/27 0
0 8.4000 05/01/99 11/01/99
Q72/Q72 7.9000 06/01/99 12/01/99
25 12.5500 .0000 .0000
A 15.5500 6 6
360 E 1.0000 1.0000
7.0000 S N .1250
.0000 S N .1250
.0000 5 00 00/00/00
.0000 05 0 00/00/00
O .0000
1916358 9.9900 225,000.00 100
JENSEN DARRELL 9.9900 222,362.27 ZZ
3264 JANELLE DR 9.4900 1,972.87 1
16.9900 1,972.87 88
SAN JOSE CA 95148 16.4900 05/13/97 257,000.00
1
3700347 9.9900 07/01/97 00
3700347 9.4900 06/01/27 0
0 5.9900 06/01/99 12/01/99
Q72/Q72 5.4900 07/01/99 01/01/00
25 9.9900 .0000 .0000
A 12.9900 6 6
360 E 1.0000 1.0000
7.0000 S N .1250
.0000 S N .1250
.0000 2 00 00/00/00
.0000 05 0 00/00/00
O .0000
1916359 12.1000 63,000.00 100
HARDING JOHN 13.2310 62,595.73 ZZ
1222 MARCUS 12.7310 652.88 1
19.1000 707.95 73
YPSILANTI MI 48198 18.6000 05/23/97 87,000.00
3700356 12.1000 07/01/97 00
3700356 11.6000 06/01/27 0
0 8.5000 12/01/97 12/01/99
Q72/Q72 8.0000 01/01/98 01/01/00
25 12.1000 .0000 .0000
A 13.1000 6 6
360 E 1.0000 1.0000
7.0000 S N .1250
.0000 S N .1250
.0000 5 00 00/00/00
.0000 05 0 00/00/00
O .0000
1916362 11.0800 54,500.00 100
HINKINS KEITH 11.0800 54,059.74 ZZ
495 LUTHERAN ST 10.5800 522.31 1
18.0800 522.31 84
PLATTEVILLE WI 53818 17.5800 08/25/97 65,500.00
3700604 11.0800 10/01/97 00
3700604 10.5800 09/01/27 0
0 6.7360 09/01/99 09/01/99
Q72/Q72 6.2360 10/01/99 10/01/99
25 11.0800 .0000 .0000
A 14.0800 6 6
360 E 1.0000 1.0000
7.0000 X X .0000
.0000 X X .0000
.0000 2 00 00/00/00
.0000 05 0 00/00/00
O .0000
1916363 10.6000 49,700.00 100
DAVIS BERNICE 10.6000 49,256.01 ZZ
1
90 PARKHURST 10.1000 458.35 1
16.6000 458.35 70
DETROIT MI 48203 16.1000 08/01/97 71,000.00
3700613 10.6000 10/01/97 00
3700613 10.1000 09/01/27 0
0 6.1000 09/01/99 09/01/99
Q72/Q72 5.6000 10/01/99 10/01/99
25 10.6000 .0000 .0000
A 13.6000 6 6
360 E 1.0000 1.0000
6.0000 S N .1250
.0000 S N .1250
.0000 5 00 00/00/00
.0000 05 0 00/00/00
O .0000
1916364 10.6500 113,000.00 100
JOHNSON HOWARD 10.6500 112,001.25 ZZ
N7119 HONEY CREEK ROAD 10.1500 1,046.35 1
17.6500 1,046.35 80
BURLINGTON WI 53105 17.1500 08/28/97 142,500.00
3700677 10.6500 10/01/97 00
3700677 10.1500 09/01/27 0
0 6.6500 09/01/99 09/01/99
Q72/Q72 6.1500 10/01/99 10/01/99
25 10.6500 .0000 .0000
A 13.6500 6 6
360 E 1.0000 1.0000
7.0000 S N .1250
.0000 S N .1250
.0000 5 00 00/00/00
.0000 05 0 00/00/00
O .0000
1916365 9.0000 120,700.00 100
SCHUNEMAN JOHN 10.8750 119,501.72 ZZ
96 WEST GOLDEN LAKE ROAD 10.3750 971.18 1
16.0000 1,136.36 85
CIRCLE PINES MN 55014 15.5000 08/11/97 142,000.00
3700720 9.0000 10/01/97 00
3700720 8.5000 09/01/27 0
0 5.8750 03/01/98 09/01/99
Q72/Q72 5.3750 04/01/98 10/01/99
25 9.0000 .0000 .0000
A 10.0000 6 6
360 E 1.0000 1.0000
7.0000 S N .1250
.0000 S N .1250
.0000 2 00 00/00/00
.0000 05 0 00/00/00
O .0000
1
1916366 11.5000 48,000.00 100
DOLBY MARK 11.5000 47,681.95 ZZ
214 MOSLEY 11.0000 475.34 1
18.5000 475.34 80
LANSING MI 48906 18.0000 10/01/97 60,000.00
3701211 11.5000 12/01/97 00
3701211 11.0000 11/01/27 0
0 7.5000 11/01/99 11/01/99
Q72/Q72 7.0000 12/01/99 12/01/99
25 11.5000 .0000 .0000
A 14.5000 6 6
360 E 1.0000 1.0000
7.0000 S N .1250
.0000 S N .1250
.0000 5 00 00/00/00
.0000 05 0 00/00/00
O .0000
1916367 12.1000 103,200.00 100
GENDRUM JOHN 13.1000 102,680.41 ZZ
818 CARBECK 12.6000 1,069.48 1
18.1000 1,149.28 80
ANN ARBOR MI 48103 17.6000 11/17/97 129,000.00
3701300 12.1000 12/21/97 00
3701300 11.6000 11/21/27 0
0 7.6500 05/21/98 11/21/99
Q72/Q72 7.1500 06/21/98 12/21/99
25 12.1000 .0000 .0000
A 13.1000 6 6
360 E 1.0000 1.0000
6.0000 S N .1250
.0000 S N .1250
.0000 5 00 00/00/00
.0000 05 0 00/00/00
O .0000
1916368 12.4900 89,700.00 100
BURNS JUDY 12.4900 88,734.95 ZZ
923 MAPLE STREET 11.9900 956.63 1
18.9900 956.63 65
EVERETT WA 98201 18.4900 06/26/96 138,000.00
4008665 12.4900 08/15/96 00
4008665 11.9900 07/15/26 0
0 6.7500 07/15/98 07/15/99
Q72/Q72 6.2500 08/15/98 08/15/99
25 12.4900 .0000 .0000
A 15.4900 6 6
360 E 1.0000 1.0000
6.5000 S N .1250
.0000 S N .1250
1
.0000 5 00 00/00/00
.0000 05 0 00/00/00
O .0000
1916369 12.0000 79,950.00 100
SMITH RANDY 12.8750 79,140.00 ZZ
768 BROADVIEW STREET 12.3750 822.38 1
19.0000 876.13 65
SPRING VALLEY CA 91977 18.5000 07/10/96 123,000.00
4008727 12.0000 09/01/96 00
4008727 11.5000 08/01/26 0
0 7.1000 02/01/97 08/01/99
Q72/Q72 6.6000 03/01/97 09/01/99
25 12.0000 .0000 .0000
A 13.5000 6 6
360 E 1.5000 1.5000
7.0000 S N .1250
.0000 S N .1250
.0000 5 00 00/00/00
.0000 05 0 00/00/00
O .0000
1916370 13.5000 450,000.00 100
GUNACA MICHAEL 14.0000 446,481.12 ZZ
5213 WINDJAMMER ROAD 13.5000 5,154.35 1
20.0000 5,330.63 52
PLANO TX 75093 19.5000 07/19/96 870,000.00
4008763 13.5000 09/01/96 00
4008763 13.0000 08/01/26 0
0 8.1500 02/01/97 08/01/99
Q72/Q72 7.6500 03/01/97 09/01/99
25 13.5000 .0000 .0000
A 14.5000 6 6
360 E 1.0000 1.0000
6.5000 S N .1250
.0000 S N .1250
.0000 5 00 00/00/00
.0000 05 0 00/00/00
O .0000
1916371 12.7500 129,025.00 100
BARATTOLO JAMES 14.7500 128,104.80 ZZ
248 SANDRINGHAM ROAD 14.2500 1,402.11 1
19.7500 1,604.15 65
CHERRY HILL NJ 08003 19.2500 08/23/96 198,500.00
4008941 12.7500 10/01/96 00
4008941 12.2500 09/01/26 0
0 9.2500 03/01/97 09/01/99
Q72/Q72 8.7500 04/01/97 10/01/99
25 12.7500 .0000 .0000
A 14.2500 6 6
1
360 E 1.5000 1.5000
7.0000 S N .1250
.0000 S N .1250
.0000 5 00 00/00/00
.0000 05 0 00/00/00
O .0000
1916373 9.0000 119,000.00 100
MURRAY KARL 11.2500 116,705.26 ZZ
3110 EAST OLIVE STREET 10.7500 957.51 1
15.5000 1,150.05 61
SEATTLE WA 98122 15.0000 05/31/96 197,000.00
4009012 9.0000 07/15/96 00
4009012 8.5000 06/15/26 0
0 6.2500 06/15/98 06/15/99
Q72/Q72 5.7500 07/15/98 07/15/99
25 9.0000 .0000 .0000
A 12.0000 6 6
360 E 1.0000 1.0000
6.5000 S N .1250
.0000 S N .1250
.0000 5 00 00/00/00
.0000 05 0 00/00/00
O .0000
1916374 11.2500 39,950.00 100
MILLER LEROY 11.2500 39,394.26 ZZ
206 CHURCH STREET 10.7500 388.02 1
18.2500 388.02 85
BROOKNEAL VA 24528 17.7500 06/29/96 47,000.00
4010304 .0000 08/01/96 00
4010304 .0000 07/01/26 0
0 5.9000 07/01/99 07/01/99
Q72/Q72 5.4000 08/01/99 08/01/99
25 11.2500 .0000 .0000
A 14.2500 6 6
360 E 1.0000 1.0000
7.0000 S N .1250
.0000 S N .1250
.0000 2 00 00/00/00
.0000 05 0 00/00/00
O .0000
1916376 8.4900 78,400.00 100
DAY STANLEY 10.2500 76,466.08 ZZ
1114 E. 12TH AVENUE 9.7500 602.27 1
15.4900 700.26 80
SPOKANE WA 99202 14.9900 11/27/95 98,000.00
4010554 8.4900 01/01/96 00
4010554 7.9900 12/01/25 0
0 5.2500 06/01/96 12/01/99
1
Q72/Q72 4.7500 07/01/96 01/01/00
25 8.4900 .0000 .0000
A 9.7400 6 6
360 E 1.2500 1.2500
7.0000 S N .1250
.0000 S N .1250
.0000 5 00 00/00/00
.0000 05 0 00/00/00
O .0000
1916377 9.7500 66,750.00 100
ATWOOD RODNEY 9.7500 64,544.74 ZZ
74520 DEAL ROAD 9.2500 573.49 8
15.7500 573.49 74
RAINIER OR 97048 15.2500 12/29/94 91,000.00
4010607 9.7500 02/01/95 00
4010607 9.2500 01/01/25 0
0 3.8750 01/01/96 01/01/00
Q72/Q72 3.3750 02/01/96 02/01/00
45 9.7500 .0000 .0000
A 11.7500 12 12
360 1 2.0000 2.0000
6.0000 S N .1250
.0000 S N .1250
.0000 5 00 00/00/00
.0000 23 0 00/00/00
O .0000
1916379 11.0000 150,000.00 100
TOWNS MATTHEW 11.2500 148,163.43 ZZ
8302 MOURNING DOVE ROAD 10.7500 1,428.49 1
17.0000 1,458.67 75
RALEIGH NC 27615 16.5000 07/11/96 200,000.00
4500016 11.0000 09/01/96 00
4500016 10.5000 08/01/26 0
0 6.1250 02/01/97 08/01/99
Q72/Q72 5.6250 03/01/97 09/01/99
25 11.0000 .0000 .0000
A 12.0000 6 6
360 E 1.0000 1.0000
6.0000 S N .1250
.0000 S N .1250
.0000 5 00 00/00/00
.0000 05 0 00/00/00
O .0000
1916380 7.5500 91,000.00 100
GUNDERSON DONALD 10.5500 89,126.67 ZZ
29113 GIMPL HILL RD 10.0500 639.40 1
14.5500 833.31 65
EUGENE OR 97402 14.0500 03/06/96 140,000.00
1
4500169 7.5500 05/01/96 00
4500169 7.0500 04/01/26 0
0 5.3000 10/01/96 10/01/99
Q72/Q72 4.8000 11/01/96 11/01/99
45 7.5500 .0000 .0000
A 9.0500 6 6
360 9 1.5000 1.5000
7.0000 S N .1250
.0000 S N .1250
.0000 5 00 00/00/00
.0000 05 0 00/00/00
O .0000
1916381 9.5500 50,000.00 100
WILLIAMS DENICE 11.0000 48,850.12 ZZ
1431 DWIGHT WAY 10.5000 422.25 1
16.0500 472.13 36
BERKELEY CA 94702 15.5500 05/23/96 142,000.00
4500178 9.5500 08/01/96 00
4500178 9.0500 07/01/26 0
0 5.7500 07/01/98 07/01/99
Q72/Q72 5.2500 08/01/98 08/01/99
45 9.5500 .0000 .0000
A 16.0500 6 6
360 9 1.0000 1.0000
6.5000 S N .1250
.0000 S N .1250
.0000 5 00 00/00/00
.0000 05 0 00/00/00
O .0000
1916382 12.7000 97,500.00 100
BRINKMAN CRAIG 12.7500 96,253.67 ZZ
20109 31ST STREET 12.2500 1,055.73 1
19.7000 1,057.35 65
BRISTOL WI 53104 19.2000 06/04/96 150,000.00
4500187 12.7000 08/01/96 00
4500187 12.2000 07/01/26 0
0 7.5000 01/01/97 07/01/99
Q72/Q72 7.0000 02/01/97 08/01/99
45 12.7000 .0000 .0000
A 14.2000 6 6
360 9 1.5000 1.5000
7.0000 S N .1250
.0000 S N .1250
.0000 5 00 00/00/00
.0000 05 0 00/00/00
O .0000
1916383 11.7800 29,400.00 100
TAYLOR ANTHONY 12.0000 29,040.59 ZZ
1
1018 BITTNER 11.5000 297.44 1
18.7800 302.20 66
ST. LOUIS MO 63147 18.2800 06/26/96 45,000.00
4500365 11.7800 09/01/96 00
4500365 11.2800 08/01/26 0
0 6.8800 02/01/97 08/01/99
Q72/Q72 6.3800 03/01/97 09/01/99
45 .0000 .0000 .0000
A .0000 6 6
360 9 1.5000 1.5000
7.0000 S N .1250
.0000 S N .1250
.0000 5 00 00/00/00
.0000 05 0 00/00/00
O .0000
1916384 9.9000 120,000.00 100
ESTRADA MARTHA 11.0000 118,151.55 ZZ
10942 BURNET AVE 10.5000 1,044.23 1
16.4000 1,139.68 75
MISSION HILLS CA 91345 15.9000 10/08/96 160,000.00
4500472 9.9000 12/01/96 00
4500472 9.4000 11/01/26 0
0 6.0000 11/01/98 11/01/99
Q72/Q72 5.5000 12/01/98 12/01/99
45 9.9900 .0000 .0000
A 16.4000 6 6
360 9 1.0000 1.0000
6.5000 S N .1250
.0000 S N .1250
.0000 5 00 00/00/00
.0000 05 0 00/00/00
O .0000
1916385 10.4900 65,000.00 100
KNIGHT MARTHA 10.4900 64,116.61 ZZ
1863 OAK ST 9.9900 594.09 1
16.9900 594.09 52
COLUMBUS OH 43205 16.4900 11/04/96 125,000.00
4500533 10.4900 01/01/97 00
4500533 9.9900 12/01/26 0
0 7.2600 12/01/98 12/01/99
Q72/Q72 6.7600 01/01/99 01/01/00
45 10.4900 .0000 .0000
A 16.9900 6 6
360 9 1.0000 1.0000
6.5000 S N .1250
.0000 S N .1250
.0000 5 00 00/00/00
.0000 05 0 00/00/00
O .0000
1
1916386 8.2500 172,800.00 100
BORRAYO GUADALUPE 10.7500 169,419.43 ZZ
32451 WATER GULCH ROAD 10.2500 1,298.19 1
14.7500 1,602.16 80
COARSEGOLD CA 93614 14.2500 11/01/96 216,000.00
4500551 8.2500 01/01/97 00
4500551 7.7500 12/01/26 0
0 5.7500 12/01/98 12/01/99
Q72/Q72 5.2500 01/01/99 01/01/00
45 8.2500 .0000 .0000
A 14.7500 6 6
360 9 1.0000 1.0000
6.5000 S N .1250
.0000 S N .1250
.0000 5 00 00/00/00
.0000 05 0 00/00/00
O .0000
1916387 10.8750 150,000.00 100
RAVAGO SOFRONIO 10.8750 147,896.79 ZZ
9404 N OLIPHANT 10.3750 1,414.34 1
16.8750 1,414.34 69
MORTON GROVE IL 60053 16.3750 08/02/96 220,000.00
4500659 10.8750 10/01/96 00
4500659 10.3750 09/01/26 0
0 5.2500 09/01/99 09/01/99
Q72/Q72 4.7500 10/01/99 10/01/99
45 10.8750 .0000 .0000
A 13.8750 12 12
360 1 2.0000 2.0000
6.0000 S N .1250
.0000 S N .1250
.0000 5 00 00/00/00
.0000 05 0 00/00/00
O .0000
1916388 8.7500 21,100.00 100
CARPENTER MARIAN 8.7500 9,652.58 ZZ
202 SECOND ST 8.2500 165.99 1
14.7500 165.99 65
TRINITY TX 75862 14.2500 11/27/96 32,500.00
4500739 8.7500 01/01/97 00
4500739 8.2500 12/01/26 0
0 5.1250 12/01/99 12/01/99
Q72/Q72 4.6250 01/01/00 01/01/00
45 .0000 .0000 .0000
A 11.7500 12 12
360 1 2.0000 2.0000
6.0000 S N .1250
.0000 S N .1250
1
.0000 5 00 00/00/00
.0000 05 0 00/00/00
O .0000
1916390 9.2500 195,000.00 100
JENZEN WILLIAM 11.8750 192,719.69 ZZ
1152 ELFORD CT 11.3750 1,604.22 1
15.7500 1,982.53 65
GROSSE POINTE MI 48236 15.2500 01/16/97 300,000.00
4500757 .0000 03/01/97 00
4500757 .0000 02/01/27 0
0 6.7500 08/01/97 08/01/99
Q72/Q72 6.2500 09/01/97 09/01/99
25 9.2500 .0000 .0000
A 10.2500 6 6
360 E 1.0000 1.0000
6.5000 S N .1250
.0000 S N .1250
.0000 5 00 00/00/00
.0000 05 0 00/00/00
O .0000
1916392 13.1250 31,200.00 100
NIXON SANDRA 13.1250 29,771.60 ZZ
718 W 4TH STREET 12.6250 348.19 1
19.6250 342.25 53
PROCTOR MN 55810 19.1250 06/24/96 59,000.00
4501113 13.1250 08/01/96 00
4501113 12.6250 07/01/26 0
0 7.0100 07/01/98 07/01/99
Q72/Q72 6.5100 08/01/98 08/01/99
45 .0000 .0000 .0000
A .0000 6 6
360 9 1.0000 1.0000
6.5000 S N .1250
.0000 S N .1250
.0000 5 00 00/00/00
.0000 05 0 00/00/00
O .0000
1916393 11.1000 73,875.00 100
OFFETT PARTHENYA 12.2500 72,971.71 ZZ
3749 S ELLIS AVE 11.7500 709.12 1
18.1000 773.13 75
CHICAGO IL 60653 17.6000 07/15/96 98,500.00
4501131 11.1000 09/01/96 00
4501131 10.6000 08/01/26 0
0 6.5100 02/01/97 08/01/99
Q72/Q72 6.0100 03/01/97 09/01/99
45 .0000 .0000 .0000
A .0000 6 6
1
360 9 1.5000 1.5000
7.0000 S N .1250
.0000 S N .1250
.0000 5 00 00/00/00
.0000 07 0 00/00/00
O .0000
1916394 13.8000 23,800.00 100
TAYLOR DELORES 15.2500 22,280.25 ZZ
1804 NORTH PARK 14.7500 313.76 1
20.8000 336.37 70
EAST ST LOUIS IL 62204 20.3000 07/12/96 34,000.00
4501140 13.8000 09/01/96 00
4501140 13.3000 08/01/11 0
0 9.3100 02/01/97 08/01/99
Q72/Q72 8.8100 03/01/97 09/01/99
45 .0000 .0000 .0000
A .0000 6 6
180 9 1.5000 1.5000
7.0000 S N .1250
.0000 S N .1250
.0000 5 00 00/00/00
.0000 05 0 00/00/00
O .0000
1916396 10.6500 190,000.00 100
KRAMER NANCY 11.8750 187,566.39 ZZ
21003 LADEENE AVE 11.3750 1,759.35 4
17.1500 1,931.81 49
TORRANCE CA 90503 16.6500 09/20/96 395,000.00
4501168 10.6500 12/01/96 00
4501168 10.1500 11/01/26 0
0 6.7600 11/01/98 11/01/99
Q72/Q72 6.2600 12/01/98 12/01/99
45 10.6500 .0000 .0000
A 17.1500 6 6
360 9 1.0000 1.0000
6.5000 S N .1250
.0000 S N .1250
.0000 5 00 00/00/00
.0000 23 0 00/00/00
N .0000
1916397 9.7500 114,400.00 100
JIMENEZ MANUEL 9.7500 112,595.13 ZZ
32 HOOD STREET 9.2500 982.87 1
16.2500 982.87 80
HAYWOOD CA 94541 15.7500 10/17/96 143,000.00
4501248 9.7500 01/01/97 00
4501248 9.2500 12/01/26 0
0 6.4600 12/01/98 12/01/99
1
Q72/Q72 5.9600 01/01/99 01/01/00
45 9.7500 .0000 .0000
A 16.2500 6 6
360 9 1.0000 1.0000
6.5000 S N .1250
.0000 S N .1250
.0000 5 00 00/00/00
.0000 05 0 00/00/00
O .0000
1916398 11.7500 35,000.00 100
FOULKS CAROLE 11.7500 34,715.00 ZZ
632 TANEY STREET 11.2500 353.30 1
18.2500 353.30 65
GARY IN 46404 17.7500 05/01/97 54,000.00
4501382 .0000 07/01/97 00
4501382 .0000 06/01/27 0
0 6.6250 06/01/99 12/01/99
Q72/Q72 6.1250 07/01/99 01/01/00
25 11.7500 .0000 .0000
A 14.7500 6 6
360 E 1.0000 1.0000
6.5000 S N .1250
.0000 S N .1250
.0000 5 00 00/00/00
.0000 05 0 00/00/00
O .0000
1916399 8.3750 129,600.00 100
MERCADO JOSE 8.2500 111,422.47 ZZ
10 SUNRISE ROAD 7.7500 985.05 1
14.3750 942.19 89
OLD BRIDGE NJ 08857 13.8750 09/19/89 146,000.00
4700336 .0000 11/01/89 10
4700336 .0000 10/01/19 0
0 3.0000 10/01/90 10/01/99
Q72/Q72 2.5000 11/01/90 11/01/99
45 6.3750 .0000 .0000
A 10.3750 12 12
360 1 2.0000 2.0000
6.0000 S N .1250
.0000 S N .1250
.0000 2 00 00/00/00
.0000 05 0 00/00/00
O .0000
1916400 6.2500 77,600.00 100
EMERT GLENN 8.7500 72,793.67 ZZ
RR 2 BOX 17 8.2500 477.80 1
11.2500 600.72 80
MONTGOMERY PA 17752 10.7500 01/19/94 97,000.00
1
4700835 .0000 03/01/94 00
4700835 .0000 02/01/24 0
0 3.2500 02/01/95 02/01/00
Q72/Q72 2.7500 03/01/95 03/01/00
45 4.2500 .0000 .0000
A 8.2500 12 12
360 1 2.0000 2.0000
5.0000 S N .1250
.0000 S N .1250
.0000 5 01 02/01/95
.0000 05 D 02/01/99
O 1.5000
1916401 12.0000 27,500.00 100
GRENINGER JAMES 7.5000 11,687.52 ZZ
RR 2 BOX 184 7.0000 302.81 1
.0000 228.99 80
LOGANTON PA 17747 .0000 07/28/84 34,500.00
4700862 .0000 08/25/84 00
4700862 .0000 07/25/04 0
0 .0000 08/01/85 08/01/99
Q72/Q72 .0000 09/01/85 09/01/99
45 .0000 .0000 .0000
A .0000 12 12
240 K 2.0000 2.0000
.0000 S D .2500
.0000 S D .2500
.0000 5 00 00/00/00
.0000 05 0 00/00/00
O .0000
1916402 6.0000 70,400.00 100
STOUT SCOTT 8.0000 58,816.50 ZZ
RD 288 HYNER ROAD 7.5000 594.08 1
11.0000 717.90 77
HYNER PA 17738 10.5000 04/18/94 92,000.00
4700960 .0000 06/01/94 00
4700960 .0000 05/01/09 0
0 3.2500 05/01/95 05/01/00
Q72/Q72 2.7500 06/01/95 06/01/00
45 4.0000 .0000 .0000
A 8.0000 12 12
180 1 2.0000 2.0000
5.0000 S N .1250
.0000 S N .1250
.0000 5 01 05/01/95
.0000 05 K 05/01/99
O 1.5000
1916403 9.3750 32,082.00 100
THORN PHILIP 8.0000 28,398.61 ZZ
1
RD 2 BOX 68 7.5000 266.85 1
15.3750 235.97 87
NORTH BINGHAM PA 16941 14.8750 09/07/89 37,086.00
4701200 .0000 11/01/89 00
4701200 .0000 10/01/19 0
0 2.7500 10/01/90 10/01/99
Q72/Q72 2.2500 11/01/90 11/01/99
45 7.3750 .0000 .0000
A 11.3750 12 12
360 1 2.0000 2.0000
6.0000 S N .1250
.0000 S N .1250
.0000 2 01 10/01/90
.0000 05 D 10/01/94
O .3750
1916405 7.2500 60,000.00 100
JOHNSON JOSEPH 8.2500 59,587.30 ZZ
RR1 BOWBRIDGE ROAD 141A 7.7500 409.31 1
12.2500 482.10 96
LITTLE MEADOWS PA 18830 11.7500 05/29/92 63,000.00
4701308 .0000 07/01/92 00
4701308 .0000 06/01/22 0
0 3.0000 06/01/93 06/01/00
Q72/Q72 2.5000 07/01/93 07/01/00
45 6.2500 .0000 .0000
A 9.2500 12 12
360 1 2.0000 2.0000
5.0000 S N .1250
.0000 S N .1250
.0000 2 00 00/00/00
.0000 05 0 00/00/00
O .0000
1916406 9.0000 58,000.00 100
BALOGH JOSEPH 9.0000 54,493.94 ZZ
212 LODER AVENUE 8.5000 486.73 1
14.0000 486.73 79
ENDICOTT NY 13760 13.5000 10/28/94 74,000.00
4701424 .0000 12/01/94 00
4701424 .0000 11/01/19 0
0 2.7500 11/01/04 11/01/04
Q72/Q72 2.2500 12/01/04 12/01/04
45 7.0000 .0000 .0000
A 11.0000 12 12
300 1 2.0000 2.0000
5.0000 S N .1250
.0000 S N .1250
.0000 5 00 00/00/00
.0000 05 0 00/00/00
O .0000
1
1916407 7.6250 81,900.00 100
HOGAN CHARLES 7.2500 82,404.11 ZZ
107 HOPKINS STREET 6.7500 579.69 1
12.6250 590.25 90
SAYRE PA 18840 12.1250 01/13/95 91,000.00
4701451 .0000 04/01/95 00
4701451 .0000 03/01/25 0
0 2.7500 03/01/96 03/01/00
Q72/Q72 2.2500 04/01/96 04/01/00
45 5.6250 .0000 .0000
A 9.6250 12 12
360 1 2.0000 2.0000
5.0000 S N .1250
.0000 S N .1250
.0000 2 01 03/01/96
.0000 05 D 03/01/00
O 1.5000
1916408 9.3750 58,000.00 100
PIACENZA JOSEPH 6.6800 46,953.43 ZZ
LOT 109 SEC 1 6.1800 482.41 1
14.3750 394.91 90
BUSHKILL PA 18324 13.8750 10/14/85 65,000.00
4701889 .0000 12/01/85 10
4701889 .0000 11/01/15 25
0 2.5000 12/01/86 12/01/99
Q72/Q72 2.0000 01/01/87 01/01/00
45 .0000 .0000 .0000
A .0000 12 12
360 1 1.5000 1.5000
5.0000 X X .0000
.0000 X X .0000
.0000 2 00 00/00/00
.0000 05 0 00/00/00
O .0000
1916409 9.9900 68,000.00 100
CHERNOW-MAGSIG JUDITH 9.9900 67,382.13 ZZ
1070 HUMBOLDT AVENU 9.4900 596.25 1
16.4900 596.25 78
WEST ST PAUL MN 55118 15.9900 10/15/97 88,000.00
8000155 9.9900 12/01/97 00
8000155 9.4900 11/01/27 0
0 6.5000 11/01/99 11/01/99
Q72/Q72 6.0000 12/01/99 12/01/99
25 9.9900 .0000 .0000
A 12.9900 6 6
360 E 1.0000 1.0000
6.5000 S N .1250
.0000 S N .1250
1
.0000 5 00 00/00/00
.0000 05 0 00/00/00
O .0000
1916411 7.0000 164,571.00 100
ARKALIS DENISE 8.0000 160,413.45 ZZ
21 WILMINGTON ROAD 7.5000 1,094.89 1
12.0000 1,204.99 97
BURLINGTON MA 01803 11.5000 05/01/97 170,000.00
8000655 2.0000 06/01/97 98
8000655 1.5000 05/01/27 0
0 2.7500 07/01/98 07/01/99
Q72/Q72 2.2500 08/01/98 08/01/99
30 .0000 .0000 .0000
A .0000 12 12
360 1 1.0000 1.0000
5.0000 S N .1250
.0000 S N .1250
5.0000 2 00 00/00/00
.0000 05 0 00/00/00
O .0000
1916412 7.5000 137,884.00 100
VALERIO ROSA 8.3750 134,249.83 ZZ
177 STECKEL DRIVE 7.8750 964.10 1
12.5000 1,046.07 99
SANTA PAULA CA 93060 12.0000 06/21/96 139,900.00
8000691 2.5000 08/01/96 98
8000691 2.0000 07/01/26 0
0 2.7500 10/01/97 10/01/99
Q72/Q72 2.2500 11/01/97 11/01/99
30 .0000 .0000 .0000
A .0000 12 12
360 1 1.0000 1.0000
5.0000 S N .1250
.0000 S N .1250
5.0000 2 00 00/00/00
.0000 05 0 00/00/00
O .0000
1916413 7.3750 224,900.00 100
MERCADO LILIOSA 8.2500 210,984.89 ZZ
502 SOUTH HARVARD BLVD 7.7500 1,553.33 1
13.3750 1,657.09 82
LOS ANGELES CA 90020 12.8750 06/25/96 275,000.00
8000708 .0000 08/01/96 11
8000708 .0000 07/01/26 25
0 2.8750 07/01/97 07/01/99
Q72/Q72 2.3750 08/01/97 08/01/99
45 5.3750 .0000 .0000
A 9.3750 12 12
1
360 1 2.0000 2.0000
6.0000 S N .1250
.0000 S N .1250
.0000 2 00 00/00/00
.0000 05 0 00/00/00
O .0000
1916414 6.5000 72,035.00 100
GONZALES ALVARO 8.1250 69,308.86 ZZ
1225 IRIS STREET 7.6250 455.31 1
11.5000 529.57 98
WASCO CA 93280 11.0000 03/26/96 74,000.00
8000717 1.5000 05/01/96 98
8000717 1.0000 04/01/26 0
0 2.7500 07/01/97 07/01/99
Q72/Q72 2.2500 08/01/97 08/01/99
30 .0000 .0000 .0000
A .0000 12 12
360 1 1.0000 1.0000
5.0000 S N .1250
.0000 S N .1250
5.0000 2 00 00/00/00
.0000 05 0 00/00/00
O .0000
1916415 4.2500 134,800.00 100
CARBONEL JESUS 8.5000 126,554.74 ZZ
7504 BUSH GARDEN AVENUE 8.0000 663.13 1
10.5000 1,024.08 69
LAS VEGAS NV 89129 10.0000 12/07/93 197,900.00
8000735 .0000 02/01/94 00
8000735 .0000 01/01/24 0
0 2.7500 07/01/94 07/01/99
Q72/Q72 2.2500 08/01/94 08/01/99
25 3.2500 .0000 .0000
A 5.2500 6 6
360 E 1.0000 1.0000
6.2500 S N .1250
.0000 S N .1250
4.2500 5 00 00/00/00
.0000 05 0 00/00/00
O .0000
1916417 7.0000 48,350.00 100
WILLIAMS RANDY 8.0000 46,968.24 ZZ
3412 HOLT STREET 7.5000 321.68 1
12.0000 353.96 101
CHARLOTTE NC 28205 11.5000 06/14/96 48,000.00
8001468 2.0000 08/01/96 00
8001468 1.5000 07/01/26 0
0 2.5000 10/01/97 10/01/99
1
Q72/Q72 2.0000 11/01/97 11/01/99
30 .0000 .0000 .0000
A .0000 12 12
360 1 1.0000 1.0000
5.0000 S N .1250
.0000 S N .1250
5.0000 2 00 00/00/00
.0000 05 0 00/00/00
O .0000
1916418 9.7500 54,000.00 100
HARRIS CHARLES 11.7500 53,578.89 ZZ
253 MONTGOMERY STREET 11.2500 463.95 3
16.2500 544.06 63
NEWBURGH NY 12250 15.7500 11/20/97 86,000.00
8001869 9.7500 01/01/98 00
8001869 9.2500 12/01/27 0
0 6.3750 06/01/98 12/01/99
Q72/Q72 5.8750 07/01/98 01/01/00
25 9.7500 .0000 .0000
A 10.7500 6 6
360 E 1.0000 1.0000
6.5000 S N .1250
.0000 S N .1250
.0000 5 00 00/00/00
.0000 23 0 00/00/00
O .0000
1916420 9.7500 315,000.00 100
EMRY SCOTT 9.7500 312,163.78 ZZ
3041 SOUTH WHITEPOST WAY 9.2500 2,706.34 1
16.2500 2,706.34 90
EAGLE ID 83616 15.7500 11/20/97 350,000.00
8001932 9.7500 01/01/98 00
8001932 9.2500 12/01/27 0
0 7.2500 12/01/99 12/01/99
Q72/Q72 6.7500 01/01/00 01/01/00
25 9.7500 .0000 .0000
A 12.7500 6 6
360 E 1.0000 1.0000
6.5000 S N .1250
.0000 S N .1250
.0000 2 00 00/00/00
.0000 05 0 00/00/00
O .0000
1916421 10.7500 66,625.00 100
HAYNES JEFFREY 10.7500 66,166.45 ZZ
1214 ROBIN ROAD 10.2500 621.94 1
17.2500 621.94 65
MAHOMET IL 61853 16.7500 12/24/97 102,500.00
1
8001938 10.7500 02/01/98 00
8001938 10.2500 01/01/28 0
0 6.7500 01/01/00 01/01/00
Q72/Q72 6.2500 02/01/00 02/01/00
25 10.7500 .0000 .0000
A 13.7500 6 6
360 E 1.0000 1.0000
6.5000 S N .1250
.0000 S N .1250
.0000 5 00 00/00/00
.0000 05 0 00/00/00
O .0000
1916422 9.7500 116,400.00 100
AN CHI 9.7500 115,486.94 ZZ
3831 GALACTICA DRIVE 9.2500 1,000.06 1
16.2500 1,000.06 81
ANCHORAGE AK 99517 15.7500 02/09/98 144,000.00
8001962 9.7500 04/01/98 00
8001962 9.2500 03/01/28 0
0 6.5000 03/01/00 03/01/00
Q72/Q72 6.0000 04/01/00 04/01/00
25 9.7500 .0000 .0000
A 12.7500 6 6
360 E 1.0000 1.0000
6.5000 S N .1250
.0000 S N .1250
.0000 2 00 00/00/00
.0000 05 0 00/00/00
O .0000
1916423 10.7500 33,600.00 100
EDWARDS GILBERT 10.7500 33,397.87 ZZ
4168 INVERRARY DRIVE #312 10.2500 313.65 1
17.2500 313.65 68
LAUDERHILL FL 33319 16.7500 03/03/98 49,500.00
8001992 10.7500 04/01/98 00
8001992 10.2500 03/01/28 0
0 6.7500 03/01/00 03/01/00
Q72/Q72 6.2500 04/01/00 04/01/00
25 10.7500 .0000 .0000
A 13.7500 6 6
360 E 1.0000 1.0000
6.5000 S N .1250
.0000 S N .1250
.0000 5 00 00/00/00
.0000 07 0 00/00/00
O .0000
1916424 10.7500 106,500.00 100
HARDNICK HOSEA 10.7500 105,578.05 ZZ
1
349 E. 244 ST 10.2500 994.16 1
16.7500 994.16 89
EUCLID OH 44123 16.2500 09/19/97 120,000.00
8003861 10.7500 10/24/97 00
8003861 10.2500 09/24/27 0
0 6.2000 09/24/99 09/24/99
Q72/Q72 5.7000 10/24/99 10/24/99
25 10.7500 .0000 .0000
A 13.7500 6 6
360 E 1.0000 1.0000
6.0000 S N .1250
.0000 S N .1250
.0000 2 00 00/00/00
.0000 05 0 00/00/00
O .0000
1916426 13.4000 76,500.00 100
ROLLEN STEVELT 13.4000 76,202.65 ZZ
1221 PRESCOTT ROAD 12.9000 870.23 1
19.4000 870.23 90
MEMPHIS TN 38111 18.9000 12/17/97 85,000.00
8003897 13.4000 02/01/98 00
8003897 12.9000 01/01/28 0
0 9.1500 01/01/00 01/01/00
Q72/Q72 8.6500 02/01/00 02/01/00
45 13.4000 .0000 .0000
A 16.4000 6 6
360 9 1.0000 1.0000
6.0000 S N .1250
.0000 S N .1250
.0000 2 00 00/00/00
.0000 05 0 00/00/00
O .0000
1916427 9.4000 65,900.00 100
ROMAN ROSE 10.6250 64,186.53 ZZ
3822 RAMBLER AVENUE 10.1250 549.33 1
15.4000 607.85 100
ST CLOUD FL 34772 14.9000 03/21/95 66,000.00
8004158 5.9500 05/01/95 00
8004158 5.4500 04/01/25 0
0 4.8000 10/01/95 10/01/99
Q72/Q72 4.3000 11/01/95 11/01/99
5 8.4000 .0000 .0000
A 10.4000 6 6
360 9B 1.0000 1.0000
6.0000 S U .1250
.0000 S U .1250
3.4500 2 00 00/00/00
.0000 27 0 00/00/00
O .0000
1
1916428 9.0000 96,000.00 100
RAMOSO WILLIAM 9.8750 93,591.10 ZZ
2782 WADSWORTH ROAD 9.3750 772.44 1
15.0000 834.91 94
NORTON OH 44203 14.5000 05/03/95 103,000.00
8004179 9.0000 07/01/95 00
8004179 8.5000 06/01/25 0
0 4.7000 12/01/95 06/01/99
Q72/Q72 4.2000 01/01/96 07/01/99
5 9.0000 .0000 .0000
A 10.0000 6 6
360 9B 1.0000 1.0000
6.0000 S U .1250
.0000 S U .1250
.0000 2 00 00/00/00
.0000 05 0 00/00/00
O .0000
1916429 7.9500 67,900.00 100
HICKS MELVIN 10.0000 66,190.01 ZZ
9427 PATTONWOOD 9.5000 495.87 1
14.9500 596.36 100
ST LOUIS MO 63136 14.4500 05/02/95 67,900.00
8004182 7.9500 07/01/95 00
8004182 7.4500 06/01/25 0
0 5.0000 09/01/95 06/01/99
Q72/Q72 4.5000 10/01/95 08/01/99
5 7.9500 .0000 .0000
A 8.9500 1 1
360 9B 2.0000 2.0000
7.0000 S U .1250
.0000 S U .1250
.0000 2 00 00/00/00
.0000 05 0 00/00/00
O .0000
1916430 7.9500 85,000.00 100
FORAND MARYANN 11.0000 81,523.91 ZZ
115 BROAD STREET 10.5000 620.74 1
14.9500 792.89 85
MANCHESTER CT 06040 14.4500 06/02/95 100,000.00
8004218 7.9500 08/01/95 00
8004218 7.4500 07/01/25 0
0 6.0000 10/01/95 06/01/99
Q72/Q72 5.5000 11/01/95 08/01/99
5 7.9500 .0000 .0000
A 8.9500 1 1
360 9B 2.0000 2.0000
7.0000 S U .1250
.0000 S U .1250
1
.0000 2 00 00/00/00
.0000 05 0 00/00/00
O .0000
1916431 8.9000 125,100.00 100
WILSON STANLEY 11.7500 122,440.64 ZZ
5725 HALYARD DRIVE 11.2500 997.60 1
14.9000 1,259.12 90
YOUNGSVILLE NC 27596 14.4000 05/26/95 139,000.00
8004281 8.9000 07/02/95 00
8004281 8.4000 06/02/25 0
0 5.9500 12/02/95 06/02/99
Q72/Q72 5.4500 01/02/96 07/02/99
5 8.9000 .0000 .0000
A 9.9000 6 6
360 9B 1.0000 1.0000
6.0000 S U .1250
.0000 S U .1250
.0000 2 00 00/00/00
.0000 05 0 00/00/00
O .0000
1916432 11.9900 56,400.00 100
NEITZEL GEORGE 10.3750 55,647.06 ZZ
248-256 WEST 202ND STREET 9.8750 579.70 1
17.9900 512.06 80
CHICAGO HEIGHT IL 60411 17.4900 07/12/96 70,500.00
8004557 .0000 09/01/96 00
8004557 .0000 08/01/26 0
0 5.2500 02/01/97 08/01/99
Q72/Q72 4.7500 03/01/97 09/01/99
25 11.9900 .0000 .0000
A 12.9900 6 6
360 E 1.0000 1.0000
6.0000 S N .1250
.0000 S N .1250
.0000 5 00 00/00/00
.0000 05 0 00/00/00
O .0000
1916433 9.8500 63,750.00 100
WALLACE CAROL 9.8500 62,945.61 ZZ
624 HICKOCK AVENUE 9.3500 552.40 1
15.8500 552.40 90
CHICAGO IL 60466 15.3500 04/21/97 71,000.00
8004560 9.8500 06/01/97 00
8004560 9.3500 05/01/27 0
0 5.2500 05/01/99 11/01/99
Q72/Q72 4.7500 06/01/99 12/01/99
5 9.8500 .0000 .0000
A 12.8500 6 6
1
360 9B 1.0000 1.0000
6.0000 S U .1250
.0000 S U .1250
.0000 2 00 00/00/00
.0000 05 0 00/00/00
O .0000
1916434 9.8000 64,800.00 100
GARY SHERRON 10.6250 63,852.27 ZZ
123 SAVANAH WOODS CIRCLE 10.1250 559.11 1
15.8000 597.67 80
WEST COLUMBIA SC 29170 15.3000 12/19/96 81,000.00
8004578 9.8000 02/01/97 00
8004578 9.3000 01/01/27 0
0 5.5000 01/01/99 07/01/99
Q72/Q72 5.0000 02/01/99 08/01/99
5 9.8000 .0000 .0000
A 12.8000 6 6
360 9B 1.0000 1.0000
6.0000 S U .1250
.0000 S U .1250
.0000 5 00 00/00/00
.0000 05 0 00/00/00
O .0000
1916435 12.2000 41,600.00 100
ECKERT A 12.2000 41,441.85 ZZ
1545 VANCE AVENUE 11.7000 434.32 1
19.2000 434.32 80
FORT WAYNE IN 46805 18.7000 04/09/98 52,000.00
8004983 12.2000 06/01/98 00
8004983 11.7000 05/01/28 0
0 8.2000 05/01/00 05/01/00
Q72/Q72 7.7000 06/01/00 06/01/00
25 12.2000 .0000 .0000
A 15.2000 6 6
360 E 1.0000 1.0000
7.0000 S N .1250
.0000 S N .1250
.0000 5 00 00/00/00
.0000 05 0 00/00/00
O .0000
1916436 9.8750 83,700.00 100
RUSCH JOE 9.8750 82,914.69 ZZ
115 BALCOMBE ROAD 9.3750 726.81 1
15.8750 726.81 90
ROCKY POINT NC 28457 15.3750 10/02/97 93,000.00
8004989 9.8750 12/01/97 00
8004989 9.3750 11/01/27 0
0 4.8750 11/01/99 11/01/99
1
Q72/Q72 4.3750 12/01/99 12/01/99
45 9.8750 .0000 .0000
A 12.8750 6 6
360 9 1.0000 1.0000
6.0000 S N .1250
.0000 S N .1250
.0000 2 00 00/00/00
.0000 27 0 00/00/00
O .0000
1916437 6.5000 139,300.00 100
MANUS MASHAWN 6.5000 135,649.04 ZZ
7223 FLAG HARBOR DRIVE 6.0000 880.48 1
11.5000 880.48 96
FORESTVILLE MD 20746 11.0000 02/21/97 145,750.00
8005022 1.5000 04/01/97 98
8005022 1.0000 03/01/27 0
0 2.7500 07/01/98 07/01/99
Q72/Q72 2.2500 08/01/98 08/01/99
30 .0000 .0000 .0000
A .0000 12 12
360 1 1.0000 1.0000
5.0000 S N .1250
.0000 S N .1250
5.0000 2 00 00/00/00
.0000 05 0 00/00/00
O .0000
1916438 11.2500 45,000.00 100
WILFORD SHARON 11.2500 44,331.67 ZZ
1831 CENTRAL AVENUE 10.7500 437.07 1
17.7500 437.07 65
EAST ST LOUIS IL 62201 17.2500 04/15/96 70,000.00
8005223 11.2500 06/01/96 00
8005223 10.7500 05/01/26 0
0 6.2600 05/01/98 11/01/99
Q72/Q72 5.7600 06/01/98 12/01/99
45 .0000 .0000 .0000
A .0000 6 6
360 9 1.0000 1.0000
6.5000 S N .1250
.0000 S N .1250
.0000 5 00 00/00/00
.0000 05 0 00/00/00
O .0000
1916439 14.0500 19,000.00 100
WILLIAMS ARDIS 15.3750 18,878.47 ZZ
570 N 22ND STREET 14.8750 225.88 1
21.0500 245.85 64
EAST ST LOUIS IL 62205 20.5500 05/22/96 30,000.00
1
8005244 14.0500 07/01/96 00
8005244 13.5500 06/01/26 0
0 9.3100 12/01/96 12/01/99
Q72/Q72 8.8100 01/01/97 01/01/00
45 .0000 .0000 .0000
A .0000 6 6
360 9 1.5000 1.5000
7.0000 S N .1250
.0000 S N .1250
.0000 5 00 00/00/00
.0000 05 0 00/00/00
O .0000
1916440 10.6500 150,975.00 100
CLACK HERBERT 10.6500 149,778.60 ZZ
2154 BROWNINGS TRACE 10.1500 1,397.99 1
16.6500 1,397.99 89
TUCKER GA 30084 16.1500 10/17/97 170,000.00
8005355 10.6500 12/01/97 00
8005355 10.1500 11/01/27 0
0 6.2500 11/01/99 11/01/99
Q72/Q72 5.7500 12/01/99 12/01/99
25 10.6500 .0000 .0000
A 13.6500 6 6
360 E 1.0000 1.0000
6.0000 S U .1250
.0000 S U .1250
.0000 2 00 00/00/00
.0000 05 0 00/00/00
O .0000
1916441 9.8500 94,500.00 100
WRIGHT HERBERT 10.8750 93,143.87 ZZ
52 LINWOOD DRIVE 10.3750 818.85 1
16.8500 891.18 79
BLOOMFIELD CT 06002 16.3500 07/24/96 120,000.00
8005379 9.8500 09/01/96 00
8005379 9.3500 08/01/26 0
0 5.8750 02/01/97 08/01/99
Q72/Q72 5.3750 03/01/97 09/01/99
45 .0000 .0000 .0000
A .0000 6 6
360 9 1.5000 1.5000
7.0000 S N .1250
.0000 S N .1250
.0000 5 00 00/00/00
.0000 05 0 00/00/00
O .0000
1916442 12.7700 68,750.00 100
GILMORE CLARENCE 12.7700 68,145.77 ZZ
1
1515 WEST 64TH STREET 12.2700 748.17 1
19.7700 748.17 55
LOS ANGELES CA 90047 19.2700 10/09/96 125,000.00
8005394 12.7700 12/01/96 00
8005394 12.2700 11/01/26 0
0 9.3000 11/01/01 11/01/01
Q72/Q72 8.8000 12/01/01 12/01/01
45 12.7700 .0000 .0000
A 14.2700 6 6
360 9 1.5000 1.5000
7.0000 S N .1250
.0000 S N .1250
.0000 5 00 00/00/00
.0000 05 0 00/00/00
O .0000
1916443 13.1500 103,200.00 100
LIGHT PAUL 13.7500 102,811.12 ZZ
310 HAMPTON 13.2500 1,153.71 1
19.1500 1,202.19 80
DURAND MI 48429 18.6500 01/16/98 129,000.00
8005469 13.1500 02/21/98 00
8005469 12.6500 01/21/28 0
0 7.9900 07/21/98 07/21/99
Q72/Q72 7.4900 08/21/98 08/21/99
25 13.1500 .0000 .0000
A 14.1500 6 6
360 E 1.0000 1.0000
6.0000 S N .1250
.0000 S N .1250
.0000 5 00 00/00/00
.0000 05 0 00/00/00
O .0000
1916444 10.8750 96,000.00 100
DUMAS CAROL 10.8750 95,397.19 ZZ
849 E 119TH STREET 10.3750 905.18 1
17.8750 905.18 75
LOS ANGELES CA 90059 17.3750 01/23/98 128,000.00
8005490 10.8750 03/01/98 00
8005490 10.3750 02/01/28 0
0 5.6250 02/01/00 02/01/00
Q72/Q72 5.1250 03/01/00 03/01/00
25 10.8750 .0000 .0000
A 13.8750 6 6
360 E 1.0000 1.0000
7.0000 S N .1250
.0000 S N .1250
.0000 5 00 00/00/00
.0000 05 0 00/00/00
O .0000
1
1916445 13.2500 52,650.00 100
BLACK MIKE 13.2500 52,410.95 ZZ
175 NORTH CRIMSON DRIVE 12.7500 592.72 1
19.7500 592.72 68
IDAHO FALLS ID 83401 19.2500 10/09/97 78,500.00
8005610 13.2500 12/01/97 00
8005610 12.7500 11/01/27 0
0 7.7500 11/01/99 11/01/99
Q72/Q72 7.2500 12/01/99 12/01/99
25 13.2500 .0000 .0000
A 16.2500 6 6
360 E 1.0000 1.0000
6.5000 S N .1250
.0000 S N .1250
.0000 5 00 00/00/00
.0000 05 0 00/00/00
O .0000
1916446 9.9900 131,325.00 100
THOMAS JAMES 9.9900 130,132.90 ZZ
3825 REGENCY OAKS DRIVE 9.4900 1,151.51 1
16.9900 1,151.51 85
BARTLETT TN 38135 16.4900 12/18/97 154,500.00
8005784 9.9900 02/01/98 00
8005784 9.4900 01/01/28 0
0 5.5000 01/01/03 01/01/03
Q72/Q72 5.0000 02/01/03 02/01/03
25 9.9900 .0000 .0000
A 11.4900 6 6
360 E 1.5000 1.5000
7.0000 S N .1250
.0000 S N .1250
.0000 2 00 00/00/00
.0000 05 0 00/00/00
O .0000
1916447 12.2500 51,700.00 100
SMITH JOSEPH 14.0000 51,496.17 ZZ
RESERVOIR ROAD 13.5000 541.77 1
18.2500 612.12 55
DEERING NH 03244 17.7500 02/13/98 94,000.00
8005799 12.2500 03/19/98 00
8005799 11.7500 02/19/28 0
0 8.9500 08/19/98 08/19/99
Q72/Q72 8.4500 09/19/98 09/19/99
25 12.2500 .0000 .0000
A 13.2500 6 6
360 E 1.0000 1.0000
6.0000 S N .1250
.0000 S N .1250
1
.0000 5 00 00/00/00
.0000 05 0 00/00/00
O .0000
1916448 10.8750 147,000.00 100
ARMSTRONG TYJI 10.8750 76,757.25 ZZ
9401 WOODBAY DRIVE 10.3750 1,386.05 1
17.8750 1,386.05 75
TAMPA FL 33626 17.3750 02/20/98 196,000.00
8005829 10.8750 04/01/98 00
8005829 10.3750 03/01/28 0
0 5.6250 03/01/00 03/01/00
Q72/Q72 5.1250 04/01/00 04/01/00
25 10.8750 .0000 .0000
A 13.8750 6 6
360 E 1.0000 1.0000
7.0000 S N .1250
.0000 S N .1250
.0000 5 00 00/00/00
.0000 05 0 00/00/00
O .0000
1916449 10.4900 156,000.00 100
BRAGGS STANLEY 10.4900 154,038.66 ZZ
22106 MAIN STREET 9.9900 1,425.83 1
16.9900 1,425.83 80
HAYWARD CA 94541 16.4900 01/07/97 195,000.00
8005940 .0000 03/01/97 00
8005940 .0000 02/01/27 0
0 7.0000 02/01/99 08/01/99
Q72/Q72 6.5000 03/01/99 09/01/99
25 10.4900 .0000 .0000
A 13.4900 6 6
360 E 1.0000 1.0000
6.5000 S N .1250
.0000 S N .1250
.0000 5 00 00/00/00
.0000 05 0 00/00/00
O .0000
1916450 11.9900 50,050.00 100
LANGSTON LAVIVIAN 11.9900 49,639.99 ZZ
16509 CARLISLE STREET 11.4900 514.44 1
18.4900 514.44 65
DETROIT MI 48205 17.9900 12/09/97 77,000.00
8005949 11.9900 02/01/98 00
8005949 11.4900 01/01/28 0
0 6.6250 01/01/00 01/01/00
Q72/Q72 6.1250 02/01/00 02/01/00
25 11.9900 .0000 .0000
A 14.9900 6 6
1
360 E 1.0000 1.0000
6.5000 S N .1250
.0000 S N .1250
.0000 5 00 00/00/00
.0000 05 0 00/00/00
O .0000
1916451 9.7400 149,000.00 100
NETTLES DONALD 11.7400 147,603.38 ZZ
1315 RODMAN STREET 11.2400 1,279.05 1
16.2400 1,500.67 65
HOLLYWOOD FL 33019 15.7400 10/28/97 230,000.00
8005955 .0000 12/01/97 00
8005955 .0000 11/01/27 0
0 6.7500 05/01/98 11/01/99
Q72/Q72 6.2500 06/01/98 12/01/99
25 9.7400 .0000 .0000
A 10.7400 6 6
360 E 1.0000 1.0000
6.5000 S N .1250
.0000 S N .1250
.0000 5 00 00/00/00
.0000 05 0 00/00/00
O .0000
1916452 10.7500 51,420.00 100
OULD CATHY 10.7500 51,066.15 ZZ
400 RISLEY CIRCLE 10.2500 480.00 1
17.2500 480.00 59
GLEN LYN VA 24093 16.7500 12/19/97 88,000.00
8005961 10.7500 02/01/98 00
8005961 10.2500 01/01/28 0
0 6.7500 01/01/00 01/01/00
Q72/Q72 6.2500 02/01/00 02/01/00
25 10.7500 .0000 .0000
A 13.7500 6 6
360 E 1.0000 1.0000
6.5000 S N .1250
.0000 S N .1250
.0000 5 00 00/00/00
.0000 05 0 00/00/00
O .0000
1916453 10.5000 65,000.00 100
DICKSON THOMAS 10.5000 64,480.54 ZZ
3034-3036 PARK AVENUE SOUTH 10.0000 594.59 2
17.0000 594.59 65
MINNEAPOLIS MN 55407 16.5000 12/29/97 100,000.00
8005973 10.5000 02/01/98 00
8005973 10.0000 01/01/28 0
0 7.5000 01/01/00 01/01/00
1
Q72/Q72 7.0000 02/01/00 02/01/00
25 10.5000 .0000 .0000
A 13.5000 6 6
360 E 1.0000 1.0000
6.5000 S N .1250
.0000 S N .1250
.0000 5 00 00/00/00
.0000 23 0 00/00/00
O .0000
1916454 9.2500 75,750.00 100
MEISTER BLANE 9.2500 74,965.71 ZZ
1 ALDER PLACE 8.7500 623.18 1
15.7500 623.18 74
ELMA WA 98541 15.2500 12/23/97 102,500.00
8006822 9.2500 02/01/98 00
8006822 8.7500 01/01/28 0
0 6.5000 01/01/00 01/01/00
Q72/Q72 6.0000 02/01/00 02/01/00
25 9.2500 .0000 .0000
A 12.2500 6 6
360 E 1.0000 1.0000
6.5000 S N .1250
.0000 S N .1250
.0000 5 00 00/00/00
.0000 05 0 00/00/00
O .0000
1916455 13.7500 65,650.00 100
HOLLIMON PATRICE 13.7500 65,367.23 ZZ
2430 W MOFFAT STREET 13.2500 764.90 1
20.2500 764.90 65
CHICAGO IL 60647 19.7500 09/19/97 101,000.00
8006834 13.7500 11/01/97 00
8006834 13.2500 10/01/27 0
0 7.9900 10/01/99 10/01/99
Q72/Q72 7.4900 11/01/99 11/01/99
25 13.7500 .0000 .0000
A 16.7500 6 6
360 E 1.0000 1.0000
6.5000 S N .1250
.0000 S N .1250
.0000 5 00 00/00/00
.0000 05 0 00/00/00
O .0000
1916456 12.1250 80,000.00 100
BRYANT LOGENO 12.1250 79,562.85 ZZ
31 FOUNATIN TERRACE 11.6250 830.60 1
18.6250 830.60 80
NEW HAVEN CT 06515 18.1250 12/01/97 100,000.00
1
8006849 12.1250 01/01/98 00
8006849 11.6250 12/01/27 0
0 6.5000 12/01/99 12/01/99
Q72/Q72 6.0000 01/01/00 01/01/00
25 12.1250 .0000 .0000
A 15.1250 6 6
360 E 1.0000 1.0000
6.5000 S N .1250
.0000 S N .1250
.0000 5 00 00/00/00
.0000 05 0 00/00/00
O .0000
1916457 10.7500 56,550.00 100
GARCIA BARBARA 10.7500 56,136.04 ZZ
7036 GLENCOE STREET 10.2500 527.89 1
17.2500 527.89 65
COMMERCE CITY CO 80022 16.7500 11/18/97 87,000.00
8006873 10.7500 01/01/98 00
8006873 10.2500 12/01/27 0
0 7.2500 12/01/99 12/01/99
Q72/Q72 6.7500 01/01/00 01/01/00
25 10.7500 .0000 .0000
A 13.7500 6 6
360 E 1.0000 1.0000
6.5000 S N .1250
.0000 S N .1250
.0000 5 00 00/00/00
.0000 05 0 00/00/00
O .0000
1916458 10.5000 110,250.00 100
BERNARD SALOTE 10.5000 109,450.69 ZZ
427 EAST 400 NORTH 10.0000 1,008.50 1
17.0000 1,008.50 72
MAPLETON UT 84664 16.5000 12/03/97 154,000.00
8006897 10.5000 02/01/98 00
8006897 10.0000 01/01/28 0
0 6.5000 01/01/00 01/01/00
Q72/Q72 6.0000 02/01/00 02/01/00
25 10.5000 .0000 .0000
A 13.5000 6 6
360 E 1.0000 1.0000
6.5000 S N .1250
.0000 S N .1250
.0000 5 00 00/00/00
.0000 05 0 00/00/00
O .0000
1916459 9.9900 50,400.00 100
DARBY FRANKIE 9.9900 49,993.67 ZZ
1
4899 LAKE NORRIS ROAD 9.4900 441.93 1
16.4900 441.93 80
LAKE MS 39092 15.9900 12/17/97 63,000.00
8006906 9.9900 02/01/98 00
8006906 9.4900 01/01/28 0
0 6.2500 01/01/00 01/01/00
Q72/Q72 5.7500 02/01/00 02/01/00
25 9.9900 .0000 .0000
A 12.9900 6 6
360 E 1.0000 1.0000
6.5000 S N .1250
.0000 S N .1250
.0000 2 00 00/00/00
.0000 05 0 00/00/00
O .0000
1916461 12.7500 150,000.00 100
SCOTT CORNELL 12.7500 149,151.81 ZZ
5613 14TH STREET NW 12.2500 1,630.04 1
19.2500 1,628.12 60
WASHINGTON DC 20011 18.7500 12/22/97 250,000.00
8006915 12.7500 02/01/98 00
8006915 12.2500 01/01/28 0
0 7.5000 07/01/98 07/01/99
Q72/Q72 7.0000 08/01/98 08/01/99
25 12.7500 .0000 .0000
A 13.7500 6 6
360 E 1.0000 1.0000
6.5000 S N .1250
.0000 S N .1250
.0000 5 00 00/00/00
.0000 05 0 00/00/00
O .0000
1916462 10.2500 52,800.00 100
WOODEN CHARLES 10.2500 52,496.82 ZZ
5220 CHARLES STREET 9.7500 473.15 1
16.7500 473.15 80
BATON ROUGE LA 70805 16.2500 04/08/98 66,000.00
8006957 10.2500 06/01/98 00
8006957 9.7500 05/01/28 0
0 7.0000 05/01/00 05/01/00
Q72/Q72 6.5000 06/01/00 06/01/00
25 10.2500 .0000 .0000
A 13.2500 6 6
360 E 1.0000 1.0000
6.5000 S N .1250
.0000 S N .1250
.0000 5 00 00/00/00
.0000 05 0 00/00/00
O .0000
1
1916463 9.9900 85,500.00 100
STEELE JAMES 9.9900 84,939.51 ZZ
2947 ELMIRA ROAD 9.4900 749.70 1
16.4900 749.70 90
EUGENE OR 97402 15.9900 03/04/98 95,000.00
8006966 9.9900 05/01/98 00
8006966 9.4900 04/01/28 0
0 6.5000 04/01/00 04/01/00
Q72/Q72 6.0000 05/01/00 05/01/00
25 9.9900 .0000 .0000
A 12.9900 6 6
360 E 1.0000 1.0000
6.5000 S N .1250
.0000 S N .1250
.0000 2 00 00/00/00
.0000 05 0 00/00/00
O .0000
1916464 10.8750 72,000.00 100
FLORES LINDA 10.8750 71,607.97 ZZ
146 EAST MCLELLAN ROAD 10.3750 678.89 1
17.3750 678.89 84
MESA AZ 85201 16.8750 03/12/98 86,000.00
8006987 10.8750 05/01/98 00
8006987 10.3750 04/01/28 0
0 7.0000 04/01/00 04/01/00
Q72/Q72 6.5000 05/01/00 05/01/00
25 10.8750 .0000 .0000
A 13.8750 6 6
360 E 1.0000 1.0000
6.5000 S N .1250
.0000 S N .1250
.0000 2 00 00/00/00
.0000 05 0 00/00/00
O .0000
1916465 9.9900 63,000.00 100
SULLIVAN LARRY 9.9900 62,587.03 ZZ
9724 FONVILLE ROAD 9.4900 552.41 1
16.4900 552.41 79
WAKE FOREST NC 27587 15.9900 03/04/98 80,000.00
8006999 9.9900 05/01/98 00
8006999 9.4900 04/01/28 0
0 6.2500 04/01/00 04/01/00
Q72/Q72 5.7500 05/01/00 05/01/00
25 9.9900 .0000 .0000
A 12.9900 6 6
360 E 1.0000 1.0000
6.5000 S N .1250
.0000 S N .1250
1
.0000 5 00 00/00/00
.0000 05 0 00/00/00
O .0000
1916466 10.7500 65,600.00 100
TURNER FRANK 10.7500 65,233.29 ZZ
21324 EAST OLYMPIC COURT 10.2500 612.37 1
17.2500 612.37 80
OTIS ORCHARDS WA 99027 16.7500 03/19/98 82,000.00
8007020 10.7500 05/01/98 00
8007020 10.2500 04/01/28 0
0 6.7500 04/01/00 04/01/00
Q72/Q72 6.2500 05/01/00 05/01/00
25 10.7500 .0000 .0000
A 13.7500 6 6
360 E 1.0000 1.0000
6.5000 S N .1250
.0000 S N .1250
.0000 5 00 00/00/00
.0000 05 0 00/00/00
O .0000
1916468 10.5000 206,100.00 100
BARRIENTOS ENRIQUETO 10.5000 204,977.51 ZZ
1857 WAGNER STREET 10.0000 1,885.28 1
17.0000 1,885.28 90
PASADENA CA 91107 16.5000 04/01/98 230,000.00
8007026 10.5000 06/01/98 00
8007026 10.0000 05/01/28 0
0 7.2500 05/01/00 05/01/01
Q72/Q72 6.7500 06/01/00 06/01/01
25 10.5000 .0000 .0000
A 13.5000 6 6
360 E 1.0000 1.0000
6.5000 S N .1250
.0000 S N .1250
.0000 2 00 00/00/00
.0000 05 0 00/00/00
O .0000
1916469 10.3750 80,750.00 100
SLIGAR BOBBY 10.3750 80,371.26 ZZ
ROUTE 1 BOX 1140 9.8750 731.12 1
16.8750 731.12 85
OOLOGAH OK 74053 16.3750 06/02/98 95,000.00
8007053 10.3750 08/01/98 00
8007053 9.8750 07/01/28 0
0 7.0000 07/01/00 07/01/00
Q72/Q72 6.5000 08/01/00 08/01/00
25 10.3750 .0000 .0000
A 13.3750 6 6
1
360 E 1.0000 1.0000
6.5000 S N .1250
.0000 S N .1250
.0000 2 00 00/00/00
.0000 05 0 00/00/00
O .0000
1916470 11.0000 37,500.00 100
PITRE SHIRLEY 11.0000 36,521.35 ZZ
2124 WOODROW 10.5000 357.13 1
17.5000 357.13 73
PORT ARTHUR TX 77462 17.0000 05/21/98 52,000.00
8007116 11.0000 07/01/98 00
8007116 10.5000 06/01/28 0
0 7.0000 06/01/00 06/01/00
Q72/Q72 6.5000 07/01/00 07/01/00
25 11.0000 .0000 .0000
A 14.0000 6 6
360 E 1.0000 1.0000
6.5000 S N .1250
.0000 S N .1250
.0000 5 00 00/00/00
.0000 05 0 00/00/00
O .0000
1916471 10.7500 67,425.00 100
KUSSMAN AMY 10.7500 67,102.05 ZZ
504 FAYE AVENUE 10.2500 629.40 1
17.2500 629.40 72
METAIRIE LA 70003 16.7500 06/04/98 93,800.00
8007206 10.7500 08/01/98 00
8007206 10.2500 07/01/28 0
0 6.5000 07/01/00 07/01/00
Q72/Q72 6.0000 08/01/00 08/01/00
25 10.7500 .0000 .0000
A 13.7500 6 6
360 E 1.0000 1.0000
6.5000 S N .1250
.0000 S N .1250
.0000 5 00 00/00/00
.0000 05 0 00/00/00
O .0000
1916472 10.2000 405,000.00 100
ADLER STEPHEN 10.2000 403,029.30 ZZ
1788 NORTH KENSINGTON STREET 9.7000 3,614.17 1
16.7000 3,614.17 90
FARMINGTON UT 84025 16.2000 06/17/98 450,000.00
8007212 10.2000 08/01/98 00
8007212 9.7000 07/01/28 0
0 7.2500 07/01/00 07/01/00
1
Q72/Q72 6.7500 08/01/00 08/01/00
25 10.2000 .0000 .0000
A 11.7000 6 6
360 E 1.0000 1.0000
6.5000 S N .1250
.0000 S N .1250
.0000 2 00 00/00/00
.0000 05 0 00/00/00
O .0000
1916473 9.2500 280,000.00 100
COGO RICHARD 9.2500 278,340.19 ZZ
11681 WEDDINGTON STREET 8.7500 2,303.50 1
15.7500 2,303.50 80
NORTH HOLLYWOO CA 91601 15.2500 06/10/98 350,000.00
8007242 9.2500 08/01/98 00
8007242 8.7500 07/01/28 0
0 6.7500 07/01/00 07/01/00
Q72/Q72 6.2500 08/01/00 08/01/00
25 9.2500 .0000 .0000
A 10.7500 6 6
360 E 1.0000 1.0000
6.5000 S N .1250
.0000 S N .1250
.0000 5 00 00/00/00
.0000 05 0 00/00/00
O .0000
1916475 11.7400 210,000.00 100
RELEFORD WILLIAM 11.7400 209,264.56 ZZ
1101 KENISTON STREET 11.2400 2,118.15 1
18.2400 2,118.15 60
LOS ANGELES CA 90019 17.7400 06/24/98 350,000.00
8007269 11.7400 08/01/98 00
8007269 11.2400 07/01/28 0
0 7.7500 07/01/00 07/01/00
Q72/Q72 7.2500 08/01/00 08/01/00
25 11.7400 .0000 .0000
A 13.2400 6 6
360 E 1.0000 1.0000
6.5000 S N .1250
.0000 S N .1250
.0000 5 00 00/00/00
.0000 05 0 00/00/00
O .0000
1916476 10.7500 150,400.00 100
CHEYENE DAVID 10.7500 149,748.45 ZZ
1571 LAKEVIEW CURVE 10.2500 1,403.96 1
17.2500 1,403.96 79
EAGAN MN 55121 16.7500 06/04/98 192,000.00
1
8007311 10.7500 08/01/98 00
8007311 10.2500 07/01/28 0
0 6.7500 07/01/00 07/01/00
Q72/Q72 6.2500 08/01/00 08/01/00
25 10.7500 .0000 .0000
A 13.7500 6 6
360 E 1.0000 1.0000
6.5000 S N .1250
.0000 S N .1250
.0000 5 00 00/00/00
.0000 05 0 00/00/00
O .0000
1916477 12.7500 81,250.00 100
HICKS THERESA 12.7500 81,043.73 ZZ
1351 EAST HYDE PARK BLVD #2 12.2500 882.94 1
18.7500 882.94 65
CHICAGO IL 60615 18.2500 07/20/98 125,000.00
8007788 12.7500 09/01/98 00
8007788 12.2500 08/01/28 0
0 9.7500 08/01/00 08/01/00
Q72/Q72 9.2500 09/01/00 09/01/00
25 12.7500 .0000 .0000
A 15.7500 6 6
360 E 1.0000 1.0000
6.0000 S N .1250
.0000 S N .1250
.0000 5 00 00/00/00
.0000 01 0 00/00/00
O .0000
1916478 10.4500 200,000.00 100
MCCONVILLE PATRICK 10.4500 199,164.37 ZZ
5322 SHADYWOOD LANE 9.9500 1,822.01 1
16.4500 1,822.01 80
ORLANDO FL 32819 15.9500 07/16/98 250,000.00
8007812 10.4500 09/01/98 00
8007812 9.9500 08/01/28 0
0 7.2500 08/01/00 08/01/00
Q72/Q72 6.7500 09/01/00 09/01/00
25 10.4500 .0000 .0000
A 13.4500 6 6
360 E 1.0000 1.0000
6.0000 S N .1250
.0000 S N .1250
.0000 5 00 00/00/00
.0000 05 0 00/00/00
O .0000
1916479 9.7000 77,600.00 100
NIX JERRY 10.7000 77,306.14 ZZ
1
534 27TH AVE 10.2000 663.86 1
15.7000 721.00 77
GREELEY CO 80631 15.2000 09/14/98 101,000.00
8008268 9.7000 11/01/98 00
8008268 9.2000 10/01/28 0
0 6.5000 10/01/00 10/01/00
Q72/Q72 6.0000 11/01/00 11/01/00
25 9.7000 .0000 .0000
A 12.7000 6 6
360 E 1.0000 1.0000
6.0000 S N .1250
.0000 S N .1250
.0000 5 00 00/00/00
.0000 05 0 00/00/00
O .0000
1916480 10.7500 108,000.00 100
BAILEY KATRINA 11.7500 107,593.72 ZZ
818 N LECLAIRE 11.2500 1,008.16 2
16.7500 1,089.68 80
CHICAGO IL 60651 16.2500 09/01/98 135,000.00
8008271 10.7500 10/01/98 00
8008271 10.2500 09/01/28 0
0 7.5000 03/01/99 09/01/99
Q72/Q72 7.0000 04/01/99 10/01/99
25 10.7500 .0000 .0000
A 11.7500 6 6
360 E 1.0000 1.0000
6.0000 S N .1250
.0000 S N .1250
.0000 5 00 00/00/00
.0000 23 0 00/00/00
O .0000
1916481 10.2500 185,300.00 100
OROZCO RICHARD 10.2500 184,492.34 ZZ
1108 ELM SHADE COURT 9.7500 1,660.48 1
16.2500 1,660.48 85
NASHVILLE TN 37211 15.7500 07/23/98 218,000.00
8008286 10.2500 09/01/98 00
8008286 9.7500 08/01/28 0
0 7.0500 08/01/99 08/01/99
Q72/Q72 6.5500 09/01/99 09/01/99
25 10.2500 .0000 .0000
A 11.2500 6 6
360 E 1.0000 1.0000
6.0000 S N .1250
.0000 S N .1250
.0000 2 00 00/00/00
.0000 05 0 00/00/00
O .0000
1
1916482 13.3750 18,525.00 100
JACKSON O'DELL 13.3750 18,346.16 ZZ
12491 BARLOW 12.8750 210.37 1
19.8750 210.37 41
DETROIT MI 48215 19.3750 02/23/98 46,000.00
8008514 13.3750 04/01/98 00
8008514 12.8750 03/01/28 0
0 8.2500 03/01/00 03/01/00
Q72/Q72 7.7500 04/01/00 04/01/00
45 13.3750 .0000 .0000
A 16.3750 6 6
360 9 1.5000 1.5000
6.5000 S U .1250
.0000 S U .1250
.0000 5 00 00/00/00
.0000 05 0 00/00/00
O .0000
1916483 13.1250 46,900.00 100
GROSS MICHAEL 13.1250 46,724.36 ZZ
2100 SAVAH ROAD 12.6250 523.40 1
19.6250 523.40 70
MOUNT VERNON IN 47620 19.1250 04/24/98 67,000.00
8008652 13.1250 06/01/98 00
8008652 12.6250 05/01/28 0
0 6.5000 05/01/00 05/01/00
Q72/Q72 6.0000 06/01/00 06/01/00
45 13.1250 .0000 .0000
A 16.1250 6 6
360 9 1.5000 1.5000
6.5000 S U .1250
.0000 S U .1250
.0000 5 00 00/00/00
.0000 05 0 00/00/00
O .0000
1916484 11.6250 161,250.00 100
CORRAL LUZ 11.6250 160,326.46 ZZ
4890 MARDON AVENUE 11.1250 1,612.24 1
18.1250 1,612.24 90
LAS VEGAS NV 89139 17.6250 12/17/97 179,900.00
8008688 11.6250 02/01/98 00
8008688 11.1250 01/01/28 0
0 6.5000 01/01/00 01/01/00
Q72/Q72 6.0000 02/01/00 02/01/00
25 11.6250 .0000 .0000
A 14.6250 6 6
360 E 1.5000 1.5000
6.5000 S N .1250
.0000 S N .1250
1
.0000 2 00 00/00/00
.0000 05 0 00/00/00
O .0000
1916485 11.2500 26,975.00 100
JONES CALVIN 11.2500 26,827.31 ZZ
7039 SOUTH BENTON 10.7500 262.00 1
17.7500 262.00 65
KANSAS CITY MO 64132 17.2500 02/17/98 41,500.00
8009006 11.2500 04/01/98 00
8009006 10.7500 03/01/28 0
0 7.2500 03/01/00 03/01/00
Q72/Q72 6.7500 04/01/00 04/01/00
25 11.2500 .0000 .0000
A 14.2500 6 6
360 E 1.0000 1.0000
6.5000 S N .1250
.0000 S N .1250
.0000 5 00 00/00/00
.0000 05 0 00/00/00
O .0000
1916486 10.5000 238,500.00 100
CASTANEDA RAMIRO 10.5000 237,718.10 ZZ
1601 MT HERMAN DRIVE 10.0000 2,181.66 1
17.0000 2,181.66 90
SAN JOSE CA 95127 16.5000 09/11/98 265,000.00
8009072 10.5000 11/01/98 00
8009072 10.0000 10/01/28 0
0 7.2500 10/01/00 10/01/00
Q72/Q72 6.7500 11/01/00 11/01/00
25 10.5000 .0000 .0000
A 12.0000 6 6
360 E 1.0000 1.0000
6.5000 S N .1250
.0000 S N .1250
.0000 2 00 00/00/00
.0000 05 0 00/00/00
O .0000
2801279 8.8000 117,000.00 100
MCCOY ROBERT 8.8000 116,544.48 ZZ
830 WEST 600 NORTH 8.3000 924.62 1
14.8000 924.62 90
CLEARFIELD UT 84015 14.3000 12/02/98 130,000.00
1879832 8.8000 01/10/99 00
20052051 8.3000 12/10/28 0
0 5.9000 12/10/01 12/10/01
N74/H74 5.4000 01/10/02 01/10/02
45 8.8000 .0000 .0000
A 9.8000 6 6
1
360 R 1.0000 1.0000
6.0000 S N .1250
.0000 S N .1250
.0000 2 00 00/00/00
.0000 05 0 00/00/00
O .0000
TOTAL NUMBER OF LOANS : 288
TOTAL ORIGINAL BALANCE : 43,886,816.99
TOTAL PRINCIPAL BALANCE : 42,748,705.86
TOTAL ORIGINAL P+I : 343,321.37
TOTAL CURRENT P+I : 349,941.51
***************************
* END OF REPORT *
***************************
F-2-1
1
RUN ON : 06/24/99 RFC DISCLOSURE SYSTEM RFFSDARM-01
AT : 12.19.08 ARM PASSTHRU REPORT AMORTIZED BALANCE
SERIES : RASC 1999-RS2 GROUP2 CUTOFF : 06/01/99
POOL : 0004386
:
:
POOL STATUS: F
RFC LOAN NUMBER SUB SERV FEE RFC NET CEILING(MX RFC NET RT)
PRINCIPAL BALANCE MSTR SERV FEE MAX NET MTG RT(MAX INV RT)
CURR NOTE RATE ALL EXP MAX POST STRIP RATE
RFC NET RATE MISC EXP INV RATE MARGIN
NET MTG RATE(INVSTR RATE) SPREAD POST STRIP MARGIN
POST STRIP RATE STRIP
------------------------------------------------------------------------------
1145605 .5000 13.0000
178,433.66 .0500 12.8000
8.1250 .0000 12.8000
7.6250 .1500 2.0500
7.4250 .0000 2.0500
7.4250 .0000
1175885 .3750 14.1250
57,351.58 .0500 13.9250
7.3750 .0000 13.9250
7.0000 .1500 2.1750
6.8000 .0000 2.1750
6.8000 .0000
1176261 .3750 13.5000
169,757.58 .0500 13.3000
8.1250 .0000 13.3000
7.7500 .1500 2.1750
7.5500 .0000 2.1750
7.5500 .0000
1177855 .3750 13.5000
158,498.78 .0500 13.3000
8.1250 .0000 13.3000
7.7500 .1500 2.1750
7.5500 .0000 2.1750
7.5500 .0000
1177915 .3750 14.0000
75,831.61 .0500 13.8000
8.0000 .0000 13.8000
7.6250 .1500 2.1750
7.4250 .0000 2.1750
7.4250 .0000
1178997 .3750 14.5000
73,827.82 .0500 14.3000
8.0000 .0000 14.3000
7.6250 .1500 2.1750
7.4250 .0000 2.1750
7.4250 .0000
1
1179198 .6250 14.7500
59,089.06 .0500 14.5500
8.3750 .0000 14.5500
7.7500 .1500 2.1750
7.5500 .0000 2.1750
7.5500 .0000
1179481 .3750 13.1250
92,509.83 .0500 12.9250
8.0000 .0000 12.9250
7.6250 .1500 2.1750
7.4250 .0000 2.1750
7.4250 .0000
1183030 .5000 15.2500
68,856.26 .0500 15.0500
7.3750 .0000 15.0500
6.8750 .1500 2.1750
6.6750 .0000 2.1750
6.6750 .0000
1184367 .5000 14.5750
192,488.05 .0500 14.3750
7.3750 .0000 14.3750
6.8750 .1500 2.1750
6.6750 .0000 2.1750
6.6750 .0000
1186615 .5000 13.2500
174,142.85 .0500 13.0500
7.3750 .0000 13.0500
6.8750 .1500 1.9250
6.6750 .0000 1.9250
6.6750 .0000
1188979 .3750 13.5000
28,817.86 .0500 13.3000
8.5000 .0000 13.3000
8.1250 .1500 .1750
7.9250 .0000 .1750
7.9250 .0000
1211337 .3750 14.6250
170,663.41 .0500 14.4250
8.5000 .0000 14.4250
8.1250 .1500 .1750
7.9250 .0000 .1750
7.9250 .0000
1218267 .5000 14.1250
206,673.31 .0500 13.9250
8.6250 .0000 13.9250
8.1250 .1500 .1750
7.9250 .0000 .1750
7.9250 .0000
1
1218542 .3750 13.8750
160,857.23 .0500 13.6750
8.5000 .0000 13.6750
8.1250 .1500 .1750
7.9250 .0000 .1750
7.9250 .0000
1218581 .5000 13.8750
136,531.20 .0500 13.6750
8.6250 .0000 13.6750
8.1250 .1500 .1750
7.9250 .0000 .1750
7.9250 .0000
1223508 .5000 14.0000
138,446.26 .0500 13.8000
8.8750 .0000 13.8000
8.3750 .1500 .1750
8.1750 .0000 .1750
8.1750 .0000
1223581 .5000 14.1250
207,523.78 .0500 13.9250
8.6250 .0000 13.9250
8.1250 .1500 .1750
7.9250 .0000 .1750
7.9250 .0000
1229173 .3750 13.2500
164,008.80 .0500 13.0500
8.5000 .0000 13.0500
8.1250 .1500 .1750
7.9250 .0000 .1750
7.9250 .0000
1249617 .2500 13.2500
277,618.54 .0500 13.0500
10.6250 .0000 13.0500
10.3750 .1500 2.4250
10.1750 .0000 2.4250
10.1750 .0000
1399620 1.0000 9.7900
194,007.98 .0500 9.5900
6.8750 .0000 9.5900
5.8750 .1500 1.5500
5.6750 .0000 1.5500
5.6750 .0000
1434691 1.0000 9.7900
258,884.53 .0500 9.5900
8.1250 .0000 9.5900
7.1250 .1500 1.5500
6.9250 .0000 1.5500
6.9250 .0000
1
1445056 .2500 9.7900
348,884.87 .0500 9.5900
8.1250 .0000 9.5900
7.8750 .1500 2.3500
7.6750 .0000 2.3500
7.6750 .0000
1464092 .6250 16.0000
28,788.12 .0500 15.8000
8.2500 .0000 15.8000
7.6250 .1500 2.0650
7.4250 .0000 2.0650
7.4250 .0000
1488513 .5000 12.8750
137,432.63 .0500 12.6750
8.2500 .0000 12.6750
7.7500 .1500 2.8000
7.5500 .0000 2.8000
7.5500 .0000
1548106 .5000 12.3750
210,615.35 .0500 12.1750
8.8750 .0000 12.1750
8.3750 .1500 2.8000
8.1750 .0000 2.8000
8.1750 .0000
1590453 .1250 12.3000
77,300.10 .0500 12.1000
8.2500 .0000 12.1000
8.1250 .1500 2.4750
7.9250 .0000 2.4750
7.9250 .0000
1591369 .5000 13.3750
195,242.20 .0500 13.1750
8.8750 .0000 13.1750
8.3750 .1500 2.0500
8.1750 .0000 2.0500
8.1750 .0000
1629605 .2500 12.7500
440,989.13 .0500 12.5500
8.0000 .0000 12.5500
7.7500 .1500 2.3000
7.5500 .0000 2.3000
7.5500 .0000
1632601 .3750 12.7500
116,407.52 .0500 12.5500
8.1250 .0000 12.5500
7.7500 .1500 2.6750
7.5500 .0000 2.6750
7.5500 .0000
1
1650352 .2500 12.6250
290,873.10 .0500 12.4250
6.8750 .0000 12.4250
6.6250 .1500 2.4250
6.4250 .0000 2.4250
6.4250 .0000
1650453 .2500 14.0000
255,332.66 .0500 13.8000
8.2500 .0000 13.8000
8.0000 .1500 2.4250
7.8000 .0000 2.4250
7.8000 .0000
1679948 .3750 11.1250
259,402.17 .0500 10.9250
6.5000 .0000 10.9250
6.1250 .1500 2.1750
5.9250 .0000 2.1750
5.9250 .0000
1689453 .5000 12.7500
114,822.45 .0500 12.5500
8.8750 .0000 12.5500
8.3750 .1500 2.8000
8.1750 .0000 2.8000
8.1750 .0000
1705832 .3750 12.7500
287,928.75 .0500 12.5500
7.1250 .0000 12.5500
6.7500 .1500 2.3000
6.5500 .0000 2.3000
6.5500 .0000
1711249 .2000 12.1750
827,339.03 .0500 11.9750
6.5000 .0000 11.9750
6.3000 .1500 2.3500
6.1000 .0000 2.3500
6.1000 .0000
1718690 .5000 12.8750
110,582.47 .0500 12.6750
8.8750 .0000 12.6750
8.3750 .1500 2.8000
8.1750 .0000 2.8000
8.1750 .0000
1730809 .2500 13.5000
265,510.54 .0500 13.3000
7.7500 .0000 13.3000
7.5000 .1500 2.3000
7.3000 .0000 2.3000
7.3000 .0000
1
1737671 .5000 12.8750
149,674.44 .0500 12.6750
8.2500 .0000 12.6750
7.7500 .1500 2.8000
7.5500 .0000 2.8000
7.5500 .0000
1744199 .2500 11.7500
531,586.39 .0500 11.5500
7.0000 .0000 11.5500
6.7500 .1500 2.3000
6.5500 .0000 2.3000
6.5500 .0000
1750260 .2500 11.8750
541,051.97 .0500 11.6750
7.1250 .0000 11.6750
6.8750 .1500 2.4250
6.6750 .0000 2.4250
6.6750 .0000
1753023 .2500 11.6250
281,044.89 .0500 11.4250
6.8750 .0000 11.4250
6.6250 .1500 2.3000
6.4250 .0000 2.3000
6.4250 .0000
1785299 .2500 12.0000
176,176.20 .0500 11.8000
7.2500 .0000 11.8000
7.0000 .1500 2.3000
6.8000 .0000 2.3000
6.8000 .0000
1793551 .5000 13.3750
140,045.96 .0500 13.1750
8.7500 .0000 13.1750
8.2500 .1500 3.3000
8.0500 .0000 3.3000
8.0500 .0000
1799000 .2500 12.2500
77,636.77 .0500 12.0500
7.5000 .0000 12.0500
7.2500 .1500 2.3000
7.0500 .0000 2.3000
7.0500 .0000
1800260 .2500 11.6250
551,698.43 .0500 11.4250
6.8750 .0000 11.4250
6.6250 .1500 2.3000
6.4250 .0000 2.3000
6.4250 .0000
1
1801703 .2500 11.6250
359,308.56 .0500 11.4250
6.8750 .0000 11.4250
6.6250 .1500 2.8000
6.4250 .0000 2.8000
6.4250 .0000
1818703 .7500 12.1250
62,500.00 .0500 11.9250
6.8750 .0000 11.9250
6.1250 .1500 1.0500
5.9250 .0000 1.0500
5.9250 .0000
1818812 .7500 12.8750
39,936.46 .0500 12.6750
7.6250 .0000 12.6750
6.8750 .1500 1.0500
6.6750 .0000 1.0500
6.6750 .0000
1833517 .3750 17.5000
33,274.01 .0500 17.3000
10.8750 .0000 17.3000
10.5000 .1500 6.4250
10.3000 .0000 6.4250
10.3000 .0000
1844463 .2500 12.5000
188,507.23 .0500 12.3000
6.7500 .0000 12.3000
6.5000 .1500 2.4250
6.3000 .0000 2.4250
6.3000 .0000
1849167 .5000 15.1500
97,366.73 .0500 14.9500
9.6500 .0000 14.9500
9.1500 .1500 4.7500
8.9500 .0000 4.7500
8.9500 .0000
1851686 .4300 15.3200
105,406.69 .0500 15.1200
9.7500 .0000 15.1200
9.3200 .1500 5.4950
9.1200 .0000 5.4950
9.1200 .0000
1853210 .3750 14.1250
157,190.66 .0500 13.9250
11.5000 .0000 13.9250
11.1250 .1500 5.9250
10.9250 .0000 5.9250
10.9250 .0000
1
1859936 .3000 11.2000
378,611.71 .0500 11.0000
6.5000 .0000 11.0000
6.2000 .1500 2.0000
6.0000 .0000 2.0000
6.0000 .0000
1859938 .3000 10.9500
444,421.82 .0500 10.7500
6.2500 .0000 10.7500
5.9500 .1500 2.2500
5.7500 .0000 2.2500
5.7500 .0000
1859955 .3000 10.9500
238,245.88 .0500 10.7500
6.2500 .0000 10.7500
5.9500 .1500 2.2500
5.7500 .0000 2.2500
5.7500 .0000
1860218 .3000 11.5750
241,409.20 .0500 11.3750
6.8750 .0000 11.3750
6.5750 .1500 2.2500
6.3750 .0000 2.2500
6.3750 .0000
1861200 .2500 11.6250
321,149.37 .0500 11.4250
6.8750 .0000 11.4250
6.6250 .1500 2.3000
6.4250 .0000 2.3000
6.4250 .0000
1861670 .3750 16.7500
132,278.80 .0500 16.5500
10.1250 .0000 16.5500
9.7500 .1500 5.9250
9.5500 .0000 5.9250
9.5500 .0000
1867707 .6890 17.9610
127,715.65 .0500 17.7610
11.6500 .0000 17.7610
10.9610 .1500 7.5110
10.7610 .0000 7.5110
10.7610 .0000
1867911 .0000 12.7500
103,911.53 .0500 12.5500
8.1250 .0000 12.5500
8.1250 .1500 3.3000
7.9250 .0000 3.3000
7.9250 .0000
1
1867918 .0000 13.0000
116,381.06 .0500 12.8000
8.2500 .0000 12.8000
8.2500 .1500 3.3000
8.0500 .0000 3.3000
8.0500 .0000
1867959 .6890 16.4110
43,030.05 .0500 16.2110
10.1000 .0000 16.2110
9.4110 .1500 5.8610
9.2110 .0000 5.8610
9.2110 .0000
1870909 .5000 14.1400
83,829.00 .0500 13.9400
8.6400 .0000 13.9400
8.1400 .1500 4.8000
7.9400 .0000 4.8000
7.9400 .0000
1874295 .5000 14.2673
52,548.16 .0500 14.0673
10.7500 .0000 14.0673
10.2500 .1500 5.4423
10.0500 .0000 5.4423
10.0500 .0000
1874369 .4827 16.3673
93,390.00 .0500 16.1673
10.8500 .0000 16.1673
10.3673 .1500 6.3923
10.1673 .0000 6.3923
10.1673 .0000
1874676 .4827 16.6073
144,136.40 .0500 16.4073
11.0900 .0000 16.4073
10.6073 .1500 6.5423
10.4073 .0000 6.5423
10.4073 .0000
1874713 .4827 16.5173
116,699.80 .0500 16.3173
11.0000 .0000 16.3173
10.5173 .1500 6.4473
10.3173 .0000 6.4473
10.3173 .0000
1874885 .4827 16.9173
74,597.86 .0500 16.7173
11.4000 .0000 16.7173
10.9173 .1500 6.8473
10.7173 .0000 6.8473
10.7173 .0000
1
1874995 .4827 16.3673
86,021.44 .0500 16.1673
10.8500 .0000 16.1673
10.3673 .1500 6.1173
10.1673 .0000 6.1173
10.1673 .0000
1875000 .4827 17.1173
195,713.33 .0500 16.9173
11.9900 .0000 16.9173
11.5073 .1500 6.1573
11.3073 .0000 6.1573
11.3073 .0000
1875030 .4827 16.9173
59,275.20 .0500 16.7173
11.4000 .0000 16.7173
10.9173 .1500 6.1923
10.7173 .0000 6.1923
10.7173 .0000
1875089 .4827 16.1673
69,378.98 .0500 15.9673
10.6500 .0000 15.9673
10.1673 .1500 5.0673
9.9673 .0000 5.0673
9.9673 .0000
1875216 .4827 16.5073
108,414.84 .0500 16.3073
10.9900 .0000 16.3073
10.5073 .1500 6.4423
10.3073 .0000 6.4423
10.3073 .0000
1875259 .4827 17.8173
27,191.38 .0500 17.6173
12.3000 .0000 17.6173
11.8173 .1500 6.7173
11.6173 .0000 6.7173
11.6173 .0000
1875323 .4827 16.0673
93,235.80 .0500 15.8673
10.5500 .0000 15.8673
10.0673 .1500 5.9923
9.8673 .0000 5.9923
9.8673 .0000
1875329 .4827 16.1173
50,857.12 .0500 15.9173
10.6000 .0000 15.9173
10.1173 .1500 5.9173
9.9173 .0000 5.9173
9.9173 .0000
1
1875358 .4827 15.4673
95,481.24 .0500 15.2673
9.9500 .0000 15.2673
9.4673 .1500 5.4673
9.2673 .0000 5.4673
9.2673 .0000
1875368 .4827 15.7173
70,968.73 .0500 15.5173
10.2000 .0000 15.5173
9.7173 .1500 6.0423
9.5173 .0000 6.0423
9.5173 .0000
1875394 .4827 17.4673
85,447.66 .0500 17.2673
11.9500 .0000 17.2673
11.4673 .1500 6.3673
11.2673 .0000 6.3673
11.2673 .0000
1875973 .4827 16.0673
51,055.35 .0500 15.8673
10.5500 .0000 15.8673
10.0673 .1500 5.9923
9.8673 .0000 5.9923
9.8673 .0000
1876076 .4827 16.0673
90,383.35 .0500 15.8673
9.5500 .0000 15.8673
9.0673 .1500 7.8673
8.8673 .0000 7.8673
8.8673 .0000
1876217 .4827 16.5173
167,324.01 .0500 16.3173
11.0000 .0000 16.3173
10.5173 .1500 7.1923
10.3173 .0000 7.1923
10.3173 .0000
1876226 .4827 17.7173
32,435.82 .0500 17.5173
12.2000 .0000 17.5173
11.7173 .1500 6.3673
11.5173 .0000 6.3673
11.5173 .0000
1876833 .5000 13.0000
194,247.26 .0500 12.8000
8.8750 .0000 12.8000
8.3750 .1500 2.8000
8.1750 .0000 2.8000
8.1750 .0000
1
1876839 .5000 12.8750
97,366.13 .0500 12.6750
8.8750 .0000 12.6750
8.3750 .1500 2.8000
8.1750 .0000 2.8000
8.1750 .0000
1884296 .3750 13.6250
169,762.21 .0500 13.4250
8.7500 .0000 13.4250
8.3750 .1500 2.9250
8.1750 .0000 2.9250
8.1750 .0000
1884568 .2975 13.4525
219,227.50 .0500 13.2525
7.7500 .0000 13.2525
7.4525 .1500 2.2525
7.2525 .0000 2.2525
7.2525 .0000
1884569 .2975 11.7025
76,522.68 .0500 11.5025
7.8750 .0000 11.5025
7.5775 .1500 2.2525
7.3775 .0000 2.2525
7.3775 .0000
1885770 .3750 13.1250
100,859.17 .0500 12.9250
8.8750 .0000 12.9250
8.5000 .1500 2.9250
8.3000 .0000 2.9250
8.3000 .0000
1887463 1.0000 18.8000
43,315.38 .0500 18.6000
12.8000 .0000 18.6000
11.8000 .1500 9.6000
11.6000 .0000 9.6000
11.6000 .0000
1887477 .3750 14.5000
159,008.18 .0500 14.3000
8.8750 .0000 14.3000
8.5000 .1500 4.9250
8.3000 .0000 4.9250
8.3000 .0000
1887504 .3750 13.2500
227,909.59 .0500 13.0500
7.6250 .0000 13.0500
7.2500 .1500 2.1750
7.0500 .0000 2.1750
7.0500 .0000
1
1888942 .3750 11.2500
46,491.25 .0500 11.0500
6.6250 .0000 11.0500
6.2500 .1500 2.1750
6.0500 .0000 2.1750
6.0500 .0000
1888943 .3750 11.1250
108,542.77 .0500 10.9250
6.5000 .0000 10.9250
6.1250 .1500 2.1750
5.9250 .0000 2.1750
5.9250 .0000
1888979 .3750 11.1250
123,252.20 .0500 10.9250
6.5000 .0000 10.9250
6.1250 .1500 2.1750
5.9250 .0000 2.1750
5.9250 .0000
1891531 .5000 12.8750
109,410.44 .0500 12.6750
8.8750 .0000 12.6750
8.3750 .1500 2.8000
8.1750 .0000 2.8000
8.1750 .0000
1891534 .4827 16.1673
203,481.87 .0500 15.9673
10.6500 .0000 15.9673
10.1673 .1500 7.2423
9.9673 .0000 7.2423
9.9673 .0000
1891535 .4827 16.0173
68,175.78 .0500 15.8173
10.5000 .0000 15.8173
10.0173 .1500 4.8173
9.8173 .0000 4.8173
9.8173 .0000
1891536 .4827 16.5673
101,303.93 .0500 16.3673
11.0500 .0000 16.3673
10.5673 .1500 7.8423
10.3673 .0000 7.8423
10.3673 .0000
1891543 .4827 15.6673
93,312.08 .0500 15.4673
10.1500 .0000 15.4673
9.6673 .1500 5.8173
9.4673 .0000 5.8173
9.4673 .0000
1
1891544 .4827 15.3173
107,500.22 .0500 15.1173
9.8000 .0000 15.1173
9.3173 .1500 5.6423
9.1173 .0000 5.6423
9.1173 .0000
1891545 .4827 17.1673
239,145.48 .0500 16.9673
11.6500 .0000 16.9673
11.1673 .1500 6.3673
10.9673 .0000 6.3673
10.9673 .0000
1891546 .4827 16.5573
64,635.22 .0500 16.3573
11.0400 .0000 16.3573
10.5573 .1500 6.4923
10.3573 .0000 6.4923
10.3573 .0000
1891547 .4827 17.0673
106,157.69 .0500 16.8673
11.5500 .0000 16.8673
11.0673 .1500 6.3673
10.8673 .0000 6.3673
10.8673 .0000
1891548 .4827 14.1173
48,363.41 .0500 13.9173
8.6000 .0000 13.9173
8.1173 .1500 5.9423
7.9173 .0000 5.9423
7.9173 .0000
1891549 .4827 16.3173
52,537.93 .0500 16.1173
10.8000 .0000 16.1173
10.3173 .1500 6.1173
10.1173 .0000 6.1173
10.1173 .0000
1891550 .4827 16.9073
97,553.39 .0500 16.7073
11.3900 .0000 16.7073
10.9073 .1500 7.7423
10.7073 .0000 7.7423
10.7073 .0000
1891552 .4827 15.2173
50,870.46 .0500 15.0173
9.7000 .0000 15.0173
9.2173 .1500 5.5423
9.0173 .0000 5.5423
9.0173 .0000
1
1891560 .4827 15.7673
80,506.82 .0500 15.5673
10.2500 .0000 15.5673
9.7673 .1500 4.8173
9.5673 .0000 4.8173
9.5673 .0000
1891561 .4827 17.3173
21,037.63 .0500 17.1173
11.8000 .0000 17.1173
11.3173 .1500 5.4173
11.1173 .0000 5.4173
11.1173 .0000
1891563 .4827 16.6673
94,059.73 .0500 16.4673
10.1500 .0000 16.4673
9.6673 .1500 5.5923
9.4673 .0000 5.5923
9.4673 .0000
1891564 .4827 15.5573
47,848.90 .0500 15.3573
10.0400 .0000 15.3573
9.5573 .1500 6.9923
9.3573 .0000 6.9923
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1891565 .4827 15.9173
116,065.24 .0500 15.7173
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1891566 .4827 15.4673
32,146.49 .0500 15.2673
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1891567 .4827 17.2073
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1891577 .4827 16.5673
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1
1891599 .4827 16.2673
78,249.74 .0500 16.0673
10.7500 .0000 16.0673
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10.0673 .0000 5.5673
10.0673 .0000
1891601 .4827 15.1173
38,194.29 .0500 14.9173
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1891641 .5000 12.8750
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7.5500 .0000
1891778 .5000 12.8750
142,751.92 .0500 12.6750
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7.7500 .1500 2.8000
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7.5500 .0000
1894384 .5000 12.8750
93,009.14 .0500 12.6750
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7.7500 .1500 2.8000
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7.5500 .0000
1894944 .3750 16.0250
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9.8250 .0000
1895713 .3750 15.7500
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6.1450 .0000
1
1898947 .3750 11.8350
1,093,606.70 .0500 11.6350
6.2100 .0000 11.6350
5.8350 .1500 2.1750
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5.6350 .0000
1898948 .3750 12.5750
990,625.71 .0500 12.3750
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6.3750 .0000
1898950 .3750 12.5000
659,095.60 .0500 12.3000
6.8750 .0000 12.3000
6.5000 .1500 2.1750
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6.3000 .0000
1898952 .3750 12.3750
551,951.45 .0500 12.1750
6.7500 .0000 12.1750
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6.1750 .0000
1898953 .3750 12.4850
267,904.95 .0500 12.2850
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1898954 .3750 12.1750
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6.1750 .0000
1898957 .3750 12.5000
252,346.64 .0500 12.3000
6.8750 .0000 12.3000
6.5000 .1500 2.1750
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6.3000 .0000
1
1898958 .3750 12.3750
988,421.46 .0500 12.1750
6.7500 .0000 12.1750
6.3750 .1500 2.1750
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6.1750 .0000
1898959 .3750 12.6250
736,442.25 .0500 12.4250
7.0000 .0000 12.4250
6.6250 .1500 2.1750
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6.4250 .0000
1898960 .3750 13.5000
638,502.44 .0500 13.3000
7.8750 .0000 13.3000
7.5000 .1500 2.1750
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7.3000 .0000
1899571 .3750 12.6250
107,884.40 .0500 12.4250
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6.4250 .0000
1900482 .3750 11.2500
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6.0500 .0000
1905143 .5000 17.2100
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8.8000 .0000
1910240 .7500 17.6500
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10.4500 .0000
1
1910841 .3750 16.5000
233,313.73 .0500 16.3000
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10.5000 .1500 6.5500
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10.3000 .0000
1916322 .5000 15.1500
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7.2500 .0000 14.9500
6.7500 .1500 1.8000
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6.5500 .0000
1916323 .5000 13.3750
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7.2330 .0000 13.1750
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6.5330 .0000
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101,044.45 .0500 17.9250
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6.9250 .0000
1916325 .5000 13.7500
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6.8000 .0000
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127,317.18 .0500 12.4250
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7.1750 .0000
1916328 .5000 17.2000
133,795.47 .0500 17.0000
14.0000 .0000 17.0000
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13.3000 .0000
1
1916329 .5000 17.5000
201,031.91 .0500 17.3000
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11.1250 .1500 5.8000
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1916330 .5000 11.2500
135,747.66 .0500 11.0500
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6.3175 .1500 2.0500
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6.1175 .0000
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5.6250 .0000 11.8000
5.1250 .1500 1.3000
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4.9250 .0000
1916332 .5000 12.0000
84,520.52 .0500 11.8000
8.0000 .0000 11.8000
7.5000 .1500 1.8000
7.3000 .0000 1.8000
7.3000 .0000
1916333 .5000 11.5000
65,311.10 .0500 11.3000
8.0000 .0000 11.3000
7.5000 .1500 2.0500
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7.3000 .0000
1916334 .5000 11.0000
119,695.57 .0500 10.8000
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6.8750 .1500 2.0500
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6.6750 .0000
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73,798.09 .0500 12.0500
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6.8750 .1500 2.0500
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6.6750 .0000
1916339 .5000 12.0000
119,370.59 .0500 11.8000
7.3750 .0000 11.8000
6.8750 .1500 2.0500
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6.6750 .0000
1
1916341 .5000 17.5000
64,346.11 .0500 17.3000
12.0000 .0000 17.3000
11.5000 .1500 5.8000
11.3000 .0000 5.8000
11.3000 .0000
1916342 .5000 17.2500
129,642.08 .0500 17.0500
11.7500 .0000 17.0500
11.2500 .1500 4.5500
11.0500 .0000 4.5500
11.0500 .0000
1916343 .5000 16.0000
142,193.07 .0500 15.8000
10.5000 .0000 15.8000
10.0000 .1500 4.3000
9.8000 .0000 4.3000
9.8000 .0000
1916345 .5000 19.5000
22,613.72 .0500 19.3000
14.0000 .0000 19.3000
13.5000 .1500 6.8000
13.3000 .0000 6.8000
13.3000 .0000
1916346 .5000 19.1250
56,858.89 .0500 18.9250
13.6250 .0000 18.9250
13.1250 .1500 7.3000
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12.9250 .0000
1916347 .5000 17.3750
171,629.09 .0500 17.1750
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1916348 .5000 17.3750
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1916349 .5000 18.5000
31,248.79 .0500 18.3000
11.8700 .0000 18.3000
11.3700 .1500 6.8000
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11.1700 .0000
1
1916350 .5000 18.2500
194,479.05 .0500 18.0500
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11.2500 .1500 7.8000
11.0500 .0000 7.8000
11.0500 .0000
1916351 .5000 19.0000
32,300.86 .0500 18.8000
13.5000 .0000 18.8000
13.0000 .1500 6.8000
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12.8000 .0000
1916352 .5000 16.5000
237,744.69 .0500 16.3000
10.0000 .0000 16.3000
9.5000 .1500 6.5500
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9.3000 .0000
1916353 .5000 15.5000
113,218.62 .0500 15.3000
10.0000 .0000 15.3000
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9.3000 .0000
1916354 .5000 14.2500
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8.3125 .0000
1916355 .5000 17.6250
118,373.16 .0500 17.4250
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11.6250 .1500 5.3000
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11.4250 .0000
1916356 .5000 15.5000
176,618.56 .0500 15.3000
11.1250 .0000 15.3000
10.6250 .1500 5.3000
10.4250 .0000 5.3000
10.4250 .0000
1916357 .5000 19.0500
64,077.92 .0500 18.8500
12.5500 .0000 18.8500
12.0500 .1500 7.7000
11.8500 .0000 7.7000
11.8500 .0000
1
1916358 .5000 16.4900
222,362.27 .0500 16.2900
9.9900 .0000 16.2900
9.4900 .1500 5.2900
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9.2900 .0000
1916359 .5000 18.6000
62,595.73 .0500 18.4000
13.2310 .0000 18.4000
12.7310 .1500 7.8000
12.5310 .0000 7.8000
12.5310 .0000
1916362 .5000 17.5800
54,059.74 .0500 17.3800
11.0800 .0000 17.3800
10.5800 .1500 6.0360
10.3800 .0000 6.0360
10.3800 .0000
1916363 .5000 16.1000
49,256.01 .0500 15.9000
10.6000 .0000 15.9000
10.1000 .1500 5.4000
9.9000 .0000 5.4000
9.9000 .0000
1916364 .5000 17.1500
112,001.25 .0500 16.9500
10.6500 .0000 16.9500
10.1500 .1500 5.9500
9.9500 .0000 5.9500
9.9500 .0000
1916365 .5000 15.5000
119,501.72 .0500 15.3000
10.8750 .0000 15.3000
10.3750 .1500 5.1750
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10.1750 .0000
1916366 .5000 18.0000
47,681.95 .0500 17.8000
11.5000 .0000 17.8000
11.0000 .1500 6.8000
10.8000 .0000 6.8000
10.8000 .0000
1916367 .5000 17.6000
102,680.41 .0500 17.4000
13.1000 .0000 17.4000
12.6000 .1500 6.9500
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12.4000 .0000
1
1916368 .5000 18.4900
88,734.95 .0500 18.2900
12.4900 .0000 18.2900
11.9900 .1500 6.0500
11.7900 .0000 6.0500
11.7900 .0000
1916369 .5000 18.5000
79,140.00 .0500 18.3000
12.8750 .0000 18.3000
12.3750 .1500 6.4000
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12.1750 .0000
1916370 .5000 19.5000
446,481.12 .0500 19.3000
14.0000 .0000 19.3000
13.5000 .1500 7.4500
13.3000 .0000 7.4500
13.3000 .0000
1916371 .5000 19.2500
128,104.80 .0500 19.0500
14.7500 .0000 19.0500
14.2500 .1500 8.5500
14.0500 .0000 8.5500
14.0500 .0000
1916373 .5000 15.0000
116,705.26 .0500 14.8000
11.2500 .0000 14.8000
10.7500 .1500 5.5500
10.5500 .0000 5.5500
10.5500 .0000
1916374 .5000 17.7500
39,394.26 .0500 17.5500
11.2500 .0000 17.5500
10.7500 .1500 5.2000
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10.5500 .0000
1916376 .5000 14.9900
76,466.08 .0500 14.7900
10.2500 .0000 14.7900
9.7500 .1500 4.5500
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9.5500 .0000
1916377 .5000 15.2500
64,544.74 .0500 15.0500
9.7500 .0000 15.0500
9.2500 .1500 3.1750
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9.0500 .0000
1
1916379 .5000 16.5000
148,163.43 .0500 16.3000
11.2500 .0000 16.3000
10.7500 .1500 5.4250
10.5500 .0000 5.4250
10.5500 .0000
1916380 .5000 14.0500
89,126.67 .0500 13.8500
10.5500 .0000 13.8500
10.0500 .1500 4.6000
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9.8500 .0000
1916381 .5000 15.5500
48,850.12 .0500 15.3500
11.0000 .0000 15.3500
10.5000 .1500 5.0500
10.3000 .0000 5.0500
10.3000 .0000
1916382 .5000 19.2000
96,253.67 .0500 19.0000
12.7500 .0000 19.0000
12.2500 .1500 6.8000
12.0500 .0000 6.8000
12.0500 .0000
1916383 .5000 18.2800
29,040.59 .0500 18.0800
12.0000 .0000 18.0800
11.5000 .1500 6.1800
11.3000 .0000 6.1800
11.3000 .0000
1916384 .5000 15.9000
118,151.55 .0500 15.7000
11.0000 .0000 15.7000
10.5000 .1500 5.3000
10.3000 .0000 5.3000
10.3000 .0000
1916385 .5000 16.4900
64,116.61 .0500 16.2900
10.4900 .0000 16.2900
9.9900 .1500 6.5600
9.7900 .0000 6.5600
9.7900 .0000
1916386 .5000 14.2500
169,419.43 .0500 14.0500
10.7500 .0000 14.0500
10.2500 .1500 5.0500
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10.0500 .0000
1
1916387 .5000 16.3750
147,896.79 .0500 16.1750
10.8750 .0000 16.1750
10.3750 .1500 4.5500
10.1750 .0000 4.5500
10.1750 .0000
1916388 .5000 14.2500
9,652.58 .0500 14.0500
8.7500 .0000 14.0500
8.2500 .1500 4.4250
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8.0500 .0000
1916390 .5000 15.2500
192,719.69 .0500 15.0500
11.8750 .0000 15.0500
11.3750 .1500 6.0500
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11.1750 .0000
1916392 .5000 19.1250
29,771.60 .0500 18.9250
13.1250 .0000 18.9250
12.6250 .1500 6.3100
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12.4250 .0000
1916393 .5000 17.6000
72,971.71 .0500 17.4000
12.2500 .0000 17.4000
11.7500 .1500 5.8100
11.5500 .0000 5.8100
11.5500 .0000
1916394 .5000 20.3000
22,280.25 .0500 20.1000
15.2500 .0000 20.1000
14.7500 .1500 8.6100
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14.5500 .0000
1916396 .5000 16.6500
187,566.39 .0500 16.4500
11.8750 .0000 16.4500
11.3750 .1500 6.0600
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11.1750 .0000
1916397 .5000 15.7500
112,595.13 .0500 15.5500
9.7500 .0000 15.5500
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9.0500 .0000
1
1916398 .5000 17.7500
34,715.00 .0500 17.5500
11.7500 .0000 17.5500
11.2500 .1500 5.9250
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11.0500 .0000
1916399 .5000 13.8750
111,422.47 .0500 13.6750
8.2500 .0000 13.6750
7.7500 .1500 2.3000
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7.5500 .0000
1916400 .5000 10.7500
72,793.67 .0500 10.5500
8.7500 .0000 10.5500
8.2500 .1500 2.5500
8.0500 .0000 2.5500
8.0500 .0000
1916401 .5000 .0000
11,687.52 .0500 -.2000
7.5000 .0000 -.2000
7.0000 .1500 -.2000
6.8000 .0000 -.2000
6.8000 .0000
1916402 .5000 10.5000
58,816.50 .0500 10.3000
8.0000 .0000 10.3000
7.5000 .1500 2.5500
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7.3000 .0000
1916403 .5000 14.8750
28,398.61 .0500 14.6750
8.0000 .0000 14.6750
7.5000 .1500 2.0500
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7.3000 .0000
1916405 .5000 11.7500
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8.2500 .0000 11.5500
7.7500 .1500 2.3000
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7.5500 .0000
1916406 .5000 13.5000
54,493.94 .0500 13.3000
9.0000 .0000 13.3000
8.5000 .1500 2.0500
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8.3000 .0000
1
1916407 .5000 12.1250
82,404.11 .0500 11.9250
7.2500 .0000 11.9250
6.7500 .1500 2.0500
6.5500 .0000 2.0500
6.5500 .0000
1916408 .5000 13.8750
46,953.43 .0500 13.6750
6.6800 .0000 13.6750
6.1800 .1500 1.8000
5.9800 .0000 1.8000
5.9800 .0000
1916409 .5000 15.9900
67,382.13 .0500 15.7900
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9.4900 .1500 5.8000
9.2900 .0000 5.8000
9.2900 .0000
1916411 .5000 11.5000
160,413.45 .0500 11.3000
8.0000 .0000 11.3000
7.5000 .1500 2.0500
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7.3000 .0000
1916412 .5000 12.0000
134,249.83 .0500 11.8000
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7.8750 .1500 2.0500
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7.6750 .0000
1916413 .5000 12.8750
210,984.89 .0500 12.6750
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7.5500 .0000
1916414 .5000 11.0000
69,308.86 .0500 10.8000
8.1250 .0000 10.8000
7.6250 .1500 2.0500
7.4250 .0000 2.0500
7.4250 .0000
1916415 .5000 10.0000
126,554.74 .0500 9.8000
8.5000 .0000 9.8000
8.0000 .1500 2.0500
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7.8000 .0000
1
1916417 .5000 11.5000
46,968.24 .0500 11.3000
8.0000 .0000 11.3000
7.5000 .1500 1.8000
7.3000 .0000 1.8000
7.3000 .0000
1916418 .5000 15.7500
53,578.89 .0500 15.5500
11.7500 .0000 15.5500
11.2500 .1500 5.6750
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11.0500 .0000
1916420 .5000 15.7500
312,163.78 .0500 15.5500
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9.0500 .0000
1916421 .5000 16.7500
66,166.45 .0500 16.5500
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10.0500 .0000
1916422 .5000 15.7500
115,486.94 .0500 15.5500
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9.2500 .1500 5.8000
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9.0500 .0000
1916423 .5000 16.7500
33,397.87 .0500 16.5500
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10.0500 .0000
1916424 .5000 16.2500
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10.2500 .1500 5.5000
10.0500 .0000 5.5000
10.0500 .0000
1916426 .5000 18.9000
76,202.65 .0500 18.7000
13.4000 .0000 18.7000
12.9000 .1500 8.4500
12.7000 .0000 8.4500
12.7000 .0000
1
1916427 .5000 14.9000
64,186.53 .0500 14.7000
10.6250 .0000 14.7000
10.1250 .1500 4.1000
9.9250 .0000 4.1000
9.9250 .0000
1916428 .5000 14.5000
93,591.10 .0500 14.3000
9.8750 .0000 14.3000
9.3750 .1500 4.0000
9.1750 .0000 4.0000
9.1750 .0000
1916429 .5000 14.4500
66,190.01 .0500 14.2500
10.0000 .0000 14.2500
9.5000 .1500 4.3000
9.3000 .0000 4.3000
9.3000 .0000
1916430 .5000 14.4500
81,523.91 .0500 14.2500
11.0000 .0000 14.2500
10.5000 .1500 5.3000
10.3000 .0000 5.3000
10.3000 .0000
1916431 .5000 14.4000
122,440.64 .0500 14.2000
11.7500 .0000 14.2000
11.2500 .1500 5.2500
11.0500 .0000 5.2500
11.0500 .0000
1916432 .5000 17.4900
55,647.06 .0500 17.2900
10.3750 .0000 17.2900
9.8750 .1500 4.5500
9.6750 .0000 4.5500
9.6750 .0000
1916433 .5000 15.3500
62,945.61 .0500 15.1500
9.8500 .0000 15.1500
9.3500 .1500 4.5500
9.1500 .0000 4.5500
9.1500 .0000
1916434 .5000 15.3000
63,852.27 .0500 15.1000
10.6250 .0000 15.1000
10.1250 .1500 4.8000
9.9250 .0000 4.8000
9.9250 .0000
1
1916435 .5000 18.7000
41,441.85 .0500 18.5000
12.2000 .0000 18.5000
11.7000 .1500 7.5000
11.5000 .0000 7.5000
11.5000 .0000
1916436 .5000 15.3750
82,914.69 .0500 15.1750
9.8750 .0000 15.1750
9.3750 .1500 4.1750
9.1750 .0000 4.1750
9.1750 .0000
1916437 .5000 11.0000
135,649.04 .0500 10.8000
6.5000 .0000 10.8000
6.0000 .1500 2.0500
5.8000 .0000 2.0500
5.8000 .0000
1916438 .5000 17.2500
44,331.67 .0500 17.0500
11.2500 .0000 17.0500
10.7500 .1500 5.5600
10.5500 .0000 5.5600
10.5500 .0000
1916439 .5000 20.5500
18,878.47 .0500 20.3500
15.3750 .0000 20.3500
14.8750 .1500 8.6100
14.6750 .0000 8.6100
14.6750 .0000
1916440 .5000 16.1500
149,778.60 .0500 15.9500
10.6500 .0000 15.9500
10.1500 .1500 5.5500
9.9500 .0000 5.5500
9.9500 .0000
1916441 .5000 16.3500
93,143.87 .0500 16.1500
10.8750 .0000 16.1500
10.3750 .1500 5.1750
10.1750 .0000 5.1750
10.1750 .0000
1916442 .5000 19.2700
68,145.77 .0500 19.0700
12.7700 .0000 19.0700
12.2700 .1500 8.6000
12.0700 .0000 8.6000
12.0700 .0000
1
1916443 .5000 18.6500
102,811.12 .0500 18.4500
13.7500 .0000 18.4500
13.2500 .1500 7.2900
13.0500 .0000 7.2900
13.0500 .0000
1916444 .5000 17.3750
95,397.19 .0500 17.1750
10.8750 .0000 17.1750
10.3750 .1500 4.9250
10.1750 .0000 4.9250
10.1750 .0000
1916445 .5000 19.2500
52,410.95 .0500 19.0500
13.2500 .0000 19.0500
12.7500 .1500 7.0500
12.5500 .0000 7.0500
12.5500 .0000
1916446 .5000 16.4900
130,132.90 .0500 16.2900
9.9900 .0000 16.2900
9.4900 .1500 4.8000
9.2900 .0000 4.8000
9.2900 .0000
1916447 .5000 17.7500
51,496.17 .0500 17.5500
14.0000 .0000 17.5500
13.5000 .1500 8.2500
13.3000 .0000 8.2500
13.3000 .0000
1916448 .5000 17.3750
76,757.25 .0500 17.1750
10.8750 .0000 17.1750
10.3750 .1500 4.9250
10.1750 .0000 4.9250
10.1750 .0000
1916449 .5000 16.4900
154,038.66 .0500 16.2900
10.4900 .0000 16.2900
9.9900 .1500 6.3000
9.7900 .0000 6.3000
9.7900 .0000
1916450 .5000 17.9900
49,639.99 .0500 17.7900
11.9900 .0000 17.7900
11.4900 .1500 5.9250
11.2900 .0000 5.9250
11.2900 .0000
1
1916451 .5000 15.7400
147,603.38 .0500 15.5400
11.7400 .0000 15.5400
11.2400 .1500 6.0500
11.0400 .0000 6.0500
11.0400 .0000
1916452 .5000 16.7500
51,066.15 .0500 16.5500
10.7500 .0000 16.5500
10.2500 .1500 6.0500
10.0500 .0000 6.0500
10.0500 .0000
1916453 .5000 16.5000
64,480.54 .0500 16.3000
10.5000 .0000 16.3000
10.0000 .1500 6.8000
9.8000 .0000 6.8000
9.8000 .0000
1916454 .5000 15.2500
74,965.71 .0500 15.0500
9.2500 .0000 15.0500
8.7500 .1500 5.8000
8.5500 .0000 5.8000
8.5500 .0000
1916455 .5000 19.7500
65,367.23 .0500 19.5500
13.7500 .0000 19.5500
13.2500 .1500 7.2900
13.0500 .0000 7.2900
13.0500 .0000
1916456 .5000 18.1250
79,562.85 .0500 17.9250
12.1250 .0000 17.9250
11.6250 .1500 5.8000
11.4250 .0000 5.8000
11.4250 .0000
1916457 .5000 16.7500
56,136.04 .0500 16.5500
10.7500 .0000 16.5500
10.2500 .1500 6.5500
10.0500 .0000 6.5500
10.0500 .0000
1916458 .5000 16.5000
109,450.69 .0500 16.3000
10.5000 .0000 16.3000
10.0000 .1500 5.8000
9.8000 .0000 5.8000
9.8000 .0000
1
1916459 .5000 15.9900
49,993.67 .0500 15.7900
9.9900 .0000 15.7900
9.4900 .1500 5.5500
9.2900 .0000 5.5500
9.2900 .0000
1916461 .5000 18.7500
149,151.81 .0500 18.5500
12.7500 .0000 18.5500
12.2500 .1500 6.8000
12.0500 .0000 6.8000
12.0500 .0000
1916462 .5000 16.2500
52,496.82 .0500 16.0500
10.2500 .0000 16.0500
9.7500 .1500 6.3000
9.5500 .0000 6.3000
9.5500 .0000
1916463 .5000 15.9900
84,939.51 .0500 15.7900
9.9900 .0000 15.7900
9.4900 .1500 5.8000
9.2900 .0000 5.8000
9.2900 .0000
1916464 .5000 16.8750
71,607.97 .0500 16.6750
10.8750 .0000 16.6750
10.3750 .1500 6.3000
10.1750 .0000 6.3000
10.1750 .0000
1916465 .5000 15.9900
62,587.03 .0500 15.7900
9.9900 .0000 15.7900
9.4900 .1500 5.5500
9.2900 .0000 5.5500
9.2900 .0000
1916466 .5000 16.7500
65,233.29 .0500 16.5500
10.7500 .0000 16.5500
10.2500 .1500 6.0500
10.0500 .0000 6.0500
10.0500 .0000
1916468 .5000 16.5000
204,977.51 .0500 16.3000
10.5000 .0000 16.3000
10.0000 .1500 6.5500
9.8000 .0000 6.5500
9.8000 .0000
1
1916469 .5000 16.3750
80,371.26 .0500 16.1750
10.3750 .0000 16.1750
9.8750 .1500 6.3000
9.6750 .0000 6.3000
9.6750 .0000
1916470 .5000 17.0000
36,521.35 .0500 16.8000
11.0000 .0000 16.8000
10.5000 .1500 6.3000
10.3000 .0000 6.3000
10.3000 .0000
1916471 .5000 16.7500
67,102.05 .0500 16.5500
10.7500 .0000 16.5500
10.2500 .1500 5.8000
10.0500 .0000 5.8000
10.0500 .0000
1916472 .5000 16.2000
403,029.30 .0500 16.0000
10.2000 .0000 16.0000
9.7000 .1500 6.5500
9.5000 .0000 6.5500
9.5000 .0000
1916473 .5000 15.2500
278,340.19 .0500 15.0500
9.2500 .0000 15.0500
8.7500 .1500 6.0500
8.5500 .0000 6.0500
8.5500 .0000
1916475 .5000 17.7400
209,264.56 .0500 17.5400
11.7400 .0000 17.5400
11.2400 .1500 7.0500
11.0400 .0000 7.0500
11.0400 .0000
1916476 .5000 16.7500
149,748.45 .0500 16.5500
10.7500 .0000 16.5500
10.2500 .1500 6.0500
10.0500 .0000 6.0500
10.0500 .0000
1916477 .5000 18.2500
81,043.73 .0500 18.0500
12.7500 .0000 18.0500
12.2500 .1500 9.0500
12.0500 .0000 9.0500
12.0500 .0000
1
1916478 .5000 15.9500
199,164.37 .0500 15.7500
10.4500 .0000 15.7500
9.9500 .1500 6.5500
9.7500 .0000 6.5500
9.7500 .0000
1916479 .5000 15.2000
77,306.14 .0500 15.0000
10.7000 .0000 15.0000
10.2000 .1500 5.8000
10.0000 .0000 5.8000
10.0000 .0000
1916480 .5000 16.2500
107,593.72 .0500 16.0500
11.7500 .0000 16.0500
11.2500 .1500 6.8000
11.0500 .0000 6.8000
11.0500 .0000
1916481 .5000 15.7500
184,492.34 .0500 15.5500
10.2500 .0000 15.5500
9.7500 .1500 6.3500
9.5500 .0000 6.3500
9.5500 .0000
1916482 .5000 19.3750
18,346.16 .0500 19.1750
13.3750 .0000 19.1750
12.8750 .1500 7.5500
12.6750 .0000 7.5500
12.6750 .0000
1916483 .5000 19.1250
46,724.36 .0500 18.9250
13.1250 .0000 18.9250
12.6250 .1500 5.8000
12.4250 .0000 5.8000
12.4250 .0000
1916484 .5000 17.6250
160,326.46 .0500 17.4250
11.6250 .0000 17.4250
11.1250 .1500 5.8000
10.9250 .0000 5.8000
10.9250 .0000
1916485 .5000 17.2500
26,827.31 .0500 17.0500
11.2500 .0000 17.0500
10.7500 .1500 6.5500
10.5500 .0000 6.5500
10.5500 .0000
1
1916486 .5000 16.5000
237,718.10 .0500 16.3000
10.5000 .0000 16.3000
10.0000 .1500 6.5500
9.8000 .0000 6.5500
9.8000 .0000
2801279 .5000 14.3000
116,544.48 .0500 14.1000
8.8000 .0000 14.1000
8.3000 .1500 5.2000
8.1000 .0000 5.2000
8.1000 .0000
TOTAL NUMBER OF LOANS: 288
TOTAL BALANCE........: 42,748,705.86
1
RUN ON : 06/24/99 RFC DISCLOSURE SYSTEM RFFSDARM-01
AT : 12.19.08 INITIAL SECURITY FEES AMORTIZED BALANCE
SERIES : RASC 1999-RS2 GROUP2 ARM SUMMARY REPORT CUTOFF : 06/01/99
POOL : 0004386
:
:
POOL STATUS: F
WEIGHTED AVERAGES FROM TO
------------------------------------------------------------------------------
CURR NOTE RATE 8.8514 5.6250 15.3750
RFC NET RATE 8.4262 5.1250 14.8750
NET MTG RATE(INVSTR RATE) 8.2262 4.9250 14.6750
POST STRIP RATE 8.2262 4.9250 14.6750
SUB SERV FEE .4252 .0000 1.0000
MSTR SERV FEE .0500 .0500 .0500
ALL EXP .0000 .0000 .0000
MISC EXP .1500 .1500 .1500
SPREAD .0000 .0000 .0000
STRIP .0000 .0000 .0000
RFC NET CEILING(MX RFC NET RT) 14.1019 .0000 20.5500
MAX NET MTG RT(MAX INV RT) 13.9019 -.2000 20.3500
MAX POST STRIP RATE 13.9019 -.2000 20.3500
INV RATE MARGIN 3.7720 -.2000 9.6000
POST STRIP MARGIN 3.7720 -.2000 9.6000
TOTAL NUMBER OF LOANS: 288
TOTAL BALANCE........: 42,748,705.86
***************************
* END OF REPORT *
***************************
<PAGE>
EXHIBIT G
FORMS OF REQUEST FOR RELEASE
DATE:
TO:
RE: REQUEST FOR RELEASE OF DOCUMENTS
In connection with the administration of the pool of Mortgage Loans held by you
for the referenced pool, we request the release of the Mortgage Loan File
described below.
Pooling and Servicing Agreement Dated:
Series#:
Account#:
Pool#:
Loan#:
Borrower Name(s):
Reason for Document Request: (circle onMortgage Loan Prepaid in Full
Mortgage Loan Repurchased
"We hereby certify that such release will not invalidate any insurance coverage
provided in respect of the Mortgage Loan pursuant to the Pooling and Servicing
Agreement."
- ---------------------------
Residential Funding Corporation
Authorized Signature
******************************************************************************
TO CUSTODIAN/TRUSTEE: Please acknowledge this request, and check off documents
being enclosed with a copy of this form. You should retain this form for your
files in accordance with the terms of the Pooling and Servicing Agreement.
Enclosed Documents: [] Promissory Note
[] Primary Insurance Policy
[] Mortgage or Deed of Trust
[] Assignment(s) of Mortgage or
Deed of Trust
[] Title Insurance Policy
[] Other:
- -------------------- --------------------
Name Date
- --------------------
Title
G-1
<PAGE>
EXHIBIT H-1
FORM OF TRANSFER AFFIDAVIT AND AGREEMENT
STATE OF )
) :ss.
COUNTY OF )
[NAME OF OFFICER], being first duly sworn, deposes and says:
1. That he/she is a Director of Residential Funding Corporation
(record or beneficial owner of the Mortgage Asset-Backed Pass-Through
Certificates, Series 1999-RS2, Class R-I, Class R-II, Class R-III and Class R-IV
(the "Class R Certificates"), (the "Owner"), a corporation duly organized and
existing under the laws of the State of Delaware, on behalf of which he/she
makes this affidavit and agreement.
2. That the Owner (i) is not and will not be, as of June 30, 1999, a
"disqualified organization" within the meaning of Section 860E(e)(5) of the
Internal Revenue Code of 1986, as amended (the "Code") or an "electing large
partnership" within the meaning of Section 775 of the Code, (ii) will endeavor
to remain other than a disqualified organization and an electing large
partnership for so long as it retains its ownership 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. (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,
that applies to all transfers of Class R Certificates after March 31, 1988; (ii)
that such tax would be on the transferor, or, if such transfer is through an
agent (which person includes a broker, nominee or middleman) for a disqualified
organization, on the agent; (iii) that the person otherwise liable for the tax
shall be relieved of liability for the tax if the transferee furnishes to such
person an affidavit that the transferee is not a disqualified organization and,
at the time of transfer, such person does not have actual knowledge that the
affidavit is false; and (iv) that the Class R Certificates may be "noneconomic
residual interests" within the meaning of Treasury regulations promulgated
pursuant to the Code and that the transferor of a noneconomic residual interest
will remain liable for any taxes due with respect to the income on such residual
interest, unless no significant purpose of the transfer was to impede the
assessment or collection of tax.
H-1-1
<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 disqualified organization is the record holder of an
interest in such entity. (For this purpose, a "pass through entity" includes a
regulated investment company, a real estate investment trust or common trust
fund, a partnership, trust or estate, and certain cooperatives.)
5. That the Owner is aware that the Trustee will not register the
transfer of any Class R 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 5.02(g) of the
Pooling and Servicing Agreement under which the Class R Certificates were issued
(in particular, clause (iii)(A) and (iii)(B) of Section 5.02(g) which authorize
the Trustee to deliver payments to a person other than the Owner and negotiate a
mandatory sale by the Trustee in the event the Owner holds such Certificates in
violation of Section 5.02(g)). 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 Residual Certificates will only be
owned, directly or indirectly, by an Owner that is not a disqualified
organization.
8. The Owner's Taxpayer Identification Number is ______________.
9. This affidavit and agreement relates only to the Class R
Certificates held by the Owner and not to any other holder of the Class R
Certificates. The Owner understands that the liabilities described herein relate
only to the Class R Certificates.
10. That no purpose of the Owner relating to the transfer of any of
the Class R Certificates by the Owner is or will be to impede the assessment or
collection of any tax.
11. That the Owner has no present knowledge or expectation that it
will be unable to pay any United States taxes owed by it so long as any of the
Certificates remain outstanding. In this regard, the Owner hereby represents to
and for the benefit of the person from whom it acquired the Class R Certificates
that the Owner intends to pay taxes associated with holding such Class R
Certificates as they become due, fully understanding that it may incur tax
liabilities in excess of any cash flows generated by the Class R Certificates.
12. That the Owner has no present knowledge or expectation that it
will become insolvent or subject to a bankruptcy proceeding for so long as any
of the Class R Certificates remain outstanding.
H-1-2
<PAGE>
13. The Owner is a citizen or resident of the United States, a
corporation, partnership (including an entity treated as a corporation or
partnership for federal income tax purposes) or other entity created or
organized in, or under the laws of, the United States or any political
subdivision thereof (except, in the case of a partnership, to the extent
provided in regulations), 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, or a trust other than a "foreign trust" as
defined in Section 7701(a)(31) of the Code
14. The Purchaser hereby certifies, represents and warrants to, and
covenants with the Company, the Trustee and the Master Servicer that the
following statements in (a) or (b) are accurate: (a) The Certificates (i) are
not being acquired by, and will not be transferred to, any employee benefit plan
within the meaning of section 3(3) of the Employee Retirement Income Security
Act of 1974, as amended ("ERISA") or other retirement arrangement, including
individual retirement accounts and annuities, Keogh plans and bank collective
investment funds and insurance company general or separate accounts in which
such plans, accounts or arrangements are invested, that is subject to Section
406 of ERISA or Section 4975 of the Internal Revenue Code of 1986 (the "Code")
(any of the foregoing, a "Plan"), (ii) are not being acquired with "plan assets"
of a Plan within the meaning of the Department of Labor ("DOL") regulation, 29
C.F.R. ss. 2510.3-101 or otherwise under ERISA, and (iii) will not be
transferred to any entity that is deemed to be investing in plan assets within
the meaning of the DOL regulation, 29 C.F.R. ss. 2510.3-101 or otherwise under
ERISA;
(b) The purchase of Certificates is permissible under applicable
law, will not constitute or result in any prohibited transaction under ERISA or
Section 4975 of the Code, will not subject the Company, the Trustee or the
Master Servicer to any obligation in addition to those undertaken in the Pooling
and Servicing Agreement and, with respect to each source of funds ("Source")
being used by the Purchaser to acquire the Certificates, each of the following
statements are accurate: (a) the Purchaser is an insurance company; (b) the
Source is assets of the Purchaser's "general account;" (c) the conditions set
forth in Prohibited Transaction Class Exemption ("PTCE") 95-60 issued by the DOL
have been satisfied and the purchase, holding and transfer of Certificates by or
on behalf of the Purchaser are exempt under PTCE 95-60; and (d) the amount of
reserves and liabilities for such general account contracts held by or on behalf
of any Plan do not exceed 10% of the total reserves and liabilities of such
general account plus surplus as of the date hereof (for purposes of this clause,
all Plans maintained by the same employer (or affiliate thereof) or employee
organization are deemed to be a single Plan) in connection with its purchase and
holding of such Certificates; or
(c) The Owner will provide the Trustee, the Company and the Master
Servicer with an opinion of counsel acceptable to and in form and substance
satisfactory to the Trustee, the Company and the Master Servicer to the effect
that the purchase of Certificates is permissible under applicable law, will not
constitute or result in any non-exempt prohibited transaction under ERISA or
Section 4975 of the Code and will not subject the Trustee, the Company or the
Master Servicer to any obligation or liability (including obligations or
liabilities under ERISA or Section 4975 of the Code) in addition to those
undertaken in the Pooling and Servicing Agreement.
H-1-3
<PAGE>
In addition, the Owner hereby certifies, represents and warrants to,
and covenants with, the Company, the Trustee and the Master Servicer that the
Owner will not transfer such Certificates to any Plan or person unless either
such Plan or person meets the requirements set forth in either (a), (b) or (c)
above.
Capitalized terms used but not defined herein shall have the
meanings assigned in the Pooling and Servicing Agreement.
H-1-4
<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
a [Title of Officer] and its corporate seal to be hereunto attached, attested by
a [Assistant] Secretary, this _____ day of _________, 19___.
[NAME OF OWNER]
By:_________________________
Name: [Name of Officer]
Title: [Title of Officer]
[Corporate Seal]
ATTEST:
[Assistant] Secretary
Personally appeared before me the above-named [Name of Officer],
known or proven to me to be the same person who executed the foregoing
instrument and to be a [Title of Officer] of the Owner, and acknowledged to me
that he/she executed the same as his/her free act and deed and the free act and
deed of the Owner.
Subscribed and sworn before me this ______ day of _________, 19___.
NOTARY PUBLIC
COUNTY OF STATE OF My Commission expires the
_____ day of ____________, 19____.
<PAGE>
EXHIBIT H-2
FORM OF TRANSFEROR CERTIFICATE
---------------, -----
Residential Asset Securities Corporation
8400 Normandale Lake Boulevard
Suite 600
Minneapolis, Minnesota 55437
The First National Bank of Chicago
One First National Plaza
Suite IL1-0126
Chicago, Illinois 60670-0126
Attention: Corporate Trust Administration
Re: Mortgage Asset-Backed Pass-Through Certificates,
Series 1999-RS2, Class R-I, Class R-II,
Class R-III and Class R-IV
Ladies and Gentlemen:
This letter is delivered to you in connection with the transfer by
________________ (the "Seller") to _______________________ (the "Purchaser") of
$ ___________ Initial Certificate Principal Balance of Mortgage Asset-Backed
Pass-Through Certificates, Series 1999-RS2, Class R-I, Class R-II, Class R-III
and Class R-IV (the "Class R Certificates"), pursuant to Section 5.02 of the
Pooling and Servicing Agreement (the "Pooling and Servicing Agreement"), dated
as of June 1, 1999, among Residential Asset Securities Corporation, as seller
(the "Company"), Residential Funding Corporation, as master servicer and The
First National Bank of Chicago, as trustee (the "Trustee"). All terms used
herein and not otherwise defined shall have the meanings set forth in the
Pooling and Servicing Agreement. The Seller hereby certifies, represents and
warrants to, and covenants with, the Company and the Trustee that:
1. No purpose of the Seller relating to the transfer of the
Certificate by the Seller to the Purchaser is or will be to impede the
assessment or collection of any tax.
2. The Seller understands that the Purchaser has delivered to the
Trustee and the Master Servicer a transfer affidavit and agreement in the form
attached to the Pooling and Servicing Agreement as Exhibit H-1. The Seller does
not know or believe that any representation contained therein is false.
3. The Seller has at the time of the transfer conducted a reasonable
investigation of the financial condition of the Purchaser as contemplated by
Treasury Regulations Section 1.860E- 1(c)(4)(i) and, as a result of that
investigation, the Seller has determined that the Purchaser has historically
paid its debts as they become due and has found no significant evidence to
indicate that
H-2-1
<PAGE>
the Purchaser will not continue to pay its debts as they become due in the
future. The Seller understands that the transfer of a Class R Certificate may
not be respected for United States income tax purposes (and the Seller may
continue to be liable for United States income taxes associated therewith)
unless the Seller has conducted such an investigation.
4. The Seller has no actual knowledge that the proposed Transferee
is not both a United States Person and a Permitted Transferee.
Very truly yours,
(Seller)
By:
Name:
Title:
H-2-2
<PAGE>
EXHIBIT I
FORM OF INVESTOR REPRESENTATION LETTER
-------------------, ------
Residential Asset Securities Corporation
8400 Normandale Lake Boulevard
Suite 600
Minneapolis, MN 55437
The First National Bank of Chicago
One First National Plaza
Suite IL1-0126
Chicago, Illinois 60670-0126
Attention: Corporate Trust Administration
Re: Mortgage Asset-Backed Pass-Through Certificates,
Series 1999-RS2, Class R-I, R-II, R-III and R-IV Ladies and
Gentlemen:
_________________ (the "Purchaser") intends to purchase from
______________ (the "Seller") $___________ Initial Certificate Principal Balance
of Mortgage Asset-Backed Pass-Through Certificates, Series 1999-RS2, Class R-I,
R-II, R-III and R-IV (the "Certificates"), issued pursuant to the Pooling and
Servicing Agreement (the "Pooling and Servicing Agreement"), dated as of June 1,
1999 among Residential Asset Securities Corporation, as seller (the "Company"),
Residential Funding Corporation, as master servicer and The First National Bank
of Chicago, as trustee (the "Trustee"). All terms used herein and not otherwise
defined shall have the meanings set forth in the Pooling and Servicing
Agreement. The Purchaser hereby certifies, represents and warrants to, and
covenants with, the Company and the Trustee that:
1. The Purchaser understands that (a) the Certificates have not
been and will not be registered or qualified under the Securities
Act of 1933, as amended (the "Act") or any state securities law, (b)
the Company is not required to so register or qualify the
Certificates, (c) the Certificates may be resold only if registered
and qualified pursuant to the provisions of the Act or any state
securities law, or if an exemption from such registration and
qualification is available, (d) the Pooling and 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.
I-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 Private Placement
Memorandum, dated ________________, ____, relating to the
Certificates (b)] a copy of the Pooling and Servicing Agreement and
[b] [c] such other information concerning the Certificates, the
Mortgage Loans and the Company as has been requested by the
Purchaser from the Company or the Seller and is relevant to the
Purchaser's decision to purchase the Certificates. The Purchaser has
had any questions arising from such review answered by the Company
or the Seller to the satisfaction of the Purchaser. [If the
Purchaser did not purchase the Certificates from the Seller in
connection with the initial distribution of the Certificates and was
provided with a copy of the Private Placement Memorandum (the
"Memorandum") relating to the original sale (the "Original Sale") of
the Certificates by the Company, the Purchaser acknowledges that
such Memorandum was provided to it by the Seller, that the
Memorandum was prepared by the Company solely for use in connection
with the Original Sale and the Company did not participate in or
facilitate in any way the purchase of the Certificates by the
Purchaser from the Seller, and the Purchaser agrees that it will
look solely to the Seller and not to the Company with respect to any
damage, liability, claim or expense arising out of, resulting from
or in connection with (a) error or omission, or alleged error or
omission, contained in the Memorandum, or (b) any information,
development or event arising after the date of the Memorandum.]
5. The Purchaser has not and will not nor has it authorized or
will it authorize any person to (a) offer, pledge, sell, dispose of
or otherwise transfer any Certificate, any interest in any
Certificate or any other similar security to any person in any
manner, (b) solicit any offer to buy or to accept a pledge,
disposition of other transfer of any Certificate, any interest in
any Certificate or any other similar security from any person in any
manner, (c) otherwise approach or negotiate with respect to any
Certificate, any interest in any Certificate or any other similar
security with any person in any manner, (d) make any general
solicitation by means of general advertising or in any other manner
or (e) take any other action, that (as to any of (a) through (e)
above) would constitute a distribution of any Certificate under the
Act, that would render the disposition of any Certificate a
violation of Section 5 of the Act or 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.
I-2
<PAGE>
Very truly yours,
(Seller)
By:
Name:
Title:
I-3
<PAGE>
EXHIBIT J
FORM OF TRANSFEROR REPRESENTATION LETTER
----------------, -----
Residential Asset Securities Corporation
8400 Normandale Lake Boulevard
Suite 600
Minneapolis, Minnesota 55437
The First National Bank of Chicago
One First National Plaza
Suite IL1-0126
Chicago, Illinois 60670-0126
Attention:Residential Funding Corporation Series 1999-RS2
Re: Mortgage Asset-Backed Pass-Through Certificates,
Series 1999-RS2, Class R-I, Class R-II, Class R-III
and Class R-IV
Ladies and Gentlemen:
In connection with the sale by __________ (the "Seller") to
______________ (the "Purchaser") of $____________ Initial Certificate Principal
Balance of Mortgage Asset-Backed Pass-Through Certificates, Series 1999-RS2,
Class R-I, Class R-II, Class R-III and Class R-IV (the "Certificates"), issued
pursuant to the Pooling and Servicing Agreement (the "Pooling and Servicing
Agreement"), dated as of June 1, 1999 among Residential Asset Securities
Corporation, as seller (the "Company"), Residential Funding Corporation, as
master servicer, and The First National Bank of Chicago, as trustee (the
"Trustee"). The Seller hereby certifies, represents and warrants to, and
covenants with, the Company and the Trustee that:
Neither the Seller nor anyone acting on its behalf has (a) offered,
pledged, sold, disposed of or otherwise transferred any Certificate, any
interest in any Certificate or any other similar security to any person in any
manner, (b) has solicited any offer to buy or to accept a pledge, disposition or
other transfer of any Certificate, any interest in any Certificate or any other
similar security from any person in any manner, (c) has otherwise approached or
negotiated with respect to any Certificate, any interest in any Certificate or
any other similar 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.
J-1
<PAGE>
Very truly yours,
(Seller)
By:
Name:
Title:
J-2
<PAGE>
EXHIBIT K
Text of Amendment to Pooling and Servicing
Agreement Pursuant to Section 11.01(e) for a
Limited Guaranty
ARTICLE XII
Subordinate Certificate Loss Coverage; Limited Guaranty
Section 12.01. Subordinate Certificate Loss Coverage; Limited
Guaranty. (a) Subject to subsection (c) below, prior to the later of the third
Business Day prior to each Distribution Date or the related Determination Date,
the Master Servicer shall determine whether it or any Subservicer will be
entitled to any reimbursement pursuant to Section 4.02(c) on such Distribution
Date for Advances or Subservicer Advances previously made, (which will not be
Advances or Subservicer Advances that were made with respect to delinquencies
which were subsequently determined to be Excess Special Hazard Losses, Excess
Fraud Losses, Excess Bankruptcy Losses or Extraordinary Losses) and, if so, the
Master Servicer shall demand payment from Residential Funding of an amount equal
to the amount of any Advances or Subservicer Advances reimbursed pursuant to
Section 4.02(c), to the extent such Advances or Subservicer Advances have not
been included in the amount of the Realized Loss in the related Mortgage Loan,
and shall distribute the same to the Class R Certificateholders in the same
manner as if such amount were to be distributed pursuant to Section 4.02(c).
(b) Subject to subsection (c) below, prior to the later of the third
Business Day prior to each Distribution Date or the related Determination Date,
the Master Servicer shall determine whether any Realized Losses (other than
Excess Special Hazard Losses, Excess Bankruptcy Losses, Excess Fraud Losses and
Extraordinary Losses) will be allocated to the Class R Certificates on such
Distribution Date pursuant to Section 4.05, and, if so, the Master Servicer
shall demand payment from Residential Funding of the amount of such Realized
Loss and shall distribute the same to the Class R Certificateholders in the same
manner as if such amount were to be distributed pursuant to Section 4.02(c);
provided, however, that the amount of such demand in respect of any Distribution
Date shall in no event be greater than the sum of (i) the additional amount of
Accrued Certificate Interest that would have been paid for the Class R
Certificateholders on such Distribution Date had such Realized Loss or Losses
not occurred plus (ii) the amount of the reduction in the Certificate Principal
Balances of the Class R Certificates on such Distribution Date due to such
Realized Loss or Losses. Notwithstanding such payment, such Realized Losses
shall be deemed to have been borne by the Certificateholders for purposes of
Section 4.05. Excess Special Hazard Losses, Excess Fraud Losses, Excess
Bankruptcy Losses and Extraordinary Losses allocated to the Class R Certificates
will not be covered by the Subordinate Certificate Loss Obligation.
(c) Demands for payments pursuant to this Section shall be made prior
to the later of the third Business Day prior to each Distribution Date or the
related Determination Date by the Master Servicer with written notice thereof to
the Trustee. The maximum amount that Residential Funding shall be required to
pay pursuant to this Section on any Distribution Date (the "Amount Available")
shall be equal to the lesser of (X) __________ minus the sum of (i) all previous
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<PAGE>
payments made under subsections (a) and (b) hereof and (ii) all draws under the
Limited Guaranty made in lieu of such payments as described below in subsection
(d) and (Y) the then outstanding Certificate Principal Balances of the Class R
Certificates, or such lower amount as may be established pursuant to Section
12.02. Residential Funding's obligations as described in this Section are
referred to herein as the "Subordinate Certificate Loss Obligation."
(d) The Trustee will promptly notify General Motors Acceptance
Corporation of any failure of Residential Funding to make any payments hereunder
and shall demand payment pursuant to the limited guaranty (the "Limited
Guaranty"), executed by General Motors Acceptance Corporation, of Residential
Funding's obligation to make payments pursuant to this Section, in an amount
equal to the lesser of (i) the Amount Available and (ii) such required payments,
by delivering to General Motors Acceptance Corporation a written demand for
payment by wire transfer, not later than the second Business Day prior to the
Distribution Date for such month, with a copy to the Master Servicer.
(e) All payments made by Residential Funding pursuant to this Section
or amounts paid under the Limited Guaranty shall be deposited directly in the
Certificate Account, for distribution on the Distribution Date for such month to
the Class R Certificateholders.
(f) The Company shall have the option, in its sole discretion, to
substitute for either or both of the Limited Guaranty or the Subordinate
Certificate Loss Obligation another instrument in the form of a corporate
guaranty, an irrevocable letter of credit, a surety bond, insurance policy or
similar instrument or a reserve fund; provided that (i) the Company obtains an
Opinion of Counsel (which need not be an opinion of Independent counsel) to the
effect that obtaining such substitute corporate guaranty, irrevocable letter of
credit, surety bond, insurance policy or similar instrument or reserve fund will
not cause either (a) any federal tax to be imposed on the Trust Fund, including
without limitation, any federal tax imposed on "prohibited transactions" under
Section 860(F)(a)(1) of the Code or on "contributions after the startup date"
under Section 860(G)(d)(1) of the Code or (b) the Trust Fund to fail to qualify
as a REMIC at any time that any Certificate is outstanding, and (ii) no such
substitution shall be made unless (A) the substitute Limited Guaranty or
Subordinate Certificate Loss Obligation is for an initial amount not less than
the then current Amount Available and contains provisions that are in all
material respects equivalent to the original Limited Guaranty or Subordinate
Certificate Loss Obligation (including that no portion of the fees,
reimbursements or other obligations under any such instrument will be borne by
the Trust Fund), (B) the long term debt obligations of any obligor of any
substitute Limited Guaranty or Subordinate Certificate Loss Obligation (if not
supported by the Limited Guaranty) shall be rated at least the lesser of (a) the
rating of the long term debt obligations of General Motors Acceptance
Corporation as of the date of issuance of the Limited Guaranty and (b) the
rating of the long term debt obligations of General Motors Acceptance
Corporation at the date of such substitution and (C) the Company obtains written
confirmation from each nationally recognized credit rating agency that rated the
Class R Certificates at the request of the Company that such substitution shall
not lower the rating on the Class R Certificates below the lesser of (a) the
then-current rating assigned to the Class R Certificates by such rating agency
and (b) the original rating assigned to the Class R Certificates by such rating
agency. Any replacement of the Limited Guaranty or Subordinate Certificate Loss
Obligation pursuant to this Section shall be accompanied by a written Opinion of
Counsel to the substitute guarantor or obligor, addressed to the Master Servicer
and the Trustee, that such substitute
K-2
<PAGE>
instrument constitutes a legal, valid and binding obligation of the substitute
guarantor or obligor, enforceable in accordance with its terms, and concerning
such other matters as the Master Servicer and the Trustee shall reasonably
request. Neither the Company, the Master Servicer nor the Trustee shall be
obligated to substitute for or replace the Limited Guaranty or Subordinate
Certificate Loss Obligation under any circumstance.
Section 12.02. Amendments Relating to the Limited Guaranty.
Notwithstanding Sections 11.01 or 12.01: (i) the provisions of this Article XII
may be amended, superseded or deleted, (ii) the Limited Guaranty or Subordinate
Certificate Loss Obligation may be amended, reduced or canceled, and (iii) any
other provision of this Agreement which is related or incidental to the matters
described in this Article XI may be amended in any manner; in each case by
written instrument executed or consented to by the Company and Residential
Funding but without the consent of any Certificateholder and without the consent
of the Master Servicer or the Trustee being required unless any such amendment
would impose any additional obligation on, or otherwise adversely affect the
interests of, the Master Servicer or the Trustee, as applicable; provided that
the Company shall also obtain a letter from each nationally recognized credit
rating agency that rated the Class R Certificates at the request of the Company
to the effect that such amendment, reduction, deletion or cancellation will not
lower the rating on the Class R Certificates below the lesser of (a) the
then-current rating assigned to the Class R Certificates by such rating agency
and (b) the original rating assigned to the Class R Certificates by such rating
agency, unless (A) the Holder of 100% of the Class R Certificates is Residential
Funding or an Affiliate of Residential Funding, or (B) such amendment,
reduction, deletion or cancellation is made in accordance with Section 11.01(e)
and, provided further that the Company obtains, in the case of a material
amendment or supersession (but not a reduction, cancellation or deletion of the
Limited Guaranty or the Subordinate Certificate Loss Obligation), an Opinion of
Counsel (which need not be an opinion of Independent counsel) to the effect that
any such amendment or supersession will not cause either (a) any federal tax to
be imposed on the Trust Fund, including without limitation, any federal tax
imposed on "prohibited transactions" under Section 860F(a)(1) of the Code or on
"contributions after the startup date" under Section 860G(d)(1) of the Code or
(b) the Trust Fund to fail to qualify as a REMIC at any time that any
Certificate is outstanding. A copy of any such instrument shall be provided to
the Trustee and the Master Servicer together with an Opinion of Counsel that
such amendment complies with this Section 12.02.
K-3
<PAGE>
EXHIBIT L
FORM OF LIMITED GUARANTY
LIMITED GUARANTY
RESIDENTIAL ASSET SECURITIES CORPORATION
Mortgage Asset-Backed Pass-Through Certificates
Series 1999-RS2
____________________, 19___
The First National Bank of Chicago
One First National Plaza
Suite IL1-0126
Chicago, Illinois 60670-0126
Attention: Corporate Trust
Ladies and Gentlemen:
WHEREAS, Residential Funding Corporation, a Delaware corporation
("Residential Funding"), an indirect wholly-owned subsidiary of General Motors
Acceptance Corporation, a New York corporation ("GMAC"), plans to incur certain
obligations as described under Section 12.01 of the Pooling and Servicing
Agreement dated as of June 1, 1999 (the "Servicing Agreement"), among
Residential Asset Securities Corporation (the "Company"), Residential Funding
and The First National Bank of Chicago (the "Trustee") as amended by Amendment
No. 1 thereto, dated as of _________, with respect to the Mortgage Asset-Backed
Pass-Through Certificates, Series 1999-RS2 (the "Certificates"); and
WHEREAS, pursuant to Section 12.01 of the Servicing Agreement,
Residential Funding agrees to make payments to the Holders of the Class R
Certificates with respect to certain losses on the Mortgage Loans as described
in the Servicing Agreement; and
WHEREAS, GMAC desires to provide certain assurances with respect to
the ability of Residential Funding to secure sufficient funds and faithfully to
perform its Subordinate Certificate Loss Obligation;
NOW THEREFORE, in consideration of the premises herein contained and
certain other good and valuable consideration, the receipt of which is hereby
acknowledged, GMAC agrees as follows:
Provision of Funds. (a) GMAC agrees to contribute and deposit in the
Certificate Account on behalf of Residential Funding (or otherwise provide to
Residential Funding, or to cause to be made available to Residential Funding),
either directly or through a subsidiary, in any case prior to the related
Distribution Date, such moneys as may be required by Residential Funding to
perform
L-1
<PAGE>
its Subordinate Certificate Loss Obligation when and as the same arises from
time to time upon the demand of the Trustee in accordance with Section 11.01 of
the Servicing Agreement.
(b) The agreement set forth in the preceding clause (a) shall be
absolute, irrevocable and unconditional and shall not be affected by the
transfer by GMAC or any other person of all or any part of its or their interest
in Residential Funding, by any insolvency, bankruptcy, dissolution or other
proceeding affecting Residential Funding or any other person, by any defense or
right of counterclaim, set-off or recoupment that GMAC may have against
Residential Funding or any other person or by any other fact or circumstance.
Notwithstanding the foregoing, GMAC's obligations under clause (a) shall
terminate upon the earlier of (x) substitution for this Limited Guaranty
pursuant to Section 12.01(f) of the Servicing Agreement, or (y) the termination
of the Trust Fund pursuant to the Servicing Agreement.
2. Waiver. GMAC hereby waives any failure or delay on the part of
Residential Funding, the Trustee or any other person in asserting or enforcing
any rights or in making any claims or demands hereunder. Any defective or
partial exercise of any such rights shall not preclude any other or further
exercise of that or any other such right. GMAC further waives demand,
presentment, notice of default, protest, notice of acceptance and any other
notices with respect to this Limited Guaranty, including, without limitation,
those of action or nonaction on the part of Residential Funding or the Trustee.
3. Modification, Amendment and Termination. This Limited Guaranty
may be modified, amended or terminated only by the written agreement of GMAC and
the Trustee and only if such modification, amendment or termination is permitted
under Section 12.02 of the Servicing Agreement. The obligations of GMAC under
this Limited Guaranty shall continue and remain in effect so long as the
Servicing Agreement is not modified or amended in any way that might affect the
obligations of GMAC under this Limited Guaranty without the prior written
consent of GMAC.
4. Successor. Except as otherwise expressly provided herein, the
guarantee herein set forth shall be binding upon GMAC and its respective
successors.
5. Governing Law. This Limited Guaranty shall be governed by the
laws of the State of New York.
6. Authorization and Reliance. GMAC understands that a copy of this
Limited Guaranty shall be delivered to the Trustee in connection with the
execution of Amendment No. 1 to the Servicing Agreement and GMAC hereby
authorizes the Company and the Trustee to rely on the covenants and agreements
set forth herein.
7. Definitions. Capitalized terms used but not otherwise defined
herein shall have the meaning given them in the Servicing Agreement.
8. Counterparts. This Limited Guaranty may be executed in any number
of counterparts, each of which shall be deemed to be an original and such
counterparts shall constitute but one and the same instrument.
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<PAGE>
IN WITNESS WHEREOF, GMAC has caused this Limited Guaranty to be
executed and delivered by its respective officers thereunto duly authorized as
of the day and year first above written.
GENERAL MOTORS ACCEPTANCE
CORPORATION
By:_____________________
Name:__________________
Title:___________________
Acknowledged by:
THE FIRST NATIONAL BANK OF CHICAGO,
as Trustee
By:___________________
Name:________________
Title:_________________
RESIDENTIAL ASSET SECURITIES CORPORATION
By:___________________
Name:________________
Title:_________________
L-3
<PAGE>
EXHIBIT M
FORM OF LENDER CERTIFICATION FOR ASSIGNMENT OF MORTGAGE LOAN
----------------, ----
Residential Asset Securities Corporation
8400 Normandale Lake Boulevard
Suite 600
Minneapolis, MN 55437
The First National Bank of Chicago
One First National Plaza
Suite IL1-0126
Chicago, Illinois 60670-0126
Ladies and Gentlemen:
This letter is delivered to you in connection with the assignment by
__________________ (the "Trustee") to ___________________ (the "Lender") of
__________________ (the "Mortgage Loan") pursuant to Section 3.12(d) of the
Pooling and Servicing Agreement (the "Pooling and Servicing Agreement"), dated
as of June 1, 1999, among Residential Asset Securities Corporation, as seller
(the "Company"), Residential Funding Corporation, as master servicer, and the
Trustee. All terms used herein and not otherwise defined shall have the meanings
set forth in the Pooling and Servicing Agreement. The Lender hereby certifies,
represents and warrants to, and covenants with, the Master Servicer and the
Trustee that:
(i) the Mortgage Loan is secured by Mortgaged Property located
in a jurisdiction in which an assignment in lieu of satisfaction is
required to preserve lien priority, minimize or avoid mortgage
recording taxes or otherwise comply with, or facilitate a
refinancing under, the laws of such jurisdiction;
(ii) the substance of the assignment is, and is intended to be,
a refinancing of such Mortgage Loan and the form of the transaction
is solely to comply with, or facilitate the transaction under, such
local laws;
(iii) the Mortgage Loan following the proposed assignment will
be modified to have a rate of interest at least 0.25 percent below
or above the rate of interest on such Mortgage Loan prior to such
proposed assignment; and
(iv) such assignment is at the request of the borrower under
the related Mortgage Loan.
M-1
<PAGE>
Very truly yours,
(Lender)
By:
Name:
Title:
M-2
<PAGE>
EXHIBIT N
[FORM OF RULE 144A INVESTMENT REPRESENTATION]
Description of Rule 144A Securities, including numbers:
=========================================
=========================================
The undersigned seller, as registered holder (the "Seller"), intends
to transfer the Rule 144A Securities described above to the undersigned buyer
(the "Buyer").
1. In connection with such transfer and in accordance with the
agreements pursuant to which the Rule 144A Securities were issued, the Seller
hereby certifies the following facts: Neither the Seller nor anyone acting on
its behalf has offered, transferred, pledged, sold or otherwise disposed of the
Rule 144A Securities, any interest in the Rule 144A Securities or any other
similar security to, or solicited any offer to buy or accept a transfer, pledge
or other disposition of the Rule 144A Securities, any interest in the Rule 144A
Securities or any other similar security from, or otherwise approached or
negotiated with respect to the Rule 144A Securities, any interest in the Rule
144A Securities or any other similar security with, any person in any manner, or
made any general solicitation by means of general advertising or in any other
manner, or taken any other action, that would constitute a distribution of the
Rule 144A Securities under the Securities Act of 1933, as amended (the "1933
Act"), or that would render the disposition of the Rule 144A Securities a
violation of Section 5 of the 1933 Act or require registration pursuant thereto,
and that the Seller has not offered the Rule 144A Securities to any person other
than the Buyer or another "qualified institutional buyer" as defined in Rule
144A under the 1933 Act.
2. The Buyer warrants and represents to and covenants with the
Seller, the Trustee and the Master Servicer (as defined in the Pooling and
Servicing Agreement (the "Agreement"), dated as of June 1, 1999 among
Residential Funding Corporation, as Master Servicer, Residential Asset
Securities Corporation, as Depositor and The First National Bank of Chicago, as
trustee, pursuant to Section 5.02 of the Agreement, as follows:
a. The Buyer understands that the Rule 144A Securities have
not been registered under the 1933 Act or the securities laws of any
state.
b The Buyer considers itself a substantial, sophisticated
institutional investor having such knowledge and experience in financial
and business matters that it is capable of evaluating the merits and risks
of investment in the Rule 144A Securities.
c. The Buyer has been furnished with all information regarding
the Rule 144A Securities that it has requested from the Seller, the
Trustee or the Servicer.
d. Neither the Buyer nor anyone acting on its behalf has
offered, transferred, pledged, sold or otherwise disposed of the Rule 144A
Securities, any interest in
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<PAGE>
the Rule 144A Securities or any other similar security to, or solicited
any offer to buy or accept a transfer, pledge or other disposition of the
Rule 144A Securities, any interest in the Rule 144A Securities or any
other similar security from, or otherwise approached or negotiated with
respect to the Rule 144A Securities, any interest in the Rule 144A
Securities or any other similar security with, any person in any manner,
or made any general solicitation by means of general advertising or in any
other manner, or taken any other action, that would constitute a
distribution of the Rule 144A Securities under the 1933 Act or that would
render the disposition of the Rule 144A Securities a violation of Section
5 of the 1933 Act or require registration pursuant thereto, nor will it
act, nor has it authorized or will it authorize any person to act, in such
manner with respect to the Rule 144A Securities.
e. The Buyer is a "qualified institutional buyer" as that term
is defined in Rule 144A under the 1933 Act and has completed either of the
forms of certification to that effect attached hereto as Annex 1 or Annex
2. The Buyer is aware that the sale to it is being made in reliance on
Rule 144A. The Buyer is acquiring the Rule 144A Securities for its own
account or the accounts of other qualified institutional buyers,
understands that such Rule 144A Securities may be resold, pledged or
transferred only (i) to a person reasonably believed to be a qualified
institutional buyer that purchases for its own account or for the account
of a qualified institutional buyer to whom notice is given that the
resale, pledge or transfer is being made in reliance on Rule 144A, or (ii)
pursuant to another exemption from registration under the 1933 Act.
[3. Reserved]
4. This document may be executed in one or more counterparts and by
the different parties hereto on separate counterparts, each of which, when so
executed, shall be deemed to be an original; such counterparts, together, shall
constitute one and the same document.
N-2
<PAGE>
IN WITNESS WHEREOF, each of the parties has executed this document
as of the date set forth below.
- ------------------ --------------------
Print Name of Seller Print Name of Buyer
By:________________ By:_________________
Name: Name:
Title: Title:
Taxpayer Identification: Taxpayer Identification:
No:__________________ No:__________________
Date:__________________ Date:__________________
N-3
<PAGE>
ANNEX 1 TO EXHIBIT N
QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A
[For Buyers Other Than Registered Investment Companies]
The undersigned hereby certifies as follows in connection with the
Rule 144A Investment Representation to which this Certification is attached:
1. As indicated below, the undersigned is the President, Chief
Financial Officer, Senior Vice President or other executive officer of the
Buyer.
2. In connection with purchases by the Buyer, the Buyer is a
"qualified institutional buyer" as that term is defined in Rule 144A under the
Securities Act of 1933 ("Rule 144A") because (i) the Buyer owned and/or invested
on a discretionary basis $____________ in securities (except for the excluded
securities referred to below) as of the end of the Buyer's most recent fiscal
year (such amount being calculated in accordance with Rule 144A) and (ii) the
Buyer satisfies the criteria in the category marked below.
____ Corporation, etc. The Buyer is a corporation (other than a bank,
savings and loan association or similar institution), Massachusetts or
similar business trust, partnership, or charitable organization described
in Section 501(c)(3) of the Internal Revenue Code.
____ Bank. The Buyer (a) is a national bank or banking institution
organized under the laws of any State, territory or the District of
Columbia, the business of which is substantially confined to banking and
is supervised by the State or territorial banking commission or similar
official or is a foreign bank or equivalent institution, and (b) has an
audited net worth of at least $25,000,000 as demonstrated in its latest
annual financial statements, a copy of which is attached hereto.
____ Savings and Loan. The Buyer (a) is a savings and loan association,
building and loan association, cooperative bank, homestead
association or similar institution, which is supervised and examined
by a State or Federal authority having supervision over any such
institutions or is a foreign savings and loan association or
equivalent institution and (b) has an audited net worth of at least
$25,000,000 as demonstrated in its latest annual financial
statements.
____ Broker-Dealer. The Buyer is a dealer registered pursuant to Section 15
of the Securities Exchange Act of 1934.
____ Insurance Company. The Buyer is an insurance company whose primary
and predominant business activity is the writing of insurance or the
reinsuring of risks underwritten by insurance companies and which is
subject to supervision by the insurance commissioner or a similar
official or agency of a State or territory or the District of
Columbia.
N-4
<PAGE>
____ State or Local Plan. The Buyer is a plan established and maintained by
a State, its political subdivisions, or any agency or instrumentality
of the State or its political subdivisions, for the benefit of its
employees.
____ ERISA Plan. The Buyer is an employee benefit plan within the meaning
of Title I of the Employee Retirement Income Security Act of 1974.
____ Investment Adviser. The Buyer is an investment adviser registered
under the Investment Advisers Act of 1940.
____ SBIC. The Buyer is a Small Business Investment Company licensed by
the U.S. Small Business Administration under Section 301(c) or (d)
of the Small Business Investment Act of 1958.
____ Business Development Company. The Buyer is a business development
company as defined in Section 202(a)(22) of the Investment Advisers
Act of 1940.
____ Trust Fund. The Buyer is a trust fund whose trustee is a bank or
trust company and whose participants are exclusively (a) plans
established and maintained by a State, its political subdivisions,
or any agency or instrumentality of the State or its political
subdivisions, for the benefit of its employees, or (b) employee
benefit plans within the meaning of Title I of the Employee
Retirement Income Security Act of 1974, but is not a trust fund that
includes as participants individual retirement accounts or H.R.
10 plans.
3. The term "securities" as used herein does not include (i)
securities of issuers that are affiliated with the Buyer, (ii) securities that
are part of an unsold allotment to or subscription by the Buyer, if the Buyer is
a dealer, (iii) bank deposit notes and certificates of deposit, (iv) loan
participations, (v) repurchase agreements, (vi) securities owned but subject to
a repurchase agreement and (vii) currency, interest rate and commodity swaps.
4. For purposes of determining the aggregate amount of securities
owned and/or invested on a discretionary basis by the Buyer, the Buyer used the
cost of such securities to the Buyer and did not include any of the securities
referred to in the preceding paragraph. Further, in determining such aggregate
amount, the Buyer may have included securities owned by subsidiaries of the
Buyer, but only if such subsidiaries are consolidated with the Buyer in its
financial statements prepared in accordance with generally accepted accounting
principles and if the investments of such subsidiaries are managed under the
Buyer's direction. However, such securities were not included if the Buyer is a
majority-owned, consolidated subsidiary of another enterprise and the Buyer is
not itself a reporting company under the Securities Exchange Act of 1934.
5. The Buyer acknowledges that it is familiar with Rule 144A and
understands that the seller to it and other parties related to the Certificates
are relying and will continue to rely on the statements made herein because one
or more sales to the Buyer may be in reliance on Rule 144A.
N-5
<PAGE>
____ ____ Will the Buyer be purchasing the Rule 144A
Yes No Securities only for the Buyer's own account?
6. If the answer to the foregoing question is "no", the Buyer agrees
that, in connection with any purchase of securities sold to the Buyer for the
account of a third party (including any separate account) in reliance on Rule
144A, the Buyer will only purchase for the account of a third party that at the
time is a "qualified institutional buyer" within the meaning of Rule 144A. In
addition, the Buyer agrees that the Buyer will not purchase securities for a
third party unless the Buyer has obtained a current representation letter from
such third party or taken other appropriate steps contemplated by Rule 144A to
conclude that such third party independently meets the definition of "qualified
institutional buyer" set forth in Rule 144A.
7. The Buyer will notify each of the parties to which this certification is
made of any changes in the information and conclusions herein. Until such notice
is given, the Buyer's purchase of Rule 144A Securities will constitute a
reaffirmation of this certification as of the date of such purchase.
-----------------------------
Print Name of Buyer
By: ___________________
Name:
Title:
Date: ______________________
N-6
<PAGE>
ANNEX 2 TO EXHIBIT N
QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A
[For Buyers That Are Registered Investment Companies]
The undersigned hereby certifies as follows in connection with the
Rule 144A Investment Representation to which this Certification is attached:
1. As indicated below, the undersigned is the President, Chief
Financial Officer or Senior Vice President of the Buyer or, if the Buyer is a
"qualified institutional buyer" as that term is defined in Rule 144A under the
Securities Act of 1933 ("Rule 144A") because Buyer is part of a Family of
Investment Companies (as defined below), is such an officer of the Adviser.
2. In connection with purchases by Buyer, the Buyer is a "qualified
institutional buyer" as defined in SEC Rule 144A because (i) the Buyer is an
investment company registered under the Investment Company Act of 1940, and (ii)
as marked below, the Buyer alone, or the Buyer's Family of Investment Companies,
owned at least $100,000,000 in securities (other than the excluded securities
referred to below) as of the end of the Buyer's most recent fiscal year. For
purposes of determining the amount of securities owned by the Buyer or the
Buyer's Family of Investment Companies, the cost of such securities was used.
The Buyer owned $___________________ in securities (other than the
excluded securities referred to below) as of the end of the Buyer's
most recent fiscal year (such amount being calculated in accordance
with Rule 144A).
The Buyer is part of a Family of Investment Companies which owned in
the aggregate $_________________ in securities (other than the
excluded securities referred to below) as of the end of the Buyer's
most recent fiscal year (such amount being calculated in accordance
with Rule 144A).
3. The term "Family of Investment Companies" as used herein means
two or more registered investment companies (or series thereof) that have the
same investment adviser or investment advisers that are affiliated (by virtue of
being majority owned subsidiaries of the same parent or because one investment
adviser is a majority owned subsidiary of the other).
4. The term "securities" as used herein does not include (i)
securities of issuers that are affiliated with the Buyer or are part of the
Buyer's Family of Investment Companies, (ii) bank deposit notes and certificates
of deposit, (iii) loan participations, (iv) repurchase agreements, (v)
securities owned but subject to a repurchase agreement and (vi) currency,
interest rate and commodity swaps.
5. The Buyer is familiar with Rule 144A and understands that each of
the parties to which this certification is made are relying and will continue to
rely on the statements made herein because one or more sales to the Buyer will
be in reliance on Rule 144A. In addition, the Buyer will only purchase for the
Buyer's own account.
N-7
<PAGE>
6. The undersigned will notify each of the parties to which this
certification is made of any changes in the information and conclusions herein.
Until such notice, the Buyer's purchase of Rule 144A Securities will constitute
a reaffirmation of this certification by the undersigned as of the date of such
purchase.
---------------------
Print Name of Buyer
By:__________________
Name:
Title:
IF AN ADVISER:
------------------------
Print Name of Buyer
Date: __________________
N-8
<PAGE>
EXHIBIT O
HIGH COST MORTGAGE LOANS
RFC Loan Number
O-1
<PAGE>
EXHIBIT P
FORM OF ERISA LETTER
--------------, ----
Residential Asset Securities Corporation
8400 Normandale Lake Boulevard
Suite 600
Minneapolis, MN 55437
The First National Bank of Chicago
One First National Plaza
Suite IL1-0126
Chicago, Illinois 60670-0126
Residential Funding Corporation
8400 Normandale Lake Boulevard
Suite 600
Minneapolis, MN 55437
Attention: Residential Funding Corporation Series 1999-RS2
Re: Mortgage Asset-Backed Pass-Through Certificates,
Series 1999-RS2
Ladies and Gentlemen:
_________________________ (the "Purchaser") intends to purchase from
___________________________ (the "Seller") $_____________ Initial Certificate
Principal Balance of Mortgage Pass-Through Certificates, Series 1999-RS2, Class
__ (the "Certificates"), issued pursuant to the Pooling and Servicing Agreement
(the "Pooling and Servicing Agreement"), dated as of June 1, 1999 among
Residential Asset Securities Corporation, as the company (the "Company"),
Residential Funding Corporation, as master servicer (the "Master Servicer") and
The First National Bank of Chicago, as trustee (the "Trustee"). All terms used
herein and not otherwise defined shall have the meanings set forth in the
Pooling and Servicing Agreement. The Purchaser hereby certifies, represents and
warrants to, and covenants with, the Company, the Trustee and the Master
Servicer that:
(a) The Purchaser 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
P-1
<PAGE>
assets" of any Plan within the meaning of the Department of Labor
("DOL") regulation at 29 C.F.R. ss.2510.3-101;
(b) The Purchaser is an insurance company; the source of
the funds being used by the Purchaser to acquire the Certificates is
assets of the Purchaser's "general account"; the conditions set
forth in Prohibited Transaction Class Exemption ("PTCE") 95-60
issued by the DOL have been satisfied and the purchase, holding and
transfer of Certificates by or on behalf of the Purchaser are exempt
under PTCE 95-60; and the amount of reserves and liabilities for
such general account contracts held by or on behalf of any Plan does
not exceed 10% of the total reserves and liabilities of such general
account plus surplus as of the date hereof (for purposes of this
clause, all Plans maintained by the same employer (or affiliate
thereof) or employee organization are deemed to be a single Plan) in
connection with its purchase and holding of such Certificates; or
(c) The Purchaser has provided the Trustee, the Company
and the Master Servicer with an opinion of counsel acceptable to and
in form and substance satisfactory to the Trustee, the Company and
the Master Servicer to the effect that the purchase of Certificates
is permissible under applicable law, will not constitute or result
in any non-exempt prohibited transaction under ERISA or Section 4975
of the Code and will not subject the Trustee, the Company or the
Master Servicer to any obligation or liability (including
obligations or liabilities under ERISA or Section 4975 of the Code)
in addition to those undertaken in the Pooling and Servicing
Agreement.
In addition, the Purchaser hereby certifies, represents and warrants to,
and covenants with, the Company, the Trustee and the Master Servicer that the
Purchaser will not transfer such Certificates to any Plan or person unless such
Plan or person meets the requirements set forth in either (a), (b) or (c) above.
Very truly yours,
(Purchaser)
By:
Name:
Title:
P-2
<PAGE>
EXHIBIT Q
CERTIFICATE GUARANTY INSURANCE POLICY
(SEE TAB NO. 7)
Q-1
<PAGE>
<PAGE>
