RESIDENTIAL ACCREDIT LOANS INC
8-K, 1996-09-13
ASSET-BACKED SECURITIES
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         SECURITIES AND EXCHANGE COMMISSION
                 WASHINGTON, D.C. 20549

                                  

                        FORM 8-K

                     CURRENT REPORT
         PURSUANT TO SECTION 13 OR 15(d) OF THE
            SECURITIES EXCHANGE ACT OF 1934


Date of Report (Date of earliest event reported) August 29, 1996

RESIDENTIAL ACCREDIT LOANS, INC. (as company under a Pooling and
Servicing Agreement dated as of August 1, 1996 providing for, inter
alia, the issuance of Mortgage Asset-Backed Pass-Through
Certificates, Series 1996-QS4)



            Residential Accredit Loans, Inc.                
     (Exact name of registrant as specified in its charter)

        DELAWARE                33-95932         51-0368240      
(State or other jurisdiction   (Commission)    (I.R.S. employer
of incorporation)               file number)  identification no.)



8400 Normandale Lake Blvd., Suite 600, Minneapolis, MN   55437   
(Address of principal executive offices)               (Zip code)


Registrant's telephone number, including area code (612) 832-7000


                                                                 
(Former name or former address, if changed since last report)



            Exhibit Index Located on Page 2
Items 1 through 6 and Item 8 are not included because they are not
applicable.


Item 7.   Financial Statements, Pro Forma Financial Information and
Exhibits.

          (a)  Not applicable

          (b)  Not applicable

          (c)  Exhibits (executed copies) - The following
execution copies of Exhibits to the Form S-3 Registration Statement
of the Registrant are hereby filed:

                             Sequentially
Exhibit                        Numbered
Number                          Exhibit               Page       
          

7(c) Pooling and Servicing Agreement, dated            004
          as of August 1, 1996 among Residential
          Accredit Loans, Inc., as company, 
          Residential Funding Corporation, 
          as master servicer, and Bankers Trust Company, 
          as trustee.





                       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 ACCREDIT LOANS,
                                   INC.


                                   By: /s/ Randy Van Zee     
  
                                   Name:   Randy Van Zee
                                   Title:  Vice President


Dated: August 29, 1996



                                           Exhibit 7(c)






            Pooling and Servicing Agreement




                                                               EXECUTION COPY





- ----------------------------------------------------------------------------

- ----------------------------------------------------------------------------





                        RESIDENTIAL ACCREDIT LOANS, INC.,

                                    Company,

                        RESIDENTIAL FUNDING CORPORATION,

                                Master Servicer,

                                       and

                             BANKERS TRUST COMPANY,

                                     Trustee




                         POOLING AND SERVICING AGREEMENT

                           Dated as of August 1, 1996



                 Mortgage Asset-Backed Pass-Through Certificates

                                 Series 1996-QS4



- ------------------------------------------------------------------------

- ------------------------------------------------------------------------





NY1-159595.5

<PAGE>



                                TABLE OF CONTENTS
                                                                        Page

                                    ARTICLE I

                                   DEFINITIONS

  Section 1.01.    Definitions...........................................  3
                                    
Accrued Certificate Interest.............................................  3
Addendum and Assignment Agreement........................................  4
Additional Collateral....................................................  4
Additional Collateral Loan...............................................  4
Adjusted Mortgage Rate...................................................  4
Advance..................................................................  4
Affiliate................................................................  4
Agreement................................................................  5
Amount Held for Future Distribution......................................  5
Appraised Value..........................................................  5
Assignment...............................................................  5
Assignment Agreement.....................................................  5
Assignment of Proprietary Lease..........................................  5
Available Distribution Amount............................................  6
Bankruptcy Amount........................................................  6
Bankruptcy Code..........................................................  7
Bankruptcy Loss..........................................................  7
Book-Entry Certificate...................................................  7
Business Day.............................................................  7
Buydown Funds............................................................  8
Buydown Mortgage Loan....................................................  8
Cash Liquidation.........................................................  8
Certificate..............................................................  8
Certificate Account......................................................  8
Certificate Account Deposit Date.........................................  8
Certificateholder or Holder..............................................  8
Certificate Owner........................................................  9
Certificate Principal Balance............................................  9
Certificate Register and Certificate
Registrar................................................................ 10
Class.................................................................... 10
Class A Accelerated Distribution Percentage.............................. 10
Class A Certificate...................................................... 11
Class A-I Certificate.................................................... 11
Class A-II Certificate................................................... 12
Class A-P Collection Shortfall........................................... 12
Class A Percentage....................................................... 12
Class A-I Percentage..................................................... 12
Class A-II Percentage.................................................... 12
Class A-P Principal Distribution Amount.................................. 13
Class B Certificate...................................................... 13
Class B Percentage....................................................... 13
Class B-1 Percentage..................................................... 13
Class B-1 Prepayment Distribution Trigger................................ 13
Class B-2 Percentage..................................................... 13
Class B-2 Prepayment Distribution Trigger................................ 14


NY1-159595.5
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                                                                       Page

Class B-3 Percentage.................................................... 14
Class B-3 Prepayment Distribution Trigger............................... 14
Class M Certificate..................................................... 14
Class M Percentage...................................................... 14
Class M-1 Percentage.................................................... 14
Class M-2 Percentage.................................................... 14
Class M-2 Prepayment Distribution Trigger............................... 15
Class M-3 Percentage.................................................... 15
Class M-3 Prepayment Distribution Trigger............................... 15
Class R Certificate..................................................... 15
Class R-I Certificate................................................... 15
Class R-II Certificate.................................................. 15
Closing Date............................................................ 16
Code.................................................................... 16
Compensating Interest................................................... 16
Cooperative............................................................. 16
Cooperative Apartment................................................... 16
Cooperative Lease....................................................... 16
Cooperative Loans....................................................... 16
Cooperative Stock....................................................... 16
Cooperative Stock Certificate........................................... 17
Corporate Trust Office.................................................. 17
Credit Support Depletion Date........................................... 17
Curtailment............................................................. 17
Custodial Account....................................................... 17
Custodial Agreement..................................................... 17
Custodian............................................................... 17
Cut-off Date............................................................ 17
Cut-off Date Principal Balance.......................................... 17
Debt Service Reduction.................................................. 17
Deficient Valuation..................................................... 17
Definitive Certificate.................................................. 18
Deleted Mortgage Loan................................................... 18
Depository.............................................................. 18
Depository Participant.................................................. 18
Destroyed Mortgage Note................................................. 18
Determination Date...................................................... 18
Discount Fraction....................................................... 18
Discount Mortgage Loan.................................................. 18
Disqualified Organization............................................... 18
Distribution Date....................................................... 19
Due Date................................................................ 19
Due Period.............................................................. 19
Eligible Account........................................................ 19
Eligible Funds.......................................................... 20
Event of Default........................................................ 20
Excess Bankruptcy Loss.................................................. 20
Excess Fraud Loss....................................................... 20
Excess Special Hazard Loss.............................................. 20
Excess Spread........................................................... 20
Excess Subordinate Principal Amount..................................... 21
Extraordinary Events.................................................... 21


NY1-159595.5
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                                                                       Page

 Extraordinary Losses................................................... 22
 FDIC................................................................... 22
 FHLMC.................................................................. 22
 Final Distribution Date................................................ 22
 Fitch.................................................................. 22
 FNMA................................................................... 22
 Foreclosure Profits.................................................... 22
 Fraud Loss Amount...................................................... 22
 Fraud Losses........................................................... 23
 Group I Loans.......................................................... 23
 Group II Loans......................................................... 23
 Independent............................................................ 23
 Initial Certificate Principal Balance.................................. 23
 Initial Monthly Payment Fund........................................... 23
 Insurance Proceeds..................................................... 24
 Insurer................................................................ 24
 Interest Only Strip.................................................... 24
 Interest Only Strip Certificates....................................... 24
 International Borrower................................................. 24
 Late Collections....................................................... 25
 Liquidation Proceeds................................................... 25
 Loan Group............................................................. 25
 Loan Group I........................................................... 25
 Loan Group II.......................................................... 25
 Loan-to-Value Ratio.................................................... 25
 Lockout Certificates................................................... 25
 Lockout Percentage..................................................... 25
 Maturity Date.......................................................... 25
 MLCC................................................................... 26
 Monthly Payment........................................................ 26
 Moody's................................................................ 26
 Mortgage............................................................... 26
 Mortgage 100SM Loan.................................................... 26
 Mortgage File.......................................................... 26
 Mortgage Loan Schedule................................................. 26
 Mortgage Loans......................................................... 27
 Mortgage Note.......................................................... 27
 Mortgage Rate.......................................................... 27
 Mortgaged Property..................................................... 27
 Mortgagor.............................................................. 28
 Net Mortgage Rate...................................................... 28
 Non-Discount Mortgage Loan:............................................ 28
 Non-Primary Residence Loans............................................ 28
 Non-United States Person............................................... 28
 Nonrecoverable Advance................................................. 28
 Nonsubserviced Mortgage Loan........................................... 28
 Notional Amount........................................................ 28
 Officers' Certificate.................................................. 28
 Opinion of Counsel..................................................... 29
 Outstanding Mortgage Loan.............................................. 29
 Owner or Holder........................................................ 29
 Ownership Interest..................................................... 29


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                                                   iii

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                                                                        Page

Parent PowerSM Loan.................................................... 29
Paying Agent........................................................... 30
Percentage Interest.................................................... 30
Permitted Investments.................................................. 30
Permitted Transferee................................................... 32
Person................................................................. 32
Pool Stated Principal Balance.......................................... 32
Prepayment Assumption.................................................. 32
Prepayment Distribution Percentage..................................... 32
Prepayment Distribution Trigger........................................ 34
Prepayment Interest Shortfall.......................................... 34
Prepayment Period...................................................... 34
Primary Insurance Policy............................................... 34
Principal Prepayment................................................... 34
Principal Prepayment in Full........................................... 34
Program Guide.......................................................... 34
Purchase Price......................................................... 34
Qualified Substitute Mortgage Loan..................................... 35
Rating Agency.......................................................... 35
Realized Loss.......................................................... 36
Record Date............................................................ 36
Regular Certificate.................................................... 37
REMIC.................................................................. 37
REMIC Administrator.................................................... 37
REMIC I................................................................ 37
REMIC I Certificates................................................... 37
REMIC II............................................................... 37
REMIC II Certificates.................................................. 38
REMIC Provisions....................................................... 38
REO Acquisition........................................................ 38
REO Disposition........................................................ 38
REO Imputed Interest................................................... 38
REO Proceeds........................................................... 38
REO Property........................................................... 38
Request for Release.................................................... 38
Required Insurance Policy.............................................. 38
Required Surety Payment................................................ 39
Residential Funding.................................................... 39
Responsible Officer.................................................... 39
Security Agreement..................................................... 39
Seller................................................................. 39
Seller's Agreement..................................................... 39
Senior Certificates.................................................... 39
Senior Principal Distribution Amount................................... 39
Servicing Accounts..................................................... 39
Servicing Advances..................................................... 39
Servicing Fee.......................................................... 40
Servicing Officer...................................................... 40
Special Hazard Amount.................................................. 40
Special Hazard Loss.................................................... 41
Spread Rate............................................................ 41
Standard & Poor's...................................................... 41


NY1-159595.5
                                                    iv

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                                                                       Page

Stated Principal Balance............................................... 41
Subordinate Percentage................................................. 42
Subordinate Principal Distribution Amount.............................. 42
Subserviced Mortgage Loan.............................................. 42
Subservicer............................................................ 42
Subservicer Advance.................................................... 42
Subservicing Account................................................... 43
Subservicing Agreement................................................. 43
Subservicing Fee....................................................... 43
Surety................................................................. 43
Surety Bond............................................................ 43
Tax Returns............................................................ 43
Transfer............................................................... 43
Transferee............................................................. 43
Transferor............................................................. 44
Trust Fund............................................................. 44
Uncertificated Accrued Interest........................................ 44
Uncertificated Pass-Through Rate....................................... 45
Uncertificated Principal Balance....................................... 45
Uncertificated REMIC I Regular Interest P.................................... 45
Uncertificated REMIC I Regular Interest U.................................... 46
Uncertificated REMIC I Regular Interest V.................................... 46
Uncertificated REMIC I Regular Interest W.................................... 47
Uncertificated REMIC I Regular Interest X.................................... 47
Uncertificated REMIC I Regular Interest Y.................................... 47
Uncertificated REMIC I Regular Interests Z................................... 47
 ............................................................................. 48
Uncertificated REMIC I Regular Interest P
Distribution Amount.......................................................... 48
Uncertificated REMIC I Regular Interest U
Distribution Amount.......................................................... 48
Uncertificated REMIC I Regular Interest V
Distribution Amount.......................................................... 48
Uncertificated REMIC I Regular Interest W
Distribution Amount.......................................................... 48
Uncertificated REMIC I Regular Interest X
Distribution Amount.......................................................... 48
Uncertificated REMIC I Regular Interest Y
Distribution Amount.......................................................... 49
Uncertificated REMIC I Regular Interests Z
Distribution Amount.......................................................... 49
Uncertificated REMIC I Regular Interest
Distribution Amounts......................................................... 49
Uncertificated REMIC II Regular Interest P................................... 49
Uncertificated REMIC II Regular Interest U................................... 49
Uncertificated REMIC II Regular Interest V................................... 49
Uncertificated REMIC II Regular Interest W................................... 49
Uncertificated REMIC II Regular Interest P
Distribution Amount.......................................................... 50
Uncertificated REMIC II Regular Interest U
Distribution Amount.......................................................... 50


NY1-159595.5
                                                    v

<PAGE>


                                                                           Page

Uncertificated REMIC II Regular Interest V
Distribution Amount......................................................... 50
Uncertificated REMIC II Regular Interest W
Distribution Amount......................................................... 50
Uncertificated REMIC II Regular Interest
Distribution Amounts........................................................ 50
Uncertificated REMIC II Regular Interests................................... 50
Uncertificated REMIC II Regular Interests Z................................. 50
Uniform Single Attestation Program for
Mortgage Bankers:........................................................... 51
Uninsured Cause............................................................. 51
United States Person........................................................ 51
Variable Strip Certificates................................................. 51
Voting Rights............................................................... 51

                                   ARTICLE II

                          CONVEYANCE OF MORTGAGE LOANS;
                        ORIGINAL ISSUANCE OF CERTIFICATES

Section 2.01.   Conveyance of Mortgage Loans............................... 52
Section 2.02.   Acceptance by Trustee...................................... 58
Section 2.03.   Representations, Warranties and
                Covenants of the Master Servicer and the
                Company.................................................... 59
Section 2.04.   Representations and Warranties
                of Sellers................................................. 65
Section 2.05.   Issuance of Certificates Evidencing
                Interests in REMIC I Certificates.......................... 67
Section 2.06.   Conveyance of Uncertificated REMIC I and
                REMIC II Regular Interests; Acceptance
                by the Trustee............................................. 68
Section 2.07.   Issuance of Certificates Evidencing
                Interest in REMIC II....................................... 69

                                ARTICLE III

                       ADMINISTRATION AND SERVICING
                             OF MORTGAGE LOANS

Section 3.01.   Master Servicer to Act as Servicer......................... 70
Section 3.02.   Subservicing Agreements Between Master
                Servicer and Subservicers; Enforcement
                of Subservicers' and Sellers'
                Obligations................................................ 71
Section 3.03.   Successor Subservicers..................................... 73
Section 3.04.   Liability of the Master Servicer........................... 73
Section 3.05.   No Contractual Relationship Between
                Subservicer and Trustee or
                Certificateholders or the Owner of the
                Excess Spread and the Interest Only Strip.................. 73

NY1-159595.5
                                                    vi

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                                                                      Page

Section 3.06.   Assumption or Termination of
                Subservicing Agreements by Trustee.................... 74
Section 3.07.   Collection of Certain Mortgage Loan
                Payments; Deposits to Custodial Account............... 74
Section 3.08.   Subservicing Accounts;
                Servicing Accounts.................................... 77
Section 3.09.   Access to Certain Documentation and
                Information Regarding the Mortgage
                Loans................................................. 79
Section 3.10.   Permitted Withdrawals from the
                Custodial Account..................................... 79
Section 3.11.   Maintenance of the Primary Insurance
                Policies; Collections Thereunder...................... 81
Section 3.12.   Maintenance of Fire Insurance and
                Omissions and Fidelity Coverage.  .................... 83
Section 3.13.   Enforcement of Due-on-Sale Clauses;
                Assumption and Modification Agreements;
                Certain Assignments................................... 84
Section 3.14.   Realization Upon Defaulted
                Mortgage Loans........................................ 87
Section 3.15.   Trustee to Cooperate;
                Release of Mortgage Files............................. 90
Section 3.16.   Servicing and Other Compensation;
                Compensating Interest................................. 92
Section 3.17.   Reports to the Trustee and the Company................ 93
Section 3.18.   Annual Statement as to Compliance..................... 94
Section 3.19.   Annual Independent Public Accountants'
                Servicing Report...................................... 94
Section 3.20.   Rights of the Company in Respect
                of the Master Servicer.         ...................... 95
Section 3.21.   Administration of Buydown Funds....................... 95

                                ARTICLE IV

                      PAYMENTS TO CERTIFICATEHOLDERS

Section 4.01.   Certificate Account................................... 97
Section 4.02.   Distributions......................................... 97
Section 4.03.   Statements to Certificateholders and the
                Owner of the Excess Spread and the
                Interest
                Only Strip............................................110
Section 4.04.   Distribution of Reports to the
                Trustee and the Company; Advances
                by the Master Servicer................................113
Section 4.05.   Allocation of Realized Losses.........................115
Section 4.06.   Reports of Foreclosures and Abandonment
                of Mortgaged Property.                 ...............117
Section 4.07.   Optional Purchase of Defaulted Mortgage
                Loans.                                 ...............117


NY1-159595.5
                                                   vii

<PAGE>


                                                                          Page

Section 4.08. Distributions on the Uncertificated
              REMIC I and REMIC II Regular Interests.
                       ...................................................118
Section 4.09. Surety Bond.................................................122

                               ARTICLE V

                  THE CERTIFICATES AND EXCESS SPREAD

Section 5.01. The Certificates............................................123
Section 5.02. Registration of Transfer and Exchange of
              Certificates and Restrictions on
              Transfer of Excess Spread and Interest
              Only Strip.      ...........................................126
Section 5.03. Mutilated, Destroyed, Lost or Stolen
              Certificates................................................131
Section 5.04. Persons Deemed Owners.......................................132
Section 5.05. Appointment of Paying Agent.................................132
Section 5.06. Optional Purchase of Certificates...........................133

                              ARTICLE VI

                  THE COMPANY AND THE MASTER SERVICER

Section 6.01. Respective Liabilities of the Company
              and the Master Servicer.....................................135
Section 6.02. Merger or Consolidation of the
              Company or the Master Servicer;
              Assignment of Rights and Delegation
              of Duties by Master Servicer................................135
Section 6.03. Limitation on Liability of the Company,
              the Master Servicer and Others.        .....................136
Section 6.04. Company and Master
              Servicer Not to Resign......................................137

                              ARTICLE VII

                                DEFAULT

Section 7.01. Events of Default...........................................138
Section 7.02. Trustee or Company to Act; Appointment
              of Successor................................................140
Section 7.03. Notification to Certificateholders..........................141
Section 7.04. Waiver of Events of Default.................................142

                             ARTICLE VIII

                        CONCERNING THE TRUSTEE

Section 8.01. Duties of Trustee...........................................143
Section 8.02. Certain Matters Affecting the Trustee.......................145


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                                                   viii

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                                                                 Page

Section 8.03.   Trustee Not Liable for Certificates or
                Mortgage Loans..........................................147
Section 8.04.   Trustee May Own Certificates............................147
Section 8.05.   Master Servicer to Pay Trustee's Fees
                and Expenses; Indemnification.        ..................147
Section 8.06.   Eligibility Requirements for Trustee....................148
Section 8.07.   Resignation and Removal of the Trustee..................149
Section 8.08.   Successor Trustee.......................................150
Section 8.09.   Merger or Consolidation of Trustee......................151
Section 8.10.   Appointment of Co-Trustee or Separate
                Trustee.................................................151
Section 8.11.   Appointment of Custodians...............................152
Section 8.12.   Appointment of Office or Agency.........................153

                                ARTICLE IX

                                TERMINATION

Section 9.01.   Termination Upon Purchase by the Master
                Servicer or the Company or
                Liquidation of All Mortgage Loans.......................154
Section 9.02.   Termination of REMIC II.................................157
Section 9.03.   Additional Termination Requirements.....................157

                                 ARTICLE X

                             REMIC PROVISIONS

Section 10.01.  REMIC Administration....................................159
Section 10.02.  Master Servicer, REMIC Administrator
                and Trustee Indemnification.............................163

                                ARTICLE XI

                         MISCELLANEOUS PROVISIONS

Section 11.01.  Amendment...............................................165
Section 11.02.  Recordation of Agreement; Counterparts..................168
Section 11.03.  Limitation on Rights
                of Certificateholders...................................168
Section 11.04.  Governing Law...........................................169
Section 11.05.  Notices.................................................170
Section 11.06.  Notices to Rating Agency................................170
Section 11.07.  Severability of Provisions..............................171
Section 11.08.  Supplemental Provisions for
                Resecuritization........................................171



NY1-159595.5
                                                    ix

<PAGE>



                                                     EXHIBITS

Exhibit A:                  Form of Class A Certificate
Exhibit B:                  Form of Class M Certificate
Exhibit C:                  Form of Class B Certificate
Exhibit D:                  Form of Class R Certificate
Exhibit E:                  Form of Custodial Agreement
Exhibit F-1:                Mortgage Loan Schedule for Loan Group I
Exhibit F-2:                Mortgage Loan Schedule for Loan Group II
Exhibit G:                  Form of Seller/Servicer Contract
Exhibit H:                  Forms of Request for Release
Exhibit I-1:                Form of Transfer Affidavit and Agreement
Exhibit I-2:                Form of Transferor Certificate
Exhibit J:                  Form of Investor Representation Letter
Exhibit K:                  Form of Transferor Representation Letter
Exhibit L:                  Form of Rule 144A Investment Representation
                            Letter
Exhibit M:                  Text of Amendment to Pooling and Servicing
                            Agreement Pursuant to Section 11.01(e) for a
                            Limited Guaranty
Exhibit N:                  Form of Limited Guaranty
Exhibit O:                  Form of Lender Certification for Assignment of
                            Mortgage Loan
Exhibit P:                  Schedule of Discount Fractions



NY1-159595.5
                                                         x

<PAGE>




         This is a Pooling and Servicing Agreement,  dated as of August 1, 1996,
among  RESIDENTIAL  ACCREDIT  LOANS,  INC.,  as the company  (together  with its
permitted   successors  and  assigns,   the  "Company"),   RESIDENTIAL   FUNDING
CORPORATION,  as master  servicer  (together  with its permitted  successors and
assigns, the "Master Servicer"), and BANKERS TRUST COMPANY, as Trustee (together
with its permitted successors and assigns, the "Trustee"),

                                              PRELIMINARY STATEMENT:

         The  Company  intends  to  sell  mortgage   pass-through   certificates
(collectively, the "Certificates"),  to be issued hereunder in multiple classes,
which in the aggregate will evidence the entire beneficial ownership interest in
the Mortgage Loans (as defined herein).  As provided herein, the Master Servicer
will make an election to treat the entire segregated pool of assets described in
the  definition of REMIC I (as defined  herein),  and subject to this  Agreement
(including the Mortgage Loans but excluding the Initial  Monthly  Payment Fund),
as a real estate mortgage  investment conduit (a "REMIC") for federal income tax
purposes and such segregated pool of assets will be designated as "REMIC I." The
Uncertificated  REMIC I Regular Interests will be "regular interests" in REMIC I
and the Class R-I Certificates will be the sole class of "residual interests" in
REMIC I for  purposes  of the REMIC  Provisions  (as defined  herein)  under the
federal  income  tax  law.  A  segregated  pool  of  assets  consisting  of  the
Uncertificated  REMIC I Regular  Interests will be designated as "REMIC II," and
the Master  Servicer will make a separate REMIC  election with respect  thereto.
The Class A-I-1,  Class  A-I-2,  Class A-I-3,  Class A-I-4,  Class A-I-5,  Class
A-I-6, Class A-I-7, Class A-I-8, Class A-I-9, Class A-I-10,  Class A-II-1, Class
A-II-2,  Class A-P,  Class M-1,  Class M-2,  Class M-3, Class B-1, Class B-2 and
Class B-3 Certificates and the Uncertificated  REMIC II Regular  Interests,  the
rights in and to which will be initially  represented  by the Excess  Spread and
Interest  Only Strip (each as defined  herein),  will be "regular  interests" in
REMIC II, and the Class R-II  Certificates  will be the sole class of  "residual
interests"  therein for  purposes of the REMIC  Provisions  (as defined  herein)
under federal income tax law.



NY1-159595.5

<PAGE>



         The  following  table sets forth the  designation,  type,  Pass-Through
Rate,  aggregate Initial Certificate  Principal Balance,  Maturity Date, initial
ratings and  certain  features  for each Class of  Certificates  comprising  the
interests in the Trust
Fund created hereunder.

                       Aggregate
                       Initial
             Pass      Certificate
             Through   Principal                                       Maturity
Designation  Rate      Balance      Features          Date            S&P  Fitch
- -----------  ------    ---------    --------         ------          ----- -----

Class A-I-1  6.85%  $45,914,000.00  Group I/Senior   August 25, 2026   AAA   AAA
Class A-I-2  11.00% $26,945,000.00  Group I/Senior   August 25, 2026   AAA   AAA
Class A-I-3  7.30%  $15,646,000.00  Group I/Senior   August 25, 2026   AAA   AAA
Class A-I-4  7.50%  $32,740,000.00  Group I/Senior   August 25, 2026   AAA   AAA
Class A-I-5  7.70%  $10,023,000.00  Group I/Senior   August 25, 2026   AAA   AAA
Class A-I-6  8.00%  $26,811,000.00  Group I/Senior   August 25, 2026   AAA   AAA
Class A-I-7  8.00%  $18,046,000.00  Group I/Senior   August 25, 2026   AAA   AAA
Class A-I-8  8.00%   $9,094,000.00  Group I/Senior   August 25, 2026   AAA   AAA
Class A-I-9  8.00%  $10,284,000.00  Group I/Senior   August 25, 2026   AAA   AAA
Class A-I-10 7.90%  $27,538,000.00  Group I/Lockout
                                       /Senior       August 25, 2026   AAA   AAA
Class A-II-1 7.25%  $16,021,000.00  Group II/Senior  August 25, 2026   AAA   AAA
Class A-II-2 7.65%   $8,580,000.00  Group II/Senior  August 25, 2026   AAA   AAA
Class A-P    0.00%   $3,039,637.99  Principal Only
                                       /Senior       August 25, 2026  AAAr   AAA
Class R-I    8.00%         $100.00  Group I/Residual
                                       /Senior       August 25, 2026   AAA   AAA
Class R-II   8.00%         $100.00  Group I/Residual
                                      /Senior        August 25, 2026   AAA   AAA
Class M-1    8.00%  $13,230,500.00    Mezzanine      August 25, 2026   N/A    AA
Class M-2    8.00%   $5,570,800.00    Mezzanine      August 25, 2026   N/A    A
Class M-3    8.00%   $4,456,600.00    Mezzanine      August 25, 2026   N/A   BBB
Class B-1    8.00%   $2,228,400.00   Subordinate     August 25, 2026   N/A    BB
Class B-2    8.00%     $696,400.00   Subordinate     August 25, 2026   N/A    B
Class B-3    8.00%   $1,671,255.97   Subordinate     August 25, 2026   N/A   N/A


         The  Company  may  cause  one or more  additional  classes  of  Class A
Certificates to be issued hereunder upon the terms set forth in Sections 5.01(c)
and  5.01(d),  each of which  shall  bear a  numerical  designation  immediately
sequentially  following  the  highest  numerical  designation  of  the  Class  A
Certificates  previously  issued,  which will  evidence  ownership  of specified
Uncertificated  REMIC  II  Regular  Interests,   each  of  which  will  have  no
Certificate Principal Balance and will have varying maturity dates no later than
August 25, 2026.


NY1-159595.5
                                                         2

<PAGE>




         The Mortgage  Loans have an aggregate  Cut-off Date  Principal  Balance
equal to  $278,535,793.96.  The Mortgage Loans are comprised of two Loan Groups.
The Group I Loans are  fixed-rate  first lien  mortgage  loans  having  terms to
maturity at origination or  modification of not more than 30 years and the Group
II Loans are fixed rate first lien  mortgage  loans  having terms to maturity at
origination or modification of not more than 15 years.

         In  consideration  of  the  mutual  agreements  herein  contained,  the
Company, the Master Servicer and the Trustee agree as follows:


                                                     ARTICLE I

                                                    DEFINITIONS

         Section 1.01.              Definitions.

         Whenever  used in this  Agreement,  the  following  words and  phrases,
unless the context otherwise requires, shall have the meanings specified in this
Article.

         Accrued Certificate  Interest:  With respect to each Distribution Date,
as to any Class A Certificate  (other than any Variable  Strip  Certificates  or
Interest  Only  Strip  Certificates),  any  Class  M  Certificate,  any  Class B
Certificate  or any Class R  Certificate,  one month's  interest  accrued at the
related   Pass-Through  Rate  on  the  Certificate   Principal  Balance  thereof
immediately prior to such  Distribution  Date. With respect to each Distribution
Date, as to any Variable Strip Certificates or Interest Only Strip Certificates,
one month's  interest accrued at the related  Pass-Through  Rate on the Notional
Amount thereof.  Accrued Certificate Interest will be calculated on the basis of
a  360-day  year,  consisting  of twelve  30-day  months.  In each case  Accrued
Certificate  Interest on any Class of Certificates will be reduced by the amount
of (i) Prepayment  Interest Shortfalls on the Mortgage Loans in the related Loan
Group  (to the  extent  not  offset by the  Master  Servicer  with a payment  of
Compensating  Interest as provided in Section 4.01),  (ii) the interest  portion
(adjusted to the Net Mortgage Rate) of Realized  Losses on the Mortgage Loans in
the related Loan Group  (including  Excess Special  Hazard Losses,  Excess Fraud
Losses,  Excess Bankruptcy Losses and Extraordinary Losses) not allocated solely
to one or more specific Classes of Certificates  pursuant to Section 4.05, (iii)
the interest portion of Advances previously made with respect to a Mortgage Loan
or REO Property on the Mortgage  Loans in the related Loan Group which  remained
unreimbursed  following the Cash Liquidation or REO Disposition of such Mortgage
Loan or REO  Property  that were made with  respect to  delinquencies  that were
ultimately  determined to be Excess Special Hazard Losses,  Excess Fraud Losses,
Excess Bankruptcy Losses or Extraordinary


NY1-159595.5
                                                         3

<PAGE>



Losses  and (iv) any other  interest  shortfalls  on the  Mortgage  Loans in the
related  Loan Group not  covered by the  subordination  provided  by the Class M
Certificates  and  Class  B  Certificates,   including   interest  that  is  not
collectible  from the Mortgagor  pursuant to the  Soldiers'  and Sailors'  Civil
Relief Act of 1940, as amended,  or similar  legislation  or  regulations  as in
effect from time to time,  with all such  reductions  allocated among all of the
Certificates  and to the Excess  Spread and Interest Only Strip in proportion to
their  respective  amounts of Accrued  Certificate  Interest or interest payable
thereon from such Loan Group which would have resulted  absent such  reductions.
In addition to that portion of the reductions  described in the second preceding
sentence that are allocated to any Class of Class B Certificates or any Class of
Class M  Certificates,  Accrued  Certificate  Interest  on such Class of Class B
Certificates  or such  Class  of Class M  Certificates  will be  reduced  by the
interest portion (adjusted to the Net Mortgage Rate) of Realized Losses that are
allocated  solely to such Class of Class B Certificates or such Class of Class M
Certificates pursuant to Section 4.05.

         Addendum and Assignment Agreement:  The Addendum and
Assignment Agreement, dated as of January 31, 1995, between MLCC
and the Master Servicer.

         Additional  Collateral:  With respect to any Mortgage  100SM Loan,  the
marketable  securities  held from time to time as security for the  repayment of
such Mortgage 100SM Loan and any related collateral.  With respect to any Parent
PowerSM Loan, the third-party  guarantee for such Parent PowerSM Loan,  together
with (i) any  marketable  securities  held from time to time as security for the
performance of such  guarantee and any related  collateral or (ii) any mortgaged
property  securing the  performance of such  guarantee,  the related home equity
line of credit loan and any related collateral.

         Additional Collateral Loan:  Each Mortgage Loan that is
supported by Additional Collateral.

         Adjusted  Mortgage Rate: With respect to any Mortgage Loan and any date
of determination, the Mortgage Rate borne by the related Mortgage Note, less the
rate at which the related Subservicing Fee accrues.

         Advance:  As to any Mortgage Loan, any advance made by the
Master Servicer, pursuant to Section 4.04.

         Affiliate:  With respect to any Person,  any other Person  controlling,
controlled by or under common  control with such first Person.  For the purposes
of this  definition,  "control"  means the power to direct  the  management  and
policies of such Person,  directly or indirectly,  whether through the ownership
of voting securities, by contract or otherwise; and the terms


NY1-159595.5
                                                         4

<PAGE>



"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
each Loan Group,  the total of the amounts held in the Custodial  Account at the
close  of  business  on the  preceding  Determination  Date  on  account  of (i)
Liquidation Proceeds, Insurance Proceeds,  Principal Prepayments,  Mortgage Loan
purchases  made pursuant to Section 2.02,  2.03,  2.04 or 4.07 and Mortgage Loan
substitutions  made  pursuant  to Section  2.03 or 2.04  received or made in the
month of such Distribution Date (other than such Liquidation Proceeds, Insurance
Proceeds and purchases of Mortgage Loans that the Master  Servicer has deemed to
have been received in the preceding  month in accordance  with Section  3.07(b))
and (ii)  payments  which  represent  early  receipt of  scheduled  payments  of
principal  and  interest  due on a date or dates  subsequent  to the related Due
Date, in each case with respect to the Mortgage Loans in the related Loan Group.

         Appraised  Value: As to any Mortgaged  Property,  the lesser of (i) the
appraised value of such Mortgaged  Property based upon the appraisal made at the
time of the  origination of the related  Mortgage Loan, and (ii) the sales price
of the Mortgaged  Property at such time of origination,  except in the case of a
Mortgaged  Property  securing a refinanced or modified Mortgage Loan as to which
it is  either  the  appraised  value  determined  above or the  appraised  value
determined in an appraisal at the time of  refinancing or  modification,  as the
case may be.

         Assignment:  An  assignment  of the  Mortgage,  notice of  transfer  or
equivalent  instrument,  in recordable  form,  sufficient  under the laws of the
jurisdiction  wherein  the related  Mortgaged  Property is located to reflect of
record  the  sale  of the  Mortgage  Loan to the  Trustee  for  the  benefit  of
Certificateholders,   which   assignment,   notice  of  transfer  or  equivalent
instrument  may be in the  form  of one or  more  blanket  assignments  covering
Mortgages  secured  by  Mortgaged  Properties  located  in the same  county,  if
permitted by law and accompanied by an Opinion of Counsel to that effect.

         Assignment Agreement:  The Assignment and Assumption
Agreement,  dated August 29, 1996, between  Residential  Funding and the Company
relating to the transfer and assignment of the Mortgage Loans.

         Assignment of Proprietary  Lease:  With respect to a Cooperative  Loan,
the  assignment  of the  related  Cooperative  Lease from the  Mortgagor  to the
originator of the Cooperative Loan.



NY1-159595.5
                                                         5

<PAGE>



         Available  Distribution  Amount:  As to any Distribution  Date and each
Loan  Group,  an amount  equal to (a) the sum of (i) the amount  relating to the
Mortgage Loans in the related Loan Group on deposit in the Custodial  Account as
of the close of business on the  immediately  preceding  Determination  Date and
amounts  deposited in the Custodial  Account in connection with the substitution
of Qualified  Substitute  Mortgage Loans, (ii) the amount of any Advance for the
related Loan Group made on the immediately preceding Certificate Account Deposit
Date,  (iii) any amount  deposited  in the  Certificate  Account on the  related
Certificate  Account  Deposit Date  pursuant to the second  paragraph of Section
3.12(a)  and  relating to a loss on a Mortgage  Loan in the related  Loan Group,
(iv) any amount  deposited in the Certificate  Account  pursuant to Section 4.07
and  relating to a loss on a Mortgage  Loan in the related  Loan Group,  (v) any
amount that the Master  Servicer is not permitted to withdraw from the Custodial
Account  pursuant to Section 3.16(e) and (vi) any amount received by the Trustee
pursuant to the Surety Bond in respect of such Distribution Date and a loss on a
Mortgage Loan in the related Loan Group,  reduced by (b) the sum as of the close
of business on the  immediately  preceding  Determination  Date of (w) aggregate
Foreclosure  Profits,  (x) the  Amount  Held for  Future  Distribution,  and (y)
amounts  permitted  to be withdrawn by the Master  Servicer  from the  Custodial
Account  in  respect  of  the  Mortgage  Loans  pursuant  to  clauses  (ii)-(x),
inclusive,  of Section 3.10(a),  in each case with respect to the Mortgage Loans
in the related Loan Group.

         Bankruptcy  Amount: As of any date of determination  prior to the first
anniversary  of the Cut-off Date, an amount equal to the excess,  if any, of (A)
$272,106 over (B) the aggregate amount of Bankruptcy  Losses allocated solely to
one or more specific Classes of Certificates in accordance with Section 4.05. As
of any date of  determination  on or after the first  anniversary of the Cut-off
Date,  an  amount  equal to the  excess,  if any,  of (1) the  lesser of (a) the
Bankruptcy  Amount  calculated  as of the close of business on the  Business Day
immediately preceding the most recent anniversary of the Cut-off Date coinciding
with or preceding such date of determination  (or, if such date of determination
is an anniversary of the Cut-off Date,  the Business Day  immediately  preceding
such date of  determination)  (for  purposes of this  definition,  the "Relevant
Anniversary") and (b) the greater of

                    (A) the greater of (i) 0.0006 times the aggregate  principal
         balance  of all  the  Mortgage  Loans  in the  Mortgage  Pool as of the
         Relevant Anniversary (other than Additional  Collateral Loans) having a
         Loan-to-Value Ratio at origination which exceeds 75% and (ii) $100,000;
         and (B) the  greater of (i) the  product of (x) an amount  equal to the
         largest  difference in the related  Monthly Payment for any Non-Primary
         Residence  Loan  remaining in the Mortgage Pool (other than  Additional
         Collateral Loans) which had an


NY1-159595.5
                                                         6

<PAGE>



         original Loan-to-Value Ratio of 80% or greater that would result if the
         Net Mortgage Rate thereof was equal to the weighted  average  (based on
         the  principal  balance  of  the  Mortgage  Loans  as of  the  Relevant
         Anniversary)  of the Net Mortgage Rates of all Mortgage Loans as of the
         Relevant  Anniversary  less 1.25% per annum,  (y) a number equal to the
         weighted  average  remaining  term  to  maturity,  in  months,  of  all
         Non-Primary  Residence  Loans  remaining in the Mortgage Pool as of the
         Relevant  Anniversary,  and (z) one plus the  quotient of the number of
         all Non-Primary  Residence Loans remaining in the Mortgage Pool divided
         by the total number of Outstanding  Mortgage Loans in the Mortgage Pool
         as of the Relevant Anniversary, and (ii) $50,000,

over (2) the aggregate  amount of Bankruptcy  Losses  allocated solely to one or
more specific  Classes of Certificates in accordance with Section 4.05 since the
Relevant Anniversary.

         The  Bankruptcy  Amount may be further  reduced by the Master  Servicer
(including  accelerating the manner in which such coverage is reduced)  provided
that prior to any such  reduction,  the Master Servicer shall (i) obtain written
confirmation  from each Rating Agency that such  reduction  shall not reduce the
rating  assigned to any Class of  Certificates  by such Rating  Agency below the
lower of the then-current  rating or the rating assigned to such Certificates as
of the  Closing  Date by such  Rating  Agency  and (ii)  provide  a copy of such
written confirmation to the Trustee.

         Bankruptcy Code:  The Bankruptcy Code of 1978, as amended.

         Bankruptcy  Loss:  With  respect  to any  Mortgage  Loan,  a  Deficient
Valuation or Debt Service Reduction; provided, however, that neither a Deficient
Valuation  nor a Debt  Service  Reduction  shall  be  deemed a  Bankruptcy  Loss
hereunder  so long as the Master  Servicer  has  notified the Trustee in writing
that the Master  Servicer is diligently  pursuing any remedies that may exist in
connection  with the  representations  and warranties made regarding the related
Mortgage  Loan and either (A) the related  Mortgage  Loan is not in default with
regard to payments due  thereunder or (B)  delinquent  payments of principal and
interest  under the related  Mortgage  Loan and any  premiums on any  applicable
primary hazard  insurance  policy and any related escrow  payments in respect of
such Mortgage Loan are being advanced on a current basis by the Master  Servicer
or a  Subservicer,  in either case  without  giving  effect to any Debt  Service
Reduction.

         Book-Entry Certificate:  Any Certificate registered in the
name of the Depository or its nominee.

         Business Day:  Any day other than (i) a Saturday or a Sunday
or (ii) a day on which banking institutions in the State of New
York, the State of Michigan, the State of California or the State


NY1-159595.5
                                                         7

<PAGE>



of Illinois  (and such other state or states in which the  Custodial  Account or
the  Certificate  Account are at the time located) are required or authorized by
law or executive order to be closed.

         Buydown  Funds:  Any amount  contributed  by the seller of a  Mortgaged
Property, the Company or other source in order to enable the Mortgagor to reduce
the payments  required to be made from the Mortgagor's  funds in the early years
of a  Mortgage  Loan.  Buydown  Funds  are not part of the Trust  Fund  prior to
deposit into the Custodial or Certificate Account.

         Buydown Mortgage Loan: Any Mortgage Loan as to which a specified amount
of interest is paid out of related  Buydown Funds in  accordance  with a related
buydown agreement.

         Cash  Liquidation:  As to any  defaulted  Mortgage  Loan  other  than a
Mortgage Loan as to which an REO Acquisition  occurred,  a determination  by the
Master  Servicer  that  it has  received  all  Insurance  Proceeds,  Liquidation
Proceeds  and  other  payments  or cash  recoveries  which the  Master  Servicer
reasonably and in good faith expects to be finally  recoverable  with respect to
such Mortgage Loan.

         Certificate:  Any Class A Certificate, Class A-P
Certificate, Class M Certificate, Class B Certificate or Class R
Certificate.

         Certificate  Account:  The  separate  account or  accounts  created and
maintained  pursuant to Section  4.01,  which shall be entitled  "Bankers  Trust
Company, as trustee, in trust for the registered holders of Residential Accredit
Loans, Inc., Mortgage  Asset-Backed  Pass-Through  Certificates and the Owner of
the Excess Spread and the Interest Only Strip,  Series  1996-QS4" and which must
be an Eligible Account.

         Certificate Account Deposit Date:  As to any Distribution
Date, the Business Day prior thereto.

         Certificateholder  or Holder: The Person in whose name a Certificate is
registered  in the  Certificate  Register,  except that  neither a  Disqualified
Organization  nor a  Non-United  States  Person shall be a holder of a Class R-I
Certificate or Class R-II  Certificate  for purposes  hereof and, solely for the
purpose of giving any  consent or  direction  pursuant  to this  Agreement,  any
Certificate,  other  than a Class R-I  Certificate  or Class  R-II  Certificate,
registered in the name of the Company, the Master Servicer or any Subservicer or
any Affiliate  thereof shall be deemed not to be outstanding  and the Percentage
Interest or Voting Rights  evidenced  thereby shall not be taken into account in
determining  whether the  requisite  amount of  Percentage  Interests  or Voting
Rights necessary to effect any such consent or direction has been obtained.  All
references herein to


NY1-159595.5
                                                         8

<PAGE>



"Holders" or "Certificateholders" shall reflect the rights of Certificate Owners
as  they  may  indirectly  exercise  such  rights  through  the  Depository  and
participating members thereof,  except as otherwise specified herein;  provided,
however,  that the  Trustee  shall be  required  to  recognize  as a "Holder" or
"Certificateholder" only the Person in whose name a Certificate is registered in
the Certificate Register.

         Certificate Owner: With respect to a Book-Entry Certificate, the Person
who is the beneficial owner of such Certificate, as reflected on the books of an
indirect participating brokerage firm for which a Depository Participant acts as
agent, if any, and otherwise on the books of a Depository  Participant,  if any,
and otherwise on the books of the Depository.

         Certificate Principal Balance: With respect to each Class A Certificate
(other than any Variable Strip Certificate or Interest Only Strip  Certificate),
Class A-P Certificate and Class R Certificate, on any date of determination,  an
amount  equal  to  (i)  the  Initial  Certificate   Principal  Balance  of  such
Certificate  as  specified  on the face  thereof,  minus (ii) the sum of (x) the
aggregate of all amounts previously distributed with respect to such Certificate
(or any predecessor Certificate) and applied to reduce the Certificate Principal
Balance  thereof  pursuant  to  Section  4.02(a)  and (y) the  aggregate  of all
reductions  in  Certificate   Principal  Balance  deemed  to  have  occurred  in
connection  with  Realized  Losses  which  were  previously  allocated  to  such
Certificate  (or any  predecessor  Certificate)  pursuant to Section 4.05.  With
respect to each Class M  Certificate,  on any date of  determination,  an amount
equal  to (i)  the  Initial  Certificate  Principal  Balance  of  such  Class  M
Certificate  as  specified  on the face  thereof,  minus (ii) the sum of (x) the
aggregate of all amounts previously distributed with respect to such Certificate
(or any predecessor Certificate) and applied to reduce the Certificate Principal
Balance  thereof  pursuant  to  Section  4.02(a)  and (y) the  aggregate  of all
reductions  in  Certificate   Principal  Balance  deemed  to  have  occurred  in
connection  with  Realized  Losses  which  were  previously  allocated  to  such
Certificate (or any predecessor Certificate) pursuant to Section 4.05; provided,
that if the Certificate Principal Balances of the Class B Certificates have been
reduced to zero, the Certificate  Principal  Balance of each Class M Certificate
of those Class M Certificates outstanding with the highest numerical designation
at any given  time  shall  thereafter  be  calculated  to equal  the  Percentage
Interest evidenced by such Certificate times the excess, if any, of (A) the then
aggregate  Stated  Principal  Balance  of the  Mortgage  Loans over (B) the then
aggregate  Certificate  Principal  Balance of all other Classes of  Certificates
then  outstanding.  With  respect  to each Class B  Certificate,  on any date of
determination,  an amount equal to (i) the Initial Certificate Principal Balance
of such Class B Certificate as specified on the face thereof, minus (ii) the sum


NY1-159595.5
                                                         9

<PAGE>



of (x) the aggregate of all amounts previously  distributed with respect to such
Certificate  (or  any  predecessor   Certificate)  and  applied  to  reduce  the
Certificate  Principal  Balance thereof  pursuant to Section 4.02(a) and (y) the
aggregate of all  reductions in  Certificate  Principal  Balance  deemed to have
occurred in connection with Realized  Losses which were previously  allocated to
such  Certificate  (or any  predecessor  Certificate)  pursuant to Section 4.05;
provided,  that the Certificate Principal Balance of each Class B Certificate of
those Class B Certificates outstanding with the highest numerical designation at
any given time shall be calculated to equal the Percentage Interest evidenced by
such  Certificate  times the excess,  if any, of (A) the then  aggregate  Stated
Principal Balance of the Mortgage Loans over (B) the then aggregate  Certificate
Principal  Balance of all other Classes of Certificates  then  outstanding.  The
Variable Strip  Certificates and Interest Only Strip  Certificates  will have no
Certificate Principal Balance.

         Certificate Register and Certificate Registrar:  The
register maintained and the registrar appointed pursuant to
Section 5.02.

         Class:  Collectively, all of the Certificates bearing the
same designation.

         Class A Accelerated Distribution Percentage:  With respect
to any Distribution Date and any Loan Group, the percentage
indicated below:

                                                           Class A Accelerated
   Distribution Date                                    Distribution Percentage

September 1996 through
August 2001.............................................   100%

September 2001 through
August 2002.............................................   the related Class A
                                                   Percentage, plus 70% of the
                                                  related Subordinate Percentage

September 2002 through
August 2003.............................................   the related Class A
                                                   Percentage, plus 60% of the
                                                  related Subordinate Percentage
September 2003 through
August 2004.............................................   the related Class A
                                                   Percentage, plus 40% of the
                                                 related Subordinate Percentage
September 2004 through
August 2005.............................................   the related Class A
                                                    Percentage, plus 20% of the
                                                 related Subordinate Percentage



NY1-159595.5
                           10

<PAGE>





September 2005 and
thereafter.................................   the related Class A Percentage


provided,  however,  (i) that any scheduled reduction to the Class A Accelerated
Distribution  Percentages described above shall not occur as of any Distribution
Date unless either (a)(1)(X) the outstanding  principal  balance of the Mortgage
Loans in both Loan Groups  delinquent 60 days or more averaged over the last six
months,  as a percentage  of the  aggregate  outstanding  Certificate  Principal
Balance  of the  Class M and Class B  Certificates,  is less than 50% or (Y) the
outstanding  principal  balance of Mortgage Loans in both Loan Groups delinquent
60 days or more  averaged  over the  last six  months,  as a  percentage  of the
aggregate  outstanding principal balance of all Mortgage Loans averaged over the
last six  months,  does not exceed 2% and (2)  Realized  Losses on the  Mortgage
Loans in both Loan Groups to date for such Distribution Date if occurring during
the sixth,  seventh,  eighth, ninth or tenth year (or any year thereafter) after
the Closing Date are less than 30%, 35%, 40%, 45% or 50%,  respectively,  of the
sum of the Initial  Certificate  Principal  Balances of the Class M Certificates
and Class B Certificates or (b)(1) the outstanding principal balance of Mortgage
Loans in both Loan Groups  delinquent 60 days or more averaged over the last six
months,  as a percentage of the aggregate  outstanding  principal balance of all
Mortgage  Loans  averaged  over the last six months,  does not exceed 4% and (2)
Realized  Losses  on the  Mortgage  Loans in both  Loan  Groups to date for such
Distribution  Date  are  less  than  10% of the sum of the  Initial  Certificate
Principal Balances of the Class M Certificates and Class B Certificates and (ii)
that for any  Distribution  Date on which  the  related  Class A  Percentage  is
greater than the related Class A Percentage as of the Closing Date,  the related
Class A Accelerated  Distribution Percentage for such Distribution Date shall be
100%.  Notwithstanding  the  foregoing,  upon the  reduction of the  Certificate
Principal Balances of the Class A-I Certificates and Residual  Certificates,  or
the Class  A-II  Certificates,  as  applicable,  to zero,  the  related  Class A
Accelerated Distribution Percentage shall thereafter be 0%.

         Class A  Certificate:  Any one of the Class A-I  Certificates  or Class
A-II  Certificates  or, on and after the date of issuance of any Variable  Strip
Certificates or Interest Only Strip Certificates  pursuant to Section 5.01(c) or
5.01(d),  respectively,  such Variable Strip Certificates or Interest Only Strip
Certificates  evidencing the related Uncertificated REMIC II Regular Interest or
Interests  specified  by the  Company  in  accordance  with  Section  5.01(c) or
5.01(d), respectively.

         Class A-I Certificate:  Any one of the Class A-I-1, Class
A-I-2, Class A-I-3, Class A-I-4, Class A-I-5, Class A-I-6,


NY1-159595.5
                                                        11

<PAGE>



Class A-I-7, Class A-I-8, Class A-I-9 or Class A-I-10 Certificates,  executed by
the Trustee and authenticated by the Certificate Registrar  substantially in the
form annexed hereto as Exhibit A, each such  Certificate  evidencing an interest
designated  as a  "regular  interest"  in REMIC  II for  purposes  of the  REMIC
Provisions, and representing an undivided interest in Loan Group I.

         Class A-II  Certificate:  Any one of the Class  A-II-1 or Class  A-II-2
Certificates,  executed  by the  Trustee and  authenticated  by the  Certificate
Registrar  substantially  in the form  annexed  hereto as  Exhibit  A, each such
Certificate  evidencing an interest  designated as a "regular interest" in REMIC
II for purposes of the REMIC Provisions,  and representing an undivided interest
in Loan Group II.

         Class A-P Collection Shortfall: With respect to the Cash Liquidation or
REO  Disposition  of a Discount  Mortgage Loan and any  Distribution  Date,  the
excess of the  amount  described  in  Section  4.02(b)(i)(C)(1)  over the amount
described in Section 4.02(b)(i)(C)(2).

         Class A Percentage:  The Class A-I Percentage or Class A-II
Percentage, as applicable.

         Class A-I Percentage:  As of any Distribution  Date, the lesser of 100%
and a  fraction,  expressed  as a  percentage,  the  numerator  of  which is the
aggregate  Certificate  Principal  Balance of the Class A-I, Class R-I and Class
R-II   Certificates   immediately  prior  to  such  Distribution  Date  and  the
denominator  of which is the aggregate  Stated  Principal  Balance of all of the
Mortgage  Loans (or  related  REO  Properties)  in Loan Group I (other  than the
related  Discount  Fraction  of each  Discount  Mortgage  Loan in Loan  Group I)
immediately prior to such Distribution Date.

         Class A-II Percentage:  As of any Distribution Date, the lesser of 100%
and a  fraction,  expressed  as a  percentage,  the  numerator  of  which is the
aggregate   Certificate   Principal  Balance  of  the  Class  A-II  Certificates
immediately  prior to such Distribution Date and the denominator of which is the
aggregate Stated Principal  Balance of all of the Mortgage Loans (or related REO
Properties) in Loan Group II (other than the related  Discount  Fraction of each
Discount  Mortgage Loan in Loan Group II) immediately prior to such Distribution
Date.

         Class A-I Principal  Distribution  Amount: As to any Distribution Date,
the lesser of (a) the balance of the Available  Distribution  Amount  related to
Loan Group I remaining  after the  distribution  of all  amounts  required to be
distributed  pursuant  to Section  4.02(a)(i)(W)  and the portion of the amounts
required  to  be  distributed  therefrom  pursuant  to  Sections  4.02(a)(i)(Y),
4.02(a)(i)(Z) and  4.02(a)(ii)(X)  and (b) the sum of the amounts required to be
distributed to the Class A-I Certificateholders


NY1-159595.5
                                                        12

<PAGE>



and Class R  Certificateholders  on such  Distribution  Date pursuant to Section
4.02(a)(ii)(Y), (xvii) and (xviii).

         Class A-II Principal  Distribution Amount: As to any Distribution Date,
the lesser of (a) the balance of the Available  Distribution  Amount  related to
Loan Group II remaining  after the  distribution  of all amounts  required to be
distributed  pursuant  to Section  4.02(a)(i)(X)  and the portion of the amounts
required  to  be  distributed  therefrom  pursuant  to  Sections  4.02(a)(i)(Y),
4.02(a)(i)(Z) and  4.02(a)(ii)(X)  and (b) the sum of the amounts required to be
distributed  to the Class  A-II  Certificateholders  on such  Distribution  Date
pursuant to Section 4.02(a)(ii)(Y), (xvii) and (xviii).

         Class A-P Principal Distribution Amount:  As defined in
Section 4.02(b)(i).

         Class B Certificate:  Any one of the Class B-1 Certificates,  Class B-2
Certificates or Class B-3 Certificates executed by the Trustee and authenticated
by the Certificate Registrar substantially in the form annexed hereto as Exhibit
C,  evidencing an interest  designated  as a "regular  interest" in REMIC II for
purposes of the REMIC Provisions and representing an undivided  interest in both
Loan Groups.

         Class B Percentage:  The Class B-1 Percentage, Class B-2
Percentage and Class B-3 Percentage.

         Class  B-1  Percentage:  With  respect  to  any  Distribution  Date,  a
fraction,  expressed as a  percentage,  the  numerator of which is the aggregate
Certificate Principal Balance of the Class B-1 Certificates immediately prior to
such date and the denominator of which is the aggregate Stated Principal Balance
of all of the Mortgage Loans (or related REO Properties) (other than the related
Discount  Fraction of each Discount  Mortgage  Loan)  immediately  prior to such
Distribution Date.

         Class  B-1  Prepayment   Distribution  Trigger:  With  respect  to  any
Distribution Date, a test that shall be satisfied if the fraction  (expressed as
a  percentage)  equal to the sum of the  Certificate  Principal  Balances of the
Class B-1  Certificates,  Class  B-2  Certificates  and  Class B-3  Certificates
immediately  prior to such  Distribution  Date divided by the  aggregate  Stated
Principal  Balance of all of the  Mortgage  Loans (or  related  REO  Properties)
immediately prior to such Distribution Date is greater than or equal to 1.65%.

         Class  B-2  Percentage:  With  respect  to  any  Distribution  Date,  a
fraction,  expressed as a  percentage,  the  numerator of which is the aggregate
Certificate Principal Balance of the Class B-2 Certificates immediately prior to
such date and the denominator of which is the aggregate Stated Principal Balance
of all of the Mortgage Loans (or related REO Properties) (other than


NY1-159595.5
                                                        13

<PAGE>



the related Discount  Fraction of each Discount Mortgage Loan) immediately prior
to such Distribution Date.

         Class  B-2  Prepayment   Distribution  Trigger:  With  respect  to  any
Distribution Date, a test that shall be satisfied if the fraction  (expressed as
a  percentage)  equal to the sum of the  Certificate  Principal  Balances of the
Class B-2  Certificates  and Class B-3  Certificates  immediately  prior to such
Distribution  Date divided by the aggregate Stated  Principal  Balance of all of
the  Mortgage  Loans  (or  related  REO  Properties)  immediately  prior to such
Distribution Date is greater than or equal to 0.85%.

         Class B-3 Percentage: With respect to any Distribution Date, a fraction
expressed as a percentage,  the numerator of which is the aggregate  Certificate
Principal  Balance of the Class B-3 Certificates  immediately prior to such date
and the denominator of which is the aggregate  Stated  Principal  Balance of all
the Mortgage Loans (or related REO Properties)  (other than the related Discount
Fraction of each Discount  Mortgage Loan) immediately prior to such Distribution
Date.

         Class  B-3  Prepayment   Distribution  Trigger:  With  respect  to  any
Distribution Date, a test that shall be satisfied if the fraction  (expressed as
a  percentage)  equal to the sum of the  Certificate  Principal  Balances of the
Class B-3 Certificates  immediately  prior to such  Distribution Date divided by
the aggregate Stated Principal  Balance of all of the Mortgage Loans (or related
REO Properties)  immediately  prior to such Distribution Date is greater than or
equal to 0.60%.

         Class M Certificate:  Any one of the Class M-1 Certificates,  Class M-2
Certificates or Class M-3 Certificates executed by the Trustee and authenticated
by the Certificate Registrar substantially in the form annexed hereto as Exhibit
B,  evidencing an interest  designated  as a "regular  interest" in REMIC II for
purposes of the REMIC Provisions and representing an undivided  interest in both
Loan Groups.

         Class M Percentage:  The Class M-1 Percentage, Class M-2
Percentage and Class M-3 Percentage.

         Class  M-1  Percentage:  With  respect  to  any  Distribution  Date,  a
fraction,  expressed as a  percentage,  the  numerator of which is the aggregate
Certificate Principal Balance of the Class M-1 Certificates immediately prior to
such date and the denominator of which is the aggregate Stated Principal Balance
of all of the Mortgage Loans (or related REO Properties) (other than the related
Discount  Fraction of each Discount  Mortgage  Loan)  immediately  prior to such
Distribution Date.

         Class M-2 Percentage:  With respect to any Distribution
Date, a fraction, expressed as a percentage, the numerator of
which is the aggregate Certificate Principal Balance of the Class


NY1-159595.5
                                                        14

<PAGE>



M-2 Certificates  immediately prior to such date and the denominator of which is
the aggregate Stated Principal  Balance of all of the Mortgage Loans (or related
REO  Properties)  (other than the  related  Discount  Fraction of each  Discount
Mortgage Loan) immediately prior to such Distribution Date.

         Class  M-2  Prepayment   Distribution  Trigger:  With  respect  to  any
Distribution Date, a test that shall be satisfied if the fraction  (expressed as
a  percentage)  equal to the sum of the  Certificate  Principal  Balances of the
Class M-2 Certificates,  Class M-3 Certificates,  Class B-1 Certificates,  Class
B-2  Certificates  and  Class  B-3  Certificates   immediately   prior  to  such
Distribution  Date divided by the aggregate Stated  Principal  Balance of all of
the  Mortgage  Loans  (or  related  REO  Properties)  immediately  prior to such
Distribution Date is greater than or equal to 5.25%.

         Class  M-3  Percentage:  With  respect  to  any  Distribution  Date,  a
fraction,  expressed as a  percentage,  the  numerator of which is the aggregate
Certificate Principal Balance of the Class M-3 Certificates immediately prior to
such date and the denominator of which is the aggregate Stated Principal Balance
of all of the Mortgage Loans (or related REO Properties) (other than the related
Discount  Fraction of each Discount  Mortgage  Loan)  immediately  prior to such
Distribution Date.

         Class  M-3  Prepayment   Distribution  Trigger:  With  respect  to  any
Distribution Date, a test that shall be satisfied if the fraction  (expressed as
a  percentage)  equal to the sum of the  Certificate  Principal  Balances of the
Class M-3 Certificates, Class B-1 Certificates, Class B-2 Certificates and Class
B-3  Certificates  immediately  prior to such  Distribution  Date divided by the
aggregate Stated Principal  Balance of all of the Mortgage Loans (or related REO
Properties) immediately prior to such Distribution Date is greater than or equal
to 3.25%.

         Class R Certificate:  Any one of the Class R-I Certificates
or Class R-II Certificates.

         Class R-I Certificate:  Any one of the Class R-I Certificates  executed
by the Trustee and authenticated by the Certificate  Registrar  substantially in
the form annexed hereto as Exhibit D and evidencing an interest  designated as a
"residual  interest"  in  REMIC I for  purposes  of the  REMIC  Provisions,  and
representing an undivided  interest in Loan Group I and certain residual amounts
pursuant to this Agreement.

         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,  and
representing an undivided interest in Loan Group I.


NY1-159595.5
                                                        15

<PAGE>




         Closing Date:  August 29, 1996.

         Code:  The Internal Revenue Code of 1986.

         Compensating Interest: With respect to any Distribution Date, an amount
equal to Prepayment Interest Shortfalls resulting from Principal  Prepayments in
Full during the related  Prepayment  Period, but not more than the lesser of (a)
one-twelfth  of 0.125% of the Stated  Principal  Balance of the  Mortgage  Loans
immediately  preceding such  Distribution  Date and (b) the sum of the Servicing
Fee,  all income  and gain on  amounts  held in the  Custodial  Account  and the
Certificate Account and payable to the  Certificateholders  with respect to such
Distribution Date and servicing compensation to which the Master Servicer may be
entitled pursuant to Section 3.10(a)(v) and (vi);  provided that for purposes of
this definition the amount of the Servicing Fee will not be reduced  pursuant to
Section  7.02  except as may be required  pursuant to the last  sentence of such
Section.

         Cooperative: A private, cooperative housing corporation organized under
the laws of,  and  headquartered  in, the State of New York which owns or leases
land and all or part of a  building  or  buildings  located  in the State of New
York, including apartments, spaces used for commercial purposes and common areas
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.


NY1-159595.5
                                                        16

<PAGE>




         Cooperative Stock Certificate:  With respect to a
Cooperative Loan, the stock certificate or other instrument
evidencing the related Cooperative Stock.

         Corporate Trust Office: The principal office of the Trustee at which at
any particular  time its corporate trust business with respect to this Agreement
shall  be  administered,  which  office  at the  date of the  execution  of this
instrument is located at Corporate  Trust and Agency Group,  Four Albany Street,
New York, New York 10006,  Attention:  Residential  Funding  Corporation  Series
1996-QS4.

         Credit Support Depletion Date: The first Distribution Date on which the
Certificate  Principal  Balances  of  the  Class  M  Certificates  and  Class  B
Certificates have been reduced to zero.

         Curtailment:  Any Principal Prepayment made by a Mortgagor
which is not a Principal Prepayment in Full.

         Custodial  Account:  The  custodial  account or  accounts  created  and
maintained pursuant to Section 3.07 in the name of a depository institution,  as
custodian for the holders of the Certificates,  for the holders of certain other
interests in mortgage loans serviced or sold by the Master  Servicer and for the
Master  Servicer,  into which the  amounts  set forth in  Section  3.07 shall be
deposited directly. Any such account or accounts shall be an Eligible Account.

         Custodial  Agreement:  An agreement  that may be entered into among the
Company,  the Master Servicer,  the Trustee and a Custodian in substantially the
form of Exhibit E hereto.

         Custodian:  A custodian appointed pursuant to a Custodial
Agreement.

         Cut-off Date: August 1, 1996.

         Cut-off Date  Principal  Balance:  As to any Mortgage  Loan, the unpaid
principal  balance  thereof  at the  Cut-off  Date  after  giving  effect to all
installments of principal due on or prior thereto, whether or not received.

         Debt Service Reduction:  With respect to any Mortgage Loan, a reduction
in the scheduled  Monthly Payment for such Mortgage Loan by a court of competent
jurisdiction in a proceeding under the Bankruptcy Code,  except such a reduction
constituting a Deficient  Valuation or any reduction that results in a permanent
forgiveness of principal.

         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


NY1-159595.5
                                                        17

<PAGE>



principal  to be paid in  connection  with any  scheduled  Monthly  Payment that
constitutes a permanent  forgiveness of principal,  which valuation or reduction
results from a proceeding under the Bankruptcy Code.

         Definitive Certificate:  Any definitive, fully registered
Certificate.

         Deleted Mortgage Loan:  A Mortgage Loan replaced or to be
replaced with a Qualified Substitute Mortgage Loan.

         Depository:  The Depository Trust Company, or any successor  Depository
hereafter  named.  The  nominee  of  the  initial  Depository  for  purposes  of
registering those Certificates that are to be Book-Entry  Certificates is Cede &
Co. The Depository shall at all times be a "clearing  corporation" as defined in
Section  8-102(3) of the Uniform  Commercial Code of the State of New York and a
"clearing  agency"  registered  pursuant to the provisions of Section 17A of the
Securities Exchange Act of 1934, as amended.

         Depository  Participant:  A  broker,  dealer,  bank or other  financial
institution  or other  Person  for whom from time to time a  Depository  effects
book-entry transfers and pledges of securities deposited with the Depository.

         Destroyed Mortgage Note:  A Mortgage Note the original of
which was permanently lost or destroyed and has not been
replaced.

         Determination Date: With respect to any Distribution Date, the 20th day
(or if such  20th  day is not a  Business  Day,  the  Business  Day  immediately
following such 20th day) of the month of the related Distribution Date.

         Discount  Fraction:  With respect to each Discount  Mortgage  Loan, the
fraction  expressed as a  percentage,  the numerator of which is 8.00% minus the
Net Mortgage Rate (or the initial Net Mortgage Rate with respect to any Discount
Mortgage  Loans as to which the Mortgage  Rate is modified  pursuant to 3.07(a))
for such  Mortgage  Loan and the  denominator  of which is 8.00%.  The  Discount
Fraction with respect to each  Discount  Mortgage Loan is set forth on Exhibit P
attached hereto.

         Discount  Mortgage  Loan:  Any Mortgage Loan having a Net Mortgage Rate
(or the initial Net Mortgage Rate) of less than 8.00% per annum and any Mortgage
Loan  deemed to be a  Discount  Mortgage  Loan  pursuant  to the  definition  of
Qualified Substitute Mortgage Loan.

         Disqualified Organization:  Any organization defined as a
"disqualified organization" under Section 860E(e)(5) of the Code,
which includes any of the following:  (i) the United States, any


NY1-159595.5
                                                        18

<PAGE>



State or political  subdivision thereof, any possession of the United States, or
any  agency  or   instrumentality  of  any  of  the  foregoing  (other  than  an
instrumentality  which is a corporation  if all of its activities are subject to
tax and,  except for the  FHLMC,  a majority  of its board of  directors  is not
selected  by  such   governmental   unit),  (ii)  a  foreign   government,   any
international  organization,  or any  agency  or  instrumentality  of any of the
foregoing,  (iii) any  organization  (other than certain  farmers'  cooperatives
described  in Section  521 of the Code)  which is exempt from the tax imposed by
Chapter 1 of the Code  (including  the tax imposed by Section 511 of the Code on
unrelated   business  taxable   income),   (iv)  rural  electric  and  telephone
cooperatives  described in Section  1381(a)(2)(C)  of the Code and (v) any other
Person so  designated  by the Trustee  based upon an Opinion of Counsel that the
holding of an  Ownership  Interest in a Class R  Certificate  by such Person may
cause  REMIC I or REMIC II or any Person  having an  Ownership  Interest  in any
Class of  Certificates  (other than such  Person) to incur a  liability  for any
federal tax imposed  under the Code that would not  otherwise be imposed but for
the Transfer of an Ownership  Interest in a Class R Certificate  to such Person.
The terms "United States",  "State" and "international  organization" shall have
the meanings set forth in Section 7701 of the Code or successor provisions.

         Distribution  Date:  The 25th day of any month  beginning  in the month
immediately  following the month of the initial issuance of the Certificates or,
if such 25th day is not a Business Day, the Business Day  immediately  following
such 25th day.

         Due Date:  With respect to any Distribution Date, the first
day of the month in which such Distribution Date occurs.

         Due  Period:   With  respect  to  any  Distribution  Date,  the  period
commencing  on  the  second  day  of the  month  preceding  the  month  of  such
Distribution Date and ending on the related Due Date.

         Eligible  Account:  An  account  that  is  any of  the  following:  (i)
maintained with a depository institution the debt obligations of which have been
rated by each Rating Agency in its highest rating available,  or (ii) an account
or accounts in a depository institution in which such accounts are fully insured
to the limits established by the FDIC, provided that any deposits not so insured
shall, to the extent  acceptable to each Rating Agency, as evidenced in writing,
be maintained such that (as evidenced by an Opinion of Counsel  delivered to the
Trustee and each Rating Agency) the registered  Holders of  Certificates  have a
claim with  respect to the funds in such account or a perfected  first  security
interest   against  any   collateral   (which  shall  be  limited  to  Permitted
Investments)  securing  such  funds  that is  superior  to  claims  of any other
depositors or creditors of the depository institution with which such account is
maintained, or (iii) in


NY1-159595.5
                                                        19

<PAGE>



the case of the  Custodial  Account,  either  (A) a trust  account  or  accounts
maintained  in the  corporate  trust  department  of The First  National Bank of
Chicago or (B) an account or accounts maintained in the corporate asset services
department of The First National Bank of Chicago, as long as its short term debt
obligations  are rated P-1 (or the  equivalent)  or better by each Rating Agency
and its long term debt  obligations  are rated A2 (or the equivalent) or better,
by each Rating Agency, or (iv) in the case of the Certificate  Account,  a trust
account or accounts  maintained in the corporate trust division of Bankers Trust
Company, or (v) an account or accounts of a depository institution acceptable to
each Rating  Agency (as  evidenced in writing by each Rating  Agency that use of
any such account as the Custodial  Account or the  Certificate  Account will not
reduce the rating  assigned to any Class of  Certificates  by such Rating Agency
below  the  lower of the  then-current  rating or the  rating  assigned  to such
Certificates as of the Closing Date by such Rating Agency).

         Eligible Funds: On any Distribution  Date, the portion,  if any, of the
Available  Distribution Amount for both Loan Groups remaining after reduction by
the sum of (i) the aggregate amount of Accrued Certificate Interest on the Class
A and Class R Certificates  and the Excess Spread and Interest Only Strip,  (ii)
the  Class  A-I  Principal   Distribution   Amount  and  Class  A-II   Principal
Distribution   Amount  (in  each  case  determined  without  regard  to  Section
4.02(a)(ii)(Y)(D)  hereof),  (iii) the Class A-P Principal  Distribution  Amount
(determined  without  regard  to  Section  4.02(b)(i)(E)  hereof)  and  (iv) the
aggregate  amount of  Accrued  Certificate  Interest  on the Class M and Class B
Certificates.

         Event of Default:  As defined in Section 7.01.

         Excess Bankruptcy Loss:  Any Bankruptcy Loss, or portion
thereof, which exceeds the then applicable Bankruptcy Amount.

         Excess Fraud Loss:  Any Fraud Loss, or portion thereof,
which exceeds the then applicable Fraud Loss Amount.

         Excess Special Hazard Loss:  Any Special Hazard Loss, or
portion thereof, that exceeds the then applicable Special Hazard
Amount.

         Excess Spread:  With respect to any Distribution  Date and any Mortgage
Loan with respect to which the Company has not on or prior to such  Distribution
Date issued a class of Variable Strip Certificates representing ownership of the
related  Uncertificated  REMIC II Interest Z, one month's interest on the Stated
Principal  Balance of such Mortgage Loan at the Spread Rate with respect to such
Mortgage  Loan,  calculated on the basis of a 360-day year  consisting of twelve
30-day  months.  Excess Spread on any  Distribution  Date will be reduced by the
interest shortfalls


NY1-159595.5
                                                        20

<PAGE>



described in clauses (i) through (iv) of the third sentence of the definition of
Accrued  Certificate  Interest,  to the extent allocated thereto pursuant to the
provisions of such definition.

         Excess Subordinate  Principal Amount:  With respect to any Distribution
Date on which the Certificate Principal Balance of the most subordinate class or
classes of Certificates (as established in Section 4.05 hereof) then outstanding
is to be reduced to zero and on which  Realized  Losses are to be  allocated  to
such  class or  classes,  the  excess,  if any,  of (i) the  amount  that  would
otherwise be  distributable  in respect of principal on such class or classes of
Certificates  on such  Distribution  Date over (ii) the  excess,  if any, of the
Certificate   Principal  Balance  of  such  class  or  classes  of  Certificates
immediately  prior to such  Distribution  Date  over  the  aggregate  amount  of
Realized  Losses  to be  allocated  to  such  classes  of  Certificates  on such
Distribution  Date as  reduced  by any  amount  calculated  pursuant  to Section
4.02(b)(i)(E). The Excess Subordinate Principal Amount will be allocated between
Loan Group I and Loan Group II on a pro rata basis in accordance with the amount
of Realized  Losses on the  Mortgage  Loans in each Loan Group  allocated to the
Certificates on such Distribution Date.

         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;



NY1-159595.5
                                                        21

<PAGE>



                    (d)     any weapon of war employing atomic fission or
         radioactive force whether in time of peace or war; or

                    (e) insurrection,  rebellion, revolution, civil war, usurped
         power  or  action  taken  by   governmental   authority  in  hindering,
         combatting  or  defending  against  such  an  occurrence,   seizure  or
         destruction  under quarantine or customs  regulations,  confiscation by
         order of any government or public authority;  or risks of contraband or
         illegal transportation or trade.

         Extraordinary Losses:  Any loss incurred on a Mortgage Loan
caused by or resulting from an Extraordinary Event.

         FDIC:  Federal Deposit Insurance Corporation or any
successor thereto.

         FHLMC:   Federal   Home  Loan   Mortgage   Corporation,   a   corporate
instrumentality of the United States created and existing under Title III of the
Emergency Home Finance Act of 1970, as amended, or any successor thereto.

         Final  Distribution  Date:  The  Distribution  Date on which  the final
distribution  in respect of the  Certificates  will be made  pursuant to Section
9.01, which Final  Distribution  Date shall in no event be later than the end of
the 90-day liquidation period described in Section 9.03.

         Fitch:  Fitch Investors Service, L.P. or its successor in
interest.

         FNMA:  Federal National Mortgage Association, a federally
chartered and privately owned corporation organized and existing
under the Federal National Mortgage Association Charter Act, or
any successor thereto.

         Foreclosure   Profits:   As  to  any   Distribution   Date  or  related
Determination  Date and any Mortgage  Loan,  the excess,  if any, of Liquidation
Proceeds,  Insurance Proceeds and REO Proceeds (net of all amounts  reimbursable
therefrom  pursuant to Section  3.10(a)(ii)) in respect of each Mortgage Loan or
REO Property for which a Cash  Liquidation  or REO  Disposition  occurred in the
related  Prepayment  Period over the sum of the unpaid principal balance of such
Mortgage Loan or REO Property (determined, in the case of an REO Disposition, in
accordance  with Section 3.14) plus accrued and unpaid  interest at the Mortgage
Rate on such unpaid  principal  balance from the Due Date to which  interest was
last paid by the Mortgagor to the first day of the month  following the month in
which such Cash Liquidation or REO Disposition occurred.

         Fraud Loss Amount:  As of any date of determination after
the Cut-off Date, an amount equal to: (Y) prior to the first
anniversary of the Cut-off Date an amount equal to 2.00% of the


NY1-159595.5
                                                        22

<PAGE>



aggregate  outstanding  principal balance of all of the Mortgage Loans as of the
Cut-off Date minus the aggregate  amount of Fraud Losses allocated solely to one
or more specific  Classes of  Certificates in accordance with Section 4.05 since
the Cut-off Date up to such date of determination  and (Z) from the first to the
fifth  anniversary of the Cut-off Date, an amount equal to (1) the lesser of (a)
the Fraud Loss Amount as of the most recent  anniversary of the Cut-off Date and
(b) 1.00% of the aggregate  outstanding principal balance of all of the Mortgage
Loans as of the most recent  anniversary of the Cut-off Date minus (2) the Fraud
Losses  allocated  solely to one or more  specific  Classes of  Certificates  in
accordance  with Section 4.05 since the most recent  anniversary  of the Cut-off
Date up to such date of determination. On and after the fifth anniversary of the
Cut-off Date the Fraud Loss Amount shall be zero.

         The Fraud Loss  Amount may be  further  reduced by the Master  Servicer
(including  accelerating the manner in which such coverage is reduced)  provided
that prior to any such  reduction,  the Master Servicer shall (i) obtain written
confirmation  from each Rating Agency that such  reduction  shall not reduce the
rating  assigned to any Class of  Certificates  by such Rating  Agency below the
lower of the then-current  rating or the rating assigned to such Certificates as
of the  Closing  Date by such  Rating  Agency  and (ii)  provide  a copy of such
written confirmation to the Trustee.

         Fraud Losses:  Losses on Mortgage Loans as to which there
was fraud in the origination of such Mortgage Loan.

         Group I Loans:  The Mortgage Loans designated on the
Mortgage Loan Schedule as Group I Loans.

         Group II Loans:  The Mortgage Loans designated on the
Mortgage Loan Schedule as Group II Loans.

         Independent: When used with respect to any specified Person, means such
a Person who (i) is in fact independent of the Company,  the Master Servicer and
the Trustee,  or any Affiliate thereof,  (ii) does not have any direct financial
interest or any material indirect financial interest in the Company,  the Master
Servicer or the Trustee or in an Affiliate  thereof,  and (iii) is not connected
with the Company,  the Master  Servicer or the Trustee as an officer,  employee,
promoter,  underwriter,  trustee, partner, director or person performing similar
functions.

         Initial  Certificate  Principal Balance:  With respect to each Class of
Certificates, the Certificate Principal Balance of such Class of Certificates as
of the Cut-off Date as set forth in the Preliminary Statement hereto.

         Initial Monthly Payment Fund:  As defined in Section
2.01(g).


NY1-159595.5
                                                        23

<PAGE>




         Insurance  Proceeds:  Proceeds  paid in respect of the  Mortgage  Loans
pursuant to any Primary  Insurance Policy or any other related  insurance policy
covering a  Mortgage  Loan,  to the  extent  such  proceeds  are  payable to the
mortgagee  under the  Mortgage,  any  Subservicer,  the Master  Servicer  or the
Trustee and are not applied to the restoration of the related Mortgaged Property
or released to the Mortgagor in accordance  with the procedures  that the Master
Servicer would follow in servicing mortgage loans held for its own account.

         Insurer:  Any named insurer under any Primary Insurance
Policy or any successor thereto or the named insurer in any
replacement policy.

         Interest Only Strip:  With respect to any Distribution  Date, an amount
equal to (x) the sum of (a)  one-twelfth  of the  product of (1) 8.00% minus the
weighted  average of the  Pass-Through  Rates on the Class  A-I-1,  Class A-I-2,
Class A-I-3, Class A-I-4, Class A-I-5 and Class A-I-10 Certificates (weighted on
the basis of their respective  Certificate  Principal Balances immediately prior
to such  Distribution  Date) and (2) a notional  amount  equal to the  aggregate
Certificate  Principal  Balances of the Class A-I-1,  Class A-I-2,  Class A-I-3,
Class A-I-4, Class A-I-5 and Class A-I-10 Certificates immediately prior to such
Distribution  Date,  and (b)  one-twelfth  of the product of (1) 8.00% minus the
weighted  average  of the  Pass-Through  Rates on the  Class  A-II  Certificates
(weighted  on the  basis  of their  respective  Certificate  Principal  Balances
immediately prior to such Distribution  Date) and (2) a notional amount equal to
the aggregate  Certificate Principal Balance of the Class A-II Certificates less
(y) the  aggregate  of any amounts  distributable  with respect to each Class of
Interest Only Strip  Certificates on such  Distribution Date pursuant to Section
4.02(a)(i),  which amount evidences  Uncertificated REMIC II Regular Interest P,
Uncertificated  REMIC II Regular  Interest  U,  Uncertificated  REMIC II Regular
Interest V and  Uncertificated  REMIC II Regular  Interest  W, to the extent the
Company has not on or prior to such Distribution Date issued a class of Interest
Only Strip  Certificates  which represent  ownership of any such  Uncertificated
REMIC  II  Regular  Interest  or  Interests.  The  Interest  Only  Strip  on any
Distribution  Date will be  reduced  by the  interest  shortfalls  described  in
clauses (i) through  (iv) of the third  sentence  of the  definition  of Accrued
Certificate Interest, to the extent allocated thereto pursuant to the provisions
of such definition.

         Interest Only Strip Certificates:  Any one of any Class of
Class A Certificates issued in accordance with Section 5.01(d).

         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


NY1-159595.5
                                                        24

<PAGE>



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.

         Liquidation Proceeds:  Amounts (other than Insurance Proceeds) received
by the Master  Servicer  in  connection  with the taking of an entire  Mortgaged
Property  by  exercise  of the power of  eminent  domain or  condemnation  or in
connection with the liquidation of a defaulted  Mortgage Loan through  trustee's
sale, foreclosure sale or otherwise, other than REO Proceeds.

         Loan Group:  Either or both of Loan Group I or Loan Group
II.

         Loan Group I:  The group of Mortgage Loans comprised of the
Group I Loans.

         Loan Group II:  The group of Mortgage Loans comprised of the
Group II Loans.

         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 Certificates:  Any one of the Class A-I-10
Certificates.

         Lockout  Percentage:  For any Distribution  Date occurring prior to the
Distribution  Date in August 2001, 0%. For any Distribution Date occurring on or
after the Distribution Date in August 2001 and prior to the Distribution Date in
August  2003,  50%.  For  any  Distribution  Date  occurring  on  or  after  the
Distribution Date in August 2003, 100%.

         Maturity Date: The latest possible  maturity date,  solely for purposes
of  Section  1.860G-1(a)(4)(iii)  of the  Treasury  regulations,  by  which  the
Certificate  Principal  Balance of each Class of  Certificates  (other  than the
Variable Strip  Certificates and Interest Only Strip  Certificates which have no
Certificate  Principal Balance)  representing a regular interest in REMIC II and
the  Uncertificated  Principal  Balance of each  Uncertificated  REMIC I Regular
Interest and the rights to each  Uncertificated  REMIC II Regular Interest would
be reduced to zero, which is August 25, 2026, the Distribution  Date immediately
following the latest scheduled maturity date of any Mortgage Loan.


NY1-159595.5
                                                        25

<PAGE>




         MLCC:  Merrill Lynch Credit Corporation, or its successor in
interest.

         Monthly  Payment:  With respect to any Mortgage Loan (including any REO
Property) and any Due Date, the payment of principal and interest due thereon in
accordance with the amortization  schedule at the time applicable thereto (after
adjustment,  if any, for  Curtailments  and for Deficient  Valuations  occurring
prior to such Due Date but before any adjustment to such  amortization  schedule
by reason of any  bankruptcy,  other  than a  Deficient  Valuation,  or  similar
proceeding or any moratorium or similar waiver or grace period).

         Moody's:  Moody's Investors Service, Inc., or its successor
in interest.

         Mortgage: With respect to each Mortgage Note related to a Mortgage Loan
which is not a Cooperative Loan, the mortgage, deed of trust or other comparable
instrument  creating  a first  lien on an  estate  in fee  simple  or  leasehold
interest in real property securing a Mortgage Note.

         Mortgage 100SM Loan: A Mortgage Loan that has a Loan-to-Value  Ratio at
origination in excess of 80.00% and that is secured by Additional Collateral and
does not have a Primary Mortgage Insurance Policy.

         Mortgage File: The mortgage documents listed in Section 2.01 pertaining
to a particular Mortgage Loan and any additional  documents required to be added
to the Mortgage File pursuant to this Agreement.

         Mortgage Loan Schedule:  The list of the Mortgage Loans attached hereto
as Exhibit F-1 (with respect to the Group I Loans) and Exhibit F-2 (with respect
to Group II Loans) (each 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 in the related Loan Group:

         (i)                the Mortgage Loan identifying number ("RFC LOAN
                            #");

         (ii)               the street address of the Mortgaged Property
                            including state and zip code ("ADDRESS");

         (iii)              the maturity of the Mortgage Note ("MATURITY
                            DATE");

         (iv)               the Mortgage Rate ("ORIG RATE");

         (v)                the Subservicer pass-through rate ("CURR NET");



NY1-159595.5
                                                        26

<PAGE>



         (vi)               the Net Mortgage Rate ("NET MTG RT");

         (vii)              the Spread Rate ("SPREAD");

         (viii)     the initial scheduled monthly payment of
                    principal, if any, and interest ("ORIGINAL P &
                    I");

         (ix)               the Cut-off Date Principal Balance ("PRINCIPAL
                            BAL");

         (x)                the Loan-to-Value Ratio at origination ("LTV");

         (xi)               the rate at which the Subservicing Fee accrues
                            ("SUBSERV FEE") and at which the Servicing Fee
                            accrues ("MSTR SERV FEE");

         (xii)              a code  "T,"  "BT"  or "CT"  under  the  column  "LN
                            FEATURE,"  indicating  that  the  Mortgage  Loan  is
                            secured by a second or vacation residence; and

         (xiii)     a code "N" under the column "OCCP CODE," indicating that the
                    Mortgage Loan is secured by a non-owner occupied residence.

Such 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.

         Mortgaged Property:  The underlying real property securing a
Mortgage Loan.



NY1-159595.5
                                                        27

<PAGE>



         Mortgagor:  The obligor on a Mortgage Note.

         Net  Mortgage  Rate:  As to each  Mortgage  Loan,  a per annum  rate of
interest  equal to the Adjusted  Mortgage  Rate less the per annum rate at which
the Servicing Fee is calculated.

         Non-Discount Mortgage Loan:  A Mortgage Loan that is not a
Discount Mortgage Loan.

         Non-Primary Residence Loans:  The Mortgage Loans designated
as secured by second or vacation residences, or by non-owner
occupied residences, on the Mortgage Loan Schedule.

         Non-United States Person:  Any Person other than a United
States Person.

         Nonrecoverable  Advance:  Any Advance previously made or proposed to be
made by the Master  Servicer in respect of a Mortgage Loan (other than a Deleted
Mortgage Loan) which,  in the good faith judgment of the Master  Servicer,  will
not, or, in the case of a proposed Advance, would not, be ultimately recoverable
by the Master  Servicer  from  related  Late  Collections,  Insurance  Proceeds,
Liquidation  Proceeds,  REO  Proceeds  or  amounts  reimbursable  to the  Master
Servicer  pursuant to Section 4.02(a) hereof.  The  determination  by the Master
Servicer that it has made a Nonrecoverable  Advance or that any proposed Advance
would  constitute a Nonrecoverable  Advance,  shall be evidenced by an Officers'
Certificate delivered to the Company and the Trustee.

         Nonsubserviced Mortgage Loan:  Any Mortgage Loan that, at
the time of reference thereto, is not subject to a Subservicing
Agreement.

         Notional Amount: As of any Distribution Date, with respect to any class
of (i) Variable Strip  Certificates,  the aggregate Stated Principal  Balance of
the  Mortgage  Loans  corresponding  to  the  Uncertificated  REMIC  II  Regular
Interests Z represented by such Class of Variable Strip  Certificates,  and (ii)
Interest Only Strip Certificates, the aggregate Uncertificated Principal Balance
of  the   Uncertificated   REMIC  I  Regular  Interests   corresponding  to  the
Uncertificated REMIC II Regular Interests or Interests represented by such Class
of Interest Only Strip Certificates.

         Officers'  Certificate:  A  certificate  signed by the  Chairman of the
Board,  the  President or a Vice  President or Assistant  Vice  President,  or a
Director or Managing Director,  and by the Treasurer,  the Secretary,  or one of
the Assistant  Treasurers or Assistant  Secretaries of the Company or the Master
Servicer,  as the case may be, and delivered to the Trustee, as required by this
Agreement.



NY1-159595.5
                                                        28

<PAGE>



         Opinion of  Counsel:  A written  opinion of counsel  acceptable  to the
Trustee  and the  Master  Servicer,  who may be counsel  for the  Company or the
Master  Servicer,  provided  that any opinion of counsel (i)  referred to in the
definition of "Disqualified  Organization" or (ii) relating to the qualification
of the  Trust  Fund as a REMIC or  compliance  with the REMIC  Provisions  must,
unless otherwise specified, be an opinion of Independent counsel.

         Outstanding  Mortgage  Loan:  As to  any  Due  Date,  a  Mortgage  Loan
(including an REO Property) which was not the subject of a Principal  Prepayment
in Full,  Cash  Liquidation  or REO  Disposition  and which  was not  purchased,
deleted or  substituted  for prior to such Due Date  pursuant  to Section  2.02,
2.03, 2.04 or 4.07.

         Owner or Holder: With respect to the Excess Spread or the Interest Only
Strip  at  any  time  at  which  the  Excess  Spread  or  Interest  Only  Strip,
respectively,  evidences  ownership  in  any  Uncertificated  REMIC  II  Regular
Interest,  Residential Funding, as the owner of all right, title and interest in
and to the Excess Spread or the Interest Only Strip,  as the case may be. Solely
for the purpose of giving any consent or direction  pursuant to this  Agreement,
as long as Residential  Funding or any Affiliate  thereof is Master Servicer and
the Excess Spread or the Interest Only Strip remains uncertificated,  the Voting
Rights evidenced thereby shall not be taken into account in determining  whether
the requisite  amount of Voting  Rights  necessary to effect any such consent or
direction has been obtained.

         Ownership  Interest:  As to any Certificate,  any ownership or security
interest in such Certificate,  including any interest in such Certificate as the
Holder thereof and any other interest therein, whether direct or indirect, legal
or beneficial, as owner or as pledgee.

         Parent PowerSM Loan: A Mortgage Loan that has a Loan-to-Value  Ratio at
origination in excess of 80.00%, that is supported by Additional  Collateral and
does not have a Primary Mortgage Insurance Policy.

         Pass-Through Rate: With respect to the Class A Certificates (other than
the Variable Strip Certificates and Interest Only Strip  Certificates),  Class M
Certificates, Class B Certificates and Class R Certificates and any Distribution
Date, the per annum rate set forth in the  Preliminary  Statement  hereto.  With
respect to any Class of Variable Strip Certificates and any Distribution Date, a
rate equal to the weighted  average,  expressed as a  percentage,  of the Spread
Rates of all Mortgage Loans corresponding to the Uncertificated REMIC II Regular
Interests Z represented by such Class of Variable Strip  Certificates  as of the
Due Date in the month next preceding the month in which such  Distribution  Date
occurs,  weighted on the basis of the respective  Stated  Principal  Balances of
such  Mortgage  Loans,  which  Stated  Principal  Balances  shall be the  Stated
Principal Balances of such


NY1-159595.5
                                                        29

<PAGE>



Mortgage  Loans  at  the  close  of  business  on  the   immediately   preceding
Distribution  Date after giving  effect to  distributions  thereon  allocable to
principal  to the  Holders  of the  Certificates.  With  respect to any Class of
Interest Only Strip  Certificates and any Distribution Date, a rate equal to the
weighted average, expressed as a percentage, of the Uncertificated  Pass-Through
Rate of the Uncertificated REMIC II Regular Interests  represented by such Class
of Interest Only  Certificates.  The Class A-P Certificates have no Pass-Through
Rate and are not entitled to Accrued Certificate Interest.

         Paying Agent:  Bankers Trust Company or any successor Paying
Agent appointed by the Trustee.

         Percentage  Interest:  With  respect to any  Certificate  (other than a
Variable Strip  Certificate,  Interest Only Strip or Class R  Certificate),  the
undivided  percentage  ownership interest in the related Class evidenced by such
Certificate,  which percentage  ownership interest shall be equal to the Initial
Certificate   Principal   Balance  thereof  divided  by  the  aggregate  Initial
Certificate Principal Balance of all of the Certificates of the same Class. With
respect to a Variable  Strip  Certificate,  Interest Only Strip  Certificate  or
Class R Certificate,  the interest in  distributions  to be made with respect to
such Class evidenced thereby,  expressed as a percentage,  as stated on the face
of each such Certificate.

         Permitted Investments:  One or more of the following:

                    (i)  obligations  of  or  guaranteed  as  to  principal  and
         interest by the United States or any agency or instrumentality  thereof
         when such  obligations  are  backed by the full faith and credit of the
         United States;

                    (ii)  repurchase  agreements  on  obligations  specified  in
         clause  (i)  maturing  not  more  than  one  month  from  the  date  of
         acquisition  thereof,  provided that the unsecured  obligations  of the
         party agreeing to repurchase such  obligations are at the time rated by
         each Rating Agency in its highest short-term rating available;

                    (iii)  federal  funds,   certificates  of  deposit,   demand
         deposits, time deposits and bankers' acceptances (which shall each have
         an  original  maturity  of not more  than 90 days  and,  in the case of
         bankers'  acceptances,  shall in no event have an original  maturity of
         more  than  365  days or a  remaining  maturity  of more  than 30 days)
         denominated in United States dollars of any U.S. depository institution
         or trust  company  incorporated  under the 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 &


NY1-159595.5
                                                        30

<PAGE>



         Poor's,  in the  case  of the  principal  depository  institution  in a
         depository   institution  holding  company,  debt  obligations  of  the
         depository  institution  holding  company)  at the date of  acquisition
         thereof have been rated by each Rating Agency in its highest short-term
         rating available;  and provided further that, if the only Rating Agency
         is  Standard  & Poor's  and if the  depository  or trust  company  is a
         principal subsidiary of a bank holding company and the debt obligations
         of such  subsidiary are not  separately  rated,  the applicable  rating
         shall be that of the bank holding company;  and, provided further that,
         if the original  maturity of such short-term  obligations of a domestic
         branch of a  foreign  depository  institution  or trust  company  shall
         exceed 30 days, the short-term rating of such institution shall be A-1+
         in the case of  Standard  & Poor's if  Standard  & Poor's is the Rating
         Agency;

                    (iv)  commercial  paper (having  original  maturities of not
         more than 365 days) of any corporation  incorporated  under the laws of
         the United States or any state thereof which on the date of acquisition
         has been rated by each Rating Agency in its highest  short-term  rating
         available;  provided that such commercial  paper shall have a remaining
         maturity of not more than 30 days;

                    (v)             a money market fund or a qualified
 investment
         fund rated by each Rating Agency in its highest long-term
         rating available; and

                    (vi) other  obligations or securities that are acceptable to
         each Rating  Agency as a Permitted  Investment  hereunder  and will not
         reduce the rating  assigned to any Class of Certificates by such Rating
         Agency  below  the  lower  of the  then-current  rating  or the  rating
         assigned to such  Certificates  as of the  Closing  Date by such Rating
         Agency, as evidenced in writing;

provided,  however,  no  instrument  shall  be  a  Permitted  Investment  if  it
represents,  either (1) the right to receive only interest payments with respect
to the underlying debt instrument or (2) the right to receive both principal and
interest  payments derived from  obligations  underlying such instrument and the
principal and interest payments with respect to such instrument  provide a yield
to maturity greater than 120% of the yield to maturity at par of such underlying
obligations.  References  herein to the highest  rating  available  on unsecured
long-term debt shall mean AAA in the case of Standard & Poor's and Fitch and Aaa
in the case of Moody's, and references herein to the highest rating available on
unsecured commercial paper and short-term debt obligations shall mean A-1 in the
case of Standard & Poor's, P-1 in the case of Moody's and either A-1 by Standard
& Poor's, P-1 by Moody's or F-1 by Fitch in the case of Fitch.



NY1-159595.5
                                                        31

<PAGE>



         Permitted Transferee:  Any Transferee of a Class R
Certificate, other than a Disqualified Organization or Non-United
States Person.

         Person:  Any  individual,   corporation,   limited  liability  company,
partnership,   joint   venture,   association,   joint-stock   company,   trust,
unincorporated organization or government or any agency or political subdivision
thereof.

         Pledged Asset Mortgage Servicing Agreement: The Pledged
Asset Mortgage Servicing Agreement, dated as of February 28, 1996
between MLCC and the Master Servicer.

         Pool Stated Principal  Balance:  As to any date of  determination,  the
aggregate of the Stated  Principal  Balances of each  Mortgage  Loan that was an
Outstanding  Mortgage  Loan on the Due Date in the month  preceding the month of
such date of determination.

         Prepayment  Assumption:  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 4.0% per annum of the then  outstanding  principal
balance of the Mortgage Loans in both Loan Groups in the first month of the life
of such Mortgage Loans and an additional 1.0% per annum in each month thereafter
until the thirteenth  month,  and beginning in the thirteenth  month and in each
month  thereafter  during the life of the Mortgage Loans, a constant  prepayment
rate of 16.0% per annum.

         Prepayment  Distribution  Percentage:  With respect to any Distribution
Date and each Class of Class M Certificates and Class B Certificates,  under the
applicable  circumstances set forth below, the respective  percentages set forth
below:

         (i)        For any Distribution  Date prior to the Distribution Date in
                    September 2001 (unless the Certificate Principal Balances of
                    the  Class  A-I  and  Class R  Certificates  or  Class  A-II
                    Certificates, as applicable, have been reduced to zero), 0%.

         (ii)       For any  Distribution  Date on which any Class of Class M or
                    Class B Certificates are outstanding not discussed in clause
                    (i) above:

                            (a) in the case of the Class of Class M Certificates
                    then outstanding with the lowest numerical  designation,  or
                    in  the  event  the  Class  M  Certificates  are  no  longer
                    outstanding,   the  Class  of  Class  B  Certificates   then
                    outstanding with the lowest  numerical  designation and each
                    other Class of Class M Certificates and Class B Certificates
                    for which the


NY1-159595.5
                                                        32

<PAGE>



                    related Prepayment  Distribution Trigger has been satisfied,
                    a fraction,  expressed  as a  percentage,  the  numerator of
                    which is the  Certificate  Principal  Balance  of such Class
                    immediately  prior to such date and the denominator of which
                    is the sum of the Certificate Principal Balances immediately
                    prior to such date of (1) the Class of Class M  Certificates
                    then outstanding with the lowest numerical  designation,  or
                    in  the  event  the  Class  M  Certificates  are  no  longer
                    outstanding,   the  Class  of  Class  B  Certificates   then
                    outstanding  with the lowest  numerical  designation and (2)
                    all  other  Classes  of  Class M  Certificates  and  Class B
                    Certificates    for   which   the   respective    Prepayment
                    Distribution Triggers have been satisfied; and

                            (b) in the  case  of each  other  Class  of  Class M
                    Certificates   and  Class  B  Certificates   for  which  the
                    Prepayment  Distribution  Triggers have not been  satisfied,
                    0%; and

         (iii)      Notwithstanding the foregoing, if the application of
                    the foregoing percentages on any Distribution Date as
                    provided in Section 4.02 (determined without regard
                    to the proviso to the definition of "Subordinate
                    Principal Distribution Amount") would result in a
                    distribution in respect of principal of any Class or
                    Classes of Class M Certificates and Class B
                    Certificates in an amount greater than the remaining
                    Certificate Principal Balance thereof (any such
                    class, a "Maturing Class"), then: (a) the Prepayment
                    Distribution Percentage of each Maturing Class shall
                    be reduced to a level that, when applied as described
                    above, would exactly reduce the Certificate Principal
                    Balance of such Class to zero; (b) the Prepayment
                    Distribution Percentage of each other Class of Class
                    M Certificates and Class B Certificates (any such
                    Class, a "Non-Maturing Class") shall be recalculated
                    in accordance with the provisions in paragraph (ii)
                    above, as if the Certificate Principal Balance of
                    each Maturing Class had been reduced to zero (such
                    percentage as recalculated, the "Recalculated
                    Percentage"); (c) the total amount of the reductions
                    in the Prepayment Distribution Percentages of the
                    Maturing Class or Classes pursuant to clause (a) of
                    this sentence, expressed as an aggregate percentage,
                    shall be allocated among the Non-Maturing Classes in
                    proportion to their respective Recalculated
                    Percentages (the portion of such aggregate reduction
                    so allocated to any Non-Maturing Class, the
                    "Adjustment Percentage"); and (d) for purposes of
                    such Distribution Date, the Prepayment Distribution
                    Percentage of each Non-Maturing Class shall be equal


NY1-159595.5
                                                        33

<PAGE>



                    to the sum of (1)  the  Prepayment  Distribution  Percentage
                    thereof,  calculated  in accordance  with the  provisions in
                    paragraph (ii) above as if the Certificate Principal Balance
                    of each  Maturing  Class had not been reduced to zero,  plus
                    (2) the related
                    Adjustment Percentage.

         Prepayment Distribution Trigger:  The Class M-2 Prepayment
Distribution Trigger, Class M-3 Prepayment Distribution Trigger,
Class B-1 Prepayment Distribution Trigger, Class B-2 Prepayment
Distribution Trigger or Class B-3 Prepayment Distribution
Trigger.

         Prepayment  Interest  Shortfall:  As to any  Distribution  Date and any
Mortgage Loan (other than a Mortgage Loan relating to an REO Property)  that was
the subject of (a) a Principal  Prepayment in Full during the related Prepayment
Period,  an  amount  equal to the  excess  of one  month's  interest  at the Net
Mortgage  Rate on the Stated  Principal  Balance of such  Mortgage Loan over the
amount of interest (adjusted to the Net Mortgage Rate) paid by the Mortgagor for
such Prepayment Period to the date of such Principal Prepayment in Full or (b) a
Curtailment  during the prior  calendar  month,  an amount  equal to one month's
interest at the Net Mortgage Rate on the amount of such Curtailment.

         Prepayment Period:  As to any Distribution Date, the
calendar month preceding the month of distribution.

         Primary Insurance Policy:  Each primary policy of mortgage
guaranty insurance or any replacement policy therefor referred to
in Section 2.03(b)(iv) and (v).

         Principal  Prepayment:  Any payment of principal or other recovery on a
Mortgage Loan,  including a recovery that takes the form of Liquidation Proceeds
or Insurance  Proceeds,  which is received in advance of its  scheduled Due Date
and is not  accompanied  by an  amount  as to  interest  representing  scheduled
interest  on such  payment  due on any  date or dates  in any  month  or  months
subsequent to the month of prepayment.

         Principal Prepayment in Full:  Any Principal Prepayment made
by a Mortgagor of the entire principal balance of a Mortgage
Loan.

         Program Guide:  Collectively, the Seller Guide and the
Servicer Guide for Residential Funding's Expanded Criteria
Mortgage Program.

         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


NY1-159595.5
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<PAGE>



(ii)  unpaid  accrued  interest  at the  Adjusted  Mortgage  Rate (or at the Net
Mortgage  Rate in the case of a  purchase  made by the Master  Servicer)  on the
Stated  Principal  Balance  thereof to the first day of the month  following the
month of  purchase  from the Due Date to  which  interest  was last  paid by the
Mortgagor.

         Qualified  Substitute  Mortgage  Loan: A Mortgage Loan  substituted  by
Residential  Funding or the Company for a Deleted  Mortgage  Loan which must, on
the  date  of  such  substitution,  as  confirmed  in an  Officers'  Certificate
delivered to the  Trustee,  (i) have an  outstanding  principal  balance,  after
deduction of the  principal  portion of the monthly  payment due in the month of
substitution  (or in the case of a  substitution  of more than one Mortgage Loan
for a Deleted Mortgage Loan, an aggregate outstanding  principal balance,  after
such deduction),  not in excess of the Stated  Principal  Balance of the Deleted
Mortgage  Loan (the  amount of any  shortfall  to be  deposited  by  Residential
Funding  in the  Custodial  Account in the month of  substitution);  (ii) have a
Mortgage  Rate and a Net  Mortgage  Rate no lower  than and not more than 1% per
annum higher than the Mortgage Rate and Net Mortgage Rate, respectively,  of the
Deleted Mortgage Loan as of the date of substitution; (iii) have a Loan-to-Value
Ratio at the time of  substitution  no higher than that of the Deleted  Mortgage
Loan at the time of substitution;  (iv) have a remaining term to stated maturity
not  greater  than (and not more than one year less  than)  that of the  Deleted
Mortgage  Loan;  (v) comply with each  representation  and warranty set forth in
Sections  2.03 and 2.04 hereof and Section 4 of the  Assignment  Agreement;  and
(vi) have a Spread Rate equal to or greater  than that of the  Deleted  Mortgage
Loan.  Notwithstanding  any other  provisions  herein,  (x) with  respect to any
Qualified Substitute Mortgage Loan substituted for a Deleted Mortgage Loan which
was a Discount Mortgage Loan, such Qualified  Substitute  Mortgage Loan shall be
deemed to be a Discount  Mortgage Loan and to have a Discount  Fraction equal to
the Discount Fraction of the Deleted Mortgage Loan and (y) in the event that the
"Spread Rate" of any Qualified  Substitute  Mortgage Loan as calculated pursuant
to the  definition  of  "Spread  Rate" is greater  than the  Spread  Rate of the
related Deleted  Mortgage Loan (i) the Spread Rate of such Qualified  Substitute
Mortgage Loan shall be equal to the Spread Rate of the related Deleted  Mortgage
Loan for  purposes  of  calculating  the Excess  Spread or  Accrued  Certificate
Interest on any Class of Variable Strip  Certificates and (ii) the excess of the
Spread Rate on such Qualified Substitute Mortgage Loan as calculated pursuant to
the  definition  of "Spread  Rate" over the Spread Rate on the  related  Deleted
Mortgage Loan shall be payable to the Class R-I Certificates pursuant to Section
4.02 hereof.

         Rating Agency: Fitch and Standard & Poor's with respect to the Class A,
Class A-P and Class R  Certificates  and Fitch  with  respect  to the Class M-1,
Class M-2, Class M-3, Class B-1 and Class B-2 Certificates.  If either agency or
a successor is no longer in existence, "Rating Agency" shall be such statistical


NY1-159595.5
                                                        35

<PAGE>



credit rating agency,  or other  comparable  Person,  designated by the Company,
notice  of  which  designation  shall be given  to the  Trustee  and the  Master
Servicer.

         Realized Loss:  With respect to each Mortgage Loan (or REO Property) as
to which a Cash Liquidation or REO Disposition has occurred, an amount (not less
than zero) equal to (i) the Stated  Principal  Balance of the Mortgage  Loan (or
REO Property) as of the date of Cash Liquidation or REO  Disposition,  plus (ii)
interest  (and REO Imputed  Interest,  if any) at the Net Mortgage Rate from the
Due Date as to which  interest  was last paid or advanced to  Certificateholders
and the Owner of the Excess  Spread and the  Interest  Only Strip up to the last
day of the month in which the Cash Liquidation (or REO Disposition)  occurred on
the Stated Principal Balance of such Mortgage Loan (or REO Property) outstanding
during each Due Period that such interest was not paid or advanced,  minus (iii)
the proceeds,  if any,  received during the month in which such Cash Liquidation
(or REO Disposition)  occurred,  to the extent applied as recoveries of interest
at the Net  Mortgage  Rate and to principal  of the  Mortgage  Loan,  net of the
portion thereof  reimbursable  to the Master  Servicer or any  Subservicer  with
respect to related  Advances  or  expenses  as to which the Master  Servicer  or
Subservicer  is entitled  to  reimbursement  thereunder  but which have not been
previously  reimbursed.  With respect to each Mortgage Loan which has become the
subject of a Deficient  Valuation,  the difference between the principal balance
of the Mortgage Loan outstanding  immediately prior to such Deficient  Valuation
and the  principal  balance of the  Mortgage  Loan as  reduced by the  Deficient
Valuation.  With respect to each  Mortgage Loan which has become the object of a
Debt   Service   Reduction,   the  amount  of  such  Debt   Service   Reduction.
Notwithstanding  the above,  neither a Deficient  Valuation  nor a Debt  Service
Reduction  shall be  deemed a  Realized  Loss  hereunder  so long as the  Master
Servicer  has  notified  the  Trustee in writing  that the  Master  Servicer  is
diligently  pursuing  any  remedies  that  may  exist  in  connection  with  the
representations  and  warranties  made  regarding the related  Mortgage Loan and
either (A) the related  Mortgage  Loan is not in default with regard to payments
due  thereunder or (B)  delinquent  payments of principal and interest under the
related  Mortgage  Loan  and  any  premiums  on any  applicable  primary  hazard
insurance  policy and any related  escrow  payments in respect of such  Mortgage
Loan  are  being  advanced  on a  current  basis  by the  Master  Servicer  or a
Subservicer, in either case without giving effect to any Debt Service Reduction.

         Record  Date:  With  respect to each  Distribution  Date,  the close of
business on the last Business Day of the month next preceding the month in which
the related Distribution Date occurs.



NY1-159595.5
                                                        36

<PAGE>



         Regular Certificate:  Any of the Certificates other than a
Class R-I Certificate or Class R-II Certificate.

         REMIC:  A "real estate mortgage investment conduit" within
the meaning of Section 860D of the Code.

         REMIC Administrator:  Residential Funding  Corporation.  If Residential
Funding  Corporation is found by a court of competent  jurisdiction to no longer
be able to fulfill its obligations as REMIC  Administrator  under this Agreement
the  Master  Servicer  or  Trustee  acting as Master  Servicer  shall  appoint a
successor REMIC Administrator,  subject to assumption of the REMIC Administrator
obligations under this Agreement.

         REMIC I:  The segregated pool of assets, with respect to
which a REMIC election is to be made, consisting of:

                    (i)             the Mortgage Loans and the related Mortgage
                                    Files,

                    (ii)    all payments on and collections in respect of
                            the Mortgage Loans due after the Cut-off Date
                            as shall be on deposit in the Custodial
                            Account or in the Certificate Account and
                            identified as belonging to the Trust Fund,
                            including the proceeds from the liquidation
                            of Additional Collateral for any Additional
                            Collateral Loan, but not including amounts on
                            deposit in the Initial Monthly Payment Fund;

                    (iii)           property  which  secured a Mortgage Loan and
                                    which has been  acquired  for the benefit of
                                    the  Certificateholders and the Owner of the
                                    Excess Spread and the Interest Only Strip by
                                    foreclosure or deed in lieu of  foreclosure,
                                    and

                    (iv)    the hazard insurance  policies and Primary Insurance
                            Policies,  if any,  and the  interest  in the Surety
                            Bond  transferred to the Trustee pursuant to Section
                            2.01.


         REMIC I Certificates:  The Class R-I Certificates.

         REMIC  II:   The   segregated   pool  of  assets   consisting   of  the
Uncertificated  REMIC I Regular  Interests  conveyed in trust to the Trustee for
the benefit of the holders of the Class A-I-1,  Class A-I-2,  Class A-I-3, Class
A-I-4,  Class A-I-5,  Class A-I-6,  Class A-I-7, Class A-I-8, Class A-I-9, Class
A-I-10,  Class A-II-1, Class A-II-2, Class A-P, Class M-1, Class M-2, Class M-3,
Class B-1, Class B-2, Class B-3,  Variable Strip,  Interest Only Strip and Class
R-II Certificates and the Owner of the Excess Spread


NY1-159595.5
                                                        37

<PAGE>



and the Interest Only Strip  pursuant to Section  2.06,  with respect to which a
separate REMIC election is to be made.

         REMIC II  Certificates:  Any of the Class  A-I-1,  Class  A-I-2,  Class
A-I-3,  Class A-I-4,  Class A-I-5,  Class A-I-6, Class A-I-7, Class A-I-8, Class
A-I-9,  Class A-I-10,  Class A-II-1,  Class A-II-2,  Class A-P, Class M-1, Class
M-2, Class M-3, Class B-1, Class B-2, Class B-3,  Variable Strip,  Interest Only
Strip and
Class R-II Certificates.

         REMIC Provisions:  Provisions of the federal income tax law relating to
real estate mortgage investment conduits,  which appear at Sections 860A through
860G of  Subchapter  M of Chapter 1 of the Code,  and  related  provisions,  and
temporary and final  regulations (or, to the extent not  inconsistent  with such
temporary or final  regulations,  proposed  regulations) and published  rulings,
notices and  announcements  promulgated  thereunder,  as the foregoing may be in
effect from time to time.

         REO  Acquisition:  The  acquisition by the Master Servicer on behalf of
the  Trustee  for the  benefit  of the  Certificateholders  and the Owner of the
Excess  Spread and the  Interest  Only  Strip of any REO  Property  pursuant  to
Section 3.14.

         REO Disposition:  As to any REO Property, a determination by the Master
Servicer that it has received all Insurance Proceeds,  Liquidation Proceeds, REO
Proceeds and other payments and recoveries  (including proceeds of a final sale)
which the Master  Servicer  expects to be finally  recoverable  from the sale or
other disposition of the REO Property.

         REO Imputed Interest: As to any REO Property, for any period, an amount
equivalent to interest (at the Net Mortgage Rate that would have been applicable
to the related  Mortgage Loan had it been  outstanding) on the unpaid  principal
balance of the  Mortgage  Loan as of the date of  acquisition  thereof  for such
period.

         REO Proceeds: Proceeds, net of expenses, received in respect of any REO
Property (including, without limitation, proceeds from the rental of the related
Mortgaged  Property)  which  proceeds  are  required  to be  deposited  into the
Custodial Account only upon the related REO Disposition.

         REO  Property:  A Mortgaged  Property  acquired by the Master  Servicer
through  foreclosure  or  deed  in  lieu of  foreclosure  in  connection  with a
defaulted Mortgage Loan.

         Request for Release:  A request for release, the forms of
which are attached as Exhibit H hereto.

         Required Insurance Policy:  With respect to any Mortgage
Loan, any insurance policy which is required to be maintained


NY1-159595.5
                                                        38

<PAGE>



from  time to time  under  this  Agreement,  the  Program  Guide or the  related
Subservicing Agreement in respect of such Mortgage Loan.

         Required  Surety  Payment:  With respect to any  Additional  Collateral
Mortgage  Loan that  becomes  a  Liquidated  Mortgage  Loan,  the  lesser of (i)
principal  portion of the Realized  Loss with respect to such  Mortgage Loan and
(ii) the excess, if any, of (a) the amount of Additional  Collateral required at
origination  with  respect  to such  Mortgage  Loan  over  (b) the net  proceeds
realized by MLCC from the related Additional Collateral.

         Residential Funding:  Residential Funding Corporation, a
Delaware corporation, in its capacity as seller of the Mortgage
Loans to the Company and any successor thereto.

         Responsible Officer: When used with respect to the Trustee, any officer
of the  Corporate  Trust  Department  of the Trustee,  including any Senior Vice
President,  any Vice  President,  any Assistant  Vice  President,  any Assistant
Secretary, any Trust Officer or Assistant Trust Officer, or any other officer of
the Trustee customarily  performing  functions similar to those performed by any
of the above designated  officers to whom, with respect to a particular  matter,
such matter is referred.

         Security Agreement:  With respect to a Cooperative Loan, the
agreement creating a security interest in favor of the originator
in the related Cooperative Stock.

         Seller:  As to any Mortgage Loan, a Person, including any
Subservicer, that executed a Seller's Agreement applicable to
such Mortgage Loan.

         Seller's  Agreement:  An  agreement  for the  origination  and  sale of
Mortgage  Loans  generally  in the form of the Seller  Contract  referred  to or
contained in the Program  Guide,  or in such other form as has been  approved by
the  Master  Servicer  and the  Company,  each  containing  representations  and
warranties in respect of one or more Mortgage Loans.

         Senior Certificates:  Any one of the Class A, Class A-P or
Class R Certificates.

         Senior Principal Distribution Amount:  As to any
Distribution Date, the aggregate of the Class A-I Principal
Distribution Amount and Class A-II Principal Distribution Amount.

         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,


NY1-159595.5
                                                        39

<PAGE>



including, but not limited to, the cost of (i) the preservation, restoration and
protection  of  a  Mortgaged   Property,   (ii)  any   enforcement  or  judicial
proceedings, including foreclosures, (iii) the management and liquidation of any
REO Property and (iv) compliance with the obligations under Sections 3.01, 3.08,
3.12(a) and 3.14,  including,  if the Master  Servicer or any  Affiliate  of the
Master Servicer provides services such as appraisals and brokerage services that
are  customarily  provided by Persons  other than  servicers of mortgage  loans,
reasonable compensation for such services.

         Servicing Fee: With respect to any Mortgage Loan and Distribution Date,
the fee payable  monthly to the Master  Servicer in respect of master  servicing
compensation  that accrues at an annual rate  designated  on the  Mortgage  Loan
Schedule as the "MSTR SERV FEE" for such Mortgage  Loan, as may be adjusted with
respect to successor Master Servicers as provided in Section 7.02.

         Servicing  Officer:  Any officer of the Master Servicer involved in, or
responsible  for, the  administration  and servicing of the Mortgage Loans whose
name and specimen  signature appear on a list of servicing officers furnished to
the  Trustee  by the  Master  Servicer,  as such  list may from  time to time be
amended.

         Special Hazard Amount: As of any Distribution  Date, an amount equal to
$2,785,358  minus the sum of (i) the aggregate  amount of Special  Hazard Losses
allocated  solely to one or more specific  Classes of Certificates in accordance
with  Section  4.05 and (ii) the  Adjustment  Amount (as defined  below) as most
recently  calculated.  For each  anniversary of the Cut-off Date, the Adjustment
Amount shall be equal to the amount,  if any, by which the amount  calculated in
accordance with the preceding  sentence  (without giving effect to the deduction
of the Adjustment  Amount for such  anniversary)  exceeds the greater of (A) the
greatest of (i) twice the outstanding  principal balance of the Mortgage Loan in
the Trust  Fund  which has the  largest  outstanding  principal  balance  on the
Distribution Date immediately  preceding such  anniversary,  (ii) the product of
1.00% multiplied by the outstanding  principal  balance of all Mortgage Loans on
the  Distribution  Date  immediately  preceding such  anniversary  and (iii) the
aggregate  outstanding  principal  balance  (as  of  the  immediately  preceding
Distribution Date) of the Mortgage Loans in any single five-digit California zip
code area with the  largest  amount of  Mortgage  Loans by  aggregate  principal
balance as of such  anniversary  and (B) the greater of (i) the product of 0.50%
multiplied by the  outstanding  principal  balance of all Mortgage  Loans on the
Distribution  Date  immediately  preceding  such  anniversary  multiplied  by  a
fraction, the numerator of which is equal to the aggregate outstanding principal
balance  (as of  the  immediately  preceding  Distribution  Date)  of all of the
Mortgage  Loans  secured  by  Mortgaged  Properties  located  in  the  State  of
California  divided by the aggregate  outstanding  principal  balance (as of the
immediately


NY1-159595.5
                                                        40

<PAGE>



preceding  Distribution  Date)  of all of the  Mortgage  Loans,  expressed  as a
percentage, and the denominator of which is equal to 20.66% (which percentage is
equal to the  percentage  of  Mortgage  Loans  initially  secured  by  Mortgaged
Properties   located  in  the  State  of  California)  and  (ii)  the  aggregate
outstanding  principal  balance (as of the  immediately  preceding  Distribution
Date) of the largest  Mortgage Loan secured by a Mortgaged  Property  located in
the State of California.

         The Special Hazard Amount may be further reduced by the Master Servicer
(including  accelerating the manner in which coverage is reduced)  provided that
prior to any such  reduction,  the  Master  Servicer  shall (i)  obtain  written
confirmation  from each Rating Agency that such  reduction  shall not reduce the
rating  assigned to any Class of  Certificates  by such Rating  Agency below the
lower of the then-current  rating or the rating assigned to such Certificates as
of the  Closing  Date by such  Rating  Agency  and (ii)  provide  a copy of such
written confirmation to the Trustee.

         Special Hazard Loss: Any Realized Loss not in excess of the cost of the
lesser  of  repair or  replacement  of a  Mortgaged  Property  suffered  by such
Mortgaged Property on account of direct physical loss, exclusive of (i) any loss
of a type covered by a hazard policy or a flood insurance  policy required to be
maintained in respect of such Mortgaged  Property  pursuant to Section  3.12(a),
except to the extent of the  portion of such loss not covered as a result of any
coinsurance provision and (ii) any Extraordinary Loss.

         Spread Rate:  With respect to each Mortgage Loan, a per
annum rate equal to the excess of (a) the Net Mortgage Rate of
such Mortgage Loan over (b) 8.00% per annum.

         Standard & Poor's:  Standard & Poor's Ratings Services, a
division of the McGraw-Hill Companies, or its successor in
interest.

         Stated Principal Balance:  With respect to any Mortgage Loan or related
REO Property,  at any given time, (i) the Cut-off Date Principal  Balance of the
Mortgage  Loan,  minus (ii) the sum of (a) the principal  portion of the Monthly
Payments due with respect to such Mortgage Loan or REO Property  during each Due
Period ending prior to the most recent  Distribution Date which were received or
with  respect to which an Advance was made,  and (b) all  Principal  Prepayments
with respect to such Mortgage Loan or REO Property,  and all Insurance Proceeds,
Liquidation  Proceeds  and REO  Proceeds,  to the  extent  applied by the Master
Servicer as recoveries of principal in accordance with Section 3.14 with respect
to such  Mortgage  Loan or REO  Property,  in each case which  were  distributed
pursuant to Section 4.02 on any previous Distribution Date, and (c) any Realized
Loss allocated to


NY1-159595.5
                                                        41

<PAGE>



Certificateholders with respect thereto for any previous Distribution Date.

         Subordinate Percentage: As of any Distribution Date and for
any Loan Group, 100% minus the related Class A Percentage as of
such Distribution Date.

         Subordinate   Principal   Distribution  Amount:  With  respect  to  any
Distribution   Date  and  each  Class  of  Class  M  Certificates  and  Class  B
Certificates,  (a) the sum of (i)  such  Class's  pro rata  share,  based on the
Certificate  Principal Balance of each Class of Class M Certificates and Class B
Certificates then outstanding,  of the amounts  calculated for such Distribution
Date under clauses (1), (2) and (3) of Section  4.02(a)(ii)(Y)(A)  to the extent
not payable to the Senior Certificates;  (ii) such Class's pro rata share, based
on the Certificate  Principal  Balance of each Class of Class M Certificates and
Class B Certificates then outstanding, of the principal collections described in
Section  4.02(a)(ii)(Y)(B)(b)  to the extent such  collections are not otherwise
distributed  to the Senior  Certificates;  (iii) the  product of (x) the related
Prepayment  Distribution  Percentage  and (y)  the  aggregate  of all  Principal
Prepayments in Full and Curtailments  received in the related  Prepayment Period
to the extent not payable to the Senior Certificates;  (iv) if such Class is the
most senior Class of  Certificates  then  outstanding (as established in Section
4.05 hereof),  any Excess  Subordinate  Principal  Amount for such  Distribution
Date; and (v) any amounts described in clauses (i), (ii) and (iii) as determined
for any previous Distribution Date, that remain undistributed to the extent that
such amounts are not  attributable  to Realized Losses which have been allocated
to a subordinate  Class of Class M or Class B Certificates  minus (b) any Excess
Subordinate Principal Amount not payable to such Class on such Distribution Date
pursuant to the definition thereof; provided, however, that such amount shall in
no event exceed the outstanding  Certificate  Principal Balance of such Class of
Certificates immediately prior to such date.

         Subserviced Mortgage Loan:  Any Mortgage Loan that, at the
time of reference thereto, is subject to a Subservicing
Agreement.

         Subservicer:  Any Person with whom the Master Servicer has entered into
a Subservicing  Agreement and who generally satisfied the requirements set forth
in the Program Guide in respect of the  qualification of a Subservicer as of the
date of its approval as a Subservicer by the Master Servicer.

         Subservicer  Advance:  Any  delinquent  installment  of  principal  and
interest on a Mortgage Loan which is advanced by the related Subservicer (net of
its Subservicing Fee) pursuant to the Subservicing Agreement.



NY1-159595.5
                                                        42

<PAGE>



         Subservicing Account:  An account established by a
Subservicer in accordance with Section 3.08.

         Subservicing  Agreement:   The  written  contract  between  the  Master
Servicer and any Subservicer relating to servicing and administration of certain
Mortgage  Loans  as  provided  in  Section  3.02,  generally  in the form of the
servicer contract referred to or contained in the Program Guide or in such other
form as has been approved by the Master  Servicer and the Company.  With respect
to  Mortgage  Loans  subserviced  by  Merrill  Lynch  Credit  Corporation,   the
Subservicing  Agreement shall also include the Addendum and Assignment Agreement
and the Pledged Asset Mortgage Servicing Agreement.

         Subservicing  Fee: As to any Mortgage Loan, the fee payable  monthly to
the related  Subservicer (or, in the case of a Nonsubserviced  Mortgage Loan, to
the Master  Servicer) in respect of  subservicing  and other  compensation  that
accrues at an annual rate equal to the excess of the Mortgage  Rate borne by the
related  Mortgage  Note over the rate per annum  designated on the Mortgage Loan
Schedule as the "CURR NET" for such Mortgage Loan.

         Surety:  AMBAC Indemnity Corporation, or its successors in
interest.

         Surety Bond:  The Limited  Purpose  Surety Bond (Policy No.  AB0039BE),
dated February 28, 1996,  issued by AMBAC Indemnity  Corporation for the benefit
of certain  beneficiaries,  including the Trustee for the benefit of the Holders
of the  Certificates,  but only to the extent that such Limited  Purpose  Surety
Bond covers the Additional Collateral Mortgage Loans.

         Tax Returns:  The federal income tax return on Internal Revenue Service
Form 1066,  U.S.  Real Estate  Mortgage  Investment  Conduit  Income Tax Return,
including  Schedule Q thereto,  Quarterly Notice to Residual Interest Holders of
REMIC Taxable Income or Net Loss Allocation, or any successor forms, to be filed
on behalf of REMIC I and REMIC II due to their  classification  as REMICs  under
the REMIC Provisions,  together with any and all other  information,  reports or
returns that may be required to be furnished to the  Certificateholders or filed
with the Internal  Revenue Service or any other  governmental  taxing  authority
under any applicable provisions of federal, state or local tax laws.

         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.



NY1-159595.5
                                                        43

<PAGE>



         Transferor:  Any Person who is disposing by Transfer of any
Ownership Interest in a Certificate.

         Trust Fund:  REMIC I and REMIC II.

         Uncertificated  Accrued  Interest:  With  respect to each  Distribution
Date,  (i)  as  to  each  of  Uncertificated  REMIC  I  Regular  Interest  P and
Uncertificated  REMIC II Regular  Interest  P, an amount  equal to the amount of
Accrued Certificate Interest that would result under the terms of the definition
thereof on the Class A-I-1  Certificates if the Pass-Through  Rate on such Class
were equal to the respective Uncertificated  Pass-Through Rates thereof, (ii) as
to each of Uncertificated REMIC I Regular Interest U and Uncertificated REMIC II
Regular  Interest  U, an  amount  equal to the  amount  of  Accrued  Certificate
Interest  that would  result  under the terms of the  definition  thereof on the
Class A-I-10  Certificates if the Pass-Through  Rate on such Class were equal to
the respective  Uncertificated  Pass-Through Rates thereof,  (iii) as to each of
Uncertificated  REMIC I Regular Interest V and  Uncertificated  REMIC II Regular
Interest V, an amount equal to the amount of Accrued  Certificate  Interest that
would  result  under the terms of the  definition  thereof  on the Class  A-II-1
Certificates if the Pass-Through Rate on such Class were equal to the respective
Uncertificated  Pass-Through  Rates thereof,  (iv) as to each of  Uncertificated
REMIC I Regular  Interest W and  Uncertificated  REMIC II Regular Interest W, an
amount  equal to the amount of Accrued  Certificate  Interest  that would result
under the terms of the definition  thereof on the Class A-II-2  Certificates  if
the Pass-Through Rate on such Class were equal to the respective  Uncertificated
Pass-Through Rates thereof, (v) as to Uncertificated REMIC I Regular Interest X,
an amount equal to the amount of Accrued Certificate  Interest that would result
under the terms of the definition  thereof on the Class A-P  Certificates if the
Pass-Through  Rate on such Class were equal to the  Uncertificated  Pass-Through
Rate on  Uncertificated  REMIC I Regular  Interest X, (vi) as to  Uncertificated
REMIC I Regular  Interest Y, an amount equal to the aggregate  amount of Accrued
Certificate Interest that would result under the terms of the definition thereof
on the Class A- I-2, Class A-I-3,  Class A-I-4,  Class A-I-5, Class A-I-6, Class
A- I-7,  Class A-I-8,  Class A-I-9,  Class M-1, Class M-2, Class M-3, Class B-1,
Class B-2, Class B-3 and Class R-II  Certificates if the  Pass-Through  Rates on
such   Classes   were  equal  to  the   Uncertificated   Pass-Through   Rate  on
Uncertificated  REMIC  I  Regular  Interest  Y and  (vii)  as  to  each  of  the
Uncertificated  REMIC I Regular Interest Z and  Uncertificated  REMIC II Regular
Interest Z, an amount  equal to one  month's  interest at the Spread Rate of the
related Mortgage Loan on the principal balance of such Mortgage Loans reduced by
such Interest's  pro-rata share of any prepayment  interest  shortfalls or other
reductions of interest allocable to the Excess Spread.



NY1-159595.5
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<PAGE>



         Uncertificated   Pass-Through   Rate:  With  respect  to  each  of  the
Uncertificated  REMIC I Regular  Interests  P, U, V, W, X and Y,  8.00%,  8.00%,
8.00%,  8.00%,  0.00%  and  8.00%,  respectively.  With  respect  to each of the
Uncertificated REMIC II Regular Interests P, U, V and W, 0.05%, 0.10%, 0.75% and
0.35%,  respectively.  With  respect  to each  Uncertificated  REMIC  I  Regular
Interest Z and each  Uncertificated  REMIC II Regular Interest Z the Spread Rate
for the related Mortgage Loan.

         Uncertificated  Principal Balance:  With respect to each Uncertificated
REMIC I  Regular  Interest  on any date of  determination,  an  amount  equal to
$45,914,000.00  with respect to each of Uncertificated  REMIC I Regular Interest
P, an amount  equal to  $27,538,000.00  with  respect to each of  Uncertificated
REMIC I Regular  Interest U, an amount equal to  $16,021,000.00  with respect to
each  of  Uncertificated  REMIC  I  Regular  Interest  V,  an  amount  equal  to
$8,580,000.00 with respect to each of Uncertificated REMIC I Regular Interest W,
$3,039,637.99  with  respect  to  Uncertificated  REMIC I  Regular  Interest  X,
$177,443,055.97  with respect to  Uncertificated  REMIC I Regular Interest Y and
$0.00 with  respect to each of  Uncertificated  REMIC I Regular  Interests Z and
Uncertificated  REMIC II  Regular  Interests  Z,  minus  (ii) the sum of (x) the
aggregate  of all amounts  previously  deemed  distributed  with respect to such
interest  and applied to reduce the  Uncertificated  Principal  Balance  thereof
pursuant to Section  4.08(a)(ii)  and (y) the  aggregate  of all  reductions  in
Certificate  Principal  Balance  deemed  to have  occurred  in  connection  with
Realized  Losses that were  previously  deemed  allocated to the  Uncertificated
Principal  Balance of such  Uncertificated  REMIC I Regular Interest pursuant to
Section 4.08(d).

         Uncertificated  REMIC I Regular Interest P: An  uncertificated  partial
undivided  beneficial  ownership  interest in REMIC I having a principal balance
equal to the Stated  Principal  Balance of the  Mortgage  Loans and REO Property
from  time to time  multiplied  by a  fraction,  the  numerator  of which is the
aggregate  Certificate Principal Balance of the Class A-I-1 Certificates and the
denominator of which is the aggregate  Certificate  Principal  Balance of all of
the Certificates, and which bears interest at a rate equal to 8.00% per annum.

         Uncertificated  REMIC I Regular Interest U: An  uncertificated  partial
undivided  beneficial  ownership  interest in REMIC I having a principal balance
equal to the Stated  Principal  Balance of the  Mortgage  Loans and REO Property
from  time to time  multiplied  by a  fraction,  the  numerator  of which is the
aggregate Certificate Principal Balance of the Class A-I-10 Certificates and the
denominator of which is the aggregate  Certificate  Principal  Balance of all of
the Certificates, and which bears interest at a rate equal to 8.00% per annum.



NY1-159595.5
                                                        45

<PAGE>



         Uncertificated  REMIC I Regular Interest V: An  uncertificated  partial
undivided  beneficial  ownership  interest in REMIC I having a principal balance
equal to the Stated  Principal  Balance of the  Mortgage  Loans and REO Property
from  time to time  multiplied  by a  fraction,  the  numerator  of which is the
aggregate Certificate Principal Balance of the Class A-II-1 Certificates and the
denominator of which is the aggregate  Certificate  Principal  Balance of all of
the Certificates, and which bears interest at a rate equal to 8.00% per annum.

         Uncertificated  REMIC I Regular Interest W: An  uncertificated  partial
undivided  beneficial  ownership  interest in REMIC I having a principal balance
equal to the Stated  Principal  Balance of the  Mortgage  Loans and REO Property
from  time to time  multiplied  by a  fraction,  the  numerator  of which is the
aggregate Certificate Principal Balance of the Class A-II-2 Certificates and the
denominator of which is the aggregate  Certificate  Principal  Balance of all of
the Certificates, and which bears interest at a rate equal to 8.00% per annum.

         Uncertificated  REMIC I Regular Interest X: An  uncertificated  partial
undivided  beneficial  ownership  interest in REMIC I having a principal balance
equal to the Stated  Principal  Balance of the  Mortgage  Loans and REO Property
from  time to time  multiplied  by a  fraction,  the  numerator  of which is the
aggregate  Certificate  Principal  Balance of the Class A-P Certificates and the
denominator of which is the aggregate  Certificate  Principal  Balance of all of
the Certificates, and which bears interest at a rate equal to 0.00% per annum.

         Uncertificated  REMIC I Regular Interest Y: An  uncertificated  partial
undivided  beneficial  ownership  interest in REMIC I having a principal balance
equal to the Stated  Principal  Balance of the  Mortgage  Loans and REO Property
from  time to time  multiplied  by a  fraction,  the  numerator  of which is the
aggregate  Certificate  Principal Balance of the Class A-I-2, Class A-I-3, Class
A-I-4,  Class A-I-5,  Class A-I-6,  Class A-I-7, Class A-I-8, Class A-I-9, Class
M-1,  Class M-2,  Class  M-3,  Class  B-1,  Class B-2,  Class B-3 and Class R-II
Certificates and the denominator of which is the aggregate Certificate Principal
Balance of all of the Certificates,  and which bears interest at a rate equal to
8.00% per annum.

         Uncertificated  REMIC  I  Regular  Interests:  Uncertificated  REMIC  I
Regular Interest P,  Uncertificated  REMIC I Regular Interest U,  Uncertificated
REMIC  I  Regular  Interest  V,  Uncertificated  REMIC  I  Regular  Interest  W,
Uncertificated  REMIC I  Regular  Interest  X,  Uncertificated  REMIC I  Regular
Interest Y and Uncertificated REMIC I Regular Interests Z.

         Uncertificated  REMIC I Regular  Interests Z: The 2,617  uncertificated
partial   undivided   beneficial   ownership   interests  in  REMIC  I  numbered
sequentially from 1 through 2,617, each


NY1-159595.5
                                                        46

<PAGE>



relating to the particular Mortgage Loan identified by such sequential number on
the Mortgage Loan  Schedule,  each having no principal  balance and each bearing
interest at the respective Spread Rate on the aggregate Stated Principal Balance
of the related Mortgage Loan.

         Uncertificated  REMIC I Regular  Interest P Distribution  Amount:  With
respect  to  any  Distribution  Date,  the  sum  of  the  amounts  deemed  to be
distributed  on  the  Uncertificated   REMIC  I  Regular  Interest  P  for  such
Distribution Date pursuant to Section 4.08(a).

         Uncertificated  REMIC I Regular  Interest U Distribution  Amount:  With
respect  to  any  Distribution  Date,  the  sum  of  the  amounts  deemed  to be
distributed  on  the  Uncertificated   REMIC  I  Regular  Interest  U  for  such
Distribution Date pursuant to Section 4.08(a).

         Uncertificated  REMIC I Regular  Interest V Distribution  Amount:  With
respect  to  any  Distribution  Date,  the  sum  of  the  amounts  deemed  to be
distributed  on  the  Uncertificated   REMIC  I  Regular  Interest  V  for  such
Distribution Date pursuant to Section 4.08(a).

         Uncertificated  REMIC I Regular  Interest W Distribution  Amount:  With
respect  to  any  Distribution  Date,  the  sum  of  the  amounts  deemed  to be
distributed  on  the  Uncertificated   REMIC  I  Regular  Interest  W  for  such
Distribution Date pursuant to Section 4.08(a).

         Uncertificated  REMIC I Regular  Interest X Distribution  Amount:  With
respect  to  any  Distribution  Date,  the  sum  of  the  amounts  deemed  to be
distributed  on  the  Uncertificated   REMIC  I  Regular  Interest  X  for  such
Distribution Date pursuant to Section 4.08(a).

         Uncertificated  REMIC I Regular  Interest Y Distribution  Amount:  With
respect  to  any  Distribution  Date,  the  sum  of  the  amounts  deemed  to be
distributed  on  the  Uncertificated   REMIC  I  Regular  Interest  Y  for  such
Distribution Date pursuant to Section 4.08(a).

         Uncertificated  REMIC I Regular Interests Z Distribution  Amount:  With
respect  to  any  Distribution  Date,  the  sum  of  the  amounts  deemed  to be
distributed  on  the  Uncertificated  REMIC  I  Regular  Interests  Z  for  such
Distribution Date pursuant to Section 4.08(a).

         Uncertificated  REMIC I  Regular  Interest  Distribution  Amounts:  The
Uncertificated   REMIC  I  Regular   Interest   P   Distribution   Amount,   the
Uncertificated   REMIC  I  Regular   Interest   U   Distribution   Amount,   the
Uncertificated   REMIC  I  Regular   Interest   V   Distribution   Amount,   the
Uncertificated REMIC I


NY1-159595.5
                                                        47

<PAGE>



Regular  Interest W  Distribution  Amount,  the  Uncertificated  REMIC I Regular
Interest X Distribution  Amount, the  Uncertificated  REMIC I Regular Interest Y
Distribution  Amount  and  the  Uncertificated   REMIC  I  Regular  Interests  Z
Distribution Amounts.

         Uncertificated  REMIC II Regular Interest P: An uncertificated  partial
undivided  beneficial  ownership  interest in REMIC II having a notional  amount
equal to the Uncertificated  Principal Balance of Uncertificated REMIC I Regular
Interest P, and which bears interest at a rate equal to 0.05% per annum.

         Uncertificated  REMIC II Regular Interest U: An uncertificated  partial
undivided  beneficial  ownership  interest in REMIC II having a notional  amount
equal to the Uncertificated  Principal Balance of Uncertificated REMIC I Regular
Interest U, and which bears interest at a rate equal to 0.10% per annum.

         Uncertificated  REMIC II Regular Interest V: An uncertificated  partial
undivided  beneficial  ownership  interest in REMIC II having a notional  amount
equal to the Uncertificated  Principal Balance of Uncertificated REMIC I Regular
Interest V, and which bears interest at a rate equal to 0.75% per annum.

         Uncertificated  REMIC II Regular Interest W: An uncertificated  partial
undivided  beneficial  ownership  interest in REMIC II having a notional  amount
equal to the Uncertificated  Principal Balance of Uncertificated REMIC I Regular
Interest W, and which bears interest at a rate equal to 0.35% per annum.

         Uncertificated  REMIC II Regular Interest P Distribution  Amount:  With
respect  to  any  Distribution  Date,  the  sum  of  the  amounts  deemed  to be
distributed  on  the  Uncertificated  REMIC  II  Regular  Interest  P  for  such
Distribution   Date  pursuant  to  Section  4.08(e),   comprising  (i)  if  such
Uncertificated  REMIC II Regular  Interest P is  represented by an Interest Only
Strip  Certificate,  such  uncertificated  REMIC II Regular  Interest's pro rata
share of the amount distributed  pursuant to Sections 4.02(a) and (b) in respect
of such Interest Only Strip Certificate and (ii) if such Uncertificated REMIC II
Regular Interest P is represented by the Interest Only Strip such Uncertificated
REMIC II Regular  Interest's pro rata share of the amount distributed in respect
of the Interest Only Strip pursuant to Sections 4.02(a) and (b).

         Uncertificated  REMIC II Regular Interest U Distribution  Amount:  With
respect  to  any  Distribution  Date,  the  sum  of  the  amounts  deemed  to be
distributed  on  the  Uncertificated  REMIC  II  Regular  Interest  U  for  such
Distribution   Date  pursuant  to  Section  4.08(e),   comprising  (i)  if  such
Uncertificated  REMIC II Regular  Interest U is  represented by an Interest Only
Strip  Certificate,  such  uncertificated  REMIC II Regular  Interest's pro rata
share of the amount distributed  pursuant to Sections 4.02(a) and (b) in respect
of such Interest Only Strip Certificate and (ii) if such Uncertificated REMIC II
Regular Interest U is represented by the


NY1-159595.5
                                                        48

<PAGE>



Interest Only Strip such  Uncertificated  REMIC II Regular  Interest's  pro rata
share of the amount  distributed  in respect of the Interest Only Strip pursuant
to Sections 4.02(a) and (b).

         Uncertificated  REMIC II Regular Interest V Distribution  Amount:  With
respect  to  any  Distribution  Date,  the  sum  of  the  amounts  deemed  to be
distributed  on  the  Uncertificated  REMIC  II  Regular  Interest  V  for  such
Distribution   Date  pursuant  to  Section  4.08(e),   comprising  (i)  if  such
Uncertificated  REMIC II Regular  Interest V is  represented by an Interest Only
Strip  Certificate,  such  uncertificated  REMIC II Regular  Interest's pro rata
share of the amount distributed  pursuant to Sections 4.02(a) and (b) in respect
of such Interest Only Strip Certificate and (ii) if such Uncertificated REMIC II
Regular Interest V is represented by the Interest Only Strip such Uncertificated
REMIC II Regular  Interest's pro rata share of the amount distributed in respect
of the Interest Only Strip pursuant to Sections 4.02(a) and (b).

         Uncertificated  REMIC II Regular Interest W Distribution  Amount:  With
respect  to  any  Distribution  Date,  the  sum  of  the  amounts  deemed  to be
distributed  on  the  Uncertificated  REMIC  II  Regular  Interest  W  for  such
Distribution   Date  pursuant  to  Section  4.08(e),   comprising  (i)  if  such
Uncertificated  REMIC II Regular  Interest V is  represented by an Interest Only
Strip  Certificate,  such  uncertificated  REMIC II Regular  Interest's pro rata
share of the amount distributed  pursuant to Sections 4.02(a) and (b) in respect
of such Interest Only Strip Certificate and (ii) if such Uncertificated REMIC II
Regular Interest V is represented by the Interest Only Strip such Uncertificated
REMIC II Regular  Interest's pro rata share of the amount distributed in respect
of the Interest Only Strip pursuant to Sections 4.02(a) and (b).

         Uncertificated  REMIC II Regular  Interest  Distribution  Amounts:  The
Uncertificated   REMIC  II  Regular   Interest  P   Distribution   Amount,   the
Uncertificated   REMIC  II  Regular   Interest  R   Distribution   Amount,   the
Uncertificated   REMIC  II  Regular   Interest  S   Distribution   Amount,   the
Uncertificated   REMIC  II  Regular   Interest  T   Distribution   Amount,   the
Uncertificated   REMIC  II  Regular   Interest  U   Distribution   Amount,   the
Uncertificated   REMIC  II  Regular   Interest  V   Distribution   Amount,   the
Uncertificated   REMIC  II  Regular  Interest  W  Distribution  Amount  and  the
Uncertificated REMIC II Regular Interests Z Distribution Amount.

         Uncertificated  REMIC II  Regular  Interests:  Uncertificated  REMIC II
Regular Interest P,  Uncertificated  REMIC II Regular Interest R, Uncertificated
REMIC II  Regular  Interest  S,  Uncertificated  REMIC II  Regular  Interest  T,
Uncertificated  REMIC II Regular  Interest  U,  Uncertificated  REMIC II Regular
Interest V, Uncertificated  REMIC II Regular Interest W and Uncertificated REMIC
II Regular Interests Z.



NY1-159595.5
                                                        49

<PAGE>



         Uncertificated  REMIC II Regular  Interest Z: The 2,617  uncertificated
partial  undivided   beneficial   ownership   interests  in  REMIC  II  numbered
sequentially  from 1 through  2,617 each  relating to the  identically  numbered
Uncertificated  REMIC I Regular Interest Z, each having no principal balance and
bearing  interest  at a rate  equal to the  related  Spread  Rate on the  Stated
Principal  Balance of the  Mortgage  Loan  related to the  identically  numbered
Uncertificated REMIC I Regular Interest Z, comprising (i) if such Uncertificated
REMIC II Regular  Interest Z is  represented  by the Excess Spread or a Variable
Strip  Certificate,  such  uncertificated  REMIC II Regular  Interest's pro rata
share of the amount distributed  pursuant to Sections 4.02(a) and (b) in respect
of  such  Excess  Spread  or  Variable  Strip   Certificate  and  (ii)  if  such
Uncertificated  REMIC II Regular  Interest V is represented by the Excess Spread
or a Variable  Strip such  Uncertificated  REMIC II Regular  Interest's pro rata
share of the amount  distributed  in respect of such  Excess  Spread or Variable
Strip Certificate pursuant to Sections 4.02(a) and (b).

         Uniform Single  Attestation  Program for Mortgage Bankers:  The Uniform
Single  Attestation  Program for Mortgage Bankers,  as published by the Mortgage
Bankers  Association  of America and  effective  with respect to fiscal  periods
ending on or after
December 15, 1995.

         Uninsured  Cause: Any cause of damage to property subject to a Mortgage
such that the complete restoration of such property is not fully reimbursable by
the hazard insurance policies.

         United States  Person:  A citizen or resident of the United  States,  a
corporation,  partnership  or other entity created or organized in, or under the
laws of, the United States or any political subdivision thereof, or an estate or
trust whose income from sources without the United States is 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. The
term  "United  States"  shall have the meaning set forth in Section  7701 of the
Code or successor provisions.

         Variable Strip Certificates:  Any one of any Class of Class
A Certificates issued in accordance with Section 5.01(c).

         Voting  Rights:  The  portion  of  the  voting  rights  of  all  of the
Certificates  which is allocated to any Certificate.  97.0% of all of the Voting
Rights shall be allocated  among Holders of  Certificates,  respectively,  other
than the Variable Strip Certificates,  Interest Only Strip  Certificates,  Class
R-I Certificates and Class R-II  Certificates,  in proportion to the outstanding
Certificate  Principal  Balances  of their  respective  Certificates;  1% of all
Voting  Rights shall be allocated to the Owner of the Excess  Spread and Holders
of the Variable Strip  Certificates,  1% of all Voting Rights shall be allocated
to the


NY1-159595.5
                                                        50

<PAGE>



Owner of the  Interest  Only  Strip and the  Interest  Only  Strip  Certificates
(allocated  to the Owner of the Excess  Spread and each Class of Variable  Strip
Certificates  in  proportion  to the amount of Accrued  Certificate  Interest or
amount of Excess Spread as of the immediately  preceding  Distribution Date, and
allocated  to the Owner of the  Interest  Only Strip and each Class of  Interest
Only Strip  Certificates  in  proportion  to the  amount of Accrued  Certificate
Interest  or amount  of  Interest  Only  Strip as of the  immediately  preceding
Distribution Date), and the Holders of the Class R-I Certificates and Class R-II
Certificates  shall be  entitled  to 0.5% and 0.5% of all of the Voting  Rights,
respectively, and allocated among the Certificates of each Class of Certificates
in accordance with their respective Percentage Interests.


NY1-159595.5
                                                        51

<PAGE>



                                                    ARTICLE II

                                           CONVEYANCE OF MORTGAGE LOANS;
                                         ORIGINAL ISSUANCE OF CERTIFICATES

         Section 2.01.              Conveyance of Mortgage Loans.

         (a) The Company,  concurrently  with the execution and delivery hereof,
does hereby  assign to the Trustee  without  recourse  all the right,  title and
interest of the Company in and to the Mortgage Loans, including all interest and
principal  received on or with respect to the  Mortgage  Loans after the Cut-off
Date (other than payments of principal and interest due on the Mortgage Loans on
or before the Cut-off Date).

         (b) In connection with such assignment,  except as set forth in Section
2.01(c)  below,  the Company  does hereby  deliver  to, and  deposit  with,  the
Trustee,  or to and with one or more Custodians,  as the duly appointed agent or
agents of the Trustee for such purpose,  the following  documents or instruments
(or copies  thereof  as  permitted  by this  Section)  (I) with  respect to each
Mortgage Loan so assigned (other than a Cooperative Loan):

                    (i) The original Mortgage Note, endorsed without recourse to
         the order of the Trustee and showing an unbroken chain of  endorsements
         from the originator  thereof to the Person endorsing it to the Trustee,
         or with respect to any Destroyed  Mortgage  Note, an original lost note
         affidavit from the related Seller or Residential  Funding  stating that
         the original Mortgage Note was lost,  misplaced or destroyed,  together
         with a copy of the related Mortgage Note;

                    (ii)  The  original  Mortgage  with  evidence  of  recording
         indicated  thereon or a copy of the  Mortgage  certified  by the public
         recording office in which such Mortgage has been recorded;

                    (iii) An original  Assignment of the Mortgage to the Trustee
         with  evidence  of  recording  indicated  thereon  or a  copy  of  such
         assignment  certified  by the  public  recording  office in which  such
         assignment has been recorded;

                    (iv) The original recorded  assignment or assignments of the
         Mortgage showing an unbroken chain of title from the originator thereof
         to the Person  assigning it to the Trustee or a copy of such assignment
         or assignments of the Mortgage certified by the public recording office
         in which such assignment or assignments have been recorded; and

                    (v) The original of each modification,  assumption agreement
         or preferred loan agreement,  if any, relating to such Mortgage Loan or
         a copy of each  modification,  assumption  agreement or preferred  loan
         agreement certified


NY1-159595.5
                                                        52

<PAGE>



         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.

         (c) The Company may, in lieu of  delivering  the documents set forth in
Section  2.01(b)(I)(iv) and (v) and Section  (b)(II)(ii),  (iv), (vii), (ix) and
(x) to the Trustee or the Custodian or Custodians, deliver such documents to the
Master Servicer,  and the Master Servicer shall hold such documents in trust for
the use and benefit of all present and future  Certificateholders  and the Owner
of Excess  Spread and the  Interest  Only Strip  until such time as is set forth
below.  Within ten Business Days following the earlier of (i) the receipt of the
original  of  each  of  the  documents  or  instruments  set  forth  in  Section
2.01(b)(I)(iv)  and (v) and Section  (b)(II)(ii),  (iv), (vii), (ix) and (x) (or
copies  thereof as permitted by such  Section) for any Mortgage  Loan and (ii) a
written request by the Trustee to deliver those documents with respect to any or
all of the  Mortgage  Loans then being held by the Master  Servicer,  the Master
Servicer  shall  deliver a complete set of such  documents to the Trustee or the
Custodian  or  Custodians  that are the duly  appointed  agent or  agents of the
Trustee.

         On the Closing Date,  the Master  Servicer shall certify that it has in
its  possession  an  original  or copy of each of the  documents  referred to in
Section  2.01(b)(I)(iv) and (v) and Section  (b)(II)(ii),  (iv), (vii), (ix) and
(x) which has been  delivered to it by the  Company.  Every six months after the
Closing Date, for so long as the Master Servicer is holding  documents  pursuant
to this Section 2.01(c),  the Master Servicer shall deliver to (i) Moody's if it
is one of the Rating  Agencies,  (ii) the  Trustee  and (iii) each  Custodian  a
report setting forth the status of the documents which it is holding 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.



NY1-159595.5
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<PAGE>



         The Company  shall  promptly  cause to be  recorded in the  appropriate
public office for real  property  records the  Assignment  referred to in clause
(I)(iii) of Section  2.01(b),  except in states where, in the opinion of counsel
acceptable  to the  Trustee  and the  Master  Servicer,  such  recording  is not
required to protect the  Trustee's  interests in the  Mortgage  Loan against the
claim of any  subsequent  transferee  or any  successor  to or  creditor  of the
Company or the  originator of such Mortgage Loan and shall  promptly cause to be
filed the Form UCC-3  assignment and UCC-1  financing  statement  referred to in
clause (II)(vii) and (x),  respectively,  of Section 2.01(b). If any Assignment,
Form UCC-3 or Form UCC-1, as applicable,  is lost or returned  unrecorded to the
Company  because of any defect  therein,  the Company shall prepare a substitute
Assignment, Form UCC-3 or Form UCC-1, as applicable, or cure such defect, as the
case may be, and cause such  Assignment to be recorded in  accordance  with this
paragraph.  The Company shall  promptly  deliver or cause to be delivered to the
Trustee or the respective Custodian such Mortgage or Assignment or Form UCC-3 or
Form UCC-1, as applicable,  (or copy thereof  certified by the public  recording
office) with evidence of recording  indicated  thereon upon receipt thereof from
the public recording office or from the related Subservicer.  In connection with
its  servicing  of  Cooperative  Loans,  the Master  Servicer  will use its best
efforts to file timely  continuation  statements  with regard to each  financing
statement and assignment  relating to Cooperative  Loans as to which the related
Cooperative Apartment is located outside of the State of New York.

         Any of the  items  set  forth in  Sections  2.01(b)(I)(iv)  and (v) and
(II)(vi)  and (vii) and that may be delivered as a copy rather than the original
may be delivered in microfiche form.

         (e)  Residential  Funding  hereby  assigns to the Trustee its  security
interest in and to the Additional  Collateral,  its right to receive payments in
respect of the Additional  Collateral Loans pursuant the Addendum and Assignment
Agreement and the Pledged Asset Mortgage Servicing Agreement,  and its rights as
beneficiary under the Surety Bond in respect of the Additional Collateral Loans.
With respect to any Additional  Collateral  Mortgage Loan,  Residential  Funding
shall cause to be filed in the  appropriate  recording  office a UCC-3 statement
giving notice of the  assignment of the related  security  interest to the Trust
Fund and shall thereafter cause the timely filing of all necessary  continuation
statements with regard to such financing statements.

         (f) It is intended that the  conveyances  by the Company to the Trustee
of  the   Mortgage   Loans  as  provided  for  in  this  Section  2.01  and  the
Uncertificated  REMIC I Regular  Interests  as provided  for in Section  2.06 be
construed as a sale by the Company to the Trustee of the Mortgage  Loans and the
Uncertificated   REMIC   I   Regular   Interests   for   the   benefit   of  the
Certificateholders  and the Owner of the  Excess  Spread and the  Interest  Only
Strip.


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<PAGE>



Further, it is not intended that any such conveyance be deemed to be a pledge of
the  Mortgage  Loans and the  Uncertificated  REMIC I Regular  Interests  by the
Company to the  Trustee  to secure a debt or other  obligation  of the  Company.
However,  in the event that the Mortgage  Loans and the  Uncertificated  REMIC I
Regular  Interests  are held to be  property  of the  Company or of  Residential
Funding,  or if for any  reason  this  Agreement  is held or  deemed to create a
security interest in the Mortgage Loans and the  Uncertificated  REMIC I Regular
Interests,  then it is intended that (a) this Agreement  shall also be deemed to
be a security  agreement  within the meaning of Articles 8 and 9 of the New York
Uniform  Commercial Code and the Uniform Commercial Code of any other applicable
jurisdiction;  (b) the conveyances  provided for in Sections 2.01 and 2.06 shall
be deemed to be (1) a grant by the Company to the Trustee of a security interest
in all of the Company's  right  (including  the power to convey title  thereto),
title and interest,  whether now owned or hereafter acquired,  in and to (A) the
Mortgage Loans, including (i) with respect to each Cooperative Loan, the related
Mortgage Note, Security Agreement,  Assignment of Proprietary Lease, Cooperative
Stock  Certificate,  Cooperative  Lease,  any  insurance  policies and all other
documents in the related  Mortgage  File and (ii) with respect to each  Mortgage
Loan other than a Cooperative Loan, the related Mortgage Note, the Mortgage, any
insurance policies and all other documents in the related Mortgage File, (B) all
amounts  payable  pursuant to the Mortgage  Loans in  accordance  with the terms
thereof,  (C) the  Uncertificated  REMIC I Regular Interests and (D) any and all
general  intangibles  consisting  of,  arising  from or  relating  to any of the
foregoing, and all proceeds of the conversion,  voluntary or involuntary, of the
foregoing  into  cash,  instruments,  securities  or other  property,  including
without  limitation  all  amounts  from  time to time  held or  invested  in the
Certificate  Account  or the  Custodial  Account,  whether  in the form of cash,
instruments,  securities or other  property and (2) an assignment by the Company
to the Trustee of any security interest in any and all of Residential  Funding's
right (including the power to convey title thereto), title and interest, whether
now  owned  or  hereafter  acquired,  in and to the  property  described  in the
foregoing clauses (1)(A), (B), (C) and (D) granted by Residential Funding to the
Company pursuant to the Assignment Agreement; (c) the possession by the Trustee,
the Custodian or any other agent of the Trustee of Mortgage  Notes or such other
items of property as  constitute  instruments,  money,  negotiable  documents or
chattel  paper  shall be deemed to be  "possession  by the  secured  party,"  or
possession  by a purchaser or a person  designated  by such secured  party,  for
purposes of perfecting the security  interest  pursuant to the Minnesota Uniform
Commercial  Code  and  the  Uniform  Commercial  Code  of any  other  applicable
jurisdiction  (including,  without  limitation,  Section  9-305,  8-313 or 8-321
thereof);   and  (d)  notifications  to  persons  holding  such  property,   and
acknowledgments,  receipts or confirmations  from persons holding such property,
shall be deemed notifications to, or acknowledgments,  receipts or confirmations
from, financial


NY1-159595.5
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<PAGE>



intermediaries, bailees or agents (as applicable) of the Trustee for the purpose
of perfecting such security interest under applicable law.

         The Company and, at the Company's  direction,  Residential  Funding and
the Trustee  shall,  to the extent  consistent  with this  Agreement,  take such
reasonable  actions as may be necessary to ensure that, if this  Agreement  were
deemed to create a security  interest in the Mortgage Loans, the  Uncertificated
REMIC I Regular Interests and the other property  described above, such security
interest would be deemed to be a perfected  security  interest of first priority
under  applicable law and will be maintained as such throughout the term of this
Agreement.  Without limiting the generality of the foregoing,  the Company shall
prepare  and  deliver to the  Trustee  not less than 15 days prior to any filing
date and, the Trustee shall  forward for filing,  or shall cause to be forwarded
for filing, at the expense of the Company, all filings necessary to maintain the
effectiveness  of any original  filings  necessary under the Uniform  Commercial
Code as in effect in any jurisdiction to perfect the Trustee's security interest
in or  lien  on the  Mortgage  Loans  and the  Uncertificated  REMIC  I  Regular
Interests,  as evidenced by an Officer's  Certificate of the Company,  including
without limitation (x) continuation statements, and (y) such other statements as
may be occasioned by (1) any change of name of Residential  Funding, the Company
or the  Trustee  (such  preparation  and filing  shall be at the  expense of the
Trustee,  if occasioned by a change in the  Trustee's  name),  (2) any change of
location of the place of business or the chief  executive  office of Residential
Funding or the Company,  (3) any transfer of any interest of Residential Funding
or the  Company in any  Mortgage  Loan or (4) any  transfer  of any  interest of
Residential  Funding  or the  Company  in any  Uncertificated  REMIC  I  Regular
Interest.

         (g) The Master Servicer hereby  acknowledges  the receipt by it of cash
in an amount equal to $16,593 (the "Initial Monthly Payment Fund"), representing
scheduled  principal  amortization and interest at the Net Mortgage Rate for the
Due Date in September  1996, for those Mortgage Loans for which the Trustee will
not be entitled to receive such  payment.  The Master  Servicer  shall hold such
Initial  Monthly  Payment Fund in the  Custodial  Account and shall include such
Initial  Monthly  Payment  Fund in the  Available  Distribution  Amount  for the
Distribution  Date in September  1996.  Notwithstanding  anything  herein to the
contrary,  the Initial  Monthly Payment Fund shall not be an asset of REMIC I or
REMIC II. To the extent that the Initial  Monthly  Payment  Fund  constitutes  a
reserve fund for federal income tax purposes, (1) it shall be an outside reserve
fund and not an asset of the REMIC,  (2) it shall be owned by the Seller and (3)
amounts  transferred by the REMIC to the Initial  Monthly  Payment Fund shall be
treated as transferred to the Seller or any successor, all within the meaning of
Section 1.860G-2(h) of the Treasury Regulations.


NY1-159595.5
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<PAGE>




         Section 2.02.              Acceptance by Trustee.

         The Trustee  acknowledges  receipt (or, with respect to Mortgage  Loans
subject  to  a  Custodial  Agreement,   and  based  solely  upon  a  receipt  or
certification executed by the Custodian,  receipt by the respective Custodian as
the duly appointed agent of the Trustee) of the documents referred to in Section
2.01(b)(i) through (iii) above (except that for purposes of such acknowledgement
only, a Mortgage Note may be endorsed in blank and an Assignment of Mortgage may
be in blank) and declares  that it, or a Custodian as its agent,  holds and will
hold such documents and the other documents  constituting a part of the Mortgage
Files  delivered  to it,  or a  Custodian  as  its  agent,  and  the  rights  of
Residential  Funding with respect to the  Additional  Collateral  and the Surety
Bond assigned to the Trustee  pursuant to Section 2.01, in trust for the use and
benefit of all present and future Certificateholders and the Owner of the Excess
Spread and the Interest  Only Strip.  The Trustee or Custodian  (such  Custodian
being so  obligated  under a  Custodial  Agreement)  agrees,  for the benefit of
Certificateholders  and the Owner of the  Excess  Spread and the  Interest  Only
Strip,  to review each Mortgage File delivered to it pursuant to Section 2.01(b)
within 45 days after the Closing Date to ascertain  that all required  documents
(specifically as set forth in Section 2.01(b)), have been executed and received,
and that such documents  relate to the Mortgage Loans identified on the Mortgage
Loan Schedule, as supplemented,  that have been conveyed to it. Upon delivery of
the  Mortgage  Files by the Company or the Master  Servicer,  the Trustee  shall
acknowledge  receipt (or, with respect to Mortgage  Loans subject to a Custodial
Agreement,  and based  solely  upon a receipt or  certification  executed by the
Custodian,  receipt by the respective  Custodian as the duly appointed  agent of
the Trustee) of the documents  referred to in Section 2.01(c) above. The Trustee
or Custodian (such  Custodian  being so obligated  under a Custodial  Agreement)
agrees to review each Mortgage File delivered to it pursuant to Section  2.01(c)
within 45 days after receipt thereof to ascertain that all documents required to
be  delivered  pursuant  to such  Section  have  been  received,  and that  such
documents relate to the Mortgage Loans identified on the Mortgage Loan Schedule,
as supplemented, that have been conveyed to it.

         If the  Custodian,  as the  Trustee's  agent,  finds  any  document  or
documents  constituting  a part of a Mortgage File to be missing or defective in
any material  respect,  the Trustee shall promptly so notify the Master Servicer
and the  Company.  Pursuant  to  Section  2.3 of the  Custodial  Agreement,  the
Custodian  will notify the Master  Servicer,  the Company and the Trustee of any
such  omission or defect found by it in respect of any Mortgage File held by it.
The Master Servicer shall promptly  notify the related  Subservicer or Seller of
such omission or defect and request that such  Subservicer  or Seller correct or
cure such omission or defect within 60 days from the date the Master


NY1-159595.5
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<PAGE>



Servicer was  notified of such  omission or defect and, if such  Subservicer  or
Seller does not correct or cure such omission or defect within such period, that
such  Subservicer  or Seller  purchase  such  Mortgage  Loan from REMIC I at its
Purchase  Price, in either case within 90 days from the date the Master Servicer
was notified of such omission or defect; provided that if the omission or defect
would cause the Mortgage Loan to be other than a "qualified mortgage" as defined
in Section 860G(a)(3) of the Code, any such cure or repurchase must occur within
90 days from the date such breach was  discovered.  The  Purchase  Price for any
such Mortgage Loan, whether purchased by the Seller or the Subservicer, shall be
deposited  or caused to be  deposited  by the Master  Servicer in the  Custodial
Account  maintained  by it pursuant  to Section  3.07 and,  upon  receipt by the
Trustee of written  notification of such deposit signed by a Servicing  Officer,
the Trustee or any  Custodian,  as the case may be, shall  release to the Master
Servicer the related  Mortgage  File and the Trustee  shall  execute and deliver
such instruments of transfer or assignment  prepared by the Master Servicer,  in
each case without  recourse,  as shall be necessary to vest in the Seller or its
designee or the  Subservicer  or its designee,  as the case may be, any Mortgage
Loan released  pursuant  hereto and  thereafter  such Mortgage Loan shall not be
part of the Trust Fund. It is understood  and agreed that the  obligation of the
Seller  or the  Subservicer,  as the case  may be,  to so cure or  purchase  any
Mortgage  Loan as to which a material  defect in or  omission  of a  constituent
document  exists  shall  constitute  the sole remedy  respecting  such defect or
omission available to Certificateholders  and the Owner of the Excess Spread and
the Interest  Only Strip or the Trustee on behalf of the  Certificateholders  or
such Owner.

         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 Owner of the Excess Spread and
the Interest Only Strip that:

                    (i) The Master  Servicer is a  corporation  duly  organized,
         validly  existing and in good  standing  under the laws  governing  its
         creation and existence and is or will be in compliance with the laws of
         each  state in which any  Mortgaged  Property  is located to the extent
         necessary  to  ensure  the  enforceability  of  each  Mortgage  Loan in
         accordance with the terms of this Agreement;

                    (ii) The  execution  and  delivery of this  Agreement by the
         Master  Servicer and its  performance  and compliance with the terms of
         this  Agreement will not violate the Master  Servicer's  Certificate of
         Incorporation  or Bylaws or constitute a material  default (or an event
         which, with notice or lapse of time, or both, would constitute a


NY1-159595.5
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<PAGE>



         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.



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<PAGE>



It is understood and agreed that the representations and warranties set forth in
this Section 2.03(a) shall survive delivery of the respective  Mortgage Files to
the Trustee or any Custodian.

         Upon discovery by either the Company, the Master Servicer,  the Trustee
or any Custodian of a breach of any representation or warranty set forth in this
Section  2.03(a) which  materially  and  adversely  affects the interests of the
Certificateholders  and the Owner of the  Excess  Spread and the  Interest  Only
Strip in any Mortgage Loan, the party  discovering such breach shall give prompt
written  notice to the other parties (any Custodian  being so obligated  under a
Custodial  Agreement).  Within 90 days of its discovery or its receipt of notice
of such  breach,  the Master  Servicer  shall either (i) cure such breach in all
material  respects or (ii) to the extent  that such breach is with  respect to a
Mortgage Loan or a related document,  purchase such Mortgage Loan from the Trust
Fund at the Purchase Price and in the manner set forth in Section 2.02; provided
that if the omission or defect would cause the Mortgage  Loan to be other than a
"qualified mortgage" as defined in Section 860G(a)(3) of the Code, any such cure
must  occur  within  90 days  from the date  such  breach  was  discovered.  The
obligation  of the Master  Servicer to cure such  breach or to so purchase  such
Mortgage  Loan  shall  constitute  the sole  remedy in  respect of a breach of a
representation  and warranty set forth in this Section 2.03(a)  available to the
Certificateholders  and the Owner of the  Excess  Spread and the  Interest  Only
Strip or the Trustee on behalf of the Certificateholders and such Owner.

         (b) The Company  hereby  represents and warrants to the Trustee for the
benefit  of  Certificateholders  and the  Owner  of the  Excess  Spread  and the
Interest  Only Strip that as of the  Closing  Date (or, if  otherwise  specified
below, as of the date so specified):

                    (i) No  Mortgage  Loan is one  month or more  delinquent  in
         payment  of  principal  and  interest  as of the  Cut-off  Date  and no
         Mortgage  Loan has been so  delinquent  more than once in the  12-month
         period prior to the Cut-off Date;

                    (ii) The  information  set forth in Exhibit  F-1 and Exhibit
         F-2 hereto with respect to each Mortgage Loan or the Mortgage Loans, as
         the case may be, in Loan Group I and Loan Group II, as  applicable,  is
         true  and  correct  in all  material  respects  at the  date  or  dates
         respecting which such information is furnished;

                    (iii) The Mortgage  Loans are  fully-amortizing,  fixed-rate
         mortgage loans with level Monthly Payments due on the first day of each
         month and terms to maturity at origination or  modification of not more
         than 30 years in the


NY1-159595.5
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<PAGE>



         case of the Group I Loans, or 15 years in the case of the
         Group II Loans;

                    (iv) To the best of the  Company's  knowledge,  except  with
         respect to 128 Mortgage Loans  representing  approximately  9.4% of the
         Mortgage Loans by aggregate Stated Principal  Balance (102 of which are
         Additional  Collateral  Loans  representing  approximately  8.2% of the
         Mortgage Loans by aggregate  Stated Principal  Balance),  if a Mortgage
         Loan is secured by a Mortgaged  Property with a Loan-to-Value  Ratio at
         origination  in excess of 80%,  such  Mortgage Loan is the subject of a
         Primary  Insurance  Policy that insures  that portion of the  principal
         balance  thereof that exceeds the amount equal to 75% of the  Appraised
         Value of the related Mortgaged  Property.  To the best of the Company's
         knowledge,  each such  Primary  Insurance  Policy is in full  force and
         effect and the Trustee is entitled to the benefits thereunder;

                    (v)             The issuers of the Primary Insurance
 Policies
         are insurance companies whose claims-paying abilities are
         currently acceptable to each Rating Agency;

                    (vi) No more  than  0.6% of the  Group I Loans by  aggregate
         Stated  Principal  Balance  as of  the  Cut-off  Date  are  secured  by
         Mortgaged Properties located in any one zip code area in California and
         no more than 1.1% of the Group I Loans by  aggregate  Stated  Principal
         Balance as of the  Cut-off  Date are  secured by  Mortgaged  Properties
         located in any one zip code area outside California,  no more than 2.3%
         of the Group II Loans by aggregate Stated  Principal  Balance as of the
         Cut-off Date are secured by Mortgaged Properties located in any one zip
         code  area in  California,  no more  than 2.0% of the Group II Loans by
         aggregate Stated  Principal  Balance as of the Cut-off Date are secured
         by  Mortgaged  Properties  located  in any one zip  code  area  outside
         California, and one Group II Loan is a Cooperative Loan;

                    (vii) If the improvements  securing a Mortgage Loan are in a
         federally  designated special flood hazard area, flood insurance in the
         amount  required  under the Program Guide covers the related  Mortgaged
         Property (either by coverage under the federal flood insurance  program
         or by coverage by private insurers);

                    (viii)  Immediately  prior to the assignment of the Mortgage
         Loans to the  Trustee,  the Company had good title to, and was the sole
         owner  of,  each  Mortgage  Loan free and  clear of any  pledge,  lien,
         encumbrance  or security  interest  (other than rights to servicing and
         related  compensation) and such assignment validly transfers  ownership
         of the  Mortgage  Loans to the  Trustee  free and clear of any  pledge,
         lien, encumbrance or security interest;


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<PAGE>




                    (ix)  Approximately  19.9% of the Group I Loans by aggregate
         Stated Principal Balance as of the Cut-off Date were underwritten under
         a reduced loan  documentation  program and  approximately  17.1% of the
         Group I Loans by aggregate Stated  Principal  Balance as of the Cut-off
         Date  were   underwritten   under  a  no-stated   income   program  and
         approximately  4.1% of the Group II Loans by aggregate Stated Principal
         Balance as of the Cut-off Date were  underwritten  under a reduced loan
         documentation  program and approximately  6.8% of the Group II Loans by
         aggregate  Stated  Principal  Balance  as  of  the  Cut-off  Date  were
         underwritten under a no-stated income program;

                    (x)  Approximately  34.3% of the Group I Loans by  aggregate
         Stated Principal Balance as of the Cut-off Date are non-owner  occupied
         properties  as of the date of  origination  of such  Group I Loans  and
         approximately 48.9% of the Group II Loans by aggregate Stated Principal
         Balance as of the Cut-off Date are non-owner occupied  properties as of
         the date of origination of such Group II Loan;

                    (xi)    None of the Mortgage Loans were Buydown
         Mortgage Loans;

                    (xii)           Each Mortgage Loan constitutes a qualified
         mortgage under Section 860G(a)(3)(A) of the Code and
         Treasury Regulations Section 1.860G-2(a)(1);

                    (xiii)          A policy of title insurance was effective as
         of the closing of each Mortgage Loan and is valid and
         binding and remains in full force and effect;

                    (xiv) With respect to a Mortgage  Loan that is a Cooperative
         Loan,  the  Cooperative  Stock  that is  pledged  as  security  for the
         Mortgage Loan is held by a person as a  tenant-stockholder  (as defined
         in Section 216 of the Code) in a cooperative  housing  corporation  (as
         defined in Section 216 of the Code);

                    (xv)    Interest on each Mortgage Loan is calculated
         on the basis of a 360-day year consisting of twelve 30-day
         months;

                    (xvi)  Approximately 0.2% of the Mortgage Loans by aggregate
         Stated Principal  Balance as of the Cut-off Date contain in the related
         Mortgage File a Destroyed Mortgage Note;

                    (xvii)  Not more than 1.8% of the Group I Loans and not more
         than 1.2% of the Group II Loans by aggregate Stated  Principal  Balance
         as of the Cut-off Date will have been made to International  Borrowers,
         and no such Mortgagor is a member of a foreign  diplomatic mission with
         diplomatic rank;


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                    (xviii) No Mortgage  Loan  provides  for  payments  that are
         subject  to  reduction  by  withholding  taxes  levied  by any  foreign
         (non-United States) sovereign government; and

                    (xix)   Approximately   8.03%  of  the  Group  I  Loans  and
         approximately  9.87% of the Group II Loans  (in each case by  aggregate
         Stated  Principal  Balance  as of  the  Cut-off  Date)  are  Additional
         Collateral Loans.

It is understood and agreed that the representations and warranties set forth in
this Section 2.03(b) shall survive delivery of the respective  Mortgage Files to
the Trustee or any Custodian.

         Upon discovery by any of the Company, the Master Servicer,  the Trustee
or any Custodian of a breach of any of the  representations  and  warranties set
forth in this  Section  2.03(b)  which  materially  and  adversely  affects  the
interests of the  Certificateholders  and the Owner of the Excess Spread and the
Interest  Only Strip in any Mortgage  Loan,  the party  discovering  such breach
shall give prompt written  notice to the other parties (any  Custodian  being so
obligated under a Custodial Agreement);  provided, however, that in the event of
a breach of the representation  and warranty set forth in Section  2.03(b)(xii),
the party  discovering  such breach  shall give such notice  within five days of
discovery.  Within 90 days of its  discovery or its receipt of notice of breach,
the Company  shall either (i) cure such breach in all material  respects or (ii)
purchase such Mortgage Loan from the Trust Fund at the Purchase Price and in the
manner set forth in  Section  2.02;  provided  that the  Company  shall have the
option to  substitute  a Qualified  Substitute  Mortgage  Loan or Loans for such
Mortgage Loan if such substitution occurs within two years following the Closing
Date;  provided  that if the omission or defect would cause the Mortgage Loan to
be other than a  "qualified  mortgage" as defined in Section  860G(a)(3)  of the
Code,  any such cure or repurchase  must occur within 90 days from the date such
breach was discovered.  Any such  substitution  shall be effected by the Company
under  the  same  terms  and   conditions   as  provided  in  Section  2.04  for
substitutions  by  Residential  Funding.  It is  understood  and agreed that the
obligation  of the Company to cure such  breach or to so purchase or  substitute
for any Mortgage  Loan as to which such a breach has occurred and is  continuing
shall  constitute  the sole  remedy  respecting  such  breach  available  to the
Certificateholders  and the Owner of the  Excess  Spread and the  Interest  Only
Strip or the  Trustee  on  behalf  of the  Certificateholders  and  such  Owner.
Notwithstanding  the  foregoing,  the  Company  shall  not be  required  to cure
breaches  or  purchase  or  substitute  for  Mortgage  Loans as provided in this
Section  2.03(b) if the  substance of the breach of a  representation  set forth
above also constitutes fraud in the origination of the Mortgage Loan.



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         Section 2.04.              Representations and Warranties of Sellers.

         The Company,  as assignee of  Residential  Funding under the Assignment
Agreement,  hereby assigns to the Trustee for the benefit of  Certificateholders
and the Owner of the Excess Spread and the Interest Only Strip all of its right,
title and  interest in respect of the  Assignment  Agreement  and each  Seller's
Agreement  applicable to a Mortgage Loan. Insofar as the Assignment Agreement or
such Seller's  Agreement relates to the  representations  and warranties made by
Residential  Funding or the related  Seller in respect of such Mortgage Loan and
any remedies  provided  thereunder  for any breach of such  representations  and
warranties,  such  right,  title and  interest  may be  enforced  by the  Master
Servicer on behalf of the Trustee and the  Certificate-holders  and the Owner of
the  Excess  Spread and the  Interest  Only  Strip.  Upon the  discovery  by the
Company, the Master Servicer, the Trustee or any Custodian of a breach of any of
the  representations  and  warranties  made  in  a  Seller's  Agreement  or  the
Assignment  Agreement (which, for purposes hereof, will be deemed to include any
other  cause  giving  rise  to a  repurchase  obligation  under  the  Assignment
Agreement)  in  respect of any  Mortgage  Loan which  materially  and  adversely
affects  the  interests  of the  Certificateholders  and the Owner of the Excess
Spread and the Interest Only Strip in such Mortgage Loan, the party  discovering
such breach shall give prompt written notice to the other parties (any Custodian
being so  obligated  under a Custodial  Agreement).  The Master  Servicer  shall
promptly notify the related Seller or Residential  Funding,  as the case may be,
of such breach and request that such Seller or Residential  Funding, as the case
may be, either (i) cure such breach in all material respects within 90 days from
the date the Master  Servicer was notified of such breach or (ii)  purchase such
Mortgage  Loan from the Trust Fund at the  Purchase  Price and in the manner set
forth  in  Section  2.02;  provided  that in the  case  of a  breach  under  the
Assignment  Agreement  Residential Funding shall have the option to substitute a
Qualified  Substitute  Mortgage  Loan or Loans  for such  Mortgage  Loan if such
substitution  occurs within two years following the Closing Date;  provided that
if the  breach  would  cause the  Mortgage  Loan to be other  than a  "qualified
mortgage"  as  defined  in  Section  860G(a)(3)  of the  Code,  any such cure or
substitution  must occur within 90 days from the date the breach was discovered.
In  the  event  that  Residential  Funding  elects  to  substitute  a  Qualified
Substitute  Mortgage Loan or Loans for a Deleted  Mortgage Loan pursuant to this
Section 2.04,  Residential  Funding shall deliver to the Trustee for the benefit
of the  Certificateholders  and the Owner of the Excess  Spread and the Interest
Only Strip 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


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respect to  Qualified  Substitute  Mortgage  Loans in the month of  substitution
shall not be part of the Trust Fund and will be retained by the Master  Servicer
and  remitted  by the  Master  Servicer  to  Residential  Funding  on  the  next
succeeding  Distribution  Date. For the month of substitution,  distributions to
the  Certificateholders and the Owner of the Excess Spread and the Interest Only
Strip will include the Monthly  Payment due on a Deleted  Mortgage Loan for such
month and thereafter Residential Funding shall be entitled to retain all amounts
received in respect of such Deleted  Mortgage  Loan.  The Master  Servicer shall
amend or cause to be amended the  Mortgage  Loan  Schedule,  and, if the Deleted
Mortgage Loan was a Discount Mortgage Loan, the Schedule of Discount  Fractions,
for the benefit of the Certificateholders and the Owner of the Excess Spread and
the Interest Only Strip to reflect the removal of such Deleted Mortgage Loan and
the  substitution  of the  Qualified  Substitute  Mortgage Loan or Loans and the
Master  Servicer shall deliver the amended  Mortgage Loan Schedule,  and, if the
Deleted  Mortgage  Loan was a Discount  Loan,  the amended  Schedule of Discount
Fractions,  to the Trustee.  Upon such  substitution,  the Qualified  Substitute
Mortgage  Loan or Loans shall be subject to the terms of this  Agreement and the
related  Subservicing  Agreement in all  respects,  the related  Seller shall be
deemed to have made the  representations  and  warranties  with  respect  to the
Qualified  Substitute  Mortgage Loan contained in the related Seller's Agreement
as of the date of substitution, and the Company and the Master Servicer shall be
deemed to have made with respect to any  Qualified  Substitute  Mortgage Loan or
Loans,  as of the  date of  substitution,  the  covenants,  representations  and
warranties set forth in this Section 2.04, in Section 2.03 hereof and in Section
4 of the  Assignment  Agreement,  and the Master  Servicer shall be obligated to
repurchase or substitute for any Qualified  Substitute Mortgage Loan as to which
a  Repurchase  Event (as  defined  in the  Assignment  Agreement)  has  occurred
pursuant to Section 4 of the Assignment Agreement.

         In connection with the substitution of one or more Qualified Substitute
Mortgage Loans for one or more Deleted  Mortgage Loans, the Master Servicer will
determine  the amount (if any) by which the aggregate  principal  balance of all
such Qualified  Substitute Mortgage Loans as of the date of substitution is less
than the aggregate Stated  Principal  Balance of all such Deleted Mortgage Loans
(in each case after application of the principal portion of the Monthly Payments
due  in  the  month  of   substitution   that  are  to  be  distributed  to  the
Certificateholders  in the month of  substitution).  Residential  Funding  shall
deposit the amount of such  shortfall  into the Custodial  Account on the day of
substitution, without any reimbursement therefor. Residential Funding shall give
notice  in  writing  to the  Trustee  of  such  event,  which  notice  shall  be
accompanied by an Officers'  Certificate as to the calculation of such shortfall
and  (subject to Section  10.01(f))  by an Opinion of Counsel to the effect that
such substitution will not cause (a) any federal tax to be


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<PAGE>



imposed on the Trust Fund, including without limitation, any federal tax imposed
on  "prohibited  transactions"  under  Section  860F(a)(1)  of  the  Code  or on
"contributions  after the startup date" under Section  860G(d)(1) of the Code or
(b) any portion of the Trust Fund to fail to qualify as a REMIC at any time that
any Certificate is outstanding.

         It is  understood  and  agreed  that the  obligation  of the  Seller or
Residential  Funding, as the case may be, to cure such breach or purchase (or in
the case of  Residential  Funding to  substitute  for) such  Mortgage Loan as to
which such a breach has occurred and is  continuing  shall  constitute  the sole
remedy respecting such breach available to the  Certificateholders and the Owner
of the Excess  Spread and the  Interest  Only Strip or the  Trustee on behalf of
Certificateholders  and  such  Owner.  If the  Master  Servicer  is  Residential
Funding, then the Trustee shall also have the right to give the notification and
require  the  purchase  or  substitution  provided  for in the second  preceding
paragraph in the event of such a breach of a representation  or warranty made by
Residential Funding in the Assignment Agreement. In connection with the purchase
of or  substitution  for any such  Mortgage  Loan by  Residential  Funding,  the
Trustee shall assign to Residential Funding all of the right, title and interest
in respect of the Seller's Agreement and the Assignment  Agreement applicable to
such Mortgage Loan.

         Section 2.05.              Issuance of Certificates Evidencing
 Interests
                                    in REMIC I Certificates.

         The Trustee acknowledges the assignment to it of the Mortgage Loans and
the  delivery  of the  Mortgage  Files to it, or any  Custodian  on its  behalf,
subject to any exceptions noted, together with the assignment to it of all other
assets   included  in  REMIC  I,  receipt  of  which  is  hereby   acknowledged.
Concurrently with such delivery and in exchange therefor, the Trustee,  pursuant
to the written request of the Company  executed by an officer of the Company has
executed and caused to be  authenticated  and  delivered to or upon the order of
the  Company  the Class  R-I  Certificates  in  authorized  denominations  which
together with the Uncertificated  REMIC I Regular Interests,  evidence ownership
of REMIC I. The  rights  of the  Class  R-I  Certificateholders  and  REMIC I to
receive  distributions  from the proceeds of REMIC I in respect of the Class R-I
Certificates and the Uncertificated REMIC I Regular Interests, and all ownership
interests of the Class R-I Certificateholders and REMIC I in such distributions,
shall be as set forth in this Agreement.



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         Section                    2.06.  Conveyance of Uncertificated  REMIC I
                                    and REMIC II Regular  Interests;  Acceptance
                                    by the Trustee.


         The  Company,  as of  the  Closing  Date,  and  concurrently  with  the
execution  and delivery  hereof,  does hereby  assign  without  recourse all the
right,  title and interest of the Company in and to the  Uncertificated  REMIC I
Regular  Interests  to the  Trustee for the  benefit of the Class  A-I-1,  Class
A-I-2,  Class A-I-3,  Class A-I-4,  Class A-I-5, Class A-I-6, Class A-I-7, Class
A-I-8, Class A-I-9, Class A-I-10,  Class A-II-1,  Class A-II-2, Class A-P, Class
M-1,  Class M-2,  Class  M-3,  Class  B-1,  Class B-2,  Class B-3 and Class R-II
Certificateholders,  the Owner of the Excess  Spread and the Interest Only Strip
and  the   Variable   Strip   Certificateholders   and   Interest   Only   Strip
Certificateholders. The Trustee acknowledges receipt of the Uncertificated REMIC
I Regular Interests and  Uncertificated  REMIC II Regular Interests and declares
that it holds and will hold the same in trust for the  exclusive use and benefit
of all present and future Class A-I-1,  Class A-I-2,  Class A-I-3,  Class A-I-4,
Class A-I-5,  Class A-I-6,  Class A-I-7, Class A-I-8, Class A-I-9, Class A-I-10,
Class A-II-1,  Class A-II-2,  Class A-P,  Class M-1, Class M-2, Class M-3, Class
B-1, Class B-2, Class B-3 and Class R-II  Certificate-holders,  the Owner of the
Excess   Spread   and  the   Interest   Only  Strip  and  the   Variable   Strip
Certificateholders and Interest Only Strip Certificateholders. The rights of the
A-I-1,  Class A-I-2,  Class A-I-3,  Class A-I-4, Class A-I-5, Class A-I-6, Class
A-I-7,  Class A-I-8,  Class A-I-9,  Class A-I-10,  Class A-II-1,  Class A-II- 2,
Class A-P,  Class M-1, Class M-2, Class M-3, Class B-1, Class B-2, Class B-3 and
Class R-II  Certificateholders,  the Owner of the Excess Spread and the Interest
Only Strip and the Variable  Strip  Certificateholders  and Interest  Only Strip
Certificateholders  to receive  distributions  from the  proceeds of REMIC II in
respect of the Class A-I-1,  Class A-I-2, Class A-I-3, Class A-I-4, Class A-I-5,
Class A-I-6, Class A-I-7, Class A-I-8, Class A-I-9, Class A-I-10,  Class A-II-1,
Class A-II-2,  Class A-P, Class M-1, Class M-2, Class M-3, Class B-1, Class B-2,
Class B-3 and Class R-II  Certificates,  the Excess Spread and the Interest Only
Strip  and  the  Variable  Strip  Certificateholders  and  Interest  Only  Strip
Certificateholders, and all ownership interests of the Class A-I-1, Class A-I-2,
Class A-I-3,  Class A-I-4,  Class A-I-5,  Class A-I-6, Class A-I-7, Class A-I-8,
Class A-I-9,  Class A-I-10,  Class A-II-1,  Class A-II-2,  Class A-P, Class M-1,
Class  M-2,  Class  M-3,  Class  B-1,  Class  B-2,  Class  B-3  and  Class  R-II
Certificateholders,  the Owner of the Excess  Spread and the Interest Only Strip
and  the   Variable   Strip   Certificateholders   and   Interest   Only   Strip
Certificateholders  in  such  distributions,  shall  be as  set  forth  in  this
Agreement.



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         Section 2.07.              Issuance of Certificates Evidencing Interest
                                    in REMIC II.

         The Trustee  acknowledges  the  assignment to it of the  Uncertificated
REMIC I Regular Interests and, concurrently  therewith and in exchange therefor,
pursuant  to the written  request of the  Company  executed by an officer of the
Company,  the Trustee has executed and caused to be authenticated  and delivered
to or upon the order of the Company, the Class A-I-1, Class A-I- 2, Class A-I-3,
Class A-I-4,  Class A-I-5,  Class A-I-6, Class A-I- 7, Class A-I-8, Class A-I-9,
Class A-I-10, Class A-II-1, Class A-II-2, Class A-P, Class M-1, Class M-2, Class
M-3, Class B-1, Class B-2, Class B-3 and Class R-II  Certificates  in authorized
denominations  which,  together with the ownership interest in the Excess Spread
and the Interest  Only Strip and the Variable  Strip  Certificates  and Interest
Only  Strip  Certificates,  to the extent  issued in  accordance  with  Sections
5.01(c) and 5.01(d), evidence ownership of the entire REMIC II.




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                                                    ARTICLE III

                                           ADMINISTRATION AND SERVICING
                                                 OF MORTGAGE LOANS

         Section 3.01.              Master Servicer to Act as Servicer.

         (a) The Master Servicer shall service and administer the Mortgage Loans
in accordance with the terms of this Agreement and the respective Mortgage Loans
and shall have full power and authority, acting alone or through Subservicers as
provided in Section 3.02,  to do any and all things which it may deem  necessary
or desirable in  connection  with such  servicing  and  administration.  Without
limiting the generality of the foregoing, the Master Servicer in its own name or
in the name of a Subservicer  is hereby  authorized and empowered by the Trustee
when the Master  Servicer or the  Subservicer,  as the case may be,  believes it
appropriate  in its best  judgment,  to execute  and  deliver,  on behalf of the
Certificateholders,  the Owner of the Excess  Spread and the Interest Only Strip
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 REMIC I or REMIC II to fail to qualify as such under
the Code.  The  Trustee  shall  furnish the Master  Servicer  with any powers of
attorney  and other  documents  necessary  or  appropriate  to enable the Master
Servicer to service and administer the Mortgage Loans.  The Trustee shall not be
liable for any action taken by the Master Servicer or any  Subservicer  pursuant
to such powers of attorney. In servicing and administering any


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Nonsubserviced  Mortgage  Loan,  the Master  Servicer  shall,  to the extent not
inconsistent  with this  Agreement,  comply with the Program Guide as if it were
the  originator of such Mortgage Loan and had retained the servicing  rights and
obligations in respect thereof.  In connection with servicing and  administering
the Mortgage Loans, the Master Servicer and any Affiliate of the Master Servicer
(i) may perform services such as appraisals and brokerage  services that are not
customarily  provided by servicers of mortgage  loans,  and shall be entitled to
reasonable  compensation  therefor in accordance with Section 3.10 and (ii) may,
at its own discretion and on behalf of the Trustee, obtain credit information in
the form of a "credit score" from a credit repository.

         (b) All costs  incurred by the Master  Servicer or by  Subservicers  in
effecting the timely payment of taxes and assessments on the properties  subject
to the  Mortgage  Loans  shall  not,  for the  purpose  of  calculating  monthly
distributions to the  Certificateholders  and the Owner of the Excess Spread and
the Interest Only Strip, be added to the amount owing under the related Mortgage
Loans,  notwithstanding that the terms of such Mortgage Loan so permit, and such
costs shall be recoverable to the extent permitted by Section 3.10(a)(ii).

         (c) The  Master  Servicer  may  enter  into one or more  agreements  in
connection with the offering of pass-through  certificates  evidencing interests
in one or more of the  Certificates  providing  for the  payment  by the  Master
Servicer of amounts  received by the Master  Servicer as servicing  compensation
hereunder and required to cover certain  Prepayment  Interest  Shortfalls on the
Mortgage Loans, which payment obligation will thereafter be an obligation of the
Master Servicer hereunder.

         Section 3.02.              Subservicing Agreements Between Master
                                    Servicer and Subservicers; Enforcement of
                                    Subservicers' and Sellers' Obligations.

         (a) The Master Servicer may continue in effect Subservicing  Agreements
entered into by Residential  Funding and Subservicers prior to the execution and
delivery of this Agreement,  and may enter into new Subservicing Agreements with
Subservicers,  for  the  servicing  and  administration  of all or  some  of the
Mortgage Loans. Each Subservicer of a Mortgage Loan shall be entitled to receive
and retain,  as provided in the related  Subservicing  Agreement  and in Section
3.07, the related  Subservicing  Fee from payments of interest  received on such
Mortgage Loan after payment of all amounts required to be remitted to the Master
Servicer  in respect of such  Mortgage  Loan.  For any  Mortgage  Loan that is a
Nonsubserviced  Mortgage Loan, the Master  Servicer shall be entitled to receive
and retain an amount equal to the  Subservicing  Fee from  payments of interest.
Unless the context otherwise  requires,  references in this Agreement to actions
taken or to be taken by the Master Servicer in servicing


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<PAGE>



the Mortgage  Loans include  actions  taken or to be taken by a  Subservicer  on
behalf of the Master  Servicer.  Each  Subservicing  Agreement will be upon such
terms and conditions as are generally required or permitted by the Program Guide
and are not inconsistent  with this Agreement and as the Master Servicer and the
Subservicer  have agreed.  A  representative  form of Subservicing  Agreement is
attached  to this  Agreement  as  Exhibit  G. With the  approval  of the  Master
Servicer,  a Subservicer  may delegate its servicing  obligations to third-party
servicers,  but  such  Subservicer  will  remain  obligated  under  the  related
Subservicing  Agreement.  The Master  Servicer and a Subservicer  may enter into
amendments thereto or a different form of Subservicing  Agreement,  and the form
referred to or included in the Program Guide is merely  provided for information
and shall not be deemed to limit in any  respect  the  discretion  of the Master
Servicer to modify or enter into different  Subservicing  Agreements;  provided,
however,  that any such  amendments or different  forms shall be consistent with
and not violate the  provisions of either this Agreement or the Program Guide in
a manner  which would  materially  and  adversely  affect the  interests  of the
Certificateholders  or the Owner of the  Excess  Spread  and the  Interest  Only
Strip.

         (b) As part of its servicing activities hereunder, the Master Servicer,
for the  benefit of the  Trustee,  the  Certificateholders  and the Owner of the
Excess Spread and the Interest Only Strip, shall use its best reasonable efforts
to enforce the obligations of each  Subservicer  under the related  Subservicing
Agreement and of each Seller under the related Seller's Agreement, to the extent
that the  non-performance  of any such  obligation  would  have a  material  and
adverse effect on a Mortgage Loan, including, without limitation, the obligation
to purchase a Mortgage Loan on account of defective documentation,  as described
in Section 2.02, or on account of a breach of a representation  or warranty,  as
described in Section 2.04. Such enforcement,  including, without limitation, the
legal prosecution of claims,  termination of Subservicing Agreements or Seller's
Agreements, as appropriate, and the pursuit of other appropriate remedies, shall
be in such form and carried out to such an extent and at such time as the Master
Servicer would employ in its good faith  business  judgment and which are normal
and usual in its general  mortgage  servicing  activities.  The Master  Servicer
shall  pay the  costs  of such  enforcement  at its own  expense,  and  shall be
reimbursed  therefor  only (i)  from a  general  recovery  resulting  from  such
enforcement to the extent, if any, that such recovery exceeds all amounts due in
respect of the related Mortgage Loan or (ii) from a specific  recovery of costs,
expenses or attorneys  fees against the party against whom such  enforcement  is
directed.



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         Section 3.03.              Successor Subservicers.

         The Master  Servicer  shall be entitled to terminate  any  Subservicing
Agreement  that may exist in  accordance  with the terms and  conditions of such
Subservicing  Agreement and without any limitation by virtue of this  Agreement;
provided,  however,  that  in the  event  of  termination  of  any  Subservicing
Agreement by the Master Servicer or the  Subservicer,  the Master Servicer shall
either act as servicer of the related Mortgage Loan or enter into a Subservicing
Agreement with a successor  Subservicer  which will be bound by the terms of the
related  Subservicing  Agreement.  If the Master  Servicer or any  Affiliate  of
Residential  Funding  acts as  servicer,  it will not assume  liability  for the
representations  and  warranties of the  Subservicer  which it replaces.  If the
Master  Servicer   enters  into  a  Subservicing   Agreement  with  a  successor
Subservicer,  the  Master  Servicer  shall use  reasonable  efforts  to have the
successor  Subservicer assume liability for the  representations  and warranties
made by the terminated Subservicer in respect of the related Mortgage Loans and,
in the event of any such  assumption  by the successor  Subservicer,  the Master
Servicer may, in the exercise of its business  judgment,  release the terminated
Subservicer from liability for such representations and warranties.

         Section 3.04.              Liability of the Master Servicer.

         Notwithstanding  any Subservicing  Agreement,  any of the provisions of
this  Agreement  relating  to  agreements  or  arrangements  between  the Master
Servicer or a Subservicer or reference to actions taken through a Subservicer or
otherwise, the Master Servicer shall remain obligated and liable to the Trustee,
the  Certificateholders and the Owner of the Excess Spread and the Interest Only
Strip for the servicing and  administering  of the Mortgage  Loans in accordance
with the  provisions of Section 3.01 without  diminution  of such  obligation or
liability by virtue of such Subservicing Agreements or arrangements or by virtue
of  indemnification  from the  Subservicer or the Company and to the same extent
and under the same terms and  conditions  as if the Master  Servicer  alone were
servicing and  administering  the Mortgage  Loans.  The Master Servicer shall be
entitled  to  enter  into  any  agreement  with  a  Subservicer  or  Seller  for
indemnification  of the Master Servicer and nothing  contained in this Agreement
shall be deemed to limit or modify such indemnification.

         Section 3.05.              No Contractual Relationship Between
                                    Subservicer and Trustee or
 Certificateholders
                                    or the Owner of the Excess Spread and the
                                    Interest Only Strip.


         Any  Subservicing  Agreement  that may be  entered  into and any  other
transactions or services relating to the Mortgage Loans


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<PAGE>



involving a Subservicer  in its capacity as such and not as an originator  shall
be deemed to be between the  Subservicer  and the Master  Servicer alone and the
Trustee,  the  Certificateholders  and the Owner of the  Excess  Spread  and the
Interest  Only  Strip  shall not be deemed  parties  thereto  and shall  have no
claims,  rights,  obligations,   duties  or  liabilities  with  respect  to  the
Subservicer  in its  capacity as such except as set forth in Section  3.06.  The
foregoing  provision  shall not in any way limit a  Subservicer's  obligation to
cure an omission or defect or to  repurchase  a Mortgage  Loan as referred to in
Section 2.02 hereof.

         Section 3.06.              Assumption or Termination of Subservicing
                                    Agreements by Trustee.

         (a) In the event the Master  Servicer shall for any reason no longer be
the master servicer  (including by reason of an Event of Default),  the Trustee,
its  designee  or its  successor  shall  thereupon  assume all of the rights and
obligations of the Master  Servicer under each  Subservicing  Agreement that may
have been entered into. The Trustee,  its designee or the successor servicer for
the  Trustee  shall be  deemed  to have  assumed  all of the  Master  Servicer's
interest  therein  and to have  replaced  the Master  Servicer as a party to the
Subservicing  Agreement to the same extent as if the Subservicing  Agreement had
been assigned to the assuming  party except that the Master  Servicer  shall not
thereby be relieved  of any  liability  or  obligations  under the  Subservicing
Agreement.

         (b) The Master Servicer  shall,  upon request of the Trustee but at the
expense of the Master Servicer,  deliver to the assuming party all documents and
records  relating to each  Subservicing  Agreement  and the Mortgage  Loans then
being  serviced  and an  accounting  of  amounts  collected  and  held by it and
otherwise use its best efforts to effect the orderly and  efficient  transfer of
each Subservicing Agreement to the assuming party.

         Section 3.07.              Collection of Certain Mortgage Loan
 Payments;
                                    Deposits to Custodial Account.

         (a) The Master  Servicer shall make  reasonable  efforts to collect all
payments  called for under the terms and provisions of the Mortgage  Loans,  and
shall, to the extent such procedures shall be consistent with this Agreement and
the terms and provisions of any related Primary  Insurance  Policy,  follow such
collection procedures as it would employ in its good faith business judgment and
which  are  normal  and  usual in its  general  mortgage  servicing  activities.
Consistent  with the  foregoing,  the Master  Servicer may in its discretion (i)
waive any late payment  charge or any prepayment  charge or penalty  interest in
connection  with the  prepayment of a Mortgage Loan and (ii) extend the Due Date
for  payments  due on a Mortgage  Loan in  accordance  with the  Program  Guide;
provided, however, that the Master


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<PAGE>



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 Owner of
the Excess Spread and the Interest Only Strip (taking into account any estimated
Realized Loss that might be result absent such action); provided,  however, that
the Master  Servicer  may not modify  materially  or permit any  Subservicer  to
modify any Mortgage Loan,  including  without  limitation any modification  that
would change the Mortgage Rate, forgive the payment of any principal or interest
(unless in  connection  with the  liquidation  of the related  Mortgage  Loan or
except in connection with prepayments to the extent that such  reamortization is
not  inconsistent  with the terms of the  Mortgage  Loan),  or extend  the final
maturity date of such Mortgage Loan, unless such Mortgage Loan is in default or,
in the judgment of the Master Servicer,  such default is reasonably foreseeable.
In connection with any Curtailment of a Mortgage Loan, the Master  Servicer,  to
the extent not  inconsistent  with the terms of the Mortgage  Note and local law
and  practice,  may permit the  Mortgage  Loan to be  reamortized  such that the
Monthly  Payment  is  recalculated  as an amount  that will fully  amortize  the
remaining Stated Principal  Balance thereof by the original  Maturity Date based
on the original Mortgage Rate; provided,  that such re-amortization shall not be
permitted if it would  constitute a reissuance  of the Mortgage Loan for federal
income tax purposes.

         (b) The Master  Servicer  shall  establish  and  maintain  a  Custodial
Account in which the Master Servicer shall deposit or cause to be deposited on a
daily basis,  except as otherwise  specifically  provided herein,  the following
payments and  collections  remitted by Subservicers or received by it in respect
of the Mortgage  Loans  subsequent to the Cut-off Date (other than 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


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<PAGE>



         connection with an REO Property for which an REO Disposition
         has occurred;

                    (ii) All  payments on account of  interest  at the  Adjusted
         Mortgage Rate on the Mortgage Loans,  including  Buydown Funds, if any,
         and the  interest  component of any  Subservicer  Advance or of any REO
         Proceeds  received in connection  with an REO Property for which an REO
         Disposition has occurred;

                    (iii)           Insurance Proceeds and Liquidation Proceeds
         (net of any related expenses of the Subservicer);

                    (iv) All proceeds of any Mortgage Loans  purchased  pursuant
         to Section  2.02,  2.03,  2.04 or 4.07 and all  amounts  required to be
         deposited in connection with the substitution of a Qualified Substitute
         Mortgage Loan pursuant to Section 2.03 or 2.04;

                    (v)             Any amounts required to be deposited
 pursuant
         to Section 3.07(c) or 3.21;

                    (vi)    All amounts transferred from the Certificate
         Account to the Custodial Account in accordance with Section
         4.02(a); and

                    (vii)           any amounts realized by MLCC and received by
         the Master Servicer in respect of any Additional Collateral.

The  foregoing  requirements  for  deposit  in the  Custodial  Account  shall be
exclusive,  it being understood and agreed that, without limiting the generality
of the foregoing, payments on the Mortgage Loans which are not part of the Trust
Fund  (consisting  of  payments  in respect of  principal  and  interest  on the
Mortgage Loans due on or before the Cut-off Date) and payments or collections in
the nature of prepayment  charges or late payment charges or assumption fees may
but need not be deposited by the Master  Servicer in the Custodial  Account.  In
the event any amount not required to be deposited in the Custodial Account is so
deposited,  the Master  Servicer may at any time  withdraw  such amount from the
Custodial  Account,  any provision herein to the contrary  notwithstanding.  The
Custodial  Account  may  contain  funds that  belong to one or more trust  funds
created for mortgage  pass-through  certificates of other series and may contain
other  funds  respecting  payments  on mortgage  loans  belonging  to the Master
Servicer  or   serviced   or  master   serviced  by  it  on  behalf  of  others.
Notwithstanding  such  commingling  of funds,  the  Master  Servicer  shall keep
records that  accurately  reflect the funds on deposit in the Custodial  Account
that have been identified by it as being attributable to the Mortgage Loans.

         With respect to Insurance Proceeds, Liquidation Proceeds,
REO Proceeds and the proceeds of the purchase of any Mortgage


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<PAGE>



Loan  pursuant to Sections  2.02,  2.03,  2.04 and 4.07 received in any calendar
month,  the Master  Servicer  may elect to treat such amounts as included in the
Available Distribution Amount for the Distribution Date in the month of receipt,
but is not  obligated to do so. If the Master  Servicer so elects,  such amounts
will be deemed to have been  received  (and any related  Realized  Loss shall be
deemed  to have  occurred)  on the last day of the  month  prior to the  receipt
thereof.

         (c) The  Master  Servicer  shall  use its best  efforts  to  cause  the
institution  maintaining  the  Custodial  Account  to  invest  the  funds in the
Custodial  Account  attributable to the Mortgage Loans in Permitted  Investments
which shall  mature not later than the  Certificate  Account  Deposit  Date next
following the date of such investment (with the exception of the Amount Held for
Future  Distribution)  and which shall not be sold or disposed of prior to their
maturities.  All income and gain realized from any such investment  shall be for
the benefit of the Master  Servicer as  additional  servicing  compensation  and
shall be subject to its withdrawal or order from time to time. The amount of any
losses  incurred  in  respect  of  any  such  investments  attributable  to  the
investment of amounts in respect of the Mortgage Loans shall be deposited in the
Custodial  Account by the Master  Servicer out of its own funds  immediately  as
realized.

         (d) The  Master  Servicer  shall  give  notice to the  Trustee  and the
Company of any change in the location of the Custodial  Account and the location
of the Certificate Account prior to the use thereof.

         Section 3.08.              Subservicing Accounts; Servicing Accounts.

         (a) In those cases where a  Subservicer  is  servicing a Mortgage  Loan
pursuant  to a  Subservicing  Agreement,  the Master  Servicer  shall  cause the
Subservicer,  pursuant to the Subservicing  Agreement, to establish and maintain
one or more Subservicing Accounts which shall be an Eligible Account or, if such
account is not an Eligible Account,  shall generally satisfy the requirements of
the Program Guide and be otherwise  acceptable  to the Master  Servicer and each
Rating  Agency.  The  Subservicer  will be required  thereby to deposit into the
Subservicing Account on a daily basis all proceeds of Mortgage Loans received by
the  Subservicer,  less its  Subservicing  Fees and  unreimbursed  advances  and
expenses,  to  the  extent  permitted  by  the  Subservicing  Agreement.  If the
Subservicing  Account is not an Eligible  Account,  the Master Servicer shall be
deemed to have received such monies upon receipt thereof by the Subservicer. The
Subservicer  shall  not be  required  to  deposit  in the  Subservicing  Account
payments or collections  in the nature of prepayment  charges or late charges or
assumption fees. On or before the date specified in the Program Guide, but in no
event later than the  Determination  Date,  the Master  Servicer shall cause the
Subservicer, pursuant to the Subservicing Agreement, to remit to


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<PAGE>



the Master  Servicer for deposit in the Custodial  Account all funds held in the
Subservicing  Account  with  respect  to each  Mortgage  Loan  serviced  by such
Subservicer  that are  required  to be  remitted  to the  Master  Servicer.  The
Subservicer will also be required,  pursuant to the Subservicing  Agreement,  to
advance on such  scheduled  date of  remittance  amounts  equal to any scheduled
monthly installments of principal and interest less its Subservicing Fees on any
Mortgage  Loans for which  payment  was not  received by the  Subservicer.  This
obligation to advance with respect to each Mortgage Loan will continue up to and
including  the  first of the  month  following  the date on  which  the  related
Mortgaged  Property  is sold at a  foreclosure  sale or is acquired by the Trust
Fund by deed in lieu of foreclosure or otherwise.  All such advances received by
the Master Servicer shall be deposited promptly by it in the Custodial Account.

         (b) The Subservicer may also be required,  pursuant to the Subservicing
Agreement,  to remit to the Master Servicer for deposit in the Custodial Account
interest  at the  Adjusted  Mortgage  Rate on any  Curtailment  received by such
Subservicer in respect of a Mortgage Loan from the related  Mortgagor during any
month that is to be applied by the  Subservicer  to reduce the unpaid  principal
balance of the related Mortgage Loan as of the first day of such month, from the
date of application of such Curtailment to the first day of the following month.
Any amounts paid by a Subservicer  pursuant to the preceding  sentence  shall be
for the benefit of the Master Servicer as additional servicing  compensation and
shall be  subject  to its  withdrawal  or order  from time to time  pursuant  to
Sections 3.10(a)(iv) and (v).

         (c) In addition to the Custodial  Account and the Certificate  Account,
the Master Servicer shall for any Nonsubserviced  Mortgage Loan, and shall cause
the Subservicers  for Subserviced  Mortgage Loans to, establish and maintain one
or more Servicing  Accounts and deposit and retain therein all collections  from
the  Mortgagors  (or  advances  from  Subservicers)  for the  payment  of taxes,
assessments,  hazard insurance premiums,  Primary Insurance Policy premiums,  if
applicable,  or  comparable  items  for  the  account  of the  Mortgagors.  Each
Servicing Account shall satisfy the requirements for a Subservicing Account and,
to the extent  permitted by the Program  Guide or as is otherwise  acceptable to
the Master Servicer, may also function as a Subservicing Account. Withdrawals of
amounts  related to the Mortgage  Loans from the Servicing  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


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<PAGE>



termination of this  Agreement in accordance  with Section 9.01 or in accordance
with the Program Guide.  As part of its servicing  duties,  the Master  Servicer
shall, and the Subservicers will,  pursuant to the Subservicing  Agreements,  be
required  to pay to the  Mortgagors  interest  on funds in this  account  to the
extent required by law.

         (d) The Master  Servicer shall advance the payments  referred to in the
preceding  subsection  that are not timely paid by the Mortgagors or advanced by
the  Subservicers on the date when the tax, premium or other cost for which such
payment is  intended  is due,  but the Master  Servicer  shall be required so to
advance only to the extent that such advances, in the good faith judgment of the
Master  Servicer,  will be recoverable  by the Master  Servicer out of Insurance
Proceeds, Liquidation Proceeds or otherwise.

         Section 3.09.              Access to Certain Documentation and
                                    Information Regarding the Mortgage Loans.

         In the event  that  compliance  with this  Section  3.09 shall make any
Class of Certificates legal for investment by federally insured savings and loan
associations,  the Master Servicer shall provide,  or cause the  Subservicers to
provide,  to the Trustee,  the Office of Thrift  Supervision or the FDIC and the
supervisory  agents and examiners thereof access to the documentation  regarding
the Mortgage  Loans  required by applicable  regulations of the Office of Thrift
Supervision,  such access being afforded without charge but only upon reasonable
request and during normal business hours at the offices designated by the Master
Servicer. The Master Servicer shall permit such representatives to photocopy any
such  documentation  and shall  provide  equipment  for that purpose at a charge
reasonably approximating the cost of such photocopying to the Master Servicer.

         Section 3.10.              Permitted Withdrawals from the
                                    Custodial Account.

         (a) The Master Servicer may, from time to time as provided herein, make
withdrawals from the Custodial Account of amounts on deposit therein pursuant to
Section  3.07 that are  attributable  to the  Mortgage  Loans for the  following
purposes:

                    (i)             to make deposits into the Certificate
 Account
         in the amounts and in the manner provided for in Section
         4.01;

                    (ii) to  reimburse  itself or the  related  Subservicer  for
         previously  unreimbursed advances or expenses made pursuant to Sections
         3.01,  3.07(a),  3.08,  3.11,  3.12(a),  3.14  and  4.04  or  otherwise
         reimbursable  pursuant to the terms of this Agreement,  such withdrawal
         right being limited to amounts received on particular Mortgage Loans


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<PAGE>



         (including,  for  this  purpose,  REO  Proceeds,   Insurance  Proceeds,
         Liquidation  Proceeds and proceeds from the purchase of a Mortgage Loan
         pursuant to Section 2.02,  2.03, 2.04 or 4.07) which represent (A) Late
         Collections of Monthly  Payments for which any such advance was made in
         the case of Subservicer  Advances or Advances  pursuant to Section 4.04
         and (B)  recoveries  of amounts in respect of which such  advances were
         made in the case of Servicing Advances;

                    (iii) to pay to itself or the  related  Subservicer  (if not
         previously  retained by such  Subservicer) out of each payment received
         by the Master  Servicer on account of  interest  on a Mortgage  Loan as
         contemplated  by  Sections  3.14  and  3.16,  an  amount  equal to that
         remaining portion of any such payment as to interest (but not in excess
         of the  Servicing  Fee  and the  Subservicing  Fee,  if not  previously
         retained) which, when deducted,  will result in the remaining amount of
         such  interest  being  interest at the Net Mortgage  Rate on the amount
         specified in the amortization  schedule of the related Mortgage Loan as
         the principal balance thereof at the beginning of the period respecting
         which  such  interest  was paid  after  giving  effect to any  previous
         Curtailments;

                    (iv) to pay to itself as additional  servicing  compensation
         any  interest or  investment  income  earned on funds  deposited in the
         Custodial  Account that it is entitled to withdraw  pursuant to Section
         3.07(c);

                    (v)             to pay to itself as additional servicing
         compensation any Foreclosure Profits, and any amounts
         remitted by Subservicers as interest in respect of
         Curtailments pursuant to Section 3.08(b);

                    (vi) to pay to itself, a Subservicer,  a Seller, Residential
         Funding,  the Company or any other appropriate  Person, as the case may
         be, with respect to each Mortgage Loan or property  acquired in respect
         thereof that has been  purchased or otherwise  transferred  pursuant to
         Section 2.02,  2.03,  2.04, 4.07 or 9.01, all amounts  received thereon
         and not required to be  distributed  to the  Certificateholders  or the
         Owner of the Excess  Spread and  Interest  Only Strip as of the date on
         which  the  related  Stated  Principal  Balance  or  Purchase  Price is
         determined;

                    (vii) to reimburse itself or the related Subservicer for any
         Nonrecoverable  Advance  or  Advances  in the  manner and to the extent
         provided in  subsection  (c) below or any Advance  reimbursable  to the
         Master Servicer pursuant to Section 4.02(a)(iii);

                    (viii)          to reimburse itself or the Company for
         expenses incurred by and reimbursable to it or the Company


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<PAGE>



         pursuant to Sections 3.13,  3.14(c),  6.03,  10.01 or otherwise,  or in
         connection   with   enforcing   any    repurchase,    substitution   or
         indemnification  obligation  of any Seller  (other than an Affiliate of
         the Company) pursuant to the related Seller's Agreement;

                    (ix) to  reimburse  itself for  amounts  expended  by it (a)
         pursuant  to  Section  3.14  in  good  faith  in  connection  with  the
         restoration  of  property  damaged by an  Uninsured  Cause,  and (b) in
         connection with the liquidation of a Mortgage Loan or disposition of an
         REO Property to the extent not otherwise  reimbursed pursuant to clause
         (ii) or (viii) above; and

                    (x)             to withdraw any amount deposited in the
         Custodial Account that was not required to be deposited
         therein pursuant to Section 3.07.

         (b) Since,  in connection  with  withdrawals  pursuant to clauses (ii),
(iii),  (v) and (vi), the Master  Servicer's  entitlement  thereto is limited to
collections  or other  recoveries  on the  related  Mortgage  Loan,  the  Master
Servicer  shall keep and maintain  separate  accounting,  on a Mortgage  Loan by
Mortgage  Loan basis,  for the purpose of  justifying  any  withdrawal  from the
Custodial Account pursuant to such clauses.

         (c) The Master  Servicer  shall be entitled to reimburse  itself or the
related  Subservicer for any advance made in respect of a Mortgage Loan that the
Master Servicer determines to be a Nonrecoverable Advance by withdrawal from the
Custodial  Account of amounts on deposit  therein  attributable  to the Mortgage
Loans  on any  Certificate  Account  Deposit  Date  succeeding  the date of such
determination.  Such  right of  reimbursement  in  respect  of a  Nonrecoverable
Advance  on any such  Certificate  Account  Deposit  Date shall be limited to an
amount  not   exceeding  the  portion  of  such  advance   previously   paid  to
Certificateholders  and the Owner of the  Excess  Spread and the  Interest  Only
Strip (and not  theretofore  reimbursed  to the Master  Servicer  or the related
Subservicer).

         Section 3.11.              Maintenance of the Primary Insurance
                                    Policies; Collections Thereunder.

         (a) The Master  Servicer  shall not take, or permit any  Subservicer to
take, any action which would result in non-coverage under any applicable Primary
Insurance  Policy of any loss which,  but for the actions of the Master Servicer
or Subservicer,  would have been covered  thereunder.  To the extent coverage is
available,  the Master Servicer shall keep or cause to be kept in full force and
effect each such Primary  Insurance  Policy until the  principal  balance of the
related Mortgage Loan secured by a Mortgaged  Property is reduced to 80% or less
of the Appraised Value in the case of such a Mortgage Loan having a


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<PAGE>



Loan-to-Value  Ratio at origination in excess of 80%, provided that such Primary
Insurance  Policy  was in  place as of the  Cut-off  Date  and the  Company  had
knowledge  of such  Primary  Insurance  Policy.  The  Master  Servicer  shall be
entitled to cancel or permit the discontinuation of any Primary Insurance Policy
as to any Mortgage Loan, if the Stated Principal Balance of the Mortgage Loan is
reduced  below an  amount  equal to 80% of the  appraised  value of the  related
Mortgaged  Property as  determined  in any  appraisal  thereof after the Closing
Date,  or if the  Loan-to-Value  Ratio  is  reduced  below  80% as a  result  of
principal  payments on the Mortgage  Loan after the Closing  Date.  In the event
that the Company  gains  knowledge  that as of the Closing Date, a Mortgage Loan
had a Loan-to-Value Ratio at origination in excess of 80% and is not the subject
of a Primary  Insurance  Policy (and was not  included in any  exception  to the
representation in Section 2.03(b)(iv)) and that such Mortgage Loan has a current
Loan-to-Value  Ratio in excess  of 80% then the  Master  Servicer  shall use its
reasonable  efforts to obtain and  maintain  a Primary  Insurance  Policy to the
extent  that such a policy is  obtainable  at a  reasonable  price.  The  Master
Servicer shall not cancel or refuse to renew any such Primary  Insurance  Policy
applicable to a  Nonsubserviced  Mortgage  Loan,  or consent to any  Subservicer
canceling or refusing to renew any such Primary Insurance Policy applicable to a
Mortgage  Loan  subserviced  by it, that is in effect at the date of the initial
issuance  of the  Certificates  and is  required  to be kept in force  hereunder
unless the replacement Primary Insurance Policy for such canceled or non-renewed
policy is maintained with an insurer whose  claims-paying  ability is acceptable
to each Rating  Agency for mortgage  pass-through  certificates  having a rating
equal to or better  than the  lower of the  then-current  rating  or the  rating
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, Certificateholders and the Owner of the Excess
Spread and the  Interest  Only Strip,  claims to the related  insurer  under any
Primary Insurance Policies, in a timely manner in accordance with such policies,
and,  in this  regard,  to take or cause to be taken such  reasonable  action as
shall be  necessary  to permit  recovery  under any Primary  Insurance  Policies
respecting  defaulted  Mortgage  Loans.  Pursuant to Section 3.07, any Insurance
Proceeds  collected  by or  remitted  to the Master  Servicer  under any Primary
Insurance  Policies  shall be deposited  in the  Custodial  Account,  subject to
withdrawal pursuant to Section 3.10.



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         Section 3.12.              Maintenance of Fire Insurance and
                                    Omissions and Fidelity Coverage.

         (a) The Master  Servicer shall cause to be maintained for each Mortgage
Loan (other than a Cooperative Loan) fire insurance with extended coverage in an
amount  which is equal to the  lesser  of the  principal  balance  owing on such
Mortgage  Loan  or 100  percent  of the  insurable  value  of the  improvements;
provided,  however,  that such coverage may not be less than the minimum  amount
required to fully compensate for any loss or damage on a replacement cost basis.
To the extent it may do so without breaching the related Subservicing Agreement,
the Master  Servicer  shall  replace  any  Subservicer  that does not cause such
insurance, to the extent it is available, to be maintained.  The Master Servicer
shall also cause to be maintained on property acquired upon foreclosure, or deed
in lieu of  foreclosure,  of any Mortgage Loan (other than a Cooperative  Loan),
fire  insurance  with extended  coverage in an amount which is at least equal to
the  amount  necessary  to avoid  the  application  of any  co-insurance  clause
contained in the related hazard insurance policy.  Pursuant to Section 3.07, any
amounts  collected by the Master  Servicer  under any such policies  (other than
amounts to be  applied to the  restoration  or repair of the  related  Mortgaged
Property  or property  thus  acquired or amounts  released to the  Mortgagor  in
accordance with the Master  Servicer's  normal  servicing  procedures)  shall be
deposited in the Custodial  Account,  subject to withdrawal  pursuant to Section
3.10. Any cost incurred by the Master Servicer in maintaining any such insurance
shall  not,  for  the  purpose  of  calculating  monthly  distributions  to  the
Certificateholders  and the Owner of the Excess  Spread and Interest Only Strip,
be added to the amount owing under the Mortgage Loan,  notwithstanding  that the
terms of the Mortgage  Loan so permit.  Such costs shall be  recoverable  by the
Master  Servicer  out  of  related  late  payments  by the  Mortgagor  or out of
Insurance  Proceeds and Liquidation  Proceeds to the extent permitted by Section
3.10.  It is  understood  and  agreed  that no  earthquake  or other  additional
insurance is to be required of any Mortgagor or maintained on property  acquired
in respect of a Mortgage  Loan other than pursuant to such  applicable  laws and
regulations  as  shall  at any  time  be in  force  and as  shall  require  such
additional insurance.  Whenever the improvements securing a Mortgage Loan (other
than a Cooperative Loan) are located at the time of origination of such Mortgage
Loan in a federally  designated  special flood hazard area, the Master  Servicer
shall  cause flood  insurance  (to the extent  available)  to be  maintained  in
respect thereof.  Such flood insurance shall be in an amount equal to the lesser
of (i) the amount required to compensate for any loss or damage to the Mortgaged
Property  on a  replacement  cost  basis  and (ii) the  maximum  amount  of such
insurance  available for the related Mortgaged Property under the national flood
insurance  program  (assuming that the area in which such Mortgaged  Property is
located is participating in such program).


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         In the event  that the Master  Servicer  shall  obtain  and  maintain a
blanket fire insurance  policy with extended  coverage  insuring  against hazard
losses on all of the Mortgage  Loans,  it shall  conclusively  be deemed to have
satisfied  its  obligations  as set forth in the first  sentence of this Section
3.12(a),  it being  understood  and  agreed  that  such  policy  may  contain  a
deductible  clause,  in which case the Master  Servicer shall, in the event that
there shall not have been maintained on the related Mortgaged  Property a policy
complying with the first  sentence of this Section  3.12(a) and there shall have
been a loss  which  would  have been  covered  by such  policy,  deposit  in the
Certificate  Account the amount not otherwise  payable under the blanket  policy
because of such deductible clause. Any such deposit by the Master Servicer shall
be made on the Certificate  Account Deposit Date next preceding the Distribution
Date which occurs in the month  following the month in which  payments under any
such policy would have been  deposited in the Custodial  Account.  In connection
with its activities as  administrator  and servicer of the Mortgage  Loans,  the
Master  Servicer  agrees to  present,  on behalf of  itself,  the  Trustee,  the
Certificateholders  and the Owner of the  Excess  Spread and the  Interest  Only
Strip, claims under any such blanket policy.

         (b) The Master  Servicer  shall  obtain and maintain at its own expense
and keep in full  force  and  effect  throughout  the term of this  Agreement  a
blanket fidelity bond and an errors and omissions  insurance policy covering the
Master  Servicer's  officers and employees and other persons acting on behalf of
the Master Servicer in connection with its activities under this Agreement.  The
amount  of  coverage  shall be at  least  equal to the  coverage  that  would be
required  by FNMA or FHLMC,  whichever  is greater,  with  respect to the Master
Servicer if the Master  Servicer were servicing and  administering  the Mortgage
Loans for FNMA or FHLMC.  In the event that any such bond or policy ceases to be
in effect,  the Master  Servicer shall obtain a comparable  replacement  bond or
policy from an issuer or insurer,  as the case may be, meeting the requirements,
if any, of the Program  Guide and  acceptable  to the  Company.  Coverage of the
Master  Servicer  under a policy or bond  obtained by an Affiliate of the Master
Servicer and  providing  the coverage  required by this  Section  3.12(b)  shall
satisfy the requirements of this Section 3.12(b).

         Section 3.13.              Enforcement of Due-on-Sale Clauses;
                                    Assumption and Modification Agreements;
                                    Certain Assignments.

         (a) When any  Mortgaged  Property  is conveyed  by the  Mortgagor,  the
Master  Servicer  or  Subservicer,  to the  extent  it  has  knowledge  of  such
conveyance,  shall enforce any due-on-sale clause contained in any Mortgage Note
or Mortgage,  to the extent  permitted  under  applicable  law and  governmental
regulations, but only to the extent that such enforcement will not adversely


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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  (i)   constitute  a  "significant
modification"  effecting an exchange or  reissuance  of such Mortgage Loan under
the Code (or final,  temporary  or  proposed  Treasury  Regulations  promulgated
thereunder) and (ii) cause either REMIC I or REMIC II to fail to qualify as such
under the Code or (subject to Section 10.01(f)), result in the imposition of any
tax  on  "prohibited  transactions"  or  constitute  "contributions"  after  the
start-up date under the REMIC Provisions.  The Master Servicer shall execute and
deliver such documents only if it reasonably  determines  that (i) its execution
and  delivery  thereof  will not  conflict  with or  violate  any  terms of this
Agreement or cause the unpaid  balance and  interest on the Mortgage  Loan to be
uncollectible in whole or in part, (ii) any required  consents of insurers under
any Required  Insurance  Policies have been obtained and (iii) subsequent to the
closing of the transaction involving the assumption or transfer (A) the Mortgage
Loan will continue to be secured by a first  mortgage lien pursuant to the terms
of the Mortgage,  (B) such  transaction  will not adversely  affect the coverage
under any Required Insurance Policies, (C) the Mortgage Loan will fully


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amortize over the remaining  term thereof,  (D) no material term of the Mortgage
Loan (including the interest rate on the Mortgage Loan) will be altered nor will
the term of the Mortgage Loan be changed and (E) if the seller/transferor of the
Mortgaged  Property is to be released from liability on the Mortgage Loan,  such
release will not (based on the Master  Servicer's  or  Subservicer's  good faith
determination)  adversely affect the  collectability  of the Mortgage Loan. Upon
receipt of appropriate  instructions from the Master Servicer in accordance with
the  foregoing,  the Trustee shall execute any  necessary  instruments  for such
assumption  or  substitution  of  liability as directed in writing by the Master
Servicer.  Upon the closing of the transactions  contemplated by such documents,
the Master  Servicer shall cause the originals or true and correct copies of the
assumption agreement, the release (if any), or the modification or supplement to
the Mortgage  Note or Mortgage to be  delivered to the Trustee or the  Custodian
and deposited  with the Mortgage File for such Mortgage  Loan. Any fee collected
by the  Master  Servicer  or  such  related  Subservicer  for  entering  into an
assumption or substitution of liability agreement will be retained by the Master
Servicer or such Subservicer as additional servicing compensation.

         (c) The Master Servicer or the related Subservicer, as the case may be,
shall be entitled to approve a request from a Mortgagor for a partial release of
the related Mortgaged Property,  the granting of an easement thereon in favor of
another Person,  any alteration or demolition of the related Mortgaged  Property
or other  similar  matters  if it has  determined,  exercising  its  good  faith
business  judgment  in the same  manner  as it would if it were the owner of the
related  Mortgage  Loan,  that  the  security  for,  and  the  timely  and  full
collectability  of, such Mortgage Loan would not be adversely  affected  thereby
and that  neither  REMIC I nor REMIC II would fail to  continue  to qualify as a
REMIC under the Code as a result thereof and (subject to Section  10.01(f)) that
no tax on "prohibited  transactions"  or  "contributions"  after the startup day
would be imposed on either REMIC as a result  thereof.  Any fee collected by the
Master Servicer or the related Subservicer for processing such a request will be
retained by the Master  Servicer or such  Subservicer  as  additional  servicing
compensation.

         (d)  Subject  to any  other  applicable  terms and  conditions  of this
Agreement,  the  Trustee  and Master  Servicer  shall be  entitled to approve an
assignment in lieu of satisfaction  with respect to any Mortgage Loan,  provided
the  obligee  with  respect  to  such  Mortgage  Loan  following  such  proposed
assignment provides the Trustee and Master Servicer with a "Lender Certification
for  Assignment of Mortgage  Loan" in the form attached  hereto as Exhibit O, in
form and substance  satisfactory to the Trustee and Master  Servicer,  providing
the  following:  (i) that the  Mortgage  Loan is secured by  Mortgaged  Property
located in a  jurisdiction  in which an  assignment in lieu of  satisfaction  is
required to


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preserve lien priority,  minimize or avoid mortgage recording taxes or otherwise
comply with, or facilitate a refinancing  under, the laws of such  jurisdiction;
(ii)  that  the  substance  of the  assignment  is,  and is  intended  to be,  a
refinancing of such Mortgage Loan and that the form of the transaction is solely
to comply with, or facilitate the transaction under, such local laws; (iii) that
the Mortgage Loan following the proposed assignment will have a rate of interest
at least 0.25 percent  below or above the rate of interest on such Mortgage Loan
prior to such  proposed  assignment;  and (iv)  that such  assignment  is at the
request of the borrower  under the related  Mortgage  Loan.  Upon approval of an
assignment in lieu of satisfaction with respect to any Mortgage Loan, the Master
Servicer shall receive cash in an amount equal to the unpaid  principal  balance
of and accrued  interest on such  Mortgage  Loan and the Master  Servicer  shall
treat  such  amount  as a  Principal  Prepayment  in Full with  respect  to such
Mortgage Loan for all purposes hereof.

         Section 3.14.              Realization Upon Defaulted Mortgage Loans.

         (a) The Master  Servicer shall  foreclose upon or otherwise  comparably
convert  (which may include an REO  Acquisition)  the  ownership  of  properties
securing such of the Mortgage  Loans as come into and continue in default and as
to which no satisfactory  arrangements  can be made for collection of delinquent
payments  pursuant to Section 3.07. In connection with such foreclosure or other
conversion, the Master Servicer shall, consistent with Section 3.11, follow such
practices and  procedures as it shall deem  necessary or advisable,  as shall be
normal and usual in its general  mortgage  servicing  activities and as shall be
required or permitted by the Program  Guide;  provided that the Master  Servicer
shall not be liable in any respect hereunder if the Master Servicer is acting in
connection  with any such  foreclosure  or other  conversion in a manner that is
consistent with the provisions of this Agreement. The Master Servicer,  however,
shall not be  required  to  expend  its own  funds or incur  other  reimbursable
charges in connection with any foreclosure,  or attempted  foreclosure  which is
not  completed,  or towards  the  restoration  of any  property  unless it shall
determine  (i) that  such  restoration  and/or  foreclosure  will  increase  the
proceeds of liquidation of the Mortgage Loan to Holders of  Certificates  of one
or more Classes after  reimbursement  to itself for such expenses or charges and
(ii)  that  such  expenses  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 such amounts  pursuant to Section  3.10.  In addition to the  foregoing,  the
Master Servicer shall use its best


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<PAGE>



reasonable  efforts to realize upon the  Additional  Collateral  for such of the
Additional Collateral Loans as come into and continue in default and as to which
no satisfactory  arrangements can be made for collection of delinquent  payments
pursuant to Section 3.07; provided that the Master Servicer shall not, on behalf
of the Trustee, obtain title to any such Additional Collateral as a result of or
in lieu of the disposition  thereof or otherwise;  and provided further that (i)
the Master Servicer shall not proceed with respect to such Additional Collateral
in any manner  that would  impair the  ability to recover  against  the  related
Mortgaged  Property,  and (ii) the Master  Servicer  shall  proceed with any REO
Acquisition in a manner that preserves the ability to apply the proceeds of such
Additional  Collateral  against amounts owed under the defaulted  Mortgage Loan.
Any proceeds realized from such Additional  Collateral (other than amounts to be
released to the Mortgagor or the related guarantor in accordance with procedures
that the  Master  Servicer  would  follow in  servicing  loans  held for its own
account,  subject  to the terms  and  conditions  of the  related  Mortgage  and
Mortgage  Note  and to the  terms  and  conditions  of any  security  agreement,
guarantee  agreement,  mortgage or other agreement  governing the disposition of
the proceeds of such Additional  Collateral) shall be deposited in the Custodial
Account,  subject to  withdrawal  pursuant to Section  3.10.  Any other  payment
received by the Master Servicer in respect of such Additional  Collateral  shall
be deposited in the Custodial Account subject to withdrawal  pursuant to Section
3.10.  Concurrently  with the  foregoing,  the  Master  Servicer  may pursue any
remedies that may be available in connection  with a breach of a  representation
and warranty with respect to any such Mortgage Loan in accordance  with Sections
2.03 and 2.04.  However,  the Master  Servicer  is not  required  to continue to
pursue both foreclosure (or similar remedies) with respect to the Mortgage Loans
and remedies in connection with a breach of a representation and warranty if the
Master Servicer determines in its reasonable  discretion that one such remedy is
more likely to result in a greater  recovery as to the Mortgage  Loan.  Upon the
occurrence of a Cash  Liquidation or REO  Disposition,  following the deposit in
the Custodial Account of all Insurance Proceeds,  Liquidation Proceeds and other
payments and recoveries  referred to in the definition of "Cash  Liquidation" or
"REO  Disposition,"  as  applicable,  upon  receipt  by the  Trustee  of written
notification of such deposit signed by a Servicing  Officer,  the Trustee or any
Custodian,  as the case may be, shall release to the Master Servicer the related
Mortgage  File and the Trustee  shall  execute and deliver such  instruments  of
transfer or  assignment  prepared by the Master  Servicer,  in each case without
recourse,  as shall be necessary to vest in the Master Servicer or its designee,
as the case may be, the related Mortgage Loan, and thereafter such Mortgage Loan
shall not be part of the Trust Fund.  Notwithstanding the foregoing or any other
provision of this  Agreement,  in the Master  Servicer's  sole  discretion  with
respect  to any  defaulted  Mortgage  Loan or REO  Property  as to either of the
following provisions, (i) a Cash Liquidation or REO


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Disposition may be deemed to have occurred if substantially all amounts expected
by the Master Servicer to be received in connection  with the related  defaulted
Mortgage  Loan or REO  Property  have been  received,  and (ii) for  purposes of
determining  the amount of any Liquidation  Proceeds,  Insurance  Proceeds,  REO
Proceeds  or any other  unscheduled  collections  or the amount of any  Realized
Loss, the Master  Servicer may take into account  minimal  amounts of additional
receipts  expected  to be  received  or  any  estimated  additional  liquidation
expenses  expected  to be  incurred in  connection  with the  related  defaulted
Mortgage Loan or REO Property.

         (b) In the event that title to any  Mortgaged  Property  is acquired by
REMIC I as an REO Property by foreclosure or by deed in lieu of foreclosure, the
deed or  certificate of sale shall be issued to the Trustee or to its nominee on
behalf of Certificateholders and the Owner of the Excess Spread and the Interest
Only Strip.  Notwithstanding  any such  acquisition of title and cancellation of
the  related  Mortgage  Loan,  such REO  Property  shall  (except  as  otherwise
expressly provided herein) be considered to be an Outstanding Mortgage Loan held
in REMIC I until such time as the REO Property  shall be sold.  Consistent  with
the  foregoing  for purposes of all  calculations  hereunder so long as such REO
Property  shall be  considered  to be an  Outstanding  Mortgage Loan it shall be
assumed that,  notwithstanding  that the  indebtedness  evidenced by the related
Mortgage  Note shall have been  discharged,  such  Mortgage Note and the related
amortization  schedule  in effect at the time of any such  acquisition  of title
(after  giving  effect to any previous  Curtailments  and before any  adjustment
thereto by reason of any  bankruptcy or similar  proceeding or any moratorium or
similar waiver or grace period) remain in effect.

         (c) In the event that REMIC I acquires any REO Property as aforesaid or
otherwise in connection  with a default or imminent  default on a Mortgage Loan,
the Master  Servicer  on behalf of REMIC I shall  dispose  of such REO  Property
within  two years  after its  acquisition  by REMIC I for  purposes  of  Section
860G(a)(8) of the Code or, at the expense of REMIC I, request, more than 60 days
before the day on which the two-year  grace period would  otherwise  expire,  an
extension of the two-year  grace period unless the Master  Servicer  (subject to
Section  10.01(f))  obtains for the Trustee an Opinion of Counsel,  addressed to
the Trustee and the Master  Servicer,  to the effect that the holding by REMIC I
of such REO Property  subsequent to such two-year  period will not result in the
imposition of taxes on "prohibited  transactions"  as defined in Section 860F of
the Code or cause  REMIC I to fail to  qualify  as a REMIC at any time  that any
Uncertificated REMIC I Regular Interests are outstanding,  in which case REMIC I
may continue to hold such REO Property  (subject to any conditions  contained in
such Opinion of Counsel). The Master Servicer shall be entitled to be reimbursed
from the Custodial Account for any costs incurred in obtaining such


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<PAGE>



Opinion of  Counsel,  as  provided in Section  3.10.  Notwithstanding  any other
provision of this Agreement, no REO Property acquired by REMIC I shall be rented
(or allowed to continue to be rented) or otherwise used by or on behalf of REMIC
I in such a manner or  pursuant  to any  terms  that  would  (i) cause  such REO
Property  to fail to qualify as  "foreclosure  property"  within the  meaning of
Section  860G(a)(8) of the Code or (ii) subject REMIC I to the imposition of any
federal income taxes on the income earned from such REO Property,  including any
taxes  imposed  by reason of  Section  860G(c)  of the Code,  unless  the Master
Servicer has agreed to indemnify and hold  harmless  REMIC I with respect to the
imposition of any such taxes.

         (d) The proceeds of any Cash  Liquidation,  REO Disposition or purchase
or repurchase of any Mortgage Loan pursuant to the terms of this  Agreement,  as
well as any  recovery  resulting  from a  collection  of  Liquidation  Proceeds,
Insurance  Proceeds or REO Proceeds,  will be applied in the following  order of
priority:  first, to reimburse the Master Servicer or the related Subservicer in
accordance with Section 3.10(a)(ii);  second, to the  Certificateholders and the
Owner of the Excess  Spread and the Interest Only Strip to the extent of accrued
and unpaid interest on the Mortgage Loan, and any related REO Imputed  Interest,
at the Net Mortgage Rate to the Due Date prior to the Distribution Date on which
such  amounts  are to be  distributed;  third,  to the  Certificateholders  as a
recovery of principal on the Mortgage  Loan (or REO  Property)(provided  that if
any such Class of  Certificates  to which such Realized Loss was allocated is no
longer outstanding, such subsequent recovery shall be distributed to the persons
who were the Holders of such Class of Certificates when it was retired); fourth,
to all Servicing Fees and  Subservicing  Fees payable  therefrom (and the Master
Servicer  and the  Subservicer  shall have no claims for any  deficiencies  with
respect to such fees which result from the foregoing allocation);  and fifth, to
Foreclosure Profits.

         (e) In the event of a default on a  Mortgage  Loan one or more of whose
obligors is not a United States Person,  in connection  with any  foreclosure or
acquisition  of a deed in  lieu  of  foreclosure  (together,  "foreclosure")  in
respect of such Mortgage Loan, the Master  Servicer will cause  compliance  with
the provisions of Treasury  Regulation Section  1.1445-2(d)(3) (or any successor
thereto)  necessary to assure that no  withholding  tax  obligation  arises with
respect to the proceeds of such foreclosure  except to the extent,  if any, that
proceeds of such foreclosure are required to be remitted to the obligors on such
Mortgage Loan.

         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


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<PAGE>



notification  that  payment in full will be escrowed in a manner  customary  for
such purposes,  the Master Servicer will  immediately  notify the Trustee (if it
holds the  related  Mortgage  File) or the  Custodian  by a  certification  of a
Servicing Officer (which  certification  shall include a statement to the effect
that all amounts  received or to be received  in  connection  with such  payment
which are required to be deposited in the Custodial  Account pursuant to Section
3.07  have  been or will be so  deposited),  substantially  in one of the  forms
attached  hereto as Exhibit H requesting  delivery to it of the  Mortgage  File.
Upon receipt of such  certification  and  request,  the Trustee  shall  promptly
release,  or cause the  Custodian to release,  the related  Mortgage File to the
Master Servicer. The Master Servicer is authorized to execute and deliver to the
Mortgagor  the  request for  reconveyance,  deed of  reconveyance  or release or
satisfaction of mortgage or such instrument  releasing the lien of the Mortgage,
together  with the  Mortgage  Note with,  as  appropriate,  written  evidence of
cancellation  thereon. No expenses incurred in connection with any instrument of
satisfaction  or deed of  reconveyance  shall  be  chargeable  to the  Custodial
Account or the Certificate Account.

         (b)  From  time  to  time  as  is  appropriate  for  the  servicing  or
foreclosure  of any Mortgage  Loan,  the Master  Servicer  shall  deliver to the
Custodian,  with a copy to the Trustee,  a  certificate  of a Servicing  Officer
substantially in one of the forms attached as Exhibit H hereto,  requesting that
possession  of all, or any document  constituting  part of, the Mortgage File be
released to the Master Servicer and certifying as to the reason for such release
and that such release will not  invalidate  any insurance  coverage  provided in
respect of the Mortgage Loan under any Required  Insurance Policy.  Upon receipt
of the foregoing,  the Trustee shall deliver, or cause the Custodian to deliver,
the Mortgage  File or any document  therein to the Master  Servicer.  The Master
Servicer  shall cause each Mortgage File or any document  therein so released to
be returned to the Trustee,  or the  Custodian as agent for the Trustee when the
need therefor by the Master  Servicer no longer exists,  unless (i) the Mortgage
Loan has been liquidated and the Liquidation  Proceeds  relating to the Mortgage
Loan have been  deposited in the Custodial  Account or (ii) the Mortgage File or
such  document  has been  delivered  directly  or  through a  Subservicer  to an
attorney,  or to a public  trustee or other public  official as required by law,
for purposes of initiating or pursuing legal action or other proceedings for the
foreclosure of the Mortgaged Property either judicially or  non-judicially,  and
the Master  Servicer  has  delivered  directly or through a  Subservicer  to the
Trustee a  certificate  of a  Servicing  Officer  certifying  as to the name and
address of the Person to which such Mortgage File or such document was delivered
and the purpose or purposes of such delivery. In the event of the liquidation of
a Mortgage  Loan, the Trustee shall deliver the Request for Release with respect
thereto to the Master Servicer


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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, the Master
Servicer  shall be entitled to retain  therefrom and to pay to itself and/or the
related   Subservicer,   any  Foreclosure  Profits  and  any  Servicing  Fee  or
Subservicing Fee considered to be accrued but unpaid.

         (b)  Additional  servicing  compensation  in  the  form  of  prepayment
charges,  assumption fees, late payment charges, investment income on amounts in
the Custodial Account or the Certificate  Account or otherwise shall be retained
by the Master Servicer or the Subservicer to the extent provided herein, subject
to clause (e) below.

         (c) The Master  Servicer shall be required to pay, or cause to be paid,
all  expenses  incurred  by it  in  connection  with  its  servicing  activities
hereunder (including payment of premiums


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for the Primary Insurance Policies,  if any, to the extent such premiums are not
required to be paid by the related Mortgagors,  and the fees and expenses of the
Trustee and any Custodian) and shall not be entitled to  reimbursement  therefor
except as specifically provided in Sections 3.10 and 3.14.

         (d) The Master Servicer's right to receive  servicing  compensation may
not be transferred in whole or in part except in connection with the transfer of
all of its  responsibilities  and  obligations of the Master Servicer under this
Agreement.

         (e) Notwithstanding any other provision herein, the amount of servicing
compensation  that the Master  Servicer  shall be  entitled  to receive  for its
activities  hereunder for the period ending on each  Distribution  Date shall be
reduced  (but not below zero) by an amount  equal to  Compensating  Interest (if
any) for such  Distribution  Date.  Such reduction  shall be applied during such
period as follows:  first, to any Servicing Fee or Subservicing Fee to which the
Master Servicer is entitled  pursuant to Section  3.10(a)(iii);  second,  to any
income or gain  realized  from any  investment  of funds  held in the  Custodial
Account or the  Certificate  Account to which the Master  Servicer  is  entitled
pursuant to Sections 3.07(c) or 4.01(b), respectively; and third, to any amounts
of servicing  compensation to which the Master Servicer is entitled  pursuant to
Section  3.10(a)(v) or (vi). In making such  reduction,  the Master Servicer (i)
will not withdraw from the Custodial Account any such amount representing all or
a portion  of the  Servicing  Fee to which it is  entitled  pursuant  to Section
3.10(a)(iii);  (ii) will not withdraw from the Custodial  Account or Certificate
Account any such amount to which it is entitled  pursuant to Section  3.07(c) or
4.01(b) and (iii) will not withdraw from the  Custodial  Account any such amount
of servicing compensation to which it is entitled pursuant to Section 3.10(a)(v)
or (vi). If on any Distribution Date Compensating  Interest provided pursuant to
this Section 3.16(e) is less than Prepayment Interest Shortfalls incurred on the
Mortgage Loans in the related  Prepayment  Period,  such  Compensating  Interest
shall be  allocated  on such  Distribution  Date to the  Available  Distribution
Amount for each Loan Group on a pro rata basis in accordance with the respective
amounts of Prepayment Interest Shortfalls incurred on the Mortgage Loans in each
Loan Group in respect of such Distribution Date.


         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


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of  deposits  in or  withdrawals  from the  Custodial  Account in respect of the
Mortgage  Loans for each category of deposit  specified in Section 3.07 and each
category of withdrawal specified in Section 3.10.

         Section 3.18.              Annual Statement as to Compliance.

         The Master  Servicer  will deliver to the Company and the Trustee on or
before March 31 of each year,  beginning  with the first March 31 that occurs at
least six months after the Cut-off Date, an Officers' Certificate stating, as to
each signer thereof,  that (i) a review of the activities of the Master Servicer
during the preceding  calendar  year related to its servicing of mortgage  loans
and its  performance  under pooling and  servicing  agreements,  including  this
Agreement,  has been made under such officers' supervision,  (ii) to the best of
such officers' knowledge, based on such review, the Master Servicer has complied
in all material respects with the minimum  servicing  standards set forth in the
Uniform Single Attestation Program for Mortgage Bankers and has fulfilled all of
its material  obligations  relating to this  Agreement in all material  respects
throughout  such year,  or, if there has been material  noncompliance  with such
servicing  standards or a default in the fulfillment in all material respects of
any such obligation  relating to this Agreement,  such statement shall include a
description of such noncompliance or specify each such default,  as the case may
be,  known to such  officer  and the nature and status  thereof and (iii) to the
best of such officers' knowledge,  each Subservicer has complied in all material
respects with the minimum  servicing  standards set forth in the Uniform  Single
Attestation  Program for Mortgage  Bankers and has fulfilled all of its material
obligations under its Subservicing Agreement in all material respects throughout
such year,  or, if there has been  material  noncompliance  with such  servicing
standards or a material default in the fulfillment of such obligations  relating
to  this  Agreement,   such  statement  shall  include  a  description  of  such
noncompliance  or specify each such  default,  as the case may be, known to such
officer and the nature and status thereof.

         Section 3.19.              Annual Independent Public Accountants'
                                    Servicing Report.

         On or before March 31 of each year,  beginning  with the first March 31
that occurs at least six months after the Cut-off Date,  the Master  Servicer at
its expense shall cause a firm of independent public accountants, which shall be
members of the American Institute of Certified Public Accountants,  to furnish a
report to the Company and the Trustee  stating its opinion that, on the basis of
an examination conducted by such firm substantially in accordance with standards
established  by the  American  Institute of Certified  Public  Accountants,  the
assertions  made pursuant to Section 3.18 regarding  compliance with the minimum
servicing standards set forth in the Uniform


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Single  Attestation  Program for Mortgage Bankers during the preceding  calendar
year are fairly stated in all material respects,  subject to such exceptions and
other  qualifications  that,  in the  opinion  of  such  firm,  such  accounting
standards require it to report. In rendering such statement, such firm may rely,
as  to  matters   relating  to  the  direct   servicing  of  mortgage  loans  by
Subservicers,   upon  comparable   statements  for  examinations   conducted  by
independent  public  accountants  substantially  in  accordance  with  standards
established by the American Institute of Certified Public Accountants  (rendered
within one year of such statement) with respect to such Subservicers.

         Section 3.20.              Rights of the Company in Respect
                                    of the Master Servicer.

         The Master Servicer shall afford the Company,  upon reasonable  notice,
during  normal  business  hours access to all records  maintained  by the Master
Servicer  in  respect  of its rights  and  obligations  hereunder  and access to
officers of the Master Servicer responsible for such obligations.  Upon request,
the Master  Servicer  shall  furnish the Company with its most recent  financial
statements and such other information as the Master Servicer possesses regarding
its business,  affairs,  property and  condition,  financial or  otherwise.  The
Master   Servicer  shall  also  cooperate  with  all  reasonable   requests  for
information  including,  but not limited to, notices, tapes and copies of files,
regarding  itself,  the Mortgage  Loans or the  Certificates  from any Person or
Persons identified by the Company or Residential  Funding.  The Company may, but
is not obligated to, enforce the  obligations of the Master  Servicer  hereunder
and may, but is not obligated to, perform,  or cause a designee to perform,  any
defaulted  obligation of the Master Servicer hereunder or exercise the rights of
the Master  Servicer  hereunder;  provided that the Master Servicer shall not be
relieved of any of its  obligations  hereunder by virtue of such  performance by
the Company or its designee.  The Company shall not have any  responsibility  or
liability  for any action or failure  to act by the Master  Servicer  and is not
obligated  to  supervise  the  performance  of the  Master  Servicer  under this
Agreement or otherwise.

         Section 3.21.              Administration of Buydown Funds.

         (a) With respect to any Buydown  Mortgage  Loan,  the  Subservicer  has
deposited  Buydown  Funds in an account that  satisfies the  requirements  for a
Subservicing  Account (the "Buydown  Account").  The Master Servicer shall cause
the  Subservicing  Agreement to require that upon receipt from the  Mortgagor of
the amount due on a Due Date for each Buydown  Mortgage  Loan,  the  Subservicer
will withdraw from the Buydown Account the predetermined amount that, when added
to the amount due on such date from the Mortgagor, equals the full Monthly


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Payment  and  transmit  that  amount  in  accordance   with  the  terms  of  the
Subservicing  Agreement to the Master Servicer together with the related payment
made by the Mortgagor or advanced by the Subservicer.

         (b) If the  Mortgagor on a Buydown  Mortgage  Loan prepays such loan in
its entirety  during the period (the  "Buydown  Period")  when Buydown Funds are
required to be applied to such Buydown  Mortgage Loan, the Subservicer  shall be
required to  withdraw  from the  Buydown  Account  and remit any  Buydown  Funds
remaining  in the  Buydown  Account  in  accordance  with  the  related  buydown
agreement.  The amount of Buydown Funds which may be remitted in accordance with
the related  buydown  agreement may reduce the amount required to be paid by the
Mortgagor  to fully  prepay the related  Mortgage  Loan.  If the  Mortgagor on a
Buydown  Mortgage Loan defaults on such Mortgage Loan during the Buydown  Period
and the property  securing such Buydown Mortgage Loan is sold in the liquidation
thereof  (either by the Master Servicer or the insurer under any related Primary
Insurance  Policy),  the  Subservicer  shall be required  to  withdraw  from the
Buydown  Account the Buydown Funds for such Buydown  Mortgage Loan still held in
the Buydown Account and remit the same to the Master Servicer in accordance with
the terms of the Subservicing Agreement for deposit in the Custodial Account or,
if  instructed  by the Master  Servicer,  pay to the  insurer  under any related
Primary  Insurance  Policy if the  Mortgaged  Property  is  transferred  to such
insurer  and such  insurer  pays all of the loss  incurred  in  respect  of such
default.  Any amount so remitted  pursuant  to the  preceding  sentence  will be
deemed to reduce the amount owed on the Mortgage Loan.


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                                                    ARTICLE IV

                                          PAYMENTS TO CERTIFICATEHOLDERS

         Section 4.01.              Certificate Account.

         (a) The Master  Servicer on behalf of the Trustee  shall  establish and
maintain a Certificate  Account in which the Master  Servicer  shall cause to be
deposited  on behalf of the Trustee on or before 2:00 P.M. New York time on each
Certificate Account Deposit Date by wire transfer of immediately available funds
an amount  equal to the sum of (i) any  Advance for the  immediately  succeeding
Distribution  Date,  (ii) any amount required to be deposited in the Certificate
Account pursuant to Section  3.12(a),  (iii) any amount required to be deposited
in the Certificate Account pursuant to Section 3.16(e) or Section 4.07, (iv) any
amount  required to be paid  pursuant to Section 9.01 and (v) all other  amounts
constituting the Available  Distribution  Amount for the immediately  succeeding
Distribution Date.

         (b) The Trustee shall,  upon written request from the Master  Servicer,
invest or cause the institution  maintaining  the Certificate  Account to invest
the funds in the Certificate Account in Permitted Investments  designated in the
name of the Trustee for the benefit of the  Certificateholders  and the Owner of
the Excess Spread and the Interest Only Strip, which shall mature not later than
the Business Day next preceding the Distribution Date next following the date of
such investment  (except that (i) any investment in the  institution  with which
the Certificate  Account is maintained may mature on such  Distribution Date and
(ii) any other  investment may mature on such  Distribution  Date if the Trustee
shall advance funds on such Distribution Date to the Certificate  Account in the
amount payable on such  investment on such  Distribution  Date,  pending receipt
thereof to the extent necessary to make  distributions on the  Certificates) and
shall not be sold or disposed of prior to maturity.  Subject to Section 3.16(e),
all income and gain realized from any such  investment  shall be for the benefit
of the Master Servicer and shall be subject to its withdrawal or order from time
to time.  The amount of any losses  incurred in respect of any such  investments
shall be deposited in the Certificate  Account by the Master Servicer out of its
own funds immediately as realized without any right of reimbursement.

         Section 4.02.              Distributions.

         (a) On each  Distribution Date (x) the Master Servicer on behalf of the
Trustee or (y) the Paying Agent  appointed by the Trustee,  shall  distribute to
the Owner of the Excess  Spread and the  Interest  Only  Strip,  a  distribution
thereof pursuant to Section 4.02(a)(i), to the Master Servicer, in the case of a
distribution  pursuant  to  Section  4.02(a)(iii),  the  amount  required  to be
distributed to the Master Servicer or a


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Subservicer pursuant to Section 4.02(a)(iii),  and to each  Certificateholder of
record on the next preceding Record Date (other than as provided in Section 9.01
respecting the final  distribution)  either in immediately  available  funds (by
wire transfer or otherwise) to the account of such  Certificateholder  at a bank
or   other   entity   having   appropriate    facilities   therefor,   if   such
Certificateholder  has so notified the Master  Servicer or the Paying Agent,  as
the case may be, or, if such  Certificateholder  has not so notified  the Master
Servicer  or the  Paying  Agent by the  Record  Date,  by check  mailed  to such
Certificateholder  at the address of such Holder  appearing  in the  Certificate
Register  such  Certificateholder's   share  (based  on  the  aggregate  of  the
Percentage Interests represented by Certificates of the applicable Class held by
such  Holder) of the  following  amounts,  in the  following  order of  priority
(subject to the  provisions of Section  4.02(b)),  in each case to the extent of
the related Available  Distribution  Amount remaining in the case of clauses (i)
through (iii), and to the extent of the Available  Distribution  Amount for both
Loan Groups remaining in the case of clauses (iv) through (xviii):

                    (i) (W) from the Available  Distribution  Amount  related to
         Loan  Group  I,  to  the  Class  A-I  Certificateholders  and  Class  R
         Certificateholders,  on a pro rata basis  based on Accrued  Certificate
         Interest payable on such Certificates with respect to such Distribution
         Date, Accrued Certificate  Interest on such Classes of Certificates for
         such Distribution Date, plus any Accrued  Certificate  Interest thereon
         remaining unpaid from any previous Distribution Date except as provided
         in the last paragraph of this Section 4.02(a);

                            (X) from the Available  Distribution  Amount related
         to  Loan  Group  II,  to the  Class  A-II  Certificateholders,  Accrued
         Certificate   Interest  on  such  Classes  of  Certificates   for  such
         Distribution  Date,  plus  any  Accrued  Certificate  Interest  thereon
         remaining unpaid from any previous Distribution Date except as provided
         in the last paragraph of this Section 4.02(a);

                            (Y) from the Available  Distribution  Amount derived
         from the related Loan Group, on a pro rata basis with the distributions
         in  Sections   4.02(a)(i)(W),   4.02(a)(i)(X)  and  4.02(a)(i)(Z),   as
         applicable,  to the  Owner  of the  Excess  Spread  and  each  Class of
         Variable Strip  Certificates,  if any, on a pro rata basis based on the
         amount  of Excess  Spread  and  Accrued  Certificate  Interest  on such
         Certificates  with  respect to such  Distribution  Date,  the amount of
         Excess  Spread and  Accrued  Certificate  Interest  on such  Classes of
         Certificates,  respectively,  with respect to such  Distribution  Date,
         plus  any  Excess  Spread  or  Accrued  Certificate   Interest  thereon
         remaining unpaid from any


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         previous Distribution Date except as provided in the last
         paragraph of this Section 4.02(a); and

                            (Z) from the Available  Distribution  Amount derived
         from the related Loan Group, on a pro rata basis with the distributions
         in  Sections   4.02(a)(i)(W),   4.02(a)(i)(X)  and  4.02(a)(i)(Y),   as
         applicable,  to the Owner of the Interest  Only Strip and each Class of
         Interest Only Strip Certificates,  if any, on a pro rata basis based on
         the amount of Interest Only Strip and Accrued  Certificate  Interest on
         such Certificates with respect to such Distribution Date, such Interest
         Only  Strip  and  Accrued  Certificate  Interest  on  such  Classes  of
         Certificates,  respectively,  for  such  Distribution  Date,  plus  any
         Interest Only Strip or Accrued  Certificate  Interest thereon remaining
         unpaid from any  previous  Distribution  Date except as provided in the
         last paragraph of this Section 4.02(a);

                    (ii)    (X)     to the Class A-P Certificateholders, the
         Class A-P Principal Distribution Amount derived from each
         related Loan Group;

                                    (Y)     to the Class A Certificateholders
 and
         Class R Certificateholders,  in the priorities and amounts set forth in
         Section  4.02(b)(ii) and (iii) and Section 4.02(c) through (e), the sum
         of the following (applied to reduce the Certificate  Principal Balances
         of such Class A Certificates or Class R Certificates, as applicable):

                            (A)  the  related   Class  A  Percentage   for  such
                    Distribution Date times the sum of the following:

                                    (1) the  principal  portion of each  Monthly
                            Payment  due during the  related  Due Period on each
                            Outstanding  Mortgage Loan in the related Loan Group
                            (other  than the  related  Discount  Fraction of the
                            principal  portion of such payment with respect to a
                            Discount Mortgage Loan in such Loan Group),  whether
                            or  not   received   on  or  prior  to  the  related
                            Determination  Date, minus the principal  portion of
                            any Debt Service  Reduction  (other than the related
                            Discount  Fraction of the principal  portion of such
                            Debt  Service   Reductions   with  respect  to  each
                            Discount  Mortgage  Loan in such Loan  Group)  which
                            together with other  Bankruptcy  Losses  exceeds the
                            Bankruptcy Amount;

                                    (2)  the  Stated  Principal  Balance  of any
                            Mortgage Loan in the related Loan Group  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


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                            of any shortfall  deposited in the Custodial Account
                            in  connection  with the  substitution  of a Deleted
                            Mortgage  Loan  pursuant  to  Section  2.03  or 2.04
                            during the related Prepayment Period (other than the
                            related  Discount  Fraction of such Stated Principal
                            Balance  or  shortfall  with  respect  to a Discount
                            Mortgage Loan in such Loan Group); and

                                    (3)  the  principal  portion  of  all  other
                            unscheduled  collections with respect to the related
                            Loan Group (other than Principal Prepayments in Full
                            and  Curtailments and amounts received in connection
                            with a Cash  Liquidation  or  REO  Disposition  of a
                            Mortgage      Loan      described     in     Section
                            4.02(a)(ii)(Y)(B),   including  without   limitation
                            Insurance  Proceeds,  Liquidation  Proceeds  and REO
                            Proceeds)  received  during the  related  Prepayment
                            Period  (or  deemed  to  have  been so  received  in
                            accordance  with  Section  3.07(b))  to  the  extent
                            applied  by the Master  Servicer  as  recoveries  of
                            principal of the related  Mortgage  Loan pursuant to
                            Section  3.14  (other  than  the  related   Discount
                            Fraction   of  the   principal   portion   of   such
                            unscheduled collections,  with respect to a Discount
                            Mortgage Loan in such Loan Group);

                            (B)  with  respect  to  each  Mortgage  Loan  in the
                    related  Loan  Group for which a Cash  Liquidation  or a REO
                    Disposition  occurred during the related  Prepayment  Period
                    (or was  deemed  to have  occurred  during  such  period  in
                    accordance  with Section  3.07(b)) and did not result in any
                    Excess Special Hazard  Losses,  Excess Fraud Losses,  Excess
                    Bankruptcy  Losses or Extraordinary  Losses, an amount equal
                    to the lesser of (a) the related Class A Percentage for such
                    Distribution Date times the Stated Principal Balance of such
                    Mortgage Loan (other than the related  Discount  Fraction of
                    such Stated  Principal  Balance,  with respect to a Discount
                    Mortgage  Loan in such Loan Group) and (b) the related Class
                    A Accelerated  Distribution Percentage for such Distribution
                    Date times the related  unscheduled  collections  (including
                    without limitation Insurance Proceeds,  Liquidation Proceeds
                    and  REO  Proceeds)  to the  extent  applied  by the  Master
                    Servicer as recoveries of principal of the related  Mortgage
                    Loan  pursuant to Section  3.14 (in each case other than the
                    portion of such unscheduled  collections,  with respect to a
                    Discount  Mortgage  Loan in such  Loan  Group,  included  in
                    Section 4.02(b)(i) (C));



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                            (C) the  related  Class A  Accelerated  Distribution
                    Percentage for such Distribution Date times the aggregate of
                    all  Principal  Prepayments  in Full and  Curtailments  with
                    respect to the  related  Loan Group  received in the related
                    Prepayment  Period (other than the related Discount Fraction
                    of such Principal Prepayments in Full and Curtailments, with
                    respect to a Discount Mortgage Loan in such Loan Group);

                            (D)     any portion of the Excess Subordinate
                    Principal Amount for such Distribution Date allocated
                    to the related Loan Group; and

                            (E) any amounts  described  in  subsection  (ii)(Y),
                    clauses  (A),  (B)  and  (C) of  this  Section  4.02(a),  as
                    determined for any previous  Distribution Date, which remain
                    unpaid after application of amounts  previously  distributed
                    pursuant to this clause (E) to the extent that such  amounts
                    are not  attributable  to  Realized  Losses  which have been
                    allocated   to  the   Class  M   Certificates   or  Class  B
                    Certificates; and

                                    (Z)     to the Holders of the Class A-I
         Certificates or Class A-II Certificates, as applicable,
         amounts required to be distributed pursuant to Section
         4.02(c);

                    (iii) if the aggregate  Certificate Principal Balance of the
         Class A-I  Certificates or Class A-II  Certificates is greater than the
         aggregate Stated Principal Balance of the Mortgage Loans in the related
         Loan Group  (other than the related  Discount  Fraction of the Discount
         Mortgage  Loans in such Loan  Group)  and the Class M  Certificates  or
         Class B Certificates are still  outstanding,  in each case after giving
         effect to  distributions to be made on such  Distribution  Date, to the
         Holders of such Class or Classes of Class A Certificates  and the Owner
         of the Interest Only Strip, an amount equal to one month's  interest at
         a rate of 8.00% per annum on the amount of the  difference  between the
         aggregate  Certificate  Principal  Balance  of such Class or Classes of
         Class A Certificates and the aggregate Stated Principal  Balance of its
         related Loan Group  (other than the  Discount  Fraction of the Discount
         Mortgage  Loans in such Loan Group),  from the  Available  Distribution
         Amount  for  the  other  Loan  Group,  applied  first  to  pay  Accrued
         Certificate  Interest on such Class or Classes of Class A  Certificates
         and the Interest  Only Strip on a pro rata basis to the extent not paid
         on such Distribution Date pursuant to Section  4.02(a)(i),  and then to
         pay  principal  on such  Class or Classes  of Class A  Certificates  in
         accordance with the priorities set forth in Section 4.02(b);



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                    (iv) if the  Certificate  Principal  Balances of the Class M
         Certificates and Class B Certificates have not been reduced to zero, to
         the Master  Servicer or a Subservicer,  by remitting for deposit to the
         Custodial  Account,  to the  extent  of and in  reimbursement  for  any
         Advances or Subservicer  Advances  previously  made with respect to any
         Mortgage Loan or REO Property which remain  unreimbursed in whole or in
         part following the Cash Liquidation or REO Disposition of such Mortgage
         Loan or REO  Property,  minus  any such  Advances  that  were made with
         respect to  delinquencies  that ultimately  constituted  Excess Special
         Hazard  Losses,  Excess  Fraud  Losses,  Excess  Bankruptcy  Losses  or
         Extraordinary Losses;

                    (v) to  the  Holders  of the  Class  M-1  Certificates,  the
         Accrued  Certificate  Interest thereon for such Distribution Date, plus
         any Accrued  Certificate  Interest  thereon  remaining  unpaid from any
         previous Distribution Date, except as provided below;

                    (vi) to the Holders of the Class M-1 Certificates, an amount
         equal to (x) the  Subordinate  Principal  Distribution  Amount for such
         Class of Certificates for such Distribution  Date, minus (y) the amount
         of any Class A-P Collection  Shortfalls for such  Distribution  Date or
         remaining unpaid for all previous Distribution Dates, to the extent the
         amounts  available  pursuant  to clause (x) of  Sections  4.02(a)(vii),
         (ix),  (xii),  (xiv) and (xvi) are  insufficient  therefor,  applied in
         reduction  of  the  Certificate  Principal  Balance  of the  Class  M-1
         Certificates;

                    (vii) to the  Holders  of the  Class M-2  Certificates,  the
         Accrued  Certificate  Interest thereon for such Distribution Date, plus
         any Accrued  Certificate  Interest  thereon  remaining  unpaid from any
         previous Distribution Date, except as provided below;

                    (viii) to the  Holders  of the Class  M-2  Certificates,  an
         amount equal to (x) the Subordinate  Principal  Distribution Amount for
         such Class of Certificates  for such  Distribution  Date, minus (y) the
         amount of any Class A-P  Collection  Shortfalls  for such  Distribution
         Date or remaining  unpaid for all previous  Distribution  Dates, to the
         extent  the  amounts  available  pursuant  to  clause  (x) of  Sections
         4.02(a)(ix),  (xii), (xiv) and (xvi) are insufficient therefor, applied
         in  reduction  of the  Certificate  Principal  Balance of the Class M-2
         Certificates;

                    (ix) to the  Holders  of the  Class  M-3  Certificates,  the
         Accrued  Certificate  Interest thereon for such Distribution Date, plus
         any Accrued  Certificate  Interest  thereon  remaining  unpaid from any
         previous Distribution Date, except as provided below;


NY1-159595.5
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<PAGE>




                    (x) to the Holders of the Class M-3 Certificates,  an amount
         equal to (x) the  Subordinate  Principal  Distribution  Amount for such
         Class of Certificates for such  Distribution  Date minus (y) the amount
         of any Class A-P Collection  Shortfalls for such  Distribution  Date or
         remaining unpaid for all previous Distribution Dates, to the extent the
         amounts  available  pursuant  to clause (x) of  Sections  4.02(a)(xii),
         (xiv) and (xvi) are insufficient therefor,  applied in reduction of the
         Certificate Principal Balance of the Class M-3 Certificates;

                    (xi) to the  Holders  of the  Class  B-1  Certificates,  the
         Accrued  Certificate  Interest thereon for such Distribution Date, plus
         any Accrued  Certificate  Interest  thereon  remaining  unpaid from any
         previous Distribution Date, except as provided below;

                    (xii) to the  Holders  of the  Class  B-1  Certificates,  an
         amount equal to (x) the Subordinate  Principal  Distribution Amount for
         such Class of  Certificates  for such  Distribution  Date minus (y) the
         amount of any Class A-P  Collection  Shortfalls  for such  Distribution
         Date or remaining  unpaid for all previous  Distribution  Dates, to the
         extent  the  amounts  available  pursuant  to  clause  (x) of  Sections
         4.02(a)(xiv) and (xvi) are insufficient therefor,  applied in reduction
         of the Certificate Principal Balance of the Class B-1 Certificates;

                    (xiii) to the  Holders  of the Class B-2  Certificates,  the
         Accrued  Certificate  Interest thereon for such Distribution Date, plus
         any Accrued  Certificate  Interest  thereon  remaining  unpaid from any
         previous Distribution Date, except as provided below;

                    (xiv) to the  Holders  of the  Class  B-2  Certificates,  an
         amount equal to (x) the Subordinate  Principal  Distribution Amount for
         such Class of  Certificates  for such  Distribution  Date minus (y) the
         amount of any Class A-P  Collection  Shortfalls  for such  Distribution
         Date or remaining  unpaid for all previous  Distribution  Dates, to the
         extent the amounts available  pursuant to clause (x) of Section 4.02(a)
         (xvi)  are   insufficient   therefor,   applied  in  reduction  of  the
         Certificate Principal Balance of the Class B-2 Certificates;

                    (xv) to the  Holders  of the  Class  B-3  Certificates,  the
         Accrued  Certificate  Interest thereon for such Distribution Date, plus
         any Accrued  Certificate  Interest  thereon  remaining  unpaid from any
         previous Distribution Date, except as provided below;

                    (xvi)           to the Holders of the Class B-3
 Certificates,
         an amount equal to (x) the Subordinate Principal


NY1-159595.5
                                                        103

<PAGE>



         Distribution   Amount   for  such  Class  of   Certificates   for  such
         Distribution  Date  minus (y) the  amount  of any Class A-P  Collection
         Shortfalls  for such  Distribution  Date or  remaining  unpaid  for all
         previous  Distribution  Dates  applied in reduction of the  Certificate
         Principal Balance of the
         Class B-3 Certificates;

                    (xvii)  to  the  Class  A   Certificateholders,   Class  A-P
         Certificateholders and Class R Certificateholders,  on a pro rata basis
         in accordance with their respective  outstanding  Certificate Principal
         Balances,  the portion, if any, of the Available  Distribution  Amounts
         for both  Loan  Groups  remaining  after the  foregoing  distributions,
         applied to reduce the Certificate  Principal  Balances of such Class A,
         Class  A-P and  Class R  Certificates,  but in no event  more  than the
         aggregate of the  outstanding  Certificate  Principal  Balances of each
         such  Class  of  Class  A,  Class  A-P and  Class R  Certificates,  and
         thereafter,  to each  Class of Class M  Certificates  then  outstanding
         beginning with such Class with the lowest  numerical  designation,  any
         portion of the  Available  Distribution  Amounts  for both Loan  Groups
         remaining  after the Class A, Class A-P and Class R  Certificates  have
         been retired,  applied to reduce the Certificate  Principal  Balance of
         each such Class of Class M Certificates,  but in no event more than the
         outstanding Certificate Principal Balance of each such Class of Class M
         Certificates; and thereafter to each such Class of Class B Certificates
         then  outstanding  beginning with such Class with the lowest  numerical
         designation, any portion of the Available Distribution Amounts for both
         Loan Groups remaining after the Class M Certificates have been retired,
         applied to reduce the Certificate  Principal Balance of each such Class
         of Class B  Certificates,  but in no event  more  than the  outstanding
         Certificate   Principal   Balance   of  each  such  Class  of  Class  B
         Certificates; and

                    (xviii)         to the Class R-I Certificateholders, the
         balance, if any, of the Available Distribution Amount for
         both Loan Groups.

         Notwithstanding  the foregoing,  on any Distribution Date, with respect
to the Class of Class B Certificates  outstanding on such Distribution Date with
the highest numerical designation,  or in the event the Class B Certificates are
no longer  outstanding,  the Class of Class M Certificates then outstanding with
the highest numerical designation,  or in the event the Class B Certificates and
Class  M  Certificates  are no  longer  outstanding,  the  Class  A and  Class R
Certificates,  Accrued Certificate  Interest thereon remaining unpaid and Excess
Spread and Interest Only Strip remaining  unpaid from any previous  Distribution
Date  will  be  distributable  only  to the  extent  that  such  unpaid  Accrued
Certificate  Interest,  Excess Spread or Interest Only Strip was attributable to
interest shortfalls relating to Nonrecoverable


NY1-159595.5
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<PAGE>



Advances  as  determined  by the Master  Servicer  with  respect to the  related
Mortgage  Loan where such  Mortgage  Loan has not yet been the subject of a Cash
Liquidation or REO Disposition.

         (b)  Distributions  of  principal on the Class A, Class A-P and Class R
Certificates on each  Distribution Date occurring prior to the occurrence of the
Credit Support Depletion Date will be made as follows:

                    (i)  first,  to  the  Class  A-P  Certificates,   until  the
         Certificate  Principal  Balance  thereof is reduced to zero,  an amount
         (the "Class A-P Principal  Distribution Amount") equal to the aggregate
         of:

                            (A) the related  Discount  Fraction of the principal
                    portion of each Monthly  Payment on each  Discount  Mortgage
                    Loan in the  related  Loan Group due during the  related Due
                    Period,  whether or not  received on or prior to the related
                    Determination  Date,  minus  the  Discount  Fraction  of the
                    principal  portion of any  related  Debt  Service  Reduction
                    which  together  with other  Bankruptcy  Losses  exceeds the
                    Bankruptcy Amount;

                            (B) the related  Discount  Fraction of the principal
                    portion  of all  unscheduled  collections  on each  Discount
                    Mortgage Loan in the related Loan Group received  during the
                    preceding  calendar  month (other than  amounts  received in
                    connection  with a Cash  Liquidation or REO Disposition of a
                    Discount  Mortgage  Loan  described  in clause  (C)  below),
                    including  Principal  Prepayments in Full,  Curtailments and
                    repurchases  (including  deemed  repurchases  under  Section
                    3.07(b))  of Discount  Mortgage  Loans (or, in the case of a
                    substitution  of  a  Deleted  Mortgage  Loan,  the  Discount
                    Fraction  of the amount of any  shortfall  deposited  in the
                    Custodial Account in connection with such substitution);

                            (C) in connection  with the Cash  Liquidation or REO
                    Disposition of a Discount  Mortgage Loan in the related Loan
                    Group  that did not  result  in any  Excess  Special  Hazard
                    Losses,  Excess Fraud Losses,  Excess  Bankruptcy  Losses or
                    Extraordinary  Losses,  an amount equal to the lesser of (1)
                    the  applicable  Discount  Fraction of the Stated  Principal
                    Balance of such Discount  Mortgage Loan immediately prior to
                    such  Distribution  Date and (2) the aggregate amount of the
                    collections  on such Mortgage Loan to the extent  applied as
                    recoveries of principal;

                            (D)     any amounts allocable to principal for any
                    previous Distribution Date (calculated pursuant to


NY1-159595.5
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<PAGE>



                    clauses (A) through (C) above) that remain
                    undistributed; and

                            (E)  the   amount  of  any   Class  A-P   Collection
                    Shortfalls for such  Distribution Date and the amount of any
                    Class A-P  Collection  Shortfalls  remaining  unpaid for all
                    previous  Distribution  Dates, but only to the extent of the
                    Eligible Funds for such Distribution Date;

                    (ii)  from the  Class  A-I  Principal  Distribution  Amount,
         distributions  to the Class A-I  Certificates  and Class R Certificates
         shall be made as follows:

                            (A) to the Class  R-I  Certificates  and Class  R-II
                            Certificates,  concurrently,  with such amount to be
                            allocated  to the Class R-I  Certificates  and Class
                            R-II Certificates on a pro rata basis (in proportion
                            to their respective Certificate Principal Balances),
                            until the  Certificate  Principal  Balances  thereof
                            have been reduced to zero;

                            (B) from  the  balance,  if any,  of the  Class  A-I
                            Principal  Distribution  Amount  remaining after the
                            distribution   described  in  clause  4.02(b)(ii)(A)
                            above, an amount equal to the Lockout  Percentage of
                            the Lockout  Certificates'  pro rata share (based on
                            the aggregate  Certificate Principal Balance thereof
                            relative  to  the  aggregate  Certificate  Principal
                            Balance  of  the  Class  A-I  Certificates)  of  the
                            portion  of the  Class  A-I  Principal  Distribution
                            Amount so  remaining,  shall be  distributed  to the
                            Lockout   Certificates,    until   the   Certificate
                            Principal Balance thereof has been reduced to zero;

                            (C) the balance,  if any, of the Class A-I Principal
                            Distribution     Amount    remaining    after    the
                            distributions  described  in clauses  4.02(b)(ii)(A)
                            and 4.02(b)(ii)(B) above, shall be distributed as
                            follows:

                                    (1) first, 73.1708871855% and 26.8291128145%
                                    concurrently to the Class A-I-1 Certificates
                                    and  Class  A-I-2  Certificates,  until  the
                                    Certificate  Principal  Balance of the Class
                                    A-I-1 Certificates has been reduced to zero;

                                    (2)     second, 81.0799606156% and
                                    18.9200393844% concurrently to the Class
                                    A-I-3 Certificates and Class A-I-2
                                    Certificates, until the Certificate
 Principal


NY1-159595.5
                                                        106

<PAGE>



                                    Balance of the Class A-I-3 Certificates has
                                    been reduced to zero;

                                    (3) third, 85.7135377124% and 14.2864622876%
                                    concurrently to the Class A-I-4 Certificates
                                    and  Class  A-I-2  Certificates,  until  the
                                    Certificate  Principal  Balance of the Class
                                    A- I-4  Certificates  has  been  reduced  to
                                    zero;

                                    (4)     fourth,      90.9115646259%      and
                                    9.0884353741%,  concurrently  to  the  Class
                                    A-I-5    Certificates    and   Class   A-I-2
                                    Certificates,    until    the    Certificate
                                    Principal Balances thereof have been reduced
                                    to zero; and

                                    (5) fifth,  sequentially to the Class A-I-6,
                                    Class  A-I-7,  Class  A-I-8 and Class  A-I-9
                                    Certificates,  in that  order,  in each case
                                    until the Certificate  Principal  Balance of
                                    such class of Certificates  has been reduced
                                    to zero;

         provided,  however,  that if on any  Distribution  Date the Certificate
         Principal  Balances  of the  Class  A-I  Certificates  (other  than the
         Lockout Certificates) have been reduced to zero, clause (B) above shall
         no longer apply and 100% of the Class A-I Principal Distribution Amount
         remaining after  reduction of such  Certificate  Principal  Balances to
         zero  shall be  distributed  to the  Lockout  Certificates,  until  the
         Certificate Principal Balance thereof has been reduced to zero; and

                    (iii)                   the Class A-II Principal
 Distribution
         Amount shall be distributed to the Class A-II Certificates
         as follows:

                            (A) first, to the Class A-II-1  Certificates,  until
                            the Certificate  Principal  Balance thereof has been
                            reduced to zero; and

                            (B) second, to the Class A-II-2 Certificates,  until
                            the Certificate  Principal  Balance thereof has been
                            reduced to zero.

         (c) Prior to the  occurrence of the Credit  Support  Depletion Date but
after the  reduction  of the  Certificate  Principal  Balances  of the Class A-I
Certificates or Class A-II  Certificates to zero, the remaining class or classes
of  Class A  Certificates  will be  entitled  to  receive,  in  addition  to any
Principal  Prepayments  in  Full  and  Curtailments  related  to  such  Class  A
Certificates'  respective Loan Group, 100% of the Principal  Prepayments in Full
and Curtailments on the other Loan


NY1-159595.5
                                                        107

<PAGE>



Group, in accordance with the priorities set forth in Section 4.02(b) above, and
in reduction of the Certificate  Principal Balances thereof, on any Distribution
Date on which (a) the  aggregate  Certificate  Principal  Balance of the Class M
Certificates and Class B Certificates is less than 50% of the initial  aggregate
Certificate  Principal  Balance of such Classes,  if such  Distribution  Date is
prior to the Distribution Date occurring in September 2006, or (b) the aggregate
Certificate   Principal  Balance  of  the  Class  M  Certificates  and  Class  B
Certificates  is less than 25% of the initial  aggregate  Certificate  Principal
Balance  of  such  Classes  if  such  Distribution  Date  is  on  or  after  the
Distribution  Date  occurring  in  September  2006.  In  addition,   if  on  any
Distribution  Date on which the aggregate  Certificate  Principal Balance of the
Class A-I Certificates or Class A-II  Certificates is greater than the aggregate
Stated Principal  Balance of the Mortgage Loans in the related Loan Group (other
than the related Discount  Fraction of the Discount  Mortgage Loans in such Loan
Group)  and  the  Class  M  Certificates  or  Class  B  Certificates  are  still
outstanding,  in each case after giving  effect to  distributions  to be made on
such Distribution  Date, 100% of Principal  Prepayments in Full and Curtailments
allocable to the Class M Certificates  and Class B Certificates  on the Mortgage
Loans in the other Loan Group  will be  distributed  to such Class or Classes of
Class A  Certificates,  in accordance  with the  priorities set forth in Section
4.02(b) above, and in reduction of the Certificate  Principal  Balances thereof,
until the aggregate  Certificate Principal Balance of the Class A-I Certificates
or Class A-II Certificates, as applicable, equals the aggregate Stated Principal
Balance of the Mortgage  Loans in the related Loan Group (other than the related
Discount Fraction of the Discount Mortgage Loans in such Loan Group).

         (d) On or after the  occurrence of the Credit Support  Depletion  Date,
all priorities  relating to  distributions as described in Section 4.02(b) above
in respect of principal among the various classes of Senior  Certificates (other
than the Class A-P Certificates) will be disregarded, and (i) an amount equal to
the  Discount  Fraction  of the  principal  portion of  scheduled  payments  and
unscheduled collections received or advanced in respect of the Discount Mortgage
Loans  will be  distributed  to the Class A-P  Certificates,  (ii) the Class A-I
Principal  Distribution  Amount will be  distributed to all classes of Class A-I
Certificates  and the Class R  Certificates  pro rata in  accordance  with their
respective  outstanding  Certificate  Principal  Balances,  (iii) the Class A-II
Principal Distribution Amount will be distributed to the Class A-II Certificates
and (iv) the amount set forth in Section  4.02(a)(i)  will be distributed as set
forth therein.

         (e) After reduction of the Certificate Principal Balances of the Senior
Certificates  (other than the Class A-P  Certificates)  to zero but prior to the
occurrence of the Credit Support Depletion Date, the Senior  Certificates (other
than the


NY1-159595.5
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<PAGE>



Class  A-P  Certificates)  will  be  entitled  to no  further  distributions  of
principal  thereon and the  Available  Distribution  Amount for both Loan Groups
will be paid solely to the holders of the Class A-P, Variable Strip, Class M and
Class B  Certificates  and the  Owner  of the  Excess  Spread,  in each  case as
described herein.

         (f) In addition to the  foregoing  distributions,  with  respect to any
Mortgage Loan that was  previously  the subject of a Cash  Liquidation or an REO
Disposition that resulted in a Realized Loss, in the event that within two years
of the date on which such  Realized  Loss was  determined  to have  occurred the
Master Servicer receives amounts,  which the Master Servicer reasonably believes
to represent subsequent recoveries (net of any related liquidation expenses), or
determines that it holds surplus amounts previously  reserved to cover estimated
expenses, specifically related to such Mortgage Loan (including, but not limited
to,  recoveries in respect of the  representations  and  warranties  made by the
related  Seller  pursuant  to the  applicable  Seller's  Agreement),  the Master
Servicer shall distribute such amounts to the applicable  Certificateholders  of
the Class or Classes to which such  Realized  Loss was allocated or to the Owner
of the Excess  Spread and the  Interest  Only Strip,  if  applicable,  (with the
amounts to be distributed  allocated  among such Classes,  the Excess Spread and
the  Interest  Only  Strip in the same  proportions  as such  Realized  Loss was
allocated), subject to the following: No such distribution shall be in an amount
that would result in total  distributions in respect of Excess Spread,  Interest
Only  Strip or on the  Certificates  of any such  Class in  excess  of the total
amounts of principal and interest that would have been distributable  thereon if
such Cash  Liquidation  or REO  Disposition  had  occurred but had resulted in a
Realized Loss equal to zero. Notwithstanding the foregoing, no such distribution
shall be made with  respect to the  Excess  Spread,  Interest  Only Strip or the
Certificates  of any Class to the extent  that  either (i) such  Excess  Spread,
Interest  Only Strip or Class was  protected  against the related  Realized Loss
pursuant to any instrument or fund  established  under Section  11.01(e) or (ii)
such  Excess  Spread,  Interest  Only  Strip or Class of  Certificates  has been
deposited into a separate trust fund or other  structuring  vehicle and separate
certificates  or other  instruments  representing  interests  therein  have been
issued in one or more classes,  and any of such separate  certificates  or other
instruments  was  protected  against the related  Realized  Loss pursuant to any
limited guaranty, payment obligation, irrevocable letter of credit, surety bond,
insurance  policy or similar  instrument  or a reserve  fund,  or a  combination
thereof. Any amount to be so distributed with respect to the Certificates of any
Class shall be distributed by the Master Servicer to the  Certificateholders  of
record  as  of  the  Record  Date   immediately   preceding  the  date  of  such
distribution,  on a pro rata basis based on the Percentage Interest  represented
by each Certificate of such Class as of such Record Date. Any amounts to be so


NY1-159595.5
                                                        109

<PAGE>



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.

         (g) 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.

         (h)  Except as  otherwise  provided  in  Section  9.01,  if the  Master
Servicer  anticipates  that a final  distribution  with  respect to any Class of
Certificates  will be made on the next  Distribution  Date, the Master  Servicer
shall,  no  later  than  the  Determination  Date in the  month  of  such  final
distribution,  notify the Trustee and the Trustee  shall,  no later than two (2)
Business Days after such Determination Date, mail on such date to each Holder of
such  Class of  Certificates  a  notice  to the  effect  that:  (i) the  Trustee
anticipates  that  the  final   distribution  with  respect  to  such  Class  of
Certificates  will be made on such  Distribution Date but only upon presentation
and surrender of such  Certificates at the office of the Trustee or as otherwise
specified  therein,  and (ii) no interest shall accrue on such Certificates from
and  after  the  end  of  the  prior   calendar   month.   In  the  event   that
Certificateholders  required to surrender their Certificates pursuant to Section
9.01(c) do not surrender their Certificates for final cancellation,  the Trustee
shall  cause  funds  distributable  with  respect  to  such  Certificates  to be
withdrawn from the Certificate Account and credited to a separate escrow account
for the benefit of such Certificateholders as provided in Section 9.01(d).

         Section 4.03.              Statements to Certificateholders and the
                                    Owner of the Excess Spread and the Interest
                                    Only Strip.

         (a)  Concurrently  with each  distribution  charged to the  Certificate
Account and with respect to each  Distribution  Date the Master  Servicer  shall
forward to the Trustee and the Trustee shall forward by mail to each Holder, the
Owner of the  Excess  Spread  and the  Interest  Only  Strip  and the  Company a
statement setting forth the following information as to the Excess Spread,


NY1-159595.5
                                                        110

<PAGE>



the Interest Only Strip,  each Class of Certificates  and each Loan Group to the
extent applicable:

                    (i)   (a)  the   amount   of   such   distribution   to  the
         Certificateholders  of such Class  applied  to reduce  the  Certificate
         Principal  Balance  thereof,  and (b)  the  aggregate  amount  included
         therein representing Principal Prepayments;

                    (ii) the  amount of such  distribution  to  Holders  of such
         Class of  Certificates  allocable  to  interest  and in  respect of the
         Excess Spread and the Interest Only Strip;

                    (iii) if the  distribution  to the  Holders of such Class of
         Certificates  or the Owner of the Excess  Spread and the Interest  Only
         Strip is less than the full amount that would be  distributable to such
         Holders or Owner if there were sufficient funds available therefor, the
         amount of the shortfall;

                    (iv)    the amount of any Advance by the Master
         Servicer pursuant to Section 4.04;

                    (v)     the number and Pool Stated Principal Balance of
         the Mortgage Loans after giving effect to the distribution
         of principal on such Distribution Date;

                    (vi) the  aggregate  Certificate  Principal  Balance of each
         Class of  Certificates,  and each of the Class A-I, Class A-II, Class M
         and Class B Percentages, after giving effect to the amounts distributed
         on such Distribution Date, separately identifying any reduction thereof
         due to Realized Losses other than pursuant to an actual distribution of
         principal;

                    (vii)           the related Subordinate Principal
         Distribution Amount and Prepayment Distribution Percentage,
         if applicable;

                    (viii) on the basis of the most recent reports  furnished to
         it by  Subservicers,  the number and  aggregate  principal  balances of
         Mortgage Loans that are  delinquent  (A) one month,  (B) two months and
         (C) three  months  and the number and  aggregate  principal  balance of
         Mortgage Loans that are in foreclosure;

                    (ix)    the number, aggregate principal balance and
         book value of any REO Properties;

                    (x) the aggregate  Accrued  Certificate  Interest  remaining
         unpaid, if any, for each Class of Certificates,  after giving effect to
         the distribution made on such Distribution Date;



NY1-159595.5
                                                        111

<PAGE>



                    (xi) the  Special  Hazard  Amount,  Fraud  Loss  Amount  and
         Bankruptcy Amount as of the close of business on such Distribution Date
         and a description of any change in the calculation of such amounts;

                    (xii)           the weighted average Spread Rate for such
         Distribution Date and the Pass-Through Rate on any Class of
         Variable Strip Certificates and Interest Only Strip
         Certificates;

                    (xiii)          the occurrence of the Credit Support
         Depletion Date;

                    (xiv)           the related Class A Accelerated Distribution
         Percentages applicable to such distribution;

                    (xv)    the related Class A Percentage for such
         Distribution Date;

                    (xvi)           the aggregate amount of Realized Losses for
         such Distribution Date;

                    (xvii)          the aggregate amount of any recoveries on
         previously foreclosed loans from Sellers due to a breach of
         representation or warranty;

                    (xviii)         the weighted average remaining term to
         maturity of the Mortgage Loans after giving effect to the
         amounts distributed on such Distribution Date; and

                    (xix)           the weighted average Mortgage Rates of the
         Mortgage Loans after giving effect to the amounts
         distributed on such Distribution Date.

In the case of information furnished pursuant to clauses (i) and (ii) above, the
amounts  shall be expressed  as a dollar  amount per  Certificate  with a $1,000
denomination.  In addition to the statement provided to the Trustee as set forth
in this Section  4.03(a),  the Master Servicer shall provide to any manager of a
trust  fund  consisting  of some  or all of the  Certificates,  upon  reasonable
request,  such additional  information as is reasonably obtainable by the Master
Servicer at no additional expense to the Master Servicer.

         (b) Within a reasonable  period of time after the end of each  calendar
year,  the Master  Servicer shall  prepare,  or cause to be prepared,  and shall
forward,  or cause to be  forwarded,  to each  Person who at any time during the
calendar  year was the Owner of the Excess  Spread or the Interest Only Strip or
the Holder of a  Certificate,  other  than a Class R  Certificate,  a  statement
containing the  information  set forth in clauses (i) and (ii) of subsection (a)
above  aggregated  for such calendar year or applicable  portion  thereof during
which such Person was a


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Certificateholder.  Such  obligation of the Master  Servicer  shall be deemed to
have been  satisfied  to the extent that  substantially  comparable  information
shall be provided by the Master  Servicer  pursuant to any  requirements  of the
Code.

         (c) Within a reasonable  period of time after the end of each  calendar
year,  the Master  Servicer shall  prepare,  or cause to be prepared,  and shall
forward,  or cause to be  forwarded,  to each  Person who at any time during the
calendar year was the Holder of a Class R  Certificate,  a statement  containing
the applicable  distribution  information provided pursuant to this Section 4.03
aggregated  for such calendar year or applicable  portion  thereof  during which
such  Person was the Holder of a Class R  Certificate.  Such  obligation  of the
Master  Servicer  shall be deemed  to have been  satisfied  to the  extent  that
substantially  comparable  information  shall be provided by the Master Servicer
pursuant to any requirements of the Code.

         (d) Upon the  written  request  of any  Certificateholder,  the  Master
Servicer,  as soon as  reasonably  practicable,  shall  provide  the  requesting
Certificateholder with such information as is necessary and appropriate,  in the
Master  Servicer's  sole  discretion,  for  purposes  of  satisfying  applicable
reporting requirements under Rule 144A.

         Section 4.04.              Distribution of Reports to the Trustee and
                                    the Company; Advances by the Master
 Servicer.

         (a) Prior to the close of business on the Business Day next  succeeding
each  Determination  Date, the Master Servicer shall furnish a written statement
to the  Trustee,  any Paying  Agent and the  Company  (the  information  in such
statement to be made available to Certificateholders and the Owner of the Excess
Spread and the Interest  Only Strip by the Master  Servicer on request)  setting
forth (i) the Available  Distribution  Amount for each Loan Group;  and (ii) the
amounts  required to be withdrawn from the Custodial  Account and deposited into
the  Certificate  Account  on the  immediately  succeeding  Certificate  Account
Deposit Date pursuant to clause (iii) of Section 4.01(a).  The  determination by
the Master  Servicer of such amounts shall,  in the absence of obvious error, be
presumptively  deemed to be correct for all purposes  hereunder  and the Trustee
shall be protected in relying  upon the same  without any  independent  check or
verification.

         (b) On or before 2:00 P.M.  New York time on each  Certificate  Account
Deposit Date, the Master  Servicer  shall either (i) deposit in the  Certificate
Account from its own funds, or funds received therefor from the Subservicers, an
amount equal to the Advances to be made by the Master Servicer in respect of the
related  Distribution  Date,  which shall be in an aggregate amount equal to the
aggregate  amount of  Monthly  Payments  (with  each  interest  portion  thereof
adjusted to the Net Mortgage Rate),


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less the amount of any related  Debt Service  Reductions  or  reductions  in the
amount of interest  collectable from the Mortgagor pursuant to the Soldiers' and
Sailors'  Civil  Relief  Act of 1940,  as  amended,  or similar  legislation  or
regulations then in effect, on the Outstanding  Mortgage Loans as of the related
Due Date,  which Monthly Payments were delinquent as of the close of business as
of the related  Determination Date; provided that no Advance shall be made if it
would be a Nonrecoverable  Advance, (ii) withdraw from amounts on deposit in the
Custodial Account and deposit in the Certificate Account all or a portion of the
Amount Held for Future  Distribution in discharge of any such Advance,  or (iii)
make advances in the form of any  combination  of (i) and (ii)  aggregating  the
amount of such Advance.  Any portion of the Amount Held for Future  Distribution
so used shall be replaced by the Master  Servicer by deposit in the  Certificate
Account on or before 11:00 A.M. New York time on any future Certificate  Account
Deposit Date to the extent that funds  attributable  to the Mortgage  Loans that
are available in the Custodial Account for deposit in the Certificate Account on
such   Certificate   Account  Deposit  Date  shall  be  less  than  payments  to
Certificateholders and the Excess Spread and the Interest Only Strip required to
be made on the  following  Distribution  Date.  The  Master  Servicer  shall  be
entitled  to use any  Advance  made by a  Subservicer  as  described  in Section
3.07(b)  that has been  deposited  in the  Custodial  Account on or before  such
Distribution Date as part of the Advance made by the Master Servicer pursuant to
this  Section  4.04.  The  amount  of  any  reimbursement  pursuant  to  Section
4.02(a)(iii) in respect of outstanding  Advances on any Distribution  Date shall
be allocated to specific  Monthly  Payments due but  delinquent for previous Due
Periods,  which allocation shall be made, to the extent practicable,  to Monthly
Payments  which  have been  delinquent  for the  longest  period  of time.  Such
allocations  shall be  conclusive  for purposes of  reimbursement  to the Master
Servicer from recoveries on related Mortgage Loans pursuant to Section 3.10.

         The   determination   by  the  Master  Servicer  that  it  has  made  a
Nonrecoverable Advance or that any proposed Advance, if made, would constitute a
Nonrecoverable  Advance,  shall be  evidenced  by a  certificate  of a Servicing
Officer delivered to the Seller and the Trustee.

         In the event that the Master Servicer determines as of the Business Day
preceding any Certificate Account Deposit Date that it will be unable to deposit
in the  Certificate  Account an amount equal to the Advance  required to be made
for the immediately  succeeding  Distribution  Date, it shall give notice to the
Trustee of its inability to advance (such notice may be given by telecopy),  not
later than 3:00 P.M.,  New York  time,  on such  Business  Day,  specifying  the
portion of such amount  that it will be unable to  deposit.  Not later than 3:00
P.M., New York time, on the Certificate  Account Deposit Date the Trustee shall,
unless by 12:00 Noon, New York time, on such day the Trustee shall have


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<PAGE>



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.

         Prior to each  Distribution  Date, the Master  Servicer shall determine
the  total  amount of  Realized  Losses,  if any,  that  resulted  from any Cash
Liquidation, Debt Service Reduction, Deficient Valuation or REO Disposition that
occurred during the related  Prepayment Period. The amount of each Realized Loss
shall be evidenced by an Officers' Certificate.  All Realized Losses, other than
Excess Special Hazard Losses,  Extraordinary Losses, Excess Bankruptcy Losses or
Excess Fraud  Losses,  shall be allocated  as follows:  first,  to the Class B-3
Certificates until the Certificate Principal Balance thereof has been reduced to
zero;  second,  to the Class B-2  Certificates  until the Certificate  Principal
Balance thereof has been reduced to zero;  third, to the Class B-1  Certificates
until the  Certificate  Principal  Balance  thereof  has been  reduced  to zero;
fourth,  to the Class M-3 Certificates  until the Certificate  Principal Balance
thereof has been reduced to zero; fifth, to the Class M-2 Certificates until the
Certificate  Principal  Balance thereof has been reduced to zero;  sixth, to the
Class M-1 Certificates until the Certificate  Principal Balance thereof has been
reduced to zero;  and,  thereafter,  if such  Realized  Losses are on a Discount
Mortgage Loan, to the Class A-P Certificates, in an amount equal to the Discount
Fraction of the principal  portion  thereof,  and the remainder of such Realized
Losses and the entire amount of such Realized  Losses on  Non-Discount  Mortgage
Loans among all the Class A-I Certificates, Class R Certificates and, in respect
of the  interest  portion of such  Realized  Losses,  the Excess  Spread and the
Interest Only Strip and Variable Strip and Interest Only Strip Certificates,  in
the case of  Realized  Losses on  Mortgage  Loans in Loan Group I, and among the
Class A-II Certificates and, in respect of the interest portion of such Realized
Losses,  the Excess  Spread and the Interest  Only Strip and Variable  Strip and
Interest  Only Strip  Certificates,  in the case of Realized  Losses on Mortgage
Loans in Loan Group II, in each case on a pro rata basis,  as  described  below.
Any Excess Special Hazard Losses,  Excess Bankruptcy Losses, Excess Fraud Losses
and  Extraordinary  Losses on Discount  Mortgage  Loans will be allocated to the
Class


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<PAGE>



A-P  Certificates  in an amount  equal to the related  Discount  Fraction of the
Principal portion thereof, and the remainder of such losses on Discount Mortgage
Loans and the entire amount of such losses on  Non-Discount  Mortgage Loans will
be allocated among the Class A, Class M, Class B and Class R Certificates,  and,
in respect of the interest  portion of such Realized  Losses,  the Excess Spread
and the  Interest  Only  Strip  and  Variable  Strip  and  Interest  Only  Strip
Certificates as follows:  the related Class A Percentage will be allocated among
the related  Class or Classes of Class A  Certificates  (and the  Interest  Only
Strip and Excess Spread in the case of the interest portion of any such loss) on
a pro rata basis in  accordance  with  their  respective  Certificate  Principal
Balances (or amount of Accrued  Certificate  Interest,  Interest  Only Strip and
Excess Spread payable from the related Loan Group on such  Distribution  Date in
the case of the interest portion of any such loss) and the remainder of any such
Realized  Loss will be  allocated  among the  Class M  Certificates  and Class B
Certificates on a pro rata basis in accordance with their respective Certificate
Principal  Balances prior to giving effect to  distributions  to be made on such
Distribution Date.

         As used herein,  an allocation of a Realized Loss on a "pro rata basis"
among two or more specified  Classes of Certificates,  the Excess Spread and the
Interest Only Strip means an  allocation on a pro rata basis,  among the various
Classes so specified,  the Excess  Spread and the Interest  Only Strip,  to each
such Class of Certificates on the basis of the portion of their then outstanding
Certificate  Principal  Balances prior to giving effect to  distributions  to be
made on  such  Distribution  Date in the  case  of the  principal  portion  of a
Realized Loss or based on the Accrued Certificate  Interest thereon or amount of
Excess  Spread or  Interest  Only Strip  payable on such  Distribution  Date and
derived from the related Loan Group (without regard to any Compensating Interest
for such  Distribution  Date) in the case of an  interest  portion of a Realized
Loss.  Except as provided  in the  following  sentence,  any  allocation  of the
principal  portion of Realized Losses (other than Debt Service  Reductions) to a
Class  of  Certificates  shall be made by  reducing  the  Certificate  Principal
Balance thereof by the amount so allocated,  which allocation shall be deemed to
have occurred on such Distribution Date. Any allocation of the principal portion
of  Realized  Losses  (other  than  Debt  Service  Reductions)  to the  Class  B
Certificates  or,  after  the  Certificate  Principal  Balances  of the  Class B
Certificates  have been  reduced to zero,  to the Class of Class M  Certificates
then  outstanding  with  the  highest  numerical  designation  shall  be made by
operation of the definition of "Certificate  Principal Balance" and by operation
of the provisions of Section  4.02(a).  Allocations of the interest  portions of
Realized Losses shall be made in proportion to the amount of Accrued Certificate
Interest,  the amount of Excess Spread or the amount of Interest Only Strip,  as
applicable, and by operation of the definition of "Accrued Certificate Interest"
and by operation of the provisions of Section 4.02(a).


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Allocations of the principal portion of Debt Service Reductions shall be made by
operation of the  provisions  of Section  4.02(a).  All Realized  Losses and all
other losses  allocated to a Class of  Certificates  hereunder will be allocated
among the  Certificates of such Class in proportion to the Percentage  Interests
evidenced thereby.

         Section 4.06.              Reports of Foreclosures and Abandonment
                                    of Mortgaged Property.

         The Master Servicer or the Subservicers shall file information  returns
with  respect  to the  receipt  of  mortgage  interests  received  in a trade or
business, the reports of foreclosures and abandonments of any Mortgaged Property
and the information returns relating to cancellation of indebtedness income with
respect to any Mortgaged  Property required by Sections 6050H,  6050J and 6050P,
respectively,  of the Code, and deliver to the Trustee an Officers'  Certificate
on or before  March 31 of each year  stating  that such reports have been filed.
Such reports  shall be in form and  substance  sufficient  to meet the reporting
requirements imposed by Sections 6050H, 6050J and 6050P of the Code.


         Section 4.07.              Optional Purchase of Defaulted Mortgage
                                    Loans.

         As to any Mortgage  Loan which is  delinquent  in payment by 90 days or
more, the Master  Servicer may, at its option,  purchase such Mortgage Loan from
the Trustee at the Purchase Price  therefor.  If at any time the Master Servicer
makes a payment to the Certificate  Account  covering the amount of the Purchase
Price for such a Mortgage Loan, and the Master Servicer  provides to the Trustee
a  certification  signed by a Servicing  Officer stating that the amount of such
payment has been deposited in the  Certificate  Account,  then the Trustee shall
execute  the  assignment  of such  Mortgage  Loan at the  request  of the Master
Servicer  without recourse to the Master Servicer which shall succeed to all the
Trustee's  right,  title and  interest  in and to such  Mortgage  Loan,  and all
security and documents relative thereto.  Such assignment shall be an assignment
outright and not for  security.  The Master  Servicer  will  thereupon  own such
Mortgage, and all such security and documents, free of any further obligation to
the Trustee or the  Certificateholders  with  respect  thereto.  Notwithstanding
anything  to the  contrary  in this  Section  4.07,  the Master  Servicer  shall
continue to service any such  Mortgage  Loan after the date of such  purchase in
accordance  with the terms of this  Agreement  and,  if any  Realized  Loss with
respect to such Mortgage  Loan occurs,  allocate such Realized Loss to the Class
or  Classes  of  Certificates  that  would  have  borne  such  Realized  Loss in
accordance  with  the  terms  hereof  as if such  Mortgage  Loan had not been so
purchased.  For purposes of this  Agreement,  a payment of the Purchase Price by
the Master


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Servicer  pursuant to this  Section  4.07 will be viewed as an advance,  and the
amount of any Realized Loss shall be recoverable  pursuant to the provisions for
the recovery of  unreimbursed  Advances under Section  4.02(a) or, to the extent
not recoverable under such provisions,  as a Nonrecoverable Advance as set forth
herein.

         Section 4.08.              Distributions on the Uncertificated REMIC I
                                    and REMIC II Regular Interests.

                    (a) On each Distribution Date the Trustee shall be deemed to
distribute  to  itself,  as the  holder  of the  Uncertificated  REMIC I Regular
Interests,  the Uncertificated REMIC I Regular Interest  Distribution Amounts in
the  following  order of  priority to the extent of the  Available  Distribution
Amount reduced by distributions  made to the Class R-I Certificates  pursuant to
Section 4.02(a):

                  (i)  Uncertificated  Accrued  Interest  on the  Uncertificated
         REMIC  I  Regular  Interests  for  such  Distribution  Date,  plus  any
         Uncertificated  Accrued  Interest  thereon  remaining  unpaid  from any
         previous Distribution Date; and

                 (ii) In  accordance  with the  priority  set  forth in  Section
         4.08(b),  an  amount  equal to the sum of the  amounts  in  respect  of
         principal  distributable on the Class A-I-1,  Class A-I-2, Class A-I-3,
         Class A-I-4, Class A-I-5, Class A- I-6, Class A-I-7, Class A-I-8, Class
         A-I-9, Class A-I-10,  Class A-II-1, Class A-II-2, Class A-P, Class M-1,
         Class M-2,  Class M-3,  Class B-1,  Class B-2, Class B-3 and Class R-II
         Certificates  under Section 4.02(a),  as allocated  thereto pursuant to
         Section 4.02(b).

                    (b) The amount  described  in Section  4.08(a)(ii)  shall be
deemed  distributed  to (i)  Uncertificated  REMIC I  Regular  Interest  P, (ii)
Uncertificated  REMIC I Regular Interest U, (iii) Uncertificated REMIC I Regular
Interest V, (iv)  Uncertificated  REMIC I Regular Interest W, (v) Uncertificated
REMIC I Regular  Interest X and (vi)  Uncertificated  REMIC I Regular Interest Y
with the amount to be distributed  allocated  among such interests in accordance
with the  priority  assigned  to the (i) Class  A-I-1  Certificates,  (ii) Class
A-I-10  Certificates,   (iii)  Class  A-II-1  Certificates,  (iv)  Class  A-II-2
Certificates,  (v) Class A-P  Certificates  and (vi) Class  A-I-2,  Class A-I-3,
Class A-I-4,  Class A-I-5,  Class A-I-6,  Class A-I-7, Class A-I-8, Class A-I-9,
Class M-1,  Class M-2, Class M-3, Class B-1, Class B-2, Class B-3 and Class R-II
Certificates,  respectively,  under  Section  4.02(b)  until the  Uncertificated
Principal Balance of each such interest is reduced to zero.

                    (c)     The portion of the Uncertificated REMIC I Regular
Interest Distribution Amounts described in Section 4.08(a)(ii)


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<PAGE>



shall be  deemed  distributed  by REMIC I to  REMIC  II in  accordance  with the
priority assigned to the REMIC II Certificates  relative to that assigned to the
REMIC I Certificates under Section 4.02(b).

                    (d) In  determining  from  time to time  the  Uncertificated
REMIC I  Regular  Interest  Distribution  Amounts  and  Uncertificated  REMIC II
Regular Interest Distribution Amounts:

                  (I) Realized  Losses  allocated to the Interest Only Strip and
         Interest  Only Strip  Certificates  under  Section 4.05 shall be deemed
         allocated  to the  Uncertificated  REMIC  II  Regular  Interest  P, the
         Uncertificated REMIC II Regular Interest U, the Uncertificated REMIC II
         Regular Interest V and the  Uncertificated  REMIC II Regular Interest W
         pro-rata according to the respective amounts of Uncertificated  Accrued
         Interest  that  would  have  accrued  on such  Uncertificated  REMIC II
         Regular  Interests for the Distribution  Date for which such allocation
         is being made in the absence of such allocation;

                 (II)  Realized  Losses  allocated to the Excess  Spread and the
         Variable  Strip   Certificates  under  Section  4.05  shall  be  deemed
         allocated to the REMIC II  Uncertificated  Regular  Interest Z pro-rata
         according to the respective amounts of Uncertificated  Accrued Interest
         that would have accrued on such Uncertificated  REMIC Regular Interests
         for the  Distribution  Date for which such  allocation is being made in
         the absence of such allocation;

                (III) Realized Losses allocated to the  Uncertificated  REMIC II
         Regular  Interest  P  under  clause  (I)  above,  and the  Class  A-I-1
         Certificates   under   Section  4.05  shall  be  deemed   allocated  to
         Uncertificated REMIC I Regular Interest P;

                 (IV) Realized Losses allocated to the  Uncertificated  REMIC II
         Regular  Interest  U under  clause  (I),  above,  and the Class  A-I-10
         Certificates  under  Section  4.05  shall be  deemed  allocated  to the
         Uncertificated REMIC I Regular Interest U;

                  (V) Realized Losses allocated to the  Uncertificated  REMIC II
         Regular  Interest  V under  clause  (I),  above,  and the Class  A-II-1
         Certificates  under  Section  4.05  shall be  deemed  allocated  to the
         Uncertificated REMIC I Regular Interest V;

                 (VI) Realized Losses allocated to the  Uncertificated  REMIC II
         Regular  Interest  W under  clause  (I),  above,  and the Class  A-II-2
         Certificates  under  Section  4.05  shall be  deemed  allocated  to the
         Uncertificated REMIC I Regular Interest W;

                (VII) Realized  Losses  allocated to the Class A-P  Certificates
         under Section 4.05 shall be deemed allocated to Uncertificated  REMIC I
         Regular Interest X;


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<PAGE>




               (VIII) Realized Losses allocated to the Class A-I-2, Class A-I-3,
         Class A-I-4, Class A-I-5, Class A-I-6, Class A- I-7, Class A-I-8, Class
         A-I-9, Class M-1, Class M-2, Class M-3, Class B-1, Class B-2, Class B-3
         and  Class  R-II  Certificates  under  Section  4.05  shall  be  deemed
         allocated to Uncertificated REMIC I Regular Interest Y; and

                 (XI) Realized Losses allocated to the  Uncertificated  REMIC II
         Regular Interest Z under clause (II), above, shall be deemed allocated,
         in each case, the related Uncertificated REMIC I Regular Interest Z.

                    (e) On each Distribution Date the Trustee shall be deemed to
distribute from REMIC II, in the priority set forth in Sections 4.02(a) and (b),
to the Class A-I-1,  Class A-I-2,  Class A-I-3,  Class A-I-4, Class A-I-5, Class
A-I-6, Class A-I-7, Class A-I-8, Class A-I-9, Class A-I-10,  Class A-II-1, Class
A-II-2,  Class A-P, Class M-1, Class M-2, Class M-3, Class B-1, Class B-2, Class
B-3, Class R-II,  Interest Only Strip and Variable Strip Certificates and to the
holders  of  the  Interest   Only  Strip  and  the  Excess  Spread  the  amounts
distributable  thereon pursuant to Section 4.02, from the Uncertificated REMIC I
Regular Interest  Distribution  Amounts deemed to have been received by REMIC II
from REMIC I under this Section 4.08. The amounts deemed  distributed  hereunder
with respect to the Interest Only Strip and the Interest Only Strip Certificates
shall be deemed to have been distributed in respect of the Uncertificated  REMIC
II  Regular   Interest   P,   Uncertificated   REMIC  II  Regular   Interest  U,
Uncertificated  REMIC II Regular Interest V and Uncertificated  REMIC II Regular
Interest W in accordance with their respective  Uncertificated  REMIC II Regular
Interest Distribution Amounts, as such Uncertificated REMIC II Regular Interests
comprise  respectively  the  Interest  Only  Strip and the  Interest  Only Strip
Certificates.  The amounts  deemed  distributed  hereunder  with  respect to the
Excess Spread and the Variable Strip  Certificates  shall be deemed to have been
distributed  in respect of the  Uncertificated  REMIC II Regular  Interests Z in
accordance  with  their  respective  Uncertificated  REMIC II  Regular  Interest
Distribution Amounts, as such Uncertificated REMIC II Regular Interests comprise
respectively the Excess Spread and the Variable Strip Certificates.

                    (f)     Notwithstanding the deemed distributions on the
Uncertificated REMIC I Regular Interests and Uncertificated REMIC
II Regular Interests described in this Section 4.08, distributions of funds from
the Certificate Account shall be made only in accordance with Section 4.02.

         Section 4.09.              Surety Bond.     (a)  If a Required Surety
Payment is payable pursuant to the Surety Bond with respect to
any Additional  Collateral Loan, the Master Servicer shall so notify the Trustee
as soon as reasonably  practicable  and the Trustee shall promptly  complete the
notice in the form of


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Attachment  1 to the Surety  Bond and shall  promptly  submit such notice to the
Surety as a claim for a Required Surety.  The Master Servicer shall upon request
assist the Trustee in completing  such notice and shall provide any  information
requested by the Trustee in connection therewith.

         (b) Upon receipt of a Required Surety Payment from the Surety on behalf
of the  Holders  of  Certificates  and the Owner of the  Excess  Spread  and the
Interest Only Strip,  the Trustee shall deposit such Required  Surety Payment in
the Certificate  Account and shall  distribute such Required Surety Payment,  or
the proceeds thereof, in accordance with the provisions of Section 4.02.

         (c) The Trustee shall (i) receive as attorney-in-fact of each Holder of
a Certificate and the Owner of the Excess Spread and the Interest Only Strip any
Required  Surety  Payment  from the  Surety  and (ii)  disburse  the same to the
Holders of such Certificates as set forth in Section 4.02.




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                                                     ARTICLE V

                                        THE CERTIFICATES AND EXCESS SPREAD

         Section 5.01.              The Certificates.

         (a) The Class A, Class A-P, Class M, Class B and Class R  Certificates,
respectively,  shall be substantially in the forms set forth in Exhibits A, B, C
and D and shall,  on original issue, be executed and delivered by the Trustee to
the Certificate  Registrar for  authentication and delivery to or upon the order
of the  Company  upon  receipt by the Trustee or one or more  Custodians  of the
documents  specified in Section 2.01. The Certificates,  other than the Class R,
Variable  Strip and  Interest  Only Strip  Certificates,  shall be  issuable  in
minimum  dollar  denominations  of $25,000 (or $250,000 in the case of the Class
M-2, Class M-3, Class B-1,  Class B-2 and Class B-3  Certificates)  and integral
multiples  of $1 (in the case of the Class A  Certificates)  and  $1,000 (in the
case of the Class  A-P,  Class M and Class B  Certificates)  in excess  thereof,
except  that one  Certificate  of each of the Class A-P,  Class M-1,  Class M-2,
Class M-3, Class B-1 and Class B-3  Certificates may be issued in a denomination
equal to the denomination set forth as follows for such Class or the sum of such
denomination and an integral multiple of $1,000:

        Class A-P                                          $25,637.99
        Class M-1                                          $25,500.00
        Class M-2                                          $25,800.00
        Class M-3                                          $25,600.00
        Class B-1                                         $250,400.00
        Class B-2                                         $250,400.00
        Class B-3                                         $250,255.97

         The Class R, Variable Strip and Interest Only Strip  Certificates shall
be issuable in minimum denominations of not less than a 20% Percentage Interest;
provided, however, that one Class R-I Certificate and one Class R-II Certificate
will be issuable to  Residential  Funding as "tax  matters  person"  pursuant to
Section  10.01(c) and (e) in a minimum  denomination  representing  a Percentage
Interest of not less than 0.01%.

         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


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Registrar by manual  signature,  and such certificate upon any Certificate shall
be conclusive  evidence,  and the only evidence,  that such Certificate has been
duly authenticated and delivered hereunder.  All Certificates shall be dated the
date of their authentication.

         (b)  The  Class  A   Certificates,   other  than  the  Variable   Strip
Certificates, Interest Only Strip Certificates and Class A-P 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 Class A  Certificateholders  shall hold their
respective Ownership Interests in and to each of the Class A Certificates, other
than the Variable Strip Certificates, Interest Only Strip Certificates and Class
A-P  Certificates,  through the  book-entry  facilities of the  Depository  and,
except as provided  below,  shall not be entitled to Definitive  Certificates in
respect of such  Ownership  Interests.  All transfers by  Certificate  Owners of
their respective  Ownership  Interests in the Book-Entry  Certificates  shall be
made in accordance with the procedures established by the Depository Participant
or  brokerage  firm  representing   such  Certificate   Owner.  Each  Depository
Participant  shall  transfer  the  Ownership  Interests  only in the  Book-Entry
Certificates of Certificate Owners it represents or of brokerage firms for which
it acts as agent in accordance with the Depository's normal procedures.

         The Trustee,  the Master  Servicer and the Company may for all purposes
(including  the making of payments due on the  respective  Classes of Book-Entry
Certificates)  deal with the Depository as the authorized  representative of the
Certificate  Owners  with  respect  to  the  respective  Classes  of  Book-Entry
Certificates  for the purposes of  exercising  the rights of  Certificateholders
hereunder.  The rights of  Certificate  Owners  with  respect to the  respective
Classes of Book-Entry  Certificates shall be limited to those established by law
and agreements between such Certificate  Owners and the Depository  Participants
and brokerage firms representing such Certificate Owners.  Multiple requests and
directions  from,  and  votes  of,  the  Depository  as  Holder  of any Class of
Book-Entry  Certificates  with  respect to any  particular  matter  shall not be
deemed  inconsistent  if they are made with  respect  to  different  Certificate
Owners.  The Trustee may establish a reasonable  record date in connection  with
solicitations  of consents from or voting by  Certificateholders  and shall give
notice to the Depository of such record date.

         If  (i)(A)  the  Company  advises  the  Trustee  in  writing  that  the
Depository   is  no  longer   willing  or  able  to   properly   discharge   its
responsibilities  as  Depository  and (B) the  Company  is  unable  to  locate a
qualified successor or (ii) the Company at its option


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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.

         (c) From time to time the  Company,  with the  written  consent  of the
Owner  of  the  Excess  Spread,  may  cause  an  additional  Class  of  Class  A
Certificates  which are  Variable  Strip  Certificates  to be issued  under this
Agreement,  which shall bear a numerical  designation  immediately  sequentially
following the highest numerical  designation of Class A Certificates  previously
issued and which on and after the date of  issuance  of such  Class of  Variable
Strip  Certificates  will  evidence  ownership  of the  Uncertificated  REMIC II
Regular  Interest  or  Interests  Z  specified  in writing by the Company to the
Trustee. The Variable Strip Certificates shall be substantially in the forms set
forth in Exhibit A and shall,  on original  issue,  be executed and delivered by
the Trustee to the Certificate  Registrar for  authentication and delivery to or
upon the written order of the Company in accordance with Section 5.01(a).

         (d) From time to time the  Company,  with the  written  consent  of the
Owner of the  Interest  Only  Strip,  may cause an  additional  Class of Class A
Certificates  which are Interest Only Strip Certificates to be issued under this
Agreement,  which shall bear a numerical  designation  immediately  sequentially
following the highest numerical  designation of Class A Certificates  previously
issued and which on and after the date of  issuance  of such  Class of  Interest
Only  Strip  Certificates  will  evidence  ownership  of any  one or more of the
Uncertificated  REMIC II Regular Interests P, U, V and W specified in writing by
the  Company to the  Trustee.  The  Interest  Only Strip  Certificates  shall be
substantially  in the forms set forth in Exhibit A and shall, on original issue,
be executed  and  delivered  by the  Trustee to the  Certificate  Registrar  for
authentication  and  delivery  to or upon the  written  order of the  Company in
accordance with Section 5.01(a).



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         Section 5.02.              Registration of Transfer and Exchange of
                                    Certificates and Restrictions on Transfer of
                                    Excess Spread and Interest Only Strip.

         (a)  The  Trustee  shall  cause  to be kept  at one of the  offices  or
agencies to be appointed by the Trustee in  accordance  with the  provisions  of
Section  8.12 a  Certificate  Register  in  which,  subject  to such  reasonable
regulations as it may prescribe,  the Trustee shall provide for the registration
of  Certificates  and of  transfers  and  exchanges  of  Certificates  as herein
provided.  The Trustee is  initially  appointed  Certificate  Registrar  for the
purpose of registering  Certificates and transfers and exchanges of Certificates
as herein provided. The Certificate Registrar, or the Trustee, shall provide the
Master  Servicer with a certified list of  Certificateholders  as of each Record
Date prior to the related Determination Date.

         (b) Upon surrender for  registration  of transfer of any Certificate at
any office or agency of the  Trustee  maintained  for such  purpose  pursuant to
Section  8.12 and,  in the case of any Class M, Class B or Class R  Certificate,
upon  satisfaction of the conditions set forth below,  the Trustee shall execute
and the Certificate Registrar shall authenticate and deliver, in the name of the
designated  transferee or  transferees,  one or more new  Certificates of a like
Class 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 B
Certificate  shall  be  made  unless  such  transfer,   sale,  pledge  or  other
disposition is exempt from the  registration  requirements of the Securities Act
of 1933, as amended,  and any  applicable  state  securities  laws or is made in
accordance  with said Act and laws.  In the event that a  transfer  of a Class B
Certificate  is to be made  either  (i)(A) the Trustee  shall  require a written
Opinion of Counsel  acceptable to and in form and substance  satisfactory to the
Trustee and the Company that such transfer may be made pursuant to an exemption,
describing the applicable  exemption and the basis  therefor,  from said Act and
laws or is being made pursuant to said Act and laws, which


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Opinion of Counsel  shall not be an expense of the  Trustee,  the Company or the
Master  Servicer and (B) the Trustee shall  require the  transferee to execute a
representation  letter,  substantially in the form of Exhibit J hereto,  and the
Trustee  shall  require  the  transferor  to  execute a  representation  letter,
substantially  in the form of Exhibit K hereto,  each  acceptable to and in form
and  substance  satisfactory  to the Company and the Trustee  certifying  to the
Company  and  the   Trustee  the  facts   surrounding   such   transfer,   which
representation  letters  shall not be an expense of the Trustee,  the Company or
the Master  Servicer or (ii) the  prospective  transferee  of such a Certificate
shall be required to provide the  Trustee,  the Company and the Master  Servicer
with an investment letter substantially in the form of Exhibit L attached hereto
(or such other form as the  Company in its sole  discretion  deems  acceptable),
which investment  letter shall not be an expense of the Trustee,  the Company or
the Master  Servicer,  and which  investment  letter  states  that,  among other
things,  such  transferee  (A) is a "qualified  institutional  buyer" as defined
under Rule 144A,  acting for its own account or the accounts of other "qualified
institutional  buyers"  as defined  under  Rule 144A,  and (B) is aware that the
proposed   transferor  intends  to  rely  on  the  exemption  from  registration
requirements  under the  Securities  Act of 1933,  as amended,  provided by Rule
144A. The Holder of any such  Certificate  desiring to effect any such transfer,
sale, pledge or other disposition shall, and does hereby agree to, indemnify the
Trustee, the Company, the Master Servicer and the Certificate  Registrar against
any liability that may result if the transfer, sale, pledge or other disposition
is not so exempt or is not made in accordance with such federal and state laws.

         (e) In the  case  of any  Class  M,  Class  B or  Class  R  Certificate
presented  for  registration  in the name of any Person,  either (i) the Trustee
shall  require an Opinion of  Counsel  acceptable  to and in form and  substance
satisfactory  to the Trustee,  the Company and the Master Servicer to the effect
that the purchase or holding of such Class M, Class B or Class R Certificate  is
permissible  under  applicable  law,  will  not  constitute  or  result  in  any
non-exempt  prohibited  transaction under Section 406 of the Employee Retirement
Income Security Act of 1974, as amended  ("ERISA"),  or Section 4975 of the Code
(or comparable  provisions of any subsequent  enactments),  and will not subject
the Trustee,  the Company or the Master  Servicer to any obligation or liability
(including  obligations or liabilities  under ERISA or Section 4975 of the Code)
in addition to those  undertaken  in this  Agreement,  which  Opinion of Counsel
shall not be an expense of the  Trustee,  the Company or the Master  Servicer or
(ii) the prospective  transferee  shall be required to provide the Trustee,  the
Company and the Master Servicer with a certification  to the effect set forth in
paragraph six of Exhibit J (with respect to any Class M Certificate or any Class
B Certificate) or with a certification to the effect set forth in paragraph five
of Exhibit I-1 (with respect to any Class R


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<PAGE>



Certificate),  which  the  Trustee  may rely upon  without  further  inquiry  or
investigation, or such other certifications as the Trustee may deem desirable or
necessary in order to establish that such transferee or the Person in whose name
such  registration  is requested  is not an employee  benefit plan or other plan
subject to the prohibited transaction provisions of ERISA or Section 4975 of the
Code, or any Person  (including an investment  manager,  a named  fiduciary or a
trustee of any such plan) who is using "plan  assets" of any such plan to effect
such acquisition.

         (f) (i) Each Person who has or who acquires any Ownership Interest in a
Class R Certificate  shall be deemed by the  acceptance or  acquisition  of such
Ownership Interest to have agreed to be bound by the following provisions and to
have  irrevocably  authorized the Trustee or its designee under clause  (iii)(A)
below to deliver  payments to a Person  other than such Person and to  negotiate
the terms of any mandatory  sale under clause  (iii)(B) below and to execute all
instruments of transfer and to do all other things  necessary in connection with
any such sale. The rights of each Person  acquiring any Ownership  Interest in a
Class R Certificate are expressly subject to the following provisions:

                  (A) Each Person holding or acquiring any Ownership Interest in
         a Class  R  Certificate  shall  be a  Permitted  Transferee  and  shall
         promptly  notify the Trustee of any change or  impending  change in its
         status as a Permitted Transferee.

                  (B) In connection with any proposed  Transfer of any Ownership
         Interest in a Class R Certificate,  the Trustee shall require  delivery
         to it, and shall not register  the Transfer of any Class R  Certificate
         until its receipt  of, (I) an  affidavit  and  agreement  (a  "Transfer
         Affidavit and  Agreement," in the form attached  hereto as Exhibit I-1)
         from the proposed Transferee, in form and substance satisfactory to the
         Master Servicer,  representing and warranting, among other things, that
         it is a Permitted  Transferee,  that it is not  acquiring its Ownership
         Interest in the Class R Certificate that is the subject of the proposed
         Transfer  as a  nominee,  trustee  or agent for any Person who is not a
         Permitted  Transferee,  that for so long as it  retains  its  Ownership
         Interest  in a Class  R  Certificate,  it will  endeavor  to  remain  a
         Permitted  Transferee,  and that it has reviewed the provisions of this
         Section 5.02(f) and agrees to be bound by them, and (II) a certificate,
         in the form attached  hereto as Exhibit I-2, from the Holder wishing to
         transfer the Class R Certificate, in form and substance satisfactory to
         the Master Servicer,  representing and warranting,  among other things,
         that no purpose of the proposed Transfer is to impede the assessment or
         collection of tax.


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<PAGE>




                  (C)  Notwithstanding  the delivery of a Transfer Affidavit and
         Agreement  by a  proposed  Transferee  under  clause  (B)  above,  if a
         Responsible  Officer of the Trustee  who is assigned to this  Agreement
         has actual  knowledge  that the proposed  Transferee is not a Permitted
         Transferee,  no  Transfer  of  an  Ownership  Interest  in  a  Class  R
         Certificate to such proposed Transferee shall be effected.

                  (D) Each Person holding or acquiring any Ownership Interest in
         a Class R Certificate  shall agree (x) to require a Transfer  Affidavit
         and  Agreement  from any other  Person to whom such Person  attempts to
         transfer its Ownership Interest in a Class R Certificate and (y) not to
         transfer its Ownership Interest unless it provides a certificate to the
         Trustee in the form attached hereto as Exhibit I-2.

                  (E) Each Person holding or acquiring an Ownership  Interest in
         a Class R  Certificate,  by  purchasing  an Ownership  Interest in such
         Certificate,  agrees to give the  Trustee  written  notice that it is a
         "pass-through interest holder" within the meaning of Temporary Treasury
         Regulations Section  1.67-3T(a)(2)(i)(A)  immediately upon acquiring an
         Ownership Interest in a Class R Certificate, if it is, or is holding an
         Ownership   Interest  in  a  Class  R  Certificate   on  behalf  of,  a
         "pass-through interest holder."

         (ii) The Trustee will  register the Transfer of any Class R Certificate
only  if it  shall  have  received  the  Transfer  Affidavit  and  Agreement,  a
certificate of the Holder  requesting  such transfer in the form attached hereto
as Exhibit  I-2 and all of such other  documents  as shall have been  reasonably
required by the Trustee as a condition  to such  registration.  Transfers of the
Class R Certificates to Non-United States Persons and Disqualified Organizations
(as defined in Section 860E(e)(5) of the Code) are prohibited.

         (iii) (A) If any Disqualified  Organization  shall become a holder of a
Class R  Certificate,  then the last  preceding  Permitted  Transferee  shall be
restored,  to the extent  permitted  by law,  to all rights and  obligations  as
Holder thereof  retroactive to the date of registration of such Transfer of such
Class R  Certificate.  If a Non-United  States Person shall become a holder of a
Class R  Certificate,  then the last  preceding  United  States  Person shall be
restored,  to the extent  permitted  by law,  to all rights and  obligations  as
Holder thereof  retroactive to the date of registration of such Transfer of such
Class R  Certificate.  If a transfer  of a Class R  Certificate  is  disregarded
pursuant to the provisions of Treasury  Regulations  Section 1.860E-1 or Section
1.860G-3, then the last preceding Permitted Transferee shall be restored, to the
extent  permitted  by law,  to all  rights  and  obligations  as Holder  thereof
retroactive  to the  date of  registration  of  such  Transfer  of such  Class R
Certificate. The Trustee shall be under no liability to


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<PAGE>



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.

         (iv)  The  Master  Servicer,  on  behalf  of the  Trustee,  shall  make
available,  upon written request from the Trustee, all information  necessary to
compute any tax imposed (A) as a result of the Transfer of an Ownership Interest
in a Class R  Certificate  to any  Person  who is a  Disqualified  Organization,
including  the  information  regarding  "excess  inclusions"  of  such  Class  R
Certificates required to be provided to the Internal Revenue Service and certain
Persons  as  described  in  Treasury  Regulations  Sections  1.860D-1(b)(5)  and
1.860E-2(a)(5),  and (B) as a result of any regulated  investment company,  real
estate  investment  trust,  common  trust fund,  partnership,  trust,  estate or
organization  described  in  Section  1381 of the Code that  holds an  Ownership
Interest in a Class R Certificate having as among its record holders at any time
any Person  who is a  Disqualified  Organization.  Reasonable  compensation  for
providing  such  information  may be required by the Master  Servicer  from such
Person.

         (v) The  provisions  of this  Section  5.02(f)  set forth prior to this
clause (v) may be modified,  added to or  eliminated,  provided that there shall
have been delivered to the Trustee the following:



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<PAGE>



                  (A) written notification from each Rating Agency to the effect
         that the  modification,  addition to or elimination of such  provisions
         will not  cause  such  Rating  Agency  to  downgrade  its  then-current
         ratings, if any, of any Class of the Class A, Class A-P, Class M, Class
         B or Class R Certificates below the lower of the then-current rating or
         the rating assigned to such Certificates as of the Closing Date by such
         Rating Agency; and

                  (B) subject to Section  10.01(f),  a certificate of the Master
         Servicer  stating  that the Master  Servicer has received an Opinion of
         Counsel, in form and substance  satisfactory to the Master Servicer, to
         the  effect  that such  modification,  addition  to or  absence of such
         provisions  will  not  cause  either  REMIC I or  REMIC  II to cease to
         qualify as a REMIC and will not cause (x) either REMIC I or REMIC II to
         be subject to an entity-level tax caused by the Transfer of any Class R
         Certificate  to a Person that is a Disqualified  Organization  or (y) a
         Certificateholder  or another  Person to be subject to a  REMIC-related
         tax caused by the Transfer of a Class R Certificate to a Person that is
         not a Permitted Transferee.

         (g) No service  charge  shall be made for any  transfer  or exchange of
Certificates  of any  Class,  but  the  Trustee  may  require  payment  of a sum
sufficient  to cover  any tax or  governmental  charge  that may be  imposed  in
connection with any transfer or exchange of Certificates.

         (h)      All Certificates surrendered for transfer and exchange
shall be destroyed by the Certificate Registrar.

         (i) So long as any Excess  Spread or any  Interest  Only Strip  remains
uncertificated,  no transfer, sale, pledge or other disposition of such interest
shall be made by Residential Funding.

         Section 5.03.              Mutilated, Destroyed, Lost or Stolen
                                    Certificates.

         If (i) any mutilated  Certificate  is  surrendered  to the  Certificate
Registrar,  or the Trustee and the  Certificate  Registrar  receive  evidence to
their  satisfaction of the destruction,  loss or theft of any  Certificate,  and
(ii) there is  delivered  to the  Trustee  and the  Certificate  Registrar  such
security or indemnity as may be required by them to save each of them  harmless,
then, in the absence of notice to the Trustee or the Certificate  Registrar that
such  Certificate has been acquired by a bona fide purchaser,  the Trustee shall
execute  and the  Certificate  Registrar  shall  authenticate  and  deliver,  in
exchange  for or in lieu  of any  such  mutilated,  destroyed,  lost  or  stolen
Certificate,  a new Certificate of like tenor, Class and Percentage Interest but
bearing a number not contemporaneously


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<PAGE>



outstanding.  Upon the issuance of any new Certificate  under this Section,  the
Trustee may require  the payment of a sum  sufficient  to cover any tax or other
governmental  charge  that may be  imposed  in  relation  thereto  and any other
expenses  (including  the fees and  expenses of the Trustee and the  Certificate
Registrar)  connected  therewith.  Any duplicate  Certificate issued pursuant to
this Section shall constitute complete and indefeasible evidence of ownership in
the Trust Fund,  as if  originally  issued,  whether or not the lost,  stolen or
destroyed Certificate shall be found at any time.

         Section 5.04.              Persons Deemed Owners.

         Prior  to  due  presentation  of  a  Certificate  for  registration  of
transfer,  the  Company,  the Master  Servicer,  the  Trustee,  the  Certificate
Registrar and any agent of the Company, the Master Servicer,  the Trustee or the
Certificate  Registrar  may treat the  Person in whose name any  Certificate  is
registered  as the  owner  of such  Certificate  for the  purpose  of  receiving
distributions  pursuant to Section 4.02 and for all other  purposes  whatsoever,
except as and to the extent  provided in the definition of  "Certificateholder,"
and neither the  Company,  the Master  Servicer,  the Trustee,  the  Certificate
Registrar nor any agent of the Company, the Master Servicer,  the Trustee or the
Certificate  Registrar  shall be  affected by notice to the  contrary  except as
provided in Section 5.02(f).

         Section 5.05.              Appointment of Paying Agent.

         The  Trustee  may  appoint  a Paying  Agent for the  purpose  of making
distributions to the  Certificateholders  and the Owner of the Excess Spread and
the  Interest  Only Strip  pursuant  to Section  4.02.  In the event of any such
appointment, on or prior to each Distribution Date the Master Servicer on behalf
of the Trustee  shall  deposit or cause to be deposited  with the Paying Agent a
sum sufficient to make the payments to the  Certificateholders  and the Owner of
the Excess  Spread and the Interest  Only Strip in the amounts and in the manner
provided  for in Section  4.02,  such sum to be held in trust for the benefit of
the  Certificateholders and the Owner of the Excess Spread and the Interest Only
Strip.

         The Trustee shall cause each Paying Agent to execute and deliver to the
Trustee an  instrument  in which such Paying  Agent shall agree with the Trustee
that such  Paying  Agent  will hold all sums held by it for the  payment  to the
Certificateholders  and the Owner of the  Excess  Spread and the  Interest  Only
Strip in trust for the benefit of the Certificateholders and such Owner entitled
thereto until such sums shall be paid to such Certificateholders and such Owner.
Any sums so held by such Paying Agent shall be held only in Eligible Accounts to
the extent  such sums are not  distributed  to the  Certificateholders  and such
Owner on the date of receipt by such Paying Agent.



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         Section 5.06.              Optional Purchase of Certificates.

         (a) On any Distribution Date on which the Pool Stated Principal Balance
is less than ten percent of the Cut-off Date  Principal  Balance of the Mortgage
Loans,  either the Master  Servicer or the Company shall have the right,  at its
option, to purchase the Certificates in whole, but not in part, at a price equal
to the outstanding  Certificate  Principal  Balance of the Certificates plus the
sum of one month's  Accrued  Certificate  Interest  thereon  and any  previously
unpaid Accrued Certificate Interest.

         (b) The Master Servicer or the Company,  as applicable,  shall give the
Trustee not less than 60 days' prior  notice of the  Distribution  Date on which
the Master  Servicer or the Company,  as  applicable,  anticipates  that it will
purchase  the  Certificates  pursuant  to  Section  5.06(a).  Notice of any such
purchase,  specifying the Distribution Date upon which the Holders may surrender
their  Certificates  to the Trustee for payment in accordance  with this Section
5.06,  shall be  given  promptly  by the  Master  Servicer  or the  Company,  as
applicable,  by letter  to  Certificateholders  (with a copy to the  Certificate
Registrar and each Rating  Agency)  mailed not earlier than the 15th day and not
later  than the 25th day of the month  next  preceding  the month of such  final
distribution, specifying:

                  (i)  the   Distribution   Date  upon  which  purchase  of  the
         Certificates is anticipated to be made upon  presentation and surrender
         of such  Certificates  at the office or agency of the  Trustee  therein
         designated,

                  (ii)              the purchase price therefor, if known, and

                  (iii)  that  the  Record  Date  otherwise  applicable  to such
         Distribution  Date is not  applicable,  payments  being  made only upon
         presentation  and surrender of the Certificates at the office or agency
         of the Trustee therein specified.

If either the Master Servicer or the Company gives the notice  specified  above,
the  Master  Servicer  or the  Company,  as  applicable,  shall  deposit  in the
Certificate  Account before the Distribution Date on which the purchase pursuant
to Section  5.06(a) is to be made, in  immediately  available  funds,  an amount
equal to the purchase price for the Certificates computed as provided above.

         (c) Upon presentation and surrender of the Certificates to be purchased
pursuant to Section 5.06(a) by the Holders thereof, the Trustee shall distribute
to such Holders an amount equal to the outstanding Certificate Principal Balance
thereof plus the sum of one month's Accrued Certificate Interest thereon and any


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previously unpaid Accrued Certificate Interest with respect
thereto.

         (d) In the event that any  Certificateholders  do not  surrender  their
Certificates on or before the Distribution  Date on which a purchase pursuant to
this Section 5.06 is to be made,  the Trustee shall on such date cause all funds
in the  Certificate  Account  deposited  therein by the Master  Servicer  or the
Company,  as applicable,  pursuant to Section 5.06(b) to be withdrawn  therefrom
and   deposited  in  a  separate   escrow   account  for  the  benefit  of  such
Certificateholders, and the Master Servicer or the Company, as applicable, shall
give a second  written  notice to such  Certificateholders  to  surrender  their
Certificates  for payment of the purchase price  therefor.  If within six months
after the second  notice any  Certificate  shall not have been  surrendered  for
cancellation, the Trustee shall take appropriate steps as directed by the Master
Servicer  or the  Company,  as  applicable,  to  contact  the  Holders  of  such
Certificates concerning surrender of their Certificates.  The costs and expenses
of maintaining the escrow account and of contacting  Certificateholders shall be
paid out of the assets which remain in the escrow account. If within nine months
after the second notice any  Certificates  shall not have been  surrendered  for
cancellation  in accordance with this Section 5.06, the Trustee shall pay to the
Master Servicer or the Company, as applicable,  all amounts distributable to the
Holders  thereof and the Master  Servicer or the Company,  as applicable,  shall
thereafter  hold such amounts until  distributed  to such  Holders.  No interest
shall  accrue or be payable to any  Certificateholder  on any amount held in the
escrow account or by the Master  Servicer or the Company,  as  applicable,  as a
result of such  Certificateholder's  failure to surrender its Certificate(s) for
payment in  accordance  with this  Section  5.06.  Any  Certificate  that is not
surrendered  on the  Distribution  Date on  which a  purchase  pursuant  to this
Section 5.06 occurs as provided  above will be deemed to have been purchased and
the Holder as of such date will have no rights with  respect  thereto  except to
receive the purchase price therefor minus any costs and expenses associated with
such escrow account and notices allocated thereto. Any Certificates so purchased
or  deemed  to have  been  purchased  on such  Distribution  Date  shall  remain
outstanding hereunder. The Master Servicer or the Company, as applicable,  shall
be for all purposes the Holder thereof as of such date.


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                                                    ARTICLE VI

                                        THE COMPANY AND THE MASTER SERVICER

         Section 6.01.              Respective Liabilities of the Company and
 the
                                    Master Servicer.

         The Company and the Master  Servicer shall each be liable in accordance
herewith only to the extent of the  obligations  specifically  and  respectively
imposed upon and undertaken by the Company and the Master  Servicer  herein.  By
way of  illustration  and not  limitation,  the  Company  is not  liable for the
servicing  and  administration  of the  Mortgage  Loans,  nor is it obligated by
Section 7.01 or Section 10.01 to assume any  obligations of the Master  Servicer
or to appoint a designee  to assume such  obligations,  nor is it liable for any
other  obligation  hereunder that it may, but is not obligated to, assume unless
it elects to assume such obligation in accordance herewith.

         Section                    6.02. Merger or Consolidation of the Company
                                    or the Master Servicer; Assignment of Rights
                                    and Delegation of Duties by Master Servicer.

         (a) The Company and the Master  Servicer  will each keep in full effect
its  existence,  rights and  franchises as a  corporation  under the laws of the
state of its incorporation,  and will each obtain and preserve its qualification
to do  business  as a foreign  corporation  in each  jurisdiction  in which such
qualification   is  or  shall  be   necessary   to  protect  the   validity  and
enforceability of this Agreement,  the Certificates or any of the Mortgage Loans
and to perform its respective duties under this Agreement.

         (b) Any Person  into which the  Company or the Master  Servicer  may be
merged  or  consolidated,  or any  corporation  resulting  from  any  merger  or
consolidation  to which the Company or the Master  Servicer shall be a party, or
any Person  succeeding  to the  business of the Company or the Master  Servicer,
shall be the  successor of the Company or the Master  Servicer,  as the case may
be,  hereunder,  without the execution or filing of any paper or any further act
on the  part of any of the  parties  hereto,  anything  herein  to the  contrary
notwithstanding;  provided,  however,  that the successor or surviving Person to
the Master  Servicer  shall be qualified to service  mortgage loans on behalf of
FNMA or FHLMC; and provided further that each Rating Agency's  ratings,  if any,
of the Class A, Class A-P,  Class M, Class B or Class R  Certificates  in effect
immediately prior to such merger or consolidation will not be qualified, reduced
or withdrawn as a result  thereof (as  evidenced by a letter to such effect from
each Rating Agency).

         (c) Notwithstanding anything else in this Section 6.02 and Section 6.04
to the  contrary,  the Master  Servicer  may assign its rights and  delegate its
duties and obligations under this


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Agreement;  provided  that the Person  accepting  such  assignment or delegation
shall be a Person which is qualified to service mortgage loans on behalf of FNMA
or FHLMC, is reasonably  satisfactory to the Trustee and the Company, is willing
to service the  Mortgage  Loans and executes and delivers to the Company and the
Trustee an  agreement,  in form and  substance  reasonably  satisfactory  to the
Company and the Trustee,  which contains an assumption by such Person of the due
and punctual  performance  and  observance  of each covenant and condition to be
performed  or observed by the Master  Servicer  under this  Agreement;  provided
further that each Rating  Agency's  rating of the Classes of  Certificates  that
have been rated in effect  immediately  prior to such  assignment and delegation
will not be qualified,  reduced or withdrawn as a result of such  assignment and
delegation (as evidenced by a letter to such effect from each Rating Agency). In
the case of any such  assignment and  delegation,  the Master  Servicer shall be
released  from its  obligations  under this  Agreement,  except  that the Master
Servicer shall remain liable for all liabilities and obligations  incurred by it
as Master Servicer hereunder prior to the satisfaction of the conditions to such
assignment and delegation set forth in the next preceding sentence.

         Section 6.03.              Limitation on Liability of the Company,
                                    the Master Servicer and Others.

         Neither the  Company,  the Master  Servicer  nor any of the  directors,
officers,  employees  or agents of the Company or the Master  Servicer  shall be
under any liability to the Trust Fund or the  Certificateholders or the Owner of
the Excess  Spread  and the  Interest  Only  Strip 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


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<PAGE>



the performance of duties hereunder or by reason of reckless
disregard of obligations and duties hereunder.

         Neither  the  Company  nor the  Master  Servicer  shall  be  under  any
obligation to appear in, prosecute or defend any legal or administrative action,
proceeding,  hearing or  examination  that is not  incidental to its  respective
duties  under this  Agreement  and which in its  opinion  may  involve it in any
expense or liability; provided, however, that the Company or the Master Servicer
may  in its  discretion  undertake  any  such  action,  proceeding,  hearing  or
examination that it may deem necessary or desirable in respect to this Agreement
and the  rights  and  duties of the  parties  hereto  and the  interests  of the
Certificateholders  hereunder.  In such event,  the legal  expenses and costs of
such action,  proceeding,  hearing or  examination  and any liability  resulting
therefrom  shall be expenses,  costs and  liabilities of the Trust Fund, and the
Company and the Master Servicer shall be entitled to be reimbursed  therefor out
of amounts  attributable  to the  Mortgage  Loans on  deposit  in the  Custodial
Account as provided by Section 3.10 and, on the Distribution  Date(s)  following
such reimbursement,  the aggregate of such expenses and costs shall be allocated
in reduction of the Accrued Certificate  Interest on each Class entitled thereto
in the same  manner as if such  expenses  and  costs  constituted  a  Prepayment
Interest Shortfall.

         Section 6.04.              Company and Master Servicer Not to Resign.

         Subject to the provisions of Section 6.02,  neither the Company nor the
Master  Servicer shall resign from its respective  obligations and duties hereby
imposed on it except upon  determination that its duties hereunder are no longer
permissible  under  applicable  law.  Any  such  determination   permitting  the
resignation  of the  Company or the Master  Servicer  shall be  evidenced  by an
Opinion of Counsel to such effect delivered to the Trustee.  No such resignation
by the Master  Servicer shall become  effective until the Trustee or a successor
servicer  shall  have  assumed  the  Master  Servicer's   responsibilities   and
obligations in accordance with Section 7.02.


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<PAGE>



                                                    ARTICLE VII

                                                      DEFAULT

         Section 7.01.              Events of Default.

         Event of Default,  wherever used herein, means any one of the following
events  (whatever  reason  for such  Event of  Default  and  whether it shall be
voluntary or  involuntary  or be effected by operation of law or pursuant to any
judgment,  decree or order of any court or any order,  rule or regulation of any
administrative or governmental body):

                  (i) the Master  Servicer  shall fail to distribute or cause to
         be  distributed to the Owner of the Excess Spread and the Interest Only
         Strip or the  Holders  of  Certificates  of any Class any  distribution
         required to be made under the terms of the  Certificates  of such Class
         and this  Agreement  and, in either case,  such failure shall  continue
         unremedied  for a period of 5 days  after the date upon  which  written
         notice of such failure,  requiring  such failure to be remedied,  shall
         have been given to the Master Servicer by the Trustee or the Company or
         to the Master Servicer, the Company and the Trustee by the Owner of the
         Excess   Spread  and  the  Interest   Only  Strip  or  the  Holders  of
         Certificates of such Class evidencing  Percentage Interests aggregating
         not less than 25%; or

                  (ii) the Master  Servicer  shall fail to observe or perform in
         any material  respect any other of the  covenants or  agreements on the
         part of the Master Servicer  contained in the Certificates of any Class
         or in this Agreement and such failure shall  continue  unremedied for a
         period of 30 days  (except  that such number of days shall be 15 in the
         case of a failure to pay the premium for any Required Insurance Policy)
         after the date on which written  notice of such failure,  requiring the
         same to be  remedied,  shall have been given to the Master  Servicer by
         the Trustee or the Company, or to the Master Servicer,  the Company and
         the  Trustee by the Owner of the Excess  Spread and the  Interest  Only
         Strip or the Holders of  Certificates of any Class  evidencing,  in the
         case of any such Class,  Percentage Interests aggregating not less than
         25%; or

                  (iii) a decree or order of a court or  agency  or  supervisory
         authority  having  jurisdiction in the premises in an involuntary  case
         under any present or future federal or state bankruptcy,  insolvency or
         similar law or  appointing a  conservator  or receiver or liquidator in
         any  insolvency,  readjustment  of  debt,  marshalling  of  assets  and
         liabilities   or  similar   proceedings,   or  for  the  winding-up  or
         liquidation of its affairs, shall have been entered against the Master


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         Servicer  and  such  decree  or  order  shall  have  remained  in force
         undischarged or unstayed for a period of 60 days; or

                  (iv) the Master Servicer shall consent to the appointment of a
         conservator or receiver or liquidator in any  insolvency,  readjustment
         of debt, marshalling of assets and liabilities,  or similar proceedings
         of, or relating  to, the Master  Servicer or of, or relating to, all or
         substantially all of the property of the Master Servicer; or

                  (v) the Master  Servicer  shall admit in writing its inability
         to pay its debts  generally as they become due, file a petition to take
         advantage  of, or  commence a  voluntary  case  under,  any  applicable
         insolvency  or  reorganization  statute,  make  an  assignment  for the
         benefit  of  its  creditors,  or  voluntarily  suspend  payment  of its
         obligations; or

                  (vi) the Master Servicer shall notify the Trustee  pursuant to
         Section 4.04(b) that it is unable to deposit in the Certificate Account
         an amount equal to the Advance.

         If an Event of Default  described  in clauses  (i)-(v) of this  Section
shall  occur,  then,  and in each and every such case,  so long as such Event of
Default shall not have been remedied, either the Company or the Trustee may, and
at the  direction of Holders of  Certificates  or the Owner of the Excess Spread
and the Interest Only Strip entitled to at least 51% of the Voting  Rights,  the
Trustee shall,  by notice in writing to the Master  Servicer (and to the Company
if given by the  Trustee or to the Trustee if given by the  Company),  terminate
all of the rights and  obligations  of the Master  Servicer under this Agreement
and in and to the Mortgage Loans and the proceeds thereof, other than its rights
as a  Certificateholder  hereunder.  If an Event of Default  described in clause
(vi) hereof shall occur, the Trustee shall, by notice to the Master Servicer and
the Company,  immediately  terminate  all of the rights and  obligations  of the
Master  Servicer  under this  Agreement and in and to the Mortgage Loans and the
proceeds  thereof,  other than its rights as a  Certificateholder  hereunder  as
provided in Section  4.04(b).  On or after the receipt by the Master Servicer of
such written  notice,  all authority and power of the Master Servicer under this
Agreement,  whether  with  respect to the  Certificates  (other than as a Holder
thereof) or the Mortgage Loans or otherwise,  shall subject to Section 7.02 pass
to and be vested in the Trustee or the Trustee's  designee appointed pursuant to
Section 7.02;  and,  without  limitation,  the Trustee is hereby  authorized and
empowered  to  execute  and  deliver,  on  behalf  of the  Master  Servicer,  as
attorney-in-fact or otherwise, any and all documents and other instruments,  and
to do or accomplish all other acts or things  necessary or appropriate to effect
the purposes of such notice of termination, whether to complete the transfer and
endorsement or assignment of the Mortgage Loans and related


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<PAGE>



documents,  or  otherwise.  The Master  Servicer  agrees to  cooperate  with the
Trustee in effecting the termination of the Master  Servicer's  responsibilities
and rights hereunder, including, without limitation, the transfer to the Trustee
or its designee for  administration by it of all cash amounts which shall at the
time  be  credited  to the  Custodial  Account  or the  Certificate  Account  or
thereafter be received with respect to the Mortgage Loans.  No such  termination
shall release the Master Servicer for any liability that it would otherwise have
hereunder  for  any  act  or  omission  prior  to the  effective  time  of  such
termination.

         Notwithstanding  any  termination  of  the  activities  of  Residential
Funding in its capacity as Master Servicer hereunder,  Residential Funding shall
be entitled to receive,  out of any late  collection  of a Monthly  Payment on a
Mortgage  Loan  which  was  due  prior  to the  notice  terminating  Residential
Funding's rights and obligations as Master Servicer hereunder and received after
such notice,  that portion to which Residential Funding would have been entitled
pursuant to Sections 3.10(a)(ii), (vi) and (vii) as well as its Servicing Fee in
respect thereof,  and any other amounts payable to Residential Funding hereunder
the  entitlement  to which  arose  prior to the  termination  of its  activities
hereunder.  Upon the  termination  of  Residential  Funding  as Master  Servicer
hereunder the Company shall deliver to the Trustee a copy of the Program Guide.

         Section 7.02.              Trustee or Company to Act; Appointment of
                                    Successor.

         On and  after  the time  the  Master  Servicer  receives  a  notice  of
termination pursuant to Section 7.01 or resigns in accordance with Section 6.04,
the Trustee or, upon notice to the Company and with the Company's consent (which
shall not be  unreasonably  withheld) a designee  (which meets the standards set
forth  below) of the  Trustee,  shall be the  successor  in all  respects to the
Master  Servicer  in its  capacity  as  servicer  under this  Agreement  and the
transactions  set forth or  provided  for herein and shall be subject to all the
responsibilities,  duties and liabilities  relating thereto placed on the Master
Servicer (except for the  responsibilities,  duties and liabilities contained in
Sections 2.02 and 2.03(a),  excluding the duty to notify related Subservicers or
Sellers as set forth in such Sections, and its obligations to deposit amounts in
respect of losses incurred prior to such notice or termination on the investment
of funds  in the  Custodial  Account  or the  Certificate  Account  pursuant  to
Sections  3.07(c) and  4.01(b) by the terms and  provisions  hereof);  provided,
however,  that any failure to perform such duties or responsibilities  caused by
the  preceding  Master  Servicer's  failure to provide  information  required by
Section  4.04 shall not be  considered  a default by the Trustee  hereunder.  As
compensation  therefor,  the Trustee shall be entitled to all funds  relating to
the Mortgage Loans which the Master  Servicer would have been entitled to charge
to the Custodial Account or the


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<PAGE>



Certificate  Account if the Master  Servicer had continued to act hereunder and,
in addition, shall be entitled to the income from any Permitted Investments made
with amounts attributable to the Mortgage Loans held in the Custodial Account or
the Certificate  Account.  If the Trustee has become the successor to the Master
Servicer in accordance with Section 6.04 or Section 7.01,  then  notwithstanding
the above,  the Trustee may, if it shall be unwilling to so act, or shall, if it
is unable to so act, appoint,  or petition a court of competent  jurisdiction to
appoint, any established housing and home finance  institution,  which is also a
FNMA- or FHLMC-approved  mortgage servicing  institution,  having a net worth of
not less than  $10,000,000 as the successor to the Master Servicer  hereunder in
the assumption of all or any part of the responsibilities, duties or liabilities
of the Master  Servicer  hereunder.  Pending  appointment  of a successor to the
Master  Servicer  hereunder,  the Trustee  shall become  successor to the Master
Servicer and shall act in such capacity as hereinabove  provided.  In connection
with such appointment and assumption, the Trustee may make such arrangements for
the  compensation  of such successor out of payments on Mortgage Loans as it and
such successor shall agree;  provided,  however, that no such compensation shall
be in excess of that  permitted  the  initial  Master  Servicer  hereunder.  The
Company,  the Trustee,  the Custodian and such successor shall take such action,
consistent  with this  Agreement,  as shall be necessary to effectuate  any such
succession.  The  Servicing  Fee for any  successor  Master  Servicer  appointed
pursuant to this Section  7.02 will be lowered  with  respect to those  Mortgage
Loans, if any, where the  Subservicing  Fee accrues at a rate of less than 0.20%
per annum in the event that the successor  Master Servicer is not servicing such
Mortgage  Loans  directly and it is necessary to raise the related  Subservicing
Fee to a rate of 0.20% per annum in order to hire a Subservicer  with respect to
such Mortgage Loans.

         Section 7.03.              Notification to Certificateholders.

         (a) Upon any such  termination  or  appointment  of a successor  to the
Master  Servicer,  the Trustee shall give prompt  written  notice thereof to the
Certificateholders  and the Owner of the  Excess  Spread and the  Interest  Only
Strip at their respective addresses appearing in the Certificate Register.

         (b) Within 60 days after the  occurrence  of any Event of Default,  the
Trustee  shall  transmit by mail to all Holders of  Certificates  notice of each
such Event of  Default  hereunder  known to the  Trustee,  unless  such Event of
Default shall have been cured or waived.



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         Section 7.04.              Waiver of Events of Default.

         The Holders  representing at least 66% of the Voting Rights affected by
a default or Event of Default hereunder,  and the Owner of the Excess Spread and
the Interest Only Strip if affected thereby,  may waive such default or Event of
Default; provided,  however, that (a) a default or Event of Default under clause
(i) of Section  7.01 may be waived  only by all of the  Holders of  Certificates
affected by such default or Event of Default and the Owner of the Excess  Spread
and  Interest  Only  Strip if so  affected  and (b) no waiver  pursuant  to this
Section 7.04 shall affect the Holders of Certificates or the Owner of the Excess
Spread and Interest  Only Strip in the manner set forth in Section  11.01(b)(i),
(ii) or (iii).  Upon any such  waiver of a default  or Event of  Default  by the
Holders  representing the requisite percentage of Voting Rights affected by such
default or Event of  Default,  such  default or Event of Default  shall cease to
exist and shall be deemed to have been remedied for every purpose hereunder.  No
such waiver shall extend to any  subsequent or other default or Event of Default
or impair any right consequent thereon except to the extent expressly so waived.


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                                                   ARTICLE VIII

                                              CONCERNING THE TRUSTEE

         Section 8.01.              Duties of Trustee.

         (a) The  Trustee,  prior to the  occurrence  of an Event of Default and
after the curing of all Events of Default which may have occurred, undertakes to
perform such duties and only such duties as are  specifically  set forth in this
Agreement. In case an Event of Default has occurred (which has not been cured or
waived),  the Trustee shall  exercise such of the rights and powers vested in it
by this  Agreement,  and use the same degree of care and skill in their exercise
as a prudent  investor  would  exercise  or use under the  circumstances  in the
conduct of such investor's own affairs.

         (b)  The  Trustee,  upon  receipt  of  all  resolutions,  certificates,
statements,  opinions, reports, documents, orders or other instruments furnished
to the Trustee which are specifically  required to be furnished  pursuant to any
provision  of this  Agreement,  shall  examine  them to  determine  whether they
conform to the  requirements  of this  Agreement.  The Trustee  shall notify the
Certificateholders  and the Owner of the  Excess  Spread and the  Interest  Only
Strip of any such documents which do not materially  conform to the requirements
of this Agreement in the event that the Trustee,  after so requesting,  does not
receive satisfactorily corrected documents.

         The Trustee shall forward or cause to be forwarded in a timely  fashion
the  notices,  reports and  statements  required to be  forwarded by the Trustee
pursuant to Sections 4.03,  4.06, 7.03 and 10.01. The Trustee shall furnish in a
timely fashion to the Master  Servicer such  information as the Master  Servicer
may reasonably  request from time to time for the Master Servicer to fulfill its
duties as set forth in this Agreement.  The Trustee covenants and agrees that it
shall perform its obligations hereunder in a manner so as to maintain the status
of both REMIC I and REMIC II as REMICs under the REMIC  Provisions  and (subject
to Section  10.01(f)) to prevent the  imposition of any federal,  state or local
income,  prohibited transaction,  contribution or other tax on either REMIC I or
REMIC II to the extent that  maintaining such status and avoiding such taxes are
reasonably within the control of the Trustee and are reasonably within the scope
of its duties under this Agreement.

         (c) No  provision of this  Agreement  shall be construed to relieve the
Trustee from liability for its own negligent  action,  its own negligent failure
to act or its own willful misconduct; provided, however, that:

                  (i)               Prior to the occurrence of an Event of
         Default, and after the curing or waiver of all such Events


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<PAGE>



         of Default which may have occurred,  the duties and  obligations of the
         Trustee  shall be determined  solely by the express  provisions of this
         Agreement,  the Trustee shall not be liable except for the  performance
         of such duties and  obligations as are  specifically  set forth in this
         Agreement,  no implied covenants or obligations shall be read into this
         Agreement  against the Trustee  and, in the absence of bad faith on the
         part of the Trustee, the Trustee may conclusively rely, as to the truth
         of  the  statements  and  the  correctness  of the  opinions  expressed
         therein,  upon any certificates or opinions furnished to the Trustee by
         the  Company or the Master  Servicer  and which on their  face,  do not
         contradict the requirements of this Agreement;

                  (ii) The Trustee shall not be  personally  liable for an error
         of judgment made in good faith by a Responsible  Officer or Responsible
         Officers of the Trustee, unless it shall be proved that the Trustee was
         negligent in ascertaining the pertinent facts;

                  (iii) The Trustee shall not be personally  liable with respect
         to any  action  taken,  suffered  or  omitted to be taken by it in good
         faith in  accordance  with the direction of  Certificateholders  of any
         Class holding Certificates which evidence, as to such Class, Percentage
         Interests  aggregating  not less  than 25% as to the time,  method  and
         place of  conducting  any  proceeding  for any remedy  available to the
         Trustee,  or exercising any trust or power  conferred upon the Trustee,
         under this Agreement;

                  (iv) The Trustee  shall not be charged  with  knowledge of any
         default  (other than a default in payment to the Trustee)  specified in
         clauses  (i) and (ii) of  Section  7.01 or an Event  of  Default  under
         clauses  (iii),  (iv) and (v) of  Section  7.01  unless  a  Responsible
         Officer of the Trustee  assigned to and working in the Corporate  Trust
         Office obtains actual knowledge of such failure or event or the Trustee
         receives written notice of such failure or event at its Corporate Trust
         Office from the Master Servicer,  the Company or any  Certificateholder
         or the Owner of the Excess Spread and the Interest Only Strip; 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.



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         (d) The Trustee shall timely pay, from its own funds, the amount of any
and all federal,  state and local taxes  imposed on the Trust Fund or its assets
or transactions  including,  without  limitation,  (A) "prohibited  transaction"
penalty  taxes as defined in Section 860F of the Code,  if, when and as the same
shall be due and  payable,  (B) any tax on  contributions  to a REMIC  after the
Closing  Date  imposed  by  Section  860G(d) of the Code and (C) any tax on "net
income from foreclosure property" as defined in Section 860G(c) of the Code, but
only if such  taxes  arise out of a breach  by the  Trustee  of its  obligations
hereunder,  which breach  constitutes  negligence  or willful  misconduct of the
Trustee.

         Section 8.02.              Certain Matters Affecting the Trustee.

         (a)      Except as otherwise provided in Section 8.01:

                  (i) The Trustee may rely and shall be  protected  in acting or
         refraining  from acting  upon any  resolution,  Officers'  Certificate,
         certificate   of   auditors  or  any  other   certificate,   statement,
         instrument,   opinion,   report,  notice,   request,   consent,  order,
         appraisal, bond or other paper or document believed by it to be genuine
         and to have been signed or presented by the proper party or parties;

                  (ii) The Trustee may consult  with  counsel and any Opinion of
         Counsel  shall be full and complete  authorization  and  protection  in
         respect of any action  taken or suffered or omitted by it  hereunder in
         good faith and in accordance with such Opinion of Counsel;

                  (iii) The Trustee shall be under no obligation to exercise any
         of the trusts or powers vested in it by this Agreement or to institute,
         conduct or defend any litigation hereunder or in relation hereto at the
         request,  order or  direction of any of the  Certificateholders  or the
         Owner of the Excess Spread and the Interest Only Strip, pursuant to the
         provisions of this Agreement,  unless such  Certificateholders  or such
         Owner  shall  have  offered  to  the  Trustee  reasonable  security  or
         indemnity  against the costs,  expenses  and  liabilities  which may be
         incurred therein or thereby;  nothing contained herein shall,  however,
         relieve the Trustee of the obligation,  upon the occurrence of an Event
         of Default  (which has not been cured),  to exercise such of the rights
         and powers vested in it by this  Agreement,  and to use the same degree
         of care  and  skill in  their  exercise  as a  prudent  investor  would
         exercise  or use  under  the  circumstances  in  the  conduct  of  such
         investor's own affairs;

                  (iv)              The Trustee shall not be personally liable
         for any action taken, suffered or omitted by it in good
         faith and believed by it to be authorized or within the


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<PAGE>



         discretion or rights or powers conferred upon it by this
         Agreement;

                  (v) Prior to the  occurrence of an Event of Default  hereunder
         and after the curing of all Events of Default which may have  occurred,
         the Trustee shall not be bound to make any investigation into the facts
         or  matters   stated  in  any   resolution,   certificate,   statement,
         instrument, opinion, report, notice, request, consent, order, approval,
         bond or other paper or document,  unless  requested in writing so to do
         by Holders of Certificates of any Class  evidencing,  as to such Class,
         Percentage Interests, aggregating not less than 50%; provided, however,
         that if the  payment  within a  reasonable  time to the  Trustee of the
         costs,  expenses  or  liabilities  likely to be  incurred  by it in the
         making of such  investigation  is, in the opinion of the  Trustee,  not
         reasonably assured to the Trustee by the security afforded to it by the
         terms of this Agreement,  the Trustee may require reasonable  indemnity
         against such expense or liability as a condition to so proceeding.  The
         reasonable  expense  of  every  such  examination  shall be paid by the
         Master  Servicer,  if an Event of Default  shall have  occurred  and is
         continuing,  and  otherwise  by the  Certificateholder  requesting  the
         investigation;

                  (vi)              The Trustee may execute any of the trusts or
         powers hereunder or perform any duties hereunder either
         directly or by or through agents or attorneys; and

                  (vii)  To  the  extent  authorized  under  the  Code  and  the
         regulations   promulgated   thereunder,   each  Holder  of  a  Class  R
         Certificate hereby  irrevocably  appoints and authorizes the Trustee to
         be its  attorney-in-fact  for  purposes  of  signing  any  Tax  Returns
         required  to be filed on behalf of the Trust Fund.  The  Trustee  shall
         sign on behalf of the Trust Fund and deliver to the Master  Servicer in
         a timely manner any Tax Returns  prepared by or on behalf of the Master
         Servicer  that the  Trustee is required  to sign as  determined  by the
         Master  Servicer  pursuant to  applicable  federal,  state or local tax
         laws, provided that the Master Servicer shall indemnify the Trustee for
         signing any such Tax Returns that contain errors or omissions.

         (b) Following the issuance of the  Certificates,  the Trustee shall not
accept any  contribution  of assets to the Trust Fund unless (subject to Section
10.01(f)) it shall have obtained or been furnished with an Opinion of Counsel to
the effect that such  contribution will not (i) cause either REMIC I or REMIC II
to fail to qualify as a REMIC at any time that any  Certificates are outstanding
or (ii) cause the Trust Fund to be  subject  to any  federal  tax as a result of
such  contribution  (including  the imposition of any federal tax on "prohibited
transactions" imposed under Section 860F(a) of the Code).


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<PAGE>




         Section 8.03.              Trustee Not Liable for Certificates or
                                    Mortgage Loans.

         The recitals  contained herein and in the Certificates  (other than the
execution of the  Certificates and relating to the acceptance and receipt of the
Mortgage  Loans) shall be taken as the  statements  of the Company or the Master
Servicer as the case may be, and the Trustee assumes no responsibility for their
correctness.  The  Trustee  makes  no  representations  as to  the  validity  or
sufficiency  of  this  Agreement  or  of  the  Certificates   (except  that  the
Certificates  shall be duly and  validly  executed  and  authenticated  by it as
Certificate  Registrar) or of any Mortgage Loan or related  document.  Except as
otherwise  provided herein,  the Trustee shall not be accountable for the use or
application by the Company or the Master Servicer of any of the  Certificates or
of the proceeds of such Certificates, or for the use or application of any funds
paid to the Company or the Master  Servicer in respect of the Mortgage  Loans or
deposited in or withdrawn from the Custodial Account or the Certificate  Account
by the Company or the Master Servicer.

         Section 8.04.              Trustee May Own Certificates.

         The  Trustee in its  individual  or any other  capacity  may become the
owner or pledgee of  Certificates  with the same rights it would have if it were
not Trustee.

         Section 8.05.              Master Servicer to Pay Trustee's Fees
                                    and Expenses; Indemnification.

         (a) The Master Servicer  covenants and agrees to pay to the Trustee and
any co-trustee  from time to time,  and the Trustee and any co-trustee  shall be
entitled  to,  reasonable  compensation  (which  shall  not  be  limited  by any
provision of law in regard to the compensation of a trustee of an express trust)
for all services  rendered by each of them in the execution of the trusts hereby
created  and in the  exercise  and  performance  of any of the powers and duties
hereunder of the Trustee and any co-trustee, and the Master Servicer will pay or
reimburse  the  Trustee  and any  co-trustee  upon  request  for all  reasonable
expenses,  disbursements  and  advances  incurred  or made by the Trustee or any
co-trustee in accordance with any of the provisions of this Agreement (including
the reasonable  compensation  and the expenses and  disbursements of its counsel
and of all persons not regularly in its employ, and the expenses incurred by the
Trustee or any  co-trustee in connection  with the  appointment  of an office or
agency  pursuant  to Section  8.12)  except any such  expense,  disbursement  or
advance as may arise from its negligence or bad faith.

         (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


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<PAGE>



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 the Certificateholders or the Owner of the Excess Spread and
the Interest Only Strip pursuant to the terms of this Agreement.

         Section 8.06.              Eligibility Requirements for Trustee.

         The Trustee hereunder shall at all times be a corporation or a national
banking  association  having its principal office in a state and city acceptable
to the Company and organized and doing  business under the laws of such state or
the United States of America,  authorized under such laws to exercise  corporate
trust powers,  having a combined capital and surplus of at least $50,000,000 and
subject to supervision or  examination  by federal or state  authority.  If such
corporation or national banking  association  publishes  reports of condition at
least  annually,  pursuant  to  law  or to the  requirements  of  the  aforesaid
supervising  or examining  authority,  then for the purposes of this Section the
combined  capital  and  surplus  of such  corporation  shall be deemed to be its
combined capital and surplus as set forth in its most recent report of condition
so published. In case at any time the Trustee shall cease to be eligible in


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<PAGE>



accordance  with the  provisions  of this  Section,  the  Trustee  shall  resign
immediately in the manner and with the effect specified in Section 8.07.

         Section 8.07.              Resignation and Removal of the Trustee.

         (a) The  Trustee  may at any time  resign  and be  discharged  from the
trusts hereby  created by giving  written  notice  thereof to the Company.  Upon
receiving  such notice of  resignation,  the Company  shall  promptly  appoint a
successor  trustee  by  written  instrument,  in  duplicate,  one  copy of which
instrument  shall be  delivered  to the  resigning  Trustee  and one copy to the
successor trustee. If no successor trustee shall have been so appointed and have
accepted  appointment  within  30  days  after  the  giving  of such  notice  of
resignation,   the  resigning  Trustee  may  petition  any  court  of  competent
jurisdiction for the appointment of a successor trustee.

         (b) If at any time the Trustee shall cease to be eligible in accordance
with the  provisions  of  Section  8.06 and shall fail to resign  after  written
request  therefor by the  Company,  or if at any time the Trustee  shall  become
incapable of acting, or shall be adjudged  bankrupt or insolvent,  or a receiver
of the Trustee or of its  property  shall be  appointed,  or any public  officer
shall take  charge or control of the  Trustee or of its  property or affairs for
the purpose of rehabilitation, conservation or liquidation, then the Company may
remove the Trustee and appoint a  successor  trustee by written  instrument,  in
duplicate,  one copy of which  instrument  shall be  delivered to the Trustee so
removed and one copy to the successor  trustee.  In addition,  in the event that
the Company determines that the Trustee has failed (i) to distribute or cause to
be distributed to the  Certificateholders  or the Owner of the Excess Spread and
the Interest Only Strip any amount required to be distributed hereunder, if such
amount  is held by the  Trustee  or its  Paying  Agent  (other  than the  Master
Servicer  or the  Company)  for  distribution  or (ii) to  otherwise  observe or
perform in any material respect any of its covenants,  agreements or obligations
hereunder, and such failure shall continue unremedied for a period of 5 days (in
respect of clause (i) above) or 30 days (in respect of clause (ii) above)  after
the date on which  written  notice of such failure,  requiring  that the same be
remedied,  shall have been given to the Trustee by the Company, then the Company
may remove the Trustee and  appoint a  successor  trustee by written  instrument
delivered  as  provided  in the  preceding  sentence.  In  connection  with  the
appointment  of a successor  trustee  pursuant to the  preceding  sentence,  the
Company  shall,  on or  before  the date on which any such  appointment  becomes
effective,  obtain  from  each  Rating  Agency  written  confirmation  that  the
appointment  of any such  successor  trustee will not result in the reduction of
the  ratings  on any  class of the  Certificates  below  the  lesser of the then
current or original ratings on such Certificates.



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         (c) The Holders of Certificates, Excess Spread and/or the Interest Only
Strip  entitled to at least 51% of the Voting  Rights may at any time remove the
Trustee and appoint a successor trustee by written instrument or instruments, in
triplicate,  signed by such Holders or their  attorneys-in-fact duly authorized,
one complete  set of which  instruments  shall be delivered to the Company,  one
complete set to the Trustee so removed and one complete set to the  successor so
appointed.

         (d) Any  resignation  or removal of the  Trustee and  appointment  of a
successor trustee pursuant to any of the provisions of this Section shall become
effective upon acceptance of appointment by the successor trustee as provided in
Section 8.08.

         Section 8.08.              Successor Trustee.

         (a) Any successor  trustee  appointed as provided in Section 8.07 shall
execute,  acknowledge and deliver to the Company and to its predecessor  trustee
an  instrument   accepting  such  appointment   hereunder,   and  thereupon  the
resignation  or removal of the  predecessor  trustee shall become  effective and
such  successor  trustee  shall become  effective  and such  successor  trustee,
without any further act, deed or conveyance,  shall become fully vested with all
the rights,  powers, duties and obligations of its predecessor  hereunder,  with
the like  effect as if  originally  named as  trustee  herein.  The  predecessor
trustee shall deliver to the  successor  trustee all Mortgage  Files and related
documents and statements held by it hereunder  (other than any Mortgage Files at
the time held by a  Custodian,  which  shall  become the agent of any  successor
trustee  hereunder),  and the Company,  the Master  Servicer and the predecessor
trustee shall execute and deliver such  instruments  and do such other things as
may  reasonably be required for more fully and certainly  vesting and confirming
in the successor trustee all such rights, powers, duties and obligations.

         (b) No successor  trustee shall accept  appointment as provided in this
Section unless at the time of such  acceptance  such successor  trustee shall be
eligible under the provisions of Section 8.06.

         (c) Upon  acceptance of appointment by a successor  trustee as provided
in this Section, the Company shall mail notice of the succession of such trustee
hereunder  to all Holders of  Certificates  at their  addresses  as shown in the
Certificate  Register.  If the Company  fails to mail such notice within 10 days
after acceptance of appointment by the successor trustee,  the successor trustee
shall cause such notice to be mailed at the expense of the Company.



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<PAGE>



         Section 8.09.              Merger or Consolidation of Trustee.

         Any corporation or national banking  association into which the Trustee
may be  merged  or  converted  or  with  which  it may  be  consolidated  or any
corporation  or  national  banking   association   resulting  from  any  merger,
conversion  or  consolidation  to which  the  Trustee  shall be a party,  or any
corporation or national  banking  association  succeeding to the business of the
Trustee,  shall  be  the  successor  of the  Trustee  hereunder,  provided  such
corporation  or  national  banking  association  shall  be  eligible  under  the
provisions of Section 8.06,  without the execution or filing of any paper or any
further act on the part of any of the  parties  hereto,  anything  herein to the
contrary  notwithstanding.  The Trustee  shall mail notice of any such merger or
consolidation to the  Certificateholders  and the Owner of the Excess Spread and
the Interest Only Strip at their address as shown in the Certificate Register.

         Section 8.10.              Appointment of Co-Trustee or Separate
                                    Trustee.

         (a)  Notwithstanding  any other provisions hereof, at any time, for the
purpose of meeting any legal  requirements of any jurisdiction in which any part
of the Trust Fund or property securing the same may at the time be located,  the
Master  Servicer and the Trustee  acting  jointly shall have the power and shall
execute and deliver all  instruments to appoint one or more Persons  approved by
the Trustee to act as co-trustee or  co-trustees,  jointly with the Trustee,  or
separate trustee or separate trustees, of all or any part of the Trust Fund, and
to vest in such Person or  Persons,  in such  capacity,  such title to the Trust
Fund, or any part thereof,  and, subject to the other provisions of this Section
8.10, such powers, duties, obligations, rights and trusts as the Master Servicer
and the Trustee may consider  necessary  or  desirable.  If the Master  Servicer
shall not have joined in such appointment within 15 days after the receipt by it
of a request so to do, or in case an Event of Default shall have occurred and be
continuing, the Trustee alone shall have the power to make such appointment.  No
co-trustee or separate trustee  hereunder shall be required to meet the terms of
eligibility as a successor trustee under Section 8.06 hereunder and no notice to
Holders of  Certificates or the Owner of the Excess Spread and the Interest Only
Strip 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


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<PAGE>



performed  (whether as Trustee  hereunder or as successor to the Master Servicer
hereunder),  the Trustee shall be incompetent or unqualified to perform such act
or acts, in which event such rights,  powers, duties and obligations  (including
the  holding  of title to the  Trust  Fund or any  portion  thereof  in any such
jurisdiction)  shall be  exercised  and  performed by such  separate  trustee or
co-trustee at the direction of the Trustee.

         (c) Any notice,  request or other writing given to the Trustee shall be
deemed to have been given to each of the then separate trustees and co-trustees,
as  effectively  as if given to each of them.  Every  instrument  appointing any
separate  trustee or co-trustee shall refer to this Agreement and the conditions
of this Article VIII. Each separate trustee and co-trustee,  upon its acceptance
of the trusts conferred,  shall be vested with the estates or property specified
in its instrument of appointment, either jointly with the Trustee or separately,
as may be provided  therein,  subject to all the  provisions of this  Agreement,
specifically including every provision of this Agreement relating to the conduct
of, affecting the liability of, or affording  protection to, the Trustee.  Every
such instrument shall be filed with the Trustee.

         (d) Any separate trustee or co-trustee may, at any time, constitute the
Trustee,  its agent or attorney-in-fact,  with full power and authority,  to the
extent not  prohibited  by law, to do any lawful act under or in respect of this
Agreement on its behalf and in its name.  If any separate  trustee or co-trustee
shall die, become incapable of acting, resign or be removed, all of its estates,
properties,  rights,  remedies  and trusts shall vest in and be exercised by the
Trustee,  to the extent  permitted by law,  without the  appointment of a new or
successor trustee.

         Section 8.11.              Appointment of Custodians.

         The  Trustee  may,  with the  consent  of the Master  Servicer  and the
Company,  appoint one or more  Custodians who are not Affiliates of the Company,
the Master Servicer or any Seller to hold all or a portion of the Mortgage Files
as agent for the Trustee,  by entering  into a Custodial  Agreement.  Subject to
Article  VIII,  the Trustee  agrees to comply  with the terms of each  Custodial
Agreement and to enforce the terms and provisions  thereof against the Custodian
for the benefit of the Certificateholders and the Owner of the Excess Spread and
the  Interest  Only Strip.  Each  Custodian  shall be a  depository  institution
subject to  supervision  by federal  or state  authority,  shall have a combined
capital  and  surplus  of at least  $15,000,000  and  shall be  qualified  to do
business in the jurisdiction in which it holds any Mortgage File. Each Custodial
Agreement  may be amended only as provided in Section  11.01.  The Trustee shall
notify  the  Certificateholders  and the  Owner  of the  Excess  Spread  and the
Interest Only Strip of the appointment of any Custodian


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<PAGE>



(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 Four Albany Street, New
York, NY 10006 for the purpose of keeping the Certificate Register.  The Trustee
will maintain an office at the address stated in Section  11.05(c)  hereof where
notices and demands to or upon the Trustee in respect of this  Agreement  may be
served.


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<PAGE>



                                                    ARTICLE IX

                                                    TERMINATION

         Section 9.01.              Termination Upon Purchase by the Master
                                    Servicer or the Company or Liquidation of
 All
                                    Mortgage Loans.

         (a)  Subject  to  Section  9.03,   the   respective   obligations   and
responsibilities  of the Company,  the Master  Servicer and the Trustee  created
hereby in respect of the  Certificates,  the Excess Spread and the Interest Only
Strip (other than the  obligation of the Trustee to make certain  payments after
the Final  Distribution Date to  Certificateholders  and the Owner of the Excess
Spread and the  Interest  Only Strip and the  obligation  of the Company to send
certain  notices as hereinafter  set forth) shall terminate upon the last action
required to be taken by the Trustee on the Final  Distribution  Date pursuant to
this Article IX following the earlier of:

                  (i) the later of the final  payment or other  liquidation  (or
         any Advance with respect  thereto) of the last Mortgage Loan  remaining
         in the Trust Fund or the  disposition  of all  property  acquired  upon
         foreclosure or deed in lieu of foreclosure of any Mortgage Loan, or

                  (ii) the purchase by the Master Servicer or the Company of all
         Mortgage  Loans and all  property  acquired in respect of any  Mortgage
         Loan remaining in the Trust Fund at a price equal to 100% of the unpaid
         principal  balance of each  Mortgage  Loan or, if less than such unpaid
         principal  balance,  the fair market  value of the  related  underlying
         property of such  Mortgage  Loan with  respect to Mortgage  Loans as to
         which title has been  acquired  if such fair market  value is less than
         such  unpaid  principal  balance  (net  of  any  unreimbursed  Advances
         attributable  to  principal)  on the  day of  repurchase  plus  accrued
         interest  thereon at the Net Mortgage Rate to, but not  including,  the
         first day of the month in which such  repurchase  price is distributed,
         provided,  however,  that in no event  shall the trust  created  hereby
         continue  beyond the  expiration of 21 years from the death of the last
         survivor of the  descendants of Joseph P. Kennedy,  the late ambassador
         of the  United  States  to the Court of St.  James,  living on the date
         hereof and provided  further  that the  purchase  price set forth above
         shall  be  increased  as is  necessary,  as  determined  by the  Master
         Servicer, to avoid  disqualification of either REMIC I or REMIC II as a
         REMIC.

         The right of the Master  Servicer or the  Company to  purchase  all the
assets of the Trust Fund pursuant to clause (ii) above is  conditioned  upon the
Pool Stated Principal Balance as of the Final  Distribution Date being less than
ten percent of the


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Cut-off Date Principal Balance of the Mortgage Loans. If such right is exercised
by the  Master  Servicer,  the  Master  Servicer  shall be  deemed  to have been
reimbursed for the full amount of any unreimbursed  Advances theretofore made by
it with respect to the Mortgage Loans.  In addition,  the Master Servicer or the
Company, as applicable,  shall provide to the Trustee the certification required
by Section  3.15 and the Trustee and any  Custodian  shall,  promptly  following
payment of the purchase price, release to the Master Servicer or the Company, as
applicable, the Mortgage Files pertaining to the Mortgage Loans being purchased.

         (b) The Master  Servicer or, in the case of a final  distribution  as a
result of the exercise by the Company of its right to purchase the assets of the
Trust  Fund,  the  Company  shall give the  Trustee not less than 60 days' prior
notice of the Distribution Date on which the Master Servicer or the Company,  as
applicable,   anticipates   that  the  final   distribution   will  be  made  to
Certificateholders  and the Owner of the  Excess  Spread and the  Interest  Only
Strip (whether as a result of the exercise by the Master Servicer or the Company
of its right to purchase the assets of the Trust Fund or  otherwise).  Notice of
any termination, specifying the anticipated Final Distribution Date (which shall
be a  date  that  would  otherwise  be  a  Distribution  Date)  upon  which  the
Certificateholders  may  surrender  their  Certificates  to the  Trustee  (if so
required  by the  terms  hereof)  for  payment  of the  final  distribution  and
cancellation,  shall be given promptly by the Master Servicer or the Company, as
applicable  (if it is  exercising  its right to purchase the assets of the Trust
Fund), or by the Trustee (in any other case) by letter to the Certificateholders
and the Owner of the  Excess  Spread  and the  Interest  Only  Strip  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,  the Excess  Spread and the Interest Only
         Strip is  anticipated  to be made upon  presentation  and  surrender of
         Certificates at the office or agency of the Trustee therein designated,

                  (ii)              the amount of any such final payment, if
         known, and

                  (iii)  that  the  Record  Date  otherwise  applicable  to such
         Distribution  Date is not  applicable,  and in the case of the Class A,
         Class A-P, Class M and Class R Certificates,  that payment will be made
         only upon  presentation and surrender of the Certificates at the office
         or agency of the Trustee therein specified.

If the Master Servicer or the Company, as applicable, is
obligated to give notice to Certificateholders and the Owner of


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<PAGE>



the Excess Spread and the Interest  Only Strip as aforesaid,  it shall give such
notice  to the  Certificate  Registrar  at the  time  such  notice  is  given to
Certificateholders  and the Owner of the  Excess  Spread and the  Interest  Only
Strip.  In the event such notice is given by the Master Servicer or the Company,
the  Master  Servicer  or the  Company,  as  applicable,  shall  deposit  in the
Certificate Account before the Final Distribution Date in immediately  available
funds an amount  equal to the  purchase  price for the  assets of the Trust Fund
computed as above provided.

         (c) In the case of the  Class A,  Class  A-P,  Class M and the  Class R
Certificates,  upon  presentation  and  surrender  of  the  Certificates  by the
Certificateholders    thereof,    the   Trustee   shall    distribute   to   the
Certificateholders  (i) the amount otherwise  distributable on such Distribution
Date, if not in connection with the Master Servicer's or the Company's  election
to  repurchase,  or (ii) if the Master  Servicer  or the  Company  elected to so
repurchase,   an  amount  determined  as  follows:  (A)  with  respect  to  each
Certificate the outstanding  Certificate  Principal  Balance  thereof,  plus one
month's Accrued  Certificate  Interest thereon and any previously unpaid Accrued
Certificate Interest,  subject to the priority set forth in Section 4.02(a), and
(B) with  respect  to the  Class R-I  Certificates,  any  excess of the  amounts
available for  distribution  (including the repurchase price specified in clause
(ii) of subsection (a) of this Section) over the total amount  distributed under
the  immediately  preceding  clause (A), the Excess Spread and the Interest Only
Strip.  The Trustee shall also distribute to the Owner the Excess Spread and the
Interest Only Strip.

         (d) In the event that any Certificateholders  shall not surrender their
Certificates  for  final  payment  and  cancellation  on  or  before  the  Final
Distribution  Date (if so required by the terms  hereof),  the Trustee  shall on
such date cause all funds in the  Certificate  Account not  distributed in final
distribution to Certificateholders to be withdrawn therefrom and credited to the
remaining  Certificateholders  by  depositing  such funds in a  separate  escrow
account for the benefit of such  Certificateholders,  and the Master Servicer or
the Company,  as applicable (if it exercised its right to purchase the assets of
the Trust Fund),  or the Trustee (in any other case) shall give a second written
notice to the remaining  Certificateholders  to surrender their Certificates for
cancellation and receive the final distribution with respect thereto.  If within
six  months  after  the  second  notice  any  Certificate  shall  not have  been
surrendered  for  cancellation,  the  Trustee  shall take  appropriate  steps as
directed by the Master  Servicer or the Company,  as applicable,  to contact the
remaining  Certificateholders  concerning  surrender of their Certificates.  The
costs  and  expenses  of  maintaining  the  escrow  account  and  of  contacting
Certificateholders  shall be paid out of the assets  which  remain in the escrow
account.  If within nine months after the second notice any  Certificates  shall
not have been surrendered for


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cancellation,  the Trustee shall pay to the Master  Servicer or the Company,  as
applicable,  all amounts  distributable  to the  holders  thereof and the Master
Servicer or the Company, as applicable, shall thereafter hold such amounts until
distributed  to such  holders.  No  interest  shall  accrue or be payable to any
Certificateholder  on any  amount  held in the  escrow  account or by the Master
Servicer or the Company, as applicable,  as a result of such Certificateholder's
failure to surrender its  Certificate(s) for final payment thereof in accordance
with this Section 9.01.

         Section 9.02.              Termination of REMIC II.

                  REMIC II shall  be  terminated  on the  earlier  of the  Final
Distribution  Date and the date on which it is deemed to receive the last deemed
distributions  on the  Uncertificated  REMIC I  Regular  Interests  and the last
distribution  due on the Class A,  Class  A-P,  Class M,  Class B and Class R-II
Certificates is made.

         Section 9.03.              Additional Termination Requirements.

         (a) REMIC I and  REMIC II as the case may be,  shall be  terminated  in
accordance  with the  following  additional  requirements,  unless  (subject  to
Section  10.01(f)) the Trustee and the Master  Servicer have received an Opinion
of Counsel  (which Opinion of Counsel shall not be an expense of the Trustee) to
the  effect  that the  failure  of REMIC I and  REMIC II, as the case may be, to
comply with the  requirements  of this  Section  9.03 will not (i) result in the
imposition on the Trust of taxes on "prohibited  transactions,"  as described in
Section  860F of the Code,  or (ii) cause  either REMIC I or REMIC II to fail to
qualify as a REMIC at any time that any Certificate is outstanding:

                  (i) The Master Servicer shall  establish a 90-day  liquidation
         period  for REMIC I and REMIC II, as the case may be, and  specify  the
         first day of such  period in a statement  attached to the Trust  Fund's
         final Tax Return pursuant to Treasury regulations Section 1.860F-1. The
         Master  Servicer  also  shall  satisfy  all  of the  requirements  of a
         qualified  liquidation  for  REMIC I and  REMIC II, as the case may be,
         under Section 860F of the Code and regulations thereunder;

                  (ii) The  Master  Servicer  shall  notify  the  Trustee at the
         commencement of such 90-day  liquidation period and, at or prior to the
         time of making of the final  payment on the  Certificates,  the Trustee
         shall sell or otherwise  dispose of all of the remaining  assets of the
         Trust Fund in accordance with the terms hereof; and

                  (iii) If the Master  Servicer or the Company is exercising its
         right to  purchase  the assets of the Trust Fund,  the Master  Servicer
         shall,  during  the  90-day  liquidation  period and at or prior to the
         Final Distribution  Date,  purchase all of the assets of the Trust Fund
         for cash;


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         provided, however, that in the event that a calendar quarter ends after
         the  commencement  of the  90-day  liquidation  period but prior to the
         Final  Distribution  Date, the Master Servicer or the Company shall not
         purchase any of the assets of the Trust Fund prior to the close of that
         calendar quarter.

         (b) Each Holder of a  Certificate  and the Trustee  hereby  irrevocably
approves  and appoints the Master  Servicer as its  attorney-in-fact  to adopt a
plan of  complete  liquidation  for REMIC I and REMIC II at the  expense  of the
Trust Fund in accordance with the terms and conditions of this Agreement.


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<PAGE>



                                                     ARTICLE X

                                                 REMIC PROVISIONS

         Section 10.01.             REMIC Administration.

                  (a) The REMIC  Administrator  shall make an  election to treat
each of REMIC I and REMIC II as a REMIC under the Code and, if necessary,  under
applicable  state  law.  Each such  election  will be made on Form 1066 or other
appropriate  federal  tax or  information  return  (including  Form 8811) or any
appropriate  state  return for the  taxable  year  ending on the last day of the
calendar  year in which the  Certificates  are issued.  For the  purposes of the
REMIC I election  in respect of the Trust Fund,  Uncertificated  REMIC I Regular
Interests  shall be  designated  as the  "regular  interests"  and the Class R-I
Certificates  shall be  designated  as the sole class of "residual  interest" in
REMIC I. For the purposes of the REMIC II election in respect of the Trust Fund,
each of the Class A (other than the  Variable  Strip  Certificates  and Interest
Only Strip  Certificates),  Class A-P, Class M and Class B Certificates  and the
Uncertificated  REMIC II Regular  Interests  shall be designated as the "regular
interests" and the Class R-II Certificates shall be designated as the sole class
of "residual  interests"  in REMIC II. The REMIC  Administrator  and the Trustee
shall not permit the creation of any "interests"  (within the meaning of Section
860G of the Code) in REMIC I or REMIC II other than the  Uncertificated  REMIC I
Regular  Interests and the Class R-I Certificates and the REMIC II Certificates,
the  Uncertificated  REMIC II Regular Interests and the Class R-II Certificates,
respectively.

                  (b) The Closing Date is hereby designated as the "startup day"
of the Trust Fund within the meaning of Section 860G(a)(9) of the Code.

                  (c) The REMIC  Administrator  shall hold a Class R Certificate
representing a 0.01% Percentage Interest of all Class R-I Certificates and Class
R-II  Certificates  and shall be  designated  as "the tax matters  person"  with
respect  to  REMIC  I and  REMIC  II  in  the  manner  provided  under  Treasury
regulations  section  1.860F-4(d)  and temporary  Treasury  regulations  section
301.6231(a)(7)-1T.  Residential Funding, as tax matters person, shall (i) act on
behalf  of REMIC I and REMIC II in  relation  to any tax  matter or  controversy
involving the Trust Fund and (ii) represent the Trust Fund in any administrative
or judicial  proceeding  relating to an examination or audit by any governmental
taxing authority with respect  thereto.  The legal expenses,  including  without
limitation attorneys' or accountants' fees, and costs of any such proceeding and
any liability  resulting  therefrom  shall be expenses of the Trust Fund and the
REMIC Administrator  shall be entitled to reimbursement  therefor out of amounts
attributable  to the  Mortgage  Loans on  deposit  in the  Custodial  Account as
provided by Section 3.10 unless such


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<PAGE>



legal  expenses  and costs are  incurred by reason of the REMIC  Administrator's
willful misfeasance,  bad faith or gross negligence.  If the REMIC Administrator
is  no  longer  the  Master  Servicer   hereunder,   at  its  option  the  REMIC
Administrator  may continue its duties as REMIC  Administrator and shall be paid
reasonable  compensation  not to exceed $3,000 per year by any successor  Master
Servicer hereunder for so acting as the REMIC Administrator.

                  (d) The  REMIC  Administrator  shall  prepare  or  cause to be
prepared all of the Tax Returns that it determines  are required with respect to
either REMIC I or REMIC II created  hereunder  and deliver such Tax Returns in a
timely  manner  to the  Trustee  and the  Trustee  shall  sign and file such Tax
Returns in a timely  manner.  The  expenses of preparing  such returns  shall be
borne by the REMIC  Administrator  without any right of reimbursement  therefor.
The REMIC  Administrator  agrees to indemnify and hold harmless the Trustee with
respect  to any tax or  liability  arising  from the  Trustee's  signing  of Tax
Returns that contain errors or omissions.  The Trustee and Master Servicer shall
promptly  provide the REMIC  Administrator  with such  information  as the REMIC
Administrator  may from time to time  request for the  purpose of  enabling  the
REMIC Administrator to prepare Tax Returns.

                  (e)  The  REMIC   Administrator   shall  provide  (i)  to  any
Transferor of a Class R  Certificate  such  information  as is necessary for the
application  of any tax relating to the transfer of a Class R Certificate to any
Person who is not a  Permitted  Transferee,  (ii) to the Trustee and the Trustee
shall  forward  to the  Certificateholders  such  information  or reports as are
required  by the Code or the REMIC  Provisions  including  reports  relating  to
interest,  original  issue  discount and market  discount or premium  (using the
Prepayment  Assumption)  and (iii) to the  Internal  Revenue  Service  the name,
title,  address  and  telephone  number  of the  person  who  will  serve as the
representative of each of REMIC I and REMIC II.

                  (f) The Master Servicer and the REMIC Administrator shall take
such  actions and shall cause each of REMIC I and REMIC II created  hereunder to
take such actions as are  reasonably  within the Master  Servicer's or the REMIC
Administrator's  control and the scope of its duties more specifically set forth
herein as shall be necessary  or  desirable  to maintain  the status  thereof as
REMICs  under the REMIC  Provisions  (and the  Trustee  shall  assist the Master
Servicer and the REMIC Administrator,  to the extent reasonably requested by the
Master Servicer and the REMIC  Administrator  to do so). The Master Servicer and
the REMIC  Administrator  shall not knowingly or intentionally  take any action,
cause  each of REMIC I and REMIC II to take any  action or fail to take (or fail
to cause to be taken) any action  reasonably  within their  respective  control,
that,  under the REMIC  Provisions,  if taken or not taken,  as the case may be,
could (i)


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<PAGE>



endanger  the status of either  REMIC I or REMIC II as a REMIC or (ii) result in
the  imposition  of a tax upon  each of REMIC I or REMIC II  (including  but not
limited to the tax on prohibited  transactions as defined in Section  860F(a)(2)
of the Code and the tax on contributions to a REMIC set forth in Section 860G(d)
of the Code) (either such event,  in the absence of an Opinion of Counsel or the
indemnification  referred to in this sentence,  an "Adverse REMIC Event") unless
the Master Servicer or the REMIC Administrator,  as applicable,  has received an
Opinion of Counsel (at the expense of the party  seeking to take such action or,
if such party fails to pay such  expense,  and the Master  Servicer or the REMIC
Administrator, as applicable,  determines that taking such action is in the best
interest  of the Trust Fund and the  Certificateholders,  at the  expense of the
Trust  Fund,  but in no event at the expense of the Master  Servicer,  the REMIC
Administrator  or the Trustee) to the effect that the  contemplated  action will
not,  with respect to each of REMIC I and REMIC II created  hereunder,  endanger
such status or, unless the Master Servicer,  the REMIC Administrator or both, as
applicable,  determine in its or their sole  discretion  to indemnify  the Trust
Fund against the  imposition of such a tax,  result in the  imposition of such a
tax.  Wherever in this Agreement a contemplated  action may not be taken because
the timing of such action might result in the  imposition  of a tax on the Trust
Fund,  or may only be taken  pursuant to an Opinion of Counsel  that such action
would not impose a tax on the Trust Fund,  such action may  nonetheless be taken
provided that the indemnity given in the preceding  sentence with respect to any
taxes  that might be imposed on the Trust Fund has been given and that all other
preconditions  to the taking of such  action  have been  satisfied.  The Trustee
shall not take or fail to take any action (whether or not authorized  hereunder)
as to which the Master Servicer or the REMIC Administrator,  as applicable,  has
advised it in writing  that it has  received an Opinion of Counsel to the effect
that an Adverse  REMIC  Event  could  occur  with  respect  to such  action.  In
addition,  prior to taking  any  action  with  respect to REMIC I or REMIC II or
their assets,  or causing REMIC I and REMIC II to take any action,  which is not
expressly permitted under the terms of this Agreement,  the Trustee will consult
with the Master  Servicer  or the REMIC  Administrator,  as  applicable,  or its
designee, in writing, with respect to whether such action could cause an Adverse
REMIC Event to occur with respect to REMIC I or REMIC II, and the Trustee  shall
not take any such action or cause REMIC I or REMIC II to take any such action as
to which the Master  Servicer or the REMIC  Administrator,  as  applicable,  has
advised it in writing  that an  Adverse  REMIC  Event  could  occur.  The Master
Servicer or the REMIC Administrator,  as applicable, may consult with counsel to
make  such  written  advice,  and the cost of same  shall be borne by the  party
seeking to take the action not expressly permitted by this Agreement,  but in no
event at the expense of the Master Servicer or the REMIC  Administrator.  At all
times as may be required  by the Code,  the Master  Servicer  will to the extent
within its control and the scope of its duties


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<PAGE>



more specifically set forth herein,  maintain substantially all of the assets of
REMIC I and REMIC II as "qualified  mortgages" as defined in Section  860G(a)(3)
of the Code and "permitted  investments" as defined in Section 860G(a)(5) of the
Code.

                  (g) In the  event  that  any  tax is  imposed  on  "prohibited
transactions"  of REMIC I and REMIC II created  hereunder  as defined in Section
860F(a)(2) of the Code, on "net income from foreclosure  property" of REMIC I or
REMIC II as defined in Section  860G(c)  of the Code,  on any  contributions  to
REMIC I or REMIC II after the Startup Day therefor  pursuant to Section  860G(d)
of the  Code,  or any  other  tax is  imposed  by  the  Code  or any  applicable
provisions  of state or local tax laws,  such tax  shall be  charged  (i) to the
Master  Servicer,  if such tax  arises  out of or  results  from a breach by the
Master  Servicer of any of its  obligations  under this  Agreement or the Master
Servicer  has in its sole  discretion  determined  to  indemnify  the Trust Fund
against such tax, (ii) to the Trustee, if such tax arises out of or results from
a breach by the Trustee of any of its obligations under this Article X, or (iii)
otherwise  against  amounts on deposit in the  Custodial  Account as provided by
Section 3.10 and on the Distribution  Date(s)  following such  reimbursement the
aggregate  of  such  taxes  shall  be  allocated  in  reduction  of the  Accrued
Certificate  Interest  on each Class  entitled  thereto in the same manner as if
such taxes constituted a Prepayment Interest Shortfall.

                  (h) The Trustee  and the Master  Servicer  shall,  for federal
income tax  purposes,  maintain  books and records  with  respect to REMIC I and
REMIC II on a  calendar  year and on an  accrual  basis or as  otherwise  may be
required by the REMIC Provisions.

                  (i) Following the Startup Day, neither the Master Servicer nor
the Trustee  shall  accept any  contributions  of assets to REMIC I and REMIC II
unless  (subject to 10.01(f))  the Master  Servicer  and the Trustee  shall have
received an Opinion of Counsel (at the expense of the party seeking to make such
contribution)  to the effect  that the  inclusion  of such assets in REMIC I and
REMIC II will not cause REMIC I and REMIC II to fail to qualify as REMICs at any
time that any  Certificates  are  outstanding or subject REMIC I and REMIC II to
any tax under the REMIC  Provisions or other  applicable  provisions of federal,
state and local law or ordinances.

                  (j) Neither the Master Servicer nor the Trustee shall (subject
to Section  10.01(f))  enter into any  arrangement by which REMIC I and REMIC II
will receive a fee or other  compensation  for  services nor permit  either such
REMIC to receive any income  from assets  other than  "qualified  mortgages"  as
defined in Section 860G(a)(3) of the Code or "permitted  investments" as defined
in Section 860G(a)(5) of the Code.



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                  (k) Solely for the purposes of Section  1.860G-1(a)(4)(iii) of
the  Treasury  Regulations,  the "latest  possible  maturity  date" by which the
Excess Spread,  the Certificate  Principal Balance of each Class of Certificates
(other  than  the  Variable   Strip   Certificates   and  Interest   Only  Strip
Certificates) representing a regular interest in REMIC II and the Uncertificated
Principal Balance of each Uncertificated REMIC I Regular Interest and the rights
to each  Uncertificated  REMIC II Regular  Interest  would be reduced to zero is
August 25, 2026, which is the Distribution Date immediately following the latest
scheduled maturity of any Mortgage Loan.

                  (l)  Within  30  days  after  the  Closing  Date,   the  REMIC
Administrator  shall  prepare and file with the  Internal  Revenue  Service Form
8811,  "Information  Return for Real Estate Mortgage Investment Conduits (REMIC)
and Issuers of Collateralized Debt
Obligations" for REMIC I and REMIC II.

                  (m) Neither the  Trustee nor the Master  Servicer  shall sell,
dispose of or  substitute  for any of the Mortgage  Loans  (except in connection
with (i) the  default,  imminent  default or  foreclosure  of a  Mortgage  Loan,
including but not limited to, the  acquisition  or sale of a Mortgaged  Property
acquired  by deed in lieu of  foreclosure,  (ii) the  bankruptcy  of REMIC I and
REMIC II, (iii) the  termination  of REMIC I and REMIC II pursuant to Article IX
of this Agreement or (iv) a purchase of Mortgage Loans pursuant to Article II or
III of this Agreement) nor acquire any assets for REMIC I and REMIC II, nor sell
or dispose  of any  investments  in the  Custodial  Account  or the  Certificate
Account for gain nor accept any  contributions to REMIC I and REMIC II after the
Closing  Date  unless it has  received  an Opinion  of  Counsel  that such sale,
disposition,  substitution  or  acquisition  will not (a) affect  adversely  the
status of REMIC I and REMIC II as REMICs or (b) unless the Master  Servicer  has
determined in its sole  discretion to indemnify the Trust Fund against such tax,
cause REMIC I and REMIC II to be subject to a tax on  "prohibited  transactions"
or "contributions" pursuant to the REMIC Provisions.

         Section 10.02.  Master Servicer, REMIC Administrator and
Trustee Indemnification.

                  (a) The  Trustee  agrees  to  indemnify  the Trust  Fund,  the
Company, the REMIC Administrator and the Master Servicer for any taxes and costs
including,  without  limitation,  any  reasonable  attorneys  fees imposed on or
incurred by the Trust Fund, the Company or the Master Servicer, as a result of a
breach of the Trustee's covenants set forth in Article VIII or this Article X.

                  (b) The  REMIC  Administrator  agrees to  indemnify  the Trust
Fund, the Company,  the Master  Servicer and the Trustee for any taxes and costs
(including,  without limitation,  any reasonable  attorneys' fees) imposed on or
incurred by the Trust


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<PAGE>



Fund, the Company,  the Master Servicer or the Trustee,  as a result of a breach
of the REMIC  Administrator's  covenants  set  forth in this  Article X and with
respect to compliance with the REMIC Provisions,  including without  limitation,
any penalties  arising from the Trustee's  execution of Tax Returns  prepared by
the REMIC  Administrator  that contain errors or omissions;  provided,  however,
that such liability will not be imposed to the extent such breach is a result of
an error or omission in information  provided to the REMIC  Administrator by the
Master Servicer in which case Section 10.02(c) will apply.

                  (c) The Master  Servicer  agrees to indemnify  the Trust Fund,
the  Company,  the REMIC  Administrator  and the Trustee for any taxes and costs
(including,  without limitation,  any reasonable  attorneys' fees) imposed on or
incurred by the Trust Fund, the Company, the REMIC Administrator or the Trustee,
as a result of a breach of the  Master  Servicer's  covenants  set forth in this
Article  X or  in  Article  III  with  respect  to  compliance  with  the  REMIC
Provisions,  including  without  limitation,  any  penalties  arising  from  the
Trustee's  execution of Tax Returns prepared by the Master Servicer that contain
errors or omissions.


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<PAGE>



                                                    ARTICLE XI

                                             MISCELLANEOUS PROVISIONS

         Section 11.01.             Amendment.

         (a)      This Agreement or any Custodial Agreement may be
amended from time to time by the Company, the Master Servicer and
the Trustee, without the consent of any of the
Certificateholders:

                  (i)               to cure any ambiguity,

                  (ii)              to correct or supplement any provisions
         herein or therein, which may be inconsistent with any other
         provisions herein or therein or to correct any error,

                  (iii) to modify,  eliminate or add to any of its provisions to
         such  extent  as  shall be  necessary  or  desirable  to  maintain  the
         qualification  of the  Trust  Fund as a REMIC  at all  times  that  any
         Certificate  is  outstanding  or to avoid or  minimize  the risk of the
         imposition of any tax on the Trust Fund pursuant to the Code that would
         be a claim  against  the Trust  Fund,  provided  that the  Trustee  has
         received  an Opinion of Counsel to the effect  that (A) such  action is
         necessary or desirable to maintain  such  qualification  or to avoid or
         minimize the risk of the imposition of any such tax and (B) such action
         will not adversely  affect in any material respect the interests of any
         Certificateholder,

                  (iv) to change the timing  and/or  nature of deposits into the
         Custodial  Account or the Certificate  Account or to change the name in
         which  the  Custodial  Account  is  maintained,  provided  that (A) the
         Certificate  Account  Deposit  Date shall in no event be later than the
         related  Distribution  Date, (B) such change shall not, as evidenced by
         an Opinion of Counsel,  adversely  affect in any  material  respect the
         interests of any Certificateholder and (C) such change shall not result
         in a  reduction  of the rating  assigned  to any Class of  Certificates
         below the lower of the  then-current  rating or the rating  assigned to
         such Certificates as of the Closing Date, as evidenced by a letter from
         each Rating Agency to such effect,

                  (v) to modify,  eliminate or add to the  provisions of Section
         5.02(f) or any other provision hereof restricting transfer of the Class
         R-I Certificates and Class R-II Certificates,  by virtue of their being
         the  "residual  interests"  in  REMIC  I and  REMIC  II,  respectively,
         provided  that (A) such  change  shall not result in  reduction  of the
         rating  assigned to any such Class of  Certificates  below the lower of
         the then-current rating or the rating assigned to


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         such Certificates as of the Closing Date, as evidenced by a letter from
         each  Rating  Agency  to such  effect,  and (B) such  change  shall not
         (subject to Section  10.01(f)),  as  evidenced by an Opinion of Counsel
         (at the  expense of the party  seeking so to modify,  eliminate  or add
         such  provisions),  cause  either  REMIC  I or  REMIC  II or any of the
         Certificateholders  (other  than the  transferor)  to be  subject  to a
         federal  tax caused by a transfer  to a Person  that is not a Permitted
         Transferee, or

                  (vi)     to provide for all or any portion of the Excess
         Spread or the Interest Only Strip to be certificated and
         designated as a Class A Certificate, or

                  (vii) to make any other  provisions with respect to matters or
         questions  arising  under this  Agreement or such  Custodial  Agreement
         which shall not be materially  inconsistent with the provisions of this
         Agreement,  provided  that such action  shall not, as  evidenced  by an
         Opinion  of  Counsel,  adversely  affect in any  material  respect  the
         interests of any Certificateholder.

         (b) This Agreement or any Custodial  Agreement may also be amended from
time to time by the  Company,  the  Master  Servicer  and the  Trustee  with the
consent of the Holders of Certificates evidencing in the aggregate not less than
66% of the Percentage  Interests of each Class of Certificates  affected thereby
and the Owner of the Excess  Spread and the  Interest  Only  Strip,  if affected
thereby,  for the purpose of adding any  provisions to or changing in any manner
or  eliminating  any of the  provisions  of this  Agreement  or  such  Custodial
Agreement  or  of  modifying  in  any  manner  the  rights  of  the  Holders  of
Certificates  of such Class or of the Excess  Spread or the Interest Only Strip;
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,
         the Excess Spread or the Interest Only Strip without the consent of the
         Holder  of such  Certificate,  the  Owner of the  Excess  Spread or the
         Interest Only Strip,

                  (ii) reduce the aforesaid  percentage of  Certificates  of any
         Class  the  Holders  of  which  are  required  to  consent  to any such
         amendment,  in any such case  without the consent of the Holders of all
         Certificates of such Class then outstanding.

         (c)  Notwithstanding  any  contrary  provision of this  Agreement,  the
Trustee  shall not consent to any  amendment to this  Agreement  unless it shall
have first  received an Opinion of Counsel  (subject to Section  10.01(f) and at
the  expense  of the party  seeking  such  amendment)  to the  effect  that such
amendment or the exercise of any power granted to the Master Servicer, the


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Company or the Trustee in accordance  with such amendment will not result in the
imposition  of a federal tax on the Trust Fund or cause  either REMIC I or REMIC
II to  fail  to  qualify  as a  REMIC  at  any  time  that  any  Certificate  is
outstanding.

         (d)  Promptly  after the  execution of any such  amendment  the Trustee
shall furnish  written  notification  of the substance of such amendment to each
Certificateholder  and the Owner of the  Excess  Spread  and the  Interest  Only
Strip.  It shall not be necessary  for the consent of  Certificateholders  under
this Section 11.01 to approve the particular form of any proposed amendment, but
it shall be sufficient if such consent shall approve the substance thereof.  The
manner of obtaining  such consents and of evidencing  the  authorization  of the
execution  thereof by  Certificateholders  shall be  subject to such  reasonable
regulations as the Trustee may prescribe.

         (e) The  Company  shall have the  option,  in its sole  discretion,  to
obtain and deliver to the Trustee any corporate  guaranty,  payment  obligation,
irrevocable  letter  of  credit,   surety  bond,  insurance  policy  or  similar
instrument or a reserve  fund,  or any  combination  of the  foregoing,  for the
purpose of protecting the Holders of the Class B Certificates against any or all
Realized Losses or other  shortfalls.  Any such instrument or fund shall be held
by the Trustee for the benefit of the Class B Certificateholders,  but shall not
be and shall not be deemed to be under any  circumstances  included in the Trust
Fund. To the extent that any such instrument or fund  constitutes a reserve fund
for federal income tax purposes, (i) any reserve fund so established shall be an
outside  reserve fund and not an asset of the Trust Fund,  (ii) any such reserve
fund shall be owned by the Company,  and (iii) amounts  transferred by the Trust
Fund to any such  reserve  fund shall be treated as amounts  distributed  by the
Trust Fund to the Company or any  successor,  all within the meaning of Treasury
Regulations  Section  1.860G-2(h)  as  it  reads  as of  the  Cut-off  Date.  In
connection with the provision of any such instrument or fund, this Agreement and
any provision hereof may be modified,  added to, deleted or otherwise amended in
any manner  that is  related or  incidental  to such  instrument  or fund or the
establishment or  administration  thereof,  such amendment to be made by written
instrument  executed or  consented  to by the Company but without the consent of
any  Certificateholder  and without  the  consent of the Master  Servicer or the
Trustee being  required  unless any such  amendment  would impose any additional
obligation  on, or  otherwise  adversely  affect  the  interests  of the Class A
Certificateholders,    the   Class   A-P   Certificateholders,   the   Class   R
Certificateholders,  the Class M Certificateholders,  the Master Servicer or the
Trustee,  as applicable;  provided that the Company obtains  (subject to Section
10.01(f))  an Opinion of Counsel  (which  need not be an opinion of  Independent
counsel)  to the effect that any such  amendment  will not cause (a) any federal
tax to be imposed on the Trust Fund,  including without limitation,  any federal
tax imposed on "prohibited transactions"


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<PAGE>



under  Section  860F(a)(1)  of the Code or on  "contributions  after the startup
date" under Section 860G(d)(1) of the Code and (b) either REMIC I or REMIC II to
fail to qualify as a REMIC at any time that any Certificate is  outstanding.  In
the event that the  Company  elects to provide  such  coverage  in the form of a
limited guaranty provided by General Motors Acceptance Corporation,  the Company
may  elect  that  the  text  of  such  amendment  to  this  Agreement  shall  be
substantially  in  the  form  attached  hereto  as  Exhibit  M  (in  which  case
Residential  Funding's  Subordinate  Certificate Loss Obligation as described in
such exhibit  shall be  established  by  Residential  Funding's  consent to such
amendment) and that the limited  guaranty shall be executed in the form attached
hereto  as  Exhibit  N,  with  such  changes  as the  Company  shall  deem to be
appropriate;  it being understood that the Trustee has reviewed and approved the
content of such forms and that the  Trustee's  consent  or  approval  to the use
thereof is not required.

         Section 11.02.             Recordation of Agreement; Counterparts.

         (a) To the extent  permitted  by  applicable  law,  this  Agreement  is
subject to  recordation  in all  appropriate  public  offices for real  property
records in all the counties or other  comparable  jurisdictions  in which any or
all of the  properties  subject to the Mortgages are situated,  and in any other
appropriate  public  recording  office  or  elsewhere,  such  recordation  to be
effected by the Master  Servicer  and at its expense on direction by the Trustee
(pursuant to the request of Holders of Certificates  entitled to at least 25% of
the Voting Rights), but only upon direction accompanied by an Opinion of Counsel
to the effect that such  recordation  materially  and  beneficially  affects the
interests of the Certificateholders.

         (b) For the purpose of  facilitating  the recordation of this Agreement
as herein  provided  and for other  purposes,  this  Agreement  may be  executed
simultaneously in any number of 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


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obligations  of the parties  hereto,  nor shall  anything  herein set forth,  or
contained in the terms of the Certificates, be construed so as to constitute the
Certificateholders  or the Owner of the Excess  Spread and  Interest  Only Strip
from  time to time as  partners  or  members  of an  association;  nor shall any
Certificateholder  or the Owner of the Excess  Spread and Interest Only Strip be
under any  liability  to any third  person by reason of any action  taken by the
parties to this Agreement pursuant to any provision hereof.

         (c) Neither the Owner of the Excess  Spread and Interest Only Strip nor
any  Certificateholder  shall have any right by virtue of any  provision of this
Agreement to institute  any suit,  action or proceeding in equity or at law upon
or under or with respect to this Agreement,  unless such Holder previously shall
have given to the  Trustee a written  notice of default  and of the  continuance
thereof, as hereinbefore  provided,  and unless also the Holders of Certificates
of any  Class  evidencing  in the  aggregate  not less  than 25% of the  related
Percentage  Interests of such Class,  shall have made  written  request upon the
Trustee to institute such action,  suit or proceeding in its own name as Trustee
hereunder and shall have offered to the Trustee such reasonable  indemnity as it
may require against the costs,  expenses and liabilities to be incurred  therein
or  thereby,  and the  Trustee,  for 60 days after its  receipt of such  notice,
request and offer of indemnity, shall have neglected or refused to institute any
such action,  suit or proceeding  it being  understood  and intended,  and being
expressly  covenanted  by each  Certificateholder  and the  Owner of the  Excess
Spread  and  Interest  Only Strip 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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<PAGE>



         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:  Ms. Becker 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, Corporate Trust Services Division, Four
Albany Street, New York, New York 10006, Attention:  Residential Accredit Loans,
Inc.  Series 1996-QS4 or such other address as may hereafter be furnished to the
Company and the Master  Servicer in writing by the  Trustee,  (d) in the case of
Fitch,  One State Street Plaza,  New York, New York 10004, or such other address
as may hereafter be furnished to the Company, Trustee and the Master Servicer in
writing by Fitch and (e) in the case of  Standard  & Poor's,  25  Broadway,  New
York, New York 10004 or such other address as may be hereafter  furnished to the
Company,  Trustee and Master Servicer by Standard & Poor's.  Any notice required
or permitted to be mailed to a  Certificateholder  shall be given by first class
mail, postage prepaid, at the address of such holder as shown in the Certificate
Register.  Any notice so mailed  within the time  prescribed  in this  Agreement
shall be  conclusively  presumed  to have been duly  given,  whether  or not the
Certificateholder receives such notice.

         Section 11.06.             Notices to Rating Agency.

         The Company,  the Master Servicer or the Trustee, as applicable,  shall
notify each Rating  Agency and the  Subservicer  at such time as it is otherwise
required  pursuant to this Agreement to give notice of the occurrence of, any of
the events described in clause (a), (b), (c), (d), (g), (h), (i) or (j) below or
provide a copy to each Rating  Agency at such time as  otherwise  required to be
delivered  pursuant to this  Agreement  of any of the  statements  described  in
clauses (e) and (f) below:

                  (a)      a material change or amendment to this Agreement,

                  (b)      the occurrence of an Event of Default,

                  (c)      the termination or appointment of a successor
         Master Servicer or Trustee or a change in the majority
         ownership of the Trustee,



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<PAGE>



                  (d) the  filing  of any  claim  under  the  Master  Servicer's
         blanket  fidelity  bond and the errors and omissions  insurance  policy
         required  by  Section  3.12  or the  cancellation  or  modification  of
         coverage under any such instrument,

                  (e)      the statement required to be delivered to the
         Holders of each Class of Certificates and the Owner of the
         Excess Spread and the Interest Only Strip pursuant to
         Section 4.03,

                  (f)      the statements required to be delivered pursuant
         to Sections 3.18 and 3.19,

                  (g)      a change in the location of the Custodial Account
         or the Certificate Account,

                  (h) the  occurrence of any monthly cash flow  shortfall to the
         Holders of any Class of  Certificates or the Owner of the Excess Spread
         and the Interest  Only Strip  resulting  from the failure by the Master
         Servicer to make an Advance pursuant to Section 4.04,

                  (i)      the occurrence of the Final Distribution Date, and

                  (j)      the repurchase of or substitution for any Mortgage
         Loan.

provided,  however,  that with respect to notice of the occurrence of the events
described in clauses (d), (g) or (h) above,  the Master  Servicer  shall provide
prompt  written  notice to each Rating  Agency and the  Subservicer  of any such
event known to the Master Servicer.

         Section 11.07.             Severability of Provisions.

         If any one or more of the covenants, agreements, provisions or terms of
this  Agreement  shall be for any  reason  whatsoever  held  invalid,  then such
covenants,  agreements,  provisions or terms shall be deemed  severable from the
remaining covenants, agreements, provisions or terms of this Agreement and shall
in no way affect the validity or  enforceability of the other provisions of this
Agreement or of the Certificates or the rights of the Holders thereof.

         Section 11.08.             Supplemental Provisions for
 Resecuritization.

         This  Agreement  may be  supplemented  by  means of the  addition  of a
separate  Article  hereto  (a   "Supplemental   Article")  for  the  purpose  of
resecuritizing  any of the Certificates  issued  hereunder,  under the following
circumstances.  With  respect  to any Class or Classes  of  Certificates  issued
hereunder,  or any portion of any such Class,  as to which the Company or any of
its


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<PAGE>



Affiliates   (or  any   designee   thereof)  is  the   registered   Holder  (the
"Resecuritized  Certificates"),  the  Company  may  deposit  such  Resecuritized
Certificates  into a new  REMIC,  grantor  trust  or  custodial  arrangement  (a
"Restructuring  Vehicle") to be held by the Trustee  pursuant to a  Supplemental
Article.  The instrument adopting such Supplemental Article shall be executed by
the Company,  the Master  Servicer and the Trustee;  provided,  that neither the
Master  Servicer nor the Trustee shall withhold  their consent  thereto if their
respective  interests would not be materially adversely affected thereby. To the
extent that the terms of the  Supplemental  Article do not in any way affect any
provisions  of this  Agreement as to any of the  Certificates  initially  issued
hereunder,  the adoption of the  Supplemental  Article  shall not  constitute an
"amendment" of this Agreement.

         Each  Supplemental  Article  shall set forth all  necessary  provisions
relating to the holding of the  Resecuritized  Certificates by the Trustee,  the
establishment of the  Restructuring  Vehicle,  the issuing of various classes of
new certificates by the  Restructuring  Vehicle and the distributions to be made
thereon,  and any  other  provisions  necessary  for the  purposes  thereof.  In
connection  with each  Supplemental  Article,  the Company  shall deliver to the
Trustee an Opinion of Counsel to the effect that (i) the  Restructuring  Vehicle
will qualify as a REMIC,  grantor  trust or other entity not subject to taxation
for  federal  income tax  purposes  and (ii) the  adoption  of the  Supplemental
Article will not endanger the status of the Trust Fund as a REMIC or (subject to
Section  10.01(f))  result  in the  imposition  of a tax  upon  the  Trust  Fund
(including but not limited to the tax on prohibited  transactions  as defined in
Section  860F(a)(2) of the Code and the tax on  contributions  to a REMIC as set
forth in Section 860G(d) of the Code.



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<PAGE>



         IN WITNESS  WHEREOF,  the Company,  the Master Servicer and the Trustee
have  caused  their  names to be  signed  hereto  by their  respective  officers
thereunto  duly  authorized and their  respective  seals,  duly attested,  to be
hereunto affixed, all as of the day and year first above written.

                        RESIDENTIAL ACCREDIT LOANS, INC.

[Seal]
                                                     By:  /s/Randy Van Zee
                                                           Name:   Randy Van Zee
                              Title: Vice President

Attest: /s/Diane S. Wold
             Name:   Diane S. Wold
             Title:  Vice President


                         RESIDENTIAL FUNDING CORPORATION

[Seal]
                                                     By:     /s/Diane S. Wold
                                                           Name:   Diane S. Wold
                                                           Title:  Director


Attest:  /s/Randy Van Zee
             Name:   Randy Van Zee
             Title:  Director


                                                     BANKERS TRUST COMPANY,
                                                     as Trustee

[Seal]
                                                     By: /s/Katherine M. Keller
                            Name: Katherine M. Keller
                           Title: Assistant Secretary

Attest:   /s/Erin Deegan
             Name:  Erin Deegan
             Title: Assistant Vice President


NY1-159595.5

<PAGE>



STATE OF MINNESOTA                    )
                                      ) ss.:
COUNTY OF HENNEPIN                    )


                  On the 29th day of August,  1996 before me, a notary public in
and for said State,  personally appeared Randy Van Zee, known to me to be a Vice
President of Residential  Accredit  Loans,  Inc., one of the  corporations  that
executed  the  within  instrument,  and also  known to me to be the  person  who
executed  it on behalf of said  corporation,  and  acknowledged  to me that such
corporation executed the within instrument.

                  IN WITNESS WHEREOF, I have hereunto set my hand and affixed my
official seal the day and year in this certificate first above written.


                                                                   Notary Public

[Notarial Seal]




NY1-159595.5

<PAGE>



STATE OF MINNESOTA                    )
                                      ) ss.:
COUNTY OF HENNEPIN                    )


                  On the 29th day of August,  1996 before me, a notary public in
and for said  State,  personally  appeared  Diane S.  Wold,  known to me to be a
Director  of  Residential  Funding  Corporation,  one of the  corporations  that
executed  the  within  instrument,  and also  known to me to be the  person  who
executed  it on behalf of said  corporation,  and  acknowledged  to me that such
corporation executed the within instrument.

                  IN WITNESS WHEREOF, I have hereunto set my hand and affixed my
official seal the day and year in this certificate first above written.


                                                                   Notary Public

[Notarial Seal]


NY1-159595.5

<PAGE>



STATE OF                            )
                                      ) ss.:
COUNTY OF                             )


                  On the 29th day of August,  1996 before me, a notary public in
and for said State,  personally appeared  ________________,  known to me to be a
______________ of Bankers Trust Company,  the New York 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]


NY1-159595.5

<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.

                  [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 AUGUST  29, 
1996.
ASSUMING THAT THE MORTGAGE LOANS PREPAY AT 100% OF THE PREPAYMENT
ASSUMPTION (AS
DESCRIBED IN THE PROSPECTUS  SUPPLEMENT),  [AND ASSUMING A CONSTANT
PASS-THROUGH
RATE EQUAL TO THE INITIAL  PASS-THROUGH  RATE,] THIS CERTIFICATE HAS
BEEN ISSUED
WITH NO MORE THAN $_____ OF OID PER [$1,000] [$100,000] OF [INITIAL 
CERTIFICATE
PRINCIPAL  BALANCE]  [NOTIONAL  AMOUNT],  THE YIELD TO  MATURITY IS ___%
AND THE
AMOUNT  OF OID  ATTRIBUTABLE  TO THE  INITIAL  ACCRUAL  PERIOD  IS NO
MORE  THAN
$_______ PER [$1,000]  [$100,000]  OF [INITIAL  CERTIFICATE  PRINCIPAL  BALANCE]
[NOTIONAL AMOUNT],  COMPUTED USING THE APPROXIMATE  METHOD. NO
REPRESENTATION IS
MADE  THAT THE  MORTGAGE  LOANS  WILL  PREPAY  AT A RATE  BASED ON THE 
STANDARD
PREPAYMENT  ASSUMPTION  OR AT  ANY  OTHER  RATE  OR AS TO THE 
CONSTANCY  OF THE
PASS-THROUGH RATE.]


NY1-159595.5

<PAGE>



Certificate No. ____                        [____%][Variable] Pass-Through
                                            Rate [based on a Notional Amount]

Class A-__ Senior
Date of Pooling and Servicing
Agreement and Cut-off Date:                [Percentage Interest: ___%]
August 1, 1996
                                           Aggregate Initial [Certificate
                                           Principal Balance] [Notional
                                           Amount] of the Class
                                           A-__ Certificates:

First Distribution Date:
September 25, 1996


Master Servicer:                    [Initial] [Certificate Principal
Residential Funding                 Balance] [Notional Amount] of this
Corporation                         Certificate: $_____________]

Assumed Final
Distribution Date:                  CUSIP 76110F-_____
[August 25, 2026]
[August 25, 2011]


                 MORTGAGE ASSET-BACKED PASS-THROUGH CERTIFICATE
                                 SERIES 1996-QS4

         evidencing a percentage interest in the distributions  allocable to the
         Class  A-__  Certificates  with  respect  to a  Trust  Fund  consisting
         primarily of a pool of conventional  one- to four-family fixed interest
         rate  first  mortgage  loans  formed and sold by  RESIDENTIAL  ACCREDIT
         LOANS, INC.

                  This  Certificate  is  payable  solely  from the assets of the
Trust Fund,  and does not represent an obligation of or interest in  Residential
Accredit Loans, Inc., the Master Servicer, the Trustee referred to below or GMAC
Mortgage  Corporation or any of their  affiliates.  Neither this Certificate nor
the  underlying  Mortgage  Loans are  guaranteed or insured by any  governmental
agency or  instrumentality  or by Residential  Accredit Loans,  Inc., the Master
Servicer,  the Trustee or GMAC Mortgage  Corporation or any of their affiliates.
None of the Company,  the Master Servicer,  GMAC Mortgage  Corporation or any of
their  affiliates  will have any obligation  with respect to any  certificate or
other obligation secured by or payable from payments on the Certificates.

                  This  certifies  that   _____________________________  is  the
registered  owner  of the  Percentage  Interest  evidenced  by this  Certificate
[(obtained  by  dividing  the  Initial  Certificate  Principal  Balance  of this
Certificate by the aggregate Initial


NY1-159595.5
                                                        A-2

<PAGE>



Certificate Principal Balance of all Class A-___ Certificates, both as specified
above)]  in certain  distributions  with  respect  to the Trust Fund  consisting
primarily of an interest in a pool of  conventional  one- to  four-family  fixed
interest rate first mortgage loans (the  "Mortgage  Loans"),  formed and sold by
Residential  Accredit Loans, Inc.  (hereinafter called the "Company," which term
includes any successor entity under the Agreement  referred to below). The Trust
Fund  was  created  pursuant  to a  Pooling  and  Servicing  Agreement  dated as
specified  above (the  "Agreement")  among the Company,  the Master Servicer and
Bankers Trust Company,  as trustee (the "Trustee"),  a summary of certain of the
pertinent provisions of which is set forth hereafter.  To the extent not defined
herein,  the  capitalized  terms used herein have the  meanings  assigned in the
Agreement.  This  Certificate  is issued  under  and is  subject  to the  terms,
provisions  and conditions of the  Agreement,  to which  Agreement the Holder of
this  Certificate by virtue of the  acceptance  hereof assents and by which such
Holder is bound.

                  Pursuant to the terms of the Agreement, a distribution will be
made on the 25th day of each month or, if such 25th day is not a  Business  Day,
the Business Day immediately following (the "Distribution Date"),  commencing as
described  in the  Agreement,  to the Person in whose name this  Certificate  is
registered  at the close of business on the last day (or if such last day is not
a Business  Day, the Business Day  immediately  preceding  such last day) of the
month immediately  preceding the month of such distribution (the "Record Date"),
from the Available  Distribution Amount in an amount equal to the product of the
Percentage  Interest  evidenced by this Certificate and the amount [(of interest
and  principal,  if any)]  required to be  distributed  to Holders of Class A-__
Certificates on such Distribution  Date. [The Notional Amount of the Class A-___
Certificates as of any date of  determination  is equal to [the aggregate Stated
Principal  Balance of the Mortgage Loans specified by the Company at the time of
issuance  of the  Class  A-___  Certificates  as  relating  to the  Class  A-___
Certificates ] [$_________].  The Class A-___  Certificates  have no Certificate
Principal Balance.]

                  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


NY1-159595.5
                                                        A-3

<PAGE>



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").

                  The  Certificates  are  limited in right of payment to certain
collections  and  recoveries   respecting  the  Mortgage  Loans,   all  as  more
specifically set forth herein and in the Agreement. In the event Master Servicer
funds  are  advanced  with  respect  to  any  Mortgage  Loan,  such  advance  is
reimbursable  to the Master  Servicer,  to the extent provided in the Agreement,
from related recoveries on such Mortgage Loan or from other cash that would have
been distributable to Certificateholders.

                  As provided in the Agreement,  withdrawals  from the Custodial
Account   and/or  the   Certificate   Account   created   for  the   benefit  of
Certificateholders  may be made by the  Master  Servicer  from  time to time for
purposes other than distributions to Certificateholders, such purposes including
without  limitation  reimbursement  to the  Company  and the Master  Servicer of
advances made, or certain expenses incurred, by either of them.

                  The  Agreement   permits,   with  certain  exceptions  therein
provided,  the amendment of the Agreement and the modification of the rights and
obligations of the Company,  the Master  Servicer and the Trustee and the rights
of the  Certificateholders  under the Agreement at any time by the Company,  the
Master  Servicer and the Trustee with the consent of the Holders of Certificates
evidencing  in the aggregate  not less than 66% of the  Percentage  Interests of
each Class of Certificates  affected thereby.  Any such consent by the Holder of
this  Certificate  shall be  conclusive  and binding on such Holder and upon all
future  holders  of this  Certificate  and of any  Certificate  issued  upon the
transfer hereof or in exchange herefor or in lieu hereof whether or not notation
of such consent is made upon the  Certificate.  The  Agreement  also permits the
amendment thereof in certain circumstances without the consent of the Holders of
any of the Certificates and, in certain  additional  circumstances,  without the
consent of the Holders of certain Classes of Certificates.

                  As   provided  in  the   Agreement   and  subject  to  certain
limitations  therein set forth,  the transfer of this Certificate is registrable
in the Certificate  Register upon surrender of this Certificate for registration
of transfer at the offices or agencies  appointed by the Trustee in the City and
State of New York, duly endorsed by, or accompanied by an assignment in the form
below or other  written  instrument  of  transfer  in form  satisfactory  to the
Trustee and the Certificate Registrar duly executed by the Holder hereof or such
Holder's attorney duly authorized in writing, and


NY1-159595.5
                                                        A-4

<PAGE>



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 (ii) the purchase by the Master Servicer or
the Company from the Trust Fund of all remaining Mortgage Loans and all property
acquired in respect of such Mortgage Loans,  thereby  effecting early retirement
of the Certificates.  The Agreement  permits,  but does not require,  the Master
Servicer or the Company to (i) purchase at a price determined as provided in the
Agreement all remaining  Mortgage Loans and all property  acquired in respect of
any  Mortgage  Loan or (ii)  purchase  in  whole,  but not in  part,  all of the
Certificates from the Holders thereof;  provided,  that any such option may only
be exercised if the Pool Stated  Principal  Balance of the Mortgage  Loans as of
the  Distribution  Date  upon  which  the  proceeds  of any  such  purchase  are
distributed  is less than ten percent of the Cut-off Date  Principal  Balance of
the Mortgage Loans.

                  Reference  is hereby  made to the further  provisions  of this
Certificate set forth on the reverse hereof, which further


NY1-159595.5
                                                        A-5

<PAGE>



provisions shall for all purposes have the same effect as if set
forth at this place.

                  Unless  the  certificate  of  authentication  hereon  has been
executed by the Certificate  Registrar,  by manual  signature,  this Certificate
shall not be  entitled to any benefit  under the  Agreement  or be valid for any
purpose.


NY1-159595.5
                                                        A-6

<PAGE>



                  IN WITNESS WHEREOF, the Trustee has caused this Certificate to
be duly executed.

Dated:                                                   BANKERS TRUST COMPANY,
                                                          as Trustee


                                                         By:
                                                          Authorized Signatory



                                           CERTIFICATE OF AUTHENTICATION

                  This is one of the Class A-__ Certificates  referred to in the
within-mentioned Agreement.

                             BANKERS TRUST COMPANY,
                            as Certificate Registrar


                                                         By:
                                                          Authorized Signatory


NY1-159595.5
                                                        A-7

<PAGE>



                                                    ASSIGNMENT


                  FOR VALUE RECEIVED, the undersigned hereby sell(s),
assign(s) and transfer(s) unto
                                       (Please print or typewrite
name and address  including  postal zip code of assignee) a Percentage  Interest
evidenced  by the within  Mortgage  Asset-Backed  Pass-Through  Certificate  and
hereby  authorizes the transfer of  registration of such interest to assignee on
the Certificate Register of the Trust Fund.

                  I (We) further direct the Certificate Registrar to issue a new
Certificate of a like  denomination  and Class,  to the above named assignee and
deliver such Certificate to the following address:





Dated:
                                         Signature by or on behalf of assignor




                                                  Signature Guaranteed

                                             DISTRIBUTION INSTRUCTIONS

                  The  assignee  should  include the  following  for purposes of
distribution:

                  Distributions shall be made, by wire transfer or
otherwise, in immediately available funds to
                                                        for the
account of                                               account
number                 , or, if mailed by check, to
                                                  Applicable
statements should be mailed to
                                                .

                  This information is provided by
    , the assignee named above, or
  , as its agent.


<PAGE>



                                                     EXHIBIT B

                                            FORM OF CLASS M CERTIFICATE


THIS CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE CLASS A
CERTIFICATES
AND  CLASS  R-I  CERTIFICATES  [AND]  CLASS  R-II  CERTIFICATES  [AND  CLASS
M-1
CERTIFICATES] AS DESCRIBED IN THE AGREEMENT (AS DEFINED BELOW).

SOLELY FOR U.S.  FEDERAL  INCOME TAX PURPOSES,  THIS  CERTIFICATE  IS A
"REGULAR
INTEREST" IN A "REAL  ESTATE  MORTGAGE  INVESTMENT  CONDUIT," AS THOSE
TERMS ARE
DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL
REVENUE CODE OF
1986 (THE "CODE").

NO TRANSFER OF THIS CERTIFICATE MAY BE MADE TO ANY PERSON, UNLESS
THE TRANSFEREE
PROVIDES EITHER A CERTIFICATION  PURSUANT TO SECTION 5.02(e) OF THE
AGREEMENT OR
AN OPINION OF COUNSEL  SATISFACTORY TO THE MASTER SERVICER,  THE
COMPANY AND THE
TRUSTEE THAT THE PURCHASE OF THIS CERTIFICATE WILL NOT CONSTITUTE OR
RESULT IN A
NON-EXEMPT  PROHIBITED  TRANSACTION UNDER SECTION 406 OF THE
EMPLOYEE RETIREMENT
INCOME SECURITY ACT OF 1974, AS AMENDED,  ("ERISA"), OR SECTION 4975 OF
THE CODE
AND WILL NOT  SUBJECT  THE MASTER  SERVICER,  THE  COMPANY OR THE
TRUSTEE TO ANY
OBLIGATION OR LIABILITY IN ADDITION TO THOSE UNDERTAKEN IN THE
AGREEMENT.

THIS  CERTIFICATE  HAS NOT BEEN AND WILL NOT BE REGISTERED  UNDER THE
SECURITIES
ACT OF 1933,  AS  AMENDED,  OR THE  SECURITIES  LAWS OF ANY STATE AND
MAY NOT BE
RESOLD OR TRANSFERRED  UNLESS IT IS REGISTERED  PURSUANT TO SUCH ACT
AND LAWS OR
IS SOLD OR TRANSFERRED IN TRANSACTIONS  WHICH ARE EXEMPT FROM
REGISTRATION UNDER
SUCH ACT AND UNDER  APPLICABLE  STATE LAW AND IS TRANSFERRED IN
ACCORDANCE  WITH
THE PROVISIONS OF SECTION 5.02 OF THE AGREEMENT.

[THE FOLLOWING  INFORMATION IS PROVIDED  SOLELY FOR THE PURPOSES OF
APPLYING THE
U.S.   FEDERAL  INCOME  TAX  ORIGINAL  ISSUE  DISCOUNT  ("OID")  RULES  TO 
THIS
CERTIFICATE.  THE ISSUE DATE OF THIS  CERTIFICATE  IS AUGUST 29, 1996. 
ASSUMING
THAT  THE  MORTGAGE  LOANS  PREPAY  AT 100%  OF THE  PREPAYMENT 
ASSUMPTION  (AS
DESCRIBED IN THE PROSPECTUS  SUPPLEMENT),  THIS CERTIFICATE HAS BEEN
ISSUED WITH
NO MORE THAN $ OF OID PER $1,000 OF INITIAL CERTIFICATE  PRINCIPAL
BALANCE,  THE
YIELD TO MATURITY IS % AND THE AMOUNT OF OID ATTRIBUTABLE TO THE
INITIAL ACCRUAL
PERIOD IS NO MORE THAN $
        PER $1,000 OF INITIAL CERTIFICATE PRINCIPAL BALANCE,
COMPUTED UNDER THE APPROXIMATE METHOD.  NO REPRESENTATION IS MADE
THAT THE MORTGAGE LOANS WILL PREPAY AT A RATE BASED ON THE
STANDARD
PREPAYMENT ASSUMPTION OR AT ANY OTHER RATE.]


NY1-159595.5

<PAGE>



Certificate No. ___                            8.00% Pass-Through Rate

Class M-    Subordinate                        Aggregate Certificate
                                               Principal Balance
                                               of the Class M Certificates:
Date of Pooling and Servicing                  $_______________
Agreement and Cut-off Date:
August 1, 1996                                 Initial Certificate Principal
                                               Balance of this Certificate:
First Distribution Date:                       $_______________
September 25, 1996
                                               CUSIP: 76110F-_____
Master Servicer:
Residential Funding Corporation

Assumed Final Distribution Date:
August 25, 2026



                 MORTGAGE ASSET-BACKED PASS-THROUGH CERTIFICATE,
                                 SERIES 1996-QS4

         evidencing a percentage interest in any distributions  allocable to the
         Class M-__  Certificates  with  respect  to the Trust  Fund  consisting
         primarily of a pool of conventional  one- to four-family fixed interest
         rate  first  mortgage  loans  formed and sold by  RESIDENTIAL  ACCREDIT
         LOANS, INC.

                  This  Certificate  is  payable  solely  from the assets of the
Trust Fund,  and does not represent an obligation of or interest in  Residential
Accredit Loans, Inc., the Master Servicer, the Trustee referred to below or GMAC
Mortgage  Corporation or any of their  affiliates.  Neither this Certificate nor
the  underlying  Mortgage  Loans are  guaranteed or insured by any  governmental
agency or  instrumentality  or by Residential  Accredit Loans,  Inc., the Master
Servicer,  the Trustee or GMAC Mortgage  Corporation or any of their affiliates.
None of the Company,  the Master Servicer,  GMAC Mortgage  Corporation or any of
their  affiliates  will have any obligation  with respect to any  certificate or
other obligation secured by or payable from payments on the Certificates.

                  This   certifies   that   _________________________   is   the
registered  owner  of the  Percentage  Interest  evidenced  by this  Certificate
(obtained by dividing the Certificate  Principal  Balance of this Certificate by
the aggregate Certificate Principal Balance of all Class M-__ Certificates, both
as  specified  above) in  certain  distributions  with  respect  to a Trust Fund
consisting  primarily  of a pool  of  conventional  one-  to  four-family  fixed
interest rate first mortgage loans (the  "Mortgage  Loans"),  formed and sold by
Residential  Accredit Loans, Inc.  (hereinafter called the "Company," which term
includes any successor entity under the Agreement


NY1-159595.5
                                                        B-2

<PAGE>



referred  to  below).  The Trust  Fund was  created  pursuant  to a Pooling  and
Servicing  Agreement  dated as  specified  above  (the  "Agreement")  among  the
Company,  the Master  Servicer  and  Bankers  Trust  Company,  as  trustee  (the
"Trustee"),  a summary of certain of the  pertinent  provisions  of which is set
forth hereafter.  To the extent not defined herein,  the capitalized  terms used
herein have the meanings  assigned in the Agreement.  This Certificate is issued
under and is subject to the terms,  provisions  and conditions of the Agreement,
to which  Agreement the Holder of this  Certificate  by virtue of the acceptance
hereof assents and by which such Holder is bound.

                  Pursuant to the terms of the Agreement, a distribution will be
made on the 25th day of each month or, if such 25th day is not a  Business  Day,
the Business Day immediately following (the "Distribution Date"),  commencing as
described  in the  Agreement,  to the Person in whose name this  Certificate  is
registered  at the close of business on the last day (or if such last day is not
a Business  Day, the Business Day  immediately  preceding  such last day) of the
month immediately  preceding the month of such distribution (the "Record Date"),
from the Available  Distribution Amount in an amount equal to the product of the
Percentage  Interest  evidenced by this  Certificate and the amount (of interest
and  principal,  if any)  required  to be  distributed  to Holders of Class M-__
Certificates on such Distribution Date.

                  Distributions  on this  Certificate will be made either by the
Master  Servicer  acting on behalf of the Trustee or by a Paying Agent appointed
by the Trustee in  immediately  available  funds (by wire transfer or otherwise)
for the  account of the Person  entitled  thereto if such  Person  shall have so
notified  the Master  Servicer or such Paying  Agent,  or by check mailed to the
address of the Person entitled thereto, as such name and address shall appear on
the Certificate Register.

                  Notwithstanding  the  above,  the final  distribution  on this
Certificate  will be made after due notice of the pendency of such  distribution
and only upon  presentation  and surrender of this  Certificate at the office or
agency  appointed  by the Trustee for that  purpose in the City and State of New
York. The Initial Certificate Principal Balance of this Certificate is set forth
above. The Certificate Principal Balance hereof will be reduced to the extent of
the  distributions  allocable to principal  and any  Realized  Losses  allocable
hereto.

                  No  transfer of this Class M  Certificate  will be made unless
the Trustee has received  either (i) an opinion of counsel  acceptable to and in
form and  substance  satisfactory  to the  Trustee,  the  Company and the Master
Servicer with respect to the  permissibility of such transfer under the Employee
Retirement Income Security Act of 1974, as amended ("ERISA") and Section 4975 of
the Internal Revenue Code (the "Code") and stating, among other things, that the
transferee's acquisition of a Class M Certificate


NY1-159595.5
                                                        B-3

<PAGE>



will not  constitute  or result in a  non-exempt  prohibited  transaction  under
Section  406 of  ERISA  or  Section  4975 of the  Code or (ii) a  representation
letter,  in the form as  described  by the  Agreement,  either  stating that the
transferee  is not an employee  benefit or other plan subject to the  prohibited
transaction  provisions of ERISA or Section 4975 of the Code (a "Plan"),  or any
other person (including an investment manager, a named fiduciary or a trustee of
any Plan)  acting,  directly  or  indirectly,  on behalf  of or  purchasing  any
Certificate with "plan assets" of any Plan, or stating that the transferee is an
insurance  company,  the  source  of  funds  to be  used by it to  purchase  the
Certificate is an "insurance  company  general  account"  (within the meaning of
Department of Labor Prohibited  Transaction Class Exemption ("PTCE") 95-60), and
the purchase is being made in reliance  upon the  availability  of the exemptive
relief afforded under Section III of PTCE 95-60.

                  This  Certificate  is  one  of  a  duly  authorized  issue  of
Certificates  issued in several  Classes  designated  as  Mortgage  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 at any time by the Company,  the
Master  Servicer and the Trustee with the consent of the Holders of Certificates
evidencing  in the aggregate  not less than 66% of the  Percentage  Interests of
each Class of Certificates  affected thereby.  Any such consent by the Holder of
this  Certificate  shall be  conclusive  and binding on such Holder and upon all
future  holders  of this  Certificate  and of any  Certificate  issued  upon the
transfer hereof or in exchange herefor or in lieu hereof whether or not notation
of such consent is made upon the  Certificate.  The  Agreement  also permits the
amendment thereof in certain circumstances without the consent of the Holders of
any of the Certificates and, in certain additional


NY1-159595.5
                                                        B-4

<PAGE>



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 (ii) the purchase by the Master Servicer or
the Company from the Trust Fund of all remaining Mortgage Loans and all property
acquired in respect of such Mortgage Loans,  thereby  effecting early retirement
of the Certificates.  The Agreement  permits,  but does not require,  the Master
Servicer or the Company to (i) purchase at a price


NY1-159595.5
                                                        B-5

<PAGE>



determined as provided in the Agreement  all  remaining  Mortgage  Loans and all
property acquired in respect of any Mortgage Loan or (ii) purchase in whole, but
not in part, all of the Certificates  from the Holders thereof;  provided,  that
any such option may only be  exercised if the Pool Stated  Principal  Balance of
the Mortgage  Loans as of the  Distribution  Date upon which the proceeds of any
such  purchase  are  distributed  is less than ten percent of the  Cut-off  Date
Principal Balance of the Mortgage Loans.

                  Unless  the  certificate  of  authentication  hereon  has been
executed by the Certificate  Registrar,  by manual  signature,  this Certificate
shall not be  entitled to any benefit  under the  Agreement  or be valid for any
purpose.


NY1-159595.5
                                                        B-6

<PAGE>



                  IN WITNESS WHEREOF, the Trustee has caused this Certificate to
be duly executed.

Dated:                                                   BANKERS TRUST COMPANY,
                                                          as Trustee


                                                         By:
                                                           Authorized Signatory




                                           CERTIFICATE OF AUTHENTICATION

                  This is one of the Class M-__ Certificates  referred to in the
within-mentioned Agreement.

                             BANKERS TRUST COMPANY,
                            as Certificate Registrar


                                                         By:
                                                           Authorized Signatory


<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  Asset-Backed  Pass-Through  Certificate  and
hereby  authorizes the transfer of  registration of such interest to assignee on
the Certificate Register of the Trust Fund.

                  I (We) further direct the Certificate Registrar to issue a new
Certificate of a like  denomination  and Class,  to the above named assignee and
deliver such Certificate to the following address:





Dated:
                                         Signature by or on behalf of assignor




                                              Signature Guaranteed

                                             DISTRIBUTION INSTRUCTIONS

                  The  assignee  should  include the  following  for purposes of
distribution:

                  Distributions shall be made, by wire transfer or
otherwise, in immediately available funds to
                                                        for the
account of                                               account
number                 , or, if mailed by check, to
                                                  Applicable
statements should be mailed to
                                                .

                  This information is provided by
    , the assignee named above, or
  , as its agent.


<PAGE>



                                                     EXHIBIT C

                                            FORM OF CLASS B CERTIFICATE

THIS   CERTIFICATE  IS   SUBORDINATED  IN  RIGHT  OF  PAYMENT  TO  THE 
CLASS  A
CERTIFICATES,  CLASS  R-I  CERTIFICATES,  CLASS  R-II  CERTIFICATES  AND
CLASS M
CERTIFICATES AS DESCRIBED IN THE AGREEMENT (AS DEFINED HEREIN).

THIS  CERTIFICATE  HAS NOT BEEN AND WILL NOT BE REGISTERED  UNDER THE
SECURITIES
ACT OF 1933,  AS  AMENDED,  OR THE  SECURITIES  LAWS OF ANY STATE AND
MAY NOT BE
RESOLD OR TRANSFERRED  UNLESS IT IS REGISTERED  PURSUANT TO SUCH ACT
AND LAWS OR
IS SOLD OR TRANSFERRED IN TRANSACTIONS  WHICH ARE EXEMPT FROM
REGISTRATION UNDER
SUCH ACT AND UNDER  APPLICABLE  STATE LAW AND IS TRANSFERRED IN
ACCORDANCE  WITH
THE PROVISIONS OF SECTION 5.02 OF THE AGREEMENT.

NO TRANSFER OF THIS CERTIFICATE MAY BE MADE TO ANY PERSON, UNLESS
THE TRANSFEREE
PROVIDES EITHER A CERTIFICATION  PURSUANT TO SECTION 5.02(e) OF THE
AGREEMENT OR
AN OPINION OF COUNSEL  SATISFACTORY TO THE MASTER SERVICER,  THE
COMPANY AND THE
TRUSTEE THAT THE PURCHASE OF THIS CERTIFICATE WILL NOT CONSTITUTE OR
RESULT IN A
NON-EXEMPT  PROHIBITED  TRANSACTION UNDER SECTION 406 OF THE
EMPLOYEE RETIREMENT
INCOME SECURITY ACT OF 1974, AS AMENDED,  ("ERISA"), OR SECTION 4975 OF
THE CODE
AND WILL NOT  SUBJECT  THE MASTER  SERVICER,  THE  COMPANY OR THE
TRUSTEE TO ANY
OBLIGATION OR LIABILITY IN ADDITION TO THOSE UNDERTAKEN IN THE
AGREEMENT.

SOLELY FOR U.S.  FEDERAL  INCOME TAX PURPOSES,  THIS  CERTIFICATE  IS A
"REGULAR
INTEREST" IN A "REAL  ESTATE  MORTGAGE  INVESTMENT  CONDUIT," AS THOSE
TERMS ARE
DEFINED,  RESPECTIVELY,  IN SECTIONS  860G AND 860D OF THE CODE.  THE 
FOLLOWING
INFORMATION  IS PROVIDED  SOLELY FOR THE PURPOSES OF APPLYING  THE U.S. 
FEDERAL
INCOME TAX ORIGINAL ISSUE DISCOUNT ("OID") RULES TO THIS CERTIFICATE. 
THE ISSUE
DATE OF THIS  CERTIFICATE  IS AUGUST 29, 1996.  ASSUMING THAT THE
MORTGAGE LOANS
PREPAY AT 100% OF THE  PREPAYMENT  ASSUMPTION  (AS  DESCRIBED IN THE 
PROSPECTUS
SUPPLEMENT),  THIS CERTIFICATE HAS BEEN ISSUED WITH NO MORE THAN $___
OF OID PER
$1,000 OF INITIAL CERTIFICATE  PRINCIPAL BALANCE, THE YIELD TO MATURITY
IS ____%
AND THE AMOUNT OF OID ATTRIBUTABLE TO THE INITIAL ACCRUAL PERIOD IS
NO MORE THAN
$____ PER $1,000 OF INITIAL  CERTIFICATE  PRINCIPAL BALANCE,  COMPUTED
UNDER THE
APPROXIMATE  METHOD.  NO  REPRESENTATION  IS MADE THAT THE 
MORTGAGE  LOANS WILL
PREPAY AT A RATE BASED ON THE  STANDARD  PREPAYMENT  ASSUMPTION  OR
AT ANY OTHER
RATE.


NY1-159595.5

<PAGE>



Certificate No. __                         8.00% Pass-Through Rate

Class B-__ Subordinate                     Aggregate Certificate
                                                           Principal Balance
                                                           of the Class B-__
                                                            Certificates as of
Date of Pooling and Servicing              the Cut-off Date:
Agreement and Cut-off Date:                $_______________
August 1, 1996
                                                Initial Certificate Principal
                                                 Balance of this Certificate:
First Distribution Date:                   $_______________
September 25, 1996

Master Servicer:
Residential Funding Corporation

Assumed Final Distribution Date:
August 25, 2026


                 MORTGAGE ASSET-BACKED PASS-THROUGH CERTIFICATE,
                                 SERIES 1996-QS4

         evidencing a percentage interest in any distributions  allocable to the
         Class B-__  Certificates  with  respect  to the Trust  Fund  consisting
         primarily of a pool of conventional  one- to four-family fixed interest
         rate  first  mortgage  loans  formed and sold by  RESIDENTIAL  ACCREDIT
         LOANS, INC.

                  This  Certificate  is  payable  solely  from the assets of the
Trust Fund,  and does not represent an obligation of or interest in  Residential
Accredit Loans, Inc., the Master Servicer, the Trustee referred to below or GMAC
Mortgage  Corporation or any of their  affiliates.  Neither this Certificate nor
the  underlying  Mortgage  Loans are  guaranteed or insured by any  governmental
agency or  instrumentality  or by Residential  Accredit Loans,  Inc., the Master
Servicer,  the Trustee or GMAC Mortgage  Corporation or any of their affiliates.
None of the Company,  the Master Servicer,  GMAC Mortgage  Corporation or any of
their  affiliates  will have any obligation  with respect to any  certificate or
other obligation secured by or payable from payments on the Certificates.

                  This certifies that  Residential  Accredit Loans,  Inc. is the
registered  owner  of the  Percentage  Interest  evidenced  by this  Certificate
(obtained by dividing the Certificate  Principal  Balance of this Certificate by
the aggregate Certificate Principal Balance of all Class B-__ Certificates, both
as  specified  above) in  certain  distributions  with  respect  to a Trust Fund
consisting  primarily  of a pool  of  conventional  one-  to  four-family  fixed
interest rate first mortgage loans (the  "Mortgage  Loans"),  formed and sold by
Residential Accredit Loans, Inc. (hereinafter called the "Company,"


NY1-159595.5
                                                        C-2

<PAGE>



which term includes any successor entity under the Agreement referred to below).
The Trust Fund was created  pursuant to a Pooling and Servicing  Agreement dated
as specified above (the "Agreement") among the Company,  the Master Servicer and
Bankers Trust Company,  as trustee (the "Trustee"),  a summary of certain of the
pertinent provisions of which is set forth hereafter.  To the extent not defined
herein,  the  capitalized  terms used herein have the  meanings  assigned in the
Agreement.  This  Certificate  is issued  under  and is  subject  to the  terms,
provisions  and conditions of the  Agreement,  to which  Agreement the Holder of
this  Certificate by virtue of the  acceptance  hereof assents and by which such
Holder is bound.

                  Pursuant to the terms of the Agreement, a distribution will be
made on the 25th day of each month or, if such 25th day is not a  Business  Day,
the Business Day immediately following (the "Distribution Date"),  commencing on
the first  Distribution  Date specified  above, to the Person in whose name this
Certificate  is  registered at the close of business on the last day (or if such
last day is not a Business Day, the Business Day immediately preceding such last
day) of the month next  preceding  the month of such  distribution  (the "Record
Date"), from the Available Distribution Amount in an amount equal to the product
of the  Percentage  Interest  evidenced by this  Certificate  and the amount (of
interest and principal, if any) required to be distributed to Holders of Class B
Certificates on such Distribution Date.

                  Distributions  on this  Certificate will be made either by the
Master  Servicer  acting on behalf of the Trustee or by a Paying Agent appointed
by the Trustee in  immediately  available  funds (by wire transfer or otherwise)
for the  account of the Person  entitled  thereto if such  Person  shall have so
notified  the Master  Servicer or such Paying  Agent,  or by check mailed to the
address of the Person entitled thereto, as such name and address shall appear on
the Certificate Register.

                  Notwithstanding  the  above,  the final  distribution  on this
Certificate  will be made after due notice of the pendency of such  distribution
and only upon  presentation  and surrender of this  Certificate at the office or
agency  appointed  by the Trustee for that  purpose in the City and State of New
York. The Initial Certificate Principal Balance of this Certificate is set forth
above. The Certificate Principal Balance hereof will be reduced to the extent of
the  distributions  allocable to principal  and any  Realized  Losses  allocable
hereto.

                  No  transfer of this Class B  Certificate  will be made unless
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


NY1-159595.5
                                                        C-3

<PAGE>



such  transfer is exempt  (describing  the  applicable  exemption  and the basis
therefor) from or is being made pursuant to the registration requirements of the
Securities Act of 1933, as amended,  and of any applicable  statute of any state
and (ii) the transferee shall execute an investment letter in the form described
by the Agreement.  The Holder hereof desiring to effect such transfer shall, and
does hereby agree to,  indemnify the Trustee,  the Company,  the Master Servicer
and the  Certificate  Registrar  acting  on behalf of the  Trustee  against  any
liability  that may  result if the  transfer  is not so exempt or is not made in
accordance  with  such  Federal  and state  laws.  In  connection  with any such
transfer,  the  Trustee  will also  require  either  (i) an  opinion  of counsel
acceptable to and in form and substance satisfactory to the Trustee, the Company
and the Master  Servicer  with respect to the  permissibility  of such  transfer
under the Employee  Retirement Income Security Act of 1974, as amended ("ERISA")
and Section  4975 of the Internal  Revenue Code (the "Code") and stating,  among
other things,  that the  transferee's  acquisition of a Class B Certificate will
not constitute or result in a non-exempt  prohibited  transaction  under Section
406 of ERISA or Section 4975 of the Code or (ii) a representation letter, in the
form as described by the Agreement, either stating that the transferee is not an
employee benefit or other plan subject to the prohibited  transaction provisions
of ERISA or Section 4975 of the Code (a "Plan"),  or any other person (including
an  investment  manager,  a named  fiduciary  or a trustee of any Plan)  acting,
directly or indirectly,  on behalf of or purchasing any  Certificate  with "plan
assets" of any Plan, or stating that the transferee is an insurance company, the
source of funds to be used by it to purchase the  Certificate  is an  "insurance
company general  account"  (within the meaning of Department of Labor Prohibited
Transaction Class Exemption  ("PTCE") 95-60),  and the purchase is being made in
reliance upon the  availability  of the exemptive  relief afforded under Section
III of PTCE 95-60.

                  This  Certificate  is  one  of  a  duly  authorized  issue  of
Certificates  issued in several  Classes  designated  as  Mortgage  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


NY1-159595.5
                                                        C-4

<PAGE>



reimbursement  to the Company  and the Master  Servicer  of  advances  made,  or
certain expenses incurred, by either of them.

                  The  Agreement   permits,   with  certain  exceptions  therein
provided,  the amendment of the Agreement and the modification of the rights and
obligations of the Company,  the Master  Servicer and the Trustee and the rights
of the  Certificateholders  under the Agreement at any time by the Company,  the
Master  Servicer and the Trustee with the consent of the Holders of Certificates
evidencing  in the aggregate  not less than 66% of the  Percentage  Interests of
each Class of Certificates  affected thereby.  Any such consent by the Holder of
this  Certificate  shall be  conclusive  and binding on such Holder and upon all
future  holders  of this  Certificate  and of any  Certificate  issued  upon the
transfer hereof or in exchange herefor or in lieu hereof whether or not notation
of such consent is made upon the  Certificate.  The  Agreement  also permits the
amendment thereof in certain circumstances without the consent of the Holders of
any of the Certificates and, in certain  additional  circumstances,  without the
consent of the Holders of certain Classes of Certificates.

                  As   provided  in  the   Agreement   and  subject  to  certain
limitations  therein set forth,  the transfer of this Certificate is registrable
in the Certificate  Register upon surrender of this Certificate for registration
of transfer at the offices or agencies  appointed by the Trustee in the City and
State of New York, duly endorsed by, or accompanied by an assignment in the form
below or other  written  instrument  of  transfer  in form  satisfactory  to the
Trustee and the Certificate Registrar duly executed by the Holder hereof or such
Holder's  attorney  duly  authorized  in writing,  and thereupon one or more new
Certificates of authorized denominations evidencing the same Class and aggregate
Percentage Interest will be issued to the designated transferee or transferees.

                  The Certificates are issuable only as registered  Certificates
without coupons in Classes and in denominations  specified in the Agreement.  As
provided in the Agreement and subject to certain  limitations therein set forth,
Certificates are  exchangeable for new Certificates of authorized  denominations
evidencing the same Class and aggregate Percentage Interest, as requested by the
Holder surrendering the same.

                  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


NY1-159595.5
                                                        C-5

<PAGE>



Servicer,  the  Trustee  nor any such agent  shall be  affected by notice to the
contrary.

                  This  Certificate  shall  be  governed  by  and  construed  in
accordance with the laws of the State of New York.

                  The  obligations  created by the  Agreement  in respect of the
Certificates and the Trust Fund created thereby shall terminate upon the payment
to  Certificateholders  of all  amounts  held by or on behalf of the Trustee and
required to be paid to them pursuant to the  Agreement  following the earlier of
(i) the maturity or other  liquidation of the last Mortgage Loan subject thereto
or the disposition of all property  acquired upon foreclosure or deed in lieu of
foreclosure of any Mortgage Loan and (ii) the purchase by the Master Servicer or
the Company from the Trust Fund of all remaining Mortgage Loans and all property
acquired in respect of such Mortgage Loans,  thereby  effecting early retirement
of the Certificates.  The Agreement  permits,  but does not require,  the Master
Servicer or the Company to (i) purchase at a price determined as provided in the
Agreement all remaining  Mortgage Loans and all property  acquired in respect of
any  Mortgage  Loan or (ii)  purchase  in  whole,  but not in  part,  all of the
Certificates from the Holders thereof;  provided,  that any such option may only
be exercised if the Pool Stated  Principal  Balance of the Mortgage  Loans as of
the  Distribution  Date  upon  which  the  proceeds  of any  such  purchase  are
distributed  is less than ten percent of the Cut-off Date  Principal  Balance of
the Mortgage Loans.

                  Unless  the  certificate  of  authentication  hereon  has been
executed by the Certificate  Registrar,  by manual  signature,  this Certificate
shall not be  entitled to any benefit  under the  Agreement  or be valid for any
purpose.


NY1-159595.5
                                                        C-6

<PAGE>



                  IN WITNESS WHEREOF, the Trustee has caused this Certificate to
be duly executed.

Dated:                                                   BANKERS TRUST COMPANY,
                                                          as Trustee


                                                         By:
                                                          Authorized Signatory




                                           CERTIFICATE OF AUTHENTICATION

                  This is one of the Class M-__ Certificates  referred to in the
within-mentioned Agreement.

                             BANKERS TRUST COMPANY,
                            as Certificate Registrar


                                                         By:
                                                           Authorized Signatory


NY1-159595.5
                                                        C-7

<PAGE>



                                                    ASSIGNMENT


                  FOR VALUE RECEIVED, the undersigned hereby sell(s),
assign(s) and transfer(s) unto
                                       (Please print or typewrite
name and address  including  postal zip code of assignee) a Percentage  Interest
evidenced  by the within  Mortgage  Asset-Backed  Pass-Through  Certificate  and
hereby  authorizes the transfer of  registration of such interest to assignee on
the Certificate Register of the Trust Fund.

                  I (We) further direct the Certificate Registrar to issue a new
Certificate of a like  denomination  and Class,  to the above named assignee and
deliver such Certificate to the following address:





Dated:
                                         Signature by or on behalf of assignor




                                                Signature Guaranteed

                                             DISTRIBUTION INSTRUCTIONS

                  The  assignee  should  include the  following  for purposes of
distribution:

                  Distributions shall be made, by wire transfer or
otherwise, in immediately available funds to
                                                        for the
account of                                               account
number                 , or, if mailed by check, to
                                                  Applicable
statements should be mailed to
                                                .

                  This information is provided by
    , the assignee named above, or
  , as its agent.


<PAGE>



                                                     EXHIBIT D

                                            FORM OF CLASS R CERTIFICATE

THIS CERTIFICATE MAY NOT BE HELD BY OR TRANSFERRED TO A NON-UNITED
STATES PERSON
OR A DISQUALIFIED ORGANIZATION (AS DEFINED BELOW).

SOLELY FOR U.S.  FEDERAL  INCOME TAX PURPOSES,  THIS  CERTIFICATE IS A
"RESIDUAL
INTEREST"  IN A "REAL  ESTATE  MORTGAGE  INVESTMENT  CONDUIT" AS THOSE
TERMS ARE
DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL
REVENUE CODE OF
1986 (THE "CODE").

NO TRANSFER OF THIS CERTIFICATE MAY BE MADE TO ANY PERSON, UNLESS
THE TRANSFEREE
PROVIDES EITHER A CERTIFICATION  PURSUANT TO SECTION 5.02(e) OF THE
AGREEMENT OR
AN OPINION OF COUNSEL  SATISFACTORY TO THE MASTER SERVICER,  THE
COMPANY AND THE
TRUSTEE THAT THE PURCHASE OF THIS CERTIFICATE WILL NOT CONSTITUTE OR
RESULT IN A
NON-EXEMPT  PROHIBITED  TRANSACTION UNDER SECTION 406 OF THE
EMPLOYEE RETIREMENT
INCOME SECURITY ACT OF 1974, AS AMENDED,  ("ERISA"), OR SECTION 4975 OF
THE CODE
AND WILL NOT  SUBJECT  THE MASTER  SERVICER,  THE  COMPANY OR THE
TRUSTEE TO ANY
OBLIGATION OR LIABILITY IN ADDITION TO THOSE UNDERTAKEN IN THE
AGREEMENT.

ANY RESALE,  TRANSFER OR OTHER  DISPOSITION OF THIS CERTIFICATE MAY BE
MADE ONLY
IF THE PROPOSED  TRANSFEREE PROVIDES A TRANSFER AFFIDAVIT TO THE
MASTER SERVICER
AND THE TRUSTEE THAT (1) SUCH TRANSFEREE IS NOT (A) THE UNITED STATES,
ANY STATE
OR POLITICAL  SUBDIVISION  THEREOF,  ANY FOREIGN  GOVERNMENT,  ANY
INTERNATIONAL
ORGANIZATION,  OR ANY AGENCY OR INSTRUMENTALITY OF ANY OF THE
FOREGOING, (B) ANY
ORGANIZATION  (OTHER THAN A  COOPERATIVE  DESCRIBED  IN SECTION 521 OF
THE CODE)
WHICH IS  EXEMPT  FROM THE TAX  IMPOSED  BY  CHAPTER 1 OF THE CODE 
UNLESS  SUCH
ORGANIZATION  IS SUBJECT TO THE TAX IMPOSED BY SECTION 511 OF THE CODE, 
(C) ANY
ORGANIZATION  DESCRIBED IN SECTION  1381(a)(2)(C)  OF THE CODE, (ANY SUCH
PERSON
DESCRIBED IN THE FOREGOING CLAUSES (A), (B) OR (C) BEING HEREIN
REFERRED TO AS A
"DISQUALIFIED ORGANIZATION") OR (D) AN AGENT OF A DISQUALIFIED
ORGANIZATION, (2)
NO PURPOSE OF SUCH TRANSFER IS TO IMPEDE THE ASSESSMENT OR
COLLECTION OF TAX AND
(3) SUCH TRANSFEREE  SATISFIES  CERTAIN  ADDITIONAL  CONDITIONS 
RELATING TO THE
FINANCIAL CONDITION OF THE PROPOSED TRANSFEREE. NOTWITHSTANDING
THE REGISTRATION
IN THE CERTIFICATE  REGISTER OR ANY TRANSFER,  SALE OR OTHER
DISPOSITION OF THIS
CERTIFICATE  TO A  DISQUALIFIED  ORGANIZATION  OR  AN  AGENT  OF A 
DISQUALIFIED
ORGANIZATION,  SUCH  REGISTRATION  SHALL BE  DEEMED  TO BE OF NO LEGAL 
FORCE OR
EFFECT WHATSOEVER AND SUCH PERSON SHALL NOT BE DEEMED TO BE A 
CERTIFICATEHOLDER
FOR ANY  PURPOSE  HEREUNDER,  INCLUDING,  BUT NOT  LIMITED  TO,  THE 
RECEIPT OF
DISTRIBUTIONS ON THIS CERTIFICATE. EACH HOLDER OF THIS CERTIFICATE BY
ACCEPTANCE
OF THIS CERTIFICATE  SHALL BE DEEMED TO HAVE CONSENTED TO THE
PROVISIONS OF THIS
PARAGRAPH.


NY1-159595.5

<PAGE>



Certificate No. ___                          8.00% Pass-Through Rate

Class [R-I][R-II] Senior                     Aggregate Initial Certificate
                                                            Principal Balance
 of the
                                                            Class [R-I][R-II]
                                                            Certificates:
Date of Pooling and Servicing                $100.00
Agreement and Cut-off Date:
August 1, 1996                               Initial Certificate Principal
                                              Balance of this Certificate:
First Distribution Date:                     $_______________
September 25, 1996
                                                       Percentage Interest:
Master Servicer:                             _______%
Residential Funding Corporation
                                             CUSIP 76110F-_____
Assumed Final Distribution Date:
August 25, 2026


                 MORTGAGE ASSET-BACKED PASS-THROUGH CERTIFICATE,
                                 SERIES 1996-QS4

         evidencing a percentage interest in any distributions  allocable to the
         Class [R-I][R-II] Certificates with respect to REMIC I. REMIC I is part
         of a Trust Fund consisting  primarily of a pool of conventional one- to
         four-family fixed interest rate first mortgage loans formed and sold by
         RESIDENTIAL ACCREDIT LOANS, INC.

                  This  Certificate  is  payable  solely  from the assets of the
Trust Fund,  and does not represent an obligation of or interest in  Residential
Accredit Loans, Inc., the Master Servicer, the Trustee referred to below or GMAC
Mortgage  Corporation or any of their  affiliates.  Neither this Certificate nor
the  underlying  Mortgage  Loans are  guaranteed or insured by any  governmental
agency or  instrumentality  or by Residential  Accredit Loans,  Inc., the Master
Servicer,  the Trustee or GMAC Mortgage  Corporation or any of their affiliates.
None of the Company,  the Master Servicer,  GMAC Mortgage  Corporation or any of
their  affiliates  will have any obligation  with respect to any  certificate or
other obligation secured by or payable from payments on the Certificates.

                  This   certifies   that   _________________________   is   the
registered  owner  of the  Percentage  Interest  evidenced  by this  Certificate
(obtained  by  dividing  the  Initial  Certificate  Principal  Balance  of  this
Certificate by the aggregate Initial Certificate  Principal Balance of all Class
[R-I][R-II] Certificates, both as specified above) in certain distributions with
respect to REMIC I. REMIC I is part of a Trust Fund  consisting  primarily  of a
pool of  conventional  one- to  four-family  fixed  interest rate first mortgage
loans (the "Mortgage  Loans"),  formed and sold by Residential  Accredit  Loans,
Inc. (hereinafter called the "Company," which term


NY1-159595.5
                                                        D-2

<PAGE>



includes any successor entity under the Agreement  referred to below). The Trust
Fund and REMIC I were  created  pursuant  to a Pooling and  Servicing  Agreement
dated as  specified  above  (the  "Agreement")  among the  Company,  the  Master
Servicer and Bankers Trust  Company,  as trustee (the  "Trustee"),  a summary of
certain of the  pertinent  provisions  of which is set forth  hereafter.  To the
extent not defined herein,  the capitalized  terms used herein have the meanings
assigned in the  Agreement.  This  Certificate is issued under and is subject to
the terms,  provisions and conditions of the Agreement,  to which  Agreement the
Holder of this  Certificate  by virtue of the  acceptance  hereof assents and by
which such Holder is bound.

                  Pursuant to the terms of the Agreement, a distribution will be
made on the 25th day of each month or, if such 25th day is not a  Business  Day,
the Business Day immediately following (the "Distribution Date"),  commencing as
described  in the  Agreement,  to the Person in whose name this  Certificate  is
registered  at the close of business on the last day (or if such last day is not
a Business  Day, the Business Day  immediately  preceding  such last day) of the
month immediately  preceding the month of such distribution (the "Record Date"),
from the Available  Distribution Amount in an amount equal to the product of the
Percentage  Interest  evidenced by this  Certificate and the amount (of interest
and  principal,  if  any)  required  to  be  distributed  to  Holders  of  Class
[R-I][R-II] Certificates on such Distribution Date.

                  Each Holder of this  Certificate will be deemed to have agreed
to be bound by the  restrictions  set forth in the  Agreement to the effect that
(i) each person holding or acquiring any Ownership  Interest in this Certificate
must be a United States Person and a Permitted Transferee,  (ii) the transfer of
any Ownership Interest in this Certificate will be conditioned upon the delivery
to the Trustee of, among other  things,  an affidavit to the effect that it is a
United States Person and Permitted Transferee,  (iii) any attempted or purported
transfer of any  Ownership  Interest in this  Certificate  in  violation of such
restrictions  will be  absolutely  null and void and will  vest no rights in the
purported  transferee,  and (iv) if any person other than a United States Person
and a Permitted  Transferee  acquires any Ownership Interest in this Certificate
in violation of such restrictions,  then the Company will have the right, in its
sole  discretion and without notice to the Holder of this  Certificate,  to sell
this Certificate to a purchaser selected by the Company,  which purchaser may be
the Company,  or any affiliate of the Company,  on such terms and  conditions as
the Company may choose.

                  Notwithstanding  the  above,  the final  distribution  on this
Certificate  will be made after due notice of the pendency of such  distribution
and only upon  presentation  and surrender of this  Certificate at the office or
agency  appointed  by the Trustee for that  purpose in the City and State of New
York. The Initial Certificate Principal Balance of this Certificate is set forth


NY1-159595.5
                                                        D-3

<PAGE>



above. The Certificate Principal Balance hereof will be reduced to the extent of
distributions  allocable to principal and any Realized Losses allocable  hereto.
Notwithstanding  the reduction of the  Certificate  Principal  Balance hereof to
zero,  this  Certificate  will remain  outstanding  under the  Agreement and the
Holder hereof may have additional  obligations with respect to this Certificate,
including  tax   liabilities,   and  may  be  entitled  to  certain   additional
distributions  hereon,  in  accordance  with the  terms  and  provisions  of the
Agreement.

                  No  transfer of this Class R  Certificate  will be made unless
the Trustee has received  either (i) an opinion of counsel  acceptable to and in
form and  substance  satisfactory  to the  Trustee,  the  Company and the Master
Servicer with respect to the  permissibility of such transfer under the Employee
Retirement Income Security Act of 1974, as amended ("ERISA") and Section 4975 of
the Internal Revenue Code (the "Code") and stating, among other things, that the
transferee's  acquisition of a Class R Certificate will not constitute or result
in a non-exempt  prohibited  transaction  under  Section 406 of ERISA or Section
4975 of the Code or (ii) a  representation  letter,  in the form as described by
the Agreement,  stating that the transferee is not an employee  benefit or other
plan subject to the prohibited  transaction  provisions of ERISA or Section 4975
of the Code (a "Plan"),  or any other person (including an investment manager, a
named  fiduciary or a trustee of any Plan) acting,  directly or  indirectly,  on
behalf of or purchasing any Certificate with "plan assets" of any Plan.

                  This  Certificate  is  one  of  a  duly  authorized  issue  of
Certificates  issued in several  Classes  designated  as  Mortgage  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


NY1-159595.5
                                                        D-4

<PAGE>



the Trustee and the rights of the Certificateholders  under the Agreement at any
time by the Company, the Master Servicer and the Trustee with the consent of the
Holders of  Certificates  evidencing  in the  aggregate not less than 66% of the
Percentage  Interests of each Class of Certificates  affected thereby.  Any such
consent by the Holder of this  Certificate  shall be  conclusive  and binding on
such  Holder  and  upon  all  future  holders  of  this  Certificate  and of any
Certificate  issued upon the transfer  hereof or in exchange  herefor or in lieu
hereof whether or not notation of such consent is made upon the Certificate. The
Agreement also permits the amendment  thereof in certain  circumstances  without
the consent of the Holders of any of the Certificates and, in certain additional
circumstances,  without  the  consent  of the  Holders  of  certain  Classes  of
Certificates.

                  As   provided  in  the   Agreement   and  subject  to  certain
limitations  therein set forth,  the transfer of this Certificate is registrable
in the Certificate  Register upon surrender of this Certificate for registration
of transfer at the offices or agencies  appointed by the Trustee in the City and
State of New York, duly endorsed by, or accompanied by an assignment in the form
below or other  written  instrument  of  transfer  in form  satisfactory  to the
Trustee and the Certificate Registrar duly executed by the Holder hereof or such
Holder's  attorney  duly  authorized  in writing,  and thereupon one or more new
Certificates of authorized denominations evidencing the same Class and aggregate
Percentage Interest will be issued to the designated transferee or transferees.

                  The Certificates are issuable only as registered  Certificates
without coupons in Classes and in denominations  specified in the Agreement.  As
provided in the Agreement and subject to certain  limitations therein set forth,
Certificates are  exchangeable for new Certificates of authorized  denominations
evidencing the same Class and aggregate Percentage Interest, as requested by the
Holder surrendering the same.

                  No service  charge will be made for any such  registration  of
transfer or exchange, but the Trustee may require payment of a sum sufficient to
cover any tax or other governmental charge payable in connection therewith.

                  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.



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<PAGE>



                  The  obligations  created by the  Agreement  in respect of the
Certificates and the Trust Fund created thereby shall terminate upon the payment
to  Certificateholders  of all  amounts  held by or on behalf of the Trustee and
required to be paid to them pursuant to the  Agreement  following the earlier of
(i) the maturity or other  liquidation of the last Mortgage Loan subject thereto
or the disposition of all property  acquired upon foreclosure or deed in lieu of
foreclosure of any Mortgage Loan and (ii) the purchase by the Master Servicer or
the Company from the Trust Fund of all remaining Mortgage Loans and all property
acquired in respect of such Mortgage Loans,  thereby  effecting early retirement
of the Certificates.  The Agreement  permits,  but does not require,  the Master
Servicer or the Company to (i) purchase at a price determined as provided in the
Agreement all remaining  Mortgage Loans and all property  acquired in respect of
any  Mortgage  Loan or (ii)  purchase  in  whole,  but not in  part,  all of the
Certificates from the Holders thereof;  provided,  that any such option may only
be exercised if the Pool Stated  Principal  Balance of the Mortgage  Loans as of
the  Distribution  Date  upon  which  the  proceeds  of any  such  purchase  are
distributed  is less than ten percent of the Cut-off Date  Principal  Balance of
the Mortgage Loans.

                  Reference  is hereby  made to the further  provisions  of this
Certificate set forth on the reverse hereof,  which further provisions shall for
all purpose have the same effect as if set forth at this place.

                  Unless  the  certificate  of  authentication  hereon  has been
executed by the Certificate  Registrar,  by manual  signature,  this Certificate
shall not be  entitled to any benefit  under the  Agreement  or be valid for any
purpose.


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<PAGE>



                  IN WITNESS WHEREOF, the Trustee has caused this Certificate to
be duly executed.

Dated:                                                   BANKERS TRUST COMPANY
                                                          as Trustee


                                                         By:
                                                          Authorized Signatory




                                           CERTIFICATE OF AUTHENTICATION

                  This is one of the Class [R-I][R-II]  Certificates referred to
in the within-mentioned Agreement.

                             BANKERS TRUST COMPANY,
                            as Certificate Registrar


                                                         By:
                                                          Authorized Signatory


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                                                        D-7

<PAGE>



                                                    ASSIGNMENT


                  FOR VALUE RECEIVED, the undersigned hereby sell(s),
assign(s) and transfer(s) unto
                                       (Please print or typewrite
name and address  including  postal zip code of assignee) a Percentage  Interest
evidenced  by the within  Mortgage  Asset-Backed  Pass-Through  Certificate  and
hereby  authorizes the transfer of  registration of such interest to assignee on
the Certificate Register of the Trust Fund.

                  I (We) further direct the Certificate Registrar to issue a new
Certificate of a like  denomination  and Class,  to the above named assignee and
deliver such Certificate to the following address:





Dated:
                                         Signature by or on behalf of assignor




                                                Signature Guaranteed

                                             DISTRIBUTION INSTRUCTIONS

                  The  assignee  should  include the  following  for purposes of
distribution:

                  Distributions shall be made, by wire transfer or
otherwise, in immediately available funds to
                                                        for the
account of                                               account
number                 , or, if mailed by check, to
                                                  Applicable
statements should be mailed to
                                                .

                  This information is provided by
    , the assignee named above, or
  , as its agent.


<PAGE>



                                                     EXHIBIT E

                                                CUSTODIAL AGREEMENT

                  THIS  CUSTODIAL  AGREEMENT (as amended and  supplemented  from
time to time, the "Agreement"), dated as of August 1, 1996, by and among BANKERS
TRUST COMPANY,  as Trustee (including its successors under the Pooling Agreement
defined below, the "Trustee"),  RESIDENTIAL  ACCREDIT LOANS, INC. (together with
any successor in interest, the "Company"),  RESIDENTIAL FUNDING CORPORATION,  as
master servicer  (together with any successor in interest or successor under the
Pooling Agreement  referred to below, the "Master  Servicer"),  and NORWEST BANK
MINNESOTA,  NATIONAL ASSOCIATION (together with any successor in interest or any
successor appointed hereunder, the "Custodian").


                                          W I T N E S S E T H T H A T :

                  WHEREAS,  the Company,  the Master  Servicer,  and the Trustee
have entered into a Pooling and Servicing  Agreement dated as of August 1, 1996,
relating  to  the  issuance  of  Residential   Accredit  Loans,  Inc.,  Mortgage
Asset-Backed  Pass-Through  Certificates,  Series  1996-QS4 (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.




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<PAGE>



                                                    ARTICLE II

                                           Custody of Mortgage Documents

                  Section 2.1. Custodian to Act as Agent; Acceptance of Mortgage
Files.  The  Custodian,  as the duly  appointed  agent of the  Trustee for these
purposes,  acknowledges  receipt of the Mortgage  Files relating to the Mortgage
Loans  identified on the schedule  attached  hereto (the  "Mortgage  Files") and
declares  that it  holds  and  will  hold the  Mortgage  Files as agent  for the
Trustee,  in  trust,  for  the  use  and  benefit  of  all  present  and  future
Certificateholders.

                  Section 2.2. Recordation of Assignments.  If any Mortgage File
includes one or more  assignments  to the Trustee of Mortgage  Notes and related
Mortgages that have not been recorded,  each such assignment  shall be delivered
by the  Custodian  to  the  Company  for  the  purpose  of  recording  it in the
appropriate  public office for real  property  records,  and the Company,  at no
expense to the Custodian, shall promptly cause to be recorded in the appropriate
public office for real property  records each such  assignment and, upon receipt
thereof  from such  public  office,  shall  return each such  assignment  to the
Custodian.

                  Section 2.3.  Review of Mortgage Files.

                  (a) On or prior  to the  Closing  Date,  the  Custodian  shall
deliver to the Trustee an Initial  Certification  in the form annexed  hereto as
Exhibit One evidencing  receipt of a Mortgage File for each Mortgage Loan listed
on the Schedule attached hereto (the "Mortgage Loan Schedule").

                  (b)   Within  45  days  of  the   initial   issuance   of  the
Certificates,  the Custodian agrees, for the benefit of  Certificateholders,  to
review,  in  accordance  with the  provisions  of  Section  2.02 of the  Pooling
Agreement,  each  Mortgage  File,  and shall  deliver to the  Trustee an Interim
Certification  in the form annexed  hereto as Exhibit Two to the effect that all
documents  required to be delivered  pursuant to Section  2.01(b) of the Pooling
Agreement have been executed and received and that such documents  relate to the
Mortgage  Loans  identified  on the  Mortgage  Loan  Schedule,  except  for  any
exceptions listed on Schedule A attached to such Interim  Certification.  Within
45 days of receipt of the documents required to be delivered pursuant to Section
2.01(c) of the  Pooling  Agreement,  the  Custodian  agrees,  for the benefit of
Certificateholders, to review, in accordance with the provisions of Section 2.02
of the Pooling Agreement,  each such document,  and shall deliver to the Trustee
either (i) an Interim  Certification  in the form attached hereto as Exhibit Two
to the effect that all such documents relate to the Mortgage Loans identified on
the  Mortgage  Loan  Schedule,  except for any  exceptions  listed on Schedule A
attached to such  Interim  Certification  or (ii) a Final  Certification  as set
forth in subsection (c) below. The Custodian


NY1-159595.5
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<PAGE>



shall be  under  no duty or  obligation  to  inspect,  review  or  examine  said
documents, instruments,  certificates or other papers to determine that the same
are genuine,  enforceable,  or appropriate for the  represented  purpose or that
they have  actually  been recorded or that they are other than what they purport
to be on their face.  If in performing  the review  required by this Section 2.3
the Custodian finds any document or documents  constituting a part of a Mortgage
File to be defective in any material  respect,  the Custodian  shall promptly so
notify the Company, the Master Servicer and the Trustee. Upon receipt of written
notification from the Master Servicer,  signed by a Servicing Officer,  that the
Master  Servicer or a  Subservicer,  as the case may be, has made a deposit into
the Certificate Account in payment for the purchase of the related Mortgage Loan
in an amount equal to the Purchase  Price for such Mortgage  Loan, the Custodian
shall release to the Master Servicer the related Mortgage File.

                  (c)  Upon  receipt  of  all  documents  required  to be in the
Mortgage Files the Custodian shall deliver to the Trustee a Final  Certification
in the form annexed hereto as Exhibit Three  evidencing the  completeness of the
Mortgage Files.

                  Upon  receipt  of  written  request  from  the  Trustee,   the
Custodian shall as soon as practicable  supply the Trustee with a list of all of
the  documents  relating to the  Mortgage  Loans then  contained in the Mortgage
Files.

                  Section 2.4.  Notification of Breaches of Representations  and
Warranties. Upon discovery by the Custodian of a breach of any representation or
warranty made by the Master  Servicer or the Company as set forth in the Pooling
Agreement or by a Seller in a Seller's  Agreement or by  Residential  Funding or
the Company in the Assignment Agreement with respect to a Mortgage Loan relating
to a Mortgage  File,  the  Custodian  shall give  prompt  written  notice to the
Company, the Master Servicer and the Trustee.

                  Section  2.5.  Custodian  to  Cooperate;  Release of  Mortgage
Files.  Upon the  repurchase  or  substitution  of any Mortgage Loan pursuant to
Article II of the Pooling  Agreement or payment in full of any Mortgage Loan, or
the receipt by the Master  Servicer of a notification  that payment in full will
be escrowed in a manner  customary for such purposes,  the Master Servicer shall
immediately notify the Custodian by a certification  (which  certification shall
include a statement to the effect that all amounts received or to be received in
connection with such payment which are required to be deposited in the Custodial
Account  pursuant to Section 3.07 of the Pooling  Agreement have been or will be
so  deposited) of a Servicing  Officer and shall  request  delivery to it of the
Mortgage  File. The Custodian  agrees,  upon receipt of such  certification  and
request,  promptly to release to the Master Servicer the related  Mortgage File.
The Master  Servicer shall deliver to the Custodian and the Custodian  agrees to
accept the Mortgage Note and other


NY1-159595.5
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<PAGE>



documents   constituting  the  Mortgage  File  with  respect  to  any  Qualified
Substitute Mortgage Loan.

                  From  time to  time as is  appropriate  for the  servicing  or
foreclosures of any Mortgage Loan, including, for this purpose, collection under
any Primary Insurance Policy or any Mortgage Pool Insurance  Policy,  the Master
Servicer  shall deliver to the Custodian a  certificate  of a Servicing  Officer
requesting  that  possession of all, or any document  constituting  part, of the
Mortgage File be released to the Master Servicer and certifying as to the reason
for such  release  and that  such  release  will not  invalidate  any  insurance
coverage  provided  in respect of the  Mortgage  Loan under any of the  Required
Insurance Policies. With such certificate,  the Master Servicer shall deliver to
the  Custodian a trust  receipt  signed by a Servicing  Officer on behalf of the
Master Servicer, and upon receipt of the foregoing,  the Custodian shall deliver
the Mortgage File or such document to the Master  Servicer.  The Master Servicer
shall  cause  each  Mortgage  File or any  document  therein so  released  to be
returned  to the  Custodian  when the need  therefor  by the Master  Servicer no
longer  exists,  unless  (i) the  Mortgage  Loan  has  been  liquidated  and the
Liquidation  Proceeds  relating to the Mortgage Loan have been  deposited in the
Custodial  Account or (ii) the Mortgage File or such document has been delivered
to an attorney,  or to a public trustee or other public  official as required by
law, for purposes of  initiating or pursuing  legal action or other  proceedings
for  the   foreclosure   of  the  Mortgaged   Property   either   judicially  or
non-judicially,  and the  Master  Servicer  has  delivered  to the  Custodian  a
certificate of a Servicing Officer  certifying as to the name and address of the
Person to which  such  Mortgage  File or such  document  was  delivered  and the
purpose or  purposes  of such  delivery.  In the event of the  liquidation  of a
Mortgage  Loan,  the  Custodian  shall  deliver the Trust  Receipt  with respect
thereto to the Master Servicer upon deposit of the related Liquidation  Proceeds
in the Custodial Account as provided in the Pooling Agreement.

                  Section  2.6.  Assumption  Agreements.  In the event  that any
assumption agreement or substitution of liability agreement is entered into with
respect to any Mortgage Loan subject to this  Agreement in  accordance  with the
terms and provisions of the Pooling Agreement,  the Master Servicer shall notify
the Custodian that such assumption or substitution  agreement has been completed
by forwarding to the Custodian the original of such  assumption or  substitution
agreement,  which  shall be added to the  related  Mortgage  File  and,  for all
purposes, shall be considered a part of such Mortgage File to the same extent as
all other documents and instruments constituting parts thereof.




NY1-159595.5
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<PAGE>



                                                    ARTICLE III

                                             Concerning the Custodian

                  Section 3.1. Custodian a Bailee and Agent of the Trustee. With
respect to each Mortgage Note,  Mortgage and other documents  constituting  each
Mortgage File which are delivered to the Custodian, the Custodian is exclusively
the bailee and agent of the Trustee and has no instructions to hold any Mortgage
Note or Mortgage  for the benefit of any person  other than the  Trustee,  holds
such documents for the benefit of  Certificateholders  and undertakes to perform
such  duties  and  only  such  duties  as are  specifically  set  forth  in this
Agreement.  Except upon  compliance  with the  provisions of Section 2.5 of this
Agreement, no Mortgage Note, Mortgage or other document constituting a part of a
Mortgage  File shall be delivered by the  Custodian to the Company or the Master
Servicer or otherwise released from the possession of the Custodian.

                  Section 3.2.  Indemnification.  The Company  hereby  agrees to
indemnify  and  hold  the  Custodian  harmless  from  and  against  all  claims,
liabilities,  losses,  actions, suits or proceedings at law or in equity, or any
other expenses,  fees or charges of any character or nature, which the Custodian
may incur or with which the  Custodian may be threatened by reason of its acting
as custodian under this Agreement,  including  indemnification  of the Custodian
against  any and all  expenses,  including  attorney's  fees if counsel  for the
Custodian  has been  approved  by the  Company,  and the cost of  defending  any
action,  suit  or  proceedings  or  resisting  any  claim.  Notwithstanding  the
foregoing,  it is specifically  understood and agreed that in the event any such
claim,  liability,  loss,  action,  suit or proceeding or other expense,  fee or
charge shall have been caused by reason of any negligent act,  negligent failure
to act or  willful  misconduct  on the part of the  Custodian,  or  which  shall
constitute  a  willful  breach  of its  duties  hereunder,  the  indemnification
provisions of this Agreement shall not apply.

                  Section 3.3. Custodian May Own Certificates.  The Custodian in
its  individual  or any  other  capacity  may  become  the owner or  pledgee  of
Certificates with the same rights it would have if it were not Custodian.

                  Section  3.4.  Master  Servicer  to Pay  Custodian's  Fees and
Expenses.  The Master Servicer covenants and agrees to pay to the Custodian from
time to time, and the Custodian  shall be entitled to,  reasonable  compensation
for all services  rendered by it in the exercise and  performance  of any of the
powers and duties  hereunder of the Custodian,  and the Master Servicer will pay
or  reimburse  the  Custodian  upon its  request  for all  reasonable  expenses,
disbursements  and advances incurred or made by the Custodian in accordance with
any of the provisions of this Agreement  (including the reasonable  compensation
and the  expenses  and  disbursements  of its  counsel  and of all  persons  not
regularly


NY1-159595.5
                                                        E-5

<PAGE>



in its employ),  except any such expense,  disbursement  or advance as may arise
from its negligence or bad faith.

                  Section  3.5.   Custodian  May  Resign;   Trustee  May  Remove
Custodian.  The  Custodian  may resign from the  obligations  and duties  hereby
imposed upon it as such obligations and duties relate to its acting as Custodian
of the Mortgage Loans.  Upon receiving such notice of  resignation,  the Trustee
shall either take custody of the  Mortgage  Files itself and give prompt  notice
thereof to the  Company,  the Master  Servicer  and the  Custodian,  or promptly
appoint a successor Custodian by written instrument,  in duplicate,  one copy of
which instrument  shall be delivered to the resigning  Custodian and one copy to
the  successor  Custodian.  If the Trustee  shall not have taken  custody of the
Mortgage Files and no successor  Custodian shall have been so appointed and have
accepted  appointment  within  30  days  after  the  giving  of such  notice  of
resignation,  the  resigning  Custodian  may  petition  any  court of  competent
jurisdiction for the appointment of a successor Custodian.

                  The Trustee may remove the Custodian at any time.  In
such event, the Trustee shall appoint, or petition a court of
competent jurisdiction to appoint, a successor Custodian hereunder.
Any successor Custodian shall be a depository institution subject
to supervision or examination by federal or state authority and
shall be able to satisfy the other requirements contained in
Section 3.7 and shall be unaffiliated with the Master Servicer or
the Company.

                  Any resignation or removal of the Custodian and appointment of
a successor  Custodian  pursuant to any of the  provisions  of this  Section 3.5
shall  become   effective  upon  acceptance  of  appointment  by  the  successor
Custodian.  The Trustee  shall give prompt  notice to the Company and the Master
Servicer of the appointment of any successor  Custodian.  No successor Custodian
shall be appointed by the Trustee  without the prior approval of the Company and
the Master Servicer.

                  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  $10,000,000 and is qualified to do business in the jurisdictions in
which it will hold any Mortgage File.


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                                                        E-6

<PAGE>





                                                    ARTICLE IV

                                             Miscellaneous Provisions

                  Section  4.1.  Notices.  All notices,  requests,  consents and
demands and other  communications  required  under this Agreement or pursuant to
any other  instrument or document  delivered  hereunder shall be in writing and,
unless otherwise specifically provided, may be delivered personally, by telegram
or telex, or by registered or certified mail,  postage  prepaid,  return receipt
requested,  at the  addresses  specified on the  signature  page hereof  (unless
changed by the particular party whose address is stated herein by similar notice
in writing), in which case the notice will be deemed delivered when received.

                  Section 4.2.  Amendments.  No  modification or amendment of or
supplement to this Agreement  shall be valid or effective  unless the same is in
writing and signed by all parties  hereto,  and neither the Company,  the Master
Servicer  nor the  Trustee  shall  enter  into any  amendment  hereof  except as
permitted by the Pooling Agreement.  The Trustee shall give prompt notice to the
Custodian of any amendment or  supplement  to the Pooling  Agreement and furnish
the Custodian with written copies thereof.

                  Section 4.3.  Governing Law. This Agreement  shall be deemed a
contract made under the laws of the State of New York and shall be construed and
enforced in accordance with and governed by the laws of the State of New York.

                  Section 4.4. Recordation of Agreement. To the extent permitted
by applicable  law, this Agreement is subject to recordation in all  appropriate
public offices for real property records in all the counties or other comparable
jurisdictions in which any or all of the properties subject to the Mortgages are
situated,  and in any other  appropriate  public  recording office or elsewhere,
such  recordation  to be effected by the Master  Servicer  and at its expense on
direction  by the Trustee  (pursuant  to the request of holders of  Certificates
evidencing  undivided  interests  in the  aggregate  of not less than 25% of the
Trust  Fund),  but only upon  direction  accompanied  by an  Opinion  of Counsel
reasonably satisfactory to the Master Servicer to the effect that the 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


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<PAGE>



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.


NY1-159595.5
                                                        E-8

<PAGE>



                  IN WITNESS WHEREOF,  this Agreement is executed as of the date
first above written.

Address:                                                 BANKERS TRUST COMPANY,
                                                         as Trustee
Four Albany Street
New York, New York  10006
Attention:  Residential Funding Corporation
              Series 1996-QS4
                                                         By:
                                                         Name:
                                                        Title: Vice President


Address:   RESIDENTIAL ACCREDIT LOANS, INC.
8400 Normandale Lake Boulevard
Minneapolis, Minnesota  55437
                                                         By:
                                                         Name:
                                                        Title: Vice President


Address:                                                 RESIDENTIAL FUNDING
                         CORPORATION, as Master Servicer
8400 Normandale Lake Boulevard
Suite 700
Minneapolis, Minnesota 55437
                                                         By:
                                                         Name:
                                                         Title:  Director


Address:                                                 NORWEST BANK MINNESOTA,
                                                         NATIONAL ASSOCIATION
401 Second Avenue South
Minneapolis, Minnesota  55479

                                                         By:
                                                         Name: Kathleen Marshall
                              Title: Trust Officer

                                                        E-9

<PAGE>



STATE OF NEW YORK                           )
                                            ) ss.:
COUNTY OF NEW YORK                          )


                  On the 29th day of August, 1996, before me, a notary public in
and for said State, personally appeared _______________________,  known to me to
be a Vice President of Bankers Trust Company,  the New York 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


[SEAL]


<PAGE>



STATE OF MINNESOTA                  )
                                    ) ss.:
COUNTY OF HENNEPIN                  )


                  On the 29th day of August, 1996, before me, a notary public in
and for said State,  personally appeared Kathleen Marshall,  known to me to be a
Trust  Officer of  Norwest  Bank  Minnesota,  National  Association,  a national
banking association that executed the within instrument, and also known to me to
be the person who executed it on behalf of said  national  banking  association,
and  acknowledged  to me that such  national  banking  association  executed the
within instrument.

                  IN WITNESS WHEREOF, I have hereunto set my hand and affixed my
official seal the day and year in this certificate first above written.





                                                          Notary Public


[SEAL]


<PAGE>



STATE OF MINNESOTA                  )
                                    ) ss.:
COUNTY OF HENNEPIN                  )


                  On the 29th day of August, 1996, before me, a notary public in
and for said State,  personally appeared  ________________,  known to me to be a
Vice President of Residential Accredit Loans, Inc., one of the corporations that
executed  the  within  instrument,  and also  known to me to be the  person  who
executed  it on behalf of said  corporation,  and  acknowledged  to me that such
corporation executed the within instrument.

                  IN WITNESS WHEREOF, I have hereunto set my hand and affixed my
official seal the day and year in this certificate first above written.


                                  Notary Public

[Notarial Seal]




STATE OF MINNESOTA                          )
                                            ) ss:
COUNTY OF HENNEPIN                          )


                  On the 29th day of August, 1996, before me, a notary public in
and for said State,  personally appeared  ________________,  known to me to be a
Director  of  Residential  Funding  Corporation,  one of the  corporations  that
executed  the  within  instrument,  and also  known to me to be the  person  who
executed  it on behalf of said  corporation,  and  acknowledged  to me that such
corporation executed the within instrument.

                  IN WITNESS WHEREOF, I have hereunto set my hand and affixed my
official seal the day and year in this certificate first above written.


                                                                  Notary Public

[Notarial Seal]


<PAGE>



                                                    EXHIBIT ONE

                                                 FORM OF CUSTODIAN
                                               INITIAL CERTIFICATION


                                 August 29, 1996


Bankers Trust Company
Four Albany Street
New York, New York  10006

Attention:  Residential Funding Corporation Series 1996-QS4

                  Re:      Custodial Agreement dated as of August 1, 1996, by
                           and among Bankers Trust Company, Residential
                           Accredit Loans, Inc., Residential Funding
                           Corporation and Norwest Bank Minnesota, National
                           Association, Mortgage Asset-Backed Pass-Through
                           Certificates, Series 1996-QS4

Ladies and Gentlemen:

                  In  accordance   with  Section  2.3  of  the   above-captioned
Custodial Agreement,  and subject to Section 2.02 of the Pooling Agreement,  the
undersigned, as Custodian, hereby certifies that it has received a Mortgage File
(which  contains an original  Mortgage  Note) to the extent  required in Section
2.01(b) of the Pooling  Agreement  with respect to each  Mortgage Loan listed in
the Mortgage Loan Schedule.

                  Capitalized  words and  phrases  used  herein  shall  have the
respective meanings assigned to them in the above-captioned Custodial Agreement.

                              NORWEST BANK MINNESOTA,
                              NATIONAL ASSOCIATION



                                                       By:
                                                       Name:
                                                       Title:


<PAGE>



                                                    EXHIBIT TWO

                                      FORM OF CUSTODIAN INTERIM CERTIFICATION



                                            ________________ ____, 1996



Bankers Trust Company
Four Albany Street
New York, New York  10006

Attention:  Residential Funding Corporation Series 1996-QS4

                  Re:      Custodial Agreement dated as of August 1, 1996, by
                           and among Bankers Trust Company, Residential
                           Accredit Loans, Inc., Residential Funding
                           Corporation and Norwest Bank Minnesota, National
                           Association, Mortgage Asset-Backed Pass-Through
                           Certificates, Series 1996-QS4

Ladies and Gentlemen:

                  In  accordance   with  Section  2.3  of  the   above-captioned
Custodial Agreement, the undersigned, as Custodian, hereby certifies that it has
received a Mortgage File to the extent  required  pursuant to Section 2.01(b) of
the Pooling  Agreement with respect to each Mortgage Loan listed in the Mortgage
Loan  Schedule,  and it has  reviewed the  Mortgage  File and the Mortgage  Loan
Schedule and has determined that: all required  documents have been executed and
received and that such documents related to the Mortgage Loans identified on the
Mortgage  Loan  Schedule,  with any  exceptions  listed on  Schedule  A attached
hereto.

                  Capitalized  words and  phrases  used  herein  shall  have the
respective meanings assigned to them in the above-captioned Custodial Agreement.

                             NORWEST BANK MINNESOTA,
                              NATIONAL ASSOCIATION



                                                      By:
                                                      Name:
                                                      Title:


<PAGE>



                                                   EXHIBIT THREE

                                       FORM OF CUSTODIAN FINAL CERTIFICATION



                                                     _____________ ___, 1996




Bankers Trust Company
Four Albany Street
New York, New York  10006

Attention:  Residential Funding Corporation Series 1996-QS4

                  Re:      Custodial Agreement dated as of August 1, 1996, by
                           and among Bankers Trust Company, Residential
                           Accredit Loans, Inc., Residential Funding
                           Corporation and Norwest Bank Minnesota, National
                           Association, Mortgage Asset-Backed Pass-Through
                           Certificates, Series 1996-QS4

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 title from the  originator
         thereof to the Person assigning it


<PAGE>



         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

                                                        E-4

<PAGE>



Lease and the recognition  agreement referenced in clause (iv) above, showing an
unbroken chain of title from the originator to the Trustee;

                  (ix)            The original of each modification, assumption
agreement or preferred loan agreement, if any, relating to such
Cooperative Loan; and

                  (x) An executed UCC-1 financing  statement  showing the Master
Servicer as debtor, the Company as secured party and the Trustee as assignee and
an  executed  UCC-1  financing  statement  showing the Company as debtor and the
Trustee as secured party,  each in a form sufficient for filing,  evidencing the
interest of such debtors in the Cooperative Loans.

                  Capitalized  words and  phrases  used  herein  shall  have the
respective meanings assigned to them in the above-captioned Custodial Agreement.

                        NORWEST BANK MINNESOTA,
                        NATIONAL ASSOCIATION


                                               By:
                                               Name:
                                               Title:

                                                  E-5

<PAGE>



                                   EXHIBIT F-1

                     MORTGAGE LOAN SCHEDULE FOR LOAN GROUP I
  RUN ON     : 08/22/96           RFC DISCLOSURE SYSTEM       RFFSD177-01
  AT         : 12.38.31          FIXED RATE LOAN LISTING      AMORTIZED BALANCE
  SERIES     : MULTIPLE POOLS                                 CUTOFF : 08/01/96
  POOL       : 0004216  0004217
             :
             :
  POOL STATUS:

  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 #
 
______________________________________________________________________________


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    NOLANVILLE       TX   76559          1            10/13/94         04
    0380081050                           05           12/01/94         25
    3187580                              N            11/01/24
    0


    1399062          180/728             F           43,200.00         ZZ
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    0380085317                           02           12/01/94         25
    3097789                              N            11/01/24
    0


    1404491          661/661             F          580,000.00         ZZ
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    1973296                              O            08/01/24
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    2024131                              05           02/01/95         30
1


    2024131                              O            01/01/25
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    3318458                              N            05/01/25
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1


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    0380196395                           03           07/01/95          0
    351873                               O            06/01/25
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    0380156712                           05           08/01/95          0
    3392735                              N            07/01/25
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    1424060          694/728             F           91,000.00         ZZ
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    0380194176                           05           10/01/95          0
    402605861                            O            09/01/25
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    1424291          028/728             F           37,000.00         ZZ
                                         360         36,735.22          1
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    VERNON TOWNSHIP  NJ   07462          1            06/13/95         01
    0380140534                           01           08/01/95         25
    358212                               N            07/01/25
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    1424719          664/728             F           66,150.00         ZZ
                                         360         65,706.26          1
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1


    ALLEN            TX   75002          1            06/22/95         04
    0380149311                           05           08/01/95         25
    1996867                              N            07/01/25
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    1431169          698/728             F          500,000.00         ZZ
                                         360        495,924.09          2
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    9431411                              N            07/01/25
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    0380203548                           05           10/01/95          0
    3491974                              N            09/01/25
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    4410023                              N            08/01/25
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    166699                               O            07/01/25
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1




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    2219384                              N            07/01/25
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    174406                               N            08/01/25
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    9515863                              N            09/01/25
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1


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    5022129                              N            08/01/25
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    52004106                             N            03/01/26
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    123267                               O            11/01/25
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1


    0410022198                           N            10/01/25
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    AUSTIN           TX   78729          1            08/28/95         04
    0380207077                           05           10/01/95         25
    2013936                              N            09/01/25
    0


    1442997          028/728             F          103,500.00         ZZ
                                         360        102,974.79          4
    1217 SOUTHPORT DRIVE              10.000            908.29         90
                                       9.750            908.29      115,000.00
    AUSTIN           TX   78704          1            08/25/95         04
    0380206806                           05           10/01/95         25
    174669                               N            09/01/25
    0


    1443790          180/728             F           58,500.00         ZZ
                                         360         58,042.87          2
    212 GIBSON STREET                  9.625            497.25         90
                                       9.375            497.25       65,000.00
    COPPERAS COVE    TX   76522          1            08/22/95         04
    0380207747                           05           10/01/95         30
    3552601                              N            09/01/25
    0


    1444237          455/728             F           47,700.00         ZZ
                                         360         47,564.08          1
    3160 SOUTH MILL STREET            10.000            418.61         90
                                       9.750            418.61       53,000.00
    COVINGTON        GA   30209          2            03/18/96         01
    0380409251                           05           05/01/96         25
    50046                                N            04/01/26
    0


    1445864          A07/728             F          125,100.00         ZZ
                                         360        124,571.34          1
    8 DEER ROCK ROAD                   9.875          1,086.30         45
                                       9.625          1,086.30      278,000.00
    HEBRON           CT   06231          5            10/13/95         00
    0380223710                           05           12/01/95          0
    UNKNOWN                              N            11/01/25
    0


1


    1445872          A07/728             F          111,600.00         ZZ
                                         360        111,128.35          1
    128 HOPE VALLEY ROAD               9.875            969.08         45
                                       9.625            969.08      248,000.00
    HEBRON           CT   06428          5            10/13/95         00
    0380223660                           05           12/01/95          0
    UNKNOWN                              N            11/01/25
    0


    1446531          A07/728             F          120,600.00         ZZ
                                         360        120,090.32          1
    14 DEER ROCK ROAD                  9.875          1,047.23         45
                                       9.625          1,047.23      268,000.00
    HEBRON           CT   06231          5            10/13/95         00
    0380223694                           05           12/01/95          0
    UNKNOWN                              N            11/01/25
    0


    1448488          180/728             F           39,000.00         ZZ
                                         360         38,842.16          1
    1340 BANBERRY ROAD                 9.500            327.94         61
                                       9.250            327.94       64,000.00
    MARIETTA         GA   30067          5            11/15/95         00
    0380339391                           05           01/01/96          0
    95980081                             N            12/01/25
    0


    1448606          688/728             F           51,750.00         ZZ
                                         360         51,489.23          1
    4024 FORTUNE LANE                  8.875            411.75         90
                                       8.625            411.75       57,500.00
    DALLAS           TX   75216          1            11/08/95         01
    0380310467                           05           01/01/96         30
    2000028715                           N            12/01/25
    0


    1450521          970/728             F           57,500.00         ZZ
                                         360         57,191.33          1
    1185 OAKVIEW DRIVE                 9.250            473.04         90
                                       9.000            473.04       63,900.00
    SMYRNA           GA   30080          1            09/28/95         04
    0380253287                           05           11/01/95         25
    M0481102                             N            10/01/25
    0


    1451784          462/728             F          307,500.00         ZZ
                                         360        306,992.30          1
    231 RENE DRIVE                     9.000          2,474.22         75
                                       8.750          2,474.22      410,000.00
1


    SHADY COVE       OR   97539          5            04/17/96         00
    0380451535                           05           06/01/96          0
    4410981                              O            05/01/26
    0


    1454518          180/728             F           80,150.00         ZZ
                                         360         79,852.28          1
    1317 ONSLOW DRIVE                  9.250            659.38         70
                                       9.000            659.38      114,500.00
    RALEIGH          NC   27606          5            12/15/95         00
    0380374356                           05           02/01/96          0
    3940368                              N            01/01/26
    0


    1456340          A52/728             F           75,000.00         ZZ
                                         360         74,617.85          1
    3014 PEELER ROAD                   8.375            570.05         41
                                       8.125            570.05      185,000.00
    DORAVILLE        GA   30460          5            11/21/95         00
    0380260597                           05           01/01/96          0
    0127722                              O            12/01/25
    0


    1456466          939/728             F          132,000.00         ZZ
                                         360        131,602.64          2
    71- 55  58TH ROAD                  9.500          1,109.93         55
                                       9.250          1,109.93      240,000.00
    MASPETH          NY   11378          5            01/30/96         00
    0380344219                           05           03/01/96          0
    9503220                              N            02/01/26
    0


    1456640          661/661             F          600,000.00         T
                                         360        595,643.69          1
    6406 SOUTH CRESTMOUNT CIRCLE       8.250          4,507.60         89
                                       8.000          4,507.60      675,000.00
    SALT LAKE CITY   UT   84121          1            08/04/95         94
    950757                               05           10/01/95         30
    950757                               O            09/01/25
    0


    1456648          661/661             F           74,000.00         ZZ
                                         360         68,171.90          1
    115 BOOTH LOOP ROAD                8.000            542.98        100
                                       7.750            542.98       74,000.00
    HENDERSON        TN   38340          1            08/07/95         94
    2255271                              05           10/01/95         30
    2255271                              O            09/01/25
    0
1




    1456682          661/661             F          141,000.00         T
                                         360        137,532.13          1
    ROUTE 1 BOX 260-A                  8.000          1,034.61        100
                                       7.750          1,034.61      141,000.00
    BUCHANAN DAM     TX   78605          1            07/21/95         94
    2242758                              05           09/01/95         30
    2242758                              O            08/01/25
    0


    1456685          661/661             F          220,000.00         ZZ
                                         360         76,303.55          1
    405 LINVILLE ROAD                  8.375          1,672.16         94
                                       8.125          1,672.16      235,000.00
    MIDDLETOWN       PA   19063          1            08/18/95         94
    2249704                              05           10/01/95         30
    2249704                              O            09/01/25
    0


    1456735          661/661             F          121,657.57         ZZ
                                         287        117,870.67          1
    1160 SUNRISE HILL                  7.500            913.09         37
                                       7.250            913.09      330,000.00
    CONCORD          CA   94518          1            06/01/95         00
    1811132                              05           07/01/95          0
    1811132                              O            05/01/19
    0


    1458237          661/661             F          157,500.00         ZZ
                                         360        156,412.58          1
    11 GREEN AVENUE                    8.500          1,211.03        100
                                       8.250          1,211.03      157,500.00
    BABYLON          NY   11702          1            08/25/95         94
    2236933                              05           10/01/95         30
    2236933                              O            09/01/25
    0


    1458420          B38/728             F           95,000.00         ZZ
                                         360         94,815.76          2
    130-25  148TH STREET               9.625            807.49         95
                                       9.375            807.49      100,000.00
    SOUTH OZONE PAR  NY   11436          1            03/25/96         11
    0380415357                           05           05/01/96         30
    NA                                   O            04/01/26
    0


    1458480          934/728             F          131,250.00         T
                                         360        129,268.19          1
1


    8855 COLLINS AVE.                  9.250          1,079.77         75
    UNIT 3E                            9.000          1,079.77      175,000.00
    SURFSIDE         FL   33154          1            06/22/95         00
    0380391905                           06           08/01/95          0
    UNKNOWN                              O            07/01/25
    0


    1458660          661/661             F          152,000.00         ZZ
                                         360        148,412.13          1
    19 POPPY AVENUE                    8.125          1,128.60        100
                                       7.875          1,128.60      152,000.00
    FRANKLIN SQUARE  NY   11010          1            09/14/95         94
    2274025                              05           11/01/95         30
    2274025                              O            10/01/25
    0


    1460291          E22/728             F          113,100.00         T
                                         360        112,592.60          1
    240 OLD MILL CIRCLE                9.000            910.03         75
                                       8.750            910.03      150,800.00
    KISSIMMEE        FL   34746          1            11/15/95         00
    0410006118                           03           01/01/96          0
    0410006118                           O            12/01/25
    0


    1460693          783/728             F          140,000.00         ZZ
                                         360        135,852.43          1
    120 NE 51ST ST                     8.625          1,088.91         70
                                       8.375          1,088.91      200,000.00
    SEATTLE          WA   98105          2            12/11/92         00
    0380284241                           05           02/01/93          0
    2855000235                           N            01/01/23
    0


    1462584          910/728             F           60,000.00         ZZ
                                         360         59,867.44          2
    286 & 290 WEST 5000 SOUTH          9.000            482.77         64
                                       8.750            482.77       95,000.00
    WASHINGTON TERR  UT   84405          5            03/12/96         00
    0380385980                           05           05/01/96          0
    131211                               N            04/01/26
    0


    1463301          769/728             F          155,000.00         ZZ
                                         360        154,933.23          1
    12 BENJAMIN COURT                 10.125          1,374.58         45
                                       9.875          1,374.58      351,840.00
    WOODCLIFF LAKE   NJ   07675          5            06/28/96         00
    0380490855                           05           08/01/96          0
1


    110101518                            N            07/01/26
    0


    1463313          661/661             F          180,000.00         ZZ
                                         360         68,209.54          1
    104 POTENZA CIRCLE                 8.125          1,336.49        100
                                       7.875          1,336.49      180,000.00
    PALM DESERT      CA   92211          1            11/01/95         94
    2333367                              01           01/01/96         30
    2333367                              O            12/01/25
    0


    1464513          661/661             F          935,000.00         ZZ
                                         360        518,846.56          1
    48 VISTA MONTEMAR                  8.625          7,272.33        100
                                       8.375          7,272.33      935,000.00
    LAGUNA NIGUEL    CA   92677          1            11/03/95         94
    950767                               03           01/01/96         30
    950767                               O            12/01/25
    0


    1464862          661/661             F          550,000.00         ZZ
                                         360        482,541.22          1
    6848 NORTH 1ST AVENUE              7.500          3,845.68        100
                                       7.250          3,845.68      550,000.00
    PHOENIX          AZ   85013          1            10/10/95         94
    950767                               05           12/01/95         30
    950767                               O            11/01/25
    0


    1466354          E22/728             F           97,500.00         ZZ
                                         360         97,129.99          1
    321 NORTH SANTA ROSA AVENUE        8.375            741.07         75
                                       8.125            741.07      130,000.00
    MODESTO          CA   95354          5            01/04/96         00
    0410085120                           05           03/01/96          0
    0410085120                           O            02/01/26
    0


    1467741          120/728             F           44,000.00         ZZ
                                         360         43,884.69          1
    641 WEST SPRINGFIELD ROAD          8.250            330.56         43
    B-4                                8.000            330.56      103,500.00
    SPRINGFIELD      PA   19064          5            03/15/96         00
    0380411091                           01           05/01/96          0
    70081131                             N            04/01/26
    0


1


    1468098          180/728             F           39,500.00         ZZ
                                         360         39,393.25          2
    1324 A & B WEST EVANS CIRCLE       9.125            321.39         90
                                       8.875            321.39       43,900.00
    DELTONA          FL   32725          1            02/02/96         04
    0380375015                           05           04/01/96         30
    4086229                              N            03/01/26
    0


    1468605          076/076             F           31,200.00         ZZ
                                         360         31,045.89          1
    23 WILSON STREET                   9.125            253.86         80
                                       8.875            253.86       39,000.00
    LEWISTON         ME   04240          1            10/19/95         10
    4951082                              05           12/01/95         12
    4951082                              N            11/01/25
    0


    1468988          180/728             F           64,500.00         ZZ
                                         360         64,261.36          1
    15615 PRESTON RD UNIT 1020         8.500            495.95         75
                                       8.250            495.95       86,000.00
    DALLAS           TX   75248          1            01/09/96         00
    0380372483                           01           03/01/96          0
    4082442                              O            02/01/26
    0


    1468991          A46/728             F          139,600.00         ZZ
                                         360        139,465.70          1
    17211 PALM FALLS COURT             9.625          1,186.59         80
                                       9.375          1,186.59      174,500.00
    HOUSTON          TX   77095          2            05/10/96         00
    0380441510                           03           07/01/96          0
    UNKNOWN                              O            06/01/26
    0


    1469098          E22/728             F          578,250.00         ZZ
                                         360        576,284.01          1
    364 NORTH SHORE DRIVE              8.000          4,242.99         75
                                       7.750          4,242.99      771,000.00
    WALWORTH         WI   53184          1            02/28/96         00
    0410084313                           05           04/01/96          0
    0410084313                           O            03/01/26
    0


    1469801          313/728             F           84,500.00         ZZ
                                         360         83,628.51          1
    1674 EAST TREMAINE AVENUE          8.875            672.32         90
                                       8.625            672.32       93,900.00
1


    GILBERT          AZ   85234          1            02/14/96         04
    0380367830                           03           04/01/96         25
    6050041                              N            03/01/26
    0


    1469831          E20/728             F           46,850.00         ZZ
                                         360         46,701.40          1
    691 EAST MAIN STREET               9.250            385.43         75
                                       9.000            385.43       62,500.00
    CANTON           GA   30114          2            01/23/96         00
    0380441890                           05           03/01/96          0
    UNKNOWN                              N            02/01/26
    0


    1469897          A26/728             F          171,000.00         ZZ
                                         360        170,513.49          3
    216 KNOX AVENUE                    8.875          1,360.56         90
                                       8.625          1,360.56      190,000.00
    CLIFFSIDE PARK   NJ   07010          1            02/14/96         11
    0380373416                           05           04/01/96         30
    6442                                 O            03/01/26
    0


    1469988          766/728             F          112,100.00         ZZ
                                         360        111,744.51          2
    10966-68 SW 5 STREET               9.250            922.22         95
                                       9.000            922.22      118,000.00
    SWEETWATER       FL   33174          1            01/05/96         01
    0380369109                           05           03/01/96         30
    95AC401                              O            02/01/26
    0


    1470531          001/728             F          320,000.00         ZZ
                                         360        319,065.94          1
    5725 BANJO DRIVE                   8.750          2,517.44         80
                                       8.500          2,517.44      401,000.00
    ELDERSBURG       MD   21784          4            02/29/96         00
    0380386954                           05           04/01/96          0
    843904                               O            03/01/26
    0


    1470739          229/728             F          170,000.00         ZZ
                                         360        169,516.36          2
    1695 PUCKER ST                     8.875          1,352.60         85
                                       8.625          1,352.60      200,000.00
    STOWE            VT   05672          1            02/20/96         04
    0380385170                           05           04/01/96         12
    6758296                              N            03/01/26
    0
1




    1470966          E22/728             F          157,500.00         ZZ
                                         360        157,041.57          1
    5601 QUAIL LANE                    8.875          1,253.14         70
                                       8.625          1,253.14      225,000.00
    ARLINGTON        TX   76016          5            01/31/96         00
    0410084487                           05           04/01/96          0
    0410084487                           N            03/01/26
    0


    1471131          E22/728             F           89,900.00         ZZ
                                         360         89,614.30          1
    14 CAPSHAW COURT                   9.000            723.36         61
                                       8.750            723.36      148,000.00
    CHICO            CA   95926          4            02/07/96         00
    0410046791                           05           04/01/96          0
    0410046791                           N            03/01/26
    0


    1471172          705/728             F          229,500.00         ZZ
                                         360        229,184.62          3
    382 DELANO PLACE                   9.875          1,992.86         90
                                       9.625          1,992.86      255,000.00
    FAIRVIEW         NJ   07022          1            04/10/96         11
    0380444621                           05           06/01/96         25
    5529409                              O            05/01/26
    0


    1472039          970/728             F          167,234.66         ZZ
                                         328        165,696.14          1
    143 W MOLTKE STREET                8.875          1,357.97         86
                                       8.625          1,357.97      195,000.00
    DALY CITY        CA   94014          5            06/13/95         14
    0380396904                           05           09/01/95         25
    194467                               O            12/01/22
    0


    1472202          E22/728             F           57,800.00         ZZ
                                         360         57,635.58          1
    16883 LAKE ARTHUR ROAD             8.875            459.88         51
                                       8.625            459.88      115,000.00
    APPLEGATE        CA   95703          5            02/07/96         00
    0410048292                           05           04/01/96          0
    0410048292                           N            03/01/26
    0


    1472305          180/728             F          139,000.00         ZZ
                                         360        138,931.63          2
1


    1200 GINGERLILY COVE               9.500          1,168.79         90
                                       9.250          1,168.79      155,000.00
    AUSTIN           TX   78745          1            06/06/96         04
    0380482100                           05           08/01/96         25
    4141735                              N            07/01/26
    0


    1472390          E22/728             F           30,400.00         ZZ
                                         360         29,864.17          1
    1516 BAY AREA BOULEVARD            9.000            244.61         95
    UNIT # D7                          8.750            244.61       32,000.00
    HOUSTON          TX   77058          1            02/05/96         23
    0410080352                           01           04/01/96          0
    0410080352                           O            03/01/26
    0


    1472612          E22/728             F          153,100.00         ZZ
                                         360        152,395.32          1
    14848 VERDUN ESTATES DR            8.875          1,218.14         80
                                       8.625          1,218.14      191,400.00
    FLORISSANT       MO   63034          1            12/05/95         00
    0410011779                           03           01/01/96          0
    0410011779                           O            12/01/25
    0


    1472784          747/728             F          144,000.00         ZZ
                                         357        143,834.05          1
    630 10TH AVENUE NW                 8.875          1,147.67         80
                                       8.625          1,147.67      180,025.00
    NAPLES           FL   33942          4            06/24/96         00
    0380478934                           05           07/01/96          0
    173256                               O            03/01/26
    0


    1472886          180/728             F           31,500.00         ZZ
                                         360         31,472.00          1
    7744 SOUTH MESKEGON               10.000            276.44         90
                                       9.750            276.44       35,000.00
    CHICAGO          IL   60649          1            05/23/96         04
    0380460163                           05           07/01/96         25
    4116984                              N            06/01/26
    0


    1472890          229/728             F          232,000.00         ZZ
                                         360        231,322.78          2
    40-42 NEWCASTLE STREET             8.750          1,825.15         80
                                       8.500          1,825.15      290,000.00
    BRIGHTON         MA   02135          2            02/29/96         04
    0380499872                           05           04/01/96         12
1


    6788400                              N            03/01/26
    0


    1473081          232/728             F           41,650.00         ZZ
                                         360         41,525.25          1
    200 PRINCE FREDERICK ST, S-4       8.625            323.95         65
                                       8.375            323.95       65,000.00
    KING OF PRUSSIA  PA   19406          2            02/23/96         00
    0380388372                           01           04/01/96          0
    12921536                             N            03/01/26
    0


    1473436          E22/728             F          178,500.00         ZZ
                                         360        177,933.94          1
    1520 ROTSEL RD                     9.250          1,468.48         70
                                       9.000          1,468.48      255,000.00
    BLOOMFIELD HILL  MI   48302          1            01/04/96         00
    0410084792                           05           03/01/96          0
    0410084792                           N            02/01/26
    0


    1473757          405/405             F          232,400.00         ZZ
                                         360        228,143.15          1
    8627-C VIA MALLORCA                7.875          1,685.07         90
                                       7.625          1,685.07      258,294.00
    LA JOLLA         CA   92037          1            06/12/95         21
    3630456                              01           08/01/95         30
    3630456                              O            07/01/25
    0


    1474110          180/728             F           46,500.00         T
                                         360         46,374.37          1
    1036 E NAVAJO BLDG C               9.125            378.34         75
                                       8.875            378.34       62,000.00
    FARMINGTON       NM   87401          1            02/21/96         00
    0380390162                           09           04/01/96          0
    4136933                              O            03/01/26
    0


    1474390          E35/728             F           32,550.00         T
                                         360         32,491.68          1
    17570 ATLANTIC BOULEVARD 119      10.000            285.65         70
                                       9.750            285.65       46,500.00
    N. MIAMI         FL   33160          1            03/31/96         00
    0380435728                           08           05/01/96          0
    144009                               O            04/01/26
    0


1


    1474462          816/728             F           87,500.00         ZZ
                                         360         87,231.18          1
    910 EAST 360 SOUTH                 8.500            672.80         70
                                       8.250            672.80      125,000.00
    PROVO            UT   84606          5            02/21/96         00
    0380374901                           05           04/01/96          0
    139264                               N            03/01/26
    0


    1475270          E20/728             F           26,250.00         ZZ
                                         360         26,179.08          1
    3445 LOUISE ST                     9.125            213.58         75
                                       8.875            213.58       35,000.00
    HAPEVILLE        GA   30354          1            02/14/96         00
    0380388653                           05           04/01/96          0
    17064                                N            03/01/26
    0


    1475427          E22/728             F          161,500.00         ZZ
                                         360        161,040.54          1
    1829 SOUTHWEST 12TH STREET         8.875          1,284.97         85
                                       8.625          1,284.97      190,000.00
    MIAMI            FL   33135          5            02/06/96         23
    0410070015                           05           04/01/96          0
    0410070015                           O            03/01/26
    0


    1475482          E22/728             F          324,000.00         ZZ
                                         360        322,640.04          1
    13155 MOUNT ZION ROAD              7.875          2,349.22         80
                                       7.625          2,349.22      405,000.00
    PINE GROVE       CA   95665          5            01/22/96         00
    0410047088                           05           03/01/96          0
    0410047088                           O            02/01/26
    0


    1475550          E22/728             F           47,700.00         ZZ
                                         360         41,780.28          1
    10401 GROSVENOR PLACE UNIT#526     9.250            392.42         90
                                       9.000            392.42       53,000.00
    N BETHESDA       MD   20852          1            01/26/96         04
    0410068183                           06           03/01/96         25
    0410068183                           N            02/01/26
    0


    1475590          766/728             F           80,925.00         T
                                         360         80,661.65          1
    15127 NW 7 COURT                   9.125            658.43         75
                                       8.875            658.43      107,900.00
1


    PEMBROKE PINES   FL   33027          1            02/01/96         00
    0380386665                           09           03/01/96          0
    96DA0008                             O            02/01/26
    0


    1475689          E22/728             F          149,000.00         ZZ
                                         360        145,948.70          2
    3728-3730 SOUTH 700 EAST           8.500          1,145.68         88
                                       8.250          1,145.68      170,000.00
    SALT LAKE CITY   UT   84106          1            02/23/96         01
    0410089932                           05           04/01/96         25
    0410089932                           N            03/01/26
    0


    1475820          E58/728             F          131,100.00         ZZ
                                         360        130,762.11          1
    3245 GREYBUDD COURT                8.250            984.92         75
                                       8.000            984.92      174,832.00
    INDIANAPOLIS     IN   46268          1            03/27/96         00
    0380402405                           05           05/01/96          0
    8741654                              O            04/01/26
    0


    1476059          A06/728             F          225,000.00         ZZ
                                         360        224,308.72          1
    3225 HOLLOW CORNERS                8.500          1,730.06         56
                                       8.250          1,730.06      405,000.00
    DRYDEN           MI   48428          5            02/08/96         00
    0380341892                           05           04/01/96          0
    9600059                              O            03/01/26
    0


    1476393          E20/728             F           51,750.00         ZZ
                                         360         51,574.02          1
    5574 CYPRESS DRIVE                 8.000            379.73         90
                                       7.750            379.73       57,500.00
    FOREST PARK      GA   30050          2            02/21/96         01
    0380386426                           05           04/01/96         25
    UNKNOWN                              N            03/01/26
    0


    1476526          B38/728             F          270,000.00         ZZ
                                         360        269,211.90          1
    1960 SAN REMO DRIVE                8.750          2,124.09         45
                                       8.500          2,124.09      600,000.00
    LAGUNA BEACH     CA   92651          5            02/26/96         00
    0380382151                           05           04/01/96          0
    W02122                               O            03/01/26
    0
1




    1476743          A35/728             F           94,900.00         ZZ
                                         360         94,574.80          1
    112 114 WEST CHICAGO AVENUE        8.875            755.07         68
                                       8.625            755.07      140,000.00
    LAS VEGAS        NV   89102          5            01/26/96         00
    0380344151                           05           03/01/96          0
    2258                                 N            02/01/26
    0


    1477939          E22/728             F           38,800.00         ZZ
                                         360         38,643.56          1
    19963 NORBORNE AVE                 8.875            308.71         80
                                       8.625            308.71       48,550.00
    REDFORD          MI   48239          1            12/12/95         23
    0410056337                           05           02/01/96          0
    0410056337                           N            01/01/26
    0


    1478131          232/076             F           50,350.00         ZZ
                                         360         50,271.07          1
    1393 LUCILE AVENUE                 9.250            414.22         83
                                       9.000            414.22       61,000.00
    ATLANTA          GA   30310          5            04/29/96         95
    12913284                             05           06/01/96          0
    12913284                             O            05/01/26
    0


    1478321          964/728             F          150,000.00         ZZ
                                         360        146,131.86          1
    101 BUCHANAN DRIVE                 8.125          1,113.75         36
                                       7.875          1,113.75      425,000.00
    SAUSALITO        CA   94965          5            02/22/96         00
    0380388166                           05           04/01/96          0
    17212                                O            03/01/26
    0


    1478500          140/728             F           31,200.00         ZZ
                                         360         31,106.56          1
    2811 LANGLEY AVENUE, UNIT 105      8.625            242.67         80
                                       8.375            242.67       39,000.00
    PENSACOLA        FL   32504          1            02/22/96         00
    0380370495                           01           04/01/96          0
    422828                               O            03/01/26
    0


    1478503          E20/728             F           33,750.00         ZZ
                                         360         33,665.67          1
1


    2202 POLAR ROCK TERRACE            9.500            283.79         75
                                       9.250            283.79       45,000.00
    ATLANTA          GA   30315          1            02/29/96         00
    0380389131                           05           04/01/96          0
    UNKNOWN                              N            03/01/26
    0


    1478567          E22/728             F          197,250.00         ZZ
                                         360        196,379.72          1
    13791 DONNYBROOK LANE              7.625          1,396.12         75
                                       7.375          1,396.12      263,000.00
    MOORPARK         CA   93021          2            01/25/96         00
    0410086672                           05           03/01/96          0
    0410086672                           O            02/01/26
    0


    1478660          776/728             F          182,000.00         ZZ
                                         360        181,554.25          4
    4130 WEBSTER STREET                8.500          1,399.43         70
                                       8.250          1,399.43      260,000.00
    OAKLAND          CA   94609          5            03/06/96         00
    0380387705                           05           05/01/96          0
    6228174                              N            04/01/26
    0


    1478706          927/728             F          138,125.00         ZZ
                                         360        137,784.21          1
    2518 HIGHLAND ROAD                 8.500          1,062.06         85
                                       8.250          1,062.06      162,500.00
    GREELEY          CO   80631          5            03/04/96         23
    0380404658                           05           05/01/96          0
    242628                               O            04/01/26
    0


    1478829          E22/728             F          200,000.00         ZZ
                                         360        187,606.32          1
    1521 VERNON ROAD                   8.750          1,573.40         25
                                       8.500          1,573.40      800,000.00
    EVERETT          WA   98205          2            03/01/96         00
    0410034433                           05           05/01/96          0
    0410034433                           O            04/01/26
    0


    1478888          A91/728             F           50,000.00         T
                                         360         49,877.54          1
    22 MEVAN AVENUE                    8.500            384.46         35
                                       8.250            384.46      145,000.00
    ENGLEWOOD        NJ   07631          1            03/13/96         00
    0380421504                           09           05/01/96          0
1


    UNKNOWN                              O            04/01/26
    0


    1479190          881/728             F          350,000.00         ZZ
                                         360        349,265.80          1
    5 FRUIT TREE ROAD                  9.250          2,879.36         62
                                       9.000          2,879.36      565,000.00
    RANCHO PALOS VE  CA   90274          5            03/18/96         00
    0380405689                           05           05/01/96          0
    302256                               O            04/01/26
    0


    1479245          E22/728             F           91,700.00         ZZ
                                         360         91,418.29          1
    7421 S UPHAM STREET                8.500            705.09         70
                                       8.250            705.09      131,000.00
    LITTLETON        CO   80123          5            02/12/96         00
    0410063184                           05           04/01/96          0
    410063184                            N            03/01/26
    0


    1479323          638/728             F           45,000.00         ZZ
                                         360         44,951.94          1
    5539 RANGELAND                     9.125            366.13         90
                                       8.875            366.13       50,000.00
    SAN ANTONIO      TX   78247          2            05/21/96         04
    0380469669                           05           07/01/96         25
    08533234                             N            06/01/26
    0


    1479823          E22/728             F           51,750.00         ZZ
                                         360         51,610.18          2
    298 AVALON STREET                  9.125            421.06         75
                                       8.875            421.06       69,000.00
    CINCINNATI       OH   45216          1            02/13/96         00
    0410075618                           05           04/01/96          0
    410075618                            N            03/01/26
    0


    1479880          638/728             F          136,000.00         ZZ
                                         360        125,076.67          4
    4302 FORREST HILL ROAD             8.875          1,082.08         80
                                       8.625          1,082.08      172,000.00
    COLORADO SPRING  CO   80907          1            02/29/96         10
    0380380874                           05           04/01/96         12
    8552280                              N            03/01/26
    0


1


    1480018          B26/728             F          283,500.00         ZZ
                                         360        283,180.96          2
    84-01 A CHAPIN PARKWAY             8.875          2,255.65         90
                                       8.625          2,255.65      315,000.00
    JAMAICA          NY   11432          1            05/31/96         04
    0380462599                           07           07/01/96         25
    1311011373N                          O            06/01/26
    0


    1480637          180/728             F           69,700.00         ZZ
                                         360         67,824.13          1
    2719 NUMILLA DRIVE                 8.500            535.93         85
                                       8.250            535.93       82,000.00
    ORLANDO          FL   32839          1            03/06/96         04
    0380389834                           05           05/01/96         22
    4211066                              N            04/01/26
    0


    1481006          B38/728             F           25,125.00         ZZ
                                         360         25,086.64          1
    23 ERICK ROAD                     10.750            234.54         75
    UNIT 8B                           10.500            234.54       33,500.00
    MANSFIELD        MA   02048          1            03/20/96         00
    0380397332                           01           05/01/96          0
    W02159                               N            04/01/26
    0


    1481034          570/570             F           66,675.00         T
                                         360         66,583.38          1
    3725 SOUTH OCEAN DRIVE #1105       9.875            578.97         75
                                       9.625            578.97       88,900.00
    HOLLYWOOD        FL   33019          1            04/30/96         00
    5847751                              06           06/01/96          0
    5847751                              O            05/01/26
    0


    1481106          638/728             F           78,750.00         ZZ
                                         360         78,661.38          1
    906 CHEATHAM COURT                 8.875            626.57         75
                                       8.625            626.57      105,000.00
    MODESTO          CA   95351          2            05/22/96         00
    0380468208                           05           07/01/96          0
    8552537                              N            06/01/26
    0


    1481132          180/728             F           57,000.00         ZZ
                                         360         56,853.12          1
    2613 TRACY'S TERRACE               8.250            428.22         60
                                       8.000            428.22       95,000.00
1


    EDMOND           OK   73013          5            03/07/96         00
    0380408519                           05           05/01/96          0
    4219275                              O            04/01/26
    0


    1481165          664/728             F          101,600.00         ZZ
                                         360        101,338.15          1
    5611 128TH PLACE SE                8.250            763.29         80
                                       8.000            763.29      127,000.00
    EVERETT          WA   98208          1            03/07/96         00
    0380389149                           05           05/01/96          0
    2162311                              O            04/01/26
    0


    1481177          965/728             F          114,950.00         ZZ
                                         360        114,708.83          1
    204 & 210 SOUTH SCOTT AVENUE       9.250            945.67         55
                                       9.000            945.67      209,000.00
    TUCSON           AZ   85701          1            03/11/96         00
    0380388513                           05           05/01/96          0
    140926                               N            04/01/26
    0


    1481684          470/470             F           59,400.00         ZZ
                                         360         59,259.15          2
    2973 & 2975 SOUTH 9150 WEST        9.750            510.34         90
                                       9.500            510.34       66,000.00
    MAGNA            UT   84044          1            02/12/96         01
    51008489                             05           04/01/96         25
    51008489                             N            03/01/26
    0


    1481702          E22/728             F           41,850.00         ZZ
                                         360         41,716.57          1
    122 EL MONTE BLVD                  8.875            332.98         90
                                       8.625            332.98       46,500.00
    SAN ANTONIO      TX   78212          1            02/07/96         04
    0410080220                           05           04/01/96         25
    410080220                            N            03/01/26
    0


    1481719          E22/728             F          330,000.00         ZZ
                                         360        308,413.48          1
    11694 LAKESHORE SOUTH              8.500          2,537.41         75
                                       8.250          2,537.41      440,000.00
    AUBURN           CA   95602          5            02/08/96         00
    0410048920                           03           04/01/96          0
    410048920                            O            03/01/26
    0
1




    1481853          638/728             F           76,950.00         ZZ
                                         360         76,770.95          1
    10022 WEST MONTECITO AVENUE        8.750            605.37         90
                                       8.500            605.37       85,500.00
    PHOENIX          AZ   85037          1            03/11/96         10
    0380396441                           03           05/01/96         30
    723                                  N            04/01/26
    0


    1481949          910/728             F           97,500.00         ZZ
                                         360         97,393.08          1
    1486 PARK AVENUE, UNIT #1          9.000            784.51         65
                                       8.750            784.51      150,000.00
    PARK CITY        UT   84060          5            05/29/96         00
    0380464371                           01           07/01/96          0
    221824                               N            06/01/26
    0


    1481995          626/728             F           66,850.00         ZZ
                                         360         66,702.26          1
    3315 CHISHOLM TRAIL E 202          9.000            537.90         70
                                       8.750            537.90       95,500.00
    BOULDER          CO   80301          5            03/29/96         00
    0380409020                           01           05/01/96          0
    6557268                              N            04/01/26
    0


    1481996          626/728             F           79,800.00         ZZ
                                         360         79,623.66          1
    3300 BRIDGER TRAIL #H-304          9.000            642.09         70
                                       8.750            642.09      114,000.00
    BOULDER          CO   80301          5            03/29/96         00
    0380408709                           01           05/01/96          0
    3557292                              N            04/01/26
    0


    1481997          626/728             F           65,450.00         ZZ
                                         360         65,305.37          1
    3050 CORONA TRAIL #M-108           9.000            526.63         70
                                       8.750            526.63       93,500.00
    BOULDER          CO   80301          5            03/29/96         00
    0380408725                           01           05/01/96          0
    6557318                              N            04/01/26
    0


    1482163          595/728             F          100,000.00         ZZ
                                         360         99,790.20          1
1


    10100 LARWIN AVENUE, NO. 1         9.250            822.68         80
                                       9.000            822.68      125,000.00
    CHATSWORTH AREA  CA   91311          1            03/14/96         00
    0380407867                           01           05/01/96          0
    6047997                              O            04/01/26
    0


    1482220          B38/728             F           63,000.00         ZZ
                                         360         62,795.74          1
    81 BOURNE STREET                  11.125            605.93         75
                                      10.875            605.93       84,000.00
    BROCKTON         MA   02402          1            10/27/95         00
    0380394446                           05           12/01/95          0
    611407                               O            11/01/25
    0


    1482262          E22/728             F           74,200.00         ZZ
                                         360         73,947.74          1
    7255 SPRING VILLAS CIRCLE          8.000            544.45         70
                                       7.750            544.45      106,000.00
    ORLANDO          FL   32819          2            02/16/96         00
    0410069272                           03           04/01/96          0
    410069272                            N            03/01/26
    0


    1482721          776/728             F          112,000.00         ZZ
                                         360        111,681.39          2
    2145-2147 SOUTHEAST YAMHILL ST     8.875            891.12         90
                                       8.625            891.12      124,500.00
    PORTLAND         OR   97214          1            01/29/96         04
    0380388810                           05           04/01/96         25
    5027919                              N            03/01/26
    0


    1482734          B35/728             F          124,850.00         ZZ
                                         360        124,588.06          2
    378 STANFORD STREET                9.250          1,027.12         85
                                       9.000          1,027.12      146,900.00
    PERTH AMBOY      NJ   08861          1            03/28/96         04
    0380449067                           05           05/01/96         20
    9682010192                           N            04/01/26
    0


    1482871          766/728             F           29,000.00         ZZ
                                         360         28,917.49          1
    20831 SAN SIMEON WY #201-3         8.875            230.74         70
                                       8.625            230.74       42,000.00
    NORTH MIAMI BEA  FL   33179          1            02/16/96         00
    0380375510                           01           04/01/96          0
1


    96AC0035                             O            03/01/26
    0


    1482874          E22/728             F          100,000.00         ZZ
                                         360         99,700.53          1
    912 EAST PINE STREET               8.625            777.79         80
                                       8.375            777.79      126,000.00
    COMPTON          CA   90221          5            02/14/96         00
    0410085963                           05           04/01/96          0
    410085963                            O            03/01/26
    0


    1482877          232/076             F          111,750.00         ZZ
                                         360        111,169.11          3
    751-755 FRASER STREET              8.875            889.14         75
                                       8.625            889.14      149,000.00
    AURORA           CO   80011          1            04/23/96         00
    1100730                              05           06/01/96          0
    1100730                              N            05/01/26
    0


    1482968          405/405             F           47,000.00         ZZ
                                         360         41,406.40          1
    817 HARDING PARK                   8.625            365.57         53
                                       8.375            365.57       90,000.00
    BRONX            NY   10473          5            02/12/96         00
    3825635                              05           04/01/96          0
    3825635                              N            03/01/26
    0


    1483150          A78/728             F          102,000.00         ZZ
                                         360        101,756.50          2
    500/502 KING COURT                 8.625            793.35         68
                                       8.375            793.35      150,000.00
    EVANS            CO   80620          4            03/11/96         00
    0380454471                           05           05/01/96          0
    80570658                             N            04/01/26
    0


    1483156          A78/728             F          102,000.00         ZZ
                                         360        101,756.50          2
    501/503 KING COURT                 8.625            793.35         68
                                       8.375            793.35      150,000.00
    EVANS            CO   80620          4            03/11/96         00
    0380454455                           05           05/01/96          0
    80570657                             N            04/01/26
    0


1


    1483187          E29/728             F          130,000.00         ZZ
                                         360        129,681.61          1
    6507 SOUTH ROBB WAY                8.500            999.59         44
                                       8.250            999.59      299,702.00
    LITTLETON        CO   80127          1            03/11/96         00
    0380392713                           03           05/01/96          0
    19511229                             O            04/01/26
    0


    1483194          664/728             F          108,000.00         ZZ
                                         360        107,692.74          1
    15211 S.E. 3RD STREET              8.875            859.30         90
                                       8.625            859.30      120,000.00
    VANCOUVER        WA   98684          1            02/14/96         04
    0380374620                           05           04/01/96         25
    2133122                              N            03/01/26
    0


    1483466          B38/728             F           63,000.00         ZZ
                                         360         62,887.12          1
    7560 CORBIN AVENUE                10.000            552.87         70
    UNIT #2                            9.750            552.87       90,000.00
    RESEDA           CA   91335          5            03/29/96         00
    0380420969                           01           05/01/96          0
    1035                                 N            04/01/26
    0


    1483473          E22/728             F           64,000.00         ZZ
                                         360         63,798.29          1
    112 KATHLEEN COURT                 8.375            486.45         68
                                       8.125            486.45       95,000.00
    TARPON SPRINGS   FL   34689          5            02/23/96         00
    0410066674                           09           04/01/96          0
    410066674                            O            03/01/26
    0


    1483546          575/728             F           58,450.00         ZZ
                                         240         57,984.51          1
    195 WILLOWBROOK ROAD               8.625            511.88         74
                                       8.375            511.88       79,000.00
    ROCHESTER        NY   14616          2            02/23/96         00
    0380373242                           05           04/01/96          0
    467005722                            N            03/01/16
    0


    1483601          575/728             F           52,500.00         ZZ
                                         360         52,449.50          1
    109 CULVER PARKWAY                 9.625            446.24         70
                                       9.375            446.24       75,000.00
1


    TOWN OF IRONDEQ  NY   14609          5            05/08/96         00
    0380479064                           05           07/01/96          0
    1638428                              N            06/01/26
    0


    1483626          232/076             F          170,400.00         ZZ
                                         360        169,887.70          1
    3 WAKEMAN ROAD                     8.875          1,355.78         80
                                       8.625          1,355.78      213,000.00
    SOUTH SALEM      NY   10590          1            02/29/96         00
    12952655                             05           04/01/96          0
    12952655                             O            03/01/26
    0


    1483629          B26/728             F          148,000.00         ZZ
                                         360        147,749.25          4
    1131 MANOR AVENUE                  8.875          1,177.55         80
                                       8.625          1,177.55      185,000.00
    BRONX            NY   10468          1            04/16/96         96
    0380421934                           05           06/01/96          0
    1311011382                           N            05/01/26
    0


    1483729          E22/728             F           29,600.00         ZZ
                                         360         28,609.93          1
    109 SOUTH 1ST STREET               9.375            246.20         90
                                       9.125            246.20       32,900.00
    MARSHALLTOWN     IA   50158          1            02/21/96         04
    0410062426                           05           04/01/96         30
    410062426                            N            03/01/26
    0


    1483834          526/728             F           79,600.00         ZZ
                                         360         79,367.63          4
    6103 NORTH 48TH AVENUE             8.750            626.22         80
                                       8.500            626.22       99,500.00
    GLENDALE         AZ   85301          1            02/14/96         04
    0380384710                           05           04/01/96         12
    00090640                             N            03/01/26
    0


    1483835          526/728             F           79,600.00         ZZ
                                         360         79,367.63          4
    6211 NORTH 48TH AVENUE             8.750            626.22         80
                                       8.500            626.22       99,500.00
    GLENDALE         AZ   85301          1            02/13/96         04
    0380378365                           05           04/01/96         12
    0090953                              N            03/01/26
    0
1




    1483837          526/728             F           79,600.00         ZZ
                                         360         79,367.63          4
    6109 NORTH 48TH AVENUE             8.750            626.22         80
                                       8.500            626.22       99,500.00
    GLENDALE         AZ   85301          1            02/14/96         04
    0380384751                           05           04/01/96         12
    00090675                             N            03/01/26
    0


    1483838          526/728             F           79,600.00         ZZ
                                         360         79,367.63          4
    6251 NORTH 48TH AVENUE             8.750            626.22         80
                                       8.500            626.22       99,500.00
    GLENDALE         AZ   85301          1            02/13/96         04
    0380378225                           05           04/01/96         12
    0091014                              N            03/01/26
    0


    1483839          526/728             F           79,600.00         ZZ
                                         360         79,367.63          4
    6021 NORTH 48TH AVENUE             8.750            626.22         80
                                       8.500            626.22       99,500.00
    PHOENIX          AZ   85301          1            02/14/96         04
    0380384637                           05           04/01/96         12
    00090707                             N            03/01/26
    0


    1483840          526/728             F           79,600.00         ZZ
                                         360         79,367.63          4
    6243 NORTH 48TH AVENUE             8.750            626.22         80
                                       8.500            626.22       99,500.00
    GLENDALE         AZ   85301          1            02/13/96         04
    0380378282                           05           04/01/96         12
    0091071                              N            03/01/26
    0


    1483842          526/728             F           79,600.00         ZZ
                                         360         79,367.63          4
    6203 NORTH 48TH AVENUE             8.750            626.22         80
                                       8.500            626.22       99,500.00
    GLENDALE         AZ   85301          1            02/14/96         04
    0380384686                           05           04/01/96         12
    0090929                              N            03/01/26
    0


    1483843          526/728             F           79,600.00         ZZ
                                         360         79,367.63          4
1


    6235 NORTH 48TH AVENUE             8.750            626.22         80
                                       8.500            626.22       99,500.00
    GLENDALE         AZ   85301          1            02/13/96         10
    0380378407                           05           04/01/96         12
    0091079                              N            03/01/26
    0


    1484046          560/728             F           97,750.00         ZZ
                                         360         97,546.98          1
    12 MARBLEHEAD DRIVE, UNIT 496     10.375            885.04         55
                                      10.125            885.04      177,756.00
    NASHUA           NH   03063          1            02/26/96         00
    450346218                            01           04/01/96          0
    450346218                            N            03/01/26
    0


    1484197          E22/728             F           48,500.00         ZZ
                                         360         47,191.82          1
    395 WILMINGTON DRIVE               8.375            368.64         75
    UNIT #2103C                        8.125            368.64       65,000.00
    BARTLETT         IL   60103          2            02/23/96         00
    0410062277                           01           04/01/96          0
    410062277                            O            03/01/26
    0


    1484206          926/728             F          234,000.00         ZZ
                                         360        233,426.91          1
    6 CHRISTO DRIVE                    8.500          1,799.26         65
                                       8.250          1,799.26      360,000.00
    HILTON HEAD ISL  SC   29926          5            03/18/96         00
    0380406802                           03           05/01/96          0
    838                                  O            04/01/26
    0


    1484207          B24/728             F           31,772.00         ZZ
                                         360         31,719.56          1
    123 S ADELAIDE AVE                 9.000            255.64         65
    UNIT 48                            8.750            255.64       48,880.00
    HIGHLAND PARK    NJ   08904          1            04/23/96         00
    0380409996                           08           06/01/96          0
    147831                               O            05/01/26
    0


    1484211          A06/728             F           51,300.00         ZZ
                                         360         51,154.04          1
    1711 TEN MILE RD                   8.875            408.17         90
                                       8.625            408.17       57,000.00
    ROYAL OAK        MI   48067          1            02/06/96         10
    0380404666                           05           04/01/96         30
1


    9601336                              N            03/01/26
    0


    1484259          911/728             F           45,000.00         ZZ
                                         360         44,897.97          2
    2875 SW 33 AVENUE                  8.875            358.04         28
                                       8.625            358.04      162,000.00
    MIAMI            FL   33133          5            03/19/96         00
    0380411927                           05           05/01/96          0
    UNKNOWN                              N            04/01/26
    0


    1484267          911/728             F          106,000.00         ZZ
                                         360        105,770.05          1
    11410 SW 114 COURT                 8.875            843.38         80
                                       8.625            843.38      132,500.00
    MIAMI            FL   33176          1            04/23/96         00
    0380442435                           05           06/01/96          0
    UNKNOWN                              O            05/01/26
    0


    1484269          076/076             F          182,000.00         T
                                         360        181,576.54          1
    8855 COLLINS AVENUE                8.750          1,431.79         70
    9C                                 8.500          1,431.79      260,000.00
    SURFSIDE         FL   33154          1            03/29/96         00
    4639912                              06           05/01/96          0
    4639912                              O            04/01/26
    0


    1485173          185/728             F           61,600.00         ZZ
                                         360         61,395.77          1
    6781 JUDSON AVENUE                 8.125            457.38         70
                                       7.875            457.38       88,000.00
    LAS VEGAS        NV   89115          1            02/28/96         00
    0380385279                           05           04/01/96          0
    231104                               N            03/01/26
    0


    1485245          638/728             F           54,900.00         ZZ
                                         360         54,832.03          1
    5831 MOORES CREEK                  8.750            431.90         90
                                       8.500            431.90       61,000.00
    SAN ANTONIO      TX   78233          1            05/08/96         04
    0380466855                           05           07/01/96         25
    8557673                              N            06/01/26
    0


1


    1485342          B77/728             F           87,000.00         ZZ
                                         360         86,966.35          1
    160 COMMONWEALTH AVENUE #521      10.625            803.96         60
                                      10.375            803.96      145,000.00
    BOSTON           MA   02116          5            06/13/96         00
    0380467390                           08           08/01/96          0
    95301039                             N            07/01/26
    0


    1485411          E20/728             F           19,350.00         ZZ
                                         360         19,311.46          1
    3283-B BLAZING PINE KNOLL          9.500            162.71         90
                                       9.250            162.71       21,500.00
    DECATUR          GA   30034          1            04/01/96         01
    0380407875                           01           05/01/96         25
    UNKNOWN                              N            04/01/26
    0


    1485503          F41/728             F           57,850.00         ZZ
                                         360         57,766.19          1
    135B CHISWICK ROAD                 9.625            491.72         65
                                       9.375            491.72       89,000.00
    BRIGHTON         MA   02135          2            04/12/96         00
    0380466285                           01           06/01/96          0
    18309                                N            05/01/26
    0


    1485587          B75/728             F          139,800.00         ZZ
                                         360        139,562.48          4
    1421 1423 1425 1427 SOUTH 280     10.250          1,252.75         60
    EAST                              10.000          1,252.75      233,000.00
    OREM             UT   84058          5            03/04/96         00
    0380440942                           05           05/01/96          0
    2596377                              N            04/01/26
    0


    1485608          001/728             F           50,000.00         ZZ
                                         360         49,949.32          1
    400 WESTSIDE DR                    9.375            415.87         60
                                       9.125            415.87       84,000.00
    ROSWELL          GA   30075          5            05/31/96         00
    0380462623                           05           07/01/96          0
    51B001                               N            06/01/26
    0


    1486137          E22/728             F           38,700.00         ZZ
                                         240         38,419.47          1
    9915 DRESDEN DRIVE                 9.375            357.58         90
                                       9.125            357.58       43,000.00
1


    DALLAS           TX   75220          1            02/29/96         01
    0410105183                           05           04/01/96         25
    410105183                            N            03/01/16
    0


    1486143          E22/728             F           81,000.00         ZZ
                                         360         80,850.98          2
    151 MAUNA KEA LANE                 9.875            703.36         90
                                       9.625            703.36       90,000.00
    BASTROP          TX   78602          1            03/01/96         04
    0410076046                           05           05/01/96         25
    410076046                            N            04/01/26
    0


    1486185          737/728             F           73,100.00         ZZ
                                         360         72,852.60          2
    11820 - 11822 NORTH 35TH AVENU     9.250            601.38         85
                                       9.000            601.38       86,000.00
    PHOENIX          AZ   85029          2            05/16/96         01
    0380450800                           05           07/01/96         12
    0511160                              N            06/01/26
    0


    1486213          E22/728             F          114,300.00         ZZ
                                         360        114,027.17          1
    200 MOUNTAIN PARK BOULEVARD        8.625            889.01         90
    UNIT # A304                        8.375            889.01      127,000.00
    ISSAQUAH         WA   98027          1            02/29/96         04
    0410034763                           01           05/01/96         25
    410034763                            N            04/01/26
    0


    1486252          201/728             F           47,700.00         ZZ
                                         360         47,647.68          1
    224 B ELMWOOD AVENUE               9.000            383.81         90
                                       8.750            383.81       53,000.00
    RIDLEY           PA   19094          1            05/07/96         04
    0380445537                           01           07/01/96         25
    3800878153                           N            06/01/26
    0


    1486274          B24/728             F           85,250.00         ZZ
                                         360         85,047.04          1
    446 COURTLAND AVENUE               9.125            693.62         55
                                       8.875            693.62      155,000.00
    STAMFORD         CT   06902          5            03/26/96         00
    0380383860                           01           05/01/96          0
    1486274                              N            04/01/26
    0
1




    1486281          076/076             F          302,250.00         T
                                         360        301,696.76          1
    2100 SOUTH OCEAN BOULEVARD         8.500          2,324.05         65
    #407N                              8.250          2,324.05      465,000.00
    PALM BEACH       FL   33480          1            04/08/96         00
    4639922                              08           06/01/96          0
    4639922                              O            05/01/26
    0


    1486292          232/076             F           63,000.00         ZZ
                                         360         62,122.18          2
    424 HESSIAN AVENUE                 8.750            495.63         90
                                       8.500            495.63       70,000.00
    NATIONAL PARK    NJ   08063          1            03/14/96         04
    2921628                              05           05/01/96         35
    2921628                              N            04/01/26
    0


    1486388          140/728             F           42,650.00         ZZ
                                         360         42,558.20          1
    5790 DOGWOOD CIRCLE                9.125            347.01         90
                                       8.875            347.01       47,400.00
    MYRTLE BEACH     SC   29575          1            03/29/96         04
    0380409228                           05           05/01/96         25
    UNKNOWN                              N            04/01/26
    0


    1486444          638/728             F          120,250.00         ZZ
                                         360        120,075.80          2
    1135 & 1137 WEST 300 NORTH         9.625          1,022.11         85
                                       9.375          1,022.11      141,500.00
    PROVO            UT   84601          1            04/16/96         01
    0380453762                           05           06/01/96         12
    166                                  N            05/01/26
    0


    1486488          076/076             F           72,000.00         T
                                         360         71,688.09          1
    20301 WEST COUNTRY CLUB DRIVE      8.500            553.62         80
    #629                               8.250            553.62       90,000.00
    NORTH MIAMI BEA  FL   33180          1            12/27/95         14
    4594622                              06           02/01/96         12
    4594622                              O            01/01/26
    0


    1486492          526/728             F           12,000.00         ZZ
                                         360         11,571.60          1
1


    437 N. ST. PAUL                    9.000             96.56         26
                                       8.750             96.56       47,500.00
    WICHITA          KS   67203          2            02/26/96         00
    0380391608                           05           04/01/96          0
    00102449                             N            03/01/26
    0


    1486509          737/728             F           62,100.00         ZZ
                                         360         62,005.17          1
    412 MCWILLIAMS AVENUE              9.375            516.52         90
                                       9.125            516.52       69,000.00
    ATLANTA          GA   30316          1            04/04/96         01
    0380415530                           05           06/01/96         25
    556299                               N            05/01/26
    0


    1486573          526/728             F           51,300.00         ZZ
                                         360         51,149.05          1
    2308 SOLARWAY STREET               8.750            403.58         90
                                       8.500            403.58       57,000.00
    LAS CRUCES       NM   88001          1            02/16/96         04
    0380387226                           05           04/01/96         25
    0095710                              N            03/01/26
    0


    1486576          766/728             F           34,800.00         T
                                         360         34,721.12          1
    19201 COLLINS AVENUE #701          8.875            276.88         75
                                       8.625            276.88       46,400.00
    MIAMI            FL   33160          1            03/19/96         00
    0380393356                           06           05/01/96          0
    96HA016                              O            04/01/26
    0


    1486620          664/728             F           40,500.00         ZZ
                                         360         40,408.14          1
    2111 MERCEDES ROAD                 8.875            322.24         90
                                       8.625            322.24       45,000.00
    DENTON           TX   76205          1            03/11/96         04
    0380404419                           05           05/01/96         25
    2114775                              N            04/01/26
    0


    1486626          595/728             F          108,000.00         ZZ
                                         360        107,692.74          4
    132 LAKEVIEW DRIVE                 8.875            859.30         80
                                       8.625            859.30      135,000.00
    SLIDELL          LA   70458          1            03/01/96         01
    0380391319                           05           04/01/96         12
1


    6039424                              N            03/01/26
    0


    1486680          001/728             F           44,900.00         ZZ
                                         360         44,823.94          1
    113 ELM STREET                     8.875            357.24         90
                                       8.625            357.24       49,900.00
    ANDERSON         SC   29625          1            04/04/96         04
    0380441932                           05           06/01/96         25
    UNKNOWN                              N            05/01/26
    0


    1486682          051/728             F          131,250.00         T
                                         360        130,974.67          1
    124 SEASCAPE RESORT DRIVE          9.250          1,079.76         75
                                       9.000          1,079.76      175,000.00
    APTOS            CA   95003          1            03/14/96         00
    0380383670                           20           05/01/96          0
    16102243                             O            04/01/26
    0


    1486857          B46/728             F          336,000.00         ZZ
                                         360        335,352.79          1
    3859 CALLE DEL ESTABLO             8.250          2,524.26         80
                                       8.000          2,524.26      420,000.00
    SAN CLEMENTE     CA   92672          1            04/08/96         00
    0380473984                           03           06/01/96          0
    101939                               O            05/01/26
    0


    1486863          965/728             F           45,000.00         ZZ
                                         360         44,851.77          1
    1123 W. MACKENZIE DRIVE            8.750            354.02         90
                                       8.500            354.02       50,000.00
    PHOENIX          AZ   85013          1            03/29/96         04
    0380411844                           05           05/01/96         25
    1486863                              N            04/01/26
    0


    1486884          803/728             F          139,150.00         ZZ
                                         360        138,937.54          1
    246 COLLINDALE STREET              9.375          1,157.38         80
                                       9.125          1,157.38      173,940.00
    HENDERSON        NV   89014          1            04/17/96         04
    0380427659                           03           06/01/96         12
    64620036                             N            05/01/26
    0


1


    1486885          803/728             F          151,750.00         ZZ
                                         360        151,518.30          1
    248 COLLINDALE STREET              9.375          1,262.18         80
                                       9.125          1,262.18      189,740.00
    HENDERSON        NV   89014          1            04/17/96         04
    0380427774                           03           06/01/96         12
    64620035                             N            05/01/26
    0


    1486913          638/728             F          171,000.00         ZZ
                                         360        170,687.03          2
    822 & 824 NORTH TOWNSEND AVENU     8.500          1,314.84         95
                                       8.250          1,314.84      180,000.00
    LOS ANGELES      CA   90063          1            04/05/96         04
    0380427873                           05           06/01/96         30
    8562255                              O            05/01/26
    0


    1486940          A07/728             F          200,000.00         ZZ
                                         360        199,669.79          1
    47 HILLTOP LANE                    9.000          1,609.25         78
                                       8.750          1,609.25      259,000.00
    WHEATLEY HEIGHT  NY   11798          4            04/04/96         00
    0380395278                           05           06/01/96          0
    UNKNOWN                              O            05/01/26
    0


    1486975          664/728             F           39,200.00         ZZ
                                         360         39,180.71          1
    649 SYLVAN WAY UNIT B              9.500            329.62         70
                                       9.250            329.62       56,000.00
    BREMERTON        WA   98310          5            06/21/96         00
    0380488107                           01           08/01/96          0
    2160240                              N            07/01/26
    0


    1486977          664/728             F           39,200.00         ZZ
                                         360         39,180.71          1
    649 SYLVAN WAY UNIT A              9.500            329.62         70
                                       9.250            329.62       56,000.00
    BREMERTON        WA   98310          5            06/21/96         00
    0380488131                           01           08/01/96          0
    2160232                              N            07/01/26
    0


    1486978          664/728             F           39,200.00         ZZ
                                         360         39,180.71          1
    649 SYLVAN WAY UNIT D              9.500            329.62         70
                                       9.250            329.62       56,000.00
1


    BREMERTON        WA   98310          5            06/21/96         00
    0380489220                           01           08/01/96          0
    2160125                              N            07/01/26
    0


    1487210          664/728             F           39,200.00         ZZ
                                         360         39,180.71          1
    649 SYLVAN WAY UNIT C              9.500            329.62         70
                                       9.250            329.62       56,000.00
    BREMERTON        WA   98310          5            06/21/96         00
    0380489063                           01           08/01/96          0
    2160257                              N            07/01/26
    0


    1487463          686/728             F           46,000.00         ZZ
                                         360         45,877.77          1
    7801 TURKEY OAK LANE               8.100            340.75         55
                                       7.850            340.75       84,000.00
    KISSIMMEE        FL   34747          2            03/13/96         00
    0380390766                           03           05/01/96          0
    30816973515                          O            04/01/26
    0


    1487496          180/728             F           24,000.00         ZZ
                                         360         23,849.69          1
    1819 REGAL DRIVE                   9.000            193.11         80
                                       8.750            193.11       30,000.00
    HIGHLAND SPRING  VA   23075          1            01/25/96         95
    0380402728                           09           03/01/96          0
    4084034                              N            02/01/26
    0


    1487532          E22/728             F          195,000.00         T
                                         360        193,401.60          1
    4748 SOUTH OCEAN BLVD              8.625          1,516.69         73
    UNIT # LPH5                        8.375          1,516.69      270,000.00
    HIGHLAND BEACH   FL   33487          1            02/29/96         00
    0410067490                           06           04/01/96          0
    410067490                            O            03/01/26
    0


    1487547          E22/728             F          144,800.00         ZZ
                                         360        143,238.96          1
    2641 CHANTERELL                    9.000          1,165.10         80
                                       8.750          1,165.10      181,000.00
    TROY             MI   48083          1            01/12/96         00
    0410064232                           05           03/01/96          0
    410064232                            O            02/01/26
    0
1




    1487619          526/728             F           60,350.00         ZZ
                                         360         60,095.50          1
    144 LACKAWANNA AVENUE              9.000            485.59         85
                                       8.750            485.59       71,000.00
    DURYEA           PA   18642          5            03/05/96         10
    0380387176                           05           05/01/96         25
    00099834                             O            04/01/26
    0


    1487626          069/728             F           95,800.00         ZZ
                                         360         95,661.22          1
    2362 VIEWCREST ROAD                9.625            814.29         90
                                       9.375            814.29      106,500.00
    HENDERSON        NV   89014          1            04/10/96         01
    0380460569                           05           06/01/96         25
    2352100113                           N            05/01/26
    0


    1487640          147/728             F          300,000.00         T
                                         360        299,464.81          1
    5379 LIGURIAN DRIVE                8.625          2,333.37         66
                                       8.375          2,333.37      455,000.00
    SAN JOSE         CA   95138          1            04/04/96         00
    0380448630                           03           06/01/96          0
    362628                               O            05/01/26
    0


    1487772          638/728             F           76,700.00         ZZ
                                         360         76,594.61          3
    1103 28TH STREET, 2804 AND         9.875            666.02         80
    2806 VAN BUREN AVENUE              9.625            666.02       95,900.00
    OGDEN            UT   84403          1            04/15/96         01
    0380445578                           05           06/01/96         12
    08549691                             N            05/01/26
    0


    1488076          E22/728             F           39,500.00         ZZ
                                         360         39,419.27          1
    2319 FOREST                        9.375            328.54         50
                                       9.125            328.54       79,000.00
    PORT HURON       MI   48060          5            03/08/96         00
    0410061741                           05           05/01/96          0
    410061741                            N            04/01/26
    0


    1488255          180/728             F           48,800.00         ZZ
                                         360         48,725.83          1
1


    209 SE HARTFORD                   10.000            428.25         90
                                       9.750            428.25       54,250.00
    DES MOINES       IA   50315          1            04/12/96         04
    0380451998                           05           06/01/96         25
    4196572                              N            05/01/26
    0


    1488288          638/728             F           76,000.00         ZZ
                                         360         75,867.88          1
    1285 SOUTH UTICA STREET            8.750            597.89         80
                                       8.500            597.89       95,000.00
    DENVER           CO   80219          2            04/11/96         10
    0380425232                           05           06/01/96         12
    614                                  N            05/01/26
    0


    1488402          180/728             F           47,700.00         ZZ
                                         360         47,629.05          2
    521 5TH AVENUE NORTH               9.500            401.09         90
                                       9.250            401.09       53,000.00
    TWIN FALLS       ID   83301          1            04/08/96         04
    0380417387                           05           06/01/96         30
    4279816                              N            05/01/26
    0


    1488428          E22/728             F           36,050.00         ZZ
                                         360         35,503.34          1
    1345 BRANSON AVENUE BLD III E      9.000            290.07         70
    UNIT # E                           8.750            290.07       51,500.00
    LAS CRUCES       NM   88001          1            03/07/96         00
    0410062947                           01           05/01/96          0
    410062947                            N            04/01/26
    0


    1488543          405/405             F           67,500.00         T
                                         240         67,197.38          1
    200 GOLFVIEW DRIVE BLDG D          9.375            623.69         75
    UNIT #1                            9.125            623.69       90,000.00
    BRANSON          MO   65616          1            04/19/96         00
    3910775                              01           06/01/96          0
    3910775                              O            05/01/16
    0


    1488572          638/728             F           75,350.00         ZZ
                                         360         75,240.83          2
    1976-78 WINDSOR DRIVE              9.625            640.47         85
                                       9.375            640.47       88,700.00
    N. PALM BEACH    FL   33408          1            04/25/96         01
    0380450016                           05           06/01/96         12
1


    8568347                              N            05/01/26
    0


    1488711          737/728             F           95,300.00         ZZ
                                         360         95,105.22          1
    8900 W 49TH AVENUE                 9.375            792.66         90
                                       9.125            792.66      105,900.00
    ARVADA           CO   80002          1            04/08/96         12
    0380452988                           05           05/01/96         25
    571885                               N            04/01/26
    0


    1488728          635/635             F           63,000.00         ZZ
                                         360         62,939.38          1
    906 GARDEN ST UNIT 2               9.625            535.50         70
                                       9.375            535.50       90,000.00
    HOBOKEN          NJ   07030          1            05/22/96         00
    6433940                              01           07/01/96          0
    6433940                              O            06/01/26
    0


    1488747          470/470             F           94,400.00         ZZ
                                         360         94,191.38          2
    912 SOUTH 5TH AVENUE               9.000            759.57         80
                                       8.750            759.57      118,000.00
    YAKIMA           WA   98902          1            03/15/96         95
    62020031                             05           05/01/96          0
    62020031                             N            04/01/26
    0


    1488795          F11/728             F          155,000.00         ZZ
                                         360        154,820.99          1
    12 BOGEL ROAD                      8.750          1,219.39         63
                                       8.500          1,219.39      247,000.00
    BAYPORT          NY   11705          1            05/24/96         00
    0380460361                           05           07/01/96          0
    9600055                              O            06/01/26
    0


    1488813          B35/728             F          225,000.00         ZZ
                                         360        224,638.04          1
    140 JERSEY ROAD                    9.125          1,830.68         37
                                       8.875          1,830.68      609,444.00
    MILLSBORO        DE   19966          5            04/22/96         00
    0380448101                           05           06/01/96          0
    9682010400                           O            05/01/26
    0


1


    1488845          405/405             F          175,000.00         ZZ
                                         360        171,878.72          1
    5905 OLD WHEELER ROAD              8.500          1,345.60         70
                                       8.250          1,345.60      250,000.00
    LAVERNE          CA   91750          5            03/08/96         00
    3877321                              05           05/01/96          0
    3877321                              O            04/01/26
    0


    1488908          635/635             F          135,000.00         T
                                         360        134,859.47          1
    41 PELHAM ST.                      9.250          1,110.62         75
                                       9.000          1,110.62      180,000.00
    NEWPORT          RI   02840          1            05/10/96         00
    6431852                              05           07/01/96          0
    6431852                              O            06/01/26
    0


    1488966          076/076             F           35,300.00         ZZ
                                         360         34,630.29          1
    1436 16TH AVENUE                   9.000            284.03         90
                                       8.750            284.03       39,250.00
    VERO BEACH       FL   32960          1            11/13/95         01
    5198682                              05           01/01/96         25
    5198682                              N            12/01/25
    0


    1488979          076/076             F          106,800.00         ZZ
                                         360        105,609.27          4
    606  WESTOVER AVENUE               8.500            821.20         80
                                       8.250            821.20      133,500.00
    NORFOLK          VA   23507          1            12/11/95         12
    5388972                              05           02/01/96         12
    5388972                              N            01/01/26
    0


    1489007          076/076             F          105,600.00         ZZ
                                         360        105,203.22          1
    1071  ORANGE GROVE AVENUE          7.500            738.37         80
                                       7.250            738.37      132,000.00
    SAN FERNANDO     CA   91340          2            02/06/96         12
    5466342                              05           04/01/96         12
    5466342                              N            03/01/26
    0


    1489023          076/076             F           46,000.00         ZZ
                                         360         45,857.90          2
    3333-3335 PENN AVENUE NORTH        9.375            382.60         80
                                       9.125            382.60       57,500.00
1


    MINNEAPOLIS      MN   55412          1            01/25/96         04
    5728992                              05           03/01/96         12
    5728992                              N            02/01/26
    0


    1489095          816/728             F           89,175.00         ZZ
                                         360         88,987.93          1
    870 NORTH CORNELL STREET           9.250            733.62         75
                                       9.000            733.62      118,900.00
    SALT LAKE CITY   UT   84116          1            03/20/96         00
    0380395823                           05           05/01/96          0
    139063                               N            04/01/26
    0


    1489099          776/728             F           62,400.00         ZZ
                                         360         62,278.99          1
    4107 VERA STREET                   9.625            530.39         80
                                       9.375            530.39       78,000.00
    BOISE            ID   83704          1            03/21/96         04
    0380403841                           05           05/01/96         12
    2529416                              N            04/01/26
    0


    1489104          570/570             F           62,900.00         ZZ
                                         360         62,808.89          2
    25511-13 SW 107TH COURT            9.625            534.64         85
                                       9.375            534.64       74,000.00
    HOMESTEAD        FL   33032          1            04/29/96         04
    5844121                              05           06/01/96         20
    5844121                              N            05/01/26
    0


    1489149          B38/728             F          163,400.00         ZZ
                                         360        163,250.92          1
    22 ROBBINS AVENUE                  9.875          1,418.88         95
                                       9.625          1,418.88      172,000.00
    ELMSFORD         NY   10523          1            05/28/96         11
    0380459397                           05           07/01/96         30
    NA                                   O            06/01/26
    0


    1489193          076/076             F           48,400.00         ZZ
                                         360         48,329.90          1
    854 SPRINGDALE CIRCLE              9.625            411.39         90
                                       9.375            411.39       53,800.00
    PALM SPRINGS     FL   33461          1            04/09/96         01
    5795362                              09           06/01/96         25
    5795362                              N            05/01/26
    0
1




    1489518          766/728             F          255,500.00         ZZ
                                         360        254,920.68          1
    4921 RONDA STREET                  8.875          2,032.87         70
                                       8.625          2,032.87      365,000.00
    CORAL GABLES     FL   33146          5            03/25/96         00
    0380410333                           05           05/01/96          0
    96SG0214                             O            04/01/26
    0


    1489526          E22/728             F          135,900.00         ZZ
                                         360        130,515.13          4
    235 SOUTHWEST KALMIA STREET        9.625          1,155.14         90
                                       9.375          1,155.14      151,000.00
    JUNCTION CITY    OR   97448          1            03/13/96         04
    0410034912                           05           05/01/96         25
    410034912                            N            04/01/26
    0


    1489554          180/728             F           60,300.00         ZZ
                                         360         60,207.92          1
    5318 VICTOR STREET                 9.375            501.55         76
                                       9.125            501.55       80,000.00
    DALLAS           TX   75214          2            04/12/96         00
    0380476516                           05           06/01/96          0
    4294716                              O            05/01/26
    0


    1489561          180/728             F           70,650.00         ZZ
                                         360         70,550.31          1
    4322 DARNELL PLACE                 9.750            606.99         90
                                       9.500            606.99       78,500.00
    CHEYENNE         WY   82001          1            04/26/96         04
    0380452954                           05           06/01/96         30
    200417                               N            05/01/26
    0


    1489650          E22/728             F          144,700.00         ZZ
                                         360        144,266.25          1
    2587 PORTOBELLO                    8.625          1,125.47         80
                                       8.375          1,125.47      180,900.00
    TROY             MI   48083          1            02/29/96         00
    0410061725                           05           04/01/96          0
    410061725                            O            03/01/26
    0


    1489699          A06/728             F           36,400.00         ZZ
                                         240         36,242.89          1
1


    919 CLINTON AVE                    9.375            336.34         70
                                       9.125            336.34       52,000.00
    ST CLAIR         MI   48079          5            04/05/96         00
    0380410994                           05           06/01/96          0
    9601001                              N            05/01/16
    0


    1489723          405/405             F          150,000.00         ZZ
                                         360        149,835.51          1
    11094 EAST OXEN ROAD               9.000          1,206.94         75
                                       8.750          1,206.94      200,000.00
    PARKER           CO   80134          1            05/20/96         00
    3888492                              05           07/01/96          0
    3888492                              O            06/01/26
    0


    1489736          A01/728             F          266,250.00         ZZ
                                         360        265,691.48          1
    11922 LOUISE AVENUE                9.250          2,190.37         75
                                       9.000          2,190.37      355,000.00
    LOS ANGELES      CA   91344          1            03/20/96         00
    0380411257                           05           05/01/96          0
    NA                                   O            04/01/26
    0


    1489744          A77/728             F           90,000.00         ZZ
                                         360         89,876.31          2
    32-34 SEVENTH AVENUE               9.875            781.52         90
                                       9.625            781.52      100,000.00
    LONG BRANCH      NJ   07740          1            04/30/96         01
    0380415407                           05           06/01/96         25
    1489744                              N            05/01/26
    0


    1489758          766/728             F          103,500.00         ZZ
                                         360        103,265.33          4
    2945-51-53 NW 27 STREET            8.875            823.49         90
                                       8.625            823.49      115,000.00
    MIAMI            FL   33142          1            03/25/96         12
    0380482365                           05           05/01/96         25
    96SG0237                             O            04/01/26
    0


    1489781          232/076             F          135,800.00         ZZ
                                         360         38,278.44          1
    2004 154TH AVENUE SOUTHEAST        9.375          1,129.52         70
                                       9.125          1,129.52      194,000.00
    BELLEVUE         WA   98007          1            03/19/96         00
    11005684                             05           05/01/96          0
1


    11005684                             O            04/01/26
    0


    1489816          765/728             F          100,000.00         ZZ
                                         360         99,890.33          4
    261-263 A,B,C SOUTH CARONDELET     9.000            804.63         65
    STREET                             8.750            804.63      155,000.00
    LOS ANGELES      CA   90057          5            05/31/96         00
    0380461120                           05           07/01/96          0
    313977                               N            06/01/26
    0


    1489827          E19/728             F          400,000.00         ZZ
                                         360        398,695.23          1
    43 PROSPECT AVENUE                 8.375          3,040.29         88
                                       8.125          3,040.29      455,000.00
    LONG BEACH       CA   90803          1            05/03/96         14
    0380469750                           05           07/01/96         25
    7326                                 O            06/01/26
    0


    1489911          595/728             F           62,050.00         ZZ
                                         360         61,671.96          1
    1029 DESIERTO SECO DRIVE           8.875            493.70         90
                                       8.625            493.70       68,950.00
    EL PASO          TX   79912          1            03/15/96         01
    0380402595                           05           05/01/96         25
    6034540                              N            04/01/26
    0


    1489929          638/728             F           90,900.00         ZZ
                                         360         90,745.98          1
    5124 SE 118TH AVENUE               8.875            723.24         90
                                       8.625            723.24      101,000.00
    PORTLAND         OR   97266          1            04/19/96         04
    0380437617                           05           06/01/96         25
    08565263                             N            05/01/26
    0


    1489987          180/728             F           87,000.00         ZZ
                                         360         86,860.05          1
    274 EAST 14TH AVENUE               9.125            707.86         90
                                       8.875            707.86       97,000.00
    COLUMBUS         OH   43201          1            04/18/96         04
    0380447137                           05           06/01/96         25
    4264511                              N            05/01/26
    0


1


    1490008          405/405             F           63,000.00         ZZ
                                         360         62,890.44          1
    509 LYLE DRIVE                     8.750            495.63         90
                                       8.500            495.63       70,000.00
    MARIETTA         GA   30067          1            04/17/96         10
    3886173                              05           06/01/96         25
    3886173                              N            05/01/26
    0


    1490012          180/728             F           31,500.00         ZZ
                                         360         31,455.34          1
    1017 WATKINS STREET                9.875            273.53         90
                                       9.625            273.53       35,000.00
    GREENSBORO       NC   27407          1            04/12/96         04
    0380494303                           05           06/01/96         25
    3959699                              N            05/01/26
    0


    1490014          180/728             F           78,650.00         ZZ
                                         360         78,574.34          1
    1117-A SOUTH VENTURA CIRCLE        9.625            668.52         90
                                       9.375            668.52       87,405.00
    AURORA           CO   80017          1            05/29/96         04
    0380465808                           05           07/01/96         25
    4298378                              N            06/01/26
    0


    1490045          405/405             F           32,500.00         ZZ
                                         360         32,407.51          1
    28 ALLEGHANY AVENUE                8.875            258.59         51
    UNIT 1800                          8.625            258.59       64,000.00
    TOWSON           MD   21204          2            03/04/96         00
    3872421                              06           04/01/96          0
    3872421                              N            03/01/26
    0


    1490112          B38/728             F          150,500.00         ZZ
                                         360        150,362.70          1
    332 & 334 WEST 2ND STREET          9.875          1,306.86         70
                                       9.625          1,306.86      215,000.00
    SAN DIMAS        CA   91773          5            05/02/96         00
    0380450842                           05           07/01/96          0
    1208                                 N            06/01/26
    0


    1490129          A06/728             F           36,550.00         ZZ
                                         360         36,480.92          2
    3441 16TH STREET                   9.750            314.03         85
                                       9.500            314.03       43,000.00
1


    WYANDOTTE        MI   48192          1            03/29/96         04
    0380405598                           05           05/01/96         25
    001000009601605                      N            04/01/26
    0


    1490160          939/728             F          175,750.00         ZZ
                                         360        175,663.54          1
    190-06 WILLIAMSON AVENUE           9.500          1,477.81         95
                                       9.250          1,477.81      185,000.00
    SPRINGFIELD GAR  NY   11413          1            06/04/96         10
    0380466814                           05           08/01/96         30
    9502919                              O            07/01/26
    0


    1490198          A69/728             F           68,000.00         ZZ
                                         360         67,969.10          1
    4 CHESTNUT STREET                  9.875            590.48         80
                                       9.625            590.48       85,000.00
    CENTRAL ISLIP    NY   11722          1            06/10/96         00
    0380467192                           05           08/01/96          0
    960671064                            O            07/01/26
    0


    1490232          A69/728             F          151,400.00         ZZ
                                         360        151,261.87          1
    252 WEST 74TH STREET UNIT 4        9.875          1,314.68         90
                                       9.625          1,314.68      168,300.00
    NEW YORK         NY   10023          1            05/22/96         04
    0380454448                           01           07/01/96         25
    960581024                            O            06/01/26
    0


    1490375          A91/728             F          313,500.00         ZZ
                                         360        312,789.13          1
    168 GOULD AVENUE                   8.875          2,494.35         95
                                       8.625          2,494.35      330,000.00
    NORTH CALDWELL   NJ   07006          1            03/06/96         04
    0380396565                           05           05/01/96         30
    UNKNOWN                              O            04/01/26
    0


    1490385          881/728             F          139,500.00         ZZ
                                         360        139,281.37          3
    226-228-230 5TH STREET             9.250          1,147.63         90
                                       9.000          1,147.63      155,000.00
    MONTEBELLO       CA   90640          1            04/15/96         11
    0380426412                           05           06/01/96         25
    302378                               O            05/01/26
    0
1




    1490396          D03/728             F           60,000.00         ZZ
                                         360         59,900.95          1
    9052 AVENUE 416                    9.000            482.77         74
                                       8.750            482.77       82,000.00
    DINUBA           CA   93618          5            04/18/96         00
    0380447772                           03           06/01/96          0
    36924                                N            05/01/26
    0


    1490404          455/728             F           60,200.00         ZZ
                                         360         60,115.04          1
    5255 KINSDALE LANE                 9.750            517.22         70
                                       9.500            517.22       86,000.00
    STONE MOUNTAIN   GA   30088          5            04/26/96         00
    0380432576                           05           06/01/96          0
    51570                                N            05/01/26
    0


    1490414          638/728             F          115,600.00         ZZ
                                         360        115,485.83          1
    361 EAST 400 SOUTH                 9.500            972.03         85
                                       9.250            972.03      136,000.00
    PROVO            UT   84606          2            05/16/96         10
    0380470154                           05           07/01/96         12
    08564568                             N            06/01/26
    0


    1490420          B24/728             F           84,000.00         ZZ
                                         360         83,450.52          1
    12819 MCCARTHY CIRCLE              9.500            706.32         60
                                       9.250            706.32      140,000.00
    PHILADELPHIA     PA   19154          5            04/10/96         00
    0380402603                           05           06/01/96          0
    1490420                              O            05/01/26
    0


    1490452          405/405             F          248,000.00         ZZ
                                         360        247,720.91          1
    4440 MUIR AVENUE                   8.875          1,973.20         80
                                       8.625          1,973.20      310,000.00
    SAN DIEGO        CA   92107          2            05/02/96         00
    0003909066                           05           07/01/96          0
    0003909066                           O            06/01/26
    0


    1490475          232/076             F          101,600.00         ZZ
                                         360        101,386.86          3
1


    36 SHEPHARD STREET                 9.250            835.84         80
                                       9.000            835.84      127,000.00
    LYNN             MA   01902          2            03/29/96         01
    1295841                              05           05/01/96         12
    1295841                              N            04/01/26
    0


    1490476          180/728             F           44,100.00         ZZ
                                         360         44,060.82          1
    2575 SOUTH SYRACUSE STREET        10.000            387.01         90
    #203                               9.750            387.01       49,000.00
    DENVER           CO   80231          1            05/09/96         10
    0380445826                           01           07/01/96         25
    4298931                              N            06/01/26
    0


    1490517          405/405             F          361,000.00         ZZ
                                         360        360,222.72          1
    17410 EL RANCHO AVENUE             9.125          2,937.22         66
                                       8.875          2,937.22      550,000.00
    MONTE SERENO     CA   95030          2            03/25/96         00
    3879087                              05           05/01/96          0
    3879087                              O            04/01/26
    0


    1490606          001/728             F           74,400.00         ZZ
                                         360         74,283.39          1
    12500 CAPRI CIRCLE NORTH #408      9.250            612.07         80
                                       9.000            612.07       93,000.00
    TREASURE ISLAND  FL   33706          1            04/23/96         00
    0380451212                           08           06/01/96          0
    UNKNOWN                              O            05/01/26
    0


    1490626          076/076             F          300,000.00         ZZ
                                         360        299,671.03          1
    4822 PALMETTO STREET               9.000          2,413.87         78
                                       8.750          2,413.87      385,000.00
    BELLAIRE         TX   77401          2            05/20/96         00
    11014085                             05           07/01/96          0
    11014085                             O            06/01/26
    0


    1490629          939/728             F          158,650.00         ZZ
                                         360        158,493.30          1
    80-15 162ND STREET                 9.500          1,334.02         95
                                       9.250          1,334.02      167,000.00
    JAMAICA          NY   11432          1            05/13/96         10
    0380444852                           05           07/01/96         30
1


    9603917                              O            06/01/26
    0


    1490796          526/728             F          119,200.00         T
                                         360        119,022.70          1
    716 LAGOON DRIVE                   9.500          1,002.30         80
                                       9.250          1,002.30      149,000.00
    FRISCO           CO   80443          1            04/17/96         95
    0380428079                           01           06/01/96          0
    0119194                              O            05/01/26
    0


    1490801          076/076             F           71,200.00         ZZ
                                         360         71,072.97          1
    11432 SW 4TH STREET                8.625            553.79         80
                                       8.375            553.79       89,000.00
    SWEETWATER       FL   33174          1            04/30/96         00
    4594882                              07           06/01/96          0
    4594882                              O            05/01/26
    0


    1490802          882/882             F           25,350.00         ZZ
                                         360         25,315.15          1
    2131 CALAIS DRIVE #10              9.875            220.13         65
                                       9.625            220.13       39,000.00
    MIAMI BEACH      FL   33141          1            04/26/96         00
    UNKNOWN                              01           06/01/96          0
    UNKNOWN                              N            05/01/26
    0


    1490804          A52/728             F           50,400.00         ZZ
                                         360         50,344.73          1
    2602 DOGWOOD AVENUE                9.000            405.53         60
    #2                                 8.750            405.53       84,000.00
    THUNDERBOLT      GA   31404          5            05/13/96         00
    0380439571                           07           07/01/96          0
    150572                               O            06/01/26
    0


    1490855          A91/728             F           26,000.00         ZZ
                                         360         25,976.90          1
    126 JERSEY STREET                 10.000            228.17         43
                                       9.750            228.17       61,000.00
    ROCHESTER        NY   14609          5            05/10/96         00
    0380447590                           05           07/01/96          0
    UNKNOWN                              N            06/01/26
    0


1


    1490882          F41/728             F           37,500.00         ZZ
                                         360         37,445.69          1
    62-66 QUEENSBURY STREET UNIT #     9.625            318.74         75
    222                                9.375            318.74       50,000.00
    BOSTON           MA   02215          1            04/25/96         00
    0380443706                           01           06/01/96          0
    18663                                N            05/01/26
    0


    1490967          E22/728             F          208,850.00         ZZ
                                         240        207,624.31          4
    1270/72/74/76 LAKE CHARLES AVE     9.250          1,912.79         78
                                       9.000          1,912.79      270,000.00
    PORTER           IN   46304          2            03/22/96         01
    0410076129                           05           05/01/96         12
    410076129                            N            04/01/16
    0


    1490973          910/728             F          194,650.00         ZZ
                                         360        194,467.64          1
    3598 SOUTH 2300 EAST               9.750          1,672.34         85
                                       9.500          1,672.34      229,000.00
    SALT LAKE CITY   UT   84109          1            05/14/96         04
    0380449224                           05           07/01/96         17
    902116                               N            06/01/26
    0


    1490974          910/728             F          194,650.00         ZZ
                                         360        194,467.64          1
    3602 SOUTH 2300 EAST               9.750          1,672.34         85
                                       9.500          1,672.34      229,000.00
    SALT LAKE CITY   UT   84109          1            05/14/96         04
    0380452012                           05           07/01/96         25
    902216                               N            06/01/26
    0


    1490983          E45/728             F           88,400.00         ZZ
                                         360         88,112.10          1
    585 VILLAGE WAY                    8.375            671.90         70
                                       8.125            671.90      126,300.00
    PALM HARBOR      FL   34683          1            03/29/96         00
    0380431875                           03           05/01/96          0
    UNKNOWN                              O            04/01/26
    0


    1491024          E45/728             F           46,350.00         ZZ
                                         360         46,236.48          1
    1514 STONE CREEK DRIVE             8.500            356.39         90
                                       8.250            356.39       51,500.00
1


    TARPON SPRINGS   FL   34689          1            03/28/96         04
    0380412024                           05           05/01/96         25
    UNKNOWN                              N            04/01/26
    0


    1491025          E45/728             F           27,900.00         ZZ
                                         360         26,615.70          1
    636 B FAIRWAYS CIRCLE              8.500            214.53         90
                                       8.250            214.53       31,000.00
    OCALA            FL   34472          1            02/29/96         04
    0380414483                           01           04/01/96         25
    UNKNOWN                              N            03/01/26
    0


    1491034          661/661             F          101,000.00         ZZ
                                         360        100,318.77          1
    7550 CUMBERLAND COURT              8.125            749.92         64
                                       7.875            749.92      158,000.00
    MOBILE           AL   36695          1            09/21/95         00
    2295855                              05           11/01/95          0
    2295855                              O            10/01/25
    0


    1491090          661/661             F           85,000.00         ZZ
                                         286         84,243.62          1
    501 LAKESHORE DRIVE #501           8.500            694.31        100
                                       8.210            694.31       85,000.00
    LAKE PARK        FL   33403          1            09/16/94         94
    2000370                              08           01/01/96         30
    2000370                              O            10/01/19
    0


    1491108          405/405             F           66,950.00         ZZ
                                         240         66,469.16          1
    1944 DINEEN DRIVE                  7.625            544.48         95
                                       7.375            544.48       70,500.00
    BALTIMORE        MD   21222          2            03/15/96         11
    3866902                              02           05/01/96         25
    3866902                              O            04/01/16
    0


    1491125          B38/728             F          121,600.00         ZZ
                                         360        121,489.06          1
    236 LINDEN STREET                  9.875          1,055.91         80
                                       9.625          1,055.91      152,000.00
    MASSAPEQUA PARK  NY   11762          1            05/20/96         00
    0380453473                           05           07/01/96          0
    1230                                 O            06/01/26
    0
1




    1491131          B38/728             F          115,500.00         ZZ
                                         360        115,402.71          1
    125 ORCHARD HILL DRIVE            10.250          1,035.00         70
                                      10.000          1,035.00      165,000.00
    WINDSOR LOCKS    CT   06096          5            05/02/96         00
    0380453408                           05           07/01/96          0
    1228                                 O            06/01/26
    0


    1491138          661/661             F           72,500.00         ZZ
                                         287         53,281.15          1
    2767 SOUTH CARAMBOLA CIRCLE        8.500            591.57        100
    APT 403                            8.210            591.57       72,500.00
    COCONUT CREEK    FL   33066          1            11/09/95         94
    2023216                              06           01/01/96         30
    2023216                              O            11/01/19
    0


    1491145          B24/728             F          148,000.00         ZZ
                                         360        147,791.16          2
    26 HALL PLACE                      9.750          1,271.55         80
                                       9.500          1,271.55      185,000.00
    STAMFORD         CT   06902          1            04/17/96         00
    0380404930                           05           06/01/96          0
    147087                               O            05/01/26
    0


    1491162          661/661             F          190,000.00         ZZ
                                         360        188,881.23          1
    3 CHAGFORD COURT                   7.500          1,328.51        100
                                       7.210          1,328.51      190,000.00
    SAN ANTONIO      TX   78218          1            01/09/96         94
    2409183                              03           03/01/96         30
    2409183                              O            02/01/26
    0


    1491209          A69/728             F          200,000.00         ZZ
                                         360        199,822.30          2
    3222 JOHNSON AVENUE               10.000          1,755.15         56
                                       9.750          1,755.15      360,000.00
    BRONX            NY   10463          1            05/21/96         00
    0380446725                           05           07/01/96          0
    960581029                            N            06/01/26
    0


    1491217          664/728             F           49,500.00         ZZ
                                         360         49,374.41          1
1


    7205 WILD ONION DRIVE              9.625            420.75         80
                                       9.375            420.75       61,900.00
    AUSTIN           TX   78744          1            03/29/96         04
    0380413683                           05           05/01/96         12
    2145050                              N            04/01/26
    0


    1491259          E22/728             F           59,200.00         ZZ
                                         360         59,051.28          1
    9933 FLYNT CIRCLE                  8.375            449.96         80
                                       8.125            449.96       74,000.00
    ORLANDO          FL   32825          5            03/27/96         00
    0410070312                           05           05/01/96          0
    410070312                            O            04/01/26
    0


    1491275          E22/728             F          238,000.00         ZZ
                                         360        237,417.13          1
    2493 WARREN ROAD                   8.500          1,830.01         70
                                       8.250          1,830.01      340,000.00
    WALNUT CREEK     CA   94595          5            03/25/96         00
    0410093264                           05           05/01/96          0
    410093264                            O            04/01/26
    0


    1491279          E22/728             F          341,250.00         ZZ
                                         360        340,456.01          1
    1325 BUCKINGHAM ROAD               8.750          2,684.62         75
                                       8.500          2,684.62      455,000.00
    BIRMINGHAM       MI   48009          5            03/27/96         00
    0410138333                           05           05/01/96          0
    410138333                            O            04/01/26
    0


    1491287          661/661             F           65,500.00         T
                                         360         65,153.26          1
    5324 HOUSTON DRIVE                 7.500            457.99        100
                                       7.210            457.99       66,000.00
    BATON ROUGE      LA   70809          1            12/22/95         94
    2394161                              05           02/01/96         30
    2394161                              O            01/01/26
    0


    1491315          201/728             F           61,200.00         ZZ
                                         360         61,111.31          3
    225 BROAD STREET                   9.625            520.20         80
                                       9.375            520.20       76,500.00
    PERTH AMBOY      NJ   08861          1            05/01/96         01
    0380452269                           05           06/01/96         12
1


    1300887674                           N            05/01/26
    0


    1491343          737/728             F           59,500.00         ZZ
                                         360         59,445.71          1
    3031 NORTH CIVIC CENTER PLACE      9.875            516.67         70
    211                                9.625            516.67       85,000.00
    SCOTTSDALE       AZ   85251          5            05/02/96         00
    0380488669                           01           07/01/96          0
    0511224                              N            06/01/26
    0


    1491446          076/076             F          105,300.00         T
                                         360        105,181.48          1
    14 LAKE VILLAGE                    8.875            837.82         75
    8                                  8.625            837.82      140,500.00
    BRAINTREE        MA   02184          1            05/08/96         00
    5283282                              01           07/01/96          0
    5283282                              O            06/01/26
    0


    1491449          638/728             F          196,000.00         ZZ
                                         360        195,708.49          3
    1125-1131 NE 69TH AVENUE           9.500          1,648.07         80
                                       9.250          1,648.07      245,000.00
    PORTLAND         OR   97213          1            04/24/96         01
    0380431503                           05           06/01/96         12
    816                                  N            05/01/26
    0


    1491489          E22/728             F           54,000.00         ZZ
                                         360         53,898.01          2
    6138-6140 STRATHMORE ROAD          9.750            463.94         90
                                       9.500            463.94       60,000.00
    RICHMOND         VA   23831          1            03/27/96         04
    0410068522                           05           05/01/96         25
    410068522                            N            04/01/26
    0


    1491938          F31/728             F           56,850.00         ZZ
                                         360         56,815.56          1
    17021 NORTH BAY ROAD               8.500            437.13         85
    726                                8.250            437.13       66,940.00
    SUNNY ISLES      FL   33160          1            06/13/96         04
    0380480567                           06           08/01/96         12
    9603103                              N            07/01/26
    0


1


    1493337          E22/728             F           51,500.00         T
                                         360         51,394.75          1
    104 O'BRIEN AVENUE                 9.375            428.35         65
                                       9.125            428.35       79,500.00
    WHITEFISH        MT   59937          5            03/25/96         00
    0410034771                           05           05/01/96          0
    410034771                            O            04/01/26
    0


    1493579          232/076             F          268,300.00         ZZ
                                         360        267,900.92          1
    UNIT E THE PINES #7                9.500          2,256.02         75
                                       9.250          2,256.02      357,740.00
    SUNDANCE         UT   84604          1            04/26/96         00
    11027004                             01           06/01/96          0
    11027004                             N            05/01/26
    0


    1493678          A78/728             F          215,000.00         ZZ
                                         360        214,680.21          4
    2125/2127/ 2129/2131 28TH AVE      9.500          1,807.84         77
                                       9.250          1,807.84      280,000.00
    GREELEY          CO   80631          1            04/30/96         04
    0380455486                           05           06/01/96         25
    080570677                            N            05/01/26
    0


    1493693          B38/728             F           48,000.00         ZZ
                                         360         47,949.80          1
    330 EAST 49TH STREET UNIT 5G       9.750            412.39         60
                                       9.500            412.39       80,000.00
    NEW YORK         NY   10017          5            05/23/96         00
    0380457326                           06           07/01/96          0
    1237                                 N            06/01/26
    0


    1493699          638/728             F          132,000.00         ZZ
                                         360        131,793.12          2
    226 & 226A MADELINE DRIVE          9.250          1,085.93         80
                                       9.000          1,085.93      165,000.00
    MONROVIA         CA   91016          1            04/26/96         04
    0380450479                           05           06/01/96         12
    08568464                             N            05/01/26
    0


    1493717          766/728             F          110,500.00         ZZ
                                         360        110,236.21          1
    661 SE 1 STREET                    8.625            859.46         85
                                       8.375            859.46      130,000.00
1


    HIALEAH          FL   33010          5            03/15/96         23
    0380447640                           05           05/01/96          0
    UNKNOWN                              O            04/01/26
    0


    1493728          731/728             F           54,000.00         ZZ
                                         360         53,889.87          1
    18 WAVERLY CIRCLE                  9.375            449.14         90
                                       9.125            449.14       60,000.00
    NEWNAN           GA   30263          1            04/03/96         01
    0380415241                           05           05/01/96         25
    3140661605                           N            04/01/26
    0


    1493787          E22/728             F           72,000.00         ZZ
                                         360         71,860.36          1
    149 RIVER RANCH DRIVE              9.625            611.99         91
                                       9.375            611.99       79,700.00
    BANDERA          TX   78003          1            03/25/96         04
    0410078257                           03           05/01/96         25
    410078257                            N            04/01/26
    0


    1493798          E22/728             F          203,000.00         ZZ
                                         360        202,595.84          1
    1708 W WABANSIA AVENUE             9.500          1,706.93         70
                                       9.250          1,706.93      290,000.00
    CHICAGO          IL   60622          5            03/26/96         00
    0410099964                           05           05/01/96          0
    410099964                            N            04/01/26
    0


    1493825          661/661             F          220,000.00         T
                                         360        218,478.68          1
    176 B SUMMER STREET UNIT 176 B     8.000          1,614.29        100
                                       7.710          1,614.29      220,000.00
    NEW CANAAN       CT   06840          1            09/25/95         94
    2311934                              01           11/01/95         30
    2311934                              O            10/01/25
    0


    1493845          604/728             F           85,000.00         ZZ
                                         360         84,904.34          4
    609-611 THIRD STREET               8.875            676.30         60
                                       8.625            676.30      142,000.00
    NEW CUMBERLAND   PA   17070          5            05/01/96         00
    0380471640                           05           07/01/96          0
    54138116                             N            06/01/26
    0
1




    1493854          E57/728             F          490,000.00         ZZ
                                         360        489,777.38          1
    365 & 365A SOUTH DRIVE             9.875          4,254.91         80
                                       9.625          4,254.91      612,500.00
    SEVERNA PARK     MD   21146          1            06/28/96         00
    0380494618                           05           08/01/96          0
    11862010143                          O            07/01/26
    0


    1493863          470/470             F          163,100.00         ZZ
                                         360        162,930.23          1
    6201 LAKE WASHINGTON BOULEVARD     9.250          1,341.79         70
    NE                                 9.000          1,341.79      233,000.00
    KIRKLAND         WA   98033          1            05/01/96         00
    62020281                             06           07/01/96          0
    62020281                             O            06/01/26
    0


    1493896          232/076             F           31,500.00         ZZ
                                         360         31,455.54          3
    4928 N 13TH STREET                 9.750            270.64         90
                                       9.500            270.64       35,000.00
    PHILADELPHIA     PA   19141          1            04/09/96         04
    11015038                             05           06/01/96         25
    11015038                             O            05/01/26
    0


    1493934          661/661             F          101,000.00         T
                                         360        100,351.86          1
    STATE ROAD 54/62 LAZY DAYS CON     8.375            767.68        100
    UNIT Z8                            8.085            767.68      101,000.00
    OSAGE BEACH      MO   65065          5            09/26/95         94
    2271559                              01           11/01/95         30
    2271559                              O            10/01/25
    0


    1493958          470/470             F           45,800.00         ZZ
                                         360         45,693.44          1
    700 WAGNER LANE                    8.750            360.31         28
                                       8.500            360.31      167,500.00
    KALISPELL        MT   59901          2            03/28/96         00
    62020104                             05           05/01/96          0
    62020104                             O            04/01/26
    0


    1493993          705/728             F          123,000.00         ZZ
                                         360        122,878.27          4
1


    1097 WINTHROP STREET               9.500          1,034.25         60
                                       9.250          1,034.25      205,000.00
    BROOKLYN         NY   11212          5            05/15/96         00
    0380446485                           05           07/01/96          0
    96300134                             N            06/01/26
    0


    1494004          638/728             F           87,300.00         ZZ
                                         360         87,216.02          1
    10905 WEST POINSETTIA DRIVE        9.625            742.04         90
                                       9.375            742.04       97,000.00
    AVONDALE         AZ   85323          1            05/09/96         04
    0380446972                           05           07/01/96         30
    8568956                              N            06/01/26
    0


    1494016          E22/728             F           67,400.00         ZZ
                                         360         67,279.26          3
    198-200 NORTH MAIN STREET         10.000            591.48         75
                                       9.750            591.48       89,900.00
    ANSONIA          CT   06401          1            03/29/96         00
    0410073142                           05           05/01/96          0
    410073142                            N            04/01/26
    0


    1494062          705/728             F           75,600.00         ZZ
                                         360         75,487.55          1
    24A CROLEY STREET                  9.500            635.69         90
                                       9.250            635.69       84,000.00
    HUNTINGTON       NY   11746          1            04/18/96         10
    0380435017                           05           06/01/96         25
    106249                               N            05/01/26
    0


    1494070          A33/728             F           31,500.00         ZZ
                                         360         31,470.50          1
    25725 CARLYSLE                     9.750            270.63         90
                                       9.500            270.63       35,000.00
    DEARBORN HEIGHT  MI   48125          1            05/17/96         04
    0380471541                           05           07/01/96         25
    15028798                             N            06/01/26
    0


    1494079          180/728             F           36,000.00         ZZ
                                         360         35,951.81          1
    8726 NORTH BOULEVARD              10.000            315.93         90
                                       9.750            315.93       40,000.00
    TAMPA            FL   33604          1            04/29/96         01
    0380447152                           05           06/01/96         25
1


    4293809                              N            05/01/26
    0


    1494099          E46/728             F          124,800.00         ZZ
                                         360        124,743.30          1
    338 BOULEVARD                      9.875          1,083.70         80
                                       9.625          1,083.70      156,000.00
    PASSAIC          NJ   07055          5            06/28/96         00
    0380490905                           05           08/01/96          0
    22583                                O            07/01/26
    0


    1494102          570/570             F           55,000.00         ZZ
                                         360         54,942.76          1
    4141 NW 51ST AVENUE                9.250            452.47         70
                                       9.000            452.47       79,000.00
    LAUDERDALE LAKE  FL   33319          5            05/03/96         00
    5845417                              05           07/01/96          0
    5845417                              O            06/01/26
    0


    1494136          526/728             F           69,200.00         ZZ
                                         360         69,127.96          1
    116 SOUTH FLORENCE STREET          9.250            569.30         80
                                       9.000            569.30       86,500.00
    FLAGSTAFF        AZ   86001          1            05/02/96         04
    0380449430                           05           07/01/96         12
    114820                               N            06/01/26
    0


    1494139          964/728             F          122,400.00         ZZ
                                         360        122,154.32          2
    328 & 328 1/2 WEST WHITING AVE     9.250          1,006.95         80
                                       9.000          1,006.95      153,000.00
    FULLERTON        CA   92632          1            04/29/96         04
    0380442351                           05           06/01/96         12
    17726                                N            05/01/26
    0


    1494185          570/570             F           94,000.00         ZZ
                                         360         93,703.74          2
    1501 NW 8TH AVE                    8.375            714.47         95
                                       8.125            714.47       99,000.00
    FORT LAUDERDALE  FL   33311          1            02/09/96         04
    5837620                              05           04/01/96         30
    5837620                              O            03/01/26
    0


1


    1494215          897/728             F           59,500.00         ZZ
                                         360         59,346.67          1
    1231 NORTH VERMONT STREET          8.250            447.00         29
                                       8.000            447.00      211,000.00
    ARLINGTON        VA   22201          2            03/27/96         00
    0380412669                           05           05/01/96          0
    5074813                              O            04/01/26
    0


    1494231          638/728             F           44,100.00         ZZ
                                         360         44,027.19          1
    205 CENTRAL 29TH STREET            9.000            354.84         70
                                       8.750            354.84       63,500.00
    NAMPA            ID   83687          5            04/26/96         00
    0380446766                           05           06/01/96          0
    08561790                             N            05/01/26
    0


    1494237          638/728             F          196,800.00         ZZ
                                         360        196,539.08          4
    3907 PHEASANT DRIVE                8.625          1,530.69         75
                                       8.375          1,530.69      262,500.00
    CARSON CTIY      NV   89701          1            05/13/96         00
    0380451766                           05           07/01/96          0
    08567635                             N            06/01/26
    0


    1494243          638/728             F           45,500.00         ZZ
                                         360         45,450.11          1
    99 NORWOOD AVENUE                  9.000            366.10         70
                                       8.750            366.10       65,000.00
    ATLANTA          GA   30317          5            05/14/96         00
    0380456336                           05           07/01/96          0
    08567069                             N            06/01/26
    0


    1494356          A69/728             F          236,550.00         ZZ
                                         360        236,328.38          1
    271 EAST 5TH STREET                9.750          2,032.33         95
                                       9.500          2,032.33      249,000.00
    BROOKLYN         NY   11218          1            05/02/96         10
    0380440967                           05           07/01/96         30
    71071                                O            06/01/26
    0


    1494437          661/661             F          163,800.00         ZZ
                                         360        160,712.89          1
    18415 SAXON                        8.250          1,230.57         90
                                       7.960          1,230.57      182,000.00
1


    BEVERLY HILLS    MI   48025          1            04/29/94         94
    1829109                              05           06/01/94         30
    1829109                              O            05/01/24
    0


    1494439          661/661             F          258,750.00         ZZ
                                         360        254,292.41          1
    AVERY ROAD                         8.500          1,989.56         90
                                       8.210          1,989.56      287,500.00
    GARRISON         NY   10524          1            05/24/94         94
    1824523                              05           07/01/94         30
    1824523                              O            06/01/24
    0


    1494446          661/661             F          239,970.00         ZZ
                                         287        237,403.42          1
    223 CLAYTON ROAD                   8.750          1,998.13         71
                                       8.500          1,998.13      340,000.00
    SCARSDALE        NY   10583          1            09/11/95         00
    1831585                              05           11/01/95          0
    1831585                              O            09/01/19
    0


    1494450          661/661             F           95,000.00         ZZ
                                         360         94,410.83          1
    450 WHITNEY WOODS                  8.000            697.07        100
                                       7.710            697.07       95,000.00
    CONWAY           AR   72032          1            10/13/95         94
    2328227                              05           12/01/95         30
    2328227                              O            11/01/25
    0


    1494451          661/661             F          160,000.00         ZZ
                                         360        148,650.14          1
    3917 CEDAR RIDGE DRIVE             7.875          1,160.11        100
                                       7.585          1,160.11      160,000.00
    BEDFORD          TX   76021          1            10/31/95         94
    2333532                              05           12/01/95         30
    2333532                              O            11/01/25
    0


    1494458          661/661             F          221,520.00         ZZ
                                         281        219,661.89          1
    4462 EAST DRIFTER WAY              8.250          1,782.97         80
                                       8.000          1,782.97      276,900.00
    FLAGSTAFF        AZ   86004          1            12/11/95         00
    1827039                              03           02/01/96          0
    1827039                              O            06/01/19
    0
1




    1494461          E22/728             F           43,200.00         ZZ
                                         360         43,094.20          2
    2727 RHAWN STREET UNIT 26          8.500            332.17         60
                                       8.250            332.17       72,000.00
    PHILADELPHIA     PA   19152          1            03/27/96         00
    0410071302                           01           05/01/96          0
    410071302                            N            04/01/26
    0


    1494487          661/661             F           56,500.00         T
                                         360         55,980.01          1
    1685 WOODROW AVENUE                8.000            414.58         99
                                       7.710            414.58       57,500.00
    WICHITA FALLS    TX   76301          1            11/03/95         94
    2346633                              05           01/01/96         30
    2346633                              O            12/01/25
    0


    1494489          661/661             F          155,000.00         ZZ
                                         360         88,018.68          1
    3619 LODGE HAVEN CIRCLE            8.000          1,137.33        100
                                       7.710          1,137.33      155,000.00
    GAINESVILLE      GA   30506          2            10/06/95         94
    2289221                              05           12/01/95         30
    2289221                              O            11/01/25
    0


    1494502          E22/728             F           22,500.00         ZZ
                                         360         22,470.66          2
    3209 CHEROKEE STREET              10.125            199.54         90
                                       9.875            199.54       25,000.00
    ST LOUIS         MO   63118          1            04/05/96         04
    0410138283                           05           06/01/96         25
    410138283                            N            05/01/26
    0


    1494526          405/405             F           74,650.00         ZZ
                                         360         74,613.28          1
    BLDG N, UNIT 2, PHS 4 WATERS       9.500            627.70         65
    BLUFF AT OZARK MOUNTAIN            9.250            627.70      114,900.00
    KIMBERLING CITY  MO   65686          1            06/03/96         00
    3910825                              01           08/01/96          0
    3910825                              N            07/01/26
    0


    1494557          229/728             F           58,500.00         ZZ
                                         360         58,443.71          1
1


    1439 WALTON WAY                    9.625            497.25         90
                                       9.375            497.25       65,000.00
    WOODBURN         OR   97071          1            05/21/96         01
    0380466160                           05           07/01/96         30
    6920094                              N            06/01/26
    0


    1494568          737/728             F           48,600.00         ZZ
                                         360         48,552.94          1
    5115 SINGLETON DRIVE               9.625            413.10         90
                                       9.375            413.10       54,000.00
    HILLIARD         OH   43026          1            05/09/96         01
    0380441833                           01           07/01/96         25
    556662                               N            06/01/26
    0


    1494569          B75/728             F          159,000.00         T
                                         360        158,708.99          4
    4622,4622 1/2,4624,4624 1/2        8.500          1,222.57         65
    EAGLE ROCK BOUELVARD               8.250          1,222.57      245,000.00
    LOS ANGELES      CA   90041          2            03/29/96         00
    0380424110                           05           06/01/96          0
    2417780                              N            05/01/26
    0


    1494570          766/728             F          119,000.00         ZZ
                                         360        118,866.07          2
    235/237 SW 77 AVENUE               8.875            946.82         85
                                       8.625            946.82      140,000.00
    MIAMI            FL   33144          5            04/30/96         23
    0380445750                           05           07/01/96          0
    960Z0138                             O            06/01/26
    0


    1494636          830/728             F           56,000.00         ZZ
                                         360         55,928.32          1
    1136 NORTH CATHERINE STREET        9.750            481.13         65
                                       9.500            481.13       87,000.00
    SALT LAKE CITY   UT   84116          1            05/09/96         00
    0380443482                           05           07/01/96          0
    5219909990                           O            06/01/26
    0


    1494648          E22/728             F          138,600.00         ZZ
                                         360        138,419.37          4
    1717 WARD STREET                  10.125          1,229.14         90
                                       9.875          1,229.14      154,000.00
    BERKELEY         CA   94703          1            04/02/96         04
    0410097182                           05           06/01/96         25
1


    410097182                            N            05/01/26
    0


    1494809          638/728             F          100,000.00         ZZ
                                         360         99,890.35          4
    252 WEST MARQUITA, #1-4            9.000            804.62         35
                                       8.750            804.62      290,000.00
    SAN CLEMENTE     CA   92672          5            05/02/96         00
    0380446717                           05           07/01/96          0
    08568821                             O            06/01/26
    0


    1494810          638/728             F          448,500.00         T
                                         360        448,068.56          1
    3008 TIMPANA POINT                 9.625          3,812.20         65
                                       9.375          3,812.20      690,000.00
    LONGWOOD         FL   32779          1            05/16/96         00
    0380446998                           03           07/01/96          0
    08565401                             O            06/01/26
    0


    1495088          A06/728             F           30,850.00         ZZ
                                         360         30,805.27          1
    450 SCHOOL STREET                  9.625            262.23         65
                                       9.375            262.23       47,500.00
    CULVER           IN   46511          1            04/12/96         00
    0380455320                           05           06/01/96          0
    9603316                              N            05/01/26
    0


    1495090          A06/728             F           33,800.00         ZZ
                                         360         33,751.01          1
    121 AND 123 JACKSON ST             9.625            287.30         65
                                       9.375            287.30       52,000.00
    PLYMOUTH         IN   46563          1            04/12/96         00
    0380455338                           05           06/01/96          0
    9603326                              N            05/01/26
    0


    1495143          638/728             F           94,500.00         ZZ
                                         360         94,409.10          1
    6421 CHIPPINDALE LANE              9.625            803.24         90
                                       9.375            803.24      105,000.00
    LAS VEGAS        NV   89108          1            05/06/96         04
    0380455569                           05           07/01/96         25
    8564697                              N            06/01/26
    0


1


    1495221          098/098             F          126,000.00         ZZ
                                         360        124,262.02          2
    92-49 168TH  PLACE                 8.950          1,009.30         90
                                       8.700          1,009.30      140,000.00
    JAMAICA          NY   11433          1            08/05/94         11
    440400104                            05           10/01/94         25
    440400104                            O            09/01/24
    0


    1495229          180/728             F           38,700.00         ZZ
                                         360         38,646.82          1
    3604 EAST 41ST STREET              9.875            336.05         90
                                       9.625            336.05       43,000.00
    DES MOINES       IA   50317          1            05/03/96         04
    0380452905                           07           06/01/96         25
    4321964                              N            05/01/26
    0


    1495230          180/728             F           32,150.00         ZZ
                                         360         32,120.68          1
    3611 EAST 41ST STREET              9.875            279.17         80
                                       9.625            279.17       40,200.00
    DES MOINES       IA   50317          1            05/28/96         95
    0380465410                           05           07/01/96          0
    4321949                              N            06/01/26
    0


    1495257          964/728             F          234,800.00         ZZ
                                         360        234,528.84          1
    5161 DEERWOOD DRIVE                8.750          1,847.17         80
                                       8.500          1,847.17      293,500.00
    SHINGLE SPRINGS  CA   95682          1            05/02/96         00
    0380460312                           03           07/01/96          0
    18193                                O            06/01/26
    0


    1495270          816/728             F          109,600.00         ZZ
                                         360        109,432.65          1
    9852 SOUTH PINEHURST DRIVE         9.375            911.60         80
                                       9.125            911.60      137,000.00
    SANDY            UT   84092          1            04/30/96         01
    0380467689                           05           06/01/96         17
    140030                               N            05/01/26
    0


    1495292          758/728             F           89,550.00         ZZ
                                         360         89,413.28          3
    1240 ALLSTON STREET                9.375            744.83         90
                                       9.125            744.83       99,500.00
1


    HOUSTON          TX   77008          1            04/29/96         04
    0380436163                           05           06/01/96         25
    UNKNOWN                              N            05/01/26
    0


    1495430          A73/728             F          184,800.00         ZZ
                                         240        183,516.75          1
    2535 SOUTH MORGAN VALLEY DRIVE     7.900          1,534.26         80
                                       7.650          1,534.26      231,000.00
    MORGAN           UT   84050          5            03/07/96         00
    0380423260                           05           05/01/96          0
    0529726038                           O            04/01/16
    0


    1495485          232/076             F           85,200.00         ZZ
                                         360         85,073.27          1
    19418 EAST PURDUE CIRCLE           9.500            716.41         80
                                       9.250            716.41      106,500.00
    AURORA           CO   80013          1            04/12/96         04
    11007930                             05           06/01/96         12
    11007930                             N            05/01/26
    0


    1495553          664/728             F           61,650.00         ZZ
                                         360         61,565.28          1
    313 SOUTH OAK STREET               9.875            535.34         90
                                       9.625            535.34       68,500.00
    BOYD             TX   76023          1            04/30/96         10
    0380442229                           05           06/01/96         25
    2115582                              N            05/01/26
    0


    1495571          180/728             F          114,900.00         ZZ
                                         360        114,792.35          1
    9647 PARRAMATTA PLACE              9.750            987.17         91
                                       9.500            987.17      127,109.00
    LITTLETON        CO   80126          4            05/10/96         12
    0380447350                           05           07/01/96         25
    4302964                              N            06/01/26
    0


    1495693          B24/728             F          189,725.00         ZZ
                                         360        189,542.49          1
    16 SHEPHERD WAY                    9.625          1,612.64         75
                                       9.375          1,612.64      252,967.00
    SOUTH BRUNSWICK  NJ   08824          1            05/17/96         00
    0380438052                           03           07/01/96          0
    1495693                              N            06/01/26
    0
1




    1495759          232/076             F           37,500.00         ZZ
                                         360         37,431.33          1
    1615 TERRACE DRIVE                 8.500            288.35         75
                                       8.250            288.35       50,000.00
    SANFORD          FL   32773          1            04/10/96         00
    12905871                             07           06/01/96          0
    12905871                             N            05/01/26
    0


    1495991          526/728             F          174,000.00         T
                                         360        173,845.40          1
    220 EAST 65TH ST. APT. 16J        10.000          1,526.98         75
                                       9.750          1,526.98      232,000.00
    NEW YORK         NY   10021          1            05/06/96         00
    0380447988                           06           07/01/96          0
    0111031                              O            06/01/26
    0


    1496009          897/728             F           60,000.00         ZZ
                                         360         59,940.75          1
    1226 GREENHURST AVENUE N.W.        9.500            504.51         80
                                       9.250            504.51       75,000.00
    ROANOKE          VA   24012          5            05/16/96         00
    0380463167                           05           07/01/96          0
    5073099                              O            06/01/26
    0


    1496036          882/882             F           22,400.00         ZZ
                                         360         22,388.98          1
    4050 NW 135 STREET #6              9.500            188.35         80
                                       9.250            188.35       28,000.00
    MIAMI            FL   33054          1            06/06/96         01
    UNKNOWN                              01           08/01/96         12
    UNKNOWN                              N            07/01/26
    0


    1496037          911/728             F          300,000.00         ZZ
                                         360        299,679.49          1
    13555 SW 58 CT                     9.125          2,440.90         66
                                       8.875          2,440.90      456,000.00
    MIAMI            FL   33156          5            04/30/96         00
    0380446980                           05           07/01/96          0
    1960439                              O            06/01/26
    0


    1496048          069/728             F           76,150.00         ZZ
                                         360         76,074.77          1
1


    3970 MEADOWGLEN DRIVE              9.500            640.32         60
                                       9.250            640.32      127,000.00
    LAS VEGAS        NV   89121          2            05/01/96         00
    0380457219                           05           07/01/96          0
    2352108710                           O            06/01/26
    0


    1496062          E23/728             F           55,000.00         ZZ
                                         360         54,907.53          1
    408 SOUTH ORANGE BLOSSOM AVE       9.625            467.50         48
                                       9.375            467.50      116,000.00
    LA PUENTE        CA   91746          5            05/08/96         00
    0380461385                           05           07/01/96          0
    103967                               O            06/01/26
    0


    1496064          766/728             F           30,600.00         ZZ
                                         360         30,322.82          1
    5401 SW 77 COURT 105E              9.500            257.30         80
                                       9.250            257.30       38,250.00
    MIAMI            FL   33155          1            04/19/96         01
    0380425869                           01           06/01/96         12
    96SG0309                             N            05/01/26
    0


    1496534          B35/728             F           66,000.00         ZZ
                                         360         65,936.50          1
    5004 GARRETT AVENUE                9.625            561.00         53
                                       9.375            561.00      125,000.00
    BELTSVILLE       MD   20715          5            05/08/96         00
    0380448168                           05           07/01/96          0
    9682010549                           N            06/01/26
    0


    1496565          253/728             F           47,100.00         ZZ
                                         360         47,028.07          2
    3307 A & B HYCREEK DR              9.375            391.76         65
                                       9.125            391.76       72,500.00
    AUSTIN           TX   78723          5            04/30/96         00
    0380443870                           05           06/01/96          0
    316899                               N            05/01/26
    0


    1496567          253/728             F           42,250.00         ZZ
                                         360         42,185.47          2
    3312 A & B HYCREEK DR              9.375            351.42         65
                                       9.125            351.42       65,000.00
    AUSTIN           TX   78723          5            04/30/96         00
    0380443862                           05           06/01/96          0
1


    316902                               N            05/01/26
    0


    1496631          E19/728             F          123,000.00         ZZ
                                         360        122,868.58          1
    213 FENNEL COURT                   9.125          1,000.77         64
                                       8.875          1,000.77      195,000.00
    SAN DIEGO        CA   92114          2            05/16/96         00
    0380453051                           05           07/01/96          0
    8210                                 O            06/01/26
    0


    1496638          893/728             F          650,000.00         ZZ
                                         360        649,268.51          1
    960 TOURNAMENT DRIVE               8.875          5,171.69         77
                                       8.625          5,171.69      845,000.00
    HILLSBOROUGH     CA   94010          1            05/09/96         00
    0380451527                           05           07/01/96          0
    1496638                              O            06/01/26
    0


    1496649          E20/728             F           42,900.00         ZZ
                                         360         42,881.02          1
    49-49 1/2 OTEEN CHURCH ROAD       10.000            376.48         70
                                       9.750            376.48       61,300.00
    ASHEVILLE        NC   28805          5            07/02/96         00
    0380495235                           05           08/01/96          0
    UNKNOWN                              N            07/01/26
    0


    1496673          F23/728             F          125,000.00         ZZ
                                         360        124,935.20          1
    12418 RUNNINGCREEK LANE            9.250          1,028.34         47
                                       9.000          1,028.34      270,000.00
    CERRITOS         CA   90701          5            06/03/96         00
    0380465709                           05           08/01/96          0
    962141                               O            07/01/26
    0


    1496685          201/728             F           40,500.00         ZZ
                                         360         40,419.36          1
    8814 SHERRYWOOD DRIVE              9.500            340.55         90
                                       9.250            340.55       45,000.00
    HOUSTON          TX   77044          1            04/01/96         01
    0380424581                           03           05/01/96         30
    7800886041                           N            04/01/26
    0


1


    1496748          462/728             F           85,500.00         ZZ
                                         360         85,415.54          1
    3432 N. 16TH DRIVE                 9.500            718.94         90
                                       9.250            718.94       95,000.00
    PHOENIX          AZ   85015          1            05/07/96         01
    0380447392                           05           07/01/96         30
    4485777                              N            06/01/26
    0


    1496749          638/728             F           97,500.00         ZZ
                                         360         97,251.69          2
    305 POWERS STREET                  9.625            828.74         65
                                       9.375            828.74      150,000.00
    NEW BRUNSWICK    NJ   08902          5            06/04/96         00
    0380482431                           05           08/01/96          0
    08569471                             N            07/01/26
    0


    1496755          001/728             F           39,600.00         ZZ
                                         360         39,559.86          1
    2704 FAIRWAY OAKS                  9.375            329.37         90
                                       9.125            329.37       44,000.00
    LAKE ARROWHEAD   GA   30183          2            05/31/96         10
    0380479171                           01           07/01/96         25
    UNKNOWN                              N            06/01/26
    0


    1496775          480/728             F          118,400.00         ZZ
                                         360        118,145.07          1
    6207 EAST PHELPS ROAD              9.125            963.34         80
                                       8.875            963.34      148,000.00
    SCOTTSDALE       AZ   85254          1            03/27/96         04
    0380427584                           03           05/01/96         12
    1861145                              N            04/01/26
    0


    1496827          180/728             F           73,800.00         ZZ
                                         360         73,734.43          1
    705 WEST COLLEGE DRIVE            10.000            647.65         90
                                       9.750            647.65       82,000.00
    CHEYENNE         WY   82007          1            05/16/96         10
    0380455692                           05           07/01/96         25
    4300489                              N            06/01/26
    0


    1496831          180/728             F           45,600.00         ZZ
                                         360         45,553.76          2
    901-903 MEADOWLARK CIRCLE          9.375            379.28         80
                                       9.125            379.28       57,000.00
1


    GRANBURY         TX   76049          1            05/10/96         95
    0380450669                           05           07/01/96          0
    4338901                              N            06/01/26
    0


    1496836          882/728             F          165,600.00         ZZ
                                         360        165,408.75          4
    4125 WOODSIDE DRIVE                8.750          1,302.78         90
                                       8.500          1,302.78      184,000.00
    CORAL SPRINGS    FL   33065          1            05/17/96         12
    0380491333                           05           07/01/96         25
    UNKNOWN                              O            06/01/26
    0


    1496839          964/728             F          100,000.00         ZZ
                                         360         99,878.41          1
    237 COLUMBUS STREET                8.500            768.91         45
                                       8.250            768.91      225,000.00
    EL GRANADA       CA   94018          5            05/07/96         00
    0380446402                           05           07/01/96          0
    18265                                O            06/01/26
    0


    1496847          470/470             F          280,000.00         ZZ
                                         360        279,862.27          1
    5435 SENECA PLACE                  9.500          2,354.40         70
                                       9.250          2,354.40      400,000.00
    SIMI VALLEY      CA   93063          5            06/07/96         00
    24150299                             05           08/01/96          0
    24150299                             O            07/01/26
    0


    1496873          526/728             F           60,000.00         ZZ
                                         360         59,972.00          2
    13080-13090 SOUTH 13TH PLACE       9.750            515.50         75
                                       9.500            515.50       80,000.00
    AURORA           CO   80011          1            06/11/96         00
    0380477217                           05           08/01/96          0
    121799                               N            07/01/26
    0


    1496878          963/728             F          128,000.00         ZZ
                                         360        127,873.57          1
    9200 S.W. 15 STREET                9.500          1,076.29         80
                                       9.250          1,076.29      160,000.00
    MIAMI            FL   33174          5            05/21/96         00
    0380457250                           05           07/01/96          0
    960134                               O            06/01/26
    0
1




    1496889          E22/728             F          224,000.00         ZZ
                                         360        223,708.12          3
    4309 RADFORD AVENUE               10.125          1,986.48         70
                                       9.875          1,986.48      320,000.00
    STUDIO CITY ARE  CA   91604          2            04/08/96         00
    0410095715                           05           06/01/96          0
    410095715                            N            05/01/26
    0


    1496924          B26/728             F           39,325.00         ZZ
                                         360         39,307.60          1
    23-85 BARKER AVENUE, #1F          10.000            345.11         55
                                       9.750            345.11       71,500.00
    BRONX            NY   10462          5            06/18/96         00
    0380479114                           08           08/01/96          0
    1311011480R                          N            07/01/26
    0


    1496982          131/G02             F           98,192.00         ZZ
                                         360         98,016.83          4
    650 QUINCY STREET NORTHEAST        8.625            763.73         80
                                       8.375            763.73      122,740.00
    MINNEAPOLIS      MN   55413          1            05/03/96         10
    0380447335                           05           06/01/96         12
    2581139                              O            05/01/26
    0


    1497064          874/728             F           53,900.00         ZZ
                                         360         53,868.99          1
    7979 S. CROSS FOX WAY              8.750            424.03         70
                                       8.500            424.03       77,000.00
    BOISE            ID   83709          5            06/05/96         00
    0380468968                           05           08/01/96          0
    3684833                              N            07/01/26
    0


    1497065          874/728             F           54,600.00         ZZ
                                         360         54,568.59          1
    1230 W. 2ND STREET                 8.750            429.54         70
                                       8.500            429.54       78,000.00
    MERIDIAN         ID   83642          5            06/11/96         00
    0380468992                           05           08/01/96          0
    3684820                              N            07/01/26
    0


    1497072          B57/728             F          171,000.00         ZZ
                                         360        170,846.25          1
1


    5050 COLDWATER CANYON AVENUE      10.000          1,500.65         95
    UNIT #103 SHERMAN OAKS AREA        9.750          1,500.65      180,000.00
    LOS ANGELES      CA   91423          1            05/08/96         04
    0380453242                           01           07/01/96         30
    9610694                              O            06/01/26
    0


    1497074          B57/728             F          187,380.00         ZZ
                                         360        187,213.51          1
    5050 COLDWATER CANYON AVENUE      10.000          1,644.40         95
    UNIT PH1                           9.750          1,644.40      197,250.00
    LOS ANGELES      CA   91423          1            05/07/96         04
    0380442864                           01           07/01/96         30
    9610564                              O            06/01/26
    0


    1497078          470/470             F          184,500.00         ZZ
                                         360        184,331.65          1
    17025 CASTLE PINE DRIVE            9.875          1,602.11         90
                                       9.625          1,602.11      205,000.00
    RENO             NV   89511          1            05/02/96         04
    78002524                             05           07/01/96         30
    78002524                             N            06/01/26
    0


    1497086          180/728             F          118,350.00         ZZ
                                         360        118,244.84          1
    2840 BURRICK DR S.E.              10.000          1,038.61         90
                                       9.750          1,038.61      131,700.00
    CASADE           MI   49546          1            05/10/96         04
    0380460742                           05           07/01/96         25
    4322343                              N            06/01/26
    0


    1497160          757/757             F          300,000.00         ZZ
                                         360        299,491.69          1
    6633 HOLLY SPRINGS                 8.875          2,386.94         44
                                       8.625          2,386.94      690,148.00
    CLERMONT         GA   30527          4            04/25/96         00
    2780310                              05           06/01/96          0
    2780310                              O            05/01/26
    0


    1497192          705/728             F          211,200.00         ZZ
                                         360        210,990.67          2
    80-28 138TH STREET                 9.500          1,775.88         79
                                       9.250          1,775.88      270,000.00
    KEW GARDENS      NY   11435          1            05/22/96         00
    0380455973                           05           07/01/96          0
1


    96300137                             O            06/01/26
    0


    1497194          A69/728             F          220,000.00         ZZ
                                         360        219,758.76          1
    237 SOUTH BLVD                     9.000          1,770.17         52
                                       8.750          1,770.17      425,000.00
    SOUTH NYACK      NY   10960          1            05/22/96         00
    0380455239                           05           07/01/96          0
    860581050                            O            06/01/26
    0


    1497200          E46/728             F           42,400.00         ZZ
                                         360         42,379.15          1
    210 5TH AVENUE, #22                9.500            356.52         80
                                       9.250            356.52       53,000.00
    BELMAR           NJ   07719          1            06/14/96         00
    0380481672                           05           08/01/96          0
    22693                                O            07/01/26
    0


    1497279          180/728             F           77,400.00         ZZ
                                         360         77,317.31          1
    1250 EAST WINDSOR AVENUE           9.125            629.75         90
                                       8.875            629.75       86,000.00
    PHOENIX          AZ   85006          1            05/09/96         04
    0380467929                           05           07/01/96         25
    4037149                              N            06/01/26
    0


    1497292          910/728             F          118,800.00         ZZ
                                         360        118,800.00          1
    2861 SOUTH 2700 EAST               9.625          1,009.79         90
                                       9.375          1,009.79      132,000.00
    SALT LAKE CITY   UT   84109          1            06/28/96         10
    0380490947                           05           09/01/96         25
    334612                               N            08/01/26
    0


    1497293          935/728             F           29,900.00         ZZ
                                         360         29,869.67          2
    1419 MOUND STREET                  9.375            248.70         75
                                       9.125            248.70       39,900.00
    SPRINGFIELD      OH   45505          1            05/15/96         00
    0380435132                           05           07/01/96          0
    96041300313117                       O            06/01/26
    0


1


    1497302          965/728             F          144,250.00         ZZ
                                         360        143,970.19          1
    293 WEST PATRICK STREET            8.625          1,121.96         80
                                       8.375          1,121.96      180,340.00
    GILBERT          AZ   85233          1            05/14/96         00
    0380454885                           03           07/01/96          0
    1497302                              O            06/01/26
    0


    1497367          A69/728             F          300,000.00         ZZ
                                         360        299,726.28          1
    29 WYNCREST ROAD                   9.875          2,605.05         80
                                       9.625          2,605.05      375,000.00
    MARLBORO         NJ   07746          5            05/23/96         00
    0380460510                           05           07/01/96          0
    960581054                            O            06/01/26
    0


    1497373          939/728             F          112,000.00         ZZ
                                         360        111,910.11          1
    256 WEST WAUKENA AVENUE           10.500          1,024.51         70
                                      10.250          1,024.51      160,000.00
    OCEANSIDE        NY   11572          1            05/08/96         00
    0380439498                           05           07/01/96          0
    9604007                              O            06/01/26
    0


    1497380          E22/728             F           81,000.00         ZZ
                                         360         80,885.54          4
    5544 CHIPPEWA STREET              10.375            733.38         90
                                      10.125            733.38       90,000.00
    ST LOUIS         MO   63110          1            04/17/96         04
    0410138499                           05           06/01/96         25
    410138499                            N            05/01/26
    0


    1497409          E22/728             F           79,500.00         ZZ
                                         360         79,387.82          1
    444 EAST AVENUE                    9.750            683.03         75
                                       9.500            683.03      106,000.00
    LAGRANGE         IL   60525          5            04/16/96         00
    0410082408                           09           06/01/96          0
    410082408                            N            05/01/26
    0


    1497437          766/728             F           35,900.00         T
                                         360         35,846.60          1
    19201 COLLINS AVENUE #1118         9.500            301.87         75
                                       9.250            301.87       47,900.00
1


    MIAMI            FL   33160          1            04/26/96         00
    0380472622                           06           06/01/96          0
    96HA054                              O            05/01/26
    0


    1497451          661/661             F          114,000.00         ZZ
                                         360        113,376.45          1
    105 LAMBERT AVENUE                 8.625            886.69        100
                                       8.335            886.69      115,000.00
    SIKESTON         MO   63801          1            10/13/95         94
    950767                               05           12/01/95         30
    950767                               O            11/01/25
    0


    1497456          661/661             F          224,900.00         ZZ
                                         360        223,359.74          1
    6803 ST ANDREWS WAY                7.500          1,572.53        100
                                       7.210          1,572.53      224,900.00
    AUSTIN           TX   78746          1            10/27/95         94
    950767                               05           12/01/95         30
    950767                               O            11/01/25
    0


    1497508          939/728             F          148,850.00         ZZ
                                         360        148,670.99          3
    1932 GROVE STREET                 10.500          1,361.59         65
                                      10.250          1,361.59      229,000.00
    RIDGEWOOD        NY   11385          1            04/18/96         00
    0380440959                           05           06/01/96          0
    9603771                              N            05/01/26
    0


    1497577          638/728             F          124,800.00         ZZ
                                         360        124,689.12          4
    1531-33-35-37 NORTH TRAVIS PLA    10.000          1,095.21         80
                                       9.750          1,095.21      156,000.00
    BOISE            ID   83704          1            05/06/96         04
    0380467457                           05           07/01/96         12
    8570398                              N            06/01/26
    0


    1497585          180/728             F           58,500.00         ZZ
                                         360         58,442.23          1
    6906 EAST 4TH STREET #7            9.500            491.90         90
                                       9.250            491.90       65,000.00
    PHOENIX          AZ   85251          1            05/14/96         01
    0380465899                           01           07/01/96         25
    4340493                              N            06/01/26
    0
1




    1497596          965/728             F          102,000.00         ZZ
                                         360        101,888.14          4
    6217 NORTH 12TH PLACE              9.000            820.72         75
                                       8.750            820.72      136,000.00
    PHOENIX          AZ   85014          1            05/16/96         00
    0380451584                           03           07/01/96          0
    1497596                              N            06/01/26
    0


    1497608          961/728             F          248,500.00         T
                                         360        248,248.04          1
    2102 CENTURY PARK LANE NO.403      9.375          2,066.90         70
                                       9.125          2,066.90      355,000.00
    LOS ANGELES      CA   90067          1            05/28/96         00
    0380477373                           01           07/01/96          0
    09108897                             O            06/01/26
    0


    1497704          209/728             F          250,000.00         ZZ
                                         360        249,725.86          1
    5530 SHERWOOD LANE                 9.000          2,011.56         57
                                       8.750          2,011.56      440,000.00
    GLOUCESTER       VA   23061          5            05/24/96         00
    0380467200                           05           07/01/96          0
    961605260                            O            06/01/26
    0


    1497708          939/728             F          209,000.00         ZZ
                                         360        208,873.39          2
    51-76 48TH STREET                  8.500          1,607.03         95
                                       8.250          1,607.03      220,000.00
    WOODSIDE         NY   11377          1            06/07/96         10
    0380466004                           05           08/01/96         30
    9604033                              O            07/01/26
    0


    1497750          E22/728             F          121,500.00         ZZ
                                         360        121,337.40          4
    1708 BENTTREE DRIVE               10.000          1,066.25         90
                                       9.750          1,066.25      135,000.00
    KILLEEN          TX   76543          1            04/12/96         01
    0410130157                           05           06/01/96         25
    410130157                            N            05/01/26
    0


    1497904          661/661             F          290,000.00         ZZ
                                         360        284,160.27          1
1


    126 BEETHOVEN AVENUE               8.000          2,127.91        100
                                       7.710          2,127.91      290,000.00
    NEWTON           MA   02168          1            09/29/95         94
    950767                               05           11/01/95         30
    950767                               O            10/01/25
    0


    1497949          526/728             F           86,250.00         ZZ
                                         360         78,000.00          1
    401 LANGLEY DRIVE                  9.500            725.24         75
                                       9.250            725.24      115,000.00
    LAFAYETTE        LA   70508          1            04/15/96         00
    0380426628                           05           06/01/96          0
    00105275                             O            05/01/26
    0


    1497959          076/076             F           67,000.00         ZZ
                                         360         66,835.88          1
    2741 ARAPAHOE AVE                  8.500            515.18         49
                                       8.250            515.18      138,000.00
    JACKSONVILLE     FL   32210          5            03/27/96         00
    5319022                              05           05/01/96          0
    5319022                              O            04/01/26
    0


    1497987          076/076             F           45,900.00         ZZ
                                         240         45,617.56          1
    1030 REGENTS PARK CIRCLE           8.875            409.30         80
                                       8.625            409.30       57,375.00
    ANTIOCH          TN   37013          1            03/27/96         10
    5779572                              05           05/01/96         12
    5779572                              N            04/01/16
    0


    1498031          A78/728             F          333,750.00         ZZ
                                         360        333,392.30          1
    10236 COUNTY ROAD 250              9.375          2,775.96         59
                                       9.125          2,775.96      575,000.00
    DURANGO          CO   81301          5            05/10/96         00
    0380451568                           05           07/01/96          0
    80570825                             O            06/01/26
    0


    1498032          E23/728             F           94,400.00         ZZ
                                         360         94,263.49          1
    1888 SOUTH ORCHARD DRIVE           8.250            709.20         80
                                       8.000            709.20      118,000.00
    BOUNTIFUL        UT   84010          5            05/13/96         00
    0380478306                           05           07/01/96          0
1


    104166                               O            06/01/26
    0


    1498058          A46/728             F           46,550.00         ZZ
                                         360         46,507.52          1
    17506 SUNDROP LANE                 9.875            404.22         70
                                       9.625            404.22       66,500.00
    HOUSTON          TX   77084          2            05/10/96         00
    0380447244                           05           07/01/96          0
    UNKNOWN                              N            06/01/26
    0


    1498181          E22/728             F          121,000.00         ZZ
                                         360        120,842.31          2
    7808-7810 ADAMS STREET            10.125          1,073.06         70
                                       9.875          1,073.06      174,000.00
    PARAMOUNT        CA   90723          5            04/17/96         00
    0410098149                           05           06/01/96          0
    410098149                            N            05/01/26
    0


    1498212          705/728             F          150,000.00         ZZ
                                         360        149,920.18          1
    40-37 GLEANE STREET                9.125          1,220.45         75
                                       8.875          1,220.45      200,000.00
    ELMHURST         NY   11373          1            06/13/96         00
    0380479072                           05           08/01/96          0
    963000133                            O            07/01/26
    0


    1498213          E46/728             F           67,500.00         T
                                         360         67,436.76          1
    19 EAST CHADWICK WAY               9.750            579.93         75
                                       9.500            579.93       90,000.00
    DOVER TOWNSHIP   NJ   08735          1            05/31/96         00
    0380470683                           05           07/01/96          0
    22725                                O            06/01/26
    0


    1498218          526/728             F           45,000.00         ZZ
                                         360         44,921.76          1
    40 CHURCH STREET                   8.750            354.02         90
                                       8.500            354.02       50,000.00
    SEA BRIGHT       NJ   07760          1            04/17/96         12
    0380466848                           05           06/01/96         25
    108931                               N            05/01/26
    0


1


    1498235          232/076             F           26,350.00         ZZ
                                         360         26,323.96          1
    10019 WOODICO COURT                9.500            221.57         85
                                       9.250            221.57       31,000.00
    HOUSTON          TX   77038          1            05/13/96         04
    11014126                             09           07/01/96         20
    11014126                             N            06/01/26
    0


    1498240          758/728             F           52,250.00         ZZ
                                         360         52,197.02          2
    210 W 10 1/2 ST                    9.375            434.59         95
                                       9.125            434.59       55,000.00
    HOUSTON          TX   77008          1            05/10/96         11
    0380441635                           05           07/01/96         25
    UNKNOWN                              O            06/01/26
    0


    1498264          E22/728             F           63,000.00         ZZ
                                         360         62,915.69          2
    3641-3643 CLINTON AVENUE SOUTH    10.000            552.87         70
                                       9.750            552.87       90,000.00
    MINNEAPOLIS      MN   55409          5            04/12/96         00
    0410101497                           05           06/01/96          0
    410101497                            N            05/01/26
    0


    1498305          455/728             F           98,800.00         ZZ
                                         360         98,756.28          1
    1110 CHATSWORTH DRIVE             10.000            867.05         80
                                       9.750            867.05      123,500.00
    AVONDALE ESTATE  GA   30002          1            06/11/96         00
    0380501719                           05           08/01/96          0
    52344                                O            07/01/26
    0


    1498333          939/728             F          265,000.00         ZZ
                                         360        264,723.24          3
    465 EAST 24TH STREET               9.250          2,180.10         90
                                       9.000          2,180.10      295,000.00
    BROOKLYN         NY   11210          1            05/24/96         10
    0380454737                           05           07/01/96         25
    9603984                              O            06/01/26
    0


    1498334          939/728             F          225,055.00         ZZ
                                         360        225,055.00          2
    9505 SEAVIEW COURT                10.000          1,975.02         95
                                       9.750          1,975.02      236,900.00
1


    BROOKLYN         NY   11236          1            07/09/96         10
    0380495532                           05           09/01/96         30
    9603591                              O            08/01/26
    0


    1498339          E46/728             F          186,350.00         ZZ
                                         360        186,269.74          1
    19 MEDFORD PLACE                  10.125          1,652.59         75
                                       9.875          1,652.59      248,500.00
    WAYNE            NJ   07470          1            06/17/96         00
    0380481078                           05           08/01/96          0
    22746                                O            07/01/26
    0


    1498341          635/635             F          105,000.00         ZZ
                                         360        104,944.12          1
    120 LEE ST                         9.125            854.32         70
                                       8.875            854.32      150,000.00
    WEST HAVEN       CT   06516          5            05/29/96         00
    643743800                            05           08/01/96          0
    643743800                            O            07/01/26
    0


    1498343          638/728             F          133,000.00         ZZ
                                         360        132,724.64          2
    336-338 COLUMBINE PLACE            9.250          1,094.16         69
                                       9.000          1,094.16      193,000.00
    LONGMONT         CO   80513          5            05/31/96         00
    0380469552                           05           07/01/96          0
    8570292                              N            06/01/26
    0


    1498389          076/076             F          116,900.00         ZZ
                                         360        116,456.38          1
    384 OLD SENOIA ROAD                8.375            888.52         76
                                       8.125            888.52      154,400.00
    FAYETTEVILLE     GA   30215          1            01/17/96         00
    5053742                              05           03/01/96          0
    5053742                              O            02/01/26
    0


    1498489          180/728             F           49,300.00         ZZ
                                         360         49,250.02          1
    223 CARBONATE STREET               9.375            410.05         90
                                       9.125            410.05       54,830.00
    CRIPPLE CREEK    CO   80813          1            05/21/96         04
    0380482316                           05           07/01/96         30
    4301255                              N            06/01/26
    0
1




    1498500          180/728             F           51,300.00         ZZ
                                         360         51,275.43          1
    7959 DIXIE HIGHWAY                 9.625            436.04         90
                                       9.375            436.04       57,000.00
    IRA TOWNSHIP     MI   48023          1            06/04/96         04
    0380475419                           05           08/01/96         25
    4005393                              N            07/01/26
    0


    1498508          180/728             F           36,900.00         ZZ
                                         360         36,864.50          2
    538 SPENCER ST NE                  9.625            313.65         90
                                       9.375            313.65       41,000.00
    GRAND RAPIDS     MI   49505          1            05/20/96         04
    0380457334                           05           07/01/96         25
    4322228                              O            06/01/26
    0


    1498547          965/728             F          208,000.00         ZZ
                                         360        207,794.57          1
    11820 NORTH 85TH STREET            9.500          1,748.98         80
                                       9.250          1,748.98      260,000.00
    SCOTTSDALE       AZ   85260          1            05/22/96         00
    0380470899                           05           07/01/96          0
    1498547                              O            06/01/26
    0


    1498552          526/728             F           45,000.00         ZZ
                                         360         44,919.71          1
    502 GEORGIA TAVERN ROAD            8.625            350.01         55
                                       8.375            350.01       83,000.00
    HOWELL           NJ   07731          5            04/12/96         00
    0380432329                           05           06/01/96          0
    00091151                             N            05/01/26
    0


    1498560          526/728             F           56,000.00         ZZ
                                         360         55,920.97          1
    330 HOLLISTER STREET               9.750            481.13         80
                                       9.500            481.13       70,000.00
    STRATFORD        CT   06497          1            04/23/96         12
    0380465667                           05           06/01/96         12
    0119260                              N            05/01/26
    0


    1498565          A69/728             F          143,250.00         ZZ
                                         360        143,250.00          1
1


    86-88 SEELEY AVENUE                9.750          1,230.74         75
                                       9.500          1,230.74      191,000.00
    KEARNY           NJ   07032          1            07/18/96         00
    0380500554                           05           09/01/96          0
    960781047                            O            08/01/26
    0


    1498578          E86/728             F          164,000.00         ZZ
                                         360        163,842.25          1
    4 MANDON TERRACE                   9.625          1,393.98         77
                                       9.375          1,393.98      214,000.00
    NEW CITY         NY   10956          1            05/31/96         00
    0380464603                           05           07/01/96          0
    12627                                O            06/01/26
    0


    1498614          286/286             F           39,500.00         ZZ
                                         360         39,414.92          1
    537 ST JOSEPH AVE                  9.125            321.39         90
                                       8.875            321.39       43,900.00
    DAYTON           OH   45410          1            03/22/96         10
    8420943                              05           05/01/96         25
    8420943                              N            04/01/26
    0


    1498669          A91/728             F          213,750.00         ZZ
                                         360        213,647.60          1
    312 EAST 22ND STREET  #3C          9.625          1,816.85         75
                                       9.375          1,816.85      285,000.00
    NEW YORK         NY   10010          1            06/26/96         00
    0380471277                           08           08/01/96          0
    1498669                              O            07/01/26
    0


    1498681          E22/728             F           24,000.00         T
                                         360         23,970.35          1
    3425 COLLINS AVENUE UNIT # 541    10.375            217.30         80
                                      10.125            217.30       30,000.00
    MIAMI BEACH      FL   33140          1            04/22/96         95
    0410114607                           22           06/01/96          0
    410114607                            O            05/01/26
    0


    1498721          B38/728             F           45,600.00         T
                                         360         45,553.76          1
    230 POINDEXTER                     9.375            379.28         80
                                       9.125            379.28       57,000.00
    PASS CHRISTIAN   MS   39571          1            05/24/96         95
    0380459371                           05           07/01/96          0
1


    1203                                 O            06/01/26
    0


    1498722          387/387             F           60,800.00         ZZ
                                         360         60,569.29          1
    909 LAFAYETTE STREET #604          8.375            462.12         80
                                       8.125            462.12       76,000.00
    DENVER           CO   80218          1            02/01/96         00
    582395                               06           03/01/96          0
    582395                               O            02/01/26
    0


    1498785          765/728             F          193,550.00         ZZ
                                         360        193,314.65          1
    27617 WESTON DRIVE                 8.500          1,488.24         80
                                       8.250          1,488.24      241,990.00
    VALENCIA         CA   91354          1            05/20/96         00
    0380457292                           03           07/01/96          0
    314649                               O            06/01/26
    0


    1498792          028/728             F           51,000.00         T
                                         360         50,950.95          1
    2584 STEARNS WAY                   9.625            433.49         60
                                       9.375            433.49       85,000.00
    ST CLOUD         MN   56303          5            05/13/96         00
    0380454158                           03           07/01/96          0
    600085                               O            06/01/26
    0


    1498795          731/728             F           50,100.00         ZZ
                                         360         50,040.63          1
    1014 FALLING WATER DRIVE           8.625            389.67         75
                                       8.375            389.67       66,800.00
    SMYRNA           GA   30080          1            05/30/96         00
    0380464421                           05           07/01/96          0
    3140662051                           N            06/01/26
    0


    1498803          E97/728             F          520,000.00         ZZ
                                         360        519,499.79          1
    42385 FOX FARM ROAD                9.625          4,419.94         80
                                       9.375          4,419.94      650,000.00
    CITY OF BIG BEA  CA   92315          2            05/16/96         00
    0380451725                           05           07/01/96          0
    9611871498803                        O            06/01/26
    0


1


    1498811          E22/728             F          248,000.00         ZZ
                                         360        247,693.64          4
    4531 NW 2ND TERRACE               10.375          2,245.41         80
                                      10.125          2,245.41      310,000.00
    MIAMI            FL   33126          1            04/19/96         23
    0410114870                           05           06/01/96          0
    410114870                            N            05/01/26
    0


    1498818          180/728             F           98,000.00         ZZ
                                         360         97,900.63          1
    202 CHERRYWOOD DRIVE               9.375            815.12         70
                                       9.125            815.12      140,000.00
    GREENVILLE       NC   27858          5            05/29/96         00
    0380498593                           05           07/01/96          0
    3035258                              N            06/01/26
    0


    1498820          180/728             F           65,250.00         ZZ
                                         360         65,218.74          1
    1072 BAYWOOD DRIVE                 9.625            554.62         90
                                       9.375            554.62       72,500.00
    MONROE TWP       NJ   08094          1            06/13/96         04
    0380495292                           05           08/01/96         25
    2112969                              N            07/01/26
    0


    1498823          003/728             F           48,500.00         ZZ
                                         360         48,452.09          1
    3201 BAYVIEW DR #B                 9.500            407.82         45
                                       9.250            407.82      110,000.00
    FORT LAUDERDALE  FL   33062          5            05/29/96         00
    0380460080                           05           07/01/96          0
    3690641                              N            06/01/26
    0


    1498824          B43/728             F          125,000.00         ZZ
                                         360        124,859.32          1
    1208 CATHERINE COURT               8.875            994.56         47
                                       8.625            994.56      270,000.00
    CARBONDALE       CO   81623          5            05/21/96         00
    0380470790                           03           07/01/96          0
    0152243                              O            06/01/26
    0


    1498838          E22/728             F          158,200.00         ZZ
                                         360        157,964.71          1
    1870 EAST ZENDA WAY                9.500          1,330.23         70
                                       9.250          1,330.23      226,000.00
1


    SALT LAKE CITY   UT   84121          5            04/17/96         00
    0410037188                           05           06/01/96          0
    410037188                            N            05/01/26
    0


    1498842          E22/728             F           35,450.00         ZZ
                                         360         35,401.82          1
    4918 HAINES ROAD                  10.000            311.10         90
                                       9.750            311.10       39,400.00
    ST PETERSBURG    FL   33714          1            04/17/96         04
    0410073704                           05           06/01/96         25
    410073704                            N            05/01/26
    0


    1498874          A26/728             F           81,900.00         ZZ
                                         360         81,900.00          2
    12 UNION AVENUE                    9.500            688.66         65
                                       9.250            688.66      126,000.00
    STATEN ISLAND    NY   10303          5            07/30/96         00
    0380500703                           05           09/01/96          0
    UNKNOWN                              N            08/01/26
    0


    1498893          E22/728             F           45,000.00         ZZ
                                         360         44,934.79          1
    2688 MCQUEEN ROAD                  9.625            382.50         75
                                       9.375            382.50       60,000.00
    APOPKA           FL   32703          1            04/24/96         00
    0410116321                           05           06/01/96          0
    410116321                            N            05/01/26
    0


    1498902          E22/728             F           16,450.00         ZZ
                                         360         16,427.98          1
    5605 LEVERETTE AVENUE             10.000            144.36         90
                                       9.750            144.36       18,300.00
    ST LOUIS         MO   63136          1            04/26/96         04
    0410139265                           05           06/01/96         25
    410139265                            N            05/01/26
    0


    1498924          E22/728             F           35,550.00         ZZ
                                         360         35,481.14          1
    509 KLING STREET                   8.875            282.85         90
                                       8.625            282.85       39,500.00
    AKRON            OH   44311          1            04/15/96         04
    0410129670                           05           06/01/96         25
    410129670                            N            05/01/26
    0
1




    1498928          E22/728             F           25,000.00         ZZ
                                         360         24,964.72          1
    1618 TWYCKENHAM DRIVE              9.750            214.79         90
                                       9.500            214.79       27,800.00
    SOUTH BEND       IN   46613          1            04/12/96         01
    0410138671                           05           06/01/96         25
    410138671                            N            05/01/26
    0


    1498949          638/728             F           50,000.00         ZZ
                                         360         49,975.40          1
    207 5TH STREET                     9.500            420.43         54
                                       9.250            420.43       93,000.00
    FORT LUPTON      CO   80621          2            06/07/96         00
    0380470022                           05           08/01/96          0
    08565654                             N            07/01/26
    0


    1498951          638/728             F          112,500.00         ZZ
                                         360        112,382.91          1
    7912 MISSION VISTA DRIVE           9.250            925.51         90
                                       9.000            925.51      125,000.00
    SAN DIEGO        CA   92120          1            05/21/96         04
    0380454307                           05           07/01/96         25
    8574366                              N            06/01/26
    0


    1498953          462/728             F          131,250.00         ZZ
                                         360        131,116.90          1
    941 "D" LANE                       9.375          1,091.68         75
                                       9.125          1,091.68      175,000.00
    BIG BEAR CITY    CA   92314          1            05/21/96         00
    0380467176                           05           07/01/96          0
    4477071                              N            06/01/26
    0


    1498962          736/728             F           75,000.00         ZZ
                                         360         74,854.06          1
    914 CHERRY STREET                  9.375            623.81         75
                                       9.125            623.81      100,000.00
    FORT COLLINS     CO   80521          1            04/26/96         00
    0380454489                           05           06/01/96          0
    468470                               O            05/01/26
    0


    1498966          736/728             F          238,400.00         ZZ
                                         360        237,696.35          1
1


    8751 SUNNYSIDE ROAD EAST           9.250          1,961.26         80
                                       9.000          1,961.26      298,000.00
    SANDPOINT        ID   83864          1            04/26/96         00
    0380453739                           05           06/01/96          0
    465100                               O            05/01/26
    0


    1498968          736/728             F           70,200.00         ZZ
                                         360         70,115.57          4
    6742 WEST PALMAIRE AVENUE         10.500            642.15         90
                                      10.250            642.15       78,000.00
    GLENDALE         AZ   85303          1            04/26/96         01
    0380439712                           05           06/01/96         25
    471606                               N            05/01/26
    0


    1498976          736/728             F           25,600.00         ZZ
                                         360         25,544.83          1
    1206 EAST JENSEN AVENUE            9.875            222.30         80
                                       9.625            222.30       32,000.00
    FRESNO           CA   93706          1            04/23/96         95
    0380438128                           05           06/01/96          0
    461369                               N            05/01/26
    0


    1498979          736/728             F           46,350.00         ZZ
                                         360         46,292.73          2
    3551 EAST BLACKLIDGE DRIVE        10.375            419.66         90
                                      10.125            419.66       51,507.00
    TUCSON           AZ   85716          1            04/15/96         10
    0380438078                           05           06/01/96         25
    462939                               N            05/01/26
    0


    1498981          736/728             F          252,000.00         ZZ
                                         360        251,491.30          1
    101 EL VIENTO AVENUE               9.125          2,050.36         80
                                       8.875          2,050.36      315,000.00
    PISMO BEACH      CA   93449          1            04/17/96         00
    0380455205                           05           06/01/96          0
    467795                               O            05/01/26
    0


    1498985          736/728             F           69,000.00         ZZ
                                         360         68,891.84          1
    179 A TAHOMA CIRCLE                9.250            567.65         60
                                       9.000            567.65      115,000.00
    ZEPHYR COVE      NV   89448          5            04/25/96         00
    0380453838                           05           06/01/96          0
1


    470967                               N            05/01/26
    0


    1498991          736/728             F           88,000.00         ZZ
                                         360         87,872.51          1
    4033 EAST NYE LANE                 9.625            747.99         80
                                       9.375            747.99      110,000.00
    CARSON CITY      NV   89706          1            04/01/96         95
    0380439662                           05           06/01/96          0
    461387                               N            05/01/26
    0


    1498994          736/728             F          112,950.00         ZZ
                                         360        112,802.81          1
    9308 PALMER LANE SOUTHEAST        10.125          1,001.67         90
                                       9.875          1,001.67      125,500.00
    TENINO           WA   98589          1            04/19/96         01
    0380437906                           05           06/01/96         25
    461255                               N            05/01/26
    0


    1498996          A01/728             F          143,000.00         ZZ
                                         360        142,839.05          1
    33350 9TH AVENUE                   8.875          1,137.78         80
                                       8.625          1,137.78      180,000.00
    WINCHESTER AREA  CA   92596          2            05/23/96         00
    0380465998                           05           07/01/96          0
    1498996                              O            06/01/26
    0


    1498998          736/728             F          148,800.00         ZZ
                                         360        148,560.62          1
    9469 ARGONNE WAY                   9.125          1,210.69         80
                                       8.875          1,210.69      186,000.00
    FORESTVILLE      CA   95436          5            04/30/96         00
    0380453721                           05           06/01/96          0
    464305                               O            05/01/26
    0


    1499004          180/728             F           80,100.00         ZZ
                                         360         79,012.97          1
    4894 AGATE                         9.500            673.53         90
                                       9.250            673.53       89,000.00
    LAS CRUCES       NM   88012          1            05/17/96         04
    0380471285                           05           07/01/96         25
    4304754                              N            06/01/26
    0


1


    1499023          910/728             F          230,400.00         ZZ
                                         360        230,178.35          1
    262 WEST 300 SOUTH                 9.625          1,958.38         90
                                       9.375          1,958.38      256,000.00
    OREM             UT   84058          1            05/28/96         01
    0380469149                           05           07/01/96         17
    280518                               N            06/01/26
    0


    1499268          560/560             F           64,500.00         ZZ
                                         360         64,417.45          1
    169 CURRENT DRIVE                  8.250            484.57         45
                                       8.000            484.57      144,500.00
    NEW CASTLE       CO   81647          1            05/17/96         00
    450432141                            05           07/01/96          0
    450432141                            O            06/01/26
    0


    1499286          766/728             F          184,000.00         ZZ
                                         360        184,000.00          3
    3061-3079 NW 15TH STREET           9.500          1,547.17         80
                                       9.250          1,547.17      231,400.00
    MIAMI            FL   33125          5            07/03/96         00
    0380493537                           05           09/01/96          0
    96HA034                              O            08/01/26
    0


    1499379          E22/728             F           22,800.00         ZZ
                                         360         22,771.84          1
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                                      10.125            206.43       25,375.00
    WENTZVILLE       MO   63385          1            04/19/96         04
    0410103089                           05           06/01/96         25
    410103089                            N            05/01/26
    0


    1499453          595/728             F           50,050.00         ZZ
                                         360         49,965.19          1
    316 EAST 29TH STREET SOUTH         8.875            398.22         59
                                       8.625            398.22       85,000.00
    TULSA            OK   74114          5            04/16/96         00
    0380437534                           05           06/01/96          0
    6055180                              N            05/01/26
    0


    1499470          562/562             F           20,700.00         ZZ
                                         360         20,684.75          1
    4E WILLIAMSBURGH COURT            10.875            195.18         90
                                      10.125            195.18       23,000.00
1


    RIDGE            NY   11961          1            05/03/96         04
    510727                               09           07/01/96         25
    510727                               N            06/01/26
    0


    1499491          076/076             F           56,700.00         ZZ
                                         360         56,582.87          1
    2630 GRAFTON DRIVE                 9.000            456.23         70
                                       8.750            456.23       81,000.00
    ORANGE PARK      FL   32065          1            05/20/96         00
    5319272                              05           07/01/96          0
    5319272                              O            06/01/26
    0


    1499512          232/728             F           34,700.00         ZZ
                                         360         34,661.94          1
    1107 FORESTBURG DRIVE              9.000            279.21         70
                                       8.750            279.21       49,600.00
    HOUSTON          TX   77038          5            05/22/96         00
    0380485871                           05           07/01/96          0
    11014135                             N            06/01/26
    0


    1499520          405/405             F          104,500.00         ZZ
                                         360        104,344.54          2
    23 64TH STREET                     9.500            878.70         95
                                       9.250            878.70      110,000.00
    WEST NEW YORK    NJ   07093          1            04/18/96         11
    0003871480                           07           06/01/96         30
    0003871480                           O            05/01/26
    0


    1499532          526/728             F          166,500.00         ZZ
                                         360        166,265.03          3
    5732, 5734, 5734 1/2 CAMERFORD     9.750          1,430.50         90
                                       9.500          1,430.50      185,000.00
    LOS ANGELES      CA   90038          1            04/18/96         12
    0380438110                           05           06/01/96         25
    0116812                              O            05/01/26
    0


    1499542          638/728             F           40,800.00         ZZ
                                         360         40,758.64          2
    403 WAYNE AVENUE                   9.375            339.35         85
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    ELLWOOD CITY     PA   16117          1            05/16/96         04
    0380471152                           05           07/01/96         20
    228                                  N            06/01/26
    0
1




    1499543          526/728             F          187,100.00         ZZ
                                         360        186,806.75          1
    845 DREWRY STREET                  9.250          1,539.23         80
                                       9.000          1,539.23      233,900.00
    ATLANTA          GA   30306          1            05/02/96         00
    0380489451                           05           06/01/96          0
    0124627                              O            05/01/26
    0


    1499550          A71/728             F          156,750.00         ZZ
                                         360        156,586.85          2
    719A-719B EAST 87TH STREET         9.250          1,289.54         95
                                       9.000          1,289.54      165,000.00
    LOS ANGELES      CA   90003          1            05/24/96         01
    0380469461                           05           07/01/96         30
    9605214614                           O            06/01/26
    0


    1499556          286/286             F          388,000.00         ZZ
                                         360        387,025.16          1
    5213 MACKENZIE WAY                 8.375          2,949.09         80
                                       8.125          2,949.09      485,000.00
    PLANO            TX   75093          1            03/19/96         00
    8428289                              03           05/01/96          0
    8428289                              O            04/01/26
    0


    1499564          967/728             F          124,250.00         ZZ
                                         360        124,097.98          1
    1901 SE 181ST PLACE                9.625          1,056.11         90
                                       9.375          1,056.11      138,343.00
    VANCOUVER        WA   98683          1            05/17/96         01
    0380468737                           03           07/01/96         25
    4064358                              N            06/01/26
    0


    1499567          405/405             F          115,000.00         ZZ
                                         360        114,383.68          1
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                                       7.875            853.88      145,000.00
    UNIONDALE        NY   11553          5            11/22/95         00
    3800893                              05           01/01/96          0
    3800893                              O            12/01/25
    0


    1499576          028/728             F          173,000.00         ZZ
                                         360        172,912.63          1
1


    7450 EAST MESA DRIVE               9.375          1,438.93         67
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    CORNVILLE        AZ   86325          2            05/28/96         00
    0380463548                           05           08/01/96          0
    171628                               O            07/01/26
    0


    1499578          B75/728             F           90,800.00         ZZ
                                         360         90,628.49          1
    110 EAST 400 SOUTH                 9.750            780.11         90
                                       9.500            780.11      100,940.00
    PROVO            UT   84606          1            03/29/96         01
    0380438847                           05           05/01/96         25
    2597409                              N            04/01/26
    0


    1499590          E19/728             F          180,000.00         ZZ
                                         360        179,797.43          1
    37 CALLE SOL                       8.875          1,432.16         80
                                       8.625          1,432.16      225,000.00
    SAN CLEMENTE     CA   92672          1            05/08/96         00
    0380460809                           05           07/01/96          0
    9211                                 O            06/01/26
    0


    1499602          910/728             F          103,250.00         ZZ
                                         360        103,150.68          1
    348 EAST 200 SOUTH                 9.625            877.61         65
                                       9.375            877.61      160,000.00
    CLEARFIELD       UT   84015          5            05/21/96         00
    0380454851                           05           07/01/96          0
    179111                               N            06/01/26
    0


    1499618          638/728             F           52,200.00         ZZ
                                         360         52,149.80          1
    602 SOUTH 25TH STREET              9.625            443.69         85
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    COLORADO SPRING  CO   80904          1            05/21/96         10
    0380463118                           05           07/01/96         25
    8563399                              N            06/01/26
    0


    1499627          B24/728             F          217,000.00         ZZ
                                         360        216,890.41          2
    170 EVERETT ROAD                   9.375          1,804.90         49
                                       9.125          1,804.90      450,000.00
    EASTON           CT   06612          5            05/31/96         00
    0380452723                           05           08/01/96          0
1


    1499627                              O            07/01/26
    0


    1499652          201/728             F           60,800.00         ZZ
                                         360         60,714.20          1
    17A WASHINGTON AVENUE              9.750            522.37         79
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    NORTH PLAINFIEL  NJ   07063          1            04/24/96         00
    0380449042                           01           06/01/96          0
    1800888057                           O            05/01/26
    0


    1499674          028/728             F          105,000.00         ZZ
                                         360        104,869.01          1
    14168 FEATHER WAY                  8.375            798.08         70
                                       8.125            798.08      150,000.00
    GRASS VALLEY     CA   95949          5            05/02/96         00
    0380441940                           05           07/01/96          0
    028                                  O            06/01/26
    0


    1499703          766/728             F           30,000.00         ZZ
                                         360         29,972.64          1
    19201 COLLINS AVE #541             9.875            260.50         60
                                       9.625            260.50       50,000.00
    MIAMI            FL   33160          1            05/08/96         00
    0380437260                           22           07/01/96          0
    96HA055                              N            06/01/26
    0


    1499720          A59/728             F          157,800.00         ZZ
                                         360        157,635.74          1
    240 NATURE VALLEY PLACE            9.250          1,298.19         73
                                       9.000          1,298.19      218,923.00
    OWATONNA         MN   55060          4            05/24/96         00
    0380445594                           05           07/01/96          0
    1499720                              O            06/01/26
    0


    1499747          638/728             F          124,400.00         ZZ
                                         360        121,236.91          1
    2237 SOUTH NILE COURT              9.875          1,080.23         93
                                       9.625          1,080.23      134,999.00
    AURORA           CO   80014          1            05/06/96         10
    0380469180                           03           07/01/96         30
    08570680                             N            06/01/26
    0


1


    1499751          180/728             F           52,500.00         ZZ
                                         360         52,473.49          4
    1751 EAST PERSHING BOULEVARD       9.375            436.67         70
                                       9.125            436.67       75,000.00
    CHEYENNE         WY   82009          2            06/10/96         00
    0380469420                           05           08/01/96          0
    4301206                              N            07/01/26
    0


    1499763          405/405             F          109,250.00         ZZ
                                         360        109,127.03          1
    308 HINKSON BLVD                   8.875            869.25         95
                                       8.625            869.25      115,000.00
    RIDLEY PARK      PA   19078          2            05/24/96         11
    3935939                              05           07/01/96         30
    3935939                              O            06/01/26
    0


    1499829          E19/728             F          162,000.00         ZZ
                                         360        161,718.33          1
    4735 CALLE DE VIDA                 8.750          1,274.46         65
                                       8.500          1,274.46      250,000.00
    SAN DIEGO        CA   92124          2            04/25/96         00
    0380463449                           05           06/01/96          0
    100008672                            N            05/01/26
    0


    1499933          E46/728             F          103,500.00         ZZ
                                         360        103,452.98          1
    67 PICKENS DRIVE                   9.875            898.74         90
                                       9.625            898.74      115,000.00
    NEWINGTON        CT   06111          1            06/04/96         01
    0380466335                           05           08/01/96         25
    22577                                N            07/01/26
    0


    1499941          757/757             F          198,550.00         ZZ
                                         360        198,363.97          1
    420 TANNER HALL ROAD               9.750          1,705.86         80
                                       9.500          1,705.86      248,194.00
    DAWSONVILLE      GA   30534          4            05/10/96         00
    2782365                              05           07/01/96          0
    2782365                              O            06/01/26
    0


    1500032          E22/728             F           45,000.00         ZZ
                                         360         44,919.71          1
    4013 LEKE WAY                      8.625            350.01         60
                                       8.375            350.01       75,000.00
1


    RICHMOND         CA   94806          2            04/18/96         00
    0410149090                           05           06/01/96          0
    410149090                            N            05/01/26
    0


    1500049          E22/728             F          296,000.00         ZZ
                                         360        295,571.17          1
    1600 CHARLEMAGNE DRIVE             9.625          2,515.97         80
                                       9.375          2,515.97      370,000.00
    HOFFMAN ESTATES  IL   60195          1            04/16/96         00
    0410099212                           05           06/01/96          0
    410099212                            O            05/01/26
    0


    1500052          B47/728             F           57,200.00         ZZ
                                         360         57,170.35          1
    1903 WEST PARKER STREET            9.250            470.57         65
                                       9.000            470.57       88,000.00
    MCHENRY          IL   60050          2            05/30/96         00
    0380450305                           05           08/01/96          0
    1500052                              O            07/01/26
    0


    1500056          E22/728             F           22,800.00         ZZ
                                         360         22,771.84          1
    16 BOLES AVENUE                   10.375            206.43         90
                                      10.125            206.43       25,375.00
    WENTZVILLE       MO   63385          1            04/19/96         04
    0410104368                           05           06/01/96         25
    410104368                            N            05/01/26
    0


    1500071          E22/728             F           44,200.00         ZZ
                                         240         44,008.37          1
    923 23RD STREET                    9.500            412.00         85
                                       9.250            412.00       52,000.00
    BETTENDORF       IA   52722          1            04/22/96         04
    0410102149                           05           06/01/96         20
    410102149                            N            05/01/16
    0


    1500076          F15/728             F           75,150.00         ZZ
                                         360         75,065.43          1
    1133 LOAL STREET                   8.875            597.93         90
                                       8.625            597.93       83,500.00
    MEDFORD          OR   97504          1            05/28/96         12
    0380471939                           05           07/01/96         25
    96010005                             N            06/01/26
    0
1




    1500082          E92/728             F           34,000.00         ZZ
                                         360         33,952.30          1
    912 AUSTIN STREET                  9.750            292.11         85
                                       9.500            292.11       40,000.00
    ARLINGTON        TX   76011          1            04/29/96         01
    0380476466                           05           06/01/96         17
    0943738                              N            05/01/26
    0


    1500088          882/728             F           68,800.00         ZZ
                                         360         68,768.75          4
    14035 NE 6TH AVENUE                9.875            597.42         80
                                       9.625            597.42       86,000.00
    NORTH MIAMI      FL   33162          1            06/28/96         12
    0380483868                           05           08/01/96         12
    UNKNOWN                              N            07/01/26
    0


    1500096          480/728             F          100,000.00         ZZ
                                         360         99,782.79          2
    4196 A&B CALLE LADERO              9.500            840.85         80
                                       9.250            840.85      125,000.00
    SIERRA VISTA     AZ   85635          1            04/12/96         04
    0380439456                           05           06/01/96         12
    1641190                              N            05/01/26
    0


    1500109          209/728             F           92,250.00         ZZ
                                         360         92,151.43          1
    5609 ROUNDTREE DRIVE               9.125            750.58         90
                                       8.875            750.58      102,500.00
    WOODBRIDGE       VA   22193          1            05/17/96         04
    0380452368                           05           07/01/96         25
    961620616                            N            06/01/26
    0


    1500127          624/728             F          228,000.00         ZZ
                                         360        226,987.67          1
    126 ALTA MESA DRIVE                7.625          1,613.77         80
                                       7.375          1,613.77      285,000.00
    SOUTH SAN FRANC  CA   94080          5            01/04/96         00
    0380466046                           05           03/01/96          0
    2701201795                           O            02/01/26
    0


    1500160          E23/728             F          126,000.00         ZZ
                                         360        125,868.85          1
1


    3993 FULLER COURT                  9.250          1,036.57         75
                                       9.000          1,036.57      168,000.00
    BOULDER          CO   80303          1            05/22/96         00
    0380463183                           05           07/01/96          0
    104259                               O            06/01/26
    0


    1500165          635/635             F           79,100.00         ZZ
                                         360         79,061.09          1
    1704 CHESTERTON RD                 9.500            665.12         90
                                       9.250            665.12       87,900.00
    BALTIMORE        MD   21244          1            06/14/96         04
    645767500                            05           08/01/96         25
    645767500                            N            07/01/26
    0


    1500195          E22/728             F           72,000.00         ZZ
                                         360         71,885.61          1
    1203 TALMAGE AVENUE SE             9.625            611.99         90
                                       9.375            611.99       80,000.00
    MINNEAPOLIS      MN   55414          1            04/26/96         04
    0410082820                           05           06/01/96         30
    410082820                            N            05/01/26
    0


    1500199          E22/728             F           85,500.00         ZZ
                                         360         85,424.04          4
    160 N W 43RD STREET               10.000            750.32         90
                                       9.750            750.32       95,000.00
    OAKLAND PARK     FL   33309          1            05/06/96         04
    0410113815                           05           07/01/96         25
    410113815                            N            06/01/26
    0


    1500200          E22/728             F           49,600.00         ZZ
                                         360         49,528.15          2
    13710-13712 SABLECREST DRIVE       9.625            421.59         80
                                       9.375            421.59       62,000.00
    HOUSTON          TX   77014          1            04/19/96         04
    0410128920                           03           06/01/96         12
    410128920                            N            05/01/26
    0


    1500216          E22/728             F           20,700.00         ZZ
                                         360         20,671.55          2
    545 HUDSON STREET                  9.875            179.75         90
                                       9.625            179.75       23,000.00
    TOLEDO           OH   43608          1            04/25/96         04
    0410139109                           05           06/01/96         25
1


    410139109                            N            05/01/26
    0


    1500232          E22/728             F           73,500.00         ZZ
                                         360         73,401.63          2
    3419-3421 COLUMBUS AVE SOUTH      10.000            645.02         70
                                       9.750            645.02      105,000.00
    MINNEAPOLIS      MN   55407          5            04/26/96         00
    0410101943                           05           06/01/96          0
    410101943                            N            05/01/26
    0


    1500254          405/405             F           31,500.00         ZZ
                                         360         31,471.26          1
    2916 KREM                          9.875            273.53         90
                                       9.625            273.53       35,000.00
    OVERLAND         MO   63114          1            05/21/96         04
    3932258                              05           07/01/96         25
    3932258                              N            06/01/26
    0


    1500257          661/661             F          430,000.00         T
                                         360        428,384.34          1
    1352 AMERICAN WAY                  7.500          3,006.62        100
                                       7.250          3,006.62      430,000.00
    MENLO PARK       CA   94025          1            02/07/96         92
    2424349                              03           04/01/96         30
    2424349                              O            03/01/26
    0


    1500259          661/661             F          165,000.00         ZZ
                                         360        164,380.04          1
    49 BRIAR HOLLOW UNIT 1504          7.500          1,153.70        100
                                       7.250          1,153.70      165,000.00
    HOUSTON          TX   77027          1            02/15/96         92
    2439776                              06           04/01/96         30
    2439776                              O            03/01/26
    0


    1500261          661/661             F          480,000.00         T
                                         360        478,196.44          1
    443 FULTON ST                      7.500          3,356.23        100
                                       7.250          3,356.23      480,000.00
    PALO ALTO        CA   94301          1            02/07/96         94
    2428514                              05           04/01/96         30
    2428514                              O            03/01/26
    0


1


    1500267          661/661             F           68,000.00         T
                                         360         67,744.48          1
    9227 CHIMNEYSWEEP LANE             7.500            475.47        100
                                       7.250            475.47       68,000.00
    DALLAS           TX   75231          1            02/07/96         94
    2394773                              09           04/01/96         30
    2394773                              O            03/01/26
    0


    1500269          661/661             F          375,000.00         ZZ
                                         360        373,327.40          1
    79 MILBURN CIRCLE                  6.625          2,401.16        100
                                       6.375          2,401.16      375,000.00
    PASADENA         MD   21122          1            02/14/96         92
    2429066                              05           04/01/96         30
    2429066                              O            03/01/26
    0


    1500363          881/728             F          136,000.00         ZZ
                                         360        135,854.24          1
    6929 AMIGO AVENUE                  9.125          1,106.54         80
                                       8.875          1,106.54      170,000.00
    RESEDA AREA      CA   91335          1            05/01/96         00
    0380457870                           05           07/01/96          0
    103644                               O            06/01/26
    0


    1500372          766/728             F           33,700.00         T
                                         360         33,668.41          1
    19201 COLLINS AVE #1001            9.750            289.54         75
                                       9.500            289.54       45,000.00
    MIAMI            FL   33160          1            05/08/96         00
    0380457698                           22           07/01/96          0
    96HA028                              O            06/01/26
    0


    1500378          B75/728             F           28,800.00         ZZ
                                         360         28,776.38          1
    2129 EVANS AVENUE                 10.375            260.76         90
                                      10.125            260.76       32,000.00
    HUNTSVILLE       AL   35810          1            05/23/96         01
    0380470816                           05           07/01/96         25
    2345817                              N            06/01/26
    0


    1500380          568/728             F          197,600.00         ZZ
                                         360        196,519.37          1
    7698 E BIG CANYON DRIVE            8.625          1,536.91         80
                                       8.375          1,536.91      247,049.00
1


    ANAHEIM          CA   92808          1            10/26/95         00
    0380462367                           03           12/01/95          0
    806414                               O            11/01/25
    0


    1500387          766/728             F           57,500.00         ZZ
                                         360         57,447.54          2
    1983 BEAVER SPRING LANE            9.875            499.30         77
                                       9.625            499.30       75,000.00
    NORCROSS         GA   30071          2            05/10/96         04
    0380440074                           05           07/01/96         17
    0098                                 N            06/01/26
    0


    1500390          766/728             F           28,400.00         ZZ
                                         360         28,372.67          1
    19201 COLLINS AVENUE #331          9.625            241.40         65
                                       9.375            241.40       43,750.00
    MIAMI            FL   33160          1            05/10/96         00
    0380443573                           22           07/01/96          0
    049                                  N            06/01/26
    0


    1500396          635/635             F           67,500.00         T
                                         360         67,465.90          1
    WEST FRIENDS LAKE RD               9.375            561.44         75
                                       9.125            561.44       90,000.00
    CHESTERTOWN      NY   12817          1            06/19/96         00
    648003200                            05           08/01/96          0
    648003200                            O            07/01/26
    0


    1500418          811/728             F           80,250.00         ZZ
                                         360         80,168.63          1
    290-174 STREET #2207               9.375            667.48         75
                                       9.125            667.48      107,000.00
    MIAMI BEACH      FL   33160          1            05/31/96         00
    0380470980                           06           07/01/96          0
    FM00103227                           O            06/01/26
    0


    1500424          638/728             F          119,200.00         ZZ
                                         360        119,141.37          4
    3640 JOHNSON AVENUE                9.500          1,002.30         80
                                       9.250          1,002.30      149,000.00
    LAS VEGAS        NV   89110          1            06/04/96         01
    0380478090                           05           08/01/96         12
    08568974                             N            07/01/26
    0
1




    1500427          910/728             F          144,200.00         ZZ
                                         360        144,130.92          1
    1485 EMPIRE AVENUE                 9.625          1,225.68         70
    NUMBER 304                         9.375          1,225.68      206,000.00
    PARK CITY        UT   84060          1            05/30/96         00
    0380466434                           20           08/01/96          0
    226224                               N            07/01/26
    0


    1500503          635/635             F           72,450.00         ZZ
                                         360         72,342.24          1
    2001 EMERALD OAKS                  9.500            609.20         90
                                       9.250            609.20       80,500.00
    MESQUITE         TX   75181          1            05/02/96         01
    6463905                              05           06/01/96         25
    6463905                              N            05/01/26
    0


    1500509          526/728             F           95,400.00         ZZ
                                         360         95,312.95          1
    6740 WEST 84TH WAY #16             9.875            828.41         90
                                       9.625            828.41      106,000.00
    ARVADA           CO   80003          1            05/22/96         12
    0380465303                           01           07/01/96         25
    123384                               N            06/01/26
    0


    1500510          105/728             F           83,900.00         ZZ
                                         360         83,757.83          2
    406 & 408 PARKHILL COVE            8.875            667.55         75
                                       8.625            667.55      111,900.00
    ROUND ROCK       TX   78764          1            04/19/96         00
    0380444050                           05           06/01/96          0
    0901736                              N            05/01/26
    0


    1500513          526/728             F          161,500.00         T
                                         360        160,908.08          1
    6  ARBUTUS LANE                    7.625          1,143.09         85
                                       7.375          1,143.09      190,000.00
    SANDWICH         MA   02563          2            02/27/96         14
    0380442112                           05           04/01/96         30
    96403                                O            03/01/26
    0


    1500583          526/728             F           93,000.00         ZZ
                                         360         92,912.86          1
1


    2241 WYNDAM WAY                    9.750            799.02         72
                                       9.500            799.02      130,000.00
    KISSIMMEE        FL   34743          1            05/20/96         00
    0380465618                           03           07/01/96          0
    125400                               N            06/01/26
    0


    1500588          232/076             F           72,000.00         ZZ
                                         360         71,934.29          1
    1907 WYNDALE STREET AKA NEW GR     9.875            625.22         80
                                       9.625            625.22       90,000.00
    HOUSTON          TX   77030          1            05/10/96         04
    11014147                             05           07/01/96         12
    11014147                             N            06/01/26
    0


    1500600          E22/728             F           70,000.00         ZZ
                                         360         69,908.77          1
    13110 VANDALIA COURT              10.125            620.78         70
                                       9.875            620.78      100,000.00
    ROCKVILLE        MD   20853          1            04/30/96         00
    0410116099                           05           06/01/96          0
    410116099                            N            05/01/26
    0


    1500607          120/728             F           83,800.00         ZZ
                                         360         83,749.23          1
    401 CHEROKEE CIRCLE                8.500            644.35         70
                                       8.250            644.35      119,750.00
    AMBLER           PA   19002          1            06/12/96         00
    0380479163                           07           08/01/96          0
    70111901                             O            07/01/26
    0


    1500608          E22/728             F           50,400.00         ZZ
                                         360         50,332.54          1
    2027 TOWN PLACE                   10.000            442.30         90
                                       9.750            442.30       56,000.00
    GARLAND          TX   75043          1            05/01/96         04
    0410082861                           09           06/01/96         25
    410082861                            N            05/01/26
    0


    1500621          638/728             F           54,300.00         ZZ
                                         360         54,251.76          1
    557 S.E. 6TH AVENUE               10.000            476.52         90
                                       9.750            476.52       60,350.00
    HILLSBORO        OR   97123          1            05/31/96         04
    0380475310                           05           07/01/96         25
1


    08575397                             N            06/01/26
    0


    1500625          180/728             F           89,000.00         ZZ
                                         360         88,912.10          4
    2925 STRAUS LANE                   9.500            748.36         65
                                       9.250            748.36      139,000.00
    COLORADO SPRING  CO   80907          5            05/03/96         00
    0380442559                           05           07/01/96          0
    4090023                              N            06/01/26
    0


    1500632          687/728             F           37,050.00         ZZ
                                         360         36,999.09          1
    610 HUNTSVILLE                     9.875            321.72         90
                                       9.625            321.72       41,200.00
    SPRINGDALE       AR   72762          1            04/29/96         01
    0380466376                           05           06/01/96         25
    1539531                              N            05/01/26
    0


    1500641          881/728             F          484,000.00         ZZ
                                         360        483,411.51          1
    4571 WHITE OAK PLACE               8.500          3,721.54         80
    (ENCINO AREA)                      8.250          3,721.54      608,000.00
    LOS ANGELES      CA   91316          1            05/01/96         00
    0380447756                           05           07/01/96          0
    103629                               O            06/01/26
    0


    1500667          E22/728             F           30,100.00         ZZ
                                         360         30,055.22          2
    17148-50 EVERGREEN                 9.500            253.10         70
                                       9.250            253.10       43,000.00
    DETROIT          MI   48219          5            04/26/96         00
    0410137772                           05           06/01/96          0
    410137772                            N            05/01/26
    0


    1500670          E22/728             F           66,600.00         ZZ
                                         360         66,306.00          2
    314 WOODROW AVENUE N W             9.875            578.32         90
                                       9.625            578.32       74,000.00
    LARGO            FL   34640          1            05/03/96         04
    0410117360                           05           06/01/96         25
    410117360                            N            05/01/26
    0


1


    1500677          E22/728             F           36,000.00         ZZ
                                         360         35,947.83          1
    1094 PREMONT AVE                   9.625            306.00         70
                                       9.375            306.00       52,000.00
    WATERFORD TOWNS  MI   48328          5            05/01/96         00
    0410061287                           05           06/01/96          0
    410061287                            N            05/01/26
    0


    1500681          A26/728             F          151,000.00         ZZ
                                         360        150,931.39          1
    69 WOLCOTT AVENUE                  9.875          1,311.21         80
                                       9.625          1,311.21      189,000.00
    STATEN ISLAND    NY   10312          1            06/19/96         00
    0380473182                           09           08/01/96          0
    7192                                 O            07/01/26
    0


    1500709          E22/728             F           54,600.00         ZZ
                                         360         54,518.78          1
    1000 S OCEAN BLVD UNIT # 14-F      9.500            459.11         56
                                       9.250            459.11       98,000.00
    POMPANO BEACH    FL   33062          1            04/30/96         00
    0410115885                           06           06/01/96          0
    410115885                            N            05/01/26
    0


    1500752          001/728             F           47,700.00         ZZ
                                         360         47,655.32          2
    130-132 EUREKA AVENUE NORTH        9.750            409.81         90
                                       9.500            409.81       53,000.00
    COLUMBUS         OH   43204          1            05/31/96         04
    0380469776                           05           07/01/96         30
    UNKNOWN                              N            06/01/26
    0


    1500776          A78/728             F           67,250.00         ZZ
                                         360         67,217.78          1
    323 WEST MULBERRY STREET           9.625            571.62         75
                                       9.375            571.62       89,725.00
    FORT COLLINS     CO   80521          1            06/06/96         00
    0380470162                           05           08/01/96          0
    020131350                            N            07/01/26
    0


    1500777          A71/728             F          194,400.00         ZZ
                                         360        194,186.82          1
    3120 HERMOSA AVENUE                9.000          1,564.19         80
    LA CRESCENTA AREA                  8.750          1,564.19      243,000.00
1


    CITY OF GLENDAL  CA   91214          5            05/24/96         00
    0380464249                           05           07/01/96          0
    9505238889                           O            06/01/26
    0


    1500778          F15/728             F           22,500.00         ZZ
                                         240         22,469.39          1
    786 CLINTON ST                     9.750            213.42         61
                                       9.500            213.42       37,000.00
    COLUMBUS         OH   43211          5            06/06/96         00
    0380465956                           05           08/01/96          0
    36670                                N            07/01/16
    0


    1500780          F15/728             F           22,500.00         ZZ
                                         240         22,469.39          1
    2280 VELMA AVE                     9.750            213.42         65
                                       9.500            213.42       35,000.00
    COLUMBUS         OH   43211          5            06/06/96         00
    0380465972                           05           08/01/96          0
    36671                                N            07/01/16
    0


    1500781          E67/728             F           54,600.00         ZZ
                                         360         54,568.59          1
    100 E. WASHINGTON STREET           8.750            429.54         70
                                       8.500            429.54       78,000.00
    SISTERS          OR   97759          2            05/30/96         00
    0380461419                           05           08/01/96          0
    5117                                 O            07/01/26
    0


    1500783          F15/728             F           35,000.00         ZZ
                                         240         34,952.40          1
    298 ROSSLYN AVE                    9.750            331.98         50
                                       9.500            331.98       70,000.00
    COLUMBUS         OH   45214          5            06/06/96         00
    0380465964                           05           08/01/96          0
    36672                                N            07/01/16
    0


    1500786          936/728             F           98,450.00         ZZ
                                         360         98,336.29          1
    5215 CORTE PINTURA                 8.750            774.51         50
                                       8.500            774.51      197,000.00
    OCEANSIDE        CA   92057          1            05/22/96         00
    0380478173                           05           07/01/96          0
    6073548                              O            06/01/26
    0
1




    1500819          910/728             F           99,000.00         ZZ
                                         360         98,909.67          1
    1293 WEST 350 SOUTH                9.875            859.67         75
                                       9.625            859.67      132,000.00
    LOGAN            UT   84321          1            05/29/96         00
    0380463209                           05           07/01/96          0
    162123                               O            06/01/26
    0


    1500832          180/728             F          134,300.00         ZZ
                                         360        133,862.95          1
    90 LEONARD ST                      9.125          1,092.71         85
                                       8.875          1,092.71      158,000.00
    RAYNHAM          MA   02767          5            01/26/96         23
    0380452871                           05           03/01/96          0
    4083739                              O            02/01/26
    0


    1500844          498/728             F           90,900.00         ZZ
                                         360         90,771.71          1
    3320 DERBYSHIRE PLACE              9.750            780.98         90
                                       9.500            780.98      101,000.00
    RALEIGH          NC   27604          1            04/29/96         01
    0380453341                           03           06/01/96         25
    1447006                              N            05/01/26
    0


    1500846          498/728             F           90,000.00         ZZ
                                         360         89,847.49          1
    4313 WOLFTRAP ROAD                 8.875            716.09         90
                                       8.625            716.09      100,000.00
    RALEIGH          NC   27604          1            04/30/96         01
    0380477191                           05           06/01/96         25
    1443184                              N            05/01/26
    0


    1500915          939/728             F           95,000.00         ZZ
                                         360         94,924.15          2
    87-19 114TH STREET                10.500            869.01         50
                                      10.250            869.01      190,000.00
    RICHMOND HILL    NY   11418          5            05/23/96         00
    0380454430                           05           07/01/96          0
    9604061                              O            06/01/26
    0


    1500944          638/728             F          300,800.00         ZZ
                                         360        300,644.06          1
1


    819 SOUTH ROCKGARDEN CIRCLE        9.250          2,474.61         80
                                       9.000          2,474.61      376,000.00
    ANAHIEM          CA   92808          1            06/05/96         00
    0380484676                           05           08/01/96          0
    8576340                              O            07/01/26
    0


    1501011          766/728             F           98,000.00         ZZ
                                         240         97,728.00          2
    11003-05 SW 3 STREET               9.625            921.50         70
                                       9.375            921.50      140,000.00
    SWEETWATER       FL   33174          5            05/10/96         00
    0380445974                           05           07/01/96          0
    UNKNOWN                              N            06/01/16
    0


    1501015          766/728             F           67,000.00         ZZ
                                         360         66,932.07          1
    11915 SW 37 STREET                 9.375            557.27         56
                                       9.125            557.27      120,000.00
    MIAMI            FL   33175          1            05/14/96         00
    0380464553                           05           07/01/96          0
    96SG0431                             O            06/01/26
    0


    1501017          232/076             F           56,700.00         ZZ
                                         360         56,643.99          1
    4174 JOMANDOWA LANE                9.500            476.77         90
                                       9.250            476.77       63,000.00
    KNOXVILLE        TN   37919          1            05/07/96         10
    11023697                             05           07/01/96         25
    11023697                             N            06/01/26
    0


    1501034          635/635             F           58,500.00         ZZ
                                         360         58,443.71          2
    2551-2553 CAITHNESS PL             9.625            497.25         65
                                       9.375            497.25       90,000.00
    DENVER           CO   80211          5            05/28/96         00
    649089000                            05           07/01/96          0
    649089000                            N            06/01/26
    0


    1501036          683/728             F           71,000.00         T
                                         360         70,924.15          1
    23 AGAMENTICUS ROAD                9.125            577.68         46
                                       8.875            577.68      155,000.00
    OGUNQUIT         ME   03907          2            05/31/96         00
    0380467275                           05           07/01/96          0
1


    028606                               O            06/01/26
    0


    1501055          286/286             F           58,500.00         ZZ
                                         360         58,439.10          1
    722 ALBRITTON ROAD                 9.250            481.27         90
                                       9.000            481.27       65,000.00
    ANDALUSIA        AL   36420          1            05/10/96         10
    8330156                              05           07/01/96         30
    8330156                              N            06/01/26
    0


    1501082          737/728             F           47,850.00         ZZ
                                         360         47,827.67          1
    8295 RUSSELL DRIVE                 9.750            411.11         75
                                       9.500            411.11       63,800.00
    HIRAM            GA   30141          1            06/06/96         00
    0380466392                           05           08/01/96          0
    557082                               N            07/01/26
    0


    1501103          E22/728             F           75,000.00         ZZ
                                         360         74,896.94          2
    2610 SOUTH 2ND STREET              9.875            651.26         75
                                       9.625            651.26      100,000.00
    AUSTIN           TX   78704          2            05/03/96         00
    0410083026                           05           06/01/96          0
    410083026                            N            05/01/26
    0


    1501104          E22/728             F           49,000.00         ZZ
                                         360         48,932.67          1
    2613 SOUTH 2ND STREET              9.875            425.49         70
                                       9.625            425.49       70,000.00
    AUSTIN           TX   78704          5            05/03/96         00
    0410083034                           05           06/01/96          0
    410083034                            N            05/01/26
    0


    1501108          E22/728             F           49,000.00         ZZ
                                         360         48,932.67          1
    2907 BRINWOOD AVENUE               9.875            425.49         70
                                       9.625            425.49       70,000.00
    AUSTIN           TX   78704          5            05/03/96         00
    0410083042                           05           06/01/96          0
    410083042                            N            05/01/26
    0


1


    1501109          E22/728             F           48,350.00         ZZ
                                         360         48,283.55          1
    6300 BROOKSIDE DRIVE               9.875            419.85         72
                                       9.625            419.85       68,000.00
    AUSTIN           TX   78723          2            05/03/96         00
    0410083059                           05           06/01/96          0
    410083059                            N            05/01/26
    0


    1501118          633/728             F           96,250.00         ZZ
                                         360         96,201.39          1
    1302 CAREW STREET                  9.375            800.56         55
                                       9.125            800.56      175,000.00
    SAN DIMAS        CA   91773          5            06/03/96         00
    0380471095                           05           08/01/96          0
    671912                               N            07/01/26
    0


    1501130          E22/728             F          355,520.00         BB
                                         360        354,962.79          1
    11080 EAST LAS POSAS ROAD          9.250          2,924.78         80
                                       9.000          2,924.78      444,400.00
    CAMARILLO AREA   CA   93012          1            04/25/96         00
    0410146047                           03           06/01/96          0
    410146047                            O            05/01/26
    0


    1501140          638/728             F           45,900.00         ZZ
                                         360         45,764.74          1
    311 STINSON AVENUE                 9.250            377.61         90
                                       9.000            377.61       51,000.00
    CHEYENNE         WY   82007          1            05/09/96         10
    0380446253                           05           07/01/96         25
    08572836                             N            06/01/26
    0


    1501160          965/728             F           58,800.00         ZZ
                                         360         58,735.52          1
    2533 EAST VISTA DRIVE              9.000            473.12         70
                                       8.750            473.12       84,000.00
    PHOENIX          AZ   85023          1            05/28/96         00
    0380466327                           05           07/01/96          0
    1501160                              O            06/01/26
    0


    1501168          076/076             F          117,350.00         ZZ
                                         360        117,047.55          1
    2029 CRESTVIEW WAY                 8.250            881.62         90
                                       8.000            881.62      130,400.00
1


    WOODSTOCK        GA   30188          1            03/08/96         12
    5497442                              05           05/01/96         25
    5497442                              O            04/01/26
    0


    1501173          076/076             F           76,500.00         ZZ
                                         360         76,302.84          1
    209 CHESTNUT HILL ROAD             8.250            574.72         45
                                       8.000            574.72      170,000.00
    TRUMBULL         CT   06611          5            03/18/96         00
    4573852                              05           05/01/96          0
    4573852                              N            04/01/26
    0


    1501176          076/076             F           54,900.00         ZZ
                                         360         54,701.24          1
    2880 BRETT CIRCLE                  8.375            417.28         70
                                       8.125            417.28       78,500.00
    ACWORTH          GA   30101          5            03/01/96         00
    4579822                              05           05/01/96          0
    4579822                              N            04/01/26
    0


    1501181          076/076             F           49,000.00         ZZ
                                         360         48,902.44          1
    314 RIVER BLUFF DRIVE              9.500            412.02         70
                                       9.250            412.02       70,000.00
    WOODSTOCK        GA   30188          5            03/18/96         00
    5507282                              05           05/01/96          0
    5507282                              N            04/01/26
    0


    1501182          180/728             F           55,000.00         ZZ
                                         360         54,906.79          1
    1208 RIDGEMONT DRIVE               8.875            437.61         69
                                       8.625            437.61       80,500.00
    AUSTIN           TX   78723          2            05/30/96         00
    0380501818                           05           07/01/96          0
    03053585                             N            06/01/26
    0


    1501190          180/728             F           51,300.00         ZZ
                                         360         51,275.43          1
    208 WEST LAUREL                    9.625            436.04         90
                                       9.375            436.04       57,000.00
    GILLETTE         WY   82718          1            06/14/96         04
    0380493347                           05           08/01/96         25
    4300554                              N            07/01/26
    0
1




    1501196          076/076             F          103,500.00         ZZ
                                         360        103,293.96          1
    86 COURTSIDE VILLAS                9.500            870.28         90
                                       9.250            870.28      115,000.00
    HILTON HEAD ISL  SC   29928          1            03/07/96         04
    5508842                              01           05/01/96         25
    5508842                              N            04/01/26
    0


    1501202          076/076             F           52,700.00         ZZ
                                         360         52,577.35          1
    1460-62 ST MICHAELS AVENUE         8.750            414.60         85
                                       8.500            414.60       62,000.00
    EAST POINT       GA   30344          1            03/11/96         12
    5523792                              05           05/01/96         20
    5523792                              N            04/01/26
    0


    1501221          776/728             F           51,200.00         ZZ
                                         360         51,137.76          1
    413 CENTRAL CANYON STREET          8.500            393.68         80
                                       8.250            393.68       64,000.00
    NAMPA            ID   83651          1            05/08/96         04
    0380483033                           05           07/01/96         17
    2531341                              N            06/01/26
    0


    1501241          E22/728             F          750,000.00         ZZ
                                         360        748,854.87          1
    2246 BAY VILLAGE COURT             9.375          6,238.12         54
                                       9.125          6,238.12    1,400,000.00
    PALM BEACH GARD  FL   33410          5            04/23/96         00
    0410115653                           05           06/01/96          0
    410115653                            O            05/01/26
    0


    1501247          076/076             F           43,100.00         ZZ
                                         360         42,967.59          1
    1619 CASADE STREET                 8.500            331.40         90
                                       8.250            331.40       47,900.00
    MESQUITE         TX   75149          1            02/27/96         12
    16572                                05           04/01/96         25
    16572                                N            03/01/26
    0


    1501253          076/076             F           71,900.00         ZZ
                                         360         71,695.44          1
1


    304 GROVE ROAD                     8.875            572.07         90
                                       8.625            572.07       79,900.00
    GREENVILLE       SC   29605          1            02/29/96         04
    5510462                              05           04/01/96         25
    5510462                              N            03/01/26
    0


    1501257          076/076             F          133,000.00         ZZ
                                         360        132,690.56          1
    30 BASCOM DRIVE                    8.750          1,046.31         66
                                       8.500          1,046.31      203,000.00
    LITTLE ROCK      AR   72211          1            03/05/96         00
    5525612                              05           05/01/96          0
    5525612                              O            04/01/26
    0


    1501263          076/076             F          120,000.00         ZZ
                                         360        119,727.92          1
    223 TREETOP WAY                    8.875            954.77         80
                                       8.625            954.77      150,000.00
    BUDA             TX   78610          1            03/12/96         00
    5529642                              05           05/01/96          0
    5529642                              O            04/01/26
    0


    1501268          076/076             F           62,500.00         ZZ
                                         360         62,317.56          2
    724 PLEASANT VALLEY ROAD           8.750            491.69         85
                                       8.500            491.69       73,530.00
    SEYMOUR          TN   37865          1            03/01/96         01
    5515652                              05           04/01/96         20
    5515652                              N            03/01/26
    0


    1501270          076/076             F           67,500.00         ZZ
                                         360         67,346.91          3
    126 EDSON AVE                      8.875            537.07         90
                                       8.625            537.07       75,000.00
    WATERBURY        CT   06705          1            03/27/96         10
    4680742                              05           05/01/96         25
    4680742                              N            04/01/26
    0


    1501275          076/076             F           90,900.00         ZZ
                                         360         90,590.90          1
    252 BUTTERNUT DR                   8.000            667.00         70
                                       7.750            667.00      129,900.00
    NORTH KINGSTOWN  RI   02852          1            03/01/96         00
    4762582                              05           04/01/96          0
1


    4762582                              O            03/01/26
    0


    1501282          076/076             F           95,000.00         ZZ
                                         360         94,588.47          1
    309 EMERSON STREET UNIT #2         8.500            730.47         68
                                       8.250            730.47      140,000.00
    SOUTH BOSTON     MA   02127          5            12/29/95         00
    5393522                              05           02/01/96          0
    5393522                              N            01/01/26
    0


    1501289          076/076             F          103,850.00         ZZ
                                         360        103,614.52          1
    7008 87TH STREET NORTHEAST         8.875            826.28         90
                                       8.625            826.28      115,400.00
    MARYSVILLE       WA   98270          1            03/26/96         04
    5548952                              05           05/01/96         25
    5548952                              O            04/01/26
    0


    1501290          076/076             F           74,400.00         ZZ
                                         360         74,171.39          2
    507 & 509 CARMEN STREET            8.500            572.08         79
                                       8.250            572.08       95,000.00
    PANAMA CITY BEA  FL   32408          1            02/14/96         10
    5396312                              05           04/01/96         12
    5396312                              N            03/01/26
    0


    1501292          076/076             F          240,000.00         ZZ
                                         360        239,534.56          1
    4439 WAWONA STREET                 9.625          2,039.97         80
                                       9.375          2,039.97      300,000.00
    LOS ANGELES      CA   90065          5            03/20/96         00
    5545062                              05           05/01/96          0
    5545062                              O            04/01/26
    0


    1501293          076/076             F           58,500.00         ZZ
                                         360         58,374.03          1
    108 HOWARD STREET                  9.125            475.98         65
                                       8.875            475.98       90,000.00
    NORTH EAST       MD   21901          5            03/28/96         00
    5553482                              05           05/01/96          0
    5553482                              N            04/01/26
    0


1


    1501294          076/076             F           42,300.00         ZZ
                                         360         42,197.40          1
    417 WEST 12TH STREET               9.250            347.99         90
                                       9.000            347.99       47,000.00
    MISHAWAKA        IN   46544          1            04/30/96         01
    555752                               05           06/01/96         25
    555752                               N            05/01/26
    0


    1501297          076/076             F           44,000.00         ZZ
                                         360         43,900.25          1
    1928 HART AVENUE                   8.875            350.08         80
                                       8.625            350.08       55,000.00
    NORTH LAS VEGAS  NV   89030          1            03/01/96         12
    5424682                              05           05/01/96         12
    5424682                              N            04/01/26
    0


    1501298          076/076             F          154,000.00         ZZ
                                         360        153,613.09          1
    5210 48TH AVENUE SW                8.375          1,170.51         75
                                       8.125          1,170.51      207,000.00
    SEATTLE          WA   98136          5            03/06/96         00
    5728032                              05           05/01/96          0
    5728032                              O            04/01/26
    0


    1501299          076/076             F           50,400.00         ZZ
                                         360         50,285.70          1
    1924 CARVER AVENUE                 8.875            401.01         80
                                       8.625            401.01       63,000.00
    LAS VEGAS        NV   89030          1            03/01/96         12
    5424612                              05           05/01/96         12
    5424612                              N            04/01/26
    0


    1501300          076/076             F           65,000.00         ZZ
                                         360         64,751.51          2
    87-89 SUMMER STREET                9.250            534.74         42
                                       9.000            534.74      155,000.00
    WALPOLE          MA   02071          5            03/19/96         00
    5736402                              05           05/01/96          0
    5736402                              N            04/01/26
    0


    1501301          076/076             F           31,500.00         ZZ
                                         360         31,351.27          1
    422 WOODCLIFFE ROAD                8.750            247.81         70
                                       8.500            247.81       45,000.00
1


    UPPER DARBY      PA   19082          5            02/09/96         00
    5422212                              05           04/01/96          0
    5422212                              N            03/01/26
    0


    1501303          076/076             F           43,000.00         ZZ
                                         360         42,883.85          1
    3137 SE ILLINOIS AVE               9.125            349.86         70
                                       8.875            349.86       62,000.00
    TOPEKA           KS   66605          5            02/23/96         00
    5777482                              05           04/01/96          0
    5777482                              N            03/01/26
    0


    1501304          076/076             F          132,000.00         ZZ
                                         360        131,535.92          1
    404 NORTH "D" STREET               8.750          1,038.45         55
    #11W                               8.500          1,038.45      240,000.00
    TACOMA           WA   98403          1            01/02/96         00
    5425212                              06           03/01/96          0
    5425212                              N            02/01/26
    0


    1501305          076/076             F           50,400.00         ZZ
                                         360         50,279.67          2
    2315 BLEIGH STREET                 8.625            392.01         70
                                       8.375            392.01       72,000.00
    PHILADEPHIA      PA   19152          1            03/14/96         00
    5777582                              05           05/01/96          0
    5777582                              O            04/01/26
    0


    1501307          076/076             F          129,900.00         ZZ
                                         360        129,520.79          2
    2515-2517 MELOY ROAD               8.750          1,021.93         79
                                       8.500          1,021.93      166,000.00
    KENT             OH   44240          2            02/12/96         14
    5434492                              05           04/01/96         12
    5434492                              N            03/01/26
    0


    1501309          076/076             F           81,600.00         ZZ
                                         360         81,367.84          1
    6398 JELLISON WAY                  8.875            649.25         80
                                       8.625            649.25      102,000.00
    ARVADA           CO   80004          1            02/29/96         12
    5778402                              05           04/01/96         12
    5778402                              N            03/01/26
    0
1




    1501310          076/076             F          140,000.00         ZZ
                                         360        139,690.67          3
    1513, 1515 & 1519 SOUTH            9.000          1,126.47         80
    VERMONT AVENUE                     8.750          1,126.47      175,000.00
    LOS ANGLES       CA   90006          1            03/04/96         00
    5435912                              05           05/01/96          0
    5435912                              O            04/01/26
    0


    1501312          076/076             F           23,400.00         ZZ
                                         360         23,326.24          1
    2218 EASTVIEW AVENUE               8.375            177.86         90
                                       8.125            177.86       26,000.00
    DAYTON           OH   45405          1            02/23/96         10
    5782332                              05           04/01/96         25
    5782332                              N            03/01/26
    0


    1501315          076/076             F           72,000.00         T
                                         360         71,795.14          1
    16105 EMERALD COVE ROAD            8.875            572.87         69
                                       8.625            572.87      104,990.00
    FT. LAUDERDALE   FL   33331          1            02/27/96         00
    5451542                              05           04/01/96          0
    5451542                              O            03/01/26
    0


    1501318          076/076             F           58,500.00         ZZ
                                         360         58,232.85          1
    1617 NORTH TYLER STREET            8.875            465.45         90
                                       8.625            465.45       65,000.00
    LITTLE ROCK      AR   72207          1            02/14/96         12
    5491572                              05           04/01/96         25
    5491572                              N            03/01/26
    0


    1501319          076/076             F           72,000.00         ZZ
                                         360         71,823.66          1
    103 SENECA PLACE                   8.500            553.62         90
                                       8.250            553.62       80,000.00
    JACKSONVILLE     AR   72076          1            03/05/96         04
    5489812                              05           05/01/96         25
    5489812                              N            04/01/26
    0


    1501321          076/076             F           67,500.00         ZZ
                                         360         67,259.79          1
1


    5316 CANDY CANE COURT              8.250            507.10         90
                                       8.000            507.10       75,000.00
    MURFREESBORO     TN   37129          1            02/28/96         04
    5463302                              05           04/01/96         25
    5463302                              N            03/01/26
    0


    1501322          076/076             F           54,500.00         ZZ
                                         360         54,373.22          1
    699 LYNN AVENUE                    8.750            428.75         55
                                       8.500            428.75      100,000.00
    WEST DEPTFORD T  NJ   08096          5            03/11/96         00
    5457712                              05           05/01/96          0
    5457712                              N            04/01/26
    0


    1501323          076/076             F           80,500.00         ZZ
                                         360         80,252.65          1
    1502 SEQUOIA LANE                  8.500            618.98         70
                                       8.250            618.98      115,000.00
    DARIEN           IL   60561          1            02/29/96         00
    5458862                              05           04/01/96          0
    5458862                              O            03/01/26
    0


    1501330          076/076             F           83,250.00         ZZ
                                         360         82,952.36          1
    4318 VERMONT AVENUE                7.750            596.42         90
                                       7.500            596.42       92,500.00
    ALEXANDRIA       VA   22304          1            02/27/96         12
    5463242                              07           04/01/96         25
    5463242                              N            03/01/26
    0


    1501331          076/076             F          100,000.00         ZZ
                                         360         99,735.66          1
    4814 KERRVILLE DRIVE               8.125            742.50         69
                                       7.875            742.50      145,000.00
    CORPUS CHRISTI   TX   78413          5            03/13/96         00
    5468322                              05           05/01/96          0
    5468322                              N            04/01/26
    0


    1501332          405/405             F           72,000.00         ZZ
                                         360         71,967.28          1
    1159 ALPINE AVENUE                 9.875            625.22         90
                                       9.625            625.22       80,000.00
    CHULA VISTA      CA   91911          1            06/03/96         04
    3941432                              05           08/01/96         25
1


    3941432                              N            07/01/26
    0


    1501338          405/405             F           32,600.00         ZZ
                                         360         32,568.63          1
    23085 HARDING                      9.625            277.10         75
                                       9.375            277.10       43,500.00
    HAZEL PARK       MI   48030          1            05/31/96         00
    3948098                              05           07/01/96          0
    3948098                              N            06/01/26
    0


    1501347          935/728             F          133,600.00         ZZ
                                         360        133,468.06          1
    6821 MARMONT COURT                 9.500          1,123.39         80
                                       9.250          1,123.39      167,000.00
    INDIANAPOLIS     IN   46220          1            05/30/96         00
    0380446105                           05           07/01/96          0
    96051360113110                       O            06/01/26
    0


    1501349          180/728             F           98,900.00         ZZ
                                         360         98,852.62          1
    821 COLORADO STREET                9.625            840.64         90
                                       9.375            840.64      109,900.00
    FORT COLLINS     CO   80524          1            06/07/96         04
    0380479288                           05           08/01/96         25
    4305686                              N            07/01/26
    0


    1501352          076/076             F          120,000.00         ZZ
                                         360        119,690.74          1
    92 MORNINGSIDE COURT               8.250            901.52         67
                                       8.000            901.52      179,900.00
    SHELTON          CT   06484          1            03/01/96         00
    5479542                              01           05/01/96          0
    5479542                              O            04/01/26
    0


    1501358          881/728             F          100,000.00         ZZ
                                         360         99,939.42          1
    316 WEST SOLA STREET               8.500            768.91         67
                                       8.250            768.91      150,000.00
    SANTA BARBARA    CA   93101          5            06/05/96         00
    0380470097                           05           08/01/96          0
    602213                               O            07/01/26
    0


1


    1501364          076/076             F           52,500.00         ZZ
                                         360         52,358.16          1
    8801 MIDWAY DRIVE                  9.125            427.16         70
                                       8.875            427.16       75,000.00
    WACO             TX   76712          1            02/27/96         00
    5479852                              05           04/01/96          0
    5479852                              O            03/01/26
    0


    1501368          076/076             F           30,000.00         ZZ
                                         360         29,912.38          1
    9131 EAST LATIMER COURT            8.750            236.02         75
                                       8.500            236.02       40,000.00
    TULSA            OK   74115          1            02/29/96         00
    5480252                              05           04/01/96          0
    5480252                              N            03/01/26
    0


    1501376          E45/728             F           33,000.00         ZZ
                                         360         32,961.90          2
    1726-1728 NW 7TH PLACE             8.750            259.61         47
                                       8.500            259.61       71,000.00
    CAPE CORAL       FL   33909          5            05/15/96         00
    0380454174                           05           07/01/96          0
    UNKNOWN                              N            06/01/26
    0


    1501389          526/728             F           80,000.00         ZZ
                                         360         79,920.97          1
    718 EAST 900 SOUTH                 9.500            672.69         80
                                       9.250            672.69      100,000.00
    SALT LAKE CITY   UT   84105          1            05/02/96         04
    0380451857                           05           07/01/96         12
    122199                               N            06/01/26
    0


    1501391          965/728             F          154,150.00         T
                                         360        154,001.71          1
    6771 EAST EAGLE FEATHER ROAD       9.625          1,310.26         75
                                       9.375          1,310.26      205,575.00
    SCOTTSDALE       AZ   85262          1            05/24/96         00
    0380466079                           03           07/01/96          0
    1501391                              O            06/01/26
    0


    1501392          965/728             F          105,850.00         ZZ
                                         360        105,745.47          1
    10080 E MOUNTAINVIEW LAKE DR       9.500            890.04         70
                                       9.250            890.04      151,250.00
1


    SCOTTSDALE       AZ   85258          1            05/29/96         00
    0380468521                           01           07/01/96          0
    152389                               O            06/01/26
    0


    1501394          965/728             F          147,500.00         ZZ
                                         360        147,354.32          1
    7014 NORTH VIA DE VIDA STREET      9.500          1,240.26         90
                                       9.250          1,240.26      163,900.00
    SCOTTSDALE       AZ   85258          1            05/29/96         04
    0380468588                           03           07/01/96         25
    152390                               N            06/01/26
    0


    1501395          B42/728             F           40,050.00         ZZ
                                         360         40,031.32          1
    458 NORD AVENUE UNIT 13            9.750            344.09         95
                                       9.500            344.09       42,200.00
    CHICO            CA   95926          1            06/05/96         96
    0380475617                           01           08/01/96          0
    70746                                O            07/01/26
    0


    1501403          874/728             F          109,400.00         ZZ
                                         360        109,286.12          1
    4720 VISTA MOUNTAIN DRIVE          9.250            900.01         75
                                       9.000            900.01      145,900.00
    SPARKS           NV   89436          1            05/29/96         00
    0380462870                           03           07/01/96          0
    3687788                              N            06/01/26
    0


    1501435          E22/728             F           53,100.00         ZZ
                                         360         53,027.04          2
    4318-4320 N COLLEGE AVENUE         9.875            461.09         90
                                       9.625            461.09       59,000.00
    INDIANAPOLIS     IN   46205          1            04/29/96         04
    0410138838                           05           06/01/96         25
    410138838                            N            05/01/26
    0


    1501446          766/728             F           37,700.00         T
                                         360         37,663.73          1
    19201 COLLINS AVENUE #835          9.625            320.45         65
                                       9.375            320.45       58,000.00
    MIAMI            FL   33160          1            05/15/96         00
    0380450586                           06           07/01/96          0
    96HA059                              O            06/01/26
    0
1




    1501448          E22/728             F           25,200.00         ZZ
                                         360         25,162.50          2
    560 S POPLAR AVENUE                9.500            211.90         90
                                       9.250            211.90       28,000.00
    KANKAKEE         IL   60901          1            04/30/96         01
    0410101489                           05           06/01/96         25
    410101489                            N            05/01/26
    0


    1501449          E22/728             F           60,000.00         ZZ
                                         360         59,917.55          2
    2447 WYOMING AVE SW                9.875            521.01         80
                                       9.625            521.01       75,000.00
    WYOMING          MI   49509          1            04/22/96         04
    0410139489                           05           06/01/96         12
    410139489                            N            05/01/26
    0


    1501464          E22/728             F           21,500.00         ZZ
                                         360         21,463.77          1
    2216 CHRISTIAN STREET              9.000            173.00         90
                                       8.750            173.00       23,900.00
    BALTIMORE        MD   21223          1            04/12/96         01
    0410116958                           07           06/01/96         25
    410116958                            N            05/01/26
    0


    1501466          E22/728             F          308,000.00         ZZ
                                         360        307,517.29          1
    1962 ALPET DRIVE                   9.250          2,533.84         70
                                       9.000          2,533.84      440,000.00
    MORGAN HILL      CA   95037          1            04/24/96         00
    0410148902                           05           06/01/96          0
    410148902                            N            05/01/26
    0


    1501474          E22/728             F           49,500.00         ZZ
                                         360         49,334.09          4
    4947 LINDENWOOD AVENUE             9.500            416.22         90
                                       9.250            416.22       55,000.00
    ST LOUIS         MO   63109          1            04/29/96         04
    0410140115                           05           06/01/96         30
    410140115                            N            05/01/26
    0


    1501475          E22/728             F           46,200.00         ZZ
                                         360         46,134.81          1
1


    301 SW 19TH AVENUE                 9.750            396.93         60
                                       9.500            396.93       77,000.00
    FORT LAUDERDALE  FL   33312          5            05/01/96         00
    0410116446                           05           06/01/96          0
    410116446                            N            05/01/26
    0


    1501484          E22/728             F           72,750.00         ZZ
                                         360         72,665.99          1
    7952 PLANTATION BLVD               8.750            572.32         75
                                       8.500            572.32       97,000.00
    MIRAMAR          FL   33023          5            05/08/96         00
    0410115992                           05           07/01/96          0
    410115992                            O            06/01/26
    0


    1501488          253/728             F          140,000.00         ZZ
                                         360        139,768.84          1
    660 LIONSHEAD PLACE #29            9.000          1,126.48         70
                                       8.750          1,126.48      200,000.00
    VAIL             CO   81658          5            04/22/96         00
    0380454331                           08           06/01/96          0
    UNKNOWN                              N            05/01/26
    0


    1501492          A63/728             F          130,000.00         T
                                         360        129,853.70          1
    2820 SHIPYARD LANE                 8.875          1,034.34         74
    BUILD. 5, UNIT A2                  8.625          1,034.34      177,000.00
    EAST MARION      NY   11797          1            05/24/96         00
    0380456682                           01           07/01/96          0
    UNKNOWN                              O            06/01/26
    0


    1501583          638/728             F           78,300.00         ZZ
                                         360         78,202.32          1
    4631 NE 86TH AVENUE                8.375            595.14         90
                                       8.125            595.14       87,000.00
    PORTLAND         OR   97220          1            05/29/96         01
    0380469610                           05           07/01/96         25
    UNKNOWN                              N            06/01/26
    0


    1501608          232/076             F           25,000.00         T
                                         360         24,974.64          1
    18 SHANK PAINTER ROAD              9.375            207.94         50
    UNIT #19                           9.125            207.94       50,000.00
    PROVINCETOWN     MA   02657          5            05/08/96         00
    12959933                             01           07/01/96          0
1


    12959933                             O            06/01/26
    0


    1501622          E01/728             F          236,550.00         ZZ
                                         360        236,433.65          2
    121-05 153RD STREET                9.500          1,989.04         95
                                       9.250          1,989.04      249,000.00
    JAMAICA          NY   11414          1            06/21/96         04
    0380467879                           05           08/01/96         30
    961074                               O            07/01/26
    0


    1501623          737/728             F           73,800.00         ZZ
                                         360         73,727.09          1
    1701 SUGARPLUM COURT               9.500            620.56         90
                                       9.250            620.56       82,000.00
    CONYERS          GA   30208          1            05/30/96         01
    0380457169                           05           07/01/96         25
    557015                               N            06/01/26
    0


    1501630          232/076             F          105,000.00         ZZ
                                         360        104,839.67          1
    1650 EAST VAIL VALLEY DRIVE        9.375            873.34         60
    #303                               9.125            873.34      175,000.00
    VAIL             CO   81657          1            05/01/96         00
    11027096                             20           06/01/96          0
    11027096                             N            05/01/26
    0


    1501654          874/728             F          112,400.00         ZZ
                                         360        112,283.01          1
    4730 VISTA MOUNTAIN DRIVE          9.250            924.69         75
                                       9.000            924.69      149,900.00
    SPARKS           NV   89436          1            05/29/96         00
    0380466129                           03           07/01/96          0
    3687801                              N            06/01/26
    0


    1501658          526/728             F           22,500.00         ZZ
                                         360         22,468.25          1
    5225 EAST NORTH STREET             9.750            193.31         90
                                       9.500            193.31       25,000.00
    INDIANAPOLIS     IN   46219          1            05/03/96         04
    0380467069                           05           06/01/96         25
    121793                               N            05/01/26
    0


1


    1501681          140/728             F          108,900.00         ZZ
                                         360        108,800.65          1
    840 AUDUBON STREET                 9.875            945.63         90
                                       9.625            945.63      121,000.00
    NEW ORLEANS      LA   70118          1            05/15/96         11
    0380447269                           05           07/01/96         25
    UNKNOWN                              N            06/01/26
    0


    1501684          E22/728             F          200,000.00         ZZ
                                         360        199,717.79          2
    8735 N WISNER STREET               9.750          1,718.31         67
                                       9.500          1,718.31      300,000.00
    NILES            IL   60714          1            05/01/96         00
    0410168926                           05           06/01/96          0
    410168926                            O            05/01/26
    0


    1501686          661/661             F           79,750.00         ZZ
                                         360         79,485.62          1
    4221 MEDINA WAY                    8.125            592.14        100
                                       7.875            592.14       80,000.00
    INDIANAPOLIS     IN   46227          1            02/07/96         92
    2380186                              05           04/01/96         30
    2380186                              O            03/01/26
    0


    1501687          661/661             F           70,000.00         T
                                         360         69,736.99          1
    2823 NORTH 74TH PLACE              7.500            489.45        100
                                       7.250            489.45       70,000.00
    SCOTTSDALE       AZ   85257          1            02/26/96         92
    2415388                              05           04/01/96         30
    2415388                              O            03/01/26
    0


    1501688          180/728             F           84,600.00         ZZ
                                         360         84,518.62          1
    4013 GREEN VALLEY DRIVE            9.625            719.09         90
                                       9.375            719.09       94,000.00
    BRYAN            TX   77802          1            05/30/96         04
    0380468117                           05           07/01/96         25
    4388930                              N            06/01/26
    0


    1501689          661/661             F          300,000.00         ZZ
                                         360        298,980.05          1
    1911 VINE STREET                   8.000          2,201.29        100
                                       7.750          2,201.29      300,000.00
1


    BERKLEY          CA   94709          1            02/23/96         92
    2430575                              05           04/01/96         30
    2430575                              O            03/01/26
    0


    1501691          253/728             F           96,000.00         ZZ
                                         360         95,905.17          1
    275 N 600 E                        9.500            807.23         79
                                       9.250            807.23      121,900.00
    HEBER CITY       UT   84032          1            05/09/96         04
    0380491689                           05           07/01/96         12
    318194                               N            06/01/26
    0


    1501692          661/661             F          198,000.00         ZZ
                                         360        197,198.87          1
    13617 WEST 48TH STREET             7.125          1,333.96        100
                                       6.875          1,333.96      198,000.00
    SHAWNEE          KS   66216          1            02/15/96         92
    2437937                              05           04/01/96         30
    2437937                              O            03/01/26
    0


    1501694          661/661             F           32,200.00         ZZ
                                         360         32,087.75          1
    5436 GOLDEN NUGGET DRIVE           7.875            233.47        100
                                       7.625            233.47       32,200.00
    HOLIDAY          FL   34690          1            02/23/96         92
    2440352                              05           04/01/96         30
    2440352                              O            03/01/26
    0


    1501695          180/G02             F           58,500.00         ZZ
                                         360         58,471.98          1
    716 NALLE STREET                   9.625            497.24         90
                                       9.375            497.24       65,000.00
    CHARLOTTESVILLE  VA   22902          1            06/28/96         04
    0430002444                           05           08/01/96         25
    4354932                              N            07/01/26
    0


    1501696          661/661             F          207,000.00         ZZ
                                         360        206,222.23          1
    130 GROVE CIRCLE                   7.500          1,447.37         93
                                       7.250          1,447.37      223,750.00
    PLEASANT HILL    CA   94523          1            02/20/96         92
    2441467                              05           04/01/96         30
    2441467                              O            03/01/26
    0
1




    1501701          E22/728             F           26,100.00         ZZ
                                         360         26,061.19          2
    1012 N VAN BUREN                   9.500            219.46         90
                                       9.250            219.46       29,000.00
    BAY CITY         MI   48708          1            04/26/96         04
    0410077358                           05           06/01/96         25
    410077358                            N            05/01/26
    0


    1501710          E22/728             F          258,000.00         ZZ
                                         360        257,584.98          1
    1435 BELLEVUE AVENUE UNIT #308     9.125          2,099.17         80
                                       8.875          2,099.17      322,500.00
    BURLINGAME       CA   94010          1            04/22/96         00
    0410037527                           01           06/01/96          0
    410037527                            O            05/01/26
    0


    1501713          E22/728             F           78,750.00         ZZ
                                         360         78,635.90          1
    446 EAST AVENUE                    9.625            669.37         75
                                       9.375            669.37      105,000.00
    LAGRANGE         IL   60525          5            04/16/96         00
    0410082416                           09           06/01/96          0
    410082416                            N            05/01/26
    0


    1501715          E22/728             F          181,200.00         ZZ
                                         360        181,021.03          4
    3019-3025 SOUTHEAST 11TH AVENU     9.500          1,523.63         80
                                       9.250          1,523.63      226,500.00
    PORTLAND         OR   97202          1            05/06/96         04
    0410110977                           05           07/01/96         12
    410110977                            N            06/01/26
    0


    1501716          661/661             F          665,000.00         ZZ
                                         360        662,562.67          1
    2013 OCEAN DRIVE                   7.625          4,706.83        100
                                       7.375          4,706.83      665,000.00
    OXNARD           CA   93035          1            02/26/96         92
    2454163                              05           04/01/96         30
    2454163                              O            03/01/26
    0


    1501717          405/405             F          262,000.00         T
                                         360        261,567.42          1
1


    T-1 TERN ROAD                      9.000          2,108.12         75
                                       8.750          2,108.12      350,000.00
    BETHANY BEACH    DE   19930          2            05/01/96         00
    3921111                              03           06/01/96          0
    3921111                              O            05/01/26
    0


    1501722          E22/728             F          400,800.00         ZZ
                                         360        399,633.01          1
    125 SPINDRIFT DRIVE                9.000          3,224.93         80
                                       8.750          3,224.93      501,000.00
    RANCHO PALOS VE  CA   90275          1            04/24/96         00
    0410144810                           03           06/01/96          0
    410144810                            O            05/01/26
    0


    1501733          664/728             F           92,700.00         ZZ
                                         360         92,605.99          2
    8703 A & B CLEARBROOK TRAIL        9.375            771.04         80
                                       9.125            771.04      115,900.00
    AUSTIN           TX   78729          1            05/13/96         00
    0380456575                           05           07/01/96          0
    2146249                              O            06/01/26
    0


    1501735          E22/728             F          107,500.00         ZZ
                                         360        107,352.29          1
    39572 EAST COLORADO AVENUE         9.875            933.47         80
                                       9.625            933.47      134,413.00
    BENNETT          CO   80102          4            05/02/96         00
    0410093850                           05           06/01/96          0
    410093850                            O            05/01/26
    0


    1501737          E22/728             F           58,500.00         ZZ
                                         360         58,443.73          2
    1031 CARSON AVENUE #1-2            9.625            497.24         75
                                       9.375            497.24       78,000.00
    SOUTH LAKE TAHO  CA   96150          1            05/01/96         00
    0410123962                           05           07/01/96          0
    410123962                            N            06/01/26
    0


    1501744          E22/728             F          188,400.00         ZZ
                                         360        188,134.16          2
    3944 N JANSSEN AVENUE              9.750          1,618.65         80
                                       9.500          1,618.65      235,500.00
    CHICAGO          IL   60613          1            04/26/96         01
    0410168819                           05           06/01/96         17
1


    410168819                            N            05/01/26
    0


    1501749          E22/728             F           31,500.00         ZZ
                                         360         31,470.50          1
    2311 B RUTGER STREET               9.750            270.63         90
                                       9.500            270.63       35,000.00
    ST LOUIS         MO   63104          1            05/07/96         04
    0410139778                           09           07/01/96         25
    410139778                            N            06/01/26
    0


    1501752          E22/728             F           60,000.00         ZZ
                                         360         59,933.26          2
    643-645 E HOPOCAN AVE              9.750            515.50         75
                                       9.500            515.50       80,000.00
    BARBERTON        OH   44203          1            05/10/96         00
    0410077671                           05           07/01/96          0
    410077671                            N            06/01/26
    0


    1501754          638/728             F           77,600.00         ZZ
                                         360         77,525.36          2
    4841 VALLEY DALE DRIVE             9.625            659.59         85
                                       9.375            659.59       91,300.00
    LILBURN          GA   30247          1            06/05/96         01
    0380469727                           05           07/01/96         25
    08572659                             N            06/01/26
    0


    1501755          E22/728             F           31,500.00         ZZ
                                         360         31,453.15          2
    1424 & 1426 NORTH LASALLE          9.500            264.87         90
                                       9.250            264.87       35,000.00
    INDIANAPOLIS     IN   46201          1            04/05/96         04
    0410138218                           05           06/01/96         25
    410138218                            N            05/01/26
    0


    1501756          E22/728             F           41,900.00         ZZ
                                         360         41,823.32          1
    1603 MARSH LANE #305               8.500            322.17         75
                                       8.250            322.17       55,900.00
    CARROLLTON       TX   75006          1            04/26/96         00
    0410103675                           01           06/01/96          0
    410103675                            O            05/01/26
    0


1


    1501765          E22/728             F           42,650.00         T
                                         360         42,583.16          1
    5914 J LAGO VISTA WAY              9.250            350.87         75
                                       9.000            350.87       56,900.00
    LAGO VISTA       TX   78645          1            04/25/96         00
    0410131379                           01           06/01/96          0
    410131379                            O            05/01/26
    0


    1501767          462/728             F           50,050.00         T
                                         360         50,000.56          1
    541 KUKUAU STREET A305             9.500            420.85         36
                                       9.250            420.85      140,000.00
    HILO             HI   96720          5            05/30/96         00
    0380466913                           05           07/01/96          0
    4492005                              O            06/01/26
    0


    1501768          939/728             F          101,500.00         ZZ
                                         360        101,500.00          1
    1847 PECK AVENUE                  10.750            947.49         70
                                      10.500            947.49      145,000.00
    BAYSHORE         NY   11706          1            07/02/96         00
    0380489147                           05           09/01/96          0
    9604017                              O            08/01/26
    0


    1501781          267/267             F          400,000.00         ZZ
                                         360        399,501.02          1
    19264 KERWIN RANCH COURT           8.375          3,040.29         37
                                       8.125          3,040.29    1,090,000.00
    SARATOGA         CA   95070          1            04/26/96         00
    4402335                              05           07/01/96          0
    4402335                              O            06/01/26
    0


    1501801          927/728             F           44,100.00         ZZ
                                         360         44,058.53          1
    4708 NORTH 47TH AVENUE             9.750            378.89         90
                                       9.500            378.89       49,500.00
    PHOENIX          AZ   85030          1            05/13/96         04
    0380456013                           05           07/01/96         25
    219444                               N            06/01/26
    0


    1501803          F30/728             F           92,000.00         ZZ
                                         360         91,918.26          1
    80 SOUTH 860 EAST                 10.000            807.37         80
                                       9.750            807.37      115,500.00
1


    OREM             UT   84058          1            05/14/96         04
    0380460403                           05           07/01/96         12
    2796100311                           N            06/01/26
    0


    1501809          F61/728             F          150,000.00         ZZ
                                         360        149,906.76          1
    14400 MADISON AVENUE N.E.          8.375          1,140.12         50
                                       8.125          1,140.12      305,000.00
    BAINBRIDGE ISLA  WA   98110          5            06/03/96         00
    0380463563                           05           08/01/96          0
    80341                                O            07/01/26
    0


    1501810          F41/728             F           87,000.00         ZZ
                                         360         86,961.51          1
    2121 SW 44TH STREET               10.000            763.49         90
                                       9.750            763.49       96,700.00
    CAPE CORAL       FL   33914          1            06/03/96         23
    0380470972                           05           08/01/96          0
    20529                                N            07/01/26
    0


    1501811          F41/728             F           87,000.00         ZZ
                                         360         86,961.51          1
    4409 SW 21ST PLACE                10.000            763.49         90
                                       9.750            763.49       96,700.00
    CAPE CORAL       FL   33914          1            06/03/96         23
    0380470949                           05           08/01/96          0
    205307                               N            07/01/26
    0


    1501848          480/728             F          110,700.00         T
                                         360        110,601.65          1
    412 S. SECOND STREET              10.000            971.47         90
                                       9.750            971.47      123,000.00
    WEST DUNDEE      IL   60118          1            05/07/96         12
    0380447467                           05           07/01/96         25
    1884584                              O            06/01/26
    0


    1501852          480/728             F          131,000.00         ZZ
                                         360        130,778.05          1
    8961 COUNTRY CLUB DRIVE            8.875          1,042.29         70
                                       8.625          1,042.29      189,000.00
    DOUGLASVILLE     GA   30134          5            04/24/96         00
    0380447509                           05           06/01/96          0
    1921295                              O            05/01/26
    0
1




    1501853          232/076             F           50,100.00         ZZ
                                         360         50,050.52          1
    5972 KAY DRIVE                     9.500            421.27         90
                                       9.250            421.27       55,680.00
    NORCROSS         GA   30093          1            05/06/96         10
    11023748                             05           07/01/96         25
    11023748                             N            06/01/26
    0


    1501854          232/076             F          251,750.00         ZZ
                                         360        251,375.53          2
    457 LONG BEACH ROAD                9.500          2,116.86         95
                                       9.250          2,116.86      265,000.00
    ISLAND PARK      NY   11558          1            05/02/96         04
    11017272                             05           06/01/96         30
    11017272                             O            05/01/26
    0


    1501857          971/728             F          255,500.00         ZZ
                                         360        255,367.54          1
    1120 FAIRVIEW LANE                 9.250          2,101.94         70
                                       9.000          2,101.94      365,000.00
    SINGER ISLAND    FL   33404          5            06/04/96         00
    0380462466                           05           08/01/96          0
    UNKNOWN                              O            07/01/26
    0


    1501858          661/661             F          400,000.00         ZZ
                                         360        398,497.03          1
    9024 DORRINGTON AVENUE             7.500          2,796.86         96
                                       7.250          2,796.86      418,000.00
    WEST HOLLYWOOD   CA   90048          1            02/29/96         93
    2458354                              05           04/01/96         30
    2458354                              O            03/01/26
    0


    1501859          661/661             F          220,000.00         ZZ
                                         360        219,254.29          1
    831 RUNABOUT LOOP                  6.875          1,445.25        100
    H13                                6.625          1,445.25      220,000.00
    SOLOMONS LANDIN  MD   20688          1            03/05/96         92
    2428894                              01           05/01/96         30
    2428894                              O            04/01/26
    0


    1501860          661/661             F           77,000.00         ZZ
                                         360         76,710.65          1
1


    17607 POMERADO ROAD                7.500            538.40        100
    108                                7.250            538.40       77,000.00
    SAN DIEGO        CA   92128          1            02/23/96         92
    2446987                              05           04/01/96         30
    2446987                              O            03/01/26
    0


    1501863          180/728             F           78,750.00         ZZ
                                         360         78,714.23          1
    329 BLOUNT STREET                  9.875            683.82         90
                                       9.625            683.82       87,500.00
    NACOGDOCHES      TX   75961          1            06/05/96         04
    0380491382                           05           08/01/96         25
    4317384                              N            07/01/26
    0


    1501866          180/728             F           71,100.00         ZZ
                                         360         71,068.55          2
    205 SO PARK AVENUE                10.000            623.95         90
                                       9.750            623.95       79,000.00
    HARVARD          IL   60033          1            06/10/96         04
    0380490715                           05           08/01/96         25
    4322012                              N            07/01/26
    0


    1501868          B90/728             F           78,000.00         ZZ
                                         360         77,957.39          1
    3424 KANAWHA DRIVE                 9.000            627.61         68
                                       8.750            627.61      116,000.00
    ROCKFORD         IL   61114          2            06/07/96         00
    0380467853                           05           08/01/96          0
    NA                                   O            07/01/26
    0


    1501885          638/728             F          150,500.00         ZZ
                                         360        150,424.00          2
    15507-15509 HAYTER AVENUE          9.375          1,251.78         70
                                       9.125          1,251.78      215,000.00
    PARAMOUNT        CA   90723          5            06/06/96         00
    0380482142                           05           08/01/96          0
    08570707                             N            07/01/26
    0


    1501886          638/728             F          105,200.00         ZZ
                                         360        105,150.92          1
    1640 P STREET                      9.750            903.83         66
                                       9.500            903.83      160,000.00
    HEYBURN          ID   83336          5            05/31/96         00
    0380469487                           05           08/01/96          0
1


    08577199                             N            07/01/26
    0


    1501888          661/661             F          300,000.00         ZZ
                                         360        297,681.86          1
    2919 SHADOW DRIVE                  8.125          2,227.49        100
                                       7.875          2,227.49      300,000.00
    ARLINGTON        TX   76006          1            10/20/95         94
    950767                               03           12/01/95         30
    950767                               O            11/01/25
    0


    1501889          661/661             F          326,250.00         ZZ
                                         360        324,226.45          1
    122 FOREST HILS DRIVE              8.000          2,393.91         90
                                       7.750          2,393.91      362,500.00
    VOORHEES         NJ   08043          1            10/30/95         94
    950767                               05           12/01/95         30
    950767                               O            11/01/25
    0


    1501890          661/661             F          155,313.00         ZZ
                                         360        154,579.61          1
    320 BEACON ROAD                    8.750          1,221.85        100
                                       8.335          1,221.85      155,313.00
    ST JOE BEACH     FL   32456          5            11/07/95         94
    950767                               05           01/01/96         30
    950767                               O            12/01/25
    0


    1501901          638/728             F          143,900.00         ZZ
                                         360        143,720.50          1
    4020 WEST CACTUS ROAD              8.375          1,093.74         90
                                       8.125          1,093.74      159,900.00
    PHOENIX          AZ   85029          1            05/30/96         04
    0380465931                           03           07/01/96         25
    8574741                              N            06/01/26
    0


    1501904          661/661             F           56,000.00         ZZ
                                         360         54,865.47          1
    320 TITUSVILLE ROAD                9.375            465.78        100
                                       8.335            465.78       56,000.00
    LAGRANGE         NY   12540          1            03/03/95         94
    2085454                              05           05/01/95         30
    2085454                              O            04/01/25
    0


1


    1501910          001/728             F           31,250.00         ZZ
                                         360         31,235.43          1
    607 ELGIN AVENUE N.W.              9.750            268.48         90
                                       9.500            268.48       34,750.00
    CANTON           OH   44708          1            06/07/96         04
    0380470063                           05           08/01/96         25
    1504131                              N            07/01/26
    0


    1501952          939/G02             F          224,000.00         ZZ
                                         360        224,000.00          1
    3056 SHORE ROAD                   10.500          2,049.02         70
                                      10.250          2,049.02      320,000.00
    BELLMORE         NY   11710          1            07/25/96         00
    0430001230                           05           09/01/96          0
    9603920                              O            08/01/26
    0


    1501994          964/728             F          272,000.00         ZZ
                                         360        271,642.95          1
    20 MIRA LOMA LANE                  8.125          2,019.59         80
                                       7.875          2,019.59      340,000.00
    DANVILLE         CA   94526          1            05/29/96         00
    0380467531                           05           07/01/96          0
    18576                                O            06/01/26
    0


    1501995          B81/728             F           85,500.00         ZZ
                                         360         85,424.02          1
    355 SOUTH 3RD STREET              10.000            750.33         90
                                       9.750            750.33       95,000.00
    ST. HELENS       OR   97051          1            05/28/96         04
    0380461765                           05           07/01/96         25
    961319                               N            06/01/26
    0


    1502012          420/728             F          150,000.00         ZZ
                                         360        149,922.23          1
    7824 PEPPERTREE ROAD               9.250          1,234.02         67
                                       9.000          1,234.02      225,000.00
    DUBLIN           CA   94568          5            06/04/96         00
    0380486655                           05           08/01/96          0
    332734                               N            07/01/26
    0


    1502019          874/728             F          109,400.00         ZZ
                                         360        109,343.28          1
    4715 VISTA MOUNTAIN DRIVE          9.250            900.01         75
                                       9.000            900.01      145,900.00
1


    SPARKS           NV   89436          1            06/11/96         00
    0380469974                           03           08/01/96          0
    3687665                              N            07/01/26
    0


    1502021          575/728             F           29,400.00         ZZ
                                         360         29,367.76          1
    389 MASSACHUSETTS AVENUE           9.000            236.56         70
                                       8.750            236.56       42,000.00
    BUFFALO          NY   14213          5            05/17/96         00
    0380492620                           05           07/01/96          0
    456006479                            N            06/01/26
    0


    1502024          405/405             F          109,550.00         ZZ
                                         360        109,382.71          1
    9598 PARRAMATTA PLACE              9.375            911.19         88
                                       9.125            911.19      124,612.00
    HIGHLANDS RANCH  CO   80126          1            04/19/96         01
    0003922762                           03           06/01/96         25
    0003922762                           N            05/01/26
    0


    1502050          E22/728             F           71,550.00         ZZ
                                         360         71,488.10          1
    5243 18TH AVENUE SOUTHWEST        10.125            634.52         90
                                       9.875            634.52       79,500.00
    SEATTLE          WA   98106          1            05/09/96         04
    0410110704                           05           07/01/96         25
    410110704                            N            06/01/26
    0


    1502058          E22/728             F          500,000.00         ZZ
                                         360        499,236.57          1
    5687 GREENHILL                     9.375          4,158.75         75
                                       9.125          4,158.75      675,000.00
    TROY             MI   48098          5            04/25/96         00
    0410139794                           03           06/01/96          0
    410139794                            O            05/01/26
    0


    1502059          E22/728             F           44,000.00         ZZ
                                         360         43,923.42          1
    569 NORTHFIELD ROAD                9.875            382.08         80
                                       9.625            382.08       55,000.00
    BEDFORD          OH   44146          1            05/07/96         04
    0410077580                           05           07/01/96         12
    410077580                            N            06/01/26
    0
1




    1502060          E22/728             F           48,600.00         ZZ
                                         360         48,559.06          2
    22 EAST 24TH STREET               10.250            435.51         90
                                      10.000            435.51       54,000.00
    CHICAGO HEIGHTS  IL   60411          1            05/13/96         01
    0410082283                           05           07/01/96         25
    410082283                            N            06/01/26
    0


    1502062          E22/728             F           52,700.00         ZZ
                                         240         52,546.84          1
    1520 LAKEWOOD DRIVE                9.500            491.23         85
                                       9.250            491.23       62,000.00
    BETTENDORF       IA   52722          1            05/02/96         01
    0410102156                           05           07/01/96         20
    410102156                            N            06/01/16
    0


    1502063          E22/728             F           52,000.00         ZZ
                                         360         51,948.65          1
    2203 ISABELL AVE                   9.500            437.24         80
                                       9.250            437.24       65,000.00
    TROY             MI   48083          1            05/10/96         04
    0410082978                           05           07/01/96         12
    410082978                            N            06/01/26
    0


    1502064          E22/728             F           62,400.00         ZZ
                                         360         62,307.20          2
    1401 MARLBOROUGH CIRCLE            9.500            524.69         80
                                       9.250            524.69       78,000.00
    AUSTIN           TX   78753          1            04/30/96         04
    0410076418                           05           06/01/96         12
    410076418                            N            05/01/26
    0


    1502065          E22/728             F          107,000.00         ZZ
                                         360        106,891.52          2
    952 AND 954 PRESCOTT LANE          9.375            889.97         60
                                       9.125            889.97      179,000.00
    SPRINGFIELD      OR   97477          5            05/08/96         00
    0410110811                           05           07/01/96          0
    410110811                            O            06/01/26
    0


    1502066          E22/728             F          180,000.00         ZZ
                                         360        179,786.70          4
1


    504 EAST 9TH STREET                8.625          1,400.02         89
                                       8.375          1,400.02      202,700.00
    NEWBERG          OR   97132          1            04/29/96         04
    0410037600                           05           07/01/96         25
    410037600                            N            06/01/26
    0


    1502068          E22/728             F           60,000.00         ZZ
                                         360         59,933.16          2
    637-639 E HOPOCAN AVE              9.750            515.50         75
                                       9.500            515.50       80,000.00
    BARBERTON        OH   44203          1            05/10/96         00
    0410077663                           05           07/01/96          0
    410077663                            N            06/01/26
    0


    1502072          E22/728             F           90,000.00         T
                                         360         89,911.11          1
    4161 ROLLING SPRINGS DRIVE         9.500            756.77         75
                                       9.250            756.77      120,000.00
    TAMPA            FL   33624          1            05/07/96         00
    0410119119                           03           07/01/96          0
    410119119                            O            06/01/26
    0


    1502080          470/470             F           57,500.00         ZZ
                                         360         57,446.12          2
    1025 OLYMPIC AVENUE                9.750            494.02         57
                                       9.500            494.02      102,000.00
    MEDFORD          OR   97504          2            05/01/96         00
    76003594                             05           07/01/96          0
    76003594                             N            06/01/26
    0


    1502081          470/470             F           58,320.00         ZZ
                                         360         58,230.94          1
    300 SHAFER LANE B-4                9.375            485.08         80
                                       9.125            485.08       73,000.00
    JACKSONVILLE     OR   97530          1            04/25/96         95
    76003778                             05           06/01/96          0
    76003778                             N            05/01/26
    0


    1502082          470/470             F           52,650.00         ZZ
                                         360         52,600.66          1
    202 FAIR AVENUE                    9.750            452.35         90
                                       9.500            452.35       58,500.00
    YAKIMA           WA   98901          1            05/07/96         04
    62020299                             05           07/01/96         30
1


    62020299                             N            06/01/26
    0


    1502085          470/470             F           57,500.00         ZZ
                                         360         57,446.12          2
    1019 OLYMPIC AVENUE                9.750            494.02         58
                                       9.500            494.02      100,000.00
    MEDFORD          OR   97504          2            05/01/96         00
    76003252                             05           07/01/96          0
    76003252                             N            06/01/26
    0


    1502086          470/470             F           88,000.00         ZZ
                                         360         87,858.43          1
    925 WILDERVILLE LANE               9.125            716.00         77
                                       8.875            716.00      115,000.00
    GRANTS PASS      OR   97527          1            04/22/96         00
    76003446                             05           06/01/96          0
    76003446                             O            05/01/26
    0


    1502087          470/470             F           72,000.00         ZZ
                                         360         71,934.29          2
    5433 NORTH MORTON STREET           9.875            625.22         90
                                       9.625            625.22       80,000.00
    SPOKANE          WA   99207          1            05/15/96         01
    62020409                             05           07/01/96         17
    62020409                             N            06/01/26
    0


    1502103          736/728             F          142,500.00         ZZ
                                         360        142,276.67          1
    13602 RIATA STREET                 9.250          1,172.31         75
                                       9.000          1,172.31      190,000.00
    GARDEN GROVE     CA   92644          5            04/26/96         00
    0380455049                           05           06/01/96          0
    461510                               O            05/01/26
    0


    1502104          736/728             F          141,600.00         ZZ
                                         360        141,401.03          1
    1990 GENESEO ROAD                  9.000          1,139.35         80
                                       8.750          1,139.35      177,000.00
    PASO ROBLES      CA   93446          5            05/13/96         00
    0380464124                           05           07/01/96          0
    471073                               O            06/01/26
    0


1


    1502106          736/728             F          116,250.00         ZZ
                                         360        116,122.54          1
    1297 REDWOOD CIRCLE                9.000            935.37         75
                                       8.750            935.37      155,000.00
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    0380449554                           05           07/01/96          0
    471175                               N            06/01/26
    0


    1502116          736/728             F           32,000.00         ZZ
                                         360         31,969.21          4
    4010 PENNSYLVANIA AVENUE           9.625            272.00         80
                                       9.375            272.00       40,000.00
    ST LOUIS         MO   63118          1            05/01/96         96
    0380455130                           05           07/01/96          0
    461372                               N            06/01/26
    0


    1502119          736/728             F          100,000.00         ZZ
                                         360         99,875.26          1
    24591 MANDEVILLE DRIVE             8.375            760.07         33
                                       8.125            760.07      309,000.00
    LAGUNA HILLS     CA   92653          1            05/15/96         00
    0380453705                           05           07/01/96          0
    472567                               O            06/01/26
    0


    1502120          736/728             F          472,000.00         T
                                         360        471,468.83          1
    334 L STREET                       8.875          3,755.44         80
                                       8.625          3,755.44      590,000.00
    NEWPORT BEACH    CA   92661          1            05/13/96         95
    0380449547                           05           07/01/96          0
    466955                               O            06/01/26
    0


    1502122          736/728             F          117,000.00         ZZ
                                         360        116,884.44          2
    1510 & 1512 14TH STREET            9.500            983.80         67
                                       9.250            983.80      175,000.00
    ANACORTES        WA   98221          2            05/15/96         00
    0380454927                           05           07/01/96          0
    459291                               N            06/01/26
    0


    1502126          736/728             F          304,800.00         ZZ
                                         360        304,296.77          1
    232 SUMMIT AVENUE, UNIT #A-3       9.000          2,452.49         80
                                       8.750          2,452.49      381,000.00
1


    BROOKLINE        MA   02146          5            04/30/96         00
    0380454539                           01           06/01/96          0
    461539                               O            05/01/26
    0


    1502128          736/728             F          318,750.00         ZZ
                                         360        318,223.73          1
    STATE ROAD 592                     9.000          2,564.74         75
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    0380460155                           05           06/01/96          0
    461463                               O            05/01/26
    0


    1502129          736/728             F          103,500.00         ZZ
                                         360        103,383.53          1
    14509 SE ANNA MARIE COURT          8.875            823.49         75
                                       8.625            823.49      138,000.00
    MILWAUKIE        OR   97267          5            05/15/96         00
    0380460288                           05           07/01/96          0
    467307                               O            06/01/26
    0


    1502130          736/728             F          255,000.00         ZZ
                                         360        254,734.60          1
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                                       9.000          2,097.82      340,000.00
    GILBERT          AZ   85234          5            05/14/96         00
    0380454943                           03           07/01/96          0
    476630                               O            06/01/26
    0


    1502131          736/728             F          225,000.00         ZZ
                                         360        224,765.82          1
    13312 THISTLE LOOP                 9.250          1,851.02         75
                                       9.000          1,851.02      300,000.00
    PENN VALLEY      CA   95946          5            05/08/96         00
    0380455171                           03           07/01/96          0
    461551                               O            06/01/26
    0


    1502132          736/728             F          130,000.00         ZZ
                                         360        129,674.56          1
    24176 CARRILLO DRIVE               9.125          1,057.72         65
                                       8.875          1,057.72      200,000.00
    MISSION VIEJO    CA   92691          5            04/17/96         00
    0380454570                           05           06/01/96          0
    461376                               O            05/01/26
    0
1




    1502135          736/728             F          101,250.00         ZZ
                                         360        101,031.99          1
    4063 WEST ELDORADO PLACE           9.125            823.81         75
                                       8.875            823.81      135,000.00
    DENVER           CO   80236          2            03/22/96         00
    0380455189                           05           05/01/96          0
    461350                               O            04/01/26
    0


    1502136          736/728             F          353,600.00         ZZ
                                         360        352,777.27          1
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                                       8.500          2,781.78      442,000.00
    HUNTINGTON BEAC  CA   92649          1            03/18/96         00
    0380454224                           05           05/01/96          0
    461302                               O            04/01/26
    0


    1502138          736/728             F           52,000.00         ZZ
                                         360         51,947.27          1
    615 SUPERIOR STREET                9.375            432.51         64
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    SANDPOINT        ID   83864          1            05/16/96         00
    0380455064                           05           07/01/96          0
    459446                               O            06/01/26
    0


    1502171          003/728             F           52,650.00         ZZ
                                         360         52,601.96          1
    387 MEADOWVIEW DRIVE               9.875            457.19         90
                                       9.625            457.19       58,500.00
    WINDER           GA   30680          1            05/09/96         12
    0380450289                           05           07/01/96         30
    3682523                              N            06/01/26
    0


    1502218          253/728             F           88,000.00         ZZ
                                         360         87,954.37          1
    720 W. HOPKINS AVE #B              9.250            723.96         40
                                       9.000            723.96      220,000.00
    ASPEN            CO   81611          5            06/20/96         00
    0380481763                           01           08/01/96          0
    316406                               N            07/01/26
    0


    1502220          966/728             F           58,500.00         ZZ
                                         360         58,471.23          1
1


    431 VERNET STREET                  9.500            491.90         90
                                       9.250            491.90       65,000.00
    RICHARDSON       TX   75080          1            06/07/96         12
    0380467028                           05           08/01/96         90
    UNKNOWN                              N            07/01/26
    0


    1502221          076/076             F           41,250.00         ZZ
                                         360         41,230.23          1
    148 RHODESIA AVENUE                9.625            350.63         75
                                       9.375            350.63       55,000.00
    ATLANTA          GA   30315          1            07/03/96         00
    7040399                              05           08/01/96          0
    7040399                              N            07/01/26
    0


    1502238          462/728             F          150,000.00         ZZ
                                         360        149,920.18          1
    801 NORTH 16TH STREET              9.125          1,220.45         60
                                       8.875          1,220.45      250,000.00
    MONTEBELLO       CA   90640          5            06/05/96         00
    0380470931                           05           08/01/96          0
    4478160                              O            07/01/26
    0


    1502239          766/728             F           35,625.00         ZZ
                                         360         35,589.82          1
    19201 COLLINS AVE #803             9.500            299.55         75
                                       9.250            299.55       47,500.00
    MIAMI            FL   33160          1            05/20/96         00
    0380465543                           22           07/01/96          0
    96HA039                              N            06/01/26
    0


    1502258          498/728             F          126,500.00         ZZ
                                         360        126,378.31          1
    3115 BLUE RIDGE ROAD               9.625          1,075.24         85
                                       9.375          1,075.24      150,000.00
    RALEIGH          NC   27612          1            05/20/96         04
    0380447954                           05           07/01/96         20
    1449001                              N            06/01/26
    0


    1502263          526/728             F           36,000.00         ZZ
                                         360         35,949.19          1
    906 W 28TH STREET                  9.750            309.30         75
                                       9.500            309.30       48,000.00
    INDIANAPOLIS     IN   46208          1            05/02/96         00
    0380456641                           05           06/01/96          0
1


    122035                               N            05/01/26
    0


    1502269          664/728             F          119,650.00         ZZ
                                         360        119,591.14          1
    9796 SE 38TH AVENUE                9.500          1,006.09         90
                                       9.250          1,006.09      132,950.00
    MILWAUKIE        OR   97222          1            06/07/96         01
    0380472176                           05           08/01/96         25
    2175578                              N            07/01/26
    0


    1502277          874/728             F          109,400.00         ZZ
                                         360        109,343.28          1
    4705 VISTA MOUNTAIN DRIVE          9.250            900.01         75
                                       9.000            900.01      145,900.00
    SPARKS           NV   89436          1            06/10/96         00
    0380481243                           03           08/01/96          0
    3687665                              N            07/01/26
    0


    1502282          470/470             F          192,000.00         ZZ
                                         360        191,900.46          1
    10936 CALODEN STREET               9.250          1,579.54         80
                                       9.000          1,579.54      240,000.00
    OAKLAND          CA   94605          1            06/10/96         95
    25080130                             05           08/01/96          0
    25080130                             N            07/01/26
    0


    1502283          420/728             F           76,800.00         ZZ
                                         360         76,754.65          1
    1255 EAST A STREET                 8.625            597.35         80
                                       8.375            597.35       96,000.00
    OAKDALE          CA   95361          1            05/31/96         10
    0380479007                           05           08/01/96         12
    333781                               N            07/01/26
    0


    1502288          874/728             F          109,400.00         ZZ
                                         360        109,343.28          1
    4695 VISTA MOUNTAIN DRIVE          9.250            900.01         75
                                       9.000            900.01      145,900.00
    SPARKS           NV   89436          1            06/10/96         00
    0380481268                           03           08/01/96          0
    3687665                              N            07/01/26
    0


1


    1502290          180/728             F           74,950.00         ZZ
                                         360         74,912.15          1
    13710 NORLAND DRIVE                9.375            623.40         75
                                       9.125            623.40       99,950.00
    SAN ANTONIO      TX   78232          1            06/03/96         00
    0380487778                           05           08/01/96          0
    4389615                              N            07/01/26
    0


    1502296          E22/728             F           33,750.00         ZZ
                                         360         33,718.39          1
    1315 GRACE AVENUE                  9.750            289.96         90
                                       9.500            289.96       37,500.00
    TAYLOR           TX   76574          1            05/08/96         01
    0410131734                           05           07/01/96         25
    410131734                            N            06/01/26
    0


    1502303          E22/728             F           13,400.00         ZZ
                                         360         13,295.49          1
    1065 FAIRBANKS PL                  9.750            115.13         90
                                       9.500            115.13       14,900.00
    AKRON            OH   44306          1            05/09/96         04
    0410081939                           05           07/01/96         25
    410081939                            N            06/01/26
    0


    1502310          E22/728             F          210,000.00         ZZ
                                         360        209,792.60          2
    3634-3636 19TH STREET              9.500          1,765.79         60
                                       9.250          1,765.79      350,000.00
    SAN FRANCISCO    CA   94110          5            05/01/96         00
    0410150270                           07           07/01/96          0
    410150270                            N            06/01/26
    0


    1502312          E22/728             F          167,500.00         ZZ
                                         360        167,237.49          1
    1830 N WINCHESTER UNIT # 102       9.250          1,377.98         80
                                       9.000          1,377.98      209,400.00
    CHICAGO          IL   60622          1            05/01/96         00
    0410101240                           01           06/01/96          0
    410101240                            O            05/01/26
    0


    1502318          E22/728             F           72,000.00         ZZ
                                         360         71,918.98          1
    4280 N E 1ST AVENUE                8.875            572.86         90
                                       8.625            572.86       80,000.00
1


    BOCA RATON       FL   33431          1            05/09/96         12
    0410118566                           05           07/01/96         25
    410118566                            N            06/01/26
    0


    1502322          E22/728             F           81,600.00         ZZ
                                         360         81,519.40          1
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                                       9.250            686.14      102,000.00
    DUBLIN           OH   43016          1            05/03/96         00
    0410139273                           01           07/01/96          0
    410139273                            O            06/01/26
    0


    1502323          E22/728             F           37,000.00         ZZ
                                         360         36,962.48          1
    1885 WEST 68TH STREET              9.375            307.75         46
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    HIALEAH          FL   33014          1            05/17/96         00
    0410119267                           07           07/01/96          0
    410119267                            O            06/01/26
    0


    1502324          526/728             F          184,500.00         ZZ
                                         360        184,307.96          1
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                                       9.000          1,517.84      265,000.00
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    0380474834                           05           07/01/96          0
    0119980                              O            06/01/26
    0


    1502326          575/728             F           69,300.00         ZZ
                                         360         69,231.57          1
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    0380453184                           05           07/01/96         25
    483002852                            N            06/01/26
    0


    1502327          575/728             F           72,000.00         ZZ
                                         360         71,934.31          1
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    0380453192                           05           07/01/96         25
    467006009                            N            06/01/26
    0
1




    1502330          575/728             F           37,100.00         ZZ
                                         360         37,058.26          1
    469 1/2 TWENTIETH STREET           8.875            295.18         70
                                       8.625            295.18       53,000.00
    NIAGARA FALLS    NY   14303          5            05/17/96         00
    0380453226                           05           07/01/96          0
    456006511                            N            06/01/26
    0


    1502331          E22/728             F           70,000.00         ZZ
                                         360         69,928.73          4
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                                       9.625            607.85      100,000.00
    AKRON            OH   44314          5            05/16/96         00
    0410139679                           05           07/01/96          0
    410139679                            N            06/01/26
    0


    1502332          E22/728             F          450,000.00         ZZ
                                         360        449,348.08          1
    304 ROMAE COURT                    9.625          3,824.95         60
                                       9.375          3,824.95      750,000.00
    DANVILLE         CA   94526          5            04/24/96         00
    0410037501                           05           06/01/96          0
    410037501                            O            05/01/26
    0


    1502355          003/728             F           43,200.00         ZZ
                                         360         43,158.43          1
    63 FAIR HAVEN WAY                  9.625            367.20         90
                                       9.375            367.20       48,000.00
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    0380473216                           01           07/01/96         25
    3695483                              N            06/01/26
    0


    1502436          736/728             F           66,000.00         ZZ
                                         360         65,929.49          2
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                                       8.875            537.00      110,000.00
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    0380455452                           05           07/01/96          0
    459442                               N            06/01/26
    0


    1502458          664/728             F           54,950.00         ZZ
                                         360         54,884.87          2
1


    100 A&B METEOR DRIVE               8.625            427.40         70
                                       8.375            427.40       78,500.00
    AUSTIN           TX   78745          1            05/15/96         00
    0380457086                           05           07/01/96          0
    2145514                              N            06/01/26
    0


    1502459          664/728             F          114,300.00         ZZ
                                         360        114,192.90          1
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                                       9.500            982.02      127,000.00
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    0380460783                           05           07/01/96         25
    2146413                              N            06/01/26
    0


    1502472          462/728             F           59,250.00         ZZ
                                         360         59,218.47          1
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    0380473000                           05           08/01/96          0
    4497806                              N            07/01/26
    0


    1502473          462/728             F           65,600.00         ZZ
                                         360         65,565.08          1
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    0380471616                           05           08/01/96          0
    4497491                              N            07/01/26
    0


    1502479          737/728             F           26,600.00         ZZ
                                         360         26,587.25          1
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    0380494006                           05           08/01/96          0
    557106                               N            07/01/26
    0


    1502480          737/728             F           30,800.00         ZZ
                                         360         30,785.24          1
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                                       9.375            261.80       44,000.00
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    0380495342                           05           08/01/96          0
1


    557105                               N            07/01/26
    0


    1502481          F41/728             F           54,600.00         ZZ
                                         360         54,533.61          1
    12 POND LANE UNIT #12              8.500            419.83         65
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    0380467796                           05           07/01/96          0
    UNKNOWN                              N            06/01/26
    0


    1502484          E01/G02             F          161,250.00         ZZ
                                         360        161,250.00          2
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    0430001750                           05           09/01/96          0
    961083                               O            08/01/26
    0


    1502498          E22/728             F           30,750.00         ZZ
                                         360         30,724.11          1
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    MIDDLETON        OH   45044          1            05/10/96         04
    0410140321                           05           07/01/96         25
    410140321                            N            06/01/26
    0


    1502500          E22/728             F           12,150.00         ZZ
                                         360         12,138.91          1
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    SAGINAW          MI   48602          1            05/08/96         04
    0410140180                           05           07/01/96         25
    410140180                            N            06/01/26
    0


    1502509          E22/728             F           63,700.00         ZZ
                                         360         63,592.05          1
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    0410119390                           09           06/01/96          0
    410119390                            O            05/01/26
    0


1


    1502626          E22/728             F           53,100.00         ZZ
                                         360         53,054.07          2
    115 & 115 1/2 WASHINGTON ST       10.125            470.90         80
                                       9.875            470.90       66,400.00
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    0410082192                           05           07/01/96          0
    410082192                            N            06/01/26
    0


    1502630          E22/728             F           88,650.00         ZZ
                                         360         88,518.14          2
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    CHICAGO          IL   60637          1            05/03/96         01
    0410168504                           05           06/01/96         25
    410168504                            N            05/01/26
    0


    1502800          405/405             F           71,900.00         ZZ
                                         360         71,821.15          1
    1113 SERENADA DRIVE                9.000            578.53         90
                                       8.750            578.53       79,900.00
    GEORGETOWN       TX   78628          1            05/07/96         01
    3927209                              05           07/01/96         25
    3927209                              N            06/01/26
    0


    1502803          635/635             F          110,000.00         ZZ
                                         360        109,769.22          1
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    6179006                              05           05/01/96          0
    6179006                              O            04/01/26
    0


    1502805          286/286             F           40,400.00         ZZ
                                         360         40,341.46          1
    1302 CEDARVIEW                     9.625            343.40         90
                                       9.375            343.40       44,900.00
    SPRINGFIELD      OH   45503          1            04/30/96         10
    8364024                              05           06/01/96         25
    8364024                              N            05/01/26
    0


    1502826          971/728             F          504,700.00         ZZ
                                         360        504,201.54          1
    281 FAN PALM ROAD                  9.500          4,243.79         53
                                       9.250          4,243.79      961,600.00
1


    BOCA RATON       FL   33432          1            05/22/96         00
    0380455718                           03           07/01/96          0
    UNKNOWN                              O            06/01/26
    0


    1502833          B23/728             F          249,900.00         ZZ
                                         360        249,618.76          1
    25581 PACIFIC CREST DRIVE          8.875          1,988.32         80
                                       8.625          1,988.32      312,475.00
    MISSION VIEJO    CA   92692          1            05/16/96         00
    0380470337                           05           07/01/96          0
    88001259                             O            06/01/26
    0


    1502836          B81/728             F          121,500.00         ZZ
                                         360        121,438.64          1
    17468 NORTHWEST BLACKTAIL DRIV     9.375          1,010.58         90
                                       9.125          1,010.58      136,000.00
    PORTLAND         OR   97229          1            06/06/96         04
    0380480963                           05           08/01/96         25
    96792                                O            07/01/26
    0


    1502853          F15/728             F           31,500.00         ZZ
                                         360         31,485.69          3
    443 MAIN ST                        9.875            273.53         90
                                       9.625            273.53       35,000.00
    WHEELING         WV   26003          1            06/17/96         04
    0380482563                           05           08/01/96         25
    000036682                            N            07/01/26
    0


    1502857          405/405             F          131,250.00         ZZ
                                         360        131,113.37          1
    11768 MOORPARK STREET #B           9.250          1,079.77         75
                                       9.000          1,079.77      175,000.00
    LOS ANGELES      CA   91604          5            05/06/96         00
    0003932431                           01           07/01/96          0
    0003932431                           O            06/01/26
    0


    1502864          664/728             F           61,000.00         ZZ
                                         360         60,931.34          3
    4539,4547 & 4549 BOULDER DRIVE     8.875            485.35         39
    SE                                 8.625            485.35      160,000.00
    SALEM            OR   97301          5            05/10/96         00
    0380455551                           05           07/01/96          0
    2171692                              N            06/01/26
    0
1




    1502868          180/728             F          121,050.00         ZZ
                                         360        120,990.46          1
    2309 PENN PLACE                    9.500          1,017.85         90
                                       9.250          1,017.85      134,500.00
    BOWIE            MD   20716          1            06/17/96         04
    0380492646                           05           08/01/96         25
    4355137                              N            07/01/26
    0


    1502869          180/728             F           36,000.00         ZZ
                                         360         35,982.29          1
    1442 SOUTH RICHMOND                9.500            302.71         90
                                       9.250            302.71       40,000.00
    TULSA            OK   74112          1            06/27/96         04
    0380493321                           05           08/01/96         25
    4389383                              N            07/01/26
    0


    1502870          664/728             F           58,500.00         ZZ
                                         360         58,440.67          2
    180 SOUTH R STREET-1780 BRYANT     9.375            486.58         50
    AVENUE                             9.125            486.58      117,000.00
    COTTAGE GROVE    OR   97424          5            05/13/96         00
    0380457177                           05           07/01/96          0
    2173847                              N            06/01/26
    0


    1502879          526/728             F           77,250.00         T
                                         360         77,128.92          1
    9921 U.S. HWY 34, #B1              9.250            635.52         75
                                       9.000            635.52      103,000.00
    GRAND LAKE       CO   80477          5            04/29/96         00
    0380452483                           01           06/01/96          0
    00117191                             O            05/01/26
    0


    1502940          661/661             F          270,000.00         ZZ
                                         360        268,960.01          1
    11 MONTE CIMAS AVENUE              7.375          1,864.83         90
                                       7.125          1,864.83      300,000.00
    MILL VALLEY      CA   94941          1            02/13/96         94
    2429892                              05           04/01/96         30
    2429892                              O            03/01/26
    0


    1502941          661/661             F          113,440.00         ZZ
                                         360        112,969.61          1
1


    898 WEST ARBOR RIDGE DRIVE         7.000            754.72         90
                                       6.750            754.72      127,000.00
    GREEN VALLEY     AZ   85614          1            02/29/96         92
    2458768                              05           04/01/96         30
    2458768                              O            03/01/26
    0


    1502963          526/728             F          102,000.00         ZZ
                                         360        101,951.13          4
    503-505 E. 2ND STREET              9.625            866.99         62
                                       9.375            866.99      165,000.00
    PORT CLINTON     OH   43452          5            06/07/96         00
    0380500646                           05           08/01/96          0
    123106                               N            07/01/26
    0


    1502990          881/728             F          598,000.00         ZZ
                                         360        598,000.00          1
    2212 CAMINO DEL ROSARIO            9.250          4,919.60         65
                                       9.000          4,919.60      920,000.00
    SANTA BARBARA    CA   93108          5            07/02/96         00
    0380497439                           05           09/01/96          0
    602211                               O            08/01/26
    0


    1503014          028/728             F          364,000.00         ZZ
                                         360        363,579.63          1
    111 MALAGA ROAD                    8.750          2,863.59         80
                                       8.500          2,863.59      455,000.00
    SANTA FE         NM   87505          1            06/06/96         00
    0380467507                           05           07/01/96          0
    171635                               O            06/01/26
    0


    1503023          737/728             F           33,600.00         ZZ
                                         360         33,583.90          1
    1005 26TH STREET                   9.625            285.60         70
                                       9.375            285.60       48,000.00
    BESSEMER         AL   35020          5            06/12/96         00
    0380469826                           05           08/01/96          0
    557104                               O            07/01/26
    0


    1503028          737/728             F           54,750.00         ZZ
                                         360         54,720.09          1
    3733 PEACHTREE ROAD B3             9.000            440.54         75
                                       8.750            440.54       73,000.00
    ATLANTA          GA   30319          2            06/07/96         00
    0380467937                           01           08/01/96          0
1


    556957                               N            07/01/26
    0


    1503033          737/728             F           76,500.00         ZZ
                                         360         76,461.37          1
    3555 MONTEREY STREET               9.375            636.29         90
                                       9.125            636.29       85,000.00
    CUMMING          GA   30131          1            06/06/96         01
    0380465782                           05           08/01/96         25
    557162                               N            07/01/26
    0


    1503057          635/635             F           32,000.00         ZZ
                                         360         31,967.99          1
    3909 W. 123RD ST. #205A            8.750            251.75         66
                                       8.500            251.75       48,900.00
    ALSIP            IL   60658          1            06/06/96         00
    647566900                            01           08/01/96          0
    647566900                            O            07/01/26
    0


    1503060          B35/728             F           46,800.00         ZZ
                                         360         46,775.73          1
    3448 SUNNYSIDE AVENUE              9.250            385.02         90
                                       9.000            385.02       52,000.00
    PHILADELPHIA     PA   19129          1            06/28/96         04
    0380495771                           07           08/01/96         25
    9682010708                           N            07/01/26
    0


    1503069          638/728             F           49,300.00         ZZ
                                         360         49,253.82          2
    2026-28 COOPER LANE                9.750            423.56         85
                                       9.500            423.56       58,000.00
    NASHVILLE        TN   37216          1            06/05/96         01
    0380470105                           05           07/01/96         25
    08578436                             N            06/01/26
    0


    1503084          470/728             F          220,000.00         ZZ
                                         360        219,776.93          2
    620 & 624 CURTIN LANE              9.375          1,829.85         80
                                       9.125          1,829.85      275,000.00
    SONOMA           CA   95476          2            05/10/96         00
    0380459496                           05           07/01/96          0
    75002591                             O            06/01/26
    0


1


    1503115          F15/728             F           48,750.00         ZZ
                                         360         48,726.02          2
    189-193 S VINE ST                  9.500            409.92         75
                                       9.250            409.92       65,000.00
    MARION           OH   43302          2            06/19/96         00
    0380480831                           05           08/01/96          0
    36695                                N            07/01/26
    0


    1503118          635/635             F           89,650.00         ZZ
                                         360         89,402.50          1
    19418 E UTAH PL                    9.250            737.53         80
                                       9.000            737.53      112,500.00
    AURORA           CO   80017          1            05/31/96         00
    650859200                            05           07/01/96          0
    650859200                            O            06/01/26
    0


    1503123          E22/728             F          116,000.00         ZZ
                                         360        115,882.38          1
    7410 WAGON ROAD WEST               9.375            964.83         80
                                       9.125            964.83      145,000.00
    MOSIER           OR   97040          1            05/08/96         04
    0410110787                           05           07/01/96         12
    410110787                            N            06/01/26
    0


    1503124          E22/728             F           99,000.00         ZZ
                                         360         98,912.03          2
    1025 BONHAM TERRACE               10.000            868.80         90
                                       9.750            868.80      110,000.00
    AUSTIN           TX   78704          1            05/16/96         04
    0410083414                           05           07/01/96         25
    410083414                            N            06/01/26
    0


    1503128          E22/728             F           40,000.00         ZZ
                                         360         39,855.03          1
    2121 NORTH BAYSHORE DRIVE          9.750            343.66         80
    UNIT # 1004                        9.500            343.66       50,000.00
    MIAMI            FL   33137          1            05/09/96         00
    0410115851                           06           07/01/96          0
    410115851                            O            06/01/26
    0


    1503131          E22/728             F           54,000.00         ZZ
                                         360         52,909.75          1
    3828 W CHEYENNE STREET             9.375            449.14         90
                                       9.125            449.14       60,000.00
1


    MILWAUKEE        WI   53209          1            04/25/96         04
    0410102263                           05           06/01/96         25
    410102263                            N            05/01/26
    0


    1503132          E22/728             F           30,000.00         ZZ
                                         360         29,972.62          1
    370 LOMBARD STREET                 9.875            260.51         60
                                       9.625            260.51       50,000.00
    AKRON            OH   44310          2            05/13/96         00
    0410082648                           05           07/01/96          0
    410082648                            N            06/01/26
    0


    1503133          E22/728             F          104,400.00         ZZ
                                         360        104,304.74          4
    2809 SKYWAY CIRCLE                 9.875            906.56         90
                                       9.625            906.56      116,000.00
    AUSTIN           TX   78704          1            05/16/96         04
    0410083331                           05           07/01/96         25
    410083331                            N            06/01/26
    0


    1503141          F41/728             F          112,000.00         ZZ
                                         360        111,937.21          1
    14801 ROYAL OAK COURT              8.875            891.12         80
                                       8.625            891.12      140,000.00
    FORT MYERS       FL   33919          1            06/07/96         00
    0380481029                           05           08/01/96          0
    20552                                O            07/01/26
    0


    1503143          737/728             F           82,750.00         ZZ
                                         360         82,711.38          1
    5902 GRAYWOOD CIRCLE               9.750            710.96         80
                                       9.500            710.96      103,450.00
    MABLETON         GA   30059          1            06/03/96         01
    0380457516                           05           08/01/96         12
    556989                               N            07/01/26
    0


    1503161          A73/728             F          157,600.00         ZZ
                                         360        157,332.96          1
    818 CEDARBEND WAY                  8.875          1,253.94         80
                                       8.625          1,253.94      197,000.00
    CHULA VISTA      CA   91910          5            04/18/96         00
    0380466566                           05           06/01/96          0
    547985379                            O            05/01/26
    0
1




    1503173          560/560             F           54,000.00         ZZ
                                         360         53,950.73          1
    1509 CLEVES STREET                 9.875            468.91         90
                                       9.625            468.91       60,000.00
    OLD HICKORY      TN   37138          1            05/17/96         05
    450432992                            05           07/01/96         25
    450432992                            N            06/01/26
    0


    1503174          A01/728             F          270,000.00         ZZ
                                         360        269,860.02          1
    226 MONTEREY DUNES WAY             9.250          2,221.23         54
                                       9.000          2,221.23      500,000.00
    CASTROVILLE      CA   95012          5            06/20/96         00
    0380482217                           05           08/01/96          0
    96068629                             O            07/01/26
    0


    1503189          405/405             F           78,900.00         ZZ
                                         360         78,859.09          1
    1506 LOWER MARINE DRIVE            9.250            649.10         90
                                       9.000            649.10       87,760.00
    BREMERTON        WA   98312          1            06/10/96         10
    3952769                              05           08/01/96         25
    3952769                              N            07/01/26
    0


    1503191          526/728             F           64,300.00         ZZ
                                         360         64,269.19          1
    435 KING STREET                    9.625            546.55         80
                                       9.375            546.55       80,400.00
    DENVER           CO   80204          1            06/12/96         12
    0380485715                           05           08/01/96         12
    00125388                             N            07/01/26
    0


    1503195          526/728             F           38,800.00         ZZ
                                         360         38,760.66          2
    501 ROOSEVELT DRIVE                9.375            322.72         85
                                       9.125            322.72       45,700.00
    SEGUIN           TX   78155          1            05/08/96         10
    0380464827                           05           07/01/96         20
    122970                               N            06/01/26
    0


    1503201          526/728             F           96,000.00         ZZ
                                         360         95,902.66          1
1


    111 DORA AVENUE                    9.375            798.48         80
                                       9.125            798.48      120,000.00
    WALDWICK         NJ   07463          1            05/10/96         00
    0380451816                           05           07/01/96          0
    0113848                              O            06/01/26
    0


    1503206          B43/728             F           45,650.00         T
                                         360         45,629.25          1
    47 PINE CREEK ROAD                 9.875            396.41         47
                                       9.625            396.41       99,000.00
    PINE             AZ   85554          2            06/13/96         00
    0380488560                           05           08/01/96          0
    1503206                              O            07/01/26
    0


    1503225          526/728             F           21,600.00         ZZ
                                         360         21,578.66          1
    104 GOODSON DRIVE                  9.500            181.63         90
                                       9.250            181.63       24,000.00
    HOUSTON          TX   77060          1            05/14/96         10
    0380452004                           03           07/01/96         30
    117334                               N            06/01/26
    0


    1503238          638/728             F          114,300.00         ZZ
                                         360        114,242.28          1
    2340 EAST DOLPHIN WAY              9.375            950.69         90
                                       9.125            950.69      127,000.00
    SALT LAKE CITY   UT   84121          1            06/06/96         12
    0380470626                           05           08/01/96         25
    08575961                             N            07/01/26
    0


    1503239          963/728             F           47,600.00         ZZ
                                         360         47,600.00          1
    13715 KENDALE LAKES CIRCLE         9.750            408.96         80
    #A-110                             9.500            408.96       59,500.00
    MIAMI            FL   33183          1            07/10/96         01
    0380496258                           01           09/01/96         12
    960222                               N            08/01/26
    0


    1503249          526/728             F           52,650.00         ZZ
                                         360         52,563.06          1
    504 S. ROBIN ROAD                  9.000            423.64         90
                                       8.750            423.64       58,500.00
    WICHITA          KS   67209          1            04/26/96         12
    0380459587                           05           06/01/96         25
1


    116478                               N            05/01/26
    0


    1503254          E22/728             F           95,000.00         ZZ
                                         360         94,901.12          1
    18 DOGWOOD DRIVE                   9.250            781.54         46
                                       9.000            781.54      210,000.00
    NORTH BRUNSWICK  NJ   08902          5            05/13/96         00
    0410117840                           03           07/01/96          0
    410117840                            O            06/01/26
    0


    1503263          766/728             F           36,100.00         ZZ
                                         360         36,064.34          1
    2001 NW 37 TERRACE #410            9.500            303.55         95
                                       9.250            303.55       38,000.00
    LAUDERDALE LAKE  FL   33311          1            05/24/96         14
    0380452020                           01           07/01/96         30
    96DA0167                             O            06/01/26
    0


    1503290          A80/728             F           72,000.00         ZZ
                                         360         71,942.51          1
    13557 S.W. 11TH LANE              10.500            658.62         90
                                      10.250            658.62       80,000.00
    MIAMI            FL   33184          1            05/29/96         12
    0380476383                           03           07/01/96         25
    9614698                              N            06/01/26
    0


    1503293          E22/728             F           70,500.00         ZZ
                                         360         70,426.62          2
    6802 A & B SHIER COVE              9.250            579.99         75
                                       9.000            579.99       94,000.00
    AUSTIN           TX   78745          1            05/14/96         00
    0410131445                           05           07/01/96          0
    410131445                            N            06/01/26
    0


    1503294          E22/728             F          356,000.00         ZZ
                                         360        355,546.03          1
    909 WANAAO ROAD                    9.125          2,896.53         80
                                       8.875          2,896.53      445,000.00
    KAILUA           HI   96734          2            05/08/96         00
    0410148761                           05           07/01/96          0
    410148761                            O            06/01/26
    0


1


    1503307          E22/728             F          101,600.00         ZZ
                                         360        101,504.81          4
    8 WALTHAM                          9.750            872.90         75
                                       9.500            872.90      135,500.00
    HAMMOND          IN   46320          1            05/08/96         00
    0410081731                           05           07/01/96          0
    410081731                            N            06/01/26
    0


    1503310          E22/728             F          725,000.00         ZZ
                                         360        724,302.58          1
    563 DALE DRIVE                     9.625          6,162.42         55
                                       9.375          6,162.42    1,325,000.00
    INCLINE VILLAGE  NV   89451          1            05/09/96         00
    0410124911                           05           07/01/96          0
    410124911                            O            06/01/26
    0


    1503316          E22/728             F           91,700.00         ZZ
                                         360         91,563.62          1
    27451 PIERCE                       9.500            771.06         70
                                       9.250            771.06      131,000.00
    SOUTHFIELD       MI   48076          5            04/25/96         00
    0410139786                           05           06/01/96          0
    410139786                            N            05/01/26
    0


    1503322          927/728             F           66,000.00         ZZ
                                         360         65,901.81          1
    3 ECHO PLACE                       9.500            554.97         80
                                       9.250            554.97       82,500.00
    PUEBLO           CO   81003          1            04/26/96         10
    0380459538                           05           06/01/96         12
    246371                               N            05/01/26
    0


    1503324          927/728             F           55,900.00         ZZ
                                         360         55,844.51          1
    160 PINON CAUSEWAY #3063           9.500            470.04         71
                                       9.250            470.04       79,000.00
    PAGOSA SPRINGS   CO   81147          1            05/10/96         00
    0380459280                           01           07/01/96          0
    240192                               O            06/01/26
    0


    1503341          664/728             F           89,250.00         ZZ
                                         360         89,157.10          1
    9783 CORTON STREET                 9.250            734.24         75
                                       9.000            734.24      119,000.00
1


    PHELAN           CA   92371          2            05/10/96         00
    0380471954                           05           07/01/96          0
    2177624                              O            06/01/26
    0


    1503345          927/728             F          104,300.00         ZZ
                                         360        104,159.69          2
    262 WEST LAURUE PLACE             10.000            915.31         80
                                       9.750            915.31      130,471.00
    PUEBLO WEST      CO   81007          1            04/29/96         10
    0380459645                           05           06/01/96         12
    247601                               N            05/01/26
    0


    1503353          470/470             F           65,600.00         ZZ
                                         360         65,529.90          1
    1210 NW LAWNRIDGE AVENUE           9.125            533.75         75
                                       8.875            533.75       87,500.00
    GRANTS PASS      OR   97526          1            05/15/96         00
    62020372                             05           07/01/96          0
    62020372                             O            06/01/26
    0


    1503398          731/728             F          280,000.00         ZZ
                                         360        279,879.40          1
    2014 14TH STREET                  10.125          2,483.10         66
                                       9.875          2,483.10      430,000.00
    ENCINITAS        CA   92024          2            06/12/96         00
    0380478363                           05           08/01/96          0
    411510608                            O            07/01/26
    0


    1503411          889/728             F           28,000.00         ZZ
                                         360         27,985.86          1
    9166 CERRITOS AVENUE #42           9.375            232.89         63
                                       9.125            232.89       45,000.00
    STANTON          CA   90680          1            06/10/96         00
    0380470709                           01           08/01/96          0
    51200889                             N            07/01/26
    0


    1503446          570/728             F           57,000.00         ZZ
                                         360         56,971.96          1
    1295 NW 35 AVENUE                  9.500            479.29         51
                                       9.250            479.29      113,000.00
    MIAMI            FL   33125          2            06/28/96         00
    0380491077                           05           08/01/96          0
    5848858                              N            07/01/26
    0
1




    1503474          F11/728             F           95,250.00         ZZ
                                         360         95,250.00          1
    1060 SMITHTOWN AVENUE              9.125            774.99         75
                                       8.875            774.99      127,000.00
    BOHEMIA          NY   11716          1            07/04/96         00
    0380490004                           05           09/01/96          0
    9600232                              O            08/01/26
    0


    1503475          180/728             F           71,100.00         ZZ
                                         360         71,067.69          1
    2218 WOODBERRY DRIVE               9.875            617.40         90
                                       9.625            617.40       79,000.00
    GREENSBORO       NC   27403          1            06/13/96         04
    0380491044                           05           08/01/96         25
    3975778                              N            07/01/26
    0


    1503476          180/728             F           34,900.00         ZZ
                                         360         34,883.72          1
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    AUSTIN           TX   78705          1            06/13/96         04
    0380495102                           01           08/01/96         25
    4391264                              N            07/01/26
    0


    1503496          405/405             F          304,000.00         ZZ
                                         360        303,869.05          1
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                                       9.875          2,695.95      380,000.00
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    3953635                              03           08/01/96          0
    3953635                              O            07/01/26
    0


    1503497          F41/728             F           44,600.00         ZZ
                                         360         44,542.47          1
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    0380495623                           08           07/01/96          0
    11500086                             N            06/01/26
    0


    1503502          F41/728             F           25,000.00         ZZ
                                         360         24,987.37          1
1


    60 QUEENSBERRY STREET #7           9.375            207.94         79
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    BOSTON           MA   02215          2            06/25/96         23
    0380495615                           08           08/01/96          0
    15500088                             N            07/01/26
    0


    1503504          F41/728             F           59,200.00         ZZ
                                         360         59,123.62          1
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    BOSTON           MA   02114          1            06/07/96         23
    0380495631                           08           07/01/96          0
    11500087                             N            06/01/26
    0


    1503515          526/728             F           23,400.00         ZZ
                                         360         23,345.56          1
    3711 E 71ST STREET                 8.750            184.09         90
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    CLEVELAND        OH   44105          1            03/26/96         04
    0380455635                           05           05/01/96         25
    0095376                              N            04/01/26
    0


    1503517          B38/728             F          107,800.00         ZZ
                                         360        107,754.79          1
    14 MELVILLE AVENUE                10.250            966.00         70
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    NORWOOD          MA   02062          5            06/11/96         00
    0380475724                           05           08/01/96          0
    1471                                 O            07/01/26
    0


    1503526          001/728             F           60,300.00         ZZ
                                         360         60,269.55          1
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    CINCINNATI       OH   45245          1            06/18/96         04
    0380476987                           05           08/01/96         25
    1504165                              N            07/01/26
    0


    1503530          001/728             F           84,000.00         ZZ
                                         360         83,957.59          2
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    CONYERS          GA   30208          1            06/07/96         10
    0380470873                           05           08/01/96         12
1


    UNKNOWN                              N            07/01/26
    0


    1503551          A73/728             F           99,000.00         ZZ
                                         360         98,902.21          1
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    0380465790                           05           07/01/96          0
    0522382886                           O            06/01/26
    0


    1503557          E86/728             F          148,000.00         ZZ
                                         360        148,000.00          1
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    0380500877                           05           09/01/96          0
    13105                                O            08/01/26
    0


    1503588          910/728             F           76,500.00         ZZ
                                         360         76,500.00          1
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    SALT LAKE CITY   UT   84115          1            07/08/96         10
    0380497090                           05           09/01/96         25
    340812                               N            08/01/26
    0


    1503602          201/728             F           63,000.00         ZZ
                                         360         62,903.82          1
    7 HERRY COURT                      9.375            524.00         90
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    NEW BRAUNFELS    TX   78130          1            04/29/96         10
    0380454505                           05           06/01/96         25
    8800896188                           N            05/01/26
    0


    1503606          638/728             F          219,000.00         ZZ
                                         360        218,877.23          1
    22 TROY HILL ROAD                  8.875          1,742.46         80
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    HANOVER TOWNSHI  NJ   07981          5            06/24/96         00
    0380493164                           05           08/01/96          0
    8578798                              O            07/01/26
    0


1


    1503616          736/728             F          105,000.00         ZZ
                                         360        104,878.73          4
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    0380462847                           05           07/01/96          0
    468942                               O            06/01/26
    0


    1503619          462/728             F          104,500.00         ZZ
                                         360        104,439.87          2
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    LOS ANGELES      CA   90044          1            06/10/96         04
    0380490376                           05           08/01/96         30
    4478129                              O            07/01/26
    0


    1503620          736/728             F           79,500.00         ZZ
                                         360         79,417.24          1
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    0380467648                           05           07/01/96          0
    472061                               O            06/01/26
    0


    1503622          736/728             F           63,450.00         ZZ
                                         360         63,341.69          1
    112 NORTH ADA STREET               9.875            550.97         90
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    0380462730                           05           07/01/96         25
    465226                               N            06/01/26
    0


    1503623          736/728             F           75,300.00         ZZ
                                         360         56,807.13          1
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    0380462805                           05           07/01/96          0
    467292                               N            06/01/26
    0


    1503624          736/728             F           72,800.00         ZZ
                                         360         72,722.23          1
    218 EAST YOLO STREET               9.125            592.32         80
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1


    ORLAND           CA   95963          1            05/17/96         00
    0380459181                           05           07/01/96          0
    470728                               O            06/01/26
    0


    1503636          664/728             F           65,700.00         ZZ
                                         360         65,640.05          2
    5514 EVANS AVENUE                  9.875            570.51         75
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    AUSTIN           TX   78751          1            05/24/96         00
    0380464272                           05           07/01/96          0
    2146207                              N            06/01/26
    0


    1503643          E19/728             F          232,750.00         ZZ
                                         360        232,488.74          2
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                                       8.875          1,893.73      245,000.00
    LONG BEACH       CA   90803          1            05/30/96         11
    0380468240                           05           07/01/96         30
    9513                                 O            06/01/26
    0


    1503644          A46/728             F          284,000.00         ZZ
                                         360        283,844.87          1
    13004 MADRONE TRAIL                9.000          2,285.13         80
                                       8.750          2,285.13      355,000.00
    AUSTIN           TX   78737          1            06/10/96         00
    0380480989                           05           08/01/96          0
    UNKNOWN                              O            07/01/26
    0


    1503650          664/728             F          291,000.00         ZZ
                                         360        290,655.15          1
    500 NW 161ST STREET                8.625          2,263.37         59
                                       8.375          2,263.37      494,685.00
    RIDGEFIELD       WA   98642          4            04/30/96         00
    0380467697                           05           07/01/96          0
    2170787                              O            06/01/26
    0


    1503652          E19/728             F          184,000.00         ZZ
                                         360        183,823.00          1
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    KAPPA            HI   96746          2            05/28/96         00
    0380483058                           05           07/01/96          0
    9285                                 O            06/01/26
    0
1




    1503656          069/728             F          170,850.00         ZZ
                                         360        170,652.68          1
    9085 NORTH DURANGO DRIVE           8.750          1,344.08         67
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    LAS VEGAS        NV   89131          5            05/01/96         00
    0380496472                           05           07/01/96          0
    2352107027                           O            06/01/26
    0


    1503659          069/728             F          147,000.00         ZZ
                                         360        146,797.97          4
    1301 KARI LEE COURT                9.875          1,276.48         70
                                       9.625          1,276.48      210,000.00
    LAS VEGAS        NV   89102          1            04/09/96         00
    0380463605                           05           06/01/96          0
    2352100659                           O            05/01/26
    0


    1503660          069/728             F          154,000.00         ZZ
                                         360        153,788.37          4
    2732 EDLORA CIRCLE                 9.875          1,337.26         72
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    LAS VEGAS        NV   89102          1            04/09/96         00
    0380500240                           05           06/01/96          0
    2352100683                           N            05/01/26
    0


    1503661          069/728             F          133,000.00         ZZ
                                         360        132,817.21          4
    6213 SMOKE RANCH ROAD              9.875          1,154.91         70
                                       9.625          1,154.91      190,000.00
    LAS VEGAS        NV   89108          1            04/09/96         00
    0380463621                           05           06/01/96          0
    2352100675                           N            05/01/26
    0


    1503670          664/728             F           44,000.00         ZZ
                                         360         43,959.84          2
    5512 EVANS AVENUE                  9.875            382.08         75
                                       9.625            382.08       58,700.00
    AUSTIN           TX   78751          1            05/24/96         00
    0380464207                           05           07/01/96          0
    2146199                              N            06/01/26
    0


    1503671          765/728             F          360,000.00         ZZ
                                         360        359,644.44          1
1


    2340 ARALIA STREET                 9.500          3,027.08         90
                                       9.250          3,027.08      400,000.00
    NEWPORT BEACH    CA   92660          1            05/13/96         10
    0380464082                           05           07/01/96         25
    314563                               O            06/01/26
    0


    1503692          105/728             F           44,100.00         ZZ
                                         360         44,057.56          1
    503 POMPANO                        9.625            374.85         70
                                       9.375            374.85       63,000.00
    BAYOU VISTA      TX   77568          1            05/15/96         00
    0380452491                           05           07/01/96          0
    0925560                              O            06/01/26
    0


    1503693          E22/728             F          167,600.00         ZZ
                                         360        167,430.07          1
    7537 LIVE OAK DRIVE                9.375          1,394.01         80
                                       9.125          1,394.01      209,500.00
    CORAL SPRINGS    FL   33065          1            05/13/96         00
    0410118640                           03           07/01/96          0
    410118640                            O            06/01/26
    0


    1503698          E22/728             F          124,200.00         ZZ
                                         360        123,168.95          1
    606 WASHINGTON COURT SOUTHWEST     9.750          1,067.07         91
                                       9.500          1,067.07      137,000.00
    MUKILTEO         WA   98275          1            05/10/96         01
    0410111280                           05           07/01/96         25
    410111280                            N            06/01/26
    0


    1503700          E22/728             F           27,100.00         ZZ
                                         360         27,056.41          1
    25123 WISEMAN                      9.125            220.49         75
                                       8.875            220.49       36,150.00
    ROSEVILLE        MI   48066          1            04/25/96         00
    0410082051                           05           06/01/96          0
    410082051                            N            05/01/26
    0


    1503703          E22/728             F           71,550.00         ZZ
                                         360         71,469.49          1
    8141 CAMERON CAY COURT             8.875            569.28         80
                                       8.625            569.28       89,450.00
    NEW PORT RICHEY  FL   34653          1            05/16/96         00
    0410117717                           05           07/01/96          0
1


    410117717                            O            06/01/26
    0


    1503715          E22/728             F           86,400.00         ZZ
                                         360         86,310.07          1
    2181 NW 87 AVENUE                  9.250            710.79         80
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    0410115919                           05           07/01/96          0
    410115919                            O            06/01/26
    0


    1503770          E22/728             F           58,500.00         ZZ
                                         360         58,445.18          1
    540 W CRESTVIEW DRIVE              9.750            502.61         90
                                       9.500            502.61       65,000.00
    SPRINGFIELD      MO   65807          1            05/14/96         04
    0410140479                           05           07/01/96         25
    410140479                            N            06/01/26
    0


    1503771          E22/728             F          232,800.00         ZZ
                                         360        232,538.01          1
    10 PASSAGE LANE                    8.875          1,852.26         80
                                       8.625          1,852.26      291,000.00
    REDWOOD CITY     CA   94065          1            05/10/96         00
    0410149025                           01           07/01/96          0
    410149025                            O            06/01/26
    0


    1503856          003/728             F           31,500.00         ZZ
                                         360         31,469.70          1
    816 PIEDMONT AVENUE #4             9.625            267.75         90
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    ATLANTA          GA   30308          1            05/17/96         12
    0380457425                           01           07/01/96         25
    3687829                              N            06/01/26
    0


    1503859          201/728             F          160,000.00         ZZ
                                         360        159,846.07          1
    12710 CEDAR STREET                 9.625          1,359.99         80
                                       9.375          1,359.99      200,000.00
    AUSTIN           TX   78732          1            05/06/96         00
    0380460411                           05           07/01/96          0
    4200904268                           O            06/01/26
    0


1


    1503865          526/728             F          107,900.00         ZZ
                                         360        107,846.92          1
    11416 FALCON RIDGE COURT           9.500            907.29         90
                                       9.250            907.29      119,900.00
    BELTSVILLE       MD   20705          1            06/14/96         10
    0380482555                           09           08/01/96         25
    129966                               N            07/01/26
    0


    1503875          003/728             F           31,500.00         ZZ
                                         360         31,469.70          1
    812 PIEDMONT AVENUE #4             9.625            267.75         90
                                       9.375            267.75       35,000.00
    ATLANTA          GA   30308          1            05/17/96         12
    0380472440                           01           07/01/96         25
    3687746                              N            06/01/26
    0


    1503891          E22/728             F           77,000.00         ZZ
                                         360         76,882.42          1
    37 QUAIL COURT                     9.375            640.45         80
                                       9.125            640.45       97,000.00
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    0410074736                           09           06/01/96          0
    410074736                            O            05/01/26
    0


    1503892          E22/728             F          452,000.00         ZZ
                                         360        451,504.37          1
    175 E BLUFF STREET                 9.000          3,636.89         65
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    HARBOR SPRINGS   MI   49740          5            05/17/96         00
    0410076871                           05           07/01/96          0
    410076871                            O            06/01/26
    0


    1503894          766/728             F          152,900.00         ZZ
                                         360        152,748.98          3
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    0380464918                           05           07/01/96          0
    96MC0014                             N            06/01/26
    0


    1503903          E22/728             F           41,400.00         ZZ
                                         360         41,363.23          2
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                                       9.750            363.31       46,000.00
1


    ST LOUIS         MO   63116          1            05/14/96         04
    0410140420                           05           07/01/96         25
    410140420                            N            06/01/26
    0


    1503904          E22/728             F           52,500.00         ZZ
                                         360         52,450.80          2
    2587-2589 ELM DRIVE                9.750            451.06         75
                                       9.500            451.06       70,000.00
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    0410140669                           05           07/01/96          0
    410140669                            N            06/01/26
    0


    1503911          E54/728             F           67,000.00         ZZ
                                         360         66,965.27          2
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                                       9.000            551.19      140,000.00
    AMARILLO         TX   79106          5            06/10/96         00
    0380469354                           05           08/01/96          0
    152970                               N            07/01/26
    0


    1503914          498/728             F           28,700.00         ZZ
                                         360         28,673.81          1
    2205 LUTHERAN STREET               9.875            249.22         90
                                       9.625            249.22       31,900.00
    GREENSBORO       NC   27401          1            05/23/96         04
    0380466988                           05           07/01/96         25
    1448258                              N            06/01/26
    0


    1503923          927/728             F          126,000.00         ZZ
                                         360        125,942.76          1
    534 LAKEWOOD CIRCLE                9.875          1,094.12         90
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    COLORADO SPRING  CO   80910          1            06/11/96         10
    0380487273                           05           08/01/96         25
    249524                               N            07/01/26
    0


    1503925          664/728             F           39,900.00         ZZ
                                         360         39,879.31          1
    4603 SE OGDEN STREET               9.250            328.25         31
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    0380474826                           05           08/01/96          0
    2218154                              N            07/01/26
    0
1




    1503926          F18/728             F           44,625.00         ZZ
                                         360         44,603.04          1
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    0380472671                           05           08/01/96          0
    1503926                              N            07/01/26
    0


    1503955          A01/728             F           50,000.00         ZZ
                                         360         49,949.30          1
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    0380461690                           05           07/01/96          0
    96027                                O            06/01/26
    0


    1503958          560/560             F          185,500.00         ZZ
                                         360        185,500.00          4
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                                       8.750          1,492.58      265,000.00
    JERSEY CITY      NJ   07302          5            07/12/96         00
    450483821                            05           09/01/96          0
    450483821                            O            08/01/26
    0


    1503961          001/728             F           72,600.00         ZZ
                                         360         72,600.00          1
    2630 PADDLE WHEEL DRIVE            9.875            630.42         90
                                       9.625            630.42       80,700.00
    NASHVILLE        TN   37214          1            07/11/96         01
    0380495060                           03           09/01/96         25
    1504548                              N            08/01/26
    0


    1503963          001/728             F           97,000.00         ZZ
                                         360         96,945.63          2
    5961 5963 ROCK GLEN COURT          8.875            771.77         80
                                       8.625            771.77      122,000.00
    COLUMBUS         OH   43232          1            06/14/96         04
    0380475484                           05           08/01/96         12
    UNKNOWN                              N            07/01/26
    0


    1503972          180/728             F           85,500.00         ZZ
                                         360         85,464.14          2
1


    524 EAST WILLIS STREET            10.250            766.17         75
                                      10.000            766.17      114,000.00
    PRESCOTT         AZ   86301          1            06/12/96         00
    0380495136                           05           08/01/96          0
    4341301                              N            07/01/26
    0


    1504001          E75/728             F          111,600.00         ZZ
                                         360        111,550.63          2
    139 WAVERLY AVE                   10.000            979.37         90
                                       9.750            979.37      124,000.00
    PATCHOGUE        NY   11772          1            06/28/96         04
    0380492687                           05           08/01/96         30
    SEAMANGLENN139                       N            07/01/26
    0


    1504005          462/728             F           94,500.00         ZZ
                                         360         94,452.27          1
    1978 NE JACKSON AVENUE             9.375            786.01         70
                                       9.125            786.01      135,000.00
    BEND             OR   97701          5            06/06/96         00
    0380477431                           05           08/01/96          0
    4497863                              N            07/01/26
    0


    1504015          201/728             F          148,850.00         ZZ
                                         360        148,778.69          2
    622 MONROE STREET                  9.625          1,265.21         75
    COUNTY OF BERGEN                   9.375          1,265.21      198,500.00
    CARLSTADT        NJ   07072          1            06/28/96         00
    0380498759                           05           08/01/96          0
    2800910529                           N            07/01/26
    0


    1504034          028/728             F           40,850.00         ZZ
                                         360         40,805.21          1
    18007 E 17TH STREET                9.000            328.69         90
                                       8.750            328.69       45,400.00
    INDEPENDENCE     MO   64058          1            05/10/96         04
    0380460924                           05           07/01/96         25
    600095                               N            06/01/26
    0


    1504044          E38/728             F           54,000.00         ZZ
                                         360         53,952.02          1
    3198 SOUTH 9100 WEST              10.000            473.89         90
                                       9.750            473.89       60,000.00
    MAGNA            UT   84044          1            05/20/96         12
    0380466533                           05           07/01/96         25
1


    151451                               N            06/01/26
    0


    1504047          736/728             F          112,500.00         ZZ
                                         360        111,594.46          1
    1168-E WESTLAKE BOULEVARD          9.250            925.51         75
                                       9.000            925.51      150,000.00
    THOUSAND OAKS    CA   91361          1            05/16/96         00
    0380463076                           01           07/01/96          0
    463988                               N            06/01/26
    0


    1504048          736/728             F          103,200.00         ZZ
                                         360        103,103.31          1
    1710 ASHLEY PARK COURT             9.750            886.65         80
                                       9.500            886.65      129,000.00
    SPARKS           NV   89434          1            05/28/96         00
    0380463829                           05           07/01/96          0
    477489                               O            06/01/26
    0


    1504050          736/728             F          135,000.00         ZZ
                                         360        134,824.06          4
    2232 STRAUSS STREET               10.125          1,197.22         88
                                       9.875          1,197.22      155,000.00
    BROOKLYN         NY   11212          1            04/19/96         01
    0380463415                           05           06/01/96         25
    461105                               N            05/01/26
    0


    1504051          736/728             F           90,000.00         ZZ
                                         360         89,901.31          1
    8929 RED LEAF WAY                  9.000            724.16         65
                                       8.750            724.16      140,000.00
    SACRAMENTO       CA   95826          5            05/15/96         00
    0380462763                           05           07/01/96          0
    466436                               O            06/01/26
    0


    1504052          736/728             F          650,000.00         ZZ
                                         360        649,323.46          1
    1831 NORTH FORT CANYON ROAD        9.250          5,347.39         60
                                       9.000          5,347.39    1,100,000.00
    ALPINE           UT   84004          5            05/24/96         00
    0380460999                           05           07/01/96          0
    479600                               O            06/01/26
    0


1


    1504054          736/728             F           59,900.00         ZZ
                                         360         59,837.66          1
    65548 AVENIDA BARONA               9.250            492.78         75
                                       9.000            492.78       80,000.00
    DESERT HOT SPRI  CA   92240          1            05/06/96         00
    0380461401                           05           07/01/96          0
    462809                               O            06/01/26
    0


    1504055          736/728             F           56,000.00         ZZ
                                         360         55,936.98          1
    1940 HIGHLAND AVENUE NO. 51A       8.875            445.56         80
                                       8.625            445.56       70,000.00
    LOS ANGELES      CA   90068          1            05/28/96         00
    0380462565                           08           07/01/96          0
    472545                               O            06/01/26
    0


    1504056          736/728             F           70,000.00         ZZ
                                         360         69,923.23          1
    29758 ASPEN LANE                   9.000            563.24         59
                                       8.750            563.24      120,000.00
    EVERGREEN        CO   80439          5            05/24/96         00
    0380463100                           05           07/01/96          0
    474029                               O            06/01/26
    0


    1504057          736/728             F           94,500.00         ZZ
                                         360         94,409.10          1
    5341 SOUTH EASTERN AVENUE          9.625            803.24         90
                                       9.375            803.24      105,000.00
    LAS VEGAS        NV   89119          1            05/23/96         01
    0380463431                           05           07/01/96         25
    476753                               N            06/01/26
    0


    1504058          736/728             F          337,500.00         ZZ
                                         360        337,100.05          1
    10515 ORANGE TREE LANE             8.625          2,625.04         78
                                       8.375          2,625.04      437,000.00
    CUPERTINO        CA   95014          5            05/23/96         00
    0380462557                           05           07/01/96          0
    460900                               O            06/01/26
    0


    1504059          736/728             F          306,000.00         ZZ
                                         360        305,646.62          1
    640 RANDY'S CIRCLE                 8.750          2,407.30         89
                                       8.500          2,407.30      344,000.00
1


    HOLLISTER        CA   95023          2            05/22/96         21
    0380463795                           05           07/01/96         29
    471385                               O            06/01/26
    0


    1504060          736/728             F          128,000.00         ZZ
                                         360        127,804.57          2
    1420 TAYLOR AVENUE                 9.375          1,064.64         72
                                       9.125          1,064.64      178,000.00
    BRONX            NY   10460          1            05/01/96         00
    0380462854                           05           06/01/96          0
    461520                               O            05/01/26
    0


    1504061          736/728             F           60,000.00         ZZ
                                         360         59,945.26          1
    123 JUANITA DRIVE #1-22            9.875            521.01         41
                                       9.625            521.01      147,000.00
    INCLINE VILLAGE  NV   89451          5            05/17/96         00
    0380462490                           01           07/01/96          0
    464452                               N            06/01/26
    0


    1504079          E22/728             F           31,950.00         ZZ
                                         360         31,918.45          1
    932 FANNIN LOOP                    9.500            268.65         90
                                       9.250            268.65       35,500.00
    TEMPLE           TX   76501          2            05/24/96         04
    0410076590                           05           07/01/96         25
    410076590                            N            06/01/26
    0


    1504080          E22/728             F           69,750.00         ZZ
                                         360         69,689.66          1
    3911 VASCONIA                     10.125            618.56         90
                                       9.875            618.56       77,500.00
    TAMPA            FL   33629          1            05/21/96         04
    0410119093                           05           07/01/96         25
    410119093                            N            06/01/26
    0


    1504089          562/728             F          100,000.00         ZZ
                                         360         99,889.67          1
    626 WYNDEMERE AVENUE               9.000            804.63         32
                                       8.750            804.63      320,000.00
    RIDGEWOOD        NJ   07450          5            05/31/96         00
    0380457771                           05           07/01/96          0
    507616                               O            06/01/26
    0
1




    1504099          560/560             F          147,000.00         ZZ
                                         360        146,862.28          1
    10900 WUNDERLICH DRIVE             9.750          1,262.96         70
                                       9.500          1,262.96      210,000.00
    CUPERTINO        CA   95014          1            05/14/96         00
    450429394                            05           07/01/96          0
    450429394                            N            06/01/26
    0


    1504110          560/560             F           81,750.00         T
                                         360         81,667.10          1
    51 BRADFORD ROAD                   9.375            679.96         75
                                       9.125            679.96      109,000.00
    WEST YARMOUTH    MA   02673          1            05/31/96         00
    450449186                            05           07/01/96          0
    450449186                            O            06/01/26
    0


    1504116          560/560             F          161,500.00         ZZ
                                         360        161,313.49          2
    8022 E 32ND AVENUE                 8.750          1,270.52         85
    20246 MCKINLEY VIEW,CHUGIAK AK     8.500          1,270.52      190,000.00
    ANCHORAGE        AK   99504          2            05/22/96         04
    450441597                            05           07/01/96         20
    450441597                            N            06/01/26
    0


    1504122          911/728             F           70,700.00         T
                                         360         70,635.50          1
    6828 WEST 25 LANE                  9.875            613.92         68
                                       9.625            613.92      105,000.00
    HIALEAH          FL   33016          5            05/20/96         00
    0380455023                           05           07/01/96          0
    1960513                              O            06/01/26
    0


    1504125          560/560             F          125,000.00         ZZ
                                         360        124,879.74          1
    0 RODMAN RD                        9.625          1,062.49         44
                                       9.375          1,062.49      290,000.00
    HILLSDALE        NY   12529          2            05/14/96         00
    450433560                            05           07/01/96          0
    450433560                            O            06/01/26
    0


    1504137          180/728             F          127,800.00         ZZ
                                         360        127,683.40          1
1


    4553 EAST DELMAR STREET            9.875          1,109.75         90
                                       9.625          1,109.75      142,328.00
    MERIDIAN         ID   83642          1            05/20/96         04
    0380457417                           03           07/01/96         25
    4169256                              N            06/01/26
    0


    1504183          B24/728             F           78,400.00         ZZ
                                         360         78,363.42          1
    511 WEST STREET                    9.750            673.58         80
                                       9.500            673.58       98,000.00
    LONG BRANCH      NJ   07740          1            06/06/96         04
    0380452962                           05           08/01/96         12
    1504183                              N            07/01/26
    0


    1504191          526/728             F           28,125.00         ZZ
                                         360         28,100.00          4
    2722-2728 MIAMI                   10.000            246.82         75
                                       9.750            246.82       37,500.00
    ST. LOUIS        MO   63104          1            05/10/96         00
    0380471186                           05           07/01/96          0
    00116044                             N            06/01/26
    0


    1504198          526/728             F           27,000.00         ZZ
                                         360         26,976.00          2
    3118 MAGNOLIA AVENUE              10.000            236.95         75
                                       9.750            236.95       36,000.00
    ST. LOUIS        MO   63104          1            05/10/96         00
    0380482266                           05           07/01/96          0
    00116031                             N            06/01/26
    0


    1504203          E22/728             F           35,250.00         ZZ
                                         360         35,215.19          1
    9455 WEST FLAGLER STREET           9.500            296.40         75
    UNIT # 704C                        9.250            296.40       47,000.00
    MIAMI            FL   33174          1            05/14/96         00
    0410120810                           08           07/01/96          0
    410120810                            N            06/01/26
    0


    1504208          E22/728             F           76,000.00         ZZ
                                         360         75,922.94          2
    4910 LYNNWOOD STREET               9.375            632.13         80
                                       9.125            632.13       95,000.00
    AUSTIN           TX   78756          1            05/03/96         04
    0410131858                           05           07/01/96         12
1


    410131858                            N            06/01/26
    0


    1504213          E22/728             F           47,700.00         ZZ
                                         360         47,555.66          1
    2510 W ALGONQUIN ROAD UNIT #12     9.875            414.20         90
                                       9.625            414.20       53,000.00
    ROLLING MEADOWS  IL   60008          1            05/16/96         01
    0410076533                           01           07/01/96         25
    410076533                            N            06/01/26
    0


    1504217          E22/728             F          114,300.00         ZZ
                                         360        114,198.46          1
    712 MARIGOLD LANE                 10.000          1,003.06         90
                                       9.750          1,003.06      127,000.00
    FORT COLLINS     CO   80526          1            05/13/96         04
    0410132468                           03           07/01/96         25
    410132468                            N            06/01/26
    0


    1504242          E67/728             F          114,000.00         ZZ
                                         360        113,937.73          1
    2014 NW 11TH STREET                9.000            917.27         79
                                       8.750            917.27      145,000.00
    REDMOND          OR   97756          2            06/19/96         00
    0380478975                           05           08/01/96          0
    5129                                 O            07/01/26
    0


    1504279          736/728             F           63,900.00         ZZ
                                         360         63,840.14          1
    1620 EAST CEDAR STREET             9.750            549.00         90
                                       9.500            549.00       71,000.00
    TEMPE            AZ   85281          1            05/15/96         01
    0380463746                           05           07/01/96         25
    472317                               N            06/01/26
    0


    1504280          526/728             F           73,950.00         ZZ
                                         360         73,722.77          2
    1202 A & B DOREEN COURT            8.500            568.62         85
                                       8.250            568.62       87,000.00
    ROUND ROCK       TX   78664          1            02/26/96         04
    0380456419                           05           04/01/96         20
    91487                                O            03/01/26
    0


1


    1504282          736/728             F           67,200.00         ZZ
                                         360         67,131.85          1
    4628 NORTH SIXTH STREET            9.375            558.94         68
                                       9.125            558.94       99,000.00
    FRESNO           CA   93726          2            05/21/96         00
    0380462334                           05           07/01/96          0
    471185                               N            06/01/26
    0


    1504283          736/728             F           78,000.00         ZZ
                                         360         77,865.07          1
    919 EAST FIFTH STREET              9.625            662.99         65
                                       9.375            662.99      120,000.00
    CARSON CITY      NV   89701          5            05/16/96         00
    0380462508                           05           07/01/96          0
    477401                               N            06/01/26
    0


    1504284          736/728             F          150,000.00         ZZ
                                         360        149,831.18          1
    3954 HOLLAND DRIVE                 8.875          1,193.47         43
                                       8.625          1,193.47      350,000.00
    SANTA ROSA       CA   95404          5            05/21/96         00
    0380462474                           05           07/01/96          0
    464308                               O            06/01/26
    0


    1504285          A06/728             F          176,000.00         ZZ
                                         360        175,830.68          1
    31140 PERRY'S CROSSING             9.625          1,495.99         79
                                       9.375          1,495.99      225,000.00
    FARMINGTON HILL  MI   48331          1            05/30/96         00
    0380465253                           05           07/01/96          0
    9603726                              O            06/01/26
    0


    1504286          736/728             F          288,000.00         ZZ
                                         360        287,675.89          1
    714 LONGFELLOW AVENUE              8.875          2,291.46         90
                                       8.625          2,291.46      320,000.00
    HERMOSA BEACH    CA   90254          1            05/23/96         10
    0380463852                           05           07/01/96         25
    472561                               O            06/01/26
    0


    1504287          736/728             F          176,000.00         ZZ
                                         360        175,786.00          1
    12219 OAK KNOLL ROAD               8.500          1,353.29         80
                                       8.250          1,353.29      220,000.00
1


    POWAY            CA   92064          1            05/23/96         00
    0380461864                           05           07/01/96          0
    477387                               O            06/01/26
    0


    1504288          736/728             F          460,000.00         ZZ
                                         360        459,482.32          1
    20789 SCENIC VISTA DRIVE           8.875          3,659.97         80
                                       8.625          3,659.97      575,000.00
    SAN JOSE         CA   95120          1            05/13/96         00
    0380461997                           05           07/01/96          0
    444760                               O            06/01/26
    0


    1504289          736/728             F          196,000.00         ZZ
                                         360        195,796.00          1
    5410 NORTH CABRILLO COURT          9.250          1,612.44         80
                                       9.000          1,612.44      245,000.00
    TUCSON           AZ   85718          1            05/22/96         00
    0380460932                           05           07/01/96          0
    476439                               O            06/01/26
    0


    1504292          736/728             F          149,100.00         ZZ
                                         360        148,952.75          3
    501 1/2 RAMONA STREET              9.500          1,253.71         70
                                       9.250          1,253.71      213,000.00
    WENATCHEE        WA   98801          5            05/21/96         00
    0380462771                           05           07/01/96          0
    464625                               N            06/01/26
    0


    1504293          736/728             F          274,850.00         ZZ
                                         360        274,548.61          1
    5229 GREAT HORIZON DRIVE           9.000          2,211.51         78
                                       8.750          2,211.51      352,570.00
    LAS VEGAS        NV   89129          4            05/21/96         00
    0380463324                           03           07/01/96          0
    471764                               O            06/01/26
    0


    1504294          736/728             F           28,800.00         ZZ
                                         360         28,771.55          1
    2804 ROYAL ROAD                    9.500            242.17         90
                                       9.250            242.17       32,000.00
    AMARILLO         TX   79106          1            05/10/96         01
    0380462938                           05           07/01/96         25
    461566                               N            06/01/26
    0
1




    1504298          736/728             F          100,000.00         ZZ
                                         360         99,893.57          1
    1871 MAPLE AVENUE                  9.250            822.68         80
                                       9.000            822.68      125,000.00
    LOS OSOS         CA   93402          1            05/24/96         95
    0380462250                           05           07/01/96          0
    468587                               N            06/01/26
    0


    1504300          736/728             F           50,000.00         ZZ
                                         360         49,940.76          1
    222 ALBERT STREET                  8.625            388.89         65
                                       8.375            388.89       77,500.00
    WILKESON         WA   98376          1            05/16/96         00
    0380462532                           05           07/01/96          0
    465103                               O            06/01/26
    0


    1504301          A33/728             F           81,900.00         ZZ
                                         360         81,900.00          1
    2015 OAKLAND                       9.625            696.14         90
                                       9.375            696.14       91,000.00
    HIGHLAND         MI   48356          1            07/03/96         04
    0380490764                           05           09/01/96         25
    7030698                              O            08/01/26
    0


    1504334          568/728             F          389,250.00         ZZ
                                         360        388,811.94          1
    25935 KORNBLUM DRIVE               8.875          3,097.05         90
                                       8.625          3,097.05      432,500.00
    ESCONDIDO        CA   92026          1            05/28/96         10
    0380464587                           05           07/01/96         25
    806994                               O            06/01/26
    0


    1504347          664/728             F          114,750.00         ZZ
                                         360        114,636.65          1
    456 BOB-O-LINK                     9.500            964.89         90
                                       9.250            964.89      127,500.00
    MT. PROSPECT     IL   60056          1            05/24/96         10
    0380486739                           05           07/01/96         25
    2188597                              N            06/01/26
    0


    1504368          736/728             F           73,100.00         ZZ
                                         360         73,012.30          1
1


    7304 CANARY LANE NORTHEAST         9.250            601.38         80
                                       9.000            601.38       92,000.00
    ALBUQUERQUE      NM   87109          2            05/20/96         95
    0380461914                           05           07/01/96          0
    476443                               N            06/01/26
    0


    1504369          736/728             F          114,700.00         ZZ
                                         360        114,577.45          1
    13717 FARMINGTON STREET            9.125            933.24         80
                                       8.875            933.24      143,400.00
    HESPERIA         CA   92345          1            05/06/96         96
    0380462581                           05           07/01/96         12
    461537                               N            06/01/26
    0


    1504370          736/728             F          143,900.00         ZZ
                                         360        143,746.26          1
    5902 EAST VOLTAIRE AVENUE          9.125          1,170.82         80
                                       8.875          1,170.82      179,900.00
    SCOTTSDALE       AZ   85254          1            05/28/96         00
    0380462821                           05           07/01/96          0
    476705                               O            06/01/26
    0


    1504371          736/728             F          650,000.00         ZZ
                                         360        649,391.02          1
    1308 SKIPWITH ROAD                 9.750          5,584.51         74
                                       9.500          5,584.51      890,000.00
    MCLEAN           VA   22101          5            05/06/96         00
    0380462342                           05           07/01/96          0
    461505                               O            06/01/26
    0


    1504372          736/728             F          111,200.00         ZZ
                                         360        111,068.23          1
    5918 NORTHEAST 81ST AVENUE         8.625            864.90         80
                                       8.375            864.90      139,000.00
    VANCOUVER        WA   98662          1            05/23/96         00
    0380462359                           05           07/01/96          0
    467182                               O            06/01/26
    0


    1504373          736/728             F          196,800.00         ZZ
                                         360        196,477.78          1
    10306 SYLVIA AVENUE                8.875          1,565.83         80
                                       8.625          1,565.83      246,000.00
    LOS ANGELES      CA   91326          1            05/20/96         00
    0380462573                           05           07/01/96          0
1


    472608                               O            06/01/26
    0


    1504374          736/728             F           66,400.00         ZZ
                                         360         66,329.07          1
    5941 SOUTH SULTAN CIRCLE           9.125            540.25         80
                                       8.875            540.25       83,000.00
    MURRAY           UT   84107          1            05/22/96         96
    0380462458                           09           07/01/96         12
    473894                               N            06/01/26
    0


    1504375          736/728             F          123,700.00         ZZ
                                         360        123,577.82          2
    5814-5816 3RD AVENUE               9.500          1,040.14         75
                                       9.250          1,040.14      165,000.00
    LOS ANGELES      CA   90043          2            05/23/96         00
    0380461898                           05           07/01/96          0
    466350                               N            06/01/26
    0


    1504377          736/728             F           63,750.00         ZZ
                                         360         63,678.26          1
    4829 EAST GRANADA ROAD             8.875            507.22         75
                                       8.625            507.22       85,000.00
    PHOENIX          AZ   85008          2            05/24/96         00
    0380463126                           05           07/01/96          0
    471414                               O            06/01/26
    0


    1504378          633/728             F          152,900.00         ZZ
                                         360        152,647.55          2
    1891-1893 STROBRIDGE AVENUE        9.000          1,230.27         85
                                       8.750          1,230.27      180,000.00
    CASTRO VALLEY    CA   94546          1            04/22/96         04
    0380453259                           05           06/01/96         12
    656347                               N            05/01/26
    0


    1504388          E22/728             F           55,000.00         ZZ
                                         360         54,939.69          1
    1131 115TH STREET SOUTHWEST        9.000            442.54         58
    UNIT # H203                        8.750            442.54       95,000.00
    EVERETT          WA   98204          5            05/17/96         00
    0410111215                           01           07/01/96          0
    410111215                            O            06/01/26
    0


1


    1504393          E22/728             F           55,200.00         ZZ
                                         360         55,152.24          2
    2172-2174 NORTH CAPITOL AVE       10.125            489.53         60
                                       9.875            489.53       92,000.00
    INDIANAPOLIS     IN   46202          5            05/24/96         00
    0410077259                           05           07/01/96          0
    410077259                            N            06/01/26
    0


    1504398          E22/728             F          126,000.00         ZZ
                                         360        125,868.86          1
    8816 COLLINS AVENUE UNIT #106      9.250          1,036.57         80
                                       9.000          1,036.57      157,500.00
    SURFSIDE         FL   33154          1            05/17/96         11
    0410120372                           01           07/01/96         12
    410120372                            O            06/01/26
    0


    1504402          E22/728             F          256,800.00         ZZ
                                         360        256,518.41          1
    1380 SAMANTHA PLACE                9.000          2,066.27         80
                                       8.750          2,066.27      321,000.00
    SANTA YNEZ       CA   93460          1            05/13/96         00
    0410146708                           05           07/01/96          0
    410146708                            O            06/01/26
    0


    1504411          E22/728             F          116,000.00         ZZ
                                         360        115,879.27          1
    5930 LEESIDE TRAIL                 9.250            954.30         80
                                       9.000            954.30      145,900.00
    CINCINNATI       OH   45248          1            05/14/96         00
    0410169700                           05           07/01/96          0
    410169700                            O            06/01/26
    0


    1504414          E22/728             F          296,000.00         ZZ
                                         360        295,638.70          1
    49 OAK DRIVE                       9.000          2,381.68         80
                                       8.750          2,381.68      370,000.00
    ORINDA           CA   94563          1            05/01/96         00
    0410149538                           05           07/01/96          0
    410149538                            O            06/01/26
    0


    1504416          E22/728             F           16,100.00         ZZ
                                         360         16,086.80          1
    4003 E 68TH TERR                  10.375            145.77         65
                                      10.125            145.77       25,000.00
1


    KANSAS CITY      MO   64132          5            05/20/96         00
    0410131460                           05           07/01/96          0
    410131460                            N            06/01/26
    0


    1504473          526/728             F           63,250.00         ZZ
                                         360         63,190.74          1
    1019 VALLEY VIEW ROAD              9.750            543.42         90
                                       9.500            543.42       70,500.00
    ATLANTA          GA   30315          1            05/21/96         12
    0380457623                           05           07/01/96         25
    121811                               N            06/01/26
    0


    1504476          816/728             F          112,000.00         ZZ
                                         360        111,932.15          1
    343 SOUTH 1300 EAST                8.500            861.18         70
                                       8.250            861.18      160,000.00
    SALT LAKE CITY   UT   84102          5            06/24/96         00
    0380486309                           05           08/01/96          0
    140424                               N            07/01/26
    0


    1504480          171/728             F           92,000.00         ZZ
                                         360         91,954.74          1
    4468 HORSTMAN ROAD                 9.500            773.59         86
                                       9.250            773.59      107,000.00
    PORT ORCHARD     WA   98366          1            06/11/96         01
    0380473091                           05           08/01/96         25
    58073559                             N            07/01/26
    0


    1504483          526/728             F           27,000.00         ZZ
                                         360         26,976.00          2
    2245-2247 SHENANDOAH              10.000            236.95         75
                                       9.750            236.95       36,000.00
    ST. LOUIS        MO   63104          1            05/10/96         00
    0380489238                           05           07/01/96          0
    00116030                             N            06/01/26
    0


    1504504          405/405             F           92,000.00         ZZ
                                         360         91,953.54          1
    3670 GETTYSBURG AVENUE SO #15      9.375            765.21         80
                                       9.125            765.21      116,000.00
    ST. LOUIS PARK   MN   55426          2            06/21/96         00
    3946969                              03           08/01/96          0
    3946969                              O            07/01/26
    0
1




    1504535          526/728             F           21,400.00         ZZ
                                         360         21,324.73          1
    4119 AVE H                         8.750            168.36         90
                                       8.500            168.36       23,800.00
    FAIRFIELD        AL   35064          1            01/23/96         04
    0380456393                           05           03/01/96         25
    88061                                N            02/01/26
    0


    1504537          F30/728             F          270,000.00         ZZ
                                         360        269,496.87          1
    1900 EAST OAK HILL LANE            9.000          2,172.48         75
                                       8.750          2,172.48      360,000.00
    WALLSBURG        UT   84082          2            05/20/96         00
    0380470303                           05           07/01/96          0
    E2000                                O            06/01/26
    0


    1504544          F15/G02             F           54,000.00         ZZ
                                         360         53,972.74          1
    1741 JOHNSON STREET                9.375            449.14         60
                                       9.125            449.14       90,000.00
    MEDFORD          OR   97504          5            06/05/96         00
    0430002584                           05           08/01/96          0
    9601033                              N            07/01/26
    0


    1504545          526/728             F           18,750.00         ZZ
                                         360         18,733.33          1
    4247 BOTANICAL AVE                10.000            164.55         75
                                       9.750            164.55       25,000.00
    ST. LOUIS        MO   63110          1            05/10/96         00
    0380478199                           05           07/01/96          0
    116015                               N            06/01/26
    0


    1504546          286/286             F           74,800.00         ZZ
                                         360         74,728.03          2
    570 N FIRESTONE BLVD               9.625            635.80         85
                                       9.375            635.80       88,000.00
    AKRON            OH   44301          1            05/13/96         12
    8570959                              05           07/01/96         25
    8570959                              N            06/01/26
    0


    1504549          526/728             F           84,000.00         ZZ
                                         360         83,921.30          2
1


    21 WHEELER STREET                  9.750            721.69         58
                                       9.500            721.69      145,000.00
    MONTCLAIR        NJ   07042          5            05/09/96         00
    0380456377                           05           07/01/96          0
    79399                                N            06/01/26
    0


    1504556          B38/728             F          260,000.00         ZZ
                                         360        259,743.21          1
    203 HIGH PLAINS ROAD               9.500          2,186.22         80
                                       9.250          2,186.22      325,000.00
    ORANGE           CT   06477          2            05/24/96         00
    0380469388                           05           07/01/96          0
    1326                                 O            06/01/26
    0


    1504593          731/728             F          113,000.00         ZZ
                                         360        112,896.91          1
    507 JOLIET AVENUE                  9.875            981.23         90
                                       9.625            981.23      126,000.00
    HUNTINGTON BEAC  CA   92648          1            05/24/96         04
    0380463845                           05           07/01/96         25
    411611754                            N            06/01/26
    0


    1504610          664/728             F          134,750.00         ZZ
                                         360        134,627.05          3
    1715 W. FLETCHER STREET            9.875          1,170.10         55
                                       9.625          1,170.10      245,000.00
    CHICAGO          IL   60657          5            05/24/96         00
    0380461252                           05           07/01/96          0
    2188506                              N            06/01/26
    0


    1504699          561/728             F          135,900.00         ZZ
                                         360        135,765.77          1
    3 ESSEX ROAD                       9.500          1,142.73         90
                                       9.250          1,142.73      151,000.00
    SPRINGFIELD      NJ   07081          1            05/28/96         04
    0380461195                           05           07/01/96         25
    8785388                              N            06/01/26
    0


    1504706          E22/728             F           99,400.00         ZZ
                                         360         99,282.22          1
    4160 HICKORY DRIVE                 8.625            773.12         70
                                       8.375            773.12      142,000.00
    PALM BEACH GARD  FL   33418          1            05/30/96         00
    0410117543                           05           07/01/96          0
1


    410117543                            O            06/01/26
    0


    1504708          E22/728             F           39,350.00         ZZ
                                         360         39,291.46          1
    1219 NEW YORK ST                   9.500            330.88         75
                                       9.250            330.88       52,500.00
    LAWRENCE         KS   66044          1            04/30/96         00
    0410077457                           05           06/01/96          0
    410077457                            N            05/01/26
    0


    1504709          E22/728             F           33,000.00         ZZ
                                         360         32,965.66          1
    3104 ISLA VERDE CIRCLE             9.250            271.48         60
                                       9.000            271.48       55,000.00
    EL PASO          TX   79925          5            05/17/96         00
    0410132856                           09           07/01/96          0
    410132856                            N            06/01/26
    0


    1504722          635/635             F          260,000.00         ZZ
                                         360        259,850.40          1
    3023 KARL DALY ROAD                8.750          2,045.43         80
                                       8.500          2,045.43      325,000.00
    IRONDALE         AL   35210          1            06/28/96         00
    649086600                            05           08/01/96          0
    649086600                            O            07/01/26
    0


    1504730          971/728             F           98,000.00         ZZ
                                         360         97,889.72          1
    10720 NW 43RD CT                   8.875            779.73         70
                                       8.625            779.73      140,000.00
    CORAL SPRINGS    FL   33065          1            05/30/96         00
    0380457409                           05           07/01/96          0
    UNKNOWN                              O            06/01/26
    0


    1504747          E22/728             F           58,800.00         ZZ
                                         360         58,740.38          1
    2171 NORTHEAST EDGEWOOD STREET     9.375            489.07         71
                                       9.125            489.07       83,500.00
     BEND            OR   97701          5            05/16/96         00
    0410110696                           05           07/01/96          0
    410110696                            O            06/01/26
    0


1


    1504754          498/728             F           60,000.00         ZZ
                                         360         59,942.27          1
    11119 MONTECARLO DR                9.625            510.00         75
                                       9.375            510.00       80,000.00
    HUNTERSVILLE     NC   28078          1            05/17/96         01
    0380465675                           05           07/01/96         12
    1448524                              N            06/01/26
    0


    1504764          E22/728             F           89,600.00         ZZ
                                         360         89,509.15          1
    8334 WHITEFIELD AVENUE             9.375            745.25         80
                                       9.125            745.25      111,999.00
    DEARBORN HEIGHT  MI   48127          1            05/17/96         00
    0410140354                           05           07/01/96          0
    410140354                            O            06/01/26
    0


    1504776          526/728             F           91,900.00         ZZ
                                         360         91,804.35          1
    2924 LAVISTA COURT                 9.250            756.04         75
                                       9.000            756.04      123,900.00
    DECATUR          GA   30033          1            05/20/96         00
    0380459033                           05           07/01/96          0
    123081                               N            06/01/26
    0


    1504787          E22/728             F           85,500.00         ZZ
                                         360         85,415.56          1
    8345 IRIS STREET                   9.500            718.93         75
                                       9.250            718.93      114,000.00
    OAKLAND          CA   94605          2            05/22/96         00
    0410150098                           05           07/01/96          0
    410150098                            N            06/01/26
    0


    1504790          E22/728             F          160,100.00         ZZ
                                         360        159,917.60          1
    8808 CAMINO OSITO N E              9.000          1,288.20         75
                                       8.750          1,288.20      213,500.00
    ALBUQUERQUE      NM   87111          1            05/23/96         00
    0410132682                           05           07/01/96          0
    410132682                            O            06/01/26
    0


    1504801          635/635             F          100,500.00         ZZ
                                         360        100,450.57          1
    4541 DANDRIDGE DRIVE               9.500            845.06         80
                                       9.250            845.06      126,000.00
1


    CORPUS CHRISTI   TX   78413          2            06/21/96         00
    651164600                            05           08/01/96          0
    651164600                            O            07/01/26
    0


    1504803          E22/728             F           70,000.00         ZZ
                                         360         69,852.37          1
    841 MAINE ST                       9.875            607.85         70
                                       9.625            607.85      100,000.00
    LAWRENCE         KS   66044          5            04/22/96         00
    0410130553                           05           06/01/96          0
    410130553                            N            05/01/26
    0


    1504805          E22/728             F           31,200.00         ZZ
                                         360         31,172.28          1
    16521 S GREEN ST                  10.000            273.80         80
                                       9.750            273.80       39,000.00
    HARVEY           IL   60426          1            05/16/96         04
    0410081681                           05           07/01/96         17
    410081681                            N            06/01/26
    0


    1504807          992/728             F          211,600.00         ZZ
                                         360        211,361.86          1
    58 BELLWOOD ROAD                   8.875          1,683.59         80
                                       8.625          1,683.59      264,500.00
    WHITE PLAINS     NY   10603          1            05/29/96         00
    0380462680                           05           07/01/96          0
    324121                               O            06/01/26
    0


    1504808          E22/728             F          160,000.00         ZZ
                                         360        159,780.51          1
    LOT 8 RIVERVIEW SUBDIVISION        9.125          1,301.81         70
                                       8.875          1,301.81      230,000.00
    LYLE             WA   98635          5            05/16/96         00
    0410111231                           05           07/01/96          0
    410111231                            O            06/01/26
    0


    1504826          E22/728             F           92,650.00         ZZ
                                         360         92,565.46          2
    859-861 WILLOW AVENUE              9.875            804.53         85
                                       9.625            804.53      109,000.00
    EUGENE           OR   97404          1            05/09/96         04
    0410110712                           05           07/01/96         20
    410110712                            N            06/01/26
    0
1




    1504829          E22/728             F           34,300.00         ZZ
                                         360         34,269.52          1
    306 DEEDS AVENUE                  10.000            301.01         70
                                       9.750            301.01       49,000.00
    DAYTON           OH   45404          5            05/17/96         00
    0410140578                           05           07/01/96          0
    410140578                            N            06/01/26
    0


    1504839          526/728             F           29,000.00         ZZ
                                         360         28,972.09          1
    1600 NORTH WILMOT ROAD #221        9.625            246.50         80
                                       9.375            246.50       36,300.00
    TUCSON           AZ   85712          1            05/08/96         04
    0380456625                           01           07/01/96         12
    124639                               N            06/01/26
    0


    1504840          776/728             F           79,000.00         ZZ
                                         360         78,924.01          2
    915 AND 917 2ND STREET NORTH       9.625            671.49         70
                                       9.375            671.49      113,000.00
    NAMPA            ID   83687          5            05/30/96         00
    0380464355                           05           07/01/96          0
    23532893                             N            06/01/26
    0


    1504877          737/728             F           43,500.00         ZZ
                                         360         43,479.70          1
    214 E STRANGE AVENUE               9.750            373.74         75
                                       9.500            373.74       58,000.00
    SARALAND         AL   36571          1            07/01/96         00
    0380484940                           05           08/01/96          0
    557292                               N            07/01/26
    0


    1504880          A52/728             F           60,000.00         ZZ
                                         360         59,970.49          1
    1245 HALIBURTON AVENUE             9.500            504.51         64
                                       9.250            504.51       95,000.00
    LAWRENCEVILLE    GA   30245          2            06/12/96         00
    0380462813                           05           08/01/96          0
    155033                               O            07/01/26
    0


    1504881          A52/728             F          180,000.00         ZZ
                                         360        179,906.68          1
1


    4 BUTTERBACK LANE                  9.250          1,480.82         78
                                       9.000          1,480.82      231,500.00
    SAVANNAH         GA   31411          2            06/17/96         00
    0380467903                           05           08/01/96          0
    154887                               O            07/01/26
    0


    1504889          638/728             F          119,700.00         ZZ
                                         360        119,648.44          1
    607 SUNBLEST BLVD                 10.125          1,061.53         90
                                       9.875          1,061.53      133,000.00
    FISHERS          IN   46038          1            06/12/96         04
    0380470485                           05           08/01/96         30
    08579782                             N            07/01/26
    0


    1504890          638/G02             F           97,500.00         ZZ
                                         360         97,500.00          2
    713 &715 SAN JOSE PLACE            9.375            810.96         65
                                       9.125            810.96      150,000.00
    SAN DIEGO        CA   92109          5            06/24/96         00
    0430001214                           05           09/01/96          0
    8579854                              N            08/01/26
    0


    1504893          638/728             F           40,050.00         ZZ
                                         360         40,032.75          1
    3105 NORTH 6TH AVENUE UNIT D      10.125            355.17         90
                                       9.875            355.17       44,500.00
    PHOENIX          AZ   85013          1            06/14/96         10
    0380477670                           05           08/01/96         25
    08579354                             N            07/01/26
    0


    1504899          F61/728             F           93,550.00         ZZ
                                         360         93,497.55          1
    2074 S.W. LEEWOOD LANE             8.875            744.33         70
                                       8.625            744.33      133,700.00
    ALOHA            OR   97006          1            06/13/96         00
    0380470915                           05           08/01/96          0
    152460                               O            07/01/26
    0


    1504904          F30/728             F           70,400.00         ZZ
                                         360         70,330.47          1
    1040 EAST 900 SOUTH #1             9.500            591.96         80
                                       9.250            591.96       88,000.00
    ST GEORGE        UT   84790          1            05/30/96         10
    0380465758                           09           07/01/96         12
1


    196100316                            N            06/01/26
    0


    1504928          638/728             F           82,600.00         ZZ
                                         360         82,559.37          2
    718-722 NORTH 28TH STREET          9.500            694.55         70
                                       9.250            694.55      118,000.00
    SPRINGFIELD      OR   97477          5            06/14/96         00
    0380485590                           05           08/01/96          0
    8579757                              N            07/01/26
    0


    1504934          E22/728             F           27,000.00         ZZ
                                         360         26,976.64          1
    828 ORANGE AVENUE                 10.125            239.44         90
                                       9.875            239.44       30,000.00
    HOLLY HILL       FL   32117          1            05/23/96         04
    0410115521                           05           07/01/96         30
    410115521                            N            06/01/26
    0


    1504938          E22/728             F           36,400.00         ZZ
                                         360         36,363.35          1
    220 LAKEVIEW DRIVE UNIT # 201      9.500            306.07         65
                                       9.250            306.07       56,000.00
    FORT LAUDERDALE  FL   33326          1            05/21/96         00
    0410113377                           01           07/01/96          0
    410113377                            N            06/01/26
    0


    1504940          E22/728             F          100,000.00         ZZ
                                         360         99,895.90          1
    428 JOHANNA PLACE DRIVE            9.250            822.68         71
                                       9.000            822.68      141,500.00
    BALLWIN          MO   63021          5            05/20/96         00
    0410082853                           03           07/01/96          0
    410082853                            O            06/01/26
    0


    1504947          E22/728             F           87,300.00         ZZ
                                         360         87,218.21          1
    4833 WAYCROSS DRIVE                9.750            750.04         90
                                       9.500            750.04       97,000.00
    HOUSTON          TX   77035          1            05/07/96         01
    0410076699                           05           07/01/96         25
    410076699                            N            06/01/26
    0


1


    1504948          E22/728             F          149,850.00         ZZ
                                         360        149,664.90          3
    102 MINNIE STREET                 10.375          1,356.75         90
                                      10.125          1,356.75      166,500.00
    CRYSTAL LAKE     IL   60014          1            05/03/96         04
    0410077069                           05           06/01/96         25
    410077069                            N            05/01/26
    0


    1505021          F61/728             F           58,500.00         ZZ
                                         360         54,027.12          1
    15249 SUNWOOD BLVD #A-2            8.500            449.81         60
                                       8.250            449.81       99,000.00
    TUKWILA          WA   98188          1            06/13/96         00
    0380475633                           01           08/01/96          0
    82121                                O            07/01/26
    0


    1505029          526/728             F           39,900.00         ZZ
                                         360         39,900.00          1
    22311 SW 103RD AVENUE              9.625            339.15         70
                                       9.375            339.15       57,000.00
    MIAMI            FL   33190          5            07/12/96         00
    0380500299                           09           09/01/96          0
    130688                               N            08/01/26
    0


    1505044          E22/728             F           42,000.00         ZZ
                                         360         41,953.95          1
    880 BENTLEY GREEN CIRCLE           9.000            337.94         17
                                       8.750            337.94      248,000.00
    WINTER SPRINGS   FL   32708          5            05/13/96         00
    0410119499                           03           07/01/96          0
    410119499                            O            06/01/26
    0


    1505048          874/728             F           77,700.00         ZZ
                                         360         77,660.76          2
    10421 & 10423 GLEN ELLYN COURT     9.375            646.27         70
                                       9.125            646.27      111,000.00
    BOISE            ID   83704          5            06/20/96         00
    0380478108                           05           08/01/96          0
    3685175                              O            07/01/26
    0


    1505051          E22/728             F           88,000.00         ZZ
                                         360         87,905.98          1
    1010 NW 19TH AVENUE                9.125            716.00         80
                                       8.875            716.00      110,000.00
1


    MIAMI            FL   33125          1            05/24/96         00
    0410115133                           05           07/01/96          0
    410115133                            O            06/01/26
    0


    1505053          570/570             F           34,300.00         ZZ
                                         360         34,266.99          1
    8897 FONTAINEBLEAU BOULEVARD       9.625            291.55         70
    #411                               9.375            291.55       49,000.00
    MIAMI            FL   33172          5            05/10/96         00
    5847835                              01           07/01/96          0
    5847835                              N            06/01/26
    0


    1505065          E22/728             F           99,000.00         ZZ
                                         360         98,896.96          2
    801 AND 803 HOPKINS ROAD           9.250            814.45         79
                                       9.000            814.45      126,000.00
    CENTRAL POINT    OR   97502          1            05/20/96         04
    0410110183                           05           07/01/96         12
    410110183                            N            06/01/26
    0


    1505069          A73/728             F           73,000.00         ZZ
                                         360         72,919.96          1
    18706 9TH STREET EAST              9.000            587.37         27
                                       8.750            587.37      280,000.00
    SUMNER           WA   98390          5            05/21/96         00
    0380466194                           05           07/01/96          0
    426343865                            O            06/01/26
    0


    1505070          E22/728             F           34,400.00         ZZ
                                         360         34,365.12          1
    8403 MERCIER                       9.375            286.12         80
                                       9.125            286.12       43,000.00
    KANSAS CITY      MO   64114          1            05/21/96         95
    0410082952                           05           07/01/96          0
    410082952                            N            06/01/26
    0


    1505073          462/728             F           58,500.00         ZZ
                                         360         58,472.70          1
    75682 WICKS ROAD                   9.750            502.61         90
                                       9.500            502.61       65,000.00
    DORENA           OR   97434          1            06/13/96         04
    0380477464                           05           08/01/96         25
    4502993                              N            07/01/26
    0
1




    1505077          638/728             F           94,000.00         ZZ
                                         360         93,953.77          3
    10832-36 E 4TH WAY                 9.500            790.40         79
                                       9.250            790.40      120,000.00
    AURORA           CO   80010          1            06/14/96         04
    0380482878                           05           08/01/96         12
    8576434                              N            07/01/26
    0


    1505087          E45/728             F           90,000.00         T
                                         360         89,948.22          1
    3515 SE 17TH PLACE                 8.750            708.03         57
                                       8.500            708.03      160,000.00
    CAPE CORAL       FL   33904          1            06/03/96         00
    0380472978                           05           08/01/96          0
    31162                                O            07/01/26
    0


    1505096          927/728             F           73,800.00         ZZ
                                         360         73,723.17          1
    7845 EAST BELLEVIEW STREET         9.250            607.14         90
                                       9.000            607.14       82,000.00
    SCOTTSDALE       AZ   85257          1            05/28/96         04
    0380463142                           05           07/01/96         25
    218883                               N            06/01/26
    0


    1505103          405/405             F          628,000.00         ZZ
                                         360        623,845.64          1
    14113 DOUGLAS LANE                 8.000          4,608.05         80
                                       7.750          4,608.05      785,000.00
    SARATOGA         CA   95070          1            01/02/96         00
    3825411                              05           03/01/96          0
    3825411                              O            02/01/26
    0


    1505157          F11/728             F           63,000.00         ZZ
                                         360         62,972.86          1
    854 BELLPORT AVENUE               10.125            558.70         90
                                       9.875            558.70       70,000.00
    BELLPORT         NY   11713          1            06/28/96         01
    0380488941                           05           08/01/96         25
    9600181                              N            07/01/26
    0


    1505159          705/728             F           70,000.00         ZZ
                                         360         70,000.00          1
1


    240 43RD STREET                    9.750            601.41         70
                                       9.500            601.41      101,000.00
    COPIAGUE         NY   11726          5            07/18/96         00
    0380495334                           05           09/01/96          0
    96300196                             N            08/01/26
    0


    1505163          B77/728             F           31,875.00         ZZ
                                         360         31,861.28          3
    16 DARLINGTON STREET              10.125            282.67         75
                                       9.875            282.67       42,500.00
    DORCHESTER       MA   02124          1            06/24/96         00
    0380478751                           05           08/01/96          0
    95301694                             N            07/01/26
    0


    1505169          A19/728             F          108,000.00         ZZ
                                         360        107,948.26          1
    26 LAKE SHORE TERRACE              9.625            917.99         80
                                       9.375            917.99      135,000.00
    BRIGHTON         MA   02135          1            06/28/96         10
    0380472754                           01           08/01/96         12
    156871                               N            07/01/26
    0


    1505219          E22/728             F          103,500.00         ZZ
                                         360        103,400.44          4
    2204 LEAH COVE                     9.625            879.74         90
                                       9.375            879.74      115,000.00
    AUSTIN           TX   78748          1            05/29/96         04
    0410105811                           05           07/01/96         25
    410105811                            N            06/01/26
    0


    1505225          201/728             F          106,150.00         ZZ
                                         360        106,045.15          2
    915 BEAVER TRAIL                   9.500            892.57         85
                                       9.250            892.57      124,900.00
    AUSTIN           TX   78746          1            05/20/96         01
    0380465519                           05           07/01/96         20
    4200903781                           O            06/01/26
    0


    1505232          575/728             F          114,000.00         ZZ
                                         360        113,868.34          1
    3620 LOCKHAVEN CRESCENT            8.750            896.84         50
                                       8.500            896.84      230,000.00
    VIRGINIA BEACH   VA   23455          1            05/24/96         00
    0380497850                           01           07/01/96          0
1


    415011282                            O            06/01/26
    0


    1505233          B28/728             F           70,650.00         ZZ
                                         360         70,583.79          1
    12191 BANNOCK STREET #D            9.750            607.00         90
                                       9.500            607.00       78,500.00
    WESTMINSTER      CO   80234          1            05/28/96         10
    0380462961                           09           07/01/96         25
    06961819                             N            06/01/26
    0


    1505272          591/728             F          126,400.00         ZZ
                                         360        126,242.31          1
    4931 ADMIRATION DRIVE              8.375            960.74         80
                                       8.125            960.74      158,000.00
    VIRGINIA BEACH   VA   23464          1            05/29/96         00
    0380463761                           05           07/01/96          0
    101700515                            O            06/01/26
    0


    1505277          638/728             F          194,400.00         ZZ
                                         360        194,301.83          1
    1127 VAN ARSDALE DRIVE             9.375          1,616.92         80
                                       9.125          1,616.92      243,000.00
    BRANCHBURG TOWN  NJ   08876          1            06/18/96         00
    0380485574                           05           08/01/96          0
    UNKNOWN                              O            07/01/26
    0


    1505295          405/405             F          172,000.00         ZZ
                                         360        171,527.75          1
    4745 HERSHOLT AVENUE               9.500          1,446.27         80
                                       9.250          1,446.27      215,000.00
    LONG BEACH       CA   90808          5            05/22/96         00
    3947710                              05           07/01/96          0
    3947710                              O            06/01/26
    0


    1505305          766/728             F           59,000.00         ZZ
                                         360         58,941.73          1
    10212 SW 20 TERRACE                9.500            496.10         74
                                       9.250            496.10       80,000.00
    MIAMI            FL   33165          2            05/29/96         00
    0380460270                           09           07/01/96          0
    96OZ0204                             N            06/01/26
    0


1


    1505309          526/728             F           53,900.00         ZZ
                                         360         53,849.49          1
    440 NORTH FIFTH STREET             9.750            463.09         90
                                       9.500            463.09       59,900.00
    STROUDSBURG      PA   18360          1            05/17/96         04
    0380465154                           05           07/01/96         25
    121923                               N            06/01/26
    0


    1505312          526/728             F           44,100.00         ZZ
                                         360         44,058.68          1
    7842 LENORA COURT                  9.750            378.89         90
                                       9.500            378.89       49,000.00
    PENSACOLA        FL   32507          1            05/23/96         04
    0380474941                           05           07/01/96         25
    125974                               N            06/01/26
    0


    1505318          E22/728             F           69,000.00         ZZ
                                         360         68,933.63          1
    22500 FRONT BEACH ROAD             9.625            586.49         48
    UNIT # 120                         9.375            586.49      145,000.00
    PANAMA CITY BEA  FL   32413          5            05/24/96         00
    0410137574                           01           07/01/96          0
    410137574                            N            06/01/26
    0


    1505325          E22/728             F           75,000.00         ZZ
                                         360         74,927.85          1
    22500 FRONT BEACH ROAD             9.625            637.49         50
    UNIT # 144                         9.375            637.49      150,000.00
    PANAMA CITY BEA  FL   32413          5            05/24/96         00
    0410137566                           01           07/01/96          0
    410137566                            N            06/01/26
    0


    1505343          E22/728             F           61,600.00         ZZ
                                         360         61,540.75          1
    49 COLIGNY VILLAS                  9.625            523.59         80
                                       9.375            523.59       77,000.00
    HILTON HEAD ISL  SC   29928          1            05/31/96         00
    0410120125                           01           07/01/96          0
    410120125                            O            06/01/26
    0


    1505354          E22/728             F           68,000.00         ZZ
                                         360         67,931.05          1
    3870 S W 55TH AVENUE               9.375            565.59         80
                                       9.125            565.59       85,000.00
1


    DAVIE            FL   33314          1            05/29/96         00
    0410118954                           05           07/01/96          0
    410118954                            O            06/01/26
    0


    1505363          E22/728             F          144,000.00         ZZ
                                         360        143,885.06          2
    5848 W 55TH STREET                10.500          1,317.22         90
                                      10.250          1,317.22      160,000.00
    CHICAGO          IL   60638          1            05/09/96         01
    0410101158                           05           07/01/96         25
    410101158                            N            06/01/26
    0


    1505366          E22/728             F           13,950.00         ZZ
                                         360         13,936.22          1
    602 N JOHNSON STREET               9.500            117.30         90
                                       9.250            117.30       15,500.00
    SOUTH BEND       IN   46628          1            05/24/96         04
    0410140487                           05           07/01/96         25
    410140487                            N            06/01/26
    0


    1505367          E22/728             F           70,300.00         ZZ
                                         360         70,234.13          1
    804 SADDLEBROOK NORTH              9.750            603.99         48
                                       9.500            603.99      147,000.00
    BEDFORD          TX   76021          2            05/08/96         00
    0410132237                           05           07/01/96          0
    410132237                            N            06/01/26
    0


    1505371          E22/728             F           56,250.00         ZZ
                                         360         56,168.51          4
    527 FERGUSON STREET                9.625            478.12         75
                                       9.375            478.12       75,000.00
    HUMBLE           TX   77338          1            04/19/96         00
    0410077168                           05           06/01/96          0
    410077168                            N            05/01/26
    0


    1505372          180/G02             F           22,500.00         ZZ
                                         360         22,488.94          1
    624 S.W. 32ND STREET               9.500            189.19         90
                                       9.250            189.19       25,000.00
    OKLAHOMA CITY    OK   73109          1            06/20/96         04
    0430002436                           05           08/01/96         25
    1650                                 N            07/01/26
    0
1




    1505374          180/728             F           45,000.00         ZZ
                                         360         44,978.44          1
    129 HANKINS DRIVE                  9.625            382.50         80
                                       9.375            382.50       56,250.00
    AZLE             TX   76020          1            06/26/96         00
    0380496159                           05           08/01/96          0
    4392478                              O            07/01/26
    0


    1505376          664/728             F          100,000.00         ZZ
                                         360         99,908.76          1
    6004 WOODVIEW AVENUE               9.875            868.35         84
                                       9.625            868.35      120,000.00
    AUSTIN           TX   78757          1            05/15/96         01
    0380466558                           05           07/01/96         12
    2146215                              N            06/01/26
    0


    1505387          935/728             F           75,600.00         ZZ
                                         360         75,562.81          1
    980 HAMILTON                       9.500            635.69         80
                                       9.250            635.69       94,500.00
    FRANKLIN         IN   46131          1            06/26/96         00
    0380470493                           05           08/01/96          0
    96051110213147                       O            07/01/26
    0


    1505390          E22/728             F           87,500.00         ZZ
                                         360         87,420.15          1
    5941 NORTH HILLS DR                9.875            759.81         70
                                       9.625            759.81      125,000.00
    RALEIGH          NC   27604          5            05/21/96         00
    0410169023                           05           07/01/96          0
    410169023                            N            06/01/26
    0


    1505403          526/728             F           35,100.00         ZZ
                                         360         34,997.50          1
    442 NW 6TH AVENUE                  8.750            276.14         90
                                       8.500            276.14       39,000.00
    HOMESTEAD        FL   33030          1            02/09/96         04
    0380459504                           05           04/01/96         20
    00954700                             N            03/01/26
    0


    1505404          E22/728             F          169,500.00         ZZ
                                         360        169,303.24          1
1


    249 CALLE LARIOS                   8.750          1,333.46         72
                                       8.500          1,333.46      236,000.00
    CAMARILLO        CA   93010          2            05/21/96         00
    0410146146                           05           07/01/96          0
    410146146                            O            06/01/26
    0


    1505408          E22/728             F           22,500.00         ZZ
                                         360         22,481.54          1
    1101 10TH STREET                  10.375            203.72         90
                                      10.125            203.72       25,000.00
    MICHIGAN CITY    IN   46360          1            05/21/96         01
    0410169791                           05           07/01/96         25
    410169791                            N            06/01/26
    0


    1505412          E22/728             F           60,550.00         ZZ
                                         360         60,493.27          1
    838 ST MARTIN STREET               9.750            520.22         90
                                       9.500            520.22       67,300.00
    CORPUS CHRISTI   TX   78418          1            05/31/96         01
    0410105696                           05           07/01/96         25
    410105696                            N            06/01/26
    0


    1505415          E22/728             F           68,050.00         ZZ
                                         360         67,984.54          4
    1431-1437 WALTERS DRIVE            9.625            578.42         85
                                       9.375            578.42       80,100.00
    GRANBURY         TX   76048          1            05/21/96         04
    0410132260                           05           07/01/96         25
    410132260                            N            06/01/26
    0


    1505416          E22/728             F           72,000.00         ZZ
                                         360         71,930.74          1
    5980 SOUTH SWEET BASIL NORTH       9.625            611.99         80
                                       9.375            611.99       90,000.00
    SALT LAKE CITY   UT   84118          1            05/28/96         04
    0410111470                           05           07/01/96         25
    410111470                            N            06/01/26
    0


    1505438          927/728             F           76,050.00         ZZ
                                         360         75,982.01          1
    1634 WEST LEWIS AVENUE            10.000            667.40         90
                                       9.750            667.40       84,500.00
    PHOENIX          AZ   85007          1            05/23/96         01
    0380465915                           05           07/01/96         25
1


    219717                               N            06/01/26
    0


    1505441          927/728             F           62,900.00         ZZ
                                         360         62,830.89          1
    1800 WEST ELLIOT ROAD, #243        9.000            506.11         90
                                       8.750            506.11       69,900.00
    CHANDLER         AZ   85224          1            05/24/96         04
    0380465527                           01           07/01/96         25
    219618                               N            06/01/26
    0


    1505443          E38/728             F          311,250.00         ZZ
                                         360        311,092.82          1
    170 WEST 4500 NORTH                9.375          2,588.82         75
                                       9.125          2,588.82      415,000.00
    PLEASANT VIEW    UT   84414          5            06/05/96         00
    0380465659                           05           08/01/96          0
    98852                                O            07/01/26
    0


    1505446          965/728             F           40,400.00         T
                                         360         40,363.15          1
    5740 N. 44TH DRIVE                 9.875            350.81         90
                                       9.625            350.81       44,900.00
    GLENDALE         AZ   85301          1            05/29/96         11
    0380466707                           09           07/01/96         25
    151226                               O            06/01/26
    0


    1505483          201/728             F           84,000.00         ZZ
                                         360         83,812.47          2
    80 SOUTH 21ST STREET               9.250            691.05         80
    THE TOWNSHIP OF IRVINGTON          9.000            691.05      105,000.00
    IRVINGTON        NJ   07111          5            05/14/96         00
    0380466053                           05           07/01/96          0
    2800893162                           O            06/01/26
    0


    1505487          526/728             F           45,650.00         ZZ
                                         360         45,546.46          1
    2226 SOUTH GOEBBERT RD. #469       8.875            363.22         75
                                       8.625            363.22       60,900.00
    ARLINGTON HEIGH  IL   60004          1            04/02/96         00
    0380462748                           01           05/01/96          0
    105952                               N            04/01/26
    0


1


    1505518          201/728             F           37,850.00         ZZ
                                         360         37,796.59          1
    8701 BAKER ROAD                    9.750            325.19         75
                                       9.500            325.19       50,500.00
    SANTA FE         TX   77510          1            04/25/96         00
    0380490087                           05           06/01/96          0
    7800896503                           N            05/01/26
    0


    1505520          A26/728             F          272,000.00         ZZ
                                         360        271,866.20          2
    29 CHESEBROUGH STREET              9.500          2,287.13         90
                                       9.250          2,287.13      302,436.00
    STATEN ISLAND    NY   10312          1            06/06/96         14
    0380464116                           03           08/01/96         30
    6436                                 O            07/01/26
    0


    1505530          635/635             F          445,000.00         ZZ
                                         360        445,000.00          1
    19 WILLIAMS LN                     8.750          3,500.82         90
                                       8.500          3,500.82      494,500.00
    CHAPPAQUA        NY   10514          1            07/09/96         04
    651896300                            05           09/01/96         25
    651896300                            O            08/01/26
    0


    1505544          B28/728             F           63,000.00         ZZ
                                         360         62,937.77          1
    259 MAIN STREET                    9.500            529.74         75
                                       9.250            529.74       84,000.00
    MEEKER           CO   81641          2            05/21/96         00
    0380465840                           05           07/01/96          0
    05961697                             O            06/01/26
    0


    1505562          201/728             F           50,000.00         ZZ
                                         360         49,954.37          1
    1419 RIDGEWOOD PLACE               9.875            434.18         69
                                       9.625            434.18       73,500.00
    LAWRENCEVILLE    GA   30243          5            05/24/96         00
    0380465857                           05           07/01/96          0
    502482                               N            06/01/26
    0


    1505565          526/728             F           30,800.00         ZZ
                                         360         29,772.46          1
    10721 EWING DRIVE                  9.500            258.99         80
                                       9.250            258.99       38,500.00
1


    KANSAS CITY      MO   64134          1            05/14/96         10
    0380466624                           05           07/01/96         12
    6296WR33                             N            06/01/26
    0


    1505568          201/728             F           50,000.00         ZZ
                                         360         49,954.37          1
    114 HOWELL DRIVE SW                9.875            434.18         80
                                       9.625            434.18       62,500.00
    ATLANTA          GA   30331          1            05/24/96         00
    0380472267                           05           07/01/96          0
    404350                               O            06/01/26
    0


    1505571          561/728             F           63,400.00         ZZ
                                         360         63,340.59          2
    1926 NAYLOR ROAD, SE               9.750            544.71         90
                                       9.500            544.71       70,480.00
    WASHINGTON, DC   DC   20020          1            05/23/96         11
    0380471566                           05           07/01/96         25
    8811267                              N            06/01/26
    0


    1505575          B23/728             F           65,250.00         ZZ
                                         360         65,219.56          3
    1064, 1064 1/2 AND 1064A NORTH     9.750            560.60         75
    "D" STREET                         9.500            560.60       87,000.00
    SAN BERNARDINO   CA   92410          1            06/20/96         00
    0380481136                           05           08/01/96          0
    88001231                             N            07/01/26
    0


    1505584          964/728             F          282,750.00         ZZ
                                         360        282,591.48          1
    1 ST LAURENT                       8.875          2,249.69         75
                                       8.625          2,249.69      377,045.00
    NEWPORT COAST A  CA   92657          1            06/26/96         00
    0380488693                           03           08/01/96          0
    18833                                N            07/01/26
    0


    1505594          171/728             F           74,000.00         ZZ
                                         360         73,963.60          1
    3851 COLONIAL LANE SE              9.500            622.23         84
                                       9.250            622.23       89,000.00
    PORT ORCHARD     WA   98366          1            06/18/96         04
    0380490442                           05           08/01/96         20
    58073581                             N            07/01/26
    0
1




    1505595          965/728             F           60,775.00         ZZ
                                         360         60,745.11          2
    3529 EAST MONTE VISTA DRIVE        9.500            511.03         85
    #A-B                               9.250            511.03       71,500.00
    TUCSON           AZ   85716          1            06/17/96         04
    0380473505                           05           08/01/96         17
    1505595                              N            07/01/26
    0


    1505603          180/728             F           54,800.00         ZZ
                                         360         54,775.10          1
    904 CHARLES STREET                 9.875            475.86         80
                                       9.625            475.86       68,500.00
    NORTH MERTLE BE  SC   29582          1            06/19/96         00
    0380502386                           05           08/01/96          0
    4398996                              O            07/01/26
    0


    1505619          232/076             F           35,000.00         ZZ
                                         240         34,904.39          1
    19 OLD FREMONT ROAD                9.750            331.99         31
                                       9.500            331.99      115,000.00
    RAYMOND          NH   03077          5            05/20/96         00
    12959952                             05           07/01/96          0
    12959952                             O            06/01/16
    0


    1505622          232/076             F          410,000.00         ZZ
                                         360        409,595.05          1
    8 GOODWIN ROAD                     9.500          3,447.51         59
                                       9.250          3,447.51      700,000.00
    LEXINGTON        MA   02173          5            05/20/96         00
    12959988                             05           07/01/96          0
    12959988                             O            06/01/26
    0


    1505624          232/076             F          132,300.00         ZZ
                                         360        132,162.29          1
    130 FRANKLIN STREET                9.250          1,088.40         90
                                       9.000          1,088.40      147,048.00
    READING          MA   01867          1            05/23/96         10
    12956005                             05           07/01/96         25
    12956005                             N            06/01/26
    0


    1505625          561/728             F          103,700.00         ZZ
                                         360        103,600.24          2
1


    9 EAST B STREET                    9.625            881.44         85
                                       9.375            881.44      122,000.00
    BRUNSWICK        MD   21716          2            05/24/96         10
    0380469958                           05           07/01/96         20
    8804742                              N            06/01/26
    0


    1505627          232/076             F           20,000.00         ZZ
                                         360         19,979.18          1
    6138 RALIEGH DRIVE                 9.250            164.54         80
                                       9.000            164.54       25,000.00
    INDIANAPOLIS     IN   46219          1            05/20/96         12
    11019167                             05           07/01/96         12
    11019167                             N            06/01/26
    0


    1505630          405/405             F           60,000.00         ZZ
                                         360         59,927.04          1
    101 SALFORD STATION ROAD           8.500            461.35         42
                                       8.250            461.35      145,000.00
    ZIEGLERVILLE     PA   19492          5            05/17/96         00
    3931912                              05           07/01/96          0
    3931912                              O            06/01/26
    0


    1505637          961/728             F          130,200.00         ZZ
                                         360        130,060.90          1
    166 WESTBROOK AVENUE               9.125          1,059.35         60
                                       8.875          1,059.35      217,000.00
    DALY CITY        CA   94015          1            05/13/96         00
    0380466228                           05           07/01/96          0
    89011845                             O            06/01/26
    0


    1505638          232/076             F           72,000.00         ZZ
                                         360         71,927.00          1
    4210 SOUTH BARKER ROAD             9.375            598.86         80
                                       9.125            598.86       90,000.00
    SALT LAKE CITY   UT   84106          1            05/16/96         04
    11027150                             05           07/01/96         12
    11027150                             N            06/01/26
    0


    1505649          E67/728             F           73,000.00         ZZ
                                         360         72,958.00          1
    2440 SW INDIAN AVENUE              8.750            574.29         59
                                       8.500            574.29      125,000.00
    REDMOND          OR   97756          2            06/06/96         00
    0380467812                           05           08/01/96          0
1


    219070004                            O            07/01/26
    0


    1505672          816/728             F          214,400.00         ZZ
                                         360        214,299.97          1
    1415 EAST 950 SOUTH                9.750          1,842.03         80
                                       9.500          1,842.03      268,000.00
    SPRINGVILLE      UT   84663          5            06/20/96         00
    0380483884                           05           08/01/96          0
    140477                               O            07/01/26
    0


    1505683          001/728             F           60,300.00         ZZ
                                         360         60,270.35          1
    1336 46TH STREET                   9.500            507.03         90
                                       9.250            507.03       67,000.00
    SARASOTA         FL   34234          1            06/29/96         10
    0380485269                           05           08/01/96         25
    1505016                              N            07/01/26
    0


    1505687          638/728             F           79,200.00         ZZ
                                         360         79,164.02          1
    110 SOUTH 27TH STREET              9.875            687.73         90
                                       9.625            687.73       88,000.00
    CAMP HILL BOROU  PA   17011          1            06/13/96         01
    0380478074                           05           08/01/96         30
    8572055                              N            07/01/26
    0


    1505703          232/076             F           26,900.00         ZZ
                                         360         26,872.71          1
    22210 MOSS FALLS LANE              9.375            223.75         90
                                       9.125            223.75       29,900.00
    SPRING           TX   77373          1            05/08/96         04
    11014112                             09           07/01/96         25
    11014112                             N            06/01/26
    0


    1505708          638/728             F           49,050.00         ZZ
                                         360         49,027.71          1
    2001 SOUTH LEADVILLE AVENUE        9.875            425.93         90
                                       9.625            425.93       54,500.00
    BOISE            ID   83706          1            06/13/96         04
    0380477423                           05           08/01/96         25
    08572663                             N            07/01/26
    0


1


    1505710          E22/728             F           56,250.00         ZZ
                                         360         56,168.51          4
    525 FERGUSON STREET                9.625            478.12         75
                                       9.375            478.12       75,000.00
    HUMBLE           TX   77338          1            04/19/96         00
    0410077150                           05           06/01/96          0
    410077150                            N            05/01/26
    0


    1505716          882/882             F           46,500.00         ZZ
                                         360         46,473.94          1
    4412 W 12 LANE #4                  8.875            369.97         70
                                       8.625            369.97       66,500.00
    HIALEAH          FL   33012          1            06/24/96         00
    UNKNOWN                              01           08/01/96          0
    UNKNOWN                              O            07/01/26
    0


    1505721          737/728             F           19,550.00         ZZ
                                         360         19,550.00          2
    118 ENTERPRISE STREET             10.125            173.38         85
                                       9.875            173.38       23,000.00
    DURHAM           NC   27707          1            07/09/96         04
    0380495110                           05           09/01/96         12
    557390                               N            08/01/26
    0


    1505722          737/728             F           19,550.00         ZZ
                                         360         19,550.00          2
    114 ENTERPRISE STREET             10.125            173.38         85
                                       9.875            173.38       23,000.00
    DURHAM           NC   27707          1            07/09/96         04
    0380495441                           05           09/01/96         12
    557391                               N            08/01/26
    0


    1505738          480/728             F          123,400.00         ZZ
                                         360        123,281.29          1
    3228 EAST BROOKWOOD COURT          9.625          1,048.89         90
                                       9.375          1,048.89      137,178.00
    PHOENIX          AZ   85044          1            05/21/96         12
    0380464348                           03           07/01/96         25
    1861814                              N            06/01/26
    0


    1505747          965/728             F          455,000.00         ZZ
                                         360        455,000.00          1
    9 PYRAMID ROAD                    10.000          3,992.95         65
                                       9.750          3,992.95      700,000.00
1


    ASPEN            CO   81611          5            07/05/96         00
    0380489402                           05           09/01/96          0
    157916                               O            08/01/26
    0


    1505752          253/728             F           64,400.00         ZZ
                                         360         64,334.70          1
    4521 38TH STREET                   9.375            535.65         70
                                       9.125            535.65       92,000.00
    SAN DIEGO        CA   92116          5            05/22/96         00
    0380465733                           05           07/01/96          0
    318100                               O            06/01/26
    0


    1505770          480/728             F           52,200.00         ZZ
                                         360         52,042.46          1
    10628 NORTH 73RD DRIVE             9.750            448.48         90
                                       9.500            448.48       58,000.00
    PEORIA           AZ   85345          1            05/21/96         04
    0380465683                           05           07/01/96         25
    1861822                              N            06/01/26
    0


    1505786          776/728             F           56,000.00         ZZ
                                         360         55,941.71          2
    1827 AND 1829 SOUTH FAIRWAY        9.250            460.70         70
    DRIVE                              9.000            460.70       80,000.00
    POCATELLO        ID   83201          5            05/29/96         00
    0380466475                           05           07/01/96          0
    2532892                              O            06/01/26
    0


    1505787          776/728             F           80,500.00         ZZ
                                         360         80,424.58          2
    4406 WEST IRVING STREET            9.750            691.62         70
                                       9.500            691.62      115,000.00
    BOISE            ID   83706          5            05/24/96         00
    0380469271                           05           07/01/96          0
    2532886                              N            06/01/26
    0


    1505789          731/728             F           78,000.00         ZZ
                                         360         77,963.61          1
    25638 ALICANTE DRIVE               9.750            670.14         80
    VALENCIA AREA                      9.500            670.14       97,500.00
    SANTA CLARITA    CA   91355          1            06/01/96         04
    0380468828                           03           08/01/96         12
    411211796                            N            07/01/26
    0
1




    1505795          783/728             F          112,500.00         ZZ
                                         360        112,441.68          1
    255 EAST WALL STREET               9.250            925.51         75
                                       9.000            925.51      150,000.00
    CAMANO ISLAND    WA   98292          1            05/31/96         00
    0380476698                           05           08/01/96          0
    05913894                             O            07/01/26
    0


    1505801          661/661             F          576,000.00         ZZ
                                         360        574,041.66          1
    2012 HILLYER PLACE NORTH WEST      8.000          4,226.48        100
                                       7.750          4,226.48      576,000.00
    WASHINGTON       DC   20009          1            03/01/96         92
    2459642                              05           04/01/96         30
    2459642                              O            03/01/26
    0


    1505811          267/267             F          240,000.00         ZZ
                                         360        239,676.85          1
    2126 LAS LUNAS STREET              8.000          1,761.04         80
                                       7.750          1,761.04      300,000.00
    PASADENA         CA   91107          1            05/30/96         00
    4406232                              05           07/01/96          0
    4406232                              O            06/01/26
    0


    1505813          661/661             F          162,000.00         T
                                         360        161,288.79          1
    3525 MEADOW LANE UNIT D-5          8.375          1,231.31         91
                                       8.125          1,231.31      179,500.00
    STEAMBOAT SPRIN  CO   80477          1            03/22/96         92
    2430627                              09           05/01/96         30
    2430627                              O            04/01/26
    0


    1505818          661/661             F          181,000.00         T
                                         360        180,545.26          1
    16 BARNACLE DRIVE                  8.375          1,375.73        100
                                       8.125          1,375.73      181,000.00
    SPRING VALLEY    NY   10977          1            05/15/96         94
    2439628                              05           05/01/96         30
    2439628                              O            04/01/26
    0


    1505820          661/661             F           53,000.00         T
                                         360         52,846.06          1
1


    625 12TH AVENUE 93-C               7.625            375.13        100
                                       7.375            375.13       53,000.00
    CAPE CORAL       FL   33990          1            03/07/96         92
    2444214                              01           05/01/96         30
    2444214                              O            04/01/26
    0


    1505824          661/661             F           81,000.00         ZZ
                                         360         80,851.74          1
    4984 ALFRED DRIVE                  8.500            622.82         97
                                       8.250            622.82       84,000.00
    CLAY             NY   13041          1            04/15/96         92
    2433258                              05           06/01/96         30
    2433258                              O            05/01/26
    0


    1505830          661/661             F           75,000.00         ZZ
                                         360         74,751.92          1
    3328 DEL AIRE PLACE                7.000            498.98         97
                                       6.750            498.98       77,500.00
    DEL CITY         OK   73115          1            03/11/96         92
    2447415                              05           05/01/96         30
    2447415                              O            04/01/26
    0


    1505831          661/661             F           79,400.00         ZZ
                                         360         79,200.51          1
    3425 PINEWAY                       8.375            603.50        100
                                       8.125            603.50       79,900.00
    TOLEDO           OH   43614          1            03/15/96         92
    2458008                              05           05/01/96         30
    2458008                              O            04/01/26
    0


    1505836          661/661             F          158,000.00         ZZ
                                         360        157,603.02          1
    5392 HECKSCHER DRIVE               8.375          1,200.92        100
                                       8.125          1,200.92      158,000.00
    JACKSONVILLE     FL   32226          1            03/21/96         92
    2460301                              05           05/01/96         30
    2460301                              O            04/01/26
    0


    1505843          526/728             F           49,100.00         ZZ
                                         360         49,051.51          1
    539 NORTH 11TH STREET              9.500            412.86         85
                                       9.250            412.86       57,800.00
    PAYETTE          ID   83661          1            05/16/96         12
    0380467663                           05           07/01/96         20
1


    122110                               N            06/01/26
    0


    1505844          705/728             F          155,800.00         ZZ
                                         360        155,800.00          2
    2736 FENTON AVENUE                 9.875          1,352.89         95
                                       9.625          1,352.89      164,000.00
    BRONX            NY   10469          1            07/12/96         14
    0380495243                           05           09/01/96         20
    96100105                             O            08/01/26
    0


    1505850          526/728             F           73,950.00         ZZ
                                         360         73,876.95          2
    305 WINSPEAR AVENUE                9.500            621.82         85
                                       9.250            621.82       87,000.00
    BUFFALO          NY   14215          1            05/24/96         10
    0380467655                           05           07/01/96         20
    113353                               N            06/01/26
    0


    1505854          405/405             F           90,400.00         ZZ
                                         360         90,350.62          1
    5606 NORWAY DRIVE                  9.000            727.38         80
                                       8.750            727.38      113,600.00
    ORANGEVALE       CA   95662          1            06/25/96         01
    3945474                              05           08/01/96         12
    3945474                              N            07/01/26
    0


    1505855          F15/728             F           55,300.00         ZZ
                                         360         55,272.80          3
    981 HIGHLAND ST                    9.500            464.99         70
                                       9.250            464.99       79,000.00
    COLUMBUS         OH   43201          5            06/28/96         00
    0380487406                           05           08/01/96          0
    L105088                              N            07/01/26
    0


    1505858          526/728             F           25,200.00         ZZ
                                         360         25,173.07          1
    4129 NW 19TH STREET                9.125            205.04         90
                                       8.875            205.04       28,000.00
    LAUDERHILL       FL   33313          1            05/24/96         12
    0380478298                           01           07/01/96         25
    124133                               N            06/01/26
    0


1


    1505869          526/728             F           45,000.00         ZZ
                                         360         45,000.00          1
    22220 SW 103RD AVE                 9.625            382.50         78
                                       9.375            382.50       58,000.00
    MIAMI            FL   33190          2            07/12/96         10
    0380499120                           09           09/01/96         12
    132074                               N            08/01/26
    0


    1505871          896/728             F           33,350.00         ZZ
                                         360         33,335.25          1
    125 FLANDERS DRIVE                10.000            292.67         90
                                       9.750            292.67       37,100.00
    WARNER ROBINS    GA   31093          1            06/24/96         01
    0380488776                           05           08/01/96         25
    UNKNOWN                              N            07/01/26
    0


    1505872          526/728             F           39,900.00         ZZ
                                         360         39,900.00          1
    30090 S.W. 147TH COURT             9.625            339.15         70
                                       9.375            339.15       57,000.00
    MIAMI            FL   33033          5            07/12/96         00
    0380498510                           05           09/01/96          0
    132137                               N            08/01/26
    0


    1505873          896/728             F           68,000.00         ZZ
                                         360         67,964.75          1
    1208 BOBBIE DRIVE                  9.250            559.42         80
                                       9.000            559.42       85,000.00
    DALTON           GA   30720          1            06/28/96         00
    0380485707                           05           08/01/96          0
    UNKNOWN                              O            07/01/26
    0


    1505881          661/661             F          500,000.00         ZZ
                                         360        498,501.75          1
    311 TAVERN CREEK COURT             7.500          3,496.07        100
                                       7.250          3,496.07      504,280.00
    ST ALBANS        MO   63073          1            03/08/96         92
    2284131                              03           05/01/96         30
    2284131                              O            04/01/26
    0


    1505882          661/661             F          175,000.00         ZZ
                                         360        174,105.16          1
    375 SPRINGTOWN ROAD                6.875          1,149.62        100
                                       6.625          1,149.62      175,000.00
1


    NEW PALTZ        NY   12561          1            01/22/96         92
    2366755                              05           03/01/96         30
    2366755                              O            02/01/26
    0


    1505886          705/728             F           49,700.00         ZZ
                                         360         49,700.00          1
    20211 SW. 113TH PLACE              9.750            427.00         70
                                       9.500            427.00       71,000.00
    MIAMI            FL   33189          5            07/15/96         00
    0380497769                           05           09/01/96          0
    96100050                             N            08/01/26
    0


    1505902          661/661             F          372,000.00         ZZ
                                         360        370,965.84          1
    4507 THORNBURY DRIVE EAST          7.875          2,697.26        100
                                       7.625          2,697.26      372,000.00
    VALPARAISO       IN   46383          1            03/20/96         92
    2426211                              05           05/01/96         30
    2426211                              O            04/01/26
    0


    1505909          661/661             F          340,000.00         ZZ
                                         360        339,361.57          1
    2057 MAYFLOWER DIRVE               8.375          2,584.25        100
                                       8.125          2,584.25      340,000.00
    SILVER SPRING    MD   20905          2            04/26/96         92
    2382257                              05           06/01/96         30
    2382257                              O            05/01/26
    0


    1505913          405/405             F           56,000.00         ZZ
                                         360         55,944.69          1
    1736 OWEN DRIVE                    9.500            470.88         85
                                       9.250            470.88       66,000.00
    CLEARWATER       FL   34619          1            05/15/96         01
    3921186                              05           07/01/96         20
    3921186                              N            06/01/26
    0


    1505915          180/728             F           27,000.00         ZZ
                                         360         26,988.06          1
    230 FRIENDLY AVENUE               10.000            236.94         90
                                       9.750            236.94       30,000.00
    HIGH POINT       NC   27260          1            07/01/96         04
    0380492885                           05           08/01/96         25
    4145207                              N            07/01/26
    0
1




    1505917          180/728             F           28,800.00         ZZ
                                         360         28,800.00          1
    201 CHARLES AVENUE                10.000            252.74         90
                                       9.750            252.74       32,000.00
    HIGH POINT       NC   27260          1            07/03/96         04
    0380496175                           05           09/01/96         25
    4145199                              N            08/01/26
    0


    1505932          462/728             F          131,100.00         ZZ
                                         360        130,963.54          1
    711 SOUTH LOCUST CIRCLE            9.250          1,078.53         95
                                       9.000          1,078.53      138,000.00
    COMPTON          CA   90221          2            05/07/96         14
    0380466343                           05           07/01/96         30
    4475398                              O            06/01/26
    0


    1505936          560/560             F          275,000.00         ZZ
                                         360        274,698.43          1
    7474 E BOULDER PARKWAY #11         9.000          2,212.72         62
                                       8.750          2,212.72      449,600.00
    SCOTTSDALE       AZ   85262          1            05/24/96         00
    450449616                            03           07/01/96          0
    450449616                            N            06/01/26
    0


    1505947          638/728             F           56,600.00         ZZ
                                         360         56,571.42          1
    21 D SUNNYBROOK ROAD               9.375            470.77         90
                                       9.125            470.77       62,900.00
    STRATFORD BOROU  NJ   08087          1            06/19/96         01
    0380477928                           01           08/01/96         25
    08567158                             N            07/01/26
    0


    1505950          688/728             F           60,100.00         ZZ
                                         360         60,046.60          1
    5910 WINTON STREET                10.000            527.42         90
                                       9.750            527.42       66,800.00
    DALLAS           TX   75206          1            06/04/96         01
    0380467168                           05           07/01/96         25
    0038246                              N            06/01/26
    0


    1505951          638/728             F           49,500.00         ZZ
                                         360         49,475.66          1
1


    11533 ANDES STREET                 9.500            416.22         90
                                       9.250            416.22       55,000.00
    STEAD            NV   89506          1            06/24/96         04
    0380493289                           03           08/01/96         25
    8581052                              N            07/01/26
    0


    1505954          560/560             F          275,000.00         ZZ
                                         360        274,698.43          1
    929 NORTHWOOD BOULEVARD #29        9.000          2,212.72         60
                                       8.750          2,212.72      460,850.00
    INCLINE VILLAGE  NV   89451          1            05/28/96         00
    450445242                            01           07/01/96          0
    450445242                            N            06/01/26
    0


    1505962          873/728             F          130,000.00         ZZ
                                         360        130,000.00          1
    BLOSSOM LANE A/K/A 4 WESTPORT      8.875          1,034.34         26
    ROAD                               8.625          1,034.34      500,000.00
    WESTPORT         CT   06880          5            07/02/96         00
    0380491135                           05           09/01/96          0
    120101036                            N            08/01/26
    0


    1505966          526/728             F           57,600.00         ZZ
                                         360         57,547.44          1
    1957 EAST 8TH AVENUE               9.875            500.17         90
                                       9.625            500.17       64,000.00
    MESA             AZ   85204          1            05/23/96         04
    0380494295                           05           07/01/96         25
    126164                               N            06/01/26
    0


    1505982          462/728             F           85,000.00         ZZ
                                         360         84,958.19          1
    705 MIDDLETON AVENUE               9.500            714.73         80
                                       9.250            714.73      107,000.00
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    0380491259                           05           08/01/96         12
    4484994                              N            07/01/26
    0


    1505984          526/728             F          100,800.00         ZZ
                                         360        100,705.56          1
    1015 PINE HILL ROAD                9.750            866.03         80
                                       9.500            866.03      126,000.00
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    0380474974                           05           07/01/96          0
1


    123233                               O            06/01/26
    0


    1505985          B38/728             F          185,000.00         ZZ
                                         360        184,922.42          3
    612, 612A, 612B ORANGE GROVE      10.250          1,657.79         70
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    0380485137                           05           08/01/96          0
    1528                                 N            07/01/26
    0


    1505991          687/728             F           50,400.00         ZZ
                                         360         50,307.83          1
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                                       9.625            437.65       56,000.00
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    0380467051                           05           07/01/96         25
    547786                               N            06/01/26
    0


    1505996          405/405             F           38,700.00         ZZ
                                         360         38,663.73          1
    2441 HIGHLAND AVENUE               9.750            332.50         90
                                       9.500            332.50       43,000.00
    APOPKA           FL   32768          1            05/24/96         01
    3942638                              05           07/01/96         25
    3942638                              N            06/01/26
    0


    1506013          561/728             F           72,000.00         ZZ
                                         360         71,925.05          1
    2608 RYDER AVENUE                  9.250            592.33         90
                                       9.000            592.33       80,000.00
    FORESTVILLE      MD   20747          1            05/30/96         04
    0380472820                           05           07/01/96         30
    8800427                              N            06/01/26
    0


    1506014          A33/728             F           44,700.00         ZZ
                                         360         44,700.00          1
    5937 WHITTIER                      9.875            388.15         80
                                       9.625            388.15       55,900.00
    DETROIT          MI   48224          1            07/05/96         04
    0380498114                           05           09/01/96         12
    001030791                            O            08/01/26
    0


1


    1506019          664/728             F           20,250.00         ZZ
                                         360         20,232.47          1
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    0380473380                           03           07/01/96          0
    2209385                              N            06/01/26
    0


    1506024          776/728             F          108,000.00         ZZ
                                         360        107,901.46          2
    329 EAST 59TH STREET               9.875            937.82         80
                                       9.625            937.82      135,000.00
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    0380474909                           05           07/01/96         12
    6132562                              N            06/01/26
    0


    1506035          171/728             F          100,000.00         ZZ
                                         360         99,890.33          1
    5595 FISHERS FERRY ROAD            9.000            804.63         37
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    0380471491                           05           07/01/96          0
    44077883                             O            06/01/26
    0


    1506048          633/728             F           53,000.00         ZZ
                                         360         52,973.23          1
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    MODESTO          CA   95354          1            05/29/96         04
    0380494436                           05           08/01/96         25
    676034                               N            07/01/26
    0


    1506050          E26/728             F          102,750.00         ZZ
                                         360        102,648.52          1
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    0380468950                           05           07/01/96          0
    435197                               O            06/01/26
    0


    1506053          E22/728             F           40,500.00         ZZ
                                         360         40,461.03          1
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                                       9.375            344.25       45,000.00
1


    PORT HURON       MI   48060          1            05/30/96         04
    0410140917                           05           07/01/96         25
    410140917                            N            06/01/26
    0


    1506058          E22/728             F           56,250.00         ZZ
                                         360         56,168.51          4
    521 FERGUSON STREET                9.625            478.12         75
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    HUMBLE           TX   77338          1            04/19/96         00
    0410077143                           05           06/01/96          0
    410077143                            N            05/01/26
    0


    1506060          E22/728             F           63,200.00         ZZ
                                         360         63,115.48          1
    240 EAST 18TH STREET               9.000            508.52         80
                                       8.750            508.52       79,000.00
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    0410124796                           05           07/01/96          0
    410124796                            O            06/01/26
    0


    1506062          E22/728             F           83,700.00         ZZ
                                         360         83,619.48          1
    22500 FRONT BEACH ROAD             9.625            711.44         53
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    PANAMA CITY BEA  FL   32413          5            05/24/96         00
    0410137558                           01           07/01/96          0
    410137558                            O            06/01/26
    0


    1506067          E22/728             F           64,100.00         ZZ
                                         360         64,035.01          1
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    TAMARAC          FL   33321          5            05/24/96         00
    0410120364                           03           07/01/96          0
    410120364                            O            06/01/26
    0


    1506068          E22/728             F           64,000.00         ZZ
                                         360         63,935.11          1
    835 S OSPREY AVE UNIT # 302        9.375            532.32         76
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    0410169171                           01           07/01/96          0
    410169171                            O            06/01/26
    0
1




    1506070          E22/728             F          131,250.00         ZZ
                                         360        131,116.91          1
    2001 HOLCOMBE UNIT NUMBER 2606     9.375          1,091.68         75
                                       9.125          1,091.68      175,000.00
    HOUSTON          TX   77030          1            05/07/96         00
    0410131924                           06           07/01/96          0
    410131924                            O            06/01/26
    0


    1506072          E22/728             F          180,000.00         ZZ
                                         360        179,556.48          1
    4219 EL MACERO DRIVE               8.750          1,416.06         62
                                       8.500          1,416.06      294,000.00
    DAVIS            CA   95616          5            05/16/96         00
    0410125108                           05           07/01/96          0
    410125108                            O            06/01/26
    0


    1506074          E22/728             F          234,000.00         ZZ
                                         360        233,797.58          4
    3529 NORTH HILLS DRIVE            10.125          2,075.16         90
                                       9.875          2,075.16      260,000.00
    AUSTIN           TX   78731          1            05/21/96         01
    0410131676                           05           07/01/96         25
    410131676                            N            06/01/26
    0


    1506075          E22/728             F           92,000.00         ZZ
                                         360         91,955.93          2
    1417 NORTH 17TH STREET             9.625            781.99         83
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    0410037741                           05           08/01/96         25
    410037741                            N            07/01/26
    0


    1506076          E22/728             F           43,850.00         ZZ
                                         360         43,804.37          1
    110 OLD LEMONS MILL COURT          9.250            360.74         80
                                       9.000            360.74       54,850.00
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    0410114011                           07           07/01/96         12
    410114011                            N            06/01/26
    0


    1506079          E22/728             F          180,000.00         ZZ
                                         360        179,807.69          1
1


    2433 LA GRANADA DRIVE              9.125          1,464.54         60
                                       8.875          1,464.54      305,000.00
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    0410147524                           05           07/01/96          0
    410147524                            O            06/01/26
    0


    1506080          E22/728             F          112,800.00         ZZ
                                         360        112,691.49          4
    900 VOURAY DRIVE                   9.625            958.79         80
                                       9.375            958.79      141,000.00
    KENNER           LA   70065          1            05/30/96         04
    0410132203                           05           07/01/96         12
    410132203                            N            06/01/26
    0


    1506081          E22/728             F           58,500.00         ZZ
                                         360         58,442.23          1
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    ST PETERSBURG    FL   33713          1            05/29/96         04
    0410120059                           05           07/01/96         25
    410120059                            N            06/01/26
    0


    1506082          E22/728             F           68,000.00         ZZ
                                         360         67,927.35          1
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                                       8.875            553.27       85,000.00
    KENNER           LA   70065          5            05/28/96         00
    0410133235                           05           07/01/96          0
    410133235                            O            06/01/26
    0


    1506086          E22/728             F          238,800.00         ZZ
                                         360        238,430.53          1
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                                       8.625          1,900.00      298,500.00
    HUNTINGTON BEAC  CA   92647          1            05/15/96         00
    0410179378                           05           07/01/96          0
    410179378                            O            06/01/26
    0


    1506090          E22/728             F           40,500.00         ZZ
                                         360         40,464.97          1
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                                       9.875            359.16       45,000.00
    HOUSTON          TX   77092          1            06/05/96         01
    0410132872                           05           07/01/96         25
1


    410132872                            N            06/01/26
    0


    1506094          E22/728             F           50,000.00         ZZ
                                         360         49,951.91          1
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                                       9.375            424.99       62,500.00
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    0410132625                           07           07/01/96          0
    410132625                            O            06/01/26
    0


    1506103          292/728             F           33,300.00         ZZ
                                         360         33,283.63          1
    1433 N. GARLAND                    9.500            280.00         90
                                       9.250            280.00       37,000.00
    FAYETTEVILLE     AR   72703          1            06/28/96         04
    0380488602                           05           08/01/96         25
    961890                               N            07/01/26
    0


    1506104          292/728             F           33,300.00         ZZ
                                         360         33,283.63          1
    1435 N GARLAND                     9.500            280.00         90
                                       9.250            280.00       37,000.00
    FAYETTEVILLE     AR   72703          1            06/28/96         04
    0380492398                           05           08/01/96         25
    1172794                              N            07/01/26
    0


    1506143          B81/728             F           85,500.00         ZZ
                                         360         85,459.03          1
    61412 BROSTERHOUS ROAD             9.625            726.75         90
                                       9.375            726.75       95,000.00
    BEND             OR   97702          1            06/25/96         04
    0380492364                           05           08/01/96         25
    961392                               N            07/01/26
    0


    1506152          253/728             F           33,450.00         ZZ
                                         360         33,414.24          1
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    BLDG C                             8.875            272.17      128,000.00
    AUSTIN           TX   78747          2            06/04/96         00
    0380468414                           01           07/01/96          0
    318942                               O            06/01/26
    0


1


    1506165          526/728             F           98,400.00         ZZ
                                         360         98,352.86          1
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                                       9.375            836.39      123,000.00
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    0380488537                           05           08/01/96          0
    131278                               O            07/01/26
    0


    1506183          E22/728             F           69,300.00         ZZ
                                         360         69,229.74          1
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                                       9.125            576.40       77,000.00
    KELSEYVILLE      CA   95451          1            05/24/96         04
    0410150957                           05           07/01/96         25
    410150957                            N            06/01/26
    0


    1506190          E22/728             F           96,000.00         ZZ
                                         360         95,914.84          4
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                                       9.875            851.35      120,000.00
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    0410105761                           05           07/01/96         12
    410105761                            N            06/01/26
    0


    1506193          E22/728             F           58,500.00         ZZ
                                         360         58,428.88          1
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                                       8.250            449.81       65,000.00
    MIAMI            FL   33184          1            05/28/96         12
    0410121271                           01           07/01/96         25
    410121271                            N            06/01/26
    0


    1506201          E22/728             F          127,200.00         ZZ
                                         360        127,071.02          1
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                                       9.125          1,057.99      159,000.00
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    0410144422                           05           07/01/96          0
    410144422                            O            06/01/26
    0


    1506202          E22/728             F           96,000.00         ZZ
                                         360         95,905.19          1
    2992 NW FLAGLER TERRACE            9.500            807.22         75
                                       9.250            807.22      128,000.00
1


    MIAMI            FL   33125          1            05/20/96         00
    0410117428                           05           07/01/96          0
    410117428                            O            06/01/26
    0


    1506205          A06/728             F          116,000.00         ZZ
                                         360        115,742.93          1
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                                       9.250            975.40      155,000.00
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    0380472010                           05           08/01/96          0
    1000009604475                        O            07/01/26
    0


    1506208          526/728             F           77,700.00         ZZ
                                         360         77,621.21          1
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                                       9.125            646.27      111,000.00
    AUSTIN           TX   78747          5            05/20/96         00
    0380485749                           01           07/01/96          0
    120713                               N            06/01/26
    0


    1506211          526/728             F           49,500.00         ZZ
                                         360         49,453.61          1
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                                       9.500            425.29       55,000.00
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    0380474925                           05           07/01/96         25
    125318                               N            06/01/26
    0


    1506219          E22/728             F           36,800.00         ZZ
                                         360         36,766.43          4
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                                       9.625            319.55       46,000.00
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    0410138416                           05           07/01/96         12
    410138416                            N            06/01/26
    0


    1506220          E22/728             F           28,800.00         ZZ
                                         360         28,775.10          1
    115 AZALEA RD                     10.125            255.40         90
                                       9.875            255.40       32,000.00
    GOOSE CREEK      SC   29445          1            05/31/96         01
    0410139646                           05           07/01/96         25
    410139646                            N            06/01/26
    0
1




    1506228          526/728             F           35,000.00         ZZ
                                         360         34,965.43          1
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                                       9.250            294.30       50,000.00
    BANDERA          TX   78003          5            05/28/96         00
    0380488008                           05           07/01/96          0
    126897                               N            06/01/26
    0


    1506231          180/728             F           29,600.00         ZZ
                                         360         29,586.19          4
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                                       9.500            254.31       39,000.00
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    0380498072                           05           08/01/96          0
    3497823                              N            07/01/26
    0


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                                         360         37,760.66          1
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                                       9.000            310.97       42,000.00
    DENTON           TX   76205          1            05/29/96         04
    0410133540                           05           07/01/96         25
    410133540                            N            06/01/26
    0


    1506271          664/728             F           34,200.00         ZZ
                                         360         34,168.79          1
    1601 FARO DRIVE #2401              9.875            296.98         79
                                       9.625            296.98       43,300.00
    AUSTIN           TX   78741          1            06/03/96         04
    0380469255                           01           07/01/96         30
    2146512                              N            06/01/26
    0


    1506278          E22/728             F           31,500.00         ZZ
                                         360         31,421.60          2
    3217-19 TEXAS AVENUE              10.000            276.44         90
                                       9.750            276.44       35,000.00
    ST LOUIS         MO   63118          1            05/31/96         01
    0410064083                           05           07/01/96         25
    410064083                            N            06/01/26
    0


    1506281          664/728             F           42,300.00         ZZ
                                         360         42,276.89          1
1


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                                       8.750            340.36       47,000.00
    MESQUITE         TX   75150          1            06/03/96         01
    0380469263                           05           08/01/96         25
    2201242                              N            07/01/26
    0


    1506282          E22/728             F           90,800.00         ZZ
                                         360         90,707.94          1
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                                       9.125            755.23      113,500.00
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    0410133185                           09           07/01/96          0
    410133185                            O            06/01/26
    0


    1506288          E22/728             F           38,700.00         ZZ
                                         360         38,664.69          1
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                                       9.625            336.05       43,000.00
    SAN MARCOS       TX   78666          1            05/24/96         04
    0410076780                           05           07/01/96         25
    410076780                            N            06/01/26
    0


    1506292          E22/728             F          151,500.00         ZZ
                                         360        151,358.06          1
    15033 SW 147TH STREET              9.750          1,301.62         74
                                       9.500          1,301.62      207,000.00
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    0410119606                           03           07/01/96          0
    410119606                            O            06/01/26
    0


    1506309          B77/728             F           85,000.00         ZZ
                                         360         84,959.28          1
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                                       9.375            722.49      126,000.00
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    0380488677                           01           08/01/96          0
    95301639                             O            07/01/26
    0


    1506311          E22/728             F           25,100.00         ZZ
                                         360         25,075.20          1
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                                       9.250            211.06       36,000.00
    BALTIMORE        MD   21224          2            05/09/96         00
    0410117964                           07           07/01/96          0
1


    410117964                            N            06/01/26
    0


    1506315          E22/728             F           41,250.00         ZZ
                                         360         41,202.37          1
    1000 PARKVIEW DRIVE UNIT # 712     8.750            324.51         75
                                       8.500            324.51       55,000.00
    HALLANDALE       FL   33009          1            05/31/96         00
    0410119341                           06           07/01/96          0
    410119341                            O            06/01/26
    0


    1506318          E46/728             F          136,000.00         ZZ
                                         360        136,000.00          2
    549 JACKSON AVENUE                 9.375          1,131.18         85
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    0380488628                           05           09/01/96         12
    22729                                N            08/01/26
    0


    1506319          927/728             F           68,300.00         ZZ
                                         360         68,236.00          1
    3933 EAST WETHERSFIELD ROAD        9.750            586.81         90
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    0380470733                           05           07/01/96         25
    219576                               N            06/01/26
    0


    1506333          526/728             F           40,000.00         ZZ
                                         360         39,962.51          1
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                                       9.500            343.67       44,500.00
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    0380485921                           05           07/01/96         30
    126833                               N            06/01/26
    0


    1506349          253/728             F           60,000.00         ZZ
                                         360         59,934.19          1
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                                       8.750            482.78       76,000.00
    AUSTIN           TX   78722          1            05/22/96         10
    0380471772                           05           07/01/96         12
    316844                               N            06/01/26
    0


1


    1506354          526/728             F           32,130.00         ZZ
                                         360         32,099.89          2
    105 N BELMONT AVE                  9.750            276.05         90
                                       9.500            276.05       35,700.00
    INDIANAPOLIS     IN   46222          1            05/28/96         04
    0380474727                           05           07/01/96         25
    126750                               N            06/01/26
    0


    1506355          526/728             F           47,200.00         ZZ
                                         360         47,155.76          1
    3014 THIRD AVENUE                  9.750            405.53         80
                                       9.500            405.53       59,000.00
    RICHMOND         VA   23222          2            05/24/96         04
    0380489246                           05           07/01/96         12
    126825                               N            06/01/26
    0


    1506356          526/728             F           32,130.00         ZZ
                                         360         32,099.89          2
    116 N TRAUB AVE                    9.750            276.05         90
                                       9.500            276.05       35,700.00
    INDIANAPOLIS     IN   46222          1            05/28/96         10
    0380474792                           05           07/01/96         25
    126754                               N            06/01/26
    0


    1506361          292/728             F           31,950.00         ZZ
                                         360         31,950.00          1
    1739 WOOLSEY                       9.500            268.65         90
                                       9.250            268.65       35,500.00
    FAYETTEVILLE     AR   72703          1            07/03/96         12
    0380488719                           05           09/01/96         35
    962575                               N            08/01/26
    0


    1506366          942/728             F          150,000.00         ZZ
                                         360        149,933.64          1
    13 SHERWOOD PLACE                 10.000          1,316.36         89
                                       9.750          1,316.36      170,000.00
    WEST ORANGE      NJ   07052          1            06/28/96         01
    0380483660                           05           08/01/96         25
    C10161P6XX                           N            07/01/26
    0


    1506377          638/728             F          375,000.00         ZZ
                                         360        374,588.80          1
    2915 PRIEST LANE                   9.000          3,017.33         71
                                       8.750          3,017.33      530,000.00
1


    TELLURIDE        CO   81435          4            05/29/96         00
    0380482571                           05           07/01/96          0
    08575694                             O            06/01/26
    0


    1506381          E22/728             F           75,000.00         ZZ
                                         360         74,925.93          1
    4759 DAVENPORT AVENUE              9.500            630.64         31
                                       9.250            630.64      245,000.00
    OAKLAND          CA   94619          5            05/24/96         00
    0410038517                           05           07/01/96          0
    410038517                            N            06/01/26
    0


    1506382          E22/728             F           45,500.00         ZZ
                                         360         45,453.86          2
    14649 RIVERSIDE BLVD               9.375            378.45         70
                                       9.125            378.45       65,000.00
    DETROIT          MI   48215          1            05/30/96         00
    0410104509                           05           07/01/96          0
    410104509                            N            06/01/26
    0


    1506385          E22/728             F           28,000.00         ZZ
                                         360         27,973.77          1
    13441 PORT SAID ROAD               9.750            240.56         70
                                       9.500            240.56       40,000.00
    OPALOCKA         FL   33054          1            05/31/96         00
    0410120380                           05           07/01/96          0
    410120380                            N            06/01/26
    0


    1506388          E22/728             F          107,250.00         ZZ
                                         360        107,159.66          3
    1819 14TH AVENUE SOUTH            10.250            961.07         65
                                      10.000            961.07      165,000.00
    MINNEAPOLIS      MN   55404          5            05/30/96         00
    0410169254                           05           07/01/96          0
    410169254                            N            06/01/26
    0


    1506390          E22/728             F           86,250.00         ZZ
                                         360         86,160.22          1
    450 OLOLU DRIVE                    9.250            709.56         75
                                       9.000            709.56      115,000.00
    WINTER PARK      FL   32789          5            06/03/96         00
    0410121024                           05           07/01/96          0
    410121024                            O            06/01/26
    0
1




    1506393          E22/728             F           77,250.00         ZZ
                                         360         77,173.70          4
    520 SW KROME TERRACE               9.500            649.56         75
                                       9.250            649.56      103,500.00
    HOMESTEAD        FL   33030          1            05/29/96         00
    0410119580                           05           07/01/96          0
    410119580                            N            06/01/26
    0


    1506394          E22/728             F           97,500.00         ZZ
                                         360         97,390.28          1
    1754 GRINNELL TERRACE              8.875            775.75         80
                                       8.625            775.75      121,900.00
    WINTER PARK      FL   32789          1            05/30/96         00
    0410187843                           05           07/01/96          0
    410187843                            O            06/01/26
    0


    1506395          E22/728             F           63,000.00         ZZ
                                         360         62,946.95          1
    3600 CHAMBERLAND DRIVE            10.250            564.54         90
                                      10.000            564.54       70,000.00
    ARLINGTON        TX   76014          1            05/23/96         04
    0410179154                           05           07/01/96         25
    410179154                            N            06/01/26
    0


    1506396          E22/728             F           83,700.00         ZZ
                                         360         83,617.35          1
    8610 TURTLE CREEK BLVD BLDG A      9.500            703.79         90
    UNIT # 303                         9.250            703.79       93,000.00
    DALLAS           TX   75225          1            05/29/96         04
    0410133078                           01           07/01/96         25
    410133078                            N            06/01/26
    0


    1506402          E22/728             F           44,000.00         ZZ
                                         360         43,957.67          1
    3818 LEONA STREET                  9.625            374.00         80
                                       9.375            374.00       55,000.00
    TAMPA            FL   33629          1            05/28/96         01
    0410119523                           05           07/01/96         12
    410119523                            N            06/01/26
    0


    1506410          570/570             F           74,900.00         ZZ
                                         360         74,827.95          1
1


    7623 S.W. 105 AVENUE               9.625            636.64         70
                                       9.375            636.64      107,000.00
    MIAMI            FL   33173          1            05/15/96         00
    5847561                              09           07/01/96          0
    5847561                              O            06/01/26
    0


    1506413          253/728             F           80,900.00         ZZ
                                         360         80,824.20          1
    20020 SUMMERSET COURT              9.750            695.06         90
                                       9.500            695.06       89,900.00
    PARKER           CO   80134          1            05/22/96         04
    0380473117                           09           07/01/96         25
    318501                               N            06/01/26
    0


    1506421          A06/728             F           61,750.00         ZZ
                                         360         61,594.84          1
    1035 LONGFELLOW                    8.375            469.35         65
                                       8.125            469.35       95,000.00
    ROYAL OAK        MI   48067          5            04/03/96         00
    0380468331                           05           05/01/96          0
    9602758                              N            04/01/26
    0


    1506427          E22/728             F          116,350.00         ZZ
                                         360        116,242.38          2
    361 MARENGO ROAD                   9.875          1,010.33         95
                                       9.625          1,010.33      122,500.00
    HARVARD          IL   60033          1            05/24/96         11
    0410168983                           05           07/01/96         30
    410168983                            O            06/01/26
    0


    1506429          180/728             F           49,500.00         ZZ
                                         360         49,477.51          1
    5635 WINDSONG TRAIL                9.875            429.83         90
                                       9.625            429.83       55,000.00
    HOUSTON          TX   77084          1            06/27/96         04
    0380493354                           05           08/01/96         25
    4396909                              N            07/01/26
    0


    1506432          E22/728             F           57,350.00         ZZ
                                         360         57,300.39          2
    4143-4145 KALAMATH ST             10.125            508.59         75
                                       9.875            508.59       76,500.00
    DENVER           CO   80211          1            05/23/96         00
    0410132633                           05           07/01/96          0
1


    410132633                            N            06/01/26
    0


    1506435          E22/728             F          135,000.00         ZZ
                                         360        134,873.52          1
    32475 ELEVEN MILE ROAD             9.750          1,159.86         75
                                       9.500          1,159.86      180,000.00
    FARMINGTON HILL  MI   48336          5            05/14/96         00
    0410140719                           05           07/01/96          0
    410140719                            O            06/01/26
    0


    1506439          E22/728             F           40,000.00         ZZ
                                         360         39,960.50          1
    5 BISHOP LANE                      9.500            336.34         77
                                       9.250            336.34       52,000.00
    PALM COAST       FL   32137          1            05/31/96         00
    0410121628                           05           07/01/96          0
    410121628                            O            06/01/26
    0


    1506440          E22/728             F           52,200.00         ZZ
                                         360         52,153.63          1
    1246 BIG FALLS AVE                10.000            458.09         90
                                       9.750            458.09       58,000.00
    AKRON            OH   44310          1            05/17/96         04
    0410140438                           05           07/01/96         25
    410140438                            N            06/01/26
    0


    1506441          E22/728             F          140,000.00         ZZ
                                         360        139,858.05          2
    6489 HART LANE A & B               9.375          1,164.45         70
                                       9.125          1,164.45      200,000.00
    AUSTIN           TX   78731          5            05/31/96         00
    0410133292                           05           07/01/96          0
    410133292                            N            06/01/26
    0


    1506442          E22/728             F           61,300.00         ZZ
                                         240         61,115.75          1
    2023 RYCROFT DRIVE                 9.000            551.53         75
                                       8.750            551.53       82,500.00
    SPRING           TX   77386          2            05/30/96         00
    0410133771                           03           07/01/96          0
    410133771                            N            06/01/16
    0


1


    1506458          F30/728             F          120,000.00         ZZ
                                         360        120,000.00          1
    250 VALLEY VIEW DRIVE              9.250            987.21         61
                                       9.000            987.21      198,000.00
    SPRINGDALE       UT   84767          4            07/01/96         00
    0380487729                           05           09/01/96          0
    100452                               O            08/01/26
    0


    1506459          F30/728             F          100,000.00         ZZ
                                         360        100,000.00          1
    3655 SOUTH POMEGRANATE WAY         9.250            822.68         77
                                       9.000            822.68      131,000.00
    ST GEORGE        UT   84790          2            07/03/96         00
    0380491697                           05           09/01/96          0
    100462                               O            08/01/26
    0


    1506474          965/728             F          199,750.00         ZZ
                                         360        199,651.74          1
    1851 E LOCKWOOD STREET             9.500          1,679.61         85
                                       9.250          1,679.61      235,000.00
    MESA             AZ   85203          1            06/27/96         04
    0380487596                           05           08/01/96         20
    158333                               N            07/01/26
    0


    1506478          E87/728             F           49,000.00         ZZ
                                         360         49,000.00          3
    152, 154 AND 156 STONE AVENUE     10.125            434.54         70
                                       9.875            434.54       70,000.00
    SHAFTER          CA   93263          5            07/08/96         00
    0380497447                           05           09/01/96          0
    70000115                             N            08/01/26
    0


    1506483          633/728             F          247,400.00         ZZ
                                         360        247,250.13          1
    803-A CARNELIAN STREET             8.500          1,902.29         90
                                       8.250          1,902.29      275,000.00
    REDONDO BEACH    CA   90277          1            06/19/96         10
    0380493396                           01           08/01/96         30
    671829                               O            07/01/26
    0


    1506498          E57/728             F           30,000.00         ZZ
                                         360         29,966.25          1
    10212 HOLBURN DRIVE                8.875            238.69         34
                                       8.625            238.69       90,000.00
1


    HUNTINGTON BEAC  CA   92646          5            05/20/96         00
    0380469636                           09           07/01/96          0
    489492005000                         N            06/01/26
    0


    1506502          971/728             F           89,750.00         ZZ
                                         360         89,704.67          1
    2171 SW 21ST STREET                9.375            746.50         60
                                       9.125            746.50      150,000.00
    MIAMI            FL   33145          5            06/10/96         00
    0380470121                           05           08/01/96          0
    UNKNOWN                              O            07/01/26
    0


    1506520          286/286             F           45,900.00         ZZ
                                         360         45,848.33          1
    14 SOUTH HALL PL                   8.875            365.21         90
                                       8.625            365.21       51,000.00
    FAIRFIELD        OH   45014          1            05/09/96         10
    8362244                              01           07/01/96         25
    8362244                              N            06/01/26
    0


    1506551          E23/728             F           89,100.00         ZZ
                                         360         89,056.17          1
    4822 WEST VOGEL AVENUE             9.500            749.21         90
                                       9.250            749.21       99,000.00
    GLENDALE         AZ   85302          1            06/10/96         04
    0380471764                           05           08/01/96         25
    104770                               N            07/01/26
    0


    1506564          776/728             F           72,800.00         ZZ
                                         360         72,731.80          2
    1422 SOUTH COLUMBUS STREET         9.750            625.46         70
                                       9.500            625.46      104,000.00
    BOISE            ID   83705          5            05/24/96         00
    0380473976                           05           07/01/96          0
    2532873                              N            06/01/26
    0


    1506569          776/728             F          105,750.00         T
                                         360        105,653.51          1
    6546 DENSMORE AVENUE               9.875            918.28         90
                                       9.625            918.28      117,500.00
    VAN NUYS         CA   91406          1            05/23/96         10
    0380473158                           05           07/01/96         25
    6332324                              O            06/01/26
    0
1




    1506570          526/728             F           76,700.00         ZZ
                                         360         76,615.89          1
    2351 NOWLIN CIRCLE                 9.000            617.15         90
                                       8.750            617.15       85,300.00
    ACWORTH          GA   30102          1            05/24/96         10
    0380470840                           05           07/01/96         25
    119047                               N            06/01/26
    0


    1506573          405/405             F           84,000.00         ZZ
                                         360         83,799.72          1
    1112 ESCONDIDA AVENUE              8.625            653.35         34
                                       8.375            653.35      250,000.00
    VISTA            CA   92083          5            05/24/96         00
    3943578                              03           07/01/96          0
    3943578                              N            06/01/26
    0


    1506581          E26/728             F          146,000.00         ZZ
                                         360        145,911.55          1
    6349 SILAS BURKE STREET            8.500          1,122.62         80
                                       8.250          1,122.62      182,500.00
    BURKE            VA   22015          1            06/04/96         00
    0380487935                           05           08/01/96          0
    436085                               O            07/01/26
    0


    1506584          661/661             F          100,000.00         T
                                         360         99,675.10          1
    4612 LAUREL RIDGE DRIVE            8.000            733.77        100
                                       7.750            733.77      100,000.00
    HARRISBURG       PA   17110          1            03/19/96         92
    2465698                              05           05/01/96         30
    2465698                              O            04/01/26
    0


    1506587          661/661             F          253,000.00         ZZ
                                         360        252,396.03          1
    329 EATON                          8.625          1,967.81        100
                                       8.375          1,967.81      253,000.00
    NORTHFIELD       IL   60093          1            03/29/96         92
    2473650                              05           05/01/96         30
    2473650                              O            04/01/26
    0


    1506593          661/661             F          400,000.00         ZZ
                                         360        399,212.72          1
1


    286 SHERIDAN RD                    8.125          2,969.99         96
                                       7.875          2,969.99      420,000.00
    OAKLAND          CA   94618          5            04/03/96         94
    2471332                              05           06/01/96         30
    2471332                              O            05/01/26
    0


    1506597          661/661             F          210,000.00         ZZ
                                         360        209,472.41          1
    7215 MARGERUM AVENUE               8.375          1,596.15        100
                                       8.125          1,596.15      210,000.00
    SAN DIEGO        CA   92120          1            03/28/96         92
    2468767                              05           05/01/96         30
    2468767                              O            04/01/26
    0


    1506601          661/661             F          119,000.00         ZZ
                                         360        118,701.00          1
    8 AVISTA CIRCLE                    8.375            904.49        100
                                       8.125            904.49      119,000.00
    ST. AUGUSTINE    FL   32084          1            03/15/96         92
    2483170                              05           05/01/96         30
    2483170                              O            04/01/26
    0


    1506604          638/728             F           54,000.00         ZZ
                                         360         53,973.44          1
    809 DELAIR AVENUE                  9.500            454.06         90
                                       9.250            454.06       60,000.00
    PENNSAUKEN       NJ   08110          1            06/28/96         10
    0380493099                           07           08/01/96         25
    8581661                              N            07/01/26
    0


    1506608          638/728             F           95,950.00         ZZ
                                         360         95,950.00          1
    4708 NE 130TH AVENUE               9.375            798.06         85
                                       9.125            798.06      112,900.00
    VANCOUVER        WA   98682          1            06/26/96         10
    0380493297                           05           09/01/96         12
    8579820                              N            08/01/26
    0


    1506615          816/728             F           33,600.00         ZZ
                                         360         33,584.32          1
    919 PAOLI AVENUE S.E               9.750            288.68         70
                                       9.500            288.68       48,000.00
    ATLANTA          GA   30315          2            07/01/96         00
    0380490111                           05           08/01/96          0
1


    14598                                N            07/01/26
    0


    1506617          635/635             F          122,400.00         ZZ
                                         360        122,400.00          1
    11 WHINSTONE ST                    9.250          1,006.96         80
                                       9.000          1,006.96      153,000.00
    CORAM            NY   11727          1            07/19/96         00
    6521231                              05           09/01/96          0
    6521231                              O            08/01/26
    0


    1506630          661/661             F          190,000.00         ZZ
                                         360        189,652.26          1
    190805 EAST 45TH AVENUE            8.500          1,460.93         96
                                       8.250          1,460.93      199,000.00
    KENNEWICK        WA   99337          5            03/29/96         92
    2481935                              05           06/01/96         30
    2481935                              O            05/01/26
    0


    1506631          661/661             F          202,000.00         ZZ
                                         360        201,492.52          1
    6203 HIGH GATE COURT               8.375          1,535.34        100
                                       8.125          1,535.34      202,000.00
    COLLEYVILLE      TX   76034          1            03/15/96         92
    2473700                              05           05/01/96         30
    2473700                              O            04/01/26
    0


    1506632          661/661             F           98,000.00         ZZ
                                         360         97,753.79          1
    4042 NORTHWEST 62 AVENUE           8.375            744.87        100
                                       8.125            744.87       98,000.00
    GAINESVILLE      FL   32653          1            03/29/96         92
    2483337                              03           05/01/96         30
    2483337                              O            04/01/26
    0


    1506635          E22/728             F          150,150.00         ZZ
                                         360        149,993.72          1
    9021 EDGEWOOD DRIVE                9.250          1,235.25         65
                                       9.000          1,235.25      231,000.00
    GAITHERSBURG     MD   20877          5            06/03/96         00
    0410118442                           05           07/01/96          0
    410118442                            O            06/01/26
    0


1


    1506638          E22/728             F          120,000.00         ZZ
                                         360        119,868.41          1
    708 NORTH NYSSA AVENUE             9.000            965.55         80
                                       8.750            965.55      150,000.00
    BROKEN ARROW     OK   74012          1            05/24/96         00
    0410178941                           05           07/01/96          0
    410178941                            O            06/01/26
    0


    1506642          480/728             F           39,900.00         ZZ
                                         360         39,863.59          1
    7605 EL PASEO COURT                9.875            346.47         79
                                       9.625            346.47       51,000.00
    TAMPA            FL   33615          1            05/29/96         04
    0380470311                           09           07/01/96         12
    1926609                              N            06/01/26
    0


    1506682          964/728             F           74,400.00         ZZ
                                         360         74,362.43          1
    2760 WETHERLY AVENUE               9.375            618.82         80
                                       9.125            618.82       93,000.00
    LONG BEACH       CA   90810          1            06/27/96         00
    0380489089                           05           08/01/96          0
    18887                                O            07/01/26
    0


    1506691          F15/728             F           81,000.00         ZZ
                                         360         80,955.76          1
    1980 HUTCHINS CIRCLE               9.000            651.74         90
                                       8.750            651.74       90,000.00
    MEDFORD          OR   97504          1            06/24/96         12
    0380472598                           05           08/01/96         25
    96010042                             N            07/01/26
    0


    1506705          E22/728             F          105,600.00         ZZ
                                         360        105,500.46          1
    3 BONITO COURT                     9.750            907.27         80
                                       9.500            907.27      132,000.00
    SANTA FE         NM   87505          1            05/31/96         95
    0410178784                           03           07/01/96          0
    410178784                            N            06/01/26
    0


    1506708          E22/728             F           66,600.00         ZZ
                                         360         66,545.39          2
    326 2ND AVE S                     10.375            603.00         90
                                      10.125            603.00       74,000.00
1


    SOUTH ST PAUL    MN   55075          1            05/28/96         01
    0410170120                           05           07/01/96         25
    410170120                            N            06/01/26
    0


    1506710          E22/728             F           68,300.00         ZZ
                                         360         68,237.69          1
    1912 OLD CLARKSVILLE PIKE          9.875            593.08         90
                                       9.625            593.08       75,900.00
    CHAPMANSBORO     TN   37035          1            05/20/96         04
    0410121131                           05           07/01/96         25
    410121131                            N            06/01/26
    0


    1506715          757/757             F          168,500.00         ZZ
                                         360        168,412.64          1
    1248 LAKESTONE COURT               9.250          1,386.21         63
                                       9.000          1,386.21      270,000.00
    GAINESVILLE      GA   30501          5            06/07/96         00
    2787612                              05           08/01/96          0
    2787612                              O            07/01/26
    0


    1506722          405/405             F           58,800.00         ZZ
                                         360         58,741.91          1
    2436 NORTHLAKE COURT               9.500            494.43         70
                                       9.250            494.43       84,000.00
    ATLANTA          GA   30345          5            05/24/96         00
    3945185                              01           07/01/96          0
    3945185                              N            06/01/26
    0


    1506743          961/728             F          160,500.00         ZZ
                                         360        160,345.61          2
    110-112 SOUTH HOOVER STREET        9.625          1,364.23         95
                                       9.375          1,364.23      169,000.00
    LOS ANGELES      CA   90004          1            05/21/96         01
    0380473943                           05           07/01/96         30
    9108927                              O            06/01/26
    0


    1506744          731/728             F           48,850.00         ZZ
                                         360         48,825.97          1
    208 FELKER STREET                  9.500            410.76         90
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    MONROE           GA   30655          1            06/06/96         01
    0380473927                           05           08/01/96         25
    3140661952                           O            07/01/26
    0
1




    1506748          353/353             F          160,000.00         ZZ
                                         360        159,900.55          1
    4371-A KAPUNA ROAD APT B           8.375          1,216.12         54
                                       8.125          1,216.12      300,000.00
    KILAUEA          HI   96754          1            06/04/96         00
    16061272                             05           08/01/96          0
    16061272                             O            07/01/26
    0


    1506749          A06/728             F          188,000.00         ZZ
                                         360        187,477.33          1
    30815 RIVER CROSSING               7.875          1,363.14         80
                                       7.625          1,363.14      235,000.00
    BINGHAM FARMS    MI   48025          1            04/01/96         00
    0380468372                           01           05/01/96          0
    9602077                              O            04/01/26
    0


    1506750          765/728             F          308,000.00         ZZ
                                         360        307,848.49          1
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    CHATSWORTH AREA  CA   91311          1            06/06/96         00
    0380472580                           05           08/01/96          0
    315258                               O            07/01/26
    0


    1506758          661/661             F          111,000.00         T
                                         360        110,802.00          1
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    MYRTLE BEACH     SC   29572          1            04/12/96         92
    2487742                              01           06/01/96         30
    2487742                              O            05/01/26
    0


    1506768          405/405             F           31,900.00         ZZ
                                         360         31,865.01          1
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                                       8.750            256.68       35,500.00
    HUDSON           FL   34667          1            05/31/96         01
    3942778                              05           07/01/96         25
    3942778                              N            06/01/26
    0


    1506774          661/661             F          170,000.00         ZZ
                                         360        169,782.45          1
1


    7705 SHELDON                       8.250          1,277.15        100
                                       8.000          1,277.15      170,000.00
    AMARILLO         TX   79109          1            05/06/96         92
    249956                               05           07/01/96         30
    249956                               O            06/01/26
    0


    1506783          560/560             F          140,000.00         ZZ
                                         360        139,938.06          1
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                                       9.750          1,228.61      200,000.00
    PORTSMOUTH       NH   03801          5            06/07/96         00
    450452636                            05           08/01/96          0
    450452636                            N            07/01/26
    0


    1506787          661/661             F          180,000.00         T
                                         360        179,512.02          1
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    PALM DESERT      CA   92211          5            03/28/96         92
    2469617                              01           05/01/96         30
    2469617                              O            04/01/26
    0


    1506791          661/661             F           59,500.00         T
                                         360         59,350.52          1
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                                       8.125            452.24       59,500.00
    ORMOND BEACH     FL   32176          1            03/22/96         92
    2490142                              09           05/01/96         30
    2490142                              O            04/01/26
    0


    1506795          685/728             F          188,000.00         ZZ
                                         360        187,897.31          1
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    0380473372                           01           08/01/96          0
    104674                               O            07/01/26
    0


    1506801          661/661             F           83,000.00         ZZ
                                         360         82,851.95          1
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                                       8.375            645.56       83,000.00
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    2498459                              05           06/01/96         30
1


    2498459                              O            05/01/26
    0


    1506804          661/661             F          130,000.00         ZZ
                                         360        129,729.88          1
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                                       7.625            942.58      130,000.00
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    2484558                              03           06/01/96         30
    2484558                              O            05/01/26
    0


    1506806          661/661             F          255,575.00         ZZ
                                         360        254,932.92          1
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    FT. MYERS        FL   33908          1            03/29/96         92
    2489243                              03           05/01/96         30
    2489243                              O            04/01/26
    0


    1506810          882/882             F           46,800.00         ZZ
                                         360         46,800.00          1
    19201 COLLINS AVENUE               9.875            406.39         75
    1124                               9.625            406.39       62,400.00
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    UNKNOWN                              22           09/01/96          0
    UNKNOWN                              N            08/01/26
    0


    1506814          638/728             F          207,000.00         ZZ
                                         360        206,892.68          1
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    0380492372                           05           08/01/96          0
    08582005                             O            07/01/26
    0


    1506816          B28/728             F          100,000.00         ZZ
                                         360         99,881.50          1
    149 SOLANA DRIVE                   8.625            777.79         53
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    0380472655                           05           07/01/96          0
    05961790                             O            06/01/26
    0


1


    1506820          E22/728             F          320,000.00         ZZ
                                         360        319,675.54          1
    4711 ESSEX AVENUE                  9.375          2,661.60         80
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    0410188122                           05           07/01/96          0
    410188122                            O            06/01/26
    0


    1506823          E22/728             F           79,000.00         ZZ
                                         360         78,924.01          1
    19054 MARISA DRIVE UNIT # 14       9.625            671.49         69
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    0410141238                           01           07/01/96          0
    410141238                            O            06/01/26
    0


    1506824          E22/728             F          100,000.00         ZZ
                                         360         99,953.35          1
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    0410139760                           05           08/01/96         12
    410139760                            N            07/01/26
    0


    1506825          E22/728             F           57,600.00         ZZ
                                         360         57,551.47          1
    2005 MITCHELL ROAD                10.250            516.16         90
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    0410132070                           05           07/01/96         25
    410132070                            N            06/01/26
    0


    1506835          E22/728             F           66,150.00         ZZ
                                         360         66,094.26          1
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    0410179014                           05           07/01/96         25
    410179014                            N            06/01/26
    0


    1506840          E22/728             F          198,750.00         ZZ
                                         360        198,638.58          1
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1


    ARCADIA          CA   91007          1            05/29/96         00
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    410145668                            O            07/01/26
    0


    1506842          E22/728             F           32,100.00         ZZ
                                         360         32,084.22          1
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    0410168660                           05           08/01/96         12
    410168660                            N            07/01/26
    0


    1506843          E22/728             F           32,250.00         ZZ
                                         360         32,215.45          1
    241 ARCADIA                        9.500            271.18         80
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    PARK FOREST      IL   60466          1            05/30/96         01
    0410168652                           05           07/01/96         12
    410168652                            N            06/01/26
    0


    1506845          E22/728             F           32,250.00         ZZ
                                         360         32,211.92          1
    284 ARROWHEAD                      9.500            271.18         80
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    0410168645                           05           07/01/96         12
    410168645                            N            06/01/26
    0


    1506846          E22/728             F           36,950.00         ZZ
                                         360         36,913.50          1
    242 ARCADIA                        9.500            310.70         80
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    0410168637                           05           07/01/96         12
    410168637                            N            06/01/26
    0


    1506849          E22/728             F           35,700.00         ZZ
                                         360         35,683.34          3
    214 216 216-1/2 SOUTH 29TH STR     9.750            306.72         70
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    BILLINGS         MT   59101          1            06/05/96         00
    0410111561                           05           08/01/96          0
    410111561                            N            07/01/26
    0
1




    1506854          E22/728             F           84,800.00         ZZ
                                         360         84,711.74          1
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    0410132971                           05           07/01/96          0
    410132971                            O            06/01/26
    0


    1506855          B35/728             F           30,000.00         ZZ
                                         360         30,000.00          1
    2 FARRAGUT PLACE NW                9.500            252.26         30
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    0380497801                           05           09/01/96          0
    9682010736                           O            08/01/26
    0


    1506856          E22/728             F           22,750.00         T
                                         360         22,729.78          1
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    GALVESTON        TX   77551          1            05/29/96         00
    0410133631                           01           07/01/96          0
    410133631                            O            06/01/26
    0


    1506862          E22/728             F           45,500.00         ZZ
                                         360         45,452.64          2
    1032 XENIA AVENUE AND              9.250            374.32         61
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    DAYTON           OH   45410          5            05/23/96         00
    0410076467                           05           07/01/96          0
    410076467                            N            06/01/26
    0


    1506864          E22/728             F          207,000.00         ZZ
                                         360        206,773.01          1
    3040 15TH STREET                   9.000          1,665.57         79
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    0410133607                           05           07/01/96          0
    410133607                            O            06/01/26
    0


    1506868          405/405             F           60,000.00         ZZ
                                         360         59,968.89          1
1


    1504 ESCONDIDA COURT               9.250            493.61         50
                                       9.000            493.61      121,500.00
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    3964228                              05           08/01/96          0
    3964228                              O            07/01/26
    0


    1506877          757/757             F           29,700.00         ZZ
                                         360         29,686.14          1
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    2786655                              05           08/01/96         25
    2786655                              N            07/01/26
    0


    1506896          405/405             F           35,000.00         ZZ
                                         360         33,969.82          4
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    3838596                              05           07/01/96          0
    3838596                              N            06/01/26
    0


    1506899          B75/728             F           78,800.00         ZZ
                                         360         78,729.99          2
    2141-2143 FLEUR DE LIS COURT      10.000            691.53         80
                                       9.750            691.53       98,500.00
    ARLINGTON        TX   76012          1            05/03/96         01
    0380470113                           05           07/01/96         12
    2582237                              N            06/01/26
    0


    1506922          232/076             F          214,600.00         ZZ
                                         360        214,393.56          3
    178 LOCKWOOD AVENUE                9.625          1,824.08         90
                                       9.375          1,824.08      238,500.00
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    11017249                             05           07/01/96         25
    11017249                             O            06/01/26
    0


    1506927          526/728             F           72,400.00         ZZ
                                         360         72,330.34          1
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                                       9.375            615.40       90,500.00
    HARRISONVILLE    MO   64701          1            05/24/96         00
    0380469909                           05           07/01/96          0
1


    123426                               O            06/01/26
    0


    1506940          A73/728             F          103,500.00         ZZ
                                         360        103,320.07          1
    617 LAS ARENAS COURT               8.750            814.23         75
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    0380469883                           05           06/01/96          0
    0568235585                           O            05/01/26
    0


    1506946          575/728             F           87,500.00         ZZ
                                         360         87,456.96          4
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    WATERVLIET       NY   12189          5            06/05/96         00
    0380476755                           05           08/01/96          0
    1648294                              N            07/01/26
    0


    1506981          E22/728             F           97,600.00         ZZ
                                         360         97,354.14          1
    13630 SUMMER GLEN DRIVE            8.750            767.82         80
                                       8.500            767.82      122,000.00
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    0410133698                           03           07/01/96          0
    410133698                            O            06/01/26
    0


    1506983          E22/728             F           40,000.00         ZZ
                                         360         39,960.50          1
    130 YACHT CLUB DRIVE UNIT # 3      9.500            336.34         59
                                       9.250            336.34       68,000.00
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    0410121370                           01           07/01/96          0
    410121370                            O            06/01/26
    0


    1506986          E22/728             F           58,800.00         ZZ
                                         360         58,735.52          1
    1432 COCHRAN DRIVE                 9.000            473.12         80
                                       8.750            473.12       73,500.00
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    0410115059                           05           07/01/96          0
    410115059                            O            06/01/26
    0


1


    1506991          E22/728             F           45,900.00         ZZ
                                         360         45,877.43          1
    101 SOUTH PLATT                    9.500            385.95         70
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    RED LODGE        MT   59068          1            05/29/96         00
    0410111553                           05           08/01/96          0
    410111553                            N            07/01/26
    0


    1506993          E22/728             F          200,000.00         ZZ
                                         360        199,797.21          1
    120 MOHAWK DRIVE                   9.375          1,663.50         74
                                       9.125          1,663.50      273,000.00
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    0410100291                           05           07/01/96          0
    410100291                            O            06/01/26
    0


    1507011          E22/728             F          100,000.00         ZZ
                                         360         99,893.17          1
    3775 SATIN LEAF COURT              9.125            813.63         58
                                       8.875            813.63      175,000.00
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    0410121453                           03           07/01/96          0
    410121453                            O            06/01/26
    0


    1507014          E22/728             F          114,450.00         ZZ
                                         360        114,393.70          1
    13813 W 68TH AVENUE                9.500            962.36         90
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    ARVADA           CO   80004          1            06/05/96         04
    0410179030                           05           08/01/96         25
    410179030                            N            07/01/26
    0


    1507015          E22/728             F          146,950.00         ZZ
                                         360        146,780.28          1
    500 TAMARA DRIVE                   8.750          1,156.06         80
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    GEORGETOWN       TX   78628          1            06/07/96         00
    0410133870                           05           07/01/96          0
    410133870                            O            06/01/26
    0


    1507020          E22/728             F           79,600.00         ZZ
                                         360         79,558.73          1
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                                       9.000            654.85       99,500.00
1


    GROSSE ILE       MI   48138          1            06/12/96         00
    0410140511                           01           08/01/96          0
    410140511                            O            07/01/26
    0


    1507023          201/728             F           86,850.00         ZZ
                                         360         86,770.74          1
    1260 OPAL CIRCLE                   9.875            754.17         90
                                       9.625            754.17       96,500.00
    LAWRENCEVILLE    GA   30243          1            05/28/96         01
    0380477654                           05           07/01/96         25
    502382                               N            06/01/26
    0


    1507037          B74/728             F          277,600.00         ZZ
                                         360        277,452.27          1
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                                       8.875          2,258.65      347,000.00
    YORBA LINDA      CA   92686          1            06/06/96         00
    0380473232                           05           08/01/96          0
    961195                               O            07/01/26
    0


    1507117          635/635             F           58,000.00         ZZ
                                         360         58,000.00          1
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    HINGHAM          MA   02043          1            07/02/96         00
    650680200                            01           09/01/96          0
    650680200                            O            08/01/26
    0


    1507130          731/728             F           53,950.00         ZZ
                                         360         53,924.83          1
    949 ASHBY GROVE S.W.               9.750            463.51         90
                                       9.500            463.51       60,000.00
    ATLANTA          GA   30314          1            06/11/96         01
    0380489113                           05           08/01/96         25
    3140662126                           O            07/01/26
    0


    1507141          776/728             F           37,400.00         ZZ
                                         360         37,363.06          1
    505 NORTH 10TH STREET              9.500            314.48         75
                                       9.250            314.48       49,900.00
    ST. HELENS       OR   97051          1            05/17/96         00
    0380501941                           05           07/01/96          0
    5032477                              N            06/01/26
    0
1




    1507165          526/728             F          101,600.00         ZZ
                                         360        101,504.79          1
    324 SEPASCO LAKE ROAD              9.750            872.91         80
                                       9.500            872.91      127,000.00
    RHINEBECK        NY   12572          1            05/28/96         00
    0380477340                           05           07/01/96          0
    119797                               O            06/01/26
    0


    1507166          526/728             F           50,000.00         T
                                         360         49,942.23          1
    5046 MOSS CREEK CIRCLE             8.750            393.36         51
                                       8.500            393.36       99,500.00
    STOCKTON         CA   95207          1            05/28/96         00
    0380476508                           05           07/01/96          0
    127618                               O            06/01/26
    0


    1507169          526/728             F           76,750.00         ZZ
                                         360         76,458.71          1
    1824 PUTNEY CIRCLE                 8.375            583.36         80
                                       8.125            583.36       95,990.00
    ORLANDO          FL   32837          1            01/30/96         04
    0380470865                           05           03/01/96         12
    0066976                              N            02/01/26
    0


    1507172          526/728             F           76,500.00         ZZ
                                         360         76,430.20          1
    1834 COLUMBIA STREET               9.875            664.29         90
                                       9.625            664.29       85,000.00
    HOUSTON          TX   77008          1            05/28/96         10
    0380471145                           05           07/01/96         30
    0129283                              N            06/01/26
    0


    1507184          766/728             F           30,150.00         ZZ
                                         360         30,135.17          1
    3831 PARK LANE DR #3831            9.500            253.52         90
                                       9.250            253.52       33,500.00
    CLARKSTON        GA   30021          1            06/05/96         12
    0380471376                           01           08/01/96         25
    96GR0086                             N            07/01/26
    0


    1507194          526/728             F           62,800.00         ZZ
                                         360         62,579.21          1
1


    465 WEST IVYGLEN STREET            8.750            494.05         52
                                       8.500            494.05      122,000.00
    MESA             AZ   85201          2            01/22/96         00
    0380473133                           03           03/01/96          0
    95473                                N            02/01/26
    0


    1507201          526/728             F           33,200.00         ZZ
                                         360         33,098.00          2
    4 & 6 CHANNING AVENUE              8.500            255.28         80
                                       8.250            255.28       41,500.00
    PORTSMOUTH       VA   23702          1            02/23/96         10
    0380469099                           05           04/01/96         12
    90060                                N            03/01/26
    0


    1507203          526/728             F           76,000.00         ZZ
                                         360         75,658.99          2
    1108-1110 MOCK DRIVE               9.000            611.52         80
                                       8.750            611.52       95,000.00
    BLUE SPRINGS     MO   64015          1            11/30/95         04
    0380469016                           05           01/01/96         12
    82624                                N            12/01/25
    0


    1507207          698/728             F          120,000.00         ZZ
                                         360        119,857.79          2
    3141 EAST POPPY STREET             8.625            933.35         80
                                       8.375            933.35      150,000.00
    LONG BEACH       CA   90805          2            05/23/96         00
    0380471657                           05           07/01/96          0
    6404964                              O            06/01/26
    0


    1507209          405/405             F          266,000.00         ZZ
                                         360        266,000.00          1
    1 GLORIETA ROAD                    9.250          2,188.32         70
                                       9.000          2,188.32      380,000.00
    SANTA FE         NM   87505          5            07/05/96         00
    3962909                              03           09/01/96          0
    3962909                              O            08/01/26
    0


    1507223          570/570             F           56,000.00         ZZ
                                         360         55,944.69          1
    6299 109TH AVENUE NORTH            9.500            470.88         68
                                       9.250            470.88       82,500.00
    PINELLAS PARK    FL   34666          1            05/31/96         00
    5849815                              05           07/01/96          0
1


    5849815                              O            06/01/26
    0


    1507245          568/728             F          193,325.00         ZZ
                                         360        193,325.00          2
    4163-4165 WEST 182ND STREET        9.875          1,678.74         95
                                       9.625          1,678.74      203,500.00
    TORRANCE         CA   90504          1            07/08/96         01
    0380495284                           05           09/01/96         30
    807329                               O            08/01/26
    0


    1507254          A78/728             F           74,800.00         ZZ
                                         360         74,766.02          1
    2850 E AURORA AVE                  9.875            649.52         55
    #210                               9.625            649.52      136,000.00
    BOULDER          CO   80303          1            06/28/96         00
    0380484437                           03           08/01/96          0
    010051048                            N            07/01/26
    0


    1507256          A78/728             F           62,900.00         ZZ
                                         360         62,871.42          1
    2850 E AURORA AVE                  9.875            546.19         55
    107                                9.625            546.19      114,500.00
    BOULDER          CO   80303          5            06/27/96         00
    0380483728                           07           08/01/96          0
    010051047                            N            07/01/26
    0


    1507297          731/728             F           55,350.00         ZZ
                                         360         55,318.97          1
    1105 N W  10TH AVENUE              8.875            440.39         74
                                       8.625            440.39       75,000.00
    GAINESVILLE      FL   32601          2            06/12/96         00
    0380493628                           05           08/01/96          0
    3140962207                           N            07/01/26
    0


    1507315          E09/728             F          304,000.00         ZZ
                                         360        303,846.48          1
    2801 STERLING COVE DRIVE           9.375          2,528.52         80
                                       9.125          2,528.52      380,000.00
    LAS VEGAS        NV   89128          5            06/11/96         00
    0380476979                           05           08/01/96          0
    1001809                              O            07/01/26
    0


1


    1507317          526/728             F          234,000.00         T
                                         360        233,756.42          1
    215 AVENIDA MONTALVO #A            9.250          1,925.07         90
                                       9.000          1,925.07      260,000.00
    SAN CLEMENTE     CA   92677          1            05/22/96         10
    0380470659                           01           07/01/96         25
    125386                               N            06/01/26
    0


    1507337          F86/F86             F          156,000.00         ZZ
                                         360        144,722.63          2
    81-83  OVERHILL ROAD               8.625          1,213.36         80
                                       8.375          1,213.36      195,000.00
    PROVIDENCE       RI   02906          5            09/13/89         00
    758243                               05           11/01/89          0
    758243                               O            10/01/19
    0


    1507361          F86/F86             F          102,500.00         ZZ
                                         360         98,614.46          1
    12 EDGEWOOD, UNIT 154              8.750            806.37         79
                                       8.500            806.37      130,000.00
    AVON             CT   06001          2            12/30/91         00
    1475406                              03           03/01/92          0
    1475406                              O            02/01/22
    0


    1507362          F86/F86             F           55,000.00         ZZ
                                         360         52,820.81          1
    151 HUNT LANE                      8.750            432.69         48
                                       8.500            432.69      115,000.00
    EAST HAVEN       CT   06512          5            11/14/91         00
    1475476                              05           01/01/92          0
    1475476                              O            12/01/21
    0


    1507364          F86/F86             F           98,320.00         ZZ
                                         360         94,346.06          1
    14 HARRISON AVENUE                 8.625            764.73         80
                                       8.375            764.73      122,900.00
    ENFIELD          CT   06082          1            12/27/91         00
    1475576                              05           02/01/92          0
    1475576                              O            01/01/22
    0


    1507365          F86/F86             F          190,000.00         ZZ
                                         360        182,627.66          1
    777 PROSPECT AVENUE                8.500          1,460.94         73
    UNIT NO. 1-5                       8.250          1,460.94      262,000.00
1


    WEST HARTFORD    CT   06106          2            02/18/92         00
    1475706                              01           04/01/92          0
    1475706                              O            03/01/22
    0


    1507366          F86/F86             F          134,800.00         ZZ
                                         360        129,546.25          1
    15 MONROE STREET                   8.750          1,060.47         92
                                       8.500          1,060.47      148,000.00
    OAKVILLE         CT   06779          1            12/03/91         04
    1475736                              05           02/01/92         22
    1475736                              O            01/01/22
    0


    1507369          F86/F86             F          105,000.00         ZZ
                                         360        100,740.36          1
    51 BRIMWOOD DRIVE                  8.500            807.36         62
                                       8.250            807.36      170,000.00
    VERNON           CT   06066          2            12/11/91         00
    1476036                              05           02/01/92          0
    1476036                              O            01/01/22
    0


    1507371          F86/F86             F          136,000.00         ZZ
                                         360        127,632.79          1
    246 GARDEN STREET                  8.000            997.92         94
                                       7.750            997.92      145,000.00
    WETHERSFIELD     CT   06109          1            01/22/92         14
    1476176                              05           03/01/92         22
    1476176                              O            02/01/22
    0


    1507372          F86/F86             F          127,500.00         ZZ
                                         360        122,264.03          1
    69 CHAFFEE ROAD                    8.375            969.10         80
                                       8.125            969.10      160,000.00
    STAFFORD SPRING  CT   06076          2            01/31/92         00
    1476296                              05           04/01/92          0
    1476296                              O            03/01/22
    0


    1507375          F86/F86             F           71,250.00         ZZ
                                         360         67,220.60          1
    349 SALISBURY ROAD                 8.500            547.86         75
                                       8.250            547.86       95,000.00
    CANAAN           CT   06018          5            01/08/92         00
    1476396                              05           03/01/92          0
    1476396                              O            02/01/22
    0
1




    1507377          F86/F86             F          114,500.00         ZZ
                                         360        109,954.39          1
    24 LEGION DRIVE                    8.375            870.29         90
                                       8.125            870.29      128,000.00
    WINDSOR          CT   06095          2            02/07/92         04
    1476626                              05           04/01/92         17
    1476626                              O            03/01/22
    0


    1507378          F86/F86             F           71,000.00         ZZ
                                         360         68,306.89          1
    22 SUSANNE CIRCLE                  8.625            552.24         53
                                       8.375            552.24      135,000.00
    GUILFORD         CT   06437          1            02/24/92         00
    1476636                              05           04/01/92          0
    1476636                              O            03/01/22
    0


    1507381          F86/F86             F           71,250.00         ZZ
                                         360         68,486.25          1
    66 HOBART STREET                   8.625            554.18         75
                                       8.375            554.18       95,000.00
    MERIDEN          CT   06450          5            01/10/92         00
    1476816                              05           03/01/92          0
    1476816                              O            02/01/22
    0


    1507383          F86/F86             F          263,200.00         ZZ
                                         360        244,175.50          1
    94 SPRING LANE                     8.500          2,023.79         80
                                       8.250          2,023.79      329,000.00
    WEST HARTFORD    CT   06107          2            01/28/92         00
    1476846                              05           04/01/92          0
    1476846                              O            03/01/22
    0


    1507384          F86/F86             F           65,000.00         ZZ
                                         360         61,862.16          1
    51A EASTBROOK HEIGHTS ROAD         8.625            505.57         74
                                       8.375            505.57       88,000.00
    MANSFIELD        CT   06250          1            01/13/92         00
    1477036                              01           03/01/92          0
    1477036                              O            02/01/22
    0


    1507388          F86/F86             F          225,000.00         ZZ
                                         360        217,035.84          1
1


    20 SPRINGBROOK DRIVE               8.875          1,790.21         73
                                       8.625          1,790.21      310,000.00
    AVON             CT   06001          5            03/04/92         00
    1477286                              05           05/01/92          0
    1477286                              O            04/01/22
    0


    1507400          F86/F86             F          120,000.00         ZZ
                                         360        114,196.46          1
    33 EVERGREEN ROAD                  8.125            891.00         78
                                       7.875            891.00      155,000.00
    AVON             CT   06001          2            02/03/92         00
    1477966                              05           04/01/92          0
    1477966                              O            03/01/22
    0


    1507403          F86/F86             F          143,000.00         ZZ
                                         360        136,786.54          1
    3 HALWOOD DRIVE                    7.750          1,024.47         70
                                       7.500          1,024.47      205,000.00
    GRANBY           CT   06035          2            03/03/92         00
    1478356                              05           05/01/92          0
    1478356                              O            04/01/22
    0


    1507405          F86/F86             F          131,500.00         ZZ
                                         360        120,683.46          1
    169 CAMBRIDGE DRIVE                8.125            976.39         79
                                       7.875            976.39      166,500.00
    GLASTONBURY      CT   06033          2            03/10/92         00
    1478766                              05           05/01/92          0
    1478766                              O            04/01/22
    0


    1507407          F86/F86             F          165,000.00         ZZ
                                         360        158,009.80          1
    25 WOODHILL ROAD                   8.125          1,225.13         89
                                       7.875          1,225.13      186,000.00
    TRUMBULL         CT   06611          1            03/06/92         14
    1479176                              05           05/01/92         17
    1479176                              O            04/01/22
    0


    1507408          F86/F86             F           70,000.00         ZZ
                                         360         67,220.93          1
    24 SCHOOLHOUSE CROSSING            8.250            525.89         70
                                       8.000            525.89      100,000.00
    WETHERSFIELD     CT   06109          2            03/11/92         00
    1479256                              03           05/01/92          0
1


    1479256                              O            04/01/22
    0


    1507411          F86/F86             F           92,000.00         ZZ
                                         360         88,245.04          1
    16 LONGVIEW DRIVE                  8.875            732.00         59
                                       8.625            732.00      157,000.00
    NEWINGTON        CT   06111          5            03/12/92         00
    1479956                              05           05/01/92          0
    1479956                              O            04/01/22
    0


    1507416          F86/F86             F          105,000.00         ZZ
                                         360        101,283.49          1
    104 WILDFLOWER ROAD                8.875            835.43         70
                                       8.625            835.43      150,000.00
    EAST HARTFORD    CT   06118          5            03/19/92         00
    1480386                              05           05/01/92          0
    1480386                              O            04/01/22
    0


    1507417          F86/F86             F          139,500.00         ZZ
                                         360        134,086.39          1
    12 BLUEBERRY CIRCLE                8.375          1,060.31         90
                                       8.125          1,060.31      155,000.00
    ELLINGTON        CT   06029          2            03/23/92         14
    1480436                              05           05/01/92         17
    1480436                              O            04/01/22
    0


    1507418          F86/F86             F           89,000.00         ZZ
                                         360         85,238.63          1
    32 COPLEY ROAD UNIT J32            8.000            653.06         63
                                       7.750            653.06      143,000.00
    GLASTONBURY      CT   06073          1            04/01/92         00
    1480616                              01           06/01/92          0
    1480616                              O            05/01/22
    0


    1507421          F86/F86             F           61,200.00         ZZ
                                         360         59,083.55          1
    262 SAYBROOKE STREET               8.875            486.94         79
                                       8.625            486.94       78,000.00
    HARTFORD         CT   06106          1            04/24/92         10
    1481146                              05           06/01/92         12
    1481146                              O            05/01/22
    0


1


    1507422          F86/F86             F          101,000.00         ZZ
                                         360         97,342.19          1
    62 EAST STREET                     8.625            785.57         78
                                       8.375            785.57      130,000.00
    STAFFORD         CT   06076          2            04/03/92         00
    1481156                              05           06/01/92          0
    1481156                              O            05/01/22
    0


    1507423          F86/F86             F          101,800.00         ZZ
                                         360         97,173.53          1
    15 BEACH AVENUE                    8.750            800.87         95
    (PO TERRYVILLE)                    8.500            800.87      107,200.00
    PLYMOUTH         CT   06786          1            03/27/92         14
    1481276                              05           05/01/92         22
    1481276                              O            04/01/22
    0


    1507425          F86/F86             F          110,000.00         ZZ
                                         360        104,794.71          1
    506 CHAPEL ROAD                    8.750            865.38         63
                                       8.500            865.38      175,000.00
    SOUTH WINDSOR    CT   06074          2            04/06/92         00
    1481586                              05           06/01/92          0
    1481586                              O            05/01/22
    0


    1507427          F86/F86             F          105,000.00         ZZ
                                         360        101,374.17          1
    63 OSPREY CIRCLE                   8.625            816.68         68
                                       8.375            816.68      155,000.00
    SOUTH WINDSOR    CT   06074          1            06/26/92         00
    1481726                              03           08/01/92          0
    1481726                              O            07/01/22
    0


    1507433          F86/F86             F           87,900.00         ZZ
                                         360         84,663.53          1
    22 RUE NICOLE                      8.250            660.37         62
                                       8.000            660.37      142,000.00
    BARKHAMSTED      CT   06063          1            10/09/92         00
    1482166                              05           12/01/92          0
    1482166                              O            11/01/22
    0


    1507435          F86/F86             F          124,000.00         ZZ
                                         360        113,765.49          1
    19  GROVE ROAD                     8.375            942.49         94
                                       8.125            942.49      133,000.00
1


    ENFIELD          CT   06082          1            06/30/92         04
    1482606                              05           08/01/92         22
    1482606                              O            07/01/22
    0


    1507436          F86/F86             F           90,000.00         ZZ
                                         360         86,740.14          1
    4 MAY LANE                         8.625            700.02         80
                                       8.375            700.02      113,000.00
    BLOOMFIELD       CT   06002          1            04/30/92         00
    1482616                              05           06/01/92          0
    1482616                              O            05/01/22
    0


    1507445          F86/F86             F           92,000.00         ZZ
                                         360         88,850.43          1
    2 BUTTERNUT CIRCLE UNIT 110        8.875            732.00         80
                                       8.625            732.00      115,000.00
    AVON             CT   06001          1            05/29/92         00
    1483446                              03           07/01/92          0
    1483446                              O            06/01/22
    0


    1507447          F86/F86             F          120,000.00         ZZ
                                         360        115,660.26          1
    36 COLTSFOOT CIRCLE                8.375            912.09         75
                                       8.125            912.09      160,000.00
    GLASTONBURY      CT   06033          2            05/28/92         00
    1483486                              05           08/01/92          0
    1483486                              O            07/01/22
    0


    1507449          F86/F86             F           69,000.00         ZZ
                                         360         65,975.18          1
    55 STUART DRIVE                    8.625            536.68         49
                                       8.375            536.68      142,000.00
    TOLLAND          CT   06084          2            06/02/92         00
    1483546                              05           08/01/92          0
    1483546                              O            07/01/22
    0


    1507450          F86/F86             F           89,900.00         ZZ
                                         360         86,795.20          1
    127  OAK RIDGE DRIVE               8.625            699.24         90
                                       8.375            699.24      100,000.00
    WINDSOR LOCKS    CT   06096          1            06/05/92         14
    1483576                              01           08/01/92         17
    1483576                              O            07/01/22
    0
1




    1507454          F86/F86             F           99,200.00         ZZ
                                         360         93,570.94          1
    152 TUMBLEBROOK DRIVE              8.625            771.57         80
                                       8.375            771.57      125,000.00
    VERNON           CT   06066          1            06/12/92         00
    1483816                              05           08/01/92          0
    1483816                              O            07/01/22
    0


    1507457          F86/F86             F           92,000.00         ZZ
                                         360         88,571.16          1
    13 WINCHESTER COURT UNIT 13        8.875            732.00         74
                                       8.625            732.00      125,000.00
    FARMINGTON       CT   06032          2            05/21/92         00
    1483956                              01           07/01/92          0
    1483956                              O            06/01/22
    0


    1507461          F86/F86             F           85,000.00         ZZ
                                         360         82,064.34          1
    131  WOODHAVEN DRIVE               8.625            661.13         50
                                       8.375            661.13      170,000.00
    BERLIN           CT   06037          5            06/18/92         00
    1484356                              05           08/01/92          0
    1484356                              O            07/01/22
    0


    1507469          F86/F86             F          115,000.00         ZZ
                                         360        111,039.79          1
    340 ROBBINS AVENUE                 8.375            874.09         87
                                       8.125            874.09      133,000.00
    NEWINGTON        CT   06111          1            08/06/92         04
    1485056                              05           10/01/92         17
    1485056                              O            09/01/22
    0


    1507472          F86/F86             F          126,000.00         ZZ
                                         360        120,669.48          1
    48 DUNHAM DRIVE                    8.375            957.70         65
                                       8.125            957.70      194,000.00
    BERLIN           CT   06037          5            06/23/92         00
    1485186                              05           08/01/92          0
    1485186                              O            07/01/22
    0


    1507479          F86/F86             F           84,000.00         ZZ
                                         360         81,034.65          1
1


    211 NEWINGTON AVENUE               8.375            638.47         80
                                       8.125            638.47      105,000.00
    HARTFORD         CT   06106          1            07/24/92         00
    1485706                              05           09/01/92          0
    1485706                              O            08/01/22
    0


    1507481          F86/F86             F          131,250.00         ZZ
                                         360        126,821.41          1
    105  BRAMBLEBUSH ROAD              8.750          1,032.55         80
                                       8.500          1,032.55      165,000.00
    MANCHESTER       CT   06040          5            06/24/92         00
    1485756                              05           08/01/92          0
    1485756                              O            07/01/22
    0


    1507484          F86/F86             F          145,000.00         ZZ
                                         360        138,974.35          1
    95 PATRICK DRIVE                   8.500          1,114.93         78
                                       8.250          1,114.93      188,000.00
    BERLIN           CT   06037          5            08/12/92         00
    1485826                              05           10/01/92          0
    1485826                              O            09/01/22
    0


    1507487          F86/F86             F           43,500.00         ZZ
                                         360         42,001.68          1
    166 WILIAMSTOWN COURT              8.375            330.64         73
                                       8.125            330.64       60,000.00
    NEWINGTON        CT   06111          2            07/31/92         00
    1485946                              01           10/01/92          0
    1485946                              O            09/01/22
    0


    1507489          F86/F86             F          117,000.00         ZZ
                                         360        108,663.70          1
    336  MAPLETON AVENUE               8.625            910.02         90
                                       8.375            910.02      130,000.00
    SUFFIELD         CT   06078          2            07/24/92         10
    1486006                              05           09/01/92         17
    1486006                              O            08/01/22
    0


    1507491          F86/F86             F           80,000.00         ZZ
                                         360         77,369.77          1
    178 NEW ROAD                       8.625            622.24         67
                                       8.375            622.24      120,000.00
    HAMDEN           CT   06518          5            07/31/92         00
    1486156                              05           10/01/92          0
1


    1486156                              O            09/01/22
    0


    1507498          F86/F86             F          150,300.00         ZZ
                                         360        144,564.52          1
    452  ALLYNDALE DRIVE               7.875          1,089.78         90
                                       7.625          1,089.78      167,000.00
    STRATFORD        CT   06497          1            08/28/92         10
    1486426                              05           10/01/92         17
    1486426                              O            09/01/22
    0


    1507500          F86/F86             F          108,000.00         ZZ
                                         360        104,444.03          1
    37  RUSSELL DRIVE                  8.750            849.64         79
                                       8.500            849.64      138,000.00
    EAST HARTFORD    CT   06108          2            07/23/92         00
    1486506                              05           09/01/92          0
    1486506                              O            08/01/22
    0


    1507502          F86/F86             F          120,000.00         ZZ
                                         360        115,670.60          1
    167 SPRINGFIELD ROAD               7.990            879.69         74
                                       7.740            879.69      164,000.00
    SOMERS           CT   06071          1            09/17/92         00
    1486526                              05           11/01/92          0
    1486526                              O            10/01/22
    0


    1507505          F86/F86             F          240,000.00         ZZ
                                         360        231,543.05          1
    25 MIDDLEBROOK FARM ROAD           8.250          1,803.04         34
                                       8.000          1,803.04      720,000.00
    WILTON           CT   06897          2            08/13/92         00
    1486586                              05           10/01/92          0
    1486586                              O            09/01/22
    0


    1507506          F86/F86             F          140,000.00         ZZ
                                         360        134,825.22          1
    42 WESLEYAN ROAD                   7.990          1,026.30         67
                                       7.740          1,026.30      210,000.00
    GLASTONBURY      CT   06033          5            08/03/92         00
    1486636                              05           10/01/92          0
    1486636                              O            09/01/22
    0


1


    1507507          F86/F86             F          118,400.00         ZZ
                                         360        114,001.24          1
    51 LEGEND LANE                     8.250            889.50         80
                                       8.000            889.50      148,000.00
    NEW HAVEN        CT   06512          2            07/27/92         00
    1486706                              05           09/01/92          0
    1486706                              O            08/01/22
    0


    1507509          F86/F86             F           84,000.00         ZZ
                                         360         79,561.74          1
    3 HOWARD STREET                    7.875            609.06         78
                                       7.625            609.06      108,000.00
    ENFIELD          CT   06082          1            09/15/92         00
    1486786                              05           11/01/92          0
    1486786                              O            10/01/22
    0


    1507519          F86/F86             F          132,000.00         ZZ
                                         360        127,139.99          1
    621 RIVERDALE DRIVE                7.875            957.10         76
                                       7.625            957.10      175,000.00
    STRATFORD        CT   06497          2            09/08/92         00
    1487156                              05           11/01/92          0
    1487156                              O            10/01/22
    0


    1507524          F86/F86             F          136,000.00         ZZ
                                         360        130,461.24          1
    919 NORTH RIVER ROAD               7.875            986.10         80
                                       7.625            986.10      170,000.00
    COVENTRY         CT   06238          2            08/24/92         00
    1487236                              05           10/01/92          0
    1487236                              O            09/01/22
    0


    1507527          F86/F86             F          118,500.00         ZZ
                                         360        114,227.19          1
    65 LENORE DRIVE                    8.125            879.86         75
                                       7.875            879.86      158,000.00
    MERIDEN          CT   06450          5            08/07/92         00
    1487376                              05           10/01/92          0
    1487376                              O            09/01/22
    0


    1507528          F86/F86             F          112,000.00         ZZ
                                         360        103,128.11          1
    9 SUMMIT ROAD                      7.875            812.08         80
                                       7.625            812.08      140,000.00
1


    VERNON           CT   06066          1            09/15/92         00
    1487386                              05           11/01/92          0
    1487386                              O            10/01/22
    0


    1507531          F86/F86             F          100,000.00         ZZ
                                         360         96,225.57          1
    131 TORRINGTON AVENUE              7.875            725.07         75
                                       7.625            725.07      135,000.00
    CANTON           CT   06022          5            08/21/92         00
    1487616                              05           10/01/92          0
    1487616                              O            09/01/22
    0


    1507533          F86/F86             F           86,000.00         ZZ
                                         360         83,172.94          1
    51 SILO WAY                        8.625            668.90         75
                                       8.375            668.90      115,000.00
    BLOOMFIELD       CT   06002          1            08/31/92         00
    1487786                              01           10/01/92          0
    1487786                              O            09/01/22
    0


    1507535          F86/F86             F          150,000.00         ZZ
                                         360        144,477.47          1
    7 SAGAMORE DRIVE                   7.875          1,087.61         75
                                       7.625          1,087.61      200,000.00
    SEYMOUR          CT   06483          2            09/04/92         00
    1487916                              05           11/01/92          0
    1487916                              O            10/01/22
    0


    1507537          F86/F86             F          185,000.00         ZZ
                                         360        172,939.36          1
    77 KETTLE POND DRIVE               7.875          1,341.38         67
                                       7.625          1,341.38      280,000.00
    GLASTONBURY      CT   06073          1            10/09/92         00
    1488166                              05           12/01/92          0
    1488166                              O            11/01/22
    0


    1507538          F86/F86             F          346,500.00         ZZ
                                         360        332,842.55          1
    4 SHEEP MEADOW DRIVE               7.990          2,540.08         90
                                       7.740          2,540.08      385,000.00
    MONROE           CT   06468          2            10/13/92         10
    1488236                              05           12/01/92         17
    1488236                              O            11/01/22
    0
1




    1507541          F86/F86             F          136,000.00         ZZ
                                         360        130,981.05          1
    50  COUNTRY LANE                   7.875            986.10         80
                                       7.625            986.10      170,000.00
    CANTON           CT   06022          1            09/29/92         00
    1488496                              05           11/01/92          0
    1488496                              O            10/01/22
    0


    1507545          F86/F86             F          150,000.00         ZZ
                                         360        144,218.26          1
    25 MAJUS CIRCLE                    7.875          1,087.61         75
                                       7.625          1,087.61      200,000.00
    ELLINGTON        CT   06029          5            09/21/92         00
    1488716                              05           11/01/92          0
    1488716                              O            10/01/22
    0


    1507546          F86/F86             F           99,750.00         ZZ
                                         360         96,077.55          1
    55 ELMER STREET                    7.875            723.26         75
                                       7.625            723.26      133,000.00
    EAST HARTFORD    CT   06108          5            09/24/92         00
    1488726                              05           11/01/92          0
    1488726                              O            10/01/22
    0


    1507547          F86/F86             F          103,500.00         ZZ
                                         360        100,112.42          1
    74 CONESTOGA WAY                   8.375            786.68         90
                                       8.125            786.68      115,000.00
    GLASTONBURY      CT   06033          2            09/29/92         14
    1488746                              03           12/01/92         17
    1488746                              O            11/01/22
    0


    1507548          F86/F86             F          188,000.00         ZZ
                                         360        181,251.67          1
    6  BRENDANS WAY                    7.875          1,363.14         80
                                       7.625          1,363.14      235,000.00
    GRANBY           CT   06035          1            10/19/92         00
    1488766                              05           12/01/92          0
    1488766                              O            11/01/22
    0


    1507550          F86/F86             F           72,000.00         ZZ
                                         360         69,349.31          1
1


    82  LOVELL AVENUE                  7.875            522.05         75
                                       7.625            522.05       97,000.00
    WINDSOR          CT   06095          1            09/30/92         00
    1488836                              05           11/01/92          0
    1488836                              O            10/01/22
    0


    1507551          F86/F86             F           75,000.00         ZZ
                                         360         72,051.84          1
    23-5  ARTHUR DRIVE                 7.375            518.01         65
                                       7.125            518.01      117,000.00
    SOUTH WINDSOR    CT   06074          2            10/02/92         00
    1488846                              01           12/01/92          0
    1488846                              O            11/01/22
    0


    1507552          F86/F86             F          280,000.00         ZZ
                                         360        269,717.89          1
    17  FOREST ROAD                    7.750          2,005.96         66
                                       7.500          2,005.96      425,000.00
    WESTON           CT   06883          5            09/25/92         00
    1488856                              05           12/01/92          0
    1488856                              O            11/01/22
    0


    1507553          F86/F86             F           45,000.00         ZZ
                                         360         43,342.84          1
    28 TOWNE HOUSE LANE                7.875            326.29         60
                                       7.625            326.29       76,000.00
    WETHERSFIELD     CT   06109          2            09/16/92         00
    1488906                              03           11/01/92          0
    1488906                              O            10/01/22
    0


    1507554          F86/F86             F          116,100.00         ZZ
                                         360        111,632.73          1
    41 STEEPLECHASE DRIVE              7.875            841.81         90
                                       7.625            841.81      129,000.00
    NEWINGTON        CT   06111          1            10/16/92         23
    1488936                              01           12/01/92          0
    1488936                              O            11/01/22
    0


    1507559          F86/F86             F          155,000.00         ZZ
                                         360        149,291.65          1
    172  HURD RD                       7.875          1,123.86         80
                                       7.625          1,123.86      195,000.00
    TRUMBULL         CT   06611          5            09/24/92         00
    1489336                              05           11/01/92          0
1


    1489336                              O            10/01/22
    0


    1507560          F86/F86             F          131,000.00         ZZ
                                         360        126,646.18          1
    14 WILLOW GREEN WAY                8.375            995.70         72
                                       8.125            995.70      184,000.00
    GLASTONBURY      CT   06033          2            10/05/92         00
    1489476                              01           12/01/92          0
    1489476                              O            11/01/22
    0


    1507561          F86/F86             F          135,000.00         ZZ
                                         360        129,017.07          1
    89 ROBIN ROAD                      7.875            978.85         88
                                       7.625            978.85      155,000.00
    WINDSOR          CT   06095          1            10/27/92         10
    1489496                              05           12/01/92         17
    1489496                              O            11/01/22
    0


    1507562          F86/F86             F          110,000.00         ZZ
                                         360        106,051.83          1
    53 LESLIE STREET                   7.875            797.58         88
                                       7.625            797.58      126,000.00
    WINDSOR LOCKS    CT   06096          2            10/19/92         14
    1489566                              05           12/01/92         17
    1489566                              O            11/01/22
    0


    1507564          F86/F86             F          122,000.00         ZZ
                                         360        117,693.01          1
    3 SOUTH MEADOW LANE                7.990            894.35         74
                                       7.740            894.35      167,000.00
    ENFIELD          CT   06082          5            10/13/92         00
    1489656                              05           12/01/92          0
    1489656                              O            11/01/22
    0


    1507566          F86/F86             F          155,955.76         ZZ
                                         348        151,357.95          1
    15 SHELLEY DRIVE                   7.500          1,100.61         89
                                       7.250          1,100.61      176,000.00
    GRANBY           CT   06035          2            11/03/93         14
    1489856                              05           01/01/94         17
    1489856                              O            12/01/22
    0


1


    1507569          F86/F86             F           89,000.00         ZZ
                                         360         85,656.42          1
    330 ELM STREET                     7.625            629.94         69
                                       7.375            629.94      130,000.00
    WINDSOR LOCKS    CT   06096          2            10/19/92         00
    1490026                              05           12/01/92          0
    1490026                              O            11/01/22
    0


    1507571          F86/F86             F          245,000.00         ZZ
                                         360        236,232.40          1
    456 REDDING ROAD                   7.750          1,755.22         77
                                       7.500          1,755.22      320,000.00
    REDDING          CT   06875          2            11/04/92         00
    1490076                              05           01/01/93          0
    1490076                              O            12/01/22
    0


    1507573          F86/F86             F          312,000.00         ZZ
                                         360        300,465.27          1
    29 VALLEY VIEW DRIVE               8.375          2,371.43         65
                                       8.125          2,371.43      485,000.00
    STAMFORD         CT   06903          2            11/19/92         00
    1490356                              05           01/01/93          0
    1490356                              O            12/01/22
    0


    1507576          F86/F86             F           67,000.00         ZZ
                                         360         64,188.23          1
    396 GOODWIN STREET                 7.500            468.48         64
                                       7.250            468.48      105,000.00
    EAST HARTFORD    CT   06108          5            11/12/92         00
    1490506                              05           01/01/93          0
    1490506                              O            12/01/22
    0


    1507579          F86/F86             F          156,000.00         ZZ
                                         360        150,908.98          1
    6 SUTTON DRIVE                     8.250          1,171.98         80
                                       8.000          1,171.98      195,000.00
    GRANBY           CT   06060          5            11/16/92         00
    1490746                              05           01/01/93          0
    1490746                              O            12/01/22
    0


    1507582          F86/F86             F           88,000.00         ZZ
                                         360         84,135.33          1
    7 BRIARWOOD ROAD                   7.750            630.45         59
                                       7.500            630.45      151,000.00
1


    FARMINGTON       CT   06032          2            11/16/92         00
    1490826                              05           01/01/93          0
    1490826                              O            12/01/22
    0


    1507583          F86/F86             F          154,800.00         ZZ
                                         360        149,665.15          1
    361 FERN STREET                    8.500          1,190.28         90
                                       8.250          1,190.28      172,000.00
    WEST HARTFORD    CT   06119          2            11/16/92         14
    1490906                              05           01/01/93         17
    1490906                              O            12/01/22
    0


    1507584          F86/F86             F          128,700.00         ZZ
                                         360        115,109.46          1
    376 BURNHAM STREET                 8.250            966.89         90
                                       8.000            966.89      143,000.00
    MANCHESTER       CT   06040          2            11/16/92         10
    1490936                              05           01/01/93         17
    1490936                              O            12/01/22
    0


    1507585          F86/F86             F          110,000.00         ZZ
                                         360        106,233.19          1
    35 FERNWOOD DRIVE                  7.990            806.38         74
                                       7.740            806.38      150,000.00
    SIMSBURY         CT   06070          2            11/06/92         00
    1491026                              05           01/01/93          0
    1491026                              O            12/01/22
    0


    1507587          F86/F86             F          160,000.00         ZZ
                                         360        154,274.54          1
    291  COLD SPRING ROAD              7.750          1,146.26         63
                                       7.500          1,146.26      257,000.00
    ROCKY HILL       CT   06067          5            11/16/92         00
    1491116                              05           01/01/93          0
    1491116                              O            12/01/22
    0


    1507588          F86/F86             F          157,000.00         ZZ
                                         360        148,690.26          1
    284 NORTH MAIN STREET              7.990          1,150.92         65
                                       7.740          1,150.92      242,000.00
    WEST HARTFORD    CT   06117          2            11/23/92         00
    1491256                              05           01/01/93          0
    1491256                              O            12/01/22
    0
1




    1507589          F86/F86             F           69,500.00         ZZ
                                         360         66,292.53          1
    117 OAK RIDGE DRIVE                7.625            491.92         70
                                       7.375            491.92       99,800.00
    WINDSOR LOCKS    CT   06096          2            11/16/92         00
    1491386                              01           01/01/93          0
    1491386                              O            12/01/22
    0


    1507590          F86/F86             F           75,000.00         ZZ
                                         360         72,494.79          1
    2 GRAY PINE COMMON                 8.125            556.88         57
                                       7.875            556.88      132,000.00
    AVON             CT   06001          5            11/05/92         00
    1491416                              05           01/01/93          0
    1491416                              O            12/01/22
    0


    1507598          F86/F86             F          120,000.00         ZZ
                                         360        116,096.96          1
    32 BENTON ROAD                     8.125            891.00         75
                                       7.875            891.00      160,000.00
    MORRIS           CT   06763          1            12/11/92         00
    1491956                              05           02/01/93          0
    1491956                              O            01/01/23
    0


    1507599          F86/F86             F          125,000.00         ZZ
                                         360        120,742.13          1
    75 GILBERT ROAD                    7.875            906.34         80
                                       7.625            906.34      157,000.00
    NEWINGTON        CT   06111          2            12/15/92         00
    1492006                              05           02/01/93          0
    1492006                              O            01/01/23
    0


    1507600          F86/F86             F          135,000.00         ZZ
                                         360        130,401.37          1
    5 CHIMNEY CREST LANE               7.875            978.85         75
                                       7.625            978.85      180,000.00
    BRISTOL          CT   06010          2            12/17/92         00
    1492026                              01           02/01/93          0
    1492026                              O            01/01/23
    0


    1507603          F86/F86             F          269,000.00         ZZ
                                         360        260,857.03          1
1


    28  KETTLE POND DRIVE              8.250          2,020.91         92
                                       8.000          2,020.91      295,000.00
    GLASTONBURY      CT   06073          1            02/25/93         23
    1492106                              05           04/01/93          0
    1492106                              O            03/01/23
    0


    1507608          F86/F86             F          100,000.00         ZZ
                                         360         96,978.32          1
    46 WRIGHT ROAD                     8.375            760.08         80
                                       8.125            760.08      125,000.00
    WETHERSFIELD     CT   06109          1            01/08/93         00
    1492326                              05           03/01/93          0
    1492326                              O            02/01/23
    0


    1507609          F86/F86             F           56,000.00         ZZ
                                         360         54,459.88          1
    97 HIGH STREET                     8.875            445.57         80
                                       8.625            445.57       70,000.00
    VERNON           CT   06066          1            01/12/93         00
    1492456                              05           03/01/93          0
    1492456                              O            02/01/23
    0


    1507610          F86/F86             F           55,000.00         ZZ
                                         360         53,298.86          1
    126 HOPMEADOW STREET UNIT 5B       8.250            413.20         58
                                       8.000            413.20       95,000.00
    SIMSBURY         CT   06089          1            01/29/93         00
    1492586                              01           03/01/93          0
    1492586                              O            02/01/23
    0


    1507615          F86/F86             F          130,400.00         ZZ
                                         360        125,377.52          1
    6  HALL LANE                       7.750            934.21         80
                                       7.500            934.21      163,000.00
    BERLIN           CT   06037          1            02/11/93         00
    1493026                              05           04/01/93          0
    1493026                              O            03/01/23
    0


    1507616          F86/F86             F          178,000.00         ZZ
                                         360        169,921.55          1
    146  GERALD DRIVE                  7.500          1,244.61         69
                                       7.250          1,244.61      260,000.00
    MANCHESTER       CT   06040          2            02/22/93         00
    1493036                              05           04/01/93          0
1


    1493036                              O            03/01/23
    0


    1507617          F86/F86             F           60,000.00         ZZ
                                         360         57,574.60          1
    7 SAMANTHA LANE                    8.875            477.39         58
    UNIT 7B                            8.625            477.39      105,000.00
    AYER             MA   01432          1            09/16/91         00
    1496006                              01           11/01/91          0
    1496006                              O            10/01/21
    0


    1507620          F86/F86             F           60,000.00         ZZ
                                         360         58,117.92          1
    8  EGYPT ROAD                      7.875            435.05         50
                                       7.625            435.05      121,000.00
    ELLINGTON        CT   06029          1            03/12/93         00
    1496516                              05           05/01/93          0
    1496516                              O            04/01/23
    0


    1507627          F86/F86             F          130,000.00         ZZ
                                         360        126,088.98          1
    109  SULLIVAN FARM ROAD            7.625            920.14         56
                                       7.375            920.14      236,000.00
    NEW MILFORD      CT   06776          1            06/07/93         00
    1496846                              01           08/01/93          0
    1496846                              O            07/01/23
    0


    1507631          F86/F86             F          107,750.00         ZZ
                                         360        102,460.84          1
    62 WILKINS STREET                  7.500            753.41         85
                                       7.250            753.41      127,000.00
    HAMDEN           CT   06517          2            03/15/93         14
    1497016                              05           05/01/93         14
    1497016                              O            04/01/23
    0


    1507633          F86/F86             F          128,500.00         ZZ
                                         360        124,375.64          1
    121 BEACON STREET                  7.750            920.59         89
                                       7.500            920.59      145,000.00
    STRATFORD        CT   06497          1            03/26/93         14
    1497086                              05           05/01/93         19
    1497086                              O            04/01/23
    0


1


    1507634          F86/F86             F          120,000.00         ZZ
                                         360        115,612.96          1
    133 OLD TOWN ROAD                  7.990            879.69         80
                                       7.740            879.69      150,000.00
    ASHFORD          CT   06278          2            03/23/93         00
    1497136                              05           05/01/93          0
    1497136                              O            04/01/23
    0


    1507636          F86/F86             F          115,000.00         ZZ
                                         360        111,134.98          1
    436  ORCHARD STREET                7.500            804.10         77
                                       7.250            804.10      150,000.00
    ROCKY HILL       CT   06067          2            03/22/93         00
    1497266                              05           05/01/93          0
    1497266                              O            04/01/23
    0


    1507637          F86/F86             F          101,000.00         ZZ
                                         360         97,849.76          1
    92  WEST STREET                    7.750            723.58         79
                                       7.500            723.58      128,000.00
    ANDOVER          CT   06232          5            04/07/93         00
    1497286                              05           06/01/93          0
    1497286                              O            05/01/23
    0


    1507639          F86/F86             F          186,000.00         ZZ
                                         360        180,386.98          1
    20 RIDGEFIELD DRIVE                7.990          1,363.51         75
                                       7.740          1,363.51      250,000.00
    SOUTH WINDSOR    CT   06074          2            04/05/93         00
    1497446                              05           06/01/93          0
    1497446                              O            05/01/23
    0


    1507640          F86/F86             F          125,500.00         ZZ
                                         360        119,335.47          1
    71 AIKEN STRET J-6                 7.500            877.52         90
                                       7.250            877.52      140,000.00
    NORWALK          CT   06851          2            04/07/93         04
    1497546                              01           06/01/93         17
    1497546                              O            05/01/23
    0


    1507647          F86/F86             F          325,000.00         ZZ
                                         360        314,297.18          1
    42  HIGH GATE DRIVE                8.125          2,413.12         80
                                       7.875          2,413.12      410,000.00
1


    AVON             CT   06001          2            04/26/93         00
    1498026                              05           06/01/93          0
    1498026                              O            05/01/23
    0


    1507649          F86/F86             F          138,500.00         ZZ
                                         360        129,623.20          1
    82 SCARBORO ROAD                   7.375            956.59         85
                                       7.125            956.59      163,000.00
    HEBRON           CT   06248          2            04/26/93         14
    1498106                              05           06/01/93         12
    1498106                              O            05/01/23
    0


    1507650          F86/F86             F          112,500.00         ZZ
                                         360        109,059.93          1
    159  FISKE STREET                  7.875            815.71         75
                                       7.625            815.71      150,000.00
    WATERBURY        CT   06710          5            03/29/93         00
    1498146                              05           06/01/93          0
    1498146                              O            05/01/23
    0


    1507653          F86/F86             F          180,000.00         ZZ
                                         360        174,547.92          1
    89 SULLIVAN FARM ROAD              7.750          1,289.55         89
                                       7.500          1,289.55      202,965.00
    NEW MILFORD      CT   06776          1            05/14/93         23
    1498456                              01           07/01/93          0
    1498456                              O            06/01/23
    0


    1507654          F86/F86             F          112,800.00         ZZ
                                         360        108,943.00          1
    372  BROAD STREET                  7.250            769.50         90
                                       7.000            769.50      125,400.00
    WINDSOR          CT   06095          1            04/30/93         14
    1498466                              05           06/01/93         17
    1498466                              O            05/01/23
    0


    1507658          F86/F86             F          155,000.00         ZZ
                                         360        149,802.54          1
    10  PEBBLEBROOK                    7.250          1,057.38         85
                                       7.000          1,057.38      182,500.00
    WINDSOR          CT   06095          2            06/21/93         14
    1498666                              05           08/01/93         12
    1498666                              O            07/01/23
    0
1




    1507661          F86/F86             F          132,000.00         ZZ
                                         360        127,227.96          1
    106 HEYWOOD DRIVE                  7.500            922.97         80
                                       7.250            922.97      165,000.00
    GLASTONBURY      CT   06033          1            05/28/93         00
    1498996                              05           07/01/93          0
    1498996                              O            06/01/23
    0


    1507667          F86/F86             F          130,000.00         ZZ
                                         360        125,165.86          1
    70  YALE DRIVE                     7.375            897.88         80
                                       7.125            897.88      163,000.00
    MANCHESTER       CT   06040          2            05/24/93         00
    1499346                              05           07/01/93          0
    1499346                              O            06/01/23
    0


    1507668          F86/F86             F          106,000.00         ZZ
                                         360        102,955.96          1
    5 ADAMS ROAD                       7.875            768.58         88
                                       7.625            768.58      120,500.00
    ENFIELD          CT   06082          2            06/14/93         11
    1499386                              05           08/01/93         17
    1499386                              O            07/01/23
    0


    1507677          F86/F86             F           94,400.00         ZZ
                                         360         91,581.41          1
    213  TAYLOR AVENUE                 7.500            660.06         80
                                       7.250            660.06      118,000.00
    CHESHIRE         CT   06410          1            07/16/93         00
    1499936                              05           09/01/93          0
    1499936                              O            08/01/23
    0


    1507680          F86/F86             F          333,227.30         ZZ
                                         333        320,388.96          1
    1057 BRUSH HILL ROAD               8.750          2,667.07         65
                                       8.500          2,667.07      515,000.00
    MILTON           MA   02186          1            11/01/92         00
    1711436                              05           11/01/92          0
    1711436                              O            07/01/20
    0


    1507686          F86/F86             F           87,400.00         ZZ
                                         360         83,631.83          1
1


    17 BOURBON STREET UNIT 73          8.750            687.58         92
                                       8.500            687.58       95,000.00
    PEABODY          MA   01960          1            07/29/91         23
    1712166                              01           09/01/91          0
    1712166                              O            08/01/21
    0


    1507693          F86/F86             F          103,455.00         ZZ
                                         360         96,097.57          1
    VILLAGE ON THE POND #10            8.950            828.70         95
                                       8.700            828.70      108,900.00
    S EASTON         MA   02334          1            02/28/92         23
    1712756                              01           04/01/92          0
    1712756                              O            03/01/22
    0


    1507696          F86/F86             F          101,175.00         ZZ
                                         360         97,585.57          1
    UNIT 14-WELCH ROAD                 8.950            810.44         92
                                       8.700            810.44      111,000.00
    SOUTH EASTO      MA   02375          1            06/26/92         23
    1713136                              01           08/01/92          0
    1713136                              O            07/01/22
    0


    1507704          F86/F86             F          110,000.00         ZZ
                                         360        106,369.49          1
    701 WINTHROP STREET UNIT 311       7.900            799.49         88
                                       7.650            799.49      125,000.00
    TAUNTON          MA   02780          1            01/05/93         23
    1717256                              01           03/01/93          0
    1717256                              O            02/01/23
    0


    1507738          F86/F86             F          101,700.00         ZZ
                                         360         98,474.96          1
    701 WINTHROP STREET UNIT 217       7.500            711.10         90
                                       7.250            711.10      113,000.00
    TAUNTON          MA   02780          1            06/03/93         23
    1720276                              01           08/01/93          0
    1720276                              O            07/01/23
    0


    1507782          F86/F86             F           68,000.00         ZZ
                                         360         64,933.48          1
    UNIT 13C WEST HILL DRIVE           8.500            522.86         80
                                       8.250            522.86       85,000.00
    WESTMINISTER     MA   01473          1            07/26/91         00
    1739906                              01           09/01/91          0
1


    1739906                              O            08/01/21
    0


    1507789          F86/F86             F           63,920.00         ZZ
                                         360         60,574.16          1
    18B WEST HILL DRIVE                7.250            436.05         80
                                       7.000            436.05       79,900.00
    WESTMINSTER      MA   01473          1            05/15/92         00
    1740956                              01           07/01/92          0
    1740956                              O            06/01/22
    0


    1507792          F86/F86             F          246,400.00         ZZ
                                         360        235,988.90          1
    LOT 34 BROOKS CROSSING             7.250          1,680.88         80
                                       7.000          1,680.88      308,000.00
    WEST BOYLSTON    MA   01583          1            08/17/92         00
    1741276                              05           10/01/92          0
    1741276                              O            09/01/22
    0


    1507794          F86/F86             F           47,500.00         ZZ
                                         360         45,426.75          1
    167  AUSTIN STREET                 8.000            348.54         95
                                       7.750            348.54       50,000.00
    WORCESTER        MA   01609          1            07/23/92         10
    1741686                              05           09/01/92         22
    1741686                              O            08/01/22
    0


    1507799          F86/F86             F          253,800.00         ZZ
                                         360        246,395.88          1
    10  BRICKYARD LANE                 7.625          1,796.38         76
                                       7.375          1,796.38      336,000.00
    WESTBORO         MA   01581          1            07/22/93         00
    1742016                              05           09/01/93          0
    1742016                              O            08/01/23
    0


    1507801          F86/F86             F          243,500.00         ZZ
                                         360        236,125.15          1
    5 BRICKYARD LANE                   7.750          1,744.46         76
                                       7.500          1,744.46      323,000.00
    WESTBORO         MA   01581          1            05/05/93         00
    1742096                              05           07/01/93          0
    1742096                              O            06/01/23
    0


1


    1507805          F86/F86             F          224,900.00         ZZ
                                         360        188,859.96          1
    LOT 35 BROOKS CROSSING             7.625          1,591.83         75
                                       7.375          1,591.83      300,000.00
    WEST BOYLSTON    MA   01583          1            11/05/92         00
    1742236                              05           01/01/93          0
    1742236                              O            12/01/22
    0


    1507808          F86/F86             F          240,000.00         ZZ
                                         360        230,765.57          1
    7  CHARLESTON MEADOW WAY           7.625          1,698.70         79
                                       7.375          1,698.70      305,000.00
    WESTBORO         MA   01581          1            08/04/93         00
    1742486                              05           10/01/93          0
    1742486                              O            09/01/23
    0


    1507810          F86/F86             F          313,700.00         ZZ
                                         360        303,432.66          1
    4 CHARLESTON MEADOW WAY            7.000          2,087.05         78
                                       6.750          2,087.05      405,000.00
    WESTBORO         MA   01581          1            07/29/93         00
    1742536                              05           09/01/93          0
    1742536                              O            08/01/23
    0


    1507814          F86/F86             F           60,000.00         ZZ
                                         360         57,754.20          1
    226  MOWER STREET                  6.750            389.16         59
                                       6.500            389.16      102,000.00
    WORCESTER        MA   01602          1            04/26/93         00
    1742936                              05           06/01/93          0
    1742936                              O            05/01/23
    0


    1507815          F86/F86             F           52,000.00         ZZ
                                         360         50,002.18          1
    65  CONANT STREET                  6.750            337.27         70
                                       6.500            337.27       75,000.00
    GARDNER          MA   01440          1            04/14/93         00
    1742996                              05           06/01/93          0
    1742996                              O            05/01/23
    0


    1507818          F86/F86             F          231,500.00         ZZ
                                         360        222,727.74          1
    550 LINDEN STREET                  8.125          1,718.88         79
                                       7.875          1,718.88      296,000.00
1


    BOYLSTON         MA   01505          2            05/13/93         00
    1743126                              05           07/01/93          0
    1743126                              O            06/01/23
    0


    1507819          F86/F86             F          400,000.00         ZZ
                                         360        376,367.01          1
    14 HIGHRIDGE ROAD                  8.125          2,969.99         80
                                       7.875          2,969.99      500,000.00
    SHREWSBURY       MA   01545          2            08/31/93         00
    1743166                              05           11/01/93          0
    1743166                              O            10/01/23
    0


    1507821          F86/F86             F           98,100.00         ZZ
                                         360         93,800.72          1
    LOT 6 EAST RINDGE ROAD             6.625            628.15         95
                                       6.375            628.15      104,000.00
    ASHBURNHAM       MA   01430          1            07/16/93         04
    1743226                              05           09/01/93         22
    1743226                              O            08/01/23
    0


    1507824          F86/F86             F          224,000.00         ZZ
                                         360        217,956.63          1
    140 SOUTH STREET                   7.875          1,624.16         80
                                       7.625          1,624.16      280,000.00
    SHREWSBURY       MA   01545          1            08/16/93         00
    1743306                              05           10/01/93          0
    1743306                              O            09/01/23
    0


    1507827          F86/F86             F          270,000.00         ZZ
                                         360        261,117.54          1
    LOT 7 WACHUSETT VIEW DRIVE         6.625          1,728.84         79
                                       6.375          1,728.84      343,000.00
    WESTBORO         MA   01581          1            09/21/93         00
    1743366                              05           11/01/93          0
    1743366                              O            10/01/23
    0


    1507839          F86/F86             F          189,000.00         ZZ
                                         360        181,284.96          1
    103 HILLSDALE ROAD                 7.000          1,257.42         90
                                       6.750          1,257.42      210,000.00
    SOUTH EGREMONT   MA   01258          1            11/08/93         23
    1744866                              05           01/01/94          0
    1744866                              O            12/01/23
    0
1




    1507840          F86/F86             F          256,000.00         ZZ
                                         360        247,070.86          1
    3 GALE MEADOW WAY                  7.000          1,703.17         80
                                       6.750          1,703.17      320,000.00
    WESTBORO         MA   01581          1            10/22/93         00
    1744876                              05           12/01/93          0
    1744876                              O            11/01/23
    0


    1507841          F86/F86             F          206,250.00         ZZ
                                         360        199,765.98          1
    11 NASH STREET                     6.875          1,354.92         75
                                       6.625          1,354.92      275,000.00
    WESTBORO         MA   01581          1            09/23/93         00
    1744926                              05           11/01/93          0
    1744926                              O            10/01/23
    0


    1507853          F86/F86             F           71,000.00         ZZ
                                         360         68,492.89          1
    20 ROYAL ROAD                      8.875            564.91         73
                                       8.625            564.91       98,000.00
    WORCESTER        MA   01603          2            07/27/92         00
    1888466                              05           09/01/92          0
    1888466                              O            08/01/22
    0


    1507856          F86/F86             F           93,200.00         ZZ
                                         360         89,776.22          1
    LOT D26 HIAWATHA HEIGHTS           8.000            683.87         89
                                       7.750            683.87      105,500.00
    WOODSTOCK        CT   06281          1            09/02/92         10
    1889596                              05           11/01/92         20
    1889596                              O            10/01/22
    0


    1507857          F86/F86             F           80,000.00         ZZ
                                         360         77,186.67          1
    35 BATES AVENUE                    8.125            594.00         75
                                       7.875            594.00      108,000.00
    WORCESTER        MA   01605          5            09/11/92         00
    1889926                              05           11/01/92          0
    1889926                              O            10/01/22
    0


    1507868          F86/F86             F           88,022.25         ZZ
                                         360         85,210.44          1
1


    25 ASSABET LANE                    7.875            638.23         93
                                       7.625            638.23       95,000.00
    WORCESTER        MA   01602          1            03/15/93         10
    1893686                              05           05/01/93         20
    1893686                              O            04/01/23
    0


    1507873          F86/F86             F           92,000.00         ZZ
                                         324         88,396.76          1
    5 BENOIT STREET                    7.000            632.79         77
                                       6.750            632.79      120,000.00
    WORCESTER        MA   01604          2            09/15/93         00
    1898026                              05           11/01/93          0
    1898026                              O            10/01/20
    0


    1507875          F86/F86             F           56,500.00         ZZ
                                         360         54,802.99          1
    2 FALCON STREET                    7.125            380.66         59
                                       6.875            380.66       97,000.00
    WORCESTER        MA   01603          2            09/23/93         00
    1898616                              05           11/01/93          0
    1898616                              O            10/01/23
    0


    1507876          F86/F86             F          137,600.00         ZZ
                                         360        133,601.56          3
    22 MORNINGSIDE ROAD                7.125            927.04         80
                                       6.875            927.04      172,000.00
    WORCESTER        MA   01602          2            10/01/93         00
    1898916                              05           12/01/93          0
    1898916                              O            11/01/23
    0


    1507880          F86/F86             F           89,200.00         ZZ
                                         360         86,995.31          1
    408 MAIN STREET                    7.625            631.36         75
                                       7.375            631.36      119,000.00
    WEST TOWNSEND    MA   01474          5            12/27/93         00
    1901256                              05           02/01/94          0
    1901256                              O            01/01/24
    0


    1507901          F86/F86             F           42,500.00         ZZ
                                         360         41,553.27          1
    LOT 4  CUMBERLAND AVENUE           7.375            293.54         36
                                       7.125            293.54      120,000.00
    SOUTH ATTLEBORO  MA   02703          1            04/25/94         00
    3477132                              05           06/01/94          0
1


    3477132                              O            05/01/24
    0


    1507902          F86/F86             F          275,250.00         ZZ
                                         360        269,233.91          1
    16 WACHUSETT VIEW                  6.875          1,808.20         74
                                       6.625          1,808.20      373,000.00
    WESTBORO         MA   01581          1            11/15/94         00
    3478082                              05           01/01/95          0
    3478082                              O            12/01/24
    0


    1507903          F86/F86             F          300,000.00         ZZ
                                         360        295,800.37          1
    12 GUINEVERE CIRCLE                8.250          2,253.80         78
                                       8.000          2,253.80      385,000.00
    SHREWSBURY       MA   01545          1            11/16/94         00
    3478462                              05           01/01/95          0
    3478462                              O            12/01/24
    0


    1507913          F86/F86             F          110,078.24         ZZ
                                         360        105,166.05          1
    7 DOROTHY STREET                   8.250            867.04         70
                                       8.000            867.04      158,000.00
    ENFIELD          CT   06082          1            05/20/88         00
    3763736                              05           07/01/88          0
    3763736                              O            06/01/18
    0


    1507919          F86/F86             F          266,300.00         ZZ
                                         360        260,943.55          1
    2 THOMAS NEWTON DRIVE              7.000          1,771.71         74
                                       6.750          1,771.71      360,000.00
    WESTBOROUGH      MA   01581          1            08/30/94         00
    3774152                              05           10/01/94          0
    3774152                              O            09/01/24
    0


    1507921          F86/F86             F          236,250.00         ZZ
                                         360        230,548.51          1
    6 BROOKS CROSSING                  6.500          1,493.27         74
                                       6.250          1,493.27      320,000.00
    WEST BOYLSTON    MA   01583          1            06/28/94         00
    3774232                              05           08/01/94          0
    3774232                              O            07/01/24
    0


1


    1507925          F86/F86             F          194,632.67         ZZ
                                         315        185,692.10          1
    888  SUFFIELD STREET               8.750          1,579.37         67
                                       8.500          1,579.37      293,000.00
    SUFFIELD         CT   06078          1            07/31/92         00
    3775196                              05           10/01/92          0
    3775196                              O            12/01/18
    0


    1507926          F86/F86             F          262,425.00         ZZ
                                         360        257,021.34          1
    3 BRICKYARD LANE                   6.875          1,723.95         75
                                       6.625          1,723.95      350,000.00
    WESTBOROUGH      MA   01581          1            08/26/94         00
    3778212                              05           10/01/94          0
    3778212                              O            09/01/24
    0


    1507937          F86/F86             F          650,000.00         ZZ
                                         360        644,433.93          1
    55 CLIFF ROAD                      7.875          4,712.96         77
                                       7.625          4,712.96      850,000.00
    WELLESLEY        MA   02181          5            07/24/95         00
    3846872                              05           09/01/95          0
    3846872                              O            08/01/25
    0


    1507939          F86/F86             F          220,000.00         ZZ
                                         360        217,655.46          1
    230 GRANGE PARK                    7.500          1,538.28         69
                                       7.250          1,538.28      321,000.00
    BRIDGEWATER      MA   02324          1            07/24/95         00
    3881232                              05           09/01/95          0
    3881232                              O            08/01/25
    0


    1507950          F86/F86             F           52,000.00         ZZ
                                         360         50,301.01          1
    50  GLENALLEN STREET               6.625            332.96         80
                                       6.375            332.96       65,000.00
    WINCHENDON       MA   01475          1            11/30/93         00
    3897612                              05           01/01/94          0
    3897612                              O            12/01/23
    0


    1507951          F86/F86             F           55,000.00         ZZ
                                         360         51,323.64          1
    UNIT 1111 80 DAMON ROAD            8.500            422.91         95
                                       8.250            422.91       58,000.00
1


    NORTHAMPTON      MA   01060          1            05/24/91         23
    4001295                              01           07/01/91          0
    4001295                              O            06/01/21
    0


    1507972          F86/F86             F          128,000.00         ZZ
                                         360        124,935.68          1
    ONE SEAL HARBOR RD                 6.990            850.73         80
    UNIT 114                           6.740            850.73      160,000.00
    WINTHROP         MA   02152          2            04/21/94         00
    4537606                              06           06/01/94          0
    4537606                              O            05/01/24
    0


    1508005          F86/F86             F          133,200.00         ZZ
                                         360        120,195.70          1
    11 JONES ROAD                      8.950          1,066.97         58
                                       8.700          1,066.97      233,000.00
    AMHERST          NH   03031          1            03/06/87         00
    4572426                              05           05/01/87          0
    4572426                              O            04/01/17
    0


    1508011          F86/F86             F           71,250.00         ZZ
                                         360         68,038.70          1
    149 PARK CIRCLE                    8.950            570.74         94
                                       8.700            570.74       76,000.00
    NASHVILLE        TN   37205          1            03/26/91         23
    4579711                              01           05/01/91          0
    4579711                              O            04/01/21
    0


    1508029          F86/F86             F          408,000.00         ZZ
                                         360        396,182.85          1
    5025 40 BATTERY ST                 7.000          2,714.43         80
                                       6.750          2,714.43      510,000.00
    BOSTON           MA   02110          1            11/09/93         00
    6069121                              08           01/01/94          0
    6069121                              O            12/01/23
    0


    1508036          F86/F86             F           65,500.00         ZZ
                                         360         63,130.68          2
    64 AUCKLAND STREET                 7.250            446.83         73
                                       7.000            446.83       90,000.00
    DORCHESTER       MA   02125          1            02/26/93         00
    6439561                              05           04/01/93          0
    6439561                              O            03/01/23
    0
1




    1508047          F86/F86             F          167,000.00         ZZ
                                         360        162,719.41          1
    20 THOMAS STREET                   7.375          1,153.43         90
                                       7.125          1,153.43      185,600.00
    BARRINGTON       RI   02806          1            03/29/94         23
    6886751                              05           05/01/94          0
    6886751                              O            04/01/24
    0


    1508051          F86/F86             F           75,000.00         ZZ
                                         360         72,760.31          1
    163  SAVAGE HILL ROAD              7.500            524.42         60
                                       7.250            524.42      125,000.00
    BERLIN           CT   06037          5            07/22/93         00
    6887731                              05           09/01/93          0
    6887731                              O            08/01/23
    0


    1508052          F86/F86             F           39,000.00         ZZ
                                         360         37,835.31          1
    F-15 BRADLEY CIRCLE                7.500            272.70         69
                                       7.250            272.70       57,000.00
    ENFIELD          CT   06082          2            07/22/93         00
    6887741                              01           09/01/93          0
    6887741                              O            08/01/23
    0


    1508053          F86/F86             F          203,000.00         ZZ
                                         360        196,988.29          1
    183 MOORELAND ROAD                 7.375          1,402.08         85
                                       7.125          1,402.08      240,000.00
    BERLIN           CT   06037          2            08/25/93         14
    6887781                              05           10/01/93         12
    6887781                              O            09/01/23
    0


    1508055          F86/F86             F           95,200.00         ZZ
                                         360         92,445.12          1
    13  TRAILSEND DRIVE                7.500            665.66         80
                                       7.250            665.66      119,000.00
    CANTON           CT   06019          1            08/26/93         00
    6887831                              05           10/01/93          0
    6887831                              O            09/01/23
    0


    1508060          F86/F86             F          150,000.00         ZZ
                                         360        142,325.00          1
1


    14 HOWLAND AVENUE                  8.875          1,193.47         80
                                       8.625          1,193.47      187,500.00
    JAMESTOWN        RI   02835          1            09/21/90         00
    8066111                              05           11/01/90          0
    8066111                              O            10/01/20
    0


    1508061          F86/F86             F           88,600.00         ZZ
                                         360         84,117.56          1
    18 HILLTOP DRIVE                   8.625            689.13         80
                                       8.375            689.13      110,800.00
    JOHNSTON         RI   02919          1            12/31/90         00
    8066781                              05           02/01/91          0
    8066781                              O            01/01/21
    0


    1508065          F86/F86             F           93,150.00         ZZ
                                         360         88,326.38          1
    9-11 PARK AVENUE UNIT 203          8.990            748.84         90
                                       8.740            748.84      103,500.00
    HULL             MA   02045          1            06/26/91         23
    8088511                              01           08/01/91          0
    8088511                              O            07/01/21
    0


    1508079          F86/F86             F           43,110.00         ZZ
                                         360         41,522.79          1
    12 TIMBERWOOD DRIVE, 408           7.875            312.58         90
                                       7.625            312.58       47,900.00
    GOFFSTOWN        NH   03045          1            09/16/92         23
    9197681                              01           11/01/92          0
    9197681                              O            10/01/22
    0


    1508081          E22/728             F           45,750.00         ZZ
                                         240         45,614.38          1
    2715 59TH STREET                   9.125            415.31         75
                                       8.875            415.31       61,000.00
    DAVENPORT        IA   52806          1            05/31/96         00
    0410168462                           05           07/01/96          0
    410168462                            N            06/01/16
    0


    1508085          E22/728             F           69,000.00         ZZ
                                         360         68,967.81          1
    6980 CANDLISH DR                   9.750            592.82         79
                                       9.500            592.82       88,000.00
    COLUMBUS         OH   43068          2            06/04/96         04
    0410139737                           05           08/01/96         12
1


    410139737                            N            07/01/26
    0


    1508089          E22/728             F          133,450.00         ZZ
                                         360        133,314.69          1
    2501 OAKGREEN AVE NORTH            9.375          1,109.97         60
                                       9.125          1,109.97      225,000.00
    STILLWATER       MN   55082          5            05/30/96         00
    0410170351                           05           07/01/96          0
    410170351                            O            06/01/26
    0


    1508090          E22/728             F           25,950.00         ZZ
                                         360         25,923.67          1
    2106 MILBURN BLVD                  9.375            215.84         70
                                       9.125            215.84       37,481.00
    MISHAWAKA        IN   46544          5            05/30/96         00
    0410076509                           05           07/01/96          0
    410076509                            N            06/01/26
    0


    1508093          E22/728             F           50,400.00         ZZ
                                         360         50,348.90          1
    2255 LINDELL BLVD UNIT # 4205      9.375            419.20         80
                                       9.125            419.20       63,000.00
    DELRAY BEACH     FL   33444          1            06/05/96         00
    0410121677                           08           07/01/96          0
    410121677                            O            06/01/26
    0


    1508095          E22/728             F           67,000.00         ZZ
                                         360         66,962.44          1
    334 BARBARA CIRCLE                 8.875            533.08         66
                                       8.625            533.08      102,900.00
    BELLEAIR         FL   34616          5            06/06/96         00
    0410188320                           05           08/01/96          0
    410188320                            O            07/01/26
    0


    1508098          E22/728             F          109,400.00         T
                                         360        109,286.12          1
    29970 SOUTH BEAVERCREEK ROAD       9.250            900.01         75
                                       9.000            900.01      145,900.00
    MULINO           OR   97042          1            05/22/96         00
    0410179113                           05           07/01/96          0
    410179113                            O            06/01/26
    0


1


    1508101          E22/728             F           64,100.00         ZZ
                                         360         64,037.43          1
    6503 ALDFORD CIRCLE                9.125            521.54         75
                                       8.875            521.54       85,500.00
    AUSTIN           TX   78745          1            06/04/96         00
    0410133706                           05           08/01/96          0
    410133706                            O            07/01/26
    0


    1508102          E22/728             F           73,800.00         ZZ
                                         360         73,737.84          1
    1090 BRONCO ROAD                  10.250            661.32         90
                                      10.000            661.32       82,000.00
    DENVER           CO   80221          1            05/31/96         01
    0410133326                           05           07/01/96         25
    410133326                            N            06/01/26
    0


    1508104          E22/728             F           37,800.00         ZZ
                                         360         37,758.55          1
    500 TIKI DRIVE UNIT # 111C         9.000            304.15         70
                                       8.750            304.15       54,000.00
    GALVESTON        TX   77551          5            05/30/96         00
    0410129811                           01           07/01/96          0
    410129811                            N            06/01/26
    0


    1508107          E22/728             F           25,200.00         ZZ
                                         360         25,178.77          1
    605 FERGUSON AVENUE               10.250            225.82         90
                                      10.000            225.82       28,000.00
    ST LOUIS         MO   63136          1            05/31/96         04
    0410141105                           05           07/01/96         25
    410141105                            N            06/01/26
    0


    1508110          E22/728             F           26,550.00         ZZ
                                         360         26,537.61          2
    1631 CENTER STREET                 9.750            228.11         90
                                       9.500            228.11       29,500.00
    RACINE           WI   53403          1            06/03/96         04
    0410170658                           05           08/01/96         25
    410170658                            N            07/01/26
    0


    1508111          E22/728             F          109,800.00         ZZ
                                         360        109,753.96          4
    3312 WELLESLEY COURT NE           10.250            983.92         90
                                      10.000            983.92      122,000.00
1


    ALBUQUERQUE      NM   87107          2            06/05/96         04
    0410076681                           05           08/01/96         25
    410076681                            N            07/01/26
    0


    1508112          E22/728             F          150,000.00         ZZ
                                         360        149,928.15          4
    124 HENDRICKS ISLE                 9.625          1,274.98         60
                                       9.375          1,274.98      250,000.00
    FORT LAUDERDALE  FL   33301          5            06/07/96         00
    0410118467                           05           08/01/96          0
    410118467                            O            07/01/26
    0


    1508113          E22/728             F           97,900.00         ZZ
                                         360         97,800.74          1
    5046 FIVE FORKS DRIVE              9.375            814.28         80
                                       9.125            814.28      122,400.00
    BATON ROUGE      LA   70817          1            05/31/96         00
    0410133672                           05           07/01/96          0
    410133672                            O            06/01/26
    0


    1508117          E22/728             F           74,800.00         ZZ
                                         360         74,729.92          2
    1304 A & B WESTCOTT DRIVE          9.750            642.65         85
                                       9.500            642.65       88,000.00
    ROUND ROCK       TX   78664          1            05/14/96         01
    0410132195                           05           07/01/96         20
    410132195                            N            06/01/26
    0


    1508118          E22/728             F          151,300.00         ZZ
                                         360        151,134.10          1
    310 SW 136TH AVENUE                9.000          1,217.39         69
                                       8.750          1,217.39      220,000.00
    MIAMI            FL   33184          5            05/31/96         00
    0410120653                           05           07/01/96          0
    410120653                            O            06/01/26
    0


    1508140          661/661             F          142,800.00         ZZ
                                         360        142,630.77          1
    4 W. BRIDLEWOOD TR.                8.625          1,110.69        100
                                       8.375          1,110.69      142,800.00
    DURHAM           NC   27713          1            05/03/96         92
    2515153                              03           07/01/96         30
    2515153                              O            06/01/26
    0
1




    1508141          F03/728             F          292,500.00         ZZ
                                         360        292,500.00          1
    22652 SWEET MEADOW                 9.375          2,432.87         75
                                       9.125          2,432.87      390,000.00
    MISSION VIEJO    CA   92692          5            07/03/96         00
    0380493024                           03           09/01/96          0
    LAG10002                             O            08/01/26
    0


    1508143          661/661             F           71,500.00         ZZ
                                         360         71,358.75          1
    70-J FARM ROAD UNIT #7010          8.125            530.88        100
                                       7.875            530.88       71,500.00
    HILLSBOROUGH TW  NJ   08876          1            04/17/96         92
    2484327                              01           06/01/96         30
    2484327                              O            05/01/26
    0


    1508144          661/661             F          210,000.00         ZZ
                                         360        209,422.61          1
    1731 KINGSTON ROAD                 8.625          1,633.36        100
                                       8.375          1,633.36      210,000.00
    PLACENTIA        CA   92670          1            03/27/96         93
    2482941                              05           05/01/96         30
    2482941                              O            04/01/26
    0


    1508146          661/661             F          115,000.00         ZZ
                                         360        114,710.15          1
    10875 HIGH RIDGE ROAD              8.375            874.08        100
                                       8.125            874.08      115,000.00
    JACKSONVILLE     FL   32225          1            03/28/96         92
    2476174                              05           05/01/96         30
    2476174                              O            04/01/26
    0


    1508148          661/661             F           45,000.00         ZZ
                                         360         44,869.42          1
    808 EAST SECOND STREET             8.625            350.01        100
                                       8.375            350.01       45,000.00
    GREEN FOREST     AR   72638          1            04/17/96         92
    2473841                              05           06/01/96         30
    2473841                              O            05/01/26
    0


    1508153          369/G02             F          335,950.00         T
                                         360        335,950.00          1
1


    3584 MEADOWLANDS LANE              8.875          2,672.97         80
                                       8.625          2,672.97      419,950.00
    SAN JOSE         CA   95135          1            07/11/96         00
    0430005140                           05           09/01/96          0
    9158462                              O            08/01/26
    0


    1508154          661/661             F          338,500.00         ZZ
                                         360        337,460.20          1
    6 KERIAN LANE                      7.375          2,337.93        100
                                       7.125          2,337.93      338,500.00
    LITTLE ROCK      AR   72211          1            03/08/96         92
    2469328                              03           05/01/96         30
    2469328                              O            04/01/26
    0


    1508157          661/661             F          144,900.00         ZZ
                                         360        144,465.82          1
    125 SWETT AVENUE                   7.500          1,013.16        100
                                       7.250          1,013.16      144,900.00
    PORTSMOUTH       NH   03801          1            03/19/96         92
    2466480                              05           05/01/96         30
    2466480                              O            04/01/26
    0


    1508161          E20/728             F          104,900.00         T
                                         360        104,900.00          1
    2994 ROSEBROOK DRIVE               9.625            891.64         65
                                       9.375            891.64      161,450.00
    DECATUR          GA   30033          1            07/12/96         00
    0380499039                           05           09/01/96          0
    UNKNOWN                              O            08/01/26
    0


    1508170          638/728             F          116,900.00         ZZ
                                         360        116,840.97          1
    4048 NE MEADOW LANE                9.375            972.31         90
                                       9.125            972.31      130,000.00
    HILLSBORO        OR   97124          1            06/27/96         04
    0380482829                           05           08/01/96         25
    8580250                              N            07/01/26
    0


    1508183          480/728             F          200,000.00         ZZ
                                         360        199,791.84          1
    550 CLAYTON STREET                 9.250          1,645.35         80
                                       9.000          1,645.35      250,000.00
    DENVER           CO   80206          1            05/31/96         00
    0380471863                           05           07/01/96          0
1


    1937986                              O            06/01/26
    0


    1508207          E55/728             F          340,000.00         T
                                         360        339,828.30          1
    4121 SALTWATER BLVD                9.375          2,827.95         85
                                       9.125          2,827.95      400,000.00
    TAMPA            FL   33615          1            06/28/96         01
    0380493776                           03           08/01/96         20
    5260                                 O            07/01/26
    0


    1508225          904/728             F           90,000.00         ZZ
                                         360         89,953.34          1
    3995 WEST MISTY DRIVE              9.250            740.41         90
                                       9.000            740.41      100,000.00
    WEST JORDAN      UT   84084          1            06/28/96         01
    0380481581                           05           08/01/96         25
    0157379                              N            07/01/26
    0


    1508229          700/728             F           42,000.00         ZZ
                                         360         41,979.34          1
    10820 LANGFORD DRIVE               9.500            353.16         65
                                       9.250            353.16       65,000.00
    ST. LOUIS        MO   63136          5            06/20/96         00
    0380472242                           05           08/01/96          0
    121987                               N            07/01/26
    0


    1508255          A53/728             F           82,600.00         ZZ
                                         360         82,316.93          1
    9006 MEMORY TRAIL                  8.875            657.21         70
                                       8.625            657.21      119,000.00
    WONDER LAKE      IL   60097          5            01/16/96         00
    0380474883                           05           03/01/96          0
    290018401                            O            02/01/26
    0


    1508258          696/728             F           75,000.00         ZZ
                                         360         74,959.03          1
    9021 ALTON PARKWAY                 9.000            603.47         27
                                       8.750            603.47      280,000.00
    SILVER SPRING    MD   20910          5            06/06/96         00
    0380479023                           05           08/01/96          0
    3014327                              O            07/01/26
    0


1


    1508260          405/405             F          110,600.00         ZZ
                                         360        110,600.00          1
    475 FRONT STREET #415              9.125            899.88         75
                                       8.875            899.88      147,500.00
    LAHAINA          HI   96761          1            07/02/96         00
    3968849                              08           09/01/96          0
    3968849                              N            08/01/26
    0


    1508306          405/405             F           36,900.00         ZZ
                                         360         36,861.59          1
    7110 LITTLE CREEK COURT            9.250            303.57         90
                                       9.000            303.57       41,000.00
    CYPRESS          TX   77433          1            05/21/96         01
    3943214                              03           07/01/96         25
    3943214                              N            06/01/26
    0


    1508310          405/405             F           75,850.00         ZZ
                                         360         75,806.35          1
    4493 WILDBERRY COURT               8.750            596.72         35
                                       8.500            596.72      218,000.00
    CONCORD          CA   94521          5            06/10/96         00
    3945516                              03           08/01/96          0
    3945516                              N            07/01/26
    0


    1508323          E19/728             F          153,600.00         ZZ
                                         360        153,524.45          1
    645 PEMBROAKE LANE                 9.500          1,291.55         80
                                       9.250          1,291.55      192,000.00
    FRANKLIN         TN   37064          1            06/14/96         00
    0380477241                           03           08/01/96          0
    9469                                 O            07/01/26
    0


    1508326          E86/728             F          320,000.00         ZZ
                                         360        320,000.00          1
    16 CHANTICLEER DRIVE               9.000          2,574.79         80
                                       8.750          2,574.79      400,000.00
    ISLIP            NY   11751          1            07/22/96         00
    0380495391                           05           09/01/96          0
    13116                                O            08/01/26
    0


    1508329          633/728             F           94,400.00         ZZ
                                         360         94,337.58          1
    7517 WESTLAND AVENUE               9.375            785.17         85
                                       9.125            785.17      112,000.00
1


    STOCKTON         CA   95207          2            06/04/96         04
    0380477571                           05           08/01/96         25
    675999                               N            07/01/26
    0


    1508331          635/635             F          224,000.00         ZZ
                                         360        223,886.88          1
    10826 MAPLE RD                     9.375          1,863.12         70
                                       9.125          1,863.12      320,000.00
    LAFAYETTE        CO   80026          1            07/01/96         00
    653283200                            05           08/01/96          0
    653283200                            O            07/01/26
    0


    1508341          470/470             F          272,000.00         ZZ
                                         360        271,855.24          1
    730 WEST VICTOR AVENUE             9.125          2,213.09         80
                                       8.875          2,213.09      340,000.00
    VISALIA          CA   93277          2            06/10/96         00
    32010745                             05           08/01/96          0
    32010745                             O            07/01/26
    0


    1508342          286/286             F           66,800.00         ZZ
                                         360         66,760.56          2
    76-78 NOTRE DAME ST                8.625            519.57         80
                                       8.375            519.57       83,500.00
    WESTFIELD        MA   01085          1            06/05/96         10
    8366525                              05           08/01/96         12
    8366525                              N            07/01/26
    0


    1508345          470/470             F           62,800.00         ZZ
                                         360         62,768.29          1
    1445 WEST 7TH AVENUE               9.375            522.34         80
                                       9.125            522.34       78,540.00
    APACHE JUNCTION  AZ   85220          1            06/03/96         00
    5101301                              05           08/01/96          0
    5101301                              O            07/01/26
    0


    1508348          927/728             F           55,800.00         ZZ
                                         360         55,749.09          1
    714 SOUTH JONES STREET             9.875            484.54         90
                                       9.625            484.54       62,000.00
    MESA             AZ   85204          1            05/22/96         04
    0380477829                           05           07/01/96         25
    219626                               N            06/01/26
    0
1




    1508354          688/728             F          130,500.00         T
                                         360        130,442.27          1
    103 O'NEIL DRIVE                  10.000          1,145.23         90
                                       9.750          1,145.23      145,000.00
    TRINIDAD         TX   75163          1            06/11/96         01
    0380473141                           05           08/01/96         25
    0038235                              O            07/01/26
    0


    1508356          253/728             F           69,615.00         ZZ
                                         360         69,579.84          3
    6048 PANCOAST DRIVE                9.375            579.03         85
                                       9.125            579.03       81,900.00
    RENSSELAER       IN   47978          1            06/12/96         10
    0380476953                           05           08/01/96         25
    318001                               O            07/01/26
    0


    1508376          E92/728             F           60,900.00         ZZ
                                         360         60,871.58          1
    8419 TIMBER CREST DRIVE            9.750            523.23         70
                                       9.500            523.23       87,000.00
    SAN ANTONIO      TX   78250          5            06/28/96         00
    0380496415                           03           08/01/96          0
    948254                               N            07/01/26
    0


    1508380          E92/728             F           38,500.00         ZZ
                                         360         38,482.04          1
    5806 LAUREL VALLEY DRIVE           9.750            330.77         70
                                       9.500            330.77       55,000.00
    SAN ANTONIO      TX   78242          5            06/28/96         00
    0380495409                           05           08/01/96          0
    948267                               N            07/01/26
    0


    1508382          E92/728             F           52,500.00         ZZ
                                         360         52,475.50          1
    1019 MERCER DRIVE                  9.750            451.06         70
                                       9.500            451.06       75,000.00
    SAN ANTONIO      TX   78245          5            06/28/96         00
    0380495458                           05           08/01/96          0
    948270                               N            07/01/26
    0


    1508398          E22/728             F          104,300.00         ZZ
                                         360        104,247.33          1
1


    36953 LAKE YALE DRIVE              9.375            867.51         60
                                       9.125            867.51      175,000.00
    GRAND ISLAND     FL   32735          5            06/10/96         00
    0410118913                           05           08/01/96          0
    410118913                            O            07/01/26
    0


    1508405          E22/728             F          168,000.00         ZZ
                                         360        167,834.07          1
    9535 BISCAYNE BOULEVARD            9.500          1,412.64         80
                                       9.250          1,412.64      210,000.00
    MIAMI SHORES     FL   33138          1            06/07/96         00
    0410121107                           05           07/01/96          0
    410121107                            O            06/01/26
    0


    1508406          E22/728             F           70,000.00         ZZ
                                         360         69,932.67          1
    18373 HOLLAND ROAD                 9.625            594.99         70
                                       9.375            594.99      100,000.00
    BROOKPARK        OH   44142          5            05/29/96         00
    0410141204                           05           07/01/96          0
    410141204                            N            06/01/26
    0


    1508408          E22/728             F           45,000.00         ZZ
                                         360         44,955.56          1
    114 S MORRIS STREET                9.500            378.38         90
                                       9.250            378.38       50,000.00
    MCKINNEY         TX   75069          1            05/29/96         04
    0410198709                           05           07/01/96         25
    410198709                            N            06/01/26
    0


    1508409          E22/728             F           95,000.00         ZZ
                                         360         94,913.33          1
    14537 MCKINLEY CT                  9.875            824.93         75
                                       9.625            824.93      127,000.00
    POSEN            IL   60469          5            05/31/96         00
    0410169213                           05           07/01/96          0
    410169213                            O            06/01/26
    0


    1508411          E22/728             F          113,600.00         ZZ
                                         360        113,547.00          1
    450 S GULFVIEW BLVD UNIT # 804     9.750            976.00         80
                                       9.500            976.00      142,000.00
    CLEARWATER       FL   34630          1            06/10/96         01
    0410188478                           06           08/01/96         12
1


    410188478                            N            07/01/26
    0


    1508412          E22/728             F           96,000.00         ZZ
                                         360         95,907.65          1
    3664 EL SEGUNDO COURT              9.625            815.99         77
                                       9.375            815.99      124,900.00
    NAPLES           FL   33399          1            05/23/96         00
    0410122196                           09           07/01/96          0
    410122196                            O            06/01/26
    0


    1508413          661/661             F          125,500.00         ZZ
                                         360        125,276.13          1
    4729 LINDA DRIVE                   8.625            976.12         87
                                       8.375            976.12      145,500.00
    SYRACUSE         NY   13215          1            04/17/96         92
    2489151                              05           06/01/96         30
    2489151                              O            05/01/26
    0


    1508422          E22/728             F           22,000.00         ZZ
                                         360         21,978.27          1
    1034 SEWARD AVENUE                 9.500            184.99         80
                                       9.250            184.99       27,500.00
    AKRON            OH   44320          1            05/31/96         04
    0410140024                           05           07/01/96         12
    410140024                            N            06/01/26
    0


    1508478          526/728             F           85,200.00         ZZ
                                         360         85,111.32          1
    705 SWARTHMORE DRIVE               9.250            700.92         80
                                       9.000            700.92      106,500.00
    NEWARK           DE   19711          1            05/30/96         10
    0380480971                           05           07/01/96         12
    127161                               N            06/01/26
    0


    1508482          A78/728             F           65,100.00         ZZ
                                         360         65,033.99          1
    207 CLOVER LANE                    9.375            541.47         68
                                       9.125            541.47       96,000.00
    FORT COLLINS     CO   80521          5            05/24/96         00
    0380473430                           05           07/01/96          0
    080570779                            N            06/01/26
    0


1


    1508491          E55/728             F           31,500.00         ZZ
                                         360         31,484.51          1
    3732 9TH STREET SOUTH              9.500            264.87         90
                                       9.250            264.87       35,000.00
    ST PETERSBURG    FL   33705          1            06/28/96         04
    0380490574                           05           08/01/96         25
    5271                                 N            07/01/26
    0


    1508492          882/728             F           27,000.00         T
                                         360         27,000.00          1
    19201 COLLINS AVENUE               9.750            231.97         60
    523                                9.500            231.97       45,000.00
    NORTH MIAMI BEA  FL   33160          1            07/26/96         00
    0380497462                           22           09/01/96          0
    UNKNOWN                              O            08/01/26
    0


    1508493          737/728             F           66,000.00         ZZ
                                         360         66,000.00          2
    2515 &17 CHARTRES STREET          10.000            579.20         40
                                       9.750            579.20      169,000.00
    NEW ORLEANS      LA   70117          5            07/12/96         00
    0380493255                           05           09/01/96          0
    557496                               O            08/01/26
    0


    1508504          661/661             F           50,000.00         T
                                         360         49,937.62          1
    618 BIRD BAY DRIVE UNIT 103        8.375            380.04         82
                                       8.125            380.04       61,000.00
    VENICE           FL   34292          1            05/16/96         92
    2386506                              01           07/01/96         30
    2386506                              O            06/01/26
    0


    1508530          731/728             F           51,300.00         ZZ
                                         360         51,274.77          1
    142 GINNY LANE                     9.500            431.36         90
                                       9.250            431.36       57,000.00
    GRIFFIN          GA   30223          1            06/07/96         01
    0380478835                           05           08/01/96         25
    3140962087                           N            07/01/26
    0


    1508532          E57/728             F           95,900.00         ZZ
                                         360         95,851.57          1
    28640 BRIDGE WATER LANE            9.375            797.65         80
                                       9.125            797.65      119,900.00
1


    MENIFEE AREA     CA   92584          1            05/31/96         04
    0380481219                           03           08/01/96         12
    48482005000                          N            07/01/26
    0


    1508537          526/728             F          245,100.00         ZZ
                                         360        244,857.92          1
    10305 SOUTH BANEBERRY PLACE        9.500          2,060.94         80
                                       9.250          2,060.94      308,000.00
    HIGHLANDS RANCH  CO   80126          2            05/24/96         00
    0380482514                           03           07/01/96          0
    122479                               O            06/01/26
    0


    1508542          E22/728             F          137,200.00         ZZ
                                         360        137,060.89          1
    795 WEST 7TH AVENUE                9.375          1,141.16         70
                                       9.125          1,141.16      196,000.00
    EUGENE           OR   97402          5            05/17/96         00
    0410111108                           05           07/01/96          0
    410111108                            N            06/01/26
    0


    1508544          F30/728             F           75,600.00         ZZ
                                         360         75,564.73          1
    235 SOUTH 600 EAST                 9.750            649.52         90
                                       9.500            649.52       84,000.00
    SPANISH FORK     UT   84660          1            06/17/96         12
    0380480229                           05           08/01/96         25
    100631                               N            07/01/26
    0


    1508545          E22/728             F          191,250.00         ZZ
                                         360        191,061.12          1
    1139 VINELAND AVENUE               9.500          1,608.13         75
                                       9.250          1,608.13      255,000.00
    LA PUENTE AREA   CA   91746          5            05/21/96         00
    0410178891                           05           07/01/96          0
    410178891                            O            06/01/26
    0


    1508548          B75/728             F           37,800.00         ZZ
                                         360         37,765.50          1
    18081 SE COUNTRY CLUB DRIVE        9.875            328.24         90
                                       9.625            328.24       42,000.00
    TEQUESTA         FL   33469          1            05/28/96         04
    0380493974                           01           07/01/96         35
    2610699                              N            06/01/26
    0
1




    1508549          731/728             F           67,680.00         ZZ
                                         360         67,648.42          1
    1719 THOMPSON AVENUE               9.750            581.48         90
                                       9.500            581.48       75,200.00
    EAST POINT       GA   30344          1            06/11/96         01
    0380478025                           05           08/01/96         25
    3140662221                           N            07/01/26
    0


    1508550          A06/728             F           61,000.00         ZZ
                                         360         60,970.77          1
    2101 E 11 MILE RD                  9.625            518.50         64
                                       9.375            518.50       96,000.00
    ROYAL OAK        MI   48067          5            06/14/96         00
    0380472663                           05           08/01/96          0
    1000009604527                        N            07/01/26
    0


    1508552          E19/728             F           60,000.00         ZZ
                                         360         59,972.74          1
    4358 BERRYMAN AVENUE #5            9.875            521.01         75
                                       9.625            521.01       80,000.00
    LOS ANGELES      CA   90066          1            06/10/96         00
    0380477316                           01           08/01/96          0
    9454                                 N            07/01/26
    0


    1508601          A80/728             F           29,000.00         ZZ
                                         360         29,000.00          1
    8550 SHERMAN CIRCLE N.             9.500            243.85         75
    #107                               9.250            243.85       38,700.00
    MIRAMAR          FL   33025          1            07/17/96         00
    0380495128                           08           09/01/96          0
    9650434                              N            08/01/26
    0


    1508638          E22/728             F          115,000.00         ZZ
                                         360        114,947.75          1
    725A SNOW KING DRIVE               9.875            998.60         52
                                       9.625            998.60      225,000.00
    JACKSON          WY   83001          5            06/03/96         00
    0410133227                           07           08/01/96          0
    410133227                            N            07/01/26
    0


    1508642          E22/728             F           30,450.00         ZZ
                                         360         30,435.02          1
1


    1015 3RD STREET S E                9.500            256.04         70
                                       9.250            256.04       43,500.00
    MASSILLON        OH   44646          5            06/04/96         00
    0410138762                           05           08/01/96          0
    410138762                            N            07/01/26
    0


    1508645          E22/728             F           50,150.00         ZZ
                                         360         50,108.88          1
    5514 E LOWELL AVENUE              10.375            454.06         90
                                      10.125            454.06       55,728.00
    INDIANAPOLIS     IN   46219          1            05/24/96         04
    0410105746                           05           07/01/96         25
    410105746                            N            06/01/26
    0


    1508648          E22/728             F           35,100.00         ZZ
                                         360         35,070.44          1
    1505 TEXTILE DRIVE                10.250            314.53         90
                                      10.000            314.53       39,000.00
    GREENSBORO       NC   27405          1            06/04/96         01
    0410119036                           05           07/01/96         25
    410119036                            N            06/01/26
    0


    1508655          E22/728             F          156,000.00         ZZ
                                         360        155,857.68          1
    10525 HILLTOP DRIVE                9.875          1,354.62         65
                                       9.625          1,354.62      240,000.00
    NEW PORT RICHEY  FL   34654          5            06/03/96         00
    0410187686                           05           07/01/96          0
    410187686                            O            06/01/26
    0


    1508656          638/728             F          108,750.00         ZZ
                                         360        108,750.00          1
    3158 EAST LAKE CRESCENT            9.125            884.83         75
                                       8.875            884.83      146,000.00
    KINGWOOD         TX   77339          1            07/03/96         00
    0430001313                           03           09/01/96          0
    8582541                              O            08/01/26
    0


    1508663          E22/728             F           87,600.00         ZZ
                                         360         87,493.48          1
    9538 BARRETTS GLEN COURT           8.500            673.57         80
                                       8.250            673.57      109,560.00
    HOUSTON          TX   77065          1            05/31/96         00
    0410133664                           03           07/01/96          0
1


    410133664                            O            06/01/26
    0


    1508673          E22/728             F           27,450.00         ZZ
                                         360         27,428.08          2
    6417-19 HOLLIS AVENUE             10.500            251.10         90
                                      10.250            251.10       30,500.00
    DALLAS           TX   75227          1            06/03/96         04
    0410132419                           05           07/01/96         25
    410132419                            N            06/01/26
    0


    1508676          E22/728             F          121,600.00         ZZ
                                         360        121,497.58          4
    117 4TH AVENUE S  &               10.250          1,089.66         95
    402-404 PALMWAY                   10.000          1,089.66      128,000.00
    LAKE WORTH       FL   33460          1            05/31/96         11
    0410187769                           05           07/01/96         30
    410187769                            O            06/01/26
    0


    1508809          F67/F67             F          236,000.00         T
                                         360        236,000.00          1
    198 COUNTRY CLUB DRIVE #7          8.750          1,856.61         61
                                       8.500          1,856.61      389,000.00
    INCLINE VILLAGE  NV   89451          2            07/12/96         00
    961210017                            05           09/01/96          0
    961210017                            O            08/01/26
    0


    1508877          480/728             F           37,350.00         ZZ
                                         360         37,326.78          1
    7907 WEST GLEN ROAD                8.375            283.89         90
                                       8.125            283.89       41,500.00
    NORFOLK          VA   23505          1            06/06/96         12
    0380474594                           05           08/01/96         30
    1880459                              N            07/01/26
    0


    1508899          526/728             F           55,800.00         ZZ
                                         360         55,770.30          1
    31091 GRANDVIEW                    9.125            454.01         90
                                       8.875            454.01       62,000.00
    WESTLAND         MI   48185          1            06/05/96         04
    0380476482                           05           08/01/96         25
    0123316                              N            07/01/26
    0


1


    1508900          232/232             F           44,100.00         ZZ
                                         360         44,056.44          1
    1300 SOUTH DILLON WAY              9.500            370.82         70
                                       9.250            370.82       63,000.00
    AURORA           CO   80012          5            05/20/96         00
    11027168                             09           07/01/96          0
    11027168                             N            06/01/26
    0


    1508904          E45/728             F           88,800.00         ZZ
                                         360         88,755.16          1
    1321 RAPPAHANNOCK ST               9.375            738.59         80
                                       9.125            738.59      111,000.00
    ROSWELL          GA   30201          1            06/19/96         95
    0380478728                           05           08/01/96          0
    UNKNOWN                              N            07/01/26
    0


    1508925          232/232             F          165,000.00         ZZ
                                         360        164,837.04          4
    736 BENNETT AVENUE                 9.500          1,387.41         55
                                       9.250          1,387.41      300,000.00
    GLENWOOD SPRING  CO   81601          5            05/20/96         00
    11007910                             05           07/01/96          0
    11007910                             O            06/01/26
    0


    1508935          286/286             F           55,200.00         ZZ
                                         360         55,139.45          1
    1 SCOTTSWOOD DR                    9.000            444.16         60
                                       8.750            444.16       92,000.00
    GREENVILLE       SC   29615          1            05/16/96         00
    8335210                              05           07/01/96          0
    8335210                              O            06/01/26
    0


    1508937          927/728             F           74,900.00         ZZ
                                         360         74,831.64          1
    1042 EAST MCNAIR DRIVE             9.875            650.40         75
                                       9.625            650.40       99,900.00
    TEMPE            AZ   85283          1            05/28/96         00
    0380481177                           09           07/01/96          0
    249532                               N            06/01/26
    0


    1508964          E57/728             F           58,850.00         ZZ
                                         360         58,819.50          1
    18946 CANYON HILL DRIVE #48        9.250            484.14         75
                                       9.000            484.14       78,500.00
1


    TRABUCO CANYON   CA   92679          1            06/03/96         00
    0380481227                           01           08/01/96          0
    49692005118                          N            07/01/26
    0


    1508979          F03/728             F          264,750.00         ZZ
                                         360        264,750.00          1
    114 VINE STREET #114               9.500          2,226.17         75
                                       9.250          2,226.17      353,000.00
    ASPEN            CO   81611          5            07/02/96         00
    0380491226                           01           09/01/96          0
    DEN10001                             O            08/01/26
    0


    1508981          593/728             F           58,000.00         ZZ
                                         360         57,929.47          1
    734 E KATHY LEE AVENUE             8.500            445.97         48
                                       8.250            445.97      122,175.00
    MEDICAL LAKE     WA   99022          1            05/03/96         00
    0380486705                           05           07/01/96          0
    6319693                              O            06/01/26
    0


    1509017          313/728             F           52,700.00         ZZ
                                         360         52,673.38          1
    747 EAST LOLA DRIVE                9.375            438.34         85
                                       9.125            438.34       62,000.00
    PHOENIX          AZ   85022          2            06/13/96         04
    0380476417                           09           08/01/96         25
    6053433                              N            07/01/26
    0


    1509038          B77/728             F           75,000.00         ZZ
                                         360         75,000.00          1
    2910 EDGEMONT DRIVE                9.500            630.64         42
                                       9.250            630.64      179,000.00
    ALLENTOWN        PA   18103          1            07/29/96         00
    0380500141                           05           09/01/96          0
    95301817                             O            08/01/26
    0


    1509046          E22/728             F          168,000.00         ZZ
                                         360        167,912.91          1
    837 OBISPO AVENUE                  9.250          1,382.09         80
                                       9.000          1,382.09      210,000.00
    CORAL GABLES     FL   33134          1            06/04/96         00
    0410119325                           05           08/01/96          0
    410119325                            O            07/01/26
    0
1




    1509047          E22/728             F           63,750.00         ZZ
                                         360         63,721.04          3
    2968-2970-2972 SE DELMAR STREE     9.875            553.57         75
                                       9.625            553.57       85,000.00
    STUART           FL   34997          1            06/11/96         00
    0410074777                           05           08/01/96          0
    410074777                            N            07/01/26
    0


    1509048          E22/728             F           46,800.00         T
                                         360         46,776.98          1
    5672 ROYAL PINE BOULEVARD          9.500            393.52         90
    UNIT # 19                          9.250            393.52       52,000.00
    ORLANDO          FL   32807          1            06/07/96         10
    0410187561                           01           08/01/96         25
    410187561                            O            07/01/26
    0


    1509050          E22/728             F          101,600.00         ZZ
                                         360        101,512.11          2
    1216-1220 CLERMONT STREET         10.125            901.01         80
                                       9.875            901.01      127,000.00
    DENVER           CO   80220          1            05/30/96         04
    0410076624                           05           07/01/96         12
    410076624                            N            06/01/26
    0


    1509054          635/635             F           87,300.00         ZZ
                                         360         87,300.00          1
    415 S LIBERTY STREET               9.500            734.07         90
                                       9.250            734.07       97,000.00
    ELGIN            IL   60120          1            07/08/96         04
    653146100                            05           09/01/96         25
    653146100                            N            08/01/26
    0


    1509055          560/560             F          105,000.00         ZZ
                                         360        104,884.85          1
    3671 ORANGE DRIVE                  9.000            844.86         70
                                       8.750            844.86      150,000.00
    OXNARD           CA   93030          5            05/29/96         00
    450455514                            05           07/01/96          0
    450455514                            N            06/01/26
    0


    1509056          560/560             F           85,000.00         ZZ
                                         360         84,948.50          1
1


    21555 2ND AVE                      8.500            653.58         60
                                       8.250            653.58      142,000.00
    MILNER           CO   80487          5            06/05/96         00
    450451521                            05           08/01/96          0
    450451521                            N            07/01/26
    0


    1509059          232/232             F          115,900.00         ZZ
                                         360        115,785.51          1
    17 PARKVIEW DRIVE                  9.500            974.56         95
                                       9.250            974.56      122,000.00
    ELIZABETHTOWN    PA   17022          2            05/29/96         04
    7016581                              05           07/01/96         30
    7016581                              O            06/01/26
    0


    1509062          635/635             F           33,750.00         T
                                         360         33,750.00          1
    LOT #252 ROMANNOSE SPA SUB.        9.500            283.79         75
                                       9.250            283.79       45,000.00
    OAKLAND          MD   21550          1            07/15/96         00
    6529325                              05           09/01/96          0
    6529325                              N            08/01/26
    0


    1509080          561/728             F          120,950.00         ZZ
                                         360        120,880.41          1
    8008 CAPTAINS COURT                8.750            951.52         90
                                       8.500            951.52      134,417.00
    FREDERICK        MD   21701          1            06/17/96         10
    0380480443                           09           08/01/96         25
    8805772                              N            07/01/26
    0


    1509094          E22/728             F           73,500.00         ZZ
                                         360         73,462.88          1
    2632 EAST 127TH STREET             9.375            611.34         70
                                       9.125            611.34      105,000.00
    COMPTON          CA   90222          5            06/11/96         00
    0410179675                           05           08/01/96          0
    410179675                            N            07/01/26
    0


    1509117          526/728             F           82,800.00         ZZ
                                         360         82,722.43          1
    142 CELILO                         9.750            711.38         90
                                       9.500            711.38       92,000.00
    FLAGSTAFF        AZ   86001          1            05/30/96         04
    0380476532                           05           07/01/96         25
1


    128746                               N            06/01/26
    0


    1509134          E22/728             F           90,000.00         ZZ
                                         360         89,955.73          1
    7615 SHIRLEY ROAD                  9.500            756.77         67
                                       9.250            756.77      135,000.00
    CHERRY VALLEY    IL   61016          5            06/07/96         00
    0410170054                           05           08/01/96          0
    410170054                            O            07/01/26
    0


    1509136          E22/728             F          241,600.00         ZZ
                                         360        241,477.99          1
    41805 VALLEY VIEW COURT            9.375          2,009.51         80
                                       9.125          2,009.51      302,000.00
    ELIZABETH        CO   80107          1            06/13/96         00
    0410200000                           05           08/01/96          0
    410200000                            O            07/01/26
    0


    1509141          731/728             F           66,600.00         ZZ
                                         360         66,570.54          1
    2563 RIGGS DRIVE                  10.000            584.46         90
                                       9.750            584.46       74,000.00
    EAST POINT       GA   30344          1            06/17/96         01
    0380482464                           05           08/01/96         25
    3140962076                           N            07/01/26
    0


    1509143          910/728             F           49,000.00         ZZ
                                         360         48,976.53          1
    2822 SOUTH 3050 WEST               9.625            416.49         70
                                       9.375            416.49       70,000.00
    WEST VALLEY CIT  UT   84119          5            06/21/96         00
    0380485087                           05           08/01/96          0
    334912                               N            07/01/26
    0


    1509144          910/728             F          202,500.00         T
                                         360        202,386.48          1
    1742 CUTTER LANE                   8.875          1,611.18         75
                                       8.625          1,611.18      270,000.00
    PARK CITY        UT   84060          1            06/13/96         00
    0380485103                           03           08/01/96          0
    265410                               O            07/01/26
    0


1


    1509145          526/728             F          120,000.00         ZZ
                                         360        119,942.51          3
    330, 332, 334 NORTH 6TH AVENUE     9.625          1,019.99         80
                                       9.375          1,019.99      150,000.00
    BRIGHTON         CO   80601          1            06/06/96         04
    0380492695                           05           08/01/96         12
    0130457                              N            07/01/26
    0


    1509155          526/728             F           59,600.00         ZZ
                                         360         59,569.90          1
    190 DAHLIA STREET                  9.375            495.73         80
                                       9.125            495.73       74,500.00
    KLAMATH FALLS    OR   97601          1            06/02/96         10
    0380487992                           05           08/01/96         12
    0127508                              N            07/01/26
    0


    1509166          526/728             F           75,000.00         ZZ
                                         360         74,931.56          1
    559 WILLIAMS AVENUE                9.875            651.27         48
                                       9.625            651.27      158,000.00
    BROOKLYN         NY   11207          5            05/30/96         00
    0380476292                           05           07/01/96          0
    0122610                              N            06/01/26
    0


    1509167          638/728             F           42,300.00         ZZ
                                         360         42,279.20          1
    3668 KINGSBORO ROAD                9.500            355.68         90
    UNIT #1                            9.250            355.68       47,000.00
    ATLANTA          GA   30319          1            06/28/96         01
    0380493156                           01           08/01/96         25
    8582171                              N            07/01/26
    0


    1509168          526/728             F           35,100.00         ZZ
                                         360         35,083.62          1
    79B CAMBRIDGE CIRCLE               9.750            301.57         90
                                       9.500            301.57       39,000.00
    LAKEHURST        NJ   08733          1            06/03/96         10
    0380476581                           01           08/01/96         25
    0110240                              N            07/01/26
    0


    1509184          575/728             F           90,900.00         ZZ
                                         360         90,856.45          1
    1113 GRANDIN AVENUE                9.625            772.64         90
                                       9.375            772.64      101,000.00
1


    ROCKVILLE        MD   20851          1            06/04/96         04
    0380480062                           05           08/01/96         25
    436006866                            N            07/01/26
    0


    1509190          A06/728             F           93,000.00         ZZ
                                         360         92,956.61          1
    11833 FAIRWAY DR                   9.750            799.02         44
                                       9.500            799.02      214,000.00
    SOUTH LYON       MI   48178          5            06/14/96         00
    0380476722                           05           08/01/96          0
    9604836                              O            07/01/26
    0


    1509192          575/728             F           59,500.00         ZZ
                                         360         59,473.67          2
    724 & 726 ZELLA LANE              10.000            522.16         85
                                       9.750            522.16       70,000.00
    LAKELAND         FL   33813          1            06/08/96         01
    0380480500                           05           08/01/96         20
    423007200                            N            07/01/26
    0


    1509215          705/728             F          136,000.00         ZZ
                                         360        136,000.00          1
    404 APPLE TREE LANE                9.375          1,131.18         80
                                       9.125          1,131.18      170,000.00
    BREWSTER         NY   10509          1            07/19/96         00
    0380498551                           01           09/01/96          0
    96300209                             O            08/01/26
    0


    1509220          737/728             F           56,000.00         ZZ
                                         360         56,000.00          1
    947 CAPITAL AVENUE                 9.375            465.78         70
                                       9.125            465.78       80,000.00
    ATLANTA          GA   30315          5            07/10/96         00
    0380490038                           05           09/01/96          0
    557525                               N            08/01/26
    0


    1509221          737/728             F           42,000.00         ZZ
                                         360         42,000.00          1
    969 HILL STREET                    9.375            349.34         70
                                       9.125            349.34       60,000.00
    ATLANTA          GA   30315          5            07/10/96         00
    0380491325                           05           09/01/96          0
    557526                               N            08/01/26
    0
1




    1509222          737/728             F           46,500.00         ZZ
                                         360         46,500.00          1
    156 CLAIRE DRIVE                   9.375            386.77         70
                                       9.125            386.77       67,000.00
    ATLANTA          GA   30315          5            07/10/96         00
    0380491283                           05           09/01/96          0
    557527                               N            08/01/26
    0


    1509223          737/728             F           42,000.00         ZZ
                                         360         42,000.00          1
    1533 LAKEWOOD AVENUE               9.375            349.34         70
                                       9.125            349.34       60,000.00
    ATLANTA          GA   30315          5            07/10/96         00
    0380493909                           05           09/01/96          0
    557528                               N            08/01/26
    0


    1509229          E22/728             F          104,800.00         ZZ
                                         360        104,751.11          1
    1106 WEST 73RD STREET              9.750            900.39         80
                                       9.500            900.39      131,000.00
    INDIANAPOLIS     IN   46260          1            06/07/96         00
    0410141170                           05           08/01/96          0
    410141170                            O            07/01/26
    0


    1509230          E22/728             F           25,200.00         ZZ
                                         360         25,178.77          1
    16950 WEST DIXIE HIGHWAY          10.250            225.82         90
    UNIT # A139                       10.000            225.82       28,000.00
    NORTH MIAMI BEA  FL   33160          1            06/07/96         12
    0410189633                           08           07/01/96         25
    410189633                            N            06/01/26
    0


    1509233          E22/728             F           43,000.00         ZZ
                                         360         42,976.51          1
    2307 MIDWOOD STREET                9.000            345.99         90
                                       8.750            345.99       47,800.00
    LANSING          MI   48911          1            06/13/96         04
    0410105332                           05           08/01/96         25
    410105332                            N            07/01/26
    0


    1509234          E22/728             F          100,000.00         ZZ
                                         360         99,949.50          1
1


    2155 INDIAN ROCK ROAD              9.375            831.75         77
                                       9.125            831.75      130,000.00
    COOL             CA   95614          1            06/06/96         00
    0410125363                           05           08/01/96          0
    410125363                            O            07/01/26
    0


    1509235          E22/728             F           79,500.00         ZZ
                                         360         79,425.52          1
    676 CLINTON  AVE                   9.750            683.03         75
                                       9.500            683.03      106,000.00
    WYANDOTTE        MI   48192          5            05/16/96         00
    0410139331                           05           07/01/96          0
    410139331                            O            06/01/26
    0


    1509236          E22/728             F          150,000.00         ZZ
                                         360        149,920.18          1
    75175 JACK LLOYD ROAD              9.125          1,220.45         71
                                       8.875          1,220.45      212,000.00
    ABITA SPRINGS    LA   70420          5            06/14/96         00
    0410077846                           05           08/01/96          0
    410077846                            O            07/01/26
    0


    1509241          E22/728             F          185,000.00         ZZ
                                         360        184,898.95          1
    8100 W 107TH STREET                9.000          1,488.55         79
                                       8.750          1,488.55      235,000.00
    PALOS HILLS      IL   60465          1            06/13/96         00
    0410101554                           05           08/01/96          0
    410101554                            O            07/01/26
    0


    1509242          E22/728             F           30,600.00         ZZ
                                         360         30,573.53          1
    2245 WEST MAYFAIR DRIVE           10.125            271.37         90
                                       9.875            271.37       34,000.00
    INDIANAPOLIS     IN   46260          1            05/28/96         04
    0410139547                           05           07/01/96         25
    410139547                            N            06/01/26
    0


    1509248          E22/728             F           27,000.00         ZZ
                                         360         26,986.72          1
    561 PROSPECT PLACE                 9.500            227.03         90
                                       9.250            227.03       30,000.00
    CINCINNATI       OH   45229          1            06/19/96         04
    0410142038                           05           08/01/96         25
1


    410142038                            N            07/01/26
    0


    1509259          526/728             F           48,000.00         ZZ
                                         360         47,977.00          1
    13 WALNUT STREET                   9.625            408.00         80
                                       9.375            408.00       60,000.00
    KEYPORT          NJ   07735          1            06/04/96         04
    0380481607                           05           08/01/96         12
    0122343                              N            07/01/26
    0


    1509264          387/387             F          104,000.00         ZZ
                                         360        103,951.47          4
    2304 BARTON VILLAGE CIRCLE         9.750            893.53         80
    # A-D                              9.500            893.53      130,000.00
    AUSTIN           TX   78704          2            06/19/96         95
    789859                               05           08/01/96          0
    789859                               N            07/01/26
    0


    1509265          387/387             F           70,000.00         ZZ
                                         360         69,961.76          1
    2177 HARVARD AVENUE                9.000            563.24         47
                                       8.750            563.24      150,000.00
    SOUTH LAKE TAHO  CA   96150          5            05/28/96         00
    786798                               05           08/01/96          0
    786798                               N            07/01/26
    0


    1509266          387/387             F          292,500.00         ZZ
                                         360        292,348.36          1
    2200 NORWOOD AVENUE                9.250          2,406.33         78
                                       9.000          2,406.33      375,000.00
    BOULDER          CO   80304          5            06/06/96         00
    787747                               05           08/01/96          0
    787747                               O            07/01/26
    0


    1509267          387/387             F          500,000.00         ZZ
                                         360        499,712.33          1
    117 ROCKY POINT ROAD               8.750          3,933.50         80
                                       8.500          3,933.50      625,000.00
    PALOS VERDES ES  CA   90274          1            06/03/96         00
    787754                               05           08/01/96          0
    787754                               O            07/01/26
    0


1


    1509269          387/387             F          109,750.00         ZZ
                                         360        109,629.65          1
    1330 EDMONTON DRIVE                9.000            883.08         80
                                       8.750            883.08      137,225.00
    LEWISVILLE       TX   75067          1            05/28/96         00
    787093                               05           07/01/96          0
    787093                               O            06/01/26
    0


    1509270          387/387             F           60,800.00         ZZ
                                         360         60,770.09          2
    9710 POINT VISTA PLACE # 1&2       9.500            511.24         80
                                       9.250            511.24       76,000.00
    AUSTIN           TX   78753          1            06/18/96         95
    786871                               05           08/01/96          0
    786871                               N            07/01/26
    0


    1509272          387/387             F           96,000.00         ZZ
                                         360         95,952.77          4
    1322 A,B,C,D,SOUTHPORT DRIVE       9.500            807.23         80
                                       9.250            807.23      120,000.00
    AUSTIN           TX   78704          1            06/13/96         95
    791921                               05           08/01/96          0
    791921                               N            07/01/26
    0


    1509274          387/387             F           91,950.00         ZZ
                                         360         91,894.29          1
    12409 HUNTERS CHASE DRIVE          8.500            707.02         80
                                       8.250            707.02      114,950.00
    AUSTIN           TX   78729          1            06/14/96         00
    787481                               03           08/01/96          0
    787481                               O            07/01/26
    0


    1509275          387/387             F           87,900.00         ZZ
                                         360         87,854.43          1
    2063 SOUTH WOLCOTT COURT           9.250            723.13         80
                                       9.000            723.13      109,900.00
    DENVER           CO   80219          1            06/14/96         95
    788422                               05           08/01/96          0
    788422                               N            07/01/26
    0


    1509277          387/387             F           60,750.00         ZZ
                                         360         60,717.67          1
    9241 HOFFMAN WAY                   9.125            494.28         75
                                       8.875            494.28       81,000.00
1


    THORNTON         CO   80229          5            05/31/96         00
    787366                               05           08/01/96          0
    787366                               O            07/01/26
    0


    1509278          387/387             F          148,000.00         ZZ
                                         360        147,917.03          1
    1065 ORANGE PLACE                  8.875          1,177.55         56
                                       8.625          1,177.55      267,000.00
    BOULDER          CO   80304          5            06/14/96         00
    786582                               09           08/01/96          0
    786582                               O            07/01/26
    0


    1509280          387/387             F           74,000.00         ZZ
                                         360         73,961.64          1
    14318 KITTRIDGE STREET             9.250            608.78         80
                                       9.000            608.78       93,000.00
    VAN NUYS         CA   91405          1            06/05/96         00
    786681                               05           08/01/96          0
    786681                               O            07/01/26
    0


    1509281          387/387             F           91,000.00         ZZ
                                         360         90,892.16          1
    2236 SHAWNEE COURT                 8.625            707.79         66
                                       8.375            707.79      139,000.00
    FORT COLLINS     CO   80525          5            05/24/96         00
    786665                               05           07/01/96          0
    786665                               O            06/01/26
    0


    1509283          387/387             F          380,000.00         ZZ
                                         360        379,797.77          1
    908 PILAR PLACE                    9.125          3,091.81         80
                                       8.875          3,091.81      475,000.00
    PACIFICA         CA   94044          1            06/06/96         00
    788927                               05           08/01/96          0
    788927                               O            07/01/26
    0


    1509284          387/387             F           96,800.00         ZZ
                                         360         96,621.42          1
    1439 NORTH SPENCER STREET          9.125            787.60         80
                                       8.875            787.60      121,000.00
    MESA             AZ   85203          1            05/28/96         00
    786509                               05           07/01/96          0
    786509                               O            06/01/26
    0
1




    1509286          387/387             F           64,900.00         ZZ
                                         360         64,863.61          1
    309 HIDDEN VALLEY DRIVE            8.875            516.38         79
                                       8.625            516.38       83,000.00
    ALEDO            TX   76008          2            06/05/96         00
    786863                               05           08/01/96          0
    786863                               O            07/01/26
    0


    1509288          387/387             F          111,200.00         ZZ
                                         360        110,854.55          1
    965 HIGHLAND DRIVE                 9.125            904.76         80
                                       8.875            904.76      139,000.00
    VISTA            CA   92083          2            05/28/96         00
    783381                               05           07/01/96          0
    783381                               O            06/01/26
    0


    1509290          387/387             F           49,000.00         ZZ
                                         360         48,975.25          1
    4764 SOUTH ROSE PLACE              9.375            407.56         70
                                       9.125            407.56       70,000.00
    TUCSON           AZ   85730          5            06/10/96         00
    783571                               05           08/01/96          0
    783571                               N            07/01/26
    0


    1509293          387/387             F           87,500.00         ZZ
                                         360         87,408.93          2
    3409-3411 EAST BELLEVUE            9.250            719.84         70
                                       9.000            719.84      125,000.00
    TUCSON           AZ   85716          5            05/28/96         00
    785097                               05           07/01/96          0
    785097                               N            06/01/26
    0


    1509294          387/387             F           92,000.00         ZZ
                                         360         91,909.13          4
    503 HARDIN COURT UNIT 1-4          9.500            773.59         80
                                       9.250            773.59      115,000.00
    AUSTIN           TX   78753          1            05/23/96         95
    785469                               05           07/01/96          0
    785469                               N            06/01/26
    0


    1509296          387/387             F          315,000.00         ZZ
                                         360        314,840.93          1
1


    132 NORTH LAKESIDE DRIVE           9.375          2,620.01         70
                                       9.125          2,620.01      450,000.00
    DURANGO          CO   81301          5            06/04/96         00
    783274                               05           08/01/96          0
    783274                               N            07/01/26
    0


    1509298          E22/728             F          198,000.00         ZZ
                                         360        197,902.61          1
    26 W 201 DURFEE ROAD               9.500          1,664.89         80
                                       9.250          1,664.89      247,500.00
    WHEATON          IL   60187          1            06/13/96         00
    0410170740                           05           08/01/96          0
    410170740                            O            07/01/26
    0


    1509299          387/387             F           50,000.00         ZZ
                                         360         49,974.08          1
    6781 CASA CONTENTA DRIVE           9.250            411.34         53
                                       9.000            411.34       95,000.00
    SOMERSET         CA   95684          1            06/03/96         00
    782805                               05           08/01/96          0
    782805                               O            07/01/26
    0


    1509300          E22/728             F           35,000.00         ZZ
                                         360         34,978.80          1
    109 W EDGEFIELD STREET             8.500            269.12         64
                                       8.250            269.12       55,000.00
    LONGVIEW         TX   75602          1            06/12/96         00
    0410134571                           05           08/01/96          0
    410134571                            O            07/01/26
    0


    1509302          B28/728             F           76,500.00         ZZ
                                         360         76,466.15          1
    4592 SOUTH CRYSTAL WAY #C         10.000            671.35         85
                                       9.750            671.35       90,000.00
    AURORA           CO   80015          1            06/24/96         10
    0380478272                           01           08/01/96         20
    10966453                             N            07/01/26
    0


    1509303          387/387             F          133,000.00         ZZ
                                         360        132,857.91          1
    11316 MIDDLE RIDGE TERRACE         9.125          1,082.13         58
                                       8.875          1,082.13      233,000.00
    SAN DIEGO        CA   92128          1            05/21/96         00
    781765                               03           07/01/96          0
1


    781765                               O            06/01/26
    0


    1509304          E22/728             F           50,400.00         ZZ
                                         360         50,378.86          1
    4197 WILMINGTON ROAD              10.250            451.64         70
                                      10.000            451.64       72,000.00
    SOUTH EUCLID     OH   44121          1            06/18/96         00
    0410142301                           05           08/01/96          0
    410142301                            N            07/01/26
    0


    1509305          387/387             F           71,900.00         ZZ
                                         360         70,676.36          2
    5402 LISHILL COVE UNITS A&B        9.625            611.15         80
                                       9.375            611.15       89,900.00
    AUSTIN           TX   78745          1            05/21/96         95
    781716                               05           07/01/96          0
    781716                               N            06/01/26
    0


    1509307          387/387             F          380,000.00         ZZ
                                         360        379,781.37          1
    4 COPPS HILL STREET                8.750          2,989.46         80
                                       8.500          2,989.46      475,000.00
    LAGNUA NIGUEL    CA   92677          1            06/07/96         00
    781518                               03           08/01/96          0
    781518                               O            07/01/26
    0


    1509308          387/387             F           90,000.00         ZZ
                                         360         89,881.16          1
    420 SIRRETTA STREET                9.000            724.16         75
                                       8.750            724.16      120,000.00
    KERNVILLE        CA   93238          2            05/14/96         00
    780601                               05           07/01/96          0
    780601                               O            06/01/26
    0


    1509309          E22/728             F           19,800.00         ZZ
                                         360         19,791.47          1
    4310 CRITTENDEN AVENUE            10.125            175.59         90
                                       9.875            175.59       22,000.00
    INDIANAPOLIS     IN   46205          1            06/07/96         04
    0410140172                           05           08/01/96         25
    410140172                            N            07/01/26
    0


1


    1509312          387/387             F          170,000.00         ZZ
                                         360        169,803.67          1
    6078 DOVETAIL DRIVE                8.750          1,337.39         80
                                       8.500          1,337.39      215,000.00
    AGOURA HILLS     CA   91301          2            05/23/96         00
    780171                               05           07/01/96          0
    780171                               O            06/01/26
    0


    1509327          526/728             F           43,200.00         ZZ
                                         360         43,176.40          1
    185 EVERGREEN DRIVE                9.000            347.60         90
                                       8.750            347.60       48,000.00
    DOVER            DE   19901          1            06/04/96         04
    0380480211                           05           08/01/96         25
    128704                               N            07/01/26
    0


    1509329          526/728             F           54,000.00         ZZ
                                         360         53,949.40          1
    26 APRIL VILLAGE                   9.750            463.95         90
                                       9.500            463.95       60,000.00
    MONTGOMERY       TX   77356          1            05/31/96         10
    0380480252                           09           07/01/96         30
    130188                               O            06/01/26
    0


    1509336          201/728             F           88,000.00         ZZ
                                         360         87,910.77          1
    108 GLENWOOD DRIVE                 9.375            731.94         80
                                       9.125            731.94      110,000.00
    FREDRICKSBURG    TX   78624          1            05/31/96         00
    0380484387                           05           07/01/96          0
    4200606135                           O            06/01/26
    0


    1509338          904/728             F           66,760.00         ZZ
                                         360         66,760.00          2
    3071 SOUTH 9000 WEST               9.500            561.35         80
                                       9.250            561.35       83,450.00
    MAGNA            UT   84044          1            07/16/96         01
    0380497314                           05           09/01/96         17
    158869                               O            08/01/26
    0


    1509340          904/728             F           67,160.00         ZZ
                                         360         67,160.00          2
    3069 SOUTH 9000 WEST               9.500            564.72         80
                                       9.250            564.72       83,950.00
1


    MAGNA            UT   84044          1            07/16/96         01
    0380495672                           05           09/01/96         17
    158870                               O            08/01/26
    0


    1509358          180/728             F           35,100.00         ZZ
                                         360         35,083.63          1
    10104 SHADOWRIDGE DRIVE            9.750            301.56         90
                                       8.750            301.56       39,000.00
    OKLAHOMA CITY    OK   73159          1            07/05/96         04
    0380495508                           05           08/01/96         25
    UNKNOWN                              N            07/01/26
    0


    1509391          470/470             F           49,950.00         ZZ
                                         360         49,926.69          1
    402 BURLINGTON AVENUE              9.750            429.15         90
                                       9.500            429.15       55,500.00
    BILLINGS         MT   59101          1            06/06/96         01
    51010449                             05           08/01/96         25
    51010449                             N            07/01/26
    0


    1509392          470/470             F           62,900.00         ZZ
                                         360         62,870.65          1
    1020 SUNNY RIDGE DRIVE             9.750            540.41         90
                                       9.500            540.41       69,900.00
    LAKE HAVASU CIT  AZ   86406          1            06/05/96         04
    51010316                             05           08/01/96         30
    51010316                             N            07/01/26
    0


    1509398          E57/728             F          275,800.00         ZZ
                                         360        275,645.38          1
    5125 ROMERO WAY                    8.875          2,194.39         81
                                       8.625          2,194.39      341,800.00
    FAIR OAKS        CA   95628          1            06/13/96         23
    0380487588                           05           08/01/96         12
    03055177                             O            07/01/26
    0


    1509408          E23/728             F           69,750.00         ZZ
                                         360         69,711.90          3
    3971,3971 1/2 & 3793 LOUISIANA     9.000            561.23         75
    STREET                             8.750            561.23       93,000.00
    SAN DIEGO        CA   92104          1            06/05/96         00
    0380486846                           05           08/01/96          0
    104051                               O            07/01/26
    0
1




    1509412          470/470             F          117,900.00         ZZ
                                         360        117,777.27          1
    11884 S.W. MORNING HILL DRIVE      9.250            969.94         90
                                       9.000            969.94      131,000.00
    TIGARD           OR   97223          1            05/16/96         01
    62020392                             05           07/01/96         25
    62020392                             N            06/01/26
    0


    1509426          637/728             F          152,000.00         ZZ
                                         360        151,921.20          2
    89-19 84TH STREET                  9.250          1,250.47         95
                                       9.000          1,250.47      160,000.00
    WOODHAVEN        NY   11421          1            06/19/96         04
    0380487240                           03           08/01/96         30
    9223843                              O            07/01/26
    0


    1509434          E22/728             F          117,000.00         ZZ
                                         360        116,940.91          1
    3622 PEREGRINE FALCON DRIVE        9.375            973.15         73
                                       9.125            973.15      161,000.00
    AUSTIN           TX   78746          2            06/11/96         00
    0410077291                           05           08/01/96          0
    410077291                            O            07/01/26
    0


    1509435          E22/728             F          224,000.00         ZZ
                                         360        223,883.88          1
    2966 ZAHARIAS DRIVE                9.250          1,842.79         80
                                       9.000          1,842.79      280,000.00
    ORLANDO          FL   32836          1            06/07/96         00
    0410189187                           03           08/01/96          0
    410189187                            O            07/01/26
    0


    1509437          E22/728             F           65,700.00         ZZ
                                         360         65,638.45          1
    2666 COUNTRY GROVE BOULEVARD       9.750            564.46         90
                                       9.500            564.46       73,000.00
    PALM HARBOR      FL   34684          1            06/07/96         04
    0410188999                           05           07/01/96         25
    410188999                            N            06/01/26
    0


    1509438          E22/728             F          148,500.00         ZZ
                                         360        148,432.53          1
1


    4308 N KOSTNER                     9.875          1,289.50         90
                                       9.625          1,289.50      165,000.00
    CHICAGO          IL   60641          1            06/19/96         04
    0410199343                           05           08/01/96         25
    410199343                            N            07/01/26
    0


    1509441          E22/728             F           57,750.00         ZZ
                                         360         57,720.83          1
    3850 DOVE LANE                     9.375            480.34         70
                                       9.125            480.34       82,500.00
    EUGENE           OR   97402          5            06/10/96         00
    0410111090                           05           08/01/96          0
    410111090                            N            07/01/26
    0


    1509444          E22/728             F           85,400.00         ZZ
                                         360         85,366.06          2
    2441-43 WINTERBROOK DRIVE         10.500            781.19         90
                                      10.250            781.19       94,900.00
    LAWRENCE         KS   66047          1            06/04/96         01
    0410134225                           05           08/01/96         25
    410134225                            N            07/01/26
    0


    1509445          E22/728             F           26,250.00         ZZ
                                         360         26,238.99          1
    880 NE 69TH STREET UNIT #7-J      10.250            235.23         75
                                      10.000            235.23       35,000.00
    MIAMI            FL   33138          1            06/18/96         00
    0410188833                           06           08/01/96          0
    410188833                            N            07/01/26
    0


    1509446          E22/728             F           85,000.00         ZZ
                                         360         84,955.94          1
    67434 SUNSHINE ROAD                9.250            699.27         34
                                       9.000            699.27      250,000.00
    MONTROSE         CO   81401          5            06/17/96         00
    0410062004                           05           08/01/96          0
    410062004                            O            07/01/26
    0


    1509448          E22/728             F          276,800.00         ZZ
                                         360        276,540.67          4
    110 PONDERA APARTMENTS A B C D     9.750          2,378.14         80
                                       9.500          2,378.14      346,000.00
    BOZEMAN          MT   59715          1            05/08/96         95
    0410150866                           05           07/01/96          0
1


    410150866                            N            06/01/26
    0


    1509449          E22/728             F           56,700.00         ZZ
                                         360         55,970.21          2
    705 ORCHARD STREET                10.125            502.83         70
                                       9.875            502.83       81,000.00
    WYANDOTTE        MI   48192          5            06/13/96         00
    0410199327                           05           08/01/96          0
    410199327                            N            07/01/26
    0


    1509451          E22/728             F           89,600.00         ZZ
                                         360         89,513.81          1
    10505 S OXFORD AVE                 9.625            761.59         80
                                       9.375            761.59      112,000.00
    CHICAGO RIDGE    IL   60415          1            05/31/96         00
    0410170815                           05           07/01/96          0
    410170815                            O            06/01/26
    0


    1509455          E22/728             F           80,400.00         T
                                         360         80,363.48          1
    2065 SW DRIFTWOOD STREET           9.875            698.15         70
                                       9.625            698.15      114,900.00
    PORT ST LUCIE    FL   34953          1            06/13/96         00
    0410189799                           05           08/01/96          0
    410189799                            O            07/01/26
    0


    1509457          E22/728             F           28,800.00         ZZ
                                         360         28,787.60          1
    818 FESS AVE                      10.125            255.40         90
                                       9.875            255.40       32,000.00
    AKRON            OH   44307          1            06/12/96         04
    0410140883                           05           08/01/96         25
    410140883                            N            07/01/26
    0


    1509459          E22/728             F          487,500.00         ZZ
                                         360        487,055.22          4
    3335 LOS PRADOS STREET             9.875          4,233.20         75
                                       9.625          4,233.20      650,000.00
    SAN MATEO        CA   94403          5            05/23/96         00
    0410151922                           05           07/01/96          0
    410151922                            O            06/01/26
    0


1


    1509462          E22/728             F           39,900.00         ZZ
                                         360         39,883.27          1
    4855 EVANSTON AVENUE              10.250            357.54         70
                                      10.000            357.54       57,000.00
    INDIANAPOLIS     IN   46205          5            06/12/96         00
    0410140412                           05           08/01/96          0
    410140412                            N            07/01/26
    0


    1509464          E22/728             F          185,250.00         ZZ
                                         360        185,146.15          1
    4716 CHESTERFIELD PLACE            8.875          1,473.93         75
                                       8.625          1,473.93      247,000.00
    JAMESTOWN        NC   27282          1            06/10/96         00
    0410189971                           03           08/01/96          0
    410189971                            O            07/01/26
    0


    1509467          E22/728             F           59,500.00         ZZ
                                         360         59,441.23          1
    14 QUIET PEACE PLACE               9.500            500.31         70
                                       9.250            500.31       85,000.00
    THE WOODLANDS    TX   77381          1            05/31/96         00
    0410178412                           03           07/01/96          0
    410178412                            N            06/01/26
    0


    1509512          939/G02             F          194,700.00         ZZ
                                         360        194,700.00          2
    126-22 147TH STREET               10.500          1,781.00         95
                                      10.250          1,781.00      205,000.00
    JAMAICA          NY   11436          1            07/19/96         10
    0430001016                           05           09/01/96         30
    9604210                              O            08/01/26
    0


    1509531          664/728             F           83,500.00         ZZ
                                         360         83,500.00          2
    1704-1706 MEDINA DRIVE             7.875            605.44         70
                                       7.625            605.44      119,300.00
    COLLEGE STATION  TX   77840          1            07/17/96         00
    0380497124                           05           09/01/96          0
    2146660                              N            08/01/26
    0


    1509532          664/728             F           83,500.00         ZZ
                                         360         83,500.00          2
    1712-1714 MEDINA DRIVE             7.875            605.44         70
                                       7.625            605.44      119,300.00
1


    COLLEGE STATION  TX   77840          1            07/17/96         00
    0380495193                           05           09/01/96          0
    2146718                              N            08/01/26
    0


    1509540          664/728             F           83,500.00         ZZ
                                         360         83,500.00          2
    1708-1710 MEDINA DRIVE             7.875            605.44         70
                                       7.625            605.44      119,300.00
    COLLEGE STATION  TX   77840          1            07/17/96         00
    0380493933                           05           09/01/96          0
    2146652                              N            08/01/26
    0


    1509552          526/728             F          125,000.00         ZZ
                                         360        124,943.21          2
    78-81 NORTH 17TH STREET            9.875          1,085.44         90
                                       9.625          1,085.44      140,000.00
    EAST ORANGE      NJ   07017          1            06/03/96         10
    0380483702                           05           08/01/96         25
    0098232                              N            07/01/26
    0


    1509553          387/387             F           93,600.00         ZZ
                                         360         93,505.09          1
    13182 SPIRE CIRCLE                 9.375            778.52         65
                                       9.125            778.52      144,000.00
    CHINO HILLS      CA   91709          5            05/16/96         00
    785626                               09           07/01/96          0
    785626                               N            06/01/26
    0


    1509555          387/387             F          384,000.00         ZZ
                                         360        383,544.95          1
    10871 SKYLINE DRIVE                8.625          2,986.71         80
                                       8.375          2,986.71      480,000.00
    SANTA ANNA       CA   92705          1            05/29/96         00
    786228                               05           07/01/96          0
    786228                               O            06/01/26
    0


    1509556          387/387             F          111,500.00         ZZ
                                         360        111,364.42          1
    9252  SOUTH GREENWICH STREET       8.500            857.34         55
                                       8.250            857.34      205,000.00
    ANAHEIM          CA   92804          2            05/23/96         00
    785527                               05           07/01/96          0
    785527                               O            06/01/26
    0
1




    1509557          387/387             F          795,000.00         ZZ
                                         360        794,554.31          1
    1907 ZENATO PLACE                  8.875          6,325.38         70
                                       8.625          6,325.38    1,150,000.00
    PLEASANTON       CA   94566          4            06/03/96         00
    785790                               03           08/01/96          0
    785790                               O            07/01/26
    0


    1509565          688/728             F          110,250.00         ZZ
                                         360        110,194.33          1
    2102 EAST ANGELA DRIVE             9.375            917.00         90
                                       9.125            917.00      122,530.00
    PHOENIX          AZ   85022          1            06/13/96         01
    0380478504                           05           08/01/96         25
    37966                                N            07/01/26
    0


    1509567          B75/G02             F           59,600.00         ZZ
                                         360         59,600.00          1
    3517 49TH STREET                  10.250            534.08         80
                                      10.000            534.08       74,500.00
    SARASOTA         FL   34235          1            07/17/96         01
    0430003582                           05           09/01/96         12
    2530715                              N            08/01/26
    0


    1509574          405/405             F           74,250.00         ZZ
                                         360         74,250.00          1
    3214 OAKCLIFF ROAD                 9.500            624.34         90
                                       9.250            624.34       82,500.00
    DORAVILLE        GA   30340          1            07/11/96         12
    3960796                              05           09/01/96         25
    3960796                              N            08/01/26
    0


    1509613          635/635             F           69,300.00         ZZ
                                         360         69,300.00          1
    404 SINGAPORE LANE                 9.875            601.77         90
                                       9.625            601.77       77,000.00
    CARPENTERSVILLE  IL   60110          1            07/03/96         04
    651313900                            05           09/01/96         25
    651313900                            N            08/01/26
    0


    1509651          405/405             F          100,000.00         ZZ
                                         360         99,936.23          1
1


    4142 CHASE AVENUE                  8.250            751.27         54
                                       8.000            751.27      188,000.00
    LOS ANGELES      CA   90066          5            06/11/96         00
    3951670                              05           08/01/96          0
    3951670                              O            07/01/26
    0


    1509657          664/728             F          113,300.00         ZZ
                                         360        113,253.74          1
    321 BILLINGS                      10.375          1,025.83         90
                                      10.125          1,025.83      125,900.00
    ELGIN            IL   60123          1            06/20/96         10
    0380486374                           05           08/01/96         25
    2210961                              N            07/01/26
    0


    1509658          526/728             F           36,000.00         ZZ
                                         360         35,983.20          1
    3230 DEXTER STREET                 9.750            309.30         90
                                       9.500            309.30       40,000.00
    DENVER           CO   80207          1            06/10/96         12
    0380480344                           05           08/01/96         25
    121799                               N            07/01/26
    0


    1509665          664/728             F          122,500.00         ZZ
                                         360        122,441.31          1
    2008 RUNNING DEER LANE             9.625          1,041.24         69
                                       9.375          1,041.24      180,000.00
    FREEPORT         IL   61032          1            06/01/96         00
    0380490137                           05           08/01/96          0
    2210441                              O            07/01/26
    0


    1509705          498/728             F           34,828.00         ZZ
                                         360         34,812.18          2
    4201 RUTGERS/600 LIGUSTRUM AVE     9.875            302.43         85
                                       9.625            302.43       40,975.00
    CHARLOTTE        NC   28206          1            06/11/96         01
    0380492737                           05           08/01/96         20
    1449049                              N            07/01/26
    0


    1509706          498/728             F           34,828.00         ZZ
                                         360         34,812.18          2
    4200 & 4204 RUTGERS AVENUE         9.875            302.43         85
                                       9.625            302.43       41,000.00
    CHARLOTTE        NC   28206          1            06/11/96         01
    0380492711                           05           08/01/96         20
1


    1449064                              N            07/01/26
    0


    1509712          498/728             F           34,828.00         ZZ
                                         360         34,812.18          2
    606 & 608 LIGUSTRUM STREET         9.875            302.43         85
                                       9.625            302.43       40,975.00
    CHARLOTTE        NC   28206          2            06/11/96         01
    0380492752                           05           08/01/96         20
    1449059                              N            07/01/26
    0


    1509729          498/728             F          116,550.00         ZZ
                                         360        116,494.16          1
    104 TRENT WOODS WAY                9.625            990.67         90
                                       9.375            990.67      129,500.00
    APEX             NC   27502          1            06/19/96         04
    0380480021                           03           08/01/96         25
    1450337                              N            07/01/26
    0


    1509755          927/728             F           31,450.00         ZZ
                                         360         31,419.73          2
    829 WEST 13TH STREET               9.625            267.33         85
                                       9.375            267.33       37,000.00
    PUEBLO           CO   81003          1            05/24/96         10
    0380496761                           05           07/01/96         25
    247668                               N            06/01/26
    0


    1509756          526/728             F          212,000.00         ZZ
                                         360        211,895.71          1
    9 HAREN DRIVE                      9.500          1,782.62         80
                                       9.250          1,782.62      266,000.00
    ROCKY HILL       CT   06067          2            06/10/96         00
    0380489253                           05           08/01/96          0
    109525                               O            07/01/26
    0


    1509779          E22/728             F          110,500.00         T
                                         360        110,445.65          1
    1353 BELVIDERE STREET              9.500            929.14         64
                                       9.250            929.14      174,000.00
    EL PASO          TX   79912          2            06/07/96         00
    0410132690                           05           08/01/96          0
    410132690                            O            07/01/26
    0


1


    1509789          F41/728             F           23,100.00         ZZ
                                         360         23,100.00          1
    1165 PALM AVENUE                   9.500            194.24         70
    UNIT 5A                            9.250            194.24       33,000.00
    NORTH FORT MEYE  FL   33903          1            07/12/96         00
    0380497066                           01           09/01/96          0
    124960157                            O            08/01/26
    0


    1509792          E22/728             F          372,000.00         ZZ
                                         360        371,581.36          1
    1392 CHUCKANUT DRIVE               8.875          2,959.80         80
                                       8.625          2,959.80      465,000.00
    BELLINGHAM       WA   98226          5            05/20/96         00
    0410111165                           05           07/01/96          0
    410111165                            O            06/01/26
    0


    1509798          E22/728             F           70,000.00         ZZ
                                         360         69,966.47          1
    13285 SOLVANG WAY                  9.625            594.99         60
                                       9.375            594.99      117,000.00
    TRUCKEE          CA   96161          5            05/30/96         00
    0410124549                           03           08/01/96          0
    410124549                            N            07/01/26
    0


    1509800          E22/728             F           35,000.00         ZZ
                                         360         34,983.68          1
    3969 NW 181 LANE                   9.750            300.70         70
                                       9.500            300.70       50,000.00
    MIAMI            FL   33055          5            06/20/96         00
    0410113898                           07           08/01/96          0
    410113898                            N            07/01/26
    0


    1509808          526/728             F          163,100.00         ZZ
                                         360        163,100.00          4
    1620-1630 EMERSON STREET           9.875          1,416.28         75
                                       9.625          1,416.28      217,500.00
    DENVER           CO   80218          1            07/09/96         00
    0380497231                           05           09/01/96          0
    00135271                             N            08/01/26
    0


    1509812          526/728             F           45,000.00         ZZ
                                         360         44,978.44          1
    604 EAST WEBER DRIVE               9.625            382.50         90
                                       9.375            382.50       50,000.00
1


    TEMPE            AZ   85281          2            06/05/96         04
    0380491523                           01           08/01/96         25
    128654                               N            07/01/26
    0


    1509828          B24/728             F          151,200.00         ZZ
                                         360        151,200.00          2
    24 EDLIE AVENUE                    9.000          1,216.59         70
                                       8.750          1,216.59      216,000.00
    NORWALK          CT   06855          1            07/15/96         00
    0380488859                           05           09/01/96          0
    158989                               N            08/01/26
    0


    1509860          A69/G02             F           69,000.00         ZZ
                                         360         69,000.00          1
    94 OAK AVENUE                      9.750            592.82         78
                                       9.500            592.82       89,000.00
    SHIRLEY          NY   11967          1            07/30/96         00
    0430010249                           05           09/01/96          0
    7505                                 O            08/01/26
    0


    1509957          526/728             F           44,800.00         ZZ
                                         360         44,800.00          1
    3033 CALVIN BOULEVARD              9.750            384.91         80
                                       9.500            384.91       56,000.00
    FT. MEYERS       FL   33901          1            07/24/96         00
    0380501917                           05           09/01/96          0
    00127196                             O            08/01/26
    0


    1509966          526/728             F           23,250.00         ZZ
                                         360         23,250.00          1
    195 S SABLE BLVD #U-13             9.875            201.90         75
                                       9.625            201.90       31,000.00
    AURORA           CO   80012          1            07/08/96         00
    0380498502                           01           09/01/96          0
    0126720                              N            08/01/26
    0


    1509968          E45/728             F           66,600.00         ZZ
                                         360         66,567.24          1
    2136 MONA PLACE                    9.500            560.01         90
                                       9.250            560.01       74,000.00
    DALLAS           GA   30132          1            07/27/96         10
    0380482175                           05           08/01/96         25
    UNKNOWN                              N            07/01/26
    0
1




    1509980          455/728             F          292,500.00         T
                                         360        292,374.01          1
    512 BARRINGTON COURT              10.125          2,593.96         75
                                       9.875          2,593.96      390,000.00
    HILTON HEAD      SC   29928          1            06/25/96         00
    0380498056                           08           08/01/96          0
    52080                                O            07/01/26
    0


    1509996          E22/728             F          107,650.00         ZZ
                                         360        107,592.71          1
    8504 SOUTHWEST PINE STREET         9.125            875.88         80
                                       8.875            875.88      134,600.00
    TIGARD           OR   97223          1            06/19/96         00
    0410111827                           05           08/01/96          0
    410111827                            O            07/01/26
    0


    1509998          E22/728             F          140,000.00         ZZ
                                         360        139,929.30          1
    317 HEATH DRIVE                    9.375          1,164.45         70
                                       9.125          1,164.45      200,000.00
    RUIDOSO          NM   88345          5            06/05/96         00
    0410199541                           05           08/01/96          0
    410199541                            O            07/01/26
    0


    1510000          E22/728             F          100,800.00         ZZ
                                         360        100,750.42          2
    5101 COLERAIN AVENUE               9.500            847.58         90
                                       9.250            847.58      112,000.00
    CINCINNATI       OH   45223          1            06/11/96         04
    0410139307                           05           08/01/96         25
    410139307                            N            07/01/26
    0


    1510002          405/405             F          200,000.00         ZZ
                                         360        199,904.19          1
    7109 LAKE BALLINGER WAY            9.625          1,699.98         66
                                       9.375          1,699.98      305,000.00
    EDMONDS          WA   98026          5            06/14/96         00
    3959111                              05           08/01/96          0
    3959111                              O            07/01/26
    0


    1510003          E22/728             F           90,000.00         ZZ
                                         360         89,952.11          1
1


    730 BOBCAT SPRINGS ROAD            9.125            732.27         30
                                       8.875            732.27      300,000.00
    BUELLTON         CA   93427          5            06/11/96         00
    0410148100                           05           08/01/96          0
    410148100                            O            07/01/26
    0


    1510004          B28/728             F           48,000.00         ZZ
                                         360         47,979.32          1
    0800 COLUMBINE ROAD               10.125            425.68         80
    #3-A                               9.875            425.68       60,000.00
    BRECKENRIDGE     CO   80424          1            06/18/96         10
    0380486721                           01           08/01/96         20
    01960357                             N            07/01/26
    0


    1510005          E22/728             F           58,500.00         ZZ
                                         360         58,446.64          1
    1020 RIVER OAKS DRIVE              9.875            507.98         90
    UNINCORPORATED AREA OF THE         9.625            507.98       65,000.00
    COUNTY OF KERN   CA   93309          1            05/20/96         04
    0410179881                           03           07/01/96         25
    410179881                            N            06/01/26
    0


    1510006          E22/728             F           33,750.00         ZZ
                                         360         33,730.67          2
    2321 & 2323 15TH STREET            9.750            289.96         90
                                       9.500            289.96       37,750.00
    PORT HURON       MI   48060          1            06/12/96         04
    0410142004                           05           08/01/96         25
    410142004                            N            07/01/26
    0


    1510007          E22/728             F          105,000.00         ZZ
                                         360        104,945.56          1
    383 ARTHUR ROAD                    9.250            863.81         75
                                       9.000            863.81      140,000.00
    GARBERVILLE      CA   95542          1            06/13/96         00
    0410152581                           05           08/01/96          0
    410152581                            O            07/01/26
    0


    1510008          526/728             F           20,000.00         ZZ
                                         360         19,990.42          3
    95 COLUMBIA STREET                 9.625            170.00         18
                                       9.375            170.00      116,000.00
    NEW BRITAIN      CT   06052          5            06/12/96         00
    0380481540                           05           08/01/96          0
1


    127876                               N            07/01/26
    0


    1510009          E22/728             F          206,000.00         ZZ
                                         360        205,785.59          3
    1008  "O" STREET NW                9.250          1,694.71         80
                                       9.000          1,694.71      257,500.00
    WASHINGTON       DC   20001          1            05/30/96         00
    0410187884                           07           07/01/96          0
    410187884                            O            06/01/26
    0


    1510010          526/728             F           46,000.00         ZZ
                                         360         45,977.37          2
    6 BERKSHIRE STREET                 9.500            386.80         80
                                       9.250            386.80       57,500.00
    INDIAN ORCHARD   MA   01151          1            06/07/96         12
    0380481813                           05           08/01/96         12
    118972                               N            07/01/26
    0


    1510012          E22/728             F           19,950.00         ZZ
                                         360         19,941.64          1
    146 W MILTON AVE                  10.250            178.77         70
                                      10.000            178.77       28,500.00
    HAZEL PARK       MI   48030          5            06/07/96         00
    0410139653                           05           08/01/96          0
    410139653                            N            07/01/26
    0


    1510014          E22/728             F           84,000.00         ZZ
                                         360         83,954.12          1
    4276 CLOUDBERRY COURT              9.000            675.88         80
                                       8.750            675.88      105,000.00
    BURTONSVILLE     MD   20866          2            06/14/96         04
    0410190672                           09           08/01/96         12
    410190672                            N            07/01/26
    0


    1510015          E22/728             F           28,500.00         ZZ
                                         360         28,485.61          1
    2170 CENTRAL DRIVE                 9.375            237.05         75
                                       9.125            237.05       38,000.00
    BEAUMONT         TX   77706          1            06/17/96         00
    0410199533                           05           08/01/96          0
    410199533                            N            07/01/26
    0


1


    1510072          A06/728             F           76,000.00         ZZ
                                         360         76,000.00          1
    22931 & 22941 ROSEWOOD            10.125            673.99         80
                                       9.875            673.99       95,000.00
    OAK PARK         MI   48237          1            07/30/96         10
    0380500919                           05           09/01/96         12
    9605319                              N            08/01/26
    0


    1510084          E22/728             F          156,000.00         ZZ
                                         360        155,923.27          1
    14605 AERIES WAY DRIVE             9.500          1,311.73         80
                                       9.250          1,311.73      195,000.00
    FT MYERS         FL   33912          1            06/15/96         00
    0410188593                           03           08/01/96          0
    410188593                            O            07/01/26
    0


    1511070          E22/728             F           90,800.00         ZZ
                                         360         90,737.64          1
    17303 DOLORES STREET               9.750            780.11         70
                                       9.500            780.11      130,800.00
    LIVONIA          MI   48152          1            06/11/96         00
    0410142053                           05           08/01/96          0
    410142053                            O            07/01/26
    0


    1511082          E19/728             F          172,000.00         ZZ
                                         360        171,917.60          1
    5456 NORTH MAGUEY PLACE            9.625          1,461.98         80
                                       9.375          1,461.98      215,000.00
    TUCSON           AZ   85750          5            06/24/96         00
    0380487885                           03           08/01/96          0
    9531                                 O            07/01/26
    0


    1511086          526/728             F           18,450.00         ZZ
                                         360         18,441.15          1
    1121 HUFFMAN STREET                9.625            156.83         90
                                       9.375            156.83       20,500.00
    FT. WAYNE        IN   46802          1            06/17/96         10
    0380485962                           05           08/01/96         25
    125623                               N            07/01/26
    0


    1511271          526/728             F          144,000.00         ZZ
                                         360        143,865.07          4
    1209-1215 LIPAN STREET             9.750          1,237.19         90
                                       9.500          1,237.19      160,000.00
1


    DENVER           CO   80204          1            05/31/96         12
    0380490566                           05           07/01/96         25
    127317                               N            06/01/26
    0


    1511297          E22/728             F           85,500.00         ZZ
                                         360         85,464.14          2
    3329 W CRYSTAL STREET             10.250            766.17         90
                                      10.000            766.17       95,000.00
    CHICAGO          IL   60647          1            06/12/96         01
    0410170898                           05           08/01/96         25
    410170898                            N            07/01/26
    0


    1511308          E22/728             F          198,000.00         ZZ
                                         360        197,910.05          4
    4161-4167 NW 114 TERRACE           9.875          1,719.33         90
                                       9.625          1,719.33      220,000.00
    CORAL SPRINGS    FL   33065          1            06/18/96         04
    0410189781                           05           08/01/96         25
    410189781                            N            07/01/26
    0


    1511309          E22/728             F           78,100.00         ZZ
                                         360         78,059.51          1
    3815 CHEVRON DRIVE                 9.250            642.51         70
                                       9.000            642.51      111,628.00
    HIGHLAND TWP     MI   48356          1            06/14/96         00
    0410199657                           05           08/01/96          0
    410199657                            O            07/01/26
    0


    1511314          E22/728             F           72,150.00         ZZ
                                         360         72,111.60          1
    1506 WOOTEN DRIVE                  9.125            587.04         85
                                       8.875            587.04       84,900.00
    AUSTIN           TX   78757          1            06/18/96         04
    0410200372                           05           08/01/96         20
    410200372                            N            07/01/26
    0


    1511315          E22/728             F           64,800.00         ZZ
                                         360         64,769.77          1
    716 CAROLINA AVENUE                9.750            556.73         90
                                       9.500            556.73       72,000.00
    RALEIGH          NC   27606          1            06/20/96         01
    0410189658                           07           08/01/96         25
    410189658                            N            07/01/26
    0
1




    1511316          E22/728             F           64,800.00         ZZ
                                         360         64,769.77          1
    720 CAROLINA AVENUE                9.750            556.73         90
                                       9.500            556.73       72,000.00
    RALEIGH          NC   27606          1            06/20/96         04
    0410189641                           07           08/01/96         25
    410189641                            N            07/01/26
    0


    1511332          731/728             F          173,500.00         ZZ
                                         360        173,405.23          1
    8304 LESTER LANE                   9.000          1,396.02         77
    CANOGA PARK AREA                   8.750          1,396.02      225,500.00
    LOS ANGELES      CA   91304          1            06/20/96         00
    0380487836                           05           08/01/96          0
    8000288                              O            07/01/26
    0


    1511336          664/728             F           61,200.00         ZZ
                                         360         61,168.27          2
    6902 REESE LANE                    9.250            503.48         85
                                       9.000            503.48       72,000.00
    AUSTIN           TX   78757          1            06/19/96         04
    0380487893                           05           08/01/96         20
    2146561                              N            07/01/26
    0


    1511337          664/728             F           61,200.00         ZZ
                                         360         61,168.27          2
    6900 REESE LANE                    9.250            503.48         85
                                       9.000            503.48       72,000.00
    AUSTIN           TX   78757          1            06/14/96         01
    0380487851                           05           08/01/96         20
    2146579                              N            07/01/26
    0


    1511394          E26/728             F           69,350.00         ZZ
                                         360         69,315.88          2
    2974 CORNWALL ROAD                 9.500            583.14         95
                                       9.250            583.14       73,000.00
    BALTIMORE        MD   21222          1            06/24/96         14
    0380488271                           05           08/01/96         30
    435640                               O            07/01/26
    0


    1511402          737/728             F           73,800.00         ZZ
                                         360         73,800.00          1
1


    3218 STANFORD CIRCLE               9.875            640.85         90
                                       9.625            640.85       82,000.00
    LAWRENCEVILLE    GA   30244          1            07/10/96         01
    0380493313                           05           09/01/96         25
    557556                               N            08/01/26
    0


    1511413          E22/728             F           32,600.00         ZZ
                                         360         32,584.80          2
    2317 & 2319 15TH STREET            9.750            280.08         90
                                       9.500            280.08       36,250.00
    PORT HURON       MI   48060          1            06/11/96         04
    0410141840                           05           08/01/96         25
    410141840                            N            07/01/26
    0


    1511467          E22/728             F          118,400.00         ZZ
                                         360        118,338.62          1
    230 N E 211TH STREET               9.250            974.05         80
                                       9.000            974.05      148,000.00
    MIAMI            FL   33179          1            06/20/96         00
    0410190466                           09           08/01/96          0
    410190466                            O            07/01/26
    0


    1511534          927/728             F           57,400.00         ZZ
                                         360         57,368.64          1
    14414 NORTH 58TH DRIVE             9.000            461.86         70
                                       8.750            461.86       82,000.00
    GLENDALE         AZ   85306          1            06/24/96         00
    0380487844                           09           08/01/96          0
    250084                               O            07/01/26
    0


    1511542          776/728             F           75,000.00         ZZ
                                         360         74,965.01          1
    8308 N PERSHING AVENUE             9.750            644.37         75
                                       9.500            644.37      100,000.00
    STOCKTON         CA   95209          1            06/20/96         00
    0380487463                           05           08/01/96          0
    2333404                              N            07/01/26
    0


    1511544          776/728             F          116,850.00         ZZ
                                         360        116,789.42          1
    3708 ALLIANCE STREET               9.250            961.30         80
                                       9.000            961.30      146,090.00
    LAS VEGAS        NV   89129          1            06/14/96         04
    0380488024                           09           08/01/96         12
1


    6332332                              N            07/01/26
    0


    1511545          776/728             F           91,800.00         ZZ
                                         360         91,757.18          1
    303 CAMBRIDGE STREET               9.750            788.70         90
                                       9.500            788.70      102,000.00
    NEWBERG          OR   97132          1            06/18/96         04
    0380487489                           05           08/01/96         25
    5032497                              N            07/01/26
    0


    1511548          776/728             F           52,500.00         ZZ
                                         360         52,474.18          1
    815 NORTHEAST CHURCH STREET        9.500            441.45         70
                                       9.250            441.45       75,000.00
    PORTLAND         OR   97211          1            06/21/96         00
    0380488057                           05           08/01/96          0
    5034193                              N            07/01/26
    0


    1511562          776/728             F           60,750.00         ZZ
                                         360         60,723.84          1
    323 7TH AVENUE SOUTH              10.125            538.74         90
                                       9.875            538.74       67,500.00
    NAMPA            ID   83651          1            06/13/96         04
    0380488198                           05           08/01/96         25
    2532918                              N            07/01/26
    0


    1511580          E22/728             F          137,200.00         ZZ
                                         360        137,139.30          4
    5555 KEONCREST CIRCLE             10.000          1,204.03         70
                                       9.750          1,204.03      196,000.00
    SACRAMENTO       CA   95841          1            05/29/96         00
    0410147557                           05           08/01/96          0
    410147557                            N            07/01/26
    0


    1511581          E22/728             F          137,200.00         ZZ
                                         360        137,139.30          4
    5550 KEONCREST CIRCLE             10.000          1,204.03         70
                                       9.750          1,204.03      196,000.00
    SACRAMENTO       CA   95841          1            05/29/96         00
    0410152201                           05           08/01/96          0
    410152201                            N            07/01/26
    0


1


    1511582          E22/728             F          137,200.00         ZZ
                                         360        137,139.30          4
    5563 KEONCREST CIRCLE             10.000          1,204.03         70
                                       9.750          1,204.03      196,000.00
    SACRAMENTO       CA   95841          1            05/29/96         00
    0410152219                           05           08/01/96          0
    410152219                            N            07/01/26
    0


    1511585          560/560             F          114,300.00         ZZ
                                         360        114,239.17          1
    3819 EAST KINGS AVENUE             9.125            929.99         90
                                       8.875            929.99      127,003.00
    PHOENIX          AZ   85032          1            06/18/96         04
    450459797                            03           08/01/96         25
    450459797                            N            07/01/26
    0


    1511587          560/560             F          107,100.00         ZZ
                                         360        107,048.69          4
    392 ALBRIGHT LANE                  9.625            910.34         80
                                       9.375            910.34      134,000.00
    GALLATIN         TN   37066          1            06/28/96         95
    450473558                            05           08/01/96          0
    450473558                            N            07/01/26
    0


    1511588          560/560             F           40,000.00         ZZ
                                         360         39,978.71          1
    741 S 4TH STREET WEST              9.125            325.46         54
                                       8.875            325.46       75,000.00
    SNOWFLAKE        AZ   95937          5            06/26/96         00
    450466438                            05           08/01/96          0
    450466438                            N            07/01/26
    0


    1511589          560/560             F           72,450.00         ZZ
                                         360         72,416.20          1
    227 N SEVENTH STREET               9.750            622.46         90
                                       9.500            622.46       80,500.00
    ALLENTOWN        PA   18103          1            06/18/96         04
    450459920                            05           08/01/96         25
    450459920                            N            07/01/26
    0


    1511591          560/560             F          102,350.00         ZZ
                                         360        102,295.53          1
    35 BENNETS NECK DRIVE              9.125            832.76         75
    (POCASSET)                         8.875            832.76      136,500.00
1


    BOURNE           MA   02559          1            06/21/96         00
    450463286                            05           08/01/96          0
    450463286                            O            07/01/26
    0


    1511593          560/560             F          108,500.00         ZZ
                                         360        108,448.02          1
    100 SPRING RIDGE TRACE             9.625            922.24         70
                                       9.375            922.24      155,000.00
    ROSWELL          GA   30076          5            06/24/96         00
    450464086                            05           08/01/96          0
    450464086                            N            07/01/26
    0


    1511595          560/560             F           57,800.00         ZZ
                                         360         57,624.76          1
    363-4 SANDHURST CIRCLE             9.500            486.01         56
                                       9.250            486.01      104,000.00
    GLEN ELLYN       IL   60137          5            06/12/96         00
    450455282                            05           08/01/96          0
    450455282                            N            07/01/26
    0


    1511597          560/560             F           26,550.00         ZZ
                                         360         26,535.87          1
    190 GRAND LARRY STREET A4          9.125            216.02         90
    627 W TREE DRIVE                   8.875            216.02       29,500.00
    ANCHORAGE        AK   99504          1            06/24/96         10
    450470422                            01           08/01/96         25
    450470422                            N            07/01/26
    0


    1511604          201/728             F          171,700.00         ZZ
                                         360        171,534.82          2
    86 CENTRAL AVENUE                  9.625          1,459.44         85
    THE CITY OF NEW BRUNSWICK          9.375          1,459.44      202,000.00
    COUNTY OF MIDDL  NJ   08901          1            05/31/96         04
    0380489154                           05           07/01/96         25
    2800901254                           N            06/01/26
    0


    1511605          E22/728             F           68,000.00         ZZ
                                         360         67,964.75          1
    17208 NW 66 COURT                  9.250            559.42         80
                                       9.000            559.42       85,000.00
    MIAMI            FL   33015          1            06/12/96         12
    0410188239                           09           08/01/96         12
    410188239                            N            07/01/26
    0
1




    1511606          E22/728             F          117,600.00         ZZ
                                         360        117,545.13          2
    115 & 117 WEST FOURTH STREET       9.750          1,010.37         80
                                       9.500          1,010.37      147,000.00
    EVERSON          WA   98247          2            06/14/96         00
    0410111652                           05           08/01/96          0
    410111652                            O            07/01/26
    0


    1511611          E22/728             F           56,000.00         ZZ
                                         360         55,973.18          1
    1465 N E 141ST STREET              9.625            475.99         51
                                       9.375            475.99      110,000.00
    NORTH MIAMI      FL   33161          5            06/17/96         00
    0410190417                           05           08/01/96          0
    410190417                            O            07/01/26
    0


    1511612          E22/728             F          479,200.00         ZZ
                                         360        478,944.99          1
    267 SOUTH VIA LAS PALMAS           9.125          3,898.93         80
                                       8.875          3,898.93      599,000.00
    PALM SPRINGS     CA   92262          1            06/11/96         00
    0410153506                           05           08/01/96          0
    410153506                            O            07/01/26
    0


    1511615          E22/728             F           30,750.00         ZZ
                                         360         30,736.75          1
    10901 NORTH KENDALL DRIVE         10.125            272.70         75
    UNIT # 216                         9.875            272.70       41,000.00
    MIAMI            FL   33176          1            06/14/96         00
    0410122105                           01           08/01/96          0
    410122105                            N            07/01/26
    0


    1511618          E22/728             F           76,900.00         ZZ
                                         360         76,863.16          1
    471 NW 82ND AVENUE UNIT # 708      9.625            653.64         95
                                       9.375            653.64       80,990.00
    MIAMI            FL   33126          1            06/14/96         11
    0410118343                           01           08/01/96         30
    410118343                            O            07/01/26
    0


    1511624          E22/728             F           47,200.00         ZZ
                                         360         47,146.89          1
1


    133 SE SAILFISH LANE               8.875            375.54         80
                                       8.625            375.54       59,000.00
    STUART           FL   34996          1            05/13/96         00
    0410140685                           07           07/01/96          0
    410140685                            O            06/01/26
    0


    1511626          076/076             F           30,450.00         ZZ
                                         360         30,407.04          1
    2706 SOUTH LANDS END ROAD          9.750            261.61         70
                                       9.500            261.61       43,500.00
    TUCSON           AZ   85713          5            04/05/96         00
    101253                               05           06/01/96          0
    101253                               N            05/01/26
    0


    1511628          076/076             F           37,800.00         ZZ
                                         360         37,746.67          1
    2708 SOUTH LANDS END ROAD          9.750            324.76         90
                                       9.500            324.76       42,000.00
    TUCSON           AZ   85713          1            04/19/96         01
    101255                               05           06/01/96         17
    101255                               N            05/01/26
    0


    1511638          076/076             F           59,400.00         ZZ
                                         360         59,299.34          1
    105 WILDWOOD TRAIL                 8.875            472.62         90
                                       8.625            472.62       66,000.00
    BONAIRE          GA   31005          1            04/26/96         12
    5552262                              05           06/01/96         25
    5552262                              N            05/01/26
    0


    1511696          526/526             F          140,000.00         ZZ
                                         360        139,304.54          1
    83 NORMAN AVENUE                   9.625          1,189.99         80
                                       9.375          1,189.99      175,000.00
    BROOKLYN         NY   11222          1            09/12/95         10
    45319                                05           11/01/95         12
    45319                                N            10/01/25
    0


    1511697          076/076             F           55,550.00         ZZ
                                         360         55,458.29          1
    9175 WEST SIXTH AVENUE             9.000            446.97         90
                                       8.750            446.97       61,740.00
    DALLAS           GA   30132          1            04/08/96         10
    5558692                              05           06/01/96         25
1


    5558692                              N            05/01/26
    0


    1511698          E22/728             F          108,000.00         ZZ
                                         360        107,944.01          1
    10 TRAFALGAR SQUARE UNIT # 201     9.250            888.49         80
                                       9.000            888.49      135,000.00
    LINCOLNSHIRE     IL   60069          1            06/10/96         00
    0410179196                           01           08/01/96          0
    410179196                            O            07/01/26
    0


    1511704          A91/G02             F          144,400.00         ZZ
                                         360        144,400.00          2
    20 HARRISON AVENUE                 9.125          1,174.89         95
                                       8.875          1,174.89      152,000.00
    FRANKLIN SQUARE  NY   11010          1            07/24/96         11
    0430000745                           05           09/01/96         30
    159871                               O            08/01/26
    0


    1511710          076/076             F          116,200.00         ZZ
                                         360        116,017.88          1
    17 FRANKLIN CREEK ROAD N           9.250            955.95         70
                                       9.000            955.95      166,000.00
    SAVANNAH         GA   31411          1            04/30/96         00
    5547712                              09           06/01/96          0
    5547712                              O            05/01/26
    0


    1511713          A26/728             F          304,000.00         ZZ
                                         360        304,000.00          1
    800 PALISADE AVENUE UNIT 301       9.500          2,556.20         80
                                       9.250          2,556.20      380,000.00
    FORT LEE         NJ   07024          1            07/18/96         00
    0380499443                           06           09/01/96          0
    7539                                 O            08/01/26
    0


    1511715          076/076             F          108,000.00         ZZ
                                         360        107,843.53          1
    225 SOUTH DOWNING STREET           9.625            917.99         90
                                       9.375            917.99      120,000.00
    DENVER           CO   80209          1            04/24/96         01
    5553272                              05           06/01/96         25
    5553272                              N            05/01/26
    0


1


    1511720          526/728             F           67,200.00         ZZ
                                         360         67,131.85          2
    907-909 FAIRWOOD LANE              9.375            558.94         78
                                       9.125            558.94       87,000.00
    OLATHE           KS   66061          1            06/01/96         04
    0380485681                           05           07/01/96         12
    0111454                              N            06/01/26
    0


    1511727          076/076             F           90,400.00         ZZ
                                         360         90,246.84          1
    1007 CROSSWINDS DRIVE              8.875            719.26         80
                                       8.625            719.26      113,000.00
    ELIZABETH CITY   NC   27909          5            04/22/96         00
    UNKNOWN                              05           06/01/96          0
    UNKNOWN                              O            05/01/26
    0


    1511733          076/076             F          207,000.00         ZZ
                                         360        206,692.11          2
    1522 1524 SOUTH MCBRIDE AVENUE     9.500          1,740.57         90
                                       9.250          1,740.57      230,000.00
    CITY OF COMMERC  CA   90022          1            04/01/96         12
    5560632                              05           06/01/96         25
    5560632                              O            05/01/26
    0


    1511734          180/728             F           26,000.00         ZZ
                                         360         26,000.00          1
    1816 HOMEWOOD AVENUE              10.000            228.17         65
                                       9.750            228.17       40,000.00
    MISHAWAKA        IN   46544          1            07/17/96         00
    0380501123                           05           09/01/96          0
    4414488                              N            08/01/26
    0


    1511741          526/728             F           81,200.00         ZZ
                                         360         80,779.79          2
    8717-8719 W UNIVERSITY             8.750            638.81         80
                                       8.500            638.81      101,500.00
    WICHITA          KS   67209          1            04/01/96         04
    0380487497                           05           06/01/96         12
    105082                               N            05/01/26
    0


    1511743          526/728             F           78,200.00         ZZ
                                         360         77,759.71          1
    3910 SW AYLESBURY COURT            9.500            657.55         80
                                       9.250            657.55       98,000.00
1


    TOPEKA           KS   66610          1            08/24/95         04
    0380482241                           05           10/01/95         12
    57873                                O            09/01/25
    0


    1511746          935/728             F           56,000.00         ZZ
                                         360         56,000.00          1
    2640 ALLEN STREET                  9.500            470.88         80
                                       9.250            470.88       70,000.00
    INDIANAPOLIS     IN   46203          1            07/12/96         00
    0380483173                           05           09/01/96          0
    07151011111401                       O            08/01/26
    0


    1511747          526/526             F           75,500.00         ZZ
                                         360         75,104.95          4
    1949 OLEANDER STREET               9.375            627.98         80
                                       9.125            627.98       95,000.00
    BATON ROUGE      LA   70802          1            09/29/95         10
    69389                                05           11/01/95         12
    69389                                N            10/01/25
    0


    1511752          232/232             F           87,500.00         ZZ
                                         360         87,385.52          2
    1004-1006 CASTLEROCK DRIVE         9.000            704.05         70
                                       8.750            704.05      125,000.00
    FORT COLLINS     CO   80521          1            05/20/96         00
    11027108                             05           07/01/96          0
    11027108                             N            06/01/26
    0


    1511778          E45/728             F           39,150.00         ZZ
                                         360         39,128.62          1
    210 FARMERS HIGH RD                9.000            315.01         90
                                       8.750            315.01       43,500.00
    BOWDEN           GA   30108          1            06/28/96         01
    0380481870                           05           08/01/96         25
    UNKNOWN                              N            07/01/26
    0


    1511789          992/728             F          110,000.00         ZZ
                                         360        109,938.33          1
    6 NICHOLAS COURT                   8.875            875.21         70
                                       8.625            875.21      159,000.00
    NESCONSET        NY   11767          1            06/28/96         00
    0380492414                           05           08/01/96          0
    322673                               O            07/01/26
    0
1




    1511812          470/470             F           63,200.00         ZZ
                                         360         63,168.91          1
    1621 EAST WALTON AVENUE            9.500            531.42         90
                                       9.250            531.42       70,500.00
    SPOKANE          WA   99207          1            06/21/96         04
    62020542                             05           08/01/96         30
    62020542                             N            07/01/26
    0


    1511813          470/470             F           79,900.00         ZZ
                                         360         79,859.65          1
    12811 NORTH 38TH WAY               9.375            664.57         80
                                       9.125            664.57       99,900.00
    PHOENIX          AZ   85032          1            06/26/96         95
    51010503                             05           08/01/96          0
    51010503                             N            07/01/26
    0


    1511815          F30/728             F          108,900.00         ZZ
                                         360        108,850.53          1
    941 WEST 820 NORTH                 9.875            945.63         90
                                       9.625            945.63      121,000.00
    PROVO            UT   84601          1            06/25/96         01
    0380486879                           05           08/01/96         25
    100685                               N            07/01/26
    0


    1511819          731/728             F          127,600.00         ZZ
                                         360        127,535.57          4
    130 MEADOWBROOK COURT              9.375          1,061.31         80
                                       9.125          1,061.31      159,575.00
    FAYETTEVILLE     GA   30214          1            06/27/96         01
    0380488073                           05           08/01/96         12
    3140962303                           N            07/01/26
    0


    1511828          201/728             F           93,600.00         ZZ
                                         360         93,509.94          2
    97-99 GLENN DRIVE                  9.625            795.60         90
    THE TOWNSHIP OF WOODBRIDGE         9.375            795.60      104,000.00
    COUNTY OF MIDDL  NJ   08832          1            05/31/96         01
    0380489428                           05           07/01/96         25
    1300891775                           N            06/01/26
    0


    1511833          560/560             F          137,700.00         ZZ
                                         360        137,470.17          1
1


    4714 FIELD STREET                  9.750          1,183.06         90
                                       9.500          1,183.06      153,000.00
    WHEAT RIDGE      CO   80033          1            05/31/96         10
    450446893                            05           07/01/96         25
    450446893                            N            06/01/26
    0


    1511834          560/560             F           41,450.00         ZZ
                                         360         41,424.88          1
    2428 N GRAND                       8.500            318.72         65
                                       8.250            318.72       64,000.00
    PUEBLO           CO   81003          5            06/12/96         00
    450455498                            05           08/01/96          0
    450455498                            N            07/01/26
    0


    1511843          201/728             F           75,650.00         ZZ
                                         360         75,611.80          2
    326 BAY AVENUE                     9.375            629.22         85
    THE BOROUGH OF HIGHLANDS           9.125            629.22       89,000.00
    COUNTY OF MONMO  NJ   07732          1            06/13/96         01
    0380489162                           05           08/01/96         20
    3700907317                           N            07/01/26
    0


    1511862          286/286             F           49,050.00         ZZ
                                         360         49,005.24          1
    1726 WYNDHURST RD                  9.875            425.93         90
                                       9.625            425.93       54,500.00
    TOLEDO           OH   43607          1            05/14/96         10
    8357164                              05           07/01/96         25
    8357164                              N            06/01/26
    0


    1511868          E45/728             F          268,000.00         ZZ
                                         360        267,845.81          1
    RT. 3,                             8.750          2,108.36         80
    BOX 108E                           8.500          2,108.36      335,000.00
    SANTA FE         NM   87505          1            06/28/96         00
    0380492505                           05           08/01/96          0
    UNKNOWN                              O            07/01/26
    0


    1511871          E45/728             F          157,800.00         T
                                         360        157,718.19          1
    1561 BENNETT SPRINGS DRIVE         9.250          1,298.18         60
                                       9.000          1,298.18      263,000.00
    GREENSBORO       GA   30642          1            06/28/96         00
    0380492455                           03           08/01/96          0
1


    UNKNOWN                              O            07/01/26
    0


    1511872          661/661             F          520,000.00         ZZ
                                         360        517,997.14          1
    3420 OWLS ROOST ROAD               7.375          3,591.51        100
                                       7.125          3,591.51      520,000.00
    GREENBORO        NC   27410          1            02/05/96         92
    24107095                             05           04/01/96         30
    24107095                             O            03/01/26
    0


    1511876          E92/728             F          112,500.00         ZZ
                                         360        112,438.55          4
    15-17 WINTER STREET                9.000            905.20         90
                                       8.750            905.20      125,000.00
    AMESBURY         MA   01913          1            06/19/96         10
    0380487174                           05           08/01/96         25
    947860                               O            07/01/26
    0


    1511893          076/076             F           72,000.00         ZZ
                                         360         71,673.37          1
    6220 HOPI DRIVE                    8.750            566.42         60
                                       8.500            566.42      120,000.00
    NORTH LITTLE RO  AR   72116          5            04/25/96         00
    5583672                              05           06/01/96          0
    5583672                              O            05/01/26
    0


    1511895          076/076             F           50,850.00         ZZ
                                         360         50,794.25          1
    2214 WESTWOOD DRIVE                9.000            409.15         90
                                       8.750            409.15       56,500.00
    DENTON           TX   76201          1            05/14/96         04
    5581042                              05           07/01/96         25
    5581042                              N            06/01/26
    0


    1511896          076/076             F           81,350.00         ZZ
                                         360         81,197.25          1
    1802 MULEDEER RUN                  8.375            618.32         70
                                       8.125            618.32      116,237.00
    LEANDER          TX   78641          1            04/26/96         00
    5581972                              05           06/01/96          0
    5581972                              O            05/01/26
    0


1


    1511897          076/076             F           97,650.00         ZZ
                                         360         97,504.77          1
    7 SUMMIT RIDGE DRIVE               9.500            821.09         90
                                       9.250            821.09      108,500.00
    LITTLE ROCK      AR   72211          1            04/26/96         12
    5582642                              05           06/01/96         25
    5582642                              N            05/01/26
    0


    1511898          076/076             F          113,100.00         ZZ
                                         360        112,975.98          3
    139 ST ALPHONSUS STREET            9.000            910.03         75
                                       8.750            910.03      151,000.00
    BOSTON           MA   02120          1            05/21/96         00
    5577722                              05           07/01/96          0
    5577722                              N            06/01/26
    0


    1511906          830/728             F           66,500.00         ZZ
                                         360         66,500.00          1
    1058 EAST 3950 SOUTH               9.375            553.11         70
                                       9.125            553.11       95,000.00
    SALT LAKE CITY   UT   84124          1            07/19/96         00
    0380498569                           05           09/01/96          0
    526693                               O            08/01/26
    0


    1511919          B28/728             F          128,000.00         ZZ
                                         360        127,935.36          1
    11138 WILD HORSE PEAK              9.375          1,064.64         70
                                       9.125          1,064.64      183,000.00
    LITTLETON        CO   80127          5            06/24/96         00
    0380488529                           03           08/01/96          0
    10963339                             O            07/01/26
    0


    1511927          405/405             F          220,800.00         ZZ
                                         360        220,682.49          1
    31281 EAGLE CREST LANE             9.125          1,796.51         80
                                       8.875          1,796.51      276,000.00
    EVERGREEN        CO   80439          1            06/24/96         00
    5773963675                           05           08/01/96          0
    5773963675                           O            07/01/26
    0


    1511930          526/728             F          124,800.00         ZZ
                                         360        124,736.97          1
    6 CRAIG DRIVE                      9.375          1,038.03         80
                                       9.125          1,038.03      156,000.00
1


    MERRIMACK        NH   03054          1            06/21/96         00
    0380484346                           05           08/01/96          0
    126048                               O            07/01/26
    0


    1511941          936/728             F           62,000.00         ZZ
                                         360         61,971.07          1
    2131 EAST 10TH STREET #1           9.750            532.68         90
                                       9.500            532.68       69,000.00
    TEMPE            AZ   85281          1            06/24/96         04
    0380490020                           01           08/01/96         25
    6022040                              N            07/01/26
    0


    1511942          E22/728             F          360,000.00         ZZ
                                         360        359,832.04          1
    618 HOVE COURT                     9.750          3,092.96         80
                                       9.500          3,092.96      450,000.00
    WALNUT CREEK     CA   94598          2            06/14/96         00
    0410153712                           05           08/01/96          0
    410153712                            O            07/01/26
    0


    1511945          076/076             F           29,700.00         ZZ
                                         360         29,656.96          1
    2716 68TH STREET                   9.625            252.45         90
                                       9.375            252.45       33,000.00
    LUBBOCK          TX   79413          1            04/19/96         04
    5574662                              05           06/01/96         25
    5574662                              N            05/01/26
    0


    1511954          E22/728             F           91,350.00         ZZ
                                         360         91,308.49          2
    6324 & 6326 HOLIDAY LANE           9.875            793.24         90
                                       9.625            793.24      101,500.00
    N RICHLAND HILL  TX   76180          1            06/17/96         01
    0410105795                           05           08/01/96         25
    410105795                            N            07/01/26
    0


    1511956          E22/728             F          101,250.00         ZZ
                                         360        101,202.76          4
    1602-1608 W 6TH ST TERR            9.750            869.90         75
                                       9.500            869.90      135,500.00
    LAWRENCE         KS   66044          1            05/22/96         00
    0410131403                           05           08/01/96          0
    410131403                            N            07/01/26
    0
1




    1511970          076/076             F           95,100.00         ZZ
                                         360         94,969.31          1
    912 FAIRLAWN STREET                9.875            825.80         90
                                       9.625            825.80      105,700.00
    ALLEN            TX   75002          1            04/15/96         12
    5585232                              05           06/01/96         25
    5585232                              N            05/01/26
    0


    1511973          E22/728             F          120,000.00         ZZ
                                         360        119,942.51          1
    11218 CREEKVIEW DRIVE              9.625          1,019.99         75
                                       9.375          1,019.99      160,000.00
    RIVERVIEW        FL   33569          5            06/12/96         00
    0410190219                           05           08/01/96          0
    410190219                            O            07/01/26
    0


    1511984          076/076             F           36,000.00         ZZ
                                         360         35,950.52          1
    11118 NORDBY ROAD                  9.875            312.61         90
                                       9.625            312.61       40,000.00
    KANSAS CITY      MO   64137          1            04/26/96         04
    5572152                              03           06/01/96         25
    5572152                              N            05/01/26
    0


    1511993          E22/728             F          205,650.00         ZZ
                                         360        205,556.57          4
    4747 - 39TH AVENUE SOUTH           9.875          1,785.76         90
                                       9.625          1,785.76      228,500.00
    SEATTLE          WA   98118          1            06/07/96         04
    0410111454                           05           08/01/96         25
    410111454                            N            07/01/26
    0


    1511995          076/076             F           48,600.00         ZZ
                                         360         48,527.70          1
    1843 SOUTH STREET                  9.500            408.66         90
                                       9.250            408.66       54,000.00
    BLAIR            NE   68008          1            04/11/96         10
    5565572                              05           06/01/96         25
    5565572                              N            05/01/26
    0


    1512016          526/728             F           53,100.00         ZZ
                                         360         53,076.50          1
1


    247 SOUTH GRAND AVENUE            10.000            466.00         90
                                       9.750            466.00       59,000.00
    FT. LUPTON       CO   80621          1            06/19/96         12
    0380491564                           05           08/01/96         25
    133774                               N            07/01/26
    0


    1512019          076/076             F           61,100.00         ZZ
                                         360         61,036.42          1
    3220 BANGOR DR                     9.250            502.65         87
                                       9.000            502.65       71,000.00
    CHESAPEAKE       VA   23321          1            05/22/96         01
    5610842                              05           07/01/96         25
    5610842                              N            06/01/26
    0


    1512020          076/076             F           27,000.00         ZZ
                                         360         26,961.91          1
    2414 22ND STREET                   9.750            231.97         82
                                       9.500            231.97       33,000.00
    LUBBOCK          TX   79411          1            04/18/96         04
    5609362                              05           06/01/96         25
    5609362                              N            05/01/26
    0


    1512036          076/076             F           50,000.00         ZZ
                                         360         49,953.15          1
    88 PUTNAM STREET                   9.750            429.58         53
                                       9.500            429.58       95,000.00
    EAST BOSTON      MA   02128          5            05/15/96         00
    5229542                              05           07/01/96          0
    5229542                              O            06/01/26
    0


    1512038          076/076             F          310,000.00         ZZ
                                         360        309,623.07          1
    4025 SOUTH 224TH TERRACE           8.500          2,383.63         73
                                       8.250          2,383.63      430,000.00
    ELKHORN          NE   68022          2            05/20/96         00
    2784                                 05           07/01/96          0
    2784                                 O            06/01/26
    0


    1512040          076/076             F           66,500.00         ZZ
                                         360         66,393.01          1
    1602 HIGHLAND WAY                  9.125            541.07         32
                                       8.875            541.07      210,000.00
    COLORADO SPRING  CO   80906          5            04/25/96         00
    5136972                              05           06/01/96          0
1


    5136972                              O            05/01/26
    0


    1512044          076/076             F           40,000.00         ZZ
                                         360         39,848.20          1
    100-08 BAKER COURT                 8.375            304.03         22
    UNIT #8B                           8.125            304.03      190,000.00
    ISLAND PARK      NY   11558          1            01/17/96         00
    4979012                              01           03/01/96          0
    4979012                              O            02/01/26
    0


    1512046          076/076             F          100,000.00         ZZ
                                         360         99,898.61          1
    908 HARTFORD AVENUE                9.375            831.75         55
                                       9.125            831.75      185,000.00
    JOHNSTON         RI   02919          5            05/03/96         00
    4762252                              05           07/01/96          0
    4762252                              O            06/01/26
    0


    1512047          076/076             F           50,000.00         ZZ
                                         360         49,842.97          1
    37 ARNOLDS NECK DRIVE              8.875            397.83         67
                                       8.625            397.83       75,000.00
    WARWICK          RI   02886          5            05/14/96         00
    4759922                              05           07/01/96          0
    4759922                              N            06/01/26
    0


    1512049          076/076             F           88,450.00         ZZ
                                         360         88,251.82          1
    1546 BLUE HERON COURT              7.500            618.46         70
                                       7.250            618.46      126,754.00
    ORANGE PARK      FL   32073          1            04/18/96         00
    4758692                              03           06/01/96          0
    4758692                              O            05/01/26
    0


    1512050          E22/728             F          101,600.00         ZZ
                                         360        101,543.04          2
    9601 & 9603 LA NUEZ DRIVE          8.875            808.38         80
                                       8.625            808.38      128,500.00
    ELK GROVE        CA   95624          1            06/11/96         95
    0410125629                           05           08/01/96          0
    410125629                            N            07/01/26
    0


1


    1512051          E22/728             F          101,600.00         ZZ
                                         360        101,543.04          2
    9607 & 9609 LA NUEZ DRIVE          8.875            808.38         80
                                       8.625            808.38      128,500.00
    ELK GROVE        CA   95624          1            06/11/96         95
    0410125637                           05           08/01/96          0
    410125637                            N            07/01/26
    0


    1512053          E22/728             F          370,000.00         ZZ
                                         360        369,822.75          1
    440 EMMAS GROVE ROAD               9.625          3,144.96         74
                                       9.375          3,144.96      500,000.00
    FLETCHER         NC   28732          5            06/21/96         00
    0410190177                           05           08/01/96          0
    410190177                            O            07/01/26
    0


    1512061          E22/728             F           84,450.00         ZZ
                                         360         84,409.54          1
    1366 VERA CRUZ LANE                9.625            717.82         75
                                       9.375            717.82      112,609.00
    FORT LAUDERDALE  FL   33327          1            06/14/96         00
    0410190078                           09           08/01/96          0
    410190078                            O            07/01/26
    0


    1512065          E22/728             F           57,150.00         ZZ
                                         360         57,127.29          2
    124-126 ROSWELL STREET            10.500            522.77         90
                                      10.250            522.77       63,500.00
    AKRON            OH   44305          1            06/28/96         04
    0410141949                           05           08/01/96         25
    410141949                            N            07/01/26
    0


    1512117          E22/728             F          188,000.00         ZZ
                                         360        187,894.61          1
    7638 DARTMOOR AVENUE               8.875          1,495.81         80
                                       8.625          1,495.81      235,000.00
    GOLETA           CA   93117          2            06/18/96         00
    0410147581                           05           08/01/96          0
    410147581                            O            07/01/26
    0


    1512120          E22/728             F          101,250.00         ZZ
                                         360        101,202.76          4
    1610-1616 W 6TH ST TERR            9.750            869.90         75
                                       9.500            869.90      135,000.00
1


    LAWRENCE         KS   66044          1            05/23/96         00
    0410131395                           05           08/01/96          0
    410131395                            N            07/01/26
    0


    1512122          E22/728             F           75,000.00         ZZ
                                         360         74,959.03          1
    18W221 BUCKINGHAM LANE             9.000            603.47         80
                                       8.750            603.47       94,000.00
    VILLA PARK       IL   60181          5            06/21/96         00
    0410169270                           09           08/01/96          0
    410169270                            O            07/01/26
    0


    1512129          E22/728             F           65,500.00         ZZ
                                         360         65,466.92          1
    1002 MT PITT AVENUE                9.375            544.80         89
                                       9.125            544.80       74,000.00
    MEDFORD          OR   97501          2            05/30/96         04
    0410111256                           05           08/01/96         25
    410111256                            N            07/01/26
    0


    1512130          480/728             F           44,900.00         ZZ
                                         360         44,860.11          1
    8552  EAST INDIAN SCHOOL RD       10.000            394.03         90
    #D                                 9.750            394.03       49,900.00
    SCOTTSDALE       AZ   85251          1            05/17/96         04
    0380487307                           01           07/01/96         25
    1861707                              N            06/01/26
    0


    1512134          E22/728             F           34,000.00         ZZ
                                         360         33,900.94          1
    9500 W GLENLAKE AVE UNIT # 322     8.875            270.52         65
                                       8.625            270.52       53,000.00
    ROSEMONT         IL   60018          2            06/18/96         00
    0410179188                           01           08/01/96          0
    410179188                            O            07/01/26
    0


    1512138          E22/728             F           42,400.00         ZZ
                                         360         42,378.59          1
    4916 WHARTON                       9.375            352.66         80
                                       9.125            352.66       53,000.00
    GALVESTON        TX   77551          1            06/18/96         00
    0410106264                           05           08/01/96          0
    410106264                            O            07/01/26
    0
1




    1512139          480/728             F           54,900.00         ZZ
                                         360         54,874.38          1
    917 W. INDIANA AVENUE              9.750            471.68         90
                                       9.500            471.68       61,000.00
    TAMPA            FL   33603          1            06/24/96         12
    0380488404                           05           08/01/96         25
    1927177                              N            07/01/26
    0


    1512141          480/728             F           57,250.00         ZZ
                                         360         57,214.42          1
    5301 DESERT SHADOW DRIVE           8.375            435.14         85
                                       8.125            435.14       68,000.00
    SIERRA VISTA     AZ   85635          1            06/14/96         04
    0380487117                           03           08/01/96         20
    1641976                              N            07/01/26
    0


    1512146          E22/728             F           26,250.00         ZZ
                                         360         26,239.28          4
    2165-67 N TONTI STREET            10.375            237.67         75
                                      10.125            237.67       35,000.00
    NEW ORLEANS      LA   70119          1            06/20/96         00
    0410105662                           05           08/01/96          0
    410105662                            N            07/01/26
    0


    1512158          405/405             F           83,675.00         ZZ
                                         360         83,628.09          1
    20676 SW CELEBRITY LANE            8.875            665.76         59
                                       8.625            665.76      144,000.00
    ALOHA            OR   97007          2            06/20/96         00
    3941135                              05           08/01/96          0
    3941135                              N            07/01/26
    0


    1512175          069/728             F           75,000.00         ZZ
                                         360         74,917.75          1
    265 WESTWIND ROAD                  9.000            603.47         60
                                       8.750            603.47      125,000.00
    HENDERSON        NV   89014          1            05/28/96         00
    0380490129                           03           07/01/96          0
    2082109825                           O            06/01/26
    0


    1512181          936/728             F           35,250.00         ZZ
                                         360         35,233.10          1
1


    164 SINCLAIR AVENUE #3             9.625            299.63         75
                                       9.375            299.63       47,000.00
    UPLAND           CA   91786          1            06/25/96         00
    0380492760                           01           08/01/96          0
    60831745408                          N            07/01/26
    0


    1512195          664/728             F          184,250.00         T
                                         360        184,164.03          1
    17730 S. WOLF ROAD                 9.750          1,583.00         55
                                       9.500          1,583.00      335,000.00
    ORLAND PARK      IL   60462          5            06/20/96         00
    0380499930                           05           08/01/96          0
    2192011                              O            07/01/26
    0


    1512206          076/076             F           55,120.00         ZZ
                                         360         55,065.56          1
    10623 HILLCROSS COURT              9.500            463.48         80
                                       9.250            463.48       68,900.00
    LOUISVILLE       KY   40229          1            05/08/96         12
    5612642                              05           07/01/96         12
    5612642                              O            06/01/26
    0


    1512208          927/728             F           75,900.00         ZZ
                                         360         75,865.51          1
    7777 EAST MAIN STREET,#139         9.875            659.08         90
                                       9.625            659.08       84,387.00
    SCOTTSDALE       AZ   85251          1            06/11/96         04
    0380489287                           01           08/01/96         25
    219956                               N            07/01/26
    0


    1512210          076/076             F           46,500.00         ZZ
                                         360         46,450.32          1
    440 ISLAND STREET                  9.125            378.34         54
                                       8.875            378.34       86,500.00
    STOUGHTON        MA   02072          1            05/17/96         00
    5623122                              01           07/01/96          0
    5623122                              O            06/01/26
    0


    1512218          076/076             F           82,000.00         ZZ
                                         360         81,919.02          1
    2517 BASSLER STREET                9.500            689.50         79
                                       9.250            689.50      104,000.00
    NORTH LAS VEGAS  NV   89030          1            05/03/96         04
    5630292                              05           07/01/96         12
1


    5630292                              N            06/01/26
    0


    1512233          757/757             F          109,700.00         ZZ
                                         360        109,700.00          1
    223 WILLIAM AND MOLLIE'S WALK      9.000            882.68         90
                                       8.750            882.68      121,900.00
    MACON            GA   31210          1            07/02/96         01
    2790582                              05           09/01/96         25
    2790582                              N            08/01/26
    0


    1512238          076/076             F           71,600.00         ZZ
                                         360         71,525.47          1
    70 DEER TRAIL                      9.250            589.04         85
                                       9.000            589.04       84,250.00
    BAILEY           CO   80421          1            05/28/96         04
    5643532                              05           07/01/96         20
    5643532                              N            06/01/26
    0


    1512245          076/076             F          108,000.00         ZZ
                                         360        107,893.34          1
    9409 15TH AVENUE NORTHEAST         9.500            908.12         90
                                       9.250            908.12      120,000.00
    SEATTLE          WA   98115          1            05/28/96         10
    5650412                              05           07/01/96         25
    5650412                              N            06/01/26
    0


    1512248          076/076             F           79,200.00         ZZ
                                         360         79,125.80          2
    404 ALPINE STREET                  9.750            680.45         80
                                       9.500            680.45       99,000.00
    KILLEEN          TX   76542          1            05/20/96         10
    5652352                              05           07/01/96         17
    5652352                              N            06/01/26
    0


    1512252          076/076             F          308,700.00         ZZ
                                         360        307,798.94          3
    35-23 88TH STREET                  8.750          2,428.54         90
                                       8.500          2,428.54      343,000.00
    JACKSON HEIGHTS  NY   11372          1            02/15/96         04
    5695492                              05           04/01/96         30
    5695492                              O            03/01/26
    0


1


    1512254          A01/728             F           75,000.00         ZZ
                                         360         74,965.93          1
    6775 RANCHO PLAZA DRIVE            9.875            651.26         75
                                       9.625            651.26      100,000.00
    SACRAMENTO       CA   95828          2            06/14/96         00
    0380492224                           05           08/01/96          0
    960049                               N            07/01/26
    0


    1512256          A78/728             F           90,000.00         ZZ
                                         360         89,954.56          2
    5432 SOUTH ELMWOOD STREET          9.375            748.57         75
                                       9.125            748.57      120,000.00
    LITTLETON        CO   80120          1            06/28/96         00
    0380486648                           05           08/01/96          0
    NA                                   N            07/01/26
    0


    1512257          076/076             F          101,500.00         ZZ
                                         360        101,306.86          1
    232 ROCKY POINT LANDING ROAD       8.750            798.50         70
                                       8.500            798.50      145,000.00
    ROCKY POINT      NY   11778          1            05/30/96         00
    5655032                              05           07/01/96          0
    5655032                              O            06/01/26
    0


    1512259          076/076             F          215,900.00         ZZ
                                         360        215,692.31          1
    8181 EAST DEL PLATINO DRIVE        9.625          1,835.13         80
                                       9.375          1,835.13      269,900.00
    SCOTTSDALE       AZ   85258          1            05/08/96         04
    5636702                              03           07/01/96         17
    5636702                              N            06/01/26
    0


    1512271          696/728             F          220,000.00         ZZ
                                         360        219,876.66          1
    6128 WESTERN AVENUE                8.875          1,750.42         41
                                       8.625          1,750.42      540,000.00
    CHEVY CHASE      MD   20815          5            06/26/96         00
    0380488438                           05           08/01/96          0
    3014385                              O            07/01/26
    0


    1512283          076/076             F           45,900.00         ZZ
                                         240         45,617.56          1
    1028 REGENTS PARK CIRCLE           8.875            409.30         80
                                       8.625            409.30       57,375.00
1


    ANTIOCH          TN   37013          1            03/27/96         00
    5464532                              05           05/01/96          0
    5464532                              O            04/01/16
    0


    1512284          076/076             F           56,000.00         ZZ
                                         360         55,940.16          1
    115 MERCURY DRIVE                  9.125            455.64         70
                                       8.875            455.64       80,000.00
    LAVERGNE         TN   37086          5            05/30/96         00
    5533292                              05           07/01/96          0
    5533292                              N            06/01/26
    0


    1512287          076/076             F           47,600.00         ZZ
                                         360         47,497.52          1
    16340 JUSTINE                      9.125            387.29         90
                                       8.875            387.29       52,900.00
    MARKHAM          IL   60426          1            03/29/96         01
    5529082                              05           05/01/96         25
    5529082                              O            04/01/26
    0


    1512288          076/076             F           33,300.00         ZZ
                                         360         33,250.49          1
    33 HENRY PLACE                     9.500            280.00         90
    #A-4                               9.250            280.00       37,000.00
    HACKENSACK       NJ   07601          1            04/29/96         04
    5516522                              01           06/01/96         25
    5516522                              N            05/01/26
    0


    1512290          076/076             F          125,000.00         ZZ
                                         360        124,762.99          1
    151 COLLEGE AVE                    9.000          1,005.78         54
                                       8.750          1,005.78      235,000.00
    SOMERVILLE       MA   02144          5            04/03/96         00
    5515392                              05           06/01/96          0
    5515392                              O            05/01/26
    0


    1512293          076/076             F           35,000.00         ZZ
                                         240         34,774.32          1
    1729 WALLACE DRIVE                 8.500            303.74         70
                                       8.250            303.74       50,000.00
    CORPUS CHRISTI   TX   78412          5            03/26/96         00
    5490472                              05           05/01/96          0
    5490472                              N            04/01/16
    0
1




    1512300          E22/728             F          142,400.00         ZZ
                                         360        142,329.95          1
    401 SOUTHRIDGE DR                  9.500          1,197.38         80
                                       9.250          1,197.38      178,000.00
    PERRYSBURG       OH   43551          1            06/04/96         00
    0410105613                           05           08/01/96          0
    410105613                            O            07/01/26
    0


    1512334          498/728             F           36,000.00         ZZ
                                         360         35,983.64          1
    738 AGRICOLA DRIVE                 9.875            312.61         90
                                       9.625            312.61       40,000.00
    GADSDEN          AL   35904          1            06/19/96         04
    0380488990                           05           08/01/96         25
    1446172                              N            07/01/26
    0


    1512337          498/728             F           51,750.00         ZZ
                                         360         51,724.54          1
    7430 HIGHVIEW DRIVE                9.500            435.15         90
                                       9.250            435.15       57,540.00
    COLUMBIA         SC   29223          1            07/01/96         04
    0380487356                           05           08/01/96         25
    1452823                              N            07/01/26
    0


    1512359          526/728             F           74,250.00         ZZ
                                         360         74,208.37          1
    1816 NEST PLACE                    8.875            590.77         90
                                       8.625            590.77       82,500.00
    PLANO            TX   75093          1            06/14/96         12
    0380491531                           05           08/01/96         25
    132016                               N            07/01/26
    0


    1512362          405/405             F          325,000.00         ZZ
                                         360        325,000.00          1
    8 ALVERNO COURT                    9.375          2,703.19         55
                                       9.125          2,703.19      600,000.00
    REDWOOD CITY     CA   94064          1            07/17/96         00
    3977675                              09           09/01/96          0
    3977675                              N            08/01/26
    0


    1512364          526/728             F           48,500.00         ZZ
                                         360         48,478.54          1
1


    820 SPAULDING                     10.000            425.63         90
                                       9.750            425.63       53,900.00
    WICHITA          KS   67203          1            06/24/96         10
    0380494386                           05           08/01/96         25
    127676                               N            07/01/26
    0


    1512365          526/728             F           81,300.00         T
                                         360         81,255.59          1
    646 REGENCY WAY                    9.000            654.16         75
                                       8.750            654.16      108,400.00
    KISSIMMEE        FL   34758          1            06/25/96         00
    0380485970                           03           08/01/96          0
    131205                               O            07/01/26
    0


    1512368          405/405             F          117,600.00         ZZ
                                         360        117,532.34          1
    1209 FAIRFAX AVENUE                8.750            925.16         70
                                       8.500            925.16      168,000.00
    CHURCHTON        MD   20733          5            06/21/96         00
    3943925                              05           08/01/96          0
    3943925                              O            07/01/26
    0


    1512369          003/728             F           61,450.00         ZZ
                                         360         61,419.77          2
    103-AB RIDGEVIEW CIRCLE            9.500            516.71         80
                                       9.250            516.71       77,320.00
    CUMMING          GA   30130          1            06/17/96         95
    0380489394                           05           08/01/96          0
    3696309                              N            07/01/26
    0


    1512370          526/728             F           49,400.00         ZZ
                                         360         49,375.69          1
    59 NEEDHAM STREET                  9.500            415.39         90
                                       9.250            415.39       54,900.00
    ROCHESTER        NY   14615          1            06/20/96         04
    0380494261                           05           08/01/96         25
    125493                               N            07/01/26
    0


    1512377          526/728             F          289,750.00         ZZ
                                         360        289,599.78          2
    1466 EAST 71ST STREET              9.250          2,383.71         95
                                       9.000          2,383.71      305,000.00
    BROOKLYN         NY   11234          1            06/20/96         12
    0380487968                           05           08/01/96         30
1


    114286                               O            07/01/26
    0


    1512383          E22/728             F          230,800.00         ZZ
                                         360        230,677.18          1
    131 HURD PLACE                     9.125          1,877.86         80
                                       8.875          1,877.86      288,500.00
    CLAYTON          CA   94517          1            06/18/96         00
    0410153803                           05           08/01/96          0
    410153803                            O            07/01/26
    0


    1512384          526/728             F          376,000.00         ZZ
                                         360        375,794.61          1
    6440 LAKE MEADOW DRIVE             9.000          3,025.39         80
                                       8.750          3,025.39      470,000.00
    BURKE            VA   22015          1            06/20/96         00
    0380485830                           03           08/01/96          0
    00130780                             O            07/01/26
    0


    1512386          E22/728             F           65,600.00         ZZ
                                         360         65,566.87          1
    12726 WESTELLA DRIVE               9.375            545.63         80
                                       9.125            545.63       82,000.00
    HOUSTON          TX   77077          2            06/21/96         00
    0410105993                           03           08/01/96          0
    410105993                            O            07/01/26
    0


    1512389          E22/728             F          170,800.00         ZZ
                                         360        170,607.79          1
    7617 CYPRESS WOOD COURT            8.875          1,358.96         80
                                       8.625          1,358.96      213,500.00
    RALEIGH          NC   27606          1            05/31/96         00
    0410121743                           05           07/01/96          0
    410121743                            O            06/01/26
    0


    1512391          526/728             F          132,000.00         ZZ
                                         360        131,936.76          1
    28 HIGHLAND ROAD                   9.625          1,121.99         80
                                       9.375          1,121.99      165,000.00
    MAHOPAC          NY   10541          1            06/19/96         00
    0380485848                           05           08/01/96          0
    00128092                             O            07/01/26
    0


1


    1512392          638/728             F          115,100.00         ZZ
                                         360        115,046.30          1
    10445 WEST 13TH PLACE              9.750            988.89         90
                                       9.500            988.89      127,900.00
    LAKEWOOD         CO   80215          1            06/28/96         10
    0380488818                           05           08/01/96         25
    8579204                              N            07/01/26
    0


    1512403          076/076             F           42,250.00         ZZ
                                         360         42,129.80          1
    4817 7TH STREET                    8.875            336.16         90
                                       8.625            336.16       46,950.00
    LUBBOCK          TX   79416          1            02/15/96         04
    5482882                              05           04/01/96         25
    5482882                              N            03/01/26
    0


    1512409          E22/728             F           32,000.00         ZZ
                                         360         31,985.46          2
    3919 THOLOZAN AVE                  9.875            277.87         89
                                       9.625            277.87       36,000.00
    ST LOUIS         MO   63116          1            06/14/96         04
    0410142251                           05           08/01/96         25
    410142251                            N            07/01/26
    0


    1512411          E22/728             F          114,000.00         ZZ
                                         360        113,934.41          1
    1731 PACIFIC AVENUE                8.750            896.84         59
                                       8.500            896.84      194,000.00
    ALAMEDA          CA   94501          5            06/17/96         00
    0410154181                           05           08/01/96          0
    410154181                            O            07/01/26
    0


    1512412          E22/728             F           47,250.00         ZZ
                                         360         47,230.72          1
    4915 KENYON DRIVE                 10.375            427.80         90
                                      10.125            427.80       52,515.00
    LAWRENCE         IN   46226          1            06/18/96         01
    0410142210                           05           08/01/96         25
    410142210                            N            07/01/26
    0


    1512415          E22/728             F           92,000.00         ZZ
                                         360         91,954.74          1
    1297 CORLEY                        9.500            773.59         69
                                       9.250            773.59      134,000.00
1


    ELGIN            IL   60120          2            06/20/96         00
    0410179444                           05           08/01/96          0
    410179444                            O            07/01/26
    0


    1512421          E22/728             F           55,800.00         ZZ
                                         360         55,775.96          1
    6952 HIX ROAD                     10.125            494.85         90
                                       9.875            494.85       62,000.00
    WESTLAND         MI   48185          1            06/24/96         04
    0410142343                           05           08/01/96         25
    410142343                            N            07/01/26
    0


    1512424          E29/728             F          122,250.00         T
                                         360        122,250.00          1
    414-D BAYVIEW DRIVE                9.125            994.67         75
                                       8.875            994.67      163,000.00
    FRISCO           CO   80443          1            07/15/96         00
    0380490707                           01           09/01/96          0
    19606135                             O            08/01/26
    0


    1512426          076/076             F           81,550.00         ZZ
                                         360         81,240.51          1
    400 WEST MAIN STREET #315          8.375            619.84         70
                                       8.125            619.84      116,500.00
    FRISCO           CO   80443          1            01/31/96         00
    5468742                              01           03/01/96          0
    5468742                              O            02/01/26
    0


    1512428          E22/728             F           30,000.00         ZZ
                                         360         29,987.08          1
    128 RAE AVENUE                    10.125            266.05         75
                                       9.875            266.05       40,000.00
    MANSFIELD        OH   44903          2            06/19/96         00
    0410141485                           05           08/01/96          0
    410141485                            N            07/01/26
    0


    1512437          E45/728             F           23,000.00         ZZ
                                         360         22,990.09          1
    520 SE MIDWAY DRIVE               10.125            203.97         54
    UNIT 520A                          9.875            203.97       43,000.00
    OCALA            FL   34472          1            06/28/96         00
    0380487786                           01           08/01/96          0
    UNKNOWN                              O            07/01/26
    0
1




    1512441          076/076             F           67,000.00         ZZ
                                         360         66,924.58          1
    1491 WATER PIPIT LANE              8.875            533.09         48
                                       8.625            533.09      142,000.00
    ORANGE PARK      FL   32073          1            05/17/96         00
    5274212                              03           07/01/96          0
    5274212                              O            06/01/26
    0


    1512442          076/076             F           81,000.00         ZZ
                                         360         80,710.41          1
    12020 101ST AVENUE NORTHEAST       7.750            580.29         87
    #F-2                               7.500            580.29       93,750.00
    KIRKLAND         WA   98034          2            02/21/96         12
    5470422                              01           04/01/96         25
    5470422                              N            03/01/26
    0


    1512443          076/076             F          101,500.00         ZZ
                                         360        101,323.52          1
    160 KINGSTON DRIVE                 8.750            798.51         70
                                       8.500            798.51      145,000.00
    ST. AUGUSTINE    FL   32095          1            04/26/96         00
    5274682                              03           06/01/96          0
    5274682                              O            05/01/26
    0


    1512445          076/076             F           87,150.00         ZZ
                                         360         86,936.55          1
    200 WINDERMERE DRIVE               8.500            670.11         70
                                       8.250            670.11      124,500.00
    PERRY            GA   31069          1            03/14/96         00
    5525352                              05           05/01/96          0
    5525352                              O            04/01/26
    0


    1512448          076/076             F           96,000.00         ZZ
                                         360         95,624.56          1
    1422 HI POINT STREET NO. 106       9.000            772.44         57
                                       8.750            772.44      170,000.00
    LOS ANGELES      CA   90035          2            12/12/95         00
    111184BB                             01           02/01/96          0
    111184BB                             O            01/01/26
    0


    1512449          076/076             F          107,250.00         ZZ
                                         360        107,094.63          1
1


    10060 PLACID STREET                9.625            911.61         74
                                       9.375            911.61      146,000.00
    LAS VEGAS        NV   89123          1            04/24/96         00
    5591412                              05           06/01/96          0
    5591412                              O            05/01/26
    0


    1512450          201/728             F          148,700.00         ZZ
                                         360        148,622.91          1
    702 CHANNEL CIRCLE                 9.250          1,223.32         80
                                       9.000          1,223.32      185,900.00
    SAN ANTONIO      TX   78232          1            06/14/96         00
    0380489972                           03           08/01/96          0
    4200914168                           O            07/01/26
    0


    1512453          076/076             F           59,700.00         ZZ
                                         360         59,639.48          1
    3505 CUMMINGS                      9.375            496.55         84
                                       9.125            496.55       71,200.00
    BERKLEY          MI   48072          1            05/03/96         12
    5591512                              05           07/01/96         12
    5591512                              N            06/01/26
    0


    1512454          076/076             F           33,750.00         ZZ
                                         360         33,621.38          1
    3010 NORTH CANNON BLVD.            9.125            274.60         90
                                       8.875            274.60       37,500.00
    LANDIS           NC   28088          1            12/27/95         01
    5405152                              05           02/01/96         25
    5405152                              O            01/01/26
    0


    1512456          076/076             F           34,400.00         ZZ
                                         360         34,348.85          1
    5312 W. 24TH AVE                   9.500            289.25         80
                                       9.250            289.25       43,000.00
    HIALEAH          FL   33016          1            04/16/96         04
    5603502                              01           06/01/96         12
    5603502                              N            05/01/26
    0


    1512461          076/076             F          145,000.00         ZZ
                                         360        144,856.79          1
    14608 DOVE COURT                   9.500          1,219.24         90
                                       9.250          1,219.24      161,198.00
    ADDISON          TX   75244          1            05/03/96         10
    5604762                              03           07/01/96         25
1


    5604762                              N            06/01/26
    0


    1512464          201/728             F          135,900.00         ZZ
                                         360        135,769.26          2
    8008 WILLET TRAIL                  9.625          1,155.14         85
                                       9.375          1,155.14      159,900.00
    AUSTIN           TX   78745          1            05/29/96         01
    0380490194                           05           07/01/96         12
    4200905778                           N            06/01/26
    0


    1512471          076/076             F           90,500.00         ZZ
                                         360         90,365.38          1
    6204 DONCASTER COURT               9.500            760.98         63
                                       9.250            760.98      145,000.00
    SPRINGFIELD      VA   22150          5            04/26/96         00
    5595472                              05           06/01/96          0
    5595472                              N            05/01/26
    0


    1512472          076/076             F          141,950.00         ZZ
                                         360        141,709.49          1
    6252 WALKERS CROFT WAY             8.875          1,129.42         85
                                       8.625          1,129.42      167,000.00
    ALEXANDRIA       VA   22315          1            04/05/96         10
    5936302                              09           06/01/96         20
    5936302                              N            05/01/26
    0


    1512474          076/076             F           61,200.00         ZZ
                                         360         61,113.65          1
    6121 HALIFAX CIRCLE                9.750            525.80         90
                                       9.500            525.80       68,000.00
    LAS VEGAS        NV   89107          1            04/26/96         01
    5592502                              05           06/01/96         25
    5592502                              N            05/01/26
    0


    1512477          076/076             F          172,000.00         ZZ
                                         360        171,736.77          1
    6196 EHLER AVENUE SOUTHEAST        9.375          1,430.61         80
                                       9.125          1,430.61      215,000.00
    DELANO           MN   55328          1            04/30/96         00
    5914082                              05           06/01/96          0
    5914082                              O            05/01/26
    0


1


    1512480          076/076             F          108,000.00         ZZ
                                         360        107,872.00          1
    99 RIPPLE COVE ROAD                8.625            840.02         80
                                       8.375            840.02      135,000.00
    HYANNIS          MA   02601          1            05/31/96         10
    5910792                              05           07/01/96         12
    5910792                              N            06/01/26
    0


    1512481          076/076             F          108,000.00         ZZ
                                         360        107,847.60          1
    148 GARDEN CITY DRIVE              9.750            927.89         80
                                       9.500            927.89      135,000.00
    CRANSTON         RI   02920          5            05/25/96         00
    5906422                              05           06/01/96          0
    5906422                              O            05/01/26
    0


    1512482          638/G02             F           68,850.00         ZZ
                                         360         68,850.00          1
    1682 HAMMOND WOOD CIRCLE           8.750            541.64         90
                                       8.500            541.64       76,500.00
    MARIETTA         GA   30060          1            07/12/96         01
    0430001263                           05           09/01/96         25
    8583676                              N            08/01/26
    0


    1512483          076/076             F          244,800.00         ZZ
                                         360        244,340.33          1
    4807 JENNICHELLE COURT             8.375          1,860.66         80
                                       8.125          1,860.66      306,000.00
    FAIRFAX          VA   22032          5            04/24/96         00
    5903662                              05           06/01/96          0
    5903662                              O            05/01/26
    0


    1512485          076/076             F           80,900.00         ZZ
                                         360         80,591.68          1
    1619 KATHERINE KIKER ROAD          9.125            658.23         90
                                       8.875            658.23       89,900.00
    CHARLOTTE        NC   28213          1            12/12/95         01
    6072791                              05           02/01/96         25
    6072791                              N            01/01/26
    0


    1512486          934/728             F           44,000.00         ZZ
                                         360         44,000.00          1
    300 N.W. 107TH AVENUE              9.625            374.00         75
    #210                               9.375            374.00       59,000.00
1


    MIAMI            FL   33172          5            07/15/96         00
    0380496860                           01           09/01/96          0
    61006006                             O            08/01/26
    0


    1512487          076/076             F           43,500.00         ZZ
                                         360         43,408.76          1
    1505 OAKHURST AVENUE               9.250            357.86         74
                                       9.000            357.86       59,000.00
    PARKERSBURG      WV   26101          5            03/29/96         00
    233684                               05           05/01/96          0
    233684                               N            04/01/26
    0


    1512489          076/076             F           56,000.00         ZZ
                                         360         55,876.26          1
    4707 LAKERIDGE DRIVE               9.000            450.59         56
                                       8.750            450.59      101,000.00
    MEMPHIS          TN   38109          1            03/29/96         00
    5902502                              03           05/01/96          0
    5902502                              O            04/01/26
    0


    1512507          076/076             F          135,200.00         T
                                         360        135,073.33          2
    23 WILLRY STREET                   9.750          1,161.58         82
                                       9.500          1,161.58      165,000.00
    WOODBRIDGE       NJ   07095          1            05/02/96         10
    5796232                              05           07/01/96         20
    5796232                              N            06/01/26
    0


    1512508          076/076             F           49,500.00         ZZ
                                         360         49,413.93          4
    124 N 38 AVE                       8.750            389.42         90
                                       8.500            389.42       55,000.00
    OMAHA            NE   68131          1            04/09/96         14
    5796412                              05           06/01/96         25
    5796412                              O            05/01/26
    0


    1512510          076/076             F           39,600.00         ZZ
                                         360         38,545.58          1
    2848 ANNANDALE ROAD                9.875            343.87         90
    #224                               9.625            343.87       44,000.00
    FALLS CHURCH     VA   22042          2            03/25/96         04
    5902322                              01           05/01/96         25
    5902322                              N            04/01/26
    0
1




    1512511          076/076             F           51,300.00         ZZ
                                         360         51,249.34          2
    3430-32 CONSTANCE ST.              9.500            431.36         90
                                       9.250            431.36       57,000.00
    NEW ORLEANS      LA   70115          1            05/17/96         10
    5794012                              05           07/01/96         25
    5794012                              O            06/01/26
    0


    1512514          076/076             F           78,800.00         ZZ
                                         360         78,647.18          1
    1607 NW 4TH STREET                 9.625            669.79         80
                                       9.375            669.79       98,500.00
    BEND             OR   97701          1            03/26/96         10
    5795752                              05           05/01/96         12
    5795752                              N            04/01/26
    0


    1512517          076/076             F           77,700.00         ZZ
                                         360         77,561.40          1
    2808 KELLS ABBEY                   8.625            604.34         70
                                       8.375            604.34      111,000.00
    FORT SMITH       AR   72903          1            04/05/96         00
    5793312                              05           06/01/96          0
    5793312                              O            05/01/26
    0


    1512522          076/076             F          158,600.00         ZZ
                                         360        158,317.08          1
    65353 85TH PLACE                   8.625          1,233.57         64
                                       8.375          1,233.57      250,000.00
    BEND             OR   97701          2            04/18/96         00
    5735182                              05           06/01/96          0
    5735182                              O            05/01/26
    0


    1512524          076/076             F          174,000.00         ZZ
                                         360        173,540.05          1
    6874 BEARS BLUFF ROAD              8.125          1,291.95         60
                                       7.875          1,291.95      290,000.00
    WADMALAW ISLAND  SC   29487          5            03/20/96         00
    5788622                              05           05/01/96          0
    5788622                              O            04/01/26
    0


    1512531          E22/728             F           32,800.00         ZZ
                                         360         32,783.87          1
1


    19311 WELLSWOOD COURT              9.500            275.80         80
                                       9.250            275.80       41,000.00
    HUMBLE           TX   77346          1            06/28/96         10
    0410200059                           03           08/01/96         12
    410200059                            N            07/01/26
    0


    1512533          E22/728             F           34,800.00         ZZ
                                         360         34,782.88          1
    405 THIRD STREET WEST              9.500            292.62         80
                                       9.250            292.62       43,500.00
    ROUNDUP          MT   59072          1            06/14/96         04
    0410112072                           05           08/01/96         12
    410112072                            N            07/01/26
    0


    1512540          E22/728             F           37,900.00         ZZ
                                         360         37,878.19          1
    1603 MARSH LANE UNIT 301           8.750            298.16         71
                                       8.500            298.16       53,900.00
    CARROLLTON       TX   75006          1            06/14/96         00
    0410134589                           01           08/01/96          0
    410134589                            O            07/01/26
    0


    1512558          927/728             F          170,950.00         ZZ
                                         360        170,863.67          1
    16114 82ND PLACE NORTEAST          9.375          1,421.88         90
                                       9.125          1,421.88      189,950.00
    BOTHELL          WA   98011          1            06/24/96         01
    0380490269                           05           08/01/96         25
    259275                               N            07/01/26
    0


    1512574          664/728             F           43,500.00         ZZ
                                         360         43,255.00          1
    718 MARIGOLD DRIVE                 9.500            365.78         82
                                       9.250            365.78       53,500.00
    CEDAR HILL       TX   75104          1            08/30/95         01
    0380491846                           05           10/01/95         20
    2108611                              N            09/01/25
    0


    1512578          F30/728             F          228,000.00         ZZ
                                         360        228,000.00          1
    11482 SOUTH AUTUMN HILL DRIVE      9.500          1,917.15         95
                                       9.250          1,917.15      240,000.00
    SANDY            UT   84094          1            07/28/96         12
    0380490657                           05           09/01/96         30
1


    100750                               O            08/01/26
    0


    1512584          757/757             F           51,800.00         ZZ
                                         360         51,800.00          1
    3060 ASHLY BROOKE DRIVE            9.625            440.30         70
                                       9.375            440.30       74,000.00
    SNELLVILLE       GA   30278          1            07/17/96         00
    2792166                              05           09/01/96          0
    2792166                              O            08/01/26
    0


    1512591          664/728             F           59,500.00         ZZ
                                         360         59,472.24          1
    ROUTE 4 BOX 372                    9.750            511.20         70
                                       9.500            511.20       85,000.00
    ASTORIA          OR   97103          5            06/21/96         00
    0380490665                           05           08/01/96          0
    2218774                              N            07/01/26
    0


    1512596          E22/728             F          166,000.00         ZZ
                                         360        165,906.94          1
    77-6450 MARLIN ROAD                8.875          1,320.77         80
                                       8.625          1,320.77      207,500.00
    KAILUA-KONA      HI   96740          1            06/17/96         00
    0410152508                           05           08/01/96          0
    410152508                            O            07/01/26
    0


    1512598          E22/728             F          118,800.00         ZZ
                                         360        118,733.39          1
    15014 122ND PLACE NORTHEAST        8.875            945.23         80
                                       8.625            945.23      148,500.00
    KIRKLAND         WA   98034          1            06/13/96         00
    0410112056                           03           08/01/96          0
    410112056                            O            07/01/26
    0


    1512638          E22/728             F           82,600.00         ZZ
                                         360         82,564.42          1
    19928 WYMAN WAY                   10.125            732.52         87
                                       9.875            732.52       95,000.00
    GERMANTOWN       MD   20874          2            06/27/96         04
    0410190789                           09           08/01/96         25
    410190789                            N            07/01/26
    0


1


    1512641          E22/728             F           68,400.00         ZZ
                                         360         68,366.36          1
    937 COACH ROAD                     9.500            575.14         80
                                       9.250            575.14       85,500.00
    INDIANAPOLIS     IN   46227          1            06/21/96         04
    0410179089                           05           08/01/96         12
    410179089                            N            07/01/26
    0


    1512650          E22/728             F           56,600.00         ZZ
                                         360         56,576.89          1
    34281 CURRIER ST                  10.375            512.46         90
                                      10.125            512.46       62,900.00
    WAYNE            MI   48184          1            06/14/96         04
    0410141907                           05           08/01/96         25
    410141907                            N            07/01/26
    0


    1512663          E45/728             F           44,500.00         ZZ
                                         360         44,472.34          1
    32114 DOE CT                       8.375            338.23         90
                                       8.125            338.23       49,500.00
    BRANDON          FL   33511          1            06/28/96         10
    0380494170                           09           08/01/96         25
    UNKNOWN                              O            07/01/26
    0


    1512679          E22/728             F          154,500.00         ZZ
                                         360        154,433.45          1
    24900 PERDIDO BEACH BLVD          10.125          1,370.14         70
    UNIT # 101                         9.875          1,370.14      220,750.00
    ORANGE BEACH     AL   36561          1            06/18/96         00
    0410121727                           06           08/01/96          0
    410121727                            N            07/01/26
    0


    1512700          664/728             F           23,200.00         ZZ
                                         360         23,189.46          2
    1708 N. MONROE STREET              9.875            201.46         75
                                       9.625            201.46       31,000.00
    DECATUR          IL   62522          2            06/28/96         00
    0380492638                           05           08/01/96          0
    2211134                              N            07/01/26
    0


    1512721          E19/728             F          147,000.00         ZZ
                                         360        146,925.77          1
    1396 EL CAMINO REAL #304           9.375          1,222.67         70
                                       9.125          1,222.67      210,000.00
1


    MILLBRAE         CA   94030          5            06/22/96         00
    0380491648                           05           08/01/96          0
    8486                                 O            07/01/26
    0


    1512724          E67/728             F           65,000.00         ZZ
                                         360         65,000.00          2
    809 NW GREENWOOD AVENUE            8.500            499.79         80
                                       8.250            499.79       81,300.00
    REDMOND          OR   97756          1            07/03/96         10
    0380488800                           05           09/01/96         12
    5457                                 N            08/01/26
    0


    1512729          964/728             F          336,000.00         ZZ
                                         360        335,834.73          1
    223 GOLDEN HIND PASSAGE            9.500          2,825.27         80
                                       9.250          2,825.27      425,000.00
    CORTE MADERA     CA   94925          1            06/28/96         00
    0380489881                           05           08/01/96          0
    100145                               O            07/01/26
    0


    1512737          731/728             F           30,420.00         ZZ
                                         360         30,406.90          1
    6008 REGENT MANOR                 10.125            269.77         90
                                       9.875            269.77       33,800.00
    LITHONIA         GA   30058          1            07/03/96         01
    0380490400                           01           08/01/96         25
    3140992332                           N            07/01/26
    0


    1512756          E22/728             F           32,800.00         ZZ
                                         360         32,783.87          1
    5302 ENCHANTED TIMBERS DRIVE       9.500            275.80         80
                                       9.250            275.80       41,000.00
    HUMBLE           TX   77346          1            06/28/96         10
    0410200042                           03           08/01/96         12
    410200042                            N            07/01/26
    0


    1512757          E22/728             F           87,750.00         T
                                         360         87,704.51          1
    1000 LANTANA UNIT 809              9.250            721.90         75
                                       9.000            721.90      117,000.00
    PORT ARANSAS     TX   78373          1            06/21/96         00
    0410106413                           06           08/01/96          0
    410106413                            O            07/01/26
    0
1




    1512759          E22/728             F          124,000.00         ZZ
                                         360        123,932.27          1
    10117 STACY LANE                   9.000            997.73         80
                                       8.750            997.73      155,000.00
    UNION            IL   60180          1            06/20/96         00
    0410037832                           05           08/01/96          0
    410037832                            O            07/01/26
    0


    1512769          E22/728             F           54,000.00         ZZ
                                         360         53,976.75          1
    6922 69TH WAY                     10.125            478.88         90
                                       9.875            478.88       60,000.00
    WEST PALM BEACH  FL   33407          1            06/14/96         04
    0410190664                           09           08/01/96         25
    410190664                            N            07/01/26
    0


    1512770          E22/G02             F           41,250.00         ZZ
                                         360         41,231.75          1
    302 SAMSON COURT                  10.000            362.00         55
                                       9.750            362.00       75,000.00
    MCCALL           ID   83638          5            06/20/96         00
    0410111611                           05           08/01/96          0
    410111611                            N            07/01/26
    0


    1512771          E22/728             F           60,000.00         ZZ
                                         360         59,967.23          1
    17337 30TH LANE N                  9.000            482.77         59
                                       8.750            482.77      103,000.00
    LOXAHATCHEE      FL   33470          1            06/21/96         00
    0410190961                           05           08/01/96          0
    410190961                            O            07/01/26
    0


    1512773          E22/G02             F          119,500.00         ZZ
                                         360        119,451.22          3
    15880 MARCELLA STREET             10.375          1,081.96         55
                                      10.125          1,081.96      218,000.00
    SAN LEANDRO      CA   94578          1            06/19/96         00
    0410154926                           05           08/01/96          0
    410154926                            N            07/01/26
    0


    1512779          E22/728             F          113,850.00         ZZ
                                         360        113,792.50          1
1


    9908 - 238TH STREET SW             9.375            946.95         90
                                       9.125            946.95      126,500.00
    EDMONDS          WA   98020          1            06/13/96         04
    0410111785                           05           08/01/96         25
    410111785                            N            07/01/26
    0


    1512823          A06/728             F           86,400.00         ZZ
                                         360         86,351.56          1
    690 CHAPIN AVE                     8.875            687.44         80
                                       8.625            687.44      108,000.00
    BIRMINGHAM       MI   48009          2            07/03/96         04
    0380487224                           05           08/01/96         12
    96048880                             N            07/01/26
    0


    1512828          480/728             F          108,600.00         ZZ
                                         360        108,549.34          1
    3233 EAST BROOKWOOD COURT          9.750            933.04         80
                                       9.500            933.04      135,848.00
    PHOENIX          AZ   85044          1            06/07/96         04
    0380489295                           03           08/01/96         12
    1861442                              N            07/01/26
    0


    1512836          A01/728             F           97,150.00         ZZ
                                         360         97,113.42          4
    630 WEST 2ND STREET               10.750            906.88         65
                                      10.500            906.88      149,500.00
    CORONA           CA   91720          1            06/12/96         00
    0380492547                           05           08/01/96          0
    UNKNOWN                              N            07/01/26
    0


    1512837          480/728             F           51,300.00         ZZ
                                         360         51,276.70          1
    2156 EAST JEROME AVENUE            9.875            445.46         90
                                       9.625            445.46       57,000.00
    MESA             AZ   85204          1            06/27/96         04
    0380488982                           05           08/01/96         25
    1745884                              N            07/01/26
    0


    1512839          480/728             F           35,000.00         ZZ
                                         360         34,963.56          1
    10302 W. CHERRY HILLS DRIVE E.     9.250            287.94         63
                                       9.000            287.94       56,000.00
    SUN CITY         AZ   85351          1            06/04/96         00
    0380488842                           03           07/01/96          0
1


    1861434                              O            06/01/26
    0


    1512864          570/728             F           80,000.00         ZZ
                                         360         79,957.42          2
    228-230 N.W.  32ND AVENUE          9.125            650.91         60
                                       8.875            650.91      135,000.00
    MIAMI            FL   33125          2            06/21/96         00
    0380489758                           05           08/01/96          0
    5850292                              N            07/01/26
    0


    1512906          661/661             F          445,000.00         T
                                         360        444,472.65          1
    1 SWANBERG LANE                    8.625          3,461.17        100
                                       8.375          3,461.17      445,000.00
    LOPEZ ISLAND     WA   98261          1            05/21/96         92
    2529428                              05           07/01/96         30
    2529428                              O            06/01/26
    0


    1512910          661/661             F          475,000.00         ZZ
                                         360        474,465.45          1
    CHESTNUT RIDGE ROAD                8.875          3,779.31        100
                                       8.625          3,779.31      475,000.00
    MILLBROOK        NY   12545          1            05/21/96         92
    2457752                              05           07/01/96         30
    2457752                              O            06/01/26
    0


    1512922          737/728             F          153,000.00         ZZ
                                         360        153,000.00          1
    7390 WEST UTOPIA ROAD              9.500          1,286.51         90
                                       9.250          1,286.51      170,000.00
    GLENDALE         AZ   85308          1            07/01/96         10
    0380489832                           03           09/01/96         25
    511411                               N            08/01/26
    0


    1512931          966/728             F           73,500.00         ZZ
                                         360         73,500.00          1
    607 DOWNING DRIVE                  9.000            591.40         85
                                       8.750            591.40       87,000.00
    RICHARDSON       TX   75080          2            07/08/96         12
    0380489485                           05           09/01/96         20
    UNKNOWN                              N            08/01/26
    0


1


    1512938          526/728             F           33,200.00         ZZ
                                         360         33,184.51          1
    169 EAST 25TH STREET               9.750            285.24         80
                                       9.500            285.24       41,500.00
    CHICAGO HEIGHTS  IL   60411          1            06/28/96         10
    0380490558                           05           08/01/96         12
    133528                               N            07/01/26
    0


    1512944          776/728             F          129,000.00         ZZ
                                         360        128,938.20          2
    1614-1618 GRAHAM WAY               9.625          1,096.49         75
                                       9.375          1,096.49      172,000.00
    SAN LEANDRO      CA   94578          1            06/11/96         00
    0380492174                           05           08/01/96          0
    6233602                              N            07/01/26
    0


    1512952          F86/F86             F           76,000.00         ZZ
                                         360         69,763.32          1
    98 LOXWOOD STREET                  7.750            544.47         90
                                       7.500            544.47       85,000.00
    WORCESTER        MA   01604          2            11/05/92         10
    1742336                              05           01/01/93         17
    1742336                              O            12/01/22
    0


    1512959          A13/G02             F          259,200.00         T
                                         360        259,072.51          1
    8424 BAYCREST DRIVE                9.500          2,179.49         90
                                       9.250          2,179.49      288,000.00
    LAS VEGAS        NV   89128          2            06/24/96         10
    0430000729                           05           08/01/96         25
    960039277                            O            07/01/26
    0


    1512962          874/728             F          114,650.00         ZZ
                                         360        114,650.00          1
    4555 VISTA MOUNTAIN DRIVE          9.000            922.50         75
                                       8.750            922.50      152,900.00
    SPARKS           NV   89436          1            07/18/96         00
    0380497702                           03           09/01/96          0
    3687610                              N            08/01/26
    0


    1513012          E22/G02             F           80,250.00         ZZ
                                         360         80,212.56          1
    208 CARMICHAEL COURT               9.750            689.47         75
                                       9.500            689.47      107,000.00
1


    LEAGUE CITY      TX   77573          1            06/28/96         00
    0410106330                           03           08/01/96          0
    410106330                            O            07/01/26
    0


    1513019          E22/G02             F           54,000.00         ZZ
                                         360         53,977.36          2
    3910-12 N GRAND AVENUE            10.250            483.89         90
                                      10.000            483.89       60,000.00
    INDIANAPOLIS     IN   46218          1            07/03/96         04
    0410142368                           05           08/01/96         25
    410142368                            N            07/01/26
    0


    1513044          E22/G02             F          122,000.00         ZZ
                                         360        121,938.40          1
    25545 SOUTH BEAVERCREEK ROAD       9.375          1,014.73         62
                                       9.125          1,014.73      197,500.00
    BEAVERCREEK      OR   97004          5            06/19/96         00
    0410111116                           05           08/01/96          0
    410111116                            O            07/01/26
    0


    1513046          E22/728             F           60,300.00         ZZ
                                         360         60,270.34          1
    2222 HOPKINS STREET                9.500            507.04         90
                                       9.250            507.04       67,000.00
    HOUSTON          TX   77006          1            06/25/96         10
    0410199947                           01           08/01/96         25
    410199947                            O            07/01/26
    0


    1513050          E22/728             F           25,950.00         ZZ
                                         360         25,937.89          2
    414 BALTIMORE STREET               9.750            222.95         90
                                       9.500            222.95       28,850.00
    MIDDLETOWN       OH   45044          1            06/26/96         10
    0410141717                           05           08/01/96         25
    410141717                            N            07/01/26
    0


    1513053          E22/728             F           50,000.00         ZZ
                                         360         49,976.67          2
    408 BALTIMORE STREET               9.750            429.58         90
                                       9.500            429.58       55,600.00
    MIDDLETOWN       OH   45044          1            06/26/96         01
    0410141709                           05           08/01/96         25
    410141709                            N            07/01/26
    0
1




    1513059          E22/728             F           23,400.00         ZZ
                                         360         23,390.44          2
    477 S WARING AVE                  10.375            211.87         90
                                      10.125            211.87       26,000.00
    DETROIT          MI   48217          1            06/17/96         04
    0410138705                           05           08/01/96         25
    410138705                            N            07/01/26
    0


    1513062          E22/728             F           87,600.00         ZZ
                                         360         87,553.39          1
    74 DUNE DRIVE                      9.125            712.74         80
                                       8.875            712.74      109,500.00
    SANTA ROSA BEAC  FL   32459          1            06/14/96         00
    0410190797                           05           08/01/96          0
    410190797                            O            07/01/26
    0


    1513085          E22/728             F           33,500.00         ZZ
                                         360         33,483.08          1
    310 E BRYAN AVENUE                 9.375            278.64         80
                                       9.125            278.64       41,900.00
    SAPULPA          OK   74067          1            06/21/96         00
    0410137186                           05           08/01/96          0
    410137186                            O            07/01/26
    0


    1513087          E22/728             F           71,550.00         ZZ
                                         360         71,520.00          1
    39337 WORCHESTER DRIVE            10.250            641.16         90
                                      10.000            641.16       79,500.00
    WESTLAND         MI   48186          1            06/21/96         04
    0410141816                           05           08/01/96         25
    410141816                            N            07/01/26
    0


    1513088          E22/G02             F          244,000.00         ZZ
                                         360        244,000.00          2
    2339 NORTH KEDZIE BLVD             9.875          2,118.77         80
                                       9.625          2,118.77      305,000.00
    CHICAGO          IL   60647          2            07/01/96         00
    0410175673                           05           09/01/96          0
    410175673                            O            08/01/26
    0


    1513095          E22/G02             F           76,500.00         ZZ
                                         360         76,500.00          4
1


    318 MILES AVENUE                  10.250            685.52         90
                                      10.000            685.52       85,000.00
    BILLINGS         MT   59101          1            06/28/96         10
    0410112171                           05           09/01/96         25
    410112171                            N            08/01/26
    0


    1513098          E22/728             F          144,000.00         ZZ
                                         360        143,931.02          1
    41 HOLCOMBE BRANCH ROAD            9.625          1,223.98         80
                                       9.375          1,223.98      180,000.00
    WEAVERVILLE      NC   28787          1            06/19/96         00
    0410191159                           05           08/01/96          0
    410191159                            O            07/01/26
    0


    1513101          E22/728             F           48,600.00         ZZ
                                         360         48,578.50          1
    7416 AMHERST STREET               10.000            426.50         90
                                       9.750            426.50       54,000.00
    SACRAMENTO       CA   95822          1            06/21/96         04
    0410125785                           05           08/01/96         25
    410125785                            N            07/01/26
    0


    1513104          E22/728             F           42,800.00         ZZ
                                         360         42,776.00          1
    1017 E 18TH STREET                 8.875            340.54         80
                                       8.625            340.54       53,500.00
    STUART           FL   34997          1            06/18/96         10
    0410190748                           05           08/01/96         12
    410190748                            N            07/01/26
    0


    1513105          286/286             F          124,050.00         ZZ
                                         360        123,993.64          4
    212 S TIONDA DR                    9.875          1,077.19         80
                                       9.625          1,077.19      155,100.00
    VANDALIA         OH   45377          1            06/28/96         10
    8570297                              05           08/01/96         12
    8570297                              N            07/01/26
    0


    1513108          286/286             F           63,000.00         ZZ
                                         360         62,934.41          1
    2089 MUNICH AVE                    9.250            518.29         60
                                       9.000            518.29      105,000.00
    MORAINE          OH   45418          1            05/31/96         00
    8570038                              05           07/01/96          0
1


    8570038                              O            06/01/26
    0


    1513111          286/286             F           82,000.00         ZZ
                                         360         81,960.71          2
    850-852 HEARTWOOD CT.              9.625            697.00         68
                                       9.375            697.00      121,500.00
    TIPP CITY        OH   45371          5            06/28/96         00
    8570298                              05           08/01/96          0
    8570298                              N            07/01/26
    0


    1513115          638/G02             F           80,000.00         ZZ
                                         360         80,000.00          1
    2741 CRAIG CIRCLE                  9.125            650.91         57
                                       8.875            650.91      141,000.00
    FULLERTON        CA   92835          1            07/17/96         00
    0430001784                           09           09/01/96          0
    8586064                              O            08/01/26
    0


    1513117          286/286             F          296,800.00         ZZ
                                         360        296,482.90          1
    1600 E ENTRADA ONCE                9.125          2,414.87         75
                                       8.875          2,414.87      400,000.00
    TUCSON           AZ   85718          2            05/22/96         00
    8430305                              03           07/01/96          0
    8430305                              N            06/01/26
    0


    1513126          776/728             F           64,000.00         ZZ
                                         360         63,968.52          1
    1697 KERNEY STREET                 9.500            538.15         80
                                       9.250            538.15       80,000.00
    IDAHO FALLS      ID   83401          1            06/18/96         04
    0380490541                           05           08/01/96         12
    2532891                              N            07/01/26
    0


    1513130          387/387             F           79,900.00         ZZ
                                         360         79,860.70          1
    4456 WEST MORROW DRIVE             9.500            671.84         80
                                       9.250            671.84       99,900.00
    GLENDALE         AZ   85308          1            06/24/96         00
    789818                               03           08/01/96          0
    789818                               O            07/01/26
    0


1


    1513132          387/387             F          253,500.00         ZZ
                                         360        253,361.53          1
    1309 HALIBUTT STREET               9.000          2,039.72         75
                                       8.750          2,039.72      338,000.00
    FOSTER CITY      CA   94404          5            06/12/96         00
    789396                               05           08/01/96          0
    789396                               O            07/01/26
    0


    1513133          387/387             F           50,000.00         ZZ
                                         360         49,974.08          1
    6201 WEST KAREN LEE LANE           9.250            411.34         56
                                       9.000            411.34       89,850.00
    GLENDALE         AZ   85306          1            06/20/96         00
    788497                               05           08/01/96          0
    788497                               O            07/01/26
    0


    1513137          E92/728             F           77,600.00         ZZ
                                         360         77,565.67          2
    10801 LANSHIRE DRIVE              10.000            681.00         80
                                       9.750            681.00       97,000.00
    AUSTIN           TX   78758          1            06/27/96         04
    0380490632                           05           08/01/96         12
    21201167                             N            07/01/26
    0


    1513143          F30/728             F           79,100.00         ZZ
                                         360         79,100.00          1
    535 EAST 3065 SOUTH                9.625            672.34         70
                                       9.375            672.34      113,000.00
    SALT LAKE CITY   UT   84106          5            07/05/96         00
    0380495417                           05           09/01/96          0
    100704                               N            08/01/26
    0


    1513150          526/728             F           71,100.00         ZZ
                                         360         71,067.69          1
    9327 WINSOME LANE                  9.875            617.40         90
                                       9.625            617.40       79,000.00
    HOUSTON          TX   77063          1            06/26/96         10
    0380490624                           05           08/01/96         25
    0134005                              N            07/01/26
    0


    1513168          560/560             F          300,000.00         ZZ
                                         360        299,852.43          4
    307 CORONADO AVENUE                9.500          2,522.57         90
                                       9.250          2,522.57      334,000.00
1


    LONG BEACH       CA   90814          1            06/24/96         04
    450473004                            05           08/01/96         25
    450473004                            O            07/01/26
    0


    1513171          560/560             F           63,000.00         ZZ
                                         360         62,966.47          1
    10 HAMPSHIRE DRIVE                 9.125            512.59         65
                                       8.875            512.59       98,000.00
    PORTSMOUTH       NH   03801          1            06/21/96         00
    450462411                            05           08/01/96          0
    450462411                            O            07/01/26
    0


    1513173          560/560             F           40,000.00         ZZ
                                         360         40,000.00          1
    1221 PROSPECT STREET               9.250            329.08         62
                                       9.000            329.08       65,000.00
    EWING            NJ   08638          5            07/03/96         00
    450476742                            07           09/01/96          0
    450476742                            N            08/01/26
    0


    1513185          051/728             F          292,500.00         ZZ
                                         360        292,500.00          1
    2942 BEVERWIL DRIVE                9.750          2,513.03         67
                                       9.500          2,513.03      440,000.00
    LOS ANGELES      CA   90034          5            07/12/96         00
    0380487380                           05           09/01/96          0
    16102395                             O            08/01/26
    0


    1513200          405/405             F          130,000.00         ZZ
                                         360        130,000.00          1
    174 WINDHAM DRIVE                  9.750          1,116.91         68
                                       9.500          1,116.91      194,000.00
    LANGHORNE        PA   19047          5            06/27/96         00
    0003957289                           05           09/01/96          0
    0003957289                           O            08/01/26
    0


    1513213          E22/728             F           22,500.00         ZZ
                                         360         22,491.53          1
    408-4TH AVENUE NORTHEAST          10.750            210.03         90
                                      10.500            210.03       25,000.00
    CROSBY           MN   56441          1            06/26/96         04
    0410175657                           05           08/01/96         25
    410175657                            N            07/01/26
    0
1




    1513214          E22/728             F           53,100.00         ZZ
                                         360         53,071.67          1
    1002 WEST 7TH AVENUE UNIT #103     9.500            446.49         90
                                       9.250            446.49       59,000.00
    SPOKANE          WA   99204          1            06/20/96         04
    0410111702                           01           08/01/96         25
    410111702                            N            07/01/26
    0


    1513215          E22/728             F          100,800.00         ZZ
                                         360        100,749.10          1
    N94 W16345 CHEROKEE DRIVE          9.375            838.40         80
                                       9.125            838.40      126,000.00
    MENOMONEE FALLS  WI   53151          1            06/27/96         00
    0410199418                           05           08/01/96          0
    410199418                            O            07/01/26
    0


    1513221          480/728             F          155,500.00         ZZ
                                         360        155,421.47          1
    2314 WEST OLIVE WAY                9.375          1,293.37         90
                                       9.125          1,293.37      172,801.00
    CHANDLER         AZ   85248          1            06/26/96         04
    0380490293                           03           08/01/96         25
    1862283                              N            07/01/26
    0


    1513226          526/728             F           31,000.00         ZZ
                                         360         30,985.54          1
    1131 DELAWARE AVENUE               9.750            266.34         45
                                       9.500            266.34       70,000.00
    LOS BANOS        CA   93635          5            06/24/96         00
    0380494329                           05           08/01/96          0
    126420                               N            07/01/26
    0


    1513228          480/728             F          144,250.00         ZZ
                                         360        144,177.15          1
    2324 OLIVE WAY                     9.375          1,199.80         90
                                       9.125          1,199.80      160,288.00
    CHANDLER         AZ   85248          1            06/26/96         01
    0380490343                           03           08/01/96         25
    1862291                              N            07/01/26
    0


    1513237          526/728             F          117,300.00         ZZ
                                         360        117,184.14          1
1


    163 WOODSTOWN ROAD                 9.500            986.33         85
                                       9.250            986.33      138,000.00
    HARRISON TWP     NJ   08062          5            05/24/96         12
    0380497785                           05           07/01/96         12
    00117455                             O            06/01/26
    0


    1513240          480/728             F           73,700.00         ZZ
                                         360         73,665.61          1
    6918 SPRING MORNING LANE           9.750            633.20         90
                                       9.500            633.20       81,900.00
    CHARLOTTE        NC   28227          1            06/28/96         12
    0380490426                           03           08/01/96         30
    1867076                              N            07/01/26
    0


    1513268          526/728             F           48,700.00         ZZ
                                         360         48,676.66          1
    1226 E. GORE STREET                9.625            413.95         80
                                       9.375            413.95       60,900.00
    ORLANDO          FL   32806          1            07/01/96         04
    0380497827                           05           08/01/96         12
    134876                               N            07/01/26
    0


    1513286          526/728             F           39,600.00         ZZ
                                         360         39,580.52          1
    129 SOUTH AVENUE                   9.500            332.98         90
                                       9.250            332.98       44,000.00
    SIOUX FALLS      SD   57104          1            06/25/96         12
    0380492604                           05           08/01/96         25
    00132221                             O            07/01/26
    0


    1513288          E92/728             F           34,450.00         ZZ
                                         360         34,434.34          2
    1416-1418 SAINT JOHNS              9.875            299.15         65
                                       9.625            299.15       53,000.00
    EL PASO          TX   79930          5            06/25/96         00
    0380492828                           05           08/01/96          0
    630005309                            N            07/01/26
    0


    1513291          731/728             F          148,000.00         ZZ
                                         360        148,000.00          4
    5323 WAVERLY TRACE                 9.875          1,285.16         80
                                       9.625          1,285.16      185,000.00
    NORCROSS         GA   30093          1            07/03/96         01
    0380490327                           05           09/01/96         12
1


    3140962305                           N            08/01/26
    0


    1513293          757/757             F          101,250.00         ZZ
                                         360        101,250.00          1
    3182 PARKRIDGE CRESCENT            9.750            869.90         75
                                       9.500            869.90      135,000.00
    CHAMBLEE         GA   30341          1            07/11/96         00
    2788511                              05           09/01/96          0
    2788511                              N            08/01/26
    0


    1513306          F30/728             F           84,700.00         ZZ
                                         360         84,700.00          1
    44 SOUTH HANSEN STREET             9.625            719.94         70
                                       9.375            719.94      121,000.00
    MIDVALE          UT   84047          5            07/05/96         00
    0380494972                           05           09/01/96          0
    100709                               N            08/01/26
    0


    1513423          F30/728             F           70,000.00         ZZ
                                         360         69,966.47          1
    1741 EDISON STREET                 9.625            594.99         70
                                       9.375            594.99      100,000.00
    SALT LAKE CITY   UT   84115          5            06/24/96         00
    0380488610                           05           08/01/96          0
    100608                               N            07/01/26
    0


    1513474          E22/G02             F          157,500.00         ZZ
                                         360        157,437.42          4
    1004 WEST PLATT STREET            10.500          1,440.71         90
                                      10.250          1,440.71      175,000.00
    TAMPA            FL   33606          1            07/01/96         04
    0410120547                           05           08/01/96         25
    410120547                            N            07/01/26
    0


    1513476          E22/728             F           60,600.00         ZZ
                                         360         60,570.97          1
    1817 SWAN DRIVE                    9.625            515.09         80
                                       9.375            515.09       75,750.00
    DALLAS           TX   75228          1            06/24/96         00
    0410106520                           05           08/01/96          0
    410106520                            O            07/01/26
    0


1


    1513489          E22/728             F           60,000.00         ZZ
                                         360         59,968.07          1
    16635 TRINIDAD WAY                 9.125            488.18         80
                                       8.875            488.18       75,000.00
    JAMAICA BEACH    TX   77554          1            06/21/96         00
    0410106371                           05           08/01/96          0
    410106371                            O            07/01/26
    0


    1513515          387/387             F          247,500.00         ZZ
                                         360        247,375.01          1
    1818 UNION STREET                  9.375          2,058.58         75
                                       9.125          2,058.58      330,000.00
    ALAMEDA          CA   94501          5            06/18/96         00
    792309                               05           08/01/96          0
    792309                               O            07/01/26
    0


    1513517          387/387             F          100,000.00         ZZ
                                         360         99,943.93          1
    8204 EL DORADO DRIVE               8.875            795.65         77
                                       8.625            795.65      130,000.00
    AUSTIN           TX   78737          1            06/28/96         00
    792465                               05           08/01/96          0
    792465                               O            07/01/26
    0


    1513519          387/387             F          143,500.00         ZZ
                                         360        143,429.41          1
    444 DESERT SPRINGS ROAD            9.500          1,206.63         70
                                       9.250          1,206.63      205,000.00
    PALMDALE         CA   93551          1            06/19/96         00
    790535                               05           08/01/96          0
    790535                               O            07/01/26
    0


    1513520          387/387             F           90,000.00         ZZ
                                         360         89,950.84          1
    22900 ROUTT COUNTY ROAD 56         9.000            724.16         42
                                       8.750            724.16      215,000.00
    STEAMBOAT SPRIN  CO   80487          5            06/24/96         00
    791343                               05           08/01/96          0
    791343                               O            07/01/26
    0


    1513715          A06/728             F           72,000.00         ZZ
                                         360         72,000.00          1
    1642 HARVARD                       9.250            592.33         80
                                       9.000            592.33       90,000.00
1


    BERKLEY          MI   48072          2            07/11/96         04
    0380497330                           05           09/01/96         12
    9605575                              N            08/01/26
    0


    1513720          E22/728             F           74,300.00         ZZ
                                         360         74,263.46          1
    9173 UPLAND LANE                   9.500            624.75         80
                                       9.250            624.75       92,900.00
    MAPLE GROVE      MN   55369          1            06/28/96         00
    0410171573                           09           08/01/96          0
    410171573                            O            07/01/26
    0


    1513785          E22/728             F           96,900.00         ZZ
                                         360         96,855.98          2
    5429-5431 DITZLER AVE              9.875            841.43         95
                                       9.625            841.43      102,000.00
    RAYTOWN          MO   64133          1            06/13/96         10
    0410199905                           05           08/01/96         30
    410199905                            O            07/01/26
    0


    1513786          253/728             F          125,000.00         ZZ
                                         360        125,000.00          1
    1119 CORONITA COURT                9.125          1,017.05         69
                                       8.875          1,017.05      183,295.00
    FENTON           MO   63026          1            07/10/96         00
    0380491366                           03           09/01/96          0
    313345                               O            08/01/26
    0


    1513801          498/728             F           79,000.00         ZZ
                                         360         79,000.00          2
    105/115 BELLE DRIVE                9.500            664.28         85
                                       9.250            664.28       93,000.00
    FAYETTEVILLE     GA   30214          1            07/12/96         01
    0380490996                           05           09/01/96         20
    1454222                              N            08/01/26
    0


    1513856          633/728             F           86,250.00         ZZ
                                         360         86,202.89          1
    8014 PINOT NOIR COURT              9.000            693.99         75
                                       8.750            693.99      115,000.00
    SAN JOSE         CA   95135          1            06/28/96         00
    0380494360                           01           08/01/96          0
    676166                               N            07/01/26
    0
1




    1513872          E67/728             F           40,000.00         ZZ
                                         360         40,000.00          1
    61320 STEENS MOUNTAIN LOOP         8.750            314.68         20
                                       8.500            314.68      202,000.00
    BEND             OR   97702          1            07/11/96         00
    0380491507                           05           09/01/96          0
    5543                                 O            08/01/26
    0


    1513873          E67/728             F          219,000.00         T
                                         360        219,000.00          1
    17745 SARAZEN LANE                 8.750          1,722.87         60
                                       8.500          1,722.87      365,000.00
    SUNRIVER         OR   97707          2            07/08/96         00
    0380491762                           03           09/01/96          0
    5076                                 O            08/01/26
    0


    1513900          687/728             F          128,250.00         ZZ
                                         360        128,250.00          2
    3208 OLINVILLE AVENUE              9.875          1,113.66         95
                                       9.625          1,113.66      135,000.00
    BRONX            NY   10467          1            07/09/96         11
    0380492000                           05           09/01/96         30
    590436                               O            08/01/26
    0


    1513910          E22/728             F           56,000.00         ZZ
                                         360         55,971.72          1
    727 MARYLAND DRIVE                 9.375            465.78         70
                                       9.125            465.78       80,000.00
    RICHARDSON       TX   75080          5            06/27/96         00
    0410136998                           05           08/01/96          0
    410136998                            N            07/01/26
    0


    1513915          E22/G02             F          268,000.00         ZZ
                                         360        267,868.18          1
    6029 WESTWIND COURT                9.500          2,253.49         80
                                       9.250          2,253.49      335,000.00
    ALEDO            TX   76008          2            06/27/96         00
    0410078562                           05           08/01/96          0
    410078562                            O            07/01/26
    0


    1513916          E22/728             F          128,000.00         ZZ
                                         360        128,000.00          1
1


    4535 DIANE WAY                     9.125          1,041.45         80
                                       8.875          1,041.45      160,000.00
    SAN DIEGO        CA   92117          1            06/26/96         00
    0410182042                           05           09/01/96          0
    410182042                            O            08/01/26
    0


    1513918          E22/728             F           97,500.00         ZZ
                                         360         97,448.12          1
    1107 SHADDICK DRIVE                9.125            793.29         65
                                       8.875            793.29      150,000.00
    ANTIOCH          CA   94509          5            06/17/96         00
    0410199939                           05           08/01/96          0
    410199939                            O            07/01/26
    0


    1513921          E22/728             F           73,500.00         ZZ
                                         360         73,466.60          2
    554-56 N E 68TH STREET             9.875            638.24         70
                                       9.625            638.24      105,000.00
    MIAMI            FL   33138          5            06/28/96         00
    0410119911                           05           08/01/96          0
    410119911                            N            07/01/26
    0


    1513922          E22/G02             F           90,750.00         ZZ
                                         360         90,750.00          1
    18402 BILLINGS AVENUE              9.000            730.20         75
                                       8.750            730.20      121,000.00
    CARSON           CA   90746          5            06/27/96         00
    0410181978                           05           09/01/96          0
    410181978                            O            08/01/26
    0


    1513923          E22/728             F           81,000.00         ZZ
                                         360         80,965.11          3
    82 FRONT STREET                   10.125            718.33         90
                                       9.875            718.33       90,000.00
    PATERSON         NJ   07522          1            06/26/96         04
    0410069371                           05           08/01/96         30
    410069371                            N            07/01/26
    0


    1513924          E22/728             F          163,200.00         ZZ
                                         360        163,113.15          1
    1945 WILDWOOD DRIVE                9.125          1,327.85         80
                                       8.875          1,327.85      204,000.00
    COLORADO SPRING  CO   80918          1            06/27/96         00
    0410134050                           05           08/01/96          0
1


    410134050                            O            07/01/26
    0


    1513940          766/728             F           51,750.00         ZZ
                                         360         51,724.55          1
    10300 SW 24 STREET                 9.500            435.14         75
    #B-11                              9.250            435.14       69,000.00
    MIAMI            FL   33165          1            06/27/96         00
    0380491853                           01           08/01/96          0
    96SG0559                             N            07/01/26
    0


    1513943          766/728             F           55,800.00         ZZ
                                         360         55,773.97          1
    143 N. RIDGEWOOD AVENUE            9.750            479.41         90
                                       9.500            479.41       62,000.00
    ORMAND BEACH     FL   32174          1            06/25/96         12
    0380493370                           05           08/01/96         25
    96DA0227                             N            07/01/26
    0


    1513952          480/728             F           82,000.00         ZZ
                                         360         82,000.00          1
    1053 EAST CALLE MONTE VISTA        9.750            704.51         22
                                       9.500            704.51      374,900.00
    TEMPE            AZ   85284          1            07/01/96         00
    0380491408                           03           09/01/96          0
    1862424                              O            08/01/26
    0


    1513956          E22/728             F           86,800.00         ZZ
                                         360         86,752.59          1
    318 POST OAK DRIVE                 9.000            698.41         80
                                       8.750            698.41      108,550.00
    GRAND PRAIRIE    TX   75050          1            06/27/96         10
    0410106561                           05           08/01/96         12
    410106561                            N            07/01/26
    0


    1513976          E22/728             F           37,800.00         ZZ
                                         360         37,781.41          1
    31 MISSIONWOOD WAY                 9.500            317.84         60
                                       9.250            317.84       63,000.00
    REISTERSTOWN     MD   21136          5            06/06/96         00
    0410121842                           01           08/01/96          0
    410121842                            N            07/01/26
    0


1


    1513978          E22/728             F           94,800.00         ZZ
                                         360         94,753.37          1
    2131 MANOR GREEN DRIVE             9.500            797.13         80
                                       9.250            797.13      118,500.00
    HOUSTON          TX   77077          1            06/28/96         00
    0410133995                           03           08/01/96          0
    410133995                            O            07/01/26
    0


    1513983          E22/G02             F           91,100.00         ZZ
                                         360         91,054.00          1
    157 ANGOL STREET                   9.375            757.72         75
                                       9.125            757.72      121,500.00
    PUNTA GORDA      FL   33983          5            06/26/96         00
    0410118046                           05           08/01/96          0
    410118046                            O            07/01/26
    0


    1513988          964/728             F          196,000.00         ZZ
                                         360        196,000.00          1
    25392 SHOSHONE DRIVE               9.250          1,612.44         80
                                       9.000          1,612.44      245,000.00
    LAKE FOREST      CA   92630          2            07/01/96         00
    0380489352                           05           09/01/96          0
    18793                                O            08/01/26
    0


    1514005          E22/728             F           85,500.00         ZZ
                                         360         85,460.11          1
    391 SORRENTO DRIVE                 9.750            734.58         90
                                       9.500            734.58       95,000.00
    BALLWIN          MO   63021          1            06/27/96         04
    0410200455                           03           08/01/96         25
    410200455                            N            07/01/26
    0


    1514007          E22/728             F          357,000.00         ZZ
                                         360        356,828.98          1
    3250 W LAKE SAMMAMISH PKWY NE      9.625          3,034.46         70
                                       9.375          3,034.46      510,000.00
    REDMOND          WA   98052          5            06/24/96         00
    0410112387                           05           08/01/96          0
    410112387                            O            07/01/26
    0


    1514008          E22/728             F           84,000.00         ZZ
                                         360         83,959.76          1
    225 YENNE POINT ROAD               9.625            713.99         80
                                       9.375            713.99      105,000.00
1


    BIGFORK          MT   59911          1            06/25/96         00
    0410112445                           05           08/01/96          0
    410112445                            O            07/01/26
    0


    1514011          696/728             F          641,550.00         ZZ
                                         360        641,190.34          1
    55 WARWICK STONE WAY               8.875          5,104.46         65
                                       8.625          5,104.46      987,000.00
    GREAT FALLS      VA   22066          1            07/01/96         00
    0380491390                           05           08/01/96          0
    4028201                              O            07/01/26
    0


    1514023          971/728             F           52,000.00         ZZ
                                         360         52,000.00          1
    15400 NW 28TH CT                   9.500            437.24         80
                                       9.250            437.24       65,000.00
    OPALOCKA         FL   33054          5            07/11/96         00
    0380493685                           05           09/01/96          0
    UNKNOWN                              O            08/01/26
    0


    1514030          405/405             F           86,750.00         ZZ
                                         360         86,701.36          1
    20724 SW CELEBRITY LANE            8.875            690.23         60
                                       8.625            690.23      145,000.00
    ALOHA            OR   97007          2            06/19/96         00
    5773941168                           05           08/01/96          0
    5773941168                           N            07/01/26
    0


    1514039          526/728             F           22,250.00         ZZ
                                         360         22,239.89          1
    717 TENTH AVENUE NORTH             9.875            193.21         89
                                       9.625            193.21       25,000.00
    TEXAS CITY       TX   77590          1            06/28/96         10
    0380492653                           05           08/01/96         25
    0135099                              N            07/01/26
    0


    1514048          405/405             F           94,050.00         ZZ
                                         360         93,997.27          1
    20733 SW CELEBRITY LANE            8.875            748.31         62
                                       8.625            748.31      153,000.00
    ALOHA            OR   97007          2            06/19/96         00
    3941218                              05           08/01/96          0
    3941218                              N            07/01/26
    0
1




    1514049          526/728             F           50,500.00         ZZ
                                         360         50,500.00          2
    2318-2320 NEWTON STREET            9.750            433.88         85
                                       9.500            433.88       59,457.00
    AKRON            OH   44305          1            07/03/96         04
    0380494535                           05           09/01/96         20
    0125725                              N            08/01/26
    0


    1514054          526/728             F          460,000.00         ZZ
                                         360        459,796.50          1
    70 BIRCH STREET                   10.000          4,036.83         78
                                       9.750          4,036.83      590,000.00
    ENGLEWOOD CLIFF  NJ   07632          1            06/25/96         00
    0380492778                           05           08/01/96          0
    133735                               O            07/01/26
    0


    1514061          003/728             F           89,550.00         ZZ
                                         360         89,463.85          1
    11215 CROSSHAVEN DRIVE             9.625            761.17         90
                                       9.375            761.17       99,500.00
    ROSWELL          GA   30075          1            05/29/96         12
    0380496209                           05           07/01/96         25
    3696986                              N            06/01/26
    0


    1514063          405/405             F           81,550.00         ZZ
                                         360         81,504.28          1
    20763 SW CELEBRITY LANE            8.875            648.85         62
                                       8.625            648.85      132,000.00
    ALOHA            OR   97007          2            06/20/96         00
    3941341                              05           08/01/96          0
    3941341                              N            07/01/26
    0


    1514065          405/405             F           85,000.00         ZZ
                                         360         84,952.35          1
    20836 SW CELEBRITY LANE            8.875            676.30         60
                                       8.625            676.30      144,000.00
    ALOHA            OR   97007          2            06/19/96         00
    3941176                              05           08/01/96          0
    3941176                              N            07/01/26
    0


    1514087          405/405             F           95,150.00         ZZ
                                         360         95,096.65          1
1


    20637 SW CELEBRITY LANE            8.875            757.06         64
                                       8.625            757.06      151,000.00
    ALOHA            OR   97007          2            06/20/96         00
    3941291                              05           08/01/96          0
    3941291                              N            07/01/26
    0


    1514102          E19/728             F           60,200.00         ZZ
                                         360         60,200.00          1
    16550 NE 55TH STREET              10.000            528.30         70
                                       9.750            528.30       86,000.00
    WILLISTON        FL   32696          5            07/11/96         00
    0380494709                           05           09/01/96          0
    8991                                 O            08/01/26
    0


    1514111          E09/728             F           80,150.00         ZZ
                                         360         80,150.00          1
    4808 GOLDENEYE WAY                 9.375            666.65         70
                                       9.125            666.65      114,500.00
    NORTH LAS VEGAS  NV   89030          1            07/10/96         00
    0380494691                           05           09/01/96          0
    01002156                             N            08/01/26
    0


    1514141          731/728             F          158,800.00         ZZ
                                         360        158,800.00          1
    9315 NORTHEAST 141ST PLACE         8.750          1,249.28         80
                                       8.500          1,249.28      198,500.00
    BOTHELL          WA   98011          1            07/03/96         00
    0380493768                           05           09/01/96          0
    230832465                            O            08/01/26
    0


    1514202          635/635             F           70,100.00         ZZ
                                         360         70,100.00          1
    1117 STONEOAK LANE                 9.375            583.06         90
                                       9.125            583.06       77,900.00
    AUSTIN           TX   78745          1            07/02/96         04
    653639500                            05           09/01/96         25
    653639500                            N            08/01/26
    0


    1514215          201/728             F           65,700.00         ZZ
                                         360         65,668.52          1
    5 MAC ARTHUR DRIVE                 9.625            558.45         90
    THE TOWNSHIP OF EDISON             9.375            558.45       73,000.00
    COUNTY OF MIDDL  NJ   08837          1            06/24/96         01
    0380494519                           05           08/01/96         25
1


    2800907525                           N            07/01/26
    0


    1514262          661/661             F          825,000.00         ZZ
                                         360        824,071.56          1
    4404 WINDSOR RIDGE DRIVE           8.875          6,564.07        100
                                       8.625          6,564.07      825,000.00
    IRVING           TX   75038          1            05/06/96         92
    2494698                              03           07/01/96         30
    2494698                              O            06/01/26
    0


    1514282          E45/728             F          100,000.00         T
                                         360        100,000.00          1
    614 ASHE STREET                    9.375            831.75         37
                                       9.125            831.75      272,500.00
    KEY WEST         FL   33040          5            07/12/96         00
    0380496266                           05           09/01/96          0
    UNKNOWN                              O            08/01/26
    0


    1514290          405/405             F           87,050.00         ZZ
                                         360         87,001.20          1
    20756 SW CELEBRITY LANE            8.875            692.61         60
                                       8.625            692.61      147,000.00
    ALOHA            OR   97007          2            06/20/96         00
    3941119                              05           08/01/96          0
    3941119                              N            07/01/26
    0


    1514291          480/728             F           31,500.00         ZZ
                                         360         31,500.00          1
    532 EAST LYNWOOD STREET            9.500            264.87         70
                                       9.250            264.87       45,000.00
    PHOENIX          AZ   85004          1            07/01/96         00
    0380491978                           05           09/01/96          0
    1745454                              O            08/01/26
    0


    1514302          661/661             F          376,250.00         ZZ
                                         360        375,826.58          1
    4502 ROLAND AVENUE                 8.875          2,993.61        100
                                       8.625          2,993.61      376,250.00
    BALTIMORE        MD   21210          1            05/10/96         92
    2518744                              05           07/01/96         30
    2518744                              O            06/01/26
    0


1


    1514303          E22/728             F           34,300.00         ZZ
                                         360         34,284.42          1
    8005 S W 107TH AVENUE UNIT#204     9.875            297.84         70
                                       9.625            297.84       49,000.00
    MIAMI            FL   33173          5            06/24/96         00
    0410188551                           01           08/01/96          0
    410188551                            N            07/01/26
    0


    1514309          E22/728             F           97,500.00         T
                                         360         97,445.34          1
    2501 N OCEAN BOULEVARD             8.875            775.75         75
    UNIT # 1105                        8.625            775.75      130,000.00
    NORTH MYRTLE BE  SC   29582          1            06/28/96         00
    0410190573                           08           08/01/96          0
    410190573                            O            07/01/26
    0


    1514317          E22/728             F          132,750.00         ZZ
                                         360        132,691.27          1
    4586 BROCKS LANE                  10.000          1,164.98         75
                                       9.750          1,164.98      177,000.00
    PLACERVILLE      CA   95667          1            06/26/96         00
    0410126148                           05           08/01/96          0
    410126148                            N            07/01/26
    0


    1514339          964/728             F          200,800.00         ZZ
                                         360        200,800.00          1
    11926 BOS STREET                   9.125          1,633.78         80
                                       8.875          1,633.78      251,000.00
    CERRITOS         CA   90703          1            07/08/96         00
    0380491457                           05           09/01/96          0
    19061                                O            08/01/26
    0


    1514340          E22/728             F           63,000.00         ZZ
                                         360         62,971.38          3
    309 SW 2ND COURT                   9.875            547.06         70
                                       9.625            547.06       90,000.00
    POMPANO BEACH    FL   33060          5            06/27/96         00
    0410191720                           05           08/01/96          0
    410191720                            N            07/01/26
    0


    1514342          E22/728             F           32,400.00         ZZ
                                         360         32,386.41          1
    232 SHERIDAN AVENUE               10.250            290.34         90
                                      10.000            290.34       36,000.00
1


    SOUTH BEND       IN   46619          1            06/27/96         04
    0410142269                           05           08/01/96         25
    410142269                            N            07/01/26
    0


    1514353          927/728             F           52,250.00         ZZ
                                         360         52,219.15          2
    1851 EAST CHEERY LYNN ROAD         8.625            406.40         95
                                       8.375            406.40       55,000.00
    PHOENIX          AZ   85016          1            06/26/96         01
    0380496407                           05           08/01/96         30
    219998                               O            07/01/26
    0


    1514367          E22/G02             F           61,650.00         ZZ
                                         360         61,650.00          1
    609 WEST DREW UNIT 609             9.625            524.02         95
                                       9.375            524.02       64,900.00
    HOUSTON          TX   77006          1            07/10/96         11
    0410199954                           01           09/01/96         30
    410199954                            O            08/01/26
    0


    1514390          731/728             F           95,000.00         ZZ
                                         360         95,000.00          2
    1726-1728 NORTH ALEXANDRIA AVE     9.125            772.95         58
                                       8.875            772.95      165,000.00
    LOS ANGELES      CA   90027          5            07/09/96         00
    0380494568                           05           09/01/96          0
    411111741                            O            08/01/26
    0


    1514399          E22/728             F           48,800.00         ZZ
                                         360         48,774.70          1
    61 WILLOW WAY                      9.250            401.47         80
                                       9.000            401.47       61,000.00
    WATERFORD TOWNS  MI   48328          1            06/14/96         00
    0410198881                           01           08/01/96          0
    410198881                            O            07/01/26
    0


    1514404          E22/728             F           31,750.00         ZZ
                                         360         31,737.04          1
    1457 GRANT AVENUE                 10.375            287.47         90
                                      10.125            287.47       35,285.00
    INDIANAPOLIS     IN   46201          1            06/17/96         04
    0410199079                           05           08/01/96         25
    410199079                            N            07/01/26
    0
1




    1514415          286/286             F           35,100.00         ZZ
                                         360         35,100.00          2
    149-151 MARYLAND AVE               9.750            301.57         90
                                       9.500            301.57       39,000.00
    TOLEDO           OH   43605          1            07/01/96         10
    8577773                              05           09/01/96         25
    8577773                              N            08/01/26
    0


    1514433          766/G02             F           67,600.00         ZZ
                                         360         67,600.00          1
    6530 KENDALE LAKES DRIVE           9.000            543.92         80
    1307                               8.750            543.92       84,500.00
    MIAMI            FL   33183          1            07/16/96         00
    0430000869                           01           09/01/96          0
    96020355                             O            08/01/26
    0


    1514435          E22/728             F          107,200.00         ZZ
                                         360        107,144.42          2
    30-32 EAST 12TH STREET             9.250            881.91         80
                                       9.000            881.91      134,000.00
    HIALEAH          FL   33010          1            06/28/96         00
    0410190474                           05           08/01/96          0
    410190474                            O            07/01/26
    0


    1514438          E22/G02             F          152,000.00         ZZ
                                         360        152,000.00          1
    10112 GUADALUPE TRAIL N W          9.125          1,236.72         80
                                       8.875          1,236.72      190,000.00
    ALBUQUERQUE      NM   87114          2            07/05/96         00
    0410136725                           05           09/01/96          0
    410136725                            O            08/01/26
    0


    1514440          E22/728             F           90,000.00         ZZ
                                         360         89,963.25          2
    434 EAST 222ND STREET             10.375            814.87         90
                                      10.125            814.87      100,000.00
    EUCLID           OH   44123          1            06/26/96         11
    0410199509                           05           08/01/96         25
    410199509                            N            07/01/26
    0


    1514555          E22/728             F           78,300.00         ZZ
                                         360         78,259.41          1
1


    32100 WAVERLY ROAD                 9.250            644.15         80
                                       9.000            644.15       97,900.00
    MURDOCK          NE   68407          1            06/26/96         00
    0410199426                           05           08/01/96          0
    410199426                            O            07/01/26
    0


    1514568          E22/728             F           22,240.00         ZZ
                                         360         22,230.92          1
    7811 E 113TH STREET               10.375            201.36         80
                                      10.125            201.36       27,800.00
    KANSAS CITY      MO   64134          1            06/27/96         04
    0410171235                           03           08/01/96         12
    410171235                            N            07/01/26
    0


    1514655          766/G02             F           41,400.00         ZZ
                                         360         41,400.00          1
    5501 SW 77 COURT                   9.875            359.50         90
    #207C                              9.625            359.50       46,000.00
    MIAMI            FL   33155          1            07/12/96         12
    0430000976                           01           09/01/96         25
    96OZ0279                             N            08/01/26
    0


    1514656          405/405             F           86,850.00         ZZ
                                         360         86,801.31          1
    20852 SW CELEBRITY LANE            8.875            691.02         60
                                       8.625            691.02      147,000.00
    ALOHA            OR   97007          2            06/19/96         00
    3941192                              05           08/01/96          0
    3941192                              N            07/01/26
    0


    1514679          757/757             F           95,600.00         ZZ
                                         360         95,600.00          1
    3240 TIMBER WALK CIRCLE            9.250            786.48         80
                                       9.000            786.48      119,500.00
    LOGANVILLE       GA   30249          1            07/15/96         00
    2792315                              05           09/01/96          0
    2792315                              O            08/01/26
    0


    1514691          A52/G02             F           23,250.00         ZZ
                                         360         23,250.00          1
    109 HILLSIDE AVENUE                9.750            199.75         75
                                       9.500            199.75       31,000.00
    ATLANTA          GA   30315          1            07/26/96         00
    0430002402                           05           09/01/96          0
1


    160474                               N            08/01/26
    0


    1514736          E19/728             F          477,500.00         ZZ
                                         360        477,500.00          1
    20010 CALVERT STREET              10.125          4,234.58         74
                                       9.875          4,234.58      650,000.00
    WOODLAND HILLS   CA   91367          2            07/05/96         00
    0380495367                           05           09/01/96          0
    10365                                O            08/01/26
    0


    1514767          B24/G02             F          193,500.00         ZZ
                                         360        193,500.00          3
    736 ATLANTIC STREET                9.000          1,556.94         90
                                       8.750          1,556.94      215,000.00
    STAMFORD         CT   06901          1            07/26/96         01
    0430000927                           05           09/01/96         25
    159580                               O            08/01/26
    0


    1514888          E22/G02             F           65,250.00         ZZ
                                         360         65,218.74          1
    2926 ROBIN HILL LANE               9.625            554.62         90
                                       9.375            554.62       72,500.00
    GARLAND          TX   75044          1            07/01/96         04
    0410106553                           05           08/01/96         25
    410106553                            N            07/01/26
    0


    1514890          E22/G02             F           96,000.00         ZZ
                                         360         96,000.00          1
    2810 SW 20TH STREET                9.625            815.99         80
                                       9.375            815.99      120,000.00
    MIAMI            FL   33145          1            07/09/96         00
    0410190136                           05           09/01/96          0
    410190136                            O            08/01/26
    0


    1514893          E22/728             F           55,000.00         ZZ
                                         360         54,969.96          1
    81-1022A CAPTAIN COOK ROAD         9.000            442.54         36
                                       8.750            442.54      155,000.00
    CAPTAIN COOK     HI   96704          5            06/10/96         00
    0410153126                           05           08/01/96          0
    410153126                            O            07/01/26
    0


1


    1514899          E22/728             F           86,000.00         ZZ
                                         360         85,957.70          1
    354 TABRIZ DRIVE                   9.500            723.13         69
                                       9.250            723.13      126,000.00
    BILLINGS         MT   59105          2            06/12/96         00
    0410111975                           05           08/01/96          0
    410111975                            O            07/01/26
    0


    1514900          E22/G02             F           36,000.00         ZZ
                                         360         36,000.00          1
    1812 COLLIER ROAD (COPLEY TWP)     9.500            302.71         90
                                       9.250            302.71       40,000.00
    AKRON            OH   44320          1            07/08/96         12
    0410141931                           05           09/01/96         25
    410141931                            N            08/01/26
    0


    1514901          E22/G02             F           25,200.00         ZZ
                                         360         25,200.00          3
    1117 FOREST HILL AVENUE           10.750            235.24         90
                                      10.500            235.24       28,000.00
    FLINT            MI   48504          1            07/10/96         04
    0410140552                           05           09/01/96         25
    410140552                            N            08/01/26
    0


    1514909          776/728             F           84,000.00         ZZ
                                         360         83,857.65          1
    3945 DREAM STREET                  8.875            668.35         80
                                       8.625            668.35      105,000.00
    LAS VEGAS        NV   89108          1            04/12/96         04
    0380493826                           03           06/01/96         12
    6329795                              N            05/01/26
    0


    1514937          E22/G02             F           32,600.00         ZZ
                                         360         32,583.54          2
    623 & 625 HIGH STREET              9.375            271.15         75
                                       9.125            271.15       43,500.00
    ANDERSON         IN   46012          1            07/03/96         00
    0410083455                           05           08/01/96          0
    410083455                            N            07/01/26
    0


    1514959          A78/728             F          124,000.00         ZZ
                                         360        123,934.01          1
    22308 WELD COUNTY ROAD 43          9.125          1,008.91         80
                                       8.875          1,008.91      155,000.00
1


    LA SALLE         CO   80645          1            06/21/96         00
    0380496837                           05           08/01/96          0
    080570890                            O            07/01/26
    0


    1515035          353/353             F          301,000.00         ZZ
                                         360        300,839.81          1
    973 KANAKOU PLACE                  9.125          2,449.04         54
                                       8.875          2,449.04      564,000.00
    HONOLULU         HI   96825          2            06/27/96         00
    10399                                03           08/01/96          0
    10399                                O            07/01/26
    0


    1515045          E38/728             F           64,800.00         ZZ
                                         360         64,772.09          1
    663 COBBLESTONE DRIVE             10.125            574.66         90
                                       9.875            574.66       72,000.00
    MIDVALE          UT   84047          1            07/02/96         12
    0380495425                           01           08/01/96         25
    99094                                N            07/01/26
    0


    1515088          936/728             F           59,800.00         ZZ
                                         360         59,772.82          1
    3472 E LUDLOW DRIVE                9.875            519.28         90
                                       9.625            519.28       67,000.00
    PHOENIX          AZ   85032          1            06/26/96         04
    0380497603                           05           08/01/96         25
    6081905                              O            07/01/26
    0


    1515089          936/728             F           53,100.00         ZZ
                                         360         53,073.88          1
    101 SAYLES AVENUE                  9.500            446.50         90
                                       9.250            446.50       59,000.00
    WARWICK          RI   02889          1            06/26/96         01
    0380496431                           05           08/01/96         25
    60715005455                          N            07/01/26
    0


    1515093          405/405             F           79,650.00         ZZ
                                         360         79,605.34          1
    20836 SW PARKER COURT              8.875            633.74         55
                                       8.625            633.74      147,000.00
    ALOHA            OR   97007          2            06/20/96         00
    3941317                              05           08/01/96          0
    3941317                              N            07/01/26
    0
1




    1515095          405/405             F           83,650.00         ZZ
                                         360         83,603.10          1
    20740 SW CELEBRITY LANE            8.875            665.56         59
                                       8.625            665.56      144,000.00
    ALOHA            OR   97007          2            06/20/96         00
    3941127                              05           08/01/96          0
    3941127                              N            07/01/26
    0


    1515119          E22/G02             F          108,800.00         ZZ
                                         360        108,749.24          2
    12817 A&B HYMEADOW DRIVE           9.750            934.76         85
                                       9.500            934.76      128,000.00
    AUSTIN           TX   78729          1            07/01/96         04
    0410106660                           05           08/01/96         20
    410106660                            N            07/01/26
    0


    1515120          E22/G02             F          111,150.00         ZZ
                                         360        111,150.00          3
    12534 EUCALYPTUS AVENUE            9.750            954.95         95
                                       9.500            954.95      117,000.00
    HAWTHORNE        CA   90250          1            06/26/96         04
    0410181176                           05           09/01/96         30
    410181176                            O            08/01/26
    0


    1515121          E22/728             F           55,800.00         ZZ
                                         360         55,772.55          1
    25 31ST STREET SW                  9.500            469.20         90
                                       9.250            469.20       62,000.00
    BARBERTON        OH   44203          1            06/24/96         01
    0410142517                           05           08/01/96         25
    410142517                            N            07/01/26
    0


    1515122          E22/728             F           75,500.00         ZZ
                                         360         75,465.70          1
    294 SOUTH 51ST PLACE               9.875            655.60         90
                                       9.625            655.60       83,900.00
    SPRINGFIELD      OR   97478          1            06/21/96         04
    0410111983                           05           08/01/96         25
    410111983                            N            07/01/26
    0


    1515144          E22/728             F           52,200.00         ZZ
                                         360         52,178.69          2
1


    8210 CITATION AVENUE              10.375            472.62         90
                                      10.125            472.62       58,000.00
    AUSTIN           TX   78719          1            06/26/96         04
    0410200778                           03           08/01/96         25
    410200778                            N            07/01/26
    0


    1515149          E22/728             F          118,800.00         ZZ
                                         360        118,741.57          2
    2307 LA CASA DRIVE                 9.500            998.93         80
                                       9.250            998.93      148,500.00
    AUSTIN           TX   78704          1            06/26/96         04
    0410106637                           05           08/01/96         12
    410106637                            N            07/01/26
    0


    1515150          E22/G02             F           75,000.00         ZZ
                                         360         75,000.00          1
    5007 MILAM STREET                  9.250            617.01         75
                                       9.000            617.01      100,000.00
    DALLAS           TX   75206          1            07/08/96         00
    0410106207                           07           09/01/96          0
    410106207                            N            08/01/26
    0


    1515152          E22/G02             F           75,000.00         ZZ
                                         360         75,000.00          1
    5009 MILAM STREET                  9.250            617.01         75
                                       9.000            617.01      100,000.00
    DALLAS           TX   75206          1            07/08/96         00
    0410106215                           07           09/01/96          0
    410106215                            N            08/01/26
    0


    1515239          765/G02             F          126,900.00         ZZ
                                         360        126,825.07          3
    2923-2925 SOUTH ORANGE DRIVE       8.625            987.02         90
                                       8.375            987.02      141,000.00
    LOS ANGELES      CA   90016          1            06/06/96         11
    0430002071                           05           08/01/96         25
    315146                               O            07/01/26
    0


    1515240          405/405             F           94,250.00         ZZ
                                         360         94,197.16          1
    20658 SW PARKER COURT              8.875            749.90         63
                                       8.625            749.90      151,000.00
    ALOHA            OR   97007          2            06/20/96         00
    3941283                              05           08/01/96          0
1


    3941283                              N            07/01/26
    0


    1515241          776/728             F          107,500.00         ZZ
                                         360        107,448.50          1
    303 STATEWOOD DRIVE                9.625            913.74         89
                                       9.375            913.74      121,900.00
    ST. LOUIS        MO   63021          1            06/25/96         10
    0380497132                           03           08/01/96         25
    8233289                              N            07/01/26
    0


    1515246          936/728             F           40,000.00         ZZ
                                         360         40,000.00          3
    82 WALKER STREET                   9.875            347.34         80
                                       9.625            347.34       50,000.00
    MANCHESTER       NH   03102          1            07/11/96         04
    0380496886                           05           09/01/96         12
    6084925                              N            08/01/26
    0


    1515247          936/728             F           90,000.00         ZZ
                                         360         90,000.00          1
    10268 N COLLEGE AVENUE             9.875            781.52         90
                                       9.625            781.52      100,000.00
    INDIANAPOLIS     IN   46280          1            07/11/96         04
    0380496746                           05           09/01/96         30
    6009468                              N            08/01/26
    0


    1515255          766/G02             F           30,600.00         ZZ
                                         360         30,600.00          1
    2551 NW 56 AVENUE #101             9.625            260.10         90
                                       9.375            260.10       34,000.00
    LAUDERHILL       FL   33313          1            07/15/96         12
    0430001172                           01           09/01/96         25
    96DA0259                             N            08/01/26
    0


    1515256          480/728             F           57,000.00         ZZ
                                         360         57,000.00          1
    1198 CRESTBROOK LANE               9.750            489.72         54
                                       9.500            489.72      106,600.00
    MABLETON         GA   30059          1            07/08/96         00
    0380494741                           05           09/01/96          0
    1566793                              O            08/01/26
    0


1


    1515272          560/560             F           76,000.00         ZZ
                                         360         76,000.00          1
    388 RITTENHOUSE COURT              8.750            597.90         80
                                       8.500            597.90       95,000.00
    NORTH BRUNSWICK  NJ   08902          1            07/15/96         00
    450482591                            01           09/01/96          0
    450482591                            O            08/01/26
    0


    1515286          E67/728             F           75,000.00         T
                                         360         75,000.00          1
    55500 HEIDI COURT                  8.875            596.73         48
                                       8.625            596.73      159,000.00
    BEND             OR   97707          4            07/17/96         00
    0380495607                           05           09/01/96          0
    5423                                 O            08/01/26
    0


    1515301          526/728             F           50,500.00         ZZ
                                         360         50,500.00          2
    2314-2316 NEWTON STREET            9.750            433.88         85
                                       9.500            433.88       59,547.00
    AKRON            OH   44305          1            07/03/96         10
    0380497595                           05           09/01/96         20
    125709                               N            08/01/26
    0


    1515449          862/728             F          251,980.00         ZZ
                                         360        251,703.37          1
    17633 HEVER CIRCLE                 9.000          2,027.65         80
                                       8.750          2,027.65      314,990.00
    FOUNTAIN VALLEY  CA   92708          1            05/20/96         00
    0380495698                           05           07/01/96          0
    4173761                              O            06/01/26
    0


    1515467          766/G02             F          113,475.00         T
                                         360        113,475.00          1
    3 SAN PABLO COURT                  9.375            943.83         75
                                       9.125            943.83      151,901.00
    PALM COAST       FL   32137          1            07/22/96         00
    0430002055                           03           09/01/96          0
    95DA225                              O            08/01/26
    0


    1515470          687/728             F           23,350.00         ZZ
                                         360         23,350.00          1
    1905 S GRAND BOULEVARD             9.500            196.34         89
                                       9.250            196.34       26,500.00
1


    OKLAHOMA CITY    OK   73108          1            07/11/96         10
    0380497751                           05           09/01/96         25
    1657                                 O            08/01/26
    0


    1515502          766/G02             F           42,750.00         T
                                         360         42,750.00          1
    2030 S OCEAN DRIVE #402            9.500            359.47         75
                                       9.250            359.47       57,000.00
    HOLLANDALE       FL   33009          1            07/17/96         00
    0430001875                           06           09/01/96          0
    96OZ0328                             O            08/01/26
    0


    1515513          561/728             F           42,700.00         ZZ
                                         360         42,679.54          1
    101 GREENWOOD TRAILS N             9.625            362.95         70
                                       9.375            362.95       61,000.00
    GREENWOOD        IN   46142          5            06/28/96         00
    0380497637                           09           08/01/96          0
    8830788                              N            07/01/26
    0


    1515520          971/728             F          103,850.00         T
                                         360        103,850.00          1
    15367 SW 54TH STREET               9.625            882.71         75
                                       9.375            882.71      138,500.00
    MIAMI            FL   33185          1            07/23/96         00
    0380496662                           03           09/01/96          0
    9610149                              O            08/01/26
    0


    1515558          E57/728             F          154,600.00         ZZ
                                         360        154,600.00          1
    77583 WESTBROOK COURT              8.750          1,216.24         80
                                       8.500          1,216.24      193,279.00
    PALM DESERT      CA   92260          1            07/09/96         00
    0380496787                           03           09/01/96          0
    51622011000                          O            08/01/26
    0


    1515609          051/G02             F          500,000.00         ZZ
                                         360        500,000.00          1
    1450 BELLA DRIVE                   9.750          4,295.77         69
                                       9.500          4,295.77      725,000.00
    BEVERLY HILLS    CA   90210          1            07/24/96         00
    0430001149                           05           09/01/96          0
    16102422                             O            08/01/26
    0
1




    1515631          480/728             F           90,100.00         ZZ
                                         360         90,061.19          2
    3387-3391 WEST 32ND AVE.          10.125            799.03         85
                                       9.875            799.03      106,000.00
    DENVER           CO   80211          1            06/28/96         12
    0380497504                           05           08/01/96         20
    1938794                              N            07/01/26
    0


    1515692          B75/G02             F           88,000.00         ZZ
                                         360         87,956.72          1
    N6782 WALNUT ROAD                  9.500            739.95         80
                                       9.250            739.95      110,000.00
    TOWN AND SUGAR   WI   53121          1            06/26/96         00
    0430002311                           05           08/01/96          0
    2495794                              O            07/01/26
    0


    1515779          731/728             F          117,000.00         ZZ
                                         360        117,000.00          1
    1051 NORTHROPE DRIVE               9.500            983.80         90
                                       9.250            983.80      130,000.00
    ATLANTA          GA   30324          1            07/18/96         01
    0380497413                           05           09/01/96         25
    3140662382                           N            08/01/26
    0


    1515784          526/728             F          167,150.00         ZZ
                                         360        167,150.00          4
    1138 MARION STREET                 9.875          1,451.45         75
                                       9.625          1,451.45      222,900.00
    DENVER           CO   80218          1            07/11/96         00
    0380497736                           05           09/01/96          0
    137143                               N            08/01/26
    0


    1515994          526/G02             F           71,500.00         ZZ
                                         360         71,086.82          1
    8 MARION PLACE                     9.375            594.71         85
                                       9.125            594.71       85,000.00
    BOSTON           MA   02128          2            08/17/95         04
    0430002642                           05           10/01/95         25
    58224                                N            09/01/25
    0


    1516422          028/G02             F          136,000.00         ZZ
                                         360        136,000.00          1
1


    10332 SOUTH 2375 EAST              9.250          1,118.84         80
                                       9.000          1,118.84      170,000.00
    SANDY            UT   84092          1            07/25/96         00
    0430003046                           05           09/01/96          0
    171703                               O            08/01/26
    0

   TOTAL NUMBER OF LOANS   :      2,240

   TOTAL ORIGINAL BALANCE  :   253,284,214.45

   TOTAL PRINCIPAL BALANCE :   250,794,353.75

   TOTAL ORIGINAL P+I      :     2,051,874.52

   TOTAL CURRENT P+I       :     2,051,874.52


                             ***************************
                             *      END OF REPORT      *
                             ***************************
  RUN ON     : 08/22/96           RFC DISCLOSURE SYSTEM       RFFSDFIX-01
  AT         : 12.38.31           FIXED PASSTHRU REPORT       AMORTIZED BALANCE
  SERIES     : MULTIPLE POOLS                                 CUTOFF : 08/01/96
  POOL       : 0004216  0004217
             :
             :
  POOL STATUS:

    RFC LOAN NUMBER                      SUB SERV FEE
    PRINCIPAL BALANCE                    MSTR SERV FEE
    CURR NOTE RATE                       ALL EXP
    RFC NET RATE                         MISC EXP
    NET MTG RATE(INVSTR RATE)            SPREAD
    POST SPREAD RATE                     STRIP
  ----------------------------------------------------------------------

      1397943                              .1700
       33,871.53                           .0800
           10.2500                         .0000
           10.0800                         .0000
           10.0000                         2.0000
            8.0000                         .0000

      1399062                              .2500
       42,805.98                           .0800
           10.5000                         .0000
           10.2500                         .0000
           10.1700                         2.1700
            8.0000                         .0000

      1404491                              .2500
      572,301.14                           .0800
            9.3750                         .0000
            9.1250                         .0000
            9.0450                         1.0450
            8.0000                         .0000

      1404494                              .2500
      307,773.82                           .0800
            9.6250                         .0000
            9.3750                         .0000
            9.2950                         1.2950
            8.0000                         .0000

      1404575                              .2500
      263,688.97                           .0800
            9.6250                         .0000
            9.3750                         .0000
            9.2950                         1.2950
            8.0000                         .0000

      1405352                              .2500
       43,303.77                           .0800
           10.5000                         .0000
           10.2500                         .0000
           10.1700                         2.1700
            8.0000                         .0000
1



      1414767                              .2500
       49,193.47                           .0800
           11.2500                         .0000
           11.0000                         .0000
           10.9200                         2.9200
            8.0000                         .0000

      1414833                              .2500
       29,783.27                           .0800
            9.8750                         .0000
            9.6250                         .0000
            9.5450                         1.5450
            8.0000                         .0000

      1416470                              .2500
      462,321.16                           .0800
            8.7500                         .0000
            8.5000                         .0000
            8.4200                          .4200
            8.0000                         .0000

      1421106                              .2500
       75,913.61                           .0800
            9.2500                         .0000
            9.0000                         .0000
            8.9200                          .9200
            8.0000                         .0000

      1421800                              .2500
       94,062.86                           .0800
            9.5000                         .0000
            9.2500                         .0000
            9.1700                         1.1700
            8.0000                         .0000

      1422290                              .2500
      105,853.43                           .0800
            9.6250                         .0000
            9.3750                         .0000
            9.2950                         1.2950
            8.0000                         .0000

      1424060                              .2500
       90,169.17                           .0800
            9.6250                         .0000
            9.3750                         .0000
            9.2950                         1.2950
            8.0000                         .0000

      1424291                              .2500
       36,735.22                           .0800
            9.5000                         .0000
            9.2500                         .0000
            9.1700                         1.1700
            8.0000                         .0000
1



      1424719                              .2500
       65,706.26                           .0800
            9.5000                         .0000
            9.2500                         .0000
            9.1700                         1.1700
            8.0000                         .0000

      1431169                              .2500
      495,924.09                           .0800
            9.7500                         .0000
            9.5000                         .0000
            9.4200                         1.4200
            8.0000                         .0000

      1431793                              .2500
       33,619.27                           .0800
            9.7500                         .0000
            9.5000                         .0000
            9.4200                         1.4200
            8.0000                         .0000

      1431795                              .2500
       33,619.27                           .0800
            9.7500                         .0000
            9.5000                         .0000
            9.4200                         1.4200
            8.0000                         .0000

      1431944                              .2500
       97,748.13                           .0800
            9.0000                         .0000
            8.7500                         .0000
            8.6700                          .6700
            8.0000                         .0000

      1432219                              .2500
      115,181.08                           .0800
            9.2500                         .0000
            9.0000                         .0000
            8.9200                          .9200
            8.0000                         .0000

      1434272                              .2500
       33,722.29                           .0800
            9.5000                         .0000
            9.2500                         .0000
            9.1700                         1.1700
            8.0000                         .0000

      1434641                              .2500
       44,707.93                           .0800
            9.2500                         .0000
            9.0000                         .0000
            8.9200                          .9200
            8.0000                         .0000
1



      1434722                              .2500
       49,745.55                           .0800
            9.1250                         .0000
            8.8750                         .0000
            8.7950                          .7950
            8.0000                         .0000

      1435132                              .2500
       58,047.34                           .0800
            9.6250                         .0000
            9.3750                         .0000
            9.2950                         1.2950
            8.0000                         .0000

      1435138                              .2500
       30,743.21                           .0800
           10.0000                         .0000
            9.7500                         .0000
            9.6700                         1.6700
            8.0000                         .0000

      1436374                              .2500
       62,535.56                           .0800
            8.6250                         .0000
            8.3750                         .0000
            8.2950                          .2950
            8.0000                         .0000

      1436511                              .2500
       68,825.96                           .0800
            9.0000                         .0000
            8.7500                         .0000
            8.6700                          .6700
            8.0000                         .0000

      1439633                              .2500
       51,794.38                           .0800
            8.6250                         .0000
            8.3750                         .0000
            8.2950                          .2950
            8.0000                         .0000

      1440626                              .2500
       41,260.23                           .0800
            9.3750                         .0000
            9.1250                         .0000
            9.0450                         1.0450
            8.0000                         .0000

      1441014                              .2500
      123,571.66                           .0800
            8.6250                         .0000
            8.3750                         .0000
            8.2950                          .2950
            8.0000                         .0000
1



      1441978                              .2500
      111,383.16                           .0800
            9.1250                         .0000
            8.8750                         .0000
            8.7950                          .7950
            8.0000                         .0000

      1442605                              .2500
       76,959.44                           .0800
            9.6250                         .0000
            9.3750                         .0000
            9.2950                         1.2950
            8.0000                         .0000

      1442997                              .2500
      102,974.79                           .0800
           10.0000                         .0000
            9.7500                         .0000
            9.6700                         1.6700
            8.0000                         .0000

      1443790                              .2500
       58,042.87                           .0800
            9.6250                         .0000
            9.3750                         .0000
            9.2950                         1.2950
            8.0000                         .0000

      1444237                              .2500
       47,564.08                           .0800
           10.0000                         .0000
            9.7500                         .0000
            9.6700                         1.6700
            8.0000                         .0000

      1445864                              .2500
      124,571.34                           .0800
            9.8750                         .0000
            9.6250                         .0000
            9.5450                         1.5450
            8.0000                         .0000

      1445872                              .2500
      111,128.35                           .0800
            9.8750                         .0000
            9.6250                         .0000
            9.5450                         1.5450
            8.0000                         .0000

      1446531                              .2500
      120,090.32                           .0800
            9.8750                         .0000
            9.6250                         .0000
            9.5450                         1.5450
            8.0000                         .0000
1



      1448488                              .2500
       38,842.16                           .0800
            9.5000                         .0000
            9.2500                         .0000
            9.1700                         1.1700
            8.0000                         .0000

      1448606                              .2500
       51,489.23                           .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                          .5450
            8.0000                         .0000

      1450521                              .2500
       57,191.33                           .0800
            9.2500                         .0000
            9.0000                         .0000
            8.9200                          .9200
            8.0000                         .0000

      1451784                              .2500
      306,992.30                           .0800
            9.0000                         .0000
            8.7500                         .0000
            8.6700                          .6700
            8.0000                         .0000

      1454518                              .2500
       79,852.28                           .0800
            9.2500                         .0000
            9.0000                         .0000
            8.9200                          .9200
            8.0000                         .0000

      1456340                              .2500
       74,617.85                           .0800
            8.3750                         .0000
            8.1250                         .0000
            8.0450                          .0450
            8.0000                         .0000

      1456466                              .2500
      131,602.64                           .0800
            9.5000                         .0000
            9.2500                         .0000
            9.1700                         1.1700
            8.0000                         .0000

      1456640                              .2500
      595,643.69                           .0800
            8.2500                         .0000
            8.0000                         .0000
            7.9200                          .0000
            7.9200                         .0000
1



      1456648                              .2500
       68,171.90                           .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                          .0000
            7.6700                         .0000

      1456682                              .2500
      137,532.13                           .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                          .0000
            7.6700                         .0000

      1456685                              .2500
       76,303.55                           .0800
            8.3750                         .0000
            8.1250                         .0000
            8.0450                          .0450
            8.0000                         .0000

      1456735                              .2500
      117,870.67                           .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                          .0000
            7.1700                         .0000

      1458237                              .2500
      156,412.58                           .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                          .1700
            8.0000                         .0000

      1458420                              .2500
       94,815.76                           .0800
            9.6250                         .0000
            9.3750                         .0000
            9.2950                         1.2950
            8.0000                         .0000

      1458480                              .2500
      129,268.19                           .0800
            9.2500                         .0000
            9.0000                         .0000
            8.9200                          .9200
            8.0000                         .0000

      1458660                              .2500
      148,412.13                           .0800
            8.1250                         .0000
            7.8750                         .0000
            7.7950                          .0000
            7.7950                         .0000
1



      1460291                              .2500
      112,592.60                           .0800
            9.0000                         .0000
            8.7500                         .0000
            8.6700                          .6700
            8.0000                         .0000

      1460693                              .2500
      135,852.43                           .0800
            8.6250                         .0000
            8.3750                         .0000
            8.2950                          .2950
            8.0000                         .0000

      1462584                              .2500
       59,867.44                           .0800
            9.0000                         .0000
            8.7500                         .0000
            8.6700                          .6700
            8.0000                         .0000

      1463301                              .2500
      154,933.23                           .0800
           10.1250                         .0000
            9.8750                         .0000
            9.7950                         1.7950
            8.0000                         .0000

      1463313                              .2500
       68,209.54                           .0800
            8.1250                         .0000
            7.8750                         .0000
            7.7950                          .0000
            7.7950                         .0000

      1464513                              .2500
      518,846.56                           .0800
            8.6250                         .0000
            8.3750                         .0000
            8.2950                          .2950
            8.0000                         .0000

      1464862                              .2500
      482,541.22                           .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                          .0000
            7.1700                         .0000

      1466354                              .2500
       97,129.99                           .0800
            8.3750                         .0000
            8.1250                         .0000
            8.0450                          .0450
            8.0000                         .0000
1



      1467741                              .2500
       43,884.69                           .0300
            8.2500                         .0000
            8.0000                         .0000
            7.9700                          .0000
            7.9700                         .0000

      1468098                              .2500
       39,393.25                           .0800
            9.1250                         .0000
            8.8750                         .0000
            8.7950                          .7950
            8.0000                         .0000

      1468605                              .2500
       31,045.89                           .0800
            9.1250                         .0000
            8.8750                         .0000
            8.7950                          .7950
            8.0000                         .0000

      1468988                              .2500
       64,261.36                           .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                          .1700
            8.0000                         .0000

      1468991                              .2500
      139,465.70                           .0800
            9.6250                         .0000
            9.3750                         .0000
            9.2950                         1.2950
            8.0000                         .0000

      1469098                              .2500
      576,284.01                           .0300
            8.0000                         .0000
            7.7500                         .0000
            7.7200                          .0000
            7.7200                         .0000

      1469801                              .2500
       83,628.51                           .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                          .5450
            8.0000                         .0000

      1469831                              .2500
       46,701.40                           .0800
            9.2500                         .0000
            9.0000                         .0000
            8.9200                          .9200
            8.0000                         .0000
1



      1469897                              .2500
      170,513.49                           .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                          .5450
            8.0000                         .0000

      1469988                              .2500
      111,744.51                           .0800
            9.2500                         .0000
            9.0000                         .0000
            8.9200                          .9200
            8.0000                         .0000

      1470531                              .2500
      319,065.94                           .0800
            8.7500                         .0000
            8.5000                         .0000
            8.4200                          .4200
            8.0000                         .0000

      1470739                              .2500
      169,516.36                           .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                          .5450
            8.0000                         .0000

      1470966                              .2500
      157,041.57                           .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                          .5450
            8.0000                         .0000

      1471131                              .2500
       89,614.30                           .0800
            9.0000                         .0000
            8.7500                         .0000
            8.6700                          .6700
            8.0000                         .0000

      1471172                              .2500
      229,184.62                           .0800
            9.8750                         .0000
            9.6250                         .0000
            9.5450                         1.5450
            8.0000                         .0000

      1472039                              .2500
      165,696.14                           .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                          .5450
            8.0000                         .0000
1



      1472202                              .2500
       57,635.58                           .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                          .5450
            8.0000                         .0000

      1472305                              .2500
      138,931.63                           .0800
            9.5000                         .0000
            9.2500                         .0000
            9.1700                         1.1700
            8.0000                         .0000

      1472390                              .2500
       29,864.17                           .0800
            9.0000                         .0000
            8.7500                         .0000
            8.6700                          .6700
            8.0000                         .0000

      1472612                              .2500
      152,395.32                           .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                          .5450
            8.0000                         .0000

      1472784                              .2500
      143,834.05                           .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                          .5450
            8.0000                         .0000

      1472886                              .2500
       31,472.00                           .0800
           10.0000                         .0000
            9.7500                         .0000
            9.6700                         1.6700
            8.0000                         .0000

      1472890                              .2500
      231,322.78                           .0800
            8.7500                         .0000
            8.5000                         .0000
            8.4200                          .4200
            8.0000                         .0000

      1473081                              .2500
       41,525.25                           .0800
            8.6250                         .0000
            8.3750                         .0000
            8.2950                          .2950
            8.0000                         .0000
1



      1473436                              .2500
      177,933.94                           .0800
            9.2500                         .0000
            9.0000                         .0000
            8.9200                          .9200
            8.0000                         .0000

      1473757                              .2500
      228,143.15                           .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                          .0000
            7.5450                         .0000

      1474110                              .2500
       46,374.37                           .0800
            9.1250                         .0000
            8.8750                         .0000
            8.7950                          .7950
            8.0000                         .0000

      1474390                              .2500
       32,491.68                           .0800
           10.0000                         .0000
            9.7500                         .0000
            9.6700                         1.6700
            8.0000                         .0000

      1474462                              .2500
       87,231.18                           .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                          .1700
            8.0000                         .0000

      1475270                              .2500
       26,179.08                           .0800
            9.1250                         .0000
            8.8750                         .0000
            8.7950                          .7950
            8.0000                         .0000

      1475427                              .2500
      161,040.54                           .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                          .5450
            8.0000                         .0000

      1475482                              .2500
      322,640.04                           .0300
            7.8750                         .0000
            7.6250                         .0000
            7.5950                          .0000
            7.5950                         .0000
1



      1475550                              .2500
       41,780.28                           .0800
            9.2500                         .0000
            9.0000                         .0000
            8.9200                          .9200
            8.0000                         .0000

      1475590                              .2500
       80,661.65                           .0800
            9.1250                         .0000
            8.8750                         .0000
            8.7950                          .7950
            8.0000                         .0000

      1475689                              .2500
      145,948.70                           .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                          .1700
            8.0000                         .0000

      1475820                              .2500
      130,762.11                           .0300
            8.2500                         .0000
            8.0000                         .0000
            7.9700                          .0000
            7.9700                         .0000

      1476059                              .2500
      224,308.72                           .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                          .1700
            8.0000                         .0000

      1476393                              .2500
       51,574.02                           .0300
            8.0000                         .0000
            7.7500                         .0000
            7.7200                          .0000
            7.7200                         .0000

      1476526                              .2500
      269,211.90                           .0800
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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



      1514030                              .2500
       86,701.36                           .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                          .5450
            8.0000                         .0000

      1514039                              .2500
       22,239.89                           .0800
            9.8750                         .0000
            9.6250                         .0000
            9.5450                         1.5450
            8.0000                         .0000

      1514048                              .2500
       93,997.27                           .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                          .5450
            8.0000                         .0000

      1514049                              .2500
       50,500.00                           .0800
            9.7500                         .0000
            9.5000                         .0000
            9.4200                         1.4200
            8.0000                         .0000

      1514054                              .2500
      459,796.50                           .0800
           10.0000                         .0000
            9.7500                         .0000
            9.6700                         1.6700
            8.0000                         .0000

      1514061                              .2500
       89,463.85                           .0800
            9.6250                         .0000
            9.3750                         .0000
            9.2950                         1.2950
            8.0000                         .0000

      1514063                              .2500
       81,504.28                           .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                          .5450
            8.0000                         .0000

      1514065                              .2500
       84,952.35                           .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                          .5450
            8.0000                         .0000
1



      1514087                              .2500
       95,096.65                           .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                          .5450
            8.0000                         .0000

      1514102                              .2500
       60,200.00                           .0800
           10.0000                         .0000
            9.7500                         .0000
            9.6700                         1.6700
            8.0000                         .0000

      1514111                              .2500
       80,150.00                           .0800
            9.3750                         .0000
            9.1250                         .0000
            9.0450                         1.0450
            8.0000                         .0000

      1514141                              .2500
      158,800.00                           .0800
            8.7500                         .0000
            8.5000                         .0000
            8.4200                          .4200
            8.0000                         .0000

      1514202                              .2500
       70,100.00                           .0800
            9.3750                         .0000
            9.1250                         .0000
            9.0450                         1.0450
            8.0000                         .0000

      1514215                              .2500
       65,668.52                           .0800
            9.6250                         .0000
            9.3750                         .0000
            9.2950                         1.2950
            8.0000                         .0000

      1514262                              .2500
      824,071.56                           .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                          .5450
            8.0000                         .0000

      1514282                              .2500
      100,000.00                           .0800
            9.3750                         .0000
            9.1250                         .0000
            9.0450                         1.0450
            8.0000                         .0000
1



      1514290                              .2500
       87,001.20                           .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                          .5450
            8.0000                         .0000

      1514291                              .2500
       31,500.00                           .0800
            9.5000                         .0000
            9.2500                         .0000
            9.1700                         1.1700
            8.0000                         .0000

      1514302                              .2500
      375,826.58                           .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                          .5450
            8.0000                         .0000

      1514303                              .2500
       34,284.42                           .0800
            9.8750                         .0000
            9.6250                         .0000
            9.5450                         1.5450
            8.0000                         .0000

      1514309                              .2500
       97,445.34                           .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                          .5450
            8.0000                         .0000

      1514317                              .2500
      132,691.27                           .0800
           10.0000                         .0000
            9.7500                         .0000
            9.6700                         1.6700
            8.0000                         .0000

      1514339                              .2500
      200,800.00                           .0800
            9.1250                         .0000
            8.8750                         .0000
            8.7950                          .7950
            8.0000                         .0000

      1514340                              .2500
       62,971.38                           .0800
            9.8750                         .0000
            9.6250                         .0000
            9.5450                         1.5450
            8.0000                         .0000
1



      1514342                              .2500
       32,386.41                           .0800
           10.2500                         .0000
           10.0000                         .0000
            9.9200                         1.9200
            8.0000                         .0000

      1514353                              .2500
       52,219.15                           .0800
            8.6250                         .0000
            8.3750                         .0000
            8.2950                          .2950
            8.0000                         .0000

      1514367                              .2500
       61,650.00                           .0800
            9.6250                         .0000
            9.3750                         .0000
            9.2950                         1.2950
            8.0000                         .0000

      1514390                              .2500
       95,000.00                           .0800
            9.1250                         .0000
            8.8750                         .0000
            8.7950                          .7950
            8.0000                         .0000

      1514399                              .2500
       48,774.70                           .0800
            9.2500                         .0000
            9.0000                         .0000
            8.9200                          .9200
            8.0000                         .0000

      1514404                              .2500
       31,737.04                           .0800
           10.3750                         .0000
           10.1250                         .0000
           10.0450                         2.0450
            8.0000                         .0000

      1514415                              .2500
       35,100.00                           .0800
            9.7500                         .0000
            9.5000                         .0000
            9.4200                         1.4200
            8.0000                         .0000

      1514433                              .2500
       67,600.00                           .0800
            9.0000                         .0000
            8.7500                         .0000
            8.6700                          .6700
            8.0000                         .0000
1



      1514435                              .2500
      107,144.42                           .0800
            9.2500                         .0000
            9.0000                         .0000
            8.9200                          .9200
            8.0000                         .0000

      1514438                              .2500
      152,000.00                           .0800
            9.1250                         .0000
            8.8750                         .0000
            8.7950                          .7950
            8.0000                         .0000

      1514440                              .2500
       89,963.25                           .0800
           10.3750                         .0000
           10.1250                         .0000
           10.0450                         2.0450
            8.0000                         .0000

      1514555                              .2500
       78,259.41                           .0800
            9.2500                         .0000
            9.0000                         .0000
            8.9200                          .9200
            8.0000                         .0000

      1514568                              .2500
       22,230.92                           .0800
           10.3750                         .0000
           10.1250                         .0000
           10.0450                         2.0450
            8.0000                         .0000

      1514655                              .2500
       41,400.00                           .0800
            9.8750                         .0000
            9.6250                         .0000
            9.5450                         1.5450
            8.0000                         .0000

      1514656                              .2500
       86,801.31                           .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                          .5450
            8.0000                         .0000

      1514679                              .2500
       95,600.00                           .0800
            9.2500                         .0000
            9.0000                         .0000
            8.9200                          .9200
            8.0000                         .0000
1



      1514691                              .2500
       23,250.00                           .0800
            9.7500                         .0000
            9.5000                         .0000
            9.4200                         1.4200
            8.0000                         .0000

      1514736                              .2500
      477,500.00                           .0800
           10.1250                         .0000
            9.8750                         .0000
            9.7950                         1.7950
            8.0000                         .0000

      1514767                              .2500
      193,500.00                           .0800
            9.0000                         .0000
            8.7500                         .0000
            8.6700                          .6700
            8.0000                         .0000

      1514888                              .2500
       65,218.74                           .0800
            9.6250                         .0000
            9.3750                         .0000
            9.2950                         1.2950
            8.0000                         .0000

      1514890                              .2500
       96,000.00                           .0800
            9.6250                         .0000
            9.3750                         .0000
            9.2950                         1.2950
            8.0000                         .0000

      1514893                              .2500
       54,969.96                           .0800
            9.0000                         .0000
            8.7500                         .0000
            8.6700                          .6700
            8.0000                         .0000

      1514899                              .2500
       85,957.70                           .0800
            9.5000                         .0000
            9.2500                         .0000
            9.1700                         1.1700
            8.0000                         .0000

      1514900                              .2500
       36,000.00                           .0800
            9.5000                         .0000
            9.2500                         .0000
            9.1700                         1.1700
            8.0000                         .0000
1



      1514901                              .2500
       25,200.00                           .0800
           10.7500                         .0000
           10.5000                         .0000
           10.4200                         2.4200
            8.0000                         .0000

      1514909                              .2500
       83,857.65                           .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                          .5450
            8.0000                         .0000

      1514937                              .2500
       32,583.54                           .0800
            9.3750                         .0000
            9.1250                         .0000
            9.0450                         1.0450
            8.0000                         .0000

      1514959                              .2500
      123,934.01                           .0800
            9.1250                         .0000
            8.8750                         .0000
            8.7950                          .7950
            8.0000                         .0000

      1515035                              .2500
      300,839.81                           .0800
            9.1250                         .0000
            8.8750                         .0000
            8.7950                          .7950
            8.0000                         .0000

      1515045                              .2500
       64,772.09                           .0800
           10.1250                         .0000
            9.8750                         .0000
            9.7950                         1.7950
            8.0000                         .0000

      1515088                              .2500
       59,772.82                           .0800
            9.8750                         .0000
            9.6250                         .0000
            9.5450                         1.5450
            8.0000                         .0000

      1515089                              .2500
       53,073.88                           .0800
            9.5000                         .0000
            9.2500                         .0000
            9.1700                         1.1700
            8.0000                         .0000
1



      1515093                              .2500
       79,605.34                           .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                          .5450
            8.0000                         .0000

      1515095                              .2500
       83,603.10                           .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                          .5450
            8.0000                         .0000

      1515119                              .2500
      108,749.24                           .0800
            9.7500                         .0000
            9.5000                         .0000
            9.4200                         1.4200
            8.0000                         .0000

      1515120                              .2500
      111,150.00                           .0800
            9.7500                         .0000
            9.5000                         .0000
            9.4200                         1.4200
            8.0000                         .0000

      1515121                              .2500
       55,772.55                           .0800
            9.5000                         .0000
            9.2500                         .0000
            9.1700                         1.1700
            8.0000                         .0000

      1515122                              .2500
       75,465.70                           .0800
            9.8750                         .0000
            9.6250                         .0000
            9.5450                         1.5450
            8.0000                         .0000

      1515144                              .2500
       52,178.69                           .0800
           10.3750                         .0000
           10.1250                         .0000
           10.0450                         2.0450
            8.0000                         .0000

      1515149                              .2500
      118,741.57                           .0800
            9.5000                         .0000
            9.2500                         .0000
            9.1700                         1.1700
            8.0000                         .0000
1



      1515150                              .2500
       75,000.00                           .0800
            9.2500                         .0000
            9.0000                         .0000
            8.9200                          .9200
            8.0000                         .0000

      1515152                              .2500
       75,000.00                           .0800
            9.2500                         .0000
            9.0000                         .0000
            8.9200                          .9200
            8.0000                         .0000

      1515239                              .2500
      126,825.07                           .0800
            8.6250                         .0000
            8.3750                         .0000
            8.2950                          .2950
            8.0000                         .0000

      1515240                              .2500
       94,197.16                           .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                          .5450
            8.0000                         .0000

      1515241                              .2500
      107,448.50                           .0800
            9.6250                         .0000
            9.3750                         .0000
            9.2950                         1.2950
            8.0000                         .0000

      1515246                              .2500
       40,000.00                           .0800
            9.8750                         .0000
            9.6250                         .0000
            9.5450                         1.5450
            8.0000                         .0000

      1515247                              .2500
       90,000.00                           .0800
            9.8750                         .0000
            9.6250                         .0000
            9.5450                         1.5450
            8.0000                         .0000

      1515255                              .2500
       30,600.00                           .0800
            9.6250                         .0000
            9.3750                         .0000
            9.2950                         1.2950
            8.0000                         .0000
1



      1515256                              .2500
       57,000.00                           .0800
            9.7500                         .0000
            9.5000                         .0000
            9.4200                         1.4200
            8.0000                         .0000

      1515272                              .2500
       76,000.00                           .0800
            8.7500                         .0000
            8.5000                         .0000
            8.4200                          .4200
            8.0000                         .0000

      1515286                              .2500
       75,000.00                           .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                          .5450
            8.0000                         .0000

      1515301                              .2500
       50,500.00                           .0800
            9.7500                         .0000
            9.5000                         .0000
            9.4200                         1.4200
            8.0000                         .0000

      1515449                              .2500
      251,703.37                           .0800
            9.0000                         .0000
            8.7500                         .0000
            8.6700                          .6700
            8.0000                         .0000

      1515467                              .2500
      113,475.00                           .0800
            9.3750                         .0000
            9.1250                         .0000
            9.0450                         1.0450
            8.0000                         .0000

      1515470                              .2500
       23,350.00                           .0800
            9.5000                         .0000
            9.2500                         .0000
            9.1700                         1.1700
            8.0000                         .0000

      1515502                              .2500
       42,750.00                           .0800
            9.5000                         .0000
            9.2500                         .0000
            9.1700                         1.1700
            8.0000                         .0000
1



      1515513                              .2500
       42,679.54                           .0800
            9.6250                         .0000
            9.3750                         .0000
            9.2950                         1.2950
            8.0000                         .0000

      1515520                              .2500
      103,850.00                           .0800
            9.6250                         .0000
            9.3750                         .0000
            9.2950                         1.2950
            8.0000                         .0000

      1515558                              .2500
      154,600.00                           .0800
            8.7500                         .0000
            8.5000                         .0000
            8.4200                          .4200
            8.0000                         .0000

      1515609                              .2500
      500,000.00                           .0800
            9.7500                         .0000
            9.5000                         .0000
            9.4200                         1.4200
            8.0000                         .0000

      1515631                              .2500
       90,061.19                           .0800
           10.1250                         .0000
            9.8750                         .0000
            9.7950                         1.7950
            8.0000                         .0000

      1515692                              .2500
       87,956.72                           .0800
            9.5000                         .0000
            9.2500                         .0000
            9.1700                         1.1700
            8.0000                         .0000

      1515779                              .2500
      117,000.00                           .0800
            9.5000                         .0000
            9.2500                         .0000
            9.1700                         1.1700
            8.0000                         .0000

      1515784                              .2500
      167,150.00                           .0800
            9.8750                         .0000
            9.6250                         .0000
            9.5450                         1.5450
            8.0000                         .0000
1



      1515994                              .2500
       71,086.82                           .0800
            9.3750                         .0000
            9.1250                         .0000
            9.0450                         1.0450
            8.0000                         .0000

      1516422                              .2500
      136,000.00                           .0800
            9.2500                         .0000
            9.0000                         .0000
            8.9200                          .9200
            8.0000                         .0000

  TOTAL NUMBER OF LOANS:     2240
  TOTAL BALANCE........:        250,794,353.75


  RUN ON     : 08/22/96            RFC DISCLOSURE SYSTEM      RFFSDFIX-01
  AT         : 12.38.31            INITIAL SECURITY FEES      AMORTIZED BALANCE
  SERIES     : MULTIPLE POOLS       FIXED SUMMARY REPORT      CUTOFF : 08/01/96
  POOL       : 0004216  0004217
             :
             :
  POOL STATUS:

                                   WEIGHTED AVERAGES      FROM         TO
  -------------------------------------------------------------------------
  CURR NOTE RATE                        9.0659            6.5000     11.2500
  RFC NET RATE                          8.8151            6.2500     11.0000
  NET MTG RATE(INVSTR RATE)             8.7359            6.1700     10.9200
  POST SPREAD RATE                      7.9147            6.1700      8.0000
  SUB SERV FEE                           .2508             .1700      1.0400
  MSTR SERV FEE                          .0793             .0300       .0800
  ALL EXP                                .0000             .0000       .0000
  MISC EXP                               .0000             .0000       .0000
  SPREAD                                 .8211             .0000      2.9200
  STRIP                                  .0000             .0000       .0000







  TOTAL NUMBER OF LOANS:  2240
  TOTAL BALANCE........:     250,794,353.75


                             ***************************
                             *      END OF REPORT      *
                             ***************************
  

<PAGE>



                                                    EXHIBIT F-2


                                     MORTGAGE LOAN SCHEDULE FOR LOAN GROUP II

   RUN ON     : 08/22/96           RFC DISCLOSURE SYSTEM       RFFSD177-01
  AT         : 12.17.28          FIXED RATE LOAN LISTING      AMORTIZED BALANCE
  SERIES     : MULTIPLE POOLS                                 CUTOFF : 08/01/96
  POOL       : 0004216  0004217
             :
             :
  POOL STATUS:

  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 #
 
______________________________________________________________________________


    1415348          180/728             F           19,600.00         ZZ
                                         180         18,847.64          2
    2304 & 2310 EAST 12TH STREET      10.000            210.63         80
                                       9.750            210.63       24,500.00
    CASPER           WY   82609          1            04/21/95         95
    0380117599                           05           06/01/95          0
    3349024                              N            05/01/10
    0


    1424749          664/728             F          102,400.00         ZZ
                                         180         98,626.09          1
    3131 BOURB0N STREET CIRCLE         8.875          1,031.01         80
                                       8.625          1,031.01      128,050.00
    ROCKWALL         TX   75087          1            06/13/95         01
    0380148115                           03           08/01/95         12
    1996602                              N            07/01/10
    0


    1431261          001/728             F           39,200.00         ZZ
                                         180         16,296.32          1
    2025 GARDENBROOK LANE              8.750            391.78         70
                                       8.500            391.78       56,000.00
    TALLAHASSEE      FL   32301          5            07/26/95         00
    0380199449                           05           09/01/95          0
    519543                               N            08/01/10
    0


    1435694          001/728             F           67,500.00         ZZ
                                         180         65,156.74          1
    21 PEACHTREE MEMORIAL DR #6        9.375            699.76         90
                                       9.125            699.76       75,000.00
    ATLANTA          GA   30309          1            08/28/95         04
    0380202250                           01           10/01/95         25
1


    59C831                               N            09/01/10
    0


    1450080          180/728             F           32,850.00         ZZ
                                         180         32,062.18          1
    11910 ELK SPRINGS DRIVE            9.250            338.09         90
                                       9.000            338.09       36,500.00
    HOUSTON          TX   77067          1            10/02/95         04
    0380317264                           05           12/01/95         25
    3923091                              N            11/01/10
    0


    1457637          B75/728             F           56,000.00         ZZ
                                         180         55,248.87          1
    523 EAST UNIVERSITY STREET         9.000            567.99         70
                                       8.750            567.99       80,000.00
    BLOOMINGTON      IN   47401          5            02/01/96         00
    0380358912                           05           04/01/96          0
    2353811                              N            03/01/11
    0


    1459796          661/661             F           72,000.00         ZZ
                                         180         69,520.24          1
    2601 BEDFORD STREET                8.000            688.07        100
                                       7.750            688.07       72,000.00
    MIDLAND          TX   79701          1            08/15/95         94
    2256766                              05           10/01/95         30
    2256766                              O            09/01/10
    0


    1459831          661/661             F          185,000.00         ZZ
                                         180         67,673.39          1
    1555 NORTHEAST OCEAN BOULEVARD     8.750          1,848.98        100
    BUILDING 1 UNIT 405A               8.500          1,848.98      185,000.00
    STUART           FL   34996          1            04/12/95         94
    2148187                              01           06/01/95         30
    2148187                              O            05/01/10
    0


    1460281          661/661             F          145,000.00         ZZ
                                         180         82,947.27          1
    3603 GORDON ROAD                   7.250          1,323.65        100
                                       7.000          1,323.65      145,000.00
    ELKHART          IN   46516          1            07/20/95         94
    2248482                              05           09/01/95         30
    2248482                              O            08/01/10
    0


1


    1462245          791/728             F           40,000.00         ZZ
                                         120         38,701.56          1
    1332 WEST 63 STREET                8.500            495.94         33
                                       8.250            495.94      124,000.00
    HIALEAH          FL   33012          5            01/26/96         00
    0380369455                           05           03/01/96          0
    756095                               O            02/01/06
    0


    1462993          E22/728             F           68,600.00         ZZ
                                         180         67,118.34          2
    1317 RUSSELL AVENUE NORTH          9.125            700.90         70
                                       8.875            700.90       98,000.00
    MINNEAPOLIS      MN   55411          5            12/01/95         00
    0410056253                           05           01/01/96          0
    0410056253                           N            12/01/10
    0


    1467999          E22/728             F           80,000.00         ZZ
                                         180         78,212.08          1
    95764 MARTIN RANCH ROAD            8.000            764.52         43
                                       7.750            764.52      190,000.00
    BROOKINGS        OR   97415          2            01/12/96         00
    0410085195                           05           03/01/96          0
    0410085195                           O            02/01/11
    0


    1468284          E22/728             F           39,900.00         ZZ
                                         180         39,248.23          1
    2904 ROYAL LANE                    8.875            401.73         70
                                       8.625            401.73       57,000.00
    DALLAS           TX   75229          5            01/24/96         00
    0410064166                           05           03/01/96          0
    0410064166                           N            02/01/11
    0


    1468333          E22/728             F           50,000.00         ZZ
                                         180         49,244.22          1
    10129 CARRINGTON COURT             9.750            529.68         32
                                       9.500            529.68      160,000.00
    ORLANDO          FL   32836          5            01/18/96         00
    0410066781                           03           03/01/96          0
    0410066781                           N            02/01/11
    0


    1468360          A74/728             F           65,000.00         ZZ
                                         120         63,984.72          1
    118 CALIFON ROAD                   9.000            823.40         47
                                       8.750            823.40      140,000.00
1


    LAKE PARSIPPANY  NJ   07054          5            04/23/96         00
    0380435611                           05           06/01/96          0
    UNKNOWN                              O            05/01/06
    0


    1468414          661/661             F           23,000.00         ZZ
                                         180         22,020.12          1
    17 PROVENCIAL COURT                8.500            226.49         52
                                       8.250            226.49       45,000.00
    VIOLET           LA   70092          2            10/09/95         00
    2287233                              05           12/01/95          0
    2287233                              O            11/01/10
    0


    1469144          E22/728             F           60,000.00         ZZ
                                         180         58,598.57          1
    900 ELLEN ROAD                     7.875            569.07         27
                                       7.625            569.07      228,000.00
    REDWAY           CA   95560          5            02/07/96         00
    0410085229                           05           04/01/96          0
    0410085229                           O            03/01/11
    0


    1470456          737/728             F           76,000.00         ZZ
                                         180         75,187.52          1
    1735 OAK RIDGE CIRCLE              9.000            770.85         64
                                       8.750            770.85      119,000.00
    STONE MOUNTAIN   GA   30087          5            03/05/96         00
    0380385584                           05           05/01/96          0
    554728                               N            04/01/11
    0


    1470930          526/728             F           85,000.00         ZZ
                                         180         83,808.51          3
    12 PURITAN AVENUE                  8.500            837.03         61
                                       8.250            837.03      140,000.00
    WORCESTER        MA   01604          2            02/20/96         00
    0380364019                           05           04/01/96          0
    0095886                              N            03/01/11
    0


    1470932          526/728             F           81,000.00         ZZ
                                         180         79,864.58          4
    17 WHITMARSH AVENUE                8.500            797.64         58
                                       8.250            797.64      140,000.00
    WORCESTER        MA   01606          2            02/20/96         00
    0380364027                           05           04/01/96          0
    0095886                              N            03/01/11
    0
1




    1470936          526/728             F           81,000.00         ZZ
                                         180         79,864.58          4
    14 WHITMARSH AVENUE                8.500            797.64         58
                                       8.250            797.64      140,000.00
    WORCESTER        MA   01606          2            02/20/96         00
    0380364001                           05           04/01/96          0
    0095888                              N            03/01/11
    0


    1470939          526/728             F           81,000.00         ZZ
                                         180         79,864.58          4
    21 WHITMARSH AVENUE                8.500            797.64         58
                                       8.250            797.64      140,000.00
    WORCESTER        MA   01606          2            02/20/96         00
    0380363987                           05           04/01/96          0
    0095881                              N            03/01/11
    0


    1471114          180/728             F           33,750.00         ZZ
                                         180         33,380.86          2
    1218 & 1220 WEST 20TH STREET       8.750            337.31         90
                                       8.500            337.31       37,500.00
    SIOUX CITY       IA   51103          1            03/11/96         01
    0380430992                           05           05/01/96         22
    4087284                              N            04/01/11
    0


    1472614          229/728             F           93,300.00         ZZ
                                         180         92,076.02          3
    87 HILLSIDE STREET                 9.250            960.24         67
                                       9.000            960.24      140,000.00
    ROXBURY          MA   02120          2            02/29/96         00
    0380391665                           07           04/01/96          0
    6756373                              N            03/01/11
    0


    1473539          699/728             F           80,500.00         ZZ
                                         180         79,333.98          2
    2101 LAMPLIGHT VILLAGE CIRCLE      8.125            775.12         70
                                       7.875            775.12      115,000.00
    AUSTIN           TX   78727          5            02/09/96         00
    0380371774                           05           04/01/96          0
    0131524                              N            03/01/11
    0


    1473540          699/728             F           78,400.00         ZZ
                                         180         77,264.39          2
1


    909 KEN STREET                     8.125            754.90         70
                                       7.875            754.90      112,000.00
    AUSTIN           TX   78758          5            02/09/96         00
    0380372491                           05           04/01/96          0
    131526                               N            03/01/11
    0


    1473543          699/728             F           77,000.00         ZZ
                                         180         75,884.65          2
    1310 COLONY CREEK DRIVE            8.125            741.42         70
                                       7.875            741.42      110,000.00
    AUSTIN           TX   78758          5            02/09/96         00
    0380371782                           05           04/01/96          0
    131525                               N            03/01/11
    0


    1473719          E22/728             F           55,800.00         ZZ
                                         180         54,411.61          2
    1316 UNIVERSITY AVENUE NE          9.250            574.29         90
                                       9.000            574.29       62,000.00
    ST ANTHONY       MN   55413          1            01/17/96         01
    0410075378                           05           03/01/96         25
    0410075378                           N            02/01/11
    0


    1473903          A73/728             F           46,000.00         ZZ
                                         180         45,180.17          1
    6047 SOUTH PUGET SOUND AVENUE      7.875            436.29         63
                                       7.625            436.29       74,000.00
    TACOMA           WA   98409          5            01/18/96         00
    0380369307                           05           03/01/96          0
    538325536                            N            02/01/11
    0


    1474501          595/728             F           63,300.00         ZZ
                                         180         62,412.70          2
    5822-5824 VICTOR STREET            8.500            623.34         75
                                       8.250            623.34       84,400.00
    DALLAS           TX   75214          1            02/15/96         00
    0380373374                           05           04/01/96          0
    6038822                              N            03/01/11
    0


    1474513          E22/728             F           73,500.00         ZZ
                                         180         72,338.43          1
    13405 CANYONVIEW PLACE NE          9.250            756.46         70
                                       9.000            756.46      105,000.00
    ALBUQUERQUE      NM   87123          5            01/19/96         00
    0410060263                           05           03/01/96          0
1


    0410060263                           N            02/01/11
    0


    1474597          560/728             F           37,000.00         ZZ
                                         180         36,194.37          2
    747-745 ORANGE TERRACE             7.375            340.38         62
                                       7.125            340.38       60,000.00
    MACON            GA   31201          5            12/30/95         00
    450311725                            05           02/01/96          0
    450311725                            N            01/01/11
    0


    1478264          480/728             F           46,000.00         ZZ
                                         180         45,508.26          1
    808 WEST 11TH STREET               9.000            466.56         64
                                       8.750            466.56       72,000.00
    TEMPE            AZ   85281          2            03/25/96         00
    0380442385                           05           05/01/96          0
    1860527                              N            04/01/11
    0


    1478346          638/728             F           73,800.00         ZZ
                                         180         72,799.10          1
    6 DUTCH LANE                       8.875            743.05         90
                                       8.625            743.05       82,000.00
    HAZLET TOWNSHIP  NJ   07730          1            02/29/96         04
    0380392648                           01           04/01/96         25
    8550720                              N            03/01/11
    0


    1478473          076/076             F           45,000.00         ZZ
                                         180         44,012.58          1
    1912 CLEVELAND AVENUE              8.875            453.08         90
                                       8.625            453.08       50,000.00
    CONWAY           AR   72032          1            11/21/95         04
    4998722                              05           01/01/96         25
    4998722                              N            12/01/10
    0


    1478475          076/076             F          206,000.00         ZZ
                                         180        201,176.87          1
    65 DEBRA DRIVE                     8.125          1,983.54         70
                                       7.875          1,983.54      296,000.00
    TEWKSBURY        MA   01876          2            11/13/95         00
    5008102                              05           01/01/96          0
    5008102                              O            12/01/10
    0


1


    1478476          076/076             F          120,000.00         ZZ
                                         180        117,496.65          1
    65 ADAMS AVENUE                    7.875          1,138.14         43
                                       7.625          1,138.14      283,000.00
    WEST NEWTON      MA   02165          2            12/14/95         00
    5370392                              05           02/01/96          0
    5370392                              O            01/01/11
    0


    1478477          076/076             F           66,600.00         ZZ
                                         180         65,430.13          2
    1605 OCEAN DRIVE                   8.375            650.97         27
                                       8.125            650.97      247,000.00
    CORPUS CHRISTI   TX   78404          2            01/02/96         00
    5378532                              05           03/01/96          0
    5378532                              N            02/01/11
    0


    1478478          076/076             F           35,500.00         ZZ
                                         180         34,775.22          2
    2252 WINTERBERRY DRIVE             8.125            341.82         46
                                       7.875            341.82       78,000.00
    LEXINGTON        KY   40504          5            12/21/95         00
    5400212                              05           02/01/96          0
    5400212                              N            01/01/11
    0


    1478787          688/728             F           36,750.00         ZZ
                                         180         36,102.08          1
    10000 MERCEDES STREET              8.000            351.20         75
                                       7.750            351.20       49,000.00
    EL PASO          TX   79924          2            01/29/96         00
    0380360793                           05           03/01/96          0
    30924                                N            02/01/11
    0


    1478826          B59/728             F           71,000.00         ZZ
                                         180         69,163.32          1
    1109 SE 40TH STREET UNIT #103      8.250            688.80         78
                                       8.000            688.80       92,000.00
    CAPE CORAL       FL   33904          2            02/29/96         00
    0380375551                           01           04/01/96          0
    UNKNOWN                              O            03/01/11
    0


    1479051          A78/728             F           79,100.00         ZZ
                                         180         77,878.99          1
    312 MAE STREET                     7.875            750.22         70
                                       7.625            750.22      113,000.00
1


    FORT COLLINS     CO   80525          1            02/28/96         00
    0380380627                           05           04/01/96          0
    1331120                              N            03/01/11
    0


    1479514          E22/728             F          104,000.00         ZZ
                                         180        102,685.70          1
    67-871 VALLEY VISTA DRIVE          8.250          1,008.95         80
                                       8.000          1,008.95      130,000.00
    CATHEDRAL CITY   CA   92234          1            03/07/96         01
    0410093066                           05           05/01/96         12
    0410093066                           N            04/01/11
    0


    1479604          E22/728             F           64,550.00         ZZ
                                         180         63,448.40          1
    2734 HYDER DRIVE S E               8.375            630.93         55
                                       8.125            630.93      117,400.00
    ALBUQUERQUE      NM   87106          5            01/17/96         00
    0410064125                           05           03/01/96          0
    0410064125                           N            02/01/11
    0


    1479781          526/728             F           39,200.00         ZZ
                                         180         38,536.52          1
    209 EAST INDIANA STREET            8.625            388.90         80
                                       8.375            388.90       49,000.00
    RAPID CITY       SD   57701          1            02/05/96         04
    0380364332                           05           04/01/96         12
    00097314                             N            03/01/11
    0


    1479831          E22/728             F           63,000.00         ZZ
                                         180         62,173.54          1
    9504 W ONTARIO DRIVE               9.250            648.39         70
                                       9.000            648.39       90,000.00
    LITTLETON        CO   80123          5            02/14/96         00
    0410075725                           09           04/01/96          0
    410075725                            N            03/01/11
    0


    1480010          286/286             F           65,100.00         ZZ
                                         180         64,113.99          4
    1418 REGENT AVE                    8.500            641.07         70
                                       8.250            641.07       93,000.00
    CINCINNATI       OH   45237          5            02/13/96         00
    8361743                              05           04/01/96          0
    8361743                              N            03/01/11
    0
1




    1480272          180/728             F          100,100.00         ZZ
                                         180         98,482.76          4
    2537 SAGEBRUSH AVENUE              9.000          1,015.28         70
                                       8.750          1,015.28      143,000.00
    CHEYENNE         WY   82009          5            01/30/96         00
    0380368440                           05           03/01/96          0
    4089710                              N            02/01/11
    0


    1480279          001/728             F           42,000.00         ZZ
                                         180         41,264.38          2
    1505 BEECHVIEW AVENUE              9.000            425.99         67
                                       8.750            425.99       63,000.00
    PITTSBURGH       PA   15216          5            03/15/96         00
    0380408600                           05           05/01/96          0
    834003                               N            04/01/11
    0


    1480287          A33/728             F           20,700.00         ZZ
                                         180         20,478.73          1
    7508 LONGACRE                      9.000            209.95         90
                                       8.750            209.95       23,000.00
    DETROIT          MI   48228          1            03/20/96         04
    0380391566                           05           05/01/96         25
    15026669                             N            04/01/11
    0


    1480709          A91/728             F          151,200.00         ZZ
                                         180        150,441.89          1
    5 BEVERLY PLACE                    9.625          1,590.29         70
                                       9.375          1,590.29      216,000.00
    NEW CITY         NY   10956          2            05/17/96         00
    0380442815                           05           07/01/96          0
    10618                                O            06/01/11
    0


    1480873          766/728             F           37,500.00         T
                                         180         36,985.79          1
    19201 COLLINS AVENUE #1119         8.750            374.79         75
                                       8.500            374.79       50,000.00
    MIAMI            FL   33160          1            02/22/96         00
    0380369828                           06           04/01/96          0
    96HA013                              O            03/01/11
    0


    1480944          911/728             F           71,500.00         ZZ
                                         180         70,665.21          2
1


    3080-3082 SW 16 TERRACE            8.000            683.29         46
                                       7.750            683.29      156,000.00
    MIAMI            FL   33145          5            03/28/96         00
    0380411323                           05           05/01/96          0
    1960211                              N            04/01/11
    0


    1481746          498/728             F           96,800.00         ZZ
                                         180         95,982.61          1
    3793 CARTER ROAD                   8.375            946.15         70
                                       8.125            946.15      140,000.00
    BUFORD           GA   30518          5            04/08/96         00
    0380419144                           05           06/01/96          0
    1436603                              O            05/01/11
    0


    1481846          526/728             F           40,500.00         ZZ
                                         180         40,047.43          1
    1215 TAYLOR AVENUE                 8.500            398.82         90
                                       8.250            398.82       45,000.00
    NEW KENSINGTON   PA   15068          1            03/22/96         10
    0380419011                           05           05/01/96         25
    00105815                             N            04/01/11
    0


    1481894          209/728             F           70,550.00         ZZ
                                         180         69,717.22          2
    1217 RIVER VISTA AVENUE            7.875            669.14         85
                                       7.625            669.14       83,000.00
    CHARLOTTESVILLE  VA   22903          1            03/08/96         04
    0380388331                           05           05/01/96         20
    961585777                            N            04/01/11
    0


    1482267          E22/728             F           41,600.00         ZZ
                                         180         41,048.18          4
    130 NE 71 STREET                   9.125            425.03         80
                                       8.875            425.03       52,000.00
    MIAMI            FL   33138          1            02/12/96         04
    0410067805                           05           04/01/96         12
    410067805                            N            03/01/11
    0


    1482300          526/728             F           24,400.00         ZZ
                                         180         23,873.88          2
    4049 EAST ROOSEVELT BLVD           7.750            229.67         54
                                       7.500            229.67       46,000.00
    PHILADELPHIA     PA   19115          5            12/08/95         00
    0380363961                           07           02/01/96          0
1


    0082951                              N            01/01/11
    0


    1482737          822/728             F          305,000.00         ZZ
                                         180        301,516.06          1
    5041 CENTRAL AVE                   8.250          2,958.93         79
                                       8.000          2,958.93      388,000.00
    OCEAN CITY       NJ   08226          2            03/29/96         10
    0380403858                           01           05/01/96         12
    0876052278                           N            04/01/11
    0


    1482825          E22/728             F           47,500.00         ZZ
                                         180         46,855.76          1
    906 COMSTOCK SPRINGS DRIVE         8.875            478.25         63
                                       8.625            478.25       76,000.00
    KATY             TX   77450          2            02/15/96         00
    0410063200                           03           04/01/96          0
    410063200                            N            03/01/11
    0


    1482953          A97/728             F           29,510.00         ZZ
                                         180         29,356.92          2
    4141 HAGUE AVE                     9.250            303.72         65
                                       9.000            303.72       45,400.00
    BALTIMORE        MD   21225          2            05/03/96         00
    0380442237                           07           07/01/96          0
    70144811                             N            06/01/11
    0


    1482960          A97/728             F           29,510.00         ZZ
                                         180         29,356.92          2
    4138 HAGUE AVE                     9.250            303.72         65
                                       9.000            303.72       45,400.00
    BALTIMORE        MD   21225          2            05/03/96         00
    0380442286                           02           07/01/96          0
    70144809                             N            06/01/11
    0


    1482962          A97/728             F           27,560.00         ZZ
                                         180         27,417.03          2
    4238 6TH STREET                    9.250            283.65         65
                                       9.000            283.65       42,400.00
    BALTIMORE        MD   21225          2            05/03/96         00
    0380442393                           07           07/01/96          0
    70144819                             N            06/01/11
    0


1


    1482963          A97/728             F           27,560.00         ZZ
                                         180         27,417.03          1
    4236 6TH STREET                    9.250            283.65         65
                                       9.000            283.65       42,400.00
    BALTIMORE        MD   21225          2            05/03/96         00
    0380442641                           02           07/01/96          0
    70144818                             N            06/01/11
    0


    1482965          A97/728             F           29,510.00         ZZ
                                         180         29,356.92          2
    4134 HAGUE AVE                     9.250            303.72         65
                                       9.000            303.72       45,400.00
    BALTIMORE        MD   21225          2            05/03/96         00
    0380442831                           02           07/01/96          0
    70144805                             N            06/01/11
    0


    1482966          A97/728             F           27,560.00         ZZ
                                         180         27,417.03          2
    4224 6TH STREET                    9.250            283.65         65
                                       9.000            283.65       42,400.00
    BALTIMORE        MD   21225          2            05/03/96         00
    0380442369                           02           07/01/96          0
    70144812                             N            06/01/11
    0


    1482974          A97/728             F           27,560.00         ZZ
                                         180         27,417.03          2
    4226  6TH STREET                   9.250            283.65         65
                                       9.000            283.65       42,400.00
    BALTIMORE        MD   21225          2            05/03/96         00
    0380442310                           02           07/01/96          0
    70144813                             N            06/01/11
    0


    1482975          A97/728             F           29,510.00         ZZ
                                         180         29,356.92          2
    4139 HAGUE AVE                     9.250            303.72         65
                                       9.000            303.72       45,400.00
    BALTIMORE        MD   21225          2            05/03/96         00
    0380442252                           02           07/01/96          0
    70144810                             N            06/01/11
    0


    1482977          A97/728             F           29,510.00         ZZ
                                         180         29,356.92          2
    4135 HAGUE AVE                     9.250            303.72         65
                                       9.000            303.72       45,400.00
1


    BALTIMORE        MD   21225          2            05/03/96         00
    0380442823                           02           07/01/96          0
    70144806                             N            06/01/11
    0


    1482980          A97/728             F           29,510.00         ZZ
                                         180         29,356.92          2
    4130 HAGUE AVENUE                  9.250            303.72         65
                                       9.000            303.72       45,400.00
    BALTIMORE        MD   21225          2            05/03/96         00
    0380442260                           05           07/01/96          0
    70144801                             N            06/01/11
    0


    1482983          A97/728             F           27,560.00         ZZ
                                         180         27,417.03          2
    4230 6TH STREET                    9.250            283.65         65
                                       9.000            283.65       42,400.00
    BALTIMORE        MD   21225          2            05/03/96         00
    0380442914                           02           07/01/96          0
    70144815                             N            06/01/11
    0


    1482984          A97/728             F           27,560.00         ZZ
                                         180         27,417.03          2
    4228 6TH STREET                    9.250            283.65         65
                                       9.000            283.65       42,400.00
    BALTIMORE        MD   21225          2            05/03/96         00
    0380442336                           02           07/01/96          0
    70144814                             N            06/01/11
    0


    1482985          A97/728             F           29,510.00         ZZ
                                         180         29,356.92          2
    4137 HAGUE AVE                     9.250            303.72         65
                                       9.000            303.72       45,400.00
    BALTIMORE        MD   21225          2            05/03/96         00
    0380442294                           02           07/01/96          0
    70144808                             N            06/01/11
    0


    1483010          A97/728             F           29,510.00         ZZ
                                         180         29,356.92          2
    4133 HAGUE AVE                     9.250            303.72         65
                                       9.000            303.72       45,400.00
    BALTIMORE        MD   21225          2            05/03/96         00
    0380442856                           02           07/01/96          0
    70144804                             N            06/01/11
    0
1




    1483011          A97/728             F           29,510.00         ZZ
                                         180         29,356.92          2
    4131 HAGUE AVE                     9.250            303.72         65
                                       9.000            303.72       45,400.00
    BALTIMORE        MD   21225          2            05/03/96         00
    0380442898                           02           07/01/96          0
    70144802                             N            06/01/11
    0


    1483017          A97/728             F           29,510.00         ZZ
                                         180         29,356.92          2
    4132 HAGUE AVE                     9.250            303.72         65
                                       9.000            303.72       45,400.00
    BALTIMORE        MD   21225          2            05/03/96         00
    0380442658                           02           07/01/96          0
    70144803                             N            06/01/11
    0


    1483021          A97/728             F           29,510.00         ZZ
                                         180         29,356.92          2
    4136 HAGUE AVE                     9.250            303.72         65
                                       9.000            303.72       45,400.00
    BALTIMORE        MD   21225          2            05/03/96         00
    0380442625                           02           07/01/96          0
    70144807                             N            06/01/11
    0


    1483361          B75/728             F           33,300.00         ZZ
                                         180         32,955.74          1
    7370 NULAN WAY                     9.375            345.22         90
                                       9.125            345.22       37,000.00
    RIVERDALE        GA   30274          1            03/15/96         01
    0380425968                           05           05/01/96         25
    2422699                              N            04/01/11
    0


    1483460          962/728             F           39,900.00         ZZ
                                         180         39,588.35          3
    1007 N 13TH STREET                 9.250            410.65         70
                                       9.000            410.65       57,000.00
    BISMARCK         ND   58504          5            05/01/96         00
    0380416553                           05           06/01/96          0
    1483460                              N            05/01/11
    0


    1483751          E22/728             F           35,900.00         ZZ
                                         180         35,390.82          2
1


    2267-2269 N WHEELER                8.875            361.46         90
                                       8.625            361.46       39,900.00
    INDIANAPOLIS     IN   46218          1            02/23/96         04
    0410061972                           05           04/01/96         25
    410061972                            N            03/01/11
    0


    1484037          664/728             F           22,500.00         ZZ
                                         180         22,237.27          1
    4346 KOLLOCH DRIVE                 8.000            215.03         75
                                       7.750            215.03       30,000.00
    DALLAS           TX   75216          1            03/22/96         00
    0380416033                           05           05/01/96          0
    2114478                              N            04/01/11
    0


    1484073          526/728             F          157,200.00         ZZ
                                         180        155,944.34          1
    62 HIGHLANDS LANE #201             9.000          1,594.43         63
                                       8.750          1,594.43      250,000.00
    AVON             CO   81620          2            04/11/96         00
    0380426479                           08           06/01/96          0
    0107381                              N            05/01/11
    0


    1484172          635/635             F           20,300.00         ZZ
                                         180         20,136.03          1
    3601 BRIGHT STREET                 8.875            204.39         70
                                       8.625            204.39       29,000.00
    FORT WORTH       TX   76119          5            04/10/96         00
    640033700                            05           06/01/96          0
    640033700                            N            05/01/11
    0


    1484176          635/635             F           20,650.00         ZZ
                                         180         20,483.18          1
    5500 SCOGGINS STREET               8.875            207.92         70
                                       8.625            207.92       29,500.00
    FORT WORTH       TX   76114          5            04/10/96         00
    6400295                              05           06/01/96          0
    6400295                              N            05/01/11
    0


    1484256          911/728             F          336,000.00         ZZ
                                         180        334,177.08          1
    325 E SAN MARINO DRIVE             8.750          3,358.15         48
                                       8.500          3,358.15      700,000.00
    MIAMI BEACH      FL   33139          5            05/24/96         00
    0380469875                           05           07/01/96          0
1


    UNKNOWN                              O            06/01/11
    0


    1484380          E22/728             F           48,300.00         ZZ
                                         180         47,585.02          3
    419 421 423 N WASHINGTON           7.875            458.10         70
                                       7.625            458.10       69,000.00
    MARION           IN   46952          2            03/01/96         00
    0410059901                           05           04/01/96          0
    410059901                            N            03/01/11
    0


    1485202          E22/728             F           12,150.00         ZZ
                                         180         11,988.82          1
    3419 FOREST HILL AVENUE            9.125            124.14         90
                                       8.875            124.14       13,500.00
    FLINT            MI   48504          1            02/23/96         04
    0410061428                           05           04/01/96         25
    410061428                            N            03/01/11
    0


    1485319          766/728             F           41,860.00         ZZ
                                         180         41,412.51          1
    19201 COLLINS AVENUE #1121         9.000            424.57         65
                                       8.750            424.57       64,400.00
    NORTH MIAMI BEA  FL   33160          1            03/08/96         00
    0380392614                           06           05/01/96          0
    96HA015                              N            04/01/11
    0


    1485320          965/728             F           38,250.00         ZZ
                                         180         37,941.03          1
    1014 EAST DUNLAP AVENUE            8.875            385.12         90
                                       8.625            385.12       42,550.00
    PHOENIX          AZ   85020          1            04/02/96         04
    0380405325                           05           06/01/96         25
    965                                  N            05/01/11
    0


    1486134          E22/728             F           54,950.00         ZZ
                                         180         51,852.58          1
    3406 11TH AVENUE                   8.500            541.11         70
                                       8.250            541.11       79,200.00
    KEARNEY          NE   68847          2            02/29/96         00
    0410079719                           05           04/01/96          0
    410079719                            N            03/01/11
    0


1


    1486158          232/076             F           16,900.00         ZZ
                                         180         16,715.27          1
    2100 TANGLEWILDE STREET #213       8.750            168.91         65
                                       8.500            168.91       26,000.00
    HOUSTON          TX   77063          1            03/11/96         00
    10832972                             01           05/01/96          0
    10832972                             N            04/01/11
    0


    1486203          E22/728             F           97,300.00         ZZ
                                         180         96,023.53          4
    1712 FREMONT AVENUE NORTH          9.250          1,001.40         70
                                       9.000          1,001.40      139,000.00
    MINNEAPOLIS      MN   55411          5            02/29/96         00
    0410063101                           05           04/01/96          0
    410063101                            N            03/01/11
    0


    1486215          E22/728             F           52,650.00         ZZ
                                         180         51,793.94          4
    2361 EDWIN                         8.750            526.21         81
                                       8.500            526.21       65,500.00
    HAMTRAMCK        MI   48212          2            03/01/96         04
    0410105068                           05           04/01/96         20
    410105068                            N            03/01/11
    0


    1486617          664/728             F           70,000.00         ZZ
                                         180         69,200.40          2
    3625 N. LAKEWOOD                   8.250            679.10         25
                                       8.000            679.10      284,000.00
    CHICAGO          IL   60613          5            03/12/96         00
    0380402280                           05           05/01/96          0
    2140895                              N            04/01/11
    0


    1486628          076/076             F          100,000.00         ZZ
                                         180         97,005.42          1
    75 AMY DRIVE                       8.000            955.66         40
                                       7.750            955.66      250,000.00
    CRANSTON         RI   02921          5            02/21/96         00
    4722572                              05           04/01/96          0
    4722572                              O            03/01/11
    0


    1486671          E22/728             F           49,350.00         ZZ
                                         180         48,673.26          1
    2919  NW 63 TERRACE                8.750            493.23         70
                                       8.500            493.23       70,500.00
1


    SUNRISE          FL   33313          1            03/05/96         00
    0410071872                           09           04/01/96          0
    410071872                            N            03/01/11
    0


    1486947          180/728             F           26,100.00         ZZ
                                         180         25,891.50          1
    916 WEST 46TH STREET               9.000            264.73         90
                                       8.750            264.73       29,000.00
    NORTH LITTLE RO  AR   72118          1            04/05/96         10
    0380433178                           05           06/01/96         25
    UNKNOWN                              N            05/01/11
    0


    1486951          526/728             F           50,000.00         ZZ
                                         180         49,299.13          2
    1006-1008 W. 29TH TERRACE          8.500            492.37         65
                                       8.250            492.37       77,500.00
    LAWRENCE         KS   66046          5            03/01/96         00
    0380387028                           05           04/01/96          0
    0092147                              N            03/01/11
    0


    1486970          526/728             F           20,650.00         ZZ
                                         180         20,327.25          1
    6168 E. 129TH STREET               9.375            214.08         70
                                       9.125            214.08       29,500.00
    GRANDVIEW        MO   64030          5            01/24/96         00
    0380387010                           09           03/01/96          0
    0087295                              N            02/01/11
    0


    1487378          201/728             F           52,500.00         ZZ
                                         180         52,224.58          1
    1115 HICKORY CIRCLE                9.125            536.41         75
                                       8.875            536.41       70,000.00
    CHERRY HILL      NJ   08003          2            05/15/96         00
    0380465832                           01           07/01/96          0
    1400877724                           N            06/01/11
    0


    1488071          E22/728             F           50,000.00         ZZ
                                         180         49,465.50          1
    612 MARYEM STREET                  9.000            507.13         80
                                       8.750            507.13       62,500.00
    COLLEGE STATION  TX   77840          1            03/14/96         04
    0410102370                           05           05/01/96         20
    410102370                            N            04/01/11
    0
1




    1488262          180/728             F          120,000.00         ZZ
                                         180        117,515.48          2
    3301 LIBERTY STREET                9.375          1,244.03         80
                                       9.125          1,244.03      150,000.00
    AUSTIN           TX   78705          2            04/15/96         95
    0380441981                           05           06/01/96          0
    4284154                              N            05/01/11
    0


    1488278          076/076             F           50,160.00         T
                                         180         49,627.49          1
    201-A PINE CREST CIRCLE            7.000            450.86         69
                                       6.750            450.86       73,000.00
    JUPITER          FL   33458          2            04/04/96         00
    5287292                              01           06/01/96          0
    5287292                              O            05/01/11
    0


    1488523          253/728             F           38,500.00         ZZ
                                         180         38,133.22          2
    1402 A&B SUMMIT ST                 8.875            387.64         70
                                       8.625            387.64       55,000.00
    AUSTIN           TX   78741          5            04/05/96         00
    0380419441                           05           06/01/96          0
    315522                               N            05/01/11
    0


    1488794          E22/728             F          212,000.00         ZZ
                                         180        209,524.80          1
    14 VICTORIA LANE                   8.000          2,025.98         49
                                       7.750          2,025.98      440,000.00
    SOUTHLAKE        TX   76092          2            03/08/96         00
    0410102503                           05           05/01/96          0
    410102503                            O            04/01/11
    0


    1488926          526/728             F           10,350.00         ZZ
                                         180         10,230.95          1
    2605 WASHINGTON AVENUE             8.250            100.41         90
                                       8.000            100.41       11,500.00
    WYANDOTTE        KS   66102          1            03/11/96         04
    0380393703                           09           05/01/96         25
    00093841                             N            04/01/11
    0


    1489235          526/728             F           64,750.00         ZZ
                                         180         64,203.24          1
1


    524 ELMIRA STREET                  8.375            632.89         70
                                       8.125            632.89       92,500.00
    AURORA           CO   80010          5            04/15/96         00
    0380440231                           05           06/01/96          0
    93979                                N            05/01/11
    0


    1489320          526/728             F           54,000.00         ZZ
                                         180         53,245.13          1
    12153 BANNOCK #E                   9.000            547.71         60
                                       8.750            547.71       90,000.00
    WESTMINISTER     CO   80234          5            04/10/96         00
    0380426818                           01           06/01/96          0
    00113462                             N            05/01/11
    0


    1489341          462/728             F           51,000.00         ZZ
                                         180         50,379.30          1
    2127 EAST KATHLEEN ROAD            9.000            517.28         70
                                       8.750            517.28       73,000.00
    PHOENIX          AZ   85022          5            04/15/96         00
    0380440009                           05           06/01/96          0
    4485306                              N            05/01/11
    0


    1489348          F41/728             F           32,250.00         ZZ
                                         180         31,992.41          1
    114 RIVERWAY STREET UNIT #10       9.000            327.10         75
                                       8.750            327.10       43,000.00
    BOSTON           MA   02215          1            04/09/96         00
    0380469644                           08           06/01/96          0
    18267                                N            05/01/11
    0


    1489674          E22/728             F           34,200.00         ZZ
                                         180         33,818.60          1
    1315 W EDGEMONT AVENUE             9.500            357.12         90
                                       9.250            357.12       38,000.00
    INDIANAPOLIS     IN   46208          1            03/18/96         04
    0410102487                           05           05/01/96         25
    410102487                            N            04/01/11
    0


    1489733          076/076             F           64,500.00         ZZ
                                         180         63,973.16          1
    27 ROCKWOOD PLACE                  8.750            644.65         75
                                       8.500            644.65       86,000.00
    ROME             GA   30165          1            04/12/96         00
    5269172                              05           06/01/96          0
1


    5269172                              O            05/01/11
    0


    1489741          E46/728             F           34,300.00         ZZ
                                         180         34,029.06          1
    2504 EAST BIRCH STREET             9.125            350.45         80
                                       8.875            350.45       42,900.00
    PHILADELPHIA     PA   19134          1            04/26/96         04
    0380433772                           07           06/01/96         12
    22381                                N            05/01/11
    0


    1489959          E22/728             F           25,200.00         ZZ
                                         180         24,902.56          1
    6781-F 121ST AVENUE NORTH          7.875            239.01         70
                                       7.625            239.01       36,000.00
    LARGO            FL   34643          1            03/22/96         00
    0410072235                           09           05/01/96          0
    410072235                            N            04/01/11
    0


    1489965          E22/728             F           22,400.00         ZZ
                                         180         21,830.43          1
    320 N OAKLAND AVENUE               9.000            227.20         90
                                       8.750            227.20       24,900.00
    INDIANAPOLIS     IN   46201          1            03/22/96         01
    0410103261                           05           05/01/96         25
    410103261                            N            04/01/11
    0


    1489967          E22/728             F           73,800.00         ZZ
                                         180         73,019.78          2
    1213 DOBIE DRIVE                   9.125            754.03         90
                                       8.875            754.03       82,000.00
    AUSTIN           TX   78753          2            03/19/96         04
    0410076178                           05           05/01/96         25
    410076178                            N            04/01/11
    0


    1489995          A06/728             F           81,250.00         ZZ
                                         120         79,504.08          1
    15440 MARCENE                      8.500          1,007.39         65
                                       8.250          1,007.39      125,000.00
    FENTON           MI   48430          5            03/21/96         00
    0380405440                           05           05/01/96          0
    00100CR09601358                      O            04/01/06
    0


1


    1490072          526/728             F           14,850.00         ZZ
                                         180         14,691.25          1
    1214 NW VAN BUREN                  9.000            150.62         90
                                       8.750            150.62       16,500.00
    TOPEKA           KS   66608          1            03/15/96         12
    0380397589                           05           05/01/96         25
    00107384                             N            04/01/11
    0


    1490189          E22/728             F           44,000.00         ZZ
                                         180         43,540.03          3
    1510-1510 1/2- 1512 RIDGEWOOD      9.250            452.84         30
    STREET                             9.000            452.84      150,000.00
    HOUSTON          TX   77006          5            03/12/96         00
    0410104897                           05           05/01/96          0
    410104897                            N            04/01/11
    0


    1490205          E22/728             F           60,800.00         ZZ
                                         180         60,080.23          2
    133 SW 7 AVENUE                    9.625            639.48         80
                                       9.375            639.48       76,500.00
    DELRAY BEACH     FL   33444          2            03/29/96         04
    0410066351                           05           05/01/96         12
    410066351                            N            04/01/11
    0


    1490216          E22/728             F           63,900.00         ZZ
                                         180         63,201.56          1
    2302 WATER VIEW LOOP               8.750            638.65         80
                                       8.500            638.65       79,900.00
    KISSIMMEE        FL   34743          1            03/18/96         23
    0410072789                           09           05/01/96          0
    410072789                            N            04/01/11
    0


    1490219          E22/728             F           35,900.00         ZZ
                                         180         35,528.99          2
    1427-1429 WEST 25TH STREET         9.500            374.88         90
                                       9.250            374.88       39,900.00
    INDIANAPOLIS     IN   46208          1            03/25/96         01
    0410128524                           05           05/01/96         25
    410128524                            N            04/01/11
    0


    1490255          757/757             F           40,500.00         ZZ
                                         120         39,605.58          1
    318 BURG ROAD                      8.000            491.38         50
                                       7.750            491.38       82,000.00
1


    JACKSON          GA   30233          2            04/01/96         00
    2739597                              05           05/01/96          0
    2739597                              N            04/01/06
    0


    1490602          001/728             F           25,000.00         ZZ
                                         180         24,786.58          1
    3350 ALTAMONT ROAD UNIT E-17       8.250            242.53         80
                                       8.000            242.53       31,300.00
    BIRMINGHAM       AL   35205          1            04/16/96         01
    0380440835                           01           06/01/96         12
    1501227                              N            05/01/11
    0


    1490886          E22/728             F           73,800.00         ZZ
                                         180         73,045.54          1
    2008 SANDY TRAIL                   9.500            770.64         90
                                       9.250            770.64       82,000.00
    RICHARDSON       TX   75080          2            03/21/96         04
    0410128755                           05           05/01/96         25
    410128755                            N            04/01/11
    0


    1490888          E22/728             F           94,400.00         ZZ
                                         180         93,424.08          1
    5505 GALAXIE ROAD                  9.375            978.64         80
                                       9.125            978.64      118,000.00
    GARLAND          TX   75044          2            03/21/96         04
    0410128730                           05           05/01/96         12
    410128730                            N            04/01/11
    0


    1490921          927/728             F           52,000.00         ZZ
                                         180         51,418.92          1
    1213 HORSESHOE DRIVE               8.500            512.07         80
                                       8.250            512.07       65,000.00
    PUEBLO           CO   81001          1            03/08/96         10
    0380414319                           05           05/01/96         12
    244079                               N            04/01/11
    0


    1490927          E45/728             F           90,600.00         T
                                         180         89,199.70          1
    10727 N W 62ND TERR                7.375            833.45         65
                                       7.125            833.45      139,400.00
    ALACHUA          FL   32615          1            02/28/96         00
    0380470592                           03           04/01/96          0
    UNKNOWN                              O            03/01/11
    0
1




    1490950          E22/728             F           56,000.00         ZZ
                                         180         55,367.30          1
    8A NORMANDY SQUARE COURT # 1       8.375            547.36         66
                                       8.125            547.36       85,000.00
    SILVER SPRINGS   MD   20906          5            04/01/96         00
    0410073050                           01           05/01/96          0
    410073050                            N            04/01/11
    0


    1491224          638/728             F          306,000.00         ZZ
                                         180        303,358.56          1
    1540 KLAMATH DRIVE                 8.125          2,946.42         70
                                       7.875          2,946.42      440,000.00
    SUNNYVALE        CA   94087          2            04/24/96         00
    0380444068                           05           06/01/96          0
    644                                  O            05/01/11
    0


    1491269          E22/728             F           43,200.00         ZZ
                                         180         42,400.05          1
    941 GOLF STREET                    8.875            434.96         90
                                       8.625            434.96       48,000.00
    KERRVILLE        TX   78028          1            03/21/96         04
    0410102842                           05           05/01/96         25
    410102842                            N            04/01/11
    0


    1491339          405/405             F          110,000.00         ZZ
                                         180        108,906.74          1
    6 FRASCO PLACE                     8.000          1,051.22         60
    5                                  7.750          1,051.22      185,000.00
    SANTA FE         NM   87505          5            04/23/96         00
    3921848                              03           06/01/96          0
    3921848                              O            05/01/11
    0


    1491466          E22/728             F          108,000.00         ZZ
                                         180        106,895.93          2
    166-170 SYCAMORE STREET            9.500          1,127.76         90
                                       9.250          1,127.76      120,000.00
    BROWNSBURG       IN   46112          1            03/08/96         04
    0410104384                           05           05/01/96         25
    410104384                            N            04/01/11
    0


    1493545          E22/728             F           60,750.00         ZZ
                                         180         60,093.32          1
1


    11306 BRISTLE OAK TRAIL            8.875            611.66         80
                                       8.625            611.66       75,950.00
    AUSTIN           TX   78750          1            03/26/96         04
    0410129035                           05           05/01/96         12
    410129035                            N            04/01/11
    0


    1493602          E22/728             F           49,700.00         ZZ
                                         180         48,428.87          1
    849 EASTERN AVENUE                 9.375            515.24         70
                                       9.125            515.24       71,000.00
    GRAND RAPIDS     MI   49503          5            03/26/96         00
    0410104186                           05           05/01/96          0
    410104186                            N            04/01/11
    0


    1493738          A69/728             F           70,700.00         ZZ
                                         180         70,519.39          1
    2 STOCKTON STREET                  9.375            732.95         70
                                       9.125            732.95      101,000.00
    BRENTWOOD        NY   11717          2            06/28/96         00
    0380490962                           05           08/01/96          0
    96067433                             N            07/01/11
    0


    1493809          E22/728             F           51,150.00         ZZ
                                         180         50,597.10          1
    6331 LAKESHORE AVENUE              8.875            515.00         49
                                       8.625            515.00      105,000.00
    DALLAS           TX   75214          5            03/28/96         00
    0410084495                           05           05/01/96          0
    410084495                            N            04/01/11
    0


    1493922          661/661             F           45,500.00         ZZ
                                         180         41,541.72          1
    6227 WEST LAKE DRIVE               7.875            431.54        100
                                       7.625            431.54       45,500.00
    HASLETT          MI   48840          1            09/26/95         94
    2268241                              05           11/01/95         30
    2268241                              O            10/01/10
    0


    1494055          A97/728             F           27,560.00         ZZ
                                         180         27,417.03          2
    4240 6TH STREET                    9.250            283.65         65
                                       9.000            283.65       42,400.00
    BALTIMORE        MD   21225          2            05/03/96         00
    0380442245                           07           07/01/96          0
1


    70144820                             N            06/01/11
    0


    1494074          208/728             F           60,000.00         T
                                         180         49,012.69          1
    821 MT TAYLOR AVE                  7.375            551.95         75
                                       7.125            551.95       80,000.00
    GRANTS           NM   87020          5            03/27/96         00
    0380425810                           05           05/01/96          0
    33879                                O            04/01/11
    0


    1494327          874/728             F          106,000.00         ZZ
                                         180        105,114.80          2
    1817 G STREET                      8.500          1,043.82         80
                                       8.250          1,043.82      132,500.00
    SPARKS           NV   89431          1            04/25/96         10
    0380442757                           05           06/01/96         12
    3682369                              N            05/01/11
    0


    1494406          664/728             F           85,400.00         ZZ
                                         180         84,445.70          1
    713 E STREAMWOOD BLVD              8.500            840.97         85
                                       8.250            840.97      100,500.00
    STREAMWOOD       IL   60107          1            03/29/96         04
    0380415845                           05           05/01/96         25
    2165249                              N            04/01/11
    0


    1494436          661/661             F           62,000.00         ZZ
                                         180         60,838.65          1
    7441 WAYNE AVENUE UNIT #2-R        7.375            570.35        100
                                       7.125            570.35       62,000.00
    MIAMI BEACH      FL   33141          1            02/29/96         94
    2427904                              06           04/01/96         30
    2427904                              O            03/01/11
    0


    1494500          661/661             F          540,000.00         ZZ
                                         180        471,116.98          1
    ONE IRVING PLACE VILLAGE #9FG      7.250          4,929.46        100
                                       7.000          4,929.46      540,000.00
    NEW YORK         NY   10003          1            06/16/93         94
    1709708                              06           08/01/93         30
    1709708                              O            07/01/08
    0


1


    1494560          A52/728             F           65,400.00         ZZ
                                         180         64,889.19          2
    5654 & 5647 ESTATE COURT           9.250            673.09         55
                                       9.000            673.09      119,000.00
    NORCROSS         GA   30093          5            04/26/96         00
    0380415373                           05           06/01/96          0
    1494560                              N            05/01/11
    0


    1494641          405/405             F           30,000.00         ZZ
                                         180         29,749.44          1
    802 FISHLAKE LANE                  8.500            295.43         67
                                       8.250            295.43       45,300.00
    EAST CARONDELET  IL   62240          5            05/09/96         00
    3905700                              05           06/01/96          0
    3905700                              N            05/01/11
    0


    1494687          480/728             F           35,000.00         ZZ
                                         180         34,608.90          1
    14046 E STANFORD CIR I-4           8.500            344.66         68
                                       8.250            344.66       52,000.00
    AURORA           CO   80015          5            03/22/96         00
    0380424680                           01           05/01/96          0
    1875160                              N            04/01/11
    0


    1495035          700/728             F           30,000.00         ZZ
                                         120         29,469.30          1
    3304-06 WILSHIRE                   8.625            373.97         43
                                       8.375            373.97       71,000.00
    GRANITE CITY     IL   62040          5            04/19/96         00
    0380413287                           05           06/01/96          0
    121363                               N            05/01/06
    0


    1495239          405/405             F          160,000.00         ZZ
                                         180        158,693.16          2
    1104-1106 CRESCENT STREET          8.750          1,599.12         80
                                       8.500          1,599.12      200,000.00
    SARASOTA         FL   34242          1            04/08/96         00
    0003907722                           05           06/01/96          0
    0003907722                           O            05/01/11
    0


    1495272          405/405             F           32,000.00         ZZ
                                         180         31,630.42          3
    2015 NORTH MADELYN AVENUE          8.125            308.13         34
                                       7.875            308.13       95,000.00
1


    TUCSON           AZ   85712          5            03/22/96         00
    0003887510                           05           05/01/96          0
    0003887510                           N            04/01/11
    0


    1495615          593/728             F           34,100.00         ZZ
                                         180         33,831.74          1
    490 KAYENTA CIRCLE                 9.375            353.52         39
                                       9.125            353.52       88,000.00
    CEDAR CITY       UT   84720          5            04/09/96         00
    0380437344                           05           06/01/96          0
    6586416                              N            05/01/11
    0


    1495726          661/661             F          370,000.00         ZZ
                                         180        362,114.28          1
    9390 WICKHAM WAY                   7.625          3,456.28        100
                                       7.375          3,456.28      370,000.00
    ORLANDO          FL   32836          1            12/11/95         94
    2381960                              03           02/01/96         30
    2381960                              O            01/01/11
    0


    1495731          661/661             F          138,000.00         ZZ
                                         180        135,090.14          1
    2611 MARTY WAY                     7.750          1,298.96        100
                                       7.500          1,298.96      138,000.00
    SACRAMENTO       CA   95816          1            12/20/95         94
    2346237                              05           02/01/96         30
    2346237                              O            01/01/11
    0


    1495749          661/661             F           65,000.00         ZZ
                                         180         63,829.00          3
    31 SUSSEX STREET                   7.750            611.83         70
                                       7.500            611.83       93,000.00
    PROVIDENCE       RI   02902          2            02/01/96         00
    2378602                              05           03/01/96          0
    2378602                              N            02/01/11
    0


    1495751          661/661             F          185,000.00         ZZ
                                         180        180,972.18          1
    162 APRIL WATERS WEST              7.375          1,701.86        100
                                       7.125          1,701.86      185,000.00
    MONTGOMERY       TX   77356          1            12/29/95         94
    2392363                              03           02/01/96         30
    2392363                              O            01/01/11
    0
1




    1495752          661/661             F          128,000.00         ZZ
                                         180        125,213.14          1
    3009 ISLE ROYALE DRIVE             7.375          1,177.51         80
                                       7.125          1,177.51      160,000.00
    PLANO            TX   75025          1            12/28/95         00
    2398543                              03           02/01/96          0
    2398543                              O            01/01/11
    0


    1495996          232/076             F           30,000.00         ZZ
                                         120         29,531.42          3
    15 STANTON STREET                  9.000            380.03         45
                                       8.750            380.03       67,000.00
    WORCESTER        MA   01605          5            04/15/96         00
    12959835                             05           06/01/96          0
    12959835                             N            05/01/06
    0


    1496022          405/405             F           50,000.00         ZZ
                                         180         49,582.45          1
    595 EASTERN LAKE ROAD, #107,       8.500            492.37         33
                                       8.250            492.37      155,000.00
    SEAGROVE BEACH   FL   32459          5            04/12/96         00
    0003893518                           01           06/01/96          0
    0003893518                           N            05/01/11
    0


    1496075          E45/728             F           22,500.00         ZZ
                                         180         22,322.27          1
    5900 NW 16TH ST                    9.125            229.89         65
                                       8.875            229.89       35,000.00
    OCALA            FL   34482          5            04/15/96         00
    0380425703                           05           06/01/96          0
    UNKNOWN                              N            05/01/11
    0


    1496443          638/728             F           50,000.00         ZZ
                                         180         49,734.75          1
    115 10TH AVENUE SOUTH EXTENSIO     9.000            507.13         85
                                       8.750            507.13       58,900.00
    NAMPA            ID   83686          1            04/30/96         04
    0380459454                           05           07/01/96         20
    08570728                             N            06/01/11
    0


    1496496          E22/728             F           30,000.00         ZZ
                                         180         29,754.98          2
1


    1830-1832 LEXINGTON AVE            8.750            299.83         60
    CENTER TWP                         8.500            299.83       50,000.00
    INDIANAPOLIS     IN   46203          5            04/04/96         00
    0410138234                           05           06/01/96          0
    410138234                            N            05/01/11
    0


    1496515          E22/728             F           27,000.00         ZZ
                                         180         26,735.98          1
    640 NORTH SOMERSET AVENUE          9.125            275.86         90
                                       8.875            275.86       30,000.00
    INDIANAPOLIS     IN   46222          1            04/12/96         04
    0410082077                           05           06/01/96         25
    410082077                            N            05/01/11
    0


    1496564          455/728             F           64,150.00         ZZ
                                         180         63,643.27          1
    1366 CARTER ROAD                   9.125            655.44         85
                                       8.875            655.44       75,500.00
    DECATUR          GA   30030          1            05/01/96         01
    0380434135                           05           06/01/96         20
    51664                                N            05/01/11
    0


    1496646          757/757             F          391,200.00         ZZ
                                         180        388,109.99          1
    3978 SUNDOWN DRIVE                 9.125          3,996.96         74
                                       8.875          3,996.96      535,000.00
    GAINESVILLE      GA   30501          5            04/12/96         00
    2777589                              05           06/01/96          0
    2777589                              O            05/01/11
    0


    1496904          E22/728             F           47,600.00         ZZ
                                         180         47,240.56          2
    815 N JEFFERSON AVENUE             9.625            500.65         90
                                       9.375            500.65       52,900.00
    INDIANAPOLIS     IN   46201          1            04/09/96         04
    0410102750                           05           06/01/96         25
    0410102750                           N            05/01/11
    0


    1496985          B65/728             F           26,250.00         ZZ
                                         180         26,111.71          1
    448 LIBERTY STREET                 9.500            274.11         75
                                       9.250            274.11       35,000.00
    PAINESVILLE      OH   44077          1            05/09/96         00
    0380426305                           05           07/01/96          0
1


    10496177                             N            06/01/11
    0


    1496986          561/728             F          223,350.00         ZZ
                                         180        214,721.50          1
    LOT 7 LIGHTHOUSE DRIVE             8.250          2,166.80         46
                                       8.000          2,166.80      495,000.00
    COROLLA          NC   27927          4            06/23/95         00
    0380426875                           05           08/01/95          0
    8470031                              N            07/01/10
    0


    1497004          E22/728             F           21,000.00         ZZ
                                         180         20,837.79          1
    2016 KAPPEL DRIVE                  9.375            217.71         70
                                       9.125            217.71       30,000.00
    ST LOUIS         MO   63136          5            04/10/96         00
    0410138721                           05           06/01/96          0
    410138721                            N            05/01/11
    0


    1497070          526/728             F           29,700.00         ZZ
                                         180         29,460.09          1
    3024 DESMET DRIVE                  8.875            299.04         90
                                       8.625            299.04       33,000.00
    CASPER           WY   82604          1            04/05/96         04
    0380420886                           05           06/01/96         25
    115354                               N            05/01/11
    0


    1497262          E86/728             F          100,000.00         ZZ
                                         180         99,735.73          1
    896 VALERIE COURT                  9.000          1,014.27         77
                                       8.750          1,014.27      130,000.00
    WEST HEMPSTEAD   NY   11552          1            06/05/96         00
    0380468216                           05           08/01/96          0
    12212                                O            07/01/11
    0


    1497296          E46/728             F           93,000.00         ZZ
                                         180         92,759.72          1
    605 WASHINGTON STREET              9.250            957.15         54
                                       9.000            957.15      175,000.00
    BOONTON          NJ   07005          2            06/06/96         00
    0380478801                           05           08/01/96          0
    22362                                O            07/01/11
    0


1


    1497297          771/728             F           58,400.00         ZZ
                                         180         58,265.45          2
    2758 CAMPBELL AVE                 10.500            645.55         65
                                      10.250            645.55       90,000.00
    SCHENECTADY      NY   12306          2            06/11/96         00
    0380481680                           05           08/01/96          0
    960109G                              N            07/01/11
    0


    1497325          560/560             F           35,700.00         ZZ
                                         180         35,414.82          2
    310 W 14TH STREET                  9.000            362.10         70
                                       8.750            362.10       51,000.00
    COLUMBIA         TN   38401          5            04/22/96         00
    450407580                            05           06/01/96          0
    450407580                            N            05/01/11
    0


    1497362          232/076             F           43,200.00         ZZ
                                         180         42,975.90          1
    1429 THIRD STREET SW               9.250            444.62         70
                                       9.000            444.62       61,729.00
    ALBUQUERQUE      NM   87102          5            05/10/96         00
    11027076                             05           07/01/96          0
    11027076                             N            06/01/11
    0


    1497393          E22/728             F          126,000.00         ZZ
                                         180        124,970.86          1
    63 FIELDSTONE ROAD                 8.750          1,259.31         90
                                       8.500          1,259.31      140,000.00
    BEDMINSTER       NJ   07921          2            04/19/96         04
    0410114417                           01           06/01/96         25
    410114417                            N            05/01/11
    0


    1497439          E22/728             F           30,400.00         ZZ
                                         180         30,091.90          4
    2275 HOLBROOK AVENUE               9.125            310.60         80
                                       8.875            310.60       38,000.00
    HAMTRAMCK        MI   48212          1            04/12/96         04
    0410082309                           05           06/01/96         25
    410082309                            N            05/01/11
    0


    1497513          526/728             F           42,500.00         ZZ
                                         180         42,156.71          2
    1416 & 1416 1/2 S. WILSON ST.      8.875            427.91         85
                                       8.625            427.91       50,000.00
1


    CASPER           WY   82601          1            04/11/96         01
    0380440132                           05           06/01/96         20
    115372                               N            05/01/11
    0


    1497534          470/470             F           54,000.00         ZZ
                                         180         53,563.82          4
    4431 NORTH 53RD LANE               8.875            543.70         42
                                       8.625            543.70      130,000.00
    PHOENIX          AZ   85031          5            04/24/96         00
    51010190                             05           06/01/96          0
    51010190                             N            05/01/11
    0


    1497568          253/728             F           73,500.00         ZZ
                                         120         72,218.23          1
    6404 MOOREGATE DRIVE               8.500            911.30         70
                                       8.250            911.30      105,000.00
    AMARILLO         TX   79109          5            04/29/96         00
    0380434648                           05           06/01/96          0
    316749                               N            05/01/06
    0


    1497580          180/728             F           29,250.00         ZZ
                                         180         29,099.99          1
    608 JOEL BOULEVARD                 9.375            303.23         90
                                       9.125            303.23       32,500.00
    LEHIGH ACRES     FL   33936          1            05/17/96         04
    0380457763                           05           07/01/96         25
    4352696                              N            06/01/11
    0


    1497592          201/728             F          116,250.00         T
                                         180        115,279.19          1
    103 BIRDIE                         8.500          1,144.76         74
                                       8.250          1,144.76      158,000.00
    AUSTIN           TX   78738          2            04/09/96         00
    0380434689                           01           06/01/96          0
    4200893875                           O            05/01/11
    0


    1497895          E22/728             F           75,400.00         ZZ
                                         180         74,817.65          2
    507 OLD WEST DRIVE UNIT # A&B      9.375            781.67         80
                                       9.125            781.67       94,250.00
    ROUND ROCK       TX   78681          1            04/17/96         04
    0410130413                           05           06/01/96         12
    410130413                            N            05/01/11
    0
1




    1498152          963/728             F          100,000.00         ZZ
                                         180         99,451.38          2
    7895-97 S.W. 12 STREET             8.625            992.08         59
                                       8.375            992.08      171,000.00
    MIAMI            FL   33144          5            05/15/96         00
    0380454752                           05           07/01/96          0
    960132                               N            06/01/11
    0


    1498216          526/728             F           22,000.00         ZZ
                                         180         21,824.26          1
    130 FIELDSTON STREET               9.000            223.14         80
                                       8.750            223.14       27,500.00
    SPRINGFIELD      MA   01119          1            04/18/96         10
    0380426198                           05           06/01/96         12
    112043                               N            05/01/11
    0


    1498522          470/470             F          150,000.00         ZZ
                                         180        149,239.32          1
    3815 KING LANE                     9.500          1,566.34         50
                                       9.250          1,566.34      305,000.00
    SAN MATEO        CA   94403          5            05/22/96         00
    42000129                             05           07/01/96          0
    42000129                             N            06/01/11
    0


    1498555          A78/728             F           30,000.00         T
                                         180         29,824.12          1
    4777 SUNVALLEY DRIVE               7.875            284.53         26
                                       7.625            284.53      117,375.00
    LOVELAND         CO   80538          1            05/22/96         00
    0380462284                           03           07/01/96          0
    020131133                            O            06/01/11
    0


    1498567          661/661             F          110,000.00         ZZ
                                         180        108,928.74          1
    3450 HAWTHORNE                     7.875          1,043.30        100
                                       7.625          1,043.30      110,000.00
    FLINT            MI   48503          1            04/10/96         94
    960218                               05           06/01/96         30
    960218                               O            05/01/11
    0


    1498708          526/728             F           44,000.00         ZZ
                                         180         43,648.54          1
1


    24520 LOG CABIN RD                 9.000            446.28         70
                                       8.750            446.28       63,000.00
    SALISBURY        MD   21801          5            04/18/96         00
    0380433632                           05           06/01/96          0
    00117647                             N            05/01/11
    0


    1498737          232/076             F           50,000.00         ZZ
                                         180         49,582.45          1
    UNIT #203 19 WIGET STREET          8.500            492.37         55
                                       8.250            492.37       91,500.00
    BOSTON           MA   02128          1            04/30/96         00
    12959917                             08           06/01/96          0
    12959917                             O            05/01/11
    0


    1498970          526/728             F           26,600.00         ZZ
                                         180         26,382.72          2
    644 WOODLAWN  AVENUE               8.750            265.86         69
                                       8.500            265.86       39,000.00
    BUFFALO          NY   14211          5            04/25/96         00
    0380436403                           05           06/01/96          0
    00058889                             N            05/01/11
    0


    1499299          E09/728             F           29,500.00         ZZ
                                         180         29,259.04          1
    3542 VILLA KNOLLS NORTH DR.        8.750            294.84         47
    UNIT NO. #2                        8.500            294.84       63,000.00
    LAS VEGAS        NV   89120          1            04/30/96         00
    0380440306                           01           06/01/96          0
    01001984                             O            05/01/11
    0


    1499685          B35/728             F           89,600.00         ZZ
                                         180         89,080.40          1
    9362 HARVEST WAY                   8.000            856.27         70
                                       7.750            856.27      128,000.00
    LAUREL           MD   20723          5            05/23/96         00
    0380458928                           05           07/01/96          0
    9682010610                           O            06/01/11
    0


    1499695          B77/728             F           86,500.00         ZZ
                                         180         86,281.54          3
    76 OLNEY STREET                    9.500            903.25         58
                                       9.250            903.25      150,000.00
    DORCHESTER       MA   02121          2            06/10/96         00
    0380465980                           05           08/01/96          0
1


    95301132                             N            07/01/11
    0


    1500092          737/728             F           35,550.00         ZZ
                                         180         35,461.23          1
    8125 FARMLEA CIRCLE                9.625            373.91         90
                                       9.375            373.91       39,500.00
    RALEIGH          NC   27604          1            06/21/96         01
    0380477530                           09           08/01/96         25
    556979                               N            07/01/11
    0


    1500426          664/728             F           70,500.00         ZZ
                                         180         69,898.10          2
    1057-1059 NORTH 2ND STREET         8.250            683.95         75
                                       8.000            683.95       94,000.00
    ROCKFORD         IL   61107          2            05/06/96         00
    0380485525                           05           06/01/96          0
    664                                  N            05/01/11
    0


    1500428          664/728             F           51,000.00         ZZ
                                         180         50,564.56          2
    2807-2809 GLENWOOD AVENUE          8.250            494.78         75
                                       8.000            494.78       68,000.00
    ROCKFORD         IL   61103          2            05/06/96         00
    0380485483                           05           06/01/96          0
    664                                  N            05/01/11
    0


    1500622          A78/728             F           61,500.00         ZZ
                                         180         61,014.21          1
    819 VANDERBILT COURT               9.125            628.36         54
                                       8.875            628.36      114,000.00
    FORT COLLINS     CO   80525          5            04/29/96         00
    0380441577                           05           06/01/96          0
    080570782                            N            05/01/11
    0


    1500623          638/728             F           25,000.00         ZZ
                                         180         24,859.75          1
    3005 EAST 17TH STREET              8.375            244.36         90
                                       8.125            244.36       27,780.00
    TUCSON           AZ   85716          1            05/20/96         04
    0380467317                           05           07/01/96         30
    8571552                              N            06/01/11
    0


1


    1500693          664/728             F           51,000.00         ZZ
                                         180         50,564.56          2
    2702-2708 PRIAL AVENUE             8.250            494.78         75
                                       8.000            494.78       68,000.00
    ROCKFORD         IL   61103          2            05/06/96         00
    0380485533                           05           06/01/96          0
    2138345                              N            05/01/11
    0


    1500710          E22/728             F           32,000.00         ZZ
                                         180         31,741.53          1
    234 W CLARK                        8.875            322.19         80
                                       8.625            322.19       40,000.00
    CANYON LAKE      TX   78133          1            04/26/96         04
    0410078067                           05           06/01/96         12
    410078067                            N            05/01/11
    0


    1500839          560/560             F          100,000.00         ZZ
                                         180         99,420.09          1
    4778 W 191ST STREET                8.000            955.66         49
                                       7.750            955.66      205,000.00
    TORRANCE         CA   90503          5            05/22/96         00
    4500443379                           05           07/01/96          0
    4500443379                           N            06/01/11
    0


    1500854          180/728             F           25,500.00         ZZ
                                         180         25,434.86          1
    1908-10 ST ROCH AVENUE             9.375            264.36         85
                                       9.125            264.36       30,000.00
    NEW ORLEANS      LA   70117          1            06/04/96         04
    0380474966                           05           08/01/96         20
    4368940                              N            07/01/11
    0


    1500958          470/470             F           37,400.00         ZZ
                                         180         37,208.17          1
    116 SOUTH 33RD STREET              9.375            387.73         59
                                       9.125            387.73       63,500.00
    BILLINGS         MT   59101          5            05/06/96         00
    51010215                             05           07/01/96          0
    51010215                             N            06/01/11
    0


    1500979          B28/728             F           40,000.00         ZZ
                                         180         39,787.79          1
    2023 MINER STREET                  9.000            405.71         52
                                       8.750            405.71       77,000.00
1


    IDAHO SPRINGS    CO   80452          5            05/09/96         00
    0380449240                           05           07/01/96          0
    01960112                             N            06/01/11
    0


    1501101          E22/728             F           25,600.00         ZZ
                                         180         25,411.03          2
    3030 EAST 37TH STREET              9.875            273.14         47
                                       9.625            273.14       55,000.00
    INDIANAPOLIS     IN   46218          2            04/30/96         00
    0410140081                           05           06/01/96          0
    410140081                            N            05/01/11
    0


    1501164          E22/728             F           26,400.00         ZZ
                                         180         26,264.59          1
    606 GRANBERRY STREET               9.375            273.69         75
                                       9.125            273.69       35,200.00
    HUMBLE           TX   77338          1            05/06/96         00
    0410082960                           05           07/01/96          0
    410082960                            N            06/01/11
    0


    1501200          560/560             F           63,200.00         ZZ
                                         180         62,875.84          3
    106 COUNTY STREET                  9.375            655.20         80
                                       9.125            655.20       79,000.00
    ATTLEBORO        MA   02703          1            05/06/96         10
    450423785                            05           07/01/96         22
    450423785                            N            06/01/11
    0


    1501333          405/405             F           69,200.00         ZZ
                                         180         67,261.11          1
    3138 WAIALAE AVENUE 510            7.500            641.50         27
                                       7.250            641.50      264,000.00
    HONOLULU         HI   96816          2            10/03/95         00
    0003773264                           06           12/01/95          0
    0003773264                           N            11/01/10
    0


    1501458          E22/728             F           55,800.00         ZZ
                                         180         55,364.16          1
    8638 JUSTIN AVENUE                 9.250            574.29         90
                                       9.000            574.29       62,000.00
    BATON ROUGE      LA   70809          1            04/24/96         04
    0410076970                           05           06/01/96         25
    410076970                            N            05/01/11
    0
1




    1501532          664/728             F           33,150.00         ZZ
                                         180         32,899.67          2
    1510 18TH AVENUE                   9.625            348.67         85
                                       9.375            348.67       39,000.00
    ROCKFORD         IL   61110          1            05/09/96         01
    0380451634                           05           06/01/96         25
    2186831                              N            05/01/11
    0


    1501594          286/286             F           95,000.00         ZZ
                                         180         92,843.67          1
    1031 SAINT MICHAEL ROAD            7.875            901.03         36
                                       7.625            901.03      264,000.00
    MT AIRY          MD   21771          5            02/22/96         00
    8385210                              05           04/01/96          0
    8385210                              O            03/01/11
    0


    1501679          526/728             F           28,050.00         ZZ
                                         180         27,833.34          2
    202 NORTH HOLMES AVENUE            9.375            290.80         85
                                       9.125            290.80       33,000.00
    INDIANAPOLIS     IN   46222          1            05/03/96         04
    0380445792                           05           06/01/96         20
    116859                               N            05/01/11
    0


    1501714          526/728             F           22,400.00         ZZ
                                         180         22,226.99          1
    2710 W. OHIO ST.                   9.375            232.22         90
                                       9.125            232.22       24,900.00
    INDIANAPOLIS     IN   46222          1            05/03/96         10
    0380445818                           05           06/01/96         25
    116803                               N            05/01/11
    0


    1501748          E22/728             F           61,600.00         ZZ
                                         180         60,314.93          1
    6421 PERRY PINES                   7.875            584.25         70
                                       7.625            584.25       88,000.00
    INDIANAPOLIS     IN   46237          1            12/29/95         00
    0410075345                           05           02/01/96          0
    410075345                            N            01/01/11
    0


    1501759          E22/728             F           25,900.00         ZZ
                                         180         25,699.97          1
1


    11267 CHALMERS                     9.375            268.51         90
                                       9.125            268.51       28,800.00
    WARREN           MI   48089          1            04/26/96         01
    0410139950                           05           06/01/96         25
    410139950                            N            05/01/11
    0


    1501762          E22/728             F           30,150.00         ZZ
                                         180         29,917.15          1
    8660 TIMKEN                        9.375            312.57         90
                                       9.125            312.57       33,500.00
    WARREN           MI   48089          1            04/26/96         04
    0410140008                           05           06/01/96         25
    410140008                            N            05/01/11
    0


    1501882          232/232             F           52,500.00         ZZ
                                         180         52,221.48          1
    9607 LAWNGATE DRIVE                9.000            532.49         69
                                       8.750            532.49       76,500.00
    HOUSTON          TX   77080          5            05/29/96         00
    7016493                              05           07/01/96          0
    7016493                              N            06/01/11
    0


    1501942          623/623             F           81,500.00         ZZ
                                         180         80,246.03          1
    3070 GREENVALE DRIVE               7.625            761.32         59
                                       7.375            761.32      140,000.00
    COLUMBUS         OH   43235          2            04/01/96         00
    878332                               05           05/01/96          0
    878332                               O            04/01/11
    0


    1501947          623/623             F           45,000.00         ZZ
                                         180         44,753.11          2
    721 S PARK                         8.625            446.44         65
                                       8.375            446.44       70,000.00
    KALAMAZOO        MI   49007          5            05/03/96         00
    886244                               05           07/01/96          0
    886244                               N            06/01/11
    0


    1501948          623/623             F           75,000.00         T
                                         180         44,330.52          1
    868 BRECKENBORO DRIVE              7.750            705.96         45
                                       7.500            705.96      168,000.00
    DAVIS            IL   61019          5            04/15/96         00
    882034                               05           06/01/96          0
1


    882034                               O            05/01/11
    0


    1501958          623/623             F           32,500.00         ZZ
                                         180         32,219.44          2
    94 E 23RD                          8.125            312.94         55
                                       7.875            312.94       60,000.00
    HOLLAND          MI   49423          5            04/15/96         00
    884869                               05           06/01/96          0
    884869                               N            05/01/11
    0


    1501962          623/623             F           55,000.00         ZZ
                                         180         54,550.46          1
    4874 NOTHTOWNE BLVD                8.750            549.70         57
                                       8.500            549.70       96,900.00
    COLUMBUS         OH   43229          5            04/01/96         00
    886610                               05           06/01/96          0
    886610                               O            05/01/11
    0


    1501964          623/623             F          107,000.00         ZZ
                                         180        105,777.77          1
    8330 LORRAINE DRIVE                8.250          1,038.05         73
                                       8.000          1,038.05      148,500.00
    STRONGSVILLE     OH   44136          2            03/29/96         00
    886756                               05           05/01/96          0
    886756                               O            04/01/11
    0


    1501965          623/623             F           40,000.00         ZZ
                                         180         39,634.36          1
    22153 WALTZ ROAD                   8.250            388.06         32
                                       8.000            388.06      127,500.00
    NEW BOSTON       MI   48164          5            04/25/96         00
    885920                               05           06/01/96          0
    885920                               O            05/01/11
    0


    1501967          623/623             F           80,000.00         ZZ
                                         180         79,076.10          1
    276 WEST ARBORETUM DRIVE           8.125            770.31         47
                                       7.875            770.31      173,485.00
    LOMBARD          IL   60148          1            04/01/96         00
    886516                               01           05/01/96          0
    886516                               O            04/01/11
    0


1


    1501968          623/623             F          225,000.00         ZZ
                                         180        222,457.94          1
    2425 QUEEN PALM ROAD               8.375          2,199.21         53
                                       8.125          2,199.21      430,000.00
    BOCA RATON       FL   33432          5            03/27/96         00
    884446                               03           05/01/96          0
    884446                               O            04/01/11
    0


    1501970          623/623             F          110,900.00         ZZ
                                         180        109,446.73          1
    39691 BAKER                        8.875          1,116.59         75
                                       8.625          1,116.59      147,900.00
    STERLING HEIGHT  MI   48310          1            05/01/96         00
    888955                               05           06/01/96          0
    888955                               O            05/01/11
    0


    1501973          623/623             F           60,000.00         ZZ
                                         180         58,783.24          1
    2000 TOWERSIDE TERRACE #1406       8.125            577.73         46
                                       7.875            577.73      132,000.00
    MIAMI            FL   33138          5            03/29/96         00
    884493                               06           05/01/96          0
    884493                               O            04/01/11
    0


    1501979          623/623             F          169,000.00         ZZ
                                         180        167,604.22          2
    2331 NORTH WESTERN                 8.625          1,676.62         65
                                       8.375          1,676.62      260,000.00
    CHICAGO          IL   60647          5            04/03/96         00
    887413                               05           06/01/96          0
    887413                               N            05/01/11
    0


    1501985          623/623             F           40,000.00         ZZ
                                         180         39,662.25          1
    460 NORTH MAIN ST                  8.375            390.97         50
    UNIT #N107                         8.125            390.97       80,000.00
    WAUCONDA         IL   60084          5            04/05/96         00
    881880                               01           06/01/96          0
    881880                               O            05/01/11
    0


    1501987          623/623             F           97,600.00         ZZ
                                         180         96,820.40          1
    5845 CHICKADEE LANE                9.000            989.93         80
                                       8.750            989.93      122,000.00
1


    CLARKSTON        MI   48346          1            05/15/96         00
    886724                               05           06/01/96          0
    886724                               O            05/01/11
    0


    1502008          623/623             F          195,000.00         ZZ
                                         180        193,371.55          1
    1425 BONITA AVENUE                 8.500          1,920.24         65
                                       8.250          1,920.24      300,000.00
    PARK RIDGE       IL   60068          5            04/10/96         00
    886791                               05           06/01/96          0
    886791                               N            05/01/11
    0


    1502031          623/623             F           48,750.00         ZZ
                                         180         48,342.89          2
    213 WRIGHT AVENUE                  8.500            480.06         65
                                       8.250            480.06       75,000.00
    UPLAND           IN   46989          5            04/23/96         00
    888575                               05           06/01/96          0
    888575                               N            05/01/11
    0


    1502101          731/728             F           48,300.00         ZZ
                                         180         48,055.07          1
    517 LYNHAVEN DRIVE                 9.500            504.36         70
                                       9.250            504.36       69,000.00
    ATLANTA          GA   30310          5            05/16/96         00
    0380457490                           05           07/01/96          0
    3140962003                           O            06/01/11
    0


    1502253          498/728             F           46,200.00         ZZ
                                         180         45,963.04          1
    5721 82ND AVENUE,N.                9.375            478.96         70
                                       9.125            478.96       66,000.00
    PINELLAS PARK    FL   34665          5            05/15/96         00
    0380448986                           05           07/01/96          0
    1446410                              N            06/01/11
    0


    1502453          E38/728             F          113,400.00         ZZ
                                         180        112,824.93          2
    180 NORTH 400 EAST                 9.500          1,184.15         70
                                       9.250          1,184.15      162,000.00
    PROVO            UT   84606          5            05/22/96         00
    0380466525                           05           07/01/96          0
    151452                               N            06/01/11
    0
1




    1502507          E22/728             F           26,250.00         ZZ
                                         180         26,040.34          1
    1300 N E MIAMI GARDENS DRIVE       9.000            266.24         75
    UNIT # 512E                        8.750            266.24       35,000.00
    NORTH MIAMI BEA  FL   33179          2            05/06/96         00
    0410117246                           06           06/01/96          0
    410117246                            N            05/01/11
    0


    1502633          E22/728             F           20,000.00         ZZ
                                         180         19,847.27          1
    320 KENMORE DRIVE                  9.500            208.84         46
    (KNIGHT TWP)                       9.250            208.84       44,200.00
    EVANSVILLE       IN   47714          5            04/29/96         00
    0410083307                           05           06/01/96          0
    410083307                            N            05/01/11
    0


    1502884          A76/728             F          132,300.00         ZZ
                                         180        131,474.16          1
    3640 YACHT CLUB DRIVE #1409        8.625          1,312.53         70
                                       8.375          1,312.53      189,000.00
    N. MIAMI BEACH   FL   33180          1            05/31/96         00
    0380481797                           06           07/01/96          0
    255614                               O            06/01/11
    0


    1502961          405/405             F           68,000.00         ZZ
                                         180         67,826.29          1
    5270 EAST HIGHLINE PLACE           9.375            704.96         67
                                       9.125            704.96      103,000.00
    DENVER           CO   80222          2            06/13/96         00
    3949146                              05           08/01/96          0
    3949146                              O            07/01/11
    0


    1503041          661/661             F          550,000.00         ZZ
                                         180        546,845.58          1
    926 SHERIDAN ROAD                  8.125          5,295.85        100
                                       7.875          5,295.85      550,000.00
    EVANSTON         IL   60202          1            05/10/96         94
    2496081                              05           07/01/96         30
    2496081                              O            06/01/11
    0


    1503042          661/661             F          615,000.00         ZZ
                                         180        611,550.04          1
1


    6301 TURNBERRY CIRCLE              8.375          6,011.17         82
                                       8.125          6,011.17      750,000.00
    HUNTINGTON CIRC  CA   92648          2            05/15/96         94
    2502516                              03           07/01/96         30
    2502516                              O            06/01/11
    0


    1503138          E22/728             F           17,000.00         ZZ
                                         180         16,870.16          1
    413 S CONGRESS AVENUE              9.500            177.52         36
    (KNIGHT TWP)                       9.250            177.52       47,500.00
    EVANSVILLE       IN   47714          5            04/29/96         00
    0410140040                           05           06/01/96          0
    410140040                            N            05/01/11
    0


    1503232          526/728             F           54,400.00         ZZ
                                         180         53,771.97          1
    320 LUCILLE STREET                 9.250            559.89         80
                                       9.000            559.89       68,000.00
    IRVING           TX   75060          1            04/30/96         04
    0380467622                           05           06/01/96         25
    120760                               N            05/01/11
    0


    1503298          E22/728             F           29,700.00         ZZ
                                         180         29,551.08          1
    7387 E 54TH STREET                 9.625            312.38         90
    (LAWRENCE TWP)                     9.375            312.38       33,000.00
    INDIANAPOLIS     IN   46226          1            05/08/96         04
    0410082804                           05           07/01/96         25
    410082804                            N            06/01/11
    0


    1503299          E22/728             F          126,000.00         ZZ
                                         180        125,138.27          1
    11761 WOODSONG COURT               9.125          1,287.36         78
                                       8.875          1,287.36      163,000.00
    BOCA RATON       FL   33428          5            05/17/96         00
    0410117790                           03           07/01/96          0
    410117790                            O            06/01/11
    0


    1503309          E22/728             F           35,000.00         T
                                         180         34,814.33          1
    10155 N W  9TH STREET CIRCLE       9.000            354.99         50
    UNIT #206                          8.750            354.99       70,000.00
    MIAMI            FL   33172          1            05/10/96         00
    0410119416                           08           07/01/96          0
1


    410119416                            O            06/01/11
    0


    1503449          A52/728             F           38,400.00         ZZ
                                         180         38,301.91          1
    RT 1 BOX 14G                       9.375            398.09         80
                                       9.125            398.09       48,000.00
    THOMASVILLE      AL   36784          5            06/21/96         00
    0380471160                           05           08/01/96          0
    UNKNOWN                              O            07/01/11
    0


    1503531          526/728             F           46,750.00         ZZ
                                         180         46,380.71          2
    641 HOMESTEAD ROAD                 9.125            477.66         85
                                       8.875            477.66       55,000.00
    WILMINGTON       DE   19804          1            04/30/96         10
    0380454687                           05           06/01/96         25
    114597                               N            05/01/11
    0


    1503608          963/728             F           61,600.00         ZZ
                                         180         61,444.42          1
    17741 SW 115 AVENUE                9.500            643.25         70
                                       9.250            643.25       88,000.00
    MIAMI            FL   33157          5            06/19/96         00
    0380476524                           05           08/01/96          0
    960177                               N            07/01/11
    0


    1503632          664/728             F           44,100.00         ZZ
                                         180         43,866.03          1
    3639 EAST "F" STREET               9.000            447.30         90
                                       8.750            447.30       49,000.00
    TACOMA           WA   98404          1            05/10/96         04
    0380461021                           05           07/01/96         25
    2193258                              N            06/01/11
    0


    1503709          E22/728             F          228,000.00         ZZ
                                         180        226,116.96          1
    402 ESTE ES PLACE                  8.625          2,261.94         36
                                       8.375          2,261.94      650,000.00
    TAOS             NM   87571          5            04/26/96         00
    0410131429                           05           06/01/96          0
    410131429                            O            05/01/11
    0


1


    1503953          757/757             F           36,375.00         ZZ
                                         180         36,186.32          1
    554 BARBARA AVENUE                 9.250            374.37         75
                                       9.000            374.37       48,500.00
    SWAINSBORO       GA   30401          1            05/24/96         00
    2780054                              05           07/01/96          0
    2780054                              N            06/01/11
    0


    1504078          E22/728             F           48,000.00         ZZ
                                         180         47,756.58          1
    10212 EDELWEISS CIRCLE             9.500            501.23         75
                                       9.250            501.23       64,000.00
    MERRIAM          KS   66203          1            05/24/96         00
    0410076582                           09           07/01/96          0
    410076582                            N            06/01/11
    0


    1504387          E22/728             F           75,000.00         T
                                         180         74,597.64          1
    2902 FALLING TREE CIRCLE           8.875            755.13         75
                                       8.625            755.13      100,000.00
    ORLANDO          FL   32837          1            05/17/96         00
    0410120620                           03           07/01/96          0
    410120620                            O            06/01/11
    0


    1504468          286/286             F           30,200.00         ZZ
                                         180         30,121.09          2
    221 S. 7TH STREET                  9.125            308.56         80
                                       8.875            308.56       37,800.00
    HAMILTON         OH   45011          1            06/17/96         10
    8581674                              05           08/01/96         12
    8581674                              N            07/01/11
    0


    1504524          766/728             F           38,000.00         ZZ
                                         180         37,797.90          1
    14925 SW 104 STREET #104           9.000            385.42         80
                                       8.750            385.42       48,000.00
    MAIMI            FL   33196          1            05/31/96         04
    0380455700                           01           07/01/96         12
    96OZ0193                             N            06/01/11
    0


    1504778          B28/728             F          318,000.00         ZZ
                                         180        316,293.91          1
    246 LEDOUX STREET                  8.875          3,201.77         48
                                       8.625          3,201.77      665,000.00
1


    TAOS             NM   87571          2            05/16/96         00
    0380459116                           05           07/01/96          0
    05961725                             O            06/01/11
    0


    1504786          910/728             F           42,700.00         ZZ
                                         180         42,592.16          1
    345 WEST 1100 NORTH #1             9.500            445.88         70
                                       9.250            445.88       61,000.00
    LOGAN            UT   84321          5            06/18/96         00
    0380477704                           03           08/01/96          0
    164223                               N            07/01/11
    0


    1504798          E22/728             F           59,200.00         ZZ
                                         180         58,788.68          1
    421 S W 8TH AVENUE                 9.125            604.86         80
                                       8.875            604.86       74,000.00
    BOYNTON BEACH    FL   33435          1            05/23/96         00
    0410120588                           05           07/01/96          0
    410120588                            O            06/01/11
    0


    1504823          E22/728             F           42,400.00         ZZ
                                         180         42,175.06          1
    3609 EDGEBROOK DRIVE               9.000            430.05         80
                                       8.750            430.05       53,000.00
    MESQUITE         TX   75150          2            05/21/96         04
    0410131494                           05           07/01/96         12
    410131494                            N            06/01/11
    0


    1504865          526/728             F           53,500.00         ZZ
                                         180         53,203.19          1
    5844 BLACKTHORNE AVENUE            8.500            526.84         30
                                       8.250            526.84      180,000.00
    LAKEWOOD         CA   90712          5            05/02/96         00
    0380462714                           05           07/01/96          0
    122448                               N            06/01/11
    0


    1504887          A01/728             F           38,400.00         ZZ
                                         180         38,205.24          1
    4121 LINK ROAD                     9.500            400.99         80
                                       9.250            400.99       48,000.00
    KNOXVILLE        TN   39718          5            05/30/96         00
    0380465592                           05           07/01/96          0
    96051188                             O            06/01/11
    0
1




    1504925          E22/728             F           16,200.00         ZZ
                                         180         16,032.54          1
    53 LEILA ST                        9.375            167.94         90
                                       9.125            167.94       18,000.00
    AKRON            OH   44310          1            03/22/96         04
    0410103592                           05           05/01/96         25
    410103592                            N            04/01/11
    0


    1504930          A46/728             F           87,200.00         ZZ
                                         180         86,966.95          1
    5846 VALLEY FORGE DRIVE            8.875            877.97         80
                                       8.625            877.97      109,000.00
    HOUSTON          TX   77057          1            06/24/96         00
    0380480385                           01           08/01/96          0
    UNKNOWN                              O            07/01/11
    0


    1504935          595/728             F           36,400.00         ZZ
                                         180         36,209.06          1
    403 TEAKWOOD                       9.125            371.90         70
                                       8.875            371.90       52,000.00
    YUKON            OK   73099          5            05/17/96         00
    0380462391                           05           07/01/96          0
    6056659                              N            06/01/11
    0


    1504946          E22/728             F          280,000.00         ZZ
                                         180        278,497.81          1
    655 WEST 35TH PLACE                8.875          2,819.16         80
                                       8.625          2,819.16      350,000.00
    EUGENE           OR   97405          2            05/20/96         00
    0410111447                           05           07/01/96          0
    410111447                            O            06/01/11
    0


    1504956          E22/728             F           50,000.00         ZZ
                                         180         49,749.30          1
    915 W 37TH STREET                  9.625            525.89         60
                                       9.375            525.89       84,000.00
    HIALEAH          FL   33012          5            05/28/96         00
    0410120224                           07           07/01/96          0
    410120224                            N            06/01/11
    0


    1504988          766/728             F           32,300.00         T
                                         180         32,218.43          1
1


    19201 COLLINS AVE #403             9.500            337.28         75
                                       9.250            337.28       43,150.00
    MIAMI            FL   33160          1            06/19/96         00
    0380474990                           06           08/01/96          0
    96HA063                              O            07/01/11
    0


    1505067          E22/728             F           52,950.00         ZZ
                                         180         52,672.23          2
    2019 SOUTH 16TH STREET             9.125            541.00         90
                                       8.875            541.00       58,850.00
    PHILADELPHIA     PA   19145          1            05/15/96         04
    0410074447                           07           07/01/96         25
    410074447                            N            06/01/11
    0


    1505165          076/076             F           72,400.00         ZZ
                                         180         71,617.37          1
    6679 BUCKSTONE COURT               8.875            728.96         66
                                       8.625            728.96      110,000.00
    COLUMBIA         MD   21044          2            03/25/96         00
    5546282                              05           05/01/96          0
    5546282                              N            04/01/11
    0


    1505218          E22/728             F           51,250.00         ZZ
                                         180         50,930.78          1
    1968 SAUNDERS AVENUE               9.125            523.63         41
                                       8.875            523.63      126,250.00
    ST PAUL          MN   55116          1            05/10/96         00
    0410105647                           05           07/01/96          0
    410105647                            O            06/01/11
    0


    1505275          561/728             F           70,000.00         ZZ
                                         180         69,598.52          1
    499 PCP WINDING WAY                8.125            674.02         72
                                       7.875            674.02       97,500.00
    TOBYHANNA        PA   18466          2            05/23/96         00
    0380469172                           03           07/01/96          0
    8782914                              O            06/01/11
    0


    1505304          E22/728             F           30,100.00         ZZ
                                         180         29,950.78          1
    710 LOUDEN AVENUE                  9.750            318.87         70
                                       9.500            318.87       43,000.00
    DUNEDIN          FL   34698          1            05/23/96         00
    0410121560                           05           07/01/96          0
1


    410121560                            N            06/01/11
    0


    1505314          E22/728             F           41,500.00         ZZ
                                         180         41,183.98          1
    47 WEST 23 STREET UNIT # 9         9.250            427.11         80
                                       9.000            427.11       52,000.00
    HIALEAH          FL   33010          2            05/15/96         00
    0410118764                           01           07/01/96          0
    410118764                            O            06/01/11
    0


    1505399          E22/728             F           41,600.00         ZZ
                                         180         41,379.32          1
    2225 SYBIL DRIVE                   9.000            421.93         80
                                       8.750            421.93       52,000.00
    MESQUITE         TX   75149          2            05/21/96         04
    0410137368                           05           07/01/96         12
    410137368                            N            06/01/11
    0


    1505402          E22/728             F           36,250.00         ZZ
                                         180         36,057.70          1
    2827 CATALINA DRIVE                9.000            367.67         70
                                       8.750            367.67       52,000.00
    MESQUITE         TX   75150          2            05/21/96         00
    0410131510                           05           07/01/96          0
    410131510                            N            06/01/11
    0


    1505405          E22/728             F           66,500.00         ZZ
                                         180         66,135.17          1
    2701 CARVER ROAD                   8.625            659.73         70
                                       8.375            659.73       95,000.00
    MODESTO          CA   95350          5            05/17/96         00
    0410179386                           05           07/01/96          0
    410179386                            N            06/01/11
    0


    1505407          526/728             F           33,000.00         ZZ
                                         180         32,832.64          3
    344 POTOMAC AVENUE                 9.500            344.60         75
                                       9.250            344.60       44,000.00
    BUFFALO          NY   14213          1            05/20/96         00
    0380459512                           05           07/01/96          0
    00119148                             N            06/01/11
    0


1


    1505418          E22/728             F           27,650.00         ZZ
                                         180         27,499.98          1
    12755 MILL RIDGE DRIVE #201        8.750            276.35         70
                                       8.500            276.35       39,500.00
    CYPRESS          TX   77429          1            05/22/96         00
    0410131643                           01           07/01/96          0
    410131643                            N            06/01/11
    0


    1505560          526/728             F            7,000.00         ZZ
                                         180          6,965.68          1
    2835 RAYTOWN ROAD                  9.875             74.69         71
                                       9.625             74.69        9,950.00
    KANSAS CITY      MO   64128          1            05/14/96         00
    0380467952                           05           07/01/96          0
    120926                               N            06/01/11
    0


    1505700          232/076             F           40,800.00         ZZ
                                         180         40,588.35          3
    4100 OTTERBEIN                     9.250            419.92         60
                                       9.000            419.92       68,000.00
    INDIANAPOLIS     IN   46227          5            05/16/96         00
    11019381                             05           07/01/96          0
    11019381                             N            06/01/11
    0


    1505758          766/728             F          111,600.00         ZZ
                                         180        111,034.07          1
    4666 W 6 AVENUE                    9.500          1,165.35         80
                                       9.250          1,165.35      139,500.00
    HIALEAH          FL   33012          1            05/31/96         04
    0380465485                           05           07/01/96         12
    96AC0110                             N            06/01/11
    0


    1505840          526/728             F           33,750.00         ZZ
                                         180         33,480.41          1
    114 E. SOUTH                       9.000            342.32         90
                                       8.750            342.32       37,500.00
    WELLINGTON       KS   67152          1            04/19/96         04
    0380467705                           05           06/01/96         25
    113851                               N            05/01/11
    0


    1505889          560/560             F          100,000.00         ZZ
                                         180         99,720.49          1
    3225 N 36 AVENUE                   8.375            977.43         68
                                       8.125            977.43      149,000.00
1


    HOLLYWOOD        FL   33021          1            06/28/96         00
    450472071                            03           08/01/96          0
    450472071                            O            07/01/11
    0


    1505905          B28/728             F          158,400.00         ZZ
                                         180        157,521.24          4
    302-308 EAST EVANS AVENUE          8.500          1,559.83         90
                                       8.250          1,559.83      176,000.00
    DENVER           CO   80224          1            05/13/96         14
    0380472374                           05           07/01/96         25
    01960279                             O            06/01/11
    0


    1505923          480/728             F           24,000.00         ZZ
                                         180         23,940.07          1
    1108 ARCH STREET                   9.625            252.43         80
                                       9.375            252.43       30,000.00
    TAMPA            FL   33637          1            06/07/96         10
    0380466699                           05           08/01/96         12
    1246859                              N            07/01/11
    0


    1506042          470/470             F          350,000.00         T
                                         180        348,058.30          1
    4236 HOUSTON ROAD                  8.500          3,446.59         51
                                       8.250          3,446.59      695,000.00
    MACKAY           ID   83251          2            05/13/96         00
    62019598                             05           07/01/96          0
    62019598                             O            06/01/11
    0


    1506059          E22/728             F          182,500.00         ZZ
                                         180        181,476.24          1
    2432 SUNSET DRIVE                  8.375          1,783.80         55
                                       8.125          1,783.80      335,000.00
    TAMPA            FL   33629          5            05/17/96         00
    0410120075                           05           07/01/96          0
    410120075                            O            06/01/11
    0


    1506069          E22/728             F           19,250.00         ZZ
                                         180         19,152.39          1
    1935 CONWAY ROAD SOUTH             9.500            201.01         70
    UNIT # Q3                          9.250            201.01       27,500.00
    ORLANDO          FL   32812          2            06/03/96         00
    0410120943                           01           07/01/96          0
    410120943                            N            06/01/11
    0
1




    1506088          E22/728             F           17,100.00         ZZ
                                         180         17,013.59          1
    217 W MILLER AVE                   9.875            182.45         90
                                       9.625            182.45       19,000.00
    AKRON            OH   44301          1            05/15/96         01
    0410138853                           05           07/01/96         25
    410138853                            N            06/01/11
    0


    1506206          766/728             F           33,450.00         ZZ
                                         180         33,365.52          1
    19201 COLLINS AVE #1129            9.500            349.29         66
                                       9.250            349.29       51,450.00
    MIAMI            FL   33160          1            06/10/96         00
    0380477563                           22           08/01/96          0
    96HA062                              N            07/01/11
    0


    1506226          766/728             F           35,925.00         T
                                         180         35,836.31          1
    19201 COLLINS AVENUE #829          9.750            380.58         75
                                       9.500            380.58       47,900.00
    MIAMI            FL   33160          1            06/10/96         00
    0380476813                           22           08/01/96          0
    96HA058                              O            07/01/11
    0


    1506240          180/728             F           40,600.00         ZZ
                                         180         40,499.78          1
    1948 GALENA STREET                 9.750            430.10         70
                                       9.500            430.10       58,000.00
    AURORA           CO   80010          5            06/27/96         00
    0380495599                           05           08/01/96          0
    4413910                              N            07/01/11
    0


    1506248          E22/728             F           31,500.00         ZZ
                                         180         31,338.44          1
    8711 VALLEY FLAG DRIVE             9.375            326.56         89
                                       9.125            326.56       35,500.00
    HOUSTON          TX   77078          1            05/24/96         04
    0410132310                           03           07/01/96         25
    410132310                            N            06/01/11
    0


    1506261          E22/728             F           22,500.00         ZZ
                                         180         22,373.78          2
1


    4626-4628 SOUTH UNION AVENUE       8.375            219.92         52
                                       8.125            219.92       44,000.00
    TULSA            OK   74107          5            05/23/96         00
    0410132765                           05           07/01/96          0
    410132765                            N            06/01/11
    0


    1506337          E22/728             F           35,600.00         ZZ
                                         180         35,400.30          1
    4914 ROLLING VISTA ST              8.375            347.96         75
                                       8.125            347.96       47,500.00
    MESQUITE         TX   75150          1            05/23/96         00
    0410132914                           09           07/01/96          0
    410132914                            N            06/01/11
    0


    1506404          F03/728             F           59,850.00         ZZ
                                         180         59,691.84          1
    3303 ONEIDA DRIVE                  9.000            607.04         70
                                       8.750            607.04       85,500.00
    SAN ANTONIO      TX   78230          1            06/25/96         00
    0380483645                           05           08/01/96          0
    10058                                O            07/01/11
    0


    1506496          766/728             F           85,800.00         ZZ
                                         180         85,570.69          1
    421 S. ATLANTIC AVE #301           8.875            863.87         75
                                       8.625            863.87      114,500.00
    NEW SMYRNA BEAC  FL   32169          1            06/13/96         00
    0380468885                           21           08/01/96          0
    96DA0226                             N            07/01/11
    0


    1506527          405/405             F           90,300.00         ZZ
                                         180         90,053.18          1
    12 BROOKFIELD ROAD                 8.625            895.85         70
                                       8.375            895.85      129,000.00
    PASADENA         MD   21122          5            07/05/96         00
    3951274                              05           08/01/96          0
    3951274                              N            07/01/11
    0


    1506619          882/728             F           34,870.00         T
                                         180         34,779.91          1
    19201 COLLINS AVENUE               9.250            358.88         75
    723                                9.000            358.88       46,500.00
    NORTH MIAMI BEA  FL   33160          1            06/28/96         00
    0380486119                           06           08/01/96          0
1


    UNKNOWN                              N            07/01/11
    0


    1506633          E22/728             F          132,000.00         ZZ
                                         180        129,280.20          1
    1068 N W 116TH AVENUE              9.500          1,378.38         68
                                       9.250          1,378.38      194,354.00
    CORAL SPRINGS    FL   33071          1            05/29/96         00
    0410000848                           03           07/01/96          0
    410000848                            O            06/01/11
    0


    1506687          E22/728             F           52,000.00         ZZ
                                         180         50,867.28          1
    8901 RENA LANE                     9.000            527.42         63
                                       8.750            527.42       83,000.00
    ROCKFORD         IL   61115          2            05/25/96         00
    0410168728                           05           07/01/96          0
    410168728                            O            06/01/11
    0


    1506704          E22/728             F           75,900.00         ZZ
                                         180         74,932.99          1
    3360 N ELMS ROAD                   7.875            719.87         80
                                       7.625            719.87       94,900.00
    FLUSHING         MI   48433          1            05/23/96         04
    0410077077                           05           07/01/96         12
    410077077                            N            06/01/11
    0


    1506822          E22/728             F          114,300.00         ZZ
                                         180        114,017.84          4
    627-629 BUNKER ROAD                9.750          1,210.85         90
                                       9.500          1,210.85      127,000.00
    WEST PALM BEACH  FL   33405          1            06/11/96         04
    0410120737                           05           08/01/96         25
    410120737                            N            07/01/11
    0


    1506987          E22/728             F           77,400.00         ZZ
                                         180         77,016.30          1
    802 SUN TERRACE COURT UNIT # B     9.750            819.95         90
                                       9.500            819.95       86,000.00
    PALM BEACH GARD  FL   33403          1            05/24/96         01
    0410121396                           09           07/01/96         25
    410121396                            N            06/01/11
    0


1


    1506998          E22/728             F           27,000.00         ZZ
                                         180         26,870.66          1
    430 HARMON PLACE N E              10.125            292.21         90
                                       9.875            292.21       30,000.00
    MASSILLON        OH   44646          1            05/31/96         01
    0410140875                           05           07/01/96         25
    410140875                            N            06/01/11
    0


    1508091          E22/728             F           32,400.00         ZZ
                                         180         31,931.48          1
    1214 ROSS LANE                     9.375            335.89         60
                                       9.125            335.89       54,000.00
    SEAGOVILLE       TX   75159          1            06/04/96         00
    0410199764                           05           07/01/96          0
    410199764                            N            06/01/11
    0


    1508097          E22/728             F          328,000.00         ZZ
                                         180        326,259.92          1
    9360 S W  102ND STREET             9.000          3,326.79         80
                                       8.750          3,326.79      410,000.00
    MIAMI            FL   33176          1            05/29/96         00
    0410118392                           05           07/01/96          0
    410118392                            O            06/01/11
    0


    1508099          E22/728             F          161,000.00         ZZ
                                         180        160,076.61          1
    256 KAILEY WAY                     8.125          1,550.24         70
                                       7.875          1,550.24      230,000.00
    COPPELL          TX   75019          1            05/30/96         00
    0410133128                           03           07/01/96          0
    410133128                            O            06/01/11
    0


    1508116          E22/728             F           40,950.00         ZZ
                                         180         40,850.06          1
    1714 3RD AVE                       9.875            436.92         90
                                       9.625            436.92       45,500.00
    COUNCIL BLUFFS   IA   51501          1            06/11/96         01
    0410178818                           05           08/01/96         25
    410178818                            N            07/01/11
    0


    1508290          736/728             F          324,000.00         ZZ
                                         180        323,143.78          1
    3288A COOLEY MESA ROAD             9.000          3,286.22         90
                                       8.750          3,286.22      360,000.00
1


    GYPSUM           CO   81637          1            06/04/96         96
    0380487695                           05           08/01/96          0
    473918                               O            07/01/11
    0


    1508292          736/728             F           93,000.00         ZZ
                                         180         92,759.72          1
    33-35 DENVER WAY                   9.250            957.15         69
                                       9.000            957.15      136,500.00
    LONGMONT         CO   80503          5            06/06/96         00
    0380472341                           05           08/01/96          0
    474036                               N            07/01/11
    0


    1508294          736/728             F           54,350.00         T
                                         180         54,058.41          1
    1800 EDMOND STREET #122            8.875            547.22         75
                                       8.625            547.22       72,500.00
    LAS VEGAS        NV   89102          1            05/24/96         00
    0380471947                           01           07/01/96          0
    476815                               O            06/01/11
    0


    1508297          736/728             F           51,300.00         ZZ
                                         180         51,173.36          2
    1403 A & B NORTH 15TH AVENUE       9.750            543.45         90
                                       9.500            543.45       57,000.00
    PASCO            WA   99301          1            06/04/96         04
    0380477076                           05           08/01/96         25
    464540                               N            07/01/11
    0


    1508300          736/728             F           52,400.00         ZZ
                                         180         52,259.95          1
    235 NORTH KAWEAH AVENUE            8.875            527.59         80
                                       8.625            527.59       65,500.00
    EXETER           CA   93221          1            06/07/96         95
    0380472432                           05           08/01/96          0
    477572                               N            07/01/11
    0


    1508307          731/728             F          109,800.00         ZZ
                                         180        109,509.84          1
    615 RIDGEWOOD AVENUE               9.000          1,113.66         90
                                       8.750          1,113.66      122,000.00
    GAINESVILLE      GA   30501          1            06/14/96         01
    0380480765                           05           08/01/96         25
    3140662199                           N            07/01/11
    0
1




    1508367          561/728             F           93,600.00         ZZ
                                         180         93,341.28          1
    1540 EAST SECOND STREET            8.500            921.72         80
                                       8.250            921.72      117,000.00
    SCOTCH PLAINS    NJ   07076          1            06/10/96         00
    0380478785                           05           08/01/96          0
    8798613                              O            07/01/11
    0


    1508426          E22/728             F           50,000.00         ZZ
                                         180         49,743.56          1
    2405 WEST 6TH LANE                 9.375            518.35         42
                                       9.125            518.35      120,000.00
    HIALEAH          FL   33010          5            06/03/96         00
    0410121693                           05           07/01/96          0
    410121693                            O            06/01/11
    0


    1508429          E45/728             F           59,500.00         ZZ
                                         180         59,346.28          1
    1551 COMPTON DRIVE                 9.250            612.37         70
                                       9.000            612.37       85,000.00
    MABLETON         GA   30059          5            06/19/96         00
    0380477118                           05           08/01/96          0
    UNKNOWN                              N            07/01/11
    0


    1508481          766/728             F           30,205.00         ZZ
                                         180         30,128.71          1
    19201 COLLINS AVE #404             9.500            315.41         70
                                       9.250            315.41       43,150.00
    MIAMI            FL   33160          1            06/19/96         00
    0380474958                           06           08/01/96          0
    96HA064                              N            07/01/11
    0


    1508502          736/728             F           50,000.00         ZZ
                                         180         49,870.82          1
    1714 NORTH 73RD STREET             9.250            514.60         56
                                       9.000            514.60       90,000.00
    SCOTTSDALE       AZ   85257          5            06/13/96         00
    0380474982                           05           08/01/96          0
    472316                               O            07/01/11
    0


    1508508          736/728             F           64,000.00         ZZ
                                         180         63,563.20          1
1


    33 EAST MAPLE STREET               9.125            653.90         80
                                       8.875            653.90       80,000.00
    ELLSWORTH        ME   04605          1            05/30/96         00
    0380475153                           05           07/01/96          0
    461578                               O            06/01/11
    0


    1508637          E22/728             F          127,500.00         ZZ
                                         180        127,174.30          3
    4600 WARM SPRINGS ROAD             9.375          1,321.79         75
                                       9.125          1,321.79      170,000.00
    GLEN ELLEN       CA   95442          1            05/31/96         00
    0410037980                           05           08/01/96          0
    410037980                            N            07/01/11
    0


    1508644          E22/728             F          153,600.00         ZZ
                                         180        152,775.94          1
    12042 KING FISHER COURT            8.875          1,546.51         80
                                       8.625          1,546.51      192,000.00
    INDIANAPOLIS     IN   46236          2            05/24/96         00
    0410198725                           03           07/01/96          0
    410198725                            O            06/01/11
    0


    1508660          E22/728             F          189,000.00         ZZ
                                         180        187,631.93          2
    1304 ROBERT E LEE ROAD            10.000          2,031.00         90
                                       9.750          2,031.00      210,000.00
    AUSTIN           TX   78704          1            05/29/96         10
    0410132773                           05           07/01/96         25
    410132773                            N            06/01/11
    0


    1508668          E22/728             F           20,700.00         T
                                         180         20,647.73          1
    3850 NE 21ST WAY UNIT # 45         9.500            216.15         65
                                       9.250            216.15       31,900.00
    LIGHTHOUSE POIN  FL   33064          1            06/04/96         00
    0410188221                           01           08/01/96          0
    410188221                            O            07/01/11
    0


    1508669          E22/728             F           50,850.00         ZZ
                                         180         50,592.13          1
    706 WOODFORD STREET                9.500            530.99         90
                                       9.250            530.99       56,500.00
    DENTON           TX   76201          1            05/31/96         04
    0410198758                           05           07/01/96         25
1


    410198758                            N            06/01/11
    0


    1509406          946/728             F           93,800.00         ZZ
                                         180         93,525.91          1
    39 ARGUS COURT                     7.875            889.65         38
                                       7.625            889.65      248,726.00
    ALAMEDA          CA   94502          1            06/26/96         00
    0380481755                           03           08/01/96          0
    371560                               O            07/01/11
    0


    1509558          526/728             F           38,000.00         ZZ
                                         180         37,898.43          1
    2614 AYLESBURY LANE                8.875            382.61         49
                                       8.625            382.61       78,000.00
    AUSTIN           TX   78745          1            06/10/96         00
    0380481839                           05           08/01/96          0
    130424                               N            07/01/11
    0


    1509584          E22/728             F           40,000.00         ZZ
                                         180         39,893.09          1
    2118 THURMON STREET                8.875            402.74         80
                                       8.625            402.74       50,500.00
    HOUSTON          TX   77034          1            06/12/96         00
    0410131080                           05           08/01/96          0
    410131080                            O            07/01/11
    0


    1509635          E45/728             F          178,500.00         ZZ
                                         180        178,049.19          1
    3531 COUNTRY ESTATE DRIVE          9.500          1,863.94         70
                                       9.250          1,863.94      255,000.00
    KENNESAW         GA   30152          5            06/21/96         00
    0380491465                           05           08/01/96          0
    UNKNOWN                              O            07/01/11
    0


    1509637          705/G02             F          115,000.00         ZZ
                                         120        115,000.00          3
    15 GOODWIN PLACE                   9.750          1,503.86         70
                                       9.500          1,503.86      165,000.00
    BROOKLY          NY   11221          5            07/26/96         00
    0430008508                           05           09/01/96          0
    96030221                             N            08/01/06
    0


1


    1509671          664/728             F           49,200.00         ZZ
                                         180         49,077.14          1
    203 NW 51ST STREET                 9.625            517.48         60
                                       9.375            517.48       82,000.00
    VANCOUVER        WA   98663          5            06/11/96         00
    0380486408                           05           08/01/96          0
    2175164                              N            07/01/11
    0


    1509707          526/728             F           43,500.00         T
                                         180         43,261.34          1
    212 GREENWOOD AVENUE               8.625            431.56         75
                                       8.375            431.56       58,000.00
    LEHIGH ACRES     FL   33936          1            05/23/96         00
    0380489337                           05           07/01/96          0
    123310                               O            06/01/11
    0


    1509821          526/728             F           43,650.00         ZZ
                                         180         43,428.63          1
    4416 AVENUE R                      9.500            455.81         90
                                       9.250            455.81       48,500.00
    GALVESTON        TX   77550          1            05/30/96         10
    0380481532                           05           07/01/96         30
    00126520                             N            06/01/11
    0


    1509830          A46/728             F           68,250.00         ZZ
                                         180         68,250.00          1
    2312 W. SETTLERS WAY               8.500            672.08         75
                                       8.250            672.08       91,000.00
    THE WOODLANDS    TX   77380          1            07/11/96         00
    0380494394                           09           09/01/96          0
    UNKNOWN                              O            08/01/11
    0


    1509850          635/635             F           18,600.00         ZZ
                                         180         18,553.02          2
    805-807 NORTHEAST 24TH STREET      9.500            194.23         85
                                       9.250            194.23       21,900.00
    OKLAHOMA CITY    OK   73105          1            06/17/96         01
    651555500                            05           08/01/96         12
    651555500                            N            07/01/11
    0


    1509978          498/728             F           34,000.00         ZZ
                                         180         33,916.06          2
    1113-1115 E. 55TH ST.              9.750            360.19         85
                                       9.500            360.19       40,000.00
1


    SAVANNAH         GA   31404          1            06/21/96         01
    0380481789                           05           08/01/96         20
    1452844                              N            07/01/11
    0


    1510243          E22/728             F           36,900.00         ZZ
                                         180         36,809.95          1
    805 SUMMIT BOULEVARD               9.875            393.71         90
                                       9.625            393.71       41,000.00
    WEST PALM BEACH  FL   33405          1            06/14/96         12
    0410120174                           05           08/01/96         25
    410120174                            N            07/01/11
    0


    1511295          E22/728             F           80,000.00         ZZ
                                         180         79,793.32          1
    25220 S W 108TH AVENUE             9.250            823.35         66
                                       9.000            823.35      122,000.00
    HOMESTEAD        FL   33032          5            06/17/96         00
    0410187835                           05           08/01/96          0
    410187835                            O            07/01/11
    0


    1511465          E22/728             F           51,550.00         ZZ
                                         180         51,415.29          1
    23610 STEWART ST                   9.125            526.70         73
                                       8.875            526.70       71,000.00
    WARREN           MI   48089          5            05/30/96         00
    0410141444                           05           08/01/96          0
    410141444                            O            07/01/11
    0


    1511617          E22/728             F           74,800.00         ZZ
                                         180         74,615.34          1
    1703 INDIANA ST                    9.750            792.41         80
                                       9.500            792.41       93,500.00
    LAWRENCE         KS   66044          1            06/12/96         01
    0410199350                           05           08/01/96         12
    410199350                            N            07/01/11
    0


    1511723          A91/G02             F          120,000.00         ZZ
                                         180        120,000.00          1
    31 HEATHER CRESCENT                9.000          1,217.12         71
                                       8.750          1,217.12      169,000.00
    COMMACK          NY   11725          1            07/26/96         00
    0430000893                           05           09/01/96          0
    160283                               O            08/01/11
    0
1




    1511739          526/728             F           25,250.00         ZZ
                                         180         25,186.23          1
    1921 RED CLOUD DRIVE               9.500            263.67         90
                                       9.250            263.67       28,100.00
    DALLAS           TX   75217          1            06/05/96         04
    0380481573                           05           08/01/96         25
    130255                               N            07/01/11
    0


    1511750          766/728             F           37,000.00         ZZ
                                         180         36,902.22          1
    17749 COLLINS AVENUE               9.000            375.28         72
    #628                               8.750            375.28       51,500.00
    MIAMI BEACH      FL   33160          2            06/24/96         00
    0380484999                           20           08/01/96          0
    UNKNOWN                              N            07/01/11
    0


    1511884          232/232             F           51,600.00         ZZ
                                         180         51,323.16          1
    48 TOWN FARM ROAD                  8.875            519.54         60
                                       8.625            519.54       86,000.00
    BUXTON           ME   04072          5            05/24/96         00
    12959977                             05           07/01/96          0
    12959977                             O            06/01/11
    0


    1511933          526/728             F           40,500.00         ZZ
                                         180         40,395.36          1
    9418 VALLEY MOSS                   9.250            416.83         90
                                       9.000            416.83       45,000.00
    SAN ANTONIO      TX   78250          1            06/14/96         10
    0380484353                           03           08/01/96         25
    125243                               O            07/01/11
    0


    1511986          E22/728             F          195,200.00         ZZ
                                         180        194,666.46          1
    745 LAKE BLVD                      8.625          1,936.54         80
                                       8.375          1,936.54      244,000.00
    FT LAUDERDALE    FL   33326          1            06/19/96         00
    0410189302                           03           08/01/96          0
    410189302                            O            07/01/11
    0


    1512068          E22/728             F          250,000.00         ZZ
                                         180        249,368.61          1
1


    5234 N W 94TH DORAL PLACE          9.500          2,610.56         68
                                       9.250          2,610.56      370,000.00
    MIAMI            FL   33178          1            06/14/96         00
    0410190052                           03           08/01/96          0
    410190052                            O            07/01/11
    0


    1512179          405/405             F           44,800.00         ZZ
                                         180         44,676.16          1
    3700 N.W. 19TH STREET              8.500            441.17         70
                                       8.250            441.17       64,000.00
    OKLAHOMA CITY    OK   73107          1            06/20/96         00
    3942463                              05           08/01/96          0
    3942463                              O            07/01/11
    0


    1512196          A06/728             F          137,000.00         ZZ
                                         180        136,637.95          1
    22225 IVANHOE LANE                 9.000          1,389.55         80
                                       8.750          1,389.55      172,000.00
    SOUTHFIELD       MI   48034          1            06/26/96         00
    0380487281                           05           08/01/96          0
    1000009605252                        O            07/01/11
    0


    1512374          E22/728             F           52,500.00         ZZ
                                         180         52,368.91          1
    1652 PARADISE LANE                 9.625            552.18         75
                                       9.375            552.18       70,000.00
    DAYTONA BEACH    FL   32119          1            06/20/96         00
    0410121750                           05           08/01/96          0
    410121750                            N            07/01/11
    0


    1512388          E22/728             F           42,300.00         ZZ
                                         180         42,078.10          1
    5343 102 STREET NORTH              9.125            432.19         80
                                       8.875            432.19       52,900.00
    ST PETERSBURG    FL   33708          1            06/07/96         00
    0410120703                           05           07/01/96          0
    410120703                            O            06/01/11
    0


    1512985          526/728             F           60,000.00         ZZ
                                         180         58,209.36          1
    5 SOUTH BICYCLE PATH               9.125            613.03         55
                                       8.875            613.03      110,000.00
    SELDEN           NY   11784          5            08/09/95         00
    0380488479                           05           10/01/95          0
1


    58376                                N            09/01/10
    0


    1513018          E22/728             F           31,200.00         ZZ
                                         180         31,118.47          1
    1132 FERNDALE AVENUE               9.125            318.78         80
                                       8.875            318.78       39,000.00
    DALLAS           TX   75224          1            06/27/96         10
    0410134316                           05           08/01/96         12
    410134316                            N            07/01/11
    0


    1513216          E22/G02             F           68,800.00         ZZ
                                         180         68,626.24          1
    3131 OAK GROVE ROAD                9.500            718.43         80
                                       9.250            718.43       86,000.00
    NORTH BRANCH TW  MI   48461          5            06/25/96         00
    0410140933                           05           08/01/96          0
    410140933                            O            07/01/11
    0


    1513258          526/728             F           17,500.00         ZZ
                                         180         17,455.80          2
    253-255 OAKLAND STREET             9.500            182.74         70
                                       9.250            182.74       25,000.00
    SPRINGFIELD      MA   01108          1            06/25/96         00
    0380490780                           05           08/01/96          0
    129927                               N            07/01/11
    0


    1513858          638/G02             F           63,750.00         T
                                         180         63,750.00          1
    5643 WEST CINDY STREET             9.000            646.59         75
                                       8.750            646.59       85,000.00
    CHANDLER         AZ   85226          1            07/25/96         00
    0430010371                           05           09/01/96          0
    8588479                              O            08/01/11
    0


    1514323          E22/728             F           24,750.00         ZZ
                                         180         24,688.90          1
    11331 ROYAL PALM BLVD UNIT#1-D     9.750            262.19         75
                                       9.500            262.19       33,000.00
    CORAL SPRINGS    FL   33065          1            06/28/96         00
    0410192553                           01           08/01/96          0
    410192553                            N            07/01/11
    0


1


    1514380          E22/728             F           23,800.00         ZZ
                                         180         23,745.17          1
    605 N VOLUTSIA AVENUE             10.500            263.08         75
                                      10.250            263.08       31,750.00
    WICHITA          KS   67214          1            06/24/96         00
    0410131973                           05           08/01/96          0
    410131973                            N            07/01/11
    0


    1514407          E22/728             F           48,800.00         ZZ
                                         180         48,668.10          1
    8209 S DOUGLAS DRIVE               8.750            487.73         80
                                       8.500            487.73       61,000.00
    OKLAHOMA CITY    OK   73139          5            06/14/96         00
    0410132617                           05           08/01/96          0
    410132617                            O            07/01/11
    0


    1514914          B75/G02             F           23,450.00         ZZ
                                         180         23,393.43          1
    7313 WILLIS AVENUE                10.000            251.99         70
                                       9.750            251.99       33,500.00
    FORT WORTH       TX   76116          5            06/26/96         00
    0430000984                           05           08/01/96          0
    2587061                              N            07/01/11
    0


    1514933          105/728             F           48,000.00         ZZ
                                         180         48,000.00          1
    2104 HUNTER ROAD                   9.250            494.01         80
                                       9.000            494.01       60,000.00
    SAN MARCOS       TX   78666          1            07/03/96         00
    0380494022                           05           09/01/96          0
    0933721                              O            08/01/11
    0


    1515390          E22/G02             F           47,000.00         ZZ
                                         180         46,885.29          2
    617-619 NE 3RD AVENUE              9.875            501.48         70
                                       9.625            501.48       68,000.00
    DELRAY BEACH     FL   33444          5            06/27/96         00
    0410190953                           05           08/01/96          0
    410190953                            N            07/01/11
    0


    1515523          623/623             F           66,150.00         ZZ
                                         180         65,969.18          1
    1206 NORTHWEST 36TH TERRACE        8.625            656.27         70
                                       8.375            656.27       94,500.00
1


    GAINESVILLE      FL   32605          1            06/27/96         00
    894433                               05           08/01/96          0
    894433                               N            07/01/11
    0


    1515529          623/623             F          165,000.00         ZZ
                                         180        164,573.70          1
    616 ALEXANDER ROAD                 9.250          1,698.17         71
                                       9.000          1,698.17      235,000.00
    ALEXANDER        NC   28701          1            06/10/96         00
    890786                               05           08/01/96          0
    890786                               O            07/01/11
    0


    1515534          623/623             F           32,800.00         ZZ
                                         180         32,715.25          1
    1147 KING ARTHUR COURT             9.250            337.58         80
    UNIT 205                           9.000            337.58       41,000.00
    DUNEDIN          FL   34698          1            06/21/96         00
    894359                               01           08/01/96          0
    894359                               O            07/01/11
    0


    1515540          623/623             F           30,375.00         ZZ
                                         180         30,293.82          1
    20 EAST MITHOFF STREET             8.875            305.83         75
                                       8.625            305.83       40,500.00
    COLUMBUS         OH   43206          1            06/21/96         00
    891568                               05           08/01/96          0
    891568                               N            07/01/11
    0


    1515546          623/623             F           66,000.00         ZZ
                                         180         65,811.36          1
    225 SW GLENWOOD DRIVE              8.125            635.51         80
                                       7.875            635.51       83,000.00
    PORT ST LUCIE    FL   34984          1            06/17/96         00
    892884                               05           08/01/96          0
    892884                               O            07/01/11
    0


    1515549          623/623             F           79,600.00         ZZ
                                         180         79,375.02          1
    6948 MONTAUK DRIVE                 8.250            772.23         80
                                       8.000            772.23       99,500.00
    RICHMOND         VA   23225          1            06/06/96         00
    891824                               05           08/01/96          0
    891824                               O            07/01/11
    0
1




    1515613          623/623             F          260,000.00         ZZ
                                         180        259,273.27          1
    2062 SOUTH LAKELINE DRIVE          8.375          2,541.31         75
                                       8.125          2,541.31      350,000.00
    SALT LAKE CITY   UT   84109          2            06/06/96         00
    7301813                              05           08/01/96          0
    7301813                              O            07/01/11
    0


    1515620          623/623             F          129,500.00         ZZ
                                         180        129,161.62          1
    109 NORTH STOCKER                  9.125          1,323.12         70
                                       8.875          1,323.12      185,000.00
    WILLIAMSBURG     VA   23188          1            06/07/96         00
    890967                               03           08/01/96          0
    890967                               O            07/01/11
    0


    1515794          E09/728             F           42,000.00         T
                                         180         42,000.00          1
    312 SOUTH HIGHWAY 143 9-A          9.250            432.26         73
                                       9.000            432.26       58,000.00
    BRIAN HEAD       UT   84719          5            07/16/96         00
    0380498239                           01           09/01/96          0
    01001689                             O            08/01/11
    0


    1516302          623/623             F          402,500.00         ZZ
                                         180        400,140.08          1
    4N941 CRANE ROAD                   7.875          3,817.51         70
                                       7.625          3,817.51      575,000.00
    ST CHARLES       IL   60175          2            05/20/96         00
    886015                               05           07/01/96          0
    886015                               O            06/01/11
    0


    1517376          A01/G02             F          198,750.00         ZZ
                                         180        198,750.00          4
    7722 FILLMORE DRIVE                9.750          2,105.49         75
    #1-4                               9.500          2,105.49      265,000.00
    BUENA PARK       CA   90620          1            07/22/96         00
    0430009829                           05           09/01/96          0
    279781278                            N            08/01/11
    0


    1517815          526/G02             F           63,750.00         ZZ
                                         180         63,750.00          1
1


    19 GARFIELD AVENUE                 9.250            656.12         75
                                       9.000            656.12       85,000.00
    EAST ISLIP       NY   11730          1            07/22/96         00
    0430010223                           05           09/01/96          0
    126529                               N            08/01/11
    0

   TOTAL NUMBER OF LOANS   :        377

   TOTAL ORIGINAL BALANCE  :    28,310,700.00

   TOTAL PRINCIPAL BALANCE :    27,741,440.21

   TOTAL ORIGINAL P+I      :       283,717.33

   TOTAL CURRENT P+I       :       283,717.33


                             ***************************
                             *      END OF REPORT      *
                             ***************************
                       F-2  RUN ON     : 08/22/96           RFC DISCLOSURE
SYSTEM       RFFSDFIX-01
  AT         : 12.17.28           FIXED PASSTHRU REPORT       AMORTIZED BALANCE
  SERIES     : MULTIPLE POOLS                                 CUTOFF : 08/01/96
  POOL       : 0004216  0004217
             :
             :
  POOL STATUS:

    RFC LOAN NUMBER                      SUB SERV FEE
    PRINCIPAL BALANCE                    MSTR SERV FEE
    CURR NOTE RATE                       ALL EXP
    RFC NET RATE                         MISC EXP
    NET MTG RATE(INVSTR RATE)            SPREAD
    POST SPREAD RATE                     STRIP
  --------------------------------------------------------------------------

      1415348                              .2500
       18,847.64                           .0800
           10.0000                         .0000
            9.7500                         .0000
            9.6700                         1.6700
            8.0000                         .0000

      1424749                              .2500
       98,626.09                           .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                          .5450
            8.0000                         .0000

      1431261                              .2500
       16,296.32                           .0800
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       58,788.68                           .0800
            9.1250                         .0000
            8.8750                         .0000
            8.7950                          .7950
            8.0000                         .0000

      1504823                              .2500
       42,175.06                           .0800
            9.0000                         .0000
            8.7500                         .0000
            8.6700                          .6700
            8.0000                         .0000

      1504865                              .2500
       53,203.19                           .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                          .1700
            8.0000                         .0000
1



      1504887                              .2500
       38,205.24                           .0800
            9.5000                         .0000
            9.2500                         .0000
            9.1700                         1.1700
            8.0000                         .0000

      1504925                              .2500
       16,032.54                           .0800
            9.3750                         .0000
            9.1250                         .0000
            9.0450                         1.0450
            8.0000                         .0000

      1504930                              .2500
       86,966.95                           .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                          .5450
            8.0000                         .0000

      1504935                              .2500
       36,209.06                           .0800
            9.1250                         .0000
            8.8750                         .0000
            8.7950                          .7950
            8.0000                         .0000

      1504946                              .2500
      278,497.81                           .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                          .5450
            8.0000                         .0000

      1504956                              .2500
       49,749.30                           .0800
            9.6250                         .0000
            9.3750                         .0000
            9.2950                         1.2950
            8.0000                         .0000

      1504988                              .2500
       32,218.43                           .0800
            9.5000                         .0000
            9.2500                         .0000
            9.1700                         1.1700
            8.0000                         .0000

      1505067                              .2500
       52,672.23                           .0800
            9.1250                         .0000
            8.8750                         .0000
            8.7950                          .7950
            8.0000                         .0000
1



      1505165                              .2500
       71,617.37                           .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                          .5450
            8.0000                         .0000

      1505218                              .2500
       50,930.78                           .0800
            9.1250                         .0000
            8.8750                         .0000
            8.7950                          .7950
            8.0000                         .0000

      1505275                              .2500
       69,598.52                           .0300
            8.1250                         .0000
            7.8750                         .0000
            7.8450                          .0000
            7.8450                         .0000

      1505304                              .2500
       29,950.78                           .0800
            9.7500                         .0000
            9.5000                         .0000
            9.4200                         1.4200
            8.0000                         .0000

      1505314                              .2500
       41,183.98                           .0800
            9.2500                         .0000
            9.0000                         .0000
            8.9200                          .9200
            8.0000                         .0000

      1505399                              .2500
       41,379.32                           .0800
            9.0000                         .0000
            8.7500                         .0000
            8.6700                          .6700
            8.0000                         .0000

      1505402                              .2500
       36,057.70                           .0800
            9.0000                         .0000
            8.7500                         .0000
            8.6700                          .6700
            8.0000                         .0000

      1505405                              .2500
       66,135.17                           .0800
            8.6250                         .0000
            8.3750                         .0000
            8.2950                          .2950
            8.0000                         .0000
1



      1505407                              .2500
       32,832.64                           .0800
            9.5000                         .0000
            9.2500                         .0000
            9.1700                         1.1700
            8.0000                         .0000

      1505418                              .2500
       27,499.98                           .0800
            8.7500                         .0000
            8.5000                         .0000
            8.4200                          .4200
            8.0000                         .0000

      1505560                              .2500
        6,965.68                           .0800
            9.8750                         .0000
            9.6250                         .0000
            9.5450                         1.5450
            8.0000                         .0000

      1505700                              .2500
       40,588.35                           .0800
            9.2500                         .0000
            9.0000                         .0000
            8.9200                          .9200
            8.0000                         .0000

      1505758                              .2500
      111,034.07                           .0800
            9.5000                         .0000
            9.2500                         .0000
            9.1700                         1.1700
            8.0000                         .0000

      1505840                              .2500
       33,480.41                           .0800
            9.0000                         .0000
            8.7500                         .0000
            8.6700                          .6700
            8.0000                         .0000

      1505889                              .2500
       99,720.49                           .0800
            8.3750                         .0000
            8.1250                         .0000
            8.0450                          .0450
            8.0000                         .0000

      1505905                              .2500
      157,521.24                           .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                          .1700
            8.0000                         .0000
1



      1505923                              .2500
       23,940.07                           .0800
            9.6250                         .0000
            9.3750                         .0000
            9.2950                         1.2950
            8.0000                         .0000

      1506042                              .2500
      348,058.30                           .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                          .1700
            8.0000                         .0000

      1506059                              .2500
      181,476.24                           .0800
            8.3750                         .0000
            8.1250                         .0000
            8.0450                          .0450
            8.0000                         .0000

      1506069                              .2500
       19,152.39                           .0800
            9.5000                         .0000
            9.2500                         .0000
            9.1700                         1.1700
            8.0000                         .0000

      1506088                              .2500
       17,013.59                           .0800
            9.8750                         .0000
            9.6250                         .0000
            9.5450                         1.5450
            8.0000                         .0000

      1506206                              .2500
       33,365.52                           .0800
            9.5000                         .0000
            9.2500                         .0000
            9.1700                         1.1700
            8.0000                         .0000

      1506226                              .2500
       35,836.31                           .0800
            9.7500                         .0000
            9.5000                         .0000
            9.4200                         1.4200
            8.0000                         .0000

      1506240                              .2500
       40,499.78                           .0800
            9.7500                         .0000
            9.5000                         .0000
            9.4200                         1.4200
            8.0000                         .0000
1



      1506248                              .2500
       31,338.44                           .0800
            9.3750                         .0000
            9.1250                         .0000
            9.0450                         1.0450
            8.0000                         .0000

      1506261                              .2500
       22,373.78                           .0800
            8.3750                         .0000
            8.1250                         .0000
            8.0450                          .0450
            8.0000                         .0000

      1506337                              .2500
       35,400.30                           .0800
            8.3750                         .0000
            8.1250                         .0000
            8.0450                          .0450
            8.0000                         .0000

      1506404                              .2500
       59,691.84                           .0800
            9.0000                         .0000
            8.7500                         .0000
            8.6700                          .6700
            8.0000                         .0000

      1506496                              .2500
       85,570.69                           .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                          .5450
            8.0000                         .0000

      1506527                              .2500
       90,053.18                           .0800
            8.6250                         .0000
            8.3750                         .0000
            8.2950                          .2950
            8.0000                         .0000

      1506619                              .2500
       34,779.91                           .0800
            9.2500                         .0000
            9.0000                         .0000
            8.9200                          .9200
            8.0000                         .0000

      1506633                              .2500
      129,280.20                           .0800
            9.5000                         .0000
            9.2500                         .0000
            9.1700                         1.1700
            8.0000                         .0000
1



      1506687                              .2500
       50,867.28                           .0800
            9.0000                         .0000
            8.7500                         .0000
            8.6700                          .6700
            8.0000                         .0000

      1506704                              .2500
       74,932.99                           .0300
            7.8750                         .0000
            7.6250                         .0000
            7.5950                          .0000
            7.5950                         .0000

      1506822                              .2500
      114,017.84                           .0800
            9.7500                         .0000
            9.5000                         .0000
            9.4200                         1.4200
            8.0000                         .0000

      1506987                              .2500
       77,016.30                           .0800
            9.7500                         .0000
            9.5000                         .0000
            9.4200                         1.4200
            8.0000                         .0000

      1506998                              .2500
       26,870.66                           .0800
           10.1250                         .0000
            9.8750                         .0000
            9.7950                         1.7950
            8.0000                         .0000

      1508091                              .2500
       31,931.48                           .0800
            9.3750                         .0000
            9.1250                         .0000
            9.0450                         1.0450
            8.0000                         .0000

      1508097                              .2500
      326,259.92                           .0800
            9.0000                         .0000
            8.7500                         .0000
            8.6700                          .6700
            8.0000                         .0000

      1508099                              .2500
      160,076.61                           .0300
            8.1250                         .0000
            7.8750                         .0000
            7.8450                          .0000
            7.8450                         .0000
1



      1508116                              .2500
       40,850.06                           .0800
            9.8750                         .0000
            9.6250                         .0000
            9.5450                         1.5450
            8.0000                         .0000

      1508290                              .2500
      323,143.78                           .0800
            9.0000                         .0000
            8.7500                         .0000
            8.6700                          .6700
            8.0000                         .0000

      1508292                              .2500
       92,759.72                           .0800
            9.2500                         .0000
            9.0000                         .0000
            8.9200                          .9200
            8.0000                         .0000

      1508294                              .2500
       54,058.41                           .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                          .5450
            8.0000                         .0000

      1508297                              .2500
       51,173.36                           .0800
            9.7500                         .0000
            9.5000                         .0000
            9.4200                         1.4200
            8.0000                         .0000

      1508300                              .2500
       52,259.95                           .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                          .5450
            8.0000                         .0000

      1508307                              .2500
      109,509.84                           .0800
            9.0000                         .0000
            8.7500                         .0000
            8.6700                          .6700
            8.0000                         .0000

      1508367                              .2500
       93,341.28                           .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                          .1700
            8.0000                         .0000
1



      1508426                              .2500
       49,743.56                           .0800
            9.3750                         .0000
            9.1250                         .0000
            9.0450                         1.0450
            8.0000                         .0000

      1508429                              .2500
       59,346.28                           .0800
            9.2500                         .0000
            9.0000                         .0000
            8.9200                          .9200
            8.0000                         .0000

      1508481                              .2500
       30,128.71                           .0800
            9.5000                         .0000
            9.2500                         .0000
            9.1700                         1.1700
            8.0000                         .0000

      1508502                              .2500
       49,870.82                           .0800
            9.2500                         .0000
            9.0000                         .0000
            8.9200                          .9200
            8.0000                         .0000

      1508508                              .2500
       63,563.20                           .0800
            9.1250                         .0000
            8.8750                         .0000
            8.7950                          .7950
            8.0000                         .0000

      1508637                              .2500
      127,174.30                           .0800
            9.3750                         .0000
            9.1250                         .0000
            9.0450                         1.0450
            8.0000                         .0000

      1508644                              .2500
      152,775.94                           .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                          .5450
            8.0000                         .0000

      1508660                              .2500
      187,631.93                           .0800
           10.0000                         .0000
            9.7500                         .0000
            9.6700                         1.6700
            8.0000                         .0000
1



      1508668                              .2500
       20,647.73                           .0800
            9.5000                         .0000
            9.2500                         .0000
            9.1700                         1.1700
            8.0000                         .0000

      1508669                              .2500
       50,592.13                           .0800
            9.5000                         .0000
            9.2500                         .0000
            9.1700                         1.1700
            8.0000                         .0000

      1509406                              .2500
       93,525.91                           .0300
            7.8750                         .0000
            7.6250                         .0000
            7.5950                          .0000
            7.5950                         .0000

      1509558                              .2500
       37,898.43                           .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                          .5450
            8.0000                         .0000

      1509584                              .2500
       39,893.09                           .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                          .5450
            8.0000                         .0000

      1509635                              .2500
      178,049.19                           .0800
            9.5000                         .0000
            9.2500                         .0000
            9.1700                         1.1700
            8.0000                         .0000

      1509637                              .2500
      115,000.00                           .0800
            9.7500                         .0000
            9.5000                         .0000
            9.4200                         1.4200
            8.0000                         .0000

      1509671                              .2500
       49,077.14                           .0800
            9.6250                         .0000
            9.3750                         .0000
            9.2950                         1.2950
            8.0000                         .0000
1



      1509707                              .2500
       43,261.34                           .0800
            8.6250                         .0000
            8.3750                         .0000
            8.2950                          .2950
            8.0000                         .0000

      1509821                              .2500
       43,428.63                           .0800
            9.5000                         .0000
            9.2500                         .0000
            9.1700                         1.1700
            8.0000                         .0000

      1509830                              .2500
       68,250.00                           .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                          .1700
            8.0000                         .0000

      1509850                              .2500
       18,553.02                           .0800
            9.5000                         .0000
            9.2500                         .0000
            9.1700                         1.1700
            8.0000                         .0000

      1509978                              .2500
       33,916.06                           .0800
            9.7500                         .0000
            9.5000                         .0000
            9.4200                         1.4200
            8.0000                         .0000

      1510243                              .2500
       36,809.95                           .0800
            9.8750                         .0000
            9.6250                         .0000
            9.5450                         1.5450
            8.0000                         .0000

      1511295                              .2500
       79,793.32                           .0800
            9.2500                         .0000
            9.0000                         .0000
            8.9200                          .9200
            8.0000                         .0000

      1511465                              .2500
       51,415.29                           .0800
            9.1250                         .0000
            8.8750                         .0000
            8.7950                          .7950
            8.0000                         .0000
1



      1511617                              .2500
       74,615.34                           .0800
            9.7500                         .0000
            9.5000                         .0000
            9.4200                         1.4200
            8.0000                         .0000

      1511723                              .2500
      120,000.00                           .0800
            9.0000                         .0000
            8.7500                         .0000
            8.6700                          .6700
            8.0000                         .0000

      1511739                              .2500
       25,186.23                           .0800
            9.5000                         .0000
            9.2500                         .0000
            9.1700                         1.1700
            8.0000                         .0000

      1511750                              .2500
       36,902.22                           .0800
            9.0000                         .0000
            8.7500                         .0000
            8.6700                          .6700
            8.0000                         .0000

      1511884                              .2500
       51,323.16                           .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                          .5450
            8.0000                         .0000

      1511933                              .2500
       40,395.36                           .0800
            9.2500                         .0000
            9.0000                         .0000
            8.9200                          .9200
            8.0000                         .0000

      1511986                              .2500
      194,666.46                           .0800
            8.6250                         .0000
            8.3750                         .0000
            8.2950                          .2950
            8.0000                         .0000

      1512068                              .2500
      249,368.61                           .0800
            9.5000                         .0000
            9.2500                         .0000
            9.1700                         1.1700
            8.0000                         .0000
1



      1512179                              .2500
       44,676.16                           .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                          .1700
            8.0000                         .0000

      1512196                              .2500
      136,637.95                           .0800
            9.0000                         .0000
            8.7500                         .0000
            8.6700                          .6700
            8.0000                         .0000

      1512374                              .2500
       52,368.91                           .0800
            9.6250                         .0000
            9.3750                         .0000
            9.2950                         1.2950
            8.0000                         .0000

      1512388                              .2500
       42,078.10                           .0800
            9.1250                         .0000
            8.8750                         .0000
            8.7950                          .7950
            8.0000                         .0000

      1512985                              .2500
       58,209.36                           .0800
            9.1250                         .0000
            8.8750                         .0000
            8.7950                          .7950
            8.0000                         .0000

      1513018                              .2500
       31,118.47                           .0800
            9.1250                         .0000
            8.8750                         .0000
            8.7950                          .7950
            8.0000                         .0000

      1513216                              .2500
       68,626.24                           .0800
            9.5000                         .0000
            9.2500                         .0000
            9.1700                         1.1700
            8.0000                         .0000

      1513258                              .2500
       17,455.80                           .0800
            9.5000                         .0000
            9.2500                         .0000
            9.1700                         1.1700
            8.0000                         .0000
1



      1513858                              .2500
       63,750.00                           .0800
            9.0000                         .0000
            8.7500                         .0000
            8.6700                          .6700
            8.0000                         .0000

      1514323                              .2500
       24,688.90                           .0800
            9.7500                         .0000
            9.5000                         .0000
            9.4200                         1.4200
            8.0000                         .0000

      1514380                              .2500
       23,745.17                           .0800
           10.5000                         .0000
           10.2500                         .0000
           10.1700                         2.1700
            8.0000                         .0000

      1514407                              .2500
       48,668.10                           .0800
            8.7500                         .0000
            8.5000                         .0000
            8.4200                          .4200
            8.0000                         .0000

      1514914                              .2500
       23,393.43                           .0800
           10.0000                         .0000
            9.7500                         .0000
            9.6700                         1.6700
            8.0000                         .0000

      1514933                              .2500
       48,000.00                           .0800
            9.2500                         .0000
            9.0000                         .0000
            8.9200                          .9200
            8.0000                         .0000

      1515390                              .2500
       46,885.29                           .0800
            9.8750                         .0000
            9.6250                         .0000
            9.5450                         1.5450
            8.0000                         .0000

      1515523                              .2500
       65,969.18                           .0800
            8.6250                         .0000
            8.3750                         .0000
            8.2950                          .2950
            8.0000                         .0000
1



      1515529                              .2500
      164,573.70                           .0800
            9.2500                         .0000
            9.0000                         .0000
            8.9200                          .9200
            8.0000                         .0000

      1515534                              .2500
       32,715.25                           .0800
            9.2500                         .0000
            9.0000                         .0000
            8.9200                          .9200
            8.0000                         .0000

      1515540                              .2500
       30,293.82                           .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                          .5450
            8.0000                         .0000

      1515546                              .2500
       65,811.36                           .0800
            8.1250                         .0000
            7.8750                         .0000
            7.7950                          .0000
            7.7950                         .0000

      1515549                              .2500
       79,375.02                           .0800
            8.2500                         .0000
            8.0000                         .0000
            7.9200                          .0000
            7.9200                         .0000

      1515613                              .2500
      259,273.27                           .0800
            8.3750                         .0000
            8.1250                         .0000
            8.0450                          .0450
            8.0000                         .0000

      1515620                              .2500
      129,161.62                           .0800
            9.1250                         .0000
            8.8750                         .0000
            8.7950                          .7950
            8.0000                         .0000

      1515794                              .2500
       42,000.00                           .0800
            9.2500                         .0000
            9.0000                         .0000
            8.9200                          .9200
            8.0000                         .0000
1



      1516302                              .2500
      400,140.08                           .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                          .0000
            7.5450                         .0000

      1517376                              .2500
      198,750.00                           .0800
            9.7500                         .0000
            9.5000                         .0000
            9.4200                         1.4200
            8.0000                         .0000

      1517815                              .2500
       63,750.00                           .0800
            9.2500                         .0000
            9.0000                         .0000
            8.9200                          .9200
            8.0000                         .0000

  TOTAL NUMBER OF LOANS:      377
  TOTAL BALANCE........:         27,741,440.21


  RUN ON     : 08/22/96            RFC DISCLOSURE SYSTEM      RFFSDFIX-01
  AT         : 12.17.28            INITIAL SECURITY FEES      AMORTIZED BALANCE
  SERIES     : MULTIPLE POOLS       FIXED SUMMARY REPORT      CUTOFF : 08/01/96
  POOL       : 0004216  0004217
             :
             :
  POOL STATUS:

                                   WEIGHTED AVERAGES      FROM         TO
  ------------------------------------------------------------------------
  CURR NOTE RATE                        8.7277            7.0000     10.5000
  RFC NET RATE                          8.4777            6.7500     10.2500
  NET MTG RATE(INVSTR RATE)             8.4033            6.6700     10.1700
  POST SPREAD RATE                      7.8944            6.6700      8.0000
  SUB SERV FEE                           .2500             .2500       .2500
  MSTR SERV FEE                          .0744             .0300       .0800
  ALL EXP                                .0000             .0000       .0000
  MISC EXP                               .0000             .0000       .0000
  SPREAD                                 .5090             .0000      2.1700
  STRIP                                  .0000             .0000       .0000







  TOTAL NUMBER OF LOANS:   377
  TOTAL BALANCE........:      27,741,440.21


                             ***************************
                             *      END OF REPORT      *
                             ***************************
 

<PAGE>



                                                     EXHIBIT G

                                         FORM OF SELLER/SERVICER CONTRACT


         This  Seller/Servicer  Contract  (as may be  amended,  supplemented  or
otherwise  modified from time to time,  this  "Contract") is made this _________
day of _______,  19____, by and between  Residential  Funding  Corporation,  its
successors and assigns ("Residential  Funding") and  _____________________  (the
"Seller/Servicer,"  and,  together with Residential  Funding,  the "parties" and
each, individually, a "party").

         WHEREAS,  the Seller/Servicer  desires to sell Loans to, and/or service
Loans for,  Residential  Funding,  and  Residential  Funding desires to purchase
Loans from the Seller/Servicer  and/or have the Seller/Servicer  service various
of its Loans, pursuant to the terms of this Contract and the Residential Funding
Seller  and  Servicer  Guides  incorporated  herein by  reference,  as  amended,
supplemented or otherwise modified, from time to time (together, the "Guides").

         NOW,  THEREFORE,  in  consideration  of the  premises,  and the  terms,
conditions and agreements set forth below, the parties agree as follows:

1.       Incorporation of Guides by Reference.

         The  Seller/Servicer  acknowledges  that it has  received  and read the
Guides. All provisions of the Guides are incorporated by reference into and made
a part of this  Contract,  and  shall be  binding  upon the  parties;  provided,
however,  that the  Seller/Servicer  shall be  entitled  to sell Loans to and/or
service Loans for  Residential  Funding only if and for so long as it shall have
been authorized to do so by Residential  Funding in writing.  Specific reference
in this  Contract  to  particular  provisions  of the  Guides  and not to  other
provisions  does not mean that those  provisions of the Guides not  specifically
cited in this Contract are not applicable.  All terms used herein shall have the
same  meanings  as such terms have in the  Guides,  unless the  context  clearly
requires otherwise.

2.       Amendments.

         This Contract may not be amended or modified  orally,  and no provision
of this Contract may be waived or amended  except in writing signed by the party
against whom  enforcement  is sought.  Such a written  waiver or amendment  must
expressly  reference this Contract.  However,  by their terms, the Guides may be
amended or  supplemented  by  Residential  Funding  from time to time.  Any such
amendment(s) to the Guides shall be binding upon the parties hereto.



<PAGE>



3.       Representations and Warranties.

         a.       Reciprocal Representations and Warranties.

                  The  Seller/Servicer  and Residential  Funding each represents
and warrants to the other that as of the date of this Contract:

                  (1)      Each party is duly organized, validly existing,
                           and in good standing under the laws of its
                           jurisdiction of organization, is qualified, if
                           necessary, to do business and in good standing in
                           each jurisdiction in which it is required to be so
                           qualified, and has the requisite power and
                           authority to enter into this Contract and all
                           other agreements which are contemplated by this
                           Contract and to carry out its obligations
                           hereunder and under the Guides and under such
                           other agreements.

                  (2)      This Contract has been duly authorized,  executed and
                           delivered by each party and  constitutes  a valid and
                           legally binding  agreement of each party  enforceable
                           in accordance with its terms.

                  (3)      There  is  no  action,  proceeding  or  investigation
                           pending or threatened, and no basis therefor is known
                           to either  party,  that could  affect the validity or
                           prospective validity of this Contract.

                  (4)      Insofar as its capacity to carry out any
                           obligation under this Contract is concerned,
                           neither party is in violation of any charter,
                           articles of incorporation, bylaws, mortgage,
                           indenture, indebtedness, agreement, instrument,
                           judgment, decree, order, statute, rule or
                           regulation and none of the foregoing adversely
                           affects its capacity to fulfill any of its
                           obligations under this Contract.  Its execution
                           of, and performance pursuant to, this Contract
                           will not result in a violation of any of the
                           foregoing.

         b.       Seller/Servicer's Representations, Warranties and
Covenants.

                  In addition to the  representations,  warranties and covenants
                  made by the  Seller/Servicer  pursuant to subparagraph  (a) of
                  this    paragraph   3,   the    Seller/Servicer    makes   the
                  representations,  warranties  and  covenants  set forth in the
                  Guides and,  upon  request,  agrees to deliver to  Residential
                  Funding the certified  Resolution of Board of Directors  which
                  authorizes the execution and delivery of this Contract.

                                                        G-2

<PAGE>




4.       Remedies of Residential Funding.

         If an Event of Seller  Default or an Event of  Servicer  Default  shall
occur,  Residential  Funding  may, at its option,  exercise one or more of those
remedies set forth in the Guides.

5.       Seller/Servicer's Status as Independent Contractor.

         At no time shall the Seller/Servicer  represent that it is acting as an
agent of Residential Funding. The Seller/Servicer shall, at all times, act as an
independent contractor.

6.       Prior Agreements Superseded.

         This Contract restates,  amends and supersedes any and all prior Seller
Contracts or Servicer Contracts between the parties except that any subservicing
agreement  executed by the  Seller/Servicer in connection with any loan-security
exchange transaction shall not be affected.

7.       Assignment.

         This Contract may not be assigned or transferred,  in whole or in part,
by the Seller/Servicer without the prior written consent of Residential Funding.
Residential  Funding may sell,  assign,  convey,  hypothecate,  pledge or in any
other way transfer,  in whole or in part, without restriction,  its rights under
this Contract and the Guides with respect to any Commitment or Loan.

8.       Notices.

         All notices,  requests,  demands or other communications that are to be
given under this  Contract  shall be in writing,  addressed  to the  appropriate
parties and sent by  telefacsimile  or by overnight  courier or by United States
mail,  postage prepaid,  to the addresses and  telefacsimile  numbers  specified
below.  However,  another  name,  address  and/or  telefacsimile  number  may be
substituted  by  the  Seller/Servicer  pursuant  to  the  requirements  of  this
paragraph 8, or Residential Funding pursuant to an amendment to the Guides.

If to Residential  Funding,  notices must be sent to the appropriate  address or
telefacsimile number specified in the Guides.


                                                        G-3

<PAGE>



If to the Seller/Servicer, notice must be sent to:







         Attention:

         Telefacsimile Number:  (___) ___-____

9.       Jurisdiction and Venue.

         Each of the  parties  irrevocably  submits to the  jurisdiction  of any
state or federal court located in Hennepin County,  Minnesota,  over any action,
suit or  proceeding  to  enforce  or defend any right  under  this  Contract  or
otherwise  arising  from any loan sale or  servicing  relationship  existing  in
connection with this Contract,  and each of the parties  irrevocably agrees that
all  claims  in  respect  of any  such  action  or  proceeding  may be  heard or
determined  in such  state or federal  court.  Each of the  parties  irrevocably
waives  the  defense of an  inconvenient  forum to the  maintenance  of any such
action or proceeding and any other  substantive or procedural rights or remedies
it may have with respect to the  maintenance of any such action or proceeding in
any such  forum.  Each of the parties  agrees that a final  judgment in any such
action  or  proceeding  shall be  conclusive  and may be  enforced  in any other
jurisdiction  by suit on the  judgment or in any other  manner  provided by law.
Each of the  parties  further  agrees  not to  institute  any legal  actions  or
proceedings  against  the  other  party  or  any  director,  officer,  employee,
attorney,  agent or property of the other  party,  arising out of or relating to
this Contract in any court other than as hereinabove specified in this paragraph
9.

10.      Miscellaneous.

         This  Contract,  including  all  documents  incorporated  by  reference
herein,  constitutes  the entire  understanding  between the parties  hereto and
supersedes  all  other  agreements,  covenants,   representations,   warranties,
understandings and communications between the parties,  whether written or oral,
with respect to the  transactions  contemplated by this Contract.  All paragraph
headings contained herein are for convenience only and shall not be construed as
part of this  Contract.  Any  provision of this  Contract  that is prohibited or
unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
to the extent of such prohibition or unenforceability  without  invalidating the
remaining  portions hereof or affecting the validity or  enforceability  of such
provision in any other jurisdiction, and, to this end, the provisions hereof are
severable. This Contract shall be governed by, and construed and

                                                        G-4

<PAGE>



enforced in accordance with, applicable federal laws and the laws
of the State of Minnesota.

                                                        G-5

<PAGE>



         IN WITNESS WHEREOF, the duly authorized officers of the Seller/Servicer
and Residential  Funding have executed this  Seller/Servicer  Contract as of the
date first above written.

ATTEST:                                              SELLER/SERVICER

[Corporate Seal]


                                                     (Name of Seller/Servicer)

By:                                                  By:
         (Signature)                                       (Signature)


                                                     By:
         (Typed Name)                                     (Typed Name)


Title:                                               Title:




ATTEST:                                        RESIDENTIAL FUNDING CORPORATION

By:                                                  By:
         (Signature)                                          (Signature)


                                                     By:
         (Typed Name)                                       (Typed Name)


Title:                                               Title:

                                                        G-6

<PAGE>



                                                     EXHIBIT H
                                           FORMS OF REQUEST FOR RELEASE

DATE:
TO:
RE:               REQUEST FOR RELEASE OF DOCUMENTS

In connection with the  administration of the pool of Mortgage Loans held by you
for the  referenced  pool,  we request  the  release of the  Mortgage  Loan File
described below.

Pooling and Servicing Agreement Dated:
Series#:
Account#:
Pool#:
Loan#:
Borrower Name(s):
Reason for Document Request: (circle one)               Mortgage Loan
Prepaid in Full
                                                   Mortgage Loan Repurchased

"We hereby  certify  that all amounts  received or to be received in  connection
with such  payments  which are required to be deposited  have been or will be so
deposited as provided in the Pooling and Servicing Agreement."


Residential Funding Corporation
Authorized Signature

****************************************************************

TO  CUSTODIAN/TRUSTEE:  Please acknowledge this request, and check off documents
being  enclosed  with a copy of this form.  You should retain this form for your
files in accordance with the terms of the Pooling and Servicing Agreement.

Enclosed Documents:     [ ] Promissory Note
                        [ ] Primary Insurance Policy
                        [ ] Mortgage or Deed of Trust
                        [ ] Assignment(s) of Mortgage or Deed of Trust
                        [ ] Title Insurance Policy
                        [ ] Other:


Name

Title

Date


<PAGE>



                                                    EXHIBIT I-1

                                     FORM OF TRANSFER AFFIDAVIT AND AGREEMENT

STATE OF                   )
                           : ss.:
COUNTY OF                  )

                  [NAME OF OFFICER], being first duly sworn, deposes and
says:

                  1. That he is [Title of Officer] of [Name of Owner] (record or
beneficial owner of the Mortgage Asset-Backed Pass-Through Certificates,  Series
1996-QS4,  [Class R-I],  [Class R-II] (the  "Owner")),  a [savings  institution]
[corporation]  duly  organized  and  existing  under  the laws of [the  State of
__________________]  [the  United  States],  on  behalf  of which he makes  this
affidavit and agreement.

                  2. That the  Owner (i) is not and will not be a  "disqualified
organization" as of [date of transfer] within the meaning of Section  860E(e)(5)
of the  Internal  Revenue  Code of 1986,  as  amended  (the  "Code"),  (ii) will
endeavor  to remain  other than a  disqualified  organization  for so long as it
retains its ownership interest in the Class [R-I][R-II] Certificates,  and (iii)
is acquiring the Class  [R-I][R-II]  Certificates for its own account or for the
account of another  Owner from which it has received an affidavit  and agreement
in  substantially  the same  form as this  affidavit  and  agreement.  (For this
purpose,  a "disqualified  organization"  means the United States,  any state or
political  subdivision  thereof,  any  agency or  instrumentality  of any of the
foregoing  (other than an  instrumentality  all of the  activities  of which are
subject to tax and,  except for the Federal Home Loan  Mortgage  Corporation,  a
majority of whose board of directors  is not  selected by any such  governmental
entity) or any foreign government,  international  organization or any agency or
instrumentality of such foreign  government or organization,  any rural electric
or telephone  cooperative,  or any  organization  (other than  certain  farmers'
cooperatives)  that is  generally  exempt  from  federal  income tax unless such
organization is subject to the tax on unrelated business taxable income).

                  3.  That  the  Owner is  aware  (i) of the tax  that  would be
imposed  on  transfers  of  Class   [R-I][R-II]   Certificates  to  disqualified
organizations under the Code, that applies to all transfers of Class [R-I][R-II]
Certificates  after  March  31,  1988;  (ii)  that  such  tax  would  be on  the
transferor,  or, if such transfer is through an agent (which  person  includes a
broker,  nominee or middleman)  for a disqualified  organization,  on the agent;
(iii)  that  the  person  otherwise  liable  for the tax  shall be  relieved  of
liability  for the tax if the  transferee  furnishes to such person an affidavit
that the  transferee  is not a  disqualified  organization  and,  at the time of
transfer,  such person  does not have actual  knowledge  that the  affidavit  is
false;  and (iv) that the Class  [R-I][R-II]  Certificates  may be  "noneconomic
residual interests" within the meaning of Treasury


<PAGE>



regulations  promulgated  pursuant  to the Code and  that  the  transferor  of a
noneconomic  residual interest will remain liable for any taxes due with respect
to the income on such residual  interest,  unless no significant  purpose of the
transfer was to impede the assessment or collection of tax.

                  4.  That  the  Owner  is  aware  of  the  tax   imposed  on  a
"pass-through  entity"  holding Class  [R-I][R-II]  Certificates  if at any time
during the taxable year of the pass-through  entity a disqualified  organization
is the record holder of an interest in such entity.  (For this purpose,  a "pass
through  entity"  includes  a  regulated   investment  company,  a  real  estate
investment  trust or common  trust fund,  a  partnership,  trust or estate,  and
certain cooperatives.)

                  [5. The  Purchaser  is not an employee  benefit  plan or other
plan subject to the prohibited transaction provisions of the Employee Retirement
Income  Security  Act of 1974,  as amended  ("ERISA"),  or  Section  4975 of the
Internal  Revenue  Code of 1986,  as  amended  (the  "Code"),  or an  investment
manager,  named  fiduciary  or a trustee of any such plan,  or any other  Person
acting, directly or indirectly,  on behalf of or purchasing any Certificate with
"plan assets" of any such plan.]

                  6. That the Owner is aware that the Trustee  will not register
the transfer of any Class [R-I][R-II] Certificates unless the transferee, or the
transferee's  agent,  delivers to it an  affidavit  and  agreement,  among other
things,  in  substantially  the same form as this affidavit and  agreement.  The
Owner expressly agrees that it will not consummate any such transfer if it knows
or believes  that any of the  representations  contained in such  affidavit  and
agreement are false.

                  7. That the Owner has reviewed the  restrictions  set forth on
the face of the Class  [R-I][R-II]  Certificates  and the  provisions of Section
5.02(f) of the Pooling and Servicing Agreement under which the Class [R-I][R-II]
Certificates were issued (in particular, clause (iii)(A) and (iii)(B) of Section
5.02(f) which  authorize the Trustee to deliver  payments to a person other than
the Owner and  negotiate a mandatory  sale by the Trustee in the event the Owner
holds such  Certificates in violation of Section  5.02(f)).  The Owner expressly
agrees to be bound by and to comply with such restrictions and provisions.

                  8. That the Owner consents to any additional  restrictions  or
arrangements that shall be deemed necessary upon advice of counsel to constitute
a reasonable arrangement to ensure that the Class [R-I][R-II]  Certificates will
only be owned,  directly or  indirectly,  by an Owner that is not a disqualified
organization.

                  9.  The Owner's Taxpayer Identification Number is
- --------------.


                                                       I-1-2

<PAGE>



                  10. This  affidavit  and  agreement  relates only to the Class
[R-I][R-II]  Certificates  held by the Owner and not to any other  holder of the
Class  [R-I][R-II]  Certificates.  The Owner  understands  that the  liabilities
described herein relate only to the Class [R-I][R-II] Certificates.

                  11. That no purpose of the Owner  relating to the  transfer of
any of the Class  [R-I][R-II]  Certificates by the Owner is or will be to impede
the assessment or collection of any tax.

                  12.  That the Owner has no present  knowledge  or  expectation
that it will be unable to pay any United  States taxes owed by it so long as any
of the  Certificates  remain  outstanding.  In this  regard,  the  Owner  hereby
represents  to and for the benefit of the person from whom it acquired the Class
[R-I][R-II]  Certificate  that the Owner  intends to pay taxes  associated  with
holding  such  Class   [R-I][R-II]   Certificate   as  they  become  due,  fully
understanding  that it may incur  tax  liabilities  in excess of any cash  flows
generated by the Class [R-I][R-II] Certificate.

                  13.  That the Owner has no present  knowledge  or  expectation
that it will become insolvent or subject to a bankruptcy  proceeding for so long
as any of the Class [R-I][R-II] Certificates remain outstanding.

                  14. The Owner is a citizen or resident of the United States, a
corporation,  partnership  or other entity created or organized in, or under the
laws of, the United States or any political subdivision thereof, or an estate or
trust whose income from sources without the United States is includible in gross
income  for  United  States  federal  income  tax  purposes  regardless  of  its
connection with the conduct of a trade or business within the United States.

                                                       I-1-3

<PAGE>



                  IN WITNESS WHEREOF, the Owner has caused this instrument to be
executed on its behalf,  pursuant to the authority of its Board of Directors, by
its [Title of Officer] and its corporate seal to be hereunto attached,  attested
by its [Assistant] Secretary, this ____ day of _______________, 199__.

                                                     [NAME OF OWNER]


                                                     By:
                                                     [Name of Officer]
                                                     [Title of Officer]
[Corporate Seal]

ATTEST:



[Assistant] Secretary



                  Personally   appeared  before  me  the  above-named  [Name  of
Officer], known or proved to me to be the same person who executed the foregoing
instrument and to be the [Title of Officer] of the Owner, and acknowledged to me
that he executed  the same as his free act and deed and the free act and deed of
the Owner.

                  Subscribed   and   sworn   before   me   this   ____   day  of
________________, 199__.




                                                     NOTARY PUBLIC

                                                     COUNTY OF
                                                     STATE OF
                                                     My  Commission  expires the
                                                     ____         day         of
                                                     _______________, 19__.

                                                       I-1-4

<PAGE>



                                                    EXHIBIT I-2

                                          FORM OF TRANSFEROR CERTIFICATE


                                                        __________________, 19__


Residential Accredit Loans, Inc.
8400 Normandale Lake Boulevard
Suite 600
Minneapolis, Minnesota  55437

Bankers Trust Company
Four Albany Street
New York, New York  10006

Attention:  Residential Funding Corporation Series 1996-QS4

                  Re:     Mortgage Asset-Backed Pass-Through Certificates,
                          Series 1996-QS4, Class [R-I][R-II]

Ladies and Gentlemen:

                  This  letter  is  delivered  to you  in  connection  with  the
transfer    by     _______________________________     (the     "Seller")     to
_______________________________  (the  "Purchaser")  of  $_____________  Initial
Certificate   Principal   Balance   of   Mortgage   Asset-Backed    Pass-Through
Certificates, Series 1996-QS4, Class [R-I][R-II] (the "Certificates"),  pursuant
to Section  5.02 of the  Pooling  and  Servicing  Agreement  (the  "Pooling  and
Servicing  Agreement"),  dated as of August 1, 1996 among  Residential  Accredit
Loans,  Inc., as seller (the "Company"),  Residential  Funding  Corporation,  as
master  servicer,  and Bankers Trust Company,  as trustee (the  "Trustee").  All
terms used herein and not otherwise defined shall have the meanings set forth in
the Pooling and Servicing Agreement. The Seller hereby certifies, represents and
warrants to, and covenants with, the Company and the Trustee that:

                  1.      No purpose of the Seller relating to the transfer
of the Certificate by the Seller to the Purchaser is or will be
to impede the assessment or collection of any tax.

                  2. The Seller  understands that the Purchaser has delivered to
the Trustee and the Master  Servicer a transfer  affidavit  and agreement in the
form attached to the Pooling and Servicing  Agreement as Exhibit I-1. The Seller
does not know or believe that any representation contained therein is false.

                  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


<PAGE>



evidence to indicate  that the  Purchaser  will not continue to pay its debts as
they become due in the future.  The Seller  understands  that the  transfer of a
Class [R-I][R-II]  Certificate may not be respected for United States income tax
purposes  (and the Seller may  continue  to be liable for United  States  income
taxes   associated   therewith)   unless  the  Seller  has  conducted   such  an
investigation.

                  4.      The Seller has no actual knowledge that the
proposed Transferee is not both a United States Person and a
Permitted Transferee.

                                                         Very truly yours,




                                                         (Seller)


                                                         By:
                                                         Name:
                                                         Title:

                                                       I-2-2

<PAGE>



                                                     EXHIBIT J

                                      FORM OF INVESTOR REPRESENTATION LETTER

                                           ______________, 19__

Residential Accredit Loans, Inc.
8400 Normandale Lake Boulevard
Suite 600
Minneapolis, MN 55437

Bankers Trust Company
Four Albany Street
New York, New York  10006

Attention:  Residential Funding Corporation Series 1996-QS4

                  RE:     Mortgage Asset-Backed Pass-Through Certificates,
                          Series 1996-QS4, [Class B-]

Ladies and Gentlemen:

                  _________________________   (the   "Purchaser")   intends   to
purchase from  ___________________________ (the "Seller") $_____________ Initial
Certificate   Principal   Balance   of   Mortgage   Asset-Backed    Pass-Through
Certificates, Series 1996-QS4, Class __ (the "Certificates"), issued pursuant to
the Pooling and Servicing  Agreement  (the  "Pooling and Servicing  Agreement"),
dated as of August 1, 1996 among  Residential  Accredit  Loans,  Inc., as seller
(the  "Company"),  Residential  Funding  Corporation,  as master  servicer,  and
Bankers Trust Company, as trustee (the "Trustee"). All terms used herein and not
otherwise defined shall have the meanings set forth in the Pooling and Servicing
Agreement.  The  Purchaser  hereby  certifies,  represents  and warrants to, and
covenants with, the Company and the Trustee that:

                          1. The Purchaser understands that (a) the Certificates
                  have not been and will not be  registered  or qualified  under
                  the  Securities  Act of 1933,  as amended  (the  "Act") or any
                  state  securities  law,  (b) the Company is not required to so
                  register or qualify the Certificates, (c) the Certificates may
                  be resold only if  registered  and  qualified  pursuant to the
                  provisions  of the Act or any state  securities  law, or if an
                  exemption  from  such   registration   and   qualification  is
                  available,  (d) the Pooling and Servicing  Agreement  contains
                  restrictions  regarding the transfer of the  Certificates  and
                  (e) the  Certificates  will  bear a  legend  to the  foregoing
                  effect.

                          2. The Purchaser is acquiring the Certificates for its
                  own account for investment  only and not with a view to or for
                  sale in connection with any distribution thereof in any manner
                  that would violate the Act or any applicable  state securities
                  laws.



<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 ___________________,  19__, relating to the
                  Certificates   (b)]  a  copy  of  the  Pooling  and  Servicing
                  Agreement and [b] [c] such other  information  concerning  the
                  Certificates,  the Mortgage  Loans and the Company as has been
                  requested by the Purchaser  from the Company or the Seller and
                  is  relevant  to the  Purchaser's  decision  to  purchase  the
                  Certificates. The Purchaser has had any questions arising from
                  such  review  answered  by the  Company  or the  Seller to the
                  satisfaction  of the  Purchaser.  [If  the  Purchaser  did not
                  purchase the  Certificates  from the Seller in connection with
                  the initial  distribution of the Certificates and was provided
                  with  a  copy  of  the  Private   Placement   Memorandum  (the
                  "Memorandum")  relating to the  original  sale (the  "Original
                  Sale")  of the  Certificates  by the  Company,  the  Purchaser
                  acknowledges  that such  Memorandum  was provided to it by the
                  Seller, that the Memorandum was prepared by the Company solely
                  for use in  connection  with the Original Sale and the Company
                  did not  participate  in or facilitate in any way the purchase
                  of the Certificates by the Purchaser from the Seller,  and the
                  Purchaser  agrees  that it will look  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

                                                        J-2

<PAGE>



                  general solicitation by means of general advertising or in any
                  other manner or (e) take any other action,  that (as to any of
                  (a) through (e) above) would  constitute a distribution of any
                  Certificate  under the Act, that would render the  disposition
                  of any  Certificate a violation of Section 5 of the Act or any
                  state  securities  law, or that would require  registration or
                  qualification pursuant thereto. The Purchaser will not sell or
                  otherwise   transfer  any  of  the  Certificates,   except  in
                  compliance  with the  provisions  of the Pooling and Servicing
                  Agreement.

                          [6.         The Purchaser

                                      (a) is not an  employee  benefit  or other
                  plan subject to the prohibited  transaction  provisions of the
                  Employee  Retirement  Income  Security Act of 1974, as amended
                  ("ERISA"),  or Section  4975 of the  Internal  Revenue Code of
                  1986, as amended (the "Code") (a "Plan"),  or any other person
                  (including  an  investment  manager,  a named  fiduciary  or a
                  trustee of any Plan) acting, directly or indirectly, on behalf
                  of or  purchasing  any  Certificate  with "plan assets" of any
                  Plan; or

                                      (b) is an insurance company, the source of
                  funds  to be used by it to  purchase  the  Certificates  is an
                  "insurance  company  general  account"  (within the meaning of
                  Department of Labor  Prohibited  Transaction  Class  Exemption
                  ("PTCE")  95-60),  and the  purchase is being made in reliance
                  upon the  availability of the exemptive  relief afforded under
                  Section III of PTCE 95-60.]

                                                         Very truly yours,



                                                         By:
                                                         Name:
                                                         Title:

                                                        J-3

<PAGE>



                                                     EXHIBIT K

                                     FORM OF TRANSFEROR REPRESENTATION LETTER




                                                    , 19


Residential Accredit Loans, Inc.
8400 Normandale Lake Boulevard
Suite 600
Minneapolis, MN 55437

Bankers Trust Company
Four Albany Street
New York, New York  10006

Attention: Residential Funding Corporation Series 1996-QS4

                  Re:     Mortgage Asset-Backed Pass-Through Certificates,
                          Series 1996-QS4, [Class B-]

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 1996-QS4, Class (the "Certificates"),  issued
pursuant to the Pooling and  Servicing  Agreement  (the  "Pooling and  Servicing
Agreement"),  dated as of August 1, 1996 among Residential Accredit Loans, Inc.,
as seller (the "Company"),  Residential Funding Corporation, as master servicer,
and  Bankers  Trust  Company,  as trustee  (the  "Trustee").  The Seller  hereby
certifies,  represents and warrants to, and covenants  with, the Company and the
Trustee that:

                  Neither  the Seller  nor  anyone  acting on its behalf has (a)
offered,  pledged,  sold, disposed of or otherwise  transferred any Certificate,
any interest in any  Certificate or any other similar  security to any person in
any  manner,  (b)  has  solicited  any  offer  to buy  or to  accept  a  pledge,
disposition  or  other  transfer  of  any  Certificate,   any  interest  in  any
Certificate or any other similar security from any person in any manner, (c) has
otherwise approached or negotiated with respect to any Certificate, any interest
in any Certificate or any other similar  security with any person in any manner,
(d) has made any general  solicitation by means of general advertising or in any
other manner, or (e) has taken any other action,  that (as to any of (a) through
(e)  above)  would  constitute  a  distribution  of the  Certificates  under the
Securities  Act of 1933 (the "Act"),  that would render the  disposition  of any
Certificate a violation of 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


<PAGE>



will  not  sell  or  otherwise  transfer  any of  the  Certificates,  except  in
compliance with the provisions of the Pooling and Servicing Agreement.

                                           Very truly yours,


                                           (Seller)



                                           By:
                                           Name:
                                           Title:

                                                        K-2

<PAGE>



                                    EXHIBIT L

                  [FORM OF RULE 144A INVESTMENT REPRESENTATION]


                 Description of Rule 144A Securities, including
                                    numbers:
                 ===============================================
                 ===============================================


                  The undersigned  seller,  as registered holder (the "Seller"),
intends to transfer the Rule 144A Securities  described above to the undersigned
buyer (the "Buyer").

                  1. In connection with such transfer and in accordance with the
agreements  pursuant to which the Rule 144A Securities  were issued,  the Seller
hereby  certifies the following  facts:  Neither the Seller nor anyone acting on
its behalf has offered, transferred,  pledged, sold or otherwise disposed of the
Rule 144A  Securities,  any  interest in the Rule 144A  Securities  or any other
similar security to, or solicited any offer to buy or accept a transfer,  pledge
or other disposition of the Rule 144A Securities,  any interest in the Rule 144A
Securities  or any other  similar  security  from,  or otherwise  approached  or
negotiated  with respect to the Rule 144A  Securities,  any interest in the Rule
144A Securities or any other similar security with, any person in any manner, or
made any general  solicitation  by means of general  advertising or in any other
manner,  or taken any other action,  that would constitute a distribution of the
Rule 144A  Securities  under the  Securities  Act of 1933, as amended (the "1933
Act"),  or that  would  render the  disposition  of the Rule 144A  Securities  a
violation of Section 5 of the 1933 Act or require registration pursuant thereto,
and that the Seller has not offered the Rule 144A Securities to any person other
than the Buyer or  another  "qualified  institutional  buyer" as defined in Rule
144A under the 1933 Act.

                  2. The Buyer warrants and  represents to, and covenants  with,
the Seller,  the Trustee and the Master  Servicer (as defined in the Pooling and
Servicing  Agreement  (the  "Agreement"),  dated  as of  August  1,  1996  among
Residential Funding Corporation as Master Servicer,  Residential Accredit Loans,
Inc. as depositor  pursuant to Section 5.02 of the  Agreement  and Bankers Trust
Company, as trustee, as follows:

                          a. The Buyer understands that the Rule 144A Securities
         have not been  registered  under the 1933 Act or the securities laws of
         any state.

                          b.  The   Buyer   considers   itself  a   substantial,
         sophisticated   institutional   investor   having  such  knowledge  and
         experience  in  financial  and  business  matters that it is capable of
         evaluating  the  merits  and  risks  of  investment  in the  Rule  144A
         Securities.



<PAGE>



                          c. The Buyer has been furnished  with all  information
         regarding  the Rule  144A  Securities  that it has  requested  from the
         Seller, the Trustee or the Servicer.

                          d.  Neither the Buyer nor anyone  acting on its behalf
         has offered,  transferred,  pledged,  sold or otherwise disposed of the
         Rule 144A  Securities,  any interest in the Rule 144A Securities or any
         other  similar  security to, or solicited  any offer to buy or accept a
         transfer, pledge or other disposition of the Rule 144A Securities,  any
         interest  in the Rule 144A  Securities  or any other  similar  security
         from, or otherwise  approached  or negotiated  with respect to the Rule
         144A Securities,  any interest in the Rule 144A Securities or any other
         similar  security with,  any person in any manner,  or made any general
         solicitation by means of general advertising or in any other manner, or
         taken any other action,  that would  constitute a  distribution  of the
         Rule  144A  Securities  under  the 1933 Act or that  would  render  the
         disposition of the Rule 144A Securities a violation of Section 5 of the
         1933 Act or require registration pursuant thereto, nor will it act, nor
         has it  authorized  or will it  authorize  any  person to act,  in such
         manner with respect to the Rule 144A Securities.

                          e. The Buyer is a "qualified  institutional  buyer" as
         that term is defined in Rule 144A under the 1933 Act and has  completed
         either of the forms of  certification to that effect attached hereto as
         Annex 1 or  Annex 2.  The  Buyer is aware  that the sale to it is being
         made in reliance  on Rule 144A.  The Buyer is  acquiring  the Rule 144A
         Securities  for its own  account  or the  accounts  of other  qualified
         institutional buyers, understands that such Rule 144A Securities may be
         resold, pledged or transferred only (i) to a person reasonably believed
         to be a  qualified  institutional  buyer  that  purchases  for  its own
         account or for the account of a qualified  institutional  buyer to whom
         notice is given that the  resale,  pledge or  transfer is being made in
         reliance  on Rule 144A,  or (ii)  pursuant  to another  exemption  from
         registration under the 1933 Act.

                  [3.     The Buyer

                          a. is not an employee benefit or other plan subject to
         the prohibited transaction provisions of the Employee Retirement Income
         Security  Act of 1974,  as amended  ("ERISA"),  or Section  4975 of the
         Internal  Revenue Code of 1986, as amended (the "Code") (a "Plan"),  or
         any other person (including an investment manager, a named fiduciary or
         a trustee of any Plan) acting, directly or indirectly,  on behalf of or
         purchasing any Certificate with "plan assets" of any Plan; or

                          b.  is an insurance company, the source of funds
         to be used by it to purchase the Certificates is an
         "insurance company general account" (within the meaning of

                                                        L-2

<PAGE>



         Department of Labor  Prohibited  Transaction  Class Exemption  ("PTCE")
         95-60),   and  the  purchase  is  being  made  in  reliance   upon  the
         availability of the exemptive relief afforded under Section III of PTCE
         95-60.]

                  4. This  document may be executed in one or more  counterparts
and by the different  parties  hereto on separate  counterparts,  each of which,
when  so  executed,  shall  be  deemed  to be an  original;  such  counterparts,
together, shall constitute one and the same document.

                  IN WITNESS  WHEREOF,  each of the  parties has  executed  this
document as of the date set forth below.



Print Name of Seller                                  Print Name of Buyer

By:                                                   By:
     Name:                                                Name:
     Title:                                               Title:

Taxpayer Identification:                              Taxpayer Identification:

No.                                                           No.

Date:                                                         Date:





                                                        L-3

<PAGE>



                              ANNEX 1 TO EXHIBIT L


            QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

             [For Buyers Other Than Registered Investment Companies]


             The undersigned  hereby certifies as follows in connection with the
Rule 144A Investment Representation to which this Certification is attached:

             1. As indicated below, the undersigned is the President,
Chief Financial Officer, Senior Vice President or other executive
officer of the Buyer.

             2. In  connection  with  purchases  by the  Buyer,  the  Buyer is a
"qualified  institutional  buyer" as that term is defined in Rule 144A under the
Securities Act of 1933 ("Rule 144A") because (i) the Buyer owned and/or invested
on a discretionary basis  $______________________  in securities (except for the
excluded  securities referred to below) as of the end of the Buyer's most recent
fiscal year (such amount being calculated in accordance with Rule 144A) and (ii)
the Buyer satisfies the criteria in the category marked below.

     ___     Corporation,  etc. The Buyer is a  corporation  (other than a bank,
             savings and loan association or similar institution), Massachusetts
             or similar business trust, partnership,  or charitable organization
             described in Section 501(c)(3) of the Internal Revenue Code.

     ___     Bank.  The Buyer (a) is a national bank or banking
             ----
             institution organized under the laws of any State,
             territory or the District of Columbia, the business of
             which is substantially confined to banking and is
             supervised by the State or territorial banking commission
             or similar official or is a foreign bank or equivalent
             institution, and (b) has an audited net worth of at least
             $25,000,000 as demonstrated in its latest annual
             financial statements, a copy of which is attached hereto.
                                   ----------------------------------

                                                        L-4

<PAGE>



     ___     Savings and Loan.  The Buyer (a) is a savings and loan
             ----------------
             association, building and loan association, cooperative
             bank, homestead association or similar institution, which
             is supervised and examined by a State or Federal
             authority having supervision over any such institutions
             or is a foreign savings and loan association or
             equivalent institution and (b) has an audited net worth
             of at least $25,000,000 as demonstrated in its latest
             annual financial statements.

     ___     Broker-Dealer.  The Buyer is a dealer registered pursuant
             to Section 15 of the Securities Exchange Act of 1934.

     ___     Insurance Company.  The Buyer is an insurance company
             -----------------
             whose primary and predominant business activity is the
             writing of insurance or the reinsuring of risks
             underwritten by insurance companies and which is subject
             to supervision by the insurance commissioner or a similar
             official or agency of a State or territory or the
             District of Columbia.

     ___     State or Local Plan.  The Buyer is a plan established and
             maintained by a State, its political subdivisions, or any
             agency or instrumentality of the State or its political
             subdivisions, for the benefit of its employees.

     ___     ERISA  Plan.  The Buyer is an  employee  benefit  plan  within  the
             meaning of Title I of the Employee  Retirement  Income Security Act
             of 1974.

     ___     Investment Adviser.   The Buyer is an investment adviser
             registered under the Investment Advisers Act of 1940.

     ___     SBIC.  The Buyer is a Small Business Investment Company
             licensed by the U.S. Small Business Administration under
             Section 301(c) or (d) of the Small Business Investment
             Act of 1958.

     ___     Business Development Company.  The Buyer is a business
             development company as defined in Section 202(a)(22) of
             the Investment Advisers Act of 1940.

     ___     Trust Fund.  The Buyer is a trust fund whose trustee is a
             ----------
             bank or trust company and whose participants are
             exclusively (a) plans established and maintained by a
             State, its political subdivisions, or any agency or
             instrumentality of the State or its political
             subdivisions, for the benefit of its employees, or
             (b) employee benefit plans within the meaning of Title I
             of the Employee Retirement Income Security Act of 1974,
             but is not a trust fund that includes as participants
             individual retirement accounts or H.R. 10 plans.

             3.   The term "securities" as used herein does not
include (i) securities of issuers that are affiliated with the

                                                        L-5

<PAGE>



Buyer,  (ii) securities that are part of an unsold  allotment to or subscription
by  the  Buyer,  if  the  Buyer  is a  dealer,  (iii)  bank  deposit  notes  and
certificates of deposit,  (iv) loan participations,  (v) repurchase  agreements,
(vi) securities owned but subject to a repurchase  agreement and (vii) currency,
interest rate and commodity swaps.

             4. For purposes of determining  the aggregate  amount of securities
owned and/or invested on a discretionary  basis by the Buyer, the Buyer used the
cost of such  securities to the Buyer and did not include any of the  securities
referred to in the preceding  paragraph.  Further, in determining such aggregate
amount,  the Buyer may have included  securities  owned by  subsidiaries  of the
Buyer,  but only if such  subsidiaries  are  consolidated  with the Buyer in its
financial  statements  prepared in accordance with generally accepted accounting
principles  and if the  investments of such  subsidiaries  are managed under the
Buyer's direction.  However, such securities were not included if the Buyer is a
majority-owned,  consolidated  subsidiary of another enterprise and the Buyer is
not itself a reporting company under the Securities Exchange Act of 1934.

             5. The Buyer  acknowledges  that it is familiar  with Rule 144A and
understands  that the seller to it and other parties related to the Certificates
are relying and will continue to rely on the statements  made herein because one
or more sales to the Buyer may be in reliance on Rule 144A.

  ___         ___                   Will the Buyer be purchasing the Rule 144A
  Yes         No                    Securities only for the Buyer's own account?

             6. If the  answer  to the  foregoing  question  is "no",  the Buyer
agrees that, in connection with any purchase of securities sold to the Buyer for
the account of a third party  (including  any  separate  account) in reliance on
Rule 144A, the Buyer will only purchase for the account of a third party that at
the time is a "qualified  institutional  buyer" within the meaning 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

                                                        L-6

<PAGE>



purchase  of Rule  144A  Securities  will  constitute  a  reaffirmation  of this
certification as of the date of such purchase.


                                            Print Name of Buyer

                                            By:
                                                     Name:
                                                     Title:

                                            Date:

                                                        L-7

<PAGE>



                              ANNEX 2 TO EXHIBIT L


            QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

              [For Buyers That Are Registered Investment Companies]


                  The undersigned hereby certifies as follows in connection with
the Rule 144A Investment Representation to which this Certification is attached:

                   1. As indicated  below,  the  undersigned  is the  President,
Chief  Financial  Officer or Senior Vice President of the Buyer or, if the Buyer
is a "qualified  institutional buyer" as that term is defined in Rule 144A under
the  Securities  Act of 1933 ("Rule 144A")  because Buyer is part of a Family of
Investment Companies (as defined below), is such an officer of the Adviser.

                  2. In  connection  with  purchases  by  Buyer,  the Buyer is a
"qualified  institutional  buyer" as  defined in SEC Rule 144A  because  (i) the
Buyer is an investment  company  registered under the Investment  Company Act of
1940,  and (ii) as marked  below,  the Buyer  alone,  or the  Buyer's  Family of
Investment Companies,  owned at least $100,000,000 in securities (other than the
excluded  securities referred to below) as of the end of the Buyer's most recent
fiscal year. For purposes of determining  the amount of securities  owned by the
Buyer or the Buyer's Family of Investment Companies, the cost of such securities
was used.

____              The Buyer owned $___________________ in securities
                  (other than the excluded securities referred to below)
                  as of the end of the Buyer's most recent fiscal year
                  (such amount being calculated in accordance with
                  Rule 144A).

____              The Buyer is part of a Family of Investment Companies
                  which owned in the aggregate $______________ in
                  securities (other than the excluded securities referred
                  to below) as of the end of the Buyer's most recent
                  fiscal year (such amount being calculated in accordance
                  with Rule 144A).

                  3. The term "Family of  Investment  Companies"  as used herein
means two or more registered  investment companies (or series thereof) that have
the same  investment  adviser or  investment  advisers that are  affiliated  (by
virtue of being  majority owned  subsidiaries  of the same parent or because one
investment adviser is a majority owned subsidiary of the other).

                  4. The term  "securities"  as used herein does not include (i)
securities  of  issuers  that are  affiliated  with the Buyer or are part of the
Buyer's Family of Investment Companies, (ii) bank deposit notes and certificates
of deposit, (iii) loan

                                                        L-8

<PAGE>



participations,  (iv) repurchase agreements, (v) securities owned but subject to
a repurchase agreement and (vi) currency, interest rate and commodity swaps.

                  5. The Buyer is familiar with Rule 144A and  understands  that
each of the  parties to which this  certification  is made are  relying and will
continue to rely on the statements  made herein because one or more sales to the
Buyer  will be in  reliance  on Rule  144A.  In  addition,  the Buyer  will only
purchase for the Buyer's own account.

                  6. The  undersigned  will  notify each of the parties to which
this  certification  is made of any changes in the  information  and conclusions
herein.  Until such notice,  the Buyer's  purchase of Rule 144A  Securities will
constitute a reaffirmation  of this  certification  by the undersigned as of the
date of such purchase.



                                                     Print Name of Buyer


                                                     By:
                                                        Name:
                                                        Title:

                                                     IF AN ADVISER:


                                                     Print Name of Buyer


                                                     Date:






                                                        L-9

<PAGE>



                                                     EXHIBIT M

                                    [TEXT OF AMENDMENT TO POOLING AND SERVICING
                                   AGREEMENT PURSUANT TO SECTION 11.01(E) FOR A
                                                 LIMITED GUARANTY]


                                   ARTICLE XII

             Subordinate Certificate Loss Coverage; Limited Guaranty

                  Section 11.01. Subordinate Certificate Loss Coverage;  Limited
Guaranty.  (a) Subject to subsection (c) below,  prior to the later of the third
Business Day prior to each Distribution Date or the related  Determination Date,
the  Master  Servicer  shall  determine  whether it or any  Subservicer  will be
entitled to any  reimbursement  pursuant to Section 4.02(a) on such Distribution
Date for Advances or Subservicer  Advances  previously made,  (which will not be
Advances or  Subservicer  Advances that were made with respect to  delinquencies
which were  subsequently  determined to be Excess Special Hazard Losses,  Excess
Fraud Losses,  Excess Bankruptcy Losses or Extraordinary Losses) and, if so, the
Master Servicer shall demand payment from Residential Funding of an amount equal
to the amount of any Advances or  Subservicer  Advances  reimbursed  pursuant to
Section  4.02(a),  to the extent such Advances or Subservicer  Advances have not
been included in the amount of the Realized Loss in the related  Mortgage  Loan,
and  shall  distribute  the same to the Class B  Certificateholders  in the same
manner as if such amount were to be distributed pursuant to Section 4.02(a).

                  (b) Subject to subsection (c) below, prior to the later of the
third Business Day prior to each Distribution Date or the related  Determination
Date, the Master  Servicer shall  determine  whether any Realized  Losses (other
than Excess Special Hazard Losses, Excess Bankruptcy Losses, Excess Fraud Losses
and Extraordinary  Losses) will be allocated to the Class B Certificates on such
Distribution  Date  pursuant to Section  4.05,  and, if so, the Master  Servicer
shall demand  payment from  Residential  Funding of the amount of such  Realized
Loss and shall distribute the same to the Class B Certificateholders in the same
manner as if such amount  were to be  distributed  pursuant to Section  4.02(a);
provided, however, that the amount of such demand in respect of any Distribution
Date shall in no event be greater than the sum of (i) the  additional  amount of
Accrued  Certificate  Interest  that  would  have  been  paid  for  the  Class B
Certificateholders  on such  Distribution  Date had such Realized Loss or Losses
not occurred plus (ii) the amount of the reduction in the Certificate  Principal
Balances  of the  Class B  Certificates  on such  Distribution  Date due to such
Realized  Loss or Losses.  Notwithstanding  such payment,  such Realized  Losses
shall be deemed to have been borne by the  Certificateholders  for  purposes  of
Section  4.05.  Excess  Special  Hazard  Losses,  Excess  Fraud  Losses,  Excess
Bankruptcy Losses and Extraordinary Losses allocated to the Class B Certificates
will not be covered by the Subordinate Certificate Loss Obligation.



<PAGE>



                  (c) Demands for  payments  pursuant to this  Section  shall be
made  prior to the later of the third  Business  Day prior to each  Distribution
Date or the  related  Determination  Date by the Master  Servicer  with  written
notice thereof to the Trustee. The maximum amount that Residential Funding shall
be  required  to pay  pursuant  to this  Section on any  Distribution  Date (the
"Amount Available") shall be equal to the lesser of (X)
      minus the sum of (i) all previous  payments made under subsections (a) and
(b) hereof and (ii) all draws  under the Limited  Guaranty  made in lieu of such
payments  as  described  below in  subsection  (d) and (Y) the then  outstanding
Certificate Principal Balances of the Class B Certificates, or such lower amount
as  may  be  established  pursuant  to  Section  11.02.   Residential  Funding's
obligations  as  described  in  this  Section  are  referred  to  herein  as the
"Subordinate Certificate Loss Obligation."

                  (d) The Trustee will promptly notify General Motors Acceptance
Corporation of any failure of Residential Funding to make any payments hereunder
and  shall  demand  payment  pursuant  to the  limited  guaranty  (the  "Limited
Guaranty"),  executed by General Motors Acceptance  Corporation,  of Residential
Funding's  obligation  to make payments  pursuant to this Section,  in an amount
equal to the lesser of (i) the Amount Available and (ii) such required payments,
by  delivering to General  Motors  Acceptance  Corporation a written  demand for
payment by wire  transfer,  not later than the second  Business Day prior to the
Distribution Date for such month, with a copy to the Master Servicer.

                  (e) All payments made by Residential  Funding pursuant to this
Section or amounts paid under the Limited  Guaranty shall be deposited  directly
in the Certificate  Account,  for distribution on the Distribution Date for such
month to the Class B Certificateholders.

                  (f) The Company shall have the option, in its sole discretion,
to  substitute  for either or both of the Limited  Guaranty  or the  Subordinate
Certificate  Loss  Obligation  another  instrument  in the  form of a  corporate
guaranty,  an irrevocable  letter of credit, a surety bond,  insurance policy or
similar  instrument  or a reserve fund;  provided  that (i) the Company  obtains
(subject to the provisions of Section 10.01(f) as if the Company was substituted
for the Master Servicer solely for the purposes of such provision) an Opinion of
Counsel (which need not be an opinion of Independent counsel) to the effect that
obtaining such  substitute  corporate  guaranty,  irrevocable  letter of credit,
surety bond,  insurance  policy or similar  instrument  or reserve fund will not
cause  either (a) any  federal  tax to be imposed on the Trust  Fund,  including
without limitation,  any federal tax imposed on "prohibited  transactions" under
Section  860(F)(a)(1) of the Code or on  "contributions  after the startup date"
under Section 860(G)(d)(1) of the Code or (b) either REMIC I or REMIC II to fail
to qualify as a REMIC at any time that any Certificate is outstanding,  and (ii)
no such substitution shall

                                                        M-2

<PAGE>



be made unless (A) the substitute  Limited  Guaranty or Subordinate  Certificate
Loss  Obligation is for an initial  amount not less than the then current Amount
Available and contains  provisions that are in all material respects  equivalent
to the original  Limited  Guaranty or Subordinate  Certificate  Loss  Obligation
(including  that no portion  of the fees,  reimbursements  or other  obligations
under any such  instrument  will be borne by the Trust Fund),  (B) the long term
debt  obligations  of  any  obligor  of  any  substitute   Limited  Guaranty  or
Subordinate  Certificate  Loss  Obligation  (if  not  supported  by the  Limited
Guaranty)  shall be rated at least the lesser of (a) the rating of the long term
debt  obligations  of General  Motors  Acceptance  Corporation as of the date of
issuance  of the  Limited  Guaranty  and (b) the  rating  of the long  term debt
obligations  of  General  Motors  Acceptance  Corporation  at the  date  of such
substitution  and  (C)  the  Company  obtains  written  confirmation  from  each
nationally  recognized  credit rating agency that rated the Class B Certificates
at the request of the Company that such substitution  shall not lower the rating
on the Class B  Certificates  below the  lesser of (a) the  then-current  rating
assigned to the Class B Certificates  by such rating agency and (b) the original
rating  assigned  to the  Class  B  Certificates  by  such  rating  agency.  Any
replacement of the Limited  Guaranty or Subordinate  Certificate Loss Obligation
pursuant to this Section shall be accompanied by a written Opinion of Counsel to
the substitute  guarantor or obligor,  addressed to the Master  Servicer and the
Trustee, that such substitute instrument  constitutes a legal, valid and binding
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 11.02.  Amendments  Relating to the Limited  Guaranty.
Notwithstanding  Sections 11.01 or 11.01: (i) the provisions of this Article XII
may be amended,  superseded or deleted, (ii) the Limited Guaranty or Subordinate
Certificate Loss Obligation may be amended,  reduced or canceled,  and (iii) any
other  provision of this Agreement which is related or incidental to the matters
described  in this  Article  XII may be amended in any  manner;  in each case by
written  instrument  executed or  consented  to by the  Company and  Residential
Funding but without the consent of any Certificateholder and without the consent
of the Master  Servicer or the Trustee being required  unless any such amendment
would impose any  additional  obligation on, or otherwise  adversely  affect the
interests of, the Master Servicer or the Trustee,  as applicable;  provided that
the Company shall also obtain a letter from each  nationally  recognized  credit
rating agency that rated the Class B Certificates  at the request of the Company
to the effect that such amendment,  reduction, deletion or cancellation will not
lower  the  rating  on the  Class B  Certificates  below  the  lesser of (a) the
then-current  rating  assigned to the Class B Certificates by such rating agency
and (b) the original rating assigned to the Class B Certificates by

                                                        M-3

<PAGE>



such rating agency, unless (A) the Holder of 100% of the Class B Certificates is
Residential  Funding  or an  Affiliate  of  Residential  Funding,  or  (B)  such
amendment,  reduction,  deletion  or  cancellation  is made in  accordance  with
Section 11.01(e) and,  provided further that the Company obtains (subject to the
provisions of Section  10.01(f) as if the Company was substituted for the Master
Servicer solely for the purposes of such  provision),  in the case of a material
amendment or supersession (but not a reduction,  cancellation or deletion of the
Limited Guaranty or the Subordinate Certificate Loss Obligation),  an Opinion of
Counsel (which need not be an opinion of Independent counsel) to the effect that
any such amendment or supersession  will not cause either (a) any federal tax to
be imposed on the Trust  Fund,  including  without  limitation,  any federal tax
imposed on "prohibited  transactions" under Section 860F(a)(1) of the Code or on
"contributions  after the startup date" under Section  860G(d)(1) of the Code or
(b)  either  REMIC I or REMIC II 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 11.02.

                                                        M-4

<PAGE>



                                    EXHIBIT N

                           [FORM OF LIMITED GUARANTY]

                                LIMITED GUARANTY

                        RESIDENTIAL ACCREDIT LOANS, INC.

                 Mortgage Asset-Backed Pass-Through Certificates
                                 Series 1996-QS4


                                                               , 199__


Bankers Trust Company
Four Albany Street
New York, New York  10006

Attention:  Residential Funding Corporation Series 1996-QS4

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 11.01 of the Pooling and
Servicing  Agreement  dated as of August 1,  1996 (the  "Servicing  Agreement"),
among Residential Accredit Loans, Inc. (the "Company"),  Residential Funding and
Bankers Trust  Company (the  "Trustee") as amended by Amendment No. ___ thereto,
dated as of ________,  with respect to the  Mortgage  Asset-Backed  Pass-Through
Certificates, Series 1996-QS4 (the "Certificates"); and

                  WHEREAS, pursuant to Section 11.01 of the Servicing Agreement,
Residential  Funding  agrees  to make  payments  to the  Holders  of the Class B
Certificates  with respect to certain  losses on the Mortgage Loans as described
in the Servicing Agreement; and

                  WHEREAS,  GMAC  desires to  provide  certain  assurances  with
respect to the ability of  Residential  Funding to secure  sufficient  funds and
faithfully to perform its Subordinate Certificate Loss Obligation;

                  NOW  THEREFORE,   in  consideration  of  the  premises  herein
contained  and certain  other good and  valuable  consideration,  the receipt of
which is hereby acknowledged, GMAC agrees as follows:

                  1.  Provision  of Funds.  (a) GMAC  agrees to  contribute  and
deposit  in the  Certificate  Account  on  behalf  of  Residential  Funding  (or
otherwise  provide to Residential  Funding,  or to cause to be made available to
Residential Funding), either directly or through a subsidiary, in any case prior
to the related  Distribution Date, such moneys as may be required by Residential
Funding to perform its Subordinate Certificate Loss Obligation


<PAGE>



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 11.01(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
11.02 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.


                                                        N-2

<PAGE>



                  7.       Definitions.  Capitalized terms used but not
otherwise defined herein shall have the meaning given them in the
Servicing Agreement.

                  8.       Counterparts.  This Limited Guaranty may be
executed in any number of counterparts, each of which shall be
deemed to be an original and such counterparts shall constitute
but one and the same instrument.

                  IN WITNESS  WHEREOF,  GMAC has caused this Limited Guaranty to
be executed and delivered by its respective  officers  thereunto duly authorized
as of the day and year first above written.

                                                     GENERAL MOTORS ACCEPTANCE
                                                     CORPORATION


                                                     By:
                                                     Name:
                                                     Title:


Acknowledged by:

BANKERS TRUST COMPANY,
  as Trustee


By:
Name:
Title:


RESIDENTIAL ACCREDIT LOANS, INC.



By:
Name:
Title:

                                                        N-3

<PAGE>



                                    EXHIBIT O

          FORM OF LENDER CERTIFICATION FOR ASSIGNMENT OF MORTGAGE LOAN


                                                    __________________, 19____

Residential Accredit Loans, Inc.
8400 Normandale Lake Boulevard
Suite 600
Minneapolis, Minnesota  55437

Bankers Trust Company
Four Albany Street
New York, New York  10006

Attention:  Residential Funding Corporation Series 1996-QS4

                  Re:      Mortgage Asset-Backed Pass-Through Certificates,
                           Series 1996-QS4 Assignment of Mortgage Loan



Ladies and Gentlemen:

                  This  letter  is  delivered  to you  in  connection  with  the
assignment by _________________ (the "Trustee") to _______________________  (the
"Lender") of  _______________  (the "Mortgage Loan") pursuant to Section 3.13(d)
of the Pooling and Servicing Agreement (the "Pooling and Servicing  Agreement"),
dated as of August 1, 1996 among  Residential  Accredit  Loans,  Inc., as seller
(the "Company"),  Residential Funding Corporation,  as master servicer,  and the
Trustee. All terms used herein and not otherwise defined shall have the meanings
set forth in the Pooling and Servicing  Agreement.  The Lender hereby certifies,
represents  and warrants to, and  covenants  with,  the Master  Servicer and the
Trustee that:

           (i) the Mortgage Loan is secured by Mortgaged  Property  located in a
jurisdiction  in which an  assignment  in lieu of  satisfaction  is  required to
preserve lien priority,  minimize or avoid mortgage recording taxes or otherwise
comply with, or facilitate a refinancing under, the laws of such jurisdiction;

          (ii) the  substance  of the  assignment  is, and is  intended to be, a
refinancing  of such Mortgage Loan and the form of the  transaction is solely to
comply with, or facilitate the transaction under, such local laws;

         (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.



<PAGE>



                                                     Very truly yours,



                                                     (Lender)

                                                     By:
                                                     Name:
                                                     Title:


                                                        O-2

<PAGE>


                                                     EXHIBIT P

                                          SCHEDULE OF DISCOUNT FRACTIONS

                                                        P-1

Schedule of Discount Fractions
                                     30 year     
                                     
     PRINCIPAL NET MORTGAGE   DISCOUNT  PO
LOAN #    BALANCE   RATE FRACTION  BALANCE
1507921   230,548.51     6.170     22.8750000000% 52,737.97
1500269   373,327.40     6.295     21.3125000000% 79,565.40
1507821   93,800.72      6.295     21.3125000000% 19,991.28
1507827   261,117.54     6.295     21.3125000000% 55,650.68
1507950   50,301.01       6.295     21.3125000000% 10,720.40
1507814   57,754.20       6.420     19.7500000000% 11,406.45
1507815   50,002.18       6.420     19.7500000000% 9,875.43
1501859   219,254.29     6.545     18.1875000000% 39,876.87
1505882   174,105.16     6.545     18.1875000000% 31,665.38
1507841   199,765.98     6.545     18.1875000000% 36,332.44
1507902   269,233.91     6.545     18.1875000000% 48,966.92
1507926   257,021.34     6.545     18.1875000000% 46,745.76
1507972   124,935.68     6.660     16.7500000000% 20,926.73
1502941   112,969.61     6.670     16.6250000000% 18,781.20
1505830   74,751.92       6.670     16.6250000000% 12,427.51
1507810   303,432.66     6.670     16.6250000000% 50,445.68
1507839   181,284.96     6.670     16.6250000000% 30,138.62
1507840   247,070.86     6.670     16.6250000000% 41,075.53
1507873   88,396.76       6.670     16.6250000000% 14,695.96
1507919   260,943.55     6.670     16.6250000000% 43,381.87
1508029   396,182.85     6.670     16.6250000000% 65,865.40
1501692   197,198.87     6.795     15.0625000000% 29,703.08
1507875   54,802.99       6.795     15.0625000000% 8,254.70
1507876   133,601.56     6.795     15.0625000000% 20,123.73
1507654   108,943.00     6.920     13.5000000000% 14,707.31
1507658   149,802.54     6.920     13.5000000000% 20,223.34
1507789   60,574.16       6.920     13.5000000000% 8,177.51
1507792   235,988.90     6.920     13.5000000000% 31,858.50
1508036   63,130.68       6.920     13.5000000000% 8,522.64
1502940   268,960.01     7.045     11.9375000000% 32,107.10
1507551   72,051.84       7.045     11.9375000000% 8,601.19
1507649   129,623.20     7.045     11.9375000000% 15,473.77
1507667   125,165.86     7.045     11.9375000000% 14,941.67
1507901   41,553.27       7.045     11.9375000000% 4,960.42
1508047   162,719.41     7.045     11.9375000000% 19,424.63
1508053   196,988.29     7.045     11.9375000000% 23,515.48
1508154   337,460.20     7.045     11.9375000000% 40,284.31
1511872   517,997.14     7.045     11.9375000000% 61,835.91
1491162   188,881.23     7.130     10.8750000000% 20,540.83
1491287   65,153.26       7.130     10.8750000000% 7,085.42
1497456   223,359.74     7.130     10.8750000000% 24,290.37
1456735   117,870.67     7.170     10.3750000000% 12,229.08
1464862   482,541.22     7.170     10.3750000000% 50,063.65
1489007   105,203.22     7.170     10.3750000000% 10,914.83
1500257   428,384.34     7.170     10.3750000000% 44,444.88
1500259   164,380.04     7.170     10.3750000000% 17,054.43
1500261   478,196.44     7.170     10.3750000000% 49,612.88
1500267   67,744.48       7.170     10.3750000000% 7,028.49
1501687   69,736.99       7.170     10.3750000000% 7,235.21
1501696   206,222.23     7.170     10.3750000000% 21,395.56
1501858   398,497.03     7.170     10.3750000000% 41,344.07
1501860   76,710.65       7.170     10.3750000000% 7,958.73
1505881   498,501.75     7.170     10.3750000000% 51,719.56
1507566   151,357.95     7.170     10.3750000000% 15,703.39
1507576   64,188.23       7.170     10.3750000000% 6,659.53
1507616   169,921.55     7.170     10.3750000000% 17,629.36
1507631   102,460.84     7.170     10.3750000000% 10,630.31
1507636   111,134.98     7.170     10.3750000000% 11,530.25
1507640   119,335.47     7.170     10.3750000000% 12,381.06
1507661   127,227.96     7.170     10.3750000000% 13,199.90
1507677   91,581.41       7.170     10.3750000000% 9,501.57
1507738   98,474.96       7.170     10.3750000000% 10,216.78
1507939   217,655.46     7.170     10.3750000000% 22,581.75
1508051   72,760.31       7.170     10.3750000000% 7,548.88
1508052   37,835.31       7.170     10.3750000000% 3,925.41
1508055   92,445.12       7.170     10.3750000000% 9,591.18
1508157   144,465.82     7.170     10.3750000000% 14,988.33
1512049   88,251.82       7.170     10.3750000000% 9,156.13
1491108   66,469.16       7.295     8.8125000000%  5,857.59
1501716   662,562.67     7.295     8.8125000000%  58,388.34
1505820   52,846.06       7.295     8.8125000000%  4,657.06
1507569   85,656.42       7.295     8.8125000000%  7,548.47
1507589   66,292.53       7.295     8.8125000000%  5,842.03
1507627   126,088.98     7.295     8.8125000000%  11,111.59
1507799   246,395.88     7.295     8.8125000000%  21,713.64
1507805   188,859.96     7.295     8.8125000000%  16,643.28
1507808   230,765.57     7.295     8.8125000000%  20,336.22
1507880   86,995.31       7.295     8.8125000000%  7,666.46
1478567   196,379.72     7.345     8.1875000000%  16,078.59
1500127   226,987.67     7.345     8.1875000000%  18,584.62
1500513   160,908.08     7.345     8.1875000000%  13,174.35
1501330   82,952.36       7.420     7.2500000000%  6,014.05
1507403   136,786.54     7.420     7.2500000000%  9,917.02
1507552   269,717.89     7.420     7.2500000000%  19,554.55
1507571   236,232.40     7.420     7.2500000000%  17,126.85
1507582   84,135.33       7.420     7.2500000000%  6,099.81
1507587   154,274.54     7.420     7.2500000000%  11,184.90
1507615   125,377.52     7.420     7.2500000000%  9,089.87
1507633   124,375.64     7.420     7.2500000000%  9,017.23
1507637   97,849.76       7.420     7.2500000000%  7,094.11
1507653   174,547.92     7.420     7.2500000000%  12,654.72
1507801   236,125.15     7.420     7.2500000000%  17,119.07
1512442   80,710.41       7.420     7.2500000000%  5,851.50
1512952   69,763.32       7.420     7.2500000000%  5,057.84
1494451   148,650.14     7.505     6.1875000000%  9,197.73
1473757   228,143.15     7.545     5.6875000000%  12,975.64
1501694   32,087.75       7.545     5.6875000000%  1,824.99
1505902   370,965.84     7.545     5.6875000000%  21,098.68
1506804   129,729.88     7.545     5.6875000000%  7,378.39
1507498   144,564.52     7.545     5.6875000000%  8,222.11
1507509   79,561.74       7.545     5.6875000000%  4,525.07
1507519   127,139.99     7.545     5.6875000000%  7,231.09
1507524   130,461.24     7.545     5.6875000000%  7,419.98
1507528   103,128.11     7.545     5.6875000000%  5,865.41
1507531   96,225.57       7.545     5.6875000000%  5,472.83
1507535   144,477.47     7.545     5.6875000000%  8,217.16
1507537   172,939.36     7.545     5.6875000000%  9,835.93
1507541   130,981.05     7.545     5.6875000000%  7,449.55
1507545   144,218.26     7.545     5.6875000000%  8,202.41
1507546   96,077.55       7.545     5.6875000000%  5,464.41
1507548   181,251.67     7.545     5.6875000000%  10,308.69
1507550   69,349.31       7.545     5.6875000000%  3,944.24
1507553   43,342.84       7.545     5.6875000000%  2,465.12
1507554   111,632.73     7.545     5.6875000000%  6,349.11
1507559   149,291.65     7.545     5.6875000000%  8,490.96
1507561   129,017.07     7.545     5.6875000000%  7,337.85
1507562   106,051.83     7.545     5.6875000000%  6,031.70
1507599   120,742.13     7.545     5.6875000000%  6,867.21
1507600   130,401.37     7.545     5.6875000000%  7,416.58
1507620   58,117.92       7.545     5.6875000000%  3,305.46
1507650   109,059.93     7.545     5.6875000000%  6,202.78
1507668   102,955.96     7.545     5.6875000000%  5,855.62
1507824   217,956.63     7.545     5.6875000000%  12,396.28
1507868   85,210.44       7.545     5.6875000000%  4,846.34
1507937   644,433.93     7.545     5.6875000000%  36,652.18
1508079   41,522.79       7.545     5.6875000000%  2,361.61
1507704   106,369.49     7.570     5.3750000000%  5,717.36
1475482   322,640.04     7.595     5.0625000000%  16,333.65
1506749   187,477.33     7.595     5.0625000000%  9,491.04
1509531   83,500.00       7.595     5.0625000000%  4,227.19
1509532   83,500.00       7.595     5.0625000000%  4,227.19
1509540   83,500.00       7.595     5.0625000000%  4,227.19
1495430   183,516.75     7.620     4.7500000000%  8,717.05
1493825   218,478.68     7.630     4.6250000000%  10,104.64
1494450   94,410.83       7.630     4.6250000000%  4,366.50
1494487   55,980.01       7.630     4.6250000000%  2,589.08
1494489   88,018.68       7.630     4.6250000000%  4,070.86
1497904   284,160.27     7.630     4.6250000000%  13,142.41
1507502   115,670.60     7.660     4.2500000000%  4,916.00
1507506   134,825.22     7.660     4.2500000000%  5,730.07
1507538   332,842.55     7.660     4.2500000000%  14,145.81
1507564   117,693.01     7.660     4.2500000000%  5,001.95
1507585   106,233.19     7.660     4.2500000000%  4,514.91
1507588   148,690.26     7.660     4.2500000000%  6,319.34
1507634   115,612.96     7.660     4.2500000000%  4,913.55
1507639   180,386.98     7.660     4.2500000000%  7,666.45
1456648   68,171.90       7.670     4.1250000000%  2,812.09
1456682   137,532.13     7.670     4.1250000000%  5,673.20
1501275   90,590.90       7.670     4.1250000000%  3,736.87
1501689   298,980.05     7.670     4.1250000000%  12,332.93
1501889   324,226.45     7.670     4.1250000000%  13,374.34
1505103   623,845.64     7.670     4.1250000000%  25,733.63
1505801   574,041.66     7.670     4.1250000000%  23,679.22
1505811   239,676.85     7.670     4.1250000000%  9,886.67
1506584   99,675.10       7.670     4.1250000000%  4,111.60
1506787   179,512.02     7.670     4.1250000000%  7,404.87
1507371   127,632.79     7.670     4.1250000000%  5,264.85
1507418   85,238.63       7.670     4.1250000000%  3,516.09
1507794   45,426.75       7.670     4.1250000000%  1,873.85
1507856   89,776.22       7.670     4.1250000000%  3,703.27
1469098   576,284.01     7.720     3.5000000000%  20,169.94
1476393   51,574.02       7.720     3.5000000000%  1,805.09
1482262   73,947.74       7.720     3.5000000000%  2,588.17
1458660   148,412.13     7.795     2.5625000000%  3,803.06
1463313   68,209.54       7.795     2.5625000000%  1,747.87
1491034   100,318.77     7.795     2.5625000000%  2,570.67
1499567   114,383.68     7.795     2.5625000000%  2,931.08
1501331   99,735.66       7.795     2.5625000000%  2,555.73
1501686   79,485.62       7.795     2.5625000000%  2,036.82
1501888   297,681.86     7.795     2.5625000000%  7,628.10
1506593   399,212.72     7.795     2.5625000000%  10,229.83
1507400   114,196.46     7.795     2.5625000000%  2,926.28
1507405   120,683.46     7.795     2.5625000000%  3,092.51
1507407   158,009.80     7.795     2.5625000000%  4,049.00
1507527   114,227.19     7.795     2.5625000000%  2,927.07
1507590   72,494.79       7.795     2.5625000000%  1,857.68
1507598   116,096.96     7.795     2.5625000000%  2,974.98
1507647   314,297.18     7.795     2.5625000000%  8,053.87
1507818   222,727.74     7.795     2.5625000000%  5,707.40
1507819   376,367.01     7.795     2.5625000000%  9,644.40
1507857   77,186.67       7.795     2.5625000000%  1,977.91
1508143   71,358.75       7.795     2.5625000000%  1,828.57
1512524   173,540.05     7.795     2.5625000000%  4,446.96
1487463   45,877.77       7.820     2.2500000000%  1,032.25
1478321   146,131.86     7.845     1.9375000000%  2,831.30
1485173   61,395.77       7.845     1.9375000000%  1,189.54
1501994   271,642.95     7.845     1.9375000000%  5,263.08
1494437   160,712.89     7.880     1.5000000000%  2,410.69
1456640   595,643.69     7.920     1.0000000000%  5,956.44
1494458   219,661.89     7.920     1.0000000000%  2,196.62
1501168   117,047.55     7.920     1.0000000000%  1,170.48
1501173   76,302.84       7.920     1.0000000000%  763.03
1501321   67,259.79       7.920     1.0000000000%  672.60
1501352   119,690.74     7.920     1.0000000000%  1,196.91
1506774   169,782.45     7.920     1.0000000000%  1,697.82
1507408   67,220.93       7.920     1.0000000000%  672.21
1507433   84,663.53       7.920     1.0000000000%  846.64
1507505   231,543.05     7.920     1.0000000000%  2,315.43
1507507   114,001.24     7.920     1.0000000000%  1,140.01
1507579   150,908.98     7.920     1.0000000000%  1,509.09
1507584   115,109.46     7.920     1.0000000000%  1,151.09
1507603   260,857.03     7.920     1.0000000000%  2,608.57
1507610   53,298.86       7.920     1.0000000000%  532.99
1507903   295,800.37     7.920     1.0000000000%  2,958.00
1507913   105,166.05     7.920     1.0000000000%  1,051.66
1509651   99,936.23       7.920     1.0000000000%  999.36
1467741   43,884.69       7.970     0.3750000000%  164.57
1475820   130,762.11     7.970     0.3750000000%  490.36
1481132   56,853.12       7.970     0.3750000000%  213.20
1481165   101,338.15     7.970     0.3750000000%  380.02
1486857   335,352.79     7.970     0.3750000000%  1,257.57
1494215   59,346.67       7.970     0.3750000000%  222.55
1498032   94,263.49       7.970     0.3750000000%  353.49
1499268   64,417.45       7.970     0.3750000000%  241.57

     $35,477,130.24           7.5353200948%  $2,673,315.32


Schedule of Discount Fractions
                                            15 year

                                               
     PRINCIPAL NET MORTGAGE   DISCOUNT  PO
LOAN #    BALANCE   RATE FRACTION  BALANCE
1488278   49,627.49       6.670     16.6250000000% 8,250.57
1460281   82,947.27       6.920     13.5000000000% 11,197.88
1494500   471,116.98     6.920     13.5000000000% 63,600.79
1494436   60,838.65       7.045     11.9375000000% 7,262.61
1495751   180,972.18     7.045     11.9375000000% 21,603.55
1495752   125,213.14     7.045     11.9375000000% 14,947.32
1474597   36,194.37       7.095     11.3125000000% 4,094.49
1490927   89,199.70       7.095     11.3125000000% 10,090.72
1494074   49,012.69       7.095     11.3125000000% 5,544.56
1501333   67,261.11       7.170     10.3750000000% 6,978.34
1495726   362,114.28     7.295     8.8125000000%  31,911.32
1501942   80,246.03       7.295     8.8125000000%  7,071.68
1495731   135,090.14     7.420     7.2500000000%  9,794.04
1495749   63,829.00       7.420     7.2500000000%  4,627.60
1501948   44,330.52       7.420     7.2500000000%  3,213.96
1482300   23,873.88       7.470     6.6250000000%  1,581.64
1478476   117,496.65     7.545     5.6875000000%  6,682.62
1493922   41,541.72       7.545     5.6875000000%  2,362.69
1498567   108,928.74     7.545     5.6875000000%  6,195.32
1501594   92,843.67       7.545     5.6875000000%  5,280.48
1516302   400,140.08     7.545     5.6875000000%  22,757.97
1469144   58,598.57       7.595     5.0625000000%  2,966.55
1473903   45,180.17       7.595     5.0625000000%  2,287.25
1479051   77,878.99       7.595     5.0625000000%  3,942.62
1481894   69,717.22       7.595     5.0625000000%  3,529.43
1484380   47,585.02       7.595     5.0625000000%  2,408.99
1489959   24,902.56       7.595     5.0625000000%  1,260.69
1498555   29,824.12       7.595     5.0625000000%  1,509.85
1501748   60,314.93       7.595     5.0625000000%  3,053.44
1506704   74,932.99       7.595     5.0625000000%  3,793.48
1509406   93,525.91       7.595     5.0625000000%  4,734.75
1459796   69,520.24       7.670     4.1250000000%  2,867.71
1486628   97,005.42       7.670     4.1250000000%  4,001.47
1490255   39,605.58       7.670     4.1250000000%  1,633.73
1491339   108,906.74     7.670     4.1250000000%  4,492.40
1467999   78,212.08       7.720     3.5000000000%  2,737.42
1478787   36,102.08       7.720     3.5000000000%  1,263.57
1480944   70,665.21       7.720     3.5000000000%  2,473.28
1484037   22,237.27       7.720     3.5000000000%  778.30
1488794   209,524.80     7.720     3.5000000000%  7,333.37
1499685   89,080.40       7.720     3.5000000000%  3,117.81
1500839   99,420.09       7.720     3.5000000000%  3,479.70
1478475   201,176.87     7.795     2.5625000000%  5,155.16
1478478   34,775.22       7.795     2.5625000000%  891.12
1495272   31,630.42       7.795     2.5625000000%  810.53
1501958   32,219.44       7.795     2.5625000000%  825.62
1501967   79,076.10       7.795     2.5625000000%  2,026.33
1501973   58,783.24       7.795     2.5625000000%  1,506.32
1503041   546,845.58     7.795     2.5625000000%  14,012.92
1515546   65,811.36       7.795     2.5625000000%  1,686.42
1473539   79,333.98       7.845     1.9375000000%  1,537.10
1473540   77,264.39       7.845     1.9375000000%  1,497.00
1473543   75,884.65       7.845     1.9375000000%  1,470.27
1491224   303,358.56     7.845     1.9375000000%  5,877.57
1505275   69,598.52       7.845     1.9375000000%  1,348.47
1508099   160,076.61     7.845     1.9375000000%  3,101.48
1501964   105,777.77     7.920     1.0000000000%  1,057.78
1501965   39,634.36       7.920     1.0000000000%  396.34
1515549   79,375.02       7.920     1.0000000000%  793.75
1478826   69,163.32       7.970     0.3750000000%  259.36
1479514   102,685.70     7.970     0.3750000000%  385.07
1482737   301,516.06     7.970     0.3750000000%  1,130.69
1486617   69,200.40       7.970     0.3750000000%  259.50
1488926   10,230.95       7.970     0.3750000000%  38.37
1490602   24,786.58       7.970     0.3750000000%  92.95
1496986   214,721.50     7.970     0.3750000000%  805.21
1500426   69,898.10       7.970     0.3750000000%  262.12
1500428   50,564.56       7.970     0.3750000000%  189.62
1500693   50,564.56       7.970     0.3750000000%  189.62

     $7,189,512.50       5.0952364999%  $366,322.67
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